You’ve set a big goal: to open your own real estate agency.
It’s ambitious and exciting, and with the market booming across the country, now’s the perfect time to turn your dream into a reality.
Like most things worth doing, starting your own business comes with challenges.
But with a strategic approach, you can overcome any hurdles and reap the rewards.
Use this guide to kick-start your journey.
Below, find the step-by-step process of opening a real estate agency in Australia, including how to research your local market, get qualified, and more.
Step 1: Research your local market
You want your agency to be competitive.
You want to appeal to your target audience and deliver the best possible service.
You can’t achieve these outcomes without first conducting in-depth research.
Think about the location where you’ll be operating in and examine recent sales data.
What is the property market like—thriving or struggling?
Will your clients be investors, first-time buyers, or families looking to upgrade?
Do a bit of research into other agencies in the area too.
Scroll through their social media, read their reviews, and check out their website.
How are they positioning themselves? What do their clients love about their services?
How will you differentiate yourself?
Use the insights you gather to make informed decisions about your brand’s messaging and positioning.
Another essential aspect of the research phase is unpacking your legal requirements—these differ from state to state.
You’ll need to choose the appropriate corporate structure for your business, whether it’s a partnership, trust, joint venture, or company.
You might need to consult with a legal expert and financial advisor to ensure your business structure is compliant and you meet your tax obligations.
Step 2: Get qualified
Depending on where you plan to operate your agency, you might need to complete specific courses.
You’ll need to take these courses with a registered training organisation (RTO) like Entry Education.
Let’s break it down state by state.
Opening a real estate agency in Victoria
To operate a real estate agency in Victoria, complete the Diploma of Property (Agency Management) CPP51122.
The prerequisite is the Certificate IV in Real Estate Practice (CPP41419).
Once you’ve completed both qualifications, you can apply to the Business Licensing Authority for your real estate licence.
Opening a real estate agency in New South Wales (NSW)
In New South Wales, the Diploma of Property (Agency Management) CPP51122 qualifies you for a Licence Class 1.
You’ll need 12 months of experience as an assistant agent and 24 months as a Class 2 Licence holder before you can apply for this licence through Fair Trading NSW.
Opening a real estate agency in Queensland (QLD)
To open a real estate agency in Queensland, you need to complete the Real Estate Agent Licence course.
This course consists of 19 units of competency and must be completed within 12 months.
Keep in mind that an additional course is required if you wish to work as an auctioneer in Queensland.
Opening a real estate agency in Western Australia (WA)
In Western Australia, the Diploma of Property (Agency Management) CPP51122 is required for a full real estate licence.
The prerequisite is the Certificate IV in Real Estate Practice.
Plus, you must also have at least two years of industry experience.
Opening a real estate agency in South Australia (SA)
To qualify for Land Agent Registration in South Australia, you need to complete a Land Agent course.
Entry Education offers various pathways depending on your experience and academic background.
Opening a real estate agency in the Australian Capital Territory (ACT)
In the ACT, completion of the Diploma of Property (Agency Management) is needed to apply for a Class 1 licence.
This allows you to operate your own agency.
Ongoing practical skills development
As a real estate agent and business owner, professional development is ongoing.
Remember, owning a successful agency is about so much more than selling properties.
It’s about leadership and team management, marketing, customer service, and business administration.
To be the very best owner you can be, it’s worth looking into additional courses and workshops to build out your skills in these areas.
Entry Education provides a range of courses relevant to agency ownership.
Step 3: Put together a business plan
Think of your business plan as a map to your agency’s success.
It outlines your goals and the milestones you’ll need to achieve along the way.
It also helps you gain clarity on your vision, mission, and objectives.
What type of agency do you want to create? What legacy do you want to leave?
Plus, it includes logistical details like the organisational structure and financial projections.
Here’s a closer look at the key components of a well-thought-out business plan:
- Vision and mission: This encapsulates what you want to achieve and how you’ll achieve it.
- Local market research: Include things like your target market and competitor analysis.
- Organisational structure: What type of company structure are you using? In addition, define the roles and responsibilities in your agency.
- Marketing plan: Outline how you plan to attract, engage, and retain clients. For example, what marketing channels will you use? How much will you spend on marketing each month? Will you do it in-house or outsource?
- Finances: Detail your expected income and expenses to ensure your agency is profitable. Consider both fixed and variable expenses.
Step 4: Meet your legal requirements
Before launch day, you’ll need to cross a few important things off your to-do list. This includes:
- Registering your business: You’ll need to decide on a name for your agency and register and trademark it.
- Signing up for insurance: You’ll also need insurance coverage to protect your business.
- Setting up your office: Get yourself an office in a suitable location. Kit it out with the required equipment and finish it off with decor and accessories that make it feel professional and aligned with your brand.
Step 5: Launch your agency
The big day is almost here.
But before you open your doors, you’ll need a great team.
Hire experienced agents who share your vision and enthusiasm.
Give them access to ongoing training opportunities so they’re always up-to-date with industry trends and regulations.
Consider investing time into networking before you launch too.
Jump online and look for real estate associations to join.
Build authentic and mutually beneficial relationships with other professionals in your area and across the country.
This is a great way to secure yourself some referrals in your business’s early days.
After you’ve opened, commit to a continuous improvement mindset. The real estate industry is ever-evolving.
Keep learning, as this will help you stay competitive and provide excellent service to your clients—whatever changes the market experiences.
Get started today
Opening a real estate agency is an incredibly rewarding journey.
There will be ups and downs along the way, but when you see the difference you make in people’s lives, it’ll all be more than worth it.
If you are ready to start your career as an agency owner, now’s the time to earn the required qualifications.
Entry Education offers comprehensive courses across Australia to help you get started.
Plus, with intensive workshops, in-person learning, and online options, there’s a learning pathway for everyone.
Don’t wait any longer—take the first step towards your dream today with Entry Education.
