Becoming a broker in NY to transfer to NC?

Question

Michael Gansberg · Answer

Hi @Maria C. - from one New Yorker to another, I'd grab your agent's license now. You'll gain valuable experience while hopefully making some good cash simultaneously.

I got my NY agent's license and broker's license a few days after, as I had the requisite experience from real estate investing. I thought I might do some brokering in the city while continuing to invest upstate. Turns out I haven't succeeded at brokering in NYC, but have had abundant success with it upstate. Your agent's license may open doors you haven't even thought of. Give it a shot.

Adam Schneider · Answer

@Maria C. When you get to NC, you'll need to start from the same position whether you had a license in NYC or not. You'll need to be a PB, take the 90 hours of CE either way before becoming a Broker. To become a BIC, however, you might be able to request that consideration be given for your time in NY as a broker....but I wouldn't bank on that being approved. I'd reach out to the NC REC to ask now. If you wouldn't be given credit for time in NY, you'll need to get 2 years under your belt before branching out as a PM on your own.

Jason Lee · Answer

Unless you're an attorney, in NY you'd be getting a real estate salesperson license starting out, not a broker license... maybe that's what you mean by provisional? You need at least two years of sales person experience (and accrue enough points) or three years of general RE experience to even apply to get the broker's license in NY.  Also, NY has no reciprocity with NC. Even though there's no reciprocity, some states (like NJ) will allow you to waive the educational requirements and you just have to pass the state tests. Not sure about NC. If they do, you'd still need to accrue enough points to qualify to get the NY broker's license. You can find the requirements online but it's a pretty high amount of volume to do in two years, especially if you're just starting out.

Elenis Camargo · Answer

Thanks @Adam Schneider for the input! I’ll give them a call for sure. From what everyone has been telling me, I think I’ll hold off and take the certification in NC right when I’m ready to move. Then work as a realtor for a while until I can open the company. I see you’re in Raleigh. I’d love to learn more about what you focus on. Is it wholesaling in that area?

Elenis Camargo · Answer

@Jason Lee @Michael Gansberg Thank you both for your input and experience!! It definitely helps.

Michael Gansberg · Answer

Hi @Maria C., happy to help. @Jason Lee described my experience pretty well- I didn’t join a brokerage, and honestly, I’m lousy at self-promotion.  Most of my friends have no idea that I have a broker’s license!

I got the license thinking I might do some brokering in NYC, but the best thing would’ve been to join a full-service shop here if brokering were really my goal. However, my heart is with real estate investing- so I ended up brokering where I invest, as I have a huge edge in knowledge over the average broker in the Capital District. Even there, I spend the bulk of my time on investing and only a small amount in the brokerage business.

I think if you can be successful in NYC, you can crush it anywhere. Get paid to pick up your skills here, see if you like it- then go knock it out of the park in NC.

Jason Lee · Answer

There are something like 20-30K brokers in NYC. As you guessed it's pretty stiff competition just from shear numbers. Many are probably part-time and produce little to nothing. Those starting out typically focus on rentals as it's easier to break into and find clients. You can also get income faster that way since a sale could take anywhere from 3-6 months to close, if not longer. Tough to do part-time as you're having to hustle to find clients and show apartments when it's convenient for tenants. If you just focus on sales then that could work part-time, but how will you get your clients? No one is going to give you leads. You need a network of friends, family, etc that are in a position to buy or sell AND will use you (over the other brokers they know in their network of friends, family, etc). Many start out by joining successful and busy teams that need someone junior to hold open houses and do showings, but that's going to be tough for someone wanting to do part-time, let alone someone with a full time job.

Becoming a broker in NY to transfer to NC?

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