Advice for a new agent

4 Replies

Hi everyone! I am a new agent in Cincinnati Ohio. I have been apart of Biggerpockets for roughly a year now while trying to buy my first buy and hold property. I decided to branch out and get my license so that I can get a grasp of the market and make money doing what I love. I am in a spot right now where I have the drive and motivation to be great but would love some guidance on things I can do to build my contacts and client list. Any advice would be welcomed! Thank you.

Hi @Eric Gross ,

I think the best way for you to grow your business would be to get into leasing. 

-Target For Rent By Owners

-Charge 1/2 month to 1 month to procure a tenant

-They will return to you year after year to help them find tenants

-When they're ready to sell, they call you. 

It's a very easy conversation to have. Provide professional photos, and generate a lease for them. Hand off the keys to the tenant and the phone number to the owner. You can find leads on craigslist, drive neighborhoods or look on local facebook groups. 

You will gain business from renters who may want to buy in the future, or help rent other places. Then market to that neighborhood of what you're doing to help owners, and watch your business grow. 

Good luck!

@Tom Parris Thank you for responding! That is something I had never really considered. I really like the idea and how it creates more business down the road. It is definitely something I am going to pursue. Thank you again!

@Eric Gross

I started by working with my SOI Sphere of Influence, I collected everyone who I knew well enough (meaning they would talk to me) phone numbers and addresses if I did not have them (I ended up with around 200 people). I did announcement mailers letting them know I was licensed and looking for a new clients. I did a lot of Facebook marketing, some paid and some organically. It is usually easiest to start by working with family and friends who already know and trust you, this helps you build a track record and some experience buying and selling. 

I have done some direct mail, but it seems to be pretty ineffective to me, it is much easier building clients organically by networking with people in your real life, joining meet up groups, and just talking to everyone about what you are doing. Even if they know you do not have a ton of experience, when someone sees a passion toward their career, they tend to gravitate and want to work with you. 

Real Estate is a tough road, it has a ton of ups and downs, it starts slow for most people, but once you begin to gain momentum you get to a point where you have more leads and clients than you have time for, where you have to either scale up or down. Just a few main tips I have learned so far:

1.) Never count your commissions until they are deposited into your account! Deals can always fall apart, even at the closing table! 

2.) Never risk your integrity to make a sale, one deal will never make you rich, but losing your reputation and integrity will probably leave you broke. 

3.) Stay persistent, you will have huge up and downs, I have had months were I made $35,000.00 and thought I was invincible, and I have had 3 months without a closing. That is the roller coaster ride of real estate. Plan your business and budget accordingly, and just stay the course if you really want to succeed long term! 

@Eric Gross Think again about direct mail - the message you send can make all the difference. 

You might consider teaming up with a mortgage broker to send a mailing to "Renters with high income and high Financial Stability Scores (FSS). You could invite them to a seminar on home buying. 

A second mailing might talk about the benefits of ownership. Maybe team up with one of the experienced brokers in your office and highlight some entry-level homes.