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Careers in Real Estate

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Careers in Real Estate CAREERS IN REAL ESTATE OVERVIEW OF CAREER OPPORTUNITIES & LICENSING REQUIREMENTS Types of Real Estate Many & Varied Product Types & Sub-categories: • Residential (single family residences (“SFR”), 1-4 dwelling units, condominiums, townhomes, vacation ownership, sea-borne residences) • Multi-family (market rate; student housing) • Retail (Regional Malls, Power Centers, Neighborhood Centers, Strip Centers, Triple Net, Public/Private Concessions, On-site Retail, street front) • Industrial (warehouse, manufacturing, distribution, “pick-pack & ship”) • Storage Facilities (household goods, art, wine, vehicles) • Hospitality (hotel, motel, hostel, resort, residences, restaurants, bars, tourism/convention/visitor bureau) • Golf & Resort • Office • Seniors Housing • Subsidized & Tax Credit Housing Types of Real Estate (cont’d) • Public Facilities Concessions • Entertainment Venues & Theme Parks • Hospital & Urgent Care Facilities • Assisted Living & Convalescent Facilities • Agriculture (crops, vineyards, orchards, live stock) • Water Rights • Mineral Rights • Rights of Way & Easements • Religious Facilities • Energy Generation Facilities Urban Planning/Land Use • Government agency • Regional authorities (RWQCB, AQMD, CCC, CEC) • Economic, Demographic & Population Trends • Public / Private Partnerships (Grand Park; LA River Project) United States Green Building Council (USGBC) • Green Building Design, Construction & Management • LEED - Leadership in Energy & Environmental Design Risk Management/Insurance • Construction (hazard, defect, wrap, completion and personal guarantees) • Errors & Omissions • Liability • Fidelity Bonds • Workers’ Compensation • OSHA & ADA compliance • Human Resources • EDD compliance • Performance & Completion Bonds • Private Compliance Providers Finance; Lending; Conduits • Institutional Investment Funds • Institutional Investment Fund Advisors • Financial Analyst • Investment Banks (debt markets; RMBS/CMBS • Lenders - A cornucopia of resources: commercial banks; savings & loans; savings banks; corporate debt (e.g., GE Capital); mortgage banks; pension funds; life companies; private equity; credit unions • Mortgage Broker • GSE’s: Fannie; Freddie; FHA; Ginnie Mae • Loan Servicing • Wealth Management International Right of Way Association (“IRWA”) • Senior Right of Way Agent (“SRWA”) • Mineral Rights; Rights of way (identification, acquisition, easements); Utility Corridor Planning & Acquisition Conservation Easements • Conservancy land acquisition (holding entities) • Conservation easements • Bureau of Land Management (“BLM”) - Land swaps Agriculture • Agriculture (crops, live stock, vineyards, orchards, etc.) • Water Rights (acquisition, sale, trading) • Timberland • Brokerage (sales, leasing) Land Use, Entitlement & Development • Urban Planning • Zoning & Government Regulation • Site Acquisition • Demographic Research & Analysis • Use studies • Land Survey • Title Insurance • Environmental Study, Review, & “Impact Reports” • Financial Modeling & Projections • Design: Architecture, Exterior, Interior • Engineering: Geologic, Civil, Structural, Mechanical • Construction & Project Management Appraisal • Uniform Standards of Professional Appraisal Practices (“USPAP”) Commercial Real Estate Brokerage • Sales; Acquisitions; Like-kind Exchanges; Tenants in Common (“TICs”) • Business Opportunities (“Bulk Sales”) • Listing Services (Reis, Loopnet, CoStar, AIR, etc.) Residential Real Estate Brokerage • Single Family Residences • Planned Unit Developments (“PUD’s”) e.g., condominiums • Time Shares/Fractional Ownership • Listing Services (MLS, Internet, Zillow, Redfin, Trulia, etc) California Bureau of Real Estate (“BRE”) “The mission of the California Bureau of Real Estate is to safeguard and promote the public interests in REAL ESTATE MATTERS through licensure, regulation, education and enforcement.” BRE Home Page: Essential Information Verify a Real Estate License 2014 Real Estate Law Consumer Alerts Current News FAQs Department of Consumer Affairs Multiple Jurisdiction License Lookup Forms File a Complaint Real Estate Business Resources Complete List of Publications Invitation for Public Comment/Hearing Notices Connect With Us: Call BRE Public Information Line 1-877-373-4LIC (4542) Real Estate Licensing Broker License 8 Approved Courses 2 Years of full time experience Pass State Exam Complete Application Salesperson License 3 Approved Courses Pass State Exam Complete Application Resources & Websites Bureau of Real Estate www.dre.ca.gov California Association of Realtors www.car.org Franchise Tax Board www.ftb.ca.gov Dept. of Corporations www.corp.ca.gov National Association of Realtors www.realtor.org Federal Reserve www.federalreserve.gov Assoc. of Industrial Realtors http://www.airea.com/HOME/Home.aspx International Council of Shopping Centers www.icsc.org Apartment Association of Los Angeles www.aoausa.org Dept. of Housing & Urban Development www.hud.gov IRS www.irs.ustreas.gov Anthony Marguleas, Broker and Owner 310-573-4245x100 work [email protected] 310-293-9280 cell www.AmalfiEstates.com 14 About Anthony Marguleas • Founded Amalfi Estates, a luxury residential real estate firm based in Pacific Palisades 20 years ago • Personally sold $600 million in residential real estate. Recently selected by The Wall Street Journal as one of the top 250 agents in the country (out of one million agents). • Co-authored the book “California Real Estate Client Strategies” as well as published 150 articles. • Featured in/on: ABC News, Fine Living Network, Wall Street Journal, Consumer Reports and the Los Angeles Times. 15 General Real Estate Market Questions What year do you think Los Angeles real estate prices peaked last? Do you think home prices will surpass our last peak? Are we currently experiencing low inventory? 16 Pacific Palisades’ Annualized Data Average Year Median Price Change Average Price Change Cost per ft Change # Sales DOM 2005 $1,875,000 11% $2,293,634 18% $752.02 16% 337 62 2006 $2,102,500 12% $2,535,318 11% $801.63 7% 305 66 2007 $2,157,210 3% $2,575,562 2% $856.96 7% 269 63 2008* $2,315,000 7% $2,847,472 11% $841.43 -2% 191 101 2009 $1,950,000 -16% $2,427,691 -15% $682.65 -19% 189 118 2010 $1,820,000 -7% $2,294,299 -5% $684.02 0% 255 109 2011 $1,696,090 -7% $2,139,381 -7% $665.85 -3% 262 83 2012 $1,922,500 13% $2,465,738 15% $709.14 7% 285 87 2013 $2,240,000 17% $2,772,753 12% $818.43 15% 321 70 2014* $2,575,000 15% $3,188,287 15% $884.66 15% 211 63 * Market peak 17 Real Estate Reports • Best ways to gauge the market is The Unsold Inventory Index by taking the existing inventory & divide it by the # of homes that sold the previous month. Over 5 months is considered a Buyer’s market and under 5 months is a Seller’s market. • Always use annualized data rather than monthly • Altos reports, www.altosresearch.com $79/month • Each area, very localized.For ex. 2012 average price Tarzana was -7% yet Woodland Hills +18% Palisades was +15%, while Bel Air -13% 18 Buyer’s Tips Buyer – Location, location, location! Ideally have at least 2 of these before one should buy 1) Buy the least expensive home in the area 2) Find creative ways to add value (Change the address) 3) Find a motivated seller (out of area agent, probate sale, DOM(days on market), short sale, Foreclosures (www.realtytrac.com), NOD (notice of default), NTS (notice of trustee sale), REO, bank owned • When you go to an open house do not ask any probing questions as it hurts your chances of getting a credit if you find out beforehand there is a roof leak. • Back up offers, benefits • Inspections-general, sewer, chimney, (we do 7+ per home) Explain as-is vs. getting credits 19 Financing and Appraisal Talking Points Who thinks mortgage rates are high now? Who (under 50 yrs old) can guess historically how high mortgage rates have been? Will higher mortgage rates slow down our market? Is it that big of a deal if rates go from 4% to 5%? 20 43 year Mortgage Rates Chart 21 Our Marketing Circulation is 60,000 – Largest advertiser. 22 Photography Power of marketing 23 Tree trimming-improves curb appeal which increases value Before After Ex 1 Ex 2 24 Aerial videography We take professional aerial photos and videos. Here is a sample www.307Holyoke.com 25 Tips to be a Successful Agent • Find a niche, specialty market: EBA (Exclusive Buyer’s Agent, Luxury home specialist, condos, 1st time buyers, or farm a specific geographical area • Over deliver and under commit • Be an expert in your market, go to as many open houses as possible. Study why some homes sold for what they did. Hours for licensee, Dr 9K, dentist 7.5K, lawyer 6K, dental assist 1.5K, taxi driver 104, Realtor was 45 and now 135. • Study the real estate contracts • Listen to your clients and what they really want • Be an assistant to a top agent in your town 26 Thank you! GETTING STARTED CAREER OPPORTUNITIES IN RESIDENTIAL REAL ESTATE Nancy San Pedro, CPM, MBA Institute of Real Estate Management (“IREM”) VP of Programs Instructor in Training Common Interest Develpments Community Associations Institute ◦ PCAM Designation Characteristics ◦ Lower margins, complex delinquency actions ◦ Cap Ex., construction projects ◦ Budgeted with DRE guidelines Skill Set ◦ Public speaking, understanding of CC & Rs Apartment Management IREM, California Apartment Association ◦ Accredited Residential Manager designation Institutional vs. Private ◦ Level of reporting ◦ On site vs remote management Class A, B or C 3rd Party vs Owner Operated Getting Started Bureau of Real
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