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Real Estate: Becoming A Broker
from: Thomas Kinsey Schneider, Ph.D.Why Real Estate?
Real estate is security, a source of wealth and a path to
prosperity. Real estate is the Great West, where new-age cowboys
roam million-acre ranches on horses and Humvees, against a
backdrop of majestic snowcapped mountains. It is a 50-story
luxury condo in downtown Manhattan where millionaire bankers
relax with a paper and some fresh fruit on a balcony overlooking
Central Park. It is a modest one bedroom one bath house on the
wrong side of the tracks. It is a palatial 6 bedroom, 7 bath
stone French Tudor, with wine cellar, nestled into a private
cove on an exclusive lake in Texas within a private gated
community. It is a piece of the pie. It is your home, your
neighborhood, your piece of mind, your investment portfolio.
Real estate is all that and more.
Anybody can get rich in real estate. Yes, you have to be
motivated and dedicated to your goal. But you don't have to be
an investment banker, or a university professor or a hot-shot
dot.com executive. If you have the desire to change your life,
and are committed to becoming one of the rich instead of the
want-to-be-rich, you can! That's because real estate is a great
path to great wealth. But be clear, real estate is not a
get-rich-quick scheme. You need to learn the most important
basic principals of real estate, and then prudently put them to
practice in the real world. We show you how at
www.realpropertymillionaire.com. If you are ready to learn, we
are ready to teach you!
Becoming A Broker
If real estate wealth is your goal, you might consider getting
your real estate license, or even your broker's license.
Most real estate transactions in this country include the
services of real estate agents. The agents serve a valuable
purpose during the course of the transaction by providing
expertise in several areas:
1) Market analysis 2) Sales price negotiations 3) Document
preparation and execution 4) Liaison between the buyer and
seller 5) Facilitator of ancillary services such as title and
escrow
In a real estate transaction not involving an agent, the buyer
and the seller must be responsible for all of the duties that an
agent might normally perform. In some cases this can create
problems that could result in a failed transaction or worse,
including legal problems after the deal has closed.
Serious real estate investors would therefore be wise to take a
close look at the advantages of obtaining a real estate broker's
license. Obtaining broker's license is not as difficult as you
might imagine. Each state will have its own set of rules and
regulations, but the process is more similar than different
across states. After all, real estate is real estate no matter
where it is found.
The benefits that can be derived from having a real estate
broker's license can be grouped into four categories.
Commissions
Commission dollars can be used as additional capital. Typical
real estate commissions to the buyer's or seller's agent will
range from 2% to 3%. With a sales price of $500,000, this would
equate to $10,000 to $15,000 additional capital that the
investor would have at his disposal. This could make the
difference of success or failure in a PONOMO property. Of
course, this amount can be much more significant with higher
priced properties.
Multiple Listing Services
Investment properties can be found more readily. An investor
with a real estate broker's license would have at their disposal
easy access to the multiple listing services (MLS). Having the
MLS at your fingertips is a distinct advantage to the savvy
investor for several reasons. First, such access allows the
investor to locate properties easily and quickly, in some cases
the moment they become available. Second, in many cases the MLS
will contain remarks generally unavailable to the public. These
remarks can provide insight in to the seller's motivation or
other pertinent aspects of the property. Additionally, data from
the MLS allows for a thorough market analysis of the property.
Control
The investor can gain more control over the transaction. Without
having to rely on the services of a third party, the licensed
real estate investor will be able to exercise more control over
the entire transaction. There will be no reliance on anyone else
to search for properties, execute documents, or generally guide
the transaction. The licensed investor can operate at a pace
that is suited to his particular need.
Exit Strategy
Investment properties can be listed for sale under the control
of the investor. When the time comes for the licensed investor
to dispose of a property, he would not need to rely on another
person to list a property on the MLS. That gives the investor
greater control of the property description, timing of the
listing, and conditions under which the property will be shown.
The vast majority of properties are sold through the MLS, and
there are clear advantages of having control over that process.
Of course, just as with a purchase, there would be a tremendous
commission savings as well.
Broker versus Salesperson
The real estate world makes a distinction between a real estate
broker's license and a real estate salesperson license.
Typically, a real estate broker may exercise autonomy throughout
a transaction, while a salesperson must be under the supervision
of a broker. A real estate broker's license will offer confer
upon an investor the benefits as described above. A real estate
salesperson would have some of the same advantages, but he would
not be able to exercise as much control over the transaction,
and would have to give up a portion of the commission to the
supervising broker.
In most states, a real estate salesperson license can be
obtained after completing a short state-approved course and
passing a written state-administered examination. A real estate
broker's license will involve additional course work and a more
comprehensive written examination compared to a salesperson
license. Some states will also have some type of college
education requirement or work experience to obtain a broker's
license.
The best approach to investigating how to obtain a real estate
broker or salesperson license is to use an Internet search for
the Department of Real Estate in whichever state you are
located. The effort in obtaining such a license will be rewarded
with the very first transaction in which you earn a commission.
To learn how to generate wealth through real estate, go to
www.realpropertymillionaire.com
About the author:
Dr. Schneider is a recognized expert in building personal
wealth, with his best selling books "Beyond No Money Down" and
"Trading Futures: Only One Way to Win". Practicing what he
preaches, he now lives in a beautiful waterfront home in central
Texas, owns and operates his own jet, and travels the world
first class giving lectures across the country and across the
globe.
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