Over the years I’ve had many, many (many) agents ask me for advice on how to get started in real estate, or how to build their database, or even how to rebuild their business after a hiatus or lull. I’ve given out many suggestions, but one has been consistent: rentals.
This is not always popular advice (and I know in some markets that agents don’t work with rentals at all), but it works. I’ve done it myself, more than once ...
It worked when I was brand new, 16+ years ago, and just getting started, my very first transaction was a rental.
It worked 9 years ago when I left a rainmaker team to go out on my own as an independent agent, some of my first deals at my new brokerage were rentals.
It worked nearly 4 years ago when I returned to the field after “quitting” for 2 ½ years to be a managing broker, my first deal back was a rental.
And it works now ... after scary health news this Fall and being out for a couple months handling that and recovering from my mastectomy surgery, my first appointment when I returned, and my first transaction back was a rental.
Rentals allow you to get some relatively quick cash in your pocket while you are building (or re-building) your business. They allow you to build your database; those renters will almost always turn into eventual buyers and in the meantime they know plenty of other people they can refer you to. Rentals allow you to build your confidence, especially when you are new, and to learn the ropes with showings, scheduling appointments, and managing paperwork.
I’m not the only agent that this has worked for. Join me Live on Facebook today at 2 pm EST in the Empowering Women In Real Estate group when I will be talking to Chrisie Pekala who has done just that. We will talk about how she took leads from one rental listing when she was brand new and turned them into something like 25 closed rentals in just a couple months time, and she has been reaping the rewards from that experience (and others) ever since, having her very best year ever in 2017 ... with nearly all of that business personally generated from her database and referrals.
It is sure to be a great conversation! If you are able to join us live we will be taking your questions and providing the answers that you need to help grow your business. If you can’t join us live, we will post the recording I to the group afterwards.
Hope to “see” you there!