How do you start a career in NYC Real Estate?

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Answered by: Geoffrey, An Expert in the Start Up Category
Many people consider Real Estate to be a very interesting career or perhaps as a part time job to supplement their income. So how do you start a career in NYC real estate? It is important for anyone who would like to start a career in NYC real estate to understand that it takes a bit of time and a lot of work to build a real estate business.

When you start out, fresh out of school, you may find you know almost nobody who is either looking for a house or apartment, nor anyone renting or selling an apartment/house. There are certainly many ways to get your name out there to people looking to buy/sell/rent, some of these ways require payment, others are at no cost. One excellent way to get customers and clients is to post on the local Craigslist community. Although some categories require payment, such as the NYC Craigslist category of "Apartments by Broker" you are welcome to post into the category of "Apartments Wanted" for free.

Sometimes landlords will contact you as they have apartments for which they are seeking tenants, but they have not had luck or perhaps do not have interest in posting their own contact information and pictures of the unit. This is where you can come to use as a NY Licensed Real Estate Salesperson. You bring your skill set, your marketing, and your digital camera and take over the task of finding a tenant for the apartment.

Thousands of apartments are rented every month in New York City, you need only rent a few yourself to get a very substantial income. The most important relationship you will have is your relationship with the landlords. Tenants come and go, you win some you lose some, but landlords tend to own the buildings for many years, even decades. Once you have established a good relationship with a landlord, you can get privileges such as Building/Apartment keys, advance knowledge of upcoming vacancies, and even Exclusive Listing, meaning that all rentals must go through you.

Often a landlord will even pay a broker's fee, so that you can list the apartment as a "No-Fee Rental" which always brings in higher traffic from people looking to save money. Of course the landlord will often factor in the cost of the Broker's fee into the rent of the unit, so that even though the person may save a thousand dollars or more in the beginning of the lease, they will pay many thousands more over the years in higher rent, and most people who sign leases in NYC tend to occupy the apartment for at least 5 years due to the hassle and expense of moving. This makes a good selling point for you when trying to obtain a broker's fee from a customer. Everybody wants to save money, so capitalize on this simple notion.

Money is a key concern in the real estate business. Once again, nobody likes to spend more than they absolutely have to, and nobody wants to pay a fee if they can avoid it. It is important to get your customers to sign a simple agreement with you, an agreement which binds them to work with you exclusively for any apartments you should show them. Be sure that if given a chance to dodge a fee and get the apartment they want, customers will go behind your back to sign a lease.

It is not so much betrayal or disrespect, it is simply a desire to save money, coupled with short sightedness. They are not concerned about their relationship with you, because they probably don't plan on moving again any time in the near future, and they can easily find another real estate agent, should they choose to do so. You must get a binding contract signed, then they do not even have the opportunity to try to cheat you. It is also important to consider your relationship with the landlord. He/she will always insure that you are included at the the lease signing and that you receive your required fee.

In all of business, the hardest part is getting paid.

You must remember that when you start a career in NYC Real Estate that it will most likely be a long time before you see your first commission check, by which time you will have spent hundreds of hours online, in the office, or climbing stairs and paying for taxis to get to appointments with customers. A prepared Salesperson will have savings to cover living expenses for up to six months while building his/her business and contacts, or will need to maintain a part or full time job outside of real estate in order to pay the bills while the business builds. Even your workplace can be a source of customers, for everyone needs to move at some point, and everybody can use a bit of help in finding a nice place to live. You can meet customers in any place and under any circumstances, such as social clubs, golf courses, networking meetings, even the local watering hole can be the place you make initial contact with your next customer.

Remember that anyone in NYC is curious about other apartments, and would certainly consider moving from their current location if they could find something they like better at a "reasonable" rent. You can be the means by which they change their entire lives, as nothing is more important to many people than their home.

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