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Georgia Real Estate Educators Challenged to Educate Public as Well - 2009-05-03 |
Recently I had the honor of visiting with the Georgia Real Estate Educators Association. This is a group of real estate educators whose mission is to promote high standards in real estate education and provide opportunities for professional development. GREEA also serves as a resource and a networking vehicle for those involved in real estate education.
The group is primarily focused on providing education to Georgia’s real estate licensees, most of whom are subject to continuing education requirements. Members are highly regarded professionally and are known to be the cream of the real estate crop.
They asked me to visit their spring meeting to share with them the differences between training real estate agents and teaching the general public about real estate, which is partially the reason for this column. It was a privilege for me to meet with them.
It is important to note that there are many non-licensed individuals who are actively involved in real estate sales and property management. For example, if a private individual wishes to negotiate and purchase real estate, there is no requirement that he even use an agent, much less be licensed himself. Likewise, if an owner wishes to lease or sell his own property on the open market, he may do so without the requirement for any education in the field of real estate.
I suggested to the group at the GREEA meeting that there may be as many individuals involved in the unlicensed activity of real estate as there are who call themselves agent or broker.
And rather than cover the strict requirements for education that the Georgia Real Estate Commission has set down, the public education of owners and investors tends be more of a general introduction to the topic itself, followed by practical applications.
Here are some of the topics that I find to be of highest public interest, based on years of my own presentations:
* First, I find that lay interest in real estate is primarily focused on the profit-making potential of the housing industry. In other words, if I buy a house today, how can I make it pay for itself and how much will it be worth in the future.
While those questions necessarily involve speculation, I can with some degree of confidence teach the public that the real estate market is, by its very nature, an imperfect market, and that no two parcels of real estate can ever be identical.
As a result, some properties will always be priced higher or lower than one person or another thinks they ought to be. The goal is to educate yourself in the markets that interest you, then make offers when you sense a bargain.
The public is also interested in the fact that the average American can add substantially to his or her retirement savings by building net worth in real estate over a period of years. As we have said many times, real estate tends to be a slow and steady performer, and lends itself to long-term investing.
* Second, I find that the public wants an investment program focused on looking for win-win opportunities. By that I mean there is no need to take advantage of others in order to prosper at real estate.
Because people’s lives change, some sellers are highly motivated to sell their property. If they are motivated enough to be flexible on their price or terms or even both, then we can possibly find a solution that benefits all parties. This type of investing is attractive to almost everyone.
* Third, it is important for non-agents to understand the legalities of the foreclosure process here in Georgia, as our laws differ from those in other states. Georgia’s law allows for non-judicial foreclosure, and the process is swift and final. There are no rights of redemption as there are in some states, and a house that you buy at auction is yours to keep forever.
The current massive wave of foreclosure properties has created an area of opportunity formerly unseen in this state. It is the sub-foreclosure specialty of bank-owned homes, also called REO sales by some.
These are houses that no one bid on at the auction, and are now in possession of the lender or the Department of Housing & Urban Development. Because banks are not in the real estate business, they tend to make poor sellers, and often allow their homes to decline in condition and value during their marketing. Each of these may become an excellent opportunity for an investor to try to find a bargain.
The banks and HUD must sell eventually - they are not allowed to keep the property indefinitely. And as the price drops, the opportunity gets better and better.
* Finally, we try to share with non-licensed owners and investors that the word of traditional financing is only a small part of the larger world of money available in the real estate business. Creative and owner financing has allowed literally millions to own real estate without bank approval or even any formal or written application.
* Oh, one more thing. I have found that most Americans aren’t aware of how much we truly pay in taxes at all levels. I often present investing in real property as a way of getting a portion of your income from long-term gains and rental instead of more highly taxed wages.
We all agreed that the key to a good outcome in real estate is a good education in the beginning, and I plan to visit these topics in more detail in the weeks ahead.
Questions or comments?
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Get on the bus for a tour of South DeKalb County’s “Real Estate Owned”
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