For estate agents who take the plunge and start their own business, maintaining motivation and momentum was the hardest obstacle to overcome, with the majority needing six months to a year before they felt their business was gaining traction.
A new survey of UK estate agents, carried out by ProperPR on behalf of eXp, found that over half had either pursued their ambitions of starting their own business, or had plans to do so in the future.
A third – 33% – of the 827 respondents had set up a traditional high street agency business, with 7% opting for the self-employed model, whilst 13% have plans to start their own business but haven’t yet taken the plunge.
For those who have, eXp UK then asked what aspect of starting an estate agency business they found most difficult.
One in five – 21% – stated that maintaining motivation and momentum was the biggest challenge they faced, whilst navigating the legal and compliance requirements associated with running an estate agency also proved difficult.
Managing overheads and operating costs, attracting and converting new clients and securing the initial financial required also ranked amongst the biggest challenges of starting an estate agency business.
eXp UK then asked which areas posed the greatest challenge once agents were able to establish a presence within the market.
Competing with established brands topped the table this time around, with the ability to properly market and advertise their business also proving a challenge, along with cash flow and managing finances and building a strong and trusted reputation.
And the insight from eXp UK shows that for those thinking of following suit, persistence is key.
Some 39% of those surveyed stated that it took six to 12 months before they felt their business was gaining traction, with a further 22% stating that it took them over a year.
The head of eXp UK & Europe, Adam Day, commented: “The decision to go it alone takes courage, confidence and a whole lot of hard work and it can be an extremely daunting task, but one that can pay dividends.
“When you do take the plunge, there’s a range of challenges you’re likely to face and building a brand, attracting business and maintaining momentum are some of the hardest obstacles to overcome.”
