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I am 16, nearly 17 years old and passionate about property. I have attended a one day 'Property investment summit' event by 'Assets For Life' about raising joint venture for property investing. Iam now considering doing property sourcing and deal packaging, selling deals on to individuals and investors as I don't have the money to invest in property now (although I've heard this isn't a good place to begin) but ultimately I want to do my own refurbs, developments, HMO conversions, etc.
I would love to hear the advice from the Property Tribes members on what you think would be the best route for me into property at this stage.
How would you start off your property career off at 17 years old?
Register with The Property Ombusment and get an Indemity Insurance, then you are good to go. Not sure whether there is a requirement for age.
Thanks for the advice, appreciate it.
As a 17 year old, focus on learning your trade.
Get a couple of qualifications as either an estate or letting agent - google "NFOPP" their qualifications are cheap and quick to obtain and you would be properly qualified to work in Agency.
Also perhaps Landlord Accreditation from the NLA (National Landlords Association). Appreciate you won't be a landlord for a little while, but knowledge of the law is a massive plus, will only take a couple of days and stand you in good stead.
Sourcers are basically estate agents, they just charge the investor rather than the seller.
The sourcing world is pretty murky, I'd suggest become a proper Estate Agent instead.
Do a year or two as a junior negotiator for an established agency to gain experience.
Build up local knowledge of the patch you want to operate in to the level that if someone paints their front door a different colour in one of the streets in your patch - you notice it - shoe leather shoe leather shoe leather - get out the car and walk your streets.
Then learn how to market yourself to gain instructions from vendors and landlords and also research basic requirements of how to run a company, bookkeeping etc.
Save up 20k or so to cashflow your first year in business ready for when you set up your own firm.
Start all this now and you'll have your own agency by the time your 20 !!
Oh and never ever attend an event with the word "summit" in the title.
It's a guru based industry and these people will fleece you out of money and sell you a get rich quick dream - listen to me on this and I'll save you 5/10 years of pain.
There's no 'Get Rich Quick'
But it is possible to 'Get Rich through Strategically Planned Hard Work' it's just not as catchy !
Also I agree with you that there is no 'get rich quick' if you want a thriving, ethical, long-term business. The only reason I would attend events like this is to gain insight into different strategies and maybe take some golden nuggets here and there as well as make connections with people.
Strategically planned hard work is the way to go.
Thank you very much for your advice John. I will take those points into consideration for sure, especially as one of my main aims is to work for myself as soon as possible.
Your points have further opened up my eyes and got me thinking.
However the main flaw I can think of with setting up my own agency is that huge, online companies like purple bricks and doorsteps seem to be taking over traditional agents and the industry market share. It seems like bricks and mortar agencies are declining so it may not be the best investment to set up my own agency (and in a further 3 years time)?
True, traditional agencies are on the decline, but still a much better option than being a 'Sourcer'.
Perhaps check out Keller Williams as it's a hybrid model where you effectively get your own agency under their banner, I'm looking into them currently.
But the main thing especially as you want to work for yourself- learn how to sell. Whichever line of work you go into, without a constant source of prospective new customers, your business will die.
I agree with you. Starting an agency can be a very profitable venture anyhow so it's definitely a route I could take, especially if the online part of the business is focused on.
Thanks for referencing me to Keller Williams, I just had a look at that model.
I appreciate the advice on learning how to sell. I book I have read recently on sales like Sell or be sold by Grant Cardone which emphasises how you sell in every area of your life, not just business. A great book I recommend to everyone. I will be reading more sales books soon.
Good stuff, the fact you're reading Grant Cardone tells me you're thinking along the right lines.
Practical experience in selling is your next step, reading books is great but theory needs to become practice.
Perhaps take just for one month a sh*t job in an outbound sales contact centre, Utilities or something, if nothing else it will build up your resilience to rejection.
Then once you've got that under your belt move into an industry where you see yourself having a long term business such as property.
Thanks for the advice John. I do need to start properly practising sales as soon as possible in the real world. I have been gaining work experience at some different places recently like car sales businesses recently for a start.