 Good morning or good afternoon. I forgot where I was. I'm Zoe listed. Let me get started here. There we go. So I am a realtor and an appraiser and the library, as you can see has, they have a lot of programs to help people with jobs with all the shakeup that's happened in during the pandemic and the shakeup that happens every year in somebody's lives. They asked me to talk a little bit about what it takes to get into real estate and to talk about what it's really like to be in real estate. You know that it's always a lot of jobs great from the outside and they're not so great once you get in there and other jobs you may have never thought about, and turns out they're fabulous job so just going to talk a little bit about what it's actually like. So we'll go through some of the expenses. What a day looks like some of the options some of the different kinds of teams you could work on. I'll talk about selling and a little bit about appraising I am both realtor and an appraiser. And I'll talk about some of the fees that it costs also and about what some of the incomes are. So we'll go through a little bit of everything about it. You can put questions in chat. Keep an eye on that and try to check it. Sorry, the zoom was always tough for those of you who run it when you're teaching a class it's sometimes tough to get to your screens because things cover up other things. So go ahead and feel free to put questions in chat at the end we'll have a little bit more time to talk about questions but as you're going along if you want to put some in there that would be great. I may not answer all of them right away if it's pertaining to something I'm going to get to later, but otherwise I will try to answer them as I go along if they're applicable at the moment. So try not to worry about where my mouse goes because I might be popping down to click on the chat and read that I might be moving a menu bar out of my way. So, try not to worry about the mouse too much. Okay, so, let's get started here. As I mentioned I am a realtor and by the way side note this realtor is two syllables. It's not realtor. It's realtor. That's just one of those little things that bugs me, especially when people are already in the industry and they say it wrong. I said it wrong before I got into the industry so I'm certainly not slamming anybody, but it is a two syllable word. Notice also that I've spelled it here with all caps and a registered trademark behind it. You can sell real estate without being a realtor. Realtor means that you are a member of the trade association, the association of realtors. So that is a registered trademark. So you may see it without the capital without the registered trademark but that is the official way. I've been a realtor for about 27 years I believe, and doing it full time and part time over the years changing, changing up a little bit as my career changes. I'm also certified residential real property appraiser. So I will talk to you a little bit about what that involves also. Both of them involve real estate but they are very different personality types that that do well at them. I'm also an instructor. All of these licenses have to have continuing education each year, just like your hairdresser does and your mortgage banker and your nail technician, all kinds of industries are regulated by the states and they need continuing education. So I teach a lot of classes for continuing education, also teach some of the pre licensing classes for appraisers, the classes you have to take to get your licenses. I'm also a house measuring expert that I came about. By accident, I teach a class in how to measure houses. When a realtor puts a listing on the market, they should measure that house to know how big it is know the square footages. And most of them have never been taught that it's just one of those things that they kind of skip over in education. And it's something that's a little bit more difficult than you think. But as an appraiser I have to do it for every single house. So I'm really good at it, because I used to do over 100 appraisals a year. Now I don't do that many appraisals a year but now I measure over 350 houses for realtors a year. So, so it's kind of a new industry that I started. So I've had my hand and I also own rental property so I've had my hand in lots of different aspects of real estate. One of what we're going to talk about today is realtor because that's the part that most people want to get into and that they hear about. So why all the interest. Well, first of all, a lot of you had your job shaken up right with the pandemic, whether you lost a job or hours got cut or you realized your job's not safe and you don't want to be there anymore. It just changed everybody's world a little bit. Maybe you need to be home now because you decided to keep your kids home and out of the schools maybe you don't have to live in the community you lived before that's really expensive and you can move further away and so now you have to find a new job. So whenever there's an economic shake up, people are switching jobs and real estate definitely gets a lot of interest at that time for a couple of reasons. People talk about, but also anytime anybody's just dissatisfied with a job, they look around and see what they're hearing about and start asking friends. I'm sure that some of you have been asked by your friends or family, and what's your job like can I do a job like yours is yours any good and you have fun, you make enough money. So it just pops up a lot that people are looking for other jobs, especially if they're unhappy with where they are. So part of the pandemic has been that a lot of people are just rethinking. Hey, life is short. Do I want to be doing this forever. Do I like my job maybe it's time to stir things up. There are a lot of places hiring right now in every industry. So it's a good time to jump ship and start another job if you want to so that has sparked a lot of interest in real estate. Also, this is a big one but real estate is always in the news. Whenever the economy is changing. The news stories are about real estate they always take a picture of a free sale sign outside of a house and talk about what's happening to housing prices. I have a friend who's very he lives in a different state he's very fascinated by real estate and just the other night I haven't talked to him in a week or two and he just said, how's the real estate market where you are. It's kind of a big indicator what's happening in the economy. So whenever the economy fluctuates a lot if there's something good or something bad happened they go to realtors they go to the National Association of Realtors and ask what's happening in housing. That is a huge indicator of what's going on at the market. And since the market since the economics have been shaken up so much right now, real estate has been in the news a lot is one of the industries that really did well during the pandemic. And so a lot of people are looking to get into it a lot of people are asking questions about it. It looks like it's an easy job it looks like you can make a ton of money. So we get questions all the time. I very often get questions, emails from realtors that know me and asking me how do you get into the appraising business I have a lot of people asking that and I'll talk a little bit about that. But it is something that hits the national news and it, it, it has the image of being a glamorous job right. I don't have cable TV. But isn't there a reality show about really high end realtors I think in New York City that look all glamorous and they throw huge parties at the properties all the time. That's not what it's like all the time. But it certainly looks glamorous in the news. The public perception is that realtors make millions public perception is that realtors have a ton of money and they just walk around and they drive their expensive cars and wear lots of jewelry and work a little bit here and there and have not but the rich and famous and go home with a ton of money. Some of them do make millions. Most of them don't, but it definitely has that image and so people are very interested in it. When they start hearing about one sale and how much commission you can make off of one sale they think oh that's super easy I'll be rich and I'll take all kinds of vacations and life will be great. So it has a great public perception. As far as how much money you can make but we'll talk about the reality there also. It's not horrible reality as I said you can make millions. Then there is also the HGTV syndrome as I call it. Some of you may have this happening in your industries also but do you ever have someone who comes into your job and thinks they know more about doing your job than you do. It's incredibly frustrating and just smile and be polite and then tell them what you know how the job is really done, but there are so many real estate shows on HGTV and they all make it sound really easy. Let's buy this house for $400,000. Let's spend $20,000 and we'll get a new kitchen and a new roof and we'll add an addition onto it for just that little bit of money. Then we'll put it on the market again we'll sell it for a million five. No, that's not how it happens. And you see the other shows where they're taking buyers around they see four houses and they discuss them and they buy one instantly. And by the time they've filmed that they've already bought that house and moved in and they saw 100 houses. And then when it's time to film the show they just pick four houses to go film at, but it took months for that to happen. So, people see HDTV think they know how to be a realtor think they know how to buy a house better than the realtor does, and get very interested in. I'm going to check the chat I see two messages popping up here let me see if there are questions that belong here right now. Let's see. Great shows. Okay, love it or list it. Right house hunters renovation do yourself extreme make up yet there's a lot of shows out there. I've only seen a few of them. Excuse me. House hunters is the funny one right where you know she's a babysitter and he owns a snake business selling reptiles and they're going to buy a $3 million vacation home. They're going to go over and hide horror stories about how bad the workmanship is at the end of that because it's done so quickly love it or listed is always interesting right when you go to sell your house. Suddenly you fix everything that's been broken you paint it you make new carpeting in you update a few things and they're like oh my house isn't that bad it's kind of beautiful maybe I should have kept it. The experience of this old house this old house is incredibly educational, as far as how houses work and things like that so that's actually a very educational show. Okay. Where does she teach and where can I take classes near city halls South. I prefer to take it in public learning school or college. The classes, there are local classes in San Francisco, where you can take your licensing courses. Kaplan schools are national and I have some figures from them as far as what their courses costs and things like that. You can get your license on all your locations. I'm sorry and all your education locally don't worry about that. Okay. All right. One of the reasons that people get into real estate also is getting in is not hard whatsoever. It is one of the easiest jobs you will ever get. And the reason is that you are on 100% commission. So a broker will interview you and say yeah you can breathe yet you sound like you might be ethical okay you got a job, because they're not risking anything. They're not paying you anything they're not providing you health insurance they're probably not even providing you an office or a desk space or anything like that. So as long as you take your education and you pass your test. Go ahead come work for me see if you can bring me some money. It's very easy to get into the business. It's a lot harder to actually be successful about it. But so a lot of people get in, and the numbers fluctuate a lot. When the market changes people jump in a lot, and then they jump out a lot so I got another question here oh boy this is a huge question. What are the answer to this. Someone's asking, can a real estate person also try to pursue a legal career, somehow in housing development policy making or doing law to handle agreements disputes between landlord tenants can you maybe later get into a deeper how law is so an extricately extricably closely linked with the selling of houses like contracts how do you monitor if the seller is tricking you. Okay, hold on to stuff here. Okay. You can do other jobs while you are a realtor. I work with a guy who is a real estate attorney, and he also sells houses. So he sues people over real estate defends people buyers and sellers in real estate but he also helps them buy and sell different people because it's a conflict of interest to do the same in the same deal. And there are lots of ways to get involved in public policy about real estate. Realtor associations have lobbyists and I know lobbyists is a horrible word that you just think they're just scammers, paying politicians money to do things, but they do keep on the politicians. And politicians want to make a law that you can't put a sign in the yard well then how's that going to handle affect real estate sales and we have to be able to put signs in the art. We do have lobbyists that talk to the politicians work on making sure that they're not making home ownership too expensive. A lot of times politicians want to have extra home inspections that have to happen before somebody puts the house on the market, and how much is that going to cost and does that mean that some people will be able to sell because they don't want to become so there are ways to get involved in policymaking, even though you are realtor or because you're a realtor, or separately from that and just work in the real estate business but not do the buying and selling. As far as how to keep buyers and sellers from lying on contracts. We do have ethics courses that we take. Ethically responsible for what's going on. If you know that the seller is lying about something you need to walk away from the deal. Okay, you can't prevent everybody from lying about something if they you're trying to sell a house and they don't tell you that, you know, it got hit by falling airplane parts last week. If they don't tell you in uses no way for you to know you can't help that, but you do take classes and how to make sure that you are doing the best that you can and how to make sure that you're telling what you know, things like that. Okay, I like oh and I cannot include the washer and dry there. Okay, there's a whole bunch of stuff in here. All right. I got another question here I'm planning to move to Texas to buy a home but wanting to know the basics now be ready to protect myself against young real estate agents, where'd that go. Okay, they try to sell me a lemon. Ah, okay. So, we're getting some very specific questions here but I but I like it. So, not all young real estate agents are bad. Okay. Get a home inspection. When you buy a house, you can get an inspector an independent inspector that doesn't care whether you buy the house or not doesn't get paid with you by the house or not, you pay them a flat fee, and they go in the house and tell you what's wrong with the house. Okay. It's not the realtor's position to tell you what's wrong with the house we point out if we see something that's wrong. Usually, but we're not structural engineers, we're not plumbers. So, get yourself a home inspection whenever you buy a house make it contingent upon a home inspection. The problem right now, and the market has softened quite a bit this fall is that a lot of people in order to get approved if there are 20 offers on a house how can you make your offer stand out one way is to not get a home inspection. I always recommend getting a home inspection. They're good inspectors out there that will walk through the house with you and point things out and test every electrical outlet and take a look at the roof and run the furnace and run the dishwasher and all that. So, always get a home inspection. Okay. Okay. All right. Oh, great. Thank you, Lori. Lori posted some local courses on there. Okay, let me get back to to the program here and thank you for the questions and I'll keep checking back in there a little bit. Okay, so as I mentioned it is very easy to get into the business it takes a little bit of money, and it takes a little bit of time but not a whole lot of job interview not a whole lot of restrictions. So, people do get very interested in getting into real estate. Now, one of the reasons that people are interested right now is because as I said it's in the news so much. And it's in the news partly because the housing prices are going up like crazy right now. These figures are actually from March things have slowed down but I pulled these up from March, a while ago. Housing markets are going crazy, partly from short, short supply. The last housing crash happened in 2007. A lot of builders just stopped building and all the new construction was put a halt to and they weren't pursuing that for a while a lot of builders went out of business, and a lot of builders are just stepping back, and things got slowed down. So there's not enough new construction to keep houses going. Also, as I mentioned people are switching where they want to live right now. If you don't have to live near your job anymore you want to move somewhere else somewhere else that maybe housing prices were cheap and low so now everybody's rushing to that cheap location. Housing prices are going up because there's not enough for sale. There are times when I look up in a city in a community and look for a house for sale and there's one thing for sale. The large part of the increase is just lack of supply, which is different from when the last time was that the housing market crashed. So we're hoping it won't crash this time that it will level out and even out a little bit, but that it shouldn't crash. But you look at some of these statistics this is why people are getting excited about getting into real estate. So let's go down. So this is some regions here the San Francisco Bay Area I got to move my menu right there. So in March of 2021 housing prices were 1.2 million in February they're 1.1 million. Okay, so in March of 2020, they were only 1 million. So things have been going up like crazy that's a 21% year to date change. So let's just go in the first place by the way. Hang on I got is so that's some information from the Kato Institute. Hold on. There you go. So the Kato Institute that runs a lot of statistics California has a median sales price 2.5 times higher than the national average. The median sales price is just around a million dollars in the San Francisco Bay Area and that's for a single family housing in comparison to almost 58% of counties nationwide, have a median home prices of less than 150,000. So your area, you've always heard that your area is expensive, but this tells you how expensive that your average, your median is about a million in 58% of the calories nationwide the median sales prices under 150. If you keep San Francisco, or anywhere in California income, but now you can work remotely and you move someplace where you can get a house for 150,000 life's going to change a lot. So it is pushing up the prices in those areas also California has fewer fewer housing units per capita than any other state except Utah as of January estimates are a million to 3.5 million units of shortage. So, supplying demand if you have a lot fewer houses for sale, people are going to start offering more money for them. Got a lot of chats again let me go back in here. Oh, so I see they can't see these, these numbers I don't know if I can make them a little bit bigger there we go. I know this stuff is some of the questions from the library not for me so that's good. Somebody said are there any other jobs in or around the real estate industry that I can do while I study for my license so I can have extra income and build knowledge experience before jumping into 100% commission. Sure. If you want to get a job in the industry before you get your license, you can work as an assistant to a realtor. Your license assistance assistance have limits as far as what they can do you can't talk to buyers and sellers about certain things, but you can certainly get in and work as an assistant to do some paperwork for people or do some advertising, things like that. There is a lot of office work that has to be done, and most realtors do that for themselves but there are plenty of places that they do hire someone to start with the office work answer the phone. There are a lot of places like that so you can definitely get in in there and start learning that from the appraiser side also if you want to start working for an appraiser there are a lot of appraisers who will have an assistant start a file. So, when I go do an appraisal, there's a lot of just getting things ready to put it into the computer, looking at legal descriptions looking at plat maps looking up some statistical information. So you can help an appraiser also work on that end. That won't get you as much information about actually doing the sales side, but at least it gets you into the industry and starts teaching about a couple of things. Okay, so yeah, working as an assistant is a great job, even if you get into a real estate office and work the front desk at least you'll start picking up some information there. Okay. All right. Okay. Let me shrink this up again so we can. All right. So, here's. I was just looking at some statistics about who realtors are and it has changed over the years. You know traditionally it was mostly a female job. median age is 54 that used to be quite a bit older. I used to be in the 60s before. So median age is 54. Let's see 63% are female. Now, 49% consider themselves full time 22% consider themselves part time. So, we're missing a few people in there. So, but only 49% are full time so you can definitely do this as a part time job. And that's the part of the reason I'm talking about this right now I want to talk about how business or hobby. The agency have been business one year or less. I turn over in this business for various reasons. Right now, especially people have been getting into the business quite a bit so 20% of the agents are one year in the business or less. The average number of deals a person does per year is 12. Now that's not the common number it's the average so there are some people that would do one deal a year and other people that would do over 100 a year. Okay, so if you may do 12 a year depending on the price of the homes, you could be doing very very well for yourself in certain markets. But again, a lot of people don't make much money at all in it because they're in their very part time and just do a little bit. Here's a couple of things average income for people who work. So the part timers 39 hours is pretty darn close to full time. Average incomes only 46,000. Now keep in mind that's average nationally. So your income would be higher because your housing prices are higher and things are done on a percentage. You know, the commission is paid on the sales price, but nationwide, if you work part time or at only $46,000 a year. I know you can't live on that in San Francisco. If you work 60 hours or more, the average in 145. More than most people want to work. But when you're self employed, your attitude is different about working longer. You have to do it. So, so averages 145. In San Francisco itself there are more than 4000 realtors. But not all of those are working full time. Right. So there are plenty of them that are just part time. The reason I brought that up right now is because this business or hobby, you can do it as either, but always treat it like a business. Okay, let me go quite soon. Okay. Always treat it like a business. That it's a big deal, helping some other house helping someone buy a house, it is their biggest purchase. It is an emotional purchase. It's always for people. It's a big deal to them, you are signing contracts, you are having them sign contracts. You treat it like a business. You take it very seriously. If you want to do it very part time, but still be responsible and still keep up on your education and still keep up on business news and everything there. By the way, I just got a warning my internet connection is unstable. I hope you guys can come hear me. I don't know why that popped up. It's not under a financial planner. It seems like I'm just going to do this part time. Why should I buy almost all independent contractor. Zoe, yes, may I recommend you turn off the video. So then, yeah, my run more smoothly, turn off video and just your audio and your share screen, I think would be okay. Okay, let me get to that screen. And controls have not been there we go stop video. Okay. So now you don't get to see me. Yes. Totally. Okay. All right. Can you see my slides again in my back up as far as my slides go. Yes, we can see a slide. Okay, okay. Okay. So, as I was saying, even for taking this treating this as a part time job, who are an independent contractor. Your finances suddenly get a little bit more complicated than if you're just getting a right to your employer is taking care of your taxes taking care of. But once you be tax implications, and it is worth talking to somebody about it and making the right decisions that you're getting your taxes paid because goodness knows you don't want to make mistakes as far as the IRS goes. I have on here, escort. I am set up my accountant set me up as an escort a year or so into my business and it saved me huge amounts on taxes, not telling you to become an escort. Because I don't know about your situation, but it works for me to save a ton of money on my taxes. I have an LLC for my rental properties. So I have my accountant doing a lot of different things for me, and making sure that I get my taxes paid and stuff like that so take a look at that. Let me get up here and check the chat again. Okay, okay. So definitely talk to an accountant make sure you're doing right. I also recommend getting a separate bank account. So your personal bank account. Your household money in that your family uses your bills from. And if you still have another part time job that you're getting a W to from put that all in there, but get a separate business account. You will have business expenses, and it's much to have every all your money in a separate account, so that anything that comes out of the count you already know is for business, have a business credit card. Every time I have an expense that is about real estate I just put in that business credit card. The end of the year I don't have to sort through my statements and figure out which is a business expense and which is a personal expense and oh I went to the office supply store to pick stuff up was that for business or personal I don't remember that was six months ago. It doesn't cost much of anything to get a separate bank account and a separate credit card and just keep things separate that way you don't have to worry and you are not going to mess up your taxes. Also, set money aside for your taxes. It is very difficult corporate taxes are due March 15, where personal or do April 15, get my taxes done in January I go see my accountant and she tells me the bad news. So my taxes are not taken out out of every paycheck the way it is when you're w2. Now I pay estimated taxes but I didn't always pay estimated taxes. Now that I pay estimated taxes regularly. January is not so scary, but it used to be that in January where she would tell me how many tens of dollars I owed the government and I had to panic and make sure I had it all set to go. So set my side for your taxes since you are now a 1099 person and not a w2 person. I have automatic transfer so my business account is in a credit union. My personal accounts are different bank, and I have a business account and a business savings account. Every month a certain amount of just automatically get transferred my checking account into my savings accounts. There's just this money set aside. So I've got a stack of money over there. So taxes come up and like oh I've got extra money sitting in the savings account but forgot about excellent I can pay this. I was talking to a woman recently says she takes 40% of their should check so she gets the check for cell house. She puts 60% of that in her regular account she puts 40% of that in a savings account. And that savings account, then can pay for her taxes. It can pay for her. Any big advertising expenses that she's going to do separate from her standard advertising, any big expense that pops up. She has that extra 40% there. Now that takes some discipline right, you're doing a job to make money and it's really hard to have 40% of it disappear right away and go and hiding you want to spend that money, but this will make your life a lot less stressful. Do a budget also now it's really hard to do a budget when you knew it something because you don't know exactly what you're going to do. But you can talk to other realtors and find out what they're doing. So anything, you're an independent contractor again right, you have to buy your own ink for your printer you have to pay your own phone bill, you have to and I'll go through some of the other technology expenses and things like that. But if you're going to do advertising you have to come up with that, all the car expenses you do spend money driving around it's not a simple 10 mile commute every day in your back home again, you could be driving around quite a bit. It's not unlike, it's not unusual for me to do 6070 100 miles in a day. If you're clean, you have expenses as far as just basic office supplies, things like that so figure out a little bit of a budget and this will change over the years what you're doing about how much you're going to have to spend just to keep your business going each each month. Also get a professional email address. This is something else that costs almost nothing or can cost nothing, but it can make a huge huge difference. So don't be going with your you know hot chick 64 at yahoo.com as your email address that you send out to people, get a professional one, and keep that separate from your personal ones, so that you can check messages easily. And when you join a real estate company, they will give you an email address. They're worried about whether to want you want to use that. Right. They've got a brand name. So it's really nice and easy. It's Hey, I'm you know Zoe at ABC Realty great and branded now. I'm there. Everybody knows I'm with the best real estate company there is. However, most realtors switch companies at least three times in their career. I've switched. I'm on my third real estate company. I don't know about going to a fourth one. But if you've ever tried to change your email address, you know how many people you lose they never follow up they never get the message that your email address changed. They start typing your name in and their computer automatically fills in the old email address. So I recommend getting an email address that's, you know, maybe your name at your first name last name. Or something, or you could have something that says real estate in there be careful about using the word word realtor make sure you check a few laws about what you can have a real estate email address. But have one that you can keep forever have one that is professional and have one that doesn't hook you to a particular company. Let me just do a quick check up here. Gmail can work enough people it's funny Gmail doesn't have kind of that bad reputation that a well done are the older ones. Gmail can work. I always have once I have several different email addresses and they are private. I know I've gotten a few of them through go daddy. So it doesn't say Gmail on them. But yeah, go ahead and use Gmail if you want to just make sure is the one that you're going to want to live with and the one that sounds professional. You're greeting on your phone. Most people have never listened to their outgoing greeting I actually need to update mine. But your personal reading maybe to casual or they might not hear you well enough to know what your name is or know what business you're in, or get a second line a lot of times on one phone you can have a second line. I know some people carry two phones and that way they can just leave their business phone behind when they don't want to be bothered by business if they're at a family event. And you don't have to do that, but make sure that your phone is professional that you answer professionally that again you treat this like a business, even if you're only doing a part time. And the biggest thing about this is stay up to date. Even if you're only selling a house every now and then make sure you do some business reading, at least once a week, maybe a couple times a week that you staying up to date with what's happening, keep yourself informed. Watch the news, read the news as far as what's happening in the business, you will get emails from your Realtor Association from the National Association, read them and see what's happening with laws and changes and trends. And this sounds kind of cheesy but I tell you, I get a ton of my information off of Facebook for real estate. I'm on real estate pages and Facebook pages, and it is really fascinating to hear what people are doing, how they're writing their contracts. There's one really big national Facebook page that really does a lot of education, and people ask questions and you get hundreds of answers from all kinds of people. And in every different state people do things a little bit differently. So not all the applies, but it's fascinating. I'm on a couple of appraiser Facebook pages, and somebody says hey, I've got a question what about this and somebody else will quote back the exact statement that they need to look at from FHA that they can put in their reports. It's really helpful and it just keeps you up to date on what's happening what's changing, because things do change all the time a lot of stuff changed this year with the housing market with the prices going up so much it changed how people write purchase agreements and changes what they put in the purchase agreements when they're desperately trying to get a house and they're fighting against so many different people. So even if you are doing a part time, be professional about it, keep your reputation up, pretty much all you have is your reputation, and make sure that you keep up to date on the business. That's why when somebody said you're afraid of a new agent, new agents are not always bad. New agents can be great and can be up to date on things and they just went through school, so they haven't forgotten stuff yet. They may know a ton of stuff. Some new agents are builders that are now selling some new agents or contractors that are now selling they may know more about the house and your average agent so so make sure you're one of those people that is up to date and and and informed. All right, so which broker should you work for what's your style. So, I am not a broker, I am a real estate agent, I am a realtor. I have my license under a broker. Now, a broker could be a huge national company that has offices in all 50 states, a broker could be a local company that has just offices in California could be one that just has offices in San Francisco. It could be just one person who sat for the brokers test, and is now a broker. I have a broker license under somebody that is a broker. Okay, I have a friend who just didn't want to work for a broker anymore want to be more independent, and she got a broker's license and she is herself a broker and there's nobody else under her she's always told me I can come work under her if I want to. So you have to choose your broker. Think about it carefully, talk to people who work for the different brokerages and see what goes on there because everybody handles their business differently. Our commission splits. So, if I sell a house, and I get $10,000 of commission, my broker is going to take some of that. If you have a broker that takes commission splits. My the first broker I worked for was a big company, and I was brand new and they took 45% of all my commissions seems horrible right, but they also provided a lot of education. This was 27 years ago or whatever so there was a physical office I had a desk I had all the paper I could use. They were computers at the office because this was so sad to say this but I've been in real estate since before the internet. So, so they provided. I wish I got in the business right around the time of the internet now that I think about it. Because books, real of a listing books still existed. They would print a book every week with all the houses for sale those still existed. But things were on the computer. It was later that we actually had live things internet based I started seeing how to use the MLS the multiple listing service. It was on the internet, but but originally my office provided a computer it provided those books if I needed them it provided somebody answering the phone about manager there to ask all the questions Tuesday meetings to learn more about what's happening in the industry. So they took 45% but they supported me a lot. I business just because it was a back in those days people would open the front door of the business and walk in and say hey I'm looking for a realtor. I'm looking for a realtor business that wouldn't have happened with a small company. So some companies are going to be part of your commission. I later moved to another company. Different plan, instead of them taking 45% 30% they offered less there was no education, and they did things differently at that second company. I was for a while, but then I switched to an office fee. Where money I was making, I think I was paying $770 a month for my office, and I had office space there. And that way, when I was making more money and doing more transactions. I had a flat fee every month that I owed them for my office space and I had a desk there and printer and all that and I had access to the resource room where all the contracts were. I had access to the, you know, the lunch room I had access to the loan office that had an office there so I could ask questions of that worked out when I was doing more business, I didn't need as much help. And I didn't want them taking as much money because I was making more money and so they were getting more and more. So I had a flat fee then and that was great for a while. I eventually when I started doing more appraising unless real estate is only selling a couple of houses a year five six seven houses a year. I went to another company, and he only hires people who have a certain amount of experience because he doesn't want to babysit them. It's a single person owns it's not a company company it's a guy. He's had up to 75 agents under him but now it's a lot fewer than that. And two years ago right before the pandemic hit his lease was up on the office and he thought nobody comes into the office anymore so we don't even have office space anymore. I pay a monthly fee there that is ridiculously low he actually split the fee in half. When he closed the office I only pay him $50 a month for the purpose for the benefit of being under him. So there are lots of different options out there and talk about them. Ask other realtors that you know who work for different companies why are you with this broker why do you like this broker what does it cost you. There are also a lot of brokers who do a commission split, where at the beginning of the year, they take a huge chunk, and they take a huge chunk because they want to make sure that the company gets paid. So they may have say, at the beginning of your commission until until we being the company has earned $30,000 from you once you've we've earned $30,000 from you, then we'll drop your split and we'll only take 20%. The company wants to make a certain amount off of each person. It's going to take some math to figure out what's reasonable. And also as I mentioned at the beginning of your career we aren't selling as many houses. Something may work differently for you than when you're selling a ton of houses and you're bringing in millions you don't want to give you know 50% of that up. Some of them have mentors that will work with new agents of training. And what I do is to go into the weekly meetings and offer training talk to them about appraising talk to them about how to use the MLS system better talk about some of the other technology feature that we have. And that is something that they the company provides for their agents for free. I got a question up here let me see this. Yes somebody say can you get your real estate license and your broker's license to devoid paying someone else. You can get your real estate license first and then I, I don't know, I think there is a certain amount of experience that you have to get to get your broker's license. I don't know if you can get your broker's license right from the beginning. But yes, you can be your own broker just somebody has to have a broker's license. It's just usually most people go with a company once that are one type or another. So make sure that the company works with your core values. There's one national company that tries to recruit me every now and then so the local offices, and I just don't like their company slogan, and it's not me so I will never work with them. They're a fine company other people love them but just make sure you're comfortable there. Okay. Okay I got a big question here. And I think maybe I'll answer this as I go along because I'm coming up to some of this. Transaction fees. Oh I skipped over that one. Good point. I'll get, I'll answer that in a second. Thank you for that. When does that hit. Okay. What fees go to whom how many fees in total, approximately the same for all residential deals will fees be more if you help sell three family town home single family home to do. Okay, so there's got a lot of questions here this is good. Okay, so let's talk about transaction fees and because I did skip over that and some of the other stuff in there and again I'm going to get to actual fees and how commission works later. But thank you for mentioning the transaction fees and transaction fee. As I mentioned the company I'm currently with. He charges me very little per month just to have my license with him. But every time I sell a house. I owe a transaction fee. $395. Okay, not much off a commission at all. But every time I work aside, it wasn't $395. So, by side what I mean is if I'm representing the seller, and I sell a house and I get a commission I get to keep all my commission except I pay my broker three 395 of that commission. So, I'm with a seller and a buyer walks in who's not working with somebody else, and I sell the buyer a house now I've got both sides, I get the commission from the buyer side and the seller side, and that's two sides. So now I owe my broker 395 times two because I did two sides there. And the only thing about that again is it's not a percentage it's a flat fee so if I sell 45 houses in a year. It doesn't matter if those 45 houses are only $200,000 or $2 million because it's still only 395 per property per side. So that's what transaction fees are and the dollar figure can be all over the board. Sometimes you can charge your client that I almost never charged my clients that it just. So it almost always comes out of out of mind not every broker will let you charge your client that. Now the person asking a question also asked about if single family homes if you get a different commission options, multi family homes, duplexes three plexus things like that. Not necessarily usually they are the same. Let me get to I think my next slide is going to be more about how commissions work and how to get split among everybody so let me talk a little bit more about that in a little bit okay about how much commission you actually make and things like that. If I forget to mention the duplexes and the three plexus. I'll bring you back to that. And you said the two for one deal I assume that means what we call hogging a property, which is when you get the represent the buyer and the seller so you keep the entire commission set of splitting it. And we'll talk more about that. So team or independent. Most people start out as independent, they get their license they go start trying to sell a house and you're working completely on your own. Now obviously you've got other people in your office if you have an office and you've got a broker who will answer your questions, but you're not working with anybody you're not working as a team with anybody. Most people start out that way and it can work out great for you, but a lot of people want the support of a team. And teams can be set up within the broker they will have rules about how their team can be set up, but some teams are just two people that work well together. I don't have an official team, but my friend that became that became her own broker. We have always since I've known her helped each other out when she used to be at my same broker. I would help her out with stuff that she's on vacation she I help her out if I'm on vacation she helps me out. If I've got questions she owns and manages a lot of property she knows things like about that that I don't know. So she and I are not an official team but we help each other out it's hard to go on vacation if you don't have somebody to help you. Some other teams are two realtors that work really really well together and they are just friends and they work well together and they work as a team. Other teams I've got a woman that I do a lot of measuring for now. She is a high energy. She is a very well organized very ambitious woman and she has 10 realtors working under her. And those 10 realtors are mostly new agents that are learning from her and learning how to run the business from her, and she's in charge and everything gets put under her name but they all run around and and show the buyers houses and work for them. There are teams that. And then that that team leader usually takes part of your commission. And there are some teams that have a whole staff that help you do things. There's a family team that I do a lot of work with and I've been friends with the mother for a long time. She recently bought brought her daughter in. And the mother has known real estate forever and she's excellent her brother does real estate. She knows everything about real estate but the daughter came in the daughter's probably 30 something came in five or six seven years ago, and she has blasted their social media presence and they are doing gangbusters now. And so they work together and now the cousin of the daughter and the nephew of the mother now works with them also. So a lot of times it's family teams that work together. So teams can be anything think about if you, if you're getting into real estate because you're sick of having a boss and you want to be by yourself that's fine if you want to start out on a team to learn things. That's fine make sure you figure out how to get yourself out of it like they're not going to hold you for a certain amount of time. Also the boundary on ours. I mentioned that this business has a lot of turnover. People will stay in it for their entire lives. Other people turn over quickly and part of it is that it is hard to keep your boundaries it is hard to make sure that the job doesn't take over your life. Buying and selling real estate is emotional buying and selling real residential real estate commercial real estate. Those people are talking about facts and figures and just about making money. Residential real estate, people's emotions are involved. I've had people. I remember a couple I was working with and they wanted to interview me before we went and saw houses I'm like no let's just go see some houses interview me on the job. If you don't like how I work when we see houses the first time and fine, move on. Went out and saw houses we walk into the first house and they are desperately trying to talk themselves in the house well if we move this if we remodeled that if we pan this and I said you know what, you don't like it let's go. So to my couple more houses and then we took a break. And I said look, don't have to talk yourself into a house when you walk into the house it's yours you'll know it's yours, and they kind of looked at each other and kind of rolled their eyes a little bit like whatever. Let's go on. The next house we looked at the very next house. We walked in the front door. Oh, they didn't get out of the foyer before the woman said she wanted the house. Okay, it is an emotional purchase. And because it's emotional people panic in the middle of the night and send you text messages. I had a client who would send me text messages at three o'clock in the morning. Then I went on vacation and now it was one o'clock in the morning because of the time change difference, I just switched her so there's no ringtone when she messages me. Okay. She didn't even answer then she was just up in her brain was working she was panicking about stuff and she just wanted to get the questions down. So get boundaries on your hours to save your personal life. When you have soccer practice for the kids brought blocked off as an appointment on your schedule somebody says can you come show houses tonight so you know I've gotten appointment and stick to it. I work with a guy who became an agent, but he started out as a fitness trainer so he's got a lot of discipline, and he lets his clients know upfront. I don't answer phone calls or text messages on Sundays I don't answer after 9pm, and they know that up the front they're fine with it. All right, got a couple of questions here. There's a long winded questions people. All right, let's see. Okay. Oh, someone's asking about the conflict of interest if you represent the buyers and the sellers. Yes, to detail to talk to you about that, but there's a thing called agency and about talking about who you represent and everybody has to know if you're representing both sides. Usually you represent one side and don't actually represent the other side, but you still write the contracts for them. But everybody knows that up front. Okay, so that's way too deep to get into as far as who's representing who and that's one of the classes you take all the time. Okay. Okay, so someone's got a whole bunch of questions about making sure that you don't get as a buyer that you don't get screwed over by the real estate agent. I can't go into all that right now, but there are fiduciary responsibilities, fiduciary duties that the realtor has to make sure that they do that they work in your best interest. Okay, we can talk about that a little bit but realtor's are not out to screw you they are out to make a sale, but most of them are highly ethical and will not steer you wrong and we do take classes on ethics all the time, and we do know that we have to work in your best interest. Okay, obviously not everybody's going to do it right but that's the way it is. Let me get back into this. So, as far as, is it a good job. There are some really good things about it. First of all, part of it is just really fun. How nice is it to go around looking at houses. I mean everybody likes real estate. You get to see some unbelievable houses that you could never afford you get to see some castles you get to see some celebrity homes. You get to see some horrifying things that make you appreciate your home so much. But it's fun to go poking around, you walk into a house and you say well I can tell what happened to this marriage but based on the stuff that's in there. And if you've got clients that you're working with that are fun, you enjoy seeing them in the evening and taking them out to see their houses. And the other good thing is you're running your own business. You decide when you work, you decide how hard you work, you decide who you work with, it's your own business. As I mentioned before it is much easier to work overtime. When you're deciding not somebody else telling you. You can take unlimited vacation time. Right, you don't sign up and say hey I get two weeks and that's it. You can take unlimited vacation. Now you don't get paid diddly when you're gone. You can get somebody else to cover for you, but you can take huge vacations if you want I know plenty of agents who take a month off every winter to go somewhere else. They have lots of vacation time they just get somebody to cover for them but nobody standing there counting your days off. I'm more of the, I just got back from a 10 day vacation, which was unusually long for me. But usually I just take many vacations throughout the day, I don't work an eight hour day. I get up in the morning I go do appointments in the morning, and then I'm back at my home office, and I'm walking the dogs or I'm seeing friends to go kayaking or something like that and then I tend to work late at night again. So you do what you want to do. You can make a ton of money at this job. It's up to you. You're not limited. You can make a ton of money. It's partly how you run your business partly how you good your marketing, partly how good your reputation is partly how what the price range is that you're selling. Right if you said sell 10 houses at $150,000 a house you're not going to make as much money as if you sell 10 houses that are million dollars a house. Totally flexible hours. As I said you can make it to any soccer game that you want to you could go to any kids event if you want. If I was kayaking all day and I know that he's super warm and sunny. I can go. And anybody where I am, I can go I'll just do my work later. You're not tied to a desk. I started in real estate and I realized part of living around and getting fresh air I was just thrilled to not be inside your clients. You will be tempted to work with people even if they drive you crazy because you want the money and because you're used to having to just deal with anybody who comes along. But if there are people that are making you nuts or that you don't get along with, or that you don't want to deal with, don't work with them. You are your own boss you can refuse them service. Now the really nice thing is, you can refer them to another agent. Hey Bob, I'm not getting along with these people, they really are seem more like your kind of person they like your hobbies. They're closer to your side town. If I hand them over to you and refer, will you pay me 20% of your commission to that sure. Let's find paperwork I'll work with your buyers and I'll give you 20% of my commission just for making that fall. Oh, you're done. Okay, so those are some of the good things and yes I said you also meet some great people I have a lot of friends that are friends now because I sold a house. The bad part is it's a job, just like any other job you got to do it, you got to follow up, you got to work sometimes when you don't want to, you got to get things done, you got to be responsible. Oh hey one of the bad things is that you run your own business. You run your own business is great in so many ways, but you are the human resources department, you are the ad. You are everything. So sometimes you just want somebody else to handle it and you want to get still get a paycheck when you're on vacation but doesn't happen. It is your own business. No paid vacations, you must keep selling every day. This is a sale job. Every time you get new business, every time you sell a house, you're out of business and you need a new client to fill that spot. Okay, so you have to keep selling all the time. And some people are not good at that and don't like that. You don't want to be that person that goes to every party and then starts talking to people about real estate and that your friends start running away from you, but you got to, you got to keep getting business all the time. You can't just sit back and do your job you have to get more business all the time. There's a series competition is 4,000 agents in the area. 4,000 agents now not all of them are competition, but everybody knows a realtor. So how are you going to set yourself apart. And also, not necessarily bad thing but it's on the responsibility side is, you have to follow the law. It's a industry that really stresses ethics and there are laws in place, and yes you can get sued and yes you can get lose your license. So you have to follow the law. No benefits to health insurance, right certain teams may do that for you, but you need to take care of your own retirement funds you need to take care of your own health insurance you need to take care of your own car insurance. My car insurance used to be higher, because you put people in your car and drive them around for business purpose now that's not done so much anymore because of coven and things but you do drive people around sometimes for business and so may help my car insurance was higher, but don't expect any benefits. Okay, you do meet some great people but some people are just crazy. They're just wack, wacko, and, and you're spending your evenings with them. All right, let me go back up here. Okay. Sorry. Okay, so here's some of the necessary skills that you have to have. Okay. Patience. Patience for a couple of reasons is that some people don't move at the same pace as others. I had some clients this summer I really didn't think I would be able to find them a house. They had some difficult financing and they don't have a whole lot of income, and the housing market is crazy. And I was sure I'd be showing them houses for months. Eight houses for one day for the next day made it off for the first day didn't get it made it off for the second they got it was done. But there are other people that want to see houses forever, and they can't make up their minds and you have to figure out how to be patient with the fact that their brain works differently or risk tolerance is different. So they're more scared, and you got to have patience, and you got to understand what they're going through. You have to have sales expertise. You are a sales person you are real estate sales, which means you have to sell yourself, you have to sell your services you have to get people willing to work with you. You have to be flexible. Again, people are different some people are going to expect a lot of you other people expect less of you. A house hits the market, and it's the exact house that your buyers want, but you had plans that evening you're going to have to be flexible and maybe run out and see the house, or you can pay another agent to go show it for you. I don't figure out what's going to work for you. But you got to make sure that you keep your clients happy. And you don't have to bend over backwards all the time for them you can put some boundaries and, as I mentioned, kind of change some things up. You have to be trustworthy keep talking about the ethics classes and the ethical is down there also, but people are trusting you, they don't know what they're doing. And you're helping them sign contracts you're sending them paperwork you're explaining the law to them. They have to know that they can trust you. So you have to. Unfortunately, a lot of real estate agents have the reputation kind of as an industry kind of has the reputation of used car salesman. So that's justified whatsoever. Pretty much every realtor I've ever met, except for one has been a completely upfront trustworthy person that really do just like getting people's houses getting getting them homes, but to let people trust you, you have to explain things to them. You have to tell them the truth about things you have to educate them. They don't know about houses as much as you do, they don't know about the law, they don't know exactly what they're doing. They don't know the best way to write a contract so walk them through it talk to them about it, educate them a person that understands what's going on is much happier with you, then you have to understand what you're doing. You have to be ethical. Again, you are dealing with a big sums of money. You are dealing with people's life savings, you are dealing with that is very important to them and very emotional for them. Now these last two on there. There was a question that went on one of the Facebook pages several months ago, and it said, what's the one thing you wish you knew about real estate before you got into the business. And these popped up over and over and over and over again, because if most people in my house have a family. Single people do buy houses do buy condos but the majority of people do have a spouse or a friend or a family member or a child. And one person likes this house one person like that house. One person is really important that they really want the yard for the dogs and the other person's like really wants a huge master better. And so you're always talking to people try to figure out what's most important to them and how are they going to work it out and how can they compromise to make sure they get the house best for their family. And you also get that that that has been looking at houses for you for weeks and weeks and weeks and weeks finally find the best house and then one of them says, Oh, but my dad wants to see the house. No, when the deal that'll show up and he's doesn't remember what it was like to be a first time a home buyer he's now living in this huge mansion, and he thinks the house I look at as crap and he's got to be the helpful father and tell you that the house is crap. And so you've got to work with families. You've got to be able to pull. And there are emotions involved. Okay, there's also technology involved. The people who understand technology make about twice as much money as the people who don't understand technology. And some of this is not even high tech technology anymore is just sick every day stuff. But I've worked with some older agents who don't really get it, and, and don't really understand stuff, and they're having a really hard time. But just a couple of things the multiple listing service MLS is the, the website, and there are different brand names all across the country different setups that you work on. If you're scared of the internet and don't understand it. You are on there all day long looking up houses, setting up emails to send off to your clients of all the houses that will work for them, doing a market analysis which is sitting down and looking at the house you're going to list tonight and figure out what the house is worth. You were on that that MLS system day and night, and it has a little links off of it of other things that have to be done. So you have to be comfortable with your computer skills. There are electronic lockboxes old fashioned ones, but there are electronic lockboxes that you have to understand how to use that they're not difficult, but it's some people kind of freak out. You have an app on your phone to use electronic lockboxes. In the old days if I wanted to see a property, I would call up the office of the listing agent say hey this is my name. This is the house I want to see I want to see it tomorrow at 5pm. Call me back once you get approval. Now you just click a few buttons and showing time is one of the services that just automatically sends a message off the seller and the seller responds. That you got to be comfortable with that it's an app on your phone it's attached to your MLS system. You got to know enough about it to tell your sellers hey this is what's going to happen. RPR that just stands for Realtors Property Resource. It's another database system a national one put out by the National Association of Realtors that has it. As far as the history of the property and the great school district information, and all kinds of other it's a really an aggregator site of information they pull for a ton of different sites. It's another program that you should know so you can help your buyers and sellers out and get the more information. Of course you have to know GPS because you're going to be driving around the neighborhoods you've never been to before. Software's where you do your contracts, you don't get a piece of paper and write out I offer 1 million. You've got to know these programs, and then you do it electronically and then you send it off to your sellers or your buyers and they sign electronically and it comes back to you electronically and you got to give it out to everybody else electronically. Homesnap is another app that you can send to your clients and they will work off of that and it will help you know what your clients want they drive by how they like they stamp a picture of it you get notified. And also of course you have to date on texting. You got to be comfortable with your tech skills, and they're just a lot of agents who aren't. As I mentioned before the 84 now 54 year old should be just fine with technology, but the average age used to be in the 60s when we first started switching over to internet. A lot of the older agents just got out. Okay. Don't be afraid of technology if you aren't very good at it get good at me. Okay, let's talk about some money here. Talk about commission. Commissioners. Okay, there's not one set price of what it is, but the commission is a deal between the seller home and the listing agents broker now the listing agent works the deal but technically it belongs to the broker. So I'm listing a property I talked to the seller and I say you're going to pay me 6%. That's just a possible figure. And you're going to tell me 6% to sell. When they pay me 6% part of that goes to my broker part of it comes to me. And out of that 6% I have to pay the agent who brings the buyer in, and they're broker. So I may only keep 3%. Sometimes the listing agent keeps more than half but let's, let's say the listing agent takes a little more than half here. So, going with the sales price so if I sell 1.2 million dollars. And I'm bringing in the buyer and I'm going to keep 2.5% instead of the 3%. Okay. The agent worked out a deal to get paid 6%, but they could they work out a separate deal of what they're going to pay me that separate deal that they work out what they're going to pay me is listed in MLS so I know before you ever go see. They're only going to pay me 2.5%. So I get 2.5% because I brought the buyer and 2.5% of the sale price the house. My commission is $30,000. That comes to me and officially goes to my broker, my broker, I've got a 45% broker so my broker is going to take over $13,000 out of my 30. So that leaves me with $16,000 still sounds nice right one deal $16,000 almost $17,000 not bad, but how many deals are going to do a year. And then remember I got to pay my insurance my paper my internet my phone, things like that. So I have to do several deals a year to make money. And this is a good income, but just remember you don't get that 3,000 so when people are saying man, well you got 6% on that house, you didn't get 6%. You got part of that. And then your broker took some. So the seller writes a contract with the listing agent, and that percentage that they're willing to pay get split between both sides, the person who is represented the seller and the person who's represented the buyer. Okay. So here's some annual fees. When you are realtor you have to pay the National Association fees every year, you have to pay your state association and you have to pay your local association interesting how it goes up. But there are a few people paying each, each of those fees. Oh, and this is a. Sorry, this is a wrong figure, you only knew your license for four years and so that actually divide that by four. That's the fee that you pay every four years to renew your license. You have to pay your MLS fee. So an MLS fees vary across the country but locally there's 768 per year. They could go up any moment, you have to pay a lockbox fee, E and O insurance that is errors, no missions insurance, and this figure vary depending on what company you're with. What insurance company you're with how much you're selling things like that. And this is the thing if you made a mistake on a contract and somebody comes back to sell you will cover you for errors and omissions. And then you also have to take education every year. Average is out to about $40 a year. So even if you get your lessons just want to be super part time. And only maybe sell one house a year you're going to pay about $10 a year, just for sitting there and doing nothing. Okay, now that's very little money compared to getting one commission check. But it still adds up over the time. I'm running short on time here I got a lot to say. Okay. A couple questions here kind of realtor work for two brokers at once generally not. Because one broker has to be responsible for you. So CCR covenants and restrictions, covenants and restrictions are things that have been certain neighborhoods in this neighborhood you can't park an RV in your driveway in this neighborhood you have to have all natural materials on the exterior of your home in this neighborhood you can have dogs. That varies from neighborhood to neighborhood it's just something that the realtor has to know when you go show the properties that you are showing your buyers make sure that it will work for them. All these agents living with their mom and dad after they pay everyone else. See, you thought real estate, we're all millionaires and they're not. It's not a bad idea live with mom and dad to begin with a couple of things about your work day how your work day is set up. It totally depends on what's happening in your life right then, but you need to some days work on contracts and spend an hour to at your computer just putting it through the contracts and then calling your client and working through the contacts tracks, explaining it to them. Sometimes you'll be out running around showing houses. Sometimes you'll be on the phone, talking to your contacts fear, talking to your friends, going out to lunch with people trying to get new business in sometimes you'll be doing advertising for that. Sometimes you sold a house last night now you're talking to the loan officer, say hey is my buyer going to be ready for this. What else do you need from them. I'm talking to the other agents hey last night we wrote that purchase agreement. We still have a question about the refrigerator and when can I get the inspector in there and dad wants to see the house, then you're going to be talking to your clients because they're going to be calling you asking questions. If you get a new listing, you have to schedule the city inspection you have to schedule photographers you have to schedule the advertising for that house. When you're listing sales you have to deal with the appraiser coming in. You have to get a lockbox out to the new house, put a sign in the yard, usually a company does that for you. Sometimes people are buying gifts for their clients. Sometimes you're printing at brochures and having them at the house. Sometimes you get everything ready to go and now you got to talk to the title company and make sure that closing is going well and that everybody knows exactly how much money they need to bring to the house. You know they have to bring their driver's license to closing and you got to set up the timing that's going to work for everybody because the moving band is showing about two things like that. Okay, and doing the CMA as I mentioned before that's a comparative market analysis when you sit down and figure out what a house is worth. When you're getting ready to go list of property that could take you a couple hours sitting at the computer figuring that out. If you're writing up offers and negotiating offers and going back and forth for hours, hey, you know, if they give us a refrigerator will pay an extra $5,000 and if you can be out a month earlier will pay you more. Your day can vary a lot which is fun. But you can also think you've got a day of prospecting ahead of you and suddenly you sell a house and now you've got a ton of things to do. Alright, quickly here getting started. You need to get your school hours in. So to get started you need to take 135 hours from an approved school school and as I mentioned, Kaplan is one of them but the library also put in some information of another school. Also, 45 hours are on real estate principles 45 hours are on real estate practices 45 hours are on legal aspects, you can also take an exam prep course if you want to. You have to pass the test with 70% or higher you have to be 18 years older be a citizen and you do get background checked and fingerprinted. Now of course all these classes cost money plus the test cost month. Then every four years you have to take more education. These are all three hour classes you have to take three hours on ethics three hours on agency that's who you're representing whether you're representing the buyer seller and making sure that everybody knows who everybody's representing. Trust fund handling trust fund is when I buy a house, and I'm putting an offer I'm going to give you $10,000 of earnest money, and the broker is going to hold that until I close on my house. So you have to know, have a three hour class and making sure that is all handled appropriately. There's housing. There's a 1968 anti discrimination law about fair housing making sure that buying and selling and getting loans on houses are not being discriminated doesn't involve discrimination for any race, gender, familial status, things like that. And management. This is some basics like, Hey, by the way, even though nobody else touches your computer or your phone you have to have a password on them you have to keep confidentiality you have to make sure you destroy paperwork. And then you get to have 18 hours of consumer protection because it's all about the consumer, and then 12 hours of electives and those electives could be things like learning more about condos are learning more about commercial or things like that. Just a couple of quick seconds on an appraiser and appraising. Most appraisals are done for banks. When somebody buys a house and gets alone. The bank wants to know the house is worth what they lent on it so they hire an independent appraiser to go out and tell them what the house is worth. This is more what I call the logical side of real estate buyers and sellers are emotional they love their house. They're worried about everything they're buying a house it's emotional that's where they raise their family that's where their mother died, all that kind of stuff. The appraiser just walking in saying this house is worth 375 this house is worth 780. We're not dealing with the buyers and the sellers the bank is our our client, because banks work business hours we can work better business hours doing appraising. Most appraisers are solitary old men that don't talk to anybody. They just are that it's an independent job where you sit by yourself and do some analysis. It's more control but it's much harder to get in the business. Told you in real estate all you have to do is take your class pass your test and you're in the business in appraising, you have to take your education. You have to pass your test, then you have to be a trainee for at least six months under another appraiser. And then there are three other licensing levels above that. But in those six months you have to get at least 1000 hours of working with that mentor to move up and 1000 hours is more than 40 hours a week. And a lot of people are paying almost nothing or nothing to trainees. And most people right now are not taking trainees on after the last housing market crash they made it very difficult to have a trainee. So most appraisers who are getting in the business right now they're very few getting to the business, almost all of them are working for family. It's very hard to find a mentor who is willing to work with you. And look at some of these expenses here. Okay licensing fee for a trainee is 950 a year, or 950 for the four years. But at front 950 when you first started and you can pay up to $2,000 just for classes. It is much harder to become an appraiser. But it's less of a roller coaster job. Okay. We were talking a lot and so I kind of move a little bit faster let me quick take a look at some questions. Let's see. Oh, one other thing I want to point out before I forget the day you get your license you can sell a house. If you sell a house that day highly unlikely, you still have to wait probably 40 days for it to close to get a commission check. As far as a person asking who's living with mom and dad, make sure if you're going to get into real estate you have a way to pay your expenses for at least the first several months. Okay. Talk to the broker about whether or not you want to work part time most brokers are okay understand that you want to work part time, but talk to about it. Okay. It's just hard to get up and running. So talk to your broker about it some brokers will allow most of them will most of them understand some of them will give you a timeline you can only work. You're not going to work out for six months otherwise you're not going to work hard enough. CMA is a comparative market analysis. That's what you do when you sit down and say okay I'm going to list this house for sale, I got to know what it's worth. And as a listing agent, you sit down and do a comparative market analysis that you present to the seller and talk about what their house is. Are most appraisers supposed to take a good healthy amount of accounting classes. No, you don't need accounting classes to be an appraiser. You don't need to take our architectural classes they do want you to know the difference between a Cape Cod and assault box and things like that. You don't need to know engineering and structure, because we're not inspectors. You do need to know enough to know if you should call an official person in. The roof is looking a little wonky is probably good might not be I better call an official roofing inspector in. Okay, the math is not intensive and praising properties. First of all your computer software does all the actual math for you but yeah you have to know a little bit about statistics and averages and things like that. Okay. You don't have to consult any engineers and appraising unless you think there's something wrong with the house. Okay, you don't have to take. Nope. You don't have to worry about the structural integrity again, unless you see something wrong with the house. Okay. All right, we only got a couple minutes left again I'm sorry for. I mean it was good that we were talking but any more questions coming in. Oh, I just see a question from Sophia general education diploma GED only required for real estate license. I don't even think that's required. I don't think you have to have a, because a lot of realtors are as soon as they hit 18 they get their real estate license yeah you don't have to have education level. They changed it for appraising for a while and I think they backed off on it they wanted a college education for praising but I think they backed off on that now. Okay. Somebody said what attracted you to get more to appraising than selling. I like the logical side better. I like controlling my hours better I like not having people panicking. And it's an appraiser you can control your life a lot more it's just much harder to get into the business now. Other questions. I have a question in the chat anyone if you have a question about career in real estate. Please feel free to put it in the chat. We have about three more minutes. I just wanted to mention here about health insurance. Honestly the way I dealt with health insurance was a friend of mine figured out what worked for her and I said can I copy you and I got my same health insurance. There are certain plans to the National Association that can maybe get you some discounts, but I just called local health insurance companies and I guess mine is technically a what do they call those things. I don't think of the name of it but I have health insurance through a plan. So food stamps to real estate agents, you can make money just takes a while at the beginning. You can make a lot of money it just takes a while at the beginning you don't need food stamps yet. But yeah you have to get your own private health insurance a lot of people have their own private health insurance. Okay, just keep in mind that you can make real estate be what you want to be. If you like sales and you're good at sales you can make a ton of money if you hate sales, don't become a real estate agent. If you like real estate but you're not good with people work as an assistant work as a transaction coordinator. Right once a listing cells, somebody has to get all that information out to the title company to the loan officer to your broker has to get all the signatures on there has to get the lock box out to the house has to get the lock box out to the house there's an organized person who does all that stuff. Usually it's the real estate agent but that's also another position. So if you don't want to do sales you can still be in real estate. Just get yourself working for a team. So this is a question just send directly to me. The question is, how do real realtors get listings. How do realtors get listings. You got to put your name out there, whether you do bus stop bench advertising or you send out flyers to the neighborhood, the traditional ways to walk around the neighborhood and knock on doors and say hey you thought about selling your home. Most people don't want you to do that right now. The first thing you start out with contacting everybody you know and say hey I'm in real estate now do you know anybody who's wants to buy or sell a house. They're friends and family. They will become your referral people. You join networking groups, and people will refer you. The problem is everybody knows a realtor, but you just got to get your name out there it's all about advertising and talking to people, and getting someone to agree to sign to sell your house, sell their house with you to sales job. Thank you so much Zoe it's 130. We really appreciate you taking the time to share with us your experience and professional experience in real estate. And I want to also thank everybody for joining the program I hope you all find a presentation informative and helpful to you. We will send out an evaluation survey together with Zoe's snide deck and a link to the recording later this afternoon. Please feel free to fill out the, the feedback. And so we can continue to improve our programs. Again, thank you everybody and have a wonderful rest of your day. Bye bye.