All Forum Posts by: Joshua Acosta

Just got passed my RE license and not even sure what brokerage to go with. Any recommendations? In the Orange County Area. Thx Joshua for creating this thread.

Soon to be agent here. 

I am new to my city, Chattanooga, and have been putting networking and relationship building at the top of my priorities. One thing I have found incredibly valuable for me so far is searching for in person meetups in my city using Facebook and Meetup. There are a ton of different groups that meet regularly that I have been attending to expand my sphere. I am sure in LA there are tons of group meets to attend.

Welcome Joshua!

I have been training agents and managing a brokerage for quite some time now, and I've noticed that many new agents often fall prey to avoidable pitfalls. I’ve found the following pieces of advice to be key to new agent success:

- Develop a solid plan and stick to it. Create a business plan that works for you and commit to it. Many agents begin with a lead program, their sphere of influence (SOI), or a combination of tactics, only to abandon them after 3-6 months. Avoid pivoting in your first year unless necessary, as changes in your business plan, brokerage, or location can halt your momentum.

- Understand and respect timelines. Most clients won't transact until 6-12 months after providing their information. You will likely need to work an additional 2-3 months to develop and hone the proper skill set and nurture campaigns for each program. It's crucial to be patient and allow for the proper nurturing time. Consistently switching strategies, such as from Facebook leads to cold calling, restarts the learning curve, and hinders your progress. Instead, A/B test everything and work to improve, not abandon.

- Consistency is key. How you handle one task reflects is how you handle everything. For example, if your database cannot rely on you for timely newsletters, they likely won't trust you with their financial decisions. I recommend "The Compound Effect" by Darren Hardy and "The Talent Code" by Daniel Coyle.

- Consider joining a team for 1-3 years. This experience allows you to learn from their methods, build your business with their leads, and ask for referrals to expand your network. Analyze what the team does well and identify areas for improvement that you can implement in your biz when you go solo.

- Show results before asking your SOI for business. People want to be part of a success story, and they will likely observe you from a distance initially. Demonstrate your achievements before reaching out to your SOI to increase your conversion rates. Asking for business after a few successful deals communicates confidence and capability, whereas asking without experience may come across as desperation.

Hope this helps. Good luck!

PS. The Inman news conferences have been great places to get outside of industry groupthink. They bring thousands of agents together from all different RE brands. I'd encourage you to check them out. 

Hey Josh, 

As a fairly new agent myself I can relate. As a new agent, we are bombarded with shiny objects to chase and it can be overwhelming. There is a lot of great info shared in the thread. 

My strategy was to niche down. I picked a market segment that fit my personality and wrote a basic business plan on how I was going to work my plan. This is important as being an agent means you are self employed and you need to have a plan to stay that way. As was mentioned, SOI will get you rolling. Staying consistent to your plan keeps you focused and your support system around you keeps you accountable. 

I would be happy to connect as well. 

Congrats Josh and welcome to BP!

Stay consistent and don't give up. 

Never stop learning - The market is always changing. BP has lots of great tools to offer and help expand your knowledge.

Best of luck on your new endeavors!

You may be putting the cart before the horse. If I were them my concern wouldn't be with a fire, it'd be with your lack of experience and skin in the game (money). By no means do I want to disparage or discourage you, but the risk that you invest in a deal you thought was good but isn't, don't run your numbers correctly, under estimate repair & insurance cost, over estimate rent, misunderstand local rental laws, or struggle to find tenants is by far greater than the risk of a natural disaster type event if you're still new to the industry.

If I were you I'd start by myself by either house hacking, or buying a few modest single family homes. After you've done this for a few years you'll learn so many lessons and new skills, and you'll have credibility when asking people for money to invest. You can use this time to continue your education by reading forum and blog post of BiggerPockets, listening to their podcast, reading books, and going to local meetups.

Again, I don't want to discourage you, but based on your post there seems to be a lot of unnecessary risk for them and you.

Having an insurance policy, and your lender as additionally insured. 

Hi Joshua! Reducing risk in real estate investing can be done in several ways:

-Insurance: Adequate insurance coverage is critical for real estate investors. You should have insurance policies that cover property damage, liability, and any potential loss of income.

-Due diligence: Before investing in a property, conduct thorough due diligence to identify any potential issues that could affect the property's value or income-generating potential. This includes reviewing property records, inspecting the property, and understanding the local market.

-Diversification: Spreading investments across multiple properties, locations, or investment types can help reduce risk. This way, if one investment does not perform as expected, the overall portfolio may still perform well.

-Partner with experienced professionals: Partnering with experienced professionals such as property managers, real estate agents, and attorneys can help reduce risk. They can provide valuable insights and help mitigate potential issues.

-Contingency planning: Have a plan in place for unexpected events such as a natural disaster, vacancy, or loss of income. This can include having adequate reserves and contingency plans in place to ensure the property can continue generating income.

By implementing these strategies, you can help reduce risk and provide reassurance to potential investors! :) Hope this helps.