How I Established My Own Real Estate Brokerage at 23 While Pursuing a Master's Degree at NYU?
As an international student at NYU pursuing my master's degree, I discovered the potential of the real estate industry through a conversation with a residential agent. Learning about their commission-based earnings and flexible schedule, I recognized the perfect opportunity for a full-time student like myself.
Then I did the following steps
· Googled how to become a real estate agent in NYC and enrolled in a 75-hour online course.
· Overcame language barriers, passing the school exam on the second attempt and the state exam on the fifth attempt.
· Joined a residential brokerage founded by the agent who helped me find my apartment.
· Specialized in rentals for 9 months, earning over $100K in commissions.
· Self-generated leads prompted me to explore commission retention strategies.
· Explored opening a brokerage through online research.
· Despite lacking a broker license, pitched partnership to brokers in the firm.
· Partnered with Max from the firm to establish our own firm, Highkey LLC.
· Max also invested in my omakase restaurant.
How I pitched Max?
"Do you realize you could start your own firm?"
"Hmm, really? How would I go about doing that?"
"Well, you already have your broker license. With that, it's totally feasible. Let me break it down for you. Last year, you earned over $250K in commission, splitting it 50/50. But if you owned the brokerage, you could keep 100% of that, totaling $500K. I'll handle all the setup work for the company. What do you say?"
"Count me in. Let's do it."
What I learned:
· Taking decisive action is vital; I didn't overthink, realizing I could obtain the license like others.
· Persistence pays off; it took seven attempts to pass the real estate exam.
· Specialize to succeed; I recognize the potential for higher earnings by owning a company.
· Cultivate key relationships; Max's support was indispensable.
· Embrace learning; despite initial uncertainty, I committed to mastering company operations once Max joined me.