The property market in NY is a hotbed of opportunities for aspiring realtors. Besides the dynamic market, the demand for new homes is also high. Most people still harbor the dream of moving to and living in the Empire State.
But before you can start working as a realtor in NYC, there are a few requirements you must check to get your practicing license. The licensing process can be challenging for aspiring real estate salespeople, but worry not.
This guide has all the steps and checkboxes you must tick to become a realtor in NY. Also included are the fees involved at each phase.
The Prerequisites
Now, in NY, you don’t need a GED or high school diploma to work as a realtor. However, most professionals insist on sitting for the high school equivalency exams to boost your chances of employment. You must be over 18 and have a clean record to become a realtor in NY.
Contact the Department of State for a trustworthiness and honesty review if you have arrests on your record. They will evaluate your situation and determine if you are fit to work as a licensed realtor in New York.
The last requirement is completing the 77-hour pre-licensing course, which we will talk more about later.
Choosing Your Fighter
Education is a key aspect in becoming a successful relator in NYC. The pre-licensing program is offered in state-approved real estate schools. One of the biggest challenges you will face is finding a good realty school.
Start by identifying your learning style and daily itinerary. Physical or in-person classes are suitable for students who have enough time during the day to attend the lessons. The one-on-one interaction with other students and tutors will be crucial if you prefer interactive learning.
Online or e-learning is another option for those who don’t have enough free time on their hands. The classes are more flexible, allowing you to learn at your own pace. Most online realty schools in NY offer study guides and video lectures. More expensive packages may include discussion forums and instructor-led sessions provided via video conferencing platforms.
We recommend you visit their website if you want to learn more about their study packages and online learning options.
Let’s Talk About the Course Content
The 77-hour program is crucial on your journey toward becoming a prolific realtor in NY. The course will equip you with the necessary skills to run a successful career as a real estate salesperson. You will learn about real estate fundamentals, which covers legal aspects, finance, property types, and different professionals in the property market.
You will also be introduced to fair housing laws. It is a crucial topic covering everything regarding preventing bias or prejudice based on race, religion, and gender when conducting official business.
Other topics you will learn include agency relationships, contracts and negotiations, marketing and valuation, and drafting contracts and property appraisals.
Coursework Done: Testing Your Knowledge
Most students, especially those taking the self-learning route can complete the coursework within three to four months. What awaits next is the state exam administered by the Department of State. The exams can strike fear in some students, which is normal.
Start your exam preparations early. You can purchase an exam preparation course or look for free revision materials on the internet. The materials will help reinforce your understanding and boost confidence levels before the exam day.
The exam comprises two sections. The first part covers national topics and the second will test your knowledge of New York property market regulations and practices.
Exams Done: Finding a Mentor
You deserve to be proud of yourself for getting to this stage. In NY, new salespeople must be affiliated with a licensed real estate broker. The broker is an experienced professional with at least five years working as a salesperson or sales associate in the property market.
Their role is to mentor you and help you find your feet in this new field. Take your time and look for the best brokerage firms in NY. A reputable firm will set your career off on a high note. You can ask for referrals from your instructor or attend industry events where you will meet professional brokers ready to sponsor new realtors.
Building a Professional Network
Do not be a solo journeyman if you want to go far as a realtor in NYC. Work on building a solid professional network. Start with attending seminars and live webinars. Also, look out for professional realtor bodies and become a member.
Your network will refer you to other clients and help your reputation grow as a leading realtor, which means more money.
Summing Up
Once you have found a broker you can proceed to submitting your license application. Learning doesn’t end after getting your license. Look out for the continuing education courses and start working on them.
