Condensed Chapter 22 Slides

Condensed Chapter 22 Slides - Chapter 22 Residential...

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“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Chapter 22 Residential Brokerage
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“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Major Topics Organization of the Residential Brokerage Industry Licensing requirements Role of Agents in the Transaction Process Multiple Listing Services and the Internet Listing Agreements, Pricing and Incentives Influences on Time on the Market The Impact of the Internet The Future of Residential Brokerage
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“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Industry Scale, Terms and Licensing Roughly 7 million residential sales each year in the United States incl. new (about 1.5 million) and existing home resales Less than 20% of sales in the year 2002 were sold directly by home owners, known as “ FSBO s”, pronounced Fizz Bo, for “for sale by owner” State licensing authorities have grouped together in an organization called ARELLO , for Association of Real Estate License Law Officials www.ARELLO.org
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“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner REALTORS: A Trade Registered Name REALTORs are members of the National Association of REALTORs, either as brokers or REALTOR Associates for agents working under brokers Real estate brokerage firms that are not members of NAR, or the state and local chapters of NAR, will usually list their firm name with “Realty” on the end and in fact cannot describe themselves as REALTORs The REALTIST group was formed in 1947, partly as a response to restrictive local REALTOR Board membership practices towards minorities and to serve a heavily African American constituency
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“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner The MLS: Multiple Listing Service Central to the functioning of most local REALTOR Boards are local Multiple Listing Services, or MLS, which is the data exchange bank of local property available for sale, along with other market information to assist agents in evaluating market trends, perform comparative price analysis, and match buyers and sellers The local MLS is rapidly giving way to electronic based
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Condensed Chapter 22 Slides - Chapter 22 Residential...

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