Attorney · New York City / Long Island, NY · Member since 2020 · 597 posts · 248 votes
I am looking to get a job as a commercial broker in the Long Island/New York City market. I am most interested in multi family / apartment houses as an area of specialization, because I'd like to invest in multifamily properties out of state (New York market is disadvantageous with unfavorable price to rent ratios, etc).
I have sales experience in mortgages & a real estate license but no experience yet.
Attorney · Queens, NY · Member since 2017 · 52 posts · 15 votes
6y
Hi Suzanne!
While I am no means a veteran I can give you my perspective from my first year after going in full-time with commercial in the same markets. My best advise would be to have enough capital saved up or a steady income stream available to you during your first year. I know many big commercial shops tell you at the interview that you can't come to work for them unless you have a years worth of income in the bank because commercial deals usually move a lot slower. That said it is still possible to get moving on deals and there is MASSIVE opportunity out there.
I am glad I stuck with it because after my first year, commercial hit me like religion. I will still broker residential and do legal work but all I want to do now is focus on the bigger deals!
If you have any questions or would like to pick my broker's brain for more insight, please feel free to reach out!
Huntington, NY · Member since 2015 · 16 posts · 9 votes
4y
Hi Suzanne,
Adding my response from my own dealings (2 years after your OP but better late than never, right?). Make sure you confirm the zoning district of the property and ensure the buyer's proposed use is a permitted use. I have seen far too many clients come to me under the mistaken belief that their proposed use was permitted in the zoning district.