Typical sponsoring broker arrangements and fees in NY?

Question

Hi BP.  I just finished the required 75 hours of class time to get my NY real estate salesperson's license and wondering if anyone can tell me their typical fees/arrangements in NY with their sponsoring broker and give any recommendations?  I already have experience as a real estate paralegal, title closer and mortgage loan officer so I really just want the license to use for my own investing.  Was surprised to find out that you cannot register to take the NY state test unless you already have a sponsor broker.

I want to be completely upfront to any broker I approach that I'm planning to use the license strictly for my own investment purposes and hopefully can work out a straight fee arrangement.  My real estate background means I'd be very low maintenance for them but not sure what to propose in terms of arrangements and fees?  Any suggestions I'd greatly appreciate.  Thanks!

Diane Manders · Answer

Hi @Samir Goel.  I'm happy with them but you are completely independent so if you know the forms to use to put in an offer, create a listing, etc, then it's great. Had I not worked for a traditional broker first, I'd be lost! So if you have some basic knowledge, I'd definitely recommend but if not, then Id say it's best if you go elsewhere initially where you can get some agent training. Good luck!

Diane Manders · Answer

I'm with Voro NYC

Diane Manders · Answer

I'm with an online broker now just so I can access MLS so I pay monthly fees but keep 100 percent of commission.

Diane Manders · Answer

Happy to help. Good luck with your move!

Samir Goel · Answer

Thanks @Diane Manders - appreciate the great advice.

Pavel Reyes Valdes · Answer

Thanks for your reply. Hope you are doing great with your Real Estate endeavors

Malgorzata Gorniak · Answer

@Scott Wolf thank you for your advice ! I will do that for sure ! I want to work hard for my success in the future !

Scott Wolf · Answer

Most companies have career links on their websites that you can email, or you can call and ask for the hiring manager.

Malgorzata Gorniak · Answer

@Scott Wolf thank you for your advice . My question though is can i randomly call or how to start that proses? Of interviewing ?

Scott Wolf · Answer

@Malgorzata Gorniak Manhattan is a big island.  You should try to become an expert in a certain area first.  Find a firm that you think can offer you the tools to succeed. No one can do the ground work for you.  Interview multiple firms!

Typical sponsoring broker arrangements and fees in NY?

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