After Getting Your New York Real Estate License: What’s Next?
You’ve done it! You’ve officially got your real estate license for the state of New York. Congratulations! Now that you have gotten through the countless hours of studying and have successfully passed all of your real estate exams, you’re probably starting to think about what happens now. What comes after the stress of passing your real estate exam? Fortunately, we think that the following steps is the fun part. This article goes over a few simple tips to help you get started with your career so that you start your career on the right foot.
Ready to jumpstart your real estate journey?
What Happens After You Get Your New York Real Estate License?
We know that all those months of studying and preparing can be stressful. Hopefully you’ve had a minute to relax and are starting to plan out your strategy. The next steps after getting your New York real estate license is fun, challenging, and exciting! Now’s the time where you get to build your business by working on your sphere of influence and actually getting the opportunity to sell properties. Read on for some of our helpful tips that we hope will get you started actually making money and have a successful career.
Find A New York Sponsoring Brokerage To Mentor You
Since most states require that all aspiring real estate agents in New York have a sponsoring broker before even getting their license, we thought we should offer some advice on how to find the right one for you. Especially if you’ve never had experience in the real estate industry, we recommend that you lean into your team and find a brokerage that has the knowledge to help you get your start. Having a broker on your side with an already established network can help you tackle your first few transactions with ease.
We do have a few pieces of advice that we can pass on to agents just starting out who are looking for a brokerage to join. Though most agents chose to go into real estate for the freedom of setting their own schedule and choosing their workload, it really is great to have a team supporting you along the way.
One thing that we always recommend when it comes to finding the right sponsoring brokerage is to find a team that already has a great reputation in New York. They should also have a pre-established continuing education program for their agents. The best brokerages invest in their agents because they know that successful real estate agents reflect on the success of the brokerage. Before choosing the first brokerage you hear about, do a little bit of research. Talk to other agents and ask them about their relationship with their sponsoring brokerage. You want to be a part of a team that supports each other.
The last thing we can pass onto New York real estate agents just getting their start looking for the right brokerage is to identify their specialties. Lean into the brokerage that similar goals to you so that they might be best prepared to help you grow. Whether you’re looking to become the go-to residential agent in your region or becoming the top commercial building representative, pair up with a brokerage that has experience in what you want to do.
Don’t Forget To Plan Your Marketing Budget
Though there is a great appeal to working for yourself, it also means that you are in charge of marketing and budgeting on your own. It could be that your sponsoring brokerage can provide you with marketing materials and a strategy to get your started, but ultimately it is your responsibility to network and get your name out there.
New agents constantly hear the advice to never stop marketing. We suggest that you always have business cards and contact information to give out to potential new clients or connections. Show up at local events and make sure everyone you meet knows that you are a real estate agent. The idea is to continually make lasting connections and be the first person that clients call when they have questions. You want to build meaningful relationships with clients and prospects but also with other experts in your industry.
We know that it can often take up to 3-6 months before new agents even start their first transaction and earn the first commission. Your broker might help you at the beginning by offering a retainer, there are other ways you can earn money right away. It is pretty common for first time agents in New York to earn some marketing money by leasing rental properties. Though the commission on rentals is significantly smaller, it requires less experience and a lot less time. The faster turnaround can mean that you could earn a paycheck in as little as 30 days.
Talk to your New York sponsoring brokerage first before you make any big plans. They should be able to set you in the right direction and give you the advice you need on marketing materials that work best in your area.
Joining The Right Organization Will Help You Grow
It seems a little obvious, but we suggest that all New York real estate agents should join both local and national real estate organizations. Joining forces with other people in your field is a great way to connect with other professionals as well as grow your sphere of connections.
The most important group that any new agent in New York should join is the NAR, the National Association of REALTORS®. When you join the NAR, this means that you are held to a higher standard than other real estate agents. The NAR distinguishes themselves and their agents as being educated and ethical and set apart from the rest.
However, there are literally dozens of other groups you can join. Consider local meetups and network specific groups that will connect you with other agents and other people who can help you grow your business. These types of groups can give you more opportunities and boost your reputation.
Network, Network, Network!
It seems like real estate and networking are synonymous these days. The biggest reason you should join professional marketing groups is to widen your sphere of business connections. Start by building a database of everyone you already know. It’s also important to have a strategy in place to build relationships with new people and build in related fields. From real estate attorneys, title companies, mortgage companies, contractors and more - there are so many professionals that can help you grow your business.
A couple easy ways that can help you build your business is to host a lot of open houses, getting to know your team, attending local conferences and trying out new meetups and networking groups. We should mention again that we want to restate that joining groups can be a fantastic way to give you a leg up and build a database organically. Keep your business cards handy always and try to be consistent with your social media postings.
The best advice we can give to any real estate agent in New York who has just passed their exams is to keep your database as organized as possible from the beginning. Each person that you’ve come into contact with could be a potential client. We suggest documenting everything you learn about them. Where did you meet them? What do they do for a living? What are their future plans? Take note of their kids names and anniversaries. Anything you learn about them can help you better connect with them. Taking this information down in advance will set you way apart from other agents and can even help you build your reputation as someone who is organized, thoughtful, and knowledgeable.
Becoming a real estate agent in the state of New York is an exciting and challenging journey that not everyone can handle. Luckily, you’ve done the hard part already - actually passing your exams! Team up with a strong mentor that will help you navigate your career. You’ve got the passion and drive that will give you a successful career, and hopefully we’ve given you some good tips on how to get started on the right foot immediately. When you go all out in the beginning, you’ll be able to maintain consistent business throughout the entirety of your career.