setting up Real Estate Brokerage (PM Office)

3 Replies

As the folks in NY know in order to be a Property Manager in New York you need to have your real estate license (which we have) but now we are looking to take the next step of opening our brokerage.  What are the cost and ramifications of setting this up? Obviously since we have never done this I would love to talk to others about their experience in this good or bad! Go! 

Hi Michael,

I wouldn't necessarily know what the ramifications could be...you'll have to pay for the broker exam (and possibly course) and pay for the broker license itself...all in all nominal fees.  If your salesperson license is held by another brokerage then the positive angle is that you can go out on your own and don't have to share commissions.  There are of course the rules and regulations of getting a broker license, off the top of my head I do not recall but I believe it's 2+ years experience and/or a certain number of transactions under your belt.  

Brandon,

Thanks for the information. I know about the testing costs experience requirements etc not too worried about that. More looking from the operational side getting it off the ground errors and ommisions insurance etc. thanks!

Besides the obvious office rent, phone, internet, website costs, lic fees, your e and o will run about 1000-1300 per year.  Once you join your local mls you will have a ton of resources,  If you plan on hiring agents you will need to upgrade all services including your zip forms for brokers.

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