My 1st Forums Post! New Investor/Agent in Wisconsin - Any Advice?

Question

Hi Friends! I'm a newly licensed agent in Wisconsin and excited to start my journey investing in real estate. I've been an avid listener of the BP podcast for the past 18 months, reading books, and I'm ready to take the leap into action!

I'm interested in many things right now, but looking to start in Multi-Family and/or Short-Term Rentals.

- Once I find a brokerage, I will be able to handle transactions.

- I have a business background in Supply Chain and Human Resources - where I would build and continuously improve systems to support profitable/strategic operations, as well as coaching teams/culture/people to success.

Seeking any and all advice - Thank you in advance!

Abel Curiel · Answer

Hello @Dylan Prout and welcome to the BP forums!

This is the best place to find people and topics of interest in the Real Estate world.

With the market shifting, there is a ton of opportunity. BP podcasts, blogs and webinars do a great job of explaining the many ways that investors capitalize during times like this. The same can be said for Realtors.

The failure rate is very high in our industry. 90% of licensees quit within their first 5 years and I believe we've already lost a decent chunk of our competitors over the last year. I attribute the failure rate to 2 things that MOST Realtors don't do - 1. prospect/cold call for new business 2. Nurture their relationships and future business prospects.

As far as actionable advice for a new agent:

1. Make a list of EVERYONE in your personal circle! Friends, family members, co-workers (current and past), neighbors, and anyone else in your sphere of influence from social and spiritual gatherings.

2. Call, text, and email them to let them know you're in the business and you'd like to know 'Who do you know that is interested in buying, selling or investing in Real Estate'. As a new agent with no experience, these are the folks who know and trust you already and will be more willing to work with you than a stranger.

3. Follow up with your personal circle 10-15X per year via phone, text, email, social media, mail, etc.

4. Create new relationships each day. The most common and effective way to do this is by calling buyer, FSBO, and expired leads. "For Sale By Owner" aka FSBO leads are a common source because these are folks that are motivated to sell and are not currently working with a Realtor.

Focus on speaking to as many people within a specific time block each day and do it consistently. You'll build up a pipeline of folks to keep following up with who will eventually become buyer, seller, and/or investor clients.

Lastly, please keep in mind that this is a business like any other. It takes time, hard work, and consistency to see results. Most agents close 1 deal in their first year. Our new agents close 3-5 deals their first year using our system. Feel free to reach out if you'd like to discuss further.

Best of luck to you moving forward!

Abel

Jorge Hernandez · Answer

Good Morning Dylan and welcome to BP,

I am also a new investor in Oshkosh WI and just closed on my first duplex in April. Please let me know if you would like to grab coffee sometime and talk real estate. I look forward to connecting!

-Jorge

Dylan Prout · Answer

@Mitch Kennedy Thank you, happy to be here.  That's awesome and exciting, congrats on the duplex! I'm currently in Oshkosh, so not too far from you. Would you want to grab a cup of coffee and talk real estate?

Dylan Prout · Answer

@Abel Curiel Thank you for the advice, it's very much appreciated! I like the strategy of reaching out to FSBO listings - I will absolutely time-block that in every day and incorporate that into my lead generation.

Mitch Kennedy · Answer

Welcome to BP and the RE world Dylan! where in WI are you located?

In March I just closed on my first duplex and just got my sales license as well, I'm located in Waupaca.

Ramon Jenkins · Answer

Welcome and good luck with your investing

Katy Neubauer · Answer

I strongly recommend checking out Century 21 Ace Realty in Appleton. They have been amazing with training and support. They offer a lot of leads as well, which is great for new agents. Please feel free to message me if you have the time!

Corina Eufinger · Answer

I second taking your time to pick the brokerager that is right for your.  There are many different options and you need to what will be a good fit based on what you bring to the table and also in regards to what you may lack.  Since you are starting out you likely would benefit from a brokerage with a strong new agent training program and has its own pool of in-house leads.    When you are first starting out it's about gaining knowledge so don't get too caught up in commission rates, etc.   There's time for that later down the road when you've got a few transactions under your belt.

Marcus Auerbach · Answer

Take your time with picking a brokerage! You want to line it up with your goals and your personality. I would also recommend joining a good team. Not a group of agents who call it a team, but an actual team with dedicated roles and specialists. This will accelerate your learning curve and you will do a lot more deals.

Dylan Prout · Answer

@Steve Donovan Thanks for the advice, I've heard great things about the wiscoreia! I'm in the Fox Valley so I'll have to check those out. Thank you again, very much appreciate it.

My 1st Forums Post! New Investor/Agent in Wisconsin - Any Advice?

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