Teresa Rogers CRS - So… You Think You Want to Be a Real Estate Agent?

Copyright 2019 by Teresa Rogers, CRS; Ann Carlson, CRS; Kendall Bonner, Esq.

All rights reserved. This book or any portion thereof may not be reproduced or used in any manner whatsoever without the express written permission of the publisher except for the use of brief quotations in a book review.

Print ISBN: 978-1-54396-397-7

eBook ISBN: 978-1-54396-398-4

INTRODUCTION

We find that many people have much misconception about the real estate industry. We see people invest time and money to obtain their real estate license only to find out it is nothing like they thought it would be. We see buyers and sellers contract with Real Estate Agents and Brokers unaware of the vast differences in Agents and Brokers, and with unrealistic expectations of what a Realtor can and should do for them. It is our hope that this book can set some of those misconceptions straight and will help foster more realistic expectations whether you want to become a Real Estate Agent, you want to hire one, you are in an industry that supports Real Estate Professionals, or you have a loved one who is a Realtor.

Ann and I are two independent Real Estate Agents with two totally different personalities, yet we have experienced a lot of similarities in our lives.

In our early years Ann and I were both flight attendants. As flight attendants we learned how to deal with people of all kinds in stressful situations. That proved to be good training to be a Real Estate Agent. In the early 2000s Ann and I each got our Florida real estate licenses and we met in the mid- 2000s when we both moved our license to work at the same large national real estate brokerage in our area.

In 2005 and 2006 the real estate market in Florida was booming. Everything was selling, real estate was the talk of every cocktail party, and everyone wanted to get into real estate in some way.

By 2007 we had started into a free fall of real estate values that would prove to be an unprecedented real estate crash. Realtors, Brokers, Title Agents all dropped like flies in our area. Ann and I persevered through it all by sheer grit, determination, and the grace of God. It was 2010/2011 before things really started to recover in our area.

Fast forward to 2017. The economy and the real estate market had recovered and Ann and I were both doing well in the business. Ann far better than I, but we were both in the top 10 individual performers in our office of over 300+ agents. Ann and I both knew it was time to look for a new brokerage. We had some differences of philosophy with our brokerage at that time and we wanted to find a more
compatible place to work at another local brokerage.

Enter Kendall. Both Kendall and her husband, Bill, are Florida licensed Attorneys. During the real estate crash they helped a lot of people restructure financially through short sales and bankruptcies. Kendall had maintained her real estate license with the brokerage Ann and I operated in. However, she left that office to purchase her own real estate franchise and brokerage firm in our area. Several people from our office decided to move to Kendalls new office and Ann and I were in that group.

We never looked back. It was a good move for both of us in our own independent businesses. And as Ann, Kendall and I collaborated to bring this book to you, I cant help wondering if there is a big director in the sky who moves people around into the right place at the right time

As you read, you will see that we refer to ourselves by several different names..Real Estate Agent, Real Estate Professional, and Realtor. They are all the same..but yet different. You can hold a real estate license and be a Real Estate Agent and not be a Real Estate Professional or a Realtor. When we call ourselves Real Estate Professionals it is because we have developed our real estate business, attend on-going training, and have attained credentials in our industry. We run our real estate practice as a business. Both Ann and I are Certified Residential Specialists (CRS), a designation that requires extensive training, time in the business, and minimum production levels. The designation of Realtor requires that we adhere to a Realtor Code of Ethics in our practice. Unfortunately, you can be a Real Estate Agent without doing it in a professional manner or operating as a Realtor; and its wise to remember that when you look for a licensed Real Estate Agent to help you buy or sell property.

Now comelet us introduce you to our world.

SO YOU WANT TO BE A REAL ESTATE AGENT?

Well now, that would be you and half the populationor so it seems to us. We have so many people telling us Im thinking about getting my real estate license. Clients, friends, family, the lady next to me on the airplane, the guy who does my pedicures. It seems like everyone wants to be a Real Estate Agent, and there are already over 2 Million real estate Agents in the US.

My question is WHY?

When I ask that question the answers are slightly different, but most can be deciphered to four main reasons.money, time, fun, people.

1. I want to make a lot of money
2. I want to work when I want to work
3. I love to look at houses
4. I love helping people

All we can say isyou are in for a big surprise.

Dont get us wrong.we love, love, love our profession. Ive been doing it for over 18 years and expect to continue being a Realtor until I die. But what most of you think being a Real Estate Agent is, and what it really is, are two totally different things. Kendall, Ann, and I are here to enlighten and educate potential agents, sellers, buyers, our family and our friends about what we really do. The high highs and the low lows and the crazy things that happen in this crazy business.

Today there are around 2 Million active licensed Real Estate Agents and 86,000 real estate brokerage firms in the United States.

At our office, Kendall is the Broker/Owner, and Ann and I are full-time, long-time professional Certified Residential Specialists and Realtors. And we are here to set the record straight and give you the skinny low down on what being a Real Estate Professional is all about. Whether you fancy yourself as a future Realtor, are an active Real Estate Agent now, or are a seller, a buyer, an accountant, a title agent, a lender, a lawyer, or one of our family or friendsthis book will help you understand why we are the way we are..just a little bit crazy.

And now you are going to see why.

ALL THAT MONEY

You probably think that the real estate Agent working with you to sell your house walks away with all the money shown on your closing statement as sales commission in their pocket.

We only wish. It just doesnt work that way.

A real estate agent works on a contingent basis versus a retainer basis, which means as your consultant, negotiator, and overseer of the details of the transaction, the Agent invests money and time upfront to market your home or find you a home, getting paid ONLY if, and when, they are successful.

Here is how the payment of commission works in most residential real estate transactions:

• Once a home sells, a commission is paid to the SELLERS LISTING BROKER at the closing.
• The SELLERS LISTING BROKER then shares a portion of that with a BUYER Co-BROKER based on a predetermined offering to Co-BROKERS through the Multiple Listing Service.
• Each BROKER then shares a portion of their commission with their AGENT involved in the transaction based on their agreed to compensation plan.