Looking for advice as a new Real Estate Agent and investor!

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Looking for advice as a new Real Estate Agent and investor!

Ryan Ness
Realtor · Lafayette, IN · Member since 2020 · 44 posts · 23 votes

I am 21 years old and have been Realtor for a few years now having successfully completed 2 transactions so far. One of them being the purchase my primary residence (a duplex househack) and the other being a family moving from many states away and assisting them in remotely viewing a home and writing offers. I am currently nearing completion on getting my rental unit ready to advertise as I just have minimal landscaping and carpets left to do (waiting on carpet contractor bids to decide who to go with), but I am having a hard time with focus. I have been working diligently on the rental property since this past December but I am having a hard time when it comes to the agent side of things. I don't have any formal training in sales, but every job i've ever worked has been a service based job which has provided me with great social skills. My goal would be to transition to being a Realtor full time as right now my 4PM-1AM job is somewhat demanding, and makes it extremely difficult to serve clients,  but it does offer 5 weeks PTO and premium-free insurance benefits. The only reason I was able to close the transaction for the family I helped was because I was writing the offer while at my job, which is not often possible! For those who have worked a 2nd shift schedule and have followed a similar track to that which I am on do you have any advice to provide? I do not mind my 2nd shift job, but I know that the growth potential that being an agent offers could put me miles ahead in my investing journey! I am an avid saver so getting 6-12 months expenses is not a problem, but it's making the leap without formal training and knowing I can stick the landing that is giving me a hard time figuring out what to focus on. I am currently an agent on a small team (my mom and an assistant). Also, being that i'm 21, I still have insurance benefits until I turn 26, which is a nice option too. Thanks!

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Scott TrenchPro Member
Rental Property Investor · Denver, CO · Member since 2014 · 2k+ posts · 6k+ votes
4y

You are rocking it, @Ryan Ness. 21 years old? Licensed? Got a good job? Got a house-hack? About to rent it out! 6-12 months saved up? Congratulations. Crushing it. 

Here's what I suggest: 

Get this rental unit rented with a tenant moved in. Keep your day job until that is true. Keep your expenses low. 

That will probably take you about 1 month to 45 days (hopefully less, but it's your first rental, and I know how that goes). 

During that time, read @David Greene's books "Sold" and "Skill" and begin interviewing brokerages. You are going to be a top performing agent in no-time. You are a hustling, 21-year old entrepreneurial auto-didact. Every brokerage worth a dime will want you. So you should be learning (stay humble, and remind yourself that in spite of how awesome you are that YOU are interviewing for a job at the brokerage, and not the other way around), what the brokerage can offer YOU in terms of training, leads, and help in scaling up your business. 

You may consider, if you have an interest in investing, reaching out to some of the top agents in your local area - you can find out who they are with the "find an agent" button. Take a look at who they are and see if you'd want to work with/for any of them. 

Then, take the leap. You aren't going to spend the next 6 months chilling on the couch watching TV. You are going to spend the next 6 months house-hacking and seeking your fortune as an agent. 30 years from now, you won't thank yourself for staying at the job another few months. You will thank yourself for taking action and jumping in. 

It will be hard. This is not a great time to be entering the market as an agent. But, it will offer more upside and alignment with your vision, and you can make it if you keep your costs low and stay opportunistic, learn constantly, and take action every day. 

Hope this helps!

Podcast Guest on Show #223
BiggerPockets
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  • Scott TrenchPro Member
    Rental Property Investor · Denver, CO · Member since 2014 · 2k+ posts · 6k+ votes
    4y

    You are rocking it, @Ryan Ness. 21 years old? Licensed? Got a good job? Got a house-hack? About to rent it out! 6-12 months saved up? Congratulations. Crushing it. 

    Here's what I suggest: 

    Get this rental unit rented with a tenant moved in. Keep your day job until that is true. Keep your expenses low. 

    That will probably take you about 1 month to 45 days (hopefully less, but it's your first rental, and I know how that goes). 

    During that time, read @David Greene's books "Sold" and "Skill" and begin interviewing brokerages. You are going to be a top performing agent in no-time. You are a hustling, 21-year old entrepreneurial auto-didact. Every brokerage worth a dime will want you. So you should be learning (stay humble, and remind yourself that in spite of how awesome you are that YOU are interviewing for a job at the brokerage, and not the other way around), what the brokerage can offer YOU in terms of training, leads, and help in scaling up your business. 

    You may consider, if you have an interest in investing, reaching out to some of the top agents in your local area - you can find out who they are with the "find an agent" button. Take a look at who they are and see if you'd want to work with/for any of them. 

    Then, take the leap. You aren't going to spend the next 6 months chilling on the couch watching TV. You are going to spend the next 6 months house-hacking and seeking your fortune as an agent. 30 years from now, you won't thank yourself for staying at the job another few months. You will thank yourself for taking action and jumping in. 

    It will be hard. This is not a great time to be entering the market as an agent. But, it will offer more upside and alignment with your vision, and you can make it if you keep your costs low and stay opportunistic, learn constantly, and take action every day. 

    Hope this helps!

    Podcast Guest on Show #223
    BiggerPockets
    3Reply
  • Ryan Ness
    OP
    Realtor · Lafayette, IN · Member since 2020 · 44 posts · 23 votes
    4y

    Hey Scott, I actually just finished reading your book, "Set For Life"! Your insights were an absolute game-changer for me! Your view on investing in the stock market through individual stocks vs index funds really challenged the view I've had for the past years as well! That long-term mindset of whether it's really worth the potential gain when only working with a few 10s of thousands of dollars vs the long term of those funds held safely in an index and the other portion being working hard through real estate investments has stuck with me and helped to push me even harder! Thank you for the assignment of reading both "Sold" and "Skill" - will do! Your reply was just as good of a roadmap as your book has been...maybe even better, as it was even more focused on a specific goal, like becoming an agent! Thank you so much!

    2Reply
  • Chris Webb
    Investor · Central Virginia · Member since 2020 · 394 posts · 253 votes
    4y

    Hi @Ryan Ness, I would check out the daily financial news from Mike Zuber on his YouTube channel. It will give you a better understanding of the market and you will be able to speak to investors using their language. https://www.youtube.com/c/OneR...

    1Reply
  • Stacy Edwards
    Virtual Assistant · Langley, WA · Member since 2022 · 43 posts · 23 votes
    4y

    I'm not an agent, but have had small businesses and have used real estate agents to buy two homes.

    My advice would be to get out there and network in person. The internet is great and I love it, but getting acquainted with potential referral partners out in the "real world" is worth it's weight in gold when it comes to business networking, especially in something like real estate. 


    I chose my first agent solely because he showed me a house and I liked his vibe (he was just chill and down to earth.) My second agent was going to be someone in a referral group that I was in a long time, but he had a personal matter, so he referred me to another agent that I actually knew and had lots of experience selling in my building. 


    I feel like there are SO many real estate agents right now and some seem to try way too hard. Be yourself, be friendly, and don't be pushy (doesn't sound like you are!) Be helpful to whoever you come across (within reason) whether they're a potential client or not, because you never know who you will make an impression on. 

    1Reply
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