Las Vegas Real Estate Career

The Nevada Real Estate Division decided to replace continuing education with a post-licensing requirement effective January 1, 2006.  Post Licensing courses were intended to complement Pre-licensing classes and provide a foundation for practicing real estate that is not present in pre-licensing classes. 

Most new real estate students enter pre-licensing courses “not knowing what they don’t know”.  In short they are unconsciously incompetent!  Pre-licensing courses paint a broad brush mosaic of real estate replete with all the terminology and concepts that are required to pass the national and Nevada real estate exams.  By doing so, students become aware of the many topics and issues that are relevant in their pursuit of real estate.  However, this awareness creates consciousness, but does not begin to develop competencies. This is where post-licensing classes fit in; they begin to develop the practical knowledge and experience requisite to becoming a successful licensee in the practice of real estate.

The Nevada Administrative Code NAC 645.4442 mandates of minimum of thirty (30) hours of classes covering fifteen areas of content.  This is a good start, but there are two problems or concerns that have arisen since its inception.  First, the NAC code only requires a minimum of three (3) hours of contracts related classes.  Consequently, Americana Group developed a 42-hour post licensing course in order to retain 15 hours of contracts related material.  Contracts are too complex and the numbers of required forms are too plentiful to be able to be taught in a mere 3 hours.

Secondly, most post-licensing offerings in the Greater Las Vegas Area have simply replaced the previous 30 hours of continuing education with 30 hours of post-licensing.  That is, a number of standalone course offerings are available that permit licensees to piece-meal content together without putting any of it into an overall context.  The Americana Group post licensing course is a fully integrated set of modules where many of the classes build upon previous classes.  There is a good sense of continuity that reinforces the learning process.  The vast majority of licensees that complete the Americana post licensing course leave the course with a much greater confidence in their ability to actually work with a buyer or seller.  They have already demonstrated their ability to complete a residential purchase agreement as well as the buyer’s and seller’s net sheets . . . in order to graduate from the program.

The structure and format of the Americana post licensing course is so powerful that we have even had seasoned agents sit through the course for no credit.  Why?  Because the ones who have were able to take their existing career results to new levels.  This is no mystery!  Many licensees that entered into real estate from 2004 through 2006 never really had to learn the basics of selling or closing transactions.  Rather the hot Las Vegas market carried them despite their lack of skills.  Many of these agents are currently struggling and the Americana post licensing course is one tool to help them.  Americana has many other exciting tools that will help any sales professional at any point in their career.

The post-licensing course is open to any Nevada licensee and the cost is $199.  The course is free to licensees affiliated with Prudential Americana Group.  To enroll in our post-licensing course, contact Kristy Shay at 702-796-7777.  Visit our training center to see the current schedule for post-licensing and all class offerings.

The Prudential Real Estate Affiliates (PREA) held their annual sales convention in New Orleans, March 16-18, 2008.  At the end of 2007, PREA was made up of :

• 677 Franchises (Brokerages)
• 2100 Real Estate Offices
• 64,000 Sales Associates

Prudential Americana Group, REALTORS received the following honors:

• The company ranked 11th overall in the entire network
• Our Sahara Branch received the Pinnacle Award for 9th place in closed gross commission income.
• The Shapiro/Sher Group was honored as the number 1 TEAM in the country for the Prudential network.
• Joe Iuliucci of our Southwest Office ranked 10th in the country for total closed units.

Here are some valuable resources and websites to bookmark for the latest information concerning Las Vegas and the state of Nevada economy, work force, business, housing market, tourism, etc.

 The Center for Business and Economic Research - University of Nevada, Las Vegas
http://cber.unlv.edu/snecon.html
You can obtain a myriad of data, charts, graphs and commentary on the latest Nevada business conditions, Clark County economic data, Las Vegas housing market conditions, population data, information on tourism, economic outlook (mid-year and annual)

Nevada Economy in Brief - is a monthly publication from the State of Nevada, Department of Employmnet, Training & Rehabilitation.  These publications are available for download at: http://www.nevadaworkforce.com/ along with a wealth of information on job growth, unemployment statistics and the Nevada economy.

For demographic, population and some housing information:
http://www.co.clark.nv.us/comprehensive_planning/05/Demographics.htm

Las Vegas Chamber of Commerce  (http://www.lvchamber.com/home.html) - great for business-building and networking; relocation information and more.

Official Las Vegas Tourism site - for all things Las Vegas - from the Las Vegas Convention and Visitors Authority.
http://www.visitlasvegas.com/vegas/index.jsp

The process for complaints or ethics violations through Greater Las Vegas Assoication of Realtors® (GLVAR):

• Either a member of the public or another Realtor® may file an ethics complaint.
• The complaint first goes to the Grievance Committee.
• If the Grievance Committee feels the complaint has merit, the case will then go forward to the Professional Standards Committee for a formal hearing.
• In Professional Standards, the case is handled as if in a courtroom.

1. Article 1 - Protect and promote your client; treat all parties honestly.

a) Earnest Money

• Not getting any and signing that you did
• Giving check back to buyer who changes his mind before you open escrow and not informing other agent
• Checking earnest money deposit under the default paragraph on the Residential Purchase Agreement (RPA) if you have no earnest deposit
• Letting buyer move in early without making earnest deposit hard in case the deal goes south

b) Representing both sides in a relationship - Be very careful to be equally honest with all parties

c) Representing yourself or a close friend

2. Article 9 - Put it in writing!

• Not filling in all blanks
• All parties must have copies of everything
• All amendments and documents must have signatures
• Dates and time are part of a complete document
• “Per Lender” - not appropriate for loan information
• Problems with documents particularly on lease options - be sure language is very clear
• Take notes on all contacts, phone calls and documents given with your client - be sure they are part of your file

3. Article 2 - Avoid misrepresentation, exaggeration and concealment

• Be truthful
• Do not misrepresent the amount of the earnest deposit
• Keep buyers informed of zoning changes
• Do not list as residential when zoning is being changed to commercial
• Do not lease homes that are about to be foreclosed
• If you know of anything adverse, you need to disclose

4. Article 12 - Be truthful in advertising

• Cannot use a URL Domain name that would present less than a true picture. Ex: “RockbottompricesinLV.com”
• Must be entitled to use Realtor® designations and must be current in dues to those organizations
• Cannot be misleading
• Must state that you are a Realtor®
• Must put Realtor® on business cards
• Must use name on your business card that is on your real estate license. Nicknames may be put in parenthesis
• Putting wrong photos in MLS
• Cannot advertise a home that you have not listed

5. Article 16 - Take no action inconsistent with another Realtor’s® exclusive relationship

• Must ask if a person is already represented with a brokerage agreement
• Cannot list a property before it is expired or unconditionally withdrawn
• May not change broker compensation via a RPA, addendum or counter
• If in a short sale situation, if compensation is changed by the bank, you must specifically state how commission is to be split

Any complaints filed and/or the results of any hearing by the Association are confidential. They are not a matter of public record.

The following list is a great review and reminder of the basic principles of the REALTOR Code of Ethics. 

To review or download the 2008 version of the Code of Ethics:

• NAR Code of Ethics 2008 (PDF)
• NAR Code of Ethics 2008 Online

1. Protect and promote your client’s interests, but be honest with all parties.
2. Avoid exaggeration, misrepresentation, and concealment of pertinent facts. Do not reveal facts that are confidential under the scope of your agency relationship.
3. Cooperate with other real estate professionals to advance your client’s best interests.
4. When buying or selling, make your position in the transaction or interest known.
5. Disclose present or contemplated interest in any property to all parties.
6. Avoid side deals without your client’s informed consent.
7. Accept compensation from only one party, except with full disclosure and informed consent.
8. Keep the funds of clients and customers in escrow.
9. Assure, whenever possible, that transactional details are in writing.
10. Provide equal service to all clients and customers.
11. Be knowledgeable and competent in the fields of practice in which you ordinarily engage. Obtain assistance or disclose lack of experience if necessary.
12. Present a true picture in your advertising and other public representations.
13. Do not engage in the unauthorized practice of law.
14. Be a willing participant in Code enforcement procedures.
15. Ensure that your comments about other real estate professionals are truthful, and not misleading.
16. Respect the agency relationships and other exclusive relationships recognized by law that other REALTORS have with their clients.
17. Arbitrate contractual and specific non-contractual disputes with other REALTORS and with your clients.

HUD’s Federal Housing Administration (FHA) is temporarily increasing its loan limits (until December 31, 2008) in Clark County, NV to $400,000 (from $304,000) as part of an economic stimulus plan that will enable more families to qualify for a safe, affordable mortgage.

FHA loan guidelines are more relaxed than conventional loan guidelines; this includes less strict regulations about past bankruptcies and/or foreclosures, job requirements, use of alternative credit, and debt-to-income ratios.

FHA Loans have several advantages over conventional loans, including lower down payments and more relaxed credit-qualifying guidelines. The federal government created FHA loan programs to encourage homeownership throughout the country. The FHA does not supply the loan; it simply insures the loan to limit the risk to the lender.

Benefits of an FHA loan include:

• A 3% down payment, as opposed to a 5% down payment on traditional loans
• Low monthly mortgage insurance
• Low closing costs, which are regulated by HUD
• No credit score requirements
• Qualify for a loan two years after a bankruptcy
• Qualify for a loan three years after a foreclosure
• A non-occupant co-borrower can help buyer qualify for purchase
• Buyer can receive 100% gifted funds for down payment and closing costs from family member
• Seller can contribute up to 6% toward closing costs

For more information, visit these websites:

• HUD.gov
• FHA.com

Virtual Tours are not just for New Listings anymore! Get creative and use this affordable technology for personal promotion and branding , showcasing community amenities and information, just moved announcements for buyers, market yourself as the niche or neighborhood expert, showcase your success, recent homes sold or other accomplishments.

In this post, we’ll discuss four different options to consider for Virtual Tours - Property and Personal Promotion.
Real Estate Shows

• You pay $125 per year and get unlimited tours
• Free 14 day trial - take it for a test drive -you will be up and running in less than 30 minutes!
• Use your digital photos to create Internet Shows in less than 5 minutes
• Very easy to use - simple tutorials to walk you through the process
• Create a 30 second (5 photos) or 60 second (9 photos) video
• Create internet flyers and distribute free to Google Base, Oodle, Trulia, Zillow, Vast Hotpads, Geebo
• Embed (post) your video on your blog, You Tube, craigslist
• Real Estate Shows resources: Blog and How to Videos

VirtualTourStore.com The next generation in custom virtual tours and webmercials from local Las Vegas real estate professional Steve Matthews. We are using this technology to add video agent testimonials and introductory videos of our managers to this real estate career success blog. Watch for the additions in the next couple of weeks.

VHT.com A full service virtual/visual tour company specializing in real estate photography and 360 panoramic tours. VHT provides several options and special pricing for Prudential Americana agents ranging from tours where you upload the photos to a full service, customized tour.

VisualTour.com For a one-time fee of $199.95 for a VisualTour Agent Starter Kit, and a monthly subscription fee of $29.95, you can create and host an UNLIMITED number of virtual tours! These tours can remain online for as long as you pay your monthly subscription fee.

Guest Contributor:  Steven Kitnick

Earnest money is the deposit paid by a prospective Buyer as evidence of their “good-faith” intentions to complete the real estate transaction.  The Buyer is promising to be diligent in their efforts to fulfill the terms of the Residential Purchase Agreement (”RPA”).  Additionally, if the Buyer and Seller agree, the earnest money deposit (”EMD”) may also serve as a source of payment, and act as the Seller’s sole legal recourse, as “liquidated damages,” should the Buyer default, that is, fail to perform in accordance with the terms of the “RPA”.

Earnest money deposits are not required for the creation of a valid and binding “RPA”.  However, it is rare that a “RPA” does not include an “EMD”.  The reason for this is that an “EMD” demonstrates to the Seller that the Buyer is serious about his/her offer. Although the amount of the earnest money deposit varies, it is usually enough to motivate the Buyer to take whatever steps that are necessary to perform as outlined in the “RPA” in the time-frame specified.

The general rule with respect to “EMD” is that the Buyer is entitled to a return of the “EMD” if the transaction does not close through no fault of the Buyer. Conversely, the Seller is entitled to the “EMD” if the Buyer breaches the “RPA”.  However, when a real estate transaction fails, both the Buyer and Seller may claim a right to the “EMD”. 

When a dispute arises here are the Eleven Things Everyone Must Know About Earnest Money Deposits.

1.  The “EMD” may be deposited with an escrow/title company handling the transaction.  They are a neutral third party that follows the Buyer and Seller joint written instructions.

2.  The real estate brokers and their agents have no authority over the escrow/title company.  Thus, they have no authority to direct the payment of the “EMD” to either the Buyer or Seller.

3.  If the transaction is cancelled, the right to the “EMD” will depend on whether there was a default under the terms of the contract, and if so, who is the party in default.

4.  The “RPA” contains a default provision that everyone should be familiar with because it will dictate what happens in the event the Buyer or Seller defaults.

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Looking for online services, classifed ad sites and tools to market your listings on the web?  We’ve compiled a list of websites (most free - some come with a posting fee) to get you started.

The resource guide includes links to Zillow, Trulia, Wanna Network, MLS Online, Propsmart, International Listings , vFlyer, craigslist, Oodle, Google Base, Yahoo Real Estate, Vast, Edgeio, LiveDeal. Postlets, and Hotpads.

Let us know if you have any to add and we will update this list.

Marketing Your Listings Online (PDF)

Marketing Your Listings Online (Word)

One of the best ideas we have incorporated into our training and coaching is a strategy developed by Brian Buffini called “Win the Day.”

The Win the Day Formula

1) Make 5 prospecting, follow-up calls
2) Write 3 personal notes
3) Add 1 person to your database
4) Commit to 2 hours of lead generation activities (which the above are a part of)

Take this formula a step further and expand your personal winning formula to include the specific weekly and monthly prospecting and business-building strategies you have incorporated from your business plan.  Some examples might include:

• Handing out 20 business cards a week while talking to people about real estate
• Conducting 1 open house a week or 3-4 open houses monthly
• Mailing an item of value and/or current real estate market updates to your Sphere of Influence and Past Clients
• Contacting 5 For Sale By Owners or Expired Listings each week and presenting your marketing plan
• Posting 2-3 times a week on your real estate blog