All Forum Posts by: Charlie MacPherson

The time, cost and curriculum vary by state.  Check with any local real estate office - brokers are always interested in recruiting and will be a wealth of information.

When I do comps, I do a matrix on a spreadsheet.  I compare the subject property with homes sold preferably within the last 6 months and within 1/4 mile.  I'll broaden those if I'm forced to, but try to keep them as close in time and distance as possible.   

I want a minimum of 3, preferably 6 homes.

I want the same number of beds, within 0.5 or 1 bath, same septic, garage and basement and close on SF and land area and whether it's REO/SS.

I calculate $/SF for the solds, and use an average of them to calculate the sell price of the subject property.  (Average of sold $/SF X subject SF for an approximation)

I then include a section on the current competition on the market.  The finished property needs to show well against the competition.  Otherwise, why is someone going to buy mine?

Then, I'll make adjustments for differences between the properties to come up with a projected market value.

Here's an example of an CURRENTLY AVAILABLE FLIP/REHAB DEAL in 02066 (if anybody is interested!!)  I've X'd out the address so as not to consider it as advertising.

On this one, there were not enough solds within my target 1/4 mile and 6 months.  As the header indicates, I had to broaden the search to 0.5 miles and sold within 12 months.

The "On the market now" were current as of the date of the analysis.

We're currently in a wild seller's market.  The Days on Market field (DOM) tells you everything you need to know about whether the pricing was right or not!

I hope that helps.

Hi Julio. 

The broker is responsible for transferring your license with MLS and the Board.

First of all, THANK YOU for your service to our country!

It wouldn't make sense to study and take your license exam if you don't know if you'll settle in an area covered by that license.  That seems to me to be the first decision.

Best of luck - and if you somehow end up in Massachusetts, contact me.  I'm looking for new agents!

I'm about a week away from opening a new brokerage in Norwell, MA.  Investor-friendly, and looking for new agents.

Super-low friction environment with strong agent splits, broker-provided leads along with sales training and support.

Are you newly licensed in Massachusetts?  Looking for something better?

Let's chat!

A two-part response.

1. I think you'll find that home inspection is more customer service oriented than you think.  You'll be dealing with retail buyers for the most part, and they're making one of the biggest decisions of their life.  They'll need a certain amount of hand holding and will rely on your professional guidance.
You'll also want to build relationships with them, which as physicians have recently found out, results in fewer lawsuits.

As to training, that's a state-by-state issue.  In Massachusetts where I practice, the requirements include a lot of classroom, plus an apprenticeship.  Your state will have it's own requirements.

2. The past felony conviction should be an easy thing to research.  Call the state board of realtors and ask.  Then ask whether there are any exceptions for someone who has turned his life around - which you hopefully have.  See if you can get a sense as to whether an exception - if one exists - is arbitrary or rigid.

If it's the former, you may think twice.  If it's the latter, you might be good to go.

Best of luck in whatever you decide!

I agree with Robbie.  It's a CRAZY sellers market due to low inventory.

My personal opinion is that the source of the shortage is the general public's lack of faith in the supposed economic recovery.  I don't see that changing until the next administration takes over the White House - but I reserve the right to be wrong.

I cover Norfolk, Bristol and Plymouth counties and can tell you that any home priced properly is sold in days.  

If you want help finding one in Norfolk County, let me know.

Most will likely tell you everything you want to hear.  My advice is to drill down and get specific details.  

- What is the curriculum for training?

- What kind of mentorship is offered?  

- What does that look like?  One-on-one coaching?  How often?

I'd also get specifics on whether you're required to do mandatory desk time.  The last franchise I worked for required 8 four hour time slots per month in order to get leads from the company.  (Between franchise and leadgen fees, I netted a pitiful 28.5% on those leads)

It's really hard to pound out your own phone calls when you answer a never ending stream of telemarketing calls and those who just want to leave a message for the broker.

Walk-ins and call ins as new leads (the supposed big payoff for desk time) were virtually non-existant.  20 years ago, sure.  Not today - new leads are almost 100% web origin.

We also had a mandatory 1 hour meeting on Friday morning (endless lectures about cleaning up the sink) and mandatory broker's tours every Friday lasting 3-4 hours.

Yes, stay in touch with the market, but a broker's tour every 8 weeks is sufficient for that.

The total non-productive time?  32 desk hours + 4 meeting hours + 12 broker tour hours or 48 hours per month.

That's a full week  of work wasted on non-dollar-productive activities every month, or 2 1/2 months per year.

Want to make money as a real estate agent?  

- Get to work early. 
- Stay late.  
- Pound the phone like a crazy person.
- Do everything you say you're going to do, when you say you're going to do it.
- Represent every client like they were your mother.

Best of luck!

As a first-time investor, you might focus on a simpler project.  I suspect you'll gain a lot of valuable experience from that.

A ground-up build or demo and build is a pretty big undertaking for a novice.

You might see if you can find an experienced investor to split the deal with.  Gain experience, lower the risk.

If you want me to represent you as a buyer's broker, I can do the comps and marketing for you.

Exactly what kind of help do you need?  What is your plan for the properties?  Hold or resale?