I PASSED THE EXAM.... NOW WHAT?

Question

Hello, my name is Valette Adams .  I've just passed the New York State Real Estate Exam and would appreciate any feedback regarding getting started in this new venture.  I am employed full time , anticipating retirement in approx. 5-7 years and decided to see what I can do in this field.  My desire down the road is to delve into investment property/land , but first things first...

I am in the Nassau County area, but limited to the suburbs. I am close enough to Queens and familiar with the areas.

I am curious as to how to find the right Broker , and the right questions to ask.

I desire sales training as well as mentorship in investing in property as well.

Also , what are the pros and cons of being affiliated with Real Estate Associations, and do I have a choice in the matter?

As a beginner, how do I start keeping proper records for 2017 income tax purposes?

Sorry for the long post, I desire to get off to a good start and notice the valuable information found in this * space * .

These forums are a wonderful help and has a wealth of information. I truly appreciate all of you who take the time to guide others .  Thank you !

Ivy Wang · Answer

Hi @Valette Adams! Congrats on passing the exam, the easy part is over. Do you plan on doing real estate part-time since you are already employed full-time? You should know that doing it part-time will not lead to success, as with any kind of career.

I'm with Century 21 and that was by default as I work with family. Otherwise, like @Jonathan Rodriguez, I also wonder about Keller Williams. They have high fees, but I've heard their training is incomparable and makes it worth it. Do some research and find the top firms in your area. During the interview, ask them about any training/mentorship programs they offer. If they don't offer any, you will have to network and find a seasoned agent who would be willing to mentor you and/or let you shadow them. Ask about fees (desk fees and misc. fees), as well as starting broker split. It's important you like the broker and overall vibe of the firm and company atmosphere. Ultimately, if you have any questions about anything in your transactions, your broker should be the one you go to for questions and guidance, so dependability is a big trait to look for.

You do not have to be a member in any association, but it will make things a lot easier. You will have access to your local MLS and access to a Supra lockbox and key. Otherwise, you wouldn't be able to unlock any properties on a Supra lockbox, and you would have to depend on Zillow/Redfin for the newest listings (they are always behind).

The most important thing you have to keep a record of will be gas/mileage (one or the either). If you choose to go with mileage, I recommend MileIQ — it's the only tracker that CPAs will accept. Also keep track of business expenses (office supplies, client dinners, clothing, etc).

Patti Rosepiler · Answer

Valette, there is so much to tell it would take me forever, but I guess I will stick to the basics. I interviewed 3 brokerages and picked the one that fit my personality. (I wanted to love my job) I never wanted to start with a firm, then switch, etc because you have to change everything (website, emails,marketing items). So I took which company I picked super serious. I still LOVE Coldwell Banker.

Everyone will tell you a million ways to get business. I was cheap and wanted to just do the easy, free ways at first so I would suggest sit at Open Houses for other busy agents. If they are very busy, they will practically beg you to do them. It will bring you "right now" buyers (and sellers)  lot of the time. And you learn a lot and meet tons of people. Key is to sit at the ones where inventory is moving. Don't be fooled sitting at the ones that no one comes to. I sat at a couple popular area homes and got busy quick!

I really thought that I would be slow at first, so I was going to get all the free training classes I could, but  I got so busy I never got time to really get through most of them. Keep in mind that I started being new here. No family, no friends and everyone told me I would not make it. You can do this!!  I truly believe that the reason I do well is because I treat people the way I would want to be treated.

Jonathan Rodriguez · Answer

Congrats on passing your Real Estate Exam! I'm a real estate salesperson currently at Armonia Brokerage. I work with Family but I always wondered how working for Keller Williams would be. I believe they have some useful tools to help out. Century 21, RE/MAX, and EXIT Realty are also well known brokerages. At our office we have access to MLS and I have to pay for MLS since the brokerage is under MLS as well. I'm pretty sure you would have to do pay for MLS with one of the above brokerages as well but Id reach out to them.

I also have my Mortgage Loan Originators license so in the future I can help you with financing as well. Good luck! Hope some of this info helps.

Valette Adams · Answer

Thank you all for your insight

I PASSED THE EXAM.... NOW WHAT?

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