How's it going everyone Matt Leighton welcome back to another real estate video.
Ok, today we're doing something that I never thought I would do.
Today I am sharing with you how much I made my first year in real estate.
And before we get started I just want to say thank you, I really appreciate everything
you've done for the channel, by liking, subscribing sharing, watching really anything.
Your support is very much appreciated I hope you had a great holiday with friends and family
and hope you have a great new year.
So there's a few main takeaways for you that I want to provide, those are - how much I
made my first year, what I would have done differently and the mistakes that I made as
a new agent.
Let's start with how much I made.
Now I have been a full time real estate agent since March 2013 so this will be my income
from about March 2013 to March 2014.
Now my path is a little bit different because I started out as a rental agent.
Yes, I only did rentals, for an entire year.
I didn't really get into sales and purchases until late 2014.
So starting off, let's take a look at my first rental deal ever.
It was in Old Town Alexandria where I made $840.
And when this happened, I was thinking, that's it, I'm going to be a millionaire in no
time, $840 is so much money and I would be living large.
Yeah, that didn't exactly happen.
While I did get a few commissions in the high three figures, $800, $900s, a few in the thousand
dollar range, most of my commissions were in the $400 to $700 range.
And that wasn't exactly terrible, but you just have to be doing a lot of deals and with
renters, they have so many options that don't pay you a commission.
It's not like a buyer where they are your client, with a renter, they might see apartments
by themselves on a Saturday where I don't get a commissioni and condos on Sunday with
me where I would get a commission.
So often times I would be working so hard for a client and spend a whole bunch of times
and I would end up with nothing.
And that's not to say that the client made a bad decision, but the way the business was
set up, you had to be sure to only spend your time with those people that you knew would
move forward on a condo or on the rare occasion we did have a few apartment buildings that
we did work with.
Ok so here we go, how much did I make my first year?
Guys, the grand total, of my first full year in the business was $27,073.91.
I have the spreadsheet here I can show you that those numbers add up.
And for the record, I thought that was a lot of money at the time.
I knew I could produce more but I wasn't quite sure how to increase my income.
And then something interesting happened.
One of my landlord clients who had been renting out his condo was thinking about selling.
And he asked me to run some numbers for him.
So I had no idea what I was doing running comps, got my broker to help me and sent him
the recent sales and what he would walk away with after commissions and I sent the email
but I was looking at the commissions thinking that this one deal, which was for a 2 bedroom
condo in Tyson's Corner, would have represented almost 1/3rd of my entire year.
I was just thinking, I did about 59 deals in 2013 - 2014 and made $27,000.
And if I did this one sale deal, I would make about $8,000.
And I was just thinking to myself, what am I doing with my time?
Why am I running around town for $250 commissions, when I could be doing sales for a much higher
price?
My brokerage that I was with only did rentals.
That was their thing, it was a start-up company, I loved working for them but it also limited
me in my ability to get into sales.
Some agents say that your brokerage doesn't matter, it doesn't matter if you're with
Century 21 or this brokerage or that brokerage.
And I would disagree and say it does matter what brokerage you are with because if you
are with a brokerage that advertises they only do rentals, it is very hard to pick up
clients that are looking to buy and sell real estate once they go to your renter-friendly
website.
So I knew I had to change brokerages.
And in my free time I would go to open houses to learn more about the properties for sale
in my area.
And I randomly walked into an open house and there was this agent there that was looking
to bring someone on and I was looking for a mentor, and that agent was Shawn Battle,
who I am still with today and who I am forever grateful that he mentored me and still mentors
me to this day.
And since then my income has doubled a few times over and earlier in December, I had
my best week ever where I was able to make $20,000 in one week.
When just a few years ago, I was struggling to make $27k in a year so it's incredible
to look back on the journey to see how far I've come and to see the path and the people
that have helped me get to where I am now.
That being said, there are many things that I would have done differently if I could do
it again.
So I'll get in to them right now.
-- The first would be that I would have learned more about real estate sales at an earlier
point.
It took me way too long to understand how you can make money and the different ways
you are able to help people in real estate.
-- And you don't have to start your real estate career as a leasing agent or doing
rentals, but I actually liked it because it built the experience and the foundation and
it was a good way to make a quick few bucks as opposed to the longer sales cycles of purchases
and sales.
-- I would have also kept in touch with my clients more regularly.
Oftentimes I would close the deal and then not talk to the client for another 6 months.
This is not the way to go about it.
You want to build your client bases and consistently talk with your clients at least every 90 days.
-- I also would have done more lead generation.
The brokerage I was with surprisingly had a great flow of leads looking back, I always
had a pipeline of clients to work with but I didn't really market myself to my sphere
too much or promote my services to my network on social media.
Being from the area that I do business in is a huge advantage but it's only an advantage
if people know that you're in the business.
So another huge mistake I made was not telling more people about my services and working
my sphere for more deals.
-- And finally I would have moved brokerages sooner.
I think the saying goes that the best time to plant a tree is 20 years ago, the second
best time is today.
And I feel the same way about real estate sales.
Sure you can do rentals in real estate, and I still do them to this day, but they make
up a very small percentage of my business.
I think the earlier I had gotten into real estate sales the better because it's a great
way to make more money and the problems that you're solving are bigger.
So there you have it those are my biggest takeaways from my first year in the business
and how much money I actually made.
I'm all about transparency on the channel and
I always tell it like it is.
So while I am making more money now, I still don't feel like I am where I need
to be
so hopefully one day I'll watch this video again in the future and my income will have
doubled once or twice more.
So if you're looking to get into real estate, I highly recommend it
and hopefully in this video you learned how much I made my
first year and you will learn from my mistakes to make even more than I did in my first year,
if you did learn anything, be sure to hit that thumbs up button.
Thank you very much for watching.
Until next time, create a productive day.
Take care.
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