Second home sales have been increasing over the last few years with more people becoming second home owners. In 2005 alone, 40 percent of the homes sold were second homes. Demographics, all time low mortgage rates, and healthy rise in home prices have contributed to this development in the second home market. Besides these, a major factor that has helped augment the buying and selling of second homes is the real estate professional.
The National Association of Realtors conducted research on the profile of second-home owners in 2006. According to the NAR report entitled ’2006 Profile of Second-Home Owners’, a majority of second home sales transactions are conducted using the services of real estate agents.
The statistics are remarkable; 64 % of vacation home buyers purchased their home using the services of a real estate agent by the end of 2005 – a marked increase from less than 50 % of vacation-home buyers in 2003. Also, 65 % of investment-home buyers purchased their home with the help of a real estate agent – an increase from 53 % of pre-2003. In comparison, only 14 % of vacation-home buyers and 7 % of investment-home buyers purchased directly from builders from 2003 to 2005.
The growing role of the real estate professional is evident from the following figures:
1. Of vacation home sales made, 71 % of them were second homes and 74 % of the sales were made using the services of a real estate agent.
2. Of the investment properties sold, 85 % of them were previously owned and 62 % of the sales were made using the services of a real estate agent.
The use of real estate agents in second home sales transactions varied according to the home’ location.
1. Buyers used a real estate agent more frequently while purchasing a vacation home located in a suburb/subdivision (56 %) or a rural area (57 %) than for homes in other locations.
2. About 66 % of buyers who purchased an investment property in an urban/central city area or in a suburb/subdivision, used the services of a real estate agent more frequently than those who purchased a home in other locations.
Real estate professionals continue to be the first source of information to second-home buyers (38 % of vacation-home buyers and 34 % of investment-home buyers). The real estate professional also plays a major role when second-home owners plan to buy additional properties. If you are thinking of buying a second home or vacation home, seek out the services of a real estate agent to guide you through your next home purchase.
1. The percentage of second home owners who are more likely to use a real estate agent in their next home purchase is quite high. Among vacation-home owners it is 79 % and investment-home owners 73 %.
2. Among second home owners, 65 % of vacation-home owners and 64% of investment-property owners are more likely to use a real estate agent in their next home sales.
Given these statistics, it is no wonder that the real estate agent plays a pivotal role in helping people buy and sell second homes. So whether you are a second-home buyer or seller, enlist the services of an agent for a smooth, hassle free real estate transaction.
Watch the video related to real estate agent
Real Estate Agent Training www.yourcoach.com In this short video, Tom Ferry challenges you to ask yourself what type of professional are you? One who brings life to the room or someone who is an energy sucking vampire? In order to be successful at whatever you do, you have to always be working on your likeability factor with people! How do you do that? Two things, among others: 1. Work on being more interested. #2 Become passionate and give back as you connect with people.
Help answer the question about real estate agent
Is it beneficial to use a real estate agent when buying a home from a home builder?A real estate agent told me he could help negotiate the price and get us the better deal on a newly built home. The real estate agents at the builders location says they can get me a better deal if I don't have a realtor. Who is blowing smoke? Do I actually get a better price if I go with a realtor or without?
You have a LEGAL AND BINDING CONTRACT. all disclosures within the contract should be what the seller knows about the property. Now the other agent cannot FORCE you to sign anything. Basically what the agent is trying to do is cover his clients ass- if the selling side has a problem with it you can always take it before arbitration (see how they like that). Either way the selling agent is not within his rights to present other docs. for disclosures, nor do you let them off the hook. You will have no recourse if you do. Hope this helps.
Check with your local Howard, Perry & Walston school, or go to http://www.hpwreschool.com for all the info you are looking for. Good luck, it's hard but well worth it in the end.
this guy and people like him are why we are in a recession right now, i cant believe he said the things he said,he is basically saying to trick people into buying a more expensive house then they can afford so that you get a bigger commission,what a piece of shit,that is exactly why so many people are losing there homes,realtors and bankers getting people to focus on the monthly payment and disregard things like two separate interest rates (80/20 loan)interest only and adjustable rates.
I bought a home in foreclosure 3 months ago and you SHOULD ABSOLUTELY WORK WITH A REAL ESTATE AGENT. As a first time home buyer myself, there are many situations that come up and you need someone who is experienced to be working for you. And that is the key your real estate agent should be working for you!
I worked with 3 different realtors before we found someone that worked for us and we did not sign exclusivity contracts with any of the realtors. The only time you enter an agreement with your realtor is when you go to make an offer on a property.
The commission is paid for by the owner, in the case of a foreclosure, this is the bank.
But like I mentioned it is extremely important to have an agent. When we were buying our house, the bank that owned the property had certain rules that we had to abide by. For example they determined the closing date and for every day we went past that closing date, we would have to pay the bank $100 a day. Our realtor was on top of everyone, especially the mortgage broker, to make sure we closed on this date. Your mortgage is really where you will get held up in the process so having our realtor to deal with everyone and expedite the process is why we are now happy homeowners.
Common sense. Thanks.
great…. thanks..
2:40 “how to list entire developments” – this would make a great topic for a video.
The Realtor is telling the truth.
New home builders actually build in the 3% they pay Realtors. If you don't bring one the 3% goes directly to the bottom line.
Go into a new home development and tell them you want 3% taken off the top of the home.
They will most likely tell you to go take a hike.
Realtors can actually ask very specific questions that you as a neophite would never think to ask.
Realtor also know that the "Statute of Frauds" prevents the salesperson in the model home from VERBALLY promising you things and not putting it in writing.
Many people decide to NOT use an agent to buy a new home and pay dearly for this decision.
Here's what normally happens.
They go into a new home development and the salesperson working for the new home builder asks "Are you with your agent?"
If you go to the models THE FIRST TIME without an agent you cannot bring your agent back to negotiate the contract.
Once they know you are not represented by professional council then they can go to work on you. How do they work on you? By VERBALLY promising things they know they don't have to live by because it was never put in writing.
P.S. Always remember this if you decide to "Go it alone" Verbal promises cannot be enforced in a court of law due to the "Statute of Frauds"
Hope this helps!
Terry S.
http://www.Welcome2Arizona.com
You have to join a real estate investment group AND BE ACTIVE!
In your areqm there may be a landlord association or a real estate investment group.
Its up to you to do your homework.
You cuold call a few offices to make an appointment to look at some property OR tqke one or two out to breakfast or lunch.
OR you could go for a little ride in your neighborhood or area. Look for complexes and the names of those offices managing them.
Thanks for asking your Q! I enjoyed answering it!
VTY,
Ron Berue
Yes, that is my real last name!
My father is a commercial real estate broker and he has definetly made a very successful living off of it. I dont know exactly how much comission he makes, but I have heard he has made 4 million before on one building, I dont know if that is the highest he has made on one building though. He has sold 70 million dollar buildings before. It definetly makes you much more than residential real estate. And the market doesnt get bad for commercial. It is a better market and a smarter choice.
The seller, in this case the lender, pays the agents.
@crispybacon100 OMG so saw this and thought DON VITOS A REAL ESTATE AGENT?
After you have met the eligibility requirements and passed the examination, you may apply for your real estate salesperson's or broker's license. You must submit your application for license to the Missouri Real Estate Commission within six months of the date of your 48-hour pre-examination course completion. If no education is required, proof of satisfactory completion of BOTH portions of the required examination must be completed within six months prior to the date the application for license is submitted to the Missouri Real Estate Commission. Follow the instructions on the reverse side of your passing score report to apply for your salesperson's or broker's license.
Questions About Licensing
Questions regarding license application or information concerning licensure requirements should be directed to:
Missouri Real Estate Commission
3605 Missouri Boulevard
P.O. Box 1339
Jefferson City, MO 65102
573-751-2628
Fax:573-751-2777
How to Contact AMP
For inquiries and general registration information, you may contact AMP at:
Candidate Services
AMP
18000 W 105th Street
Olathe, KS 66061
1-800-345-6559
MOREP@goAMP.com
Nice one………..
This guy sells one house and he thinks hes the best agent ever.
i’ll suck up any info i can as a new agent, thanks!
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The last person that answered and said it is not possible to collect a commission if you are the principle is incorrect. They may want to check their source.
I am an active real estate agent. I have bought 2 homes that were my primary residence in the last 7 years. Each time I represented myself as the buyer's real estate agent. Each time I deducted my commission from the price of the home because that is how I wanted to get paid. But I had the option to get paid the normal 3% as the buyer's agent and have that money go through my broker and their commission split to be taken out. So in order to avoid all that, most brokers allow their agents to have at least 1 personal transaction in order to benefit from it. Maybe things are different in NY – I am a TX agent. I say get your license but don't be a broker (more expense and liability) just be an agent. Find a broker that will just charge a minimal desk fee ($250) per month or a certain amount per transaction ($200) and they also will pay your E&O insurance. As long as you keep your license active, this will be a great asset to have in the future as you and your family or friends buy homes. It will save you money in buying and selling. Just make sure that everyone involved in the transaction knows you are a licensed agent and representing yourself.
Good luck.