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Hey all--
Haven't been here in a while--happy to be back! Here's a little backstory on me and my current situation. I'm a late 20's finance guy. I work at a bulge bracket bank and do okay for myself, however, not okay for new york city standards (plus I hate working for other people)!! I've been dating the love of my life for about 2 years now (she's a lawyer in NYC) and we're about to move in, however, we've quickly realized that any sort of apartment we would like to move into is well out of our price range, which has led both of us to the conclusion that extra money needs to be made! An additional piece of info on this is that as my GF is a lawyer in NYC, that automatically makes her a real estate broker as long as she pays the fees and applies (which she has). This helps with any fee-based apartment searches.
Fortunately for us her father owns a fairly sizable real estate property management company outside of the city, which he wants us to take over when he retires (wouldn't be until we are married, and not for a few more years).
My GF and I sat down Friday and really started talking about what we can do to earn some money and then it hit us! Most of these buildings we're looking in in NYC have a single broker who does that VAST majority of all the rentals/sales in the building (typically its someone who lives in the building already and has a relationship with the mgmt company). Well seeing as my GF's father owns a property management company (and has another corporation setup for realty that's just sitting there), she wants for become the sole broker for some of his complexes. So with that backdrop I have a few questions I would love to float your guys' way.
1) First and foremost, what are the best resources for me to start to learn about the industry dynamics, marketing, etc. of the brokerage business?
2) What are the financials like? 6% of sales price?
3) Can my GF be the broker for the seller AND also be the broker for the seller for their new purchase?
4) Why don't many brokers run their own shops?
5) What's a typical payout for a broker that works for like a Compass or another real estate brokerage in the city?
6) What else would we need to know/do before getting started (company is already incorporated, etc.)
THANK YOU ALL SO MUCH!
Haven't been here in a while--happy to be back! Here's a little backstory on me and my current situation. I'm a late 20's finance guy. I work at a bulge bracket bank and do okay for myself, however, not okay for new york city standards (plus I hate working for other people)!! I've been dating the love of my life for about 2 years now (she's a lawyer in NYC) and we're about to move in, however, we've quickly realized that any sort of apartment we would like to move into is well out of our price range, which has led both of us to the conclusion that extra money needs to be made! An additional piece of info on this is that as my GF is a lawyer in NYC, that automatically makes her a real estate broker as long as she pays the fees and applies (which she has). This helps with any fee-based apartment searches.
Fortunately for us her father owns a fairly sizable real estate property management company outside of the city, which he wants us to take over when he retires (wouldn't be until we are married, and not for a few more years).
My GF and I sat down Friday and really started talking about what we can do to earn some money and then it hit us! Most of these buildings we're looking in in NYC have a single broker who does that VAST majority of all the rentals/sales in the building (typically its someone who lives in the building already and has a relationship with the mgmt company). Well seeing as my GF's father owns a property management company (and has another corporation setup for realty that's just sitting there), she wants for become the sole broker for some of his complexes. So with that backdrop I have a few questions I would love to float your guys' way.
1) First and foremost, what are the best resources for me to start to learn about the industry dynamics, marketing, etc. of the brokerage business?
2) What are the financials like? 6% of sales price?
3) Can my GF be the broker for the seller AND also be the broker for the seller for their new purchase?
4) Why don't many brokers run their own shops?
5) What's a typical payout for a broker that works for like a Compass or another real estate brokerage in the city?
6) What else would we need to know/do before getting started (company is already incorporated, etc.)
THANK YOU ALL SO MUCH!
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