Sales Job Ebooks Catalog
When you're buying property, Realtors work for you free, so why not take advantage of this tremendous resource Let them find properties, make offers, and help negotiate your deals and get paid by the sellers, so their services don't cost you anything. If you're going to be investing in various types of real estate, you may want to have more than one Realtor on your team. Good real estate brokers specialize in particular property types and geographic areas. I have one Realtor who handles my high-end residential development projects, another who handles moderate residential investment properties for me, and a third who handles my commercial deals. Here's how to find a Realtor who belongs on your Power Team. Select the area or areas in which you want to invest. You'll learn how to do that with the specific types of real estate discussed in later chapters. Drive through the area and write down the name on every real estate sign you see. Pick the top three offices and call them. Tell the...
You can obtain a wealth of knowledge and statistical trends from a number of national resources. The best is the National Association of Realtors (NAR), which produces some wonderful studies, reports, and market statistics that most agents never use. The truth is that most agents don't even know they're available. Visit the NAR Web site at www.realtor.org to obtain an overview of the association, to access quick links to useful sites including REALTOR Magazine Online, and to subscribe to receive e-mail updates on real estate topics and statistics.
Many mortgage lenders do not sell directly to REO investors for two reasons (1) As mentioned, they don't like the unfavorable publicity, and (2) they want to promote good relations with Realtors.2 Because most mortgage lenders expect Realtors to bring them new loan business, the lenders can't then turn around and become FSBO (for sale by owner) dealers. You scratch my back and I'll scratch yours sets the rules in business. As one part of your efforts to find REOs, cultivate relationships with Realtors who specialize in this market. (In fact, HUD, VA, Fannie Mae, and Freddie Mac almost always sell their REOs through Realtors.) In most cities, you can easily find REO specialists by looking through newspaper classified real estate ads.
The sales manager is compensated in three basic areas, based upon the desired objectives of the company Sales commission split. A broker may want to establish a generous fixed-commission split for the sales manager, acknowledging that the sales manager will have less time available to do his or her own personal sales. A commission split of 80 to 85 percent is not unusual, depending upon the market area and the size of the office. Base compensation. Typically, this is a monthly stipend of 1,000 to 2,000, varying with marketplaces. Base compensation is further acknowledgment that the sales manager will spend time doing administrative duties that negatively affect his or her personal sales income but that is essential for company operations. Recruiting bonuses. A common way to encourage a sales manager to spend time on recruiting activities is to provide an incentive program
The properties you buy have to be insured for two primary reasons first, because lenders require it and, second, because you want to protect your investment. Basically, you need property and liability coverage and thus need a good commercial insurance agent to help you get the best deal. A good insurance agent can provide you with a wealth of knowledge that you don't have to pay for, because the agents are paid by the insurance companies. Your best candidate is an independent agent with strong experience in commercial lines not necessarily the same person who has been selling you coverage for your home and personal automobile. The agent should have other clients who do what you do and should be willing to take the time to conduct risk assessments with you so you can make the best decision about what types of coverage and limits you need.
Realtor.com attracts more home buyer and home seller visits than any other Web site. Owned by the National Association of Realtors, this site helps member agents promote their offerings to the public. As a first step, visit www.realtor.com to explore the different packages and features available. Then make sure to post all of your listings, along with multiple pictures, on the site.
As the official membership site for the National Association of Realtors (NAR), www.realtor.com is the voice for all of real estate. Even though it's designed for Realtors, the site is a wealth of information for anyone interested in real estate. It contains the latest information on housing sales and prices, as well as forecasts for the residential and commercial real estate markets prepared by NAR's housing economists. The news section summarizes major trends and issues in real estate. REALTOR Magazine Online contains how-to information for consumers and real estate professionals.
1 Throughout this book, I use the term real estate agent rather than Realtor unless I'm talking specifically about members of the National Association of Realtors (NAR). Realtor is a registered trademark owned by the NAR, which requires that the term appear either in all capital letters or with an initial capital R. For your information, all Realtors are real estate agents, but only those real estate agents who are members of and subscribe to the Association's strict code of ethics are Realtors.
My primary research methodology was based on direct personal observation. I was a very successful residential real estate sales agent for several years, after a career in the U.S. Air Force. I currently have my Oregon real estate broker's license, although I devote most of my time now to teaching and writing. I have taught real estate licensing courses at an Oregon community college for over a decade. I have remained active as a member of the National Association of Realtors and have served on the local ethics and arbitration panel. I have also been Book Review Editor for Real Estate Professional magazine for many years and frequently write feature articles for the publication. For several years I wrote a Realtor career advice column titled Ask Doctor Real Estate . During the early years of my real estate career, my wife was also a licensed salesperson, and we worked together as a team in the same office. To secure background information and to help me achieve a national perspective,...
Every state has at least two license levels for its real estate agents salesperson and broker. (Briefly, a real estate broker is someone authorized by the state to perform certain activities such as sales on behalf of another person for a fee. A salesperson is someone licensed to do those activities but only under a broker's supervision. See Chapter 3 for more.) Some states may have other levels of licensing, such as a time-share agent, associate broker, or salesperson apprentice or trainee. In any case, a state agency administers real estate license exams in each state (different states may have different names for their licensing agencies). In the following sections, I give you the lowdown on licensing procedures, the differences between the licensing and exams for salespeople and brokers, and the format of the exams themselves.
Many BWBs I talk to think they must have a broker's or salesperson's license to invest in real estate. You do not need a real estate license of any kind to invest in real estate for a profit Most brokers and salespeople I know do not invest in real estate. Instead, they're more interested in earning commissions than they are in investing. True, while I do know some BWBs who are licensed, the main reason they got their license was not to earn money selling real estate.
I Between creating customers and delivering service, customer creation is the more complex task. Customer creation requires sales skills and ongoing, consistent, and persistent prospecting for clients. To develop customers, you have to gain the level of skill and comfort necessary to pick up the phone and call people you know (or even people you don't know) to ask them for the opportunity to do business with them or to refer you to others who may be in the market for your service.
Almost all real estate agents are paid solely from commissions (brokerage fees paid to their supervising brokers and shared with the agents), which result either from property they sell or from the sale of their listings (contractual agreements with owners to market property) by other agents. This is true whether they are among the approximately 95 percent who are independent contractors or whether they are employees. In real estate sales, the term independent contractor is used to describe the nature of the supervisory relationship between broker and agent, and has specific legal and income tax implications. Rarely are real estate salespeople paid a set salary. I describe these basics more fully in Chapter 3. Some alternate business formats are evolving, which I will cover in Chapter 17, but commission sales are still the dominant model.
While most people in business recognize the need to adjust to market changes, real estate brokers really need to moderate their styles as market conditions fluctuate. During the boom times of the mid 2000s, many real estate brokers, based on the volume of work, became more transactional as they tried to close as many deals as they could. But the best ones knew that booms also create busts, and it's the real pros who maintain relationships during the booms that have business during the down times. The best brokers also know that the height of the market is not the time to buy and provide that level of counsel to investor clients. They are market advisors as well as salespeople who are in it for the long term and know that no deal today is worth the loss of many deals tomorrow. That's the kind of broker you want.
Holds an annual outdoor BBQ, where they ask all staff and sales reps, to come wearing pink for Breast Cancer Awareness. They raised over 2,000 at their 2008 event. In addition, once a year a group gets together to ride The Big Heart and Stroke Bike - raising approximately 10,000 each and every year.
When you hear that your earnings potential in real estate is unlimited, it's not all hype. The elite among the top producers earn whopping incomes. When NAR did a study a couple of years ago of what they defined as top producers it revealed they had a median income of 177,400. That means some earn several hundred thousand per year, and adjust that figure for the inflation and the hot nature of the real estate market in the ensuing years. But super achievers aside for a moment, let's consider some numbers about average earnings. The best income information is published periodically by the National Association of Realtors. Their most recent information revealed that median (half above and half below) gross income for all full-time Realtor salespersons was 37,600 hardly the stuff of which lifestyles of the rich and famous are made, particularly since we're talking gross, not net. And I hope you're sitting down for this one. The median income for first year Realtors over the years has...
Understanding the differences between brokers and salespeople Figuring out what real estate agents really do and how they get paid Checking out different career opportunities (including property management) Discovering the details of managing a real estate office and working independently Looking at important job-related laws you need to know The rest of the material in this chapter is fair game for state exam questions. Understanding the different responsibilities that brokers and salespeople have, how brokers and salespeople are paid, and the working relationship between brokers and salespeople is important. I talk about the role of the real estate broker in running an office, which is especially important for those of you taking your state's broker exam.
You're looking for a manager who has a track record of building successful agents from new agents. Effective managers will have low failure rates with new agents and will see more than 40 percent of their new agents become successful. That percentage may seem low, but according to the National Association of Realtors (NAR), less than 20 percent of the agents last more than two years. A manager that can give you time frames and statistics on his agent's success is a serious candidate for your manager. Most of them could not tell you the stats.
Some states have an intermediate level of licensing that is called an associate broker. An associate broker has all the qualifications of a broker but doesn't want to operate his own real estate business. Associate brokers choose to work under the licenses of other brokers just like salespeople. Be sure to find out how your state refers to this level of licensing and what the qualifications are. In general the requirements to become an associate broker are the same as they are to become a broker (including the exam). The only difference is that an associate broker doesn't have his own place of business and needs a sponsoring broker just like a salesperson.
So what's a Realtor Real estate brokers and salespeople often are referred to as Realtors. Sometimes this reference is correct and sometimes it isn't. The word Realtor specifically refers to someone who is a member of the National Association of Realtors (NAR). The NAR is a trade group that represents a large segment of the real estate industry. With a million members, it forms a strong lobby and provides educational information such as conferences and a monthly magazine to its member brokers and salespeople. Through associated organizations it also offers various designations for people specializing in certain aspects of real estate like property management. Realtors also must follow the NAR's code of ethics. Generally speaking, by joining your local NAR-affiliated real estate board, you become a member of your state Realtor board or association and the national association. You can contact the NAR through its Web site at www.realtor.com.
Because buying and selling houses is the primary business of real estate brokers and salespeople, I want to give you a brief and somewhat generic overview of a typical house sale involving real estate agents. (By agents here, I mean either a broker or a salesperson. Remember, however, that the broker is primarily responsible in a transaction, with the salesperson working for her.) I use the word generic, because although many elements are common to all simple real estate transactions, transactions can include state and even regional differences in some specific elements. Many experienced agents tell you that no two deals and no two closings are exactly alike, even within the same area. I try to point out some of these differences, but you need to compare this overview with the particular way things are done in your state. A couple decides to sell their house and enlist the services of a real estate agent. You're one of several brokers or salespeople the couple invites to their home to...
Sale. (For more on multiple listing systems, check out Chapter 4.) Many independent brokers have chosen to affiliate themselves with national franchises. These arrangements vary from a fair amount of control and standardization from the franchise's headquarters to extremely independent operation in which the local broker pays a fee paid to maintain an affiliation with the national franchise. The benefits of franchise affiliations often are related to the nationwide exposure they provide through major advertising. Franchises frequently provide access to the training programs they require their salespeople to complete.
The ability to visualize a property being put to other uses is a skill that you can quickly develop by expanding your knowledge of the types of properties that house various businesses and industries. I read over 20 trade publications a month, which cover a variety of industries, ranging from transportation to logistics to site selection to metal building construction to operating convenience stores. The one thing that all of these trade publications have in common is that they are all involved in real estate in one form or the other. I read these magazines, which, by the way, I receive free of charge, to help stimulate my creative thought process about the various ways in which a piece of property can be put to use. And this helps me to connect the dots between a particular type of property that is in demand and the prospective buyers who may have an urgent need for that type of property. I am also able to pick up bits and pieces of information about the real estate needs of various...
Under the traditional commission model, the brokerage revenues come from the gross commissions generated by its salespeople. This gross commission income (or GCI) is shared first with the franchisor through payment of the off-the-top fee, then secondarily with the sales associate responsible for the transaction. This leaves an amount referred to as gross profit or company dollar and represents the amount of money the brokerage has left to pay its operating expenses and generate profit for its owner.
L The mortgage originator can play the role of a prospect's professional advisor. While most prospects view agents as salespeople, their psychology toward mortgage originators is quite different. They tend to see and trust mortgage originators as consultants rather than as the salespeople that they truly are. By forming strategic partnerships with your mortgage originator, you can put that psychology to work and secure more clients more quickly. I've seen agents increase their closed transactions by over 25 percent through this simple tandem lead conversion approach.
State laws may vary, but in general, a broker is required to supervise the people who work for her. This extremely specific requirement makes the broker responsible for the actions of salespeople who work for her. This responsibility extends to violations of the state licensing laws, fair housing laws, and illegal or fraudulent activities. The extent of liability and punishment is, of course, determined by state licensing officials, and in the case of criminal or civil actions, by the courts. i What your state law has to say about brokers' responsibilities with respect to supervising their salespeople. i The expectation that you'll know most of the important points of the state licensing law with which you and your salespeople are expected to comply. (See Making it legal Looking at license law, earlier in this chapter.)
Formulating and periodically updating an office policies and procedures manual is a suggested means of at least partially fulfilling your training and supervision obligations as a broker. This manual is distributed to all employees along with training in the procedures provided as necessary. Because most salespeople work as independent contractors (see the next section), the policy and procedures manual needs to rely on words like suggested and recommended rather than must. The subjects contained in an office policy manual can range from dealings with attorneys and other professionals to record keeping, using supplies, and attending sales meetings.
Most real estate salespeople work as independent contractors for their brokers. The typical working relationship between a salesperson and a broker is somewhat unusual, one that affects everything from taxes to daily work. In this section I'll explain this relationship and some of the issues you need to understand for exam purposes.
Putting together and maintaining a Power Team is an ongoing process. Once you get one or two people on your team, the rest will come in a very natural, logical flow. Begin with a Realtor, a mortgage broker, and a banker. These three people are key for real estate investing, because they help you find and purchase property. Then network your way to the rest.
In the real estate industry, antitrust laws essentially have been taken one step further as a result of a famous court decision in a case called United States versus Foley. The result of this case determined that even if no actual consultation occurred between individuals about price fixing, the mere discussion among competitors of prices for services is considered an invitation to fix prices and therefore violates antitrust law. As a result, the industry operates on the principle that discussing fees between brokers is illegal unless the brokers are cooperating on the same deal. Fees may be discussed in-house between brokers and salespeople and brokers, salespeople, and clients. In other cases, the courts determined that local Boards of Realtors can neither dictate, recommend, nor publish rate schedules.
For the most part questions in this section are aimed at people taking the broker's exam. In general, the exam may focus on broker responsibilities, license law issues, and the independent contractor status of salespeople. The antitrust questions may be on both the salesperson's and the broker's exams. You also need to check whether property management is a subject you're expected to know for the test at the license level you're going for in your state. 2. A division of a community along geographic lines for purposes of listing homes for sale by two salespeople working for the same broker is (B) is entitled to his opinion but needs to have checked with his local Board of Realtors first. (B) The local Board of Realtors 10. Because of the independent contractor status of most real estate salespeople, a broker
CjftClffy I talk about the relationship between brokers and salespersons in Chapter 3, but I want to say ' something more specific about brokers, salespeople, and the agency relationship. Licensed real estate salespersons work for and under the authority of a licensed broker. The agent in an agency relationship is the broker. The salesperson is considered an agent of the broker and a subagent of the seller or buyer (depends on who the broker is representing), forming one of the more common types of subagencies. However, enlisting the help of other brokers in the sale of a property is equally as common an idea. This can be done through a local multiple listing service (see Looking at listing agreements later in this chapter) or with individual brokers. These other brokers, who often are called cooperating brokers, also may become subagents of the seller. (It's not common to enlist the aid of other brokers when a broker is representing a buyer.) The point is you need to check out the...
Develop a strategy for how you will sell properties that have appreciated significantly in value. Of course, you want your properties to appreciate, but unless you structure your business appropriately, you will end up paying high taxes on properties you sell or end up holding onto properties you don't want in order to avoid paying taxes. Be sure to speak with legal and financial advisors about how structure your company in the most advantageous way possible.
Nothing is more important to your sales career than prospective buyers and sellers. To have a viable business, you simply must have the client leads. To have a business that pays you a lot of money, you will need a lot of leads. Funny, but some real estate agents miss this not-too-subtle point and end up spending their time on other less financially rewarding activities. I can't tell you why this is, but let's be perfectly clear about it in this
National real estate franchises have become very powerful components of the country's real estate makeup, currently making up about 44 percent of all Realtor affiliated real estate brokerages. Of those, approximately 33 percent are independently owned offices within the national franchise. Roughly 40 percent of all Realtor salespersons belong to a franchise office. It is difficult to find a city of any size that does not have them. Is working in a franchise office different from working in an unaffiliated office The answer is a qualified yes. Franchises have the advantage of national recognition and ordinarily have standardized training programs in which all new agents are expected to participate. You are also less likely to be left to fend for yourself, at least initially. Remember, however, that most of these companies are independent operations within the franchise structure. It is possible to have a wide difference in philosophies of operation between different offices in the same...
Your first year in real estate will likely be your toughest. That's how it was for most of us. Consider the story of Dorcas T. Helfant, past president of NAR and the first woman to hold that post. In an interview with a Realtor trade magazine shortly after she took office as NAR president, Helfant revealed that she entered real estate sales when she was twenty-one years old, facing a divorce, and raising an infant. A year went by with no business, which prompted her to apply for a job selling appliances for Sears. By the time Sears called, Helfant had put together five sales, and from there I never looked back. She is still not looking back as the Managing Broker of the Virginia Beach, Virginia office of Coldwell-Banker Professional, Realtors. I'll provide guidance in this chapter that is designed to get you some early paydays, but be prepared to hang in there. You will very likely face serious emotional and financial challenges.
If you have been a successful businessperson, particularly in a commissioned sales job in which you worked with the general public, you know what it takes to do the job. One of the most immediately successful of my former students was an intelligent, personable, hard-working woman who made the transition from Avon Lady to real estate sales. If you've had sales experience, whatever worked for you before will likely work again. However, real estate is just different enough to make it worth your while to consider some of these ideas. If you have had little or no previous work experience, or none in sales, you will want to pay particular attention. On a professional note, frame documents showing your Realtor affiliation, membership in other professional organizations, and your diplomas from major real estate courses. If you receive any special awards, don't be bashful, display them. The first year you qualify, hang your Million Dollar Club emblem on the wall. One of my survey...
Diane was aware of a fourplex that had been listed with a Realtor for 105,000. After learning about wholesaling, she happened to drive by the property and noticed that the For Sale sign was down and a For Rent sign was up. The building was in good condition not the sort of place that would typically catch the eye of someone looking for wholesale deals. But Diane decided to call the number on the sign and was able to get in touch with the owner. The property hadn't sold, and the owner was still interested in getting rid of it. Diane and Olin's offer of 75,000 was accepted. The property appraised at 1 11,662 and generates a positive cash flow of 500 per month.
Become active in your local chapter of the National Association of Realtors, and investigate its professional education offerings. The one with which you will be initially concerned is the Realtors Institute, which is composed of three individual courses. When you successfully complete all three of them all, you earn the right to use the term GRI (Graduate Realtors Institute). It is a designation that is recognized by others in the profession. Try to complete it sometime during your first two years. The course material will be helpful in your job, you will start to get a wider perspective of the profession, and you will meet energetic and career-minded professionals from other offices and other cities. The contacts will be invaluable in establishing your professional network, so cultivate and keep track of them. While I was researching this subject I logged on to several state Realtor organization's websites to get an overview of their GRI offerings. Here's the GRI course descriptions...
At Rich Dad events around the country I am always confronted by the person who asserts that his insurance agent has assured him that asset protection is a hoax and that all that is needed is a good insurance policy. I have to laugh because there are so many instances of insurance companies failing to cover real estate investors and others on their coverage policies, that there is a whole area of law named after the situation. It is called Bad Faith Litigation, as in the bad faith that occurs when insurance companies say they will cover you, collect your premiums, and then, heaven forbid, a claim arises and they find reasons not to cover you. Never forget that insurance companies have an economic incentive not to cover you. As is clearly obvious, the less they pay out in claims, the more money they make. Also never forget that insurance agents receive a commission on all the policies they sell. So when an insurance agent says that all you need is insurance instead of asset protection,...
If you own multiple rental properties, speak with an insurance agent about the possibility of obtaining a blanket policy that covers them all. This can save a great deal of money, especially at those critical times when you are adding a second or third rental property to your portfolio.
Professionalism Observes highest ethical standards in working with her clients, customers, and associates. Member of National Association of Realtors and very active in the local chapter. Job Knowledge Keeps current on all trends relating to her profession. Completed Realtors Institute (GRI). Thoroughly familiar with the community and its resources. Keeps up-to-date on total housing inventory and office listings. Growth Potential She has the leadership ability to be an outstanding broker and the technical skills to excel in any specialized field she may select. Will be well prepared to achieve future goals because of diversity of activities in which she has engaged as a residential sales agent. who have had extensive experience supervising new salespeople, and it may be useful to you in establishing your goals and grading yourself.
RARELY AVAILABLE DOLORES HEIGHTS HOME Modern reinvention and expansion of a barrel front Marina-style home on one of the most desirable blocks in San Francisco. This architect designed home was renovated and expanded in 2009. This 3-story home offers the perfect floor plan with 5 bedrooms, 4 and 1-half bathrooms, media room, huge kitchen, and great room with glass panel wall that opens onto a southern exposed deck overlooking the garden. This home is complete with deluxe finishes and details throughout, including Kentucky White Oak hardwood floors, 2 decks, 3 skylights, flat-iron railings. LED fluorescent lighting and 3 gas fireplaces. The entire house is operated with a Wi-Fi handheld device, designed to control the audio, video, lighting, fireplaces, security alarm, heating and air conditioning. The huge 2-car garage features 2 electric car hook-ups, possibility for a third car tandem and storage. Offered at 3,395,000. Contact Alain Pinel Realtors, 866.468.0111. LuxuryRealEstate.com...
To be highly successful in your real estate sales career it is important that you understand that you need not only to think like a businessperson you need to become one as well. You must take on the actions of a successful business in order to have one. Models are about action. These four models represent the four major arenas in which you must take effective action to build your real estate sales career to its highest level of success.
As an industry, I believe we think of a commission in the wrong terms. I think that most of us, as Realtors, think a commission benefits us, but in fact, it really benefits the seller. I never call it a commission, by the way, but rather a marketing fee, because I feel a seller is hiring me to market his or her castle. Professionals who receive commissions are hired to sell something, where we as listing agents are hired to market properties to other agents, buyers, neighbors, appraisers, etc. In my listing presentation I strongly stress the fact that a seller basically has to sell his or her home three times. First to agents, because if agents don't think it's a good value, they will never show it to their buyers, then to buyers, and lastly to appraisers. According to the National Association of Realtors, 51 of all real estate sold is sold as a direct result of an agent. Because of this fact, it is extremely important that we market the home to agents and make it appealing for them...
Speak with several independent insurance brokers and exclusive company agents (insurance professionals are either independent brokers who write policies for many insurers or exclusive agents who write policies for just one). Make sure that you are getting the coverage you really need at the lowest possible cost.
When most salespeople quit If prospects always said yes, real estate agents wouldn't be salespeople. Instead they would be called order takers. They would just take someone's order, confirm its accuracy, and fulfill it as if they're working the counter at the local McDonald's, with no selling involved. Study after study has confirmed that most salespeople quit long before the sale occurs because they can't take the rejection. For example 1 44 percent of salespeople quit trying the first time the prospect tells them no. In other words, at the first point of resistance, nearly half of all salespeople quit trying to win the sale and earn a commission. 1 22 percent of salespeople quit the second time the prospect says no. That means that two-thirds of salespeople eliminate their chance of a paycheck after two small roadblocks. 1 14 percent of salespeople quit after the prospect says no for the third time. 1 12 percent of salespeople quit and go home after a fourth no. Imagine that 92...
To many people, looking for real estate means browsing classified ads with a highlighter, calling owners or Realtors, getting basic information, and, when something sounds promising, setting up an appointment. Although this method can work well, it can fail for two reasons (1) If a property isn't advertised, you won't learn about it, and (2) if the ad for a property you might be interested in is not written effectively, you may pass it by without serious notice. To search for potential bargain sellers in the newspaper, also look beyond the classified ads. Locate names of people from the public notices births, divorces, retirements, deaths, bankruptcy, foreclosure, or marriage. Each of these events can trigger the need to sell real estate. If you contact these potential sellers before they have listed with a sales agent, you stand a fair chance of buying at a bargain price. (In addition, you might subscribe to the default or foreclosure lists and newsletters published in your area....
Several years ago the editors of Realtor Magazine evaluated the Web sites of hundreds of Realtors. From those they picked their top ten. I thought it would be instructive to see if they are still up and running. Eight of them are still operating. I've referenced them below. Here is what I suggest Assume you are contemplating a move to one of the communities in which these agents operate. What did you like about the Web site What did you not like While several of these agents have changed companies, each still has their original web site address. www.maryjanedeering.com (Mary Jane Deering, LTC, Alain Pinel Realtors, Pleasanton, California)
Standardized residential real estate forms can be typically found at the local association of Realtors, or from software such as True Forms, software containing a variety of real estate forms. True Forms can be found at www.trueforms.com. Similar sources for commercial real estate forms can easily be located on the Internet.
I personally believe that all this kitchen activity advances the wrong message to prospects. They aren't looking for the next Emeril. They're looking for a sales professional to represent them in the largest single transaction of their lives. My advice is to save the time you'd spend baking cookies and invest it instead into development of your sales skills. Find out how to convert an open house guest to a buyer or seller prospect by addressing that person's interests and needs, and you'll never need to don an oven mitt.
Many salespeople, especially in real estate sales, think they'll offend the customer if they ask questions. Here's an analogy that should put your mind at ease Imagine you're sick and you schedule a doctor's appointment. You arrive, the doctor enters the examining room, and you look up and say, Guess what sickness I have today From across the room, the doctor is supposed assess your symptoms, diagnose your ailment, and prescribe a cure without checking your ears and throat, listening to your lungs and heart, and, most importantly, asking you questions about what's wrong and about how you feel. It sounds ridiculous, but it's what real estate agents do when they try to serve clients without first asking questions to qualify their wants, needs, and expectations.
A quality listing presentation involves considerable planning, careful research and analysis (see Chapter 10 for details on performing a competitive market analysis), and highly developed presentation and sales skills. By taking these measures, you derive maximum impact from the little time you have to present yourself and your recommendations, close the deal, and obtain signatures on a listing agreement. This section guides you as you prepare a presentation that displays all of your sales skills and abilities and helps you win your prospects' confidence so that you can secure their listing.
What the prospect has to say is more important than what you have to say. Great salespeople do less than 25 percent of the talking. You already know all that you need to know about what you're thinking. You need to figure out what your prospects think, know, and desire so you can match your service to their wants and needs.
jWNG.' One study after another has shown that your body language and tonality account for over 90 percent of your presentation's effectiveness. What you actually say accounts for less than 10 percent of the delivery. If you're scrambling to find the right words, as most salespeople are, you're spending your energy in inverse proportion to what impacts your effectiveness.
Because commission plans will change more frequently than the contract used for hiring agents, commission plans are best set forth in a separate commission addendum, not in the actual body of the agent's independent contractor agreement. Such an addendum would be referenced in the independent contractor agreement. This allows the use of a standardized independent contractor agreement, such as a form available from a local association of Realtors. If changes, modifications, or removal of a commission plan occurs, agents would sign the new commission addendum in their annual review with the broker. (See the Appendix for a sample commission addendum.)
Although most foreclosure specialists will work to find you a good deal, potential conflict of interest does arise in the sale of HUD homes. First, if you do not submit a winning bid, your sales agent does not earn a commission. An unethical agent could pressure you to raise your bid even if the value of the property doesn't justify a higher price. Second, sales agents may submit bids from competing buyers who are bidding on the same property. If you bid 80,000, an agent could tell another more favored buyer to bid 80,100. You lose. Third, HUD typically pays brokers who submit a winning bid a 5 percent sales commission plus, on occasion, a 500 (or more) selling bonus for designated properties. Again, this reward may encourage the agent to push you to bid high.
Even as you are busily becoming established in residential real estate, it will become clear to you that there is more to the profession than just listing and selling homes. You might see another salesperson in your office list and market a 750,000 farm (it will make you giddy just to think about what your share of a commission like that would be). At the local Realtors' meeting, you might hear about a multimillion-dollar commercial deal put together by several agents you know (now we are talking big money). Or you could read about a forty-year-old ex-housewife in Indiana who, after only a year in the business, is earning a high six-figure annual income structuring real estate exchanges. Your interest will definitely be piqued.
Ask local Realtors and property managers to tell you the turn ons and turn offs for tenants, homebuyers, and property investors. Identify unique niches for uncommon yet highly desired features. Tour new home developments and popular apartment complexes. Notice colors, decorating themes, floor coverings, and floor plans. Discover the models, features, and amenities that sell best. Which ones are rarely chosen Which features are functional, rather than mere glitz What types and sizes of apartment units command the highest rents and display the lowest vacancies
As an interior designer of both residential and commercial spaces for more than twenty years, the last thing I thought I needed when preparing to list my home for sale was a stager. My realtor tactfully suggested that I meet with her stager, It can't hurt, she said. I grudgingly agreed. I will warn you, this is a humbling experience. It's unsettling to have someone tell you that your collection of exquisite Chinese foo dogs may be best placed in a box in the garage. My advice is to listen and obey. I had spent seven years working to create a cozy space out of a large, open tract house. She told me I had succeeded. That, however, is not what the typical homebuyer is looking for. Light, bright, and airy still seems to be the best rule of thumb when preparing to sell a home. Also, clean, uncluttered rooms provide the most appeal.
I do not know how expensive insurance rates are in your neck of the woods, but here in Tampa, Florida, property and casualty insurance rates have gone through the stratosphere This is why I always check a potential option property's casualty and property insurance claims history before I make an offer to buy a real estate option. I do this by having my insurance broker verify the property's insurance claims history through the Comprehensive Loss Underwriting Exchange (C.L.U.E.), an insurance claim history information data exchange that insurance companies use to calculate insurance premiums when underwriting policies. According to the C.L.U.E. web site, their service provides loss history to help insurers qualify applicants and properties for homeowner coverage and helps insurers maximize premiums and minimize expenses. You must do this to determine whether the property is insurable and if it can be insured at the prevailing market rate for similar properties within the same area. To...
In the last few years, the number of new licensees entering the real estate industry has exploded in the United States. In California alone, there has been an increase of over 60 percent in the number of new agents. As a company owner with limited resources and a desire to protect the quality of the company, a broker has to be careful about how much time is spent on recruiting new licensees and about who is selected to join the company. Statistically, we know that as many as 50 percent of new licensees who enter the real estate business will leave the industry within one year. Furthermore, half of the remaining 50 percent will end up leaving the business within the following two years. This means that on average, only an estimated 25 percent of the agents who become licensed will in fact remain practicing salespeople or brokers. The importance of this is that if a broker were to simply hire any new licensee who is willing to join the firm, the broker would statistically waste a lot of...
William Robert Dodd (or Billy Bob, as he was known to his old friends) had died and gone to heaven. Billy Bob had been a successful real estate broker on the Mississippi Gulf Coast for more than forty years at Dodd's Bayside Realty. He passed on at a ripe old age, the way he always said he wanted to go. He was waiting to tee off on the ninth hole at the annual Realtor golf tournament at the country club. When Billy Bob got to heaven, he found a long processing line at the Pearly Gates. It moved quickly, but when he reached the front of it, the angel in charge told him to step to one side and wait. Your papers are still in escrow, she said, but quickly added, Oh, that's just a little heavenly joke. I am sure we will have everything straight in a moment. But Billy Bob was not amused, and he was definitely worried. Maybe they still held that 1993 tax return against him. Or maybe they didn't like his company slogan In Dodd You Can Trust. Or maybe at that point St. Peter arrived, took...
If you are in a completely independent and unaffiliated office, you must decide to whom you wish to make the referral and what type of fee you expect. When doing that, refer to agencies that are members of the National Association of Realtors, if possible, because they have agreed to be bound by a code of ethics in conducting their business.
How can you and others eliminate negative influences Who can you enlist to promote your cause Can you mobilize mortgage lenders, private investors, Realtors, not-for-profit housing groups, church leaders, builders, contractors, preservationists, police, local employers, retail businesses, schoolteachers, principals, community redevelopment agencies, elected officials, civic groups, and perhaps students, professors, and administrators of a nearby college or university
There are several statewide or national designation programs offered by state associations of Realtors or the National Association of Realtors that offer an element of prestige and differentiation for the broker's agents. There is documented proof that agents who possess a particular designation have significantly greater earnings than agents without the designation. Many agents are not aware of these programs, so a broker may want to provide some information for agents. Some of the most popular designations are GRI Graduate of the Realtors Institute (for residential real estate agents)
The next step for training new licensees requires them to participate in a weekly or biweekly coaching class with the broker, a sales manager, or other mentor. Group coaching sessions typically have four to six new licensees in attendance and are basically training classes that last for one to one and a half hours. Each week, the leader trainer should review the agents' production activities and discuss one training subject area in depth. The trainer should also emphasize debriefing the weekly war stories of the agents
The replacement cost method of estimating a property's value is based on the cost of replacing the improvements on the property minus the cost of the land to estimate a property's value. Replacement costs are calculated on a per square foot basis by dividing the total number of square feet in the building by the per square foot construction cost. For example, a 2000 square foot convenience store that cost 275,000 to build would have a replacement cost of 137.50 per square foot ( 275,000 + 2000). You can usually get a free building replacement cost estimate by calling a local independent insurance broker who represents insurers that specialize in providing property and casualty insurance coverage for residential and commercial buildings. Property replacement costs are calculated by using a replacement cost formula that is based on the property's geographical location and its
Recommended that a broker attend either the National Association of Realtors Expo or, if a broker is part of a franchise system, the franchise's national annual convention. During either of these three- to five-day events, a broker will have an opportunity to see cutting-edge products and attend educational and informative sessions. Additionally, a broker will have the opportunity to meet other real estate brokers throughout the United States, thus expanding his or her referral network.
One of the biggest mistakes people make in negotiating is not meeting with all of the decision-makers. Car dealers love to play this game using the old higher authority scheme. Rather than committing to a price, they insist they must go back to the sales manager for approval. Professional salespeople always test the waters throughout the sales process by inching their way towards closing the deal. Ask questions throughout the telephone
If you decide to remain in residential sales, let me suggest a goal that will add zest to your professional life and provide the continuing stimulant you will need, not to mention incredible income potential and the privilege hanging out with some of the profession's true super achievers. Let's assume you've been in the business for about three years. You've become a Realtor and have achieved your GRI designation (if you missed our discussion of the GRI designation in Chapter 4, now would be a good time to go back and review it). We'll assume that you earn a decent living, but you are looking for new horizons and new challenges. The National Association of Realtors has a program tailored for you. It is offered by NAR's Residential Sales Council. It is the professional designation Certified Residential Specialist (CRS) and represents the highest designation awarded to sales associates in the residential field. Fewer than 4 percent of all Realtors have this designation. They also earn...
Working as a Designated Broker or Sales Manager In large, active offices it is not unusual to encounter a sales manager whose job it is to supervise, train, and motivate the sales staff. The manager If you are an outstanding salesperson, your broker (or another broker) might offer you such a position. It can be a tremendous opportunity, but do not automatically jump at it. On the plus side, you could expect to lead a more normal lifestyle (although, as a salaried employee, you would be expected to be available whenever your salespeople needed you, and that could be almost anytime). Your income will also be more stable, because you will not be entirely dependent on putting deals together to get paid. The mistake most brokers make is to assume that top sales agents automatically make top managers. That is not necessarily the case. You see the same thing in sports, where the superstar athlete often fails as a coach. It takes special skills and personality traits to become a good...
Commercial and Investment Activities. If you are fascinated by the prospect of dealing in commercial and investment transactions and you have genuine talent and true ambition, there is no limit to your potential earnings. This is not the arena for the timid or faint of heart, so be ready for life in the fast lane to take you straight to the high-rent district. A good starting point would be to contact the NAR affiliate to find the Realtors National Marketing Institute. You can also log on to www.ccim.com or write to them at 430 North Michigan Ave, Chicago, IL 60611. The professional designation of Certified Commercial Investment Member (CCIM) is conferred upon those who meet stringent educational and experience standards. Another good research tool is to visit the website of the Society of Industrial and Office Realtors, which offers the SIOR professional designation. If this career option peaks your interest, a good way to get information is by visiting the Realtors Land Institute...
TIP Online valuation services, and even some comparable market analyses from a real estate professional, usually don't include the value of trees or mineral rights. Check with a realtoror city or county office before you purchase a property. Educate yourself as to what local code enforcement or zoning will allow. Don't be afraid to ask questions, and always do your due diligence. A property's value is often calculated by the sales of similar properties in the same neighborhood. You can research this information yourself or have a realtor help you. For a ballpark valuation, you can look online at a number of Web sites, including and my favorite, www.netronline.com. Visit www.CarletonSheetsRealBook.com for up-to-date links and resources.
You will also likely conclude that the level of professionalism among your new associates is not as high as that in the military. My word is my bond has no direct counterpart in the business world. But do not be too impatient. After a while, you will come to know who you can trust and who you would not leave alone in the supply room without an armed guard. Progress is being made on this front, particularly through the National Association of Realtors. You know how a professional outfit should act, so pitch in and help them out with their efforts.
Two points are in order here First, don't assume the sellers are responsible for property disclosures. The form purchase contracts used by HUD, VA, and Fannie Mae REOs, for example, shift this risk to buyers. Always read your contract language. Know what you are agreeing to. If you do accept the risk of preclosing property damage, check with your insurance agent. See if you can secure coverage to protect against property losses during this interim period.
That motivated me to enter real estate as a second career. Compare that to what Sue must have learned in her 19 relocations You'll also note that Sue has the advanced Realtor designation of Certified Residential Specialist, clear evidence that she has excelled in her chosen profession. Incidentally, you'll also note that Lynn, after eight years as City Manager for Hood River, got his license and works at the same company. I'm guessing his experience as a POW in the Hanoi Hilton during the Vietnam War prepared him reasonably well for any stress he might encounter in his real estate career.
Contact nationwide real estate agents and tell them you're interested in pre-sale properties with built-in financing in selected areas in which you'd like to own income units. Realtors earn commissions on such sales even with the built-in financing. 5. For industrial units, look for spaces or suites in areas having lots of light manufacturing, sales reps, and other non-storefront businesses. Why Because such units are widely needed and rent quickly to reliable tenants. Seek at least 300 per month PCF from every industrial unit you own.
Brett sent over a spreadsheet showing the asking price as well as the comps for other houses in the area. The investor called Brett and agreed to his terms. Brett put the owner and the investor in contact, and they closed the deal in two weeks. The owner was able to walk away with a few thousand dollars and his credit intact. The investor was able to get a great deal on a house and had to pay only 2.5 percent instead of the traditional 3 percent or 6 percent that a realtor charges. Brett profited more than 11,000 without using any of his money and very little of his time. It was a win-win-win situation for everyone.
JjtiMlEfl The National Association of Realtors completed a study over a series of years to gauge the public's perception of real estate agents. They found that 69 percent of consumers rate the service they received from their agent as satisfactory or better. However, only 24 percent of clients used the same agent on an upcoming deal that they used on their previous transaction. The fact that fewer than one out of four clients went back to use the same agent, even though the majority of clients felt that their previous transaction was handled satisfactorily, is a shocking testimony to the fact that agents aren't developing long-term relationships. And from here, the figures get even worse. In 2004, the total number of real estate transactions hit an all-time high, resulting in 6.8 million sales in a single year. Of those 6.8 million sales, 21 percent, or approximately 1.4 million deals, involved experienced buyers and sellers who conducted investment or second home transactions. When...
Every real estate deal involves a buyer and a seller. In most cases you represent only one of the two parties, but why not call and offer after-sales service to both Do you think the other agent is doing this For your answer, you only have to look at the National Association of Realtors' 2004 finding that only 13 percent of real estate clients used an agent they had used previously to represent their interests. My estimation is that fewer than 10 percent of agents actually call their clients after closing.
Rest assured that serious attention is being paid to what might change about the real estate profession. For example, the National Association of Realtors recently conducted an extensive formal study in which the association's strategic issues subcommittee conducted formalized and structured sessions with focus groups of active Realtor brokers from around the country. Their goal was to identify key trends in the industry. This is how they described those which they believed are certain to impact every aspect of the profession Perhaps the most dramatic real world example of repercussions from the experimentation with new business models trend is the legal clash between the real estate profession, as represented mainly by the National Association of Realtors, and the federal government, as represented by the U. S. Department of Justice. Several states have recently passed what is known generically as minimum service laws relating to real estate brokerage. Basically, it requires real...
It is clear from reading his book that Scott is a hands-on manager and is responding to trends identified by the Realtor focus group. He is the third generation to run the family business, which was founded in 1931 by his grandfather, John L. Scott. Lennox took over the company upon the passing of his father, W. Lennox Scott. Twice he has been recognized by Realtor Magazine as being one of the nation's top twenty-five most influential people in real estate. In 2001, he was honored as one of the top five most-admired individuals in real estate in the nation by the publication REAL Trends.
National Association of Realtors at http www.realtor.org sg3.nsf pages landusezonegrowmgmt OpenDocument good listing of state growth management links. Snohomish County Camano Association of Realtors at http www.sccar .com govern gmadensity.html Washington State local realtors' association good growth management and professional association links.
Mf eal estate long has been considered one of the best ways to build wealth. Real estate W w agents often are asked by buyers to locate properties for investment. Likewise sellers frequently use the services of real estate agents to sell investment properties. A real estate agent who provides services to people who are buying and selling investment properties needs to be knowledgeable about different types of investment properties, various ways you can make money by investing in real estate, and some of the tax issues that affect real estate as an investment. Although they don't expect you to become an investment analyst or financial advisor, state exam writers do expect you to know the basics of real estate investing. They expect you not only to know how to provide appropriate service to your buyers and sellers but also to know when to call in experts because something is beyond your knowledge or capabilities.
First, involve those closest to the transaction the Realtor, the seller, the underlying mortgage holders, the bankers, attorneys and accountants as well as the renters. Those who know the property are obviously more likely to want to invest more money in it. After we finished our phone conversation, Philip began to do his homework. He had found something that glittered, but he still wasn't sure if it was gold. He had to determine if it was undervalued. A few calls to Realtors in the area cast a negative gloom on his optimism. Farmers were falling on hard times, and farmland was selling cheap. He couldn't believe that such a complete package wouldn't be worth two or three times what the sellers were asking. But the Realtors disagreed with him. Just like Mary, he already had himself and his family moved into that little farm, enjoying the view of the mighty Mississippi. And now he had to move out again. He called me to brainstorm. We decided to make an offer regardless. If the seller...
In reviewing my old course notes from the Realtors Institute, I came across the following comments of a now-forgotten (by me) speaker. To get rich and be happy in real estate, I recall him saying solemnly to a suddenly attentive audience, it will take a whole lot of perspiration and once in a great while a little inspiration. There is only one rule you ever need to worry about following. You will recognize it by its golden color. In response to a few scattered groans, he finished with something like, Well, what do you want originality or good advice In my notes, I wrote, Hokey, but true. There is no magic formula for success, but I do have some suggestions I hope you will consider. If, as you read what follows, you think to yourself, Hokey, but true, I'll be happy. To say I was impressed by the biographies of the 30 semi-finalists would be a monumental understatement. When you visit the Real Estate Apprentice website, click the awardees link. Anita Lam, now an active Realtor, was the...
You won't hear about tax lien certificates from financial advisors or brokers because they don't earn commissions on this incredibly lucrative investment, so they have no incentive to share information about this investment with their clients. It's also likely that many brokers don't even know about tax liens, so don't expect them to be particularly enthusiastic when you decide to make this investment part of your portfolio. But the tax lien certificate market is more than 10 billion and growing and that kind of money is worth your attention.
When you employ an agent to sell your property, the selling process becomes a joint effort. First, get your property in tip-top shape. Second, allow the agent to show the property without your interruption and distraction. Would you like your boss looking over your shoulder when you are doing your job Third, if you have signed an exclusive-right-to-sell listing contract, refer all prospective buyers you meet to the sales agent. Let the agent do what you are paying him or her to do.
In our quiet little town alone, I can take you to any number of real estate licensees who are consummate professionals by any definition you wish to use. They observe the highest ethical standards in their business and personal affairs, they treat their clients and their competition with respect, and they keep up-to-date on the latest developments in the field. I am certain the same is true in all parts of the country. This does not mean that the overall level of professionalism within the industry cannot be raised. It needs to be, and you will be disappointed and discouraged by the conduct of some of your associates. At times, you will be appalled. But the foundation for improvement exists within organizations such as the National Association of Realtors and through state licensing agencies. Much more critical a task is the need to attract quality people into its ranks in the first place. If you have come this far with me, I can assure you that you would fit in nicely.
Sales professionals in the top 10 percent of their industries share a common trait They control, use, and invest their time more wisely and effectively than their lower-performing associates. Among sales professionals, time usage determines income. The most significant challenge for most sales professionals is time control. Through years of study and coaching sales professionals, I've compiled the following list of challenges that most sales people experience when trying to master their time-block schedule. The biggest error that sales people make is getting sucked into the interruption game. You need times in your schedule that are free of interruptions, during which you bar access to all but those to whom you grant exceptions. Follow this advice
You can track your contacts the old-fashioned way (on notecards), but you'll outgrow that quickly. My advice is to invest in a CRM (short for customer relationship management) software package. Many of the software packages available, such as ACT , GoldMine, SharkWare, and www.Salespeople.com, are specifically designed for salespeople. The purpose of a good CRM is to coordinate your leads and lead-management activities. An agent with a CRM can send e-mail, mail merge letters, and make phone calls with the touch of a few keys. They are able to track and follow-up on leads without having to remember to do it. The CRM does the work of reminding them and generating the contact with the prospect.
Too few salespeople follow business plans that encompass the sales ratios and numbers of the real estate business. They don't know, or take the time to calculate, the number of contacts needed to generate a lead, the number of leads needed to generate an appointment, the number of appointments needed to create a committed client, or the number of committed clients needed to generate a commission check. Once you know these numbers and your average commission check amount, you can calculate how to make any amount of money you desire to earn.
Real estate salespeople and brokers, buyers, and sellers always are interested in how much a property's value has increased or decreased. Investors, real estate brokers, and salespeople may want to know what tax benefits of a property are attributed to depreciation, although more often than not, an accountant needs to be doing these calculations for an investor. Test writers expect you to know the basics of how to calculate appreciation and depreciation.
Www.realtor.com This is NAR's official website, designed for both consumers and real estate professionals. An incredible array of information, including links to state and local Realtor organizations. When you become a Realtor you can log on to www.realtor.org. www.internetcrusade.com. Responsible for delivering training for National Association of Realtors sponsored E-PRO certification course. Objective To help real estate professionals thrive in the competitive world of online real estate. Also hosts Real Talk, an online real estate discussion forum.
(See also Policies and procedures manual) product type, 31, 32 property signs, 44-46 signage, 44-46 stationery, 43-44 Web site, 49-51 (See also Real estate broker) Real estate brokerage coach, 281 Real Estate Simulator, 174 Realtor.com, 208 Recognition program, 199-200 Record keeping, 109-118 (See also Paperwork) Recruiting agents, 155-177 birds of a feather, 157 current agent base in company, 165-167 Sales manager, 263 Cliff has over 22 years of experience in real estate brokerage and training. Working in both independent offices and corporate franchises has given him a wide range of experience and the clear ability to walk the talk. His brokerage leadership roles have included broker owner, branch manager, sales manager, recruiter, estates director, and trainer for such organizations as Anthony Schools of Northern California, Jon Douglas Company Realtors, Prudential California Realty, and the California Association of Realtors. He has earned accolades as a top recruiter, trainer,...
The second set of rules that most agents follow is the code of ethics established by the NAR. The code of ethics dictates how agents with NAR member companies should conduct business and how they should deal with prospects, clients, and other agents. Obtain a copy of the code of ethics from your broker, your local real estate board, or online at www.realtor.com.
So many agents make the mistake of seeking sales support first, usually buyer agents. As we've asserted before, salespeople are not by and large particularly talented at creating and implementing systems, nor are they the best people to identify and employ the proper tools for your business. In essence, agents who hire a buyer agent first have hired someone who is poorly suited for at least half of his job. In our experience, an agent should first hire administrative help. This allows the agent to focus on more dollar-productive sales activities such as lead generation, buyer appointments, and listing appointments. Depending on your personal production limits, your first, second, and possibly even your third hires will be talented administrative help. The idea is eventually to reach a point where you are wholly focused on lead generation, listing, and selling while your administrative team handles everything else in your business. Only after reaching that point, when you find you have...
According to the National Association of Realtors, over half of current real estate agents have been in the business less than three years. That means more than one out of two of today's agents (probably including you) have never experienced a marketplace where homes sat on the market for 60, 90, or 120 days, where agents faced stiff competition to move listings, and where it took real work to find and create client leads. attract, especially buyer leads. But when the market slows, as it inevitably will, real estate success becomes less automatic. Only great sales skills guarantee that you instead of some other agent will win clients no matter the market conditions. The best agents make more money in a challenging market than they do in a robust market. Regardless of economics, every market contains real estate buyers and sellers. No matter how slow the economy, people always need and want to change homes. Babies are born. Managers get transferred. Couples get married. People divorce....
Three months later, Brangham was on her way. She then bought her renovated condo unit at her lease option price of 40,000. Then, simultaneously, she sold the unit to a buyer for 85,000. After accounting for renovation expenses, closing costs, and Realtor's commission, she netted 23,000. Brangham no longer had a home, but she had found a career.
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