Monday, October 20, 2008
Real estate appraisal
Real estate appraisal, property valuation or land valuation is the practice of developing an opinion of the value of real property, usually its Market Value. The need for appraisals arises from the heterogeneous nature of property as an investment class: no two properties are identical, and all properties differ from each other in their location - which is the most important determinant of their value. So there cannot exist a centralized Walrasian auction setting for the trading of property assets, as there exists for trade in corporate stock. The absence of a market-based pricing mechanism determines the need for an expert appraisal/valuation of real estate/property
Real Estate Salesperson's Licence
A salesperson may be licensed only as the salesperson of a licensed agent
The termination of the employment of a salesperson with a licensed agent shall operate as a suspension of the licence of that salesperson until written notice has been received by the superintendent from that or another licensed agent of his or her intention to re-employ or employ the salesperson and until the salesperson's licence has been restored or renewed and the salesperson has been notified in writing by the superintendent of the restoration or renewal.
An associate, partner or employee of a natural person who is a licensed agent, or an officer, member or employee of a partnership or corporation which is a licensed agent may apply for a salesperson's licence.
An application for a salesperson's licence shall be accompanied by a statement made by or on behalf of the licensed agent for whom the applicant proposes to act as salesperson,
(a) recommending the applicant as an appropriate person to receive a salesperson's licence; and
(b) declaring that, where the applicant is granted a licence, the applicant shall act as a salesperson employed by and representing the licensed agent by or on whose behalf the statement is made.
A salesperson's licence shall have written on the licence the name of the licensed agent who is the principal of that salesperson.
Thursday, October 16, 2008
Have Interview with Real Estate Brokers
Choosing the right person to sell your home is one of the most important steps of selling. Therefore, choose wisely.
At a minimum, speak with 2 or 3 brokers from different agencies. Ask prospective brokers the same list of questions, in order to compare their answers. Find out what they would do to sell your house.
Above all, choose a broker that you feel comfortable with and like. This person will help you make the biggest sale of your life, so find someone you think will do a good job!
The following is a list of questions that may be helpful to ask while speaking with prospective real estate brokers.
How many years have you been in business?
For how long have you sold houses in this area?
How many houses did you sell in the past year?
What is your commission?
If I were to work with you, how would you market my house?
Will you organize meetings with potential buyers and will you coordinate them personally?
Can you give me names and telephone numbers of other families that have used your services?
At a minimum, speak with 2 or 3 brokers from different agencies. Ask prospective brokers the same list of questions, in order to compare their answers. Find out what they would do to sell your house.
Above all, choose a broker that you feel comfortable with and like. This person will help you make the biggest sale of your life, so find someone you think will do a good job!
The following is a list of questions that may be helpful to ask while speaking with prospective real estate brokers.
How many years have you been in business?
For how long have you sold houses in this area?
How many houses did you sell in the past year?
What is your commission?
If I were to work with you, how would you market my house?
Will you organize meetings with potential buyers and will you coordinate them personally?
Can you give me names and telephone numbers of other families that have used your services?
Monday, October 6, 2008
Joint DOJ/FTC Workshop on Real Estate Services
The Antitrust Division is working to build on our understanding of real estate markets, and why they may not be behaving as efficiently as they could, to aid our enforcement and competition advocacy efforts. Last October, we and the Federal Trade Commission held a joint workshop on competition issues in real estate brokerage. We invited state officials, economists, and other experts and market participants, including representatives of traditional brokers and brokers with Internet-based and other innovative business models.
The participants publicly debated the relevant issues, covering topics such as the structure of real estate transactions, use of multiple listing services, emergence of new and innovative business models, government and private restraints on real estate competition, minimum-service laws, legal prohibitions on offering rebates and other inducements to consumers, and empirical evidence on competition in the real estate industry. The Division and FTC continue to study the information presented during the workshop, and plan to issue a report later this year.
Wednesday, October 1, 2008
First plan (1951-1956)
The first Indian Prime Minister, Jawaharlal Nehru presented the first five-year plan to the Parliament of India on December 8, 1951. The total plan budget of 206.8 billion INR (23.6 billion USD in the 1950 exchange rate) was allocated to seven broad areas: irrigation and energy (27.2 percent), agriculture and community development (17.4 percent), transport and communications (24 percent), industry (8.4 percent), social services (16.64 percent), land rehabilitation 4.1 percent), and other (2.5 percent).
The target growth rate was 2.1 percent annual gross domestic product (GDP) growth; the achieved growth rate was 3.6 percent. During the first five-year plan the net domestic product went up by 15 percent. The monsoons were good and there were relatively high crop yields, boosting exchange reserves and per capita income, which went up 8 percent. Lower increase of per capita income as compared to national income was due to rapid population growth. Many irrigation projects were initiated during this period, including the Bhakra Dam, Hirakud Dam, and Mettur Dam in South India. The World Health Organization, with the Indian government, addressed children's health and reduced infant mortality, contributing to population growth.
At the end of the plan period in 1956, five Indian Institutes of Technology (IITs) were started as major technical institutions. University Grant Commission was set up to take care of funding and take measures to strengthen the higher education in the country.
Contracts were signed to start five steel plants; however these plants did not come into existence until the middle of the next five-year plan
The target growth rate was 2.1 percent annual gross domestic product (GDP) growth; the achieved growth rate was 3.6 percent. During the first five-year plan the net domestic product went up by 15 percent. The monsoons were good and there were relatively high crop yields, boosting exchange reserves and per capita income, which went up 8 percent. Lower increase of per capita income as compared to national income was due to rapid population growth. Many irrigation projects were initiated during this period, including the Bhakra Dam, Hirakud Dam, and Mettur Dam in South India. The World Health Organization, with the Indian government, addressed children's health and reduced infant mortality, contributing to population growth.
At the end of the plan period in 1956, five Indian Institutes of Technology (IITs) were started as major technical institutions. University Grant Commission was set up to take care of funding and take measures to strengthen the higher education in the country.
Contracts were signed to start five steel plants; however these plants did not come into existence until the middle of the next five-year plan
Thursday, September 25, 2008
New Technology and Innovation in Real Estate
New technology is one of the keys to more competitive real estate markets. In industries throughout our economy, the Internet has brought extraordinary new opportunities for increased competition, giving consumers better access to information about products and services and lowering costs and prices. In recent years, web-based business models have emerged in markets such as travel and lodging reservations, stock and insurance purchases, and book and music sales, to name a few. New competition from these new business models has been good for consumers, resulting in increased choice, lower prices, and savings in personal time and effort.
New business models can offer the same kinds of benefits for buyers and sellers of real estate, in competition with traditional "brick and mortar" office brokerages in which customers interact only through individual brokers. For example, some brokers have begun providing information on homes for sale to their customers through the Internet. Using the Internet can allow web-savvy buyers to become educated about neighborhoods and examine suitable houses more efficiently than using a traditional broker. Home buyers can research neighborhoods and houses working on their personal computers, on their own schedule, and at their own pace, before spending time with an individual broker. This saves time brokers would otherwise spend searching through home listings or showing homes the buyer has not had the chance to explore more fully in advance.
In real estate, the cost of providing brokerage services appears to have decreased. But consumers are paying more. As the U.S. home sale price has climbed, the dollar amount paid for brokerage services has climbed right alongside it, because commission percentages have remained high. In fact, from 2000 to 2004, fees paid for brokerage services grew by roughly 50 percent, to over $60 billion in 2004.
New business models can offer the same kinds of benefits for buyers and sellers of real estate, in competition with traditional "brick and mortar" office brokerages in which customers interact only through individual brokers. For example, some brokers have begun providing information on homes for sale to their customers through the Internet. Using the Internet can allow web-savvy buyers to become educated about neighborhoods and examine suitable houses more efficiently than using a traditional broker. Home buyers can research neighborhoods and houses working on their personal computers, on their own schedule, and at their own pace, before spending time with an individual broker. This saves time brokers would otherwise spend searching through home listings or showing homes the buyer has not had the chance to explore more fully in advance.
In real estate, the cost of providing brokerage services appears to have decreased. But consumers are paying more. As the U.S. home sale price has climbed, the dollar amount paid for brokerage services has climbed right alongside it, because commission percentages have remained high. In fact, from 2000 to 2004, fees paid for brokerage services grew by roughly 50 percent, to over $60 billion in 2004.
Thursday, September 18, 2008
Buyers as customers
In most states, until the 1990s, buyers who worked with an agent of a real estate broker in finding a house were customers of the brokerage, since the broker represented only sellers.
Today, state laws differ. Buyers and/or sellers may be represented. Typically, a written "Buyer Brokerage" agreement is required for the buyer to have representation (regardless of which party is paying the commission), although by his/her actions, an agent can create representation.
Find real estate in accordance with the buyers’ needs, specifications, and affordability.
Take buyers to and shows them properties available for sale.
When deemed appropriate, prescreen buyers to ensure they are financially qualified to buy the properties shown (or uses a mortgage professional to do that task). Assist the buyer in making an offer for the property.
Subscribe to:
Posts (Atom)