SPiRALNY’s Guide to Being a Real Estate Agent in NYC
New York City is home to one of the hottest real estate markets in the world, offering agents the opportunity to work on exclusive listings with luxury clientele and earn a substantial commission check. However, with that being said, to master the New York City real estate game agents must exhibit an entirely different and more advanced skill set than those of agents in other cities.
At SPiRALNY, we train our agents in a number of real estate topics, from helping clients get approved for a mortgage to the documents they need to submit before closing a deal. We also place a special emphasis on topics that are specific to doing well in the New York City real estate industry. Here are a few of the essential tips for being a real estate agent in New York City according to SPiRALNY.
Get To Know New York City’s Neighborhoods
New York City is made up of more than just five boroughs- there are dozens of neighborhoods that make up each borough, each with their own unique culture and personality. Every client you work with will have a different set of objectives for the home they are looking for. Having an understanding of each New York City neighborhood is essential for delivering on your client’s objectives and ensuring they settle into an area that they fit into.
At SPiRALNY, our training materials include a complete detail of Manhattan neighborhoods. However, some of your clients may want to look at apartments in other boroughs so it is up to you as an agent to become familiar with neighborhoods in other boroughs, as well.
SPiRALNY also encourages our agents to actually visit neighborhoods across New York City to get a feel for them yourself. A description online may give you a general sense of what a neighborhood is like. However, getting to know the area itself will allow you to give your client’s a firsthand opinion of any areas they may be interested in. Offering restaurant recommendations or other local suggestions to your clients can make all the difference when they have the chance to refer you to bring you a referral!
Familiarize Yourself With Co-Ops
The New York City real estate market mostly consists of apartments. However, Manhattan is home to a specific property type that may be a whole new ball game for many agents- co-operative. A co-operative, or ‘co-op’ for short, is a housing arrangement where residents do not actually own the property, but rather own a share of a corporation, which owns the co-operative.
If your client is interested in moving into a co-op, which make up 75% of the city’s owner-occupied buildings, they will need to apply to a board made up of elected share-holders. The co-op board makes up the rules of the building and decides who can live there. As an agent, you will be responsible for helping your client through this process and doing everything in your power to get them approved by the board.
Co-ops also differ from normal apartment buildings because residents pay a monthly maintenance fee. This fee ensures that the doormen and porters are paid, the lobby is cleaned, and any other building-related issues are taken care of.
Overall, there are a lot more details you will need to familiarize yourself with when it comes to New York City’s co-operatives. At SPiRALNY, we do our best to help our agents learn the in’s and out’s of these property types, but do encourage them to seek further information on their own so they are as informed as possible.
Be Prepared To Work With Luxury Clientele
Most New York City real estate agents have a dream of closing multi-million dollar deals. However, obtaining these types of listings working with the clientele interested in them does require a certain skill set.
Clients looking to buy or sell luxury properties are expecting their real estate agent to be experienced and knowledgeable in real estate, and specifically in the New York City real estate market. You must be prepared to not only deal with a likely more complicated transaction than normal but to also go above and beyond for such an important client.
The New York City real estate market can be more complicated than working in other cities; however, the potential rewards are unparalleled. At SPiRALNY, we are excited to help agents work in this dynamic market and grow as New York City real estate agents.
If you are looking to join a new brokerage or would simply like to learn more about SPiRALNY’s tips for working in New York City real estate, reach out to our team.