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5 Challenges of Becoming a Real Estate Agent and How to Plan for Them

If your idea of the real estate industry comes from watching shows on HGTV than you may need to look deeper before committing to real estate as a career.  Although negotiations, social interactions and appearances are in fact part of the job, real estate is much more than this.

  1. Money

85% of agents run out of money their first year.  This is because they did not do a thorough evaluation of their finances prior to starting their new business.  They did not create a sufficient “nest egg” or savings to cover life expenses while their business grows.  Running out of money for basic living needs will kill your dreams of creating a career in real estate.

Remember to also have some money set aside for expenses like MLS strategies, marketing tools and ongoing education.  

  1. Unrealistic Expectations

When you get your real estate license, you are signing up to become a business owner.  Having your own business means you have more earning...

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Let's Talk Business: What are the Key Traits of a Successful Real Estate Agent?

“Do I have what it takes to become a successful real estate agent?” That is an excellent question to explore before you invest time and money into your new career. Here are the key traits of every successful Real Estate professional, do you have what it takes?

You need to be a people person

Real estate is not about selling or buying houses, it’s all about building relationships. People do business with people they know, like and trust. Nobody cares what you know until they know that you care. 

Exercise patience

You must be able to be patient when working with clients and other agents. Some of your clients will take a long time to make a decision. You will need to help them through the process from the beginning to the end, regardless of how long it takes.

Maintain a positive attitude

There will be slow months, times when you lose a sale, a contract falls apart, you lose a buyer or a listing and/or you fall short of your goals. You will...

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Staying Compliant: Continuing Education for Brokers and Salespeople & Upcoming Changes

By Sydney Roy, Marketing Advisor @Manfredschool

Continuing Education is Required to Renew Your License

Every two years, real estate salespeople and brokers are required to complete 22.5 hours of approved continuing education including at least 3 hours covering the topics of fair housing and/or discrimination and one hour of Law of Agency (two hours if it is the licensee’s first licensing cycle).  Beginning July 1, 2021 the Department of State will require that your 22.5 hours of continuing education will also include 2.5 hours of ethical business practices and at least 1 hour of recent legal matters governing the practice of real estate brokers and salespersons in New York.  

Also notable is that the Department of State will no longer recognize the 15-year real estate broker continuing education exemption.  Beginning July 1st, 2021 all brokers who are currently exempt will be required to complete continuing education.  The new requirements are...

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5 Characteristics of a Good Sponsoring Broker - You Should Look For!

by Sydney Roy, Marketing Advisor @ManfredSchool

As a new Real Estate Salesperson, you will need to work under a “sponsoring broker.” The brokerage you choose to align yourself with will be the foundation of your new business, providing you with ongoing mentor-ship and the backing of it’s excellent community reputation. Here are 5 key characteristics of a good sponsoring broker, you should look for:

1. Commission Split Commission split percentages differ from broker to broker. Although this is important, remember not to base your entire decision off commission split. There are many other factors to consider. That being said, commission splits affect earning potential, making it an important factor. Make sure to be aware of what commission you should expect from your real estate sales.

2. Mentor-ship and Support As a new agent running their own business, you will need support and mentor-ship. Some brokerages have training and education programs that can...

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How Much Do Real Estate Agents Make in New York State?

How Much Does the Average Real Estate Salesperson Make in New York State?

According to careerexplorer.com, the average salary for a real estate agent in New York State is around $116,460 per year.  Obtaining your real estate license is quite quick and easy.  However, having a real estate license does not guarantee a high income.  As a salesperson, you are essentially starting your own business.  Whether you make above or below the average salary will be entirely up to you.

Earning Potential is Directly Proportional to Dedication

Having your own business has some distinct advantages like making your own schedule and not having to answer to a “boss.”  Getting into real estate means you do not have to be at an office or at a desk from 9-5.  It also means that you do not have a set salary or hourly wage.  What you earn is directly proportional to the amount of work you put in.  “Work” in the real estate industry means...

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Opportunity is Everywhere All The Time, If You Can't Find it, Create IT!

With unemployment rates reaching record levels across the U.S., it’s difficult to feel optimistic about job security and financial freedom. If you are afraid of losing your job (or were already let go), don’t worry, I know how you feel. 
 
Opportunities are found everywhere.  Taking advantage of those opportunities means having a get-er-done mindset.  Go after them.  There is frequently little need to contemplate too much over the small opportunities. Besides, deciding to take advantage of a small opportunity builds our resilience to failure and adversity.  The worst thing we can do is to make no decision at all.
 
In the smallest and most innocuous things in life, opportunity awaits.  If you can’t find it, create it.

To strengthen your ability to recognize opportunity, consider these suggestions:

  • Read books, articles, and papers on the subject. Often, searching the archives of online journals, magazines, and...

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Five Reasons Why Teachers Would Make Good Real Estate Salespeople

real estate salesperson Aug 28, 2020

The real estate industry is not for everyone.  Here at The Manfred School we prefer to guide potential students towards a career that will be realistic for them.  We like to be very clear that it takes special characteristics to succeed in real estate.  Prospective agents should either already have these skills or at least be willing to work to have them.  For some, real estate would be completely outside of their comfort zone.  However, we would argue that teachers have natural real estate salesperson potential and here’s why:

Real Estate Agents Should be Social

Real Estate is a communication and interaction centered profession.  As a Real Estate Salesperson, it will be very helpful if you are confident and assertive in social situations.  Social interactions such as cold calling, community engagement and follow up meetings with clients will be crucial in establishing and maintaining client relationships.  Having long term strong...

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Ever Consider Becoming a Real Estate Appraiser?

What is a Real Estate appraiser assistant and where could it lead? Real estate appraiser assistants provide support to the individuals in their company assessing the values of property. Typical tasks performed by the appraiser assistant include entering data into their company's computer system, doing research on properties and sometimes helping manage relationships with clients. They also need to understand how to process and file reports and appraisals, as well as perform various clerical duties as required. The real estate appraiser assistant is in charge of keeping track of various data points such as workflow, contracts and statistics used by their company. Additionally, these assistants may be required to answer phones for their office.

The appraiser assistant usually works with a real estate appraiser or a team of appraisers, and they typically report to an office manager. These assistants generally work in an office setting; some travel may be possible depending on the...

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Regret Letting Your Real Estate License Expire? We Have Your Back!

Life Happens! You Let Your Real Estate License Expire:

If you have let your Real Estate license expire, you are not alone! The Manfred School has been a source of education and guidance for many people who have allowed their license to expire over the years.
There are so many different reasons why licenses expire. There are even more reasons to get back in the game, especially now! We understand, life happens! That is why we are dedicated to equipping you with the correct information and the right education to make your comeback!

Why Is This a Great Time to Renew Your License?

Despite the corona-virus crisis, the headlines in the news continue to point to a healthy and thriving real estate market. There will always be people looking to buy and sell homes. One way to ensure a steady income and flourishing career is to become an expert in an industry that will never fade away. Real Estate is not just a fad. It is here to stay and in some ways is getting even stronger given the current...

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Ever Consider Being a Real Estate Appraiser?

What is a Real Estate appraiser assistant and where could it lead? Real estate appraiser assistants provide support to the individuals in their company assessing the values of property. Typical tasks performed by the appraiser assistant include entering data into their company's computer system, doing research on properties and sometimes helping manage relationships with clients. They also need to understand how to process and file reports and appraisals, as well as perform various clerical duties as required. The real estate appraiser assistant is in charge of keeping track of various data points such as workflow, contracts and statistics used by their company. Additionally, these assistants may be required to answer phones for their office.

The appraiser assistant usually works with a real estate appraiser or a team of appraisers, and they typically report to an office manager. These assistants generally work in an office setting; some travel may be possible depending on the...

Continue Reading...
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