New York City has one of the biggest, most expensive real estate markets in the United States. The opportunities are endless, from single family homes in Queens to luxury apartments in Manhattan. If it weren’t exciting enough already, with the news that Amazon HQ2 will be moving to Long Island City, real estate in the city is about to heat up even more.
Are you ready to get in on the action and become a real estate agent in New York City? The process might be easier than you expect. Becoming a real estate agent is a great career change to make. From stay-at-home moms to entrepreneurs, people from all walks of life shift careers in order to get into the real estate industry. It’s a great job for self-starters, independent personalities, people persons, and anyone who wants to unlock their real earning potential.
But how do you get your real license in NYC? The process is pretty straightforward and you might be surprised just how easy and accessible it can be.
75 Hour Real Estate Course in NYC
Every state has its own requirements for earning your real estate license. The 75 hour real estate course in NY is something that all New York real estate agents had to complete before they took the state exam. But compared to other professional qualifications, the real estate license course in NYC is a lot more affordable. Here’s a quick breakdown of what it costs to earn your real estate license in NYC:
The total is only $169 to earn a real estate license. When you complete your courses online, you can keep working and you don’t have to pay for transportation costs (gas or transit) to get to class. You don’t lose out on income you would otherwise have to give up if you were taking full-time classes.
What’s Included in the 75 Hour Real Estate Course in NYC?
Everything you need to successfully become a real estate agent in NYC before your state exam. When you sign up for online courses to earn your real estate license in NYC, you get:
You have up to 12 months to complete the 75 hour real estate course in NYC, or you can complete it in a matter of weeks. Are you eager to start a new job or change careers as soon as possible? There are few career changes that you can make as quickly as becoming a real estate agent.
What Happens After You Finish the 75 Hour Real Estate Course in NYC?
Once you’ve completed your course with RealEstateU, first you take a proctored exam to pass. It’s a great way to prepare for the real estate license exam NY state will require you to pass before you earn your license.
The next step is scheduling the state exam. You can create a free online account on eAccessNY, a Department of State website that will allow you to schedule your state exam online. The NY real estate exam takes place every Tuesday, giving you plenty of opportunities to write it. You may want to book time off work the Monday beforehand for one last study session and to clear your head. You can use our sample real estate exam questions to practice and study before you take the state exam. The exam consists of 75 multiple choice questions and in order to pass you need a score of at least 70%.
Once you pass the state exam, then you apply for your license itself, but first you need a sponsoring broker.
Get Your Real Estate License in NY with a Sponsoring Broker
Your sponsoring broker will play an important role in your career as a real estate agent. Your broker is the person who holds your license as required by law. You get to choose your sponsoring broker and there are plenty of options. Before you make a decision, you should interview with several potential sponsoring brokers.
It’s important to know that you will split your commissions with a broker. The range can be wide, from what seem like great deals like 70/30 in your favor to 50/50. It’s not a split that lasts forever, and as a new real estate agent, it might be worth it to accept a lower split in your favor in exchange for important resources from your broker.
Your broker has a vested interest in your success. When you make money, they do too. A good broker can provide further training as a salesperson or in real estate expertise. They offer mentorship, continuing education, and resources that will help you expand your career. They can also provide office space for a desk free – which may very well be worth it when you first start. One great way to build a client list and generate leads is working open houses for more established agents you can meet at the broker office. Open houses are great opportunities to find leads as an up-and-coming New York City real estate agent, and New Yorkers love them.
Working with a broker is an opportunity to make important connections in the industry, earn new skills that can make you a superior real estate salesperson, and help you develop into a successful, full-time real estate agent. The New York City real estate market can be a competitive place. Developing your skills will pay dividends in your future career. As you sell more houses and prove yourself as a capable agent, you can renegotiate your commission split with your broker into more favorable terms.
Unique Challenges in the New York City Real Estate Market
As one of the biggest cities and wealthiest cities in the world, real estate in NYC faces some unique challenges. Working as a real estate agent means facing (and embracing) the conditions that make the NYC market such a unique place to work.
#1 NYC Is a Global Investment Safe Haven
Real estate is widely considered one of the safer asset classes for investors trying to avoid risk. Some economists believe that the sky-high real estate prices in major metros around the world are due to global investors putting their money into real estate instead of stocks back when markets struggled in the wake of the 2008 Great Recession. As Millennials age and their incomes rise, many are still eschewing the stock market and prefer instead to save for real estate. Real estate is seen as a safer, tangible asset.
New York City is considered a global safe haven, second only to Tokyo in terms of market size. That’s made it a magnet for international real estate investment. That means many landlords and investors may not be keen on selling their investments until prices are right or according to complex global economics. Dealing with real estate investors can be a complicated process for an agent.
#2 Frustrated Home Buyers
Thanks in part to New York City’s attractiveness as a place to invest in real estate, and in part due to the growing number of people moving into the city, your clients may face a lot of disappointment and frustration. In tight real estate markets like New York City, your clients may wind up facing a lot of rejected offers. The longer it takes them to buy a home, the more frustrated and discouraged they may become.
As a real estate agent, how do you manage their expectations and keep your clients from losing heart in a tough real estate market?
When your client makes an offer on a home, it’s because they’ve fallen in love with the place. After weeks or even months of searching, they’ve finally found a place where they can imagine their family. When their offer is rejected, they’re understandably heartbroken. What can you do to help them get past it?
a) Don’t Overanalyze It – Encourage your clients not to overanalyze the seller. Clients can easily obsess over why a seller didn’t respond to their offer. Some even go so far as to dig into the home’s sales history or tax records. In the end, you won’t be able to figure out the seller’s motivations.
b) Encourage Them to Make Their Best Offer – Have your clients been holding back hoping to get some more wiggle room in their finances? When it comes to the house they have their hearts set on, it may make sense for them to lay it all on the table.
c) Move On – This is the hardest part, but as their real estate agent, you have to help disappointed clients move on to the next one. You can help by finding new options and encouraging them to take a look.
#3 Open Houses Are Sunday Entertainment – If you’re trying to become a real estate agent in NYC, you may have heard about this phenomenon already. Open houses in New York City are kind of like Sunday brunch – plenty of New Yorkers with no intention of buying a house will do the tour to imagine what it would be like to live in the space.
Your client wants to see you doing the ground work and getting as many eyes on the home as possible, so they want to see that open house. But there’s a good chance it’s not really helping you sell. What can you do to make the most of open houses? One trick is to schedule them for weeknights. Typically, only serious buyers will make time to do an open house after work. If the weather is bad, your open house just got a lot more serious. Snow and rain also tend to weed out the daydreamers who come by after brunch. The smaller crowds also give buyers a chance to ask more questions and learn about the place.
#4 Dealing with Co-ops
A unique feature of the New York City real estate market is the prevalence of coops. Roughly 75% of Manhattan’s housing supply is co-ops. New Yorkers often buy apartments, which differ significantly from condos. When you buy an apartment, you buy shares in the corporation that owns the co-op, not the property itself (like a condo). There’s also the approval process. Co-op boards set an approval process that your clients will have to navigate to get the apartment, and they often include an interview.
The Benefits of Real Estate Classes in NYC
New York City offers unique challenges to real estate agents, but also plenty of unique benefits. High real estate prices can mean larger commission sizes. You’re constantly meeting new people, both other agents and potential new clients. The networking opportunities are endless. Plus, you get to buy and sell parts of one of the greatest cities in the world.
It all starts when you sign up for real estate classes in NYC with RealEstateU. Real estate license courses in NY can help you turn your daydreams into a new career. When you’re ready to become a real estate agent in New York, contact us to learn more about the process and how online classes can benefit you.
You can get started on earning your real estate license right away. It doesn’t matter why you’re looking for a career change or what you’re doing right now. You can take your future into your own hands. Work independently, increase your earnings, and do something you love. Becoming a real estate agent will transform your work life.