As a new commercial real estate agent, which market (Los Angeles vs Orange County) is better to start and establish? Which has more potential? Boutique firm vs national franchise?
Welcome to BP, a good place to be. You will find here much to be learn.
You're thinking too broadly. If you want to excel in any business, focus on dominating smaller in order to get big.
The top agents specialize.
- luxury homes in Beverly Hills
- laurel canyon
- Costa Mesa (only W of 405)
- only medical office buildings
- only gas stations
- only investors for multiunit residential
You get the idea. Real estate is an intensely local business.
Find a segment that is overlooked or badly serviced. But there has to be movement in that segment. If there's no money moving, none can fall in your pocket.
Thank you for the great insight! I appreciate your help.
What do you think about retail shopping centers with a specialization in restaurants? In your opinion, is LA or OC better? Trying to find stats but can't.
Anthony, it doesn't matter which city you work in. What really matters is knowing your territory. I mean, really knowing it. That separates the great agents from the not so good agents. If you live in Irvine, work in OC. You don't want to have to drive 40 miles to Torrance to show a property.
They are both huge cities with lots to offer. There's plenty of business here. But it will take time to establish yourself. Try to find a broker that can mentor and train you.
Anthony, I think the question you need to ask yourself is where do you prefer to live. Both side of the county offers plenty of business, and living close to where your target area is very important to your real estate business in my opinion. When you first start, I would join a company that offers great training and systems so you can start off to a right direction, and later on you can move to a boutique company where you think you and your business would benefit the most. Once you get some deals going, I would recommend hiring yourself a coaching programs like Mike Ferry or Kevin Ward or Brian Buffini so you don't get sidetracked on your business.
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