Is this a good time to get into RE sales/brokerage?

[Gavin Adair]

Hi BP folks. I am about to move back to NYC after four years abroad. Just wondering if now would be a good time to get into RE sales/brokerage with the current cooler rental market. I know the city well, understanding the dynamics of specific neighborhoods, but what chance would there be of making this my primary source of income within 18-24 months of passing the exams and finding a brokerage to take me in? Any honest opinions will be greatly appreciated. 

[Jason Lee]

It depends on how much income you need and how much you have liquid to cover your living expenses AND how hard you work. If you do rentals you're going to have to hustle but you could bring in some income pretty quickly. Unless you already have a large circle of friends or contacts in NYC that are at a point where they're looking to buy or sell now (and that would choose you over an experienced agent) then supporting yourself doing sales isn't likely, and closing a single co-op sale could take several months, or longer. You could try to get on a team that does a lot of volume but not sure what kind of income you can expect as a rookie. As for how the market is looking the pace of sales was down about 25% in Q1 YOY, prices for resales up slightly, new condo down, and resale inventory up about 11%. Not a great time to dive in but as the market softens you'll have less competition as people leave the industry and if you can make it when the the market's not doing great, you will make it.