Las Vegas Real Estate Career

We are pleased to announce the newest member of our Prudential Americana Group, REALTORS® family, Michelle Francis.  Michelle will be heading up our Company training program as the lead Educational Instructor.  She will be conducting our Nevada accredited Post-Licensing classes as well as a variety of continuing education courses.

Michelle became involved in the Las Vegas real estate scene over 10 years ago and was licensed with Century 21 Consolidated and Coldwell Banker Premier Realty.  In addition to Sales, her Las Vegas Real Estate experience includes service in the following capacities:

• The Director of the CENTURY 21 Real Estate Academy
• Director of Career Development for CENTURY 21 Consolidated
• Managing Broker for a Brand New Condominium Developer
• Pre-Licensing, Broker Management, CE and Post Licensing Instructor
• Sales Manager, Mentor and Coach for Coldwell Banker Premier Realty
• Brian Buffini’s 100 Days to Greatness certified Mentor/Trainer

Prudential Americana is pleased to announce we now offer an online Nevada Real Estate Exam prep and practice test as a complimentary service.

The online module offers 12 different exam sets to assist you in preparing for your licensing exam. During this program, you will be able to select from a series of study modes along with timed simulations of the examination.

Just give us a call at 702-320-4397 or complete this contact form requesting your login instructions.   

Jerry Pujals of ZhoneCoaching will be presenting a free seminar “The Winning Mindset and Masterful Negotiations” 

Thursday, May 8^th, 2008 12:00 to 1:30 pm
Equity Title Training Facility — 4035 S. Tenaya Way

• Masterful negotiators are masterful communicators.
• Avoid the number one mistake your competition is making and get back to the basics of selling.
• There are three steps to getting your client to say, yes!
• Run your business like a business and challenge yourself like never before.
• Discover effective strategies for promoting your business.
• Overcome the barriers that hold you back, and embrace a limitless future. Your business will be unstoppable!

Seating is limited to the first 50 participants.  RSVP to reserve your seat today - call 702.318.4043 or email ambers@americanagrp.com
 

Forrest Barbee, our Corporate Broker, recently posted some great information and a downloadable investment analysis tool on his blog:  Real Estate as an Investment: Price Reduction Tools.

Forrest created a spreadsheet that contains two Investment Calculators.  The first let’s you put in the original purchase date, purchase price, expected sale date . . . and then calculated an anticipated sale price base on a 6% annual return.  The second one asks for original purchase date, anticipated sale date, original purchase price, and expected sale price.  In turn it calculates the actual annual return as if this property had been an investment.

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 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.

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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It’s a basic yet often overlooked ingredient for success in the real estate business…previewing and knowing the inventory. In this fast-paced, immediate gratification world, many real estate agents have simply gotten away from previewing available listings and really knowing what’s happening in the market.  Excuses abound, “There’s not enough time in the day”; “It’s not the best use of my time”; “Isn’t that what MLXchange, pictures and Virtual Tours are for?”

The bottom line is you can’t afford to not know the inventory. It is after all the product you are selling - take the time to be the expert in your niche market, farm area, price range, and/or geographical area of town you choose to work.

Major benefits to previewing and knowing what’s available right now:

• You convey confidence, knowledge and expertise with prospective clients when you can talk about properties you have recently shown or previewed.
• You will be able to convert more ad and sign calls when you can discuss the details of a property the prospect called about and elaborate on other properties that may fit their needs better.
• It is the quickest way to learn a new target market or become an expert in an area you intend to farm.

Make Previewing an Ongoing Success Tactic- Try These Ideas:

• When holding an open house, preview all the available listings in the neighborhood
• Schedule at least an hour a week to preview listings, new homes, high-rise projects of interest
• Prior to a listing appointment, take the time to preview the competition
• Attend broker Open Houses and support office caravans or car tours