Welcome to Episode 15 in my Series REAL ESTATE INVESTING IN NEW YORK!!
THIS EPISODE IS ALSO ON YOUTUBE:
https://www.youtube.com/watch?v=p_5L1TG9hFE&feature=youtu.be
I created this episode specifically because so many of you asked for it. I am discussing everything you need to know if you are interested in getting into real estate.
If you are interested in a career in real estate and would like to work with me, email Christina.Kremidas@elliman.com
WHAT I DISLIKED ABOUT OFFICE LIFE:
★Job security dependent on client’s budget.
★ Waiting for review season for promotion.
★ Pre-determined processes.
★ Requesting days off.
★ Income wasn't directly correlated to level of effort or talent.
REAL ESTATE IS DIFFERENT:
★ I am in control of income.
★ I am fully autonomous.
★ I choose who to work with.
★ Always can look at scenarios w/ fresh perspective.
★ Every client experience is a clean slate.
★ Complete freedom.
The idea of getting into real estate & being my own boss brought me the greatest sense of calm I had ever felt in my life, so I knew I had to do it.
WHEN I GOT STARTED:
★ I did not have sales experience.
★ I did not have experience in real estate other than personal experience.
★ I did not have a portfolio of clients or connections looking for real estate.
WHAT I HAD:
★ Basic understanding of purchase process from buying a condo in NYC.
★ Knowledge of NYC neighborhoods: had lived in Manhattan for 9 years.
★ Roots in Brooklyn: I expanded my area of coverage to BK.
★ Prior experience in Advertising: communication w/ clients & working long hours.
★ Some $ in savings.
THE 2 SCARIEST THINGS FOR ME:
★ Giving up my salary.
★ Being my own boss.
JOIN A TEAM OR WORK INDEPENDENTLY?
★ Team benefits: getting to work on existing clients, training by the team.
★ Independent Agent benefits: more freedom, autonomy, first-hand learning.
COMMISSION SPLIT:
★All commissions are split with your brokerage.
★ Negotiate for the highest % split.
★ If you are interviewing with a team, ask how your commission split will work.
I chose to join a small brokerage as an independent agent where I knew that I would get the training and support that I needed.
MY RESULTS:
★ I completed ~ 20 transactions in my first year.
★ I was ranked in the top 5% of agents at the entire company.
★ Won 1st place for # of deals closed within my department.
★ I am now at Douglas Elliman, a larger brokerage with more brand recognition.
MY ADVICE FOR SOMEONE GETTING INTO REAL ESTATE:
★ Spend a lot of time weighing which firm you want to join.
★ If you do not want to join a team, I recommend joining a small firm that offers training.
★ A brokerage that offers leads/clients is ideal.
★ Negotiate for a better commission split.
THINGS TO KNOW ABOUT WORKING IN REAL ESTATE:
★ You work 24/7.
★ You are showing apartments to clients when they are not working (evenings and weekends). During typical work hours, you are getting new clients, negotiating deals, working with attorneys and lenders, scheduling client appointments etc.
★ A real estate transaction is an emotional experience for the client. You need to be able to deal with people and talk them through the biggest change of their life.
★ You must anticipate issues and have the solution figured out before it happens.
★The most successful agents are highly organized.
★ I recommend having some money saved. Managing your money becomes more important. Pay checks are not always consistent. Taxes are not taken out of your commission check.
★ Must be optimistic.
Email me: Christina.Kremidas@elliman.com
Instagram: @downtownnative
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