Becoming a real estate agent in NYC is as easy as taking the required classes and passing the state exam. But, a lot of what you learn in classes won’t apply to the real world of real estate, particularly in New York City.
What makes a NYC agent better than another is their experience in the market and their knowledge of the product. The more deals an agent does, the more he or she learns about the market, the sales processes and its ups and downs. But even before your first deal, there are a variety of things an agent can do to learn the business. And, once your first one comes across, what you’ll learn will begin to compound. In no time, you will build confidence and business will come your way.
Once you get started in NYC real estate, there will be some down time, so use that to your advantage. Here are six things a startup agent needs to do to get in the game.
1. See as many apartments as possible
Strong product knowledge makes agents successful. You can learn the product, even if you haven’t done one transaction. Seeing apartments, whether you have a customer or not, is the best way to get familiar with inventory and buildings, but also design trends and popular fixtures and finishes. By seeing apartments, you will learn why one building’s price per square foot is nearly double a neighboring building. You will see a variety of floor plans and start to get an understanding of which are more desirable than others.
Other tips: Walk the streets to learn the best corners and blocks. This knowledge compounds to make a market-ready agent. Find other agents and go as a group to broker open houses. There is nothing more revealing than walking out of an apartment with a group of agents and brokers and hearing their chatter. The listing may seem underpriced to you, but hearing it from your peers in the elevator will solidify that you were on the right track.
2. Study listings and neighborhoods on StreetEasy
There is an abundance of data, both present and historical, on StreetEasy. After seeing a few buildings in one part of town, going online will allow you to marry what you see in person with the relevant data. Good agents and brokers study pricing trends and listings daily. But if you are just starting out, it’s a good way to come up to speed on pricing and inventory without leaving the office. You should start to learn which neighborhoods and buildings garner a higher price per square foot and which parts of town are on the upswing. This knowledge compounds as you get out and see listings in person. Another good place to visit often and read about the NYC market is StreetEasy’s Trends & Data section.
3. Tour new construction sales centers
New construction is an integral part of NYC real estate — it seems like a new building launches every week. But, without a buyer in tow, it’s never easy to get an appointment to tour the sales center at a newly launched construction project. But for every new project, there are a dozen others farther along in the process. Those sales centers would appreciate your willingness to learn about the project. Make appointments and see as many as possible. Sometimes the best deals are the last apartments to sell in a new project. Good brokering is being able to marry a good deal in new construction with someone you meet at a cocktail party.
4. Review a condo and co-op board package
One of the most important parts of a NYC broker’s job is to compile and deliver a perfect condo or co-op board application package. This is perhaps the least sexy, but most important parts of the job. While some board packages require more information and backup than others, they typically ask for a lot of the same information. Read through a few to better understand what a board will require of your future buyer clients. The more familiar you are with a typical application, the easier it will be to explain when the time comes. You can get a copy of an application package from an agent in your office or even your sales manager.
5. Start reading blogs, press & industry news
Dozens of blogs and local NYC newspapers regularly cover real estate — from the fabulous new buildings to celebrity sales to major shifts in market forces, it’s all out there. A lot of what happens in NYC real estate gets reported daily and a good broker makes it a part of their routine to read and study Curbed, The Real Deal, Brick Underground, YIMBY and StreetEasy Blog, just to name a few. The industry in NYC is vast and, while it’s nearly impossible to be up to speed on the action in every submarket, neighborhood, and building, knowing the headlines will help you come up to speed on the market and the industry.
6. Practice doing a condo or co-op financial disclosure statement
Whenever your clients submit an offer to purchase, it should include a preapproval letter (or proof of funds), an agency disclosure statement and a financial disclosure statement. Listing agents and sellers use the financial disclosure statement to evaluate the buyer’s offers. In a competitive bidding situation where all offers seem equal, the buyer with the stronger finances prevails. If you don’t fill the form out correctly, you risk your customer not getting the deal. What’s more, it’s your responsibility to explain to your buyers how important the disclosure is and to make sure they complete it thoroughly.
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