You’ve done it! Now that you passed the real estate license in NYC – what do you think you should do next?
As a newbie, you’re probably unsure what steps to take after passing the exams. It’s normal to feel this way, as you are still adjusting to the industry. Getting real estate license in NY is one step closer to your dream career in real estate.
But there could be only one way to move forward: to be known in the market and start your career on the right foot. Lucky for you, cause we got you covered as we give you simple tips to help you get started with your career in real estate.
Ready to move to another level in your career in real estate? Let’s get started.
What Happens After Getting a Real Estate License in NYC?
For sure, you feel stressed and anxious after months of reviewing and studying to prepare for the licensure exams. You finally have time to relax and plan your next strategy once you pass the exam.
Now is the best time to build your business and work on your circle of influences to get the opportunity of selling properties. The next steps to take are challenging, fun, and exciting. Now, for some helpful tips, here’s what you need to know.
Find a Sponsoring Brokerage in New York City to Guide You
Yes, you probably own the business, and your failures and successes rest primarily on your shoulders. But you can never do it alone, especially if you are just starting. Most states in the US require all those who aspire to become real estate agents to have a sponsoring brokerage before getting a license, and you need to take advice to help you find the right one.
You need to team up with an experienced broker knowledgeable enough to guide you and become successful. It only means that you should not choose a real estate brokerage to join.
The ideal sponsoring brokerage is:
Though it could be tempting, you don’t just get hung up on broker/agent splits. But always remember that there are generous splits that may become a disaster. Remember that a brokerage that invests many resources in its agents will likely require a commission.
But if you gain more opportunities and clients because your sponsoring broker invests in you, then it’s worth it.
But don’t always think of the commission, as some agencies only require less of the commissions you have. They could even give a few perks in return.
Furthermore, you should also consider the specialty of a broker. Are they focusing more on buying or selling? Are they dealing with residential or commercial? Leasing or sales? If you want to operate exclusively, it makes sense to associate yourself with an agency specializing in your goals.
Come Up with a Marketing Budget Plan
You should never forget to plan your budget. And though there’s a great appeal to working for yourself, it also means that you will be in charge of budgeting and marketing.
It could also be that the sponsoring brokerage will provide marketing materials and a plan to get you started. Still, eventually, it will be your responsibility to build a network and become known in the industry.
Yes, you will be advised never to stop marketing. But it’s suggested that you always have your business cards and updated contact information. These should be given out to potential clients and new connections. Perhaps you could attend local events and guarantee that everyone you meet knows you are a real estate agent.
Ideally, it takes about three to six months before new agents can start their first-ever transaction and earn commissions. Brokers will assist you at the beginning as they will offer you a retainer to get other ways to earn money immediately. That way, you can develop an effective budget plan and set you in the right direction to manage your marketing materials that will work best in the area.
Be a Part of the Right Organizations
To grow, consider becoming a part of prestigious associations and organizations – both local and national. It will not just grant you more opportunities to become connected to other real estate professionals, but it will also improve your reputation.
If you join forces with other professionals in your field, it will be a great opportunity to grow your connections. The best group to be affiliated with is the NAR or National Association of Realtors. When you join this group, you are held to a higher standard. The NAR differentiates themselves and the agents as ethical and educated.
But there are still other groups which you can join. You only have to consider having local meetups and network-specific groups to connect you with all other agents.
Develop a Mindset of an Owner
Never treat this business or career like a hobby. Real estate is a business, and you have to own it. Treat it as such, and don’t experiment in and out of work without being so careful. The more effort, time, and resources you invest in the real estate business, the more you will get a return.
Becoming a real estate agent in NYC has always been fun and exciting. Though there may be tough times, it’s still a worthwhile journey everyone can handle. Simply getting a real estate license in NYC shows that you’ve done your part already, as the exams can be challenging.
But you’ve got your passion already, and there’s a long way to go to become an expert in the field. Hope these tips will help you maintain a consistent business throughout your career.