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How to Become a Commercial Real Estate Agent in New York

Published: 07-10-23 Category: Marketing

Specializes in providing actionable insights into the commercial real estate space for investors, brokers, lessors, and lessees. He covers quarterly market data reports, investment strategies, how-to guides, and top-down perspectives on market movements.

The setting sun behind the New York City skyline.

New York has a bustling commercial real estate sector, and becoming a commercial real estate agent in New York could be a great career choice. Real estate agents have some of the highest job satisfaction in the nation and usually make higher salaries than the national average.

Here, we'll go over the steps you need to take to become a New York commercial real estate agent, from getting your education to working with a broker sponsor.

How to Become a Commercial Real Estate Agent in New York

Before applying to get your commercial real estate license in New York, you must meet the basic eligibility criteria:

Be at least 18 years old; and
Be a valid resident of New York state.

Note that you are not required to complete high school or hold your GED to become a real estate salesperson in New York.

#1 – Complete Your Education

Before you can take the state license exam, you must complete at least 77 hours of real estate courses from an institution approved by the New York State Department of State (NYSDOS). Course topics include but are not limited to:

Agency Law;
Real Estate Investments;
Property Management;
Environmental Issues;
Land Use Regulation;
Contract Law; and
Commercial Properties.

After finishing your courses, you must pass the final exam with at least a 70%.

#2 – Pass the NYS Real Estate License Exam

How to Become a Commercial Real Estate Agent in New York

After completing the coursework, you can sit for the real estate license exam. The New York real estate license exam consists of 75 multiple-choice questions that cover various aspects of real estate practice, theory, finance, regulations, law, and professional ethics.

Like most real estate license exams, there are sections on both state and federal real estate law. You will have 90 minutes to complete the exam, and you are allowed to retake it if you fail. A pass result is valid for two years.

#3 – Find a Sponsor Broker

Similar to other states, New York commercial real estate agents can't work alone and must find a sponsoring broker. Your broker must have a valid New York state broker license and have an account on the eAccessNY occupational licensing management system.

You can find a broker sponsor online or find one through referrals from a professional contact. You can also find a sponsoring broker by joining a professional association, such as the National Association of Relators. When looking for a broker sponsor, consider the following factors.

What is the commission structure?
What kind of professional development opportunities will the sponsor provide?
How involved is the broker sponsor with individual agent activity?
What kind of tools and technologies do they use?
Will the broker assist with continuing education efforts?

Broker sponsors act as supervisors and mentors, and many real estate agents use the connections they make with their sponsor broker to launch their careers. As such, selecting your broker sponsor is a very crucial decision you should consider carefully.

#4 – Submit a Completed License Application

After passing the NYS license exam and finding a broker sponsor, you can submit a completed NYS real estate license application.

The application will ask you to verify your educational credentials and provide your broker sponsor's license number, so you should find a sponsoring broker before starting the application.

The application process also includes a criminal background check. Note that having a criminal background does not necessarily disqualify you from getting your real estate license. The NYSDOS decides licensure on a case-by-case basis and will take into account current behavior and rehabilitative efforts when making a decision.

New York Commercial Real Estate License Renewal

A New York real estate license is valid for two years, after which you will need to renew it. To renew your license, you must complete at least 22.5 hours of continuing education (CE) on the following topics:

Fair Housing (3 hours);
Agency Law (1 hour/2 hours for first renewal);
Business Ethics (2.5 hours);
Legal Matter (1 hour); and
Electives (15 hours).

You can renew your application online at the eAccessNY portal after submitting proof of your CE credits. You can wait up to two years to renew an expired license. After those two years, you'll have to re-sit the license exam to practice.

How Do You Get a New York Real Estate Broker License?

If you want to work independently, you'll have to get your broker license. To become a commercial real estate broker in New York, you must be at least 20 years old and have two years of consecutive experience as a licensed real estate agent.

If you have already completed the 77-hour salesperson course, you just have to take the 75-hour broker course. After passing courses, you must pass the multiple-choice real estate broker license exam. Like the real estate salesperson license, your New York broker license is also valid for two years.

New York Real Estate License Reciprocity

If you have a New York real estate license, you can transfer it to work in the following states:

Arkansas;
Colorado;
Connecticut;
Georgia;
Massachusetts;
Mississippi;
Oklahoma;
Pennsylvania; and
West Virginia.

Depending on the state, you may have to take the state license exam, but you won't have to retake any courses.

How Long Does It Take to Become a Commercial Real Estate Agent in New York?

The process of becoming a real estate agent from starting coursework to submitting a completed application takes about six months. The majority of that time will be spent completing your education. You can complete the process in as little as four months if you take a full-time course load.

New York Commercial Real Estate Agent Salary and Job Outlook

According to data from Indeed employment surveys, the average yearly salary for a commercial real estate agent in New York is approximately $109,387, with the top 1% making an average of $217,788 annually. New York's average commercial real estate agent salary is about 12% higher than the job's national average salary.

Commercial real estate agents in New York have one of the highest average annual salaries per state, second to California, Arizona, and Massachusetts. More generally, the Bureau of Labor Statistics predicts the real estate job market will grow 5% between 2021 and 2031—right at the national average.

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