Real estate in New York City is like no other place in the United States. There's a lot of money to be made from the real estate market in New York and becoming a real estate agent is one of the easiest career moves you can make.
The real estate market is always evolving. Economic factors can change a city's fortunes, tax changes can up-end luxury markets, and cultural trend-setting can turn neighborhoods no one had ever heard of into new real estate hotspots. New York City is at the center of it all, and it can seem like new, trendy areas appear overnight.
Real estate agents have a lot to keep up with in New York City, but it can also be one of the most lucrative cities in which to practice.
One of the leading real estate license NY courses is offered by a school called RealEstateU. The courses are offered all online and consist of a series of video lessons put together by some of New York's leading real estate professionals. Engaging video lessons make it easy to learn and retain all the information you need to pass your NY real estate exam.
If you're looking for help earning your real estate license, sign up for real estate license NY courses online. The 75 hour NY real estate course can put you on the path to your new career.
Before you earn your license, it can help to know what sets New York City apart from other places in the United States.
A Huge Luxury Market
Did you know that nearly half of all properties sold in Manhattan are bought without a mortgage? Those are all-cash purchases meaning sellers don't have to wait for bidders to secure financing. If you're just starting out as a real estate agent, you're probably not working with this caliber of client just yet. The people who buy NYC property cash upfront are in the high-end luxury market. But the size of that market in NYC is enormous.
Becoming a luxury real estate agent takes a unique set of skills that can really set you apart from the crowd.
Not many cities in North America have New York City's coop apartment system - or at least not so many properties that use it. There's a difference in NYC between condos and apartments that are for sale. Apartments that you "buy" are part of coops, and what you're really doing is buying shares into the coop corporation. The process involves meeting with the board and essentially getting approved by your neighbors. That's a process you'll have to help your clients through.
Buyer's Market for Now
Finally, there's the recent news that NYC's hot real estate market has turned into a buyer's market for the foreseeable future. Sales have slowed down and prices have taken a slight dip in Manhattan and Brooklyn, which can be frustrating for selling agents but could help buying agents with clients who have been frustrated by high prices.
As a real estate agent, it's always on you to adapt and learn how to make the client happy. These are some of the things you can learn once you've earned your real estate license in New York.