How to Open a Real Estate Agency in Georgia
Georgia is a country with a growing real estate market. In recent years, more and more foreign investors have been coming to Georgia, leading to an increased demand for real estate. This creates excellent opportunities for realtors who want to establish their own real estate agency in Georgia.
Step 1: Obtain a License
The first step in opening a real estate agency in Georgia is obtaining a license. Licenses are issued by the Ministry of Economy and Sustainable Development of Georgia. To obtain a license, you must meet the following requirements:
1. Individual or legal entity: Licenses can be issued to either individuals or legal entities.
2. Citizenship or permanent residence: Licenses are only available to Georgian citizens or permanent residents.
3. Education and work experience: Applicants must have a higher education degree in law, economics, or business and at least three years of experience in the real estate field.
4. Financial resources: Applicants must have at least 50,000 GEL (approximately €18,000) in funds.
To apply for a license, submit the following documents to the Ministry of Economy and Sustainable Development of Georgia:
• License application.
• Certificate of no criminal record.
• Copies of documents proving education and work experience.
• Founding documents (for legal entities).
• Receipt of payment for the state fee.
The state fee for obtaining a license is 1,000 GEL (approximately €3,600).
Для получения лицензии необходимо подать следующие документы в Министерство экономики и устойчивого развития Грузии:
- Заявление о выдаче лицензии.
- Справка об отсутствии судимости.
- Копии документов, подтверждающих образование и опыт работы.
- Копии учредительных документов (для юридических лиц).
- Квитанция об уплате государственной пошлины.
The state fee for obtaining a license is 1,000 GEL (approximately €3,600).
Step 2: Choose a Name and Legal Structure
After obtaining the license, select a name and legal structure for your real estate agency. The name must be unique and not infringe on the rights of others. Common legal structures for real estate agencies include sole proprietorships and limited liability companies (LLCs).
Step 3: Register Your Business
Once you’ve chosen a name and legal structure, register your business with the Public Registry of Legal Entities and Sole Proprietors in Georgia. Submit the following documents for registration:
- Registration application.
- Charter (for legal entities).
- Copy of the founder’s passport.
- Receipt of payment for the state fee.
The state fee for business registration is 50 GEL (approximately €180).
Step 4: Find an Office
After registering your business, find an office for your real estate agency. The office should be in a convenient location with good transport accessibility.
Step 5: Purchase Equipment
Equip your office with the necessary tools, such as computers, office equipment, telephones, and furniture.
Step 6: Hire Employees
If you plan to work with clients independently, you may not need to hire employees. However, if you intend to grow your business, you will need to hire qualified staff with relevant education and experience in real estate.
Step 7: Promote Your Business
Once your real estate agency is open, start promoting it. Use various marketing channels, such as online advertising, media, TV, and participation in trade shows and conferences.
Conclusion
Opening a real estate agency in Georgia is a time-consuming process that requires effort and compliance with all legal requirements. However, with the right approach, you can establish a successful business and build a rewarding career in real estate.
Additional Tips for Success:
• Study the Georgian real estate market: Understand the types of properties available, pricing, and market trends.
• Learn local laws and customs: This will help you avoid mistakes and conflicts with clients.
• Create a strong brand: Your brand should be recognizable and inspire trust.
• Provide excellent customer service: This will help you gain client loyalty and build long-term relationships.