Hi,I am currently taking a real estate agent course in NY. What should I specialize in as a new agent? Selling homes? Selling condos? or Rentals? I know that most real estate agents sell homes because of the amount of money that they will receive if they sell a home. However, wouldn't I be competing with a lot more experienced agents if I choose to sell homes?Thanks!!
I'd suggest specialzing with communities for folks over 55. Get your own web site...and get a link to all the MLSs. If you're interested in any of these ideas...please write to me again and I've got a few more thoughts. Good luck though!
No matter what you sell, you will be competing against more experienced agents. That is a part of being new to any business. Pick the area that you like most.
My mom tried doing real estate part time with Coldwell Banker. She already had a full time job in a factory night shift and did real estate during most days/weekends. However she was unable to make money because other full time real estate agents got all the sales and she only sold enough to pay her rent for using the ColdWell Banker facility. Also they had weekly meetings that took nearly all day. After 1 year she decided it was too cut throat and stressful to do both jobs. She could not afford to quit working to focus on real estate full time yet she could not become a successful real estate agent without being 100% devoted. Maybe being a student and a real estate agent is better, but still tough I imagine.
First, you are going to have to decide on the part time issue. Selling real estate is extremely hard to do part time because a seller's and/or buyers needs are a full time job. They call at all hours of the day, regardless if it is your day off. The best way to pull this off (and not lose business) is to partner with someone so a person is answering the phone on your days or hours off the clock. Especially in New York where you have attornies involved in the transactions. I know this because I wanted part time 14 years ago and it dragged me into full time within 6 months. Even though I might have been working at home with my kids, I wasn't really there mentally, I was working all the time! Agents, whether listing or selling, normally make the same amount (at least in my area) because if the selling commission is lower in the MLS, less agents will show the listing as they will want to sell the properties with the larger percentage (i.e. 3% vs 2%) Right now in California, agents are after the buyers (it is now a buyers market here) instead of a listing which could sit for 6 months. Ask yourself, would you want a Realtor working for you only part time or full time out there finding the perfect house for you? Unfortunately, real estate is very cut throat and if your buyer calls an agent on their ad or visits an open house without you... your chances are high that the agent will take them from you. Heck, that even happens to full time agents! I don't mean to sound so doom and gloom, I just wish I had known what was really involved with being a realtor before I became one and if I can help someone else, I am happy to. I wish you luck in your new career.
