Real Estate Jobs in NYC?

[coastalnewyorker]

Hi everyone -

I'm new to the forum and soon to be new to the NYC Metro area (I'm from South Carolina, moved Upstate and am finally moving to Long Island this month!). I have an interview with a company that "trains" you to be a RE agent for their company, but they don't hire you as an employee and you're not paid during training. The person I spoke with said you "can start making money after your first week." Is this a scam or is this how RE companies in NYC do business? I've already taken RE 101, so it's possible I already have my 45 hours, but I'm just wondering what others' experiences have been. Thanks for any feedback.

[Front_Porch]

Hi, you will absolutely love Long Beach.

Typically, real estate agents are independent contractors and don't draw a salary -- they get paid instead a split of the deal money they bring in.

Since no one is going to pay you, what do you look for in a company that will hire you?

Possibilities include their ability to get you started with deal flow -- are you working with a senior agent who will pay you out of his pool? are you in a place where you can answer phones and keep the customers you meet, or at a storefront where you can grab walk-ins.

You also want to see what the firm will pay you vs. what you pay them -- many firms charge their agents for business cards, etc.

Some firms also will not give you a desk until you're bringing in substantial amounts of money, so you want to see where they expect you to work from while you're getting up to speed.

I came from journalism, and so I knew a lot of the New York firms, and I ended up at a small Chelsea-based boutique because I loved the sponsoring broker, and knew I wanted to focus on Chelsea, the Village, and Tribeca.

It will be harder for you, being new to the City, to think about geographic focus, but try to think where different firms' offices are located and what kind of customers they are going to draw.

I wrote a book about my first year, Diary of a Real Estate Rookie, (http://tinyurl.com/2ag28z) that you might find helpful. The Frank Cook book, 21 Things I wish my Broker had told me, is supposed to be quite good too.

ali r.
{downtown broker}

[coastalnewyorker]

Hi Ali -

Thanks for your reply. It's great to know what to expect and I appreciate it.

I'm already in love with Long Beach - what a fantastic little secret in the NYC Metro area!

Okay, so I'll go to the interview and see what's up. The firm is near Columbus Circle and I know the area fairly well. I love the Village, Tribeca, Chelsea too - you chose a great territory. I'm working in Development now, so I consider myself in sales already since my job is asking for money.

I hope you're enjoying your career change into RE from Journalism. Thank you again for the info and wish me luck!

All the best,

Debbie

[coastalnewyorker]

I wrote a book about my first year, Diary of a Real Estate Rookie, (http://tinyurl.com/2ag28z) that you might find helpful. The Frank Cook book, 21 Things I wish my Broker had told me, is supposed to be quite good too.

I missed this part in my first reply; how excellent that you wrote a book! What great reviews! Should I decide to embark on this adventure, I will absolutely get your book. Since I'm not in finance, I think RE is really the only way I can make a ton of money. It's never been my goal in the past, and at 41, I now realize it should've been!

[Front_Porch]

Debbie,

Please do try and make lots of money, because whatever you make you will spend on sushi at Nagahama.

Best,
ali

[coastalnewyorker]

is that in long beach? i love sashimi!

[BrooklynRider]

Former Long Beach resident here (1982 - 1992). Love it. I still head out there nearly every summer weekend. Clearly, you are cut out for real estate having found L.B. amidst all the other possible choices.

[coastalnewyorker]

Thanks for the vote of confidence! That's a great point I hadn't thought of. I really do feel like I've struck gold. I grew up on the beach and I love Manhattan and was trying to find the best of both worlds. I'm still pinching myself.