All Forum Posts by: Brandon Vukelich

It's a little difficult to know how driven you are to succeed in real estate from your limited post.  Unfortunately, many jump in because they think it is easy money.  Although you mention a backup plan, I'll assume you have a passion for real estate and are looking at this as a long-term career/business.  Those that take it serious and operate like a business (and not a part-time hustle) usually don't have a Plan B.  They are all in and understand that it takes time to become a competent & successful agent.  You need to plan to develop your sphere, your area of expertise, knowledge of your local contracts, how to manage the various emotions of many clients, etc.  Having some experience in sales, marketing, business management, negotiations, etc. helps but can be learned over time.  I'd suggest you consider joining a small team that focuses on the area of real estate you'd like to specialize in.  A career as an agent can be very stressful and challenging yet extremely rewarding, not just financially but in freedom (time).

As others mentioned, tune out the noise from those that are not supportive.  Best wishes on your real estate journey!

@Wesley Hood Good comments from Abel above. My 2 cents on your three questions:

1) Yes, join a team.  Ideally a small one where you will get a lot of attention from the lead agent.  At 18 you probably don't have much business, marketing, sales & real estate experience.  It will be worth it to give up huge splits on your commission (probably 50/50) to get the training you will need to be successful and competent.

2) You won't be able to be the agent for everyone.  Pick an area of real estate that interests you and focus HARD on it. That can be waterfront props, condos, multifamily, retail, etc. Pick one and be a superstar in that segment. You can't be an expert in all things real estate to everyone. Develop your own content focused on that type of real estate: website, youtube, social media, etc. Create an email list that will be your ever-growing sphere.

3) Pick a brokerage that will support your goals and area of interest. Don't get hung up on fees, brands, etc. As Abel mentioned, it is very easy to switch as needed.  Just be sure to have your own 3rd party CRM so if you leave, the office doesn't keep your sphere.

Best wishes on your career!

@Christina Greaves already some very great input from the group here. I'll comment to each of your points below:

1) Personally, I focus on the boring, conservative stuff...long term, buy and hold multifamily in landlord-friendly states. All of my LTRs are in the greater Boise area but I watch CO, OK, KS and others. I own a 3-unit STR/MTR in North Tacoma but I don't plan to grow that part of my portfolio. Maybe one STR condo on Oahu where my brother lives and has a real estate office. I believe it is ok to diversify but the more you focus, the more successful you'll be. Thankfully we all don't focus on the same segment of investing! :)

2) I don't focus on zip codes. I watch for properties in specific metro areas, then once I identify a property I'll do a deep dive into the neighborhood (even that particular block) to verify crime, development, etc.

3) AVOID SEATTLE and possibly now Federal Way and Burien for LTRs. They are continuously adding regulations on top of the existing state landlord-tenant laws. Be sure to watch other cities' discussions about their local ordinances being proposed by such groups as Tacoma 4 All. That being said, I know investors still bullish on Seattle, Tacoma, etc. It's all about mitigating your risk. RHA is great for keeping its members updated on long-term rental ordinances but if you intend to invest in STRs you'll need to specifically watch local city council announcements about potential regulations.

4) Resources: A knowledgeable, experienced agent. Local investor/landlord groups such as RHA, REIA, Facebook groups. Websites: Spotcrime, Rentometer, Airdna...are a few examples. Also look at the ipropertymanagement site and click the "research" button at the top right. I don't overthink the analysis. If the numbers work and I like the area/property enough that I would live there myself, then it's usually good enough for me.

Best wishes on your investing journey!

The commercial brokers I know rarely specialize in such a tight niche of 8-20 units. Personally, I focus on clients in the 2-10 range or typically under $4MM.  Find recent transactions in your area of interest for the unit count/type of property and reach out to the listing brokers.  That's where I would start.  Search Loopnet, Crexi or broker sites like Marcus & Millichap, etc.

To build a relationship you must indicate you are serious other than you're "looking for a deal."  I can't tell you how many times each week I hear that.  Proof of funds, recently closed deals, share details about your team, etc. We brokers value our time and can't afford wasting too much on tire-kickers or investors that don't have their plan/team in place.  We understand it is a long sales funnel and some clients need time to get educated, are waiting on funds, building relationships, etc. but good communication is important throughout.  It can be very difficult to move up a broker's priority list.  My list constantly evolves based on which clients are writing offers, providing prompt feedback on deals presented and keeps me updated on their criteria/goals.  Best wishes on your search!

 BiggerPockets. Engaging on here and paying for lead bundles in my area.

Looks like you received a consensus on YES.  I agree.  It would be very short-sighted to focus on this single deal/referral.  Maybe the referring agent will have many more clients in the future that will help fill your sales funnel.  Always consider the long game.

Also, I would have followed up when the initial referral agreement expired to ensure the agent didn't decide to refer the client to another agent.

Almost everyone in my sphere gets a holiday card but no gifts.  Those that have done a deal or referred me to a deal in the last year (JAN-NOV), get an invite to my VIP Client Holiday Happy Hour event.  I normally keep that to around the top 20 or so for the year.  I'm believe they appreciate that over a small sweet treat or hokey agent gift. If they can't attend, at least they knew they were on the invite list and maybe I'll roll them to next year's event. I try to plan half way between Thanksgiving and Christmas, on a Thursday evening and keep the cost to about $100/person.

All of my residential buyers get on a recurring gift plan for 2.5 years (10 quarters).  It's all automated and I only get billed each quarter when the gifts are sent out.  Another reason they don't get a specific "holiday" gift.

Check with your CPA but gifting limits apply and if over $25 or something, it should have your business brand on it.  I don't recall all of the specifics for write offs.

Similar to what @Julien Jeannot mentioned.  Some of the best coaching advice I was given was we have three choices when it comes to generating leads/business:

1. Hunt for leads: This mainly involves the "free-er" options which are what Julien mentioned based on a time commitment to your boots on the ground approach. BTW, I did these starting out and none were my jam. I still don't do any of them today.  But I know several agents that crushed door knocking, so to each their own.

2. Pay for leads: Budget a % of your revenue (commission) for trying a system that works for you and your business.  When starting out and trying to get traction, it is extremely difficult to resist chasing the latest & greatest lead gen tool aka shiny new object.  I've tried everything from Zillow to Realtor.com to Ylopo to Streettext to...you get it.  A lot. I've been committed to a single online source for the last few years and it works for my specific business.

3. Wait for leads: Don't do this.

Focus on your niche and try to have conversations about real estate with people (in person or online) on a daily basis. If I were starting over, I would concentrate my efforts on producing content (videos, podcasts, websites, books, etc) about my specific expertise. You should target to be the local STR expert or the House Hack expert or the waterfront expert or the multifamily expert. Pick one and be the rockstar in that segment in your market. You can't be an expert in all things real estate to all people. When I focused, my business went from struggling to stabilized and growing. Best wishes on your journey!

@Kristin Vegas did you happen to try the "find an agent" button at the top menu here on BP?  That allows you to possibly connect with an agent in the market you're interested in.  Best wishes on your search!

I've been in the BP lead "system" before they started charging for them.  They used to flow for free by being a Pro/Premium member.  That was nice. :)  Then it went to $2000 for 25 leads.  I pay for a bundle whether it takes me two weeks or two months to receive the 25th lead.  Now I'm paying $3000 for 25 leads.  It changed around 2021 or so.  There was no negotiating, they just decided that due to property values increasing that the cost for leads should go up 50 percent.  That was a big hit and disappointing but the leads were still the best for me and my business.  I'm not after all of the same zillow, realtor, etc "residential" buyer/seller leads.  

Like any lead source, your conversion rate will greatly depend on your process and follow up.  I'm sure the consistency of leads received will greatly depend on your market.  I'm in very active metro area so my flow will differ from a smaller market.  Also, I don't pay for another online leads at this time.  As with many online leads, you will receive a good amount of people that you'll never reach, won't have realistic plans/goals about investing, etc.  Most leads will be very inexperienced investors that will need a lot of hand-holding.  Don't expect leads with $1MM in cash ready to pull the trigger on a 20-unit apt asap.  Most are looking for their first smaller deal and many take 6+ months to convert but I'm not a hard pressure broker.  Feel free to send me DM if you'd like more feedback.