Broker This Broker That
How to Become an Effective Real Estate Agent
By Beverly Manago
Many people impulsively decide to become a real estate agent because of the perception that there is easy and fast money in the profession. They also think being a property agent is not entailing much work. If you are among those people, it would be best if you would plan your career well and familiarize yourself more about how the industry works. You could not just get in into the industry, which is flooded with highly competent, qualified, and skilled agents.
There is truth to good money in real estate. However, being one means you have to be duly licensed to do the job. It is imperative to acquire proper education. Thus, there is a need to go to school and attend classes or training. In the United States, requirements for agent licensure could vary from state to state. However, in general, an individual is required to attend to about 30 hours to 90 hours of classroom lecture and training. The coursework is necessary and required prior to taking licensure tests.
You need to turn yourself into a 'people person.' Aside from making your clients happy, you have to learn how to appropriately deal with different people in different circumstances. Aside from clients, there are other professionals that you need to deal with, thus there is a need to learn how to effectively get along with different kinds of people. You would be working with other agents, lending officers, mortgage brokers, attorneys, insurers, and bankers. Working with a widely diverse group of people and adjusting people skills accordingly is essential.
Intend to be on call 24/7. There is actually flexibility on working hours. However, you could exhibit your commitment and reliability to clients if you could be reached and accessed by them anytime of the day. Be sure to be available every time and anytime your customers need you. Thus, agents have working weekends and nights. Be on-call whenever the clients need you.
If you are new to real estate, it would be most advisable if you would make it your second career. Beginners in the business should not solely rely on real estate marketing as an income source. You could make the profession your first and sole career when it already takes off. Income is dependent on commissions only. Thus, if you do not sell many properties as possible, you would not earn much income. Most of new agents sell just about three to four real estates annually. That could translate to low revenue, at times inadequate to support self or family.
Patiently build up your clientele. To do so, promote yourself within a community in the best possible way. Remind your friends, family, and colleagues about your being a real estate agent, so they could recommend you or refer you to their acquaintances and friends who may need agent services in the future. Take time to learn more about the community you would be working. Educate yourself further so you could take greater chances of succeeding in the expanding real estate industry.
Beverly Manago is a freelance writer focused on the real estate industry. She is also a consultant for My single property website, a web 2.0 marketing tool that lets real estate agents create stunning virtual tours and single property sites easily, with a free version available for listing presentations. She also contributes to the Real Estate Marketing Blog there.
Becoming a Commercial Real Estate Broker
By Burton S Lee
The Commercial Real Estate Industry touches virtually every aspect of business in the United States and most of the free world. Very few companies can grow without acquiring more land or additional office space, patients can't use the services of a hospital unless it's constructed and consumers can't shop at a Walmart without the development of Real Property.
Commercial Real Estate encompasses all aspects of sales, leasing, management, investment in or improvement of retail property, investment property, farmland, businesses, industries, medical facilities and dozens of other types of property. Our job in the industry is to assist in the lease, management or sales of property, and to advise our clients of their best courses of action when deciding how to invest in or improve real property or a commercial asset.
You will work directly with industry leaders, community leaders, government officials, lawyers, zoning officers, accountants, mortgage companies, banks, title companies, appraisers, utility companies and everyone in between to put together sales or develop property to its full potential for a client. While you can't make decisions for our clients, you can assist them in making better informed decisions, and you can help our clients to understand what the highest and best use may be for a particular property, or what type of investment vehicle might be best for your client.
You will work with property owners who may want to sell a property, lease a property, have a property managed or determine what use might be better for the property than the current use. You will work with users of properties to find the best location for their business or investment, to determine if it's better for the user to lease a property or purchase and to understand the tax implications of their decisions. Additionally, You will work with investors to determine which real estate venture might be their best investment to meet their particular goals and needs.
Commercial real estate agents and brokers work with individuals, investors, organizations and corporations to develop property to its highest potential. Their careers include many specializations. Some commercial associates specialize in particular types of property, such as office property, develop-able farmland or even amusement parks. Other commercial associates specialize in particular forms of consulting work for Real Estate Investment Trusts (REITs), insurance companies or utility companies. Still others work in specialized areas such as resort management or assist government agencies with the redevelopment of industrial sites or reclamation of land.
Commercial Real Estate is an exciting and rewarding field of study and can lead to dozens of different career opportunities. Whether someone is starting their first small business, developing a parcel of land, or considering an investment in real estate rather than an investment in a mutual fund or money market, the understanding of commercial real estate is fundamental to their decisions.
To begin your career in this sector of the industry you'll need to understand exactly what you're selling, how it is priced, how it is financed and what legal documents must be used to convey the sale or lease. In other words, what are the responsibilities of a commercial real estate broker. Let's take a look at the key elements necessary to be successful in commercial real estate.
You will need to examine the diverse forms that commercial property takes and the important terms used by those in the field to explain and understand a type of property. Next you will need to explore the different methods of determining value in the eyes of property users, investors, real estate professionals and appraisers. You will also need to learn how commercial real estate can be financed and how it may be leased. There is also a need to perform an examination of the legal documents including listing contracts, sales agreements and lease contracts.
Your responsibilities as a commercial real estate professional include:
For Sellers or Property Owners:
- Hold or Sell Analysis - Analyze the market to determine what course of action is best for a property owner. Is it better to hold onto the property longer, or would an owner be better suited selling the commercial property? This analysis may include projections of cash flows, and determination of internal rate of return.
- Property Management - Assist the owner by leasing and / or managing the day to day situations that arise in any real estate investment. Management may include suggestions of how to create more value in the property. 3 story multi-tenant Office Building with central common atrium.
- Property Leasing - Finding tenants for a property owner's commercial real estate. This may include advice on creating a niche for the property, or ways to attract more solid long term tenants.
- Property Sale or Marketing - Determining the best course of action in order to maximize the sales price on a property and find the best possible buyer.
For Buyers, Tenants or Investors:
- Investment Analysis - Provide an investor or buyer with comparisons of various properties or types of property and their cash flows or investment returns in order to determine what situation may be best for the investor or buyer.
- Site Selection - Assist the investor or buyer with locating a site that meets the client's needs. Assist with demographic data to support the client's business or investment goals. An agent may also be required to assist with determining the site's suitability based on zoning regulations, environmental conditions and financing considerations.
- Cash Flow Analysis / Return on Investment - What kind of return can an investor expect on a particular real estate investment? Agents provide projections of potential future income and analysis of potential return on the property.
For both Sellers / Owners and Buyers / Investors:
- Property or Business Valuations - Any property owner wants to know what their property is worth to a buyer and what the highest sales price or lease price is possible in the current market. Buyers or Investors want to know what a fair price may be for the same property or business, and will want to know what the best investment may be at this point in time.
- Feasibility Studies - Conduct a market study with the help of Real Estate Appraisers and engineers to determine the highest and best use of a property, or forecast a project's likelihood of success.
- Exchange Opportunities - Tax-deferral benefits may make it worthwhile to exchange the property, or use a 1031 deferred exchange.
Commercial Real Estate Professionals can be rewarded for their quality work and adherence to ethical standards. Learning the fundamental methods and tools used are critical to the success of both the professional and their clients.
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Let us help you start a new real estate / appraisal profession or become more successful in your existing career at http://www.vaned.com
Find Out How to Become an Insurance Broker
By C. J. Harrison
Insurance is a big and booming business. It is a necessity that all people must have causing the need for brokers to be great. If you are wondering how to become an insurance broker, there are many important steps you must follow.
Prior to applying for your license, a background and financial check will be conducted. In order to even consider being a broker, you must have a clean criminal record. States will automatically disqualify you if you have a felony, but misdemeanors will be considered on a state by state and case by case basis. Along these same lines, make sure your credit report is clean and up to date.
Training requirements vary by state. Some states will let you self study the material, while others will require that you take formal classroom training. Pearson VUE administers the licensing test for each state. It is best to get your study materials from them rather than a third party vendor.
If your state requires formal training, call the Department of Insurance for your state to get a list of approved classes. These are generally offered in a seminar type setting and can be a day or a week long and vary in price depending on the vendor. They will offer your licensing pre-test as part of the package.
Finally, you must schedule your test with your nearest testing location. You can find a test center on the Pearson VUE website. There are thousands of centers across the country. Once you pass your test, the final step is to get your certificate from Pearson and mail it to your state to have on file.
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How to of Become a Commercial Insurance Broker
By James Cochran
First, we need to make a distinction between an insurance "broker" and an insurance "agent." In the insurance business, an agent is in partnership with one or more insurance companies. A dedicated agent has a contract with a single company, normally an insurance business that prefers exclusivity, and can only sell the insurance products of that company. An independent agent may work with a large number of companies, including AIG, CHUBB, and The Hartford, to name only a few.
A broker does not work for an insurance business but instead for a client in the market to obtain insurance. So if a new business owner wanted to purchase commercial liability insurance, a broker would not be restricted to only those insurance products sold by his or her partners as an agent would be, but could check with any commercial liability insurance provider. Brokers tend to work with non-standard, "excess and surplus" line insurance providers. These firms specialize in unusual coverage, often for emerging technologies, and generally do not enter into agreements with agents. For example, if XYZ company created a new kind of communication equipment where the potential liability risks were unknown, XYZ would most likely need to approach a broker in order to buy commercial liability insurance.
The best way to get started as a broker in the insurance business is to get a job with an established broker. There are many classes you can take on commercial liability insurance and a great deal of research you can do on the existing excess and surplus carriers, but having theoretical knowledge isn't enough to make you a successful broker. An established broker can introduce you to the people in the insurance business. After all, it is a surprisingly small world and your future success depends on the associations you make. Additionally, an established broker can steer you past the many pitfalls inherent to the industry, mistakes that could cost a client his business. It is best to make these mistakes with someone experienced at your side to catch them and instruct you as to how to avoid them. And, more importantly, you don't want to make these mistakes when you're the one paying for the errors and omissions policy, because once you are on your own, the first thing you'll need to do is get your own errors and omissions coverage. After all, even people in the insurance business need to have insurance. Any broker you work for will probably ask you to sign a limited term non-competition contract, but these usually only apply to businesses within the same state.
A broker, like an agent, is licensed by the state, with the assumption that the broker resides in the same state they do business in. Each state has its own requirements, which generally include a fee and a specified minimum level of education. An insurance business license must be renewed regularly, and continuing education courses may be required as part of the renewal requirements.
You may apply for a non-resident license, but do keep in mind that other states may have different licensure qualifications. Licensing information can be found on most states' insurance department websites. Additionally, if you intend to work in a different state, you will find it useful to have an agreement with an in-state brokerage firm for tax purposes. And if you move to a new state, you will need to get a certificate of license status from your previous state where you were licensed in order to prove that you were a broker in good standing.
James Cochran, owner of Techinsurance.com, is a web-based commercial insurance agent specializing in the Information Technology industry. Over 15 years of insurance experience, Cochran founded Techinsurance in 1997 to provide insurance products for IT professionals. Techinsurance has grown to become one of America's leading online business insurance quote providers.
How to Become a Stock Broker Fast
By Eric C. Su
If you like investing stocks, have you ever wondered how you can be become a stock broker? Stock brokers typically earn up to $175,000 a year plus bonuses.
It used to be hard to become one before the internet was created, now it's easier than ever to become a stock broker. There's no education qualification to do it. You don't have to be a genius to do it. And you don't need a lot of experiences to become one.
All you need is a heart, an interest in the stock market. You see, the investing and looking over the stock market requires hours of hours of work and days after days of examination. If you can't commit yourself to help you clients make the best out of their investment, you will be dreading, and ended up in frustration.
How To Become A Stock Broker
First, you need to prepare to acquire a stockbroker license. A college degree is not required to qualify for the license but you have graduated and got you college degree, it would be helpful if you have a college degree in business, finance, or economics. Many stock firms take more serious considerations over people with higher school education.
Second, keep in mind that, usually people don't become stock brokers right after they finish college. You must undergo some career training from your stock broker firm for at least 4 months.
After passing the General Securities Registered Representative Examination administered by the National Association of Securities Dealers., you may have to pass the Uniform Securities Agents State Law Examination if your state requires you to do so.
You can post your resume on several stock broker listings or other similar websites to increase your chance of getting hired. Thus, you can get more clients and more business growth.
The work environment around stock investing could be highly competitive and fast-paced, so be prepared. Expect to work long hours, and to receive work pressures from various daily tasks.
Stock broker is a very high paid profession. And those who can do whatever it takes to help their clients will soon live in their wildest dream look forward for big success.
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How to Become a Successful Commodity Trader
By Gary E Kerkow
The major league of trading
Being a commodity trader is like playing in the major leagues. You better have the proper training and experience, or you simply do not have a prayer of being successful in the long run. This market tends to move fast, and there is incredible leverage. As an example, if you acquire one futures contract of corn, you actually control 5000 bushels. This means every one cent move is worth $50.00. I see the stock market as the minor league, but it still has a high degree of difficulty. I trade both the futures market, and the stock market. In this article, I will share with you some good, solid information on how to make money as a commodity trader.
The big 3
You need to have a successful trading plan. It is important to have the plan fit your personality, as much as possible. The trading plan is your blueprint for success in the market. It will encompass all aspects of trading.
Money management is a crucial element. You simply must cut your losses short, if you want to be a winner in the long run. Keep all losses small, and let your profits run. If you follow this golden rule of trading, your future as a commodity trader is bright.
Proper trading psychology is what separates the fairly good trader from the best traders in the world. You must keep emotions such as fear, greed, and hope, out of your trading equation. Emotions will cloud your thinking, and not allow you to trade in a logical, objective manner. The various trading markets are human nature and crowd psychology on display daily. Many of the successful trading principles are contrary to normal human nature. That is a main reason why most traders and investors ultimately fail.
The price chart is a valuable tool
The price chart is an important tool for the market technician. The successful commodity trader must implement the proper interpretation of chart patterns. This is a key to winning big. As an example, you can trade the breakout of the daily, weekly, or monthly chart. Always trade with the trend on the breakout. Once you are proven correct by the price action of the market, you may then add to your position.
Volume will tell you plenty
Volume is a great measure of supply and demand. It can give you clues to help you recognize whether a commodity or stock, is under accumulation or distribution. If a commodity shows a big price jump to new highs, on much heavier than normal volume, this tells me the big buyers are causing the jump in price. Price and volume action like this bodes well for the continuation of higher prices.
During a major price advance, volume tends to increase on rallies, and decrease on reactions. During a major price decline, volume tends to increase when the price goes down, and decrease when the price goes up. Many times as bottoms and tops are approached, volume will expand sharply. As a commodity trader, being able to properly interpret price and volume action gives you a major advantage.
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Gary E Kerkow, founder of Tradingmarkets4u, is a stock market, and commodities market expert. Kerkow is a highly successful trader, and top trading instructor. Learn the successful methods he implements by clicking here:
How to Become a Licensed Broker With Broker Training
By Giovanni Pugliese
There are several occupations that can be chosen such as real estate agent, insurance agent, futures broker or stockbroker but in order to work within each field applicants will need to procure the necessary paperwork and go through broker training. This type of training is a well known licensing program for those seeking to excel in a fast paced and successful career field.
Both distance and online programs are put in place by various institutions to help give applicants an understanding of the occupation and to further prepare them for the job. For any of the job fields listed above an individual will need to undergo lessons and pass a license test in order to begin this exciting and fruitful career.
These jobs are many and within this industry there are still job vacancies available. In order to become licensed, one must complete the appropriate lessons as well as pass both the Series 7 and 63 tests. Other similar examinations will enable individuals to be more equipped for higher levels within the industry. Stockbroker licensing is excellent for those who look to earn an income through commissioned sales.
This occupation usually deals with several different types of investments such as mutual funds, stocks and bonds. Within this field a licensed professional will continuously learn the tricks of the trade, new prospects and issues. As soon as tests have been taken and passed, each individual will be equipped with the tools necessary in order to excel within this field of work.
Futures and commodity businesspeople are trained professionals that deal with the fast moving commodity market. In order to work within these careers individuals will need to have studied for and passed the Series 3 test. This test specifically requires at least 4 weeks of distance and online programs. Those who pass the test will be able to work within foreign exchange and Forex. Training is ongoing as each individual becomes aware of the rules, regulations and procedures regarding the career.
In the insurance field individuals will have to undergo serious training. Not only do persons need to pass the test but they will also be required to know what makes a successful businessperson. Insurance brokers are able to choose between several different career fields such as property, life and health. In order to attain a license, persons may undergo broker training from well known institutions.
Lastly, real estate agents are also types of brokers. Examinations for this field vary across different states but all includes a pre-license test as well as the license test. Along with the other fields, real estate agents have the opportunity of continued learning on the job.
Taking advantage of the high earning opportunities within this field is as simple as going through broker training and passing its tests. These careers can be learnt online or at a nearby institution such as a college or university. Some of these opportunities also lend to part time work for those with busier schedules. To become successful in these careers one must seek out higher levels of education.
Visit http://www.broker-training.org for detailed information on various broker training programs.
How to Become a Mortgage Broker - A Step by Step Guide
By Diane Pedreira
Oh gosh, whom am I kidding? You don't want to read a step-by-step guide! If you are already a mortgage broker you aren't reading this. So I'll assume that you are interested in becoming one. We will just go from there.
Initially do your homework. Find all the information you can about the mortgage broker industry. Like any other career (or career change) you don't just print up business cards and suddenly become a mortgage broker. Mortgage brokering is a field that deals directly with real estate. In the real estate field they have saying that goes, "Location, location, location". When you become one, your motto should be, forevermore, "Experience, experience, experience".
There are no shortcuts. There is no fast track. In the world today, as it has always been, there is no substitute for experience. Furthermore, there is no other way to get it except with good old fashioned blood, sweat and tears, and last, but not least, time. That might be a little discouraging but it is the realistic truth.
The primary goal in the beginning of your journey to becoming one should be to obtain your mortgage broker's license. I know the license says you are a licensed broker, but this won't substitute for experience either. It is however, symbolic in many ways. When you get your license, the first symbolism you should attach to it is that you have, so far, put in the time to study, train and fulfill the licensing requirements. The next is to realize that you have now seriously committed to the idea of becoming one and you are on your way.
Becoming a mortgage broker will take time. This is not a job you can instantly learn or you can instantly execute with any degree of perfection. A lot of people, interested in becoming one will start out slow as they should. Now that you have your license, proving you have put in a little time, so far, look for something where you can put in some more time. Now you have the credentials, (not vast credentials mind you, but credentials still the same), allowing you to boldly find an entry-level job in the mortgage broker or related trades.
You may find this employment suits you and continue to earn a living at this for a long time. A simple career may be your only goal and, with your job and license, you can legitimately now call yourself a mortgage broker.
After a 9-5 career is an even more challenging place to go. This is the goal of becoming independent and self-employed in every sense of the word. Once you have put in the time and have the experience, working for a mortgage brokerage firm or lending institution, you may feel ready to go solo. This is no easy decision. If you are lucky you might be able to find another part-time job, or cut back the hours that you have at your current one, in order to do some part-time independent brokering and ease into independence. If you make a clean break from it all, know you will have to get going right away.
You have experience now and you have put in time. It is not enough still. There may be areas of the complete process that you did not do much at your job. You will need more time and experience to develop and perfect all your skills to the same level of expertise. And it will not end there. You had better hope too the learning process never ends! This field is ever changing and odd situations will arise that require fresh creativity, over and over. Didn't Aerosmith sing something about "a journey, not a destination"; well that is what I think it is like regarding how to become a mortgage broker.
Diane Pedreira runs a website devoted to the Mortgage Broker. Find out everything you need to know about mortgage broker training [http://mortgagebrokershelp.net/mortgage-broker-training/index.html] to get you on the right track.
Who Else Wants to Become a Loan Broker?
By Jason T Rogers
In order to become a loan broker, most students undertake a course or they can use a toolkit that outlines the different types of mortgages, what the broker is required to do and the laws of their state in which they will operate that pertain to lending.
In this article we will cover what being a loan or mortgage broker means in terms of day to day activities and processes. This information will aid with understanding what is required of a person looking to get into this type of profession.
One of the key and initial processes that the broker needs to do on a regular basis is to find new potential clients. They will need to use various marketing techniques in order to find these consumers. However, once a network of contacts is built, it is quite common to get new clients through the process of word of mouth referrals.
When a new client has been identified, it is the job of the mortgage broker to understand the needs of the client in terms of what type of loan they may need, how much money they would like to borrow and how long for. Using the knowledge that they have of the various products currently on the market with lenders, the loan broker would select the most appropriate package.
It is important during this time to discuss all details of the financial arrangement including all terms and conditions, monthly payments and any fees that they will need to pay to obtain the mortgage loan.
The loan broker would then need to collect relevant information and documents required by the lenders to present to them in an application for them to approve. During this time, it is essential that the loan broker spends time with the clients to build the credibility of the lenders. The client will want to know that they will be receiving good value in exchange for their commitment to the lender.
Once the application has been sent to the lender for approval, the loan broker will need to guide the transaction and act as a liaison between the client and the lender. The broker will need to answer any questions that either party may have with regards to the agreement and the financial details of the contract.
The loan broker will also need to ensure that all financial documentation is kept in a safe place to prevent any possibility of it getting disorganised. Other people's financial circumstances should be kept as a very private affair.
Keeping a positive mind set and working towards closing the transaction is critical for the application to be moved towards a happy ending. Most applications will be completed within 90 days.
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How Successful Yacht Brokers Make Their Money
By Hal Lewis
Many people probably don't put a lot of thought into the dealings of yacht brokers. They probably wonder what they do. Well, they are the go-to guys for buying and selling boats. They are the movers and shakers that make it happen.
These guys get boat listings that come from people who initially try to sell the boats on their own. When that doesn't work, they go out and find experienced people to help them make the sale.
Trying to sell a boat or a yacht is not a piece of cake. There are certain steps that have to be followed in order to make a successful sale. When employing a broker, it's important for them to know what the market is like.
Otherwise, it would be a waste of time trying to make a sale. They need to know the ins and outs of how and where to advertise it. It's also important for them to discern the buyers who are genuinely interested from those who are not.
After a potential buyer becomes available, they have to sit down and fill out paperwork about themselves. This may take a while, because everything has to be thorough and in order.
One of the most important steps for the yacht broker is the financing. It is important that the broker is involved with this process. Without that, you might as well not have a sale. The potential buyer has to be able to afford the vessel, especially since they're not cheaply priced.
The buyers do not always have inside access to the actual cost of the boat, which is why assistance is needed on their behalf. It's also good for them to have assistance in order to determine whether or not the price is feasible for purchase. It is important to have a person that knows the ins and outs in order to help the buyer with the sale.
With that come any repairs that have to be made prior to the completion of the sale. There is also what is called the survey and sea trial. This is when the boat is hauled out to check out different components of the boat.
Doing this involves having a safe yard where the boat can be hauled. It is important for the surveyors to have easy access in order for them to check out the boat. Also, as with a car, a boat or yacht must have a clear title before it can be sold.
It must also have insurance. Depending on the distance, the broker can make arrangements to have the vessel shipped by truck.
For the yacht brokers, being involved in these transactions is not something they take lightly. They know that they have to do most of the work that is involved in a business transaction such as this. If they do a good job, they can be expect to be compensated handsomely.