A Complex yet Manageable Process
Becoming a licensed real estate agent is a really good way to make a year’s wages in one sale; especially if you’re in New York City, where average homes go for $730k+.
A home just a little under three times that $730k average at $2,000,000 would, with a 5.10% realtor fee, come out to $102,000 in commission for the real estate agent—provided, of course, the fee went to one realtor and wasn’t distributed throughout the agency he or she works with.
That’s a year’s wages in one sale! Still, getting licensed in this historic state is a bit of a process. It’s manageable, but you’ve got some hoops to jump through. Also, there is a little learning that’s involved—you have to pass an exam.
While the exam isn’t terribly complex, you’ll need to “do your homework”. Finish the class, study for the test, and you’ll do fine. There’s a bit more to it, though; so here we’ll briefly go over the primary prerequisites so you can successfully sell real estate in New York.
Age, Applications, and Fees
The three primary things you’ll need involve being of age, paying associated fees to apply, and then filling out an application. You’ll need to be at least eighteen years old, and the application does require a few prerequisites.
Complete the 75-Hour Course
There’s a 75-hour real estate course you’ll need to take. This can be done in a variety of ways, some courses are presented more traditionally than others. Essentially, you’ll want to find the learning environment that suits you in terms of cost and availability. For more information, check out this real estate salesperson course by AypoRealEstate.
Acquire Sponsorship From Licensed NYS Real Estate Broker
Getting sponsorship from a licensed NYS real estate broker can be a bit of a process, but really it’s just a matter of jumping through some “hoops”. Brokers tend to work with multiple agents in an agency, and they don’t often conduct their deals totally solo. Usually, there’s a real estate agency, and when a broker brings on new salespeople, everyone benefits.
What you’ll want to do is clean yourself up, dress well, and probe certain local agencies. Figure out which ones have the best reputation among homeowners, as when an agency has no need to resort to underhanded tactics, they tend to have a better reputation in a given community, and you can rest assured you won’t be taken advantage of.
Keep in mind, not all real estate agencies are created equal. Some are “bottom dollar”, as it were, and that means corners get cut. It’s best not to be sponsored by one of these, as you’ll likely end up working with them in the near future. Take your time, and find a reliable sponsorship option.
Take and Pass the NYS Real Estate Exam
If you’re the right age, you’ve got a sponsor, and you’ve taken the 75-hour course, now you just have to take and pass the NYS real estate exam. By the time you’ve done all the preparatory work, this will be less of a trial than you think.
Attaining Your NYS Real Estate License
This website is the government portal to qualifications for practicing real estate brokers in New York State. Essentially, get sponsored, take the course, be of age, pass the test, apply, and pay associated fees.
If you’re really driven, you can get all the prerequisites done in a matter of weeks, and eventually strike out on your own. Everyone works at their own pace, though, and you don’t want to rush something like this. Do some research, explore your options, and make an educated choice.