Getting Started As A Real Estate Agent

Quite often when getting started as a real estate agent or broker many assume that getting their real estate license will provide a sure financial future when, in reality, getting your accredit is the first leap in a very long course of action towards financial freedom. While real estate is an impassioned specialty there is very much work ahead once you get your agency.

With most online or classroom real estate academy training courses there is little programmed instruction suited to real world experiences that you will come across. While each state has unconventional requirements almost every real estate academy has the same basic facts. In reality, there are few courses nationwide that handle even the basics of how to fill out your state mandated residential purchase agreement. Why is it that the Department of Real Estate expects new real estate agents to be able to successfully finish off a business deal when the core educational facts aren’t even covered? It doesn’t have to be like that.

Although each state has different documents there is one contractual single family residence purchase contract that is the exactly the same throughout the US no matter where you live: the HUD-9548 contract contract. And, that agreement seems to be the one that is the most misinterpreted.

First, let me dispel a myth: HUD owned homes are not lower income housing. HUD homes are one to four unit housing that had an FHA insured loan. Simply put, HUD owned homes can be a single family residence, a duplex, triplex or quadplex. The loan maximums for these homes in Los Angeles County California are as follows: Single Family Residence-$729,750, two-family-$934,200, three-family-$1,129,250, four-family-$1,403,400. So, you can see that a nice home can be purchased in those price ranges. Many new agents exclude HUD homes sales from their efforts and that is not a wise move. Many agents are missing out on some profitable sales that could increase their bottom line tremendously but simply don’t take advantage of these sales because they don’t understand the HUD process. By simply selling an additional three to six HUD homes per year one can increase their revenue tremendously. Nationwide, no real estate academy will guide you through the HUD 9548 contract and demonstrate how to effectively execute the contract.

While the HUD 9548 contract is the same throughout the United States few agents take the time to understand how to properly execute these contracts as many are focused on short-sales or bank owned REO’s. Never again make that mistake and exclude this opportunity of a life time.

5 Important Questions To Ask Your Prospective Real Estate Agent

If you believe that selling a home is a daunting process, then don’t even think about selling your home on your own. In the real estate game, the seller is the one who takes the main role of establishing the sale price, finding the right buyer, and facilitating the transfer of all the necessary documents and paperwork.

In addition, he or she has to ensure that the deal is also lucrative. With a significant portion of your time spent on your busy life and work, finding the time to sell your home, in a fast and productive manner, can be overwhelming to say the least.

This is why you should hire a real estate agent. There are literally hundreds of real estate agents out there, and finding the right one can prove to be a formidable task. That is why it is so important to ask the right questions when sourcing an agent to handle the sale of your home.

Here are some questions you can ask, which will help you narrow down your search.

  1. Ask whether he or she is an accredited real estate agent in their respective province and how long they have been in the business. It is essential that you check out a realtors’ credentials and references. Just like in any other field, experience matters However, it does not necessarily mean that established realtors are far better than new ones. A realtors experience helps you to gauge their efficiency and turnaround times.
  2. How many successful sales have they made in the past 2 years? By establishing the number of successful deals a realtor has made, you can determine whether or not they can live up to your demands.
  3. Does he or she operate locally, and if so, what are their sales plan strategies? A real estate agent who operates locally has all the necessary information with regards to the current real estate demands, demographics and local marketing solutions. All these factors play a crucial role in determining the success of a sale. It is important that you ask how he or she plans to sell your home. Thoroughly evaluate their marketing techniques, home staging and other kinds of initiatives that they plan to use, in order to speed up the sales process.
  4. Does he or she work alone or with a group of people? And what is their communication method? It is important that a real estate agent not work alone. He or she can work with either actual or virtual assistants. A good realtor has a team that does all the necessary paper transactions, various management solutions and online marketing. This provides the realtor with the time to focus on the core elements of her sale, such as negotiations, arranging an open house, and renovations. Also, do not forget to keep in mind the method of communication and its frequency. A good realtor has to develop a clear line of communication, providing constant updates to the client.
  5. What are your rates? In most cases, realtors usually charge a commission of 3%-6%, however, these rates are negotiable and vary depending on the province. There are also some realtors who have fixed commissions according to tiered percentages.

Selling your home, or any kind of real estate property, can be a very difficult and exhaustive task, which is why it is so important to have a capable real estate agent in your corner, working for you.

You just have to ask the right questions.