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Hi, my name is Roman. I'm 19 years old, currently i live in Sacramento, CA I will be moving to NYC in less than a month, I got called for an interview with a real estate agency. I would like to know if real estate market is good in NYC? Will this be a good move for me? I'm pretty good with people, I have salesman experince. Do people earn good moneyworking as real estate agents in NYC. Thanks
I don't think anyone knows what to say.The real estate market in NYC is not great now.Not as bad as some other parts of the country, but not great.
You can make a lot of money selling real estate in New York but it is all connections,word of mouth and hard work.It is also pretty cut-throat.
I would say that it will probably take you at least a year to finalize your first sale so don't count on it for income when you come next month.Better have something else lined up to pay the rent.
The real estate marker it generally terrible right now wherever you go. 5 years ago? You'd be making bank, especially in the suburbs where housing was plentiful. Now? No.
There are lots of different real estate agent jobs--you could be doing rentals or working for a large building. It's not all residential sales. Altho the commercial market is about to plotz, too.
There is definitely potential in the real estate market in NYC, but might be much tougher now than a new years ago. Obviously, the higher incomes come from sales, but you can supplement your income with rentals, which can take less than a month to complete.
However, NYC is also flooded with realtors and brokers and as someone mentioned - pretty cut throat. Real Estate sales is pretty much a career that is built on connections and referrals, so if your new to the city - might take you a little while to get yourself established so hope you have savings to cover this time.
Also, although your real estate license will allow you to practice in the state of NY, there are different MLS services. For example, Manhattan has it's own MLS, Brooklyn is seperate, and Queens/Long Island share the same MLS. So if your working for a Manhattan broker, unless they have an office in the other counties, you won't be able to take advantage of potential clients outside of Manhattan.
I think it's a great career field and worth your time investment, particularly for the future, but if I were you, I wouldn't count on it as means of support and paying your bills right now.
I posted about this a little while back...always love to see these questions...
I don't know if I will be flagged for reposting but it's hard to find posts here I think...so here goes again...I answered another person that was wondering if Real Estate was the job for them...
The Real Estate Market stands to bottom out this summer...it's already almost there! Realtors know that...the public is being scared witless by the media and also tend to blend the "market" as one whole...in reality the Real Estate market moves the Rest of the Market...so we will be up first...the rest of the market will follow in the year to come...
"Wow...so much gloom and doom! You know how the media is all gloom and doom - that's because there is cause...but where one sees the glass as half empty another can look at it and see it at half full...
WHO SHOULD GO INTO REAL ESTATE and WHY
WHO -
~ You are a go getter...your middle name is perseverence.
~ You have thick skin -
~ You have patience
~ You are a people person and understand the human psyche
~ You understand that working a sales job requires good time management and you are not afraid to put in 80 hours a week if need be
~ You love the feeling of helping people and love the idea that you can make money at the same time
~ You have some sales oriented experience from a previous job or at least have had to work with people
~ You have a pretty nice size network of people you know that can end up in proving great for a listing at some point or another
WHY
~ Back when the Real Estate market was booming anyone could make a sale...but now, when the economy is down only the BEST agents are left - also there are many old timers that don't understand the future of real estate IS the INTERNET and they too will drop out slowly but surely...in the end up to 80% or more will be weeded out...THIS is the time when YOU can come in and with the right attitude and hard work make yourself a sucess story...the REALTOR of the FUTURE with the good old fashioned hard work ethic and good people skills to boot!
~ No matter WHAT happens to the Stock or Housing market - unfortunately people will lose jobs, people will become bankrupt...but a realtor is ALWAYS needed..
* When losing a job a family may have to sell their home to avoid a foreclosure - YOU can help them make the transition to a rental and save them that credit catastrophe and at the same time - you make your commission
* People that have saved their money and have been waiting for a downturn in the market and POUNCING on the AWESOME deals that now in place in this BUYERS MARKET - YOU can help them find their perfect place to call home - and make your commission! KEEP IN MIND THE MORTGAGE RATES ARE ALSO WONDERFUL right now!
Keep in mind...the market will always go up and down but people always need a roof over their heads and in NO TIME IN THE NEAR FUTURE will we ALL BE HOMELESS - so REALTORS are needed and ALWAYS will be working in EVERY MARKET - even a volatile one like this one!
Take courage - Yes there are definitely things you need to know and most of them you won't learn in school I went to NYREI and loved it, especially Mr.Watson...but if anyone needs any help or has any questions...please contact me...I am more than happy to help.
The Glass is Always Half Full on this side...
Cheers! "
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