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Trevor, Other/Just Looking in New York, NY

I'm planning to make a change and become a realtor. I've had this passion for a while, I think now is the time to make the move. Do you?

Asked by Trevor, New York, NY Tue Mar 5, 2013

agree? I have some questions to ask professionals w experience, before I make the move; please. Where would you say the market is currently? Will allow inexperience to grow? How expensive is the start up? When do I know I'm w a great broker/firm?

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Take some time and really think about this! Have a business plan & know your market, on average it takes about 4 million dollars in gross sales to earn a good living as a Realtor®. Do the math and determine how sales you have to have in your area to hit that mark, ask brokers you are interviewing with what % of their agents hit that mark and the # of agents who hit that mark. Don’t listen to any BS about how it takes time to build your business, if you don’t have transactions or very few you will die a slow death. Believe very little of what a broker tells you; their business plan is totally different than yours. Brokers make money by having horses (agents) in the stable (office), their plan is not totally dependent or whether you succeed or fail but if you pay your fees. Expect to work 60+ hours per week and every sat & sun forever. Only 10% of all Realtors do over 4 million dollars in transactions. The only people I advise to become Realtors® are people with the INSIDE track to transactions aka: mom’s a successful Realtor® and handing down her client list, Uncle Joe is a successful builder and is going to give me all his listings, Cousin Mary flips 12 houses per year & wants to work with me. You get the idea! If you don’t have the inside track don’t become a Realtor® odds are greater than 70 % you will fail in your first 2 years.
0 votes Thank Flag Link Wed Mar 6, 2013
My advice to you is to steer clear. Go do something else, no matter how much passion you've had for a while. You can go to school to become a plumber, get Google Adwords Certified, get your mortgage brokers license.

0 votes Thank Flag Link Tue Mar 5, 2013
Answers, one by one.

I don't know you, '82, so I have no idea whether this is the time for YOU to make the move.

The market is active.

I don't know what you mean.

It's expensive, because you have no income while you work building your business. You can probably start out by spending less than $2000 up front, but you really need a plan for building that business.

Even the best firms aren't great for everybody. It is very difficult to find a firm for a lifetime. Some firms have good training programs, but of'times veteran agents chafe at franchise fees and mandatory commission splits.

My advice is to figure out how you can live without income for six months and still have money to invest in your business. Then, start talking to broker / managers about how they can support you in building a business.

All the best,
0 votes Thank Flag Link Tue Mar 5, 2013

A good Realtor does not react to the market; a good Realtor sees where the market is going and is flexible to change with the market. As a result, the good Realtor does not see a down market.

Are you looking to begin in Florida or NY? In NY, it is the cost of your education; licensing is not that expensive. And to become a Realtor and not just a real estate agent, you must join a National Association of Realtors local board. I am not sure of the cost involved in Florida, but a full year (September to September) in NY is in the $500-600 range.

People to not hire companies; they hire individuals. You can be great no matter what company you are with. It is important to seek a broker with high principals and morals so you go in starting with a good reputation. You will also want to make the broker is doing their you on the job.

Feel free to email or call with any questions you may have; I'm always happy to help.
0 votes Thank Flag Link Tue Mar 5, 2013
Hi Gail, I am a Brooklyn NY resident. while watching the areas catch on fire the past 5 yrs, I'm ready to throw my hat in the ring. What are some of the better schools for licensing? Is your firm long island only based?
Flag Wed Mar 6, 2013
I got into this business when the market was tanking a few years ago. I've managed to learn a lot along the way. It does take hard work and determination in the beginning so I would make sure you have a cushion before jumping in. There are a lot of things that can happen during a transaction that you cannot control so you need to be able to accept that. Our market is definitely turning here in CA. Lots of buyers not so many sellers. I would interview several brokerage firms before making a decision and see what kind of training they provide. I went with a small independent firm and got a lot of one-on-one training, well worth it! Start up costs aren't too bad considering you can work from home. Good luck!
0 votes Thank Flag Link Tue Mar 5, 2013
Real estate is a greAt business. But it takes hard work, and time to really get going. It is a struggle in the beginning. It is going to take more than forty hours a week to get going great
0 votes Thank Flag Link Tue Mar 5, 2013
I don't know about Florida, but it's a great time to be a Realtor® in central Texas! I've taken advantage of some of the various programs around - many free webinars - that help get started with FSBO's Its a work in progress but something I wish I'd know to do in the beginning.
0 votes Thank Flag Link Tue Mar 5, 2013
I agree that signing on with a brokerage that is established will benefit you - after all, it is free training and networking that you will receive. Ultimately your work ethic and personality will determine how well you do. It sounds like that you are really into the business and sold on the concept so you are halfway there, good luck!
0 votes Thank Flag Link Tue Mar 5, 2013
My suggestion is to begin with a broker that offers a very good structured training program that includes mentoring. There is a lot to learn.

Talk to a number of of new(er) agents in your area that have achieved success and pick their brain.

Good luck to you,
Jeanne Feenick
0 votes Thank Flag Link Tue Mar 5, 2013
Here is a simple answer to a simple question. If you have the work ethic, and the smarts, you can succeed, but work ethic is actually more important than smarts in my opinion. Good work ethic always equals good results. Working"smart" equals better results.but smarts is not a substitute for sheer effort , just a plus.

Startup costs can vary from next to nothing to the" skys the limit," if you want to cook up a complex/sophisticated 21st century long term marketing plan . However, your low cost options are good , but you may work under a lower commission structure , with a better firm, to keep your startup costs down..
My firm has no out of pocket costs, like many others, but we generally start in rentals, because this is NYC and the rental market is hot. S o this is part of the answer to your question regarding the market.
Outside of NYC I would say that it would depend on which regional market that you are referring to, as some are doing better than others now. If you have any more questions , feel free to ask.
Jerry Trudell
Licensed Real Estate Agent
0 votes Thank Flag Link Tue Mar 5, 2013
Hi Jerry, I appreciate your insight. I'm a Brooklyn NY resident & plan on entering the market here. W the rental sector being so hot & Brooklyn being coming up quickly I believe I can hone in on my craft. Are you one of the larger firms? What school do you recommend looking into for licensing?
Flag Wed Mar 6, 2013
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