New York real estate brokers get licensed in other states

As more and more New Yorkers flee to the suburbs or Florida, some of their brokers come with them. (Stock)

Allan Zapadinsky describes himself as a “born-and-bred Brooklyn boy.” Or at least he did, until he moved to New Jersey.

Even then, as a realtor at Keller Williams, he focused on Manhattan, Brooklyn, and the Bronx. But when the coronavirus pandemic hit and he noticed shoppers moving through the tri-state area, that changed too.

“I still love the city. Don’t get me wrong, we still do a lot of business there,” Zapadinsky said. “It’s just that some priorities have changed for me personally, and I want to be able to help people who are also seeing their priorities change.”

Zapadinsky is one of several New York brokers who recently decided to get licensed in another state.

A good number simply follow the money. As New Yorkers seek more space, suburbs have seen rising demand — and insufficient supply to keep prices from rising.

New Jersey’s median July home sale price was nearly 8% higher than a year ago, while supply was 42% lower, according to the New Jersey Monthly Indicators Report. Jersey Realtors.

“New York City is having a super weird time for a year or two, and it seems like the tri-state area is just having bidding war after bidding war,” said Rachel Kelly, an agent for Keller Williams. pursuing a license in New Jersey. “So I needed to probably have a second stream of income.”

Some had already planned to obtain a license elsewhere. Daniel Blatman of Triplemint was considering opening an office in his home state of Ohio. However, after some clients lost faith in the stock market and decided to invest in housing in New Jersey, he began to study.

“I want to know how can I really help all my clients to create their legacy solution in the best possible way. And I’ve seen New Jersey create a unique opportunity to be able to help all of my customers across different price points, across different demographics,” Blatman said.

Although Blatman lives in Manhattan, he views driving to New Jersey house tours as office time. He plans to split his week between New York and New Jersey and make calls in the car.

Other brokers have more distance to cover.

Florida saw an increase in license applications — 5,936 in July, for example, up 29% from 4,613 the same month last year, according to the Florida Department of Business and Professional Regulation.

While it’s unclear what percentage are from the city, New Yorkers are in the mix.

Kobi Lahav, Senior Managing Director of Living NY, described the fatigue of referring more and more clients to brokers in other states.

“It made me look around and say, ‘You know what? There are a lot of opportunities,” Lahav said. “Many of my clients with second homes [in Florida] will probably have to sell it and buy something more serious” if they make Florida their main residence.

Bonnie Brown, a Bond agent, didn’t expect to apply for a license in Florida. The New Yorker was in Florida, planning to sell a Florida home she inherited when the pandemic hit. But after talking to agents in the area, she decided to spend her winters working in the Sunshine State.

“It seems like the stars are all telling me something,” Brown said.

But Mark Chin, CEO of Keller Williams, warns that without the right support, agents can feel overwhelmed expanding into a new market.

“You run the risk of doing a pretty poor job in two places instead of a great job in one place,” Chin said.

However, he said, if agents can put together the right team, “it’s an incredibly profitable business.”

Kristan F. Talley