How To Become A Real Estate Agent In Ny
To be eligible to get your real estate license in New York, you need to be at least 18 years old and free of criminal convictions. Lets take a look at the five easy steps youll need to follow to become a real estate agent in New York.Now that you understand the eligibility requirements, lets walk through each step so you can learn how to become a real estate agent in New York.
Mortgage Broker Or Mortgage Loan Originator
Mortgage loan originators work with loan processors and underwriters to create a home loan.
A mortgage loan originator typically works for a bank or mortgage lender and guides mortgage borrowers through the application process.
A mortgage originator helps people find the right type of loan and the best mortgage terms for their individual needs.
How Much Do Real Estate Agents Make
Not to mention the rather enticing fact that real estate can be a lucrative field. According to the Bureau of Labor Statistics, real estate agents make an average of $51,000 per yearand the top 10% tier of agents can earn more than three times that amount.
We can make as much money as doctors and lawyers, and they spend tens of thousands of dollars on their degrees, says Rae Wayne, a Realtor® with the Bizzy Blondes team in Los Angeles.
Still, thats not to say the process is easy. Heres a general overview of how you get there.
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The Bottom Line: Should I Become A Real Estate Agent
If you are comfortable with these realitiesand you enjoy hard work, are a self-starter, and like the idea of making your own schedulea career in real estate might be right for you. If you sell enough properties, you can earn a very comfortable living.
A career as a real estate agent or broker can be both challenging and financially rewarding. But keep in mind that there are many different unique opportunities for anyone who wants to work in the industry. You could be an agent or appraiser, or a professional or investor. You might decide to work strictly with residential properties or perhaps you’re more interested in commercial buildings. Whatever you choose, be sure you meet the job requirements and are prepared for hard work.
Start A Career In Real Estate By Building Your Network Now
If you dont have a network, you have to hustle to build it up. This is a no-salary business and dont expect your phone to ring because you hold a license. Welcome to the get out of bed and figure out how to make money business. This business is based on who you know, so know a lot of people. If you dont know a lot of people, go meet a lot of people. Dont chase commissions, chase leads and clients!
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Incorporate Technology Into Your Business
If you want to learn how to sell with technology, its probably a good idea to incorporate technology into your real estate business. You can leverage the power of the internet and build your website to promote yourself and your services.
At the same time, you can also place ads on popular websites and social media networks where you can interact with potential customers. If they like what they see, they will contact you to learn more about your services.
You Are A Lead Generator
Every new agent should think of themselves as a lead generator. That has to be your number one focus.
Most new agents dont have a network of buyers and sellers to tap into once they get licensed. So, how do you generate buyer and seller leads? My recommendation dont. Start with leasing. There are a lot more tenants than buyers and sellers and they are much easier to secure as clients. They also move every 12 months, will work with new agents, and renting is recession proof. Some tenants will also become future buyers and others will refer you more business, but all are now part of your precious network. Im not discouraging sales as a new agent, but I know how hard it is to build your business on sales when you are new or newer.
There are some additional great ways new agents can generate leads.
FREE Guide: Learn how to earn more with our 2018 Real Estate Agent Income Guide.
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In These 33 Listing Strategies Youll Learn:
- Innovative tactics to stand out from the competition
- A wide variety of strategies from cutting-edge social media to tried-and-true classics
- Simple strategies that require barely any time and no budget whatsoever!
- The detailed approach that catapulted one agent from zero transactions to 120 in just 12 months!
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- How to stop reinventing the wheel and instead follow the lead of those who have come before you
but theyre all powerful when used correctly
Once you download the bundle, schedule your free consultation quickly so one of our expert business consultants can help you identify whats holding you back from achieving the financial success you deserve.
You Dont Need A College Degree But You Will Need Real Estate License
To become a real estate agent, the first step is often to obtain a license. A real estate license gives agents and brokers the legal ability to represent clients in the process of buying or selling properties. Every state in the U.S. has its own real estate commission for licensing, and each comes with unique requirements.
The overarching rule is that real estate agents must get a license in the state they reside in, or the state they wish to practice in. Unfortunately, you cant be an agent in another state unless you obtain a license in that specific region. However, more recently, some U.S. states have become more lenient in their processes and removed these restrictions. For instance, if you live and practice in New York, Connecticut, or Pennsylvania, your license is valid across all three states.
When applying for your license, research the market to understand what opportunities you want should you secure it. Here are some basic steps youll have to navigate in most states:
Successfully getting your real estate license can take anywhere between four to six months. The more time, effort, and hard work you put into the process, the easier it will be. You will likely have to take out time away from your current job to study and prepare for the exam.
Pro tip: If you know that you want to quit your current job and focus solely on getting your license, start saving now. This will help you manage your living expenses in the interim.
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Seek Out Relevant Technical Training
If you want to get the most out of a part-time real estate career, your training has to extend beyond the initial coursework you take as a part of the real estate licensing process. Being the best agent you can be is an ongoing process one that can be aided and enhanced by resources like continuing education programs.
The National Association of Realtors offers a wide variety of educational resources and certifications that part-time real estate agents can pursue as a part of their professional development.
Put A Business Plan Together
You need to have a firm grasp on where you want to go with your part-time real estate career and what to expect as it progresses. That includes understanding elements like your current financial circumstances, your projected income, your sales and marketing strategies, and the legal strictures you’ll be operating within.
The best way to get there is by creating a business plan a formal document that offers actionable insight and a concrete vision for your part-time real estate hustle.
This step’s value is twofold. For one, it gives you a clearer picture of what you want out of your real estate career, and secondly, it gives you a concrete reference point for your potential clientele to look over.
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Benefits Of Becoming An Agent
There are many benefits to becoming a real estate agent. First, it offers flexibility. You can set your own hours and decide when and where to work. Second, it offers great earning potential. Agents typically earn a commission on each sale they make. Finally, it gives you the opportunity to meet new people and learn more about your local market.
Consider What It Means To Be A Real Estate Agent
Before you embark on a career as a real estate agent, you need to consider whether it will be the best career choice for you. Real estate requires you to adapt to flexible work hours, have top-notch organizational and communication skills, and be interested in the housing markets statistics and trends.
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What You Need To Be A Real Estate Agent
If you are reading this article, then youve already decided to become a real estate agent. But while there are no major barriers to becoming a realtor, there are some things that you need before you can qualify as one.
Here are some of the things youll need:
Get a license
To start working as a real estate agent, you need to have a license. The problem is that it can be quite hard to get one, especially if you want to work in the US, where only 12 states allow people without an actual degree to become agents.
This means one thing if you want to become a real estate agent, study! It might not be compulsory, but its a sure way of getting your license and the confidence you need to start working as a real estate agent.
Join the National Association of Realtors
Joining this association is one of the best decisions you can make as a real estate agent. It has all the information you need to know, whether youre looking forward to increasing your knowledge or increasing your clientele.
Most successful agents usually join associations like these because they always have more opportunities than they can take advantage of even if you are not a member, you can always approach them for anything.
Choose a brokerage
Once you have your license, youll need to find a brokerage. Keep in mind that this is where most real estate agents get their leads from. The good news is that there are a number of these in every state, so this shouldnt be hard.
Get relevant training
Find a mentor
Enhance Your Knowledge Of The Market
Its not enough that you know how to sell. You also need to have market knowledge which enables you to convince people that they need your services.
Developing this skill will help you in the long run, but it will take time before you can master it. But if youre willing to put in the effort, I am sure you will master it in no time.
To enhance your market knowledge, you need to stay updated with the latest trends. Also, you need to understand how your clients are thinking. This way, youll be able to sell even to someone who doesnt seem interested at first.
At the same time, you can enhance your knowledge of the market through seminars where you meet with other real estate agents to discuss the emerging trends within your area of operation.
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Develop A Marketing Plan
You can allocate money to marketing expenses more intelligently when you have an idea of the results each type of marketing is likely to bring in. You can only make informed decisions about where to spend your by doing these calculations.
Don’t overlook the comparatively inexpensive power of a really great website. Create the best one you can for yourself, even if your brokerage already offers one. You might need brokerage approval, but you’ll probably get it if yours is a quality site.
Things To Do In Your First Month As A Real Estate Agent
Are you a newly licensed real estate agent? If youre fresh out of real estate school, you are probably thrilled that you passed the test and found a great broker. but have no idea what to do next! Real estate schools do not prepare you for what it takes to become a successful REALTOR, so your first month as a real estate agent is often overwhelming. Below you will find tips to help you put a plan in place, so you have all the tools, knowledge and confidence needed to get launch a successful new career in real estate!
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Ask Brian: Is A Real Estate Agent A Good Career Choice In 2022 And 2023
Ask Brian is a weekly column by Real Estate Expert Brian Kline. If you have questions on real estate investing, DIY, home buying/selling, or other housing inquiries please email your questions to .
Question from Aurora in GA: Hi Brian, Im a 23-year-old college graduate with a degree in business. Im not sure what I want for a career, but I know that I dont want to be a cog in a corporate machine. I thought that I might want to start my own retail sales business, but I dont have the capital to get started. That got me thinking that I should look for a low-cost way to work for myself and that brought me to think about becoming a real estate agent. But then I had some doubts because Im hearing that the real estate market might go soft in 2022 or 2023. What do you think? Is now a good time to become a real estate agent?
Answer: Hi Aurora. Im pro real estate for the remainder of 2022 and into 2023. However, some economists are predicting that the market will experience a downturn in 2022. But the majority believe that it will remain stable. If youre thinking about real estate as a career, you should be thinking beyond just the next two years. Real estate has literally been around forever and will still be here when we are gone. Therefore, the career choice of becoming a real estate agent is a good one in 2022 or any other year.
- Qualifications:
- 18 years of age or older.
- High school graduate or equivalent.
You Need To Be Financially Prepared To Take The Plunge
Sometimes, real estate is portrayed as a get rich quick scheme, but that couldnt be further from the truth. You can absolutely make a good living being a real estate professional. The average salary for a full-time agent in 2020 was $129,996. However, you wont be earning this salary overnight.
Getting licensed requires upfront monetary and time investments similar to paying for a college education before getting a job. From training and taking the exam to broker fees and , new agents could face some hefty bills . While some real estate companies will cover licensing fees, you may have to pay them back in the form of lower commission splits and checks.
So, evaluate your financial situation before you make any big moves. For example, if youre living paycheck to paycheck, try your hand at real estate on a part-time basis. You can also begin saving more strategically by setting aside a fixed portion of your income over six months to a year before actually making the move. As a general rule, keep a six-month nest egg saved up before taking the plunge.
Pro tip: Remember that, as a real estate agent, your income wont come at regular intervals. What you earn will be directly proportional to the sales you make. In general, learning how to budget, save, and invest is critical as you begin your career in this industry.
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Start Your Marketing Efforts
Attracting clients requires more than just giving out business cards. Technology has created several innovative marketing tools and if you arent integrating them in your campaigns, you may be missing out. Here are some you can take advantage of:
Social Media Platforms: Social media platforms can be as important or more important than a web site when it comes to getting leads. Make sure you are visible on the platforms that connect you to your target audience.
Video Marketing:Video marketing is the most powerful tool in digital marketing today. It is terrific for learning and engagement. Its audio and visual elements tell the entire story.
3D Virtual Tours: Nowadays, clients want to see homes virtually to gauge interest before seeing the property in person. Offering virtual tours will help you keep up with the competition.
Lead Generation Tools: Lead generation tools help realtors find qualified leads and nurture them to boost conversions.
Real Estate Apps:Real estate apps can be downloaded on mobile devices to help agents improve their productivity and efficiency.
Leverage The Reputation Of Your Brokerage Firm
Keep in mind that youre not the only one working for your firm. Your company might have many real estate agents looking for leads, and you just need to know how to find them.
Think about it in this way the more clients your brokerage firm has, the more leads there will be available for everyone within your company. If you team up with other agents within your firm, youll be able to find more leads.
Also, your brokerage firm is probably established already, which means it has a reputation. As a new real estate agent looking to achieve great things in the industry, you should take advantage of this great reputation to get more clients hence more money.
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