Getting My Real Estate License in NYC

[Jinyu Shao]

Hi all! I have a few properties in NYC and is thinking about buying more and possibly selling in the next few years. I figured since the real estate agent commission is so high in NYC, I might as well get a license myself and be my own agent when it's time to sell. I speculate that the prices of my properties are only going to go up so I would be saving some money when the time comes. Another reason I want to get the license is I want to buy some single family houses in 2018 so having the knowledge won't hurt. 

I did some research and it tells me that I need to take a 75 hours course first, take the exam, then apply for the license. I'm thinking I can also work PT as an agent after that so I would need to find a brokerage to work under. 

My questions are:  What would you recommend I take the 75-hour educational course with? Does it make any significant difference which program I choose? Are there anything I'm missing in terms of the the steps I need to take to get my license? Are the above reasons sufficient to get a real estate license in the first place in your opinion? Would love to hear what everyone here thinks!

Best,

Jinyu

[Darren Sager]

@Jinyu Shao if you think that being an agent is "IF you list it, the buyers will come" then I don't think think you're aware of all the things that agents have to do to sell a home. There are costs, many costs, associated with being an agent. Marketing the property can be a challenge, as well as showing it. IF you're working a full time job will you be able to perform all the functions necessary to show and sell it? And listing your own home puts you at greater risk with E&O (errors & omission) insurance.

That being said, if you're going to do at least 3-4 transactions per year then I think it's worthwhile to get it.  I think that any agent now a days who settles for a 50-50 commission split in NY is giving away too much to their broker, like @Basit Siddiqi mentioned what is customary.  Being a good agent is all about networking, not the name of the company you hang your license with.  Many agents think that having their name associated with a big name firm will make all the difference, and that name being associated with theirs will have a greater impact upon their success in real estate.  I respectfully disagree with it.  People believe in other people first and foremost, so don't give up a great split with your broker for something that in most cases will never get you a listing or a sale.  

BTW Basit Manhattan doesn't have an MLS. It's the wild west of real estate. An organized MLS would devalue the properties so they don't do it.