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.  

2. 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...

“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...

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...

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 

Most importantly, 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. Or you can check the white label agent sponsorship, where you own your brand and the business. Also, as a white-label partner, you get to keep 100% of your commission.

2. Mentor-ship and Support

As...

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...

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...

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...

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...