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MLS Real Estate Agent: What to Look for in an Agent

Saturday, May 10th, 2008

Whenever you buy or sell real estate, you may be like millions of other consumers out there, thinking you don’t need a real estate agent. Some people who buy or sell homes, generally think that a real estate agent isn’t worth the money, and may want to do a FSBO(For Sale by Owner). Those who choose to buy a new home, think that real estate agents only add to the cost of purchasing the home, which isn’t necessarily true.

What most of those people aren’t aware of, is that real estate agents are normally paid by the seller, not by the buyer. As a buyer, you’ll get to work with a professional real estate agent without needing to really pay for commissions yourself. Policies can vary a lot state to state and from company to company. Always check any paperwork or contracts that are provided to you to ensure you know how the commissions are handled. When researching for an agent, make certain to ask about any type of fees as well.

Many real estate agents out there may work with both buyers and sellers, although most specialize in working with either the buyer or the seller. Some specalize in working with investors, some with rehabbers, etc. If making a home purchase, make sure that the agent you choose has prior experience of working with buyers and transactions with all types of financing.

If interviewing a real estate agent and he or she is not familiar with down payment assistance programs, please look into this, it’s important. Certain loan officers are going to have experience in this area.

You can also make a list of real estate agents that you can interview based on referrals from friends, lenders, and even family. Lender referrals can be a great choice as most mortgage brokers have worked with them in the past and both are already familiar with each other. Choosing a mortgage brokers referral can also prevent you from encountering any obstacles or surprises.

You should also find out how much experience he/she has in the field, and how long he has been working with real estate.
You can also ask about sample contracts as well. If you are buying a home, you should make sure that they are accustomed to being a buyer’s agent. If you happen to be selling your home, then you’ll want to make sure that the agent works with sellers and has experience listing properties. Agents that are dedicated to one or the other are the best to choose, as they will have more experience than agents who work with both buyers and sellers. Someone with years of experience probably has done both.

Finding a real estate agent is an easy task if you know what to look for. If you take things one step at a time and carefully make a decision, the chances are good that you’ll end up with an agent who has the right amount of experience. You should always be careful when you choose, never rush the process. Find one who fits your needs and has your budget in mind. When you make that final decision, you should always choose an agent who has your best interest in mind and isn’t only after the money.

If you have questions about real estate at anytime please email me ron@minnesotainvestors.com

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Real Estate License Cost: Should You Become an Agent?

Sunday, May 4th, 2008

I wrote another blog post telling you if you should get a real estate license, you can view that here Should I become a real estate agent

Should you decide to become an agent after reading that article and you wonder where to get your real estate license, you can go here: Kaplan Professional Schools www.kpsminnesota.com

You will need to take course I , II, III which at the time of this writing is $229 per course. You will have to pay for books also. It’s a total of 30 hours per course. Sometimes they offer weekend courses, but usually it’s a full time schedule during the week M-F. I went through this over 3 weeks. I did this about 5 years ago.

You also have a chance to go to 100+ Continuing education courses after you get your license. I go to a lot of them. I recommend Kaplan, they do a great job, and the books they provide are just as great.

Here is an example of classes I have taken for Continuing Ed over the last few years, most were through Kaplan (at the time named Prosource) . Some of these classes on the below list may not have been from Kaplan, but were CE.

1 day Mock Closing Workshop

90 Hours Real Estate Training

Agent Training Audio 5 CD’s Prosource

ProSource Principles of Investing Book 1

ProSource Principles of Investing Book 2

Agent’s Guide to Real estate Investment for Retirement 2003

Real Estate Investment for Fun and Profit 2005

Recognizing Home Architecture Styles 3.75 hours

Ethics 2004 3.75 hours

Sold! The Auction Alternative Kaplan

Intro to Condo Conversions Kaplan

How to Originate Loans like a Pro Kaplan

Introduction to Mortgage and Investment Foreclosures

How to work with real estate investors

It’s not over ’til it’s closed

Credit -Scores and More

When bad things happen to good transactions

Understanding the Purchase Agreement

Houses: Buy, Fix, and Sell! Kaplan

Marketing 101: High Tech Marketing and Communication Tools

How to get land development approval

Real Estate Fraud Prevention

Negative Amortization

How to Process Loans like a Pro Kaplan

The Foreclosure Sale STCAR

Commercial Real Estate Leasing STCAR

GRI #2 Investment Taxation/Financial Planning 15Hrs.

Cracked and Broken Credit: How to Fix it Kaplan

Blueprint for Closing Title Closer Kaplan

Foreclosure and mn short sale process for agents

I have a list of at least 20 more classes from Kaplan I am waiting to take. After you become and agent email me sometime ron@minnesotainvestors.com and let me know how you like the business. I look forward to your success!

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