Any advice for someone brand new to real estate?

[Sarah Schlueter]

I am a brand new Realtor and aspiring investor in Los Angeles.  I'm currently self-educating and would like some tips on things that have worked or haven't worked for people when they were starting out, preferably advice on how to find partners/investors for funding rehab deals, and where/how to find a good deal.

[Joshua McGinnis]

Hi @Sarah Schlueter

Welcome to BP! You're in a great field where your ability to be successful and make a great living is limited only by your own desire to continue to push through obstacles and build upon your previous success.

There is about 1 agent for every 200 people in the L.A. area. Your competition is fierce so you need to figure out in time what your core value proposition is and where you can add value to the market where others just aren't cutting it.

Build Relationships, Build Business
My advice to all newcomers in the L.A. market is to focus first and foremost on networking and developing relationships. Success in this industry comes down to your ability to build a name for yourself by delivering great customer service and adding real value in a specific niche.

Spend Wisely
Be smart about where you spend your marketing dollars, especially in the beginning. You won't be able to out-market or out-spend the professionals who have spent years branding themselves as the "expert" in their sub-market.

If you spend money, spend it on "active" marketing which gets your face, voice, and presence directly in front of people you may do business with.

Think Outside of the Box
Do the things that most people won't do. This means you should consider door-knocking and becoming comfortable with the rejection.

Be open to assistant positions and working on a team. Find ways to show the community that you truly care about delivering great value first and foremost before your own paycheck.

Most people see right through gimmicks and high-pressure sales tactics. Don't just be an agent; make yourself an essential element to your clients' future success.

Earn More by Giving Back
Find ways to contribute by giving back to the community and be authentic about it. Not only will getting involved in the community open up pathways to developing relationships with homeowners and investors, it's a great to tap into the nuances of your micro-market giving you a competitive advantage to other agents who try to do business in your area.

Don't Give Up Too Soon
Don't give up after two years of grinding and spending thousands of dollars. MOST agents get a false sense of success in the beginning when they close their first couple of deals only to flounder for a year or two after and eventually give up when they realize that it's going to be much harder to actually create a sustaining and growing business.

Like any startup, there will be really high high's and really low low's. Keep in mind that this is a marathon, not a sprint.

Be humble. Learn from the pros.
Be humble and be willing to forgo your own ego in order to show the veterans that you are in this for the right reasons and that you're here for the long-run. This is going to lead to open house opportunities, co-listing opportunities and possibly, a buyer lead here and there to keep food on the table. Consider all of these opportunities blessings and seedlings you need to water in order to grow your own business.

Never. Stop. Learning.
Real estate is a broad and dynamic field that is constantly changing. You need to embrace the mentality of a student and continue invest in your education, both formal and hands-on, real-world (my preferred method) learning. This never ends.

If you aren't learning, you are stagnant and will quickly become irrelevant. Joining BP is a great sign you are on the right track.

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I hope this helps. I've made several new agent posts in the past if you look through my history - some of them offering more specific advice on marketing tactics. Feel free to reach out if you ever want to bounce off any ideas or concerns.