Hey guys! I’d kind of like to see what y’all would do in my position. I’m sorry for the long read, but I’d appreciate the input.
I just passed my real estate exam in Colorado.!! I’m stoked for the next few years. I’ve been doing research about a lot of brokerages and what to do to start this ball rolling.
Some things about me now.. I work at a restaurant right now making around 40k a year working Thursday-Sunday 7am-3pm. I have been with this place for over five years and within the last year I have been growing a desire to just quit. I’m burnt out on it and I want to turn a career in real estate into my new income source.
Right now I don’t have much as far as financial responsibilities, maybe 1000 per month conservatively. I just got rid of a lot of my student debt and everything so I don’t have much saved, maybe around 3-4K.
My first question is what are typical hours for a new real estate agent? I’m motivated and ready to work as much as I can to hit the ground running. I’ve been seeing that most real estate agents maintain a second job for the first few years, what hours would this second job have to be to work well? My primary focus and concern would be hours worked as a real estate agent.
Good brokerages to work for at first? I heard Keller Williams is very good for the education that they offer.
I’m sorry for the long long post but I would very much appreciate some input! And any other word of advice would be awesome. Thanks guys!!
Are you here to be successful, or to replace your restaurant income? If you're here to be successful, then your hours are whatever it takes, 24/7 365 baby! You have to hustle!!! As far as agencies, seek out the best agents in whatever path you intend to take and go work with them. If you want to be an investor, seek out investor-centric agents. If you want to rep buyers, find the best buyer's agent.
Seek whatever you need now, knowing that the desire to quit being an employee is going to come back and you will then start your own company and be your own boss. Now go out and kill it. Set lofty goals, swing for the fences, and always keep hustling. Congrats on your license and your BP membership. You're going to do great things.
Good for you! I would say 6 hours per day minimum and from 10-7 five or take will work best for calling and showing homes.
Keller Williams is a great place to start! Fantastic opportunities for a brand new agent. You will be years ahead by starting there compared to a small local or mom and pop place ( not that there is anything wrong with them!) send me a message if you would like to chat more!
Congrats on passing the exam and embarking on your new career!
I think your current job, which I understand you're totally sick of, has hours that are pretty good in terms of working around your new real estate career. I'm not sure if you're considering keeping that job or if you're inquiring about how to structure a different job around your real estate hours, but using your current work schedule:
- Most people work regular hours and want to see houses in the evenings and on weekends. Seeing as you're done at 3 pm even on weekends and don't work Monday-Wed, I think that leaves a lot of quality 'real estate' time. The main bummer is that it will be hard to hold open houses for other agents (to pick up buyers) because of the Sunday afternoon work time. Any chance you could get off earlier on a weekend day?
- In terms of how much time you spend, one thing that is super helpful to do from the beginning to increase the ROI of any time you spend is to work 'smart' by capitalizing on everything that you have and acquire in terms of connections with prospects and people you already know. Most new agents get told they need to cold call every day, but virtually ignore their SOI (sphere of influence, people who already know, like and trust them) and/or have no working plan in place to connect with these people and new prospects regularly in a way that shows the agent's expertise. It's not an overnight thing, but it's like putting money in a high-interest account and increasing that interest at regular intervals along the way - it's HUGE over time.
So practically, this means:
- Letting your SOI know you're in real estate now and would appreciate their business and referrals.
- Finding a comfortable, 'you' way of asking people for referrals in a relaxed manner, so it doesn't feel weird. And then throwing that out there a lot.
- Ask for referrals in a PS in your emails and also in your voice mail greeting, so it's automated. (For some reason we generally just don't like to ask for referrals.)
- Communicate with your SOI twice a month, can vary between email/postcards/something else. I like the Brian Buffini method of using things that demonstrate competence and character at the same time (I don't personally use his marketing but I think that's a great concept.)
- Start early on getting exposed to higher end properties by going to open houses, looking at how they're marketed, etc. I don't mean super high end, which would typically not be realistic for most newer agents, but simply 1.5 to 2 times the price range that you may find yourself starting with if you end up working with a lot of first-time buyers. In 5 to 7 years they'll be using you to sell their first home and buy another one in the higher price range anyway, so don't do what I did and wait 5 to 7 years to get comfortable with higher price points, it's years of potential income lost.
Yes you still have to work hard and put in the hours, but any question about hours relates strongly to the ROI you get on those hours, which in my experience can be greatly increased by those things I mentioned.
If you stick with your current job for a while it may relieve a lot of pressure and allow you to grow in real estate without feeling under the gun. (I'm no stranger to the restaurant business and can understand why you're ready to move on. :) That being said, I don't know any agents who have stayed with a second job for years, I think I'd be looking at keeping it 6 months and then re-evaluating in terms of time, income, stress, etc.
I hope this helps, good luck!
@Irene Nash made some really good points. Trust me you will work harder as an agent than you ever did working at the restaurant IF YOU WANT TO BE SUCCESSFUL! I'm in the same boat as you ( officially licensed Friday) and I've been mentored by a realtor here that's killing it for the past several months and I've learned a lot. I would suggest learning from someone in your market and try to do anything that they need. STUDY YOUR MARKET and find ways to bring value to potential clients.
@JM Payne thank you so much for the input!! I’m definitely going to start the hustle and can’t wait for the future. Thank you!
@Connor Williams thanks man! Keller Williams has been on top of my list of brokerages to start with. I’ve heard really good things about their education programs.
@Irene Nash thank you so much for your time reading and time writing that response. That was very informative and it really helped a lot! I think I’ll definitely go the route of trying to balance my workload and my real estate activities. I think I would be able to work maybe just Thursday and Friday to cover my financial responsibilities and give the weekends to open houses and such.
I just wanted to say thanks again. That response had to have taken some time! And it’s much appreciated!
@Danzic Knaub You're welcome, glad it was helpful! :)
Hello I'm also new to bigger pop it's and I'm looking to invest out of Los Angeles and I'm looking for units in particular I don't know anything about your market but I'm open to different areas maybe you could partner with an experienced real estate agent and let me know whats available in your neighborhood iam motivated to look anywhere that is growing in rental demand and jas good cash flow and