All Forum Posts by: Louis Leone

If you can demonstrate market knowledge, confidence and point to any successes you have, you will overcome most people's initial concerns.  The great thing about real estate is that the longer you are in it, the more referrals and people you will know making getting future business easier.  Starting at 18 years old, you will be a top broker in your twenties if you keep at it.

Good luck!

It was a great experience.  It's very competitive, but if you're great at networking and know how to handle the common objections you get, you will do fine.  You will also need to learn the inventory quickly.  Most buyers and sellers know a lot.  They expect you to also.  Knowledge and confidence will go a long way.  The key is to handle it like a business and really focus on bringing in sales. 

I used to say to myself, "What have I done in the last hour to bring in more business?"  If the answer was "nothing" too many hours in a row, I knew I was going down the wrong path.

Yes, will be there.  Looking forward to seeing everyone.

@Jeffrey Mark 

What boro are you looking to work in?  The answer to that questions makes a big difference as different brokers are more prevalent in different areas.  I worked the Manhattan market for a good amount of time and if you're looking there, the top brokers are as follows:

Douglas Elliman, Corcoran, Halstead, Brown Harris Stevens, Sotheby's, Citi-habitats and so on.  Some of the top firms won't hire agents without experience so they are more difficult to get into (but not impossible).  It really depends on what your objectives is.

@Ryan VanPatten 

The way I would look at it is to consider it after your determine your NOI (Net Operating Income)

For example, if NOI = gross rents minus vacancy allowance and operating expenses,

then your Cash Flow from Operations (CFO) = NOI minus your capex or reserves.

Most people make the mistake of considering cap rate and cash flow numbers before considering capex.  If you're going to spend that money, then you shouldn't really consider it true cash flow.  Using CFO to calculate cap rate and the like is a much better way to go.

@Lynn Maher 

I know how you feel.  I really liked the book as well.  They kinda of sold out by going that route.  I think they even did a Dateline episode (or one of those news shows) on him and how he's seminars are misleading.

Such a shame!

Bigger Pockets is the way to go.

@Lynn Maher 

Hi Lynn,

Take a look at this thread:

http://www.biggerpockets.com/forums/79/topics/1475...

The short answer in my opinion is it's not worth it.

@Jarlen Martinez 

I would first decide on an idea and start speaking to whomever would be the target customer or market.  See if the idea is a good one and whether it really is filling a need.  That doesn't cost anything but your time.  Bringing on partners is like getting married.  You really want to be sure.  Almost 1/3 of all start ups fail because of the team, the other main reasons are running out of money and no market demand.

Another reason you want to vet your idea is that if it does prove to be a great idea and you do want to bring on a partner, you will have a better idea of who to bring on based on the idea you're pursuing.

It sounds as if the person is just a negative person in general.  He probably doesn't do a lot of business and wants to discourage others from possibly taking the only business he has.  

That being said, don't forget other agents see you as their competition.  It's no different than you going into a pizzeria and telling the owner that you're planning on opening a pizzeria down the block and is the area a good area.  What do you think he is going to say?  Do you think he will be happy?

Luckily, some of the more successful agents aren't so insecure and will welcome new agents.  You just ran into a grouchy one.

@Jacob Colvin 

Jacob,

Here are the 3 main objectives you should focus on:

1) Educate Yourself - in the beginning you will have a lot of time and no listings.  Use that time to education yourself on the market.  Go to as many open houses as you can, offer to help senior agents.  Ask a lot of questions.  No one wants to work with someone who isn't knowledgeable.  The more you learn, the more you will become confident.  Confidence coupled with knowledge is huge in real estate.  People will work with you.

2) Build Your Network - in the beginning you will have a small sphere of influence (your relatives and friends mostly).  Even they will be skeptical of you because they know you are just starting.  Show them you know your stuff.  In addition, meet as many people as you can and talk to them.  Hand out your card.  Tell them what you do.  Make a goal of meeting 5 people a day (or whatever works for you).

3) Know How to Close - When you finally get a chance to represent a listing (or work with a buyer), know what to say.  There are only a handful of objections you get over and over again. Know what to say when you get them.  Remember, the person who is asking questions controls the conversation.

Lastly, you should repeat the following to yourself during your working hours:

"What have I done in the last hour to bring in more business?"

If your answer is "nothing" hour after hour, you're probably playing on e-mail or making some excuse to avoid doing what you need to do.  You will not make it if you do that.

Good luck.