Where to Grow Business

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Hey BP! I was looking for some insight into whether or not to move from my hometown to start my real estate career. I am currently a senior in college graduating with a finance degree from the University of Memphis. I also play baseball here, which is a big part of why I am considering staying. I have lived in Memphis my whole life. But with the rising crime rate here, I do not see myself staying for the long term. I have considered moving to outside of Nashville or even farther east. For context, I will have my real estate license and plan to become a realtor to make active income. My dilemma is that I have a lot of connections here in Memphis. Connections to people who would like to back me on future real estate investments, whether that is in Memphis or not. I fear that if I don't move and start to grow the connections somewhere else, I will end up building too much here to leave in the future. Has anyone ever moved away from a place you already have connections in for the possibility of better long-term sustainability? Maybe I am overthinking this, but I would love to hear some feedback! Thanks everyone so much!

Bryce Jamison · Answer

Based on your post, I'd move somewhere else. If you know you don't want to be there long term, the sooner you move the sooner you'll start building a new network.

Starting as a brand new, early twenties, real estate agent with no experience or connections is going to be very hard. I'd recommend connecting with a local trusted firm and start doing open houses for the experienced agents to start meeting clients, getting reps, and learning.

Also get active in the community to meet folks. You could coach pee wee ball and pick up parents as clients! Attend every real estate meetup you can. You may even be able to work for a property management company. Your current renters could become future buyers. You could get a part time job at Lowes, Home Depot, or wherever to start meeting contractors in the area.

Matthew Cates · Answer

Hi Michael,

Deciding whether to stay in Memphis or move to another city is a significant decision, especially when starting a real estate career. It's essential to weigh the pros and cons.

If you have strong connections in Memphis and can leverage them for your real estate ventures, that could be a great advantage. Networking is crucial in real estate, and having a supportive community can help you get started. However, if the rising crime rates are a concern and you feel it may impact your long-term success, exploring other cities with a more stable environment might be beneficial.

Consider attending local real estate meetups, connecting with experienced agents, and exploring the market in Memphis to gauge its potential. If you decide to move, try to establish connections in the new city before relocating.

Best of luck with your decision!

Jason Wray · Answer

Michael,

Good news is your young, you will have a degree and heading into a very lucrative business that is about to get much better over the next 5 years!  I do a lot of business in Memphis and all over TN so I can tell you that TN is a great state to start.  If you have interest in becoming a realtor I would strongly suggest you getting your license.  It will help you increase not only your income in the REI business but it will increase your contacts and "Book of business".

States like Tennessee, Florida, NC & SC, TX and Nevada will be states that heading into the next 5-10 years will thrive in the REI business.  You also have other states as well but for the most part these are the amenity states making it super easy for a younger person to move to and adapt.  Also states like Florida, Texas are full of young entrepreneurs which makes it easier for you to meet people your age and find the ones that share your interests.

Playing sports is also a benefit since it helps foster social connections and more people tend to have that in common.  I have some friends that played professional sports MLB, NFL, MLS and they always had it easy when starting their REI career or buying properties because everyone wants to talk or work with them.

Reason I mention getting the real estate license is you will have early access to listings and people who will call you first with questions on value or need to sell fast.  That has always helped my friends and colleagues an extra advantage in finding properties first and at better prices.

Use Bigger Pockets to Network and build a strong team ahead of time with other agents so you know who pays what split, do they offer leads, how aggressive if the brokers marketing etc.  As an FDIC Banker I can also say network and connect with Bankers and Loan officers.  We can help make all realtors lives much easier since we get buyers coming to us first to get approved.

Bankers and Loan officers are always looking for great realtors Nationwide to send buyers to a realtor that can be trusted to take their call.  It’s also good to know the people who you are talking to are approved for financing so you do not waste your time with someone who has bad credit, or cannot qualify.  We can help fix those issues but it takes time and buyers need to be willing to take the steps.  

If you ever have any questions feel free to reach out I have over 20 years’ experience in REI and have investors in all of those states above which can help locate or find healthy markets if you plan on moving.

Drew Sygit · Answer

Is the crime rising EVERYWHERE the same amount in Memphis?

Doubt it.

So, just don't do business in the bad areas!

Michael Dallas · Answer

Thank you for the insight! I am really considering moving, but it is a hard decision with all the people I know here. That being said, you give a good road map to being able to build new connections wherever I move. I look forward to doing whatever I have to do to be successful!

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