Realtor
Realtor is the trademark used by the National Association of Realtors and designates that the person who has the Realtor designation has completed the required courses need to obtain a license in the state in which they wish to list and sell real estate and a member of the national organization. Becoming a Realtor is a career choice that is not to be taken lightly and if you are entertaining this career make certain you research all that is needed to be licensed and the costs involved.
Over the past several years most states have revised and updated their requirements to become a Realtor and practice real estate. Today most states require a certain number of hours instruction, passing the required state exam and paying the fees required by the National Association of Realtors, state and local fees. Once you have passed the state test you have just begun the journey on your new career. You must find a sponsoring broker in which to “hang” your license but it does not stop there. Being a Realtor will require you to join a Multiple Listing Service in your area if you want access to properties being sold or properties that you are trying to sell. This service exposes properties listed by real estate agents to their fellow agents and is where most people will look when interested in buying a home or condo.
Being a Realtor is a rewarding career that can take a lot of hard work but the satisfaction that you are in control of your own destiny and income makes it well worth the effort.
Condo Insurance
When looking for condo insurance there are crucial questions to ask to help guide you to the coverage you need. To state the obvious, a condominium is not the same thing as a house. Usually, there is no backyard or basement, and you don’t have to worry about cutting the grass or shoveling the front walk. Condo owners are typically responsible for insuring just a portion of their property on their own. However, rules differ from complex to complex, and it is important to ask the right questions to ensure you have proper insurance coverage.
One you want to look into before buying a condo is what are your ownership and insurance responsibilities in the condo association’s Master Deed? In other words, what does the association expect from you regarding your condo insurance requirements? Individual owners have a collective responsibility for insuring areas of the complex owned in common - building exteriors, hallways, pool area, etc. Individual unit owners typically are responsible for separately insuring everything within the four walls of their unit. The condo association’s master policy, as well as association rules, should spell out clearly which parts of the complex are insured through association dues and which parts are not.
How much is the association deductible? This is an area many condo owners don’t think about. Condo insurance typically includes commercial insurance coverage for the commonly shared building and common areas which usually includes an association deductible. In the event of a natural disaster and the condo complex needs major work the association will tender the claim to their commercial insurer. If there is a deductible it will be assessed to each owner based on their ownership percentage.
Networking
Networking is the foundation of all business development activities from the kid with the lemonade stand on the corner to the largest, most profitable companies in the world. Many people think they know what networking is but few have a good understanding of this most valuable tool. Attending the occasional party or meeting with other parents at the Saturday soccer game isn’t really considered networking if you are serious about using it as a tool to build a business. It’s a start but to really develop your business networking needs to have regular contact with the ultimate purpose of developing more business. It is this sincere and constant effort to help others, anticipating that you will, in turn, be helped that can take your business to the next level.
What does networking involve and why is it important? The simple answer is that it works but there is more to it than that. Networking involves defining possible contacts, determining you purpose and developing a plan of action committing the time and energy necessary to produce results. Quality relationships take time and if done in the right way will get stronger but they have to be maintained with regular contact. Networking works best with people of the same age group or interests. Simply put, people do business with people they like, trust and feel comfortable around. That’s a great place to start but to really make networking work effectively you will also have to go out and establish new relationships while maintaining those you have already established. There can never be too many people to contact and network with if you intend to be successful no matter the business.
Customer Service
You hear a lot today about good customer service but most people will tell you that they don’t often receive it. Customer service can make or break a company and offering promotions or cutting prices does not always bring you what you want. As most successful businesses will tell you, it is the repeat customers that make their business profitable. It is relatively simple, whether you are a retail business or selling real estate. Good customer service is all about bringing your customers back to you and sending them away happy, happy enough so they give your referrals and positive feedback. If you are to be a successful and profitable company you must take the approach that you are offering a service, not just a product. The essence of good customer service is to build a relationship with your customer, a relationship that the customer wants to pursue and continue. How do you form that relationship? It really is quite simple and you only to have to do a few things that will bring you profitable results.
- Don’t make promises you can’t keep. Reliability is the key to any good relationship.
- Listen to your customers. When you don’t pay attention to your customers they will not pay attention to you.
- Handle complaints. Giving a complaint your full attention goes a long way in satisfying your customer.
- Take the extra step. People notice when extra effort is made and will tell other people.
The one thing you can count on regarding good customer service is that it pays off many times over and for many years to come.
Real Estate License
Most people who are buying or selling their home or condo will engage the services of a real estate agent. Real estate agents in most states are licensed and must adhere to not only state laws but federal laws as well. To get a real estate license in any state is no easy task and by passing the exam indicates the work involved and the level of professionalism of the person who has chosen this as their profession.
There are certain requirements to obtain a real estate license and most states will follow similar guidelines. Listed below are the most common requirements:
- You must be at least 21 years old.
- You must be a high school graduate or equivalent (GED)
- Successfully complete the pre-license 45 hour basic transactions real estate education course.
- Pass the state exam.
- Be sponsored by a licensed broker.
The first two of these requirements are self-explanatory but the rest need a little more information to understand if you are interested in getting a real estate license. The 45 day pre-license course is mandatory in some states. It will cover all areas of real estate transactions including financing, real property laws and ethics among others. Today the course can be completed a number of different ways but most commonly is done online. The next area that needs explanation is the state exam. State exams can be difficult and lengthy but are necessary to insure the professionalism of each agent. Once you have passed the exam you will need to be sponsored by a licensed broker in the state you intend to practice. This simply means that you will work under the umbrella of a licensed broker who is responsible for your actions. Getting your real estate license can be time-consuming, costly and no easy task but the benefits far outweigh the efforts.
An Investor’s Perspective
This is the last in a series of blogs regarding the purchase of real estate and is taken from the investor’s perspective. Investors are a whole different breed of real estate purchaser, motivated solely by the potential income that may be realized. Investors ask themselves two major questions. Is now the right time to buy, and will the property generate income now or sometime in the near future? This is what drives investors to enter the market and make their move, but before they do that they perform a lot of research and look at the many factors that will influence their decision to invest and at what prices.
- Are values going up or down?
- Are interest rates at a level that will make the payments affordable?
- Will my expenses continue to increase and can I increase rates to cover those expenses?
- What is the condition of the property and can I afford to make improvements initially?
- Does the area support increased rates or will they stagnate?
- Do I intend to sell the property relatively quickly or am I in for the long term?
- Does the market area show signs of overbuilding or over investing?
As you can see from the investor’s perspective it can be a complicated process and the need for information is critical. Investors look at when they should enter the market and the short answer is it is always a good time to invest. Always being a good time to invest and needing up to date information is where hiring a real estate agent as a buyer’s agent is critical. A buyer’s agent's number one responsibility is to you, the investor. They can tell you where the hot and cold areas are in which to invest. They are able to present you with comparable market analysis which can help you make an informed decision regarding price. They have the skills needed to negotiate the most optimal priced base on your research. From the investor's perspective they need to know at what price and condition a property can be income producing and have no emotional tie like many purchasers of owner-occupied properties. They are in for the return of their investment and will move on to other properties when they cannot get their price and terms. Investors are making business decisions and, as with all business owners, they are in it for the money. As mentioned before it is always a good time to invest and no matter if you are just starting out or are a seasoned investor, information is critical.
Downtown condos
Looking for downtown condos can be a daunting prospect in Chicago, because there are so many styles to choose from, in several different neighborhoods. But the good news is, OwnACondo.com has knowledgeable, experienced condo specialists who can help you find the right one—and looking is part of the fun.
While many cities have a specific downtown neighborhood, in Chicago, the area is not as clearly defined. It can encompass all or part of neighborhoods such as the Loop, South Loop, Streeterville, River North and the Gold Coast. While many of those areas are known for their luxury condos, don’t think that because they are not in your price range, there nothing for you. In addition to the many new luxury towers that arose during the building boom of recent years, downtown condos come in all shapes, sizes and price ranges in those areas.
Downtown condos are popular with people of all ages, because they offer something for everyone, whether amenities such as pools, fitness rooms and sky decks are on your wish list, or just a place close to work and play. Young professionals with jobs downtown like the idea of a short commute, as well as being close to all the great shopping and nightlife options in the lakefront neighborhoods. “Empty-nesters” who are downsizing are also are drawn to downtown condos, because they want to be close to all the downtown activities, and give up lawn maintenance—or even the need for a car.
Being close to Lake Michigan, with its beaches and marinas, as well as Grant Park and the many museums on the lakefront is another great selling point for downtown condos,
Besides the new luxury condos that have given neighborhoods such as the South Loop a whole new look, there are other vintage buildings such as Six North Michigan that have been turned into upscale condos. It is easy to forget that many of the most well-known condo high-rises—Lake Point Tower and Marina Tower just to name two, began as apartment buildings decades ago and were only converted to condos in recent years.
Loft condos have also become increasingly popular, and can be found in all the downtown neighborhoods. These include the classic lofts in revamped warehouses and other industrial property, as well as newer loft-style with the classic look and all the modern amenities.
So whether you are looking for downtown condos with views of Lake Michigan or the Chicago River, or close proximity to the Magnificent Mile, there is something for you. Even if you are not ready to buy yet, rental condos can be found in many buildings too.
Buying Real Estate
Buying real estate has been the great American dream since there was an America. It has long been regarded as one of the basic elements to being an American with all the rights and privileges we enjoy. Buying real estate is one of the biggest purchases most people will make in their lives, but it also encourages us to examine our goals, commitments and lifestyle. So is it any wonder that on the list of stress producing events in our lives, buying real estate ranks as one of the highest. Even with the stress produced with buying real estate the right guidance, advice, and an increased understanding of the many facets to buying will help you to identify your own objectives and make the whole buying process relatively easier.
People buy real estate for a variety of reasons from personal use to an investment in their futures and the steps and strategies followed will vary if you are a first-time homebuyer, upgrading or downsizing, or investing in income property. As said before buying real estate is typically one of the biggest investments in your lifetime and you will want to make sure you do your homework before committing to any sort of purchase.
There are several factors that need to be taken into consideration to reduce the stress and to feel confident you are accomplishing your primary goal.
- Get your credit checked and apply for a mortgage. Obviously you will need money or the promise of money to purchase any type of real estate and speaking with your bank or mortgage company to get a pre-approval is the first step to take. Sadly, too many people skip this step only to be disappointed when they find out they cannot afford the home they have already fell in love with.
- Identify what you are looking for and what is important to you. Any easy way to do this is to rank your “must haves” and those that are an “absolutely no go”. You might think a fixer upper is a “no go” but in the right location it might be exactly the right choice.
- Find a real estate agent. Sounds simple but when buying real estate it can make all the difference in the world. Traditionally real estate agents represent the seller even when showing buyers properties. Many potential home buyers are not aware of this and assume their agent is looking out for their best interests. To be certain you are being represented look for a Buyer’s Agent whose sole responsibility is to represent you and accomplish your goal of owning a home.
Buying real state is certainly a stressful activity but with the right examination of your goals and the right preparation you will end up accomplishing the great American dream.
Condo Sales
The American dream of owning your own home has changed over the last couple of decades. The dream is still alive but the options have changed dramatically. One of the fastest growing segments of property sales today is condo sales. Owning a condo has many things in common with owning a traditional home, but it is the differences that count. It is important before you make that jump into home ownership that you know whether a traditional home or condo is right for you.
First of all, what is a condo? Condos resemble apartments in many ways. They can consist of several units in the same building or complex, with common areas like courtyards, lobbies, pools, etc. that are shared by everyone. But condos, as opposed to apartments are owned by the individual tenants and not just rented. When you purchase a condo you may be giving up some privileges but gaining in others. It is this balance of benefits that will be most helpful when deciding what type of property to buy.
One area that you need to investigate before you buy a condo is the prices of similar properties that have sold in the complex or complexes in the immediate area. Condo sales in the area can tell you if the price you are offering is too high or too low. A comparative analysis will also tell you how long units in that complex have been on the market, if prices have been reduced, how many units are for sale, and the prices in which they sold. With the ever changing real estate market it is important to be aware of all of these things to get the best value for your money.
Not all real estate agents are familiar with the nuances of condo sales. Real estate transactions are most likely the biggest financial investment most people will experience in their lifetime, so it is even more important to find the right person for the job. But how do you choose the right person for the job? First of all with most any financial transactions you will want to make a thorough search which can be done quite easily by attending open houses to see how agents work and to meet them first hand. Ask the prospective agent how long they have been licensed, how long they have worked in the condo market and how many sales they have closed in recent months. Ask for references and talk to your friends and family about who they would recommend and why. Once you have found the right agent you are well on your way to realizing the American dream of home ownership.
Multiple Listing Service
If you are a real estate agent the Multiple Listing Service is your guidebook or directory to all your business and you cannot live without it. Wikipedia defines “Multiple Listing Service (MLS) as a suite of services that (1) enables brokers to establish contractual offers of compensation (among brokers); (2) facilitates cooperation with other broker participants; (3) accumulates and disseminates information to enable appraisals; (4) is a facility for orderly correlation and dissemination of listing information to better serve broker’s clients, customers and the public.”
The Multiple Listing Service is where real estate agents go to find information about properties for their prospective customers or clients. If an agent is working with buyers then the MLS will enable the agent to find properties available for sale. Real estate agents who have access to the system can search specific areas, specific types of property, number of bedrooms and baths and much more. Today the Multiple Listing Service has become such a technologically advanced tool for real estate agents they cannot live without it. With the combination of many associations of realtors or groupings of associations into several large services a real estate agent has access to literally 10’s of thousands of properties for sale with such sophisticated search engines that finding the perfect property for your buyer is only several key strokes away.
Most Multiple Listing Services restrict their membership and access to only real estate brokers and their agents who are licensed in the state and are members of the local board or association. However, access is becoming more open due to the explosion of internet sites and the public’s increased interest in properties in their area. There has been a few legal cases involving the public’s access to their local MLS but at this point in time access is granted to licensed realtors and associate members, such as appraisers and mortgage providers.
The Multiple Listing Services database and software is used real estate agents who represent sellers to share information about properties with other brokers who may be working with potential buyers or wish to cooperate with a seller’s broker in finding a buyer for the property. The data contained on the MLS assists agents with searching out specific information provided by the seller which enables the real estate agent to find just the right property for their buyers. As stated above the Multiple Listing Service is the bible for real estate agents without which an already challenging job would become much more difficult.
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