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California Real Estate Exam: Everything You Need to Know
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The MLS stands for the Multiple Listing Service. It is an online database used by agents and was created to provide information on real estate properties. In essence, it provides agents with an inventory of properties.
Did you know the MLS is not limited to residential listings? It provides information on all types of properties such as income, businesses, land and rentals.
If you are an agent, this database is a crucial tool when it comes to servicing your clients. Let’s talk more about how to use the MLS, some basic features, and other services that the MLS provides to help you with your business.
Let’s start with how to use the MLS for buyers.
As we know, each buyer will be different. They will have specific features that they will be looking for in a property. The first step is finding out what your buyer wants.
Start by having a buyer consultation with your client. This will give you a better understanding of what your buyer is looking for. After you have collected the information, use the MLS to zero in on the listings available.
The MLS can search for properties based on a variety of factors. The most common search features are the city or zip code, type of home (Single Family or Condo), and price.
The more criteria you put, the more the MLS will narrow in on only the listings that fit that search.
So, let’s say you have a buyer that only wants to see 2 bedroom condos in West LA, for under 1 million, that is pet friendly, and has a fireplace. You can get that specific.
On the MLS you would input – Area: West LA – Price: Max 1 million – Bed: Max 2 – Interior Features: Fireplace – Pets: Yes
The MLS will do all the work for you and show you the properties currently available that fit the criteria. You can then set up appointments to preview the homes with your buyer.
Another great feature of the MLS is the Open Houses section.
Maybe your buyer doesn’t know exactly what they want yet. Perhaps they only know they want to live in a particular city. You can see all the properties that are holding an Open House in that area and take your buyer to preview those homes without an appointment.
As an agent, you can also use the Open House section to preview homes and better know the inventory.
If you have a buyer that is hands-on in the process, you can give your client access to the MLS as a guest. You will also be informed of the searches that your client makes.
This potentially leads to an offer made, accepted and gets your buyer in escrow!
Now let’s talk about the sellers.
When you are a listing agent, your main priority to your seller is to get their home sold. You want them to be confident in your ability to get their home advertised and sold quickly. What better way to get that done than to list their home on the MLS.
It all starts with the listing appointment. Part of your listing appointment will include a Comparable Market Analysis. A Comparable Market Analysis, or CMA helps determine the estimated price of a home. The MLS will be invaluable when creating the CMA.
It does this by pulling all the properties recently sold. These properties will have the same characteristics as the home you’re intending to list. This helps ensure you are pricing the home favorably with the market.
Once you have the listing, the next step is to enter it on the MLS for maximum exposure.
You will be inputting all the characteristics of your listing for everyone to access. Since the MLS is the primary database for all active listings, you want to make sure that your listing stands out.
You can do that by adding professional pictures and a video of a virtual walkthrough of the home. Your detailed description of the property and added features can also attract other agents to want to make sure their buyers preview your listing.
If you are holding an Open House, don’t forget to enter that information as well. That information also gets auto-populated to the Open House section for buyers to see.
The MLS does have a public search feature so make sure that your listing is complete. Listings with shorter descriptions and few pictures will not get as many inquiries.
Whether you are representing the buyer or seller, sometimes there is information that only the agent will need to see. That’s when you will refer to the “Agent Remarks.”
Agents will use this area for a variety of reasons. Most commonly, this will be used for showing instructions. Here are some other examples of what would be disclosed in the agent remarks section:
The remarks are designed to provide additional information only pertinent to the agent. Regarding the first example, death is considered a “material fact” so it must be disclosed. A “material fact” is considered any information that would impact a decision to purchase.
Not to say that a buyer wouldn’t want to know if a death occurred on the property!
It is more appropriate for an agent to convey that sensitive information to their client than to see it publicly where it can cause a bias.
From agent websites to database management, agents have many tools that help with their business. The MLS is an integral part of that overall picture.
In review, the MLS is a great resource when it comes to conducting business as a real estate agent. Benefits:
And we have only gone over the basics! The MLS is versatile and an invaluable tool. So next time you’re on the MLS, go exploring.
You’ll be happy you did.
The Buyer’s Inspection Advisory (BIA) is a disclosure that is included with the Residential Purchase Agreement (RPA) when you make an offer on a home.
Simply put, it is advising the buyer to have a professional inspect the property.
Disclosures are designed to inform and protect the parties entering into an agreement. In this case, the Buyer Inspection Advisory is for the buyer.
Let’s discuss why the BIA is important, what items are on the Advisory to inspect, and what to do when your client chooses NOT to perform an inspection.
Purchasing a home is one of the most important decisions that people will make in their life. It’s a large investment and buyers will want to make sure that the home is sound.
A buyer is given disclosures by the seller’s agent, but there is only so much that the seller can know.
This is why a home inspection is important.
Some buyers may be tempted to inspect the home themselves. But, they’re not usually qualified to fully inspect the property.
There can be underlying problems with electrical, plumbing, or the foundation that only a professional can identify. Buyers will want to know about these issues before the sale is final. This avoids dealing with any major issues with the home in the future.
Disclosing that the buyer should perform inspections using the BIA, ensures that the buyer has been fully informed and can limit further liability to you as a real estate agent.
If the home buyer purchases a home without being advised to have a home inspection and there are issues that arise later, they could sue the real estate agent for finding them a faulty home.
The Buyer’s Inspection Advisory is a one page document that outlines the importance of inspections. It also has a list of what to inspect:
As a real estate agent, it’s important for you to be aware of the items, why they should be inspected, and the professionals that you would refer to your client.
Let’s discuss a few of those items here as an example.
Typically, a home inspection will cover the general conditions of the home like the foundation, roof, plumbing, electrical, and air conditioning.
But, the list discloses areas beyond the general condition of the home. There are inspection areas that buyers should use a professional – like a termite inspector.
What about the square footage and boundaries of the home? If it’s important for your client to know, they should confirm this with an architect.
Also, property boundaries noted on online maps are not accurate. A licensed land surveyor or civil engineer can identify the physical boundaries of a property.
If the home is located on a hill or a slope, calling in a professional to test the soil stability is crucial. There are companies that test the soil to make sure the home is not susceptible to slippage or movement.
They can also identify and implement erosion control measures.
Because your client has been informed, they can decide what inspections they want to move forward with.
The Buyer’s Inspection Advisory is designed to disclose information to protect the buyer. But, it also protects you, the real estate agent. While your client does look at you as the professional on real estate, your role is clearly outlined in the Advisory:
2. BROKER OBLIGATIONS: Brokers do not have expertise in all areas and therefore cannot advise you on many items, such as those listed below. If Broker gives you referrals to professionals, Broker does not guarantee their performance.
This sets the expectation of what you are responsible for during inspections. Any recommendations you may make to your client about professionals are just that – recommendations.
Despite your best efforts, you might have a client who chooses NOT to do an inspection.
So, what do you do now?
Have your client sign a Buyer’s Inspection Waiver. This is a one page disclosure that informs the buyer on the importance of inspections and states that NOT performing one is against the broker’s recommendation. This will remove your liability if something bad happens to the property.
Also, the waiver has a section to confirm inspections made by the seller and disclosed to the buyer.
So, if your client is electing NOT to perform inspections, the Buyer’s Inspection Waiver is to document what reports they do receive. If your client chooses not to follow any improvement recommendations, the liability will fall on them and not on you.
The Buyer’s Inspection Advisory is another disclosure that informs and protects the buyer during the transaction process. When buyers are properly informed, they can make decisions to best protect their investment.
Although the Advisory is primarily designed to protect the buyer, now we see how the BIA limits the liability of the real estate agent as well.
So, become familiar with the items on the Advisory, why the items are important to inspect, and what professionals are most qualified to make those inspections.
When all else fails, if your client still refuses to have inspections done, remember to use the Buyer Inspection Waiver to limit your liability.
Mindset is everything when it comes to thriving in your real estate career.
As a new agent, adopting a mindset for success is essential to overcoming the tough days—whether it means making phone calls or knocking on neighborhood doors.
Developing the right mindset may not be easy, but it is crucial for making positive changes in your career.
Having the right mindset automatically sets you up for success.
Your thoughts and feelings have a direct impact on your productivity and confidence.
While passion and excitement are great assets for starting your new career, many agents fall into a negative mindset when faced with initial adversity or rejection.
Discouragement at the first sign of difficulty is common, but starting with the right frame of mind can help you avoid career obstacles.
Let’s discuss what to avoid and where to focus to cultivate a success-oriented mindset.
There are a few basic things to avoid that may seem obvious but are worth mentioning.
Negativity is a mindset that can develop without you realizing it. Negative thoughts and actions will lead to a negative business environment.
Another important tip—don’t surround yourself with negative people. Constant negativity only reinforces negative energy and hinders progress.
Remember why you got into real estate in the first place. You have a passion for it, and you invested time and energy to obtain your real estate license. There is no reason for self-doubt.
Self-doubt erodes your confidence, impacts your energy, and ultimately affects your ability to succeed.
Entering a new field naturally comes with some level of insecurity, but continually telling yourself “I don’t think I can do this” will ensure that you can’t. Instead of second-guessing yourself, focus on taking action and improving every day.
Successful people focus on the positive. Let’s talk about what you should prioritize during your first year as a real estate agent.
Confidence comes from within, and it starts with your thoughts and words. Focus on what you do well, and confidence will guide you through challenges. Surround yourself with confident people—their success can inspire you to grow.
Confidence is not only beneficial for you but also builds trust with your clients, making them believe in your capabilities as an agent.
Challenges are a daily occurrence in the real estate business, but letting obstacles cloud your mindset will only hinder success. Approach every challenge with a solution-based attitude.
Being optimistic and focusing on finding solutions will help you keep moving forward.
Continued success is centered around continued learning. The most successful real estate agents know that their learning journey never ends. Seek out opportunities to grow and expand your knowledge.
This proactive learning mindset will help you reach the next level in your career.
Maintaining the right mindset can be challenging, but seeking out positive resources and outlets can help.
Your environment, the people you surround yourself with, and even your own actions can either support or undermine your mindset.
For example, music can be a great resource for keeping you motivated and energized while you work. But be mindful—a slow ballad might not be ideal if you need an energy boost for a run.
Consider where you’re working. If you’re feeling secluded at home, try changing your environment. Working in your office with like-minded people can keep you engaged, focused, and encouraged.
Seek out networking groups and talk to people achieving high levels in real estate—their success can be both motivational and inspirational. Attending seminars can also be beneficial, but be cautious of those promoting a "get rich quick" mindset.
As you embark on your new real estate journey, remember that you already possess everything you need to be successful. Tap into your confidence and stay optimistic.
Be solution-based when confronted with adversity and continually strive to expand your knowledge. Surround yourself with people who operate at a high level to foster growth in yourself and your business.
Just as important, learn to recognize when you are getting in your own way. Be mindful of negativity, avoid self-doubt, and leave insecurities behind. You have the power to actively shut out counterproductive thoughts.
In the end, your mindset controls your actions, and your actions will determine your success.
Everyone is trying to get the best deal for their dollars.
Whether you’re a first-time homebuyer or a real estate investor, it’s tempting to make a lowball offer on a property.
The success of these offers depends on several factors.
Buyers who understand the elements at play in the real estate market have a better chance of having their lowball offers accepted.
Lowball offers are significantly lower than the asking price of a home.
Commonly an agent will recommend negotiating a price on a home that’s lower than the asking price. This is to get a better deal for their client.
But, a lowball offer is even lower than that.
Generally, one would assume that a seller wouldn’t ever consider making an offer that is significantly less than their listing price.
But, there are times when sellers are willing to take a lowball offer seriously.
A major factor that affects how a lowball offer is received is the market trend.
In markets where real estate deals are moving quickly and there’s high demand for property, such as a seller’s market, the sellers are less likely to accept a lowball offer.
There are too many potential buyers who would pay the full asking price (or more) for the property.
Lowball offers are typically unsuccessful in this kind of market environment.
Another aspect that will determine how likely a lowball offer is to succeed in the days on the market.
A seller whose property has been on the market for one week may be less willing to consider a low offer than a seller who has been on the market for 3 months.
Properties that are new to the market have a high chance of securing higher offers, especially if they are priced correctly.
Houses that have been on the market for a while maybe priced too high for their location or not be in the best shape. For buyers looking to purchase such properties, consider including a justification for the low price offer.
Another factor that can determine whether or not the seller will accept a low offer is the seller’s motivation to sell.
For instance, if a seller has purchased another home or is in the process of relocating, they may be in a rush to get the property off their hands. The money may not be as important to them, so they will consider any offer, low or not.
Conversely, if the seller does not have time constraints or is selling specifically for the money, they are more inclined to wait for the best offer. If the owner is motivated to sell, a lowball offer has a higher chance to succeed.
Buyers can always ask the listing agent why the seller is selling the property. This information will give buyers an idea of how likely the seller is to accept a lowball offer.
Buyers need to be strategic when making lowball offers on a property. If a buyer comes across their dream home and the asking price is fair, it’s a good idea to make an offer close to the asking price.
For perspective, there are a few different options a seller has when faced with an offer. The seller can either accept the offer, propose a counteroffer, or reject it outright.
If the offer is too low, especially on a well-priced listing, the buyer runs the risk of having the offer rejected and losing the opportunity to own that home.
If a buyer is still aiming for a lower price on the home but wants to minimize the risk of getting rejected, making an offer no more than 10% less than the listing price is a great place to start.
It shows the seller that the buyer is serious about the home, but believes there is some room for negotiation regarding the asking price.
A real estate investor has different goals than the average homebuyer, so they’ll take a different approach.
The goal for real estate investors is to make a profit from their properties. The general strategy is to buy low, improve the property, and then sell it for a higher asking price.
Again, lowball offers are likely to be rejected. To account for this, real estate investors will submit offers on several properties at a time to increase their odds of securing a property.
While this is a common strategy, investors do not always need to acquire properties through lowball offers.
Many buyers can make reasonable offers on a property and still make a great profit. For example, outdated homes or homes that are in states of disrepair are likely priced low.
Investors can buy those properties at a fair price, then do the necessary repairs and upgrades and add some more square footage to the property.
These are simple ways to create a higher property value and increase the profit margin, especially when the property is in a desirable location.
The success of lowball offers hinges on a few factors.
First, the availability of homes on the market and demand will dictate how likely sellers are to accept a lowball offer.
Markets with high demand (seller’s markets) may not be the optimal condition for lowball offers.
Conversely, sellers who have been on the market for longer periods of time are often likely to consider low offers on the property.
Those who have the motivation to sell quickly may also entertain lowball offers.
Investors have more success when they make offers on several properties at once to increase the likelihood of having an offer accepted.
You’re excited and ready to start your new career – you don’t have time to wait to become a real estate agent in California.
Go-getters like you want to get their real estate license as fast as physically possible.
Oftentimes, it’s better to take your time through your real estate school because expediting the process could make the real estate exam harder.
But, if you have a familiar grasp on real estate and you’re ready to kickstart your new career, then buckle up. You’re about to learn the fastest way to get your real estate license in California.
The fastest way to get your real estate license is through an online program. In California, all students are required to spend at least 54 days in an accredited real estate program, per the DRE.
There’s no way around that. That means, no matter what, you’re required to have at least 2 months of real estate schooling under your belt.
Also, when you apply for the real estate licensing exam, you can wait upwards to 3-months. So, even the fastest way to get your real estate license will take about 5-months, all together.
Since there’s a minimum time required to spend in real estate school, you’re probably considering how to optimize your time.
By taking an online real estate courses only, you won’t have to wait on a cyclical class schedule. You can work at your own speed – which is really fast.
You must spend 18 days on each required course:
Learn the material, pass the final exam, rinse, repeat. Completing each course in 18-days requires you to optimize your schedule to make studying a priority.
When you complete the program, apply for the Real Estate Exam as soon as possible using the RE Form 435. This is your joint real estate exam and real estate license application form. In other words, it’s a combo form.
You will have to wait for your form to be approved by the Department of Real Estate. This should take anywhere from 3 to 6 months.
An even faster way is to apply online. The Department of Real Estate has an eLicensing portal which allows you to send your application online. This is easier because you don't have to wait on the postal service to deliver your application.
You can also list which brokerage you want to sign with.
This way, the moment you pass the real estate exam, you get signed on at a brokerage of your choice. This means, you will instantaneously become a real estate agent in California. Nothing's faster than instantaneous!
Studying for the real estate exam can quickly become overwhelming. There's three courses of material that you need to know and relying on your notes, textbooks, and free online content will only get you so far.
That's why I would highly recommend our exam prep package and crash course. When you join our exam prep program it consolidates everything you need to know to pass into one, easy-to-use, online portal.
You get unlimited practice exams, digital flashcards, an eBook study guide, video explainers, and 2,000+ question and answer videos. That's just the exam prep too!
The crash course will add an additional 16-hours of exam prep content led by a California real estate exam expert. We have crash courses in-person, online through Zoom Webinar, and in video format (which you can watch as many times as you want.)
Here's why the exam prep and crash course program is the fastest way to study for the exam. It consolidates all of the learning resources you need to pass the licensing exam on the first time into one, easy place. All you have to do is join for a weekend to learn the bulk of the material you need to pass and then you can use the exam prep package to learn even more. All it takes is an hour a night of taking the practice exams, learning what you got wrong, rinsing and repeating.
This program and study method has helped THOUSANDS of people pass and start their real estate careers.
Also, studying like this will guarantee you pass, first try. Which is more cost effective than taking the exam 3-4 times.
Here’s an interesting question, that you should consider:
Is the fastest option the better option?
What makes real estate school so important isn’t the fact that it’s a stepping stone to get your license. This is where you learn how to become a real estate agent.
You learn the material that will help you build your career and master the craft of real estate. By expediting the process, you run the risk of skimming material, forgetting terminology, and making the entire experience take longer than it needs to by retaking tests and quizzes.
In some cases, you might have to retake an entire course.
When you cross the finish line and get your license, you might end up forgetting everything you learned. That will make building a career infinitely harder.
Not to mention, it could be a legal hazard for you. If you unintentionally enter a legal quagmire (that could have been avoided had you taken your time through the program), your license could be revoked.
Taking your time through real estate school will help you understand and master the learning material. This translates to knowing more, practicing real estate with integrity, and building a powerful career.
When you take a 3-month program like our live training, you get the extra details that help you when you start your career. You also get the added benefit of having the most important information broken down for you. It makes learning simple and easy.
Best of all, you build a relationship with the trainer, an active agent, and the entirety of the class. In the end, taking time to understand the material will help you get your real estate license as fast as possible. That’s because you won’t need to retake quizzes, tests, or even courses.
California allows you to get your license in less than one year from your enrollment process. For most careers, that’s lightning fast.
Some people try to complete their real estate schooling as fast as possible. In some cases, this is welcomed! But, going this route could cause you to lose sight of the importance of real estate school: your education.
Setting clear goals is essential for agents to thrive in their real estate careers. Without defined objectives, it’s easy to feel overwhelmed by daily tasks and lose focus.
Aligning personal goals with career milestones ensures every action contributes to meaningful success. Whether it’s building a client base or increasing income, each step becomes purposeful.
Goal-setting provides clarity, helping agents prioritize opportunities that match their ambitions. It also helps avoid distractions that don’t align with their plans.
Having a clear direction keeps motivation high, even during setbacks. It reinforces the purpose behind the hard work.
Start by visualizing where you want to live and work, and who you want to surround yourself with. Think about the types of colleagues, mentors, or clients you aim to have in your life over the next five years.
When setting real estate goals, it’s important to be specific. Avoid vague ideas like “I want to be successful” and instead define what success means to you. Success could mean achieving a target income, closing a set number of deals, or even purchasing a new home.
These real estate goals examples keep your vision clear and actionable. By narrowing down your focus, you’ll know exactly what you’re working toward and stay motivated along the way.
These examples keep your vision clear and actionable. By narrowing down your focus, you’ll know exactly what you’re working toward and stay motivated along the way.
Breaking down long-term real estate agent goals into actionable short-term steps makes them more achievable. Start by identifying smaller, immediate objectives that align with your 5-year vision. These short-term goals provide a clear path, helping you stay focused on daily tasks while working toward bigger achievements.
Setting milestones along the way keeps you motivated and on track. For example, you might aim to close five deals in the next quarter or expand your professional network by meeting three new referral partners.
These smaller steps ensure steady progress toward your larger goals in real estate, making the journey more manageable and rewarding.
Research plays a crucial role in achieving your real estate goals. Start by exploring both online and offline resources to gather valuable insights. Blogs, YouTube videos, and podcasts are excellent sources of information and inspiration to help shape your action plan.
In addition to online research, connect with mentors and role models for guidance. Meet with experienced professionals, whether they work within real estate or in other industries, to learn from their successes and challenges. These conversations can provide fresh ideas and motivate you to stay focused on your goals for real estate agents.
Visualization tools are powerful for staying focused on your real estate agent goals. Creating a vision board helps keep your objectives top of mind with constant visual reminders.
Seeing your goals every day reinforces your commitment and keeps motivation high, even during setbacks. It ensures you stay aligned with what matters most.
You can also use technology by creating a digital vision board. Make a collage of your real estate goals examples and set it as your phone wallpaper.
Since your phone is something you check often, these reminders will keep your goals in real estate front and center throughout the day.
Knowing when to say no is essential for staying aligned with your real estate goals. Not every opportunity will fit into your long-term plan, and saying yes to everything can pull you off course.
Focus only on opportunities that move you closer to your goals for real estate agents. This helps conserve your time and energy for tasks that truly matter.
Setbacks are inevitable, but they offer a chance to reassess your progress. When challenges arise or priorities shift, take time to reevaluate your goals and adjust your plan as needed.
Staying flexible ensures you remain on the right path while keeping your goals in real estate within reach.
Staying focused on your goal path is key to long-term success. A clear roadmap keeps you moving forward and helps prevent career stagnation by giving you direction and purpose.
Regularly tracking your progress ensures you stay aligned with your real estate agent goals. Periodic reviews also allow you to identify what’s working and what needs adjustment.
As your career evolves, your real estate goals may need to shift too. Making timely adjustments ensures your goals stay relevant and keeps you on track toward meaningful progress.
Once you have created your 5-year plan, it is important to remember that this may evolve over time. A goal that you have set three years ago may not be completely true and relevant to where you are now. What’s important is that you continually observe where you are in your career and adjust.
What are your 5-year goals? How do you plan on accomplishing them? Let us know in the comments section below!
150 questions, 3 hours, at least a 70%? You got this!
The real estate exam is the last step needed to get your real estate license and become an agent.
If you’re putting pressure on yourself to perform, then it’s time to ease up the gas and apply these tips to help you study smarter and better.
From creating a schedule to mastering your mental game, these study tips will help you feel confident and ready for the real estate state exam.
Here are 10 tips on how to study for the real estate exam:
Now, let’s dive deeper for a closer look at each tip.
A study schedule will help you take the time to focus on the material.
Studying is all about consistency!
For example, you can schedule to study from Monday to Friday from 6:00 to 8:00 PM. You can also choose to study on alternate days of the week, such as Monday, Wednesday, and Friday. The bottom line is, you have to create a schedule for yourself.
The reason why study schedules are so effective is that it’s a commitment to studying. Studying without a schedule will make you feel lost and it will make studying hard. When something is hard, we tend to procrastinate and avoid doing it.
During study hours, stay focused. Clear your schedule and free yourself from any distractions. If this means switching off your phone or finding a nice quiet place to study, then do that!
You can take it a step further and map out what to study on the exact date or time. For example, for the first two weeks of your schedule, focus on drilling real estate vocabulary. Then the following two weeks, study real estate practice.
Breakdown the material and schedule it out. It doesn’t matter when you study, so long as it’s consistent.
Overdoing it will lead to burnout. Keeping your study sessions short is important. We recommend spending around 2 hours in a given study block.
If you study for long hours, you’re prone to fatigue and frustration. Once you overdo your study sessions, you may not be able to absorb all the information you’re reading.
Overexertion is a big contributor to burnout. Once you hit the burnout zone, the idea alone will seem exhausting.
Remember to conduct your study session in short intervals to focus, digest, and absorb.
This goes back to creating a study schedule. Two-hour study sessions combined with a daily or alternating daily schedule is a great way to keep a steady, productive moment when studying for the real estate exam.
In the state of California, there are 7 real estate categories that appear on the state exam. They are:
Diversifying what you study refers to mixing up what you study. Changing it up by studying different areas from time to time will help you cover more ground and retain more information.
By changing up what you study, you don’t get tunnel vision on one specific category. This will also keep studying fresh and interesting because you won’t be repeating information you learned the day before.
Review it, learn it, move on.
We all have that one subject we struggle with the most.
Don’t just hope that it won’t appear on the real estate exam. Instead, challenge yourself to understand and master it.
Once you finish studying all the areas, circle back to the area that you struggled with the most. Don’t be eager to dismiss and reject this area.
The best thing that you can do is to dissect this subject and hone in on the topics you do not fully understand.
After selecting those topics, take the time and have the patience to go through them again.
Yes, it may take some time. But, it will be worth it.
A tried and true method of studying is using acronyms. Acronyms and mnemonics make remembering bulks of information easier. This is done by creating a fun, short word or phrase to remind you of a greater section of information.
That way, you more efficiently store info in your head without burning out when you need to recall an answer on the real estate exam.
During the real estate state exam, you will run into acronyms that you will need to know.
One acronym you’ll definitely encounter is “M.A.R.I.A.” This stands for method, adaptability, relationship, intention, and agreement. It is an acronym that helps determine real or personal property.
Another acronym you might encounter is “U.P.T.E.E.”. This acronym can help you remember the Bundle of Rights. It stands for use, possess, transfer, encumber, and enjoy.
This is the funnest tip! Once you finish your study session, it is extremely important that you decompress.
Time to relax!
Whether it’s going out for a walk to catch some fresh air or snoozing on the couch, taking time to relax will help destress and stay collected.
Too much studying leaves you stressed – you have to let that out!
The most important time to rest is the night before the actual state exams. The last thing you want to do before the night of the exams is to stay up late. Sleep deprivation leads to unfocused attention, foggy memory, and sedated enthusiasm to ace the exam.
Sleep allows your mind to stay sharp and efficient. This will help you to feel refreshed the morning of the real estate exam.
Studying alone has its benefits. You work at your own pace, you take your time, and you can focus on the material you want to focus on.
But, you get even more advantages when you create a study group. Creating a study group allows you to bounce questions off each other for an impromptu quiz.
Instead of simply covering your book and asking yourself, other people can now test you.
You know what they say “two minds are better than one.” Imagine if you have four or five minds, how much better would that be?
Another advantage of creating a study group is the accountability factor. People can hold you accountable to study at a specific time on a specific day. Your study buddies can support you and encourage you to keep going when you feel like you can’t.
But, here’s one of the unspoken perks of studying together. One of the most effective ways to learn new information is by explaining it to someone else. A study group is a space that lets people learn the material from each other, which benefits everyone.
One of the best ways to prepare for a real estate exam is to get guided help.
Guided help lets you ask the questions that had you stumped. We recommend that you enroll yourself in a weekend crash course right before you take the exam.
A weekend crash course will give you last-minute tips, tricks, and detailed reviews to help you pass the state exam on your first attempt. Not only will this prepare you mentally but it will also help boost your test-taking confidence.
At the very least, seeking out help from your real estate trainer or tapping another professional can help you learn the material from a trusted source.
If you’re a CA Realty Training student or if you’re looking for a quick and effective way to prep for the state exam, then check out our real estate crash course and exam prep. The exam prep is designed to make preparing for the state exam simple.
You also have access to the flashcards for quick terminology drills that will instill vital information. You get a mock state exam that mimics the state exam and uses similar questions and time restraints
Don’t just take the mock state exams once, take them multiple times! Try to get at least 80%. If you can consistently get a score of 80% at least five times, you’re good to go.
Some people might fall into a trap. They sit down for the exam, stress, and want to outsmart the exam. This is a classic example of overthinking.
Test takers nose dive and get exam anxiety that leads to them ejecting key information and terminology.
If this happens, remember to take a deep breath and ground yourself.
Whenever you encounter a question that confuses you, don’t overthink it. Remember: a five-dollar bill is a five-dollar bill. Most definitions in real estate are straightforward. Do not question the question.
There’s no magic formula when studying for the real estate exam. The best advice that you can apply is to stick to a consistent schedule that you can follow for at least two months.
This gives you plenty of time to break the gargantuan task of studying for the real estate exam into bite-sized study blocks.
As long as you remain determined, you will succeed.
What studying style works for you the best? Share them with us down in the comments section!
A common phrase in real estate is, “when you list, you last!” Depending on the market, a listing is almost guaranteed to sell.
The only problem: getting the listings.
So, how does one become a successful listing agent? What aspects help a listing agent’s longevity in the real estate industry?
Bryan Collins, also known as the Listing Guru, shares the process that has helped him become a successful listing agent.
Prospects gravitate towards something that feels personal.
A more personal approach lets them know that you’re a human being with both a personality and a heartbeat.
They are deciding whether or not they can trust you. Selling a home is a highly-personal transaction and process.
A home is someone’s safe space and is a huge investment. Buying a home is a big commitment and so is selling one.
That’s why, whenever you generate new leads, you must show that you’re not only a likable person but someone they can rely on to handle their biggest investment.
What are the warm, friendly lead generating ideas that add a personal touch?
From mailers to flyers or even handwritten letters. Compared to a generic email, a handwritten letter makes the process a whole lot more personal. This creates a better opportunity for you to build a strong relationship with the seller.
Another strategy for lead generation is the ever famous door knocking. Although this method will need a lot more effort and time, it is still a strong strategy that works.
Here’s why:
This strategy shows the seller that you’re willing to go the extra mile to serve them as your clients. On top of that, door knocking gives you the chance to have conversations with your prospects. You can then answer their questions or provide them with a home value report of their property.
Use this magnetic strategy to strike up a conversation: Create home value reports and send them to prospects who have defaulted on their home loans. Sending a home value report to prospects will help them see that they have an accessible option that will stop them from accruing debt.
Knowing how to price a property is paramount to your success as a listing agent.
Pricing a property gives your prospect a ballpark range of the money they can get when they work with you. You’re giving them the price of how much you think their home is worth.
Whether they are looking to rent, downgrade, or upgrade, showing them how they can earn money helps them achieve their dream. That’s what makes this a powerful way to spark a conversation. You open a dialogue with the homeowner to understand their vision for their future.
When you talk about pricing, this gives them a tangible number to work with. It shows the homeowner a lump sum of money that they can use to invest however they want. This realization is exciting for everyone, because it’s a spark of a new chapter for both parties.
If you feel like you’re not great at pricing properties yet, no problem.
Here’s a quick way to get better at pricing: test yourself through the MLS. Look at the details of the house, guess a price, and check the actual value of the home. Another way is to have other agents estimate your home’s value. If your answers match, you’re improving.
Another crucial skill of a successful listing agent is breaking bad news to your clients. The real estate industry is harsh and you can’t avoid tough conversations.
Along the way, you will discover a major issue with a property that can ruin a deal. As a listing agent, it’s your job to have honest and clear conversations with your client.
Nobody wants to hear bad news but it is harder to be the bearer of bad news. Having to tell a client that their asking price is too high and unrealistic is difficult.
When and how you deliver bad news is crucial.
Also, time is a valuable resource. Breaking bad news as early on as possible is key. You wouldn’t want to be wasting your time away if you know a deal is not going to work out.
The same goes for your client, they need to be aware of these things as soon as possible. The sooner you break the bad news to your clients, the sooner they will be able to rethink their strategy.
Developing great marketing skills is essential to one’s longevity in this industry. As a listing agent, you are first in the business of generating and nurturing leads.
The fact is, you can be the best real estate agent but without great marketing skills, that means nothing.
If people can’t find you, then it doesn’t matter if you’re the best at what you do.
Regardless of how often or consistently you market yourself, your messaging has to be right. Know who you’re selling to, identify their problems, and let them know you can solve their problems for them.
The quicker your prospects realize that you’re the solution they need, the easier it is for them to get on board.
As a real estate agent, you are dealing with a multitude of moving pieces. You have many clients who are at different stages within different transactions. Also, you’re looking for new leads while dealing with your daily tasks.
This is a recipe for clustered disorganization.
It is easy to get disorganized and lose track of your client’s progression. As a listing agent, you are the negotiator, transaction coordinator, the director. You have to stay on top of the transaction.
One of the most important aspects of staying organized is great communication. Again, you have to be direct and clear in what you say.
Make sure your clients are current and in the know with the status of their deal. If you are representing a couple, make sure both parties are up to date.
Take advantage of reminders, calendars, schedulers, spreadsheets, whatever your poison might be. This is what determines whether clients walk away happy or displeased.
Tech adaptations in the industry make things easier for everyone. In some cases, agents will inundate themselves with industry hacks and tech innovation because they want to get ahead.
What those agents lose sight of is one simple thing: the basics.
Real estate has been around for a long time. There’s a stack of methodologies that have stood the test of time and has transformed thousands of people into successful listing agents.
As you press forward into your real estate career, remember adapting to the times is important. But, it’s even more important to stick with tried and true methods that produce repeated positive results.
Remember: Lead generating comes down to finding an accessible way to talk with your target audience and scaling that over a wide area. Real estate is a game of numbers. Lead generate, find clients, help people, and repeat.
You don’t need to complicate it. As a real estate agent, you already have the knowledge and tools for closing a transaction. The bottom line is, you don’t always have to reinvent the wheel. Evolving with the times is natural and great. But sticking to what you know is what will work.
Don’t forget about the human part of the job. Once you close a deal and get your paycheck, remember to stay in touch with your client.
After all, you helped them sell one of the biggest assets they’ll own. You can send your former prospects a postcard over the holidays. Something as simple as a checkup also works.
What’s important is that you maintain a relationship with a client even after the deal is over.
Referrals fuel your business. As long as you stay in touch with your former clients, there is a huge chance that they will refer you to people they know.
Although there are a lot of factors that can dictate the success of an agent’s career, these 7 tips are a great framework. You have to remember that this is a long-game and it’s all about consistency.
Did you know that your real estate license has to be renewed?
Same goes for newly licensed brokers out there too!
You put in long hours of training and hard work to get your real estate license. So, let’s make sure you follow all the renewal steps to avoid a lapse.
While each state has their own requirements, we’re going to focus on real estate license renewal in California.
We’ll go over the basics of real estate license renewal, the costs involved and other frequently asked questions.
Your real estate salesperson license or real estate broker’s license is good for 4 years.
But it’s important to know that continuing education will be required for renewal before your license expires. So make sure you plan time to complete these courses.
The Department of Real Estate (DRE) will send a courtesy renewal reminder letter 60 days prior to your license expiration date. But don’t count on that. Be proactive and calendar your renewal date so you can take action.
It’s a fairly easy process. There are only a few steps that you will need to take:
The Department of Real Estate, or DRE, requires 45 hours of continued education. This is the same for both salesperson and broker. These courses are offered in class at a college or real estate school. Also, you can take these courses online.
When you are taking the courses online, the DRE will be counting the equivalent in days not hours. This averages to 6 days. That would be the fastest you could complete the courses by the DRE regulations.
When you’re ready to renew, you can complete the process using eLicensing on the DRE website. You are eligible to renew as early as 90 days before your license expiration date. The eLicensing system will take you step-by-step through the renewal process.
This is where you will enter your course completion numbers to validate that you satisfied the education requirement.
After you have successfully entered your course completion numbers, you will be prompted to pay your renewal fee. This will also be done from eLicensing.
Once you have paid, if you hold a salesperson license, the system will notify your broker of record who will certify your license.
Ok, you overlooked your license renewal and now your license has expired. But there’s no need to panic. Is there still a way to renew your license? The answer is yes, as long as it’s within 2 years of the license expiration date.
If you are an active agent or in a real estate transaction, be prepared and DO NOT let your real estate license expire. This can affect your ability to conduct business and collect your commission.
If your license has been expired for more than 2 years, it would be best to contact the Department of Real Estate directly.
You may be required to take additional action. This could include paying additional fees or completing more education courses.
There are only 2 costs associated with renewing your license. The cost of the continuing education courses and the renewal fee from the Department of Real Estate.
Most accredited real estate schools offer these courses for under $100. The average cost is between $59 – $89. This includes all the courses required by the Department of Real Estate.
Salesperson – Cost to renew real estate license: $245
Late renewal (within 2 years of license expiration date): $367
Broker – Cost to renew real estate license: $300
Late renewal (within 2 years of license expiration date): $450
You can expect the same course curriculum that you would from taking your courses in person at a college or real estate school. You won’t be sacrificing your education by taking your courses online.
Training online is also convenient. As long as you have an internet connection, you can take your classes from anywhere.
Here is a snapshot of the some of the benefits of online learning and the courses required:
The course topics you will cover in your continuing education are:
Finding the information on the progress is always the hardest part. Once you have all the information, renewing your license is like a walk in the park.
Remember it’s as easy as 1 – 2 – 3:
Timeframes are just as important.
Don’t forget to schedule your renewal on your calendar! Your action date should be 90 days before your license expiration date. This will allow you the time to enroll and complete your required courses well before your license expires.
Ready to get started? We provide DRE approved California real estate renewal courses. Tap the button below to join today and start the renewal process!
There are lots of ways you can hold property ownership.
Some ownership types impose conditions or restrictions that don’t allow the homeowner to fully exercise their “bundle of rights”.
The term “fee simple ownership” refers to one’s complete right and legal privileges over a real estate property. This means that there are no restrictions placed on the property and its use.
Let’s discuss what this means for the homeowner and what rights and privileges are included with Fee Simple Ownership.
To understand fee simple ownership, let’s start by discussing what a freehold estate is.
As the name implies, when you have a freehold estate that means you hold the estate freely. You are free to do what you want with the property while you presently own it. You also have the rights to the property for an indefinite period.
You have what’s called the “bundle of rights”. This means full ownership and legal privileges over a property.
This bundle of rights allows the homeowner to do a multitude of things with the property. Here is a breakdown of the benefits that are included with the bundle of rights, also called U.P.T.E.E.:
USE – The owner has the right to use the property as he wishes (lawfully).
POSSESS – The right to live on the property and exclude others.
TRANSFER – The right to sell it, gift it, will it off, etc.
ENCUMBER – The right to use the property as security to borrow funds.
ENJOY – The right to enjoy the property without interference from others.
As long as a person is on title, they will enjoy the bundle of rights under the freehold estate and all that it has to offer.
Now that you understand what the freehold estate is and what it entitles the owner, you can understand fee simple ownership. This is a form of freehold ownership and a subcategory under the freehold estate.
Fee simple ownership is also known as fee simple absolute because the holder has full ownership.
There are property ownership types that come with certain restrictions or conditions. Fee simple defeasible falls under this category.
Defeasible means able to be revised, voided, or annulled.
In relation to real estate, it’s referring to property ownership. With fee simple defeasible, ownership is transferred with some condition or restriction placed on the property. If that condition is not met, then the property reverts back to the original owner.
There are 2 types of defeasible estates – fee simple subject to a condition subsequent and fee simple determinable.
The conditions or restrictions placed on the property can vary. Here’s an example of fee simple subject to a condition subsequent:
The land is located near a protected wildlife area. The property will be sold on the condition that the land must be preserved. If the property is ever developed, that would violate the condition and result in loss of ownership.
In this scenario, if the condition is violated, the original owner has the “right of re-entry”. But this doesn’t happen automatically. The original owner would have to go to court to re-establish ownership.
With fee simple determinable, the condition refers to the property’s use while ownership is being held. This is an example of fee simple determinable:
You have a property sold on the condition that while it is being held, it will be used as a school. If the property at any point is not being used as a school, then they are at risk of losing ownership.
With fee simple determinable, if the property condition is violated, the ownership automatically reverts back to the original owner.
The life estate is another form of the freehold estate. This is when the owner of a fee simple, also known as the “grantor”, gives ownership to a person for the duration of their life. The person receiving ownership is called the life tenant.
The life tenant enjoys most of the ownership rights while in their possession. They can use and possess it as described in the “bundle of rights”. They also enjoy the right to rent or lease the property and received the income.
Upon the life tenant’s death, the ownership reverts back to the original owner or can be passed on to another party.
Creating a life estate is particularly useful in estate planning.
Normally, a will is created and then goes through probate. Probate is a court-supervised process intended to authenticate a last will and testament. This can be a lengthy process depending on the assets and how quickly the documents are filed.
Instead of creating a will, you can set up a life estate. When the ownership is set up in this way, you can avoid probate.
There are different types of fee simple ownership. Some with viable reasons for restrictions or conditions.
When it comes to ownership, fee simple or fee simple absolute allows for the most rights and privileges under the law. It is unrestricted and has no conditions. Fee simple ownership allows you to fully enjoy the “bundle of rights” afforded to homeowners.
That means you can paint your house pink or knock down a wall if you want. You can choose to live on your property or rent it out.
If you are a private or solitary person, you can put out a “no trespassing” sign. It is your right and you can exercise it.
How does a real estate agent help their client buy a home?
You get the idea of how it all works: agent meets buyer, buyer meets home, dreams are made, and you get paid!
But, when you zoom in on the process, what’s really going on? How does it all come together?
Here’s a step-by-step rundown of the home buying process to help you close that deal.
Your client’s pre-approval letter is your ticket.
The pre-approval letter, also known as a prequalified letter, determines how much of a mortgage loan the homebuyer is qualified for.
This will determine your client’s price range. As an agent, this is important information to have because it will help you narrow the parameters during the next step.
This is when the search begins. To find the perfect home for your buyer, you must use two qualifications to narrow your search.
The first qualification is that it must fit within your client’s budget. Based on the pre-approval letter, go to MLS and search for listings that are within the budget. The second qualification is that it is a property that your clients might be interested in.
Once you have found 5 to 6 properties, it’s time to showcase them to your client.
Previewing properties with your client will give them a chance to interact and see themself in the house. To set up a preview, go through your list of properties and contact the listing agents for a showing.
Once your client are there it is important for you to observe how they react towards the property. Take note of every comment that they have. Whether it’d be something they like or dislike. This is valuable information.
This is where you actually see if the property fits their lifestyle. Based on this information, you can adjust your parameters to find the perfect home.
It will also give your client an opportunity to check out the condition of the home as well as the surrounding area.
Time for negotiation.
After you and your client found the perfect home, you have to make an offer on it. You will use the Residential Purchase Agreement (RPA) to pitch your offer. The RPA is a contractual agreement between the buyer and seller on an agreed upon price of the home.
In the State of California, the RPA is always utilized when making an offer. So, discuss with your client about what the right offer should be. Based on the economy and the real estate market, what is a reasonable offer for that home?
Use this opportunity to consult with your client and share your thoughts. You’re the real estate expert!
When the offer is accepted – it’s a great day! Escrow opens and you’re off to the races.
Opening escrow starts the exchange of money. This is where money is deposited into an escrow account, inspections and appraisals start, and other payments are made. An escrow company holds the money in a secure location to ensure that the seller gets paid and the buyer receives their home at the end of the transaction.
Here’s one of the most important steps in the home buying process. The next step is for the homebuyer to do their inspections, lenders to perform appraisals, and to review the disclosures. In California, the buyers have 17 days to finish these tasks – so time is of the essence!
The buyer will hire the inspector, which you can recommend to them. This will help identify problems with the property before they become disasters. Property issues will also be noted in the disclosures.
In California, real estate agents are required to disclose defects on a property. But, sometimes, they go unnoticed. That’s why hiring an inspector is vital to ensure your client isn’t about to invest their money into a house of cards.
Also, the lending company will send an appraiser to value the property of the home. The buyer often finances the appraisal. By doing so, they will get an updated price on the property. Sometimes, the buyer might find out that the home is actually undervalued.
Once the inspections are done, appraisals are made, and disclosures are sent, it’s time for one, final step: the final walkthrough!
This is where you and your client confirm that the property is in great condition. You’d want your clients to sign the Verification Property Condition (VP.) This document states that the client agrees that the property condition meets their standard.
Always schedule the final walkthrough at the end of the transaction. Here’s why:
The final walkthrough confirms the status of the property. If the final walkthrough is conducted before inspections are made, appraisals conducted, or disclosures are sent, then your client can sign off on a property that has unforeseen problems.
The final walkthrough lets the buyer give the “green light” on sealing the deal. That’s why you need to be absolutely sure that the property is in the buyer’s preferred condition before the final walkthrough.
This is the step where the bank gets involved. The bank will go ahead and verify that the appraisal looks good. This is where the bank now wires the money to either the title or the escrow company. Funding is a great day in the home buying process!
This is where the county declares that the ownership of the property has been transferred to your client. Congrats – the deal is done! The seller gets their money, the buyer gets their home, and you get your commission check. It also signifies the end of escrow.
What separates the newbie agents from the pros is this final step.
You helped your client buy their dream home, you made the process as easy as possible, and everyone had an incredible experience. At this point, emotions are high and the rewards are amazing.
The relationships you make in this career are your lifeline. They help you get more business so you can help people and get paid for it. That’s why you should always ask for referrals or, the very least, a review.
A referral to a friend is all you need to get your next client. If the client had a great experience with you, then they will have no issues recommending you to the next person they know who is buying or selling a home.
Working with homebuyers is an exciting experience. You help people’s dreams come true! With high stakes and high reward comes responsibility.
The home buying process has many steps and it’s easy to get lost along the way or do something out of order. That’s why this process exists. Not only will it help you understand what needs to be done and by when, but it will also help you ensure the best quality experience for your client.
At the end of the day, isn’t that the goal?
A real estate license packs a lot of perks.
With a license, you can represent buyers and sellers in real estate transactions. But, that’s not the only way to see a real estate license.
It’s a tool to make money and create the life you’ve always wanted. The benefits of a real estate license pay major dividends if you know how to use it in your favor.
So, what can you do with a real estate license? A lot. Here’s a list of what you can do with one:
Now, let’s take a closer look at each one of these so we can examine the true benefits of a real estate license.
Becoming a real estate agent is one of the most obvious benefits of a real estate license. The majority of people get their licenses because they want to help people buy and sell real estate.
Working as a real estate agent is unlike any other career. Real estate agents have limitless earning potential, control over their schedules, and can work wherever they want. That’s hard to beat!
Real estate agents are entrepreneurs at heart. They find leads, solve their client’s problems, and they collect a big commission when the deal closes. A real estate license is most people’s ticket to their dream job.
Diving headfirst into real estate is overwhelming. That’s why people will become part-time real estate agents. There are no rules on how much you work as a real estate agent. So long as you have a license, you can work as much as you want.
Becoming a part-time real estate agent is a great way for people to transition into a full-time career. They can test the waters to see if this career is the right fit. If not, they don’t have to commit to changing their lifestyle.
Also, people become part-time real estate agents because they need financial support. There are fees to get a real estate license. They can avoid an all-or-nothing mentality by keeping their day job.
You don’t have to go all-in with a real estate license. You can use it to start that side hustle you’ve always dreamt about. This is a secrete real estate license benefit that most people never think about.
Half of a real estate agent’s job is finding clients. But, if you refer a client to an agent, you can get a cut of that agent’s commission check. This is a finder’s fee, also known as a referral fee. Referral agents are real estate license owners who refer clients to other agents.
If you don’t want to interface with clients, you can create a lead-generating side hustle that makes money through referral fees.
Also, you can choose to work with people who are only in your immediate sphere of influence. This will remove the lead-generating part since you already know the client.
One of the greatest benefits of a real estate license is the ability to use it whenever you want.
Another license perk is the ability to shift careers if you don’t enjoy being a real estate agent. There are 3 jobs you are eligible for with a real estate license. Those jobs are a commercial agent, a leasing agent, and a property manager.
Working in the commercial sector is different than residential. You get bigger checks, different clients, and bigger property. It’s a nice change of pace for agents who want a competitive market with high rewards.
A leasing agent works only with owners who want to lease their properties. They are representatives who find prospective renters. Also, leasing agents will help with various admin responsibilities.
Property managers ensure the well-being of a given property. That includes the physical well-being, legality, and usage of the property.
If you want a job done right, you gotta do it yourself! At least, that’s a thought for some people who buy or sell their house. One of the uncommon benefits of a real estate license is the power to represent yourself.
Real estate agents can buy or sell their property without the help of another agent. But, they can still hire another one if they want. Some do this because they have the experience, time, and capital to do so. By doing the deed themselves, they can save on paying the agent’s commission.
It's not recommended to get it solely to buy or sell one house. It's a lot of time and energy spent. If you are an investor or someone who wants to buy multiple properties then the cost-benefit will be in your favor.
Agents get exclusive access to the Multiple Listing Service (MLS.) This is a database that stores real estate listings in a given area.
If you have a real estate license, you can use the MLS to find properties that meet your specific needs. This is a high-demand perk that real estate investors want. This is because it helps them find the best property possible to invest in.
One of the benefits of a real estate license is the ability to find the best properties first. The MLS is only accessed by those with a real estate license. That means you can beat out listing directories like Redfin or Zillow to be the first one to make an irresistible offer on your dream property.
Real estate investors will find this beneficial because they can have exclusive access to properties before anyone else. For those with the right kind of capital, this will help get the most bang for their buck.
To get a real estate license, you need to pass an accredited real estate school. That means you take college-level real estate courses to learn how real estate works. This means you will learn a lot about the industry and how real estate controls the economy.
The real estate industry connects with everyone. Everyone needs to rent or buy land. At some point in everyone’s life, they will need to have some knowledge about real estate. You can gain another level of knowledge that you can take with you anywhere you want in life.
Not to mention, after you complete your real estate schooling, you can get a job that will make you a ton of money. What’s not to love about that?
When you hang your real estate license at a brokerage, a community of experts will welcome you. A brokerage houses people from all parts of the industry. Some brokerages create an environment that connects you to mentors.
Mentors are professionals who have been there and done that. They have the wisdom that comes with years of experience. They will also take mentees under their wing to teach them their ways. This is a great opportunity for new agents or people who want to learn other skill sets in the industry.
One of the unspoken benefits of a real estate license is the skills you will learn as an agent. Working in real estate will expose you to circumstances you won’t experience anywhere else.
This career is people-focused. That means the skills you learn in this career are something that you can transfer to every part of your life. Whether talking with people, negotiating, or learning how to sell, you can apply the skills you learn in this career anywhere you go in life.
The benefits of getting a real estate license keep coming for those who know how to use it. That’s why you should see a license as a tool. It’s something you can use when you want to earn more money in your life.
There is no limit to what you can do with a real estate license. With an entrepreneurial spirit and a real estate license in hand, you can unlock endless opportunities that will help you craft the life you’ve always wanted.
The foreclosure process is the bank’s (or other financial institution) final effort to collect money owed to them.
What often results from the foreclosure process is a repossessed house, damaged credit, and displaced living.
Despite the gloomy impacts, understanding how the foreclosure process works in California is important because it will help you learn about property ownership, mortgages, and homeowner’s financial options.
So, let's dive in with first understanding, what is a foreclosure?
Foreclosure happens when the property owner fails to make their mortgage payments to the lender and defaults on the terms of the mortgage loan. The lender then repossesses the property and tries to sell it in hopes of retrieving the amount of money that was owed by the borrower. This process functions similarly throughout the country, so it's not specific to California.
Here's a quick overview of the foreclosure timeline:
In California, the foreclosure process typically begins when a borrower misses a mortgage payment, triggering a Notice of Default (NOD) after about 90 days.
Following the NOD, the borrower has approximately 90 days to remedy the default before a Notice of Trustee’s Sale is issued.
This notice sets a date for the property to be auctioned, usually within 21 days.
If the property isn’t sold at auction, it may be listed for sale by the lender.
Throughout this period, the borrower can still avoid foreclosure by paying the overdue amount or negotiating alternatives such as a short sale.
Now, let's investigate each one of these steps in closer detail:
When someone wants to buy a home, chances are they will go to a loan lender to finance the purchase. They will withdraw a home loan, also known as a mortgage loan.
What exactly is a home loan? A home loan is a sum of money lent to the borrower for the purpose of buying property.
But, before the money is given to the buyer and transferred into escrow, the borrower must first sign a promissory note. This is a written contract agreeing to repay the borrowed money under specified payments in a period of time.
In other words, the borrower could promise to pay the lender a fixed rate of $1,500 monthly for the next 30 years.
The borrower’s obligation, outlined in the promissory note, is to pay the lender back their money. When the borrower fails to make a payment, a red flag is raised and the lender will notice.
The promissory note was an agreement made between lender and borrower. The lender had to make a financial decision based on the borrower’s ability to make payments. Now that the lender is not receiving money, they will look for alternative ways to get compensated. Otherwise, they’ll be out the money loaned to the borrower.
This is how pre-foreclosure starts.
Pre-foreclosure is when a property is in the process of being repossessed. The minute a borrower defaults on their promise, a pre-foreclosure takes place.
Once a lender flags a borrower for missing their loan payments, they send a Notice of Default (NOD). A NOD is a court-filed public notice that declares the borrower has defaulted on their loan.
As the name suggests, this is a letter from the lender to the borrower notifying them of their missed payments. The borrower has 90 days from when they receive the NOD to fulfill the overdue payments.
Oftentimes, financial hardships are the reason why borrowers miss payments. They simply cannot afford to make the payments. If that’s the case, the borrower has a few financial options to escape the foreclosure process:
In a pre-foreclosure, the borrower’s first option is their home’s equity. If the borrower has equity in their home, they can sell their home to get the money needed to pay off the loan.
For example, the borrower withdrew a home loan for $1 million. If the house they bought is worth $1.5 million, they can sell it to pay the loan in full.
A short sale is a request by the borrower when their home is worth less than the loan amount. For example, the total amount of the loan is $1 million but the home is only worth $800,000.
Does the borrower still owe the remaining balance on a home loan after a short sale? No. The remaining loan balance is forgiven. But, the borrower does undergo massive damage to their credit score. This will make it harder to borrow money in the future.
If the borrower fails to repay the overdue payments within 90-days, a Notice of Trustee’s Sale is issued. A Notice of Trustee’s Sale is a legal notice stating that the borrower’s property will be sold by a trustee within a given time period.
This is the lender’s way of telling the borrower that their house is being put up for auction. This auction may occur within a couple of weeks from the Notice of Trustee’s Sale.
The lender has the power to put the house up for auction as outlined in the promissory note that the borrower agreed to. In fact, the property is considered an asset of the lenders.
The borrower can still cancel the foreclosure process by paying the money back within this period of time. Although, time is now of the essence more than ever.
A trustee sale of a house is an open auction that rewards the highest bidder. These are operated by the trustee, who has explicit power to carry out the specified direction of the lender.
If the home is sold during a trustee sale, the new owner takes immediate possession of the property. So, the defaulted borrower will have little time to vacant the property.
But what happens if the house isn’t sold during the trustee sale? The lender will still want to get as much money back as possible. So, they will hire a real estate agent to list the house and find a buyer.
When it comes to handling short sales or foreclosures, real estate agents need to weigh the pros and cons carefully. Short sales can be valuable niche for agents willing to dive into the details.
They often involve sellers who are eager to offload their properties quickly, which can mean a faster transaction for you.
Plus, with fewer agents willing to tackle the complexities of short sales, you might find yourself in a less crowded field. Success in short sales can also boost your reputation as a savvy negotiator, which can attract more clients.
However, be prepared for a lengthy approval process and potential roadblocks as you navigate lender approvals and complex paperwork. It’s a challenging ride, but one that can pay off if you handle it right.
Foreclosures, on the other hand, offer a different set of opportunities and challenges. They provide a chance to work with banks and lenders, who might offer a steady stream of properties for sale.
The pricing is often more straightforward, as properties are typically sold at auction or listed at market value by the lender. But here’s the catch—foreclosures can come with their own set of headaches.
Properties might be in rough shape due to neglect, and the foreclosure process can be slow and cumbersome, filled with legalities and strict deadlines. If you’re up for the challenge and have the expertise to handle distressed properties, foreclosures can be a rewarding niche.
Just remember, it’s all about balancing the potential rewards with the effort required.
One of the most crucial aspects of the foreclosure process is time. It’s all about the timeframe. If the borrower is having any difficulty making the payments, the best thing to do is to contact the lender immediately.
Things get messy when the borrower procrastinates the issues. This isn’t a problem that goes away if the borrower ignores it. It has the potential to leave a devastating impact on the borrower’s life.
A real estate license background check decides if you qualify to become an agent in California.
The Department of Real Estate (DRE) requires all California license applicants to take one. This is because they want to maintain the integrity and safety of the industry.
So, what happens when you want to get your real estate license but have a criminal history? Does this mean it can’t happen?
Wrong! Even with a criminal background, you can still qualify for a license in California.
In this article, you will learn what will disqualify you, how background checks work, and how you can submit a real estate live scan.
Outside of not fulfilling the basic requirements, there is one thing that disqualifies you from a license. That is your criminal background check.
A real estate license background check occurs when the DRE reviews what crimes (if any) you have committed. Depending on the crimes, the DRE will stop you from practicing real estate in California.
But, the DRE doesn’t disqualify you for any crime you have committed. According to § 10177(b) of the Business and Professions Code, the DRE will disqualify applicants based on crimes “Substantially related to the qualifications, functions, or duties of a real estate licensee.”
In other words, they only disqualify license applicants based on how relevant that crime is to your career as a real estate agent.
Can you still get a real estate license if you have a felony? The answer is: it depends. If your felony relates to the work or duties of being a real estate agent, then the DRE will disqualify you from getting your license.
This rule goes for any type of crime, whether it be a felony or misdemeanor. But, it does not pertain to infractions.
At the end of the day, the DRE determines what crimes relate to being a real estate agent.
Note: The DRE cannot solely deny applicants based on a pending criminal conviction. The issuance of a license cannot get denied while they are charged with an indictment, arraignment, or similar charging procedure.
You can still apply to get a real estate license even if you have a felony. But, there is no guarantee that you won’t get disqualified. The best course of action, if you want to become a real estate agent and you have a felony, is to be transparent.
Contact the DRE to see if you are still qualified. Don’t try to sweep anything under the rug when you do. You want to learn if the DRE will disqualify you based on your true past actions. Also, the DRE performs an extensive background check. So, you will get caught hiding the truth.
A real estate license background is required to become an agent in California. This is something that every applicant must do.
Applicants must complete a fingerprint live scan. Police departments, notary offices, and other private businesses can conduct a live scan. You can find a state-approved list of California live scan locations by on the DRE website.
After completing your live scan, you must submit your classifiable fingerprint to the Department of Justice (DOJ). Then, the DOJ will inform the DRE of your past criminal convictions and arrests.
The DOJ will put your fingerprints into their database so they can notify the DRE if you get convicted of a crime or arrested in the future.
The background check returns information on an applicant’s entire history. This is why we recommend all real estate license applicants, with a criminal history, are honest and transparent.
Keep in mind, the DRE works with the DOJ to perform your real estate license background check. So, this is as thorough and complete as it gets.
A live scan is an electronic scan of a person’s fingerprint used for identification purposes. Live scans are the industry standard to perform background checks on anyone applying for their real estate license.
The processing and recording of a live scan can take upwards of 72 hours to complete. The DOJ shares the fingerprint with law enforcement agencies to record all criminal activity committed by a person.
Once committed, the DOJ contacts the DRE about the crime. Then the DRE carries out disciplinary actions to the license carrier.
Let’s cover how you can fulfill the live scan part of your license application.
First, download the RE 237 form from the DRE website. Once completed, you should print 3 copies of this form.
Second, fill out the 3 forms as much as possible. Some sections of the form need the live scan service provider to fill out.
After you have filled out all 3 RE 237 forms, the live scan service provider has filled out their sections, and the fingerprint has been taken, you can mail the forms.
The fingerprint service provider will take one of your copies. You will hold onto one of the copies. Then, you will mail your final copy to the DRE at the following address:
Department of Real Estate
P.O. Box 137002
Sacramento, CA.
95813-7002
Attn: Fingerprint Desk
The cost of a real estate live scan varies based on the service provider. Typically, you will spend no more than $50. But, every provider will have 2 separate fees:
The provider, on the DOJ’s behalf, collects your fingerprint processing fee.
The service fee is charged by the service provider for taking the electronic fingerprint. This is typically the fluctuating cost, depending on the provider.
The real estate license background check is a DRE requirement. This is to ensure the integrity and safety of all California real estate agents.
A criminal history can disqualify you from becoming a real estate agent. But, this depends on whether the crime relates to the duties and responsibilities of being an agent.
Applicants with a criminal history should always be honest about their past. Transparency can work in an applicant’s favor. But, nothing is guaranteed and ultimately comes down to whether the DRE decides how the past will affect the future.
A real estate license can qualify you for more than a career as a Realtor®.
When you get your license, you can become a property manager in California.
Property managers handle the paperwork and ensure the well-being of the property. A property manager is a licensed third party who manages the property for the landlord. It’s a job that’s in high demand!
So, let’s explore what you need to do to become a property manager in California.
Short Answer: In most cases, yes, a real estate license is required if you plan to handle the core functions of property management—such as collecting rent, negotiating leases, or managing trust funds—on behalf of an owner for compensation. However, there are some limited exceptions, which we’ll explain below.
Under California Business & Professions Code §10131(b), any person who, for compensation, does any of the following on behalf of another is performing a licensed activity and must hold at least a Salesperson License (under a Broker) or be a licensed Broker:
If you want to offer comprehensive property management services for multiple clients or owners—marketing units, signing lease agreements, and collecting rent—you typically need to hold a California real estate license.
Getting a real estate license is the first part of becoming a property manager in California. This guide gives you instructions on how to get your license and become a property manager.
To become a licensed property manager, you need to meet the following requirements:
Meeting these requirements ensures that you can get hired at a real estate brokerage and service clients.
An accredited real estate school is where you will fulfill the pre-licensing educational requirement to get your real estate license. A real estate school provides students with three required courses:
Each course has concepts that help you understand real estate as a practice.
You get a certificate of completion after you pass an accredited real estate class. The certificate is proof of completion. So, to schedule your California real estate exam, you need to collect all three certificates.
The final step before getting your real estate license is to schedule and pass the California real estate exam. Students have to apply before they schedule the licensing exam.
Their application must include:
After compiling the paperwork above, you can mail your application to the Department of Real Estate (DRE.)
Property managers must hang their license at a real estate brokerage. In other words, a broker must hire an agent to work for them. Once you pass the state exam, the DRE will mail your real estate license. Once it arrives, you can sign with a brokerage.
Property managers can also go on to get their real estate broker license. Once they do, they no longer have to work for a real estate brokerage. Instead, they can represent themselves.
The next step is to get a property manager certificate in California. Although not required, it is recommended to get a certificate to provide extra credentials to your expertise. A certificate is proof of your accreditation and proper educational training.
Getting your property management certificate requires more schooling. You have to attend a 10-coursework class and pass the state exam to get your property management certificate. This process takes 18-24 months to complete.
The final step is to start your property management company. This is a requirement for everyone to complete if they want to book clientele.
In the state of California, the Department of Real Estate will not recognize a property management services company as an LLC. You will have to incorporate your company to be an approved business to operate and help clients.
Property managers have a lot of responsibilities.
One of the biggest duties of a property manager is handling rental contracts. They’re responsible for screening any tenant that sends an application. Whether it’d be through background checks or checking the credit scores of the tenants.
Also, property managers schedule home inspections. The first inspection happens when the tenant moves in, and the second happens when they move out.
Communication is also another part of the property manager’s job. As the property manager, you are the middleman. Regardless of what is happening in the property, you must update both the landlord and the tenant.
On top of that, property managers manage finances and accounting. From collecting rent payments to paying the expenses. All while ensuring they handle marketing and schedule showings.
To ensure a smooth business, there are a few things that you need to know before you become a property manager.
First, you need an accountant and a real estate attorney. These two are essential to know your business complies with California laws and regulations.
Understanding the financial side is also vital to your operations. You will need three (3) separate bank accounts.
From there, you will need to set up your Errors and Omissions Insurance. The Errors and Omissions Insurance covers you in case you get sued or enter a legal quagmire. Accounting software such as QuickBooks can help you track your money.
Also, join a trade association. Trade associations such as the California Apartment Associations have every form you need. You also should join a credit bureau association. These associations can help you perform background checks for your tenants.
Finally, you need to consider how you market your business. A website, signs, and other lead generation investments are a great way to market yourself. Also, ensure you align and document your policies and procedures. These help people understand you conduct business.
Data from the U.S. Census Bureau’s Residential Vacancies and Homeownership Annual Statistics shows that California’s homeownership rate has stayed around 54–56% from 2019 to 2023.
This means that about 44–46% of the state's housing units are occupied by renters. With an estimated total of about 14.76 million housing units in 2023, there are roughly 6.5 million rental units.
The following chart displays the estimated percentages of renters, which are calculated as 100% minus the homeownership rate, for these years.
Sources: U.S. Census Bureau’s QuickFacts and Residential Vacancies and Homeownership Annual Statistics.
Between 2019 and 2023, the number of property managers in California steadily increased. According to U.S. Bureau of Labor Statistics data, there were about 37,870 property managers in 2019.
In 2020, the number dipped slightly to around 37,630, likely due to the pandemic’s impact on the rental market. However, the industry rebounded in the following years.
By 2022, there were roughly 46,810 property managers, and 2023 estimates indicate there were about 50,100 property managers based on payroll employment data. (Note that these figures do not include self-employed property managers, who make up a significant portion of the workforce.)
This consistent growth reflects California’s expanding rental market and the increasing need for professional management services for a diverse range of residential properties.
*Estimated value for 2021 based on the upward trend observed between 2020 and 2022.
Sources: U.S. Bureau of Labor Statistics (BLS); California Employment Development Department (EDD).
California’s property management field is growing fast. The number of property managers increased from about 37,870 in 2019 to an estimated 50,100 in 2023. This shows that more people need professional property management services.
The growth is driven by California’s busy housing market. With roughly 6.5 million rental units and high rates of renters, there is a constant need for skilled property managers. New residential developments, complex regulations, and market pressures—like high rental demand and low vacancy rates—mean there will be plenty of work in this field.
Whether you plan to work for an established company or start your own property management business, the market conditions in California look promising for long-term growth.
Becoming a property manager is a long process and hard work. But, that shouldn’t deter you from starting. The reason why is because there is no other career like that of a property manager.
You create your own company and you can watch it grow as you work hard to expand it. It’s hard-working, but it’s also rewarding work.
Want to learn more about property management? Join our Property Management course. This course offers the most current and thorough overview of the property management industry to get you started in the career. Tap the "Enroll" button below to join today.
Are you thinking about switching brokerages?
Switching brokerages is not unusual in the real estate industry. Yet, most agents think it’s much harder than it is.
Reasons for leaving may vary from agent to agent. But, all you need to do is familiarize yourself with the process.
Not every brokerage can meet your needs. When you’re ready for something new, you can always mix things up. Here is how you change your real estate brokerage.
Now, let’s explore what you need to do during each step.
It is always important to conduct research when looking for a new brokerage. You can ask people you know who work at other brokerages, interview with brokerages, or do a quick internet search. The idea is that you have to make a shortlist of new brokerages to consider.
The best way to start looking for a new brokerage is by giving them a call. Also, you can use this opportunity to get to know the brokerage and ask basic questions. Before ending the phone call, be sure to book an appointment with them.
When you meet with a new brokerage, recall the unmet needs you have with your current brokerage. Ask questions to find out if this new brokerage is a good fit for you and your business.
If this new brokerage checks every box, then you can start discussing making the switch.
Once you have found a new brokerage, you will now have to inform your current brokerage of this decision. It’d be best if you were to inform them yourself. As much as possible, avoid informing them of your decision via email or text message.
Discuss your decision to change real estate brokerages with your leadership. Also, make sure you do it with professionalism and without offending them. Explain to them your reasons for leaving and be articulate as possible. The last thing you’d want to do in the real estate industry is to burn bridges.
It is important to note that not every discussion is smooth. Your leadership can talk you into staying but you have to remain firm in your decision.
Once you informed your leadership of your decision to leave, you have to file the paperwork. There are 2 ways to do this.
Your first option is via the Department Real Estate (DRE.)
You start by getting the form RE-204 from the DRE. This is the application form for changing brokerages.
Once you have obtained the form from the DRE, both your current and new brokerages will have to sign this. After it’s signed by both parties, you can send it back to the DRE.
Your second option is via the DRE website.
Fill in the form and answer the questions on why you’re switching brokerages. The website will forward this form to your current brokerage for their confirmation. Once your current brokerage confirms the form, input your new brokerage’s information.
There may be many reasons why you are considering a brokerage switch. More often than not, it’s because your expectations are no longer met or satisfied.
One of the reasons why an agent switches brokerages are the financial deals offered.
When you started working with this brokerage, they gave you a flat commission split. That may have worked to your advantage.
But, now that you have grown, you are closing bigger deals and a flat fee no longer works for you. Also, it’s possible that the commission split seems unfair to you.
How well does your brokerage treat its agents? Are their values still aligned with yours? Is it still a healthy work environment where you feel happy?
Sometimes, your reasons may not be financial. If you have been with your brokerage for years and something feels off, then it may be a problem with cultural fit.
There could have been a change in leadership. Now, this new leadership no longer provides the support that you need.
It’s possible for agents to feel that their work is not acknowledged enough. Also, it’s possible that there is a lack of transparency between the leaders and their agents.
Poor leadership can drive real estate agents to make the switch.
Continued training and education are crucial to a long-lasting career in real estate. If you are no longer getting the training that you need, then it’s time to move on.
Growth is a cornerstone of progress in this career. The best way for agents to grow is through training and education. If a brokerage no longer offers these (or never had) then seeking them out should be a priority.
Technology plays a crucial role in the day-to-day lives of real estate agents. Outdated technology can lead to poor performance and workplace happiness. Whether it’d be slow processing of data and paperwork or not having the right data at the right time.
These are small things that can make or break a deal. When you change real estate brokerages make sure to seek out one that’s savvy to the times.
In an industry where trust and relationships are the names of the game, reputation means everything. If your brokerage has a bad reputation, it can affect your business.
Sometimes a brokerage can have a poor reputation that deters agents or clients. This is why finding a brokerage with a great reputation (and Google review) will work in your favor.
Growth can come in many shapes and forms. In real estate, it can be in the form of expanding your business or network.
One possibility is that you want a new mentor who can help you build your expertise. Maybe you’d like to expand to a new community or neighborhood. It’s also possible that you’d want to venture into a new segment of real estate.
At the end of the day, you have to remember that you are an independent contractor. As an independent contractor, you have to look out for yourself and what’s best for your career.
Switching real estate brokerages is not unusual and is sometimes necessary. There are plenty of reasons why you should change real estate brokerages.
If you’re no longer happy and your expectations are no longer met, then it’s time for you to move to a different brokerage.
Let’s face it, real estate transactions can be extremely complicated and take up a lot of an agent’s time. But, dealing with contracts and disclosures comes with the territory when you’re in escrow.
While this is a necessary part of being a real estate agent, savvy agents leverage their time, so they can continue cultivating leads and getting new business.
One way to make time for yourself is to hire a transaction coordinator (TC.)
One important thing to know is that a Transaction Coordinator is not an assistant. Their priority is to keep the transaction in order and manage the documents.
So, what is a transaction coordinator, and what do they do?
First, let’s look at the transaction process to see how a transaction coordinator gets involved.
When you’re an agent, you represent your clients. Whether it’s the buyer or the seller, they are the principals in your real estate deal.
Opening escrow starts the transactions process. The escrow company is responsible for ensuring that every stipulation of the contract is met. They act as a neutral third party to protect the deal’s integrity.
But, they don’t exactly work for you. Transaction coordinators get their fees from the seller.
All the required contracts and disclosures involved with the transaction must be completed and signed by all parties. This usually falls on the agent, but you can hire a transaction coordinator to do this for you.
A transaction coordinator’s goal is to handle contracts and disclosures. They are responsible for ensuring that all documents are completed in the proper time frame.
The offer will outline when certain documents are due and which parties get them. The transaction coordinator will calendar all dates and keep you informed.
A transaction coordinator will do the following:
While these are the common duties, every transaction coordinator is different. Ask upfront what services they provide. That way, everyone is on the same page.
A Transaction coordinator does not have to be licensed, but you should hire one that does have one. When a transaction coordinator has a license, they become familiar with the transactions process and disclosures.
Despite whether a transaction coordinator has a license or not, there are a few things you shouldn’t expect them to do.
A transaction coordinator will prepare certain disclosures, but they won’t write them. But, they can explain everything you need to know about disclosures.
A transaction coordinator will talk with all parties to gather signatures or to deliver documents. But, don’t expect them to negotiate terms with the other agent or their client on your behalf.
Your transaction coordinator will schedule reports, such as a home warranty or NHD report. But, they won’t schedule general or termite inspections.
As the agent, you are present at these inspections. You must maintain control and coordinate them yourself.
The benefits of hiring a transaction coordinator are:
On average, completing a file can take anywhere from 8-15 hours. Each transaction is different, so that estimate depends on the deal and how many parties are involved.
As we discussed earlier, gathering all the required documents and disclosures is tedious and time-consuming. They will also save you time by updating all parties on the status of the file. Using a transaction coordinator can help you leverage your time and use it on more productive tasks.
As an agent, you will have time to get more leads, meet with new clients, and network. You will be able to get new listings and secure future income. These activities result in more open deals and more commission checks.
As mentioned earlier, the goal of the transaction coordinator is ensure the success of every document. This will result in flawless paperwork and ensure that you have fully compliant files.
This is crucial. This will limit your liability if you are sued or a complaint is filed against you. Your files may also be subject to a random DRE audit. Having clean files will lessen the chance that you have to use your Errors and Omissions Insurance.
Errors and Omissions Insurance helps protect you from lawsuits. This is a safeguard against people who claim that you made a mistake or were negligent while performing as an agent.
Yes, hiring a transaction coordinator is affordable! They are considered independent contractors. This means they get paid per deal and are not considered an employee.
Prices will differ depending on what services they provide. But the average price you can expect to pay is between $350 – $500 per file. Overall, this is a fraction of what you will receive as your commission.
Most agents will have the escrow company pay the transaction coordinator along with their commission check. This makes payments simple.
Every agent should use a Transaction Coordinator. The benefits and advantages outweigh any cost.
As a new real estate agent, it is always a good rule to have ownership of a task before you give it away. So make sure you are informed of the process and have a good understanding of the disclosure and contracts.
That being said, make the investment to use a Transaction Coordinator. They will literally save you time and money.
A real estate transaction is hard to close. So many moving parts make it stressful and hard to maintain.
That’s why they pay real estate agents the big bucks.
A buyer can back out of the deal at any given time for many reasons. As a real estate agent, you must be aware of these should you ever encounter them.
Here are some of the most common reasons buyers back out of real estate transactions:
One of the most common reasons a buyer backs out is they get cold feet. Buying a home can be overwhelming for any homebuyer.
Aside from the emotional journey that they go through while choosing a home, it is also time-consuming. From going to several open houses to finishing the paperwork, buying a home is no easy feat.
On top of that, it’s a major investment! Most likely the biggest investment they will make in their lives.
That comes with a great deal of pressure and commitment. A buyer may realize that they’re not ready to make a decades-long financial commitment.
A real estate transaction may fall through because of unexpected expenses, even with qualified homebuyers.
Aside from the mortgages, there may be several repairs required for the property. This realization usually happens after the home inspection. A home inspector’s job is to examine and check every square foot of the property and report back to the buyer.
The results may show the need for major repairs and that can scare away a buyer.
To prevent this from happening, it’s worth suggesting to your sellers that they hire a home inspector before the listing. Should they agree, review the results with them and discuss possible options. They may choose to take on minor repairs, major repairs, both, or neither. Either way, it would still be helpful for you and your sellers.
Being aware of the issues and repairs that are needed immediately gives you an upper hand with the negotiations. Also, you can value the listing at an appropriate price post-inspection. This way, you mitigate the risk of the buyer backing out.
Sometimes, the homebuyer changes their mind. The home buyer might see the property for the first time and fall in love.
Then, later, when they have a fresh pair of eyes, it could look different. A buyer can visit the property again after some time and realize that they’re no longer confident in buying.
Unfortunately, this could happen in the middle of the real estate transaction. Remember to always ask questions to understand what it is about the property they don’t like. That way, you can always provide them with the best options later.
Keep in mind that a homebuyer is looking at more than one house. When they walk into your listing, they can be ecstatic – enthusiastic about living in that house. At the same time, they can be making offers on other homes.
This is because they want the best deal on a home. If their dream home breaks their budget, they will opt for their backup option.
As a result, you can lose a lot of time and energy engaging in a deal that falls through. A great solution for avoiding this to set a high earnest money deposit.
A high earnest money deposit will solidify your buyer’s commitment to you. Investing more money upfront creates more stakes and shows the buyer wants to buy your listing.
This doesn’t keep them around, of course. The buyer can still back out of the real estate transaction. But, if a buyer commits to the earnest money deposit, you will be more reassured that your buyer is serious about purchasing the listing.
It’s not unusual for a buyer to buy or sell a home at the same time. This is called concurrent closing. Most buyers get their funding from the sale of their previous home.
So, the buyer can back out of the real estate transaction because they can’t sell their first home.
What’s important in this situation is communication. Keep an open line with the other agent or the homebuyer to verify their progress.
If you receive a concurrent closing offer, you will know to change your expectations for the real estate transaction should you accept it.
Have you ever bought something and asked yourself, “why did I buy this?” Sometimes, a buyer may not have any other reason for backing out other than a buyer’s remorse.
This usually happens after a buyer makes a huge investment. They may feel anxious and change their minds after committing out of the blue.
When someone experiences buyer’s remorse, it’s important to be patient with them. As the listing agent, it’s your job to lay down the facts with your potential buyer and remind them of why this is a worthwhile investment.
Understanding why people back out of the real estate transaction is hard. From cold feet to buyer’s remorse, there are tons of reasons why that would happen.
This is what makes the job of a real estate agent so emotional.
The answer to coping with the ever changing real estate transaction is to do everything you can to close the deal. So, if things go awry, remember that it’s a-okay. It happens. It’s part of the job.
Everyone has their reason for terminating the real estate transaction. Staying positive, not becoming obsessed with closing, and fulfilling your duties to the best of your ability help you increase your chances of closing and also creates the best possible experience for all parties.
You have to build strong relationships with your clients to have a long, lucrative career in real estate.
The top producing agents earned their fame and fortune because of the people they know.
So, how do you build a strong, reliable, trusted relationship with people?
The answer: provide good customer service.
When your clients like working with you, they will recommend your services to other people they know. That’s how successful real estate agents create their careers.
Their network starts finding work for them.
Now the question becomes, “how do you provide great customer service to your clients.” To do this, you have to build trust with your client.
The National Association of REALTORS® created a method to build trust that has helped millions of agents generate satisfying customer service.
This method is a set of ethical rules that agents follow to foster a trustworthy relationship with clients.
It’s called fiduciary duties. So, let’s learn about the fiduciary duties of a real estate agent so you can foster trust.
What does fiduciary mean?
In its simplest form, fiduciary refers to a trust.
Once a client signs a contract with you, a fiduciary relationship forms.
This relationship means that the client now places their trust in your hands. In return, you perform your work with your clients’ best interests in mind.
The fiduciary duties of a real estate agent are:
Now that we know the fiduciary duties of a real estate agent, let’s explore what they mean.
Real estate agents must fulfill their fiduciary duties. By doing so, they uphold the credibility of not only themselves but agents across the country.
So, let’s see how you can apply the fiduciary duties of a real estate agent to your career.
Loyalty refers to an agent’s responsibility to be loyal to their principal (client.) Regardless of the situation, you must always put the interests of your client ahead of your own.
For example, you represent a buyer who wants to buy a 5-bedroom property with a maximum budget of $1,000,000. If you find a listing that meets your clients’ requirements for $700,000, you have to tell them.
Monetarily speaking, you earn a bigger commission check if your client buys a $1,000,000 listing. But, because the $700,000 is a better deal for your client, you must tell them about it.
On the other hand, if you represent a seller, then you must do everything in your power to sell the property. You must market the listing and close it while getting the best deal for them.
One fiduciary duty of a real estate agent is to adhere to the lawful requests of their clients.
If your client asked you to take a break from marketing their home for a week, then you are legally obligated to follow their instructions. Also, if your client asks you to stop showings while they aren’t around, you have to stop showings.
But, you may encounter a client who asks you not to entertain offers or showings for people of a specific religion or race. In this situation, you should not follow the order because doing so is discrimination, an unlawful act.
A client may also request that you do not disclose a property defect. Withholding this information may help you sell the property fast and earn more money, but it’s illegal. So, you are obligated to disclose all information about a house – even if it goes against your client’s wishes.
This fiduciary duty instills the client’s confidence in you as their representative.
Confidentiality of information means not sharing information that your client gives you. This information is vital if the disclosed information damages the reputation of your client and affects ongoing negotiations.
Here’s an example: if you represent the buyer and discover they are comfortable paying more, you shouldn’t disclose this information to the listing’s agent.
On the other hand, if you’re the seller’s agent, you cannot inform buyers that your client is willing to accept low offers.
Always ensure you’re getting the best deal for your clients.
If you have information that can benefit your client in the negotiations, you must disclose it.
For example, you must share information about the property’s well-being with your client. This information will position your client better for negotiating a lower price if there is a property defect. Also, if you represent a seller and find out that the buyer urgently wants to sell, you can tell your client.
Another piece of information you must always disclose to your client are offers. Regardless of how bad an offer is, you should share it with your client. Also, You must inform your client should a potential buyer or seller be someone with whom you have a relationship.
Another fiduciary duty of a real estate agent is to take good care of the client’s funds. The first part of this duty is understanding the elements of financial transactions and how you should handle them.
You have to let your client know where their money is going.
Whether you’re a buyer’s agent or a seller’s agent, you have to keep track of the money.
You can’t accept your client’s funds. For example, if your buyer hands you their deposit for the property, you must send it to escrow. Do not deposit it to your account, even if you intend to send it to escrow.
The last fiduciary duty is to apply reasonable care.
As a real estate agent, people expect you to act as a capable professional.
You must apply and exercise your skillset and knowledge with diligence. By doing so, you create a strong, trustworthy relationship with your client.
Do fiduciary duties of a real estate agent apply to third parties? To put it simply, no.
But, just because you don’t have a fiduciary relationship with them does not mean that you are allowed to break the rules. You’re a licensed professional, so you should uphold your professionalism with everyone you work with.
The fiduciary duties of a real estate agent demonstrate how to uphold integrity. When you practice these duties in every relationship, you will build trustworthy relationships.
These relationships will provide long-term benefits to your career because you provide exceptional customer service. That’s how real estate agents become successful. In short, don’t try cutting corners or sneaking your way to money because the best way to earn success is with integrity.
As a real estate agent, you will encounter the terms ‘law of eminent domain’ or ‘eminent domain’ in real estate. But what does it mean?
Eminent domain is the government’s right to expropriate private property for public use. In exchange for this, the homeowner gets compensated with the property’s fair market value. Let’s break this down a bit further:
The process of eminent domain starts when the government or agency has a public interest project. This project would then need to be in a specific location that gives the greatest return to the public.
Once they have identified a specific property, an agent will evaluate it to determine its fair market value. So, the amount determined by the agent will represent the compensation that the owner of the property will receive in return.
The appraiser must be independent, accredited, and knowledgeable about the property.
After the fair market value is determined, the offer gets presented to the owner. But, if the owner finds this unreasonable, they have the right to hire an appraiser. If the buying party and owner can’t agree, then negotiations may begin.
That is why the owner should have an attorney throughout this process. A real estate attorney can ensure that the owner is aware of their rights.
One of the first requirements of eminent domain is public use. For a project to be considered as “public use,” it should serve a purpose that can benefit the public. That means if a project benefits personal interests or a specific group of people, no eminent domain shall take place.
Some examples of valid projects for public use are bridges, reservoirs, freeways, roads, and parks.
There are some occasions when people other than the government have the power to exercise eminent domain, such as public utilities.
Projects such as electricity lines or new pipelines get presented to the California Public Utilities Commission. Should the Commission find merit in the case, the public utility must win the case in the Supreme Court.
Once that is done, the Supreme Court will order the public utility to compensate the property owner with fair market value.
There are three different approaches to determining a property’s fair market value.
The appraisal agency notifies the owner of the property in advance when their home will be appraised. Also, the owner should be present during the appraisal.
Here are the methods used:
Comparable sales is based on the idea that no one else would be willing to pay more than they would for a similar property. This approach utilizes data from the recent sales of comparable properties to determine the value of a parcel of land.
Agencies will use this approach when determining fair market value for residential properties. Characteristics such as the number of bedrooms, bathrooms, and other features are used to identify similar houses.
The income approach is ideal for income-generating properties. The fair market value of the property is based on the income that the property can generate. This method determines the value of the property as an investor.
This method is used for specialty structures wherein the property of interest is unique and is designed to operate for something specific. In cases such as this, the only acceptable way to replace it is to reproduce the structure elsewhere.
To determine the fair market value of the property, the experts would evaluate two different components. The first component is the value of the land without any structure. The second component is the value it would take to replace or reproduce the existing structure on the land.
It should be noted that under this approach, depreciation is also considered and is deducted from the final fair market value.
There are several different types of eminent domain, here are some of them:
A complete taking occurs when the government takes an entire parcel. The owner’s compensation is equivalent to the fair market value of the property under its best use.
The partial taking only assumes a part of the land. The just compensation for partial taking consists of two different components.
The first component is direct damages. Direct damages refer to the acquired land’s value of improvements. The other component is indirect damages, which are referred to as severance damages.
As the name suggests, this type of eminent domain will only require the owner to give up their parcel of land for a fixed time. Typically, the just compensation for this taking is the rental value of the property that is being occupied.
Permanent taking means the property, condemned by the government, will never return to the owner. The most common projects with permanent takings are roads, highways, and other public infrastructures.
Eminent domain is an emotional experience. Nobody wants to lose their home. But, this is a power that the government holds over property owners.
For eminent domain to go into effect, there must be “public use” involved. Examples include building highways, schools, or other necessities. If not, then there are no grounds for eminent domain to stand on.
If your client is buying a house with defects, they don’t have to stay silent. Nobody wants to buy a house with structural problems!
Homebuyers can request house repairs before they buy it. Doing so is common across California.
A buyer’s agent can issue the request for repairs during the transaction. When the deal closes, the buyer has a house they love, without the added need for repairs.
So, how do request for repairs work in California?
Buyers should request repairs after a home inspection.
A professional will find every issue that is not obvious. Surface-level blemishes are easy to spot, but buyers need a professional to see the real problems.
The home inspector will create a list of property defects to fix. This list is called the inspection report.
The inspection report is a powerful negotiation tool for agents because it can influence a home’s final cost. The inspection report has this power because it has professional opinions about the well-being of the property.
If the property is in poor condition, the agent has more negotiation power to lower the sales price for the homebuyer.
As an alternative to lowering the price of the home, the buyer’s agent can issue a request for repairs.
A real estate agent should talk to their client about the inspection report. The goal is to decide what, in detail, the home seller should fix.
When they decide on what needs repairs, the real estate agent has two options:
A request for repairs form is a document that lists the home buyer’s repair needs before they buy the home. The buyer’s agent sends this document to the seller’s agent for consideration.
A buyer’s agent can amendment the purchase agreement to get the home seller to repair the property. When amending the purchase agreement, agents should always be specific and direct in their language. This way, there is no confusion about what the seller must do to sell their home.
Homebuyers could be scared of losing their dream home if they request repairs. In a seller’s market, that fear makes sense. But, not all home sellers will react the same way when they see a repair request.
Home sellers can accept all requests, deny all of them, or negotiate which to repair. This is when real estate agents help the transaction. The agents negotiate on behalf of their clients to determine the best option for everyone.
Each agent will take into consideration the market and their client’s priorities. The buyer’s agent will have more leverage in the buyer’s market because they have more options (vice versa in a seller’s market.)
Instead of fixing the repairs, the home seller might agree to offer cash credit.
Cash credit works by deducting the home seller’s earnings to give the home buyer money for repairs. Escrow companies manage cash credits so long as they offer it as an option.
Finding the defects and sending the request for repairs form are the easy parts. The challenge is navigating those requests with the other party.
Some deals crumble because the houses need too many repairs.
A request for repairs runs the risk of scaring away a seller. But, the buyer won’t invest if a seller doesn’t make the repairs. This problem needs a mediator.
Real estate agents negotiate on behalf of their clients. Their goal is to get the best deal possible for their client without dropping the deal. Moments like these are what make agents so valuable. Instead of canceling the deal, they find a middle ground that will make both parties happy.
The agent and buyer must work together to send a request for repairs. The seller might deny them, but you never know if you don’t ask.
First impressions make deals.
The listing presentation is a real estate agent’s opportunity to make a first impression on their prospective client. This is the presentation that pitches them as the best person to hire.
A great listing presentation converts home sellers into clients.
There’s a common saying in real estate that goes, “when you list, you last.” It means that agents who work with listings have long-term success.
So, how do you make a powerful listing presentation to get the listing?
You have to focus on building trust. When the prospective client trusts you with their biggest investment, then you have a deal.
Building trust in your listing presentation comes down to 5 steps.
Dressing like a professional makes you feel like a professional. When you feel like a professional, your prospective client believes you’re the professional.
Clients want real estate agents who they can trust. Dressing like a professional sends the message that you are serious about your career. You show the client that you hold your work to a high standard.
From the client’s perspective, they want a real estate agent who wants the best for them. The client’s well-being is their priority, which is why they are looking for a real estate agent.
Communicate to the prospective client that you uphold your fiduciary duties and ensure their well-being. The client expects professionalism. So, deliver on their expectations and become professional – starting with what you wear.
Information sells. The information you share with the prospective client is part of making a powerful listing presentation.
So, what do you include in your listing presentation? You should communicate the value you can give with numbers. A property profile shows their land’s primary selling points. So, add this data:
Collecting this data shows the value position the listing can take in the market. It can show your home seller how much money they can make. At the end of the day, they want the best deal possible.
The competitive market analysis shows how much money similar houses made when they were sold. This analysis collects information from houses that fit the make-up of the property you want to sell.
This information can become skewed if the information is not collected right, which gives your client the wrong expectation.
So, how do you make an accurate competitive market analysis?
Start with learning about the house’s make-up. Contact a title representative to collect information on the square feet, bedrooms, bathroom, age, encumbrances, and anything else that you can find. Next, use the MLS to find similar houses in the area to see the sales price.
Once you have this information, you can make an accurate estimate of the property’s value.
The property value is a powerful piece of information. It shows the seller how much they can make. They don’t just see the number, but they visualize everything they can do with that money. They feel what life is like when they have that much money.
The seller’s motivation to sell tells you how to handle the listing sale. Their motivation determines the goal you set for yourself.
If the prospective client’s purchase of another home is contingent on the sale of their current home, then time is of the essence. Speed is a priority. But, if they are an investor who wants to cash out, then time will come second to earnings. They want the most money possible from the sale.
So, how do you find your client’s motivation for selling?
Make time to understand their motivation. Communicate with the client. Top-producing listing agents get to know their clients because that’s how they get the information they need to satisfy their needs.
Time to pick a price. The price determines how much money the prospective client makes and how much you, the listing agent, make.
The price of the home can become a contentious subject. Sometimes, the seller will ask for a higher price to make more money. They might expect to make more money (especially if the market is in favor of sellers.)
As an expert in real estate, you must share a convincing reason as to why you chose the price. Take the seller’s motivation into consideration along with the market and your CMA. Together, these factors should help you show your prospective client the correct answer.
Remember, at the end of the day, your fiduciary responsibility is to follow your client’s wishes. So, if they don’t budge on the asking price, you can choose to follow their wishes or turn down the listing.
After you and the prospective client agree on a price, you should have them sign a Residential Listing Agreement (RLA). This is an official declaration of converting them from a prospective client to an actual client.
The RLA should communicate, with clarity, the timeline of the representation and the expectations of the parties involved. Now, all that’s left to do is sell the property.
What makes a real estate listing presentation powerful is its ability to build trust. So, your goal is to ensure the prospective client can trust you. You can do this with how you present yourself, the data you share, and how you communicate with the homeowner.
At the end of the day, the homeowner wants everything to go well for themselves. So, practice empathy. What would convince you to hire a specific agent to sell your home?
How do people afford houses? They cost so much money!
The way most people pay for the cost of a house is with a home loan from a bank.
This is a large chunk of money that the bank loans to homebuyers to help them buy their house. Over time, the homebuyer pays the loan back with interest.
Real estate agents should expect their clients to withdraw a home loan to buy a property. Unless they’re sitting on a big mound of money.
So, at some point, you will encounter the word “pre-approved” or “pre-qualified.”
That’s why you should know the difference between pre-approval vs pre-qualified. One guarantees a loan, the other doesn’t, and that will make or break the transaction.
Here’s what a pre-approval letter means: a letter that verifies the approval of a specific amount of money that the bank is willing to lend to the home buyer.
Should the buyer meet the requirements of the lender, they will be issued a pre-approval letter. This contains the type of mortgage, interest rate, and terms and conditions. This letter will also state the amount of mortgage the lender is willing to provide to the buyer.
Securing a pre-approval letter is essential. This is submitted along with the offer when buying a home. A pre-approval letter is important to have because it will ensure all parties that there are funds to finance the purchase.
The bank will need the following information to determine if they can approve the homebuyer for a loan:
But, the pre-approval letter is not a guarantee, only the beginning of the lending process. The lender still reserves the right to either accept or reject your buyer’s request should they deem it.
Also, a pre-approval letter is not a commitment. Should the buyer choose to back out from the transaction, they can do so without facing any financial repercussions.
So, what about a pre-qualified letter? What does that mean? A pre-qualified letter is a letter that informs the homebuyer that they qualify for a home loan. In other words, the letter proves that the homebuyer has the chance to become pre-approved.
Pre-qualification is the first level, not the final level.
The pre-qualification letter is not a verified document. So, it does not have the same reassurance as a pre-approved letter. This is because the home buyer might not get the loan and they can’t afford the house. No money, no deal.
The goal of a pre-qualification process is to show the buyer if lending is an option. From there, the lender will suggest the options that your buyer has to get a loan.
In order for a buyer to be pre-qualified, all it takes is for them to contact the lender. They will then provide them with an overview of their financial history. The lender may ask about their financial status such as their assets and liabilities, as well as their income.
Once the lender has reviewed the information, they will give an estimated loan amount to the buyer.
The pre-qualification process usually only takes a couple of days as it is a high-level assessment. Unlike the pre-approval letter, this does not take into account the analysis of the buyer’s credit history, tax history, and other financial documents.
Before you are able to help your client with their mortgage application process, you must first connect them with the right lender.
When you’re growing your network, connect yourself with lenders. This way, you can find a reliable lender that you can confidently refer to your clients.
Once your buyer is connected with a lender, the lender will connect with your buyer. It is the lender’s job to understand the buyer’s financial situation and verify if the buyer can afford a mortgage. Through this process, the lender will determine if the buyer will be pre-approved or pre-qualified.
Both pre-approval and pre-qualified mortgage letters are in the mortgage application process. But, a pre-approval letter is still not guaranteed, it signifies that a lender has verified their financial status. This will provide the buyer with more leverage when trying to secure a deal.
Leads are everything.
More leads mean more clients. When you meet a lead, you have a chance to convert them into someone who wants to hire you.
That’s why agents always want new ways to find more leads.
Real estate agents have many tools and methods to find leads and convert them into clients.
One method is called real estate farming.
What makes real estate farming stand out is that it’s an easy, practical way to build trust and meet hundreds of potential clients.
Real estate farming is a marketing strategy to find clients in a designated area or demographic. Agents “farm” an area for new leads.
Similar to agricultural farmers, agents plant their seeds in neighborhoods to reap their rewards when the time is right.
In other words, a real estate agent will find a neighborhood they would like to farm. Then, they position themselves as the local expert by saturating the area with marketing. For example, they will buy bench ads, door knock, or mail letters.
The goal of real estate farming is to be the go-to person. When someone in that neighborhood is ready to sell, they will contact the agent who farms that area.
Real estate farms come in many shapes and forms. Before you farm, you should know which real estate farm is conducive to your business. Here are the different types of farms:
Geographic farming is sometimes called geo-farming. A geographic real estate farm has physical parameters that contain an agent’s target audience. A few examples include neighborhoods, subdivisions, and zip codes.
As the name suggests, demographic farming focuses on a specific demographic. Instead of physical parameters, demographic farming focuses on people with specific wants, goals, or interests. For example, people who want to downsize their home, investors trying to make money, or surfers who want to move closer to the beach.
Micro-farming is where agents talk to the neighbors of their listing to advertise an open house. This starts conversations and raises awareness for that listing, but doing so also introduces the lead to an agent.
To pick an area to farm, you should choose somewhere you are familiar with. This is the easiest way to quickly become a local expert.
Your own neighborhood is a good area to start with. You know the land, community, and any events that are coming to the area. Also, connecting with local homeowners is easier.
The size of your area also matters. So, refrain from making your farm too large – the bigger the area, the harder to manage. Also, your expenses will go up! Unless you have the budget to market to a large audience, stick to a small area.
If you are comparing areas, you should compare data. Look at the average sales price, commission per sale, turnover rate, and income potential. These metrics help you learn how much money you will put in and how much you can make.
On average, farming an area can cost $10,000 per year. This includes all marketing material you need for consistent promotion. That’s why you should crunch the numbers first. Farming can cost a lot, and doing it wrong comes with a big loss.
Quick tip: attend local events, community meetups, or council meetings to stay connected with people in the area. These are effective ways to stay current with your target audience.
A plan to farm an area will only get you so far. Staying top of mind calls for creativity and personality. So, here are some ways to connect with locals:
Be the source of information: Let people know how much their land is worth through MLS data or comps. Then, deliver this information on postcards, door hangers, or leaflets.
Gift baskets: Welcome new homeowners with a gift basket and introduce yourself. This helps start the conversation.
Sponsoring: Sponsor a local sports team, school events, or helping local charities. You can also consider co-marketing with a lender and share the cost of marketing materials and events.
Local social media: Connect with local businesses and residents on social media. People love to see what’s happening in their community. You can use this to your advantage to reach locals through engagement and geo-hashtags.
Partner with local businesses: You can leave promotional material in local shops. This is another way you can stay top of mind.
Launch your website: Create a real estate website. If done well, your website can be at the forefront of search results when people look for agents in your farm’s area.
Real estate farms are effective ways to build trust and relationships with people in a specific area. But, don’t think you’ll make big bucks overnight. Real estate farms can take upwards of a year to start building momentum. But, when they do, you won’t have to find business because business will find you.
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