Hello all,

I'm a newly licensed real estate broker in New York and a former attorney.

I'm no longer interested in practicing law and I'd like to start a new full-time career as a real estate broker. In New York state, attorneys can waive in to becoming a real estate broker and this is how I became licensed. However, because I never took real estate classes or gained real estate salesperson experience, I know much less about the industry than those who did. There's also very little straightforward information about it from the research I did on the internet. I was wondering if I could get some guidance from you fine people about the ins and outs of being a New York City real estate broker.

As of now, I'm licensed as an "Individual Real Estate Broker." I notice a lot of the openings require Associate Broker status. What is the difference and can I convert my license?

If hired by a real estate company in New York like Prudential Douglas Elliman or Corcoran, how does compensation typically work? Is there a base salary? How are commissions paid?

If I decide to sell real estate on my own as an Individual Broker, what is the best way of going about it? Is it possible to be successful going this route?

Can real estate brokers who are also attorneys do their own closings or is that a conflict of interest?

I know these are extremely general questions but I appreciate any help. Additionally, if you could direct me to any other helpful resources, either online or print, so that I could better educate myself and prepare for this exiting new career, it would be greatly appreciated. Thanks!

I'll prime your pump . . . . from a distance.

Like many other aspects in our backgrounds, you'll always be an Attorney . . . . not a "former"; you're just not practicing.

I'd vote for keeping your Law License active, even if you don't use it. I don't know if that requires being a member of the Bar, but that would make it more convenient.

In joining a Firm using your Broker's License, and you're not going to be the Principal Broker, then you're automatically an "Associate Broker" as opposed to a SalesPerson . . . . it's just terminology.

With an active Law License, you'll be more attractive as a member of the Staff than if you allow it to lapse. Just don't allow yourself to be milked for free legal advice without compensation.

There are a few other J.Ds and LL.Bs who post here. You'll soon come to know them.

I strongly strongly suggest that you join a top firm in your area for training. You may not need the training on the transaction end, but you will most certainly need it on the sales end. Our job as Realtors involves getting the transaction done, but a good part of our job is FINDIING the people to help. Agents who don't prospect or don't know how are out of the business very very quickly. There are tons of agents who are very good at what they do but who don't prospect enough and therefore don't make the kind of money they should.

The best broker that I have ever worked for was an attorney. That man had an answer for every question I ever had, and ran the best office in town. I suggest that you hire on with a top producer that will train you in all aspects of the business, then if you choose... venture out on your own in a year or two. Good luck.

About a year before I became licensed, I started reading every book that I could find about the practice of real estate. I would suggest that you start there, too.

Next join a large reputable firm that provides formal training. Ask if they provide a mentorship program, where you will get teamed up with an experienced agent.

Seek out training wherever you can find it. Your local board probably offers training programs. There are also some very good private coaches out there.

Thanks for the advice so far.

I'll look into applying for a position with a large firm.

How is the real estate market looking? Are brokers seeing decent commissions these days? Are things improving?

I'm also interested in possibly working part time. Are part time brokers common?

I think I'd keep that part "under your hat" for the time being. If you are needing to get some training and become acclimated to the concept of Commission Sales, you'll soon find that there really is no "part-time" in this business. There are only 168 hours in the week, and when you're just starting out, almost all of them will be needed to establish some kind of Real Estate track record.

Besides, if some Firm is going to devote their Office Resources to you, they'll want those deployed as much as possible . . . . I don't think they want to hear about any desire to be only part-time. Part-time is something you might look forward to in your retirement years, when you're doing this just for fun. Of course, when it is fun, why would anyone want to be just part-time?

But I digress.