Disclaimer: The contents of this article are industry best practices which were sourced from StreetEasy data and interviews with our Agent Advisory Board, unless noted otherwise. Any scripts provided are only meant to act as examples and are not required. Nothing in this presentation is intended to be legal advice. For specific questions about any duties or obligations arising out of a real estate transaction, check your local and state licensing laws and regulations, contact your broker, or an attorney.
If you’re new to real estate in New York City, you’ve probably noticed that the market changes rapidly, competition is fierce, and specialized expertise is a must-have. So how can you gain experience and build a successful business when you’re starting out? A great place to begin is by learning from more experienced agents in a mentorship capacity. Here are three forms of mentorship involving senior agents, as well as your brokerage, to grow your skill set and reach your real estate career goals faster.
1. Partner with a senior agent
As a newer agent, there may be nuances to the NYC market and the buying or selling process that you’re not familiar with yet — and that’s okay. At this stage, your goal should be to learn as much as you can from a mentor.
“It’s like being an apprentice when you are starting out,” says Michelle Larsen, StreetEasy Expert and associate real estate broker with Douglas Elliman. You can do hours of research and formal coursework on your own, but ultimately, there’s nothing like working one-on-one with a more experienced agent to learn the tricks and tools of the trade.
This type of partnership and hands-on learning can take considerable time and effort — but the benefits are well worth it. The more time you spend shadowing a senior agent, the better you’ll understand how the NYC market really works.
Here are a few ways to partner with another agent:
- Observe their interactions with clients
- Watch how they negotiate with sellers and their agents
- Canvas neighborhoods together
- Attend showings, previews, and open houses together
- Help them create marketing materials for leads and active listings
Your brokerage is a great place to find an experienced agent who’s willing to mentor you. You can also try attending open houses or going to real estate networking events.
2. Work on a team
Working with a mentor is a great strategy, but don’t discount the idea of working with a team. Collaborating with your peers can also be an effective way to learn new knowledge and skills.
Here are a few benefits of working with a real estate team:
1. You can learn from diverse perspectives and experiences. Your teammates may have a variety of backgrounds, knowledge, and work experience you can learn from — helping you build a well-rounded foundation.
2. You can generate more leads. Teams usually have a lead generation strategy already in place, and they can share leads with each other based on niche and expertise.
3. You gain camaraderie. Real estate can be a solitary business, especially for beginner agents. A team provides camaraderie, enabling you to celebrate each other’s wins, commiserate over losses, ask questions, and get support.
4. You can get intel from your teammates. Being on a team allows you to surround yourself with fresh intel from your agent teammates. They can share what they know about certain neighborhoods, buildings, and what clients are looking for.
5. The team lead can serve as your mentor. Most real estate teams will have a team lead who’s a more seasoned agent. This agent can be your mentor, either on a team level or one-or-one, so you get the best of both worlds.
3. Choose a brokerage that offers training or mentorship programs
When selecting a brokerage, you may want to consider the training and support they offer. Many brokerages provide training for newer agents, and some even require it — but not all training is of the same type or quality.
For example, some firms might offer more informal opportunities to partner with a senior agent, while others may provide formal training and mentorship programs. Formal programs can include coursework, and may pair you with an experienced agent for mentoring.
If you feel apprehensive about participating in training or asking an agent to mentor you, remember that everyone starts somewhere. “Don’t feel afraid to ask people for advice or guidance,” says Maggie Chong, StreetEasy Expert and associate real estate broker at SERHANT. You may find that people are more willing to help than you think.
NYC’s fast-paced, intricate market can be intimidating to navigate, especially for newer agents. Fortunately, taking advantage of training and mentorship opportunities can help you learn the ropes faster. But don’t forget to complement these efforts by exploring neighborhoods, seeing properties, and browsing listings to study the inventory. You can also research the market with tools like StreetEasy’s Data Dashboard, market reports, and neighborhood guides. And once you’re ready to sell, make your listing stand out and attract more buyers by using Featured Listings.
StreetEasy is an assumed name of Zillow, Inc. which has a real estate brokerage license in all 50 states and D.C. See real estate licenses. StreetEasy does not intend to interfere with any agency agreement you may have with a real estate professional or solicit your business if you are already under contract to purchase or sell property. All data for uncited sources in this presentation has been sourced from Zillow data. Copyright © 2024 by Zillow, Inc. and/or its affiliates. All rights reserved.
