Passed RE EXAM !!!!!! NEXT STEP IS....
Real Estate Agent · Bronx, NY · Member since 2013 · 63 posts · 5 votes
Passed RE EXAM !!!!!! NEXT STEP IS....
Most Popular Reply
Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
11yDo your research and focus on NOT what Is listed but what is SELLING. That shows buyer demand in the marketplace.
You could go out and list like gangbusters but if the product you are selling is not desirable in the marketplace then you are on a sinking ship.
Have inventory of what buyers want to buy and not want sellers want to sell.
60 Replies
- Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes11y
Screening process is different for residential buyers. There are weak motivators and strong motivators.
A buyer has to be ready, willing, and able to buy and I add to that realistic as well.
You see you could have a ready, willing, and able buyer but they want something that has come up once in a year and 20 buyers bid on it. That tells you needle in a haystack, longshot, and low chance of ever getting to closing and being paid. Of course buyers always want deals as it is human nature.
The realistic part comes in when you see it will be hard to find the property but not impossible. You put the time in and a deal can happen. In commercial I do not drive buyers around as it is number crunching. I might analyze 100 properties before I find one that is a fit for a client but when they buy and it closes I make over 6 figures usually per deal.
On the residential side strong motivators can be someone is having a family, wanting to move out of mom and dad's house, job transfer and they need a place quick with the relocation, divorce, marriage, lease is up and they can't afford to pay the month to month rate, etc.
- Real Estate Agent · Milwaukee County, WI · Member since 2009 · 3k+ posts · 525 votes11y
I would totally agree with Joel assessment.
Listen to your gut regarding potential clients.
- Real Estate Investor · New York, NY · Member since 2013 · 33 posts · 21 votes11y
I'll start off by saying I'm not a broker. I work for a shop that buys and develops in NYC so I deal with many. Some add value, others simply sell. The difference is vast.
You are a Bronx guy, use that to your advantage. NYC market is experiencing irrational exuberance for a handful of reasons, but the Bronx is one of the only boroughs where you can find rentals that still pencil out. As you know, a large part of the Bronx is misunderstood and because of this you can find some value, i.e Morris Park.
So here is my advice, or rather a specific strategy you may want to try: find an active buyer of Bronx MF commercial properties and understand their strategy and acquisition criteria. Use your local networks, relationships and knowledge to find the owners of buildings that fit their criteria and approach the owners with a value proposition. I would use ACRIS to get ownership information on properties you can't otherwise get. Remember, it's a numbers game. You will eventually find an owner willing to sell and you'll have a buyer already lined up.
Obviously, this strategy can be applied to any market. Hope this helps, best of luck. - Boxborough, MA · Member since 2014 · 230 posts · 62 votes11y
I am a new agent with Keller Williams. I chose them for several reasons:
1- it is your business and the broker will support me in my goals.
2- the training is fantastic and I have a mentor and a coach.
3- the split will be 70/30, but when the cap is reached 100% goes to you.
I recommend Keller Williams. Also, there is no problem if you also want to be an investor.
- 11yBrett SynickyPro MemberSolo 401k and SDIRA Consultant · Orange, CA · Member since 2013 · 877 posts · 501 votes
As @Tim Boozsaid the most important thing is lead gen. Yes your soi is important but the fact is that you're going to have to figure out a way to do business with people you've never met before if you're going to succeed. The best lead generation doesn't involve you.
Direct mail
Facebook
Google Adwords
The right classified ads
Sign riders
There's only so much time and if you make it a point to base your leads solely off something that directly involved you every time or it doesn't happen then what happens when you get a client. You're not going to have time to walk your farm or cold call or whatever it is you're doing to generate leads. Make it as automatic as possible.
Get yourself a coach, even if it's a paid coach but so your homework and make sure they will help you produce results. Earn while you learn type of stuff. There's a lot of snake oil salesman out there so be careful.
Good luck to you sir.
I'm not familiar with Podio. If you have it in the budget I'd recommend Brivity for sellers and admin and WiseAgent for a general database.
- Bronx, NY · Member since 2015 · 151 posts · 54 votes11y
@Terrell Sapp Congrats on the accomplishment. Setting a goal and achieving that is great. I am not a licensed real estate but you are a local guy, Bronx Guy as well living in the Claremont neighborhood. What area are you in?
I actually have less experience with you but know that REI is the way for me. When I do purchase the first location it will be a 2 family home, that will rent one while living in the other #househacking. This will hopefully result in the decrease of my monthly rent outflow which will allow me to save for the next property.
Please let us know which firm you decide to go to.
- Residential Real Estate Agent · Cleveland, OH · Member since 2008 · 579 posts · 225 votes11y
Congratulations, Terrell !!!!
Let's see... when I first got into real estate I got three listings (family/friends), thought I was going to be rich, and then 6 months later (while hoping the properties would sell), I was out of real estate.
I learned the houses have to sell, and close, before you get paid. Who would have thought?! ha
Anywho, I got back into it 2.5 years later and went to work with a top agent to learn everything. Great experience!
One thing you need to do is market-Market-MARKET. Market the heck out of your business. Oh, and treat this like a business because this is a business.
Farm neighborhoods using USPS's Every Door Direct Mail (EDDM). Offer something of value... I prefer a Home Seller's Guide (this will become your Lead Generation Magnet). Also, look at what all the other agents are doing on their postcard and... DON'T DO THAT.
Now, get a free business account on Angie's List. ONce you start getting clients have them review you.
Now, market expired/FSBOs. If you're brave then pick up the phone and call them or show up at their house. If you're a scaredy cat like me, create a direct-mail campaign.
Always be prospecting and marketing.
Oh, and ask other agents in your office if they could refer you to any leads. Top agents always have leads they don't want like rentals. Sure, there's not much money in rentals, but it's a great way to start learning and make a few bucks while you're at it... and it keeps your busy.
You say you want to target higher-priced homes. Then ask agents in your office if you can hold open houses in your target market. They'll be happy for you to do it. Then, you can try to pick up buyers.
Though, money is always in the listings, but you need to work at it all!!!!
Rock on!!!
-David Hunter
- Real Estate Agent · Bronx, NY · Member since 2013 · 63 posts · 5 votes11y
Originally posted by @David Hunter:
Congratulations, Terrell !!!!
Let's see... when I first got into real estate I got three listings (family/friends), thought I was going to be rich, and then 6 months later (while hoping the properties would sell), I was out of real estate.
I learned the houses have to sell, and close, before you get paid. Who would have thought?! ha
Anywho, I got back into it 2.5 years later and went to work with a top agent to learn everything. Great experience!
One thing you need to do is market-Market-MARKET. Market the heck out of your business. Oh, and treat this like a business because this is a business.
Farm neighborhoods using USPS's Every Door Direct Mail (EDDM). Offer something of value... I prefer a Home Seller's Guide (this will become your Lead Generation Magnet). Also, look at what all the other agents are doing on their postcard and... DON'T DO THAT.
Now, get a free business account on Angie's List. ONce you start getting clients have them review you.
Now, market expired/FSBOs. If you're brave then pick up the phone and call them or show up at their house. If you're a scaredy cat like me, create a direct-mail campaign.
Always be prospecting and marketing.
Oh, and ask other agents in your office if they could refer you to any leads. Top agents always have leads they don't want like rentals. Sure, there's not much money in rentals, but it's a great way to start learning and make a few bucks while you're at it... and it keeps your busy.
You say you want to target higher-priced homes. Then ask agents in your office if you can hold open houses in your target market. They'll be happy for you to do it. Then, you can try to pick up buyers.
Though, money is always in the listings, but you need to work at it all!!!!
Rock on!!!
-David Hunter
David...Great advice, thank you for the jewels. And "Angie's List Review", wow, good 1!
When I was in the wholesaling part of RE I had a realtor who told me if I got my license he would help me, train me basically. Months later I interviewed with his brokerage and for me, Im not happy about the location and the commute! That was at Keller Williams, I am now leaning towards Citihabitats. I just googled Every Door Direct Mail, cool! Why do you recommend this one? (didn't research it enough)
So as far as the open house, I (new kid on the block), ask realtors for their approval of holding one in their area? Hopefully they will assist me with that, I would love to hold on. How about the walk throughs? The "potential buyers" or just the window shoppers, how do you turn them to become a potential client, whether on the next property?
"Always be marketing", Im sure i have my work cut out, I'm cool with that. I'll have to perfect my elevator pitch huh lol
-Keep Rocking !
- Residential Real Estate Agent · Cleveland, OH · Member since 2008 · 579 posts · 225 votes11y
You're very welcome!
I love EDDM because you can target neighborhoods for dirt cheap and you don't need any names/addresses just the EDDM Indicia. Can't beat 18 cents a postcard (must be over sized postcards... which get noticed!!).
Yes, you'll go to agents in your office and ask them if you could hold open their houses. They'll have to get approval from the home seller. But, what you can do is find the neighborhoods you want, pick out the houses for sale there (make sure they're the same company) and ask the agent to hold it open. If you're going with a smaller company it may be harder to find the houses you want, but you need to start generating business, so take what you can get.
Check with your MLS system. When I was in real estate I would set them up on our Auto-Notification system through our MLS. I would tell them I can send them all the houses that meet their criteria the minute they hit the MLS before anyone else would see them. Great system.
Then, just do your magic and create rapport!
Get on it!!! :-)
-David Hunter
- Real Estate Agent · Bronx, NY · Member since 2013 · 63 posts · 5 votes11y
Originally posted by @Angel Rosado:
@Terrell Sapp Congrats on the accomplishment. Setting a goal and achieving that is great. I am not a licensed real estate but you are a local guy, Bronx Guy as well living in the Claremont neighborhood. What area are you in?
I actually have less experience with you but know that REI is the way for me. When I do purchase the first location it will be a 2 family home, that will rent one while living in the other #househacking. This will hopefully result in the decrease of my monthly rent outflow which will allow me to save for the next property.
Please let us know which firm you decide to go to.
Hey Angel, thank you brother. I am by the Jerome area.
Multifamily is 1 goal i will attain, 3+. Reason being: I feel having SFR or duplex on hand i'll be more liable to come out of pocket, in the event the/a tenant moves, I'll be stuck with the mortgage or most of it. I'm aiming for cash flow or very little rent on my part. I could be wrong (if so, someone correct my paradigm).
Its hard right now, being as though I don't have the wherewithal, but I'm still learning and networking.
- Real Estate Agent · Bronx, NY · Member since 2013 · 63 posts · 5 votes11y
Originally posted by @Brett Synicky:
As @Tim Boozsaid the most important thing is lead gen. Yes your soi is important but the fact is that you're going to have to figure out a way to do business with people you've never met before if you're going to succeed. The best lead generation doesn't involve you.
Direct mail
Facebook
Google Adwords
The right classified ads
Sign riders
There's only so much time and if you make it a point to base your leads solely off something that directly involved you every time or it doesn't happen then what happens when you get a client. You're not going to have time to walk your farm or cold call or whatever it is you're doing to generate leads. Make it as automatic as possible.
Get yourself a coach, even if it's a paid coach but so your homework and make sure they will help you produce results. Earn while you learn type of stuff. There's a lot of snake oil salesman out there so be careful.
Good luck to you sir.
I'll give USPS's Every Door Direct Mail (EDDM) a go, as far as Google Adwords (I just googled it, NICE, thank you for that. I will learn more about it, I imagine it works pretty well for you. Do you take that? If so, whats your conversion rate, rather, how many ppl contact from that as opposed to other lead generating sources?
And bandt signs I am familiar with. Thanks for you wise moves Brett. I appreciate you and everyone else that took time to school me.
- Real Estate Agent · Bronx, NY · Member since 2013 · 63 posts · 5 votes11y
Originally posted by @Vincent Matraxia:
Chris what's ACRIS?Hopefully this helps Vincent, http://www1.nyc.gov/site/finance/taxes/acris.page
Let me know what your think. Thanks for nyc
- Real Estate Agent · Bronx, NY · Member since 2013 · 63 posts · 5 votes11y
Originally posted by @David Hunter:
You're very welcome!
I love EDDM because you can target neighborhoods for dirt cheap and you don't need any names/addresses just the EDDM Indicia. Can't beat 18 cents a postcard (must be over sized postcards... which get noticed!!).
Yes, you'll go to agents in your office and ask them if you could hold open their houses. They'll have to get approval from the home seller. But, what you can do is find the neighborhoods you want, pick out the houses for sale there (make sure they're the same company) and ask the agent to hold it open. If you're going with a smaller company it may be harder to find the houses you want, but you need to start generating business, so take what you can get.
Check with your MLS system. When I was in real estate I would set them up on our Auto-Notification system through our MLS. I would tell them I can send them all the houses that meet their criteria the minute they hit the MLS before anyone else would see them. Great system.
Then, just do your magic and create rapport!
Get on it!!! :-)
-David Hunter
Im use to agentpro247 and list source when targeting neighborhoods, I'll check out EDDM. 18 cents a pc, good price. So on the MLS i can set up an auto-notification system that'll show me property of my criteria as soon as it list? I might be confused here, I tell an agent I would send them houses that meet their criteria since i have ANS? Can't all agents do that? Plz clarify
- Real Estate Agent · Bronx, NY · Member since 2013 · 63 posts · 5 votes11y
Originally posted by @Carol Zeroual:
I am a new agent with Keller Williams. I chose them for several reasons:
1- it is your business and the broker will support me in my goals.
2- the training is fantastic and I have a mentor and a coach.
3- the split will be 70/30, but when the cap is reached 100% goes to you.
I recommend Keller Williams. Also, there is no problem if you also want to be an investor.
Does the Mentor and Coach get a slip of the commission they assist you with? That's not a problem. I want to interview with another location for KW
- Real Estate Agent · Bronx, NY · Member since 2013 · 63 posts · 5 votes11y
Originally posted by @Christopher Cruz:
I'll start off by saying I'm not a broker. I work for a shop that buys and develops in NYC so I deal with many. Some add value, others simply sell. The difference is vast.
You are a Bronx guy, use that to your advantage. NYC market is experiencing irrational exuberance for a handful of reasons, but the Bronx is one of the only boroughs where you can find rentals that still pencil out. As you know, a large part of the Bronx is misunderstood and because of this you can find some value, i.e Morris Park.
So here is my advice, or rather a specific strategy you may want to try: find an active buyer of Bronx MF commercial properties and understand their strategy and acquisition criteria. Use your local networks, relationships and knowledge to find the owners of buildings that fit their criteria and approach the owners with a value proposition. I would use ACRIS to get ownership information on properties you can't otherwise get. Remember, it's a numbers game. You will eventually find an owner willing to sell and you'll have a buyer already lined up.
Obviously, this strategy can be applied to any market. Hope this helps, best of luck.This surely helps, I have one investor who I know personally. I will ask his criteria and be on the look out for it. I have other investors in my archive that i've got from craigslist (hopefully they're reliable when the time comes). Besides bigger pockets, where do you meet other investors? This puts me in the position to wholesale or collect a finders fee, which is no problem.
Thank you for your time and insight Chris.
- Real Estate Agent · Falls Church · Member since 2012 · 2k+ posts · 1k+ votes11y
read the millionaire real estate agent, and shift by Gary Keller, get some free scripts from the Mike Ferry website. Find a role play partner, and invest in MOJO triple line dialer. :)
- Residential Real Estate Agent · Cleveland, OH · Member since 2008 · 579 posts · 225 votes11y
No-no-no. You're setting up "buyers," that you meet from the open houses, on auto-notification systems (just check to see if your MLS has this type of system... I know a lot of them do). Not other real estate agents.
- Real Estate Agent · Bronx, NY · Member since 2013 · 63 posts · 5 votes11y
Originally posted by @Brandon L.:
read the millionaire real estate agent, and shift by Gary Keller, get some free scripts from the Mike Ferry website. Find a role play partner, and invest in MOJO triple line dialer. :)
Im listening to the audio of MREA now, ill listen to shift too. Thanks for the recommendations Brandon. I came across Mike Ferry youtube page and he is good, what is MOJO triple line dialer?
- Real Estate Agent · Bronx, NY · Member since 2013 · 63 posts · 5 votes11y
Originally posted by @David Hunter:
No-no-no. You're setting up "buyers," that you meet from the open houses, on auto-notification systems (just check to see if your MLS has this type of system... I know a lot of them do). Not other real estate agents.
Ooooh there we go! Thanks for the clarity. Got it!
- Rental Property Investor · Myrtle Beach, SC · Member since 2013 · 209 posts · 61 votes11y
It's interesting that you mention Morris Park. I am strongly considering purchasing a small multi family in Morris Park and living there. Everything looks good. I like the neighborhood. Seems like crime is low, neighborhood is quiet, convenient to Manhattan by train, just a solid middle class neighborhood. And the price is right. Am I missing something? Do you know if the neighborhood is starting to change for the worst or something?
- 11yBrett SynickyPro MemberSolo 401k and SDIRA Consultant · Orange, CA · Member since 2013 · 877 posts · 501 votes
I get about 10% conversion rate from Adwords. Those are people that have visited my site and filled out the webform which gives up their anonymity.
For FB I get around 5.5%. The benefit to FB is that it's super cheap. I've been doing this for about 5 weeks and I've received 31 leads but for $5 per day it's the best online advertising around IMO.
Good luck sir!
- Investor · Lawndale, CA · Member since 2015 · 58 posts · 18 votes11y
Hey, Hey! Congratulations! Best Business Blessings in your new and prosperous future!!
- Real Estate Investor · New York, NY · Member since 2013 · 33 posts · 21 votes11y
Originally posted by @Chris Rosenberg:
It's interesting that you mention Morris Park. I am strongly considering purchasing a small multi family in Morris Park and living there. Everything looks good. I like the neighborhood. Seems like crime is low, neighborhood is quiet, convenient to Manhattan by train, just a solid middle class neighborhood. And the price is right. Am I missing something? Do you know if the neighborhood is starting to change for the worst or something?
I don't think you're missing much. Morris Park is filled with Hospitals, medical facilities, Albert Einstein School of Medicine, etc. at the very least you can find a solid tenant base to get some CF. Stay near the aforementioned + public transit and position it so it can be marketed towards students, nurses, admin., etc.
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