If you want to develop a successful career in real estate, consider becoming a real estate agent. Specifically, being a real estate agent in New York can give your profession additional credibility. Since this city is a special city with some magnificent facilities.
What Does a Real Estate Agent Do?
First of all, we must find out what a real estate agent in New York does. Starting a real estate business means providing advice to their clients and being in charge of mediating and managing real estate transactions. Therefore, a real estate agent should do the purchase, sale, and rental of real estate.
In other words, a real estate agent is in charge of helping those who want to sell or buy a house. In addition to managing and inspecting properties, promoting real estate, mediating negotiations, advising interested parties, among other activities, are arising from the specific needs of customers.
How Much Does a Real Estate Agent Make in New York?
Determining the earnings of an agent is complicated because there are several factors involved. For example, the experience and the type of transactions you carry out.
Another element that influences is the time that the person dedicates to this work. Being a realtor has the advantage of managing your schedules. The more hours a week you dedicate to it, the more profits you will achieve.
Another factor to consider if you want to work as a real estate agent in New York is that the earnings are from commissions, and, in most cases, these are shared with the broker.
Still, this profession provides a great opportunity to earn money. You can get rich in real estate with having a lot of effort and flexible hours. Additionally, you can choose to be your boss, which will give you more control over earnings.
How to Become a Real Estate Agent in New York?
You have to know what it takes to become a real estate agent in New York. It might be considered a little difficult, but you can make it happen by fulfilling these steps. Here are 7 steps you need to follow.
1- Take the Pre-Licensure Courses
The better your performance in the courses, the better you will get on the exam. Depending on where you live, you will need to take between 40 and 200 hours of academic training through a local university or educational institution. You may also be able to take the classes online.
2- Consider Becoming a Real Estate Agent
Many people use the terms “real estate agent” and “real estate broker” interchangeably, but they differ. While both are licensed to assist buyers and sellers throughout the real estate transaction process, real estate agents are members of the national association of real estate agents (NAR) and subscribe to its strict code of ethics. The NAR is the largest trade association in the US. In this association, 1.3 million members are sellers, brokers, property managers, appraisers, consultants, and other participants in the residential and commercial real estate industries.
Being able to call yourself a real estate agent can increase your credibility. As a real estate agent, you’ll also have access to a variety of benefits, business tools, real estate market data, research and statistics, educational opportunities, and discount programs geared toward helping you succeed in business.
3- Join a Real Estate Agency
As a real estate agent in New York, you generally work under the supervision of a supervising broker, who has the license of the state to supervise real estate transactions and ensure that you (and other real estate agents) follow the required legal and ethical standards. Generally, you will not earn an hourly wage. Instead, the brokerage will likely pay you a percentage of the commissions it collects from your real estate transactions.
Depending on the agreement you have with your agent, you may have to pay for desk fees, technology fees (for example, for your website), business cards, marketing materials, and other normal costs of doing business.
You will also have other one-time and ongoing expenses, such as renewing your license every year, continuing education, safe-deposit box fees, and multi-listing service memberships. These costs can easily add up to several thousand dollars per year, so it is important to include them in your budget when deciding whether a career in real estate is right for you.
Keep in mind that a career as a real estate agent can be as flexible as you want. You can limit your hours to the morning three days a week or never work on weekends. The trade-off, of course, will greatly limit your ability to be successful.
While you can work part-time as a real estate agent, the most successful professionals treat it like a full-time business, making themselves available to clients throughout the week and weekends. In general, the more time and effort you put into being a real estate agent, the more successful you will be, both in terms of money and job satisfaction.
4- Have a Clean Report
In most states, you will need to provide your fingerprints and submit them to a background check. Therefore, the report should not have convictions for fraud, theft, forgery, extortion, or similar crimes.
Just because you have received a conviction for a crime does not necessarily mean that your real estate license will be denied. However, misleading crimes will generally render you ineligible for a license.
5- Start Building Your Professional Network
Building connections will help you find clients when you start working. The real estate world is about face-to-face business. Hence, you should be comfortable talking to different types of people before you even start working. When meeting new people, mention that you attend real estate school and you can help them in case they intend to sell their house or buy a new one soon.
For more networking opportunities, check your social media to see if there are organizations in your area where young professionals meet.
6- Use the Preparatory Materials to Study for the Exam
Different states have different formats for the test. Therefore, it is important that you determine if it is a multiple-choice test, an essay section and if you have to do it by hand or on the computer. You can obtain a study guide through the agency that administers the exam or conduct an internet search.
You may also be able to enroll in a course of study at your university.
These exams typically cover topics such as real estate principles and practices, real estate law, contracts, deeds, appraisals, and other real estate-related topics.
7- Get in Touch with Your Personal Network
In addition to the clients you can contact through your broker, you can also search for new clients in other sources. Thus, you need to use social media for real estate. It provides you with a lot of opportunities. Besides, you have to build your network of contacts. Therefore, you may be able to get your first sales more easily.
Hence, having a real estate social media strategy is necessary. In order to make it happen, you should get a professional’s help. Realtormate is the first choice. It is an excellent social media solution designed for the real estate industry. Real estate agents in New York can optimize their business with this app.
Here we will introduce five practical real estate services by Realtormate. They are Scheduling Service, DM Service, Post-Service, and Growth. Applying them can move your business forward.
To wrap it up
In this article, we tried to guide you for a better business. Seven steps for becoming a real estate agent in New York were mentioned. Their strong points and tendencies were clarified, as well. Besides, we tried to suggest some apps which could help you in this tough process.