Ready to start something new this fall? Always wanted to learn more about real estate? Sign up online at www.TheRealEstateClass.com and get started!

Evening classes starting on October 4 from 5:30 to 9:30 on Tuesday and Thursday nights. Be done in 5 weeks!

Remember our Class Guarantee – “Pay Once and Take the Class as many times as your need to Pass the Test”

Flexible scheduling, easy make ups, best passing rates.

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Starting on November 4, 2010 you could be ready to start your real estate business when 2011 begins! Have you always loved everything real estate? Well, you can be ready to take the New Hampshire Salesperson real estate licensing test with only 40 hours on state approved education. Classes meet Tuesday and Thursday from 5:30-9:30pm

When you take class with www.TheRealEstateClass.com you can learn at your own pace. With our class guarantee you can even take the class as many times as you need.

Why not get ready to start the New Year right!

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How about owning a business and having a career that you can never be laid off from and you are able to make unlimited income? Ever thought about getting your real estate license? You have been a salesperson for how many years? Or your friends are always commenting on how you understand everything about houses. Why not take the next step and insure your future in the real estate business. Or maybe you know of someone interested in getting into the business. There is a lot of opportunity in the industry right now for the right people. This is the licensing class for you. So what are the details?

Classes are in Portsmouth.  They are mix and match modules so you can fit it into any schedule. Classes held Fridays 10-2; Saturdays All Day; and Tuesday & Thursday nights from 5:30-9:30pm for 10 sessions. Cost is $349 with all books and materials included. This 40 hour class  is required by the State of New Hampshire before you sit for the exam. Come spend a few evenings investing in your future and have fun in the process.

 Sign up online at www.TheRealEstateClass.com

Shannon Aldrich

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Real estate is a rewarding career for people who enjoy problem solving and helping others. This isn’t “rocket science”, then again it is also not as simple as “falling off a log”. Make no mistake, real estate is a serious business. You are often helping people with the largest financial investment they will ever make. You need to be a professional at what you do and know what you are doing. It’s important to have the right professional team behind you backing you up.

Selecting the right firm to work for  is the first step in the process of your real estate career. It’s not just about the commission splits. There are many variables that the right real estate firm offers for you. Be selective in choosing where to hang your license. You will most likely be operating as an independent contractor not an employee, so put yourself in the driver’s seat before you go to the interview. Browse their web site, ask around (both agents and former clients if you can). Keep your eyes open when driving around your area-do you see any signs? Do a simple Google search.

You are interviewing them not the other way around. And realize that if it is not a good fit, you can move on. It is a pain and time consumer to switch  firms. The grass is not always greener no matter what the competing firm’s  recruiter is offering you. However,  I also do not encourage you to tough it out at a company that is not working for you. When it comes to real estate you are the deciding factor in how well you are going to do, not the company you work for.

Questions to ask the potential Broker:

  • What are the monthly fees involved?Desk, Copies, Advertising, E&O Insurance, franchise fee, and other pre-transaction charges? How is Errors & Omissions insurance handled? Is there a Franchise Fee? How much is it and does it ever cap after a certain amount of GCI (Gross Commission income) What does the Franchise Fee cover? Who pays for my business cards and signs? What other fees can I expect to pay?
  • Does the office provide up time? Do I have to work (up time, floor time opportunity time)?Will it be assigned and/or when could I start taking floor time? When I am on (up time, floor time opportunity time) can I sit at my own desk  or do  I have to sit at a specific desk?  Do I answer all the incoming calls or do I just answer the calls looking for real estate information. Ask if they have a high volume of walk in clientele.
  • Does the office provide leads? Preview the office web site. Ask how the incoming leads are delivered to the agents.
  • Ask if they are a member of the Better Business Bureau, and the Chamber of Commerce. Ask if the do any annual or seasonal community related activities to bring in clients.   Ask if they have a strong active presence in the community, do they contribute back to the community that gives them business?
  • What are your training and mentoring programs? What is the training program? Is it just at the initial start or is it ongoing? Can I shadow other agents to learn the business? Do you have a regular contracts class and who teaches it?
  • What is the firm’s local Market Share? May I see and review a copy of the Agent Contract? Do agents work in teams? Ask to see the companies mission statement.
  • Who pays for advertising my listings? If the firm is paying for all advertising – Follow up with – Can I select the newspapers I want to advertise in? and   How often will my listings be published? If you pay for advertising ask if they have any contracts with local advertising sources for reduced rates.
  • What techonology tools will be available to me? Web site, online training, contact management systems?
  • How much assistance will the office staff provide? Does the office hold regular sales/staff meetings?On what day and at what time? Do agents go on tour of the firm’s listings? other firm’s listings?
  • How will my commission split work? How does it increase as sales are made? Does my commission split revert to 50/50(or any other baseline) at the end of the fiscal year? Does everyone have the same commission split package? When do you get paid?Negotiate for your commission split or desk fee, you just might get a better deal.

Questions to Ask Yourself:

  • What is the firm’s reputation in the area?
  • Is this a branch office or the main office?
  • Do I see a lot of this firm’s signs in the area?
  • Do I feel comfortable in the offices?
  • Do I like the person interviewing me? Do I want to work with them? Ask to meet and speak with a few of the agents in the company.
  • Does the real estate company have business principles that are aligned with yours?
  • Will you feel confident linking your name with the real estate brokerage™s name?
  • Does the company offer additional education, a mentor program, role playing or other business building basics to speed you on your way to success?

Whew, that’s a lot to think about. All the while you are trying to present your most presentable self. This is a business and you should come to your interview (and every work day after that) in presentable business attire. Look in the mirror and ask yourself “Would I trust this big of a financial investment to that guy?” No one firm will offer every single thing you can think of. It’s a balance and a decision of what will work for you. Sometimes location of office or other agents in the office is the deciding factor. For others it is the amount of training available and online technology tools. And then there are always those that just work the numbers and the commission splits. Only you can choose which opportunity to persue. While you are sizing up the company realize they are sizing you up too. So be a professional even when you are just starting out. We all started somewhere! Good luck in your new career, I hope this helps clear the fog a little.

(c) Shannon Aldrich, www.TheRealEstateClass.com

Ms. Aldrich teaches real estate pre-licensing in New Hampshire. She is a Regional  Trainer for Keller Williams Real Estate and a Productivity Coach in her Market Center located in Portsmouth, NH

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Questions about listings make up a significant portion of the National test here in New Hampshire. As the license candidate it is crucial for you to be able to understand the differences and nuances that go along with each type of listing agreement. Let’s take a moment and review the types of listings.

Starting from the top

Exclusive Right to Sell – The seller is making you their only broker. You are the only one who has the right to sell that property. You are going to get paid no mater who brings the buyer to the property.  The seller has even said that if they find the buyer themselves, you will still get paid. In essence, the seller has given up their right of disposition to you, the broker. It has a definite start and end date; terms of the commission are stated in a dollar amount or percentage; full property description and the seller’s terms of sale.

Exclusive Agency- Now you are the only  broker who is authorized to sell this property. However, if the seller sells it themselves, you might not get a commission. The seller has kept the right to transfer the property without being obligated to pay the agent a commission. If the  broker or any other  broker brings the buyer, you are going to participate in the commission. Just like Exclusive Right, it has a definite start and end date; terms of the commission are stated in a dollar amount or percentage; full property description and the seller’s terms of sale.

Open Listing – Other language to say Open Listing include: Simple Listing, General Listing, NonExclusive Listing. Keep in mind they like to mix up the terms on the test. In this case, if you the  broker bring a ready, wiling and able buyer to the property you will get a commission. The seller can “hire” multiple  brokers under this arrangement and only pay the  broker who brings the buyer to the deal. And if the seller sells it themself, they don’t have to pay a commission to any broker.

Option Listing – Gives the broker the right to purchase the property themselves within a specified time frame. The broker does not have to exercise this right to buy.  The broker is  not under any obligation to buy  in this case but the seller must sell if the option is used. An Option Listing is very different than a “guarantee” from the broker to buy “If I don’t sell it in 90 days, I will buy it”.

Net Listing – This is when the  broker’s commission is based on the seller receiving a specified NET and the agent receiving everything beyond that in commission. This is illegal in New Hampshire and many other states. This is when the seller says they want $200,000 and you sell it for a million and keep $800,00 for yourself. Now there is a conflict of fidiuciary  interest. Not exactly fair, don’t you think?

So there you have it. Remember to keep your mind open during the reading of the question 3 times. The test wants to know if you know the difference between types of listing contracts. And now you do.

Interested in a career in real estate? The Real Estate Class is the place to start.

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One Response to “5 Types of Listing Agreements”

  1. Karen Wimer says:

    THis is a great site Shannon…lots of interest resource for folks in our industry..K

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You have studied for days and days. You think you understand real estate and you head out to take the test. Sitting in front of the computer screen it feels like your mind has become a blank and you never heard of anything the test is asking! “Are you kidding?”, you ask yourself silently. Take heart, dear student, you do have a chance to pass the test. The key is peeling the question apart just like you peel an onion – layer by layer.

Most questions are missed because you didn’t READ it carefully and with a purpose. A purpose? Yes, a purpose. You want to get to the under layer of what the question is truly asking of you and what is FLUFF. When you take this exam you need to read each one 3 (count em’ 3) times. The first time is to get a handle on what TYPE of question is being asked. Read both the question and the answers. And here is what to look for when reading.

Common types include:

  • Most Important – Look for the key word or concept that makes one more important
  • Most Likely or Least Likely – what would normally happen in this situation
  • Least – Might say Least Influence or Least Likely. It is asking what is the less probable outcome
  • Not - One of theses things is NOT like the others
  • Best - What is the better answer of all the answers. The trick is in the answers
  • Difference - Often asking for the MAJOR difference so that you have to compare. Again you need to analyze the answers you have to choose from carefully.
  • Except -You are looking for the opposite of what you think
  • Situational - They tell you a story with two yes and two no answers. Make sure you analyze the ANSWERS carefully
  • True - So you have 3 wrong answers and ONE right answer
  • False – Now you have three  true answers and 1 FALSE. Pick the different one.
  • Have in common – A group of words will revolve around one concept. For example Possibility of Reverter, Right of Reentry of Remainder are all words about Life Estates.
  • Application - They want to see if you truly understand the concept and can apply it to the real world
  • Accountable – Now the story wants to know who is responsible at the end of the day

Now you need to read the question  for the 2nd time. This time you are reading to pull the key words and concepts. Use your scratch paper to jot down the words that have the meaning. Here is a key AHA – You can use the scratch paper for more than math. Answer the question in your mind but GET YOUR HAND OFF THE MOUSE! It is not time to answer the quesion yet. Even if you feel that you don’t have enough time – TRUST ME you have plenty. Do what I do and SIT on your hands. Look for the important words that are in both the questions and the answers. It is just as important to read the answers as it is to read the question. Pace yourself.

Now is the time to read the question for the third and final time. Make sure you understand EXACTLY what they are asking. Look for the hidden trick so you come out victorious. If you KNOW the answer - go ahead and click the button. If you are still not sure, book mark it so that it comes back to you at the end of the test. A secret key is to trust your GUT. Most likely your first answer will be right. You must resist the insanity of going back and changing answers. You don’t have to double guess yourself. Make sure you answer all the questions in the end. After all if you really don’t know it, you might as well guess since you were going to get it totally wrong for not answering.

So now you are armed with testing knowledge of how the write the questions to trick you up. Take the upper hand and peel that onion of a question apart so you won’t have any tears when you receive your passing grade!

Interested in a career in real estate? The Real Estate Class is the place to start.

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What does it mean when the question is asking me to calculate the seller’s net?

The first deduction from the the sales price is the real estate commission, agreed.

For example, if you sold a property from $100,000 with a 5% commission, that means the agent earned $5,000 and the seller took $95,000. So the seller received 95% of the sale amount after paying the real estate commission.

The seller will use the 95% of the sale amount to pay off any encumbrances (ie mortgage) and closing costs. What ever is left is what the seller will net.

What you need to remember is that the sales price represents 100%. So 100% minus the commission percentage equals percent after commission.

So if you want to calculate:

Percent after commission = Seller’s  Net After Commission divided by Sales Price

100% Sales Price – 5% Real Estate Commission = 95% Percent after Commission

Sales Price = Seller’s Net After Commission divided by Percent after Commission

$95,000 / 95% = $100,000

Seller’s Net After Commission = Sales Price x Percent After Commission

$100,000 x 95% = $95,000

Sample Questions:

After deducting $7,800 in closing costs and a 7 percent broker’s commission, the sellers received their original cost of $225,000 plus a $12,500 profit. What was the sales price of the property?

$7,800 closing costs + $225,000 original cost + $ 12,500 profit = $245,300 Sellers Net After Commission

100% Sales Price – 7% = 93% Percent After Commission

$245,300 Sellers Net After Commission divided by 93% Percent After Commission = $263,763 Sales Price is the answer

A seller agrees to lis his property on the condition that he will receive at least $47,300 after paying a 5 percent broker’s commission and paying $1,150 in closing costs. At what price must it sell?

$47,300 + $1,150 = $48,450 Seller’s Net After Commission

100% Sales Price – 5% = 95% Percent After Commission

$48,450 Sellers Net After Commission divided by 95% Percent After Commission = $51,000 Sales Price

Remember that you often have to to some type of conversion prior to your calculation and you will do just fine.

Interested in a career in real estate? The Real Estate Class is the place to start.

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Announcing The Real Estate Class new web site. Your one stop destination for real estate education.

We offer:

  • New Hampshire Real Estate Pre-licensing Classes
  • Maine Reciprocal Licensing Exam Prep
  • New Hampshire Reciprocal Licensing Exam Prep
  • FREE Continuing Education classes for NH & ME with various instructors
  • Seminars and workshops to meet all your education needs

And now you can sign up for al classes ONLINE!

Check it out at www.TheRealEstateClass.com

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Who are real estate agents?

Well, according to the National Association of Realtors Member  Profile  for 2009 we are  -

  • Median age 54
  • 60% are female
  • 72% are married
  • 96% are registered to vote
  • Median Gross Income $36,700.
  • Handled 7 Transactions last year
  • 35% visit social networking sites regularly

We embrace technology – email, pdf, smart phones, gps, instant messaging, computers. We are involved in our communities.  We volunteer. And we Vote.

We would have to work 101 hours per week for 50 weeks a year at $7.25 minimum wage to earn the same amount. We love our family and friends. Real estate allows for a flexible schedule and we work hard. 43% of us work 40-60 hours per week.

We love what we do or we simply stop doing it. We are in the business of real estate not just being busy for the sake of being busy. Real estate is the one thing you can sell that everybody truly needs – shelter.

Are you ready to join in the real estate career?

The Real Estate Class  is starting soon in Bedford and Portsmouth. Flexible schedule, no hidden costs, all books and materials included. Be ready to take the test in 10 sessions. Class guarantee allows you take the class as many times as you need to pass the test.

Interested in a career in real estate? The Real Estate Class is the place to start.

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How about owning a business and having a career that you can never be laid off from and you are able to make unlimited income? Ever thought about getting your real estate license? You have been a salesperson for how many years? Or your friends are always commenting on how you understand everything about houses. Why not take the next step and insure your future in the real estate business. Or maybe you know of someone interested in getting into the business. There is a lot of opportunity in the industry right now for the right people. This is the licensing class for you. So what are the details?

Classes are starting in Portsmouth on January 11. Monday & Thursday nights from 5:30-9:30pm for 10 sessions. No class on 1/18 and 2/15.  Cost is $349 with all books and materials included. This 40 hour class  is required by the State of New Hampshire before you sit for the exam. Come spend a few evenings investing in your future and have fun in the process.

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One Response to “NH Real Estate Class Starts January 11, 2010”

  1. Jim Coughlin says:

    Hello! Wondering if your clients may have an interest in this Report: "9 Things You MUST Know Before Getting Your Roof Done in NH." For immediate download: http://www.seacoastroofingnh.com

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