As a real estate expert and mentor, one of your key priorities will be protecting your client base. Despite the good work of real estate agents and public agencies across the country, mortgage fraud remains prevalent. According to researchers CoreLogic, the national mortgage application fraud index - a measure of how likely fraud is to occur - rose for a consecutive fifth time, up 16.9%.
The good news is that real estate professionals can do much to combat this trend. By combining ethical real estate practices, a full assessment of your client’s vulnerabilities and maintaining vigilance through continuous learning, you can act as a safeguard between your client and unscrupulous agents.
Prevalent forms of fraud and the damage caused
According to CoreLogic’s researchers, New York State has historically found itself on the positive end of the mortgage fraud scale. The most recently available aggregated statistics, from October 2017, show only 0-20% correlation...
What is a Real Estate appraiser assistant and where could it lead? Real estate appraiser assistants provide support to the individuals in their company assessing the values of property. Typical tasks performed by the appraiser assistant include entering data into their company's computer system, doing research on properties and sometimes helping manage relationships with clients. They also need to understand how to process and file reports and appraisals, as well as perform various clerical duties as required. The real estate appraiser assistant is in charge of keeping track of various data points such as workflow, contracts and statistics used by their company. Additionally, these assistants may be required to answer phones for their office.
The appraiser assistant usually works with a real estate appraiser or a team of appraisers, and they typically report to an office manager. These assistants generally work in an office setting; some travel may be possible depending on the...
We are all familiar with the idea of a real estate team. These groups of several or more agents provide efficient and coordinated real estate services to clients. Many teams hire personnel (licensed or unlicensed) that handle various phases of a transaction. Anything from marketing to showing. They also act as the transaction facilitator or the closing coordinator. One question surfaces about these teams. Are these team members independent contractors or employees under federal law? If considered employees, the brokerage and real estate team members can be personally liable for violations of federal minimum wage and overtime laws.
Wage and hour litigation in the real estate industry has exploded over the last five years. This exposes professionals to double damages and attorney’s fees for violations. In most instances, the litigation can be debilitating and result in the closure of the brokerage and financial ruin. Because teams oftentimes hire their own...
Social networking certainly is an example of technology. But what exactly is social networking and why is it important to understand in all business today?
A social network service focuses on building online communities of people who share interests, values, vision, and activities, or who are interested in exploring the interest and ideas of others. A social network allows individuals and organizations to exchange ideas and expand relationships and business opportunities.
When the internet was first widely available to consumers, it was primarily used to retrieve static information from content providers, allowing only passive viewing. Users could not easily publish their own content or interact with others. Over time, the Internet evolved to be more dynamic, active, and collaborative, becoming what was referred to in 1999 as Web 2.0
Even before that, however, the first social network site was germinating. In 1995, Classmates.com launched to give people a way to re-establish ties...
Ethics and fair housing are two of the most important issues will face in your real estate career. Although ethics, as a philosophical discipline, is a vast topic, in the simplest sense, ethical behavior can be thought of as nothing more than doing the right thing, behaving with integrity, treating people fairly, evaluating a situation and choosing the moral path, even if that path is not the easiest one to follow.
How would you characterize an ethical person?
In fact, all of these would be accurate characterizations, wouldn't you agree?
Purchasing a home can be a tedious, complicated process for some home buyers. Not to mention, it’s a pretty big deal! Having support from trustworthy professionals (a quality mortgage loan originator and real estate agent team) will help to make the process as seamless as possible for the buyers.
You can simplify the process for your clients – and experience some benefits in your own business – by teaming up with a licensed real estate professional or MLO . Here are five reasons MLOs and real estate agents make a good team:
Be Proactive, it Pays Off
Start with helping your buyers be more proactive in the loan process, get them pre-approved. Get them started in credit repair while they're shopping for a home, rather than waiting until they've already submitted an application. Find out from your MLO what information could help your buyer. Give them a list of all the documents they're going to need right at the first showing, so they start collecting...
You’ve landed your first real estate job, and you’re not quite sure what to expect. Sure, you know it’s a rewarding field with opportunity for growth and other benefits, but let’s be realistic: It’s going to take hard work and commitment to reap those benefits! Have no fear – here are three insights that will surely help you to find success in that first year as an real estate agent:
1. Success doesn’t happen overnight
Actually, your rookie period will likely last up to two years. Starting out, as an real estate agent, will be all about forming effective habits that will carve the path to success. Be prepared to devote time – beyond the long days and late nights – to finding your way and bettering yourself professionally. The major key to your better future is you.
2. Stay focused on your clients
Effective real estate agents keep their clients top of mind. Yes, a successful real estate career will be a lucrative one,...
It’s a good time to become a real estate appraiser! For a variety of reasons, trained and certified appraisers are in higher demand than ever before. According to the Appraisal Institute, the number of licensed professional appraisers in the U.S. has declined each year for at least the past five years. Many professionals currently in the business are nearing retirement age, which signals an even greater need for new blood.
Additionally, some real estate appraisers have left the “field” for in-house appraisal positions in banks and appraisal management companies. Thus, there is a great opportunity for those new to the business or wanting to get started.
WHAT DOES A REAL ESTATE APPRAISER DO?
Real estate appraisers play a key role in the real estate industry by estimating the value of homes and property before they are bought, sold, mortgaged, insured, taxed, or developed. This process, also known as property valuation or land valuation, is essential to helping...
To paraphrase a famous movie line, a do-it-yourselfer’s got to know his limitations. Being honest with yourself about the home improvement projects you can and can’t take on is important for the appearance of your home and for controlling costs. Many people jump into a full-scale renovation or repair project without fully understanding what’s required, only to discover too late that they’ll have to hire a professional to fix what they’ve done. That shouldn’t dissuade you from making upgrades that can greatly enhance your home’s appearance. There are many ways homeowners can add value with relatively simple fixes. Just make sure you know where to draw the line between a DIY and a professional job.
Of course, the time-tested formula for selling a home is to get as much as possible with the least expense. That’s the rationale behind going it alone and avoiding the high price tag that usually goes with hiring a...
Broadly speaking, real estate consists of two major branches: commercial and residential. On the surface, these two branches don’t look the same. Residential properties include both resale and new homes. This includes single-family homes, townhouses, vacation homes, investment properties, manufactured homes, and condominiums. Commercial includes shopping centers, medical and educational buildings, hotels, offices, and apartment buildings.
It’s not only structural and physical differences that separate commercial and residential. There are other aspects that further set the two apart when selling either type of real estate.
1. Purchasing factors
Buying and selling real estate can be emotional. Home buyers make their decisions based on how the house feels to them. Factors such as family-size, location, home style or layout also come into play.
The process can also be emotional for commercial real estate buyers. But the layout and feel aren’t as drastic to the...