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New Agents Enter Foreclosure-Clouded Market

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By : John Cutts    99 or more times read
New York foreclosures have not put a significant dent on the number of new real estate agents entering the industry. In November last year, 565 real estate licensure exams were administered and in December, more than 700 exams were held.

Despite bleak prospects in one of the worst housing markets in New York’s history, hundreds of professionals are still paying for real estate classes to be able to enter one of the most competitive residential markets in the country.

The wannabees range from recent college graduates to suddenly-unemployed professionals and from adventurous retirees to service workers raring to get out of their dreary jobs. Many are preparing for possible downsizing in their companies; some are looking for ways to earn more money to pay bills, and perhaps to save their homes from foreclosure.

Kendra Elise Tomas, a 27-year-old newly-licensed agent, carries a determined and positive attitude common among newer entrants into the real estate sales industry. Tomas, who has signed with brokerage firm Urban Sanctuary, said she is determined to succeed.

Tomas has already achieved some sort of success in her fashion designing business, having sold some clothes to boutiques in the area. But because of the current retail downturn, she had to change course, determined to sell despite challenges arising from foreclosed properties.

Kyle Wolhers, 22 years old, is another young person with wide-eyed eagerness to conquer the real estate world after passing her licensure exam. She says she wants to learn the real world of real estate while still studying because being already established when the foreclosure crisis is over would be in her favor.

Stephen Love, a broker and head recruiter at Ardor New York Real Estate, advises anyone entering real estate sales to first have savings that could pay bills and food for at least six months. Glenn Davis, a model-turned-sales agent said brokers need to work and put in hours to get results.

Misty Rice, a 37-year-old photographer, has other reasons for entering the industry. She said she wants to have an insider knowledge of the real estate world so that she would know where to invest, especially during these times when foreclosure has turned the housing market upside down.

Charles Badalamenti, a 30-year-old bartender-turned agent, said he is concerned about how foreclosure has affected the industry, but all the same, he said success in the sector would depend on one’s effort and determination to make money.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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