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EXECUTION Starting a service business for real estate agents

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SeanODG

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Hi everyone,

Hope you all are doing well! This is a first post in a process thread. These threads are so infinitely valuable (longtime lurker here-thank you to all who make this forum valuable!) that I hoped to give back by writing one of my own. To be fair, TBD on if I can actually do anything to make this thread valueable. My goal is to keep this up to date for the next few years with a post every week or so. It’s on my calendar so I don’t forget!

Background
I’ve always wanted to be an entrepreneur. I studied entrepreneurship at Wharton for business school and worked in management consulting for BCG for a couple more years to learn about business. Most importantly, I met my now wife there!

Here’s the really interesting thing: that’s the number one business school and either one or two consulting firm. I didn’t really learn anything about business at those two. I can make a really A+ PowerPoint presentation though.

There’s no class about how manage a P&L. Nothing about customer satisfaction. Nothing about how to sell.

The entrepreneur classes were largely focused on how to start the next Uber. How to take the path of 0.0001% success rate, competing against millions of smart people, but could get you on Forbes. The exits from BCG send you into a "strategy and analtyics" role at doordash.

Nothing about how to start a really good business, without venture capital, that makes you and your family a few million per year. Nothing about the fast lane. Everyone I graduated with makes a few hundred grand in private equity, but it’s really just the high paid slow lane. And means NYC taxes too.

MJ has played a bigger role in my business life that the fancy education and work experience has. Thank you, MJ!!

Business
The business is fairly basic. I’m planning to provide outsourced services to real estate agents. There are hundreds of freelancers and a few companies doing exactly this. None of them seem like they’re doing a great job, and there are >1M agents in the country, so there should be room for all of us.

Plan for the next month
Today is when things get started! I filed the LLC today and will spend the next month or so cold emailing agents to ask to interview them. I’m going to email agents who represent a wide variety of homes to understand what type of agent is the best customer here

I’m also going to start writing. I’m planning on inside sales until SEO takes over, so getting some good content out there can help to get that going!


A good result for the next month looks like:
  • Filed LLC, opened bank account
  • ~5 blog posts written
  • ~50 realtor interviews, leading to:
    • Understanding of why someone would/would not work with a company instead of a freelancer
    • What are their biggest pain points? How are they being met/not met by freelancers?
    • What would they be willing to pay for someone to solve this problem for them?
 

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MJ DeMarco

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Business
The business is fairly basic. I’m planning to provide outsourced services to real estate agents. There are hundreds of freelancers and a few companies doing exactly this. None of them seem like they’re doing a great job, and there are >1M agents in the country, so there should be room for all of us.

I like the niche approach. You might have something here.

Thanks for sharing your journey.
 

SeanODG

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@MJ Thank you for all you've done for everyone!!!
 

mattierocks

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Interesting! What kind of services? Like transaction related stuff?
 

SeanODG

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That's
Interesting! What kind of services? Like transaction related stuff?
That's right. At least, that's the hypothesis since there's a freelancer market for it. I'm currently in the process of getting in touch with real estate agents for an interview process to find out if that's actually the case though
 

mattierocks

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Gotcha. If you’re talking to agents who do a lot of deals, I’m sure there’s a market for it. That saves them from hiring team members just for paperwork, which gets irritating pretty fast. Good luck and I look forward to seeing your future posts!
 

SeanODG

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Hello everyone,

Not much to report, but I promised a weekly reporting schedule and I plan to stick to it. I'm wrapping up a consulting engagement that is scheduled for completion on Jan 21st. After that time, I'll get started on the business. The consulting engagement (and consulting in general) has been how I've made money in the past and will get startup capital for this business.

I'm planning on depositing ~$10K from the consulting into my business bank account to help pay for the launch of this business. Of that, probably ~$2K will go to a website, probably ~$500/month in subscriptions for different software (Lemlist, Leadfuze, MeetCrystal, Reply.io, Loom are just a few that come to mind).

Regarding action steps upon completion of the project Jan 21st, I'm going to spam every realtor I've ever met to ask for 20minutes of their time, then, at the end of the call, thank them for their time and ask if they know of anyone else I should be talking too. Mentally working on a list now of who to reach out to on this front

Looking forward to it!
 

Johnny boy

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I’ve always wanted to be an entrepreneur. I studied entrepreneurship at Wharton for business school and worked in management consulting for BCG for a couple more years to learn about business. Most importantly, I met my now wife there!

Here’s the really interesting thing: that’s the number one business school and either one or two consulting firm. I didn’t really learn anything about business at those two. I can make a really A+ PowerPoint presentation though.

LMFAO



A word of advice for finding a business opportunity by interviewing people...people are usually pretty stupid and very often don't know what they need.

Better to shadow them for a day and ask questions as you watch them go through their day. You'll see opportunities that they don't see.

Go ahead and interview people, but if someone lets you shadow them for the day, that would be even better.

Sounds like you're doing it pro from the get-go, best of luck to you.
 

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