All Forum Posts by: Rachel House

All I can say is I wish I had gotten my license in college! You must be a better student than I was because I recall a lot of wasted time that I could have been using to build up my business. 

You have a unique advantage, you know where students want to live and what they will be willing to pay for rent. I would start talking with every student I know to see if there parents had thought about purchasing a home to help offset some of the financial burdens of college. Then pick about 5 or so homes that cash flow, run the numbers on those and have the students send that data to their folks for consideration. You could also build a model that would show how much they would save when buying vs. renting (cash flow, loan pay down, depreciation, etc.). 

Hello @Rachel House,

Go UMass, my husband is an alum! :)  I practice real estate on the west coast, but think my advice will still be relevant for you.  

Host open houses for other agents' listings at your office, this is a great place to meet both potential sellers and buyers. It does not require money.  Most open houses are held on the weekends, so it will be an ideal match for when you are available.

It takes some practice to talk to prospective clients, and get their contact information. Is there is a senior agent in your office who is a rock star at getting leads through open houses? If so, ask if you can shadow an open house or two before starting off on your own. That way you don't have to learn by trial and error.

If you are going to be too busy to complete the transaction once you have secured a client, you should partner with another agent from your office and share the commission. That way you can lean on their expertise, and their availability while you are in class.

Best wishes for success!
Melissa

Work and shadow for a team while you're unable to generate the leads yourself. Sure you have a less competitive split but it will allow you to gain experience and create additional income for when you're ready to execute. That mentorship and guidance will be invaluable in the long run. 

I think I would work for someone else.   Can you call for an active agent as an ISA.   If there are any very active well regarded wholesale companies ...same thing...work as ISA or acquisitions manager.

work open houses on Sat or Sunday.  

Plenty of agents hate working on Sat and sun....so work their buyer leads for them those days.

@Rachel House - Great start, to become an agent in college. I went to Umass Amherst as well and am an investor focused agent. My advice would be to start a real estate meetup among people at your school. Educate the community on investing and real estate. That will establish yourself as a local expert. Additionally, all of the students attending most likely have referrals or people interested in purchasing homes that they can refer. Family, friends etc. A lot of people from Massachusetts go to Umass Amherst so I am sure you can generate some local leads. Remember, lead with value and expect nothing in return. Soon that value will compound into solid leads and a great network! 

It all depends on who you work for and their structure. I would go with whoever offers the most support/leads/etc.... Splits don't matter, you want the most mentorship and leadership available. Don't feel bad if you need to switch from Coldwell if you aren't getting what you need. I wish I would've gone with a different brokerage to start, I would be a lot farther along now. 

Also, don't feel bad if you don't sell anything for a long time. The market is slowing and you are only a part time agent. This is a perfect time to set low expectations and possibly crush them with the correct systems in place. 

You are looking for the best mentorship/leadership available to learn from at this point, and you will benefit heavily from this in the future. I always tell new agents, it takes 2 years or so for people to remember and trust you as an agent so don't feel too bad about not producing. The goal is learn then earn!

Good luck and let us know how it goes!

@Rachel House

Congratulations on your savings, license and mindset!! Far ahead of 99% of people your age.

 I'm now licensed in NV and got into RE investing right out of college. I was also a waiter and was able to save for my 2nd house hack waiting tables and flipping electronics on eBay. 

Being still in college and doing all of this is extremely impressive. I'm not sure if I'd be able to do that. 

At this point in my mind, saving is the name of the game. Feel out how you like being an agent and touring homes, reviewing inspection reports, calculating numbers, etc., and that will get you a great feel for your market. 

Also, if you're able to do it after college, renting by the room to college students can be incredibly lucrative. 

2-3 years extra of living with college students has completely changed my life. Now my house hacks are pure rentals. 

Also, don't be afraid to talk to a lender to see where you stand. This does not mean you are committing to anything, but it's important to have a goal in mind and know what you qualify for. (Could also be a good relationship to have for your business). 

I wish you the best of luck and congratulations again!!

Also, this would be long term for your real estate agent career, but build your network now while at school! Meet as many new people as possible and make connections! I regret not joining more clubs, or attending networking events.

Most of those people will stay within Massachusetts, and could be good future clients. It helps if they already know someone who is a realtor that they know, like, and trust!

Again, good luck!

That’s definitely true! I’ll make sure to keep that in mind for the upcoming school year. Thank you!