Q: Im a 22 yr old African American female from Tennessee planning to take real estate classes in the fall. I plan to go into the field and succede either way but just wanted to know some success tips from established agents, brokers, lenders, or anyone having to do with the real estate world. Also, willing to travel.
A: stay out of the mainstream area;that is, listing houses for sale.become an exclusive buyer's agent.Rep middle income and upper incomeblack women as a niche.Also poke into doing commercialand industrial purchases.and maybe business brokerageplus, interview different agencies--most are Realtor focused; whichmeans they take listings. YOU canchoose not to do that via beingan exclusive BUYER's agent.[they don't sell RE--they helpbuyers buy, and that is a differentapproach].plus u can find those offices thathave 100% approaches [wherethe agent pays for desk space anddoes not split the commission.]available to help -though I am notin TN.
Q: I just recently passed the real estate test and I have no idea what to do! Please anyone can you give me some advise on what to do next - I need a good company thats willing to train me?
A: Hi Jeannie!I suggest you first learn the difference between Real Estate Companies. Some charge desk fees, some do a split with commissions (find out what other monthly fees they have), some are flat fee brokers. Find out if they have retirement, residuals, if they offer profit sharing how long does it take to get that profit, training, what programs do they offer and do they cost? Do they have a training schedule? Do they have a mentor program? Do they have a new agent training course? Do they have health insurance? Then go meet the Broker. If you can't relate with them, then it's not a good fit! If you have any questions, email me! Good luck and make us all proud! :)Vicki WatzlawickBroker OwnerExit Platinum Realtywww.ExitPlatinumRealty.com
Q: Currently I am a mortgage loan underwriter for a huge financial institution. I want to maybe become a real estate agent. My aunt is making killer money. Now is there any way not to take the class and take the test since I already know a lot of real estate? Or what exactly is the whole process to make this career change?
A: Depends on the licensing requirements in your state. Check with the Department of Real Estate for their requirements. Most states require some basic courses, but there may be exemptions or partial exemptions for experience in the field. The only exception in California is that licensed attorneys, regardless of their field of practice, can go straight to the Broker level exam. Afterwards, most states also require a certain amount of continuing education for license renewal at either the Agent or Broker level...so you might as well get used to taking classes...and who knows, despite all your experince, you may learn just the thing you needed to know...
Q: Hey im a 15 year old female in high school. I dont know what i want to be or what kind of career but im kinda thinking about doing real estate. I dont know too much about it. But i just wanted to know any important info on it. How much do you get? What kind of education should i have. My main worry is if its a risky career. Is it too risky to get into ? Any info will be great Thanks so much!
A: I am a real estate agent and I think it's a wonderful career choice. If you have self determination, love working with people, think it's fun to show houses and don't want a regular 9-5 job, you will love it too. I don't know what state you are in, but in California you are required to have three classes and then pass a test that is different from the three classes you take. So you have to study hard for the test, which is like taking an extra class. One wonderful thing about real estate is that you can choose how many clients you want to work with. If you work a lot, you can make a good living. Or you can do it part time while you continue to go to school and your real estate income will help you get through college. I don't think real estate is ever too risky to get into if you are self motivated. Even in a bad market, there are people who still want to buy and sell and they are looking for an agent who cares about their needs and will do whatever it takes to make their real estate sale go as smoothly as possible. If you like that idea, go for it.
Q: I am a new real estate investor. I am looking for a good real estate investment coach in San Francisco Bay Area. I have a real estate saleperson license and have basic real estate investment knowledge. I am looking for a good real estate investor coach who have years of success investment experience in residential and commericial. I have private funds for good deals and would like to be partnership or learn from savy investors.
A: Russ Whitney has a great coaching program you may want to take a look at.Good LuckSheldon Moylan of Dominion Lending Centres
Q: I am in escrow on some property in which the seller and his real estate agent were not very forthcoming in their disclosure statements. Through a third party I found out some things about the property that are detriments (such as occassional flooding) but I am willing to overlook them and still purchase the property. I have released all my contingencies and we have a close date set. My real estate agent happened to tell the seller's real estate agent that we found out some of these things on the property - most importantly about the flooding - and now the selling real estate agent wants me to sign a bunch of documents listing out what I found out as if she had told me about them. I don't want to do it - it took considerable effort for me to uncover these issues and I have already signed off on contingencies. I don't think I need to also let her off the hook as if she had disclosed these things to me - she did not. Can the realtor force me to sign these?I am asking if a real estate agent can legally force me to sign informal and misleading documents in order to progress with the purchase? The seller and I have already signed all legal documents as outlined in our legal contract.
A: You have a LEGAL AND BINDING CONTRACT. all disclosures within the contract should be what the seller knows about the property. Now the other agent cannot FORCE you to sign anything. Basically what the agent is trying to do is cover his clients ass- if the selling side has a problem with it you can always take it before arbitration (see how they like that). Either way the selling agent is not within his rights to present other docs. for disclosures, nor do you let them off the hook. You will have no recourse if you do. Hope this helps.
Q: I'm planning on getting my real estate agents license in the next few weeks. I've heard that Century 21 and some other companies have their own courses. Is it better to attend their course or just a regular local real estate school. Also what companies are good for new agents. Any advice you can give is appreciated! Thanks!Oh and I'll be getting my license in Tenessee.
A: I am a real estate agent in Australia with my own independent office.I am not sure what courses are like through franchises, however, here, the courses with regular real estate schools are very good. When you are looking to find an agency to work for, consider the following:- do they regularly pay for training for their employees? what kind of training and how frequently?- does management get regular training and upgrade their knowledge on changes in legislation etc (here we have special annual education to attend to stay in the know)- what internal systems and procedures do they have that will assist people who are just starting out? for example, a good computer software and training resources in the office for when you get stuck on something.- is there someone more experienced in the office that can mentor you?I believe that a franchise is not necessarily the best, often all the training that they attend is in house, and they are not open to external training providers (which can be very beneficial). You need to look at the individual operator of the office to decide if it will be a good environment to start your career or not.
Q: I am 14 and when I get older I would like to start a real estate holding company LLC and a real estate development company LLC. How much money would I need to start one? With the real estate holding company do I get capital gains? Also I would like it to be publicly traded. So what is the best way to go about doing this?
A: Wow! what a great question from a 14 year old. a LLC (Limited Liability Company) is incorporated with the Attorney Generals office in the state it is established in. The best way to do that is to go to an Attorney. A holding company and a Development company may be combined into one, have different division or groups to do the different objectives, or even the same people.You can never have too much money to start a company, it's the too little that matters. Your best bet is to save as much as possible, write up a business plan, go to friends and family for investment in the company before you start out and hope to have a minimum of $50,000 to $500,000 to start your company. Then you can go to a bank and borrow, usually 2 to 3 times that much more to make your first purchases.Yes there are Capital gains even for companies to pay with investment properties.When you are ready, have your board of directors vote to take your company public by registering with the Securities and Exchange commission, with the assistance of a Stock Brokerage Company.
Q: For example, if a person listed three previous addresses with one Real Estate Agency, and the Real Estate Agency calls the previous listed Real Estate Agencies, (to check if they were a good tenant etc) can they also cross reference the listed addresses on the application? Is there like a national database or something where Real Estate Agents can see your rental living history? (Sorry if this question doesn't make much sense).
A: do you mean you are applying for a rental property, and your wondering if the agent your applying with will cross reference where you previously lived with agents who you previously rented with?the answer is yes agents can get a reference from your old agent to see if you paid your rent on time, if you were behind ect.hope this is what you were looking for :)
Q: My fiance is considering becoming licensed to sell real estate. I am a first year law student. I have learned a little about real estate transactions and how they work. I understand the roles of both the broker and the attorney, but I'm wondering if my husband-to-be and I will be able to use our skills together to start our own business. Will I have to have a separate practice, or can the real estate lawyer be a part of the broker's company?
A: One doesn't eliminate the other one. My broker is a Lawyer and his experience/practice is in Real Estate. After 10 years of practicing law, he decided to be a Broker.Go ahead!
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