My name is Jennifer! I have a passion for real estate investing, and i am in the educational phase looking to start purchasing property in the near future. I am also very close to taking my real estate exam to start selling property. Is there anyone who has experience as a real estate agent/investor who has any guidance or advice? Maybe tell me about there journey or what they've learned? Advantages/Disadvantages? Anything will help!
Thanks in advance!
Ok, let me take a swing at this one. Just by way of intro: licensed in 1981 (remember 18% interest rates anyone?). Didn't do diddly for 6 months but work, sweat and learn.
Then it all started to break loose! And here I am today, still working (because I love it, certainly not because I must.)
So, to start with, what is it you really want? I'd advise to set yourself a yearly goal, then break that down all the way to daily; what do you HAVE to accomplish every working day to reach your goal at the end of the year? In order to do that, you'll need the following:
1. Learn your numbers. If you need 10 contacts to get 1 listing appointment, and 3 appointments to obtain a listing, you'll know that each of the 30 contacts are actually worth 1/30th of your commission. (I don't know your areas average commission, but you can get the idea.) It's a lot easier to take a 'NO!' if you realize it's really worth $50 to you!
2. Inspect. Every day, go out and inspect at MINIMUM 4 properties. Not just drive by. Go in. If vacant, you can talk to the neighbors on either side about the house. If occupied, establish a professional relationship with the owner (caution--if listed with another office or agent, be careful not to set on any toes). If you work 5 1/2 days each week, you'll inspect about 100 houses each month. You will be an expert in your market, and you will know a deal when you happen to stumble across one.
3. Learn how to ASK. When you speak with anyone, ask them if they have a real estate need. Ask why are they selling. Ask for information. If you ask the right questions, you will control the direction and outcome of the meeting, right?
4. Invest in your mind first. Take at MINIMUM 10% of all you earn and invest it into training, seminars, books, courses, etc.
5. Attitude. Perhaps the most important aspect of being an agent and investor is keeping the right attitude. It's simple, not easy. But if you think positively and creatively, learn all you can about your new industry, you can keep a clear, focused and calm state of mind which will pay off tremendously in being able to say exactly the right thing at exactly the right time, in exactly the right way.
I wish you luck in this wonderful, exciting and rewarding career.
Best advice I can give. Unless you have a huge sphere of influence that you can tap into, you will need to be innovative and a master at marketing and advertising. You need to think out side the box. It's the same for both finding deals and for finding clients (buyers / sellers).