Starting A Real Estate Business In Lexington Kentucky

Starting A Real Estate Business In Lexington Kentucky

I was recently interviewed by bplans.com regarding how to start a real estate business.  Here are a few excerpts from the article:


Get some real-world experience or find a mentor


If you’re a doer first, another route to market research is to simply get in there and start doing things. Most people don’t have the additional time or money to do this, but if you do, good for you, it’s as valid a method as any. Morgan Franklin, a licensed real estate agent based out of Lexington, Kentucky, says, “I was confident [my idea] was going to work because I had already developed enough business to pay all of my startup expenses before I took my real estate exam.”


However, Morgan did spend some time working for a real estate attorney so he had a bit of know-how before diving in. “If you have no experience, I would strongly urge a new agent to find a mentor to work with for the first year or two,” he suggests. If you haven’t had much exposure to the industry, going the “mentor” route is a good idea.


That said, Morgan did do a fair bit of research himself. When asked how he figured out who his target market was, he responded, “I looked at the volume of sales in my city, from the property valuation administrator, and then looked for the ‘sweet spot.’ That is where the bulk of the volume of transactions was occurring. From there, I aimed for the upper end of that group.”


Cheryl Julcher, the Managing Broker at Yellow Brick Properties, did her market research, but also chose to start in an area she felt passionate about. “Here at Yellow Brick, we are all about healthy, safe, comfortable, and smart homes—eco-conscious and sustainable housing,” she explains.


“We went with our passion, and that is what I would advise anyone to do,” says Cheryl. “Go with the market sector —millennials, empty nesters, etc.—that you care about the most and are most knowledgeable about.”

If you have strong feelings about a particular sector, chances are it’s a good place to at least start doing your market research.


Branding tip #4: Be the go-to expert


Being an expert in your industry is another great way to set yourself apart. For Morgan Franklin, a real estate agent with United Real Estate, the secret ingredients were video and an active social media presence.


“I have branded myself as a local expert and have differentiated myself through the use of social media, and more specifically, video,” says Morgan. “I host a weekly real estate show that is published to YouTube and Facebook. This has been huge.”

 

If you have thought about a career in Real Estate give me a ring.  I would be happy to tell you all about it.

Lexington Kentucky Real Estate

 

 

 

 

 

 










Morgan Franklin

United Real Estate Lexington

morgan@lexhomehub.com

(859) 576-0801


Morgan Franklin Headshot
Author:
Phone: 859-576-0801
Dated: April 5th 2017
Views: 13
About Morgan: Hi, I’m Morgan Franklin and I am a Realtor in Lexington Kentucky. I have lived here for over 25 ...

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