My name is James and located in New York City. I am currently in the process of getting my realtor license.
I am looking to connect with more experienced realtors to figure out what I should expect and what specialties there are within the Realtor/Broker career path.
There are a few questions off the top of head.
What are some specialization of realtors? : I understand that there is commercial and residential, but there has got to be subgroups
What should I expect when first coming into the profession ?
How can I prepare myself? recommended steps 30, 60, 90-180 days of getting my realtor license
What are some effective ways to network with individuals at all levels?
I am also looking for brokerages to work with or even experienced shadow / intern for to gain experience and additional knowledge.
My current credentials:
Bachelors of science in Enterprise regulation For-profit, Non profit (Fancy way to say business law)
Currently Pursuing my MBA in Finance, expected to graduate in May,2025
Appraiser Trainee License in NY
Currently Managing a small portfolio of properties (family).
Thank you all for your time and effort reading and answering my post,
Any guidance advice or outreach is greatly appreciated.
Your current management experience will be helpful as a realtor in NY.
What are some specialization of realtors? : I understand that there is commercial and residential, but there has got to be subgroups
While I don't think you need to niche down immediately, some specializations in residential RE are: - Co-op - Condo (incl. luxury) - SFR (median pricepoint) - SFR Luxury - MFR - Rentals
There are a ton of commercial RE specializations including retail (various types), restaurant, other food/bev., warehouse, storage, and dozens more.
What should I expect when first coming into the profession ?
Expect to spend a considerable amount of your time speaking to people. Expect to work dozens of hours/week with little to no immediate result. Expect most of your early interest from potential clients to come from your sphere of influence. Expect to go 3-6 months without getting paid (unless you do rentals which usually pay faster) Expect to be bombarded with distractions - mainly, people/companies marketing to you so that you choose their system for quick and easy buyer or seller leads. Other distractions include non income-producing activities - aka any distraction pulling you to do something other than speaking with and following up with people.
How can I prepare myself? recommended steps 30, 60, 90-180 days of getting my realtor license
1. Create a list (you can download a csv from your phone) of ALL of your contacts. 2. Call/text/email/DM everyone you know to let them know you're in the RE business. Don't say "i'm trying something new" or "I'm thinking of getting into RE" or anything else that could make people take you less seriously. 3. Find ways to consistently and systematically add more people to your database each week - i.e. cold calling, networking, online marketing 4. Use a CRM to save everyone's contact info, set reminders for yourself to follow-up, create follow-up campaigns, etc. 5. Work on your business as well as in your business. Dedicate time to "2nd quadrant activities" (Stephen R. Covey). 6. Read: The millionaire real estate agent; Hyper Local Hyper Fast Agent
What are some effective ways to network with individuals at all levels?
Find local events via eventbrite, meetup, and here on BP. The best advice on this topic, in my opinion, comes from 2 books: How to win friends and influence people Never eat alone
I am also looking for brokerages to work with or even experienced shadow / intern for to gain experience and additional knowledge.
Basically any brokerage will want to have you on. For brokers, it is a numbers game and most of them want to consistently bring on new agents. You may have to meet with multiple brokers to decide which is the best fit for you.
Real Estate Agent · Columbus, OH & Cleveland OH · Member since 2021 · 1k+ posts · 2k+ votes
1y
@James Wang There are a lot of different kinds of asset classes. I would do some research and find one that is of interest to you and go all in on it. I would interview a lot of brokerages and find one that works. Keep in mind the brokerage that just offers low desk fees and a nice office doesn't have a direct correlation to the training you will receive and value you will get for the cap you are paying.
A few additional thoughts about being a new agent --- Being a real estate agent is unique because it's solely commission-based. So it really comes down to who is willing to get out of their comfort zone and come into the office every day and hit the phones to find deals. Just keep in mind your credentials will not impact your success, unlike other jobs. Sales is very different than corporate jobs you only get paid if the deal closes.
