Apartment locating isn't for everyone. It's in both of our interests that I give you the best reasons not to enter the business so you don't start walking down a professional dead end.
You're broke
If you're broke right now and can't pay rent, you should probably figure that out before you dive into apartment locating.
Yeah yeah, I know. I was broke when I started out, but that doesn't make it a good strategy.
I say this because It can take a while for checks to come in after your clients move in. It takes a few months for the cash flow to really start kicking in. This will be hard to get off the ground if you can't handle these initial few months of little to no cash flow.
I've hired too many agents who had to back out within the first two months because they couldn't make enough money fast enough.
My suggestion: Have a few months of money saved, or an alternative income source making the move.
But that's just like my opinion, man. If you want to dive right into this be my guest. Don't let me tell you how to live.
You want a stable predictable salary
Don't get into apartment locating if you want steady predictable paychecks. In fact, don't get into real estate period.
Apartment locating is pure commission sales. You eat what you kill. If you don't close deals you don't make money.
You can have $0 months. You can have $40,000 months. I've had both.
Wrong Market
Apartment locating doesn't work in all markets. The best markets have more supply than demand. This means apartments pay commission. This business model don't work in places like New York or San Francisco because the people who own real estate don't need help getting tenants. They can sit on their ass and wait until tenants come to them.
These are the top markets in the country.
- Austin
- Houston
- Dallas
- San Antonio
- Atlanta
- Miami/Ft Lauderdale
- Denver
- Chicago
In the beginners course I will show you how to identify your specific market niche within your city.
You don't like talking to people or following up.
This should sound obvious.
Apartment locating is sales. Sales means calling people. Sales means following up. Emailing, phone calls, texting. All that shit. If you're not going to call people who reach out to you, or if you're not going to follow up often, this is not the business for you.
I had to learn this the hard way after I hired somebody who refused to call or follow up with incoming clients. That didn't last long.
Now, this doesn't necessarily mean cold-calling a thousand people a day. I never cold call.
If you're the kind of person who reaches out to a lead once, and then stops. Quit now. This business is not for you. Sales is not for you.
You're going to copy everyone else.
This is the case with most people starting most businesses. They copy other people and wonder why they can't stand out.
You're going to half-ass it.
The truth is that most people starting apartment locating half-ass it. They start off, barely research the market, get a few clients, provide a shitty service, and then wonder why they don't make money. Apartment locating will require some commitment.
Takeaways
This business is not for everyone. If you're not ready for unstable cash flow, if you're in the wrong market, or if you don't have the stomach for a sales-type role, this business may not be for you.