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Old 07-06-2017, 10:54 PM
 
2,762 posts, read 3,169,024 times
Reputation: 5402

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you start out in a new location and you have ZERO sphere of influence. No family and no friends at all in the area, just you.

What would be the best way to get started generating leads and landing clients if that was your situation?

How would you go about starting out and building up?

I have always wanted to jump in the fire, but haven't because I was never in a position where I felt I could give it 100% and if I couldn't do that, I didn't want to even start. Well, it looks like the time has come, but this is the situation I am in.

Zero family, zero friends, not involved in anything currently with the community, absolutely brand new location, but I will have 100% of my time to work at it and I have 100% of my living expenses paid for outside of any costs associated with being an agent.

If I needed one years capital to pay for all expenses associated with being a working agent, what would be your best estimate for that?

I have already researched getting a license, costs for that etc.... but am not privy to what it costs to hang your license with a broker. I and am putting together a budget for one year.

Any advice at all would be appreciated, thanks.
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Old 07-07-2017, 04:08 AM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 6 days ago)
 
Location: Cary, NC
43,083 posts, read 76,642,306 times
Reputation: 45397
Yes, it is very possible. And, much easier if you are in a populous area rather than a remote or rural area.
It helps if the market is active and healthy.

It is great that you have as much as a year of basic expenses to depend on. Don't let that security lull you into less than 100% effort.

How much money to be capitalized adequately for a first year and no guarantee of a payday?
Maybe around $10,000 sticks in my head.
But, don't throw it around.
You need:
A good smartphone with a good talk and data plan.
A laptop or desktop.
A business card.
A domain for your email and website. Use the domain to redirect to any company site or email if they are offered or required to start. But, create your own identity immediately. You want your business identity to be YOU at Boffo Brokerage, and you want YOU to be portable so easy to move to your next brokerage.
Professional wardrobe. Business casual at least. Maybe a suit for an odd occasion.
And, you will have licensing and brokerage expenses.

But.... Don't spend a lot of time "getting ready to get ready."
Don't blow a week designing a business card when you could be networking and learning.

1. Pick a broker who will offer you training on building a business.
But, trust your gut and your personal ethic. IMO, there is some pretty distasteful stuff taught to newbies like telemarketing.
Brokerage costs vary widely, but be careful about selecting on cost alone.
Who owns your client and prospect database?
Pick a brokerage where you own your book of business, particularly that which you have developed. When portability calls you to another brokerage, confirm that no one has a claim on the business you have developed on your own.

2. Learn your new locale.
Start where you live and work your way out, learning all the neighborhoods, amenities, commercial services, etc.
Learn the subdivision names.
Drive around.
Know who has a neighborhood pool, etc.
Look at neighborhood websites, Next Door, etc.
Learn who built what, particularly if you are in an area with a lot of new construction. You need to know the national and custom builders and their product.

3. Target clientele within a "step or two" of your personal lifestyle and economic sphere to start.
I.e., if you live in a $400,000 price range, you might focus first on price ranges from roughly $250,000---$600,000.
Don't fall for the trap of aspiring to sell multi-million dollar properties because you see bigger paydays. You need to be knowledgeable and conversant about features and lifestyles.
Or, for $80,000 properties because they are "easier." They definitely are not.

4. When you affiliate with a firm, if open houses are a "thing" in your area, you should be out every Saturday and Sunday holding an open house for a coworker.
You should go to every brokers' open that you can.

5. Go to all training your local board of REALTORS offers. Not just because of the training, but also to be around other agents outside your firm and observe, and to be observed.

6. You were created with TWO ears and ONE mouth. Use them in that proportion. Listen first, talk later. Ask questions. "How did that work out for you?" is one of my faves. People open up, and that is what you want from other brokers and from prospective clients.

7. Don't waste time and money looking for miracles, silver bullets, easy paths to success, 250 leads per month, first page on Google, etc.
As soon as you are licensed and active, you will be inundated by people who want to build your business and telling you how they will put you on the path to success. Some newbies make VERY costly mistakes.
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Old 07-07-2017, 08:47 AM
 
Location: Just south of Denver since 1989
11,816 posts, read 34,303,497 times
Reputation: 8935
Read "The Millionaire Real Estate Agent" by Gary Keller
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Old 07-07-2017, 09:39 AM
 
Location: Salem, OR
15,511 posts, read 40,235,609 times
Reputation: 17383
Mike gave you a good list. I have to second the beware of "shiny new things." Consumers want agents that know their stuff so you have to spend your time knowing your stuff. You must get in and out of houses previewing homes in every neighborhood.

Some brokerages will help you build your business, others won't. Spend time interviewing brokers and the most important things are how are they going to train and support you. The split doesn't matter right now. Pay more to get more. Don't go for a higher split with little support.
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Old 07-09-2017, 07:56 AM
 
Location: Columbia, SC
10,908 posts, read 21,874,385 times
Reputation: 10544
Yes, if you're willing to hustle and learn.
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Old 07-17-2017, 06:43 AM
 
Location: Atlanta, GA
296 posts, read 641,931 times
Reputation: 349
I would imagine so, but then again, I really have no clue.
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