By Eddy Boccara, Dakota O'Brien and Jonathan Agostino
New York City saw a massive exodus of agents during COVID-19, which greatly impacted the number of new agents entering the industry each month. However, we are finally welcoming an influx of agents to the industry, reaching numbers that compare with pre-pandemic levels of activity
Us data lovers at Corofy decided to leverage our intelligence, take an in depth look at this activity, and interview the main protagonists.
1. The Number of New Licensees
2. Their Preferred Borough
3.Their Top 10 Destinations
Special Note: A new agent is defined as a licensed real estate salesperson who has associated their license with a New York City based firm for the first time ever. The majority of these agents are brand new to the real estate industry, having never worked in a real estate related capacity prior to this year.
Disclaimer: This report considers both residential and commercial firms throughout New York City’s 5 Boroughs.
2,641 New Faces
With 854 agents entering the industry in April, nearly one-third of the total for the first four months of the year, April saw a record number of new agents entering the industry in a single month since the pandemic began.
These numbers rival those of 2019, where an average of 886 agents entered the industry monthly.
Manhattan Remains #1
Manhattan accounts for the highest activity of new agents entering the industry in 2021, with roughly 50% of all new agents opting to join a Manhattan-based firm.
This is followed by Queens based firms who combine for a new agent market share of 21.99%, and Brooklyn based firms at 18.60%. Only 10% of new agents opted to join Bronx or Staten Island based firms.
10 HOT Destinations
Nearly 1 in 5 new real estate agents who entered the New York City real estate industry between January and April of 2021 joined just ten firms. Five of these firms – Corcoran, Compass, Douglas Elliman, E Realty International, and Keller Williams NYC accounted for 12.31% of all activity.
The Recipe For Helping New Agents Succeed
With a significant percentage of the new agent market share being concentrated in just 10 of New York’s thousands of firms, it begs the question- what are these brokerages offering that is so attractive to new agents?
Our CEO, Eddy Boccara, sat down with Amanda Caggiano at Corcoran Group to discuss their immense growth and how they help the new agents that join their firm succeed.
Corcoran Group ranked #1 on COROFY’s list, making it the most popular destination for newly licensed agents in 2021, with 3.14% of all agents entering the industry so far this year joining Corcoran. This figure represents a sharp increase in Corcoran’s new agent market share, which has doubled since 2019.
When reflecting on what they offer agents to not only attract them to their firm, but also to help them succeed, they break it down into 3 aspects – training, innovative resources, and a culture that shows agents you’re invested in their success.
Training Designed For Winners
Most leading brokerages in New York City will attribute the success of their agents to the quality of their training offerings – a huge determinant of whether an agent will last longer than 12 months in the industry.
Amanda Caggiano – Director of Agent Experience at Corcoran
Power To Diversify Your Business
In a market as competitive as New York City, the attractiveness of a brokerage is all about how unique and extensive their training systems are. However, while training may reign supreme in importance, other offerings, like in-house marketing and agent experience teams, play a huge role in an agent’s success, as well.
A Culture That Breeds Success
Quality leads and training do a great job of giving agents the practical resources they need to succeed, but when it comes to what makes an agent stay with a firm, it’s all about a positive, agent-centered company culture.
Part of what makes the culture at Corcoran Group so attractive is their commitment to investing in their agents, helping them build a long-lasting, prosperous real estate career through unparalleled support.
Amanda adds that for an agent to succeed in the industry, it’s important to be part of a brokerage that is not only invested in their success, but also is aligned with their goals and needs as an agent.
Our Feeling
Hundreds of new agents enter the New York City real estate industry monthly, making newly licensed agents a hot commodity amongst the city’s leading brokerages.
Competition for talent is fierce and the real estate brokerages that succeed are the ones that promote an agent-centric culture with support and opportunity.
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