Are you looking to start a career that will do more than just support you? Maybe you're wanting to build a legacy within a company. The real estate industry as the potential to fulfill that dream. Just like any business, real estate is just that - business. But, that doesn't mean that real estate can't become a family business and help multiple generations flourish.
Building a Family Business
To begin building a family business, it's important to start with the framework. Agents need to look at what their end goal is. Do they have family members already in the industry, or interested in it, that they could go into the industry with? Some ways to start a family business in real estate are:
- Agent teams or partnerships - very popular with clients as well
- Hire a family member as an assistant for paperwork
- Work with a family member in Escrow or Appraisals
- Hire a family member to run your social media channels
This is a great way to have an all hands-on deck approach as your business and family continue to bloom.
The Logistics
In order for business to grow, there needs to be income. In order for a business to support multiple people or families - there needs to be more income. Leads must be generated and everyone must be pulling their own weight. A great thing about real estate and its ability to become a legacy is that while you may work on a team or as a team - everyone still has their own job to do as each agent is responsible for their own transactions/jobs.
Some agents can work as a team and split commissions and this makes everyone happy. Some agents within a family decide to specialize in different niches. Also a great idea. You can also team up across the industry in various jobs, like escrow, etc. and help one another out in a streamline fashion. This is a great way for a family of real estate professionals to build a strong reputation as a full service company.
If you decide to go into business with family, be sure to have clear communications paths in place for when sticky situations arise. Tackling these things head on is key in any working relationship, but even more important when family is involved. Also - be sure to keep work at work. Don't go to family dinners and on family vacations and only talk about the business you share.
Too Close for Comfort?
At the end of the day, only you know your family dynamics and your own capacity for them. Be sure to realistically think about family functions within the scope of business. If you've still decided to either begin to build a family business from scratch - or go into business with your family, then great! If it's too close for comfort, that's okay too.
Work is work and at the end of the day - nothing is as important as family and relationships we hold close. Building a family business together could be the next great adventure to create a family legacy!
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