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Real Estate Agent

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Luan Oliveira
Pro Member
  • Rental Property Investor
  • Providence, RI
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Debating going into the Real Estate Agent arena.

Luan Oliveira
Pro Member
  • Rental Property Investor
  • Providence, RI
Posted Feb 6 2024, 08:39

I'm debating a career changed from my current w-2 into full time real estate. I'd like to go full time right off the bat, and give it my all. I'm ready to invest heavily in marketing and anything else that may work right off the bat. I'm looking for any tips or advice from anyone who's started in the last few years on what has worked well for them.

Are there any marketing avenues that work best?

Have you found it better to specialize in a niche or be general?

What else should I keep in mind?

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Mackaylee Beach
  • Real Estate Agent
  • Kansas City, MO
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Mackaylee Beach
  • Real Estate Agent
  • Kansas City, MO
Replied Feb 6 2024, 08:58

Real estate is a vast industry and requires a clear sense of direction to succeed. 
Take the time to study the market and the location you are interested in to set the right course.
Networking is a valuable tool, and one should always strive to continue learning.

Wishing you the best of luck as you embark on this new journey!

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Hamp Lee III
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  • Investor
  • San Antonio, TX
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Hamp Lee III
Pro Member
  • Investor
  • San Antonio, TX
Replied Feb 6 2024, 16:20

Start part time. Consider the average time homes are on the market in your area. Even if you had a client to buy a home on the first day or a listing, it will not guarantee a quick sale within 30 days.

Identify a niche. The more specific the better.

I hope this helps.

I wish you all the best.

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Jennifer Stevenson
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  • Realtor
  • Millsboro, DE
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Jennifer Stevenson
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  • Realtor
  • Millsboro, DE
Replied Feb 7 2024, 05:45

There's an argument to be made for both sides, jumping in full time and working part time while continuing with your W2.  I chose the latter and while it's gave me the ability to fund some of my marketing and cover other expenses I found it difficult to have a foot in the door of two completely separate, unrelated fields.  The one positive is that it allowed me to make mistakes and learn while having the security of my W2.  With that being said I believe there's also a lot to be gained from being all in and forced to go out and find deals, network and make your new career work for you.

Best of luck!

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Irene Hunter
  • Real Estate Agent
  • Philadelphia PA, USA
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Irene Hunter
  • Real Estate Agent
  • Philadelphia PA, USA
Replied Feb 7 2024, 09:51

In this business you only eat what you kill. KEEP YOUR JOB! For now that is!! Use your income to fund your business. Time is usually what most complain about when working in RE part time. A remedy to this is to hire help. Network with other agents to show homes to your clients or a VA to answer calls or do admin work during your working hours. If you can modify your hours that will increase your availability to prospect, or tour homes, tour open houses on the weekends etc. I know it's a grind to do both trust me I jumped out the window and still needed an additional income while working RE full time as an investor. Take this time to learn all you can about contracts, negotiations, financing and human behavior. Find a "proven successful" mentor that can guide you in relevant marketing strategies so you don't waste your money on old marketing tactics that don't work. Wish you the best of luck!

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Caleb Brown
  • Real Estate Agent
  • Blue Springs
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Caleb Brown
  • Real Estate Agent
  • Blue Springs
Replied Feb 7 2024, 09:58

Keep your job. Carve out time to start prospecting. Starting out you need to focus on finding clients. Niching down is great but when you are starting from zero any client is fine. There is a lot of agents BUT majority stink. Focus on prospecting and marketing. Have a schedule and follow it. It'll take time but it's worth it. I found of niche with investors. Took a couple years to find then a  couple to build leads sources around but it's nice having specific clients to work with.

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Ken M.
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#1 Goals, Business Plans & Entities Contributor
  • Investor
  • Nationally
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Ken M.
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#1 Goals, Business Plans & Entities Contributor
  • Investor
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Replied Feb 7 2024, 12:55
Quote from @Luan Oliveira:

I'm debating a career changed from my current w-2 into full time real estate. I'd like to go full time right off the bat, and give it my all. I'm ready to invest heavily in marketing and anything else that may work right off the bat. I'm looking for any tips or advice from anyone who's started in the last few years on what has worked well for them.

Are there any marketing avenues that work best?

Have you found it better to specialize in a niche or be general?

What else should I keep in mind?

Training first. 

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Luan Oliveira
Pro Member
  • Rental Property Investor
  • Providence, RI
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Luan Oliveira
Pro Member
  • Rental Property Investor
  • Providence, RI
Replied Feb 7 2024, 13:07

Thank you to all the responses so far. As far as continuing the W2, it's not really an option as I currently work in Banking and more than likely someone would see it as a conflict of interest.

That said, I'm not new to RE I've purchased numerous properties in the past and been to hundreds of open houses in the process. I work in regulatory compliance, so I see real estate all day already. 

Ideally, the game plan would be to go heavy into marketing, and let it play out from there.

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Bruce Lynn#2 Real Estate Agent Contributor
  • Real Estate Broker
  • Coppell, TX
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Bruce Lynn#2 Real Estate Agent Contributor
  • Real Estate Broker
  • Coppell, TX
Replied Feb 7 2024, 13:22

PT vs FT....

You're right most banks won't let you also have your license.

One thing you can do perhaps is do everything you can to be ready to go, prior to quitting the day job....so get your license, just keep it inactive. If the broker will let you, go to all their new hire training. Learn all the software like MLS, the broker's CRM, etc. Have your database ready. So have all your contacts in your phone, FB, IG, Linkedin detailed out with email, phone, contact information, etc. Be ready with the first 1000 people you are going to call. Know 100% all the people who know, love, and trust you and will do business with you or know someone and recommend you to someone who will do business with you....those are the first people you call the day you turn on your license. I would also have your business plan done the day you start.

Do all that so you are not wasting time.   You might also get a PT side gig going that has something to do with real estate just to give you some gas and food money while you get started.  Can you deliver Amazon and be driving for $ at the same time.  Can you be a leasing agent at an apt complex on Tue/Wed?  Can you work for a builder on Tue/Wed while the main sales person is off?   Things like that.

Also today you can build a list of 100 hot prospects who are likely to sell this Spring.

Can you work for any kind of similar company to a bank or maybe a small town home town bank that would not care if you have your license.

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Luan Oliveira
Pro Member
  • Rental Property Investor
  • Providence, RI
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Luan Oliveira
Pro Member
  • Rental Property Investor
  • Providence, RI
Replied Feb 7 2024, 13:28

Thanks @Bruce Lynn.

A side gig most likely wont be needed. The plan is to have several months of expenses set aside for the initial ramp-up

I do like your idea of having everything lined up and to be ready to pull the trigger on things as soon as the license is active!
 

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Rob Funston
  • Wholesaler
  • Irvine, CA
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Rob Funston
  • Wholesaler
  • Irvine, CA
Replied Feb 7 2024, 18:09

It's probably going to take several months to get your license anyways. Assuming you don't already have it. I'd definitely keep the W2 at least until then if you don't. So you've got some time to learn and network as much as possible in the meantime.

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Marcus Auerbach#2 Real Estate News & Current Events Contributor
  • Investor and Real Estate Agent
  • Milwaukee - Mequon, WI
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Marcus Auerbach#2 Real Estate News & Current Events Contributor
  • Investor and Real Estate Agent
  • Milwaukee - Mequon, WI
Replied Feb 11 2024, 05:29

I started full time and think that's the way to go, but was able to do so with a real estate portfolio that would more than cover my cost of living. Have at least 6 months of expenses set aside, clients don't respond well if you "need" them to do business. This is a service industry, you can't force it, in fact the less you care about a transactions outcome the better it will go. (You care about your clients, not the deal)

You have probably already seen the first and second year drop out stats, so buckle up for the ride. 80% don't survive year one, most of whos left quit year two.

You can't specialice when you start, you'll need every transaction you can get.

Read the Millinair Real Estate Agent by Gary Keller. At least twice. I tried to be smarter than the book and that didn't work.

Join a team, it will accelerate your launch. Interview several and find one that works best for you. I made the mistake that I joined a team that was micromanaged, which is great for some people, not for me. But I learned a lot in a short time, later went on my own, then started a team, today we are one of the top teams in Milwaukee.

Marketing. We call it lead generation. You need a plattform to reach a lot of people. For most agents that is their phone, for some it is social media. For me it is YouTube. But you need something you like doing, otherwise you won't be able to sustain it.