An survey has revealed some of the biggest challenges estate agency owners face when cold-starting a business, a new poll commissioned by self-employed agent platform EXP UK has revealed.

The most common ‘challenges’ included staying motivated, compliance and legal issues, overheads and costs, getting instructions, business financing, marketing and lastly ‘branding’.

Of those surveyed, a third ran their own traditional high street business, 7% were ‘self employed’, 13% were planning to launch their own business while the rest – 48% – were happy being employees.

Among those that had started up successfully, many said a key challenges was gaining a foothold in the market along with competing with established estate agency brands.

40% said it took six to 12 months before they felt their business had gained any real traction, with a further 22% saying that it took them over a year.

It can be an extremely daunting task, but one that can pay dividends.”

Day says: “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.

“It takes hard work to succeed, so much so that we’ve tailored a number of our workshops to the theme of success at the EXP UK conference in Birmingham this month.”