The real estate market in New York is incredibly fruitful and doesn’t put up too many roadblocks for newbies. New York is pretty laid back when it comes to the order you complete your tasks.
To become a real estate agent in New York, you’ll need to follow a 5-step process, although you can take your real estate exam before completing your 75-hour pre-licensing course.
We recommend you complete your coursework first before taking the exam because it’ll help you pass on your first try, saving you time and money. Let’s take a look at all the requirements you need to earn your real estate license in New York, so you can start buying and selling today!
Step 1: Confirm Eligibility
Before you can get your real estate license, you first need to establish whether or not you are eligible to take the test. To submit your Real Estate Salesperson Application, you have to meet the requirements of your state. In New York, you have to confirm that you’re the following:
- A US citizen who is a permanent and legal resident of the country
- At least 18 years of age when you submit your application
- A citizen that has no sex offense, felony, or violence-related conviction
- A graduate of a state-mandated 75-hour qualifying real estate agent course
- An agent who has been sponsored by an NYS licensed broker
Step 2: Complete Your 75-hour Real Estate Agent Course
After turning 18, you can start your pre-licensing coursework. Plenty of real estate courses in New York have an online portal students can use instead of going into a physical classroom.
If you currently live in a state with a reciprocity agreement with New York, like Georgia or Oklahoma, you won’t be required to retake the exam course.
As long as you complete the full 75-hours required to schedule your exam, you can go through the course as quickly as you want. If you want to finish your real estate agent course in under a week, you can work for 11 hours a day, although 5 hours a day (15 days) is more management.
Step 3: Get Sponsored by a Registered Broker
Prospective agents must remember that they’re the ones interviewing the broker, not the other way around. You’ll want to find a broker that best aligns with your career goals, whether that involves rigorous training or a high sales volume. When thinking of a sponsor, always consider:
- Fee Structure: Commission split, flat fee, or experienced-based commission?
- Average Commission Split: 3-6%?
- Education: Mentor or training program?
- Success: How many full time-agents work at this brokerage? What are their sales?
- Benefits for Agents: Office space, advertising, receptionist, lockboxes, insurance, etc.
- Extra Costs: State realtor association dues and translation fees.
- Work Culture: Alone or partners? Flexible or stringent work schedule? What are the expectations of agents, bonuses, incentives? What is the brokerage’s goal?
Most importantly, ask yourself if you even like this broker and if you’d enjoy working with them.
Step 4: Schedule Your Licensing Exam
When you’re ready to write your exam, visit the Department of State website, click on “Licensing,” and select eAccessNY. Create an account and fill out your information. After doing so, you’ll receive an email with your temporary password. Be sure to change it after signing up!
Now, you can select “Apply to Take an Exam” on the Main Menu. After accepting the state’s testing policies, follow the directions on the screen to register for the exam day. Pay the $15 testing fee and print your “Summary of Submission,” which you bring to the testing site.
You’ll have 90 minutes to complete the multiple-choice exam. There are 75 questions on your exam, which reflect the content you learned in the 75-hour Pre-Licensing curriculum.
Step 5: Submit Your Salesperson Application
After acing your exam, submit your salesperson application. When you finally receive your license, you can start buying and selling homes. To succeed in this market, we’d recommend:
- Identifying your target market: Young couples, divorcees, or first-timers?
- Establish an online presence: Be active on your social media and website.
- Build a reputation through work-of-mouth: People trust reviews!
- Look for hidden opportunities: Some people are looking to sell quickly.
- Develop partnerships: Leverage other agents and brokers.
- Stay in touch with clients: Send them a “hello.” It’ll help with networking.
- Be available: Pick up the phone when your clients call, or you’ll miss out.
Becoming a successful agent is all about staying proactive, building relationships, and taking care of your clients. There’s no shortage of buyers and sellers out there, so get to work!