What are all of the main things you need to know about to be the most successful realtor and investor?

Question

I am a young single mother who is just starting in the real estate business as a realtor. I have always been "Big" about always wanting to have a "plan of action" before I jump into something new, and that is why I am asking my question and hoping that someone with alot of experience will reach out with some advice!!! Thanks you- Michaela

Answer 1

To MadforMAC and trblmkr30, great advice.....I couldn't have said it any better!

I've been a licensed Realtor for almost four years and it can be very lucrative and I wouldn't trade anything in the world for it.

Remember, Michaela, always have integrity....your name is all you have in this business. Real estate is a great business but you must have patience and endurance. Always keep up with the latest trends in the industry.....take CE classes.

I've heard people say that everyone is becoming a Realtor, but you must find a niche so that you will "differ yourself" from other Realtors. My specialty is apartment building sells and development. I also own a couple of multifamily buildings and I do property management.

Lastly but most important. Family comes first! My work hours are between 10a-2p (this includes listing appointments and showings - never evening showings). I absolutely do not work on Sundays (this includes openhouse - I conduct my group showings thru the week)...this is the only day that I can vegetate. Sure, other agents get upset about this when they want to show my listings, but you can be just as effective with set hours. Otherwise, you will burn out quickly in this business,which I learned very early in my real estate career. Go after listings! As a seller's agent, you can set the appointments that are in sinc with your schedule. When you work with buyers, make sure you prequalify them. There are buyers out there who will run you all over town and can't buy anything. Make sure they've started the loan process, and find out what price range they can buy before you take them out. Again, to prevent the runaround, get listings. You heard of the old adage "work smart, not hard". The same goes with the real estate business. Always prospect....just a simple trip to the grocery store can materialize into a listing appointment. You can work from your home, as well as your vacation spot. All you need is a laptop, cell phone, pocket pc, and "Efax" and you're good to go, girl!

You'll be fine and good luck!

Realtor/Property Management

Answer 2

Here are a couple of great "plans of action" if you already have your license:

1. Get out and network with other Realtors and see if any would like to take you on as either a licensed assistant or a partner. Try to find one of the more successful agents, as you can learn tons just by watching them work, and taking their advice and encouragement.

2. If you can't find anyone who wants to take you under their wing, ask if you can shadow some of the more experienced agents in your office. Most of the really good agents will not have a problem with that (if they do, maybe you want to find a new office or company). I did this my first few months, and ended up making over $60K my first year (triple that within 5 years) just by taking what they did and adding a few personalizations.

Most importantly, when asking questions of customers (when you get out there), keep your mouth shut and truly listen and hear what the other person is saying. You can ask a few leading questions, but if you don't hear what they want, you can't find what they want. That's when they'll leave you for a different agent.

Best of luck to you in a wonderful career!

Sean

PS - sometimes I have to bring my son with me on showings or meetings - it's unavoidable. Clients who don't understand are people that I sometimes choose to not work with. Also, if they can't understand family time (reasonable, of course), they may be difficult to work with other times, also.

Answer 3

To be a great realtor you must:

1) Be honest, have integrity and work hard.

This means that you treat all you clients the same, whether they are millioinaires or dirt poor, they are people.

If you work hard for your clients, not for your own check book, you will find that you make a good name for yourself and people will send you clients...making that check book really fat! Repeat business is the best business, you spend less on advertising and you build a great client base.

When dealing with other agents and their clients, your reputation preceeds you...always represent your clients with their best interest in mind not that you want a quick sale.

A house is not just where people live, it is where they build their lives. It is THE most important investment they make and they should have the best representation.

As far as investing for yourself, check out Suze Orman's books, she's the best. She has a website too. She discusses everything from investing in real estate to investing in the stock market.

I read online publications by MSN, Smart Money, Fortune, etc., and have educated myself about investing in the stock market.

I have also been an investor in real estate for over 30 years. "God isn't making anymore land" (Oprah), so...buy some for yourself. I have owned over 18 pieces of property and only lost money on one (my ex insisted we buy the home, I didn't want it). I have a "golden thumb" for real estate. : )

Good Luck! May you be the best realtor ever!

Answer 4

If you're going to be an active investor (buying, controling or flipping more than 20 homes a year), I suggest you don't get a license because of the disclosures and liability.

If you're in California and you have any specific questions, contact me.

Good Luck

Answer 5

if you go to google.com and type in "information on being the best realtor and investor" you'll find a great anwser

Answer 6

For estate, before investing, you have to consider the location..

Answer 7

CHECK OUT ALL THE HIDDEN COST OF EVERYTHING THEY DON'T TELL YOU ABOUT, I SPENT ABOUT $7,000 THE FIRST SIX MONTHS GETTING STARTED

PATIENCES ,,,LOTS OF PATIENCES