Rules of engagement for the Real Estate Agent when dealing with sellers and buyers Part ll

by | Aug 25, 2018

Investors have their rules of engagement and so do Agents. With the two processes I showed you earlier, working with flippers and those buying rentals, we discovered areas where the two rules of engagements meet. And in this business, there are a lot of rules and regulations.

If you noticed, we never ever dictate what properties an Investor will buy. We simply guide them, allowing them to see the right purchase, the right properties to pursue. In any case, when you work with owner-occupants, it’s completely different. If you’re a good buyer’s agent with owner-occupants, you prescribe properties for them. You do more of the work.

The part I never really liked about working with owner-occupants is its one-and-done. You may get another transaction seven to ten years later, and a referral every now and then. But with Investors, I get repeat transactions sometimes on a monthly basis. Sometimes even more than that. But certainly, over a period of years, I’ve earned $20k, $30k, $40k, $50k, even $60k dollars

in commissions from the same client. Those clients, by the way, have now also been able to retire early.

It also get easier working with the same Investors. They get more and more educated, more and more sophisticated. They buy bigger properties, you make more commissions, and they do more of the work.

There are some people taking this class who are not yet licensees. They’re looking to get their license, they need some direction. They know they want to work with Investors. They see the tremendous value.

This information is typical in most states. You always have two parts to your Real Estate education: the national part and the state part. Some states are similar. Some are not. California is different than most other states. However, Florida and Pennsylvania are very close. As a matter of fact, they’re reciprocal states. Virginia is somewhat reciprocal with other states including Pennsylvania.

What that means is if you’re a licensee in Pennsylvania, when you go to Florida, you may simply just have to take the state exam. You won’t have to take all their courses. You just have to take their exams. In almost all cases, even when two states are reciprocal, you will have to take at least the state exam. Sometimes, you’ll be required to take both state and national.

In those states that are not reciprocal, they actually make you take their training courses so there’s no benefit. You can’t leverage the classes you took in one state to get your license in another state. I’m licensed in multiple states and I try to do so with states that are reciprocal because it’s easier that way.

To first get your license, you will take typically 30 hours of a national class and 30 hours in a state class. Each one has its own separate exam. Nowadays, you can take these classes completely online. When I took my classes, they were all in person.

I prefer a hybrid class where it’s mostly online but perhaps you meet once a week in person. Those are great classes. They don’t teach you how to operate and perform as a successful Real Estate Agent. They simply give you the law, and they give you the right to take an exam to qualify for your license. The license merely gives you the right to represent buyers and sellers. That’s all you get from these classes – ultimately it’s the right to represent other people. That’s all you’re getting.

Once you’ve taken the classes, you need to sign up with a broker. You have to hang your license with a broker. You can’t operate independently as an individual Agent. You always have to operate through a broker’s company. The reason is that the broker’s company really owns the client relationship. You’re simply an Agent working for the broker. Legally, that’s how it works. There’s more to it but that’s fundamentally what’s going on there.

You can sign up with a brokerage prior to taking the classes. Some people do this because the brokerage company often will pay for the coursework. It’s okay if you want to do that. I prefer to remain independent. I would suggest you take the classes yourself and then once you’ve taken the exams, link yourself up with a broker prior to getting your license.

At that point, you can shop around. You can go for big companies, little companies, regional companies. Everyone is different. I’m not going to recommend one over the other. I used to own my own brokerage company. I enjoyed being independent.

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