Unemployment rates are declining across the country. The U.S. is seeing modest, but consistent, economic growth. Jobless claims on Long Island are below the national average and yet, there are still those struggling to find work in a competitive market.
If you’re looking for employment, perhaps a career in real estate is worth consideration. In a recent survey of real estate firms conducted by the National Association of Realtors, 45 percent reported that they are actively seeking new sales agents.
According to the report, “Sixty-four percent expect profitability from all real estate activities to increase throughout the next year. Those expectations are even higher for commercial real estate firms, in which 71 percent expect profitability to improve.”
Though these same firms cited profitability as one of the biggest challenges they would face during the next two years, they’re still expecting to see growth this year. And it seems that trend has reached the East End, as many of our local offices are actively recruiting agents.
“I think brokers are always looking to recruit experienced or new agents,” said Kristen Rishe, Real Estate Broker with North Fork Real Estate Inc. in Cutchogue, “We’re always looking for new blood.”
Rishe’s agency welcomes both experienced and new agents, each having their own merits. “An older agent won’t need as much hand holding,” she said. But a new agent can be trained to fit the agency.
Jack O’Connor, a principal in the commercial real estate firm of Newmark Grubb Knight Frank, acknowledged that his firm is looking for experienced agents, “to train someone in these times is a bit difficult.”
Agents with a “good sense of business acumen” are good candidates. The firm handled the recent sale of Riverhead Building Supply’s distribution center on Mill Road.
Why the upturn in hiring in the real estate market? Rishe credits the positive trend in the economy.
“The fear has settled down quite a bit in recent years,” she said, “The economy overall is better. Not fabulous, but better.”
The commercial market is also poised for a comeback. “This is going to be a banner year for commercial real estate,” said O’Connor.
“A lot of the product on the market has been absorbed,” O’Connor said, while at the same time, new construction has slowed.
Though Rishe says a prospective agent can work in the trade while deciding if it’s the right choice, a salesperson cannot be involved in any legal transactions until they get licensed.
According to the New York State Department of State Division of Licensing Services, “In order to qualify for licensure as a real estate salesperson, an applicant must have satisfactorily completed a 75-hour salesperson qualifying education course in real estate approved by the Secretary of State, and have passed a qualifying examination administered by the Department of State.”
As the real estate market continues to rebound, choosing to work in the realty field may be a good option for those searching for job opportunities. For more information on careers in real estate, check out the National Association of Realtors or the New York State Association of Realtors.
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