Real Estate News And Views

Realestatelicense.com has created this blog to keep you informed on recent real estate news, views, and topics. Real estate is a very dynamic field. Everyday there's something new and exciting happening in the world of real estate. Use this blog to stay on top of current real estate events, news, and views and support your real estate license and career. As a licensed real estate professional, you need to know this information.

Tips for Renting Out Your Home

Have you ever rented your home out? If you purchased a residential investment property, you just might be an old pro by now. On the other hand, if you purchased a new home before selling your current home, you may need to alleviate the pain of two mortgages. No matter what your situation is, the following tips can help the rental process run smoothly for all parties involved.

1) Make sure your home is pleasing to the eye.

Renters value many of the same amenities/benefits that buyers seek out, so make your rental home inviting. This includes removing unnecessary clutter, making sure the lawn is freshly cut, adding a fresh coat of paint and having the carpets thoroughly cleaned. You should also take care of any of those repairs you've been putting off. Consulting a licensed real estate salesperson with a knack for home staging might help you rent your home out more quickly.

2) Set a competitive monthly rent.

Before deciding what to charge for monthly rent, do a little research. You can use websites like www.realtor.com to see what comparable rents in your community are going for. Is your competition including monthly utilities and lawn or pool maintenance? What about kitchen appliances and a washer/dryer? Consider all of these factors and set a monthly rent that falls within the average asking range for comparable homes in your area.

3) Promote your home to the masses.

According to the National Association of Realtors, most homebuyers begin their home search online. The same is true for renters. Post your home on your local newspaper's website, community specific websites like www.craigslist.org and national websites like www.rentals.com. If you're working with a real estate agent or management company, they can also put your home into your area's Multiple Listing Service (MLS).

Click here to learn how to become a reale state agent

4) Screen potential candidates.

According to Ted Kimball, a California based attorney specializing in landlord/tenant law, there are three basic areas that landlords need to check: credit history, past tenant behavior and criminal history.

"The best way to get good tenants for your property and protect your assets is to use a property management company," advised Kimball. "But if you're not interested in doing that, hire an objective third party to handle the screening of your tenants."

5) Rent with fairness.

Treat every potential renter you meet with the utmost respect. There are laws in place that protect renters if they feel they're being treated unfairly. For example, the Federal Fair Housing Act identifies seven protected classes: religion, national origin, race, ancestry, sex, familial status and disability.

According to the Federal Credit Reporting Act, if you turn down a potential tenant, you must provide in writing a reason why. For example, if it's because of their credit score, let them know that's why and refer them to the credit reporting company who provided the report for further information.

Violating the Federal Fair Housing Act or the Federal Credit Report Act could mean huge fines - whether you meant to or did so by mistake. If you're not using the help of a property management company or a real estate salesperson, review these laws carefully online and have your lease agreement reviewed by an attorney to protect yourself.

By Danielle Macklin, Allied Schools,www.realestatelicense.com

Labels: accredited online real estate school, How to become a real estate agent, real estate license

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5 Things a Productive Real Estate Agent Avoids

From making your own schedule to unlimited earning potential, there are so many advantages to obtaining a real estate license. Yet, with the good comes the challenging. Time is money, especially when you're an entrepreneur looking to turn your next lead into a prosperous sale. In order to maintain your productivity, or even increase it, there are certain red flags the lead-focused real estate salesperson should avoid.

1) Wasting time with a fickle buyer.

Have you shown a potential buyer multiple homes that meet their requirements exactly, yet their still not sure? Or even worse, you're getting the feeling your potential buyer is just curious and not serious about purchasing a home? If you're going to use your time wisely, make sure your potential buyers signs a Buyer-Broker Agreement first. Once this is in place, you can feel more confident that your hard work may lead to a sale.

2) Wasting time with a fickler seller.

If you recommend making repairs or suggest a price that is highly competitive for the area, your sellers should consider your advice. If your sellers aren't open to making the necessary adjustments, why waste your time convincing potential buyers to overlook them?

3) Working with problematic clients.

Your relationship with your buyer or seller should be a professional one. If you find that your personalities are conflicting, you may lose their trust, they may dismiss your advice and the possibility of closing a sale could diminish.

4) Wasting money on inaffective advertising or marketing.

Advertising and marketing is expensive. Monitor your efforts and measure how many leads come in, if any. If your advertising and/or marketing plans don't at least pay for themselves, try something different. It just isn't smart to waste your hard-earned money that way.

5) Spending time with a negative naysayer.

Negative people kill morale, so avoid these types at all costs. Maybe the market is more challenging than in recent years, but consider periods like the 1980's or early 1990's. Agents still made a living and persevered onto the next market phase and so can you. You're better off focusing on the positive and brainstorming solutions to your challenges with other positive-minded peers.

By Danielle Macklin, Allied Schools,www.realestatelicense.com

Labels: Real Estate Agent License

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How to Deal With a Sloppy Neighbor

You're ready to sell your home. You diligently took notes while watching your favorite HGTV real estate programs and repainted your home, added fresh landscaping and even fixed those cracks in the driveway. You feel good, you feel confident. While proudly placing the for sale sign in the yard, you instantly become aware of the eyesore across the street you've grown use to ignoring. Surrounded by overgrown grass, more cars than any family needs and weeks of piled up newspapers, how are buyers going to fall in love with your home when that neighbor is just plain sloppy?

According to the National Association of Realtors, a sloppy neighbor can shave an estimated 10% off (varies from market-to-market) the value of a nearby listing. In fact, it's common for buyers to utilize the eyesore next store as a tool to negotiate a lower price - regardless of the numerous, sparkling upgrades that grace the interior and exterior of your home.

Investigate the situation

What can a seller do in this situation? Although uncomfortable for all parties involved, discussing the issue with your neighbor is one option. The goal is to get a clear picture of who you're dealing with.

According to one California based real estate agent, "Neglected properties likely belong to one of two types of people: those physically or financially unable to keep up with the work and those who purposely buck social norms."

In some situations, your neighbor may be facing a major life change like a divorce or sickness. Gently bringing your concern to their attention and/or offering to help with their exterior restoration might do the trick. The idea is to focus on your neighbor and not make it about your hopeful sale.

Some branches of the National Association of Realtors have funds set aside to assist older or immobile homeowners with maintaining the outside of their homes. Talk to a local, licensed real estate professional and see if their branch supports this program.

Enlist the help of a higher power

If your attempts to reason with your sloppy neighbor fail, you may need to review municipal laws managed by your local building or health departments.

Laws will vary, but some areas charge large fines for things like keeping piles of wood around that may attract animals, while others areas enforce strict anti-rooster ordinances. Consult your city's website to see if your situation is listed.

Keep in mind that getting the attention of your local government can be a tricky, drawn-out situation. However, if your neighbor's neglect has reached dramatic proportions, it's certainly worth a shot.

Special situations call for special buyers

Your sloppy neighbor won't budge and their not quite infringing on any municipal laws. Now what? Carefully audit the area you live in.

Is your neighborhood changing? Maybe older shopping centers are being renovated to include popular dining spots or homes in your area range from run down, to remodeled, to being completely knocked down. These factors can attract a specific kind of buyer who's looking for a project and sees the value in an evolving community.

If this is the case, shift your focus from your sloppy neighbor to a strategic marketing plan. Promote the "uniqueness" of your community. Check with your city's building department and see if any exciting projects, like the creation of a new sports park, are in the queue. Along with professional photos of your well-kept home and details of its cared for amenities, include a positive spin on your area's neglected spots and you just might attract the kind of buyer willing to overlook your sloppy neighbor.

A professional opinion counts

No matter what tactic you use to deal with the eyesore next store, consult a licensed real estate agent who specializes in your area. Many agents have experienced this situation, can guide you as to your best course of action and have the right connections to the kinds of open-minded buyers you'll need in order to move on.

By Danielle Macklin, Allied Schools,www.realestatelicense.com

Labels: How to sell your home

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8 Ways to Sell Your Home Faster

In some real estate markets, the number of active listings dramatically increases every week. As a seller, how do you plan on making your home stand out among the thousands of available properties? Don't fall into the category of stumped sellers whose properties linger on the market for months to come. Check out these 8 helpful tips and maybe even get the fair selling price you desire!

1) Complete that nagging "to do" list - Most sellers have a list of items that could use a little polishing, or perhaps, an entire overhaul. Take the time to replace a ripped window screen, add a fresh coat of paint or replant colorful flowers. Simple touches like these can add thousands of dollars to your bottom line.

2) Get inspected - Pre-sale inspections aren't extremely common, but what a way to show hesitate buyers that your home is in top form, especially if the report is made available during open houses. On the other hand, discovering potential problems ahead of time will allow you to handle them without scaring off your potential buyer.

3) Get rid of clutter - Does your front lawn come complete with ceramic garden gnomes or does your kitchen table look like scrap booking central? If so, this suggestion is for you! Potential buyers want to imagine themselves in your home, but if it's cluttered with too much stuff, it's an instant turn-off. Pack it away!

4) Create a neutral palette - After getting rid of clutter, a seller must depersonalize their home. Items like family photos or personal collections should also be packed away. A seller can benefit by replacing strong wall colors, wallpapers and other decorative preferences with a neutral shade. For example, maybe that pink carpet called out to you at the time, but it could repel potential buyers not interested in making the extra investment to change it. Your agent can provide the best advice and suggest a staging expert if necessary.

5) Clean like never before - Remember, you want potential buyers to walk in and instantly imagine their new lives unfolding. However, if the baseboards are filthy, the stove reveals residue from last night's dinner or the smell of fluffy the cat lingers in the air, your home may drive buyers away. Create a thorough cleaning checklist and perform each duty no less than once a week. If it's within your budget, consider hiring a professional cleaning service.

6) First impressions - Are you losing potential buyers before they even get to your front door? These days, most buyers are beginning their home search on the web. Make sure your home stands out by posting quality photos. Those important photos will capture your hard work at removing clutter, depersonalizing and creating an inviting neutral space that will surely intrigue a buyer to inquire further information.

7) Pick the right licensed agent - Working with an agent? Choose wisely! Ask friends, family and coworkers if they have any references for top agents. Do your homework, visit websites and find out which agents know your community best. The agent you choose should not only present extensive market knowledge, but must also be honest and personable towards all parties involved.

8) Set a fair price - Do you know what the comparable home sales in your area are for the last six months? What about the average days-on-the-market? This kind of data is essential to pricing your home fairly and competitively. Check out sites like www.trulia.com for estimates or consult a licensed agent who has access to market software.

By Danielle Macklin, Allied Schools,www.realestatelicense.com

Labels: How to sell your home

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Use Care When Buying at a Foreclosure

Have you ever considered purchasing a home at a foreclosure auction? Sure, there are some hot deals for the taking, but do you really know what you're buying? Before making that mortgage commitment, you must do a little investigative work first.

Once you locate a potential home, find out as much as possible about its overall condition and estimated value. Do this by talking with the lender or attorney who is handling the foreclosure, or even better, the owner who is foreclosing. If no one can confirm the home's condition, look for another candidate. Why risk purchasing a home that could be infested with termites, reconstructed without the required permits or resting on a cracked foundation? Additionally, some home owners who are facing foreclosure may strip the house of valuable appliances, hardware and more.

If the condition of your foreclosure of interest gets the thumbs up, your next step is to make sure the property is free of tax or mechanic liens. District websites can typically provide you with tax information. However, your safest course of action is to consult an attorney who can obtain a title search and confirm the foreclosure has no hidden problems that could prevent you from obtaining title to the property.

Even when you do your homework and have the foreclosure investigated for warning signs, there are other factors to consider.

"Buying any property at a foreclosure sale is risky," cautions Benny Kass, a practicing attorney in Washington, DC and a Yahoo! real estate expert. "At the last minute, the delinquent homeowner can file for bankruptcy relief, which would put a stop to the sale."

The moral of the story? Purchasing a home at a foreclosure auction should not be taken lightly, but with great care. Educate yourself before heading to that alluring foreclosure auction and don't allow yourself to be seduced by a property that seems too good to be true.

By Danielle Macklin, Allied Schools,www.realestatelicense.com

Labels: foreclosure, Home Foreclosure, real estate foreclosure

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Lure Buyers with Stellar Photos

We live in a visual society. In fact, according to a recent National Association of Realtors survey, 80% of home buyers used the Internet last year to search for a home and nearly 25% reported that the Internet is where they first found the property they purchased.

So what does this all mean? Home buyers are demanding more and every marketing savvy agent must take action to ensure their listings scream, "Come look at me!" This can be done by giving buyers what they want - more photos! From the front of the home, to the formal foyer, to the unrivaled views from the kitchen's picture window, you must capture your listing's undeniable charm on camera and post it online for the masses to see. Here are some helpful tips for telling your listing's story through quality photos:

Timing is everything

The best time to capture an exterior shot is during the middle of the day when the sun is bright and the sky is blue. For interior shots, turn on the lights and use a flash so the photos don't come out too dark.

More, more, more

You're not likely to lure buyers with one or two photos. Buyers want to see it all! Include photos of as many rooms as possible, but focus on the home's best features. Consider enlisting the help of a professional staging service if the home doesn't photograph well.

Also, consider amenities that go beyond the home. Is there a great community clubhouse, tennis court or pool? Perhaps the home has outstanding views of city lights, mountains or the ocean. Equally appealing is a home's location, so include photos of nearby parks, popular shopping destinations or award winning schools. These are all major selling points that add value to a home and increase its overall appeal.

Remove the clutter

Remove unnecessary clutter before photographing a home. In the kitchen, clear the counters of extra appliances, put away dishes and remove mismatched magnets from the fridge. Throughout the interior, put away toys, make the beds, place fresh towels in the bathrooms and make sure laundry is out of sight.

Outside, put away garbage cans, animal food dishes and maybe add a few plants. If you have a pool, make sure to have it cleaned, than remove all pool toys and cleaning devices. Remove cars from the driveway when taking exterior shots and try to avoid unsightly telephone poles or power lines.

Choose your camera wisely

If your photos are poor quality, buyers won't be impressed and are likely to click onto the next property. Forget cell phone cameras. Digital cameras or cameras with a wide lens are the best fit for the job.

To get the clearest shots, always snap photos using your camera's highest resolution. High resolution photos are essential for quality print, including flyers, postcards, magazines and newspapers. The photos can always be decreased for use on the web.

Improve where needed

If needed, improve your photos using editing software like Adobe Photoshop. Crop out unnecessary shots of walls or ceilings and zoom in to capture the desired features. You may also adjust the brightness if the photos turned out darker than expected.

Honesty is the best policy when using photo editing software, so don't overdo it by performing digital plastic surgery.

Take a class or hire a pro

Not comfortable with your photography skills? Improve them by taking a photography class at a local community college, community center or camera shop.

On the other hand, there are plenty of talented professional photographers you can hire. Depending on your budget, consider college students studying photography to experienced photographers specializing in real estate.

By Danielle Macklin, Obtain yourreal estate agent license at Allied Real Estate Schools

Labels: real estate agent training

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6 Ways to Beat Housing Market Challenges

Is the real estate market changing in your area? Don't whine - prepare! It's the trained agents on top of their real estate course education that will shine - especially if they follow these six tactics:

1) Lead generation and prospecting - No leads? No sales! If you're proud to hold a real estate license, get out and market yourself to the masses. Send postcards or flyers to your targeted area, include your website and offer incentives for contacting you, like a list of the area's latest foreclosures. Take time to find out what's working for other agents and implement a strategy that will ensure a pipeline of leads coming your way.

2) Solid presentation skills and market knowledge - How will you convince a potential client to list their home with you? Once you obtain a real estate license, begin to cultivate your competitive edge and learn how to articulate it clearly! Maybe you offer a professional home staging service at no cost or you're backed by a company who advertises in top media for your area. These selling points should form the core of your listing presentation, website and marketing collateral.

3) Immediate responses - Never procrastinate when returning client phone calls or emails. Doing so could make your clients feel unimportant and there is always another agent around the corner willing to make them feel better.

4) Follow-up, follow-up, follow-up - If you let your clients forget about you, not only may you lose their business, but valuable referrals as well. Keep an organized database of every contact and stick to a follow-up schedule. Call clients on the phone, send birthday cards or yearly calendars with your personal contact information and host community events. There are endless, creative ways to ensure you're the agent of choice!

5) Excellent listening skills and empathy - The purchase or sale of a home is one of the most dramatic moments in a person's life. Taking the time to listen to your client's concerns, as well as addressing them, will help ensure an overall positive experience for everyone involved.

6) Objection handling techniques - A real estate agent needs to position them self as a highly knowledgeable individual who knows best, but must never come off as controlling. Find compelling data that expels a stubborn client's stance, and more times than none, they will change their mind on their own. For example, how do you handle a client who refuses to list their home for a reasonable price? Gather hard data on surrounding sales, days-on-market and amenities, then present a convincing, competitive analysis to the client. Your techniques should always educate, not intimidate.

By Danielle Macklin, Allied Schools,accredited online real estate school

Labels: accredited online real estate school, real estate course

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