Fellow Agents — Need Some Advice!

[Mark Weinstein]

Hey BP Community,

Long time viewer, first time poster. I’m in a serious rut and would love some feedback from some of you. I’ve had my real estate license for about 4 years but never put it to use. I want to change that in 2020 as I’m getting ready to quit my FT job (with a company I’ve been with for 10+ years) to become a FT Real Estate Agent. I’ve been preparing for this for over a year by saving money (we all know the pay droughts that can occur especially when starting) and I’m ready to hit the floor running.

There are a couple things I would love some feedback on:

1) I created a daily schedule I’m going to try following which consists of 3.5hrs prospecting daily (5.5hrs for days with no appts/showings). Would you consider this too little/too much/just right amount of time for prospecting?

2) Am I wasting my time by incorporating referral income to my real estate business? In a different market that's not too far from my location, house prices are extremely expensive (median home price is $1.2M) and I'm fortunate enough to have 4 good realtors who work in that market. I was going to dedicate an hour of my daily prospecting to calling FSBO's & Expireds in that market, then referring the business to one of the realtors I know in that market at a fee. I figure it's a great way to earn money by doing minimal work but at the same time I feel like I can be spending that hour to prospect in my own market. Do you guys think doing this is a good idea or could I be spending my time more wisely?

3) Other than your local MLS, where do people go to get market information? Things like demographics, price trends, etc.?

4) A little off-topic from the general agent questions but my long-term goal is to get involved in real estate investing so I’m trying to incorporate wholesaling properties into my daily schedule as well. How do most people prospect when wholesaling? My initial plan was to drive around neighborhoods and keep an eye out for properties that look to be distressed but I would assume there’s a more efficient way than that?

As you can see, I’m determined in working smarter and I understand time is our most valuable asset. I’m wondering if some things I’m planning to do make sense time/money wise and would love any feedback you guys have to give.

Thanks in advance for your time!