Anyone a NYC real estate agent?

Question

I do solely rentals at a rental company but would be interested in getting into sales (either commercial or residential) in New York City. I do not want to leave my current company (they will allow me to do sales but they have no experience in this matter)

I'm familiar with commercial building sales and could probably do this by myself (i think just by cold calling buyers/sellers) but I'm completely lost if it's viable to go solo on residential sales with no experience.

Darren Sager · Answer

Sort of, yes. Selling agents do email blasts to share listings and post on their company's websites to promote.  Showings can be difficult but they get it done!  Listing agent or their rep will accompany the buyer's agent in many cases.

JOAN DICKIE · Answer

Ahh, so that TV show on Esquire is somewhat real!  I thought that was just commercial that was that way.  Do do residential buyers have to deal with each listing agent?

Darren Sager · Answer

@JOAN DICKIE In NYC they're done a fantastic job of keeping the real estate market as I like to call it, the wild west. They've purposely not organized the MLS so that they can keep exclusivity to the market and keep listings in house to make more.  Its really hard to navigate.  Most deals are done "off market" so to speak.

JOAN DICKIE · Answer

Your hands may be tied as far as residential.  If your broker doesn't have access to the MLS and, if like here, you can't get MLS unless your broker is signed up.  Commercial may be a better bet if it isn't listed commonly on the MLS.

Darren Sager · Answer

Its really a tricky situation since you're locked in with your current company.  I'm happy to ask around however its probably going to be a tough sell.  That's my initial thoughts.

Steve Candor · Answer

Darren,

I've been with them for 7 years. And they give me the freedom and the pay I deserve. I'm not leaving them. That is not an option.

However, i am interested in doing sales and making more money. I have some free time. A lot of my job now is automated.

I just wonder how I can do sales on my own either commercial or residential. I don't mind cobroking or even paying a mentor but I can't leave.

Darren Sager · Answer

@Steve Candor You've got your hands tied by staying put at your local agency.  Your dreams or theirs?  Who are you working towards?

Steve Candor · Answer

I do mostly Downtown Manhattan at a rental company. I'm extremely loyal and will not leave this company. However, they said I am allowed to do sales or commercial but I have to learn it on my own.

I'm not sure if this is possible to do residential sales (without any experience or a mentor).

I think I could do commercial (but maybe I don't see the full picture?). I figure for commercial all it is, is cold calling each building owner and seeing if they are interested in selling. Then connecting that seller with a buyer. I'm familiar with understanding rent rolls, expenses, and creating a sheet that shows income/expenses.

However I'm not sure exactly what to do once I match a buyer with the seller? I don't have experience beyond that point. I can definitely get listings because I work with many owners and I know people who are also looking to buy. I just don't know what else I need to know beyond this because I have no experience.

Darren Sager · Answer

You can only hang your license in one office at a time.  So if you want to do both you'll need to work at an office that does both.  Where in the city is your focus?