Harrelson, a Myrtle Beach real estate broker, did not close his Century 21 Harrelson Group real property firm and he did not look for another field where he can earn his income. Instead, he just expanded his services in the same field by getting into real estate coaching.

Harrelson's firm is one of the very few real estate agencies that were able to ride the tide of foreclosure. Even when the worst of the housing market caused other property firms to shut down, Harrelson's agents continue to close an average of 40 home sales each year.

The broker has been in the real estate business for over 17 years. In 1991, he purchased a Century 21 franchise and after spending almost ten years under the tutelage of a California real property expert, he believes that now would be the ideal time to teach to others everything he has learned about the business.

According to Harrelson, during the peak of the housing industry, he averaged around 300 sales in one year. This sterling performance is just one reason why he decided to be a guide for brokers agents who are trying to make their way into the confusing world of real estate. So far, Harrelson has started his foray into coaching by working with several top real estate agents in the Myrtle Beach area.

He is also developing several Web sites related to real estate, with one of them aimed at launching his Career Coach services. He states that real property brokers and agents have responsibilities towards their clients to provide them with sound advice and help them get the properties they need under the most reasonable terms. He also emphasizes the need for real estate brokers agents to understand the different situations for each client and guide them towards making a decision that is appropriate for their particular situation.

Real Estate Brokers Agents Expand Their Horizons is a post from: Brokers Blog

More lenders now are also considering and approving short sale proposals, as they found they can cut their mortgage losses if distressed properties are sold before foreclosure. The support of the FHA, VA, Fannie Mae and Freddie Mac and other federal agencies to the Home Affordable Foreclosure Alternatives program is also prompting lenders to put more attention into short sales as a solution to the foreclosure problem.

Based on data from the National Association of Realtors, nearly 40 percent of the current housing market is comprised by distressed and foreclosed properties, representing a great field of opportunities for real estate agents trained in short sales.

Short sales take a longer time to get completed as there are several parties that need to agree to the short sale proposal. There are also documents that need to be submitted to the lender, such as proof of financial hardship and sales contract. Lenders and mortgage guarantors also have different requirements and different documentation rules, slowing down the process.

Because of these difficulties, agents who have previously completed trainings in distressed sales and who have accumulated experiences in short selling are the ones getting the short sale work from homeowners. One large real estate company which runs a nationwide network recently reported that its agents who have been certified as distressed sales specialists are among the top-performing agents in their areas.

Processing and cash incentives provided under the HAFA initiative are also contributing to the surge in short sales. In addition to the streamlined short sale processing, homeowners are given $3,000 in relocation assistance and servicers are given $1,500 for their processing efforts.

Indeed, the surge in short sales and the support from the HAFA program are great opportunities for real estate agents who specialize in distressed sales.

Opportunities for Real Estate Agents Trained in Short Sales is a post from: Brokers Blog

Not only individual brokers are going into niche real estate markets, but also real estate companies. In Chicago, one real estate brokerage has developed a database that features only listings of homes and condos within walking distance of mass-transit stops. With this focus, the firm also puts its advertisements on commuter trains and on websites that highlight services for commuters and car-free days.

There are also those that focus on serving the real estate needs of senior citizens or first timers who are selling or buying their homes. Brokers and agents with niches become experts in serving their specialized markets and they are the ones looked for by their target clients when their services are needed.

However, according to some realtors, one disadvantage of concentrating on niches is getting confined to just a small portion of the real estate market and losing some opportunities in other niches. But if the niche chosen by a broker or realtor is producing sales, then the decision to specialize is a winning strategy.

One niche popular and profitable for brokers real estate during the housing crisis is distressed and foreclosure sales. Some even specialize further and just focus on either one of the two: short sales or foreclosure sales.

As short sales are among the most difficult to carry out and complete, brokers who have been certified as specialists in distressed properties by reputable real estate schools are being sought by distressed homeowners who want to avoid foreclosure through short sales.

The success of short sales is generally dependent on the lenders, so specialists are needed to prepare the documents and navigate the process. These specialist brokers real estate also know how to guide homeowners who are experiencing among the most painful periods of their lives because they are losing their homes.

Brokers Real Estate Focus on Niche Markets to Compete is a post from: Brokers Blog

New York Real Estate Brokers and Lawyers Indicted is a post from: Brokers Blog

Analysts, including Mark Zandi of Moody’s Economy.com, believed that more lenders agreed to short sales in 2009 as the Obama administration included short sales in its options for preventing foreclosures.

Out of the more than 2.8 million homeowners that received delinquency or foreclosure notices in 2009, over 871,000 ultimately lost their homes while the rest – about 1.9 million – were able to save their properties either through loan modifications or short sales or by simply paying their arrears and restoring their accounts to current status.

In many cities, short sales are increasingly accounting for a bigger portion of total home sales. In Indianapolis, according to the Metropolitan Indianapolis Board of Realtors, as of the first week of January, 8.2 percent of home sales available for sale are properties in short sale.

In the Elk Grove section of the Sacramento area, foreclosure sales fell year-over-year by more than 46 percent in December while short sales shot up by 114 percent.

Recently, several real estate brokers in Chicago completed their training to earn the Certified Distressed Property Expert designation to be able to handle more competently short sales and take advantage of the sharply rising market for short sales.

Brokers who are trained in handling distressed sales know what lenders expect and know how to negotiate with them. Additionally, as short sales oftentimes involve deep emotions on the part of homeowners, brokers are better equipped to understand owners and to walk them through the short sale process.

In New Mexico, broker Deanna Dopslaf, president of counseling service Southwest Foreclosure Alternatives, strived to become one of a few certified default resolution experts in the state because she saw opportunities in specializing in the short sale niche. She admitted that short sales take months to complete and that commissions are uncertain, but she has discovered that she has the ability and compassion to help distressed homeowners.

In another report released by Point2 Technologies, real estate professionals throughout the U.S. said that they are optimistic about the housing sector in 2010. Real estate brokers who participated in the survey said that foreclosures and low appraisals will continue to batter the residential market, but they hope that the market corrections taking place will soon stabilize the real property sector.

Real Estate Brokers Thriving in Short Sales is a post from: Brokers Blog

So you can decide best which type of broker to choose, the differences between these two types of brokers are described here.

A full-service discount real estate broker offers sellers and buyers the full range of realty services at a commission rate lower than the predominating commission rate in the area. In a market where six or seven percent is the predominating commission rate, the full-service discount broker may charge only three or four percent.

Additionally, in states that have no laws on brokerage incentives, the full-service discount broker may provide rebates, gift certificates, vouchers, coupons or discounts to the home seller or buyer. Rebates are often equal to one-percent of the home purchase price. All these incentives are provided to encourage the use of the services of the discount broker.

According to real estate experts, rebates are often used to go around the rules of commission agreements, particularly for the home buyer and the buyer’s broker. Giving rebates to home buyers will enable discount real estate brokers to compete in attracting clients. However, this is only possible in states where there are no laws about real estate incentives.

For clients planning to hire flat-fee brokers, they should know the brokerage services that will not be offered.

A flat-fee broker, or sometimes called fee-for-service or limited-service broker, allows house sellers to choose which among the typical services provided by full-service brokers to pay for. Some flat-fee brokers have arranged different arrays of brokerage services into packages with corresponding rates, ready to be shown to prospective home sellers. Some list basic services into packages and then offer other services as options.

Many flat-fee brokers offer a Multiple Listing Service-only package. This enables home sellers who cannot access MLS to list their houses in these listings.

On the whole, flat-fee brokers fit home sellers who know how to carry out some aspects of the home selling or buying process, but who are not knowledgeable or who need assistance in other aspects while full-service discount real estate brokers fit home sellers or buyers who need all brokerage services but at a discounted cost.

Discount Real Estate Brokers Who Offer Full Service is a post from: Brokers Blog

During the boom in 2005 and 2006, developers across the country built condos to respond to the demand for resort-style and high-rise units that support the carefree lifestyle.

But when the real estate market collapsed, the expected buyers disappeared, leaving a lot of condo complexes unsold, abandoned and foreclosed. Now lenders and investors are trying to recoup their investments by offering condo units as rental apartments.

In Aspen, 89 units of the 111-unit Esperanza Village condo complex are now being offered as rental apartments at very affordable rents. Incentives such as one-month free rent and move-in deposit are also provided.

According to MIMG XV Associates, the new owner of the condo building, the original owners paid $6 million to buy the building and spent another $1 million for improvements. They planned to sell the units to the working poor in the area, but eventually, only 21 units were sold at prices from $60,000 to $90,000.

At a price of $32,222 per unit, the new owners said they can weather the downturn by temporarily operating the units as real estate for rent. They also are helped by a lender who saw the potential of the property because of the low acquisition price.

Another condo building in Colorado Springs now operating as a rental complex is the Cheyenne Creek building. The building was acquired in 2005 for $8.5 million by Resort Living LLC, which planned to sell the units in the mid-$100,000 range. But Resort sold only 20 percent of the units. Eventually, 80 percent of the condos were rented out as apartments.

According to broker Becky Gloriod, who worked as a broker for Cheyenne Creek during the boom, potential condo buyers today are having difficulties in getting loans. Fannie Mae has not been approving loans for condos even if borrowers commit to make a down payment of 60 percent.

Marsha Kromer, an officer of First Mortgage Co., also said that residents of Colorado Springs are not really enthusiastic about condos. She said that people are more interested in single family houses and in townhomes.

With the newly-released statement from Fannie Mae and Freddie Mac that they are no longer financing condo purchases if pre-sold units do not make up at least 70 percent of total units, it is expected that more unsold condo units will be offered as real estate for rent.

Real Estate for Rent from Condo Conversions in Colorado is a post from: Brokers Blog

Real estate licensing in states vary but almost all licensed brokers need to pass certain training and experience requirements before they are given a broker license. One proof of the higher level of training needed to pass licensing requirements is the rising number of enterprises offering courses to enable prospective brokers pass licensing requirements in their states.

In some states, lawyers who want to work also as real estate brokers need only to complete part of the requirements.

Additionally, realtor associations also have their own education, training and work requirements before they issue their membership certificates. One of the basic requirements is a real estate broker license.

One great advantage of hiring a broker who is a member of the National Association of Realtors or a state association of realtors is your broker’s access to Multiple Listing Services. If you are looking for a certain type of property, your broker can access various properties for sale listed in the association’s MLS database.

Likewise, if you are selling your property, your agent has a ready network to help him facilitate the sale of your asset.
For a real estate seller, there are a lot of things that a licensed broker can offer. Among these are listing the property in an MLS or other lists, preparing advertising materials, putting up a For Sale sign, advertising the property using various methods, holding an open house, ensuring buyers are qualified, negotiating the price and holding an earnest payment.

For both buyers and sellers, a licensed broker provides various services. The broker facilitates a property purchase by guiding the buyer through the purchase process, completes a sale by guiding the seller through the sales process, prepares the FSBO document, provides real estate consultation, facilitates the marketing of a property, auctions a property, manages a property, prepares lease and purchase contracts, and conducts property appraisals and comparative market analysis if also certified or licensed as a real estate appraiser.

To get the best return from your property or the best result from your home search, hire a property professional with a real estate association certification and a real estate broker license.

Real Estate Broker License Indicates Professionalism is a post from: Brokers Blog

Only 22.5 percent of the nearly 3,800 real estate brokers surveyed by NAR reported dealing with at least one foreign client in the 12-month period ended May 2009. The percentage marked a drop of 32 percent from 2007 foreign transactions and 26.2 percent in 2008.

Additionally, only 11.8 percent of the realtors surveyed reported having completed a sales transaction for a foreign client during the same 12-month period. This marked a drop of 18 percent from successful deals in 2007 and 13.3 percent in 2008.

Nevertheless, while the number of brokers reporting a decline in foreign transactions is rising, the number of real estate agents reporting that their foreign real estate activities comprise more than 50 percent of their operations is increasing.

Almost one in ten realtors or 9.5 percent of all realtors surveyed reported that over 50 percent of their real estate broker deals in the past 12 months involved foreign clients, an increase of 8.2 percent from the 2008 survey.

The survey also showed that 5.2 percent of brokers said international transactions comprise more than 3 out of 4 of their real estate sales, an increase from 3.9 percent in 2008.

NAR also reported that brokers making sales to foreign clients are knowledgeable about the culture, customs, language and needs of their foreign buyers because most of them were born in the country of their clients or have parents who came from the same country.

One of the reasons for the decline in foreign sales transactions is the credit crisis. Around 46 percent of foreign buyers paid in cash for their purchases, an increase of 43 percent from the survey in 2008 and 28 percent in 2007.

Approximately 154,000 houses were sold to international clients in the 12-month period ended May, a drop of 9 percent from total sales in the previous 12-mont period.

More than 33 percent of the realtors surveyed said that their deals fell through because the buyers were not able to get loans to finance their planned purchases.

The median home price paid in foreign transactions was $247,100, much higher than the median price of $178,000 for existing homes as of July this year and the $198,100 median price last year.

Despite the gap, foreign buyers spent less for a home this year, compared to last year when $297,400 was the median price in foreign real estate broker deals.

Real Estate Broker Deals with Foreign Clients Slowing is a post from: Brokers Blog

Real estate brokers may act as mediator between the property seller and buyer. It would be the home broker’s task to negotiate for both sides until they come to please each side’s interest.

Real estate brokers are hired because they are familiar with the norms of the market, making the transaction hassle-free for both the purchaser and the seller. And because they are licensed professionals, no legal problems can hinder the transaction.

In service of the buyer, the real estate broker must deal the most affordable to their client. He then earns in commission basis. But if the agreement is only done verbally, meaning there is no written contract, the home broker can work more to side the seller. Real estate brokers can earn more if they serve the demands of the seller.

Legally, home brokers are allowed to handle property transactions, but there are common salesmen who function as brokers as well. In some countries, lawyers can be property agents too. They do not need a license to do transactions, and they do it for less. But with real education, training and expertise, real estate brokers prove to work more efficiently.

So, before choosing which service you would rather have, understand the legalities and even the market situation. Terms must be clear and transaction records must be on hand for future use. Doing your own internet research for the best company would be a help too. And of course, you must know how much you want to demand.

Real estate brokers make property transactions trouble-free. Since they know the guidelines for unproblematic investing, the buyer or seller will be at ease. And with their years of education and training, they will only give their clients the best service they deserve.

Investing with Your Real Estate Broker’s Guidance is a post from: Brokers Blog