5 Factors That Determine How Much Mortgage You Can Afford
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Garden office, garden rooms and garden office buildings available in Ireland. The Garden escape creates cabins and garden offices with intelligent variety of design for your own comfort.If you are planning to buy a home and getting ready to apply for a mortgage, it is a good thing to know whether or not you qualify for the loan. When you dream of buying a home, thehthttp://www.blogger.com/img/blank.giftp://www.blogger.com/img/blank.gif first question that will come to your mind is “how much mortgage can I afford.” To get an answer to that very essential question you need to do some research and and get information about the current market. Apart from that, you need to know the crucial factors that determines your loan approval
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The following are the top 5 factors that dehttp://www.blogger.com/img/blank.giftermine how much mortgage you can afford:
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1. Annual income – According to most experts, your monthly mortgage payments including interest, property tax and homehttp://www.blogger.com/img/blank.gifowners insurance cannot exceed 28 percent of your gross monthly income to make sure that you have enough income to make your monthly payments on time2.
Debts – Again experts say that your debt-to-income ratio should be 36 percent or less to qualify for a mortgage loan. Your debts will include your monthly house payments, payments on all your loans, credit cards, child support and others3. Credit score – Your credit score is a very important factor that directly answers the essential question, “how much mortgage can I afford”. A good credit history will help you get a loan easily whereas a poor credit history reduces your chance of getting a loan approval. Even if you are approved mortgage, you'll be charged a higher premium.List your duplexes for rent, homes for rent listings, and homes for lease listings now at Forleasebyowner.com and enjoy the benefit of this cost effective marketing
4. Employment history – If there has been no gaps in your income in the last 2 years and that you are currently fully employed, will help get you a loan approval.
5. Down payment – A larger down payment means you have lesser mortgage balance. It reduces your monthly payments and get mortgage easily. A minimum of 20 % down payment will qualify you for a conventional mortgage..Your search for commercial property in Florida, office space, commercial property management, commercial real estate in FL ends at Flagler. Contact us at (305) 520-2300 for further details.
These are a few factors that will help you to calculate “how much mortgage can I afford”. So, go ahead and shop around to find your dream home at the best rate.Are you looking for your next vacation rental? Our aim is to provide vacationers an easy to use search for their next rental home.
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Saturday, December 12, 2009
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Monday, November 9, 2009
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My wife and I finally gave in and went to get cell phones about two weeks ago. Sensing the downturn and expecting my job to be short lived was why we didn’t have phones. And it was a good thing because I was laid off from the construction industry shortly after our contract ended. It was hard because we could have gone and gotten some good deals on new phones. But we were responsible and it’s a good thing. It’s been a tight year and a half financially. I hope it is over. I’m tired of worrying. Especially now since we are starting up a business that should do well one thing I need is an software package that is economical and accessible. I need to be able to get onto it and make updates from my new BlackBerry. I think I found a good one.
Depressing News: Appointment Software
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I tend to be a little sarcastic- so here is my disclaimer- sarcasm on the way. I was watching the news tonight when my eight year old came into the room. I figured I might as well let her get a feeling for what news is out there. That didn’t work out. It was a bad weekend for murders. If these guys would just use the we could avoid nights like tonight. There were four or five murders in a row. Crazy, with the right appointment schedule software they could have spread things out a bit. I think we should schedule all criminal activity. Perhaps then the news wouldn’t be so depressingShanghai Properties for rent to the expatriates in important Shanghai districts. Some of the places, where you can find residential apartments are Pudong District, Changning District, Huangpu District, Luwan District, Minhang District, Jing'an District, and Xuhui District.
My wife and I finally gave in and went to get cell phones about two weeks ago. Sensing the downturn and expecting my job to be short lived was why we didn’t have phones. And it was a good thing because I was laid off from the construction industry shortly after our contract ended. It was hard because we could have gone and gotten some good deals on new phones. But we were responsible and it’s a good thing. It’s been a tight year and a half financially. I hope it is over. I’m tired of worrying. Especially now since we are starting up a business that should do well one thing I need is an software package that is economical and accessible. I need to be able to get onto it and make updates from my new BlackBerry. I think I found a good one.
Depressing News: Appointment Software
Medjugorje tours, custom made arrangements including airfares and hotels, Medjugorje packages for groups of all sizes. See our Europe Catholic tours to Italy, France, Portugal, Greece, Holy land, Christian Cruises – most affordable and reliable Christian tours agent. Find houses for rent, apartments, homes for rent, and home rentals nationwide. Search rental houses for free or advertise your own rental property
I tend to be a little sarcastic- so here is my disclaimer- sarcasm on the way. I was watching the news tonight when my eight year old came into the room. I figured I might as well let her get a feeling for what news is out there. That didn’t work out. It was a bad weekend for murders. If these guys would just use the we could avoid nights like tonight. There were four or five murders in a row. Crazy, with the right appointment schedule software they could have spread things out a bit. I think we should schedule all criminal activity. Perhaps then the news wouldn’t be so depressingShanghai Properties for rent to the expatriates in important Shanghai districts. Some of the places, where you can find residential apartments are Pudong District, Changning District, Huangpu District, Luwan District, Minhang District, Jing'an District, and Xuhui District.
Wednesday, July 15, 2009
Dubai real estate
Future scenarios for Dubai real estate
It is a truth not always universally accepted that conventional wisdom is often wrong. There are so many people who did not buy Dubai property who would like the market to crash that it probably is unlikely to oblige them. Other market scenarios look rather different and should be taken more seriously.
United Arab Emirates: Monday, June 19 - 2006 at 08:52
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- Many visitors getting off an aircraft in Dubai take one look at the huge population of tower cranes, 30,000 according to one estimate this week, and conclude that a property crash must be imminent.
Yet the market forces that put all those tower cranes there in the first place are not about to disappear overnight and there are so many factors weighing in favor of the continued growth of Dubai that the pessimists are unlikely to be proven right anytime soon. After all, in markets timing is everything, and saying something long enough until you are right is just not a business strategy, let alone a way to buy a home.
For one thing, the Dubai property market continues to absorb the supply of property as it emerges, and rising rental and property prices this year confirm that there is still a shortage of accommodation in pretty much all categories.
Roofs Estructure
Nowadays, roofs are made with the special purpose of protect them especially from rain. So the structure of a roof needs different elements such as cribs for the channeling of water.
¿How do cribs work? Well is kind of simple, it works line a cannel which collects water during a rain and that is located in the roof wing. It also leads water to the downspouts of rain. With the pass of the years it has become more resistant because it has been coated with elements such as cense and copper.
We recommend the use of cense as the best material to cover the cribs. It’s efficacy is well known by constructors provided it work in a correct way, with good tin-lead solders and expansions in order for it to not break with the different temperatures.
The length of a cense crib could be from 20 to 25 years before it rots and allows water filtrations.
On the other hand, we don’t recommend constructors to use asphaltic fabric to protect cribs from rain because asphaltic fabric breaks easily and it doesn’t support very well water temperature changes from cold to hot and vice versa. It’s better to only use it in places where water only runs over the roofs and fall down and not in places where water rests on the floor.
However nowadays people use more and more asphaltic fabric because is more cheap and needs least manpower. Nevertheless the cost is bigger in time because it lasts less tan cense.
Huge GDP growth
Last year the UAE was probably the fastest growing economy in the world with 26 per cent nominal GDP growth, and this dynamic is attracting a huge inflow of people. Everybody has to live somewhere and even a supply of property growing like mushrooms can not keep up, for the time being.
The real test for Dubai real estate will therefore possibly not emerge until this rate of GDP growth slows down. The oil price is still the key to the UAE economy, and any weakness here will flow through to the property sector. But the oil price is currently close to a record high, and geo-political instability is more likely to shift prices higher than lower.
The huge supply of property now being delivered in Dubai is actually very timely. Without this new space the city's rentals would have spiked to even higher levels that would deter new business activity, as has so often been seen before in emerging markets.
Growth dynamic
Indeed, real estate is now a large part of the dynamic UAE economy, and will help to sustain the booming economy in any oil price downturn. Moreover, much of this investment is from equity sources and not borrowed money, so it is unlikely to dry up and leave property uncompleted as happened in the Asian Financial Crisis of the late 1990s.
For the reality of the Third Great Oil Boom in the Middle East is that surplus wealth has been invested back into property development on a heroic scale.
If the oil boom ever goes bust this modern infrastructure will still remain to sustain the local economy. But in a world of scarcer natural resources is it not more likely that Dubai will become the even more sophisticated urban centre of an energy rich region; and possibly richer than Singapore or Hong Kong, with property prices to match?
It is a truth not always universally accepted that conventional wisdom is often wrong. There are so many people who did not buy Dubai property who would like the market to crash that it probably is unlikely to oblige them. Other market scenarios look rather different and should be taken more seriously.
United Arab Emirates: Monday, June 19 - 2006 at 08:52
New Homes in Tampa – newhomesspecialist – provides new homes sales services in tampa. We have lots of new home soled in
tampa,brandon, sarasota and many more places. New homes specialist has great insight into living in the tampa pinellas county
homes, tampa waterfront, hillsborough county homes.
- Many visitors getting off an aircraft in Dubai take one look at the huge population of tower cranes, 30,000 according to one estimate this week, and conclude that a property crash must be imminent.
Yet the market forces that put all those tower cranes there in the first place are not about to disappear overnight and there are so many factors weighing in favor of the continued growth of Dubai that the pessimists are unlikely to be proven right anytime soon. After all, in markets timing is everything, and saying something long enough until you are right is just not a business strategy, let alone a way to buy a home.
For one thing, the Dubai property market continues to absorb the supply of property as it emerges, and rising rental and property prices this year confirm that there is still a shortage of accommodation in pretty much all categories.
Roofs Estructure
Nowadays, roofs are made with the special purpose of protect them especially from rain. So the structure of a roof needs different elements such as cribs for the channeling of water.
¿How do cribs work? Well is kind of simple, it works line a cannel which collects water during a rain and that is located in the roof wing. It also leads water to the downspouts of rain. With the pass of the years it has become more resistant because it has been coated with elements such as cense and copper.
We recommend the use of cense as the best material to cover the cribs. It’s efficacy is well known by constructors provided it work in a correct way, with good tin-lead solders and expansions in order for it to not break with the different temperatures.
The length of a cense crib could be from 20 to 25 years before it rots and allows water filtrations.
On the other hand, we don’t recommend constructors to use asphaltic fabric to protect cribs from rain because asphaltic fabric breaks easily and it doesn’t support very well water temperature changes from cold to hot and vice versa. It’s better to only use it in places where water only runs over the roofs and fall down and not in places where water rests on the floor.
However nowadays people use more and more asphaltic fabric because is more cheap and needs least manpower. Nevertheless the cost is bigger in time because it lasts less tan cense.
Huge GDP growth
Last year the UAE was probably the fastest growing economy in the world with 26 per cent nominal GDP growth, and this dynamic is attracting a huge inflow of people. Everybody has to live somewhere and even a supply of property growing like mushrooms can not keep up, for the time being.
The real test for Dubai real estate will therefore possibly not emerge until this rate of GDP growth slows down. The oil price is still the key to the UAE economy, and any weakness here will flow through to the property sector. But the oil price is currently close to a record high, and geo-political instability is more likely to shift prices higher than lower.
The huge supply of property now being delivered in Dubai is actually very timely. Without this new space the city's rentals would have spiked to even higher levels that would deter new business activity, as has so often been seen before in emerging markets.
Growth dynamic
Indeed, real estate is now a large part of the dynamic UAE economy, and will help to sustain the booming economy in any oil price downturn. Moreover, much of this investment is from equity sources and not borrowed money, so it is unlikely to dry up and leave property uncompleted as happened in the Asian Financial Crisis of the late 1990s.
For the reality of the Third Great Oil Boom in the Middle East is that surplus wealth has been invested back into property development on a heroic scale.
If the oil boom ever goes bust this modern infrastructure will still remain to sustain the local economy. But in a world of scarcer natural resources is it not more likely that Dubai will become the even more sophisticated urban centre of an energy rich region; and possibly richer than Singapore or Hong Kong, with property prices to match?
Wednesday, July 1, 2009
Real Estate agent
The true face of real estate agents
The real estate industry is unique in so many ways - it is entirely commission based; almost all people involved are self employed; there are very low barriers to entry and no restriction on potential earning; and of course in the ranking of most trusted people they don’t fair too well!
In a slightly lighter vein the thing that gets me about real estate agents is their flamboyancy when it comes to business cards!
The true face of real estate agents
Of
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How many other industries can you think of that put their photo on their business card?
Why is it that this industry is so driven to flash the face of the agent not only on their cards, but also for-sale-signs and magazine adverts. You don’t see your local lawyer or dentist undertaking such activities nor even the local used car salesperson or MP.
The truth of the matter is that these people smiling sweetly at you from their card are trying desperately to establish a unique and lasting impression on you. They are self employed and rely almost entirely on referrals to earn an income. Good agents can establish a recognition allowing them to switch companies, thereby demonstrating their personal brand is of greater value than the company for which they work.
Equally for a newbie to the industry it can seem a near impossible hill to climb to establish the credibility and referrals needed to build any business; they need the support and influence of the office name to give them a springboard to launch their career.
Anyway I said that this post was a touch on the lighter side and this photo caught my eye this week and prompted me to write this post - you can’t help but smile to think what really is the true face behind the flamboyant business card of your local real estate agent??
-------------------------------------------------------------------------------------
Ron Suponcic at Horizon Realty
Ron Suponcic at Horizon Realty
Sarasota, Florida Real Estate Agent, Realtor®
Repeat Winner "Best in Client Satisfaction"
Ron Suponcic Ranked #1 in Listings & Sales for Horizon Realty in 2003, 2004, 2005, 2006, 2007, and 2008.
-----------------------------------------------------------------------------------
The real estate industry is unique in so many ways - it is entirely commission based; almost all people involved are self employed; there are very low barriers to entry and no restriction on potential earning; and of course in the ranking of most trusted people they don’t fair too well!
In a slightly lighter vein the thing that gets me about real estate agents is their flamboyancy when it comes to business cards!
The true face of real estate agents
Of
Jail Fast!! NJ's Premier Bail Bond Company, Blaze Bail Bonds Has A Rapid Release Program Like No Other
How many other industries can you think of that put their photo on their business card?
Why is it that this industry is so driven to flash the face of the agent not only on their cards, but also for-sale-signs and magazine adverts. You don’t see your local lawyer or dentist undertaking such activities nor even the local used car salesperson or MP.
The truth of the matter is that these people smiling sweetly at you from their card are trying desperately to establish a unique and lasting impression on you. They are self employed and rely almost entirely on referrals to earn an income. Good agents can establish a recognition allowing them to switch companies, thereby demonstrating their personal brand is of greater value than the company for which they work.
Equally for a newbie to the industry it can seem a near impossible hill to climb to establish the credibility and referrals needed to build any business; they need the support and influence of the office name to give them a springboard to launch their career.
Anyway I said that this post was a touch on the lighter side and this photo caught my eye this week and prompted me to write this post - you can’t help but smile to think what really is the true face behind the flamboyant business card of your local real estate agent??
-------------------------------------------------------------------------------------
Ron Suponcic at Horizon Realty
Ron Suponcic at Horizon Realty
Sarasota, Florida Real Estate Agent, Realtor®
Repeat Winner "Best in Client Satisfaction"
Ron Suponcic Ranked #1 in Listings & Sales for Horizon Realty in 2003, 2004, 2005, 2006, 2007, and 2008.
-----------------------------------------------------------------------------------
Real estate scams - conditioning
Real estate scams - conditioning
Find out why real estate agents lie about the value of your property and how this damages it's value. Learn how to protect yourself and the value of your home.The conditioning process adopted by some agents is one reason for the bad reputation that real estate agents have in Australia. Conditioning has become part of the real estate market because many agents lie to property owners about the value of their property.
The Process
When valuing a property some real estate agents will quote a value in excess of the property's true value in the belief that the owners will list their property with the agent that gives them the highest valuation.
A typical Australian real estate agent's selling agreement will tie the property owner to that agent for 90-120 days. If the property is sold during this period the agent will earn their commission whatever the sale price.
Having secured the listing by over quoting the property's value the agent knows that they must get the owner to accept a lower price for a sale to occur.
The conditioning process begins. The agent will ensure that plenty of "buyers" come to view the property; this activity is often interpreted by property owners as the agents earning their commission. However many of these buyers will have budgets below the asking price of the property, some may not even be buyers at all but friends of the agent!
The agent will start pointing out all the negative aspects of the home, talk of the market not being as strong as it was and giving feedback that the market feels that the property is over priced.
If the property owner elects to sell via auction the conditioning pressures are massively increased on auction day. Often the owner will be pressured into putting the property "on the market" despite the bidding being below the reserve price previously advised. Agents will claim that by putting the property on the market interested parties will raise their bids or even start bidding if they have not previously shown any interest. The logic for this argument is difficult to follow but one thing is certain, by putting the property on the market the real estate agent will get their commission
It is far easier for a real estate agent to persuade a vendor to accept a lower price than to extract a higher price from a buyer. The agent only has one party to focus on in the vendor but may have many buyers to try and convince. Through the listing agreement the vendor is tied to the real estate agent. Agents can treat vendors appallingly and the vendor has no option but to stay with that agent until the selling agreement expires. A buyer on the other hand can walk away at anytime.
The agent is typically entitled to their commission if the property is sold during the period of the sales agreement even if they have never met the purchaser. If the owner finds a buyer through their personal network the agent will still get their commission.
Unfortunately many agents who should be working for the vendor are in fact working for themselves.
Conditioning damages the value of your property
The conditioning process is not just stressful but can damage the value of your property.Initially many vendors are reluctant to lower their asking price from the valuation that the agent provided to secure the listing. If after a period of time the property has not sold the owner may agree to lower the asking price.
But by now the property will have become stale. Buyers will know that the property has been around for a while without selling and will wonder what might be wrong. The property will have earned the reputation of being a lemon and the vendors may need to accept a price lower than the property's true value in order to make a sale.
Commission does not guarantee agents will work to achieve higher prices
Many real estate agents will claim that the commission system means that the agent's goal and the vendor's goal are aligned as a higher sale price results in more commission for the agent. Simple mathematics and common sense show that this is often not the case.
Assuming a typical commission rate of 3% an agent who works hard to achieve and extra $10,000 for the vendor will earn an extra $300 commission. Yes this is an incentive for the agent to get a higher price but there is a risk that by pushing for the higher price they may lose the sale altogether and no sale means no commission.
It is better for the agent to sell the property at a lower price and move on to the next property than to invest the time in trying to achieve a higher price for the vendor.
For the vendor however the extra $10,000 is well worth the effort! The rate of return that the vendor receives for this extra effort is even more apparent when we consider the amount as an increase on equity rather than as an increase on the value of the property. Given that many homeowners do not own their home outright but with the assistance of a mortgage the repayment of the mortgage will reduce their proceeds from the sale.
For example a couple may be looking to sell their $300,000 property on which they owe $250,000 to their mortgage company. The equity that the couple have in the property is $50,000. If the property is sold for $10,000 less than it's true value the couple's equity has been reduced by 20%.
Poor performance from a financial adviser that reduced your investment return by 20% would be seen as unacceptable, but all too often real estate agents are able to get away with this kind of activity.
How to avoid being conditioned
By choosing to sell your home privately and having your property valued by a professional valuer you avoid the stress of conditioning.
Professional valuers have no incentive to inflate the value of your property as they earn an agreed fee irrespective of the valuation that they place on the property.
Find out why real estate agents lie about the value of your property and how this damages it's value. Learn how to protect yourself and the value of your home.The conditioning process adopted by some agents is one reason for the bad reputation that real estate agents have in Australia. Conditioning has become part of the real estate market because many agents lie to property owners about the value of their property.
The Process
When valuing a property some real estate agents will quote a value in excess of the property's true value in the belief that the owners will list their property with the agent that gives them the highest valuation.
A typical Australian real estate agent's selling agreement will tie the property owner to that agent for 90-120 days. If the property is sold during this period the agent will earn their commission whatever the sale price.
Having secured the listing by over quoting the property's value the agent knows that they must get the owner to accept a lower price for a sale to occur.
The conditioning process begins. The agent will ensure that plenty of "buyers" come to view the property; this activity is often interpreted by property owners as the agents earning their commission. However many of these buyers will have budgets below the asking price of the property, some may not even be buyers at all but friends of the agent!
The agent will start pointing out all the negative aspects of the home, talk of the market not being as strong as it was and giving feedback that the market feels that the property is over priced.
If the property owner elects to sell via auction the conditioning pressures are massively increased on auction day. Often the owner will be pressured into putting the property "on the market" despite the bidding being below the reserve price previously advised. Agents will claim that by putting the property on the market interested parties will raise their bids or even start bidding if they have not previously shown any interest. The logic for this argument is difficult to follow but one thing is certain, by putting the property on the market the real estate agent will get their commission
It is far easier for a real estate agent to persuade a vendor to accept a lower price than to extract a higher price from a buyer. The agent only has one party to focus on in the vendor but may have many buyers to try and convince. Through the listing agreement the vendor is tied to the real estate agent. Agents can treat vendors appallingly and the vendor has no option but to stay with that agent until the selling agreement expires. A buyer on the other hand can walk away at anytime.
The agent is typically entitled to their commission if the property is sold during the period of the sales agreement even if they have never met the purchaser. If the owner finds a buyer through their personal network the agent will still get their commission.
Unfortunately many agents who should be working for the vendor are in fact working for themselves.
Conditioning damages the value of your property
The conditioning process is not just stressful but can damage the value of your property.Initially many vendors are reluctant to lower their asking price from the valuation that the agent provided to secure the listing. If after a period of time the property has not sold the owner may agree to lower the asking price.
But by now the property will have become stale. Buyers will know that the property has been around for a while without selling and will wonder what might be wrong. The property will have earned the reputation of being a lemon and the vendors may need to accept a price lower than the property's true value in order to make a sale.
Commission does not guarantee agents will work to achieve higher prices
Many real estate agents will claim that the commission system means that the agent's goal and the vendor's goal are aligned as a higher sale price results in more commission for the agent. Simple mathematics and common sense show that this is often not the case.
Assuming a typical commission rate of 3% an agent who works hard to achieve and extra $10,000 for the vendor will earn an extra $300 commission. Yes this is an incentive for the agent to get a higher price but there is a risk that by pushing for the higher price they may lose the sale altogether and no sale means no commission.
It is better for the agent to sell the property at a lower price and move on to the next property than to invest the time in trying to achieve a higher price for the vendor.
For the vendor however the extra $10,000 is well worth the effort! The rate of return that the vendor receives for this extra effort is even more apparent when we consider the amount as an increase on equity rather than as an increase on the value of the property. Given that many homeowners do not own their home outright but with the assistance of a mortgage the repayment of the mortgage will reduce their proceeds from the sale.
For example a couple may be looking to sell their $300,000 property on which they owe $250,000 to their mortgage company. The equity that the couple have in the property is $50,000. If the property is sold for $10,000 less than it's true value the couple's equity has been reduced by 20%.
Poor performance from a financial adviser that reduced your investment return by 20% would be seen as unacceptable, but all too often real estate agents are able to get away with this kind of activity.
How to avoid being conditioned
By choosing to sell your home privately and having your property valued by a professional valuer you avoid the stress of conditioning.
Professional valuers have no incentive to inflate the value of your property as they earn an agreed fee irrespective of the valuation that they place on the property.
Real Estate Brokers
Real Estate Brokers
A real estate broker is in the business of brokering real estate transactions; that is, finding sellers for those who want to buy real estate and finding buyers for those trying to sell real estate. Real estate brokers and their salespersons assist sellers in marketing their property and selling it for the highest possible price under the best terms and assist buyers by helping them purchase property for the best possible price under the best terms.A real estate broker is in the business of brokering real estate transactions; that is, finding sellers for those who want to buy real estate and finding buyers for those trying to sell real estate. Real estate brokers and their salespersons assist sellers in marketing their property and selling it for the highest possible price under the best terms and assist buyers by helping them purchase property for the best possible price under the best terms. In many jurisdictions, particularly in the United States, a person is required to have a license in order to be remunerated for services rendered as a real estate broker. In particular, any of the following descriptions could refer to a real estate broker in the USA:
A person owning, managing, or being in charge of a real estate brokerage firm, even if the broker just works for him- or herself.
The real estate brokerage itself. The brokerage is the firm or business of the broker which can also be called a real estate agency.
A licensed real estate professional who has obtained a broker's license (which entitles them to operate a real estate brokerage). By default, a real estate broker of this kind has already met the requirements of "salesperson" or "agent" licensure. A real estate broker can still be designated as such without owning a real estate brokerage.
Some people may refer to any licensed real estate agent as a real estate broker. A licensed real estate agent is a professional who has obtained either a real estate salesperson's license or a real estate broker's license.
Real estate licensees and realtors
In the United States, there are commonly two levels of real estate professionals licensed by the individual states, not by the federal government:
When a person first becomes licensed to become a real estate agent, the person obtains a real estate saleperson's license from the state in which the person will practice. To become a real estate salesperson, the candidate must pass some specific coursework and then pass a state exam on real estate sales. Then in order to work legally, these salespersons must be associated with (and act under the authority of) a real estate broker as described above. Many states also have reciprocal agreements with specific other states, allowing a licensed individual from a qualified other state to take the second state's exam without completing the course requirements.
Then, usually after getting some experience in real estate sales, a salesperson may decide to become licensed as a real estate broker. Commonly more coursework and a broker's state exam on real estate must be passed. Upon obtaining a broker's license, a real estate agent may continue to work for another broker in a similar capacity as before (often referred to as a broker associate), become a real estate office branch manager, or become in charge of his/her own brokerage and be able to hire other salesperson (or broker) licensees.
Typically, a real estate license is needed to perform a "real estate act" (such as showing properties for sale) for compensation, but principals (sellers or buyers) can perform these acts themselves without a license.
A REALTOR is a real estate agent or broker who is a member of the National Association of Realtors and adheres to the association's Code of Ethics. All REALTORS are brokers/salespersons, but not all brokers/salespersons are REALTORS.
A La Carte Real Estate Services are professional real estate services that are given one transaction at a time instead of the conventional full-service, commission-based brokerage relationship. Some services are listed below.
Comparative Market Analysis
Facilitating a Purchase
Facilitating a Sale
FSBO Document Preparation
Full Residential Appraisal
Full Service Agent
Home Selling Kits
Hourly Consulting
MLS Marketing Service
Estate agent is the term used in the United Kingdom to describe a person or organization whose business is to market real estate on behalf of clients.
Listing contract and commission
Although there can be other possible ways of doing business, a real estate brokerage usually earns its commission (fee) as follows. A real estate broker and a seller who decides to sell his/her real estate through that broker sign a listing contract. The seller's real estate is then listed for sale. In consideration of the brokerage successfully finding a satisfactory buyer for the property, a real estate broker anticipates receiving a commission for the service the brokerage provided. Usually, the payment of a commission to the brokerage is contingent upon finding a satisfactory buyer for the real estate for sale. The details are typically determined by the listing contract. In the United States a 6% commission is considered "standard" for residential real estate and is typically paid by the seller. This is generally split 50/50 between the listing agent and the selling agent. However some brokers charge as much as 10% while others will offer services for 1%. Fee-for-service real estate brokerages are also increasing in popularity. This is not, however, the norm throughout the world. In Australia, for example, listing agents are paid 1% and very few buyers use an agent. If they do, they pay out of pocket.
Real estate commissions are becoming a point of controversy. Home values in many areas have quadrupled over the past 20 years and yet the actual work, local knowledge, and expertise required by real estate agents has decreased due mostly to technological improvements and the internet. This may be contributing to the increased number of licensed agents. Another controversy exists for the commissions of real estate agents. If a listing agent sells a property for an additional $100,000, he in turn will make an additional $3000. In theory this will motivate him or her to get top dollar price for his buyer. The controversy is even more heated, however with regards to the selling agent. If a buyer attempts to get a lower sales price by $100,000, then his agent would actually make $3000 less. It's in the agent's best interest to advise his client to purchase the property at a higher price. Hence a conflict of interest for myopic agents, as an agent is likely to make much more money through satisfied clients and their subsequent referrals than foul play on a transaction.ta, Mexico.
A real estate broker is in the business of brokering real estate transactions; that is, finding sellers for those who want to buy real estate and finding buyers for those trying to sell real estate. Real estate brokers and their salespersons assist sellers in marketing their property and selling it for the highest possible price under the best terms and assist buyers by helping them purchase property for the best possible price under the best terms.A real estate broker is in the business of brokering real estate transactions; that is, finding sellers for those who want to buy real estate and finding buyers for those trying to sell real estate. Real estate brokers and their salespersons assist sellers in marketing their property and selling it for the highest possible price under the best terms and assist buyers by helping them purchase property for the best possible price under the best terms. In many jurisdictions, particularly in the United States, a person is required to have a license in order to be remunerated for services rendered as a real estate broker. In particular, any of the following descriptions could refer to a real estate broker in the USA:
A person owning, managing, or being in charge of a real estate brokerage firm, even if the broker just works for him- or herself.
The real estate brokerage itself. The brokerage is the firm or business of the broker which can also be called a real estate agency.
A licensed real estate professional who has obtained a broker's license (which entitles them to operate a real estate brokerage). By default, a real estate broker of this kind has already met the requirements of "salesperson" or "agent" licensure. A real estate broker can still be designated as such without owning a real estate brokerage.
Some people may refer to any licensed real estate agent as a real estate broker. A licensed real estate agent is a professional who has obtained either a real estate salesperson's license or a real estate broker's license.
Real estate licensees and realtors
In the United States, there are commonly two levels of real estate professionals licensed by the individual states, not by the federal government:
When a person first becomes licensed to become a real estate agent, the person obtains a real estate saleperson's license from the state in which the person will practice. To become a real estate salesperson, the candidate must pass some specific coursework and then pass a state exam on real estate sales. Then in order to work legally, these salespersons must be associated with (and act under the authority of) a real estate broker as described above. Many states also have reciprocal agreements with specific other states, allowing a licensed individual from a qualified other state to take the second state's exam without completing the course requirements.
Then, usually after getting some experience in real estate sales, a salesperson may decide to become licensed as a real estate broker. Commonly more coursework and a broker's state exam on real estate must be passed. Upon obtaining a broker's license, a real estate agent may continue to work for another broker in a similar capacity as before (often referred to as a broker associate), become a real estate office branch manager, or become in charge of his/her own brokerage and be able to hire other salesperson (or broker) licensees.
Typically, a real estate license is needed to perform a "real estate act" (such as showing properties for sale) for compensation, but principals (sellers or buyers) can perform these acts themselves without a license.
A REALTOR is a real estate agent or broker who is a member of the National Association of Realtors and adheres to the association's Code of Ethics. All REALTORS are brokers/salespersons, but not all brokers/salespersons are REALTORS.
A La Carte Real Estate Services are professional real estate services that are given one transaction at a time instead of the conventional full-service, commission-based brokerage relationship. Some services are listed below.
Comparative Market Analysis
Facilitating a Purchase
Facilitating a Sale
FSBO Document Preparation
Full Residential Appraisal
Full Service Agent
Home Selling Kits
Hourly Consulting
MLS Marketing Service
Estate agent is the term used in the United Kingdom to describe a person or organization whose business is to market real estate on behalf of clients.
Listing contract and commission
Although there can be other possible ways of doing business, a real estate brokerage usually earns its commission (fee) as follows. A real estate broker and a seller who decides to sell his/her real estate through that broker sign a listing contract. The seller's real estate is then listed for sale. In consideration of the brokerage successfully finding a satisfactory buyer for the property, a real estate broker anticipates receiving a commission for the service the brokerage provided. Usually, the payment of a commission to the brokerage is contingent upon finding a satisfactory buyer for the real estate for sale. The details are typically determined by the listing contract. In the United States a 6% commission is considered "standard" for residential real estate and is typically paid by the seller. This is generally split 50/50 between the listing agent and the selling agent. However some brokers charge as much as 10% while others will offer services for 1%. Fee-for-service real estate brokerages are also increasing in popularity. This is not, however, the norm throughout the world. In Australia, for example, listing agents are paid 1% and very few buyers use an agent. If they do, they pay out of pocket.
Real estate commissions are becoming a point of controversy. Home values in many areas have quadrupled over the past 20 years and yet the actual work, local knowledge, and expertise required by real estate agents has decreased due mostly to technological improvements and the internet. This may be contributing to the increased number of licensed agents. Another controversy exists for the commissions of real estate agents. If a listing agent sells a property for an additional $100,000, he in turn will make an additional $3000. In theory this will motivate him or her to get top dollar price for his buyer. The controversy is even more heated, however with regards to the selling agent. If a buyer attempts to get a lower sales price by $100,000, then his agent would actually make $3000 less. It's in the agent's best interest to advise his client to purchase the property at a higher price. Hence a conflict of interest for myopic agents, as an agent is likely to make much more money through satisfied clients and their subsequent referrals than foul play on a transaction.ta, Mexico.
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