(almost) New Agent looking to Specialize in Investments

[Allyssa Compton]

Hi BP Community!

I am currently in the process of getting my RE Salesperson License and have about 3 weeks of classes left. I am trying to learn absolutely everything I can about being successful in this industry. I know it will be super tough with a lot of competition. I'm listening to Podcasts, reading books, trying to network with as many realtors as possible, etc. 

One of the pieces of advice I keep hearing over and over is to find your niche in the market. As someone who wants to ultimately invest in real estate and someone who has had a very difficult time finding a good agent who knows about multi families and investment properties, I want to target my niche as being investment properties. 

My question is this: what can I do either right now (before I get my license) or right away that will help me achieve this goal? What do you investors look for in an agent who helps you find your properties? How can I find investors in my area who I can add to my network? (I'm in Rockland County and there isn't a regular Meetup!)

I already plan to take MLS classes focused on investment properties and various programs for distressed properties. What else can I do to meet investor needs?

Thanks for your help!

[Jonathan Safa]

Allyssa,

Welcome to the world of Real Estate!

I also just got my license... mainly because I was tired of waiting on other agents to write up offers. Few notes going forward:

1. Be at the service of your client. Remember, you serve them. This is about your investment finding the best deal possible. The former CEO of Southwest airlines: "We tell our people, 'Don't worry about profit. Think about customer service.' Profit is a by-product of customer service. It's not an end in and of itself.” 

- so this means, when it comes to writing offers, be readily available, learn how to pump them out as quickly as you can. 

2. Start studying your market now. Find an area you really like and learn absolutely everything about that area. Start looking at houses now, research research research. It'll come in great handy when you have an investor on hold trying to figure out where is the best area to dump their money. 

3. Get yourself a map of your county, a calculator, and start drawing all over the map... We, as investors, are looking for these percentage deals. I'm in Tulsa, OK, and I have found some neighborhoods at a 2.5% deal, and houses just across that street at a .5% deal. (percentage of rental income to purchase price; if the home sells for $50,000, and rent is $500, that's a 1% deal.) 

- so get a map, and start calculating. Learn the neighborhoods, commit them to memory, and be ready when you have a call. 

4. Start walking neighborhoods of areas you like. Talk to the neighbors, find out what is what, and let them know you are about to be an agent to serve their area. 

Best of luck. It's gonna be a lot of fun from here.