New York is one of the world’s most sought-after cities, and its real estate market is impressive (to say the least). But this doesn’t mean everyone can make it here – the competition is fierce, and the customers are quite high-profile.
Therefore, being a successful realtor in New York demands more than just passion – it calls for strategy and perseverance. But if you think you have what it takes, tighten up your laces and prepare for an exciting ride.
To help get you started, we put together a short list of actionable steps to take while trying to corner the New York real estate market.
1. Get Your Training & License
To earn the right to perform as a real estate agent in the New York housing market, you need to get your license as specified by the state of New York. This means taking at least 75 hours of pre-license education from an accredited real estate school.
A real estate license in NY also works in 9 other states, so it’s quite valuable. Therefore, work hard and get your training in order before applying for the exam. Once you’re licensed, you can start looking for a brokerage to support your activity in the state.
2. Understand the Market
The housing market is different from one state to another, so even if you have prior experience being an agent, you still need to familiarize yourself with the local market.
Furthermore, you should understand the factors that drive the prices, such as local economic and social situations. For instance, the NYC market has shown a discrepancy between its residential and commercial sectors since the pandemic.
For residential real estate, it’s a seller’s market with inventory running low and demand high. This is due to dollars coming in from tech companies like Facebook and Google establishing large-scale offices, which signals an expected increase in job opportunities.
However, the commercial market, especially Manhattan, has taken a larger hit due to the pandemic, where many business operations and workplaces shifted to work-from-home scenarios. While companies are likely to return to physical offices at some point, the rental rate adjustments and vacant spaces will take time to stabilize.
Lastly, luxury markets are experiencing a revival as New Yorkers are looking for more space, comfort, and amenity-loaded residences. This trend, along with low mortgage rates, has fostered a frenzy of buying, with sales in Manhattan increasing by 28.7%.
While Brooklyn and Queens are also robust markets with a strong young demographic and planned development in the pipeline, the Island of Manhattan remains the ideal location for many.
3. Who Will Be Your Customers?
The first step toward becoming a successful realtor in the New York market is to identify your customers. As an agent, you usually specialize in certain types of transactions (commercial vs. residential, for instance). Therefore, you will be working with a specific segment of customers.
Therefore, you need to identify your target market and dive deep into understanding your ideal customer. For instance, if your target is the commercial sector, particularly office spaces, you should be aware of the fact that many companies are rethinking their return-to-office plans. On the other hand, some companies are looking for bigger spaces, with more natural light, and further away from the city center.
If you are working with residential real estate, you should know who is more likely to be interested in the properties you represent. For example, not everyone is interested in a house with a yard.
Learn what your target audience needs and act accordingly.
4. Build a Strong Online Presence
Nowadays, 97% of people start their search for a house or property online. And you want your listings and ads to be the first ones they see.
For this, you’ll need to build a strong online presence, starting with a professional website and active social media profiles that showcase your credibility and expertise. Also, don’t shy away from connecting with buyers, sellers, and other real estate professionals. A robust online network will support your work and help propel your career.
A strong online presence also allows you to effectively market your properties through high-quality photos, videos, or virtual tours.
5. Network, Network, Network
Whether it’s local community events, real estate conferences, or simply engaging actively on LinkedIn groups or online forums, networking should be part of your daily job. Networking offers you a chance to connect with potential clients, such as buyers, sellers, or investors who might need your services now or further down the line.
Plus, such events allow you to connect with industry peers and experts. This helps you to stay updated about market trends, new policies or laws relevant to your business and share best practices. Regular interactions with colleagues also foster an atmosphere of collaboration where referrals can be shared when opportunities arise.
Additionally, meeting professionals outside the real estate field, like lawyers, contractors, or home inspectors, may yield fruitful partnerships that can make your job easier and enhance the service you provide to your clients.
As long as you have your license and know how to understand your market and customers, you should be prepared to take the New York real estate market by storm. Also, don’t forget to be as online as possible and always look for meaningful connections.