Realtors: Notes for the General Home Buying Public |
- Notes for the General Home Buying Public
- Daily Cold Calling Accountability Thread
- Are the NET PROCEEDS considered a credit, or a debit to the seller?
- Do you see mortgage brokers going extinct in the next two decades?
- Lawyer vs. Realtor Career Path
- Average price for a lead
- Lake Tahoe Real Estate
- Auto Applications?
- What happened to the "agentsonline.net" website?
- Seller and potential seller attitudes in the Pandemic: 30% stay for sale, 55% delaying a few months, 8% decided not to sell indefinitely
- Taking a real estate course but what’s next?
- Choose my adventure: Agent at brokerage or eventual agent for a new home builder
- How to stay ahead while finishing up my course?
- Help me not quit
| Notes for the General Home Buying Public Posted: 24 Apr 2020 12:27 PM PDT This is for the general public and not licensed agents. I am only posting because I am hoping that some of you lurkers will read this and maybe word will spread.
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| Daily Cold Calling Accountability Thread Posted: 24 Apr 2020 12:08 AM PDT Iron sharpens Iron! I'll leave a comment everyday with the following:
After my initial comment, I'll continue that same comment thread with myself. Theoretically, it should be a stream of my personal daily results. I intend for this to be a judgement-free zone and I hope you guys can join me in the challenge! Edit: No feedback or opinions are necessary in this thread. The goal is to track your own progress. [link] [comments] |
| Are the NET PROCEEDS considered a credit, or a debit to the seller? Posted: 24 Apr 2020 12:54 PM PDT I am studying for the real estate exam, and my instructor insists that the net proceeds are a debit to the seller, because he says "it's a balancing act," and a "simple matter of accounting." The actual question, example, and my thought process is below: 13) The net proceeds due to the seller will be a credit to the seller. A) True B) False Sorry, that's incorrect. The correct answer is B. False Review - Chapter 16: Settlement Statements I've been trying really hard to understand that answer but I just don't. It seems to me that net proceeds would be a credit to the seller almost by definition. Net proceeds are the amount the seller receives, therefore net proceeds increase the seller's cash on closing, which would be a credit, no? Could I please get some advice? I could see how the costs would be a debit, however take the following example The costs associated with the sale of the house are: -Real estate agent fee: $5,000 -Advertising costs: $1,000 -Closing costs: $6,000 -Total Costs: $12,000 To arrive at the net proceeds you would subtract the total costs from the sales cost of the house. Net Proceeds = $100,000 - $12,000 = $88,000 Net proceeds in this case (and in all other cases that I'm aware) is defined as an amount of money that the seller receives. It is very, very rarely a negative number in real estate sales. Net proceeds are the amount the seller receives following the sale of an asset (the house) after all costs and expenses are deducted from the gross proceeds. It's a percentage of the gross proceeds. Net proceeds is usually the amount that must be reported as capital gains after the advent of a sale. I think in the example in the practice exam it's being mistaken with "costs." Licensed instructor disagrees. He has his reasons which we discussed on the phone. He says to start with total sales price which is 1 million. make two columns. Debit | Credit. and he used the example of a mortgage saying that Say your mortgage that you have to pay off is 400k. You would put that in the debit side for the seller. The 600k would be on the credit side. He said the net proceeds (presumably 600k) would be applied to the debit side to "balance out the equation." Who is right? [link] [comments] |
| Do you see mortgage brokers going extinct in the next two decades? Posted: 24 Apr 2020 08:56 AM PDT Hi everyone. I am a 33 year old that has been working in big tech for a decade. I was laid off, and I am ready for a change in career anyways. I was a technical recruiter. My father owns a small mortgage company. I believe now it is him and a few other loan originators. He is looking to retire in 5 years, and hand his business over to me. "Handing the business over" basically means giving me his relationships with realtors he has worked with for a decade. It sounds great, but I can't help but think this business could be going away. I know little about the industry, but I see AI ruling it, with people visiting a website that scans every possible loan using AI. How could a person compete with AI? How could a human being find a better loan than super computing? My father says that relators build such strong relationships with their clients, that they will listen to them when they recommend a good broker. But will this be true in the future? Thanks for the help! [link] [comments] |
| Lawyer vs. Realtor Career Path Posted: 24 Apr 2020 08:11 AM PDT Current teacher, love the job, but things are tight financially. I always had about equal interest in becoming a lawyer, or realtor. In the back of my mind I always felt most realtors (outside of a few very elite folks) probably struggle to make $50k, and then have to pay all their own benefits and are subject to unpredictable market swings. Law always seemed like a stable career path that would be tough starting out but be a pretty secure way to eventually make six figures after some paying dues. (Note that I am exempting Big Law because I'm not brilliant enough to crack T-14.) So anyways, I am sure plenty of people in here have undergraduate degrees, and perhaps even considered law school. I am interested on your take. I guess I am interested to hear general opinions on this. I'll leave it vague. Thoughts on which career is the better bet / offers best return on opportunity cost / is more lucrative etc.? [link] [comments] |
| Posted: 24 Apr 2020 07:54 AM PDT There are a lot of different lead sources out there, but I want to get an idea of what is the average market price for a lead. I have never purchased a lead myself, so how much does a Zillow lead cost, or a Facebook lead, or for those of you that buy lists from boldleads or anything like that, how much are you paying Note: I am not planning on buying leads, so no need for anyone to comment about their opinions on purchased internet leads [link] [comments] |
| Posted: 24 Apr 2020 09:56 AM PDT Are there any Lake Tahoe Real estate Agents/Brokers on this sub? I would like to connect with someone who sells real estate in that local market and ask about your experience developing that market? [link] [comments] |
| Posted: 23 Apr 2020 11:18 PM PDT At the beggining stages, How did you apply for basic stuff like car leases, apartment rentals? I'm having a hard time putting Self Employed- Keller Williams given that it's my first year and I haven't produced any income yet. It seems like auto applications need a w2 "stable job" however I do uber/delivery to pay for expenses at the moment. Is there anyway around this? I can afford the $200 monthly payment.. will opening a LLC and listing myself as employed rather than self employed work? Any tips? [link] [comments] |
| What happened to the "agentsonline.net" website? Posted: 23 Apr 2020 09:41 PM PDT I really enjoyed following the forum topic called "I make 100 cold calls every day and I love it." That was a mega-compendium of great cold calling tips and inspiration for realtors. I started reading it around 2010, and followed until this year. Recently the whole agentsonline site just disappeared. Did someone forget to pay for the website upkeep? Has the cold call discussion continued somewhere else? [link] [comments] |
| Posted: 23 Apr 2020 12:53 PM PDT Important to note this survey was about "attitudes toward selling" and did not break out actual, current sellers with a property on the market. I'd love to see these same questions for sellers who were already listed, versus planning to list when the pandemic came to their town. For our brokerage about 5% of current sellers decided to take their home off the market. I'm guessing 60-80% of sellers who were not listed, but were planning to list by now have hit the pause button. I expect some will resume once stay at home orders are lessened, and some will wait a few weeks after the reopening to see how it goes. What are you seeing in your market? I'm sure markets like Las Vegas and Orlando, with tourism dominated economies, and NY/NJ, Boston, Detroit and New Orleans with bigger covid 19 hospitalization numbers are seeing much worse numbers. NAR Flash Survey: Economic Pulse: On April 19-20, NAR conducted a flash survey of members on the impact of the coronavirus on their market. The survey was delivered to a random sample of 89,813 members. [link] [comments] |
| Taking a real estate course but what’s next? Posted: 23 Apr 2020 06:54 PM PDT I live in Seattle, planning on moving to Vegas in a few months. Planning a trip to Vegas to take the exam. How do I go about finding an agency to work for. Planning on building my own leads and purchasing my house right when I move there. [link] [comments] |
| Choose my adventure: Agent at brokerage or eventual agent for a new home builder Posted: 23 Apr 2020 02:29 PM PDT I need help deciding which career path to follow. I don't have my license yet but will in the near future and I have been given two job offers I'm trying to decide which one to go with: The first is with a traditional brokerage. It's run by a young, goofy, hard working guy I used to sale cars with. He's only been in the industry for 3 years but last year sold 40ish homes I believe. I would pay brokerage fees but he would provide office, training, pay for my license, pay for leads, give $100-250 for marketing each month. The second is with a new home builder that is in need of an agent in the near future. I would get hired on to initially call on leads and set appointments for the other 2 sales guys. It's a strictly commissioned base position. I'd earn $100 for every apt I set that turns into a "needs assessment" conversation (basically just a convo that is progressing along the sales process and not just a "oh, yeah we were just curious about cost/location/floor plans" and then hang up) for the other sales guys. For any apt I set that turns into a contract signed I would earn .25% of the contract value. But the hope is I only do this for the next 3-6 months while I learn the industry and company's process and work my why into an agents position who would earn 1.5% of contract value. This route also allows me to work from home long term, offers $400 reimbursement for insurance, and provides company laptop. They are generating 300ish leads/month right now. I've been going back and forth for a week now and I need to let option 2 know tomorrow what im doing. I'd love to hear what you professionals would do if you were in my shoes. Please help friends! [link] [comments] |
| How to stay ahead while finishing up my course? Posted: 23 Apr 2020 01:18 PM PDT I just started my California online course and I'm looking to get more involved. It'll probability take me 3-5 months to finish course, pass test and receive license. Actually who knows how long it'll take at this point. But besides watching YouTube vids on how to get leads, rehearsing scripts etc. Is there anyway I could reach out to a realtor and work as an intern for free? I really want to learn the ropes while I'm also finishing my course. How would I go about reaching out to realtors who would actually could use my help with basic things? Thank you! [link] [comments] |
| Posted: 23 Apr 2020 12:53 PM PDT Been in the business 4 months. 26 years old. Have 2 under contracts and a couple of buyer leads my company sends me. Been trying FSBOS and Expireds(not consistently) and ave trouble getting out of bed in the morning because I'm depressed and unmotivated to do anything but eat and maybe follow up on some buyer leads. Have visited maybe 12 FSBO homes but I get nervous on following up. Three of the FSBOs have ended up listing with someone else, and to be honest, I feel as though I obviously don't have the knowledge to bring me confidence in the business or a system in place to list these homes. COVID-19 obviously sucks, as the expireds I call who would normally meet are hesitant to sell. I compare myself to my highly competitive office and feel bad when my name is not read on the monthly listing chart. Have a part-time job at a grocery store, which, even at 30 hours gets in the way of what I want to do and demotivates me. [link] [comments] |
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