Under Minnesota law, any licensed broker or real estate agent convicted of misdemeanor or felony associated with misrepresentation, fraud or funds conversion is required to report these cases to the state's Commerce Department. The same requirements apply to those who are still applying for a license. Traffic violations are not included in the violations that require reporting.

According to a spokesperson from the Minnesota Commerce Department, those who belong to the licensed list of home agents and brokers who got involved in any of these acts are also required to submit a written explanation expounding on how they got into trouble. The department will then determine whether the broker or real property agent will be allowed to keep his or her license.

Officials further added that there are no specific provisions in the state's law dictating which scenarios will result in agents getting their licenses revoked or which will allow them to keep their professional licenses. The issue of stripping agents and brokers of their licenses became a hot issue in the state following the case of a real property agent who has been accused of hitting a client during an altercation.

According to local reports, real property agent Bill Bernier was involved in an argument with a client which culminated in the agent allegedly hitting the client. The agent was also accused of violating a restraining order filed against him by inspection workers from St. Paul who accused Bernier of threatening them.

The incident reportedly happened five years ago and since then, Bernier was able to keep his professional license. However, the agent eventually lost his license in April of this year after he reportedly failed to provide proper documents to several home buyers and the state's Department of Commerce. The case has reportedly resulted in questions regarding specific licensing rules as they apply to the state's list of home agents and brokers.

Specific Licensing Rules Apply to List of Home Agents in Minnesota is a post from: Brokers Blog

According to ERA, hiring quality real estate agents is not very easy, particularly while the housing industry is in a crisis. Officials from ERA have stated that the company is aware of the challenges facing brokers in terms of recruiting good sales employees and of the challenges that the current crisis is posing on property brokers in terms of finding reliable sales representatives.

The firm explains that the ERA TopRecruiter is a system that can be used by both small and large broker firms. The system was reportedly tested and honed for four months and had exceeded most category expectations. Company officials added that the tool has produced sterling results, particularly in the area of leads received and actual real estate agents hired.

USA home brokers looking for new property agents, including inexperienced and veteran agents, can rely on the comprehensive approach offered by the recruitment tool, ERA has asserted. The system features tools for analyzing hiring needs, keeping track of the progress of recruitment and also offers lesson on effective recruitment practices.

ERA has reported that brokers who participated in testing the pilot program were able to observe immediate benefits and the firm has now decided to offer the ERA Top Recruiter to its franchisees. The company added that personal coaching, virtual training and peer to peer info sharing are also being offered to brokers. The introduction of the recruitment tool enhances these offerings and provides brokers with analysis, planning, development and tracking tools for recruiting sales personnel, ERA has added.

ERA Real Estate also has a customized recruitment Web site called SmarterCareer.com. The site is specifically designed for USA home brokers and they can use it as a home base for hiring and recruiting sales representatives, ERA has revealed. Some of the features of the site are the Confidential Business Assessment, a marketing course in audio form and business-building information resources.

ERA Launches Recruitment Tool for USA Home Brokers is a post from: Brokers Blog

Realtors are focusing on positive things happening in the California residential property market, although they are also not ignoring the negative ones. Some of them have stated that brokers and agents should take heart from the fact that since February 2009, average home price has risen by 20%. They emphasized the fact that the rise in median house prices has been going on now for five consecutive months, which shows that the property market mood is improving.

Market-savvy realtors have also encouraged their fellow professionals to take advantage of whatever opportunities are available, like targeting buyers who have the means to invest and take advantage of low-priced properties under broker listings. Mastering the process of selling short sales can also be an advantage, experienced realtors have stated.

Such advice can come in handy, particularly when attendees have predicted a slowdown in the economic recovery of the country, which will consequently result in further decline in residential sales for the rest of 2010. Any improvement in sales in 2011 will be minimal at best, realtors at the conference have added.

In California, less than half a million residential properties are expected to be sold for the rest of 2010, which will represent a decline of around 10% compared with the previous year. However, prices of residences are expected to pick up, particularly in the single family category. Predicted price increase is estimated to be around 11%, with next year's prices projected to rise a further 2%.

Although prices of houses are expected to rise until next year, average prices will still be lower than 2007 peak numbers by over 40%. The residential property problem is projected to last until 2013 and can go as far as 2015, depending on unexpected factors that will appear in the coming years. With a not-so-bright outlook for California housing, realtors are concentrating on a number of opportunities that the profession can take advantage of to unload properties under broker listings.

Realtors: There Is Hope Yet for Property Broker Listings is a post from: Brokers Blog

The recent housing sales statistics issued by the National Association of Realtors led to some economists declaring that the occurrence of a double dip recession is more likely now than it was half a year ago. However, most analysts are still leaning towards an economic recovery, albeit a slow one.

Based on data released by the NAR, sales of existing homes declined by 27.2% in July compared with June and recorded a 12-month total of 3.83 million, the lowest number of units since May of 1995. Most real estate analysts have stated that the latest sales report demonstrates the market's volatility. The situation was made worse right after the tax credit deadline closed, they further added. Analysts also stated that the data showed that housing demand has deteriorated further in the past few months.

Meanwhile, it is not only home sellers who are suffering from declining sales but also property brokers who rely on such sales to earn their commissions. Most real estate agents believe that the country will not encounter a second recession, but they do agree with the general opinion that any recovery within the housing market and for the economy in general will be slow.

Along with poor home sales records for July, economists are also paying attention to the impact of unemployment on the economy. According to them, more than any economic factor, unemployment will have the biggest say when it comes to the issue of whether the country will achieve a sustainable economic recovery in the coming months.

With all significant data showing declines, the government is also expected to report a drop in the gross domestic product for the second quarter to an annual level of 1.4%. Unemployment, housing market statistics and even activities by property brokers are all expected to record declines in the coming months just like the nation's gross domestic product.

Property Brokers Suffer Along With Housing Market As Sales Decline is a post from: Brokers Blog

Veteran broker Denny Grimes, co-founder of the event and head of Denny Grimes and Company, told more than 700 realtors, brokers and other real estate professionals who attended the event to be realistic about home prices and to prepare for further price declines and further troubles in the commercial property sector.

Grimes said that the housing market has become obese and that it needs time to correct itself. He added that home prices are still low, but low price levels would increase sales and would cut down housing inventories.

According to Grimes, only 12 Lee County homes priced below $100,000 were listed in 2006. Today, he said, about 2,200 houses priced under $100,000 are being offered for sale in the area.

He also explained that total home sales last year broke the sales record achieved in 2005 and posted a 40-percent increase over total sales in 2008. The increase in number, however, did not translate into a corresponding surge in dollar volume as low home prices put the dollar volume increase at only 16 percent.

Grimes also told the home brokers that he believes the median home sales price has stabilized at around $98,000, which is 18-percent above the $79,900 median price in June 2009. However, recently built houses priced above $300,000 will continue to struggle in the market and owners will be forced to cut their listing prices. He mentioned Estero and Bonita Springs, which are still struggling from a 17-month supply of homes, most of which are priced above $300,000.

Another veteran broker Stan Stouder spoke about trends in the Southwest Florida commercial property sector. He said that high unemployment rates and uncertain capital markets will drive more commercial foreclosures. He added that developers will continue to face financing difficulties, but they will still attract entrepreneurs and investors if they incorporate in their projects the benefits of a busy airport, a sunny climate and the commitment of the county to green technology.

At the end of the session, most home brokers probably echoed the view by real estate appraiser and valuation counselor Anthony Mollica who said that Grimes and Stouder both were right in setting a cautious optimism for the residential and commercial real estate markets in Southwest Florida.

Home Brokers in Southwest Florida Realistic About Prices is a post from: Brokers Blog

In Westchester, New York, forming teams of three to five real estate agents operating under another name within a larger real estate brokerage has been gaining ground. An example is the broker team in Rye called Alix Prince Team, which is part of the brokerage Julia B. Fee Sotheby’s International.

Prince said she and three other real estate agents work together and then divide whatever commission they get based on each agent’s contribution to the sale and then share part of the commission to their brokerage.

According to Prince, a team is more successful if each member has a particular skill and contributes a significant asset to the team. Her team consists of young agents who are able to produce new listings using their past work experiences and social networks.

In Manhattan, Elaine Clayman, who heads an 8-member team operating under brokerage Brown Harris Stevens, said that clients prefer working with teams because they do not have to worry about a particular real estate agent resigning and leaving transactions uncompleted because there are other home brokers in the team who will take over.

In Larchmont, New York, Tom McGuire and three other real estate agents at Weichert Capital Properties and Estates formed Realtors 4. Unlike other models for teams, they split evenly the commission. They do not have to analyze each agent’s contribution to the sale. Two of them get better listings and the two other agents work better as buyers’ representatives.

The White Plains team of Christine Ricci works within Keller Williams Realty. Her team is comprised by two buyers’ agents, an administrative officer, a part-time coordinator for marketing and a bookkeeper working part-time. Ricci explained that the responsibilities should be clear to avoid the common pitfalls of work teams.

Ralph Roberts, author of the book “Power Teams,” said that one of the problems in teams is handling egos, as some are better than others in producing money. But he reiterated that during these times when the competition is fierce and the market is struggling, agents and brokers need help from their colleagues.

Nevertheless, according to Stephanie Singer, spokesperson for the National Association of Realtors, despite the rise in the number of realtor teams working within larger brokerages, only about 9 percent of NAR home brokers are members of teams.

Home Brokers Team Up and Stand Out from the Crowd is a post from: Brokers Blog

Consequently, the form titled Advance Fee Agreement for Loan Modification Services can no longer be used.
So if you are a homeowner looking for a real estate professional, lawyer or foreclosure prevention firm to help you obtain loan modification from your lender, remember that you can no longer be charged advance fees.

Last October 11, the law prohibiting the collection of advance fees for loan forbearance or modification services covering one- to four-unit residential units was signed by Governor Arnold Schwarzenegger, and the law took effect immediately.

For those who have already signed loan modification contracts with a broker before October 11, the agreements are still valid, but you can no longer be charged for additional fees until the loan modification service is completed.

Just make sure that the broker you have hired is licensed in California and that he holds the No Objection letter issued by the Department of Real Estate before October 11. See to it also that he is providing you the services described in the contract.

You can check if your loan modification specialist has a No Objection document by going to dre.ca.gov/cons_adv_fees_list.asp.

For home brokers who have not yet been updated about the law and unknowingly collected advance fees after October 11, they must return the fees fully and immediately.

For homeowners who want to check foreclosure prevention or loan modification specialists that have pending cases or complaints against them or have been ordered by the DRE to stop providing loan modification services, they can go to dre.ca.gov/cons_drs.asp.

If you are being approached by brokers or lawyers offering or providing loan modification services but are charging you fees in advance because of purportedly special exemptions, report them to the Department of Real Estate, California Attorney General or California State Bar.

Homeowners are often lured into signing deceptive foreclosure prevention agreements because they are swayed by the knowledge of swindlers concerning their mortgages. But swindlers research foreclosure notices and other publicly available records to get information.

All in all, deal only with home brokers or lawyers who are licensed and well-recommended and whose backgrounds you have already checked.

Home Brokers in California: Fee Contracts No Longer Valid is a post from: Brokers Blog

According to brokers who attended a conference of the California Association of Realtors in San Jose this week, the median price for a previously owned single family-house will increase to $280,000 next year, an increase of 3.3 percent from the projected median of $271,000 for this year.

Home sales, meanwhile, are predicted to drop to 527,000 next year, a decrease of 2.3 percent from the projected home sales of 540,000 for the current year.

The projected increase in home prices next year follows two consecutive years of sharp price declines – more than 38 percent of price drop in 2008 and the projected price drop of nearly 22 percent this year. The projected home sales increase of nearly 23 percent this year follows the 26.8-percent home sales increase last year.

James Liptak, who leads the California home brokers, said that the statewide housing market is now defined by two market sectors which are performing differently. He explained that the low end has been attracting investors and first time home buyers while the high end is facing difficulty because of the lack of financing and uncertainties about the direction of prices.

Another major reason for the weakness in the higher end of the market is the disappearance of move-up buyers, according to Mark Hanson of property research firm Field Check Group. He said that move-up buyers cannot sell their properties at a price that would enable them to buy a higher-priced home.

Hanson also predicted that home sales at the lower end of the market will drop because of the drop in inventory. But he added that the inventory will grow if redefaults increase and if loan modifications and other foreclosure programs fail.

Meanwhile, Dave Stark, explained that activity in the housing market next year will depend on the availability of home loans. He explained that home price reductions are in part caused by tougher access to home financing. Stark, director for public affairs for an association of home brokers in Alameda County, also added that demand and supply will still be the main factors in determining how the California market turns out next year.

Home Brokers in California Predict Price Increase in 2010 is a post from: Brokers Blog

But now, many brokers are asking for financial documents before showing homes for sale, especially higher-priced units. Some argue that they do not want to waste precious time showing properties to people who are only looking or people who mistakenly think they can afford the properties.

Up to now, many prospective buyers are still offended if they are immediately bombarded with questions about their capability to pay even before they can obtain important information about the properties.

In cases where brokers or listing agents ask for detailed financial statements that include pay stubs, tax returns and bank statements before they can be shown the properties for sale, prospective buyers are hesitant and sometimes angry. They think the brokers are being invasive of their privacy and they worry about identity theft.

Michael Signet, executive sales director at Bond New York, explained that brokers now need to know immediately if prospective buyers are really serious about buying. He added that buyers even benefit from the early financial scrutiny because soon they will realize that the properties are beyond their financial capabilities, thereby saving their time and effort.

New York City houses broker Edith Nanazia said that she is now increasingly meeting sellers who require her to email or fax the financial documents of her clients. She added that pre-approval from a bank no longer suffices for many sellers.

Nanazia said that some of her clients have been questioning the need to provide financial documents early in the house buying process, so she has been patiently explaining the trend.

To make things easier for her clients, Nanazia said she uses the financial disclosure form designed by the Real Estate Board of New York. This form includes the buyer’s total income and total assets and liabilities.

Nanazia however believes that sellers should not ask for other financial documents such as copies of past tax returns.

According to Jeffrey Tanenbaum of Barak Realty, it has been difficult making a sale because of the financial disclosure requirement. As a houses broker, he now has to tread carefully when telling a prospective client about financial disclosure at the first meeting in order not to lose the client.

Houses Broker Now Requires Financial Disclosure Upfront is a post from: Brokers Blog

While there are a lot of successful home purchases through brokers in person or online, there are also many house purchases that turned home ownership dreams into nightmares.

Know some of the most common nightmares experienced by buyers, so you would know what to look after or what to ask when you are still in the process of hiring your broker or doing the home search and home purchase by yourself.

One of the most common nightmares is the shock buyers feel at the time of closing. When they finally sit down to sign the purchase contract with excitement, they become appalled at the closing costs, interest rates and mortgage payments which have become much higher than what they have previously talked about.

To avoid this nightmare, find a house broker able to explain to you the home buying process and the closing process. Get referrals from your social and business networks and examine the licenses and certifications held by the brokers you are considering before choosing your broker.

Another common nightmare is the presence of squatters in the property you have paid for. This usually occurs when you buy a house at an auction without checking first on the property.

Many home buyers have also been frustrated by short sales. Short sale is a great opportunity to acquire a distressed property because the house is usually well maintained. As the occupant is the one selling the property to avoid foreclosure, the seller does his best to make the property well maintained to get a good sales price.

But sometimes short sales fail after the home buyer has invested so much time and money in inspecting the property. Sometimes banks change their minds without any notification if they see a better option. At other times, lenders fail to accomplish the needed paper work, putting your move-out and move-in schedules into costly chaos.

Other common nightmares involve the house itself. After moving in, you soon discover that the house which looked great when you first saw it is full of damages and defects.

To avoid these nightmares, find a responsible house broker who will guide you smoothly through the home buying, closing, home inspection and home ownership processes.

House Broker Can Help You Avoid Home Buying Nightmares is a post from: Brokers Blog