Las Vegas Real Estate Market Expected to Grow in 2019-2020

Posted on May 22, 2019 by Sara

Las Vegas, Nevada is one of the only housing markets expected to grow over the next year and a half. This is in stark contrast to the market they faced just a decade ago. Las Vegas was among the first and hardest hit during the 2008 housing crash. Entire neighborhoods were plagued with foreclosure signs and new construction came to a complete halt.

Today’s market is made up of young buyers relocating for tech jobs. They are attracted by the low mortgage rates, affordable housing, and Nevada’s lack of income tax. With these features combined, houses are flying off the market just days after becoming available.

Realtor.com® has released the following forecasts for Las Vegas, Nevada:

Median home price: $277,574
Sales growth: 0.9%
Price growth: 7.9%

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.

Nevada Real Estate Continuing Education:
Brokers and salespeople in Nevada must complete 24-hours of continuing education classes every two years, half of which (12 hours) may be completed online. First-year licensees (brokers and salespeople) must complete 30 hours of specific courses. Requirements for subsequent licensing cycles are 24-hours of continuing education include:

Complete 12-hours of online continuing education online in HD video with Real Estate Training Institute!

Minnesota Real Estate 6/30 Deadline

Posted on May 22, 2019 by Sara

How do I renew my Minnesota real estate license?

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

Complete 30 hours of continuing education
Pay a fee
- Salesperson: $60 + $10 technical processing fee
- Brokers: $120 +$10 technical processing fee
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 2017 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.

Renewing Your Ohio Real Estate License

Posted on April 19, 2019 by Sara

How do I renew my Ohio real estate license?

Complete 30-Hours of approved continuing education
Log in to the Ohio Department of Commerce Division of Real Estate eLicense Center
Enter your license information and pay the appropriate fee

What is the fee for renewing my Ohio real estate license?

Salespersons: $135
Brokers: $180

How do I tell which continuing education requirements I have completed?

The certification number includes a letter that serves as a course-type designator

D – Core Law
G – Civil Rights
C – Canon of Ethics
E – Elective*
F – Computer Specific Elective*
B – Computer Basic Elective*
*A licensee may only take a maximum of 15 hours of computer electives

How can I find my Ohio real estate continuing education due date?

Visit www.com.ohio.gov/real to look up your license requirements

Do my 10-hour post-education courses count towards my 30 hours of continuing education?

No, the state of Ohio requires you to complete the 10-hour pre-licensure course and 30 hours of continuing education.

I have extra continuing education credits; can I use them for the next renewal cycle?

You may roll over 10 hours. These hours will count for elective courses, they will not count towards the 9 core course hours.

Where can I find Ohio real estate continuing education?

Visit www.realestatetraininginstitute.com and choose from the selection of state-approved courses.

Who Submits Completed Continued Education?

Ohio Division of Real Estate requires that both the course sponsor and the licensee submit certificates of completion. Real Estate Training Institute reports course completions to the Division within two business days of completion. A course completion certificate will be available to print immediately upon completion of the course. It is the licensee’s responsibility to submit all completed continuing education certificates to the Division when renewing their license.

Using Drones to Spruce Up Your Listings

Posted on April 19, 2019 by Sara

The real estate business is changing. The market is increasingly competitive and most prospective home buyers check online listings before contacting an agent or viewing homes in person. Drones can help your online listings leave a lasting impression on potential clients.

How do I use drones to enhance my real estate listings?

Drones are a great tool for capturing the scope of homes and properties. For example, drones can be used to provide a moving tour through the inside of large homes, giving prospective buyers a much better idea of property layout and dimensions than photos. Drones are also useful for displaying properties with magnificent views or large yards. Often drones are used to take video or pictures from high altitudes to capture a full view of the yard in relation to natural surroundings such as lakes or woods. The photo above is a particularly dramatic example of using a drone to capture the magnitude and beauty of properties.

Should you take your own drone photos?

Many real estate professionals choose to take their own drone photos due to the costs and hassle of hiring a drone pilot. A few of the key motivators are listed below.

Certified drone pilots can cost up to $200/hour – this adds up quickly once you consider travel time between properties.
As a real estate professional, you are already accommodate the schedules of property buyers and sellers. You don’t have to be subject to the drone pilot’s schedule as well- if you get your own certification you can take photos on your own time.

Do I have to follow any regulations to use drones for my real estate listings?

Yes, all commercial drone pilots must possess a Remote Pilot in Command Certificate which can be obtained by passing the FAA Remote Pilot in Command Exam.

Pay the $5 fee and register any aircraft that weighs more than 0.55lbs.
Pass the $150 Small UAS Remote Pilot Exam – exam prep is available here.
Pass a TSA background check
File FAA Form 8710-13

Is there exam prep available to help me study for the FAA Remote Pilot in Command Exam?

Yes! Real Estate Training Institute has created an online HD video FAA Remote Pilot Exam Prep Program with licensed real estate agent and certified drone pilot, Greg McMaster. This course is available 24/7 from any internet capable device so you can study on your own time!

Hot Real Estate: Shopping Center Sold in Saint Paul

Posted on March 22, 2019 by Sara

A multi-tenant shopping center in a growing area is now off the market, after being sold for $3.1 million.

Mid-America Real Estate corp. sold the Lexington Shoppes, 34,000 square feet of retail area. The shopping center is in the booming neighborhood of Saint Paul, which has seen increasing real estate interest in recent years.

The market is hot, and for good reason.

Saint Paul is 20 minutes outside of Minneapolis and a rising business star. According to the Greater Minneapolis-Saint Paul Regional Economic Development Partnership, the labor force has increased faster than the rest of the state and country. It’s also expected to keep growing by 5.2 percent over the next half-a-decade.

Saint Paul consistently ranks one of the best places to live, for factors including low housing costs and cost of living.

Saint Paul’s community is attractive to potential homeowners for its sports, recreation and art and attraction. The city ranks has a high density of artistic opportunities, and large numbers of theaters – only second, behind New York City.

The partnership’s website also highlights that the region is conducive to working moms and young college grads. Income opportunities and affordable housing make it an attractive place for people to settle down, both young and old.

Price-per-square-foot in homes on the market increased from last year and closed-sales went up too.

Saint Paul is definitely a city to keep your eye on.

For more data, visit http://maar.stats.10kresearch.com/docs/lmu/x/SaintPaul?src=page

Step-by-Step Guide to Getting a Broker License

Posted on January 29, 2019 by Sara

Michigan is one of the only real estate markets expected to grow in 2019. If you’re ready to upgrade your salesperson license, here is everything you need to know.

How do I get a Michigan real estate broker license?

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.
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).
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?

Why You Should Upgrade to A Michigan Broker License

Posted on January 29, 2019 by Sara

If you are currently working as a real estate salesperson I have one question for you, why haven’t you upgraded to a broker license? Brokers make more money and have more freedom to create their own schedules. While you must be licensed as a salesperson for three years before applying for a broker license, it is never too early to get started on your 90-hour prelicense program. Below are a few common questions and answers about obtaining a broker license.

Question 1: Why should I become a broker?

Be your own boss. As a salesperson, you work for a licensed broker. Getting a broker license means you can open your own practice and work alone or hire a team of salespeople to work under you. If you choose to work alone you can keep all of your commissions. If you choose to hire salespeople you can either keep a portion of their commissions or you can charge a variety of fees and allow your salespeople to keep all of their commission.
Make an average of $23,000 more per year. Brokers make more money whether they’re working with salespeople or not. Between keeping their entire commission and receiving a cut of their salespeople’s commission or yearly fees, they make an average of $23,000 more per year.
Increase your marketability. Individuals buying and selling high priced homes often prefer working with a broker. Brokers have a reputation for being industry experts with a strong dedication to the industry. As we all know, the higher the home price, the higher the commission!
Run your own property management company. Property management companies work as a middleman between tenants and property owners. Since the rental industry is hot right now, the ability to run a property management company is a big benefit.

Question 2: Why should I upgrade my license when the market is expected to decline?

Most experts are predicting a drop off in real estate sales over the next few years. Lucky for you, Michigan is expected to be exempt from the rest of the nation’s decline.

Several sources believe Michigan’s real estate market will continue to grow even as rising mortgage rates slow the market for sellers in other areas of the country. Home prices in Grand Rapids are forecast to grow at 8.2%, the largest home price increase in the nation. In fact, real estate resources nationwide are encouraging investment in Grand Rapids and the city comes in second for the hottest real estate markets for millennials.

Grand Rapids isn’t the only area of Michigan experiencing growth. Numbers recently released by Detroit Mayor Mike Duggan’s office show residential property values have increased by an average 12% in more than 90% of Detroit neighborhoods. The rest of the state is expected to experience continually growing housing prices but a declining number of homes on the market. While this may sound like bad news initially, growing home prices mean higher commission rates which can make up for the lower volume of sales.

In other words, while the rest of the country is preparing for a decreasing real estate market, Michigan can expect to see continued growth in urban areas and stable growth in the rural north. Additionally, even if the Michigan real estate market drops off after a few years, brokers are uniquely positioned to continue making a steady income since they receive a cut from all salespersons commissions.

Question 3: How do I get started?

Complete 90 hours of approved real estate coursework within 36 months of application, unless licensed continuously.
Note: if you have been a practicing attorney for 5 or more years you only need to take 30hrs to become a licensed broker.
Submit your real estate license application by visiting Michigan’s Department of Licensing and Regulatory Affairs (LARA). Once there, you can create an account, pay all fees, and apply for your broker license. *NOTE – Michigan is no longer accepting paper license applications, so you must use the LARA online portal!

Here is a step-by-step guide provided by LARA.

Licensing Resources

Should You Get A Real Estate License?

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

Posted on January 29, 2019 by Sara

Michigan is one of the only real estate markets expected to grow in 2019. If you’re ready to get licensed, here is everything you need to know.

How do I get a Michigan real estate salesperson license?

Complete an approved 40 hour Michigan Real Estate Fundamentals Course.
All potential salespeople in Michigan must complete an approved 40 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.
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 do not need to have a broker at the time you submit the license application. If you list your employing broker’s 10-digit number when applying, please inform your employer that you have submitted your license application. Your employing broker should then access his or her iCOLA account and confirm sponsorship. Broker information may be supplied to the State of Michigan at a later time using the Employee Broker Notification Form. Your license application will remain in a “Pending” Status in their system until broker sponsorship is confirmed, or for one year from the date of application.
Register with PSI and pay the $79 exam fee.
To schedule your exam date, call PSI at 1-800-733-9267 or register online. 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. Once your exam score is received by the Department and your broker is confirmed, the State-issued paper wall license and a pocket card will be mailed to your employing broker’s main office.

Where is the Michigan real estate salesperson exam offered?

Gaylord
Grand Rapids
Holt
Marquette
Southfield

What are the initial real estate licensing fees in Michigan?

Michigan operates on a three-year cycle so initial licensing fees decrease each year. 2018 is the last year of a licensing cycle and fees are as follows:
Brokers & Associate Brokers: $71
Salesperson: $62
Branch Office: $30

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

Should You Get A Real Estate License?

Posted on January 29, 2019 by Sara

Real estate is a fluctuating industry with potential for large profits and a flexible schedule. The question is, “Is it right for you?”

Question 1: Is the Michigan real estate market going to continue growing?

Several sources believe Michigan’s real estate market will continue to grow even as rising mortgage rates slow the market for sellers in other areas of the country. Home prices in Grand Rapids are forecast to grow at 8.2%, the largest home price increase in the nation. In fact, real estate resources nationwide are encouraging investment in the Grand Rapids area. The city also ranks second for the hottest real estate markets for millennials.

Grand Rapids isn’t the only area of Michigan experiencing growth. Numbers recently released by Detroit Mayor Mike Duggan’s office show residential property values have increased by an average of 12% in more than 90% of Detroit neighborhoods. The rest of the state is expected to experience continually growing housing prices but a declining number of homes on the market. While this may sound like bad news initially, growing home prices mean higher commission rates which can make up for the lower volume of sales.

In other words, while the rest of the country is preparing for a decreasing real estate market, Michigan can expect to see continued growth in urban areas and stable growth in the rural north.

Question 2: What makes a successful real estate salesperson?

Successful salespersons come in many forms, while it is not necessary to possess all of the below personality traits, these are a few that most success stories share.

Social. This is a big one. You need to feel comfortable speaking to home buyers, other agents, and potential clients. Successful agents network constantly and put a lot of value in their earned relationships. This is key to getting referrals and growing your business.
Self-motivated. Your broker probably won’t want to hold your hand for very long. You need to be able to complete tasks and find clients without outside motivation.
Relatable. Home buyers want a real estate agent they can trust. It is important that they feel you understand their needs and concerns on a personal level to assure the client you have their best interests in mind.
Persistent. Sometimes your deals with fall through. Its a big part of the job that you cannot let discourage you.
Analytical. Accomplished agents can determine which homes and clients have the highest chance of success.

Question 3: Can I fit this into my current schedule?

The short answer – probably. Many salespeople start out parttime, this is a great way to dip your toe into the waters without becoming overwhelmed with start-up fees. Your schedule can be as flexible as your clients allow, making it easy to work around another job.

Question 4: How do I get started?

Complete an approved 40 hour Michigan Real Estate Fundamentals Course.
All potential salespeople in Michigan must complete an approved 40 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.
Submit your real estate license application. Go to www.michigan.gov/icola to apply for a license.
Register with PSI for your exam. The cost for the Salesperson or the Broker exam is $76 and the tests are timed (180 minutes).

You can find detailed instructions here.

Licensing Resources

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

Why You Should Upgrade to A Broker License

Step-by-Step Guide to Getting a Broker License

Virginia Real Estate Salesperson Renewal Courses

Posted on January 18, 2019 by Sara

How do I renew my Virginia real estate license?

Licenses can be renewed no sooner than 60 days prior and no later than the expiration date. The state will send you a renewal card before your expiration date. If you do not receive your card you may send a renewal check payable to the Treasurer of Virginia and your registration number to:

Real Estate Board
Department of Professional & Occupational Regulation
9960 Mayland Drive, Suite 400
Richmond, VA 23233

What continuing education do I need to renew my Virginia real estate license?

Virginia salespersons are required to complete 16-hours and brokers are required to complete 24. Real Estate Training Institute offers a complete 16-hour salesperson renewal package, as well as, individual courses.

When do I need to renew my Virginia real estate broker or salesperson license?

Licenses must be renewed every 2-years by the end of the original licensure month. You may renew your license up to 60 days before the deadline.

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

Broker: $80.00
Sales Agent: $65.00

Do I need continuing education if my Virginia real estate license is inactive?

No, you do not need continuing education to renew as inactive so long as you renew on time.

Who do I contact about my Virginia real estate license?

Real Estate Board
Licensing Section: (804) 367-8526 | REBoard@dpor.virginia.gov
Education Section: (804) 367-2406 | RESchool@dpor.virginia.gov
Board Office: (804) 367-8552
Fax: (866) 826-8863