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© 2011 Cengage Learning
© 2011 Cengage Learning
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.
© 2011 Cengage Learning
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
© 2011 Cengage Learning
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
© 2011 Cengage Learning
© 2011 Cengage Learning
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.
© 2011 Cengage Learning
RATIONALE FOR CHAPTERRATIONALE FOR CHAPTER
Real estate brokerage is a highly competitive business.
© 2011 Cengage Learning
RATIONALE FOR CHAPTERRATIONALE FOR CHAPTER
• 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.
© 2011 Cengage Learning
RATIONALE FOR CHAPTERRATIONALE FOR CHAPTER
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.
© 2011 Cengage Learning
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.
© 2011 Cengage Learning
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.
© 2011 Cengage Learning
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.
© 2011 Cengage Learning
THE REAL WORLD OF REAL ESTATETHE REAL WORLD OF REAL ESTATE
Expand your knowledge of the marketplace through the Multiple Listing Service (MLS).
© 2011 Cengage Learning
TEAMS & PARTNERSHIPSTEAMS & PARTNERSHIPS
Defines partnerships.
Tells how fragile they can be and how to avoid problems.
Discusses the benefits of partnerships.
Discusses compatibility issues.
© 2011 Cengage Learning
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.
© 2011 Cengage Learning
THE IMPORTANCE OF A THE IMPORTANCE OF A SUCCESSFUL ATTITUDESUCCESSFUL ATTITUDE
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.
© 2011 Cengage Learning
THE IMPORTANCE OF A THE IMPORTANCE OF A SUCCESSFUL ATTITUDESUCCESSFUL ATTITUDE
• 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.
© 2011 Cengage Learning
THE IMPORTANCE OF A THE IMPORTANCE OF A SUCCESSFUL ATTITUDESUCCESSFUL ATTITUDE
A new agent should ask him or herself: Are you afraid? Are you persistent? Are you self-confident?
© 2011 Cengage Learning
THE IMPORTANCE OF A THE IMPORTANCE OF A SUCCESSFUL ATTITUDESUCCESSFUL ATTITUDE
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?
© 2011 Cengage Learning
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.
© 2011 Cengage Learning
OTHER THINGS TO DOOTHER THINGS TO DO
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.
© 2011 Cengage Learning
OTHER THINGS TO DOOTHER THINGS TO DO
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.
© 2011 Cengage Learning
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.
© 2011 Cengage Learning
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.
© 2011 Cengage Learning
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.
© 2011 Cengage Learning
PLANNINGPLANNING
Planning makes you keenly aware of wasted time.
© 2011 Cengage Learning
PLANNINGPLANNING
• Successful agents make better use of their time than unsuccessful ones do.
© 2011 Cengage Learning
PLANNINGPLANNING
• What is your time worth?
© 2011 Cengage Learning
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.
© 2011 Cengage Learning
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!
© 2011 Cengage Learning
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.
© 2011 Cengage Learning
GOAL SETTINGGOAL SETTING
Things to consider when setting goals are:Your motivation.
Your financial situation.
The support of your family.
The marketplace conditions.
© 2011 Cengage Learning
GOAL SETTINGGOAL SETTING
Goals should be measurable in some way that is meaningful to the agent (i.e. Volume sales, earnings, number of transactions).
© 2011 Cengage Learning
GOAL SETTINGGOAL SETTING
Goals have more meaning if they are tied to some type of reward when achieved.
© 2011 Cengage Learning
GOAL SETTINGGOAL SETTING
You stand a better chance of attaining your goals if you share them with someone else and agree to have them hold you accountable.
© 2011 Cengage Learning
GOAL SETTINGGOAL SETTING
Set goals that you can control and are realistic.
The results will come!
© 2011 Cengage Learning
OTHER THINGS TO DOOTHER THINGS TO DO
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.
© 2011 Cengage Learning
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.
© 2011 Cengage Learning
OTHER THINGS TO DOOTHER THINGS TO DO
Equipment needed: A daily planner Business cards Your automobile In the car: Folder or plastic bag Flashlight 100-foot tape measure For sale sign
© 2011 Cengage Learning
OTHER THINGS TO DOOTHER THINGS TO DO
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
© 2011 Cengage Learning
OTHER THINGS TO DOOTHER THINGS TO DO
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.