Author Archives: Sara

Minnesota Real Estate Renewal FAQ

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The June 30th renewal deadline for Minnesota real estate agents is fast approaching. Here is everything you need to know to renew your license!

What are my Minnesota real estate continuing education requirements?

Salespersons and Brokers in Minnesota are required to complete 15 hours of continuing education each year, for a total of 30 hours each licensing cycle. Included in that 15 hours per year, each licensee must complete the current year 3.75-hour required module.

When do I need to renew my Minnesota real estate license?

Salespersons and Brokers in Minnesota are required to renew their real estate license no later than June 30th of your expiration year.

Are your courses approved by Minnesota Department of Commerce?

Yes! Our provider number is 21027179. Course approval numbers are listed in the course title.

Do you report my continuing education to Minnesota Department of Commerce?

Yes. We will report your continuing education to the Minnesota Department of Commerce. Courses are usually submitted three times per week and can take 24-48 hours to be reflected in your online profile.

How long do I have to complete my courses after I purchase them?

Individual courses are available for six months from the date of purchase. The purchase of a package will give you access to the course work for the full length of your licensing cycle (2 years).

Do I have to complete the course at one time?

No! You do not have to complete each course in one sitting. Your courses are available to you from any internet enabled device, and our system will keep track of where you start and stop. Our courses are usually broken into 20-25 minutes intervals, which will make it easy for you to complete your course when it’s convenient for you!

How do I renew my Minnesota real estate license?

It is the Primary Broker’s responsibility to renew all of the licenses that are due for the renewal and associated with the real estate company before 4:30 PM Central Time on June 30th of the applicable renewal year. The mass renewal can be done online at www.pulseportal.com. Electronic renewal application, renewal documents, and payments must be received by the MN Department of Commerce before 4:30 PM Central Time on June 30th of the applicable renewal year.

How much does it cost to renew my Minnesota real estate license?

$60 | Salesperson
$120 | Broker or Limited Broker

I missed the due date for my Minnesota real estate license renewal, can I still renew?

No. If your license renewal deadline has passed you must complete all outstanding continuing education requirements and reapply for the license (via your broker) and pay new fees.

Do I have to complete any continuing education if my Minnesota real estate license is inactive?

Yes, all licensees in Minnesota are required to complete 15 hours of continuing education each year.

3 Tips For Real Estate Professionals During COVID-19

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COVID-19 has had a huge impact on the real estate market across the United States. With many states on lock down or encouraging social distancing, showing homes is increasingly difficult if not impossible. However, there is still a lot you can do to keep your business moving forward.

    1. Use Your Social Media to Foster Relationships
      People are spending more time on social media than ever. Use your social media to build relationships with potential customers and maintain your relationships with current customers.You want to keep your relationship active so you’re the real estate agent they think of when things go back to normal. Create posts that suit your market. Do your customers want COVID content or would they prefer a distraction?
    2. Improve Your Listings
      Just because many people cannot attend showings right now does not mean they aren’t interested in buying homes. Add as much information to your listings as possible. If you can, take additional photos and videos of your properties. Once your listing is filled out – post it to your social media!
    3. Get Your Education Out of the Way
      I know, nobody wants to think about taking classes right now, but you’re not going to want to take classes when business picks up. Most states require a lot of education to become a broker, now is the time to get that out of the way. Same goes for your continuing education–even if your deadline is a long way out, finish it now. You’ll thank yourself later when you can focus your time and effort on selling.

Minnesota Real Estate 6/30 Renewal Deadline

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How do I renew my Minnesota real estate license?

Minnesota real estate salespeople and brokers must renew their licenses every two years by June 30th. To meet renewal requirements, you must

  1. Complete 15-hours of continuing education per year.
  2. Pay a fee
    • Salesperson: $60 + $10 technical processing fee
    • Brokers: $120 +$10 technical processing fee
  3. Go to the Minnesota Real Estate Commission portal and renew your license be 4:30 pm central time on June 30th.

What continuing education is required to renew my Minnesota real estate license?

You must complete 30 credit hours of approved courses each 2-year cycle. Courses are broken into two 15 hour modules. Courses must include:

  • 1 credit hour of Fair Housing
  • 1 credit hour of Agency Law
  • 1 credit hour of Residential Contracts for 2016-2017 renewal
  • You cannot take the same course twice in a licensing cycle

When must my Minnesota real estate license continuing education be completed by to avoid license lapsing?

Continuing education must be completed by June 30th, however, if you wait until the last two weeks of June to complete your continuing education you risk having your license lapse as well. It takes the state time to process realtor renewals, if your renewal is not processed by July 10th your license will lapse.

Where do I find courses to renew my Minnesota real estate license?

Real Estate Training Institute offers Minnesota approved online continuing education courses to renew your license. We offer a 15-hour package and individual courses to meet requirements for your 2020 module. Individual courses are also available.

Who submits my continuing education to the state of Minnesota?

Real Estate Training Institute will submit all Minnesota resident continuing education. Nonresidents are responsible for submitting their own continuing education to the state. Continuing education certificates are available immediately after completing courses.

Agents Subpoenaed in New York

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The New York State Senate issued 25 subpoenas to real estate agents and companies as part of a probe into housing discrimination. The housing issues were brought to light in Newsday’s ‘Long Island Divided‘ series. The Newsday investigation tested 93 real estate agents and 5,763 listings over the course of three years. They uncovered evidence of widespread unequal treatment by the agents.

In the study a black tester and a white tester separately solicit an agent for assistance buying a home. They present similar financials and request identical terms for houses in the same area. The agents actions are then reviewed for differences in service. They conducted 39 tests comparing black and white testers, 31 tests with Hispanic and white testers, and 16 tests with Asian and white testers. They found housing discrimination 19% of the time against Asians, 39% of the time against Hispanics, and 49% of the time against Blacks.

The New York State Legislature rarely uses subpoenas but the move was necessary after 67 of 68 industry representatives did not appear at a hearing on discrimination in December. The subpoenas will force industry representatives to discuss racist and biased housing practices in New York State on April 17th.

Takeaways From ICNY 2020

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Inman Connect 2020 is an event for residential real estate professionals to discuss the present and future of the industry. New York City’s The Close attended the Inman Connect 2020 conference and shared their key takeaways from the event. Below is a short list of their findings, to learn more view the full article.

  1. Online Real Estate Lead Quality Has Dropped Since 2012
    In the past 8 years the number of online leads has grown by 510% while the number of new home sales has grown by 10%. Meanwhile, the cost of internet leads is steadily increasing, even as the quality declines. We all know you can’t run a successful real estate company without leads so rather than ditching your leads as expensive and unproductive, take the time to really nurture your leads and change your expectations.
  2. Relationships are King but Content is Queen
    Relationships and content need to work hand in hand to represent your business. According to real estate marketing expert Katie Lance, “Every listing, every photo, every single letter of every single word of every single sentence is a representation of your brand. What sort of content are you making to create opportunities for incredible client experiences?” In other words, you need to create great content to engage your audience and make building relationships easier.
  3. Traditional Mortgages Are Being Disrupted
    Companies like Divvy, Flyhomes, and Orchard are providing buyers a new way to buy real estate.  Companies like Divvy will purchase a home for a buyer that doesn’t have a down payment and lease it back to them.  A portion of lease goes towards your down payment – once you’ve saved enough Divvy sells the home to you. Learning about these companies and the growing number of financing options will enable you to market to totally new clients.

These are just a few of the major points from the Inman Connect 2020 conference. View the full article for more.

Step-by-Step Guide to Getting a Broker License

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How do I get a Michigan real estate broker license?

  1. Complete 90 hours of approved real estate coursework within 36 months of application, unless licensed continuously.
    All potential brokers in Michigan must complete an approved 90 Hour course. Real Estate Training Institute offers this course online in HD video so you can fit it into your busy schedule. The onscreen instructor, Gwyn Besner is available to answer any questions you have while taking the course.
    Note: if you have been a practicing attorney for 5 or more years you only need to take 30hrs to become a licensed broker.
  2. Submit your real estate license application. Go to www.michigan.gov/icola to apply for a license. Upon accessing iCOLA, you will be asked to create an account, pay your license fee, and submit your license application electronically.
    Note: You must have at least 3 years’ full-time experience as a real estate salesperson, or equivalent experience before applying as a broker (Rule 205).
  3. Register with PSI and pay the $76 exam fee.
    To schedule your exam date, call PSI at 1-800-733-9267. Use the 24/7 Automated Registration System or speak with a representative between 7:30 A.M. to 8:00 P.M. ET. You will be informed immediately after the exam whether you passed or not. PSI will import your exam data into your iCOLA record within 48 hours of successful completion of the exam.

Where is the Michigan real estate broker exam offered?

  • Gaylord
  • Grand Rapids
  • Holt
  • Marquette
  • Southfield

What are the initial real estate licensing fees in Michigan?

Michigan operates on three-year cycles so initial licensing fees decrease each year. 2018 is the last year of a licensing cycle to fees are as follows:
Brokers & Associate Brokers: $71
Branch Office: $30

Who do I contact at the state level about getting a Michigan real estate license?

Contact Information

Licensing and Regulatory Affairs
Board of Real Estate Brokers & Salespersons
Website:  http://www.michigan.gov/realestate
Phone:  517-241-9288

Licensing References

Michigan Real Estate – Frequently Asked Questions
Michigan Real Estate Brokers and Salespersons — Occupational Code

Licensing Resources

Should You Get A Real Estate License?

Step-by-Step Guide to Becoming a Real Estate Salesperson

Why You Should Upgrade to A Broker License

Top 5 Real Estate Markets for 2020

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Surprisingly, the cities expected to have the most growth in 2020 are nowhere near the large coastal cities you may expect. Instead, home buyers are flocking to areas where they can get more for less. Growing cities in the midwest and southwest dominate growth. Here are the cities that are expected to show continued growth throughout the year.

Boise, Idaho 
Median Sale Price $295,000
Home Price Change: +8.1%
Sales Change: +0.3%

Idaho currently has one of the highest rates of job growth in the nation, many of which are in technology which can only mean one thing. Housing is flying off the market and the prices are increasing. Buyers who can spend between $300,000 and $400,000 have the most options.

McAllen, Texas
Median Sale Price $152,000
Home price change: +4%
Sales change: +4.4%

McAllen is the retail center of South Texas and Northern Mexico with 27% of the city’s workforce employed in the retail sector. Edinburg is a separate city within metro McAllen that is also seeing a housing boom. A four bedroom house runs under $200,000 so it is popular among many residents that work in McAllen.

Tucson, Arizona
Median Sale Price $230,000
Home price change: +3.3%
Sales change: +3.4%

Luxury home sales are slowing or stagnat across the country – except in Tucson. Homes priced from $800,000 to several million dollars are moving as soon as they hit market. Large companies such as Caterpillar recently moved downtown, bringing jobs to the area. The military base also generates about $2.5 billion dollars annually for the Tucson economy.

This growth in economic activity coupled with the climate are bringing people in from all over the country – 45.2% of listings are viewed by people who live out of state.

Chattanooga, Tennessee
Median Sale Price $189,000
Home price change: +3.6%
Sales change: +2%

Chattanooga is conveniently located between Nashville, Tennessee and Atlanta, Georgia but cheaper than both. The city recently completed a $120 million redevelopment of its riverfront. The area now has apartment buildings, family-friendly restaurants, museums, an amphitheater, and parks. As a result, prices are going up. A two-bedroom condo with river views will run about $300,000, on the other hand, a single family home in the suburbs is going for $200,000.

 

Columbia, South Carolina
Median Sale Price $178,000
Home price change: -0.2%
Sales change: +5.5%

Columbia is known for its ultra-affordable homes – making it attractive to buyers from all over the country. The Fort Jackson Army Base, Amazon fulfillment center, and University of South Carolina also draw home buyers from all over the country. The city is so popular, bidding wars often drive up low list prices.

Neighborhoods near the University have homes from $100,000-$200,000, while areas closer to downtown are generally higher priced.

How to Handle Bad Reviews

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What is the first thing a potential client does when looking for a real estate agent? If you answered “look for reviews” you’re correct. So what do you do if you have bad reviews?

  1. Avoid being defensive. It’s natural to have hurt feelings or want to retaliate when someone speaks poorly of your business. Avoid this reaction. Instead, do a little research.
  2. Google your name to see if there are any additional negative reviews about your practice. If you find a pattern, for example, multiple clients saying your staff is rude and unhelpful, you know where to start. If you only have one bad review, that’s great news!
  3. Talk to anyone at your company who may have interacted with the unhappy client. It’s possible a misunderstanding occurred or you have an unreasonable customer on your hands. Either way, it’s best to know what you’re up against before you respond.
  4. Now that you understand the problem, you’re ready to respond. Make sure you respond to all reviews, both positive and negative, in a positive manner. When responding to bad reviews start by thanking the reviewer for their time and valuable input. Apologize for their poor experience without making excuses (yes, even if their complaint is unreasonable. This shows future customers you are dedicated to keeping your customers happy). Let them know how you plan to address the problem. The response below not only addresses client concerns, but also encourages the client to take the conversation off of a public platform, and shows potential customers your dedication to customer care.

Example: “Thank you for taking the time to provide us with feedback. We are very sorry you had a bad experience with our company. We are working with our staff to ensure we are able to provide top-quality customer service in the future. We would appreciate the opportunity to make things right with you, please call our office between 8am-5pm to discuss possible solutions.”

Safety Tips for Real Estate Professionals

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Real Estate Professionals, in particular, need to be cautious of their surroundings.  Especially during an open house or private showing.  You can’t avoid showing your clients their dream home, but there are certain precautions you need to take to ensure your safety.  Here are 7 personal safety tips to keep in mind during your next open house or showing.

  1. Arrive to your destination early and become familiar with the home and its surroundings.  Is it in a populated subdivision or in the woods or country setting where cell service is spotty?  Check various areas where cell phone coverage might be limited. This is good to know in case you need to make an emergency call for help.
  2. When parking your vehicle, be cognizant of exits and potential escape routes.  Always get in the habit of backing into a parking spot nearest the entrance. Avoid areas where your vehicle might become blocked.
  3. When your client arrives, ask them to allow you to go up to the house to make sure that the entrance was secured properly.  Once you’ve determined that the area is safe for entry, and checked your phone for a strong signal, you can direct your clients to enter the home.
  4. Clients should always be walking ahead of you. Direct them to where you want them to go and remain in a position where you are able to escape quickly should the need arise.
  5. Try your best to create opportunities where direct access to your person is obstructed. If you are showing a kitchen and there is an island or peninsula feature, remain on the side closest to your point of exit while the client is on the other. Never sit beside the client on a couch, but rather sit across from them while discussing buyer-seller negotiations or other paperwork.
  6. When showing the property, keep your dialogue with the client real estate specific.  Avoid personal conversation and details of your personal activities, schedules etc.
  7. Take a moment during your tour to mentally assess how this showing is going.  If you have a gut reaction that something is not right, it probably isn’t and you should listen to your inner instincts.  If you have any concerns at all, take action. Grab your cell phone and check for signal strength. If the signal was clearer outdoors by your car, excuse yourself and politely explain that you need to call the office. Call another realtor to the location or cut the showing short and leave immediately. Usually, if the cell signal is not strong, the homeowners will have a landline phone.  Pick up the phone and call your office, using your predesignated signal or code phrase to alert someone that things are not right at this showing.

These are just a few of the many valuable skills you will learn when taking Real Estate Training Institute’s Personal Safety and Self Defense Course. Take this course to master simple, effective self-defense tactics and stay safe in any situation.

The El Paso Real Estate Market Is Growing Rapidly

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People are moving to El Paso, Texas. Until recently, El Paso has been known as a small, quiet town on the U.S.-Mexico border. These days, the city’s abundance of low-cost homes is causing a housing boom.

A lot of the new homeowners are coming from Arizona and California to enjoy the city’s low cost of living or to live near the Fort Bliss military base.  A brand-new three bedroom home with stainless steal appliances and granite counter tops can be bought for just $150,000-$165,000.

Realtor.com® has released the following forecasts for El Paso, TX:

Median home price: $150,000
Sales growth: 7.9%
Price growth: 2.5%

With a booming housing market, real estate agents are in high demand. Make sure you stay up to date with state requirements so you can remain licensed.

Do you need Texas real estate continuing education?

Sales Agents and Brokers must complete 18-hours of continuing education classes every two years. Salespeople must include 8-hours of TREC Legal Updates I & II (These are 4-hours each). The other 10-hours can be based on elective training topics that are approved by TREC. Brokers must also complete a 6-hour TREC Broker Responsibilities course. The remaining 4-hours may be filled with TREC approved elective courses. Sales Agents must complete 90 hours of qualifying education during the first renewal cycle.

Complete 18-hours of TREC approved online continuing education in HD video with Real Estate Training Institute!