Now that you have your real estate license.

You have your real estate license……..now what???

In the state of Washington a new licensee must place their license with a Broker in order to practice real estate. This can be a daunting decision. How do you choose a broker or company to work with, what do you look for, how do you choose?

Imagine you want to go swimming. You have found a group of indoor pools. You need to figure out which pool you want to jump into. You don’t want just any pool, you want one that is clean, warm, not too crowded, one that has dry towels and nice showers. Sounds easy right……now you have to choose by looking in the windows you can’t actually go in. If you are lucky you might be able to ask some of the swimmers who are leaving the pool. You ask questions to try to get an idea what its like at that pool. You know that once you make the decision you are going to be jumping into the deep end, so you want to make sure you make the right decision, the first time.

Trying to figure out an office to join can be the same way. If you take the time it can be a little easier in that you will want to interview the manager. You will want to talk with several agents who are working for that office. Talk with a couple of long time agents as well as a couple of new ones.

This is not a time for quick decisions, even though the broker may be pushing you to join. I’ve had agents ask me if it is hard to get a job once you have a license. The challenge is not getting a job offer (many brokers will hire you on the first meeting because they just want to put another license on their wall) the challenge is trying to decide why you might want to work for a broker that is so willing to hire you after only one brief meeting.

Click here for a list of books that I recommend to agents just starting the business.

Before You List...Preperation is Everything!

Thinking about listing your home for sale? Do a walk through with your agent a week or two before the list date. We spend a lot of time talking about “Staging” your home for sale, but what about repairs?

Generate a list of things in your house that need fixed, repaired or replaced before you put it on the market, here’s why:

1. Potential buyers will guess high for the repair, usually 3 times higher than actual cost. They will then try to reduce the price by that inflated amount.


2. When the home is inspected it will show up on the inspection report which here again calls into question cost of repair plus one more task that you as the seller may have to accomplish prior to closing.


3. When the appraiser comes out the needed repair will only call for closer scrutiny. Example: moss on the roof. A perfectly good roof may be called into question only because the moss on it drew the appraiser’s attention to it, thus forcing him to call for an additional roof inspection.

The goal is not to try to hide anything, rather to address items that are likely to be brought into question and may jeopardize a good offer or at least slow down the closing.

Regarding disclosure, you are typically better off to disclose any issues up front. Buyers will typically feel short changed or taken advantage of if they learn of a pre-existing problem late in the transaction. Most states have a property disclosure statement that needs to be provided by the seller. Filling one out fully and honestly will protect you as the seller by reducing legal issues down the road with the buyer. Talk with your agent or your real estate attorney for specifics in your area.

Housing Stats for 11/20/2005

Watching stats like these will help you determine what kind of a market you are in.

For Kitsap County Washington as of 11/20/2005

953 Active Listings
72 Homes went Pending last week
52Average Days on Market
$278,189 Average List Price
$275,704Average Sale Price
99% List price to sale price ratio
13.23 weeks of inventory

Learn more about Defining Your Market.

Bcoming a Real Estate Agent

Becoming a real estate agent is just like starting your own business, however most do not approach it with that mind-set.
8 or 9 out of 10 agents don't make it their first year.
10% of the agents make 90% of the money.

Having said that, real estate is one of the more exciting and rewarding businesses you can get into provided you come in with your eyes wide open. See The Three Bridges discussion in my web site.

Ask lots of questions of friends who are agents, talk with local brokers.

Read books about getting into real estate.

Start saving your money so that you have start up capital to start your new business.

Stay tuned to this Blog for more information about becoming an agent and tips for new agents.

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Real Estate Stats for Kitsap County Washington 11/6/2005

Watching stats like these will help you determine what kind of a market you are in.

For Kitsap County Washington as of 11/6/2005

935 Active Listings
50 Homes went Pending last week
52 Average Days on Market
$276,924 Average List Price
$274,861 Average Sale Price
99% List price to sale price ratio
18.7 weeks of inventory

Learn more about Defining Your Market.

Home Buyers of Today, Younger, Smart, Wired!

Who are they? They are the Echo Boomers or X Gen. They were born between 1982 and 1995. They are between the ages of 10 and 23. They are the children of the Baby Boom crowd. This group of 80 million have never known a time without a computer. They are more tech savvy then any previous generation. Much of their lives revolve around what their parents would consider gadgets, and doodads their grandparents never would have dreamed of. (Fortunately a few did or we would not have them today.)

This group will affect what a house looks like, how it functions, how we build them and how we sell them. In order to serve the Echos a typically older crowd of real estate professionals will have to change how they work, how they meet and how they communicate with their new buyers.

Wired houses....video, audio, security, networking and of course high speed internet. Speaking of high speed, this generation wants quick and constant input. Prompt returned e-mails, updated photos, daily updates on their transactions.

Their consumer pressure and improved electronic communication will decrease the time it takes to buy a home. What is now a 4 to 6 week process will become condensed into a 1 to 3 week transaction. They are more likely to find and choose their Realtor from a web page, because their friend sent them an IM or through a Blog.

The home they choose will have been viewed from every angle without having even visited the house. They will have viewed virtual tours, a photo walk thru and downloaded pictures from space. They will know who bought it, when and for how much via information available on the internet. Their offer will jump from electron to electron over miles of wire as it makes its way between buyer, seller, agents, lenders, appraisers, title and escrow....and these buyers would have it no other way.