LIEB BLOG

Legal Analysts

Thursday, February 27, 2014

Continuing Education Q &A: NY Real Estate Salespersons that hold 2 licenses

License Renewal , Lieb School
Continuing Education Q &A: NY Real Estate Salespersons that hold 2 licenses
Question: I hold two NY Real Estate Salespersons licenses with different expiration dates. Do I need 22.5 credits of continuing education for each license? If not, do I have to track my credits against both licenses or one, if so which one? Please help clarify...

Answer: Generally it is the first license issued which sets the cycle for continuing education. This isn't an exact science as sometimes agents let either license expire for periods of time. See below example for clarification:
 
  • If an agent is renewing license B, but they completed education within two years immediately preceding renewing license A, then license A set the two year cycle for CE and no education would be required for renewal of license B. Of course, the licensee would continue to use license A as the term in which CE must be completed prior to renewal.
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Why Should a Homeowner Hire YOU to Sell Their Home?

Professional Advice , Real Estate Tips
Why Should a Homeowner Hire YOU to Sell Their Home?
Part of my regular reading is a wonderful blog from a local real estate brokerage analytic company called Keeping Current Matters. While browsing the blog I found an infographic from a Park City Utah based real estate brokerage titled "Top 10 Reasons to Hire a Real Estate Agent". The list discusses the value a seller obtains by hiring a real estate agent instead of listing for sale by owner. The list is helpful in establishing the basic value of a real estate agent, but in my opinion it does not go far enough. Any real estate agent can convince a homeowner why hiring an agent is better than listing for sale by owner, but a superstar can convince a homeowner why hiring them is the only option.

As a real estate agent, it is crucial that you maintain a constant self awareness of the value you provide above and beyond any other real estate agent or brokerage. Create a list of things that you do better than any other real estate agent. Always work to expand that list and focus on building upon the strengths you already possess. If you are aware of the value you provide, it will naturally find its way into your representation. As your network and reputation grows, these value adds will stay attached to your name and brand.

This self awareness of what makes you indispensable and unique not only makes it easier for you to pitch your services to a potential client - it also helps you grow as a professional. Why should I hire you when it's time to sell my home?
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Wednesday, February 26, 2014

Fannie Mae and Freddie Mac are Setting Records in Profits

Fannie Mae , Foreclosure Defense
Fannie Mae and Freddie Mac are Setting Records in Profits
Due to the housing bubble burst in 2008, the federal government took ownership of the mortgage giants, Fannie Mae and Freddie Mac, and bailed them out of financial ruin. Not only did this bailout cost $187.5 billion in taxpayer dollars, but it also took years for Fannie Mae and Freddie Mac to recover from their monumental losses and begin to profit again.

However, there is good news! Now that the mortgage giants are profitable again, they have more than repaid the government for their 2008 bailout by paying dividends to the U.S. Treasury of $192.5 billion. Fannie Mae alone broke records with its $84 billion profit in 2013, completely exceeding the government’s expectation of recovery.

Fannie Mae and Freddie Mac do not expect to make as huge a profit in 2014 as they did in 2013, but they are hopeful that they will remain profitable in the long run. The Obama Administration, however, still wants to overhaul the mortgage giants and take away their monopoly on the mortgage market. There is currently a bipartisan bill in the Senate called the Housing Finance Reform and Taxpayer Protection Act of 2013 that focuses on financial reform and will hopefully take center stage this year.

Brokers, keep in mind that the housing market may drastically change in the next 5 years as private lending replaces the government-sponsored enterprises. However, now that the mortgage giants are turning such huge profits, reform may experience some delays. It is difficult to enact reforms when times are good, even though another financial crisis always looms on the horizon. 
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