© 2011 Cengage Learning. Welcome to the first day of your new career! The California Real Estate...


Welcome to the first day Welcome to the first day of your new career!of your new career!

The California Real Estate Practice textbook is written to meet the needs of the newly licensed real estate agent as well as the experienced agent who is renewing his or her license.

The text chapters offers some ideas that may be useful to you.


Chapter List:Chapter List:

1. Starting Your Real Estate Career2. Choosing the Right Broker3. Ethics, Fair Housing, and RESPA4. Disclosures5. Lead Generation or Prospecting For

Clients and Customers6. Working With Buyers7. Writing and Presenting Effective

Purchase Contracts8. Preparing For the Listing Appointment


Chapter List:Chapter List:

9. The Listing Presentation

10. Servicing the Listing

11. Real Estate Financing

12. Escrow and Title Insurance

13. The Life of an Escrow

14. Real Estate Taxation Issues

15. Advertising and Marketing

16. Alternate Real Estate Careers

Starting Your Real Starting Your Real Estate CareerEstate Career

Chapter 1Chapter 1



STUDENT LEARNING OUTCOMES

• Restate the requirements for CRE salesperson license.

• Recognize the value of ethical conduct.

• Explain the value of a real estate licensee to consumer.

• Identify the two things a licensee has to sell.

• Create a personal business plan.

• Formulate personal real estate goals.


RATIONALE FOR CHAPTERRATIONALE FOR CHAPTER

Real estate brokerage is a highly competitive business.



• New licensees need direction as to what it takes to succeed.

• Many experienced agents need to be reminded of the basic concepts that lead to a successful career.



All agents need to learn or be reminded about the importance of a successful attitude and the importance of creating and following a business plan.


CHAPTER ONE OUTLINECHAPTER ONE OUTLINE

Important Phrases and Terms• The important phrases and terms stated at

the start of the chapter will be highlighted in bold print throughout the text.

• Think about and explain each one as you come to it.


CHAPTER ONE OUTLINECHAPTER ONE OUTLINE

BECOMING A REAL ESTATE PROFESSIONAL

Think about the role of the real estate agent in a free society.

There is on-line testing for compatibility with the real estate agent’s job. Try a Google search.

Pride in being a real estate agent.


THE REAL WORLD OF REAL ESTATETHE REAL WORLD OF REAL ESTATE

The imperfections of real property and people; they play a part in the day-to-day job of the real estate professional.

Motivation, buyer and seller knowledge, product differentiation and the quality of the agents all play a part in each transaction.


THE REAL WORLD OF REAL ESTATETHE REAL WORLD OF REAL ESTATE

Expand your knowledge of the marketplace through the Multiple Listing Service (MLS).


TEAMS & PARTNERSHIPSTEAMS & PARTNERSHIPS

Defines partnerships.

Tells how fragile they can be and how to avoid problems.

Discusses the benefits of partnerships.

Discusses compatibility issues.


THE IMPORTANCE OF A THE IMPORTANCE OF A SUCCESSFUL ATTITUDESUCCESSFUL ATTITUDE

A comparison of having a positive or negative attitude and what either can do for or to you.



Makes reference to affiliating with a real estate office that has a strong positive environment.

Discusses avoiding negative people and that while motivational tapes and CDs are available, a positive attitude must come from within if an agent is to succeed.



• The home-based office, while very convenient, is not good for the new agent.

• They need the positive stimulus found in the real estate office.



A new agent should ask him or herself: Are you afraid? Are you persistent? Are you self-confident?



A new agent should ask him or herself: Are you enthusiastic? How do you handle problems? How do you overcome objections? How do you handle failure?


OTHER THINGS TO DOOTHER THINGS TO DO

Become computer literate. MLS property search basics. How to print data out from the MLS

system. How to access and use e-mail. How to use word processing

software. How to create property brochures

and flyers for your listings.



Learn office policies and procedures.

Ask for a copy of the now required office policies and procedures manual and completely familiarize yourself with them.

Learn when office meetings and office caravans (property tours) are conducted.

How and when you may take floor time.



Learn office procedures for taking a listing and writing a purchase contract and what paperwork your office requires.

Study and restudy the listing and purchase agreements. Write sample contracts until you are comfortable with each contract.

Learn the location of and how to operate all of the office equipment and how to make a long-distance call.


PREPARATION IS EVERYTHING (THE PREPARATION IS EVERYTHING (THE BUSINESS PLAN)BUSINESS PLAN)

Many agents fail because they do not create and follow a business plan.

Agents must quickly learn “client acquisition” techniques and plan to use them daily.

Goal setting is impossible without a detailed business plan.


PLANNINGPLANNING

Plan your day – work your plan.

Emphasis is made on planning each day the night before so the agent is ready to work his or her plan right away each morning.


PLANNINGPLANNING

Planning is the process of putting in writing what must be done in a day’s time and giving each item a priority, then starting to work on the highest priority item.


PLANNINGPLANNING

Planning makes you keenly aware of wasted time.


PLANNINGPLANNING

• Successful agents make better use of their time than unsuccessful ones do.


PLANNINGPLANNING

• What is your time worth?


PLANNINGPLANNING

• There are four types of time:

A, B, C, and D.

• A new agent who wants to “get going” should maximize A time and minimize D time.

• More A time will increase your income and better guarantee your success.


PLANNINGPLANNING

• Different types of daily planners and how to effectively use them.

• A new agent should evaluate his or her planner every few days to see how effectively his or her time is being spent.

• One thing we all share equally is time!


GOAL SETTINGGOAL SETTING

Is a barometer of how you are doing on your road to success?

Be careful to set realistic goals so as to not become discouraged.

Meet with your broker to help.



Things to consider when setting goals are:Your motivation.

Your financial situation.

The support of your family.

The marketplace conditions.



Goals should be measurable in some way that is meaningful to the agent (i.e. Volume sales, earnings, number of transactions).



Goals have more meaning if they are tied to some type of reward when achieved.



You stand a better chance of attaining your goals if you share them with someone else and agree to have them hold you accountable.



Set goals that you can control and are realistic.

The results will come!



Learn the inventory. Preview property each day to familiarize

yourself with the different neighborhoods in your market area.

Look at some of the listings via virtual tours, but visit at least one or two properties in each neighborhood to help learn your way around town.


Be ProfessionalBe Professional

Have a good basic Tax knowledge of the following:

Real property taxes and their benefits to property owners.

Income tax benefits available to homeowners and how they differ from investment property owners.

Income tax benefits available to investment property owners, including tax-deferred exchanges of “like-kind” properties.



Equipment needed: A daily planner Business cards Your automobile In the car: Folder or plastic bag Flashlight 100-foot tape measure For sale sign



Equipment needed: Digital camera Business cards Financial calculator / amortization

schedule Hammer, screwdriver, nuts and bolts for

signs Current map Hand-held tape recorder Cell phone 800 number



About you Dress appropriately Be easy to be around. Keep your

bad day to yourself and don’t let your ego get the best of you.

Take time to eat right, exercise and stay healthy.

© 2011 Cengage Learning. Welcome to the first day of your new career! The California Real Estate...

Documents

Transcript of © 2011 Cengage Learning. Welcome to the first day of your new career! The California Real Estate...