New Agent -How do I get clients and begin working with investors?

19 Replies

Hello!

I’m a new agent and I’m looking for tips on where to start, with everything!

I have a few friends that I’m showing properties to and have a family member that will be looking for a house in the new few weeks but that’s pretty much all that I have going on right now.

I've spent the last few weeks driving around writing down every phone number I could find on FSBO signs with no luck at all. I'd like to shift my focus to how to market, how to get at least my first few listings so that I can begin to get referrals.

Knowledge is power, and I’m looking for the resources!

Originally posted by @Kelly McLaughlin :

Hello!

I’m a new agent and I’m looking for tips on where to start, with everything!

I have a few friends that I’m showing properties to and have a family member that will be looking for a house in the new few weeks but that’s pretty much all that I have going on right now.

I've spent the last few weeks driving around writing down every phone number I could find on FSBO signs with no luck at all. I'd like to shift my focus to how to market, how to get at least my first few listings so that I can begin to get referrals.

Knowledge is power, and I’m looking for the resources!

Hello Kelly,

Congratulations on getting started as a Realtor!

With regards to getting the ball rolling and acquiring new business/clients, I would start with the most basic activity - Role playing! I highly recommend role playing 4-5 days per week at the beginning of your day before you even begin making calls. This will build your confidence for when you speak to actual buyers and sellers. 

Other than that, keep making calls daily (2-3 hours minimum). Do that consistently and you should make about 40-60 new contacts per week. Of those contacts, 3-5 should be solid people that you can follow up with.

As far as working with investors, learn everything you can about your market. Review the current inventory as well as recently sold investment properties. Stay active on BP as well! This way, you can become the local expert.

Best of luck moving forward!

Abel

@Kelly McLaughlin the agents I use find good deals and they know what an investor is going to ask for before I ask for it.

The main upside for investors is they’re repeat customers. They buy a lot of houses. If it’s a flip you could get paid on the buy and the sell.

@Kelly McLaughlin Hi Kelly, youre in the right place! Also, nice to meet a fellow Ohioan. Congrats on your license! In regards to working with investors, I have gained clients just from being on BP but also attend REIA meetings, attend investor network sessions, etc. Maybe you wont gain a ton of clients from it but you will learn the ins and outs of investing and the knowledge is key, investors can sniff out agents who dont know a thing about real estate investment practices. It takes time to build your client list and networking/referrals is key.

@Mark Sullivan Awesome to hear! Good luck! I love it so far but my advice for you is, have a very good amount of money set aside before starting! Get used to rejection and being uncomfortable! And do not give up! It's a rough start but if you love what you're doing it will be well worth it.

@Kelly McLaughlin - competence goes a LONG way, especially in working with investors. Making sure you understand basic things like expense ratios, cash flow, property class, etc...

@Abel Curiel , @Russell Brazil and @Account Closed all give great advice. 

Investors can be great to work with, and also challenging. Pick a niche that you're interested in and become an expert.

I've been working with investors as an agent for years, so feel free to reach out if I can be of assistance.

Originally posted by @Kelly McLaughlin :

@Abel Curiel thank you! I keep hearing and reading people saying "make calls" who should I be calling? Where do I get info from?

Call your personal circle, FSBO from Zillow, pre-qualified/pre-approved leads (Mortgage lenders can provide these).

@Kelly McLaughlin   WOW!!!  you are getting a lot of bad advice!  Make calls?  HAHAHA!!  To whom?  Is this 1998?  And someone said competence helps with investors.  While sort-of true it is NOT a requirement.  I know agents who couldn't empty their boot of sand if the instructions were written on the heel.  And these barely literate bozos do TONS of business and get TONS of referrals from that business.  Competence is overrated but admittedly, if you want to stick around for a few years it's best to be a little above "average" in that respect, but nothing more.  There's no value becoming the local area expert if you don't know anybody or come across as a jerk.  

Here's the answer to your question: do whatever marketing you can do consistently, frequently and with some degree of passion. If that means cold calling, great! If that's door knocking, fine! Attend REI meetings, go for it! Do whatever you're going to do for the next few years and stick with it, no matter the cost and no matter the short-term results. All forms of marketing work if you do them consistently. One is NOT better than the other.

Find a form of marketing that you enjoy, can do regularly and doesn't take up a huge amount of time.  That will ensure the highest probability of continuation, which will lead to success.  Of course, certain forms of marketing are more expensive than others.  As a rookie realtor can you afford $3,000 a month on Zillow?  Maybe, I don't know your particular situation, and no one else does either.  But since most people can't do that, are Zillow ads "the best, for everyone?"  nope...

One last thing, working with first-time investors is an exercise in futility.  I no longer work with first time investors because they are the most difficult, pickiest, neediest people who also scare the easiest and 90% of the time they end up doing nothing.  It's rather depressing but it's the truth.  

Originally posted by @Kelly McLaughlin :

@Caleb Heimsoth where would be a good place to learn all about investing?

Well here on bigger pockets of course 😁

I agree with Caleb I’m in investor and I have multiple agents that source deals for me. The benefit of finding investors acquisitions is your going to get a buy/sell both with in 6 months.

I’m out of highland heights I’m always looking for great deals, let me know how I can help!


Victor  

Have you been to any local real estate meetups in your area?  I would start there, network, introduce yourself.

It takes time to build that client list as most of your clients will be from word of mouth.  Keep at it though.  My realtor told me it took him about 2 years before he started to pickup more clients.

@Brent Paul I'm hearing similar information, I'm not naive to think clients are going to come pounding on my door. I have a friend that actually did have that happen to him, but his first few clients really pushed out referrals for him!

I've only been a licensed agent for a month, so I'm still trying to find meet ups that aren't just cocktail parties and no business being done.

@Patrick Britton “competence is overrated”... said no one, ever. And while yes, competence does help when you’re working with experienced investors with capital that are actually serious about investing, it will also help in literally in every single area of life. I guess if the question was, “How do I become a mediocre realtor?”, then actually being good at it could be dismissed as bad advice.