The real estate salary of a New York agent depends on a number of factors. Working as a real estate agent in New York can be a very lucrative job. New York City real estate is particularly expensive, especially in Manhattan. Some luxury apartments and condominiums are in the six figure range, and this can mean a large commission for the agent. It is important to keep in mind, however, that no agent will get a large real estate salary overnight. They need to gain experience, which can mean a lot of networking and minimal showings when they first start out. Currently, the reported average real estate salary of a New York agent is around $130,000 per year, but this amount can vary from Realtor to Realtor.
Many successful agents in New York sell multiple homes each year, which means multiple commissions, and if the homes are in the six or seven figure range, the yearly real estate salary can exceed the average
Networking Increases Your New York Real Estate Salary
Once an agent has obtained their license and is either working for a broker or independently, there are a variety of ways to meet potential clients and increase their listings. Often times, brokers will help a new agent by assigning them their own listings, but for the most part, it is all about networking. To get started networking, real estate agents should spend 2-3 hours making cold calls and volunteering to answer the phone calls of potential buyers that come into the brokerage. Many times, with virtual brokerages, phone calls can be forwarded to agent’s mobile phones.
This is a common practice that helps both new and established agents increase their real estate salary, introduce themselves to potential home buyers as well as people that are looking to place their home on the market. Getting broker calls forwarded to your mobile phone tends to be a win-win situation. For new agents, it allows them to become familiar with the process of taking calls from interested parties, as well as gives them experience in pitching their services. For new and established agents, one phone call could mean a listing or a sale, which can turn into a generous commission, the possibility of referrals and a higher real estate salary.
Hard Work Equals A Larger Real Estate Salary
The real estate salary of a New York real estate agent depends on how much time and effort they wish to put in to their career. Cold calling, internet marketing, and volunteering to sit in on open houses are all ways for an agent to introduce themselves to potential clients. This is the type of business where the phrase, “where there’s a will, there’s a way” can really ring true. Real estate agents that work hard to obtain listings and clients will find that their efforts will definitely pay off in the long run, with a nice real estate salary and a long list of clients and referrals. With the current upswing of the real estate market, this is a great time to become a New York real estate agent.