Hi there, I'm days away from taking and passing my real estate exam. I plan on starting in the single family residential market first to get my feet wet so to speak. But I'm really interested in multi family residential. I've taken a multi family property course on Udemy as well as real estate economics as one of my college level courses for my license. What is the best way to get into this market? Thank you!
@Cody Barna I mean as an agent in this case. Though I am also interested in the investment side and have analyzed a few deals in the past three months. Btw, I've decided to hang my Lic with EXP=)
Real Estate Agent · Member since 2019 · 285 posts · 149 votes
5y
@Quan Zou that's awesome man, their mentor program is extremely helpful for brand new agents. I think it comes down to the demographic you target, if you're calling home owners in residential areas, chance are they're not looking to buy multi-families. Where as if you attend local meet ups and network with investors in your market the chances are much higher that you'll come across potential clients.
Investor · Los Angeles, CA · Member since 2012 · 1k+ posts · 500 votes
5y
Review MLS deals and learn to analyze them. Then market through cold calling or mail to MF owners. One typical strategy for many would be to market to MF owners who live out of state but who own real estate in the city you are selling in. The goal of any marketing campaign is to catch someone at the right time who has a challenge or want that is solved by the solution you are offering.
@Cody Barna That's one of the primary reasons that cemented my decision...the ability to own stocks and profit sharing also helped=) Expanding my investor network through meetups...etc. is a great idea. I will add that to my action plan. Thank you!
@Brett Goldsmith Thank you for your insight! I will continue to analyze MF properties to further sharpen my skills, and implement your recommended strategy to find out of state investors that own in my area! When you say MLS do you mean Zillow, Looopnet, and the like or more exclusive ones through NRA and other associations?
Investor · Los Angeles, CA · Member since 2012 · 1k+ posts · 500 votes
5y
@Quan Zou When you become a realtor, you pay a fee to your local association and you get access to the MLS that covers your area. MLS = Multiple Listing Service. Many MLS's feed populate into redfin or zillow, but not all areas. If you are looking at 5 units + then loopnet would be more appropriate, but they may be on the MLS too. 5 units + = commercial. MLS is primarily for SFR homes and 1-4 units, but you can list commercial there too.