Sept 20 Islander Resort
Genup ~ Bicup ~ Elective
Oct 17, Pointe Fairfield Harbour
GENUP - Elective
Oct 25, 1320 McCarthy
Oct 26, 200 Preston Rd
GENUP/BICUP - Elective
Nov 1 BICUP
Emerald Golf Club
The subject of commissions and other fees generates a lot of confusion. Real estate licensees face increasingly more difficult questions from consumers requiring them to defend their fees and to contrast them with other firms who advertise their commissions in the marketplace. “Minimum services companies” and nontraditional firms and brokerages have entered the market in increasing numbers, and they typically charge non-traditional professional fees, such as hourly compensation or menu-driven fees. Inappropriate answers by licensees regarding fees could lead to price-fixing and antitrust violations.
Brokers want quick answers to questions about fees, but the answers are very nuanced. In order to address these issues, we have to review some basics about which individuals need a license to receive or pay compensation. We will start with a review of what the NC Real Estate Commission (NCREC) requires in terms of licenses. A review of typical compensation clauses in listing, representation and sales agreements is also helpful.
We also will look at NCREC rules regarding receiving compensation; the Real Estate Settlement Procedures Act (RESPA); the Sherman-Clayton Anti-Trust Act; some interesting litigation on the issue of brokerage compensation; and non-traditional brokerage models.
LEARN HOW TO DEAL WITH BAD SITUATIONS.
While the bar to enter the real estate sales profession is relatively low, it is nevertheless a challenging business. Experienced agents complain about the long hours, the lack of respect for the industry, and the many failures and rejections they encounter in their daily practice.
But the greatest challenge brokers may face are toxic transactions—that is, those dealings that –in addition to the complexity of the transaction itself —include participants who are extremely difficult.
Stress as a contributing factor
There’s no question that the sale or purchase of real estate, particularly a home, is stressful. How stressful? Apparently quite nerve-wracking. In 1967, psychiatrists Thomas Holmes and Richard Rahe examined the medical records of over 5,000 medical patients as a way to determine whether stressful events might cause illnesses. Patients were asked to tally a list of 43 life events based on a relative score. A positive correlation of 0.118 was found between their life events and their illnesses. Their results were published as the Holmes and Rahe Stress Scale. Subsequent validation has supported the links between stress and illness, both physical and mental.
Let's explore some situations that could have been handled better, and come away with a new way to handle these challenging situations.
A movie was an opportunity to share a story, an experience, and in the case of Gone with the Wind, a cultural phenomenon. The love of the land. Land is the "only thing worth having, the only thing worth dying for!"
Land and real estate brokers are often motifs and characters in television and movies. I’ve often kidded my students that every great book and movie has real estate at its core, citing, of course, Gone with the Wind, but also The Good Earth, and many more. A number of my prelicensing lessons were informed by movies and television shows that featured a theme on real estate, like "The Koi Pond", "Beverly Hill Billies" or "Mayberry RFD".