I’m trying to get me sales agent license (NYC), just passed my final exam for my online course... they provider of the course is saying I need to find a sponsor broker first? If that’s the case isn’t that a bit backwards?
Also, I wanted to focus on the commercial side of real estate, if I can get any kind of information on this I would greatly appreciate it..
[{"id": "gwk2yzr", "text": "You are getting a sales persons license, which is linked to a broker.", "replies": [], "depth": 1}, {"id": "gwk3m48", "text": "you have to hang your salesperson license under a broker.", "replies": [{"id": "gwk52bg", "text": "How do I find a broker to do that? Also what if I just needed my license and wanted to keep my options open( like trying to get with a big brokerage)?", "replies": [{"id": "gwkgmwp", "text": "Yes you\u2019re thinking correctly. Exactly what I did", "replies": [], "depth": 3}, {"id": "gwkvht1", "text": "You can literally call around to brokerages and ask about joining.", "replies": [], "depth": 3}, {"id": "gwn2hd6", "text": "For me I got many letters in mail. I parked under Prudential at the time.", "replies": [], "depth": 3}, {"id": "gwng4sv", "text": "If you don\u2019t want to actually join one and just want to have it, find someone who will take you on a referral status.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gwk3qpm", "text": "your broker will be taking a percentage of your commissions FYI", "replies": [], "depth": 1}, {"id": "gwk400p", "text": "Some states only have a broker license but most you are salespersons at first", "replies": [], "depth": 1}, {"id": "gwk51yp", "text": "This is normal homie. Your license is inactive until you hang it with a broker. They will charge you fees and provide you services (like document templates). They are responsible for you in the eyes of the state. Important to use a shop you trust.", "replies": [{"id": "gwk6dhn", "text": "How do I find one? Also how committed am I to the broker after i get my license with them?", "replies": [{"id": "gwk7vu8", "text": "You can leave or move to another broker any time you wish. Think of it as changing companies. Common commercial brokers are CBRE, JLL, cushman Wakefield, newmark, etc. Depending on your location and asset class you should try to interview with a few different options and ask around about which shops are best for you. Please note that the major shops I listed are recognizable, and collect higher fees (think around 50% of the deal fee). But they provide you tremendous support and resources. You could also opt to work with a smaller/boutique shop and they will collect smaller fees (I have seen as low as 10-15%) but will provide you with less. If you send me a PM and want to give some specifics I'd be glad to give you more personalized advice.", "replies": [{"id": "gwkbf8s", "text": "That would be amazing and greatly appreciated", "replies": [{"id": "gwldw3s", "text": "Yeah you know just call up JLL, CBRE, Cushman &amp; Wakefield and tell you want to give me a hand", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gwk68s5", "text": "The test proves you can do the work.\n\nThe Broker is the person that says \"*we want this guy*\".\n\nThe Broker is also the guy who you will ask questions of (among many others) so you can go from \"book smart\" to \"street smart\" (because today, having passed the test...you don't know skadditch).", "replies": [], "depth": 1}, {"id": "gwke96b", "text": "Also would be good to start thinking of what sector to specialize in. Leasing vs sales and what property types- retail, office, apartment buildings, industrial. Finally, expect to make no money for a year or more.  It\u2019s a very tough business and if you can\u2019t get kicked in the teeth and bounce back, it may not be for you. Good luck.", "replies": [{"id": "gwkfv4p", "text": "What is considered no money? But I am good at bouncing back", "replies": [{"id": "gwki2ar", "text": "Well, you are likely going to be cold calling to find opportunities that could take months or more likely years to play out. Also the larger deals from established companies or tenants get pounded on from all the top brokers. So the chances of you calling someone your first month and then getting a deal immediately is pretty remote. So the smaller deals are possible but you won\u2019t make much.  If you make $5-10k first year, no one will be surprised. Not trying to discourage, just think you should know the road you are going down. People that are going to be successful, likely hit their stride in the 4th and 5th years.  Your first few years you will hopefully have a senior guy to show you the way and that involves bringing them your leads and learning the ropes as they manage the process and split commissions.  Hopefully in return they throw you some bones.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gwkgcw9", "text": "I believe you completed the studying 75 hour training course.  You need to take NY State board realtor salesperson or broker license exam proctored. Once licensed you need to find a sponsor broker to supervise you.  There are 25,000 brokerages that may sponsor you.  Most are commissioned jobs some are paid employees if you are established.", "replies": [], "depth": 1}, {"id": "gwkgkyo", "text": "You don\u2019t need to find a sponsor before you get your license", "replies": [{"id": "gwkja3i", "text": "In ny, I think they are saying I have to, how do I take the test otherwise? I just go to the city/state website and apply directly?", "replies": [{"id": "gwlfxrs", "text": "Ok, you need to be under a broker to practice real estate. Once you pass the course and state exam, then you will search for a place to \u201chang your license\u201d and then submit your application. Hope this helps. \n\n1. Complete 75 hours of approved Pre-Licensing education.\n\n2. Pass the course final exam\n\n3. Pass the New York real estate salesperson examination\n\n4. Select a sponsoring broker\n\n5. Complete the real estate license application", "replies": [], "depth": 3}, {"id": "gwmkaqt", "text": "Well I\u2019m in texas so it may be different but you\u2019re allowed to take the test before being sponsored no issues. You\u2019re in the same mindset as I was when I was going through your situation. Taking the test, getting licensed, so you have something to market to big brokerages.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gwkjltk", "text": "Yeah.  The course should've told you that. But if it didn't.  You need a sponsor to activate you", "replies": [{"id": "gwkk88i", "text": "But what if I just needed to get my license?", "replies": [{"id": "gwkm1i7", "text": "That part I'm not sure of, but after passing you should get it. It won't be of any use though. Of course every state is different.  But even after you get it your broker will take it and hold on to it and allow you to practice real estate activities.", "replies": [], "depth": 3}, {"id": "gwmmjxg", "text": "What do you need the licence for specifically? \n\nIn my jurisdiction (BC) you become a licensee, however that only allows you to work for a brokerage, the brokerage has owners and employees. Employees include the managing broker, associate broker, and licensee (realtor). The broker needs to supervise and sign off on your sales, and usually owns the brokerage. You can't operate without a broker.\n\nThe second thing is you can get a brokerage licence but you probably need some experience as a licensee first.\n\nA licensee can join a board to get access to MLS, and I believe that is also tied to the broker.\n\nYou may have a realtor licence (ie be a licensee) to list, negotiate, collect rents, manage property etc. Anyone can fulfill those duties if they are directly employed by the landlord / developer, but if you are buying and selling houses in behalf of the general population you need to work for a broker and be a licensee.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gwu8kiz", "text": "I have a similar issue in California, and found an online brokerage (covers both residential and commercial) where I plan to hang my license and leverage my background in economics and consulting for builders and developers (i.e., focus on referrals to local experts).  With no traditional brick &amp; mortar locations, they also offer a great split and no pressure to get x number of deals per year, so it's also good for newbies and part-timers.  Can give you more info if interested, they're in all 50 states.", "replies": [], "depth": 1}]