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When making the leap from agent to principal, it’s essential to have three things in place.
Being a successful real estate principal takes more than just sales prowess. According to Lindy Harris, an experienced principal of One Agency in NSW’s Hunter Valley, a wide base of team support is equally crucial.
“Making the jump from employee to business owner can be a daunting prospect,” Ms Harris said. “You continuously question whether or not you’re doing the right thing.”
Eight years ago, when she was first getting ready to make the move, Ms Harris recalled that she felt nervous and fearful. Despite having 15 years as a high-achieving agent under her belt, she could not help but wonder whether she was up to the task of helming an office on her own.
According to Ms Harris, these anxieties were not entirely unfounded.
“It hasn’t been easy,” she admitted. “There’s long hours and hard work involved. But the reward has been second to none – and I’m not talking about the financial gain.”
From the sense of empowerment that comes from running her own business, to the pride she takes in creating a strong team culture, Ms Harris believes that the rewards of principalship are second to none.
But how did Ms Harris know when the time was right to make this massive leap?
She shared that there were three key fundamentals that were indispensable to have in place before striking out on her own: finances, support and mindset.
“To succeed, your agency needs to be built on solid financial foundations,” Ms Harris stressed. “That means keeping your overheads low and defending your revenue so you can maximise your profits.”
To keep finances stable, Ms Harris advised:
- Reducing office running costs by shopping around for the cheapest rent and electricity rates.
- Being picky about which network you join to avoid forking out too much cash to the head office.
- Focus on building a rent roll so that you can stay in the green even when the market is sluggish.
Finances are the first checkbox, but once these are sorted Ms Harris warned that aspiring principals still need to ensure they have a wide base of peer support.
“Opening your own agency can be complex and overwhelming, especially with all the paperwork and legislative requirements,” she stated.
“Having the right support around you from the start means you don’t have to learn everything the hard way.”
For Ms Harris, having a long-term mentoring relationship with a business coach in the network helped her ensure she was on the right track throughout her real estate journey.
Last but not least, Ms Harris stressed that mindset can make or break a would-be principal.
It was essential to be resilient because the first six months of her agency were rife with challenges. Now, she emphasised, she is “living [her] best life every day,” but getting to this place required her to first move past her fears.
“Achieving your dreams requires the right mindset,” Ms Harris underscored. “I gathered my courage and leapt.”
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