Being a Realtor can be a great career. It’s not as easy as most people think, though. It requires lots of hard work and self-promotion. But if you work hard, you can reap vast rewards!
I have been a licensed real estate salesperson in New York State since 1998. I have been fortunate enough and have worked hard enough to have established myself and my career in my Long Island community.
Getting Licensed
If you are thinking of becoming a Realtor in New York State, the process is fairly straightforward. You have to take a 45-hour course licensing course. There are several centers which give this course. One of the centers I like is Real Estate Training Center. You can find them on the web at www.retc.com. As of December 2006, the fee for this class is approximately $190.00 at the Real Estate Training Center. There are other center which give the same class and have varying schedules and fees.
At the end of the class, you will take a test. Don’t worry, it’s not too hard. You will have to do a little studying, but the centers which give the classes are usually quite helpful in letting you know what to study and what to be prepared for.
Assuming that you pass that test, you have to take one more. This is the test given by the New York Department of State. It is usually given on Tuesdays. The center at which you take your licensing class will be able to provide you with all the details. You must schedule an appointment to take the test. Again, don’t worry. If you have paid attention in the licensing class and done some studying, you should be just fine!
Finding a Broker
In order to be truly licensed and ready to do business, you must be sponsored (hired) by a real estate brokerage. Some examples of brokerages local to my area are RE/MAX, Coldwell Banker and Daniel Gale Sotheby’s International Realty.
Finding the right broker is an important step. As a new Realtor, you will probably need a hand to lead you in the right direction. You may want to take a look in the real estate section of the local newspaper and see which agencies seem to do a god business in your area. Scan the ‘houses for sale’ section and see who has a lot of ads. You can also check in the employment section and see who is hiring.
You may want to interview with a few agencies. Ask about their training programs. Also be sure to find out how they help new people get started. Some agencies offer lengthy training programs to teach you how to find leads, market homes, etc. Others may offer to partner you with mentors so that you can learn the business. Either way, make sure you have a clear picture of what is being offered.
Another thing you may want to ask about is how many transaction you will have to share with a seasoned agent to get started. You must understand that a home is often a person’s largest asset. It must be put in the hands of someone who will sell it for the highest price and at the best terms.
Getting Started
Now that you are licensed and have been hired by a broker you are ready to sell some houses! Getting started, however, can sometimes be frustrating. Take advantage of all the leads you can get through your broker. Find out how and if they distribute leads to the new agents.
Make sure that you get to know the seasoned agents in your office. Often, they will be very busy and may not have time to follow up on all the leads they get. Ask around and see if anyone needs help with open houses. This is a great source of buyer leads. Make sure that the other agents know that you are serious about your new career and that you are looking for business. You may actually find that seasoned agents seek you out because they know that you will have to share your first few transactions with someone.
Finding Business
Your brokerage will have certain practices that they may want you to follow in order to get business. This may involve cold or warm calling and/or farming.
Cold/Warm Calling
You must check with your broker and find out what rules you must follow to make these calls. Be sure to abide by all rules and customs of your broker, and be sure to follow the Do Not Call Registry. Failure to follow this registry can result in heavy fines.
Some of the folks you will want to call are For Sale By Owners and Expired Listings. These are people who are either trying to sell their own houses, or have had them previously listed with a Realtor and their listings have expired. Either way, your broker should be able to help you get started in this endeavor. Making these calls may not be for everyone. Just keep in mind that the hardest thing to do is make that first call – as the saying goes, “Just do it.” You will probably find this is a great source of business.
Farming
Farming is the practice of sending mailings to a specific neighborhood over and over. It’s like planting a seed and having it grow over time. You will want to find out what your broker’s policy is on farming and how much money you will be expected to spend. When done consistently, this too can be a great source of business.
Paying Your Expenses
This is another thing you must be prepared for. When you become a Realtor, you will have to lay out some money before you make a dime. You will have to pay to get licensed, for business cards, newspaper and magazine ads, headshots for your ads, For Sale signs and/or name riders, gas, cell phone, etc. Again, make sure that you check with your broker to find out what the policies are. Some brokers will share some of these expenses with you and others will not.
Viewing the Inventory
Most areas have Broker’s Open Houses during the week. This is usually a two or so hour time period when brokers can preview houses. Make sure to take full advantage of this. You will find that many of the houses are a blur at the beginning. Keep with it. This is one of the best ways to become familiar with local inventory and to get good at pricing houses.
Make the Most Of It
With some hard work and dedication, you can have a fabulous career in Real Estate. You make your own hours, so you must have the self discipline to follow through and keep your nose to the grindstone. You also must be able to support your self for the first few months until you have sold a house and it closes. Take advantage of all help that is offered to you. Most important – Go For It! If you’ve made it this far, you’ve probably got a great career ahead of you.
