Everything A Real Estate Agent Doesn’t Want You To Know, A Year In Review 2006

During 2006 I have written a number of articles known as the “Everything A Real Estate Agent Doesn’t Want You To Know” series which has been a consumer oriented series of information to help home buyers and sellers protect themselves when conducting a real estate transaction. These articles are a natural extension of books I have written known as “Everything A Real Estate Agent Doesn’t Want A Home Buyer To Know” and “Everything A Real Estate Agent Doesn’t Want A Home Seller To Know”.

The first book written during 1990 was called “Everything A Real Estate Agent Doesn’t Want You To Know” and it had a fair degree of national success, much more than I thought it would, when I introduced it to the media during 1991/92. We sold the book in every state in the U.S. including Alaska, Hawaii and as far as Pakistan and Japan. This was not a bad performance for a self-published under-funded author.

I wrote this book because I was a licensed real estate agent in the state of Ohio and, more importantly, I was a residential mortgage banker for a few years and I saw many home buyers and sellers experience financial damage from dealing with inexperienced and unethical real estate agents. Many of the agents were either totally incompetent or so self interested that they would mislead buyers and sellers, anything to get them to sign a purchase offer or a listing contract. Many of these home buyers and sellers who were cut through the neck and didn’t even realize they were bleeding because they lacked knowledge and insight into how the real estate game is played.

These books have always caused friction between real estate agents and myself because many agents resent the title of the books and the ill conceived premise that my position is that all agents are bad crooked people, which is false. In fact, whenever I did a media gig I always made it a point to clarify this is NOT a blanket indictment against real estate agents. There are good, honest, knowledgeable, full time real estate agents in the business who are highly professional. The problem is they are the minority and not the majority.

The major problem with the real estate industry as a whole is the ease with which a person can get a real estate license. While the educational requirements vary from state to state, in most cases, anybody can get a license to sell real estate in about 90 days. This just doesn’t make sense to me. Consider that many agents are little old women who operate part-time, have no business or selling background, go to school for 30 or 90 days and are licensed to represent home sellers in property transactions from around $50,000.00 and up. I mean, a lawyer has to go to school for seven years to get a license to write a fifty-dollar will or represent somebody in a petty traffic accident. But silly-sally can go to school for 30 days and list a $250,000 house for sale? That does not compute in my mind. What kind of representation will a seller get from a part time agent with one toe in the tub? And the full-time pros know what I am talking about.

I have had many close discussions with agents while I was in the business and the bottom line is that part timers are often the weakest link in getting a deal done, unavailable for showings, etc. The bottom line, part time agents give part time results whether you are a buyer, seller or a full time agent trying to make a living.

And the truth is that most people, especially first time home buyers and sellers don’t know what is going on…not really. How you select an agent to sell a home, the nature of contract law and the negotiable elements of listing contracts, purchase contracts, etc. is way beyond most first time buyers and sellers. The result is that sellers sign stupid long-term listing contracts with the wrong agents and the wrong companies and buyers pay way more for property then they would if they had more insight into the workings of real estate transactions involving commissioned real estate sales agents. I didn’t originate the problem, I just identified the problems and the solutions for home buyers and sellers.

CAVEAT EMPTOR is legal jargon which means “buyer beware” and it means what it says. Whether you are a home seller or home buyer, you better know what you are doing when you are making decisions and signing contracts because, it is your duty to know and ignorance is no excuse under the law. If you do a stupid real estate deal, it’s your fault. Which is a shame because buying or selling a home is a BIG business decision. It is a business transaction composed of people, emotions, contracts and cash and those are all the ingredients for legal and financial pain if you don’t know what you are doing, and most people don’t. And how are people supposed to get access to this information that will protect their legal and financial interests before they buy or sell a home anyway?

THE POWER OF THE NAR OVER GOVERNMENT AND MEDIA

What many people don’t know is the National Association of Realtors  (NAR) is one of America’s largest special interest groups who have incredible lobbying power over our politicians to write real estate laws that benefit the real estate industry, not consumers. Thus, the caveat emptor clause… state and federal real estate laws are written in the interests of your local real estate company and not you.

Something else people are not aware of is the tremendous advertising influence the NAR has over print and electronic media to manipulate the news you read, hear and see because of their advertising dollar power. There is an article written by Elizabeth Lesley of the Washington Journalism review called Demand Happy News And Often Get It and it exposes the corruption and manipulation of the news consumers count on to make decisions about buying or selling a home. I strongly urge everyone to read this article.

Real estate is like the stock market in some ways. When you hear of a fad like “flipping” you are probably at the tail end of that gimmick bubble, kind of like the dot.com days… everybody jumped in because they thought it was hot and it was really the end of the dot.com bubble. A lot of people have gotten caught with their pants down on the flipping angle.

Home foreclosures are up across the U.S. because real estate agents and the lenders who cater to them (the real estate industry has tremendous influence over the lending industry because the are the source of so many home loans) have qualified otherwise unqualified borrowers, by putting them in gimmick loans. In the mad dash to milk the market, people have been steered in to interest only loans, negative amortization loans or attractive teaser loans like low interest adjustable rate mortgage (ARM) and other stupid financing that is NOT in the best interest of the buyer. That’s why many of the foreclosures are happening. Naïve and gullible people were sold a bill of goods based on unrealistic property values. The market got hyped and the agents and lenders were right there to exploit buyers and sellers. Did some people make money? Sure. But many people have found themselves against the wall with too much “house”, too big a payment and a housing market that looks pretty bleak for a while…

All it takes is one ripple in our fragile economy to turn the real estate market into a landslide. Here’s a news flash: The economy is on shaky ground. The economy has been kept strong by housing sales and corporate profits and both are an illusion. The real measure of the economy is durable goods, like automotive sales, which are in the tank causing massive restructuring and layoffs. People can’t afford to buy cars because they are scraping the enamel off their teeth trying to make house payments…

So, whoever you are, and you read my real estate articles, keep in mind that the reason I have done what I have done, and will do what I do, is because I am on the side of the consumer. I am on the side of the person who wants to be a better, more informed consumer. I am on the side of the person who wants to save a few thousand on their real estate transaction by being smart and on a more level playing field with real estate agents.

And you know what? By educating people and teaching them how to do deals more intelligently, how to weed out the part timer agents from the pros and save a few bucks in the process, I am actually helping the professional full time agents. The truth is that honest agents won’t have a problem with my position because it will get rid of the riff raff.

Thanks for reading!

Jim Hart

Copyright © 2006 James W. Hart, IV All Rights Reserved

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Getting Your Real Estate License

Being a real estate agent is an exciting and fun career. If you don’t want to be one, you still might want to consider investing in real estate. It is a profitably market, and you can easily get involved with your license as long as you take the proper precautions in mind.

Licensing usually changes from state to state; however, there is a common number of issues or problems you may face. To succeed in grabbing that license, you will want to keep a few important considerations and tips in mind.

More commonly than not, you must achieve certain pre-license requirements. You need to find out what these are so that you can properly prepare for them. It is common for these to contain educational skills, so ensure you know what they consist of.

You may also have to go through a series of requirements after you receive your license. If this is the case, prepare yourself. You should know the general process so that you do not discover unwanted news.

Usually, the questions on the exam are new for the individual. Obviously for this reason, you should do a lot of studying and ensure you know the material.

Take a course to prepare yourself mentally, and ensure you schedule a test right after. This will drastically improve the chance of success, as you will not have forgotten anything.

Furthermore, practice makes perfect. Scour nearby resources for practice exams. This will help you get a better understanding of the material and what is expected. It will also give you a grasp of the test format.

Lastly, you should take a course that guarantees you will pass the exam. If you do not pass the exam, you will need to pay to retake it. By using a course that guarantees your success, you will be able to get some type of money or deal back.

Is Real Estate in Your Future? Look Into Getting Your License

To obtain a real estate license in NY, it is important to be aware of the steps you must take leading up to the test to become licensed. Becoming a real estate salesperson requires a specific number of hours of course study, and the successful completion of the school’s final exam at the end, followed by the New York State exam. Once this is completed, an individual can begin to explore a career in real estate sales. The good news is, according to US News, the unemployment rate for land and buildings agents is relatively low, at 3.9-percent. This means a relatively stable career choice.

In order to obtain a real estate license in New York, the New York Department of State requires a student to complete an approved, 75 hour course. Then, the student must take and pass the school’s final exam and the New York State land and buildings exam. Keep in mind that the school’s final exam must be taken in-person, at an approved proctoring location. This applies for both online courses or in-person courses. After completing the school’s final exam, you can schedule to take the New York State exam, which is held at various locations throughout the State. In order to obtain the time and location you desire for the State exam, you should schedule the exam at least two weeks in advance in New York City, and one week in advance throughout the rest of the State.

Obtaining your real estate salespersons license in the first step you will take while entering into the field of real estate. Once you gain enough experience, based on the requirements outlined in Article 12-A of the NYS Real Property Law, you will be eligible to take your broker’s license course. A licensed broker is capable of creating their own agency and managing other agents.

Once you earn your real estate salesperson license, you have attained the knowledge necessary to help individuals or families find their ideal home while getting a good price for the seller. Purchasing a home is a big undertaking for an individual or family. It is a long-term investment that is the main focus of their life for years to come. A home is the central focal point for a family, where they can live their lives comfortably or visit whenever they need to recharge. Homework is completed and meals are eaten within the walls of this purchase for decades. This means a land and buildings agent helps a family find their peace and safety.

For anyone seeking to earn a real estate license in NY, and pursue a new career, it is good to know that US News considers land and buildings sales to be in the top 20 for business jobs (No. 19). However, when it comes to the 100 best jobs to have, real estate ranks low in the list at No. 78. Still, a reliable income can be made with a land and buildings license, since the median salary is just under $40,000. This is not a career path to be taken lightly, but once a commitment is made, this is the type of career that can last a lifetime and give the individual a great sense of fulfillment.