Real Estate as defined by most states is land, and anything permanently affixed to it along with the subsurface (all things below the land) and the air above. Everything else that can be owned is described as Personal Property, or Chattel.
Along with land and home ownership go a "Bundle of Rights." These rights include:
The Right of Possession (If you rent the property, you have the right to possess it.)
The Right to Use (The right to fish, farm, hunt, etc. so long as it is legal and does not bother or disturb others from using their land.)
The Right to Transfer (The right to sell the property.)
The Right to Encumber (The right to use as collateral, or borrow against.)
The Right to Exclude (The right to post No Trespassing signs, and prosecute violators.)
Sunday, January 31, 2016
Saturday, January 30, 2016
Implied vs. Express contracts
Just a quick FYI...
Did you know that an Express Contract can be verbal or written? Most express contracts are written and agreed upon by agents and clients.
And an Implied contract is basically someone taking the suggestions of a real estate agent.
Did you know that an Express Contract can be verbal or written? Most express contracts are written and agreed upon by agents and clients.
And an Implied contract is basically someone taking the suggestions of a real estate agent.
Communication Skills
Have you ever heard the saying, "It's not what you say, it's how you say it."? So the saying goes, so goes your business. Think about it, if you offend people, are they going to want to do business with you? Are they going to want to even be around you? It is important to remain professional at all times in your business. Sometimes that means biting your tongue, and "being the bigger person."
There is an element of "Acting" at every job. Think about it... Have you ever been to "In-N-Out" Burger? They pay their employees very well for a fast food chain, but they also require their employees to be professional, friendly, and courteous at all times. But what if the employee just doesn't feel like being friendly that day? It's very simple, and goes back to my original point in this paragraph, there is an element of "Acting" that is required. The same is true for you in your profession. No matter what you do for work, it is important that you remain professional, friendly, and courteous at all times, even if you're having a bad day. So how does one accomplish this? It's really a mindset, once you set foot in your office, or business setting, you have to tell yourself to put on your professional "game face." Get in the mindset that every time you go to work, you will be professional, friendly, and courteous. Yes, it takes practice, yes, it's not always easy... especially if you deal with difficult people, but it ALWAYS pays off in the long run.
Give it a try! Let me know how it goes for you.
There is an element of "Acting" at every job. Think about it... Have you ever been to "In-N-Out" Burger? They pay their employees very well for a fast food chain, but they also require their employees to be professional, friendly, and courteous at all times. But what if the employee just doesn't feel like being friendly that day? It's very simple, and goes back to my original point in this paragraph, there is an element of "Acting" that is required. The same is true for you in your profession. No matter what you do for work, it is important that you remain professional, friendly, and courteous at all times, even if you're having a bad day. So how does one accomplish this? It's really a mindset, once you set foot in your office, or business setting, you have to tell yourself to put on your professional "game face." Get in the mindset that every time you go to work, you will be professional, friendly, and courteous. Yes, it takes practice, yes, it's not always easy... especially if you deal with difficult people, but it ALWAYS pays off in the long run.
Give it a try! Let me know how it goes for you.
Friday, January 29, 2016
Fiduciary Duties of a Real Estate agent to their clients
Today's topic is Fiduciary Duties. There are 6 core elements to consider in Fiduciary Duties:
Accountability, Care, Confidentiality, Disclosure, Loyalty, and Obedience. The bottom line is that an agent needs to ALWAYS put the needs of their client above their own interests.
Accountability is the obligation to make sure the deposit check is deposited to the right account by the due date. It is also the obligation to make sure the clients home is locked up and secure when the agent is finished showing the home.
Care is the obligation to go above and beyond for your client when you see that they are in need of something during the transaction, to truly care about your client will go a long way with them when they want to refer their friends and family to a good real estate agent.
Confidentiality is the obligation to keep your clients financial positions confidential from the other side of the transaction. For example, if the client wanted to offer $650,000 for a home, but they could afford and would be willing to pay up to $700,000 for the home, it is the agents duty to keep that confidential.
Disclosure is the obligation to disclose all material facts known about the property, including any rumors heard about the property. For example, if the property was near a train track, and every night at 11pm the whole house shakes from the train rushing by, that would need to be disclosed. (That is not something that is likely to be discovered until ownership of the home is taken. It would not be discovered by a home inspector, or any other specialized inspections, neither is it likely that prospective home buyers would look at homes at 11pm at night, therefore it needs to be disclosed.)
Loyalty is the obligation to put the needs of the client above the agents own needs.
Obedience is the obligation to do what the client asks you to do (so long as it's legal.)
It is very important that you select the right agent! Honesty, integrity, experience is important!
If you need any assistance, please give me a call/text.
Accountability, Care, Confidentiality, Disclosure, Loyalty, and Obedience. The bottom line is that an agent needs to ALWAYS put the needs of their client above their own interests.
Accountability is the obligation to make sure the deposit check is deposited to the right account by the due date. It is also the obligation to make sure the clients home is locked up and secure when the agent is finished showing the home.
Care is the obligation to go above and beyond for your client when you see that they are in need of something during the transaction, to truly care about your client will go a long way with them when they want to refer their friends and family to a good real estate agent.
Confidentiality is the obligation to keep your clients financial positions confidential from the other side of the transaction. For example, if the client wanted to offer $650,000 for a home, but they could afford and would be willing to pay up to $700,000 for the home, it is the agents duty to keep that confidential.
Disclosure is the obligation to disclose all material facts known about the property, including any rumors heard about the property. For example, if the property was near a train track, and every night at 11pm the whole house shakes from the train rushing by, that would need to be disclosed. (That is not something that is likely to be discovered until ownership of the home is taken. It would not be discovered by a home inspector, or any other specialized inspections, neither is it likely that prospective home buyers would look at homes at 11pm at night, therefore it needs to be disclosed.)
Loyalty is the obligation to put the needs of the client above the agents own needs.
Obedience is the obligation to do what the client asks you to do (so long as it's legal.)
It is very important that you select the right agent! Honesty, integrity, experience is important!
If you need any assistance, please give me a call/text.
Thursday, January 28, 2016
How DisneyWorld came to be...
Did you know that Walt Disney had the insight and help of some great real estate minds when he set out to bring DisneyWorld to Florida... When he began buying up huge chunks of land in Florida, his agent was wise enough to designate Mr. Disney as an "Undisclosed Party" in the transaction. Can you imagine what prices he may have had to pay if he were not able to remain anonymous in the transaction. There are many things your agent needs to know to protect your interests when buying a property. Do you have the best agent?
Give me a call if you need any assistance.
Give me a call if you need any assistance.
Wednesday, January 27, 2016
Update on Brett Bystrom's Real Estate Business
Just a quick update for you with regard to my status. As many of you are aware, my family and I have relocated to the state of Utah earlier this month. Yes, it's a LOT colder, and I have gotten my first taste of shoveling snow! It is a beautiful state, and I am currently enrolled in school to get my real estate license in Utah. Please note, I will be keeping my California Real Estate License active, and will be able to assist all my previous clients with the help of my previous office in Moorpark, CA. (Thank you Nicole for being a great resource for my clients.)
I also wanted to share with you something I picked up during my Utah R.E. schooling recently:
In Utah, there are 21 ways you can lose your Real Estate License, I will just share one aspect of one way you can lose your license:
Dishonesty - You can lose your license for misrepresenting material facts about the home you are showing. While this is very similar to California, they have spelled out every way, and then given very specific examples of what you must do, and what you cannot do.
I also wanted to share with you something I picked up during my Utah R.E. schooling recently:
In Utah, there are 21 ways you can lose your Real Estate License, I will just share one aspect of one way you can lose your license:
Dishonesty - You can lose your license for misrepresenting material facts about the home you are showing. While this is very similar to California, they have spelled out every way, and then given very specific examples of what you must do, and what you cannot do.
This is the Bystrom and Strongo kids sledding, 2016 (Note the moon in the upper right corner)
Subscribe to:
Posts (Atom)