Joined a brokerage, now what?

7 Replies

Hi BP,

I'm Kathy, new to the forum. Nice to meet you all.

I'm newly licensed, joined a brokerage in NYC about a month ago. I'm interested in residential multifamily buy-and-holds in Hudson Valley, NY, and specifically Poughkeepsie, Newburgh, and Beacon. I got my license to access the MLS and reinvest in commissions.

I'm trying to find a balance between being a new agent and programming as a freelancer. I've narrowed where I do my business as a real estate agent to the Upper West Side in New York, doing rentals and residential properties. I'm quickly realizing that prospecting for leads is a ton of work. Any advice on how to manage being a real estate agent on the side?

These are my next steps - Any suggestions? Should I narrow my focus somewhere?
- Use Symon He's Real Estate Analysis Foundations course on Lynda.com to do 'back of the envelope' analysis on each area
- Re-read BP's Rental Property Investing and Flipping Houses books
- Post 5-10 owner paid rental listings onto social media

Kathy

Hi Kathy, it sounds like you’re taking on 2 things that demand your full attention to learn and become successful at. If being an agent will be you source of income until your investment properties can pay the bills, then you will need to put your full attention there before trying to do flips upstate. I believe you need to get your priorities settled. I suggest you read The One Thing by Garry Keller. It will help you get focused.

If you want to be the best you have to do it FULL TIME with everything you've got with work/life balance of course. If you work all the time the money doesn't mean anything. It just sits there and rots without time to enjoy life's fun and happy experiences.

There is not a way I have seen to be highly successful as a career and do real estate part time.   

Do it full time, read everything you can on a specific niche, get on a team with lots of experience. After a few years of building your book of business you can move up and eventually if you desire can go out on your own brokerage if you so wish after meeting time in the business and other real estate commissions requirements. Starting out you will tend to get small business that starter agents take. More established brokers put years in and no longer typically take that business. Their clients have grown into larger deals they are working on.  

Kathy, I agree with Joel. There is no such thing a a successful part time real estate agent. You have to put in the time and gain the experience to become successful. While rentals in midtown are good for new inexperienced agents, you will have to break out of that and into buyers and then listings. This is where the real experience and income are. I would suggest that you plan on 2 years of focus on becoming a successful real estate agent before you look to take on upstate investment properties.