REAL ESTATE PROPERTY MANAGEMENT

Many people probably think that a career in real estate is limited to making money by brokering transactions. One thing you will learn from taking classes at Brooklyn Real Estate Institute is that there are many career paths in the real estate industry that don’t involve brokering—a great example is property management.

If you decide to go for a career in property management, you will work closely with real estate owners to help maximize the return on their investment. As a property manager, you will do everything from finding tenants to calculating budgets and expenses. You will likely have a large portfolio of properties, each with unique needs. In order to be effective, you will need to develop a network of experts to handle repairs, construction, and a variety of other tasks.

Tenant-related Tasks

One of the primary functions you will have as a property manager is to find and maintain good tenants. Property managers are typically tasked with advertising and showing the property to prospective tenants. They screen tenants by performing background, financial, and employment checks. Property managers also prepare and execute lease agreements, coordinate any necessary modifications or build-outs, and help tenants while they are getting situated in the property.

Once the property is occupied, you will handle the timely collection of rent and the eviction of non-paying tenants. You will also receive and address tenants’ complaints, enforce rules and regulations, and follow up with tenants to ensure that they are satisfied with the property.

Classes at Brooklyn Real Estate Institute can give you the tools needed to identify good tenants and teach you the techniques that you can use to keep those tenants happy.

Administrative Responsibilities

Beyond finding and keeping good tenants, your work in property management will involve a significant amount of administrative tasks. You will be charged with managing expenses and setting a budget to cover costs such as repairs, landscaping, improvements, advertising, and more. Your ability to find cost-effective solutions to everyday problems will make you a valuable asset to real estate owners trying to maximize profit on their investment.

In addition to budgeting, you will also be tasked with record keeping and risk management. You will need to monitor and ensure compliance with government regulations and avoid potential legal and tax-related problems. In order to do this, you will need to stay updated on regulatory and legal changes and be effective at continually implementing new practices to ensure compliance. You will also need to maintain accurate and up-to-date records on everything from income and expenses to tenant interactions.

Property management might seem overwhelming, but it can be a great career if you are creative and enjoy staying busy. Classes at Brooklyn Real Estate Institute can help you prepare to be a successful property manager.

YOUR REAL ESTATE TOOLBOX

I thought that today I would talk a little about some of the tools that most real estate brokers and salespeople have in their “real estate toolbox.” The difference between being licensed and being effective really depends on having the right tools and techniques and knowing how to use them. These are just a few tools that you can use in real estate. These tools and many more are all covered in the 75 hour course offered by Brooklyn Real Estate Institute.

Finding a Property

Really the first step in any real estate transaction is finding a property. While the old, “drive around in neighborhoods that you like” approach might be great, any experienced real estate professional will definitely have a few more tools at their disposal for finding a property.

The first great tool for finding is people. Building a network of buyers and sellers that trust and rely on you is essential for any real estate professional. You won’t need to go canvas the neighborhood if you have satisfied customers that bring their listings to you and refer their friends.

Online databases and other publications are another great tool for finding. After completing courses at Brooklyn Real Estate, you will know how to find and list properties on key databases like the Multiple Listing Service (MLS) and others. These databases are invaluable for finding properties that fit your client’s needs or pitching your property to prospective buyers.

Valuing a Property

Once you find a property, you have to be able to find out what the property is worth. In a market full of uncertainty and shifting prices, this can be a tough task for even experienced professionals.

No discussion about property value would be complete without mentioning appraisers. An appraiser is a professional who evaluates certain criteria to determine an objective value of a property. The value assigned by an appraiser not only helps buyers and sellers, but is also used by banks and lenders to ensure that their loan is secured by valuable property. While the appraisal value is certainly important, any seasoned real estate professional will tell you it’s far from the last word.

Another great tool for valuing property is to use public records searches. Public records can include information about past sales, including how much the property sold for at its last sale. Public records can also include valuable information like tax appraisals and related proceedings. Using public records together with appraisal values can help give an accurate picture of the true value of the property.

Trading a Property

Once you have a property and you know how much it is worth, the only thing left is to trade it. Whether you are buying, selling, renting, or leasing, there are a variety of tools that can make your life easier.

The first great tool I want to talk about here are forms. Any real estate deal will come down to a contract. The success of your trade often depends on identifying the key terms of the agreement and then putting it into a contract. Rather than re-inventing the wheel, there are dozens of published forms that can help you get started. One great source for forms in Brooklyn is the New York City Bar. You can find other forms by searching online or checking with the Brooklyn Real Estate Institute.

It goes without saying that no trade can go through without a lender. While it might seem obvious, a smart real estate professional will begin qualifying their client from the beginning in order to avoid problems when closing a deal. Getting a lender on board early on is an essential tool for any real estate trade.

Hopefully some of these tools give you ideas on how to improve your real estate career. Good luck until next time!

There’s More to Being a Real Estate Agent Than Just Selling Properties

It’s true. Most people think that the typical real estate agent spends his or her days showing clients potential homes, condos, and other properties. And yes, the majority of us do that.

However, you can do so many other things in the real estate industry. How about helping your clients become real estate investors? You’ll be helping them invest wisely in properties, and growing their wealth portfolios.

What about actually helping people get funding for their new homes? Then you’ll want to learn the intracacies of the mortgage industry, and become a mortgage professional.

It’s Just a Small Time Investment

However, what if you really truly want to stay in the selling and buying of real estate? Well, take it one step further and get a broker’s license. With just 45 hours of online coursework from Brooklyn Real Estate Institute (REI), you’ll be ready to take the broker’s exam.

But why would you want to become a broker? The bottom line is that you will potentially make more money and who doesn’t want to do that? With your broker’s license, you can open your own office and hire real estate agents to work for you. You’ll essentially be starting and running your own business.

You’ll Learn Some Mad Skills

Another cool thing about getting your broker’s license is that you will learn more about the industry. You’ll be taking courses in law, finance and investments. You can also gain the knowledge and skills to branch out into property management—another great way to use your management and people skills.

With the real estate marketing rising, you can start expanding your business and creating a career path full of potential.

With Leadership Comes Responsibility

Don’t get me wrong, along with these great perks comes some responsibilities. You’ll be overseeing your agents and can be liable for any legal issues. You will have to be responsible for money accounts and making sure they are all above board and legal.

As you can see, the potential you gain by obtaining your broker’s license is almost limitless.

How Real Estate Classes in Brooklyn help You Become a Real Estate Agent

Are we really asking this? Let’s see. If you attend a real estate class in Brooklyn for 75 hours and then pass your real estate license test, and have a broker willing to sponsor you, you can be an agent. OK, that is obvious.

But back a million years ago, I wore a football helmet and pads and played an average of two minutes of every game in High School. I never introduce myself as a football player. So you have your license, are you really a real estate agent? You’ve got the name tag, but are you really functioning as an agent?

In name only

I have seen agents who go through the motions. They actually look like they are working but they aren’t getting anything done. From one moment to the next, they have to ask for help; like every deal they try to work is their first ever. And do they close deals? Not really. They are there, like the idiot son of a multi-millionaire hanging onto daddy’s hand through every step of the process. Their broker helps them just so the deal gets closed properly.

Left to themselves, these “agents” would starve. Eventually colleagues stop helping because they may see them as a lost cause. Feeding them a lead is a waste of a possible opportunity. This agent starts dragging down the entire office. The lead broker may have a soft heart, but the underlings may be helping out by making sure the help-wanted ads get left on their desk. Maybe they will get the hint and find a job better suited to a wannabe.

Become a real agent with real estate classes in Brooklyn

Unless you like to play the feckless wimp in your organization, you need to step up and become a real agent. I always recommend taking the real estate agent course from a reputable Brooklyn real estate school. (ie www.brooklynrei.com) They follow the New York course but they make sure you truly understand each detail. Additionally, refresher courses as well as other opportunities are available for ongoing training.

Even though real estate licensing is controlled by the State, it is hardly regulated like doctors or lawyers. Can you imagine a doctor standing over an operating table asking, “Which side is the appendix on again?” Yet who hasn’t had a friend after a real estate deal get a phone call saying, “I’m sorry. I forgot to have you sign three more pages, then the house is yours.”

Since there is significant paperwork required from the agent after the deal, an agent who doesn’t know what they are doing can create headaches for their clients and the broker. How would you like getting from a job that hasn’t paid you anyway because you haven’t sold anything?

Successful real estate agents will tell you that they live and die through referrals. Any lack of confidence in an agent can ruin any possibility he or she could have for referral business. People want their agent to know everything and behave professionally.

How a Real Estate School in Brooklyn can help you become a Notary Public

I don’t know about you but I didn’t know it was a big deal to become a notary public. Watch somebody sign their name, check their ID, record their name, this and that. It just looks like a job for someone who really likes paperwork, or somebody who likes being indispensible anytime a document needs to be figuratively signed in blood.

How hard can it be? Turns out, it is more complicated than that.

Things you learn in a real estate school in Brooklyn about becoming a notary public

A notary public evidently needs to know a bunch of legal things. To learn this at Brooklyn REI they take a mini law school course. Some of the items they must study and know include:

Appointment and Qualifications

Before you even start down the path to become a notary public, you might want to check your record for any misconduct, including bad credit, DUI, or any other crime. A notary’s main job after all, is to be completely honest. Even if you pass the class with flying colors the State of New York will not appoint you to be a notary with a flawed background.

Other items that are covered in class include:

Public Officers Law
Powers And Duties Executive Law
Real Property Law
Restrictions And Violations Judiciary Law
Executive Law
Penal Law
Definitions & General Terms

It’s all legal

See, I told you it was like a mini law school. When it comes to real estate there are many documents that need to be notarized. It is always good to have a notary on hand since you spend much of your real estate career signing documents that need to be notarized.

The reason a notary public is so important is that many real estate documents are worth thousands or millions of dollars. You want to always have access to an impartial notary to add an extra layer of security to your deals.

How a real estate school in Brooklyn can help you with your notary test

Since notaries must be appointed by the state, the school you attend for your training as a notary can make a big difference. Even if you pass the test, the state looks at all the qualifications you have as well as any items they may hold against you. If you studied in qualified school, it speaks well of you and how serious you are about being a notary.

A notary appointment is one of the perks you can earn through a life of honesty and integrity. With the advent of the Internet, your private life is available for more scrutiny in areas like this. If you know you have made mistakes in the past, learn your lesson and move on, without being a notary.

How a Brooklyn Real Estate School can Help you Become a Real Estate Broker

As in my previous blog let’s start with why before we talk about how. I don’t know what your why is right now but there are many good reasons to pursue a real estate broker license. First, having a Real Estate Broker License gives you that extra level of expertise that is needed in today’s competitive Real Estate world. It also allows you to open your own independent brokerage firm, as opposed to being under an existing brokerage house.

If you are looking to become your own man or woman in real estate, a real estate broker license is a must. Since you probably already have your real estate license, you realize that the only way you can work right now is under a real estate broker. Not only are they responsible for your activities, they get a piece of the pie you create.

Brooklyn real estate school helps you with the how.

If you have enough reasons why you want to become a broker, then you need to be licensed by the State of New York. The first step is to take the 45 Hour Real Estate Broker License Course. This course consists of 11 sessions, which can be taken in any order. Once all the sessions have been completed you can take both the school and state exams.

Even though the course curriculum and information is dictated by the State of New York, having an instructor who helps the course come alive in real terms will help you to become a broker who makes money and is able to maintain a profitable brokerage.

After you get your broker license, then what?

Having a license may be a dangerous thing, just ask the parents of driving teenager. A Brooklyn real estate institute can help you continue to build your career after you receive your broker license. Any successful broker is one who is continually learning and expanding their knowledge of the industry.

It is a good idea to sign up for coaching and mentoring programs. Coaching programs can teach you how to maximize profits and how to work with the agents under you. A good mentoring program will give you the opportunity to work side by side with an experienced real estate professional. You can learn how to buy and sell investment property for your clients, maximizing profits while minimizing risks.

It is good idea to take every course available. The information plus the hands on experience you will receive will make working in your own brokerage seem easier.

Networking in your Brooklyn real estate school

No school, not even Harvard believes they are the complete repository of important information for any career. Real estate schools are no different, but by networking with fellow students and faculty you can create sources of good information. Your mentor might suggest a reading list and some professional journals. A fellow student may recommend an online source of ideas. Your network may procure you an invitation to one of many prestigious professional societies where you can continue to network.

You may be your own boss at this point, however, only with the right knowledge and initial help is that worth anything.

How Brooklyn Real Estate Classes can help you become a mortgage Loan Office

I admit it. I have a problem with how to blogs. The reason is I think too often, it is putting the cart before the horse. How to become a loan officer is meaningless unless you first know why you want to be a mortgage loan officer. Not to be negative about my own blog topic; but who wants to be a mortgage loan officer? Was your dad a mortgage loan officer? Did you think it was cool when he came home in his sensible sedan and suit exactly at 5:30 for dinner? Did you brag about your dad’s job during show and tell? Was your mom a mortgage loan officer?

If you did, then you are weird. You should be a mortgage loan officer and you should probably sign up to be the poster boy or girl for mortgage loan officers; the one person in a million who actually wanted to grow up and become a mortgage loan officer.

Why Brooklyn real estate classes help you to become a mortgage loan officer

Just because you sign up to take a class on becoming a mortgage loan officer doesn’t mean that was your goal as a child. Some people decide at some point to pursue that field because they like helping people and they like to solve problems. They see the job of obtaining a mortgage for someone’s first house as a humanitarian effort. They see the altruistic mission of helping a young couple move into their first home as life fulfilling. Or they find out they can make a good living as a mortgage loan officer.

At Brooklyn REI you learn more about being a mortgage loan officer then it becomes easier to see why it is important and why it appeals to you. Knowing why makes all the difference. Maybe you don’t want to do it full time. Maybe you see it as a valuable skill and resource to fall back on while you are working on your real estate career. The more whys you come up with the easier the classes will seem. You become motivated to do your best.

Back to the how

The New York SAFE Mortgage Loan Officer Course only takes 20 hours. Before you take the course you may want to find out from your Brooklyn real estate school what kind of background you might need. They may even suggest an aptitude test to determine your abilities before you begin the course.

You may already have a need for your license or you may even have a job lined up once you finish your course. In that case, 20 hours out of your week should be a small price to pay for such a vital skill. In the current economic environment, quality mortgage loan officers who understand and follow the new regulations are actually in demand.

Take the course. But by all means know why you are doing it and how it will help your career.