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Working as a Dual Agent

A dual agent is a real estate agent who has signed a buyer’s representation agreement with a buyer who wishes to purchase a listing held by same agent.

Dual agency often isn’t intentional. Perhaps you started as selling agent and showed listings held by another real estate agents. You’re hired as buyer’s agent, but then found that the first house wasn’t the right one for your client’s needs. Now you’re looking at many other homes, including listings held by your own.

Dual agents must be loyal to both the buyer and seller. Disclose dual agency before it happens. Get all of the what-ifs. When dual agency is allowed, it must usually be agreed to in writing by all parties.

If you read real estate sales book, you noticed that many recommend strategy to sell your own listings. It’s very nice idea that you can collect whole sales commission. Actually it’s not easy to to sell your own listings because buyers are very skeptical about dual agency. Some sellers and buyers believe that dual agency is like represented by same lawyer in court. It’s very hard to keep confidential information from both side and trying to strike a deal that satisfy both parties.

In many cases, deals fell apart just because buyer or sellers believe that you’re working for them 100%. It’s very hard to earn the trust from your client. You must make a professional decision to satisfy your client over commission $$$. If you satisfy your client then you’ll get more referrals. Referrals are worth far more than just one fat commission check in long term.

Some agents ask seller’s permission to market privately for limited period of time. Also known as pocket listings, it’s perfectly legal as long as seller knows what you’re doing. Usually, the listing agreement indicates you’ll list it on the MLS as part of the listing agreement and share the commission with buyer’s agent.

Dual agency is legal and allowed in California. In some states, dual agency representation is prohibited by law.

Technorati Tags: Dual Agency, real estate sales,

In recent years, several networking Web sites specifically for business professionals have cropped up, including LinkedIn.com, Execunet.com, Ryze.com and Netshare.com. While you’re using phone or email or industry gatherings to network with colleagues and acquaintances, you can also use these sites to connect with people in your field that you don’t know well or at all.

The way most work is you set up a profile that offers basic information about yourself, such as where you work and went to school, areas of expertise and professional and personal interests. You can search other people’s profiles and contact them by using the sites’ messaging systems. You also can ask a member you already know to make a virtual introduction for you. If you join networking sites that cater just to your industry, such as theFeng.org for financial-services professionals, chances are you already know someone who belongs.

Networking sites are designed to help professionals enhance their careers, not necessarily to change jobs. Many recruiters search profiles on networking sites to find potential job candidates. Ben Foster, a product manager at a Web-marketing firm in California, changed jobs after getting a message on LinkedIn.com from a recruiter who’d seen his profile.

Approximately 200,000 corporate and search-firm recruiters belong to LinkedIn.com, which has more than 13 million members in total. Many networking sites for business professionals charge membership fees. But most also offer free access to basic features so you can determine if joining is worthwhile.

Technorati Tags: networking, linkedin, netshare, marketing

Identify people you want to be around all the time.

Your ability to identify this group of people and figure out how to spend and manage relationship with them is critical to your success.

People you will meet around office will fit into 4 categories:

1. You can learn from them.
2. You can teach and have impact on them.
3. You can have fun with them.
4. Coffeepot and donut bunch.

Category #1, you can learn from them and profit from them. They’ll lead you to growth, self improvement and wealth more than any other group. Evaluate carefully who you allow to influence your thinking.

Category #2: Enjoy the results of being around people you can have fun while working together. Real Estate sales supposed to be fun and enjoyable not serious or cut-throat type of business.

Category #3: The best thing about teaching is was people grow and prosper. Also it dramatically improves your skill level in the subject you are teaching. Don’t be afraid share your knowledge and skills with others.

Category #4: They’re everywhere. They’re always trying to suck you in. Avoid at all costs. They may try to impress you with “I’ve been in the business 10 years.” Well, they have one year’s of mediocre experience X 10 period.

Steer clear of negative thinkers and find people you want to be around all the time because your career and family depend on it.

Technorati Tags: real estate career, successful career, career tips, career development, real estate sales, realtors

People will always need places to live. As such the real estate market has been around in some form or another for a long time, and is likely to be around for much longer. Because most people will buy or sell at least one home in their lifetime, potential real estate leads are everywhere, just waiting to be snatched up by an agent.

That’s a good thing to know if you’re interested in becoming a real estate agent. If you think real estate is a money tree and converting real estate leads in clients is a piece of cake, don’t even bother getting your license. The first thing to realize when thinking about a job in real estate is that it takes a lot of hard work to be successful at converting real estate leads to clients. Of course that is counter balanced by the fact that there is almost unlimited earning potential in the field if you’ve got real estate leads and you know how to work them.

The first step to becoming a real estate agent is doing your homework. Research the field, talk to other agents, get an idea of what you’ll be getting yourself into, because the classes you take to get licensed are simply to get licensed. They rarely tell you how to actually bean agent.

Once you’ve made the decision to go for it, start now. It can take 2-3 months to finish classes and get your license, but don’t wait until you’re licensed to start building your real estate leads database. Sit down and think about every person you know by face or name, get as much contact information as possible on them, and enter them into a database. There. You’ve just collected a bunch of real estate leads already!

As you’re working your way to getting your license, there are a few other things you can do to prepare, so that you can start earning money with your real estate leads as soon as possible after getting licensed. If you’re going to be following up with all those real estate leads you compiled, you’ll need a cell phone and a car. Look into cell phone plans with unlimited minutes, because you’ll use them. Look for a reliable 4 door car that does great on gas mileage, because you’ll definitely be needing that as well. Don’t worry about getting a Beamer your first year – there will be plenty of time for extravagant spending once you’re a success. For now, you just want to be able to contact and visit your real estate leads for as little money as possible.

It is also important to think about what kind of real estate company to go with even before you’re licensed. It’s best to find a comfortable mix of a company that will cover some of your expenses for a portion of your commissions, but doesn’t limit you on your marketing abilities. Some companies will provide you with tons of support and your own real estate leads. Others won’t. It’s up to you to find a good mix that helps you out but doesn’t constrict you too much. When you go into real estate, you’re starting your own business. Always think of it that way.

Remember that list of real estate leads you compiled of everyone you know? While taking your real estate classes, it’s time to let those real estate leads know what you’re up to. Start giving them a head’s up that soon you’ll be a licensed real estate agent and though you can’t sell real estate at this moment, you will be able to do by whatever date you get your license. It’s never to early to start building that sphere of influence and filling it with real estate leads.

One of the best things you can do, if it is a possibility, is talk to a successful real estate agent. The only way to truly learn to be a great agent is to learn from the best! Build a rapport with a real estate agent and than offer to do their dirty work. That’s right – even if just for a day or two, ask them if you can help follow up with their real estate leads, just to get an idea of what the business is all about. Not many people would turn down free labor, and it gives you an idea of exactly what you should be doing to be successful with your real estate leads once you’re licensed.

Technorati Tags: New agents, become real estate agent, buyer’s agent, real estate, broker, CA real estate agent

It’s estimated that the average person will change jobs anywhere from four to seven times during their working years. Sometimes this change just means jumping from one job to another within the same field, but often people are intrigued by the opportunities that lie in another area altogether, and go on to rewarding careers in newly chosen domains. Real estate is an interesting career option for anyone who is looking to start a new and rewarding career at any time in his or her life.

The foundations of a good real estate agent

Contrary to popular opinion, it’s not whether a market is hot or cold that will determine your success as a real estate agent. Rather, it is the qualities you possess as a person that will help you to succeed in this business.

Anyone looking to get into the real estate field should have a desire to make people happy, whether you intend to pursue development projects, commercial, industrial, or residential real estate. The lure of the dollar is present in all of these fields, of course, but any agent has to remember that it is reputation and word of mouth more than anything else that will build a career. Whether buyers or sellers, clients will be well aware of your services, and if they know that you are truly working to help them, the rewards will often be a steady business in a market that is hot or cold.

All real estate agents will also need the drive and motivation to be able to work independently. Even those who work for companies will find that their requirements are not the same as they would be in a typical office situation; a lot of the strategy, including time with buyers and approach, is left up to individual realtors. It’s important, then, that a real estate agent is a self starter and committed to his or her own success through hard work.

Training to be a real estate agent

One of the appealing things about becoming a real estate agent, for many people, is that there is unlimited opportunity for success within an area where training is not extensive. Successful real estate agents have as much earning potential as many lawyers, with about six years less formal training. In addition, the opportunity to further your knowledge in the field will never cease, as there are ongoing courses and many changes to real estate laws at the provincial level, of which a successful agent needs to keep abreast.

Real estate is an industry in which more and more people are choosing their second or even third career. A successful agent has unlimited earning potential, and those who are truly “people persons”, self-driven, and willing to work hard will find the career incredibly rewarding.

Technorati Tags: Real Estate Career, Career Change, Real estate agent, Good Agent