Lawyer’s Guide to Starting a Real Estate Law Practice
Are you a lawyer who is thinking of starting your own real estate law practice? If so, you’re in luck! There are a lot of opportunities in real estate for attorneys that can help you make money and grow your career. To be successful, you must act as an attorney and a leader. You’ll have to view your career as both a business and a profession.
This real estate law practice guide will provide you with all the information you need to get started. We’ll discuss the basics as well as tips on how to grow your business. So, whether you’re just starting out or you’ve been practicing for a while, this post is for you.
Real estate law practice: What to expect
Once you’ve opened your own real estate law practice, you can expect a typical day to involve performing extensive due diligence, which would include reviewing. Other times the task could be drafting documents such as loan agreements or purchase/sale contracts for homes or commercial properties; these types of transactions require time spent negotiating prices with sellers in order to make sure everything goes smoothly. Most, if not all, of your interactions will be non-confrontational, which is a draw for many attorneys. And most, if not all, of your transactions will require a closing.
Closing a real estate transaction requires extensive coordination, from reviewing title searches and surveys to drafting contracts and preliminary closing documents. The process is both exciting but also very challenging because of all these moving parts that come into play when closing real estate deals. To make their days go by smoothly and efficiently, most real estate lawyers will use closing software to support their practice.
With Easysoft’s Real Estate Closing Software, you can save valuable time and stay compliant with the latest real estate laws. This powerful software is designed for those who want an edge in this industry by automating complex calculations that reduce risk while increasing the profit margin on each closing transaction.
Opening a real estate law practice
Opening a real estate law practice can be a profitable idea. You’ll need to first draft up a business plan; it's important to have an idea of what you want your business to look like. You should know branding assets like your mission, vision, and values, and set out goals and objectives. You’ll need to draft a budget with an understanding of the finances, so that there are no surprises down the line.
Once you have an idea of who and what your organization will be and a financial plan, you’ll want to find an appropriate space to operate out of. These days, some real estate law practices occur solely online, but many still have brick and mortar locations. It’s often a good idea to look for where other real estate practice areas are located within your city. Then you can decide whether you want to compete on the same block as your direct real estate law competitors or find your own corner of the city.
Real estate practice areas
You’ll need to identify the real estate practice areas you want to focus on. There’s a possibility for expertise in all areas of real estate law including:
- -Residential and commercial conveyancing,
- -Institutional and private mortgages,
- -Leasehold residential and commercial properties,
- -Subdivision and consolidation of lands,
- -Contracts for purchase, sale and lease of property, and
- -Property development including strata property development.
How to build a real estate law practice
Once you’ve opened your real estate law practice, you’re going to want to build out your client roster. We have three tried and tested tips to get you started:
- Network, network, network.The best way to build and develop relationships in your network is often through other professionals. Your professional connections are an important client acquisition tool that can take you far when attracting new cases or referrals from others within the industry. Having a professional refer you to a new client pays off in dividends — make sure you network with others who have a good reputation in their space.
- Have an SEO strategy.One of the best ways to gain new business is through digital marketing — everything today is online. When someone needs a service they don’t have a personal referral for, they will turn to search engines. You want to show up on Google’s front page — in a good way. Hire an SEO professional to make sure you are.
- Have a digital marketing strategy.The first thing someone will do when they hear about your business is Google you. You want to make sure their web experience with your business is a pleasant one, if they have a hard time understanding what you can do for them or easily contact you, they won’t bother reaching out.
Good luck on your journey opening a real estate law practice. Please feel free to book a demo with us to get an edge in your industry with real estate legal software.