Q. I am graduating college soon and i am very unsure about what i want to do. I was thinking about going into real estate because it has always seemed interesting to me. I live in Pennsylvania and wouldnt mind starting my career here but i would eventually like to move and do real estate elsewhere. My question is where do i start? Do i need more schooling? Do i have to take a test? If i get my license here can i practice in other states? Im very clueless so any information would help. Thanks
A. Yes ,yes, no. Yes you need a license and this requires a course, normally about 2 months for a 4 hour course, or you may be able to study on-line. Yes there is a state and national test two parts. No you can not practice in other states until you meet the requirements of that state, normally take the state portion of the test for that state and any educational requirements for that state. Then you will need to sign up with a broker, most real estate jobs are commission only and you are not an employee but a independent contractor. There are some paid jobs such as office jobs, property managers, and a few brokerages may offer a salaryl.
Can you answer these real estate questions for me?
Q. Will real estate prices keep going down and how much do you assume?
When's the best time to buy a house?
A friend told me to wait for 5 months to see houses continue to go down and then he said but this is the time to buy because at the end of those 5 months everyone else will want to buy too.
So when's the best time to buy?
When's the best time to buy a house?
A friend told me to wait for 5 months to see houses continue to go down and then he said but this is the time to buy because at the end of those 5 months everyone else will want to buy too.
So when's the best time to buy?
A. 5 months?
People that are waiting on a quick fix on the real estate market are D-R-E-A-M-I-N-G.
This is a long-term deal we have going. The prices are still predicted to go down for the next 2 years.
Remember that they have been threatening for the last 3 years that a bust WILL come...well, nobody believed it, well, it happened.
5 to 7 years...you will see properties start to rebound in value.
The whole thing takes about a 10 year cycle when something this significant happens.
People that are waiting on a quick fix on the real estate market are D-R-E-A-M-I-N-G.
This is a long-term deal we have going. The prices are still predicted to go down for the next 2 years.
Remember that they have been threatening for the last 3 years that a bust WILL come...well, nobody believed it, well, it happened.
5 to 7 years...you will see properties start to rebound in value.
The whole thing takes about a 10 year cycle when something this significant happens.
What questions should I ask my real estate company in my interveiw?
Q. My interviewer told me to make a list of question to ask him. I don't know alot about real estate but I have to ask him some questions can you think of any? I already have these questions.
1. How do Agents get homes to list?
2. How many listing can one have at one time?
1. How do Agents get homes to list?
2. How many listing can one have at one time?
A. Those are pretty rookie questions, how you get listings is by making contacts, and I have never heard of an office limiting your listings.
Things you should ask:
Ask about their mentoring/training program
Desk fees, transaction fees, administrative fees, franchise fees - (i.e. what costs you $)
Who pays E&O?
What is the commission split, and is there a point where your commission schedule improves?
What is their market share?
Are there any niche markets they specialize in?
What is their average sale price compared to the local market average?
One thing you want to be sure of is a good fit. If you are an intense, competitive person and this office is staffed with laid back people, kids toddle through and someone always has distracting music on, you will be miserable. If you are a team player and the person in the next office would trip their grandmother to get to a listing before you, you will be miserable. Know your strengths and weaknesses, where you will fit in or when you should pass.
Finding a good fit will be important to your success as well. Some places will give you keys and a phone, expecting you to figure it out or sit in front of stupid online classes. You need a place that nurtures and trains new agents.
The unique thing you need to understand about real estate, the risk to the brokerage is low, so you could potentially work almost anywhere, brokerages want people in desks.
Good luck at your interview, but be sure to interview the brokerage too!
Things you should ask:
Ask about their mentoring/training program
Desk fees, transaction fees, administrative fees, franchise fees - (i.e. what costs you $)
Who pays E&O?
What is the commission split, and is there a point where your commission schedule improves?
What is their market share?
Are there any niche markets they specialize in?
What is their average sale price compared to the local market average?
One thing you want to be sure of is a good fit. If you are an intense, competitive person and this office is staffed with laid back people, kids toddle through and someone always has distracting music on, you will be miserable. If you are a team player and the person in the next office would trip their grandmother to get to a listing before you, you will be miserable. Know your strengths and weaknesses, where you will fit in or when you should pass.
Finding a good fit will be important to your success as well. Some places will give you keys and a phone, expecting you to figure it out or sit in front of stupid online classes. You need a place that nurtures and trains new agents.
The unique thing you need to understand about real estate, the risk to the brokerage is low, so you could potentially work almost anywhere, brokerages want people in desks.
Good luck at your interview, but be sure to interview the brokerage too!
Real estate investing: Becoming an LLC versus being and individual?
Q. I am contemplating becoming an LLC to better "protect" my real estate investment. The question I have is what is the advantage of being a LLC as it relates to personal injury and civil law suits versus remaining an individual owner. I mean doesn't your insurance company handle these matters as an individual owner? What would be the advantage of becoming an LLC if any? Thanks!
A. The point of the LLC isn't to protect your investment - it's to protect your personal assets.
A PERSONAL liability policy will NOT cover business liabiltiy exposures. Even a BUSINESS liabiltiy policy has a LIMIT to it - so if you have three rental properties, and a $1,000,000 limit, one huge claim can wipe out your coverage for the rest of the year.
The main point is, to not lose your personal assets if your business should go under.
A PERSONAL liability policy will NOT cover business liabiltiy exposures. Even a BUSINESS liabiltiy policy has a LIMIT to it - so if you have three rental properties, and a $1,000,000 limit, one huge claim can wipe out your coverage for the rest of the year.
The main point is, to not lose your personal assets if your business should go under.
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