Episode Transcript
[00:00:00] Speaker A: You wanna know by now, who needs a house out in Hackersack?
Is that all you get for your money?
And if that's what you have in mind, damn. That's what you're all about.
Good luck moving up. Cause I moving out. Good morning, and welcome to Oklahoma real estate on the move. This is Mark Carr, team member of the Becky Ivans real estate team, here with guest brokers Jenny Whitten and. And David Nabrowski. Good morning.
[00:00:33] Speaker B: Good morning.
[00:00:34] Speaker C: Good morning.
[00:00:35] Speaker A: Am I saying that right? Nabrowski.
[00:00:37] Speaker B: Dabrowski.
[00:00:38] Speaker A: Dabrowski. Why did I put an n in the middle of. In the beginning of that?
[00:00:42] Speaker B: Hey, you caught yourself.
[00:00:43] Speaker A: Yeah.
[00:00:44] Speaker B: You realized that wasn't right.
[00:00:45] Speaker C: It's a tough name. Yeah.
[00:00:47] Speaker A: What's the origin of the name? What is it?
[00:00:49] Speaker C: It's polish.
[00:00:50] Speaker A: Polish?
[00:00:51] Speaker C: Yes.
[00:00:52] Speaker A: Makes me hungry. I love polish food.
[00:00:54] Speaker C: Delicious.
[00:00:56] Speaker A: Well, it's my favorite time of the year. It is cooler, nice weather, beautiful out. We're gonna be talking today about what it takes to get a real estate license. Why should you get a real estate license? Why the person you hire, does it matter if they have a license or not? And all the things that go along. If you want to join the conversation today, the number to call in is 405840. 1405. Eight, 40, 1000. Now, I always love to hear how people got into real estate, because it's typically not. Because as a little boy or girl, you were playing in the backyard and dreamed of being a real estate agent.
[00:01:34] Speaker B: Never.
[00:01:37] Speaker A: Most people, I would say they stumbled into real estate. That's what I have discovered. Jenny, how did you get into real estate?
[00:01:45] Speaker B: I absolutely stumbled into real estate. I think you guys have heard this story before, but I wanted to be a pharmaceutical rep, and they told me to go get sales experience and sell copiers for a year. And I thought that sounded miserable. So I had a good friend that was.
He actually was a bartender up at Gaillardia golf and country club. And he knew a broker.
[00:02:06] Speaker A: Yeah.
[00:02:07] Speaker B: And he said, well, if you're gonna go sell real estate, go to this guy's office, because he gets referrals, and he's a real nice guy. And I just walked in there one day not knowing anything. I'm like, I think I just want to come work here. And he was so sweet to me, and he's like, okay, go get your license. And I said, all right, I'll be back. And I did.
[00:02:28] Speaker A: David, how did you get into real estate?
[00:02:30] Speaker C: Well, originally, I was a computer programmer, and I just happened to marry the right person and assisted in, you know, in her website and programming, trying to get her set up, and we just continued on.
[00:02:47] Speaker A: You know, I think that is really common for people in real estate, that they have a family member, a friend, someone who is doing real estate who needs help with something, and they start to help.
But once you start to help in real estate, you quickly find that you can't do or not supposed to do a whole lot of stuff unless you have a license.
[00:03:12] Speaker B: That's right. And I also want the viewers to know that David Dabrowski is also my husband. So that person he said he married into is me. And I was a hot mess. And he absolutely did help grow my business.
[00:03:31] Speaker A: You two are kind of yin and yang like. You are somewhat opposite personalities, I think. Opposite skill sets in a lot of ways. I think you compliment each other really well.
[00:03:45] Speaker B: Thank you.
[00:03:45] Speaker C: Yeah.
[00:03:45] Speaker A: So is that worked out? I mean, that seems to have worked out for you guys in business and life.
[00:03:51] Speaker C: Yeah. You just get along. Got a chatty cathy.
I'm the computer guy. She needs a lot of computer help.
[00:04:00] Speaker B: He is. He. He's the back end person.
[00:04:03] Speaker A: Yeah.
[00:04:04] Speaker B: So when he. When he got his real estate license, he looked at me and said, jenny, you need a website. And that's how that started. So then my business doubled at that point. And then he realized, hey, you have this database now. Let's go ahead and grow even more. So then he started targeting to the database and talking to people on my behalf and just really helped out a lot.
[00:04:28] Speaker A: Yeah. All that strategic planning and especially the back end computer stuff.
[00:04:36] Speaker B: That's right. But he got his license, so he also knew to be compliant because you just can't slap a website out there.
[00:04:42] Speaker A: So let's talk. So the real estate is overseen by the Orec Oklahoma Real Estate commission.
[00:04:50] Speaker B: That's right.
[00:04:51] Speaker A: And they have lots of rules.
[00:04:53] Speaker B: Lots of rules. And they will catch you. And it's not really the commission that is policing everybody around. It's actually the agents.
[00:05:03] Speaker A: Right.
[00:05:03] Speaker B: That will turn you in.
[00:05:04] Speaker A: Yeah. There's a part of it that goes. That. That is a.
There's a guard. There's always guards looking out there.
[00:05:14] Speaker B: That's right.
[00:05:14] Speaker A: Trying to make sure no one's going too fast. You're obeying all the rules. Well, it happens in real estate, and there's a reason for that. I was thinking about that this morning over. You know, what we do is sell dirt, really. We sell land and the improvements there on.
[00:05:29] Speaker B: That's right.
[00:05:30] Speaker A: That's it. I mean, that's the basic what we do. Right. Which is the number one thing in history that's been battled over is land. So why do we need real estate agents? And why do we need a state and federal to oversee those who work in real estate? Well, wars break out over this, and what happens on a local level is not as grand as country invading country.
But there's little battles that occur between neighbors.
There are. It is. There is. Without those guidelines, without those rules, there's be a lot of bad stuff.
[00:06:14] Speaker B: And last time I checked, there's no more Oklahoma land run going on.
[00:06:19] Speaker A: That's exactly right.
There's. But there are, you know, ways that real estate agents protect against. Hopefully, you're not taking somebody else's land. As simple as when a real estate transaction occurs every single time, you try to make sure that you're selling what is owned.
[00:06:41] Speaker B: That's right.
[00:06:41] Speaker A: The borders one.
[00:06:43] Speaker B: You have title insurance, right. That's the whole point of it. So, Joe blow from 50 years back, can't say my dad owned this land.
[00:06:50] Speaker A: Yeah.
[00:06:51] Speaker B: No, they're going to free and clear that title when you take possession of it.
[00:06:55] Speaker A: So let's name some things you have to. That you can't do or not supposed to do without a real estate license. There are things that this occurs often.
[00:07:08] Speaker B: Number one thing that I can think of is you are not supposed to be negotiating repairs on behalf of the agent that you work for if you do not have a real estate license.
[00:07:20] Speaker A: Yeah.
[00:07:20] Speaker B: Big no no.
[00:07:21] Speaker A: That is a big one. And with Becky, I know for our team, she has always made sure that those who are working in her office have been licensed.
[00:07:31] Speaker B: That's right.
[00:07:32] Speaker A: And for the longest time, everyone in the office was licensed. Julie is the only one. Now, Julie Bornhorn, who is our project managers, the only one that is not licensed anymore. But she was like, she was the first one to work for Becky. It was a great story there, and. But she no longer. She works behind the scenes 100%. And. But if you're talking to anyone about the price of a home.
[00:08:00] Speaker B: That's right.
[00:08:02] Speaker A: You have to be a licensed agent.
[00:08:04] Speaker B: Mm hmm.
[00:08:05] Speaker A: If you are talking to another realtor, you have to be a license agent.
I it's. It's a big deal.
[00:08:13] Speaker C: Numbers and negotiation.
[00:08:15] Speaker A: Yeah, that's right. Numbers and negotiation. That's the. The biggest deal with it. And the real estate commission is really there to protect the public when it comes to real estate.
[00:08:27] Speaker B: And I think people forget about that.
[00:08:29] Speaker A: Yeah. They are not necessarily our best friends as real estate agents.
[00:08:35] Speaker B: Hey, they're as kind as can be if you're not doing anything wrong.
[00:08:40] Speaker A: But they're, they are created because, basically because there's been, there's been a lot of bad stuff that's occurred in real estate, unfortunately. Yeah. And so out of that you're talking major money, people's biggest investments, and there has to be a kind of overseer so that we don't want another land run.
It's not necessarily a great thing to say. You know, people go, hey, I want some, some land for free over here from my neighbor. Can I just move my fence and take that 10ft of land over there?
[00:09:16] Speaker B: Well, and I think all of this goes back to the ethics that we're talking about. Because when you are trying to get into real estate, you're trying to grow your clients. You have to realize that you don't want to go steal someone else's clients and you can't go advertise to the person that already has their house listed with another realtor. People don't even understand that's how far it goes.
[00:09:40] Speaker A: Yes, that is a big, big deal. And one of the ways you can lose your license. We'll be talking about that coming up. All the crazy stuff that's happened has caused people to have lose their little license card. So we'll be right back with more right here in Oklahoma real estate on the move.
Welcome back to Oklahoma real estate on the move. We were here with Jenny Whitten and David Dombrowski. Dabrowski, man, I keep trying to put an end on that for some reason. Dabrowski and we are talking about getting into real estate and real estate license and during COVID there was over a million people during the pandemic that jumped into real estate.
[00:10:27] Speaker B: Oh my gosh.
[00:10:28] Speaker A: Because they thought it was fast money, it was easy money.
[00:10:32] Speaker B: It's so funny. We have a really good friend Peter, and he's a broker as well. And he would tell us, hey, this isn't Covid. At Covid, you only just had to show up and you got the sale, right? So.
[00:10:46] Speaker A: Yep, that's where you know the National association of Realtors. Nar they are. Their statistics is that after one year, 75% of people who get their license don't renew their license. And after five years it's 88%.
[00:11:06] Speaker B: Isn't that crazy?
[00:11:08] Speaker A: So only 12% of people who get a real estate license are still using their real estate license. Five years.
[00:11:15] Speaker B: Well, you know, I think the only reason why I stayed in real estate is because nobody told me those statistics.
[00:11:22] Speaker A: Well, I think what normally happens is people get their license and they have a sister, cousin, friend, neighbor who says, yeah, list my house. You can list my house. And so they're list that house, and maybe they have one other person to that. They can list that house.
And then they go, now what do I do?
[00:11:44] Speaker B: Well, how did you get into real estate?
[00:11:46] Speaker A: So the story behind that was that it was. I had come off. It's been almost ten years ago, I had an aortic aneurysm that burst while I was riding my bike south of Lake Overholter and has a very, very, very low percentage of survival rate. And I had three surgeries post that and had to take about two and a half years off of life just recovering from that. And in the midst of that recovery, I had a family member who was a neighbor of Becky, and they were talking, and Becky had said, I need. They were just talking about random stuff. And Becky said, I have someone. She says, I'm in kind of need of organizational help, and kind of a part time is what she was looking for. And so the family member said, hey, I, you know, have a family member that I don't know how much work he can do, but. And so Becky called me and said, you know, hey, I got your name from this, and you interested? And I said, I literally maybe can work an hour a day.
[00:13:03] Speaker B: Oh, my gosh, Mark.
[00:13:04] Speaker A: And that's what I came in. I came in. So Becky and I met, and we just hit it off right off. And so I started working 1 hour a day for Becky.
[00:13:16] Speaker B: Well, I didn't get your license.
[00:13:19] Speaker A: So then I did that for a year without being licensed. So I slowly worked my way up to being able to work more and more. And then a year after that started, I got my license a year later. And because I started to do stuff that required a license.
[00:13:39] Speaker B: So she cracked that whip.
[00:13:40] Speaker A: Yeah. And so then ended up and kind of worked my way back into health, and that's how I got into this. That's why I find there's a lot of people in real estate. It's your second or third career. Like, is you've had, you know, a couple different other careers in front of it, and so you bring all that life experience into it.
But to sustain a career in real estate takes a lot of work.
I would say that as far as comparatively to other professions, the threshold to get into real estate is fairly low. Not.
[00:14:19] Speaker B: Well, the test is hard.
[00:14:20] Speaker A: The test is hard.
[00:14:22] Speaker B: Don't think that it's not.
[00:14:24] Speaker A: You have to take a 90 hours course.
[00:14:26] Speaker B: That's right.
[00:14:27] Speaker A: And then you go take a test.
[00:14:30] Speaker B: And if you pass because we know a lot of people that do.
[00:14:35] Speaker A: I tell you, I, you know, I had done. I know when I went in to take the test, I'm a fairly good test taker. And I walked in with all the confidence in the world, cockiness that I'm going to ace this baby. And about midway through that test, I remember thinking, I'm not going to pass.
This is a horrible, horrible test. Because it was so.
It's worded, in a way to trick you, is my opinion.
[00:15:06] Speaker B: It is, yes.
[00:15:07] Speaker A: So I ended up passing by one question, and I was like, I will take it and run. Because what you learn in real estate school is good stuff, is good foundational stuff.
But most of it has nothing to do with the day to day of actually building a real estate business.
[00:15:25] Speaker B: I didn't even know about the contracts when I passed the test to get my license. I mean, I was so shocked. And I went to a class that's no longer in existence and sat there to listen to him all week long.
[00:15:40] Speaker A: Yeah.
[00:15:40] Speaker B: And then I studied, then I passed the test, but we didn't even go over contracts.
[00:15:48] Speaker A: That is great. So I did mine at Francis Tuttle vo tag. Did the course through. That was in a classroom. And you're right. I mean, they.
There's all sorts of things about, you know, all the different ways to calculate an acre.
[00:16:03] Speaker B: I know.
[00:16:05] Speaker A: Which, if you're working in the city, like, I don't think I've ever used that.
[00:16:12] Speaker B: No. But nobody talks about the loans out there, right? Yeah. Some of the number one questions out there are, what loan should I do? Which one do you think would fit me best?
[00:16:24] Speaker A: You don't have a clue, right? Yep. The things they don't go over in real estate school are contracts, which are the things that will get you in trouble the most, because they're legal documents.
And then we'll talk about that at the end of the show today about different things, about contracts that puts their license in jeopardy.
And then how do you get clients?
[00:16:50] Speaker B: Well, I know it's funny, because when I walked in to my first brokerage, he said, write a letter to 25 of your friends. And that is all I got.
[00:17:03] Speaker A: Yeah.
[00:17:04] Speaker B: So I really.
I fell into it. I fell into it.
[00:17:10] Speaker A: And I would say that if you are someone who is looking to and you're thinking about getting your real estate license with it, um, you know, you have to be careful, because there are brokerages that are building a great business. There's also brokerages that I will say that, in my opinion, I think they use people with real estate agents, because what they do is they want you to go get your real estate license and then come in with your list of people.
[00:17:42] Speaker B: That's right. Because that's how they make money.
[00:17:44] Speaker A: Correct. And that is exactly how they make money with it. And so what they're wanting is not, they're not necessarily building you as a real estate career.
[00:17:55] Speaker B: Right.
[00:17:56] Speaker A: They want your friends family list to come into their database so that they can grow their database and hopefully they get business out of it.
[00:18:05] Speaker B: Well, and I think that goes back to, you know, how you pick the company that you're going to work for. Here's the thing. I think people forget that there are so many companies out there that can go take pictures of your house and you can put it online.
But that is not what makes a good realtor. Marketing is one thing, but that is only the beginning. That is to just get you an offer. If you don't know how to negotiate that offer and you don't know what that contract states, you're in trouble.
[00:18:44] Speaker A: Yeah, exactly. Exactly. And that's part of you've worked for different brokerages through. And so for me, I've only worked for Becky. I've come in, worked under Becky, which is, you know, you hang around with Becky enough. It is, you will learn more than nearly any other realtor knows on there. I mean, that's what just. Right. Just knows so much. So there's a difference, though, between independent and franchise. Have you worked for, you've worked for both, right.
[00:19:20] Speaker B: I've worked for franchises and then I have my own now, so.
And they all have different tools.
[00:19:29] Speaker A: Yeah.
[00:19:29] Speaker B: You know, so it, I like where I'm at right now, but I'm to the point where I can do well what we do, you know, with the property management and then selling as well. We are control freaks.
But also we also have liability with the property management. You have to be so on board because, you know, we deal with a lot of rules that are, you know, it's, it's not just, oh, I have my buddy here. No, we have to be compliant. So.
[00:20:04] Speaker A: Well, we have a caller on the line. They've caller, if you would hold on, we're about to hit the break. If you'll hold on, we'll pick you up right after this break right here on Oklahoma real estate on the move.
Welcome back to Oklahoma Real estate on the move. This is Mark car team, member of the Becky Ivans real estate team here with brokers Jenny Witten and David Dabrowski. And we have a caller on the line. Good morning, Dee. Good morning, Dee.
Good morning.
Do you have a question? Go ahead.
[00:20:44] Speaker C: Yeah.
[00:20:45] Speaker A: My granddaughter is thinking about getting into real estate.
[00:20:49] Speaker C: She's taking the courses to get her license.
[00:20:53] Speaker A: And what company should she go to work for?
Come work for us. No, let's talk. That's a great question. It's a great question, Dee. Thank you for that. Jenny, what kind of, what kind of advice would you give?
[00:21:08] Speaker B: Well, I think it goes back to, you know, should she join a team or does she have enough of friends and contacts to be a solo agent? And also the knowledge of how to reach out to them and what to do to market that. And I think when you were first getting in the industry, I think knowledge is so important. So she needs to be going out on whatever brokerage she decides to go to. You know, are they really working with their new agents? Are they helping them? Are they making sure that they're not just throwing them to the wind to where they could get those fines that we're talking about?
[00:21:51] Speaker A: Right.
[00:21:51] Speaker B: So it is. It's definitely something that I would ask those questions.
[00:21:56] Speaker A: Yeah. And d, what I'd recommend is have your granddaughter sit down with a seasoned realtor who actually, if they're seasoned realtor, it means they care about people.
[00:22:06] Speaker B: That's right.
[00:22:06] Speaker A: It means they have, they've been in the business for more than five years.
So because we told you that after five years, only 12% still have their license.
[00:22:16] Speaker B: Isn't that crazy?
[00:22:16] Speaker A: So that 12%, they know what they're doing, or they're on the pathway of knowing what they're doing. They care. And they can sit down with a seasoned realtor and have that long conversation. Cause you can go, there's way many. There's getting your license. You can do a whole bunch of different things with it.
And it's not just a real estate agent. And they can work behind the scenes in office, they can work property management. There's all sorts of stuff that you can do with that license. You don't necessarily have to be just what people think of when they think of a realtor. So, D, thanks for the, thanks for the call. It's a great question, and it is time for our word of the day.
Everybody say when you hear, they'll call you back to red and find your way. Our word of the day is brought to you by Robin's roofing, where their word every day is trust. You can trust Robin's roofing from a small repair to a complete replacement. Give them a call at 405-728-3700 that's 405-728-3700 Jenny, what's our word of the day?
[00:23:29] Speaker B: Cooperation.
The process of working together to the same end. I think that's perfect for today.
[00:23:37] Speaker A: That is perfect for today. And it's one of the oddities of this job as a realtor that you work, especially if you're working residential real estate is typically you have two real estate agents, one who. That we don't represent in Oklahoma, one who's providing services to the seller, one who is providing services to the buyer. But you have to cooperate with each other for the deal to go anywhere.
[00:24:09] Speaker B: How many times have you had somebody get so upset before they've even presented something to the buyer or the seller? You're so angry, and it's not even their decision, and you have to turn around and just ask them, please present what my seller countered back with. And then they do, and all of a sudden, you have a deal.
[00:24:28] Speaker A: Yeah, that's exactly right.
[00:24:30] Speaker B: Because what may be important to you as the realtor is not important to them.
[00:24:35] Speaker A: Yeah. It's. It's a weird dynamic within real estate that you have to simultaneously. Your competition is also your teammate.
[00:24:49] Speaker B: I know, and I think we've talked about that, but you can't stress it enough.
[00:24:52] Speaker A: Yeah, that is a big deal.
[00:24:54] Speaker C: After the deal is done, those realtors could go on and work again on another deal.
[00:24:59] Speaker A: Right.
[00:25:00] Speaker B: That's right.
[00:25:00] Speaker A: Right. And that's one of. So if you're a, especially if you're a seller out there thinking about how to choose a realtor, one of the things you need to think about is how well do they work with other realtors?
Are they create such an angry environment that people don't want to work with them?
[00:25:20] Speaker B: I think they even created a website for you to be able to go on as a realtor and find out what people said about that.
[00:25:26] Speaker A: There's. There's lots of, you know, there's lots of resources now for you to discover that. And there's, part of it is just, what is their negotiating skills?
It's just a huge part of that, of can they come to common ground with people, come out with good, and, um, in the end, it should be in the, in the perfect scenario, everybody wins. The seller sells a property they're wanting to sell. A buyer buys a property they're wanting to buy.
[00:25:59] Speaker B: And realtors, please don't yell.
[00:26:06] Speaker A: Yeah, that's. They're angry realtors.
It's makes me angry.
[00:26:13] Speaker B: Cause I, like, it's unfortunate.
[00:26:15] Speaker A: Like, this is someone's. Most of the time it is their biggest investment.
[00:26:21] Speaker B: Well, there are times that you may lose a client. I mean they just, I would love to say that everybody prices everything fair and that we get it gone, but sometimes you have sellers that think that they're gonna get XYZ for the house and they're really only gonna get a for the house.
You know, your friend may pick up the listing after it expires through your company and then they bring them down to reason. But you need to congratulate the person at that time. So it happens to all of us, right?
[00:26:55] Speaker A: Yep. So when like d you called in with the granddaughter that's thinking about in real estate. There's a big difference in real estate between being a solo lone wolfenk realtor and being on a team. I know now you've done both, haven't you?
[00:27:11] Speaker B: Well, I have a team now for what we do because we are dealing with way too many people. But when I was a solo realtor, I was a solo realtor for a very long time, obviously before I got into property management and then my husband, you know, who chimed in and started helping me. But I think it also depends on how much business you have, because if you're just working a few clients a month, that's not, that's not a team. You don't have. You don't have enough business at that point in time to be working as a team. But I think what's great about the team is that's where the learning comes in. And I would encourage everybody to really get together, start finding out what other realtors are doing. If you are by yourself, it is eye opening and how your business can grow if you will give the opportunity to listen to other people's stories.
[00:28:11] Speaker A: One of the big things with being solo is, and I've never done solo cause said came on Becky Ivan's team is how do you ever have time off?
Because you don't.
As a realtor, people expect you to be available.
[00:28:28] Speaker B: That's right.
[00:28:29] Speaker A: And you typically are often working when they aren't working.
So people work, you know, majority nine to five job, that kind of thing. Well then they get home and they start looking and then they want to call you at seven. I mean that's a normal time for them because they're off of work.
[00:28:49] Speaker B: Mark, I have opened the door on Christmas Day for a client this morning.
I draw the line now, but when you're young and you're hungry.
[00:29:01] Speaker A: Yeah.
[00:29:01] Speaker B: You're gonna do anything, you know?
[00:29:04] Speaker A: Yep. Yeah, there, there is, and there's, there is without a team, there come times you feel like you always have to be on.
[00:29:15] Speaker B: That's right.
[00:29:15] Speaker A: You always have to answer the phone. And that is a difficult. And I think that's one of the things that drives people out of the business is that feeling of there is.
[00:29:27] Speaker B: They don't have a life.
[00:29:28] Speaker A: Right. You can, you can end up with zero days off.
And for all of us as humans, that's not sustainable. You can't do that over a long run.
[00:29:40] Speaker C: I can confirm that when you're in real estate, that is your life.
[00:29:44] Speaker B: Yes.
[00:29:45] Speaker C: That's the conversation at the dinner table.
[00:29:49] Speaker B: It is. Well, and I've even had times before to where, you know, we say it, kid, you know, kids never think that they want to be a realtor. But I've had families where I've left my business cards and, you know, I've come back and the families are passing around Jenny Witten business cards and talking about how they want to be a realtor. You know, I mean, you never know where this leads.
[00:30:11] Speaker A: Yeah. Yeah. With the days off, you have to purposely create vacation time and because there's no paid time off if you're not there, there's not.
[00:30:24] Speaker B: And it's constantly revolving. And we have just now gotten to the point where we're actually proud because the property management team has grown so much to where I can go on vacation and it still is running. I don't have to worry, you know, that everything's, the ball is going to be dropped. I mean, those girls are great.
And guys, we have guys too. They handle everything.
[00:30:50] Speaker A: So it is. And one of the things especially that young real estate agents need to learn is most of us are creating our own business underneath the umbrella of another business.
[00:31:07] Speaker B: Yes. And that's where it came back to what you were discussing on how they want to make money by getting the other realtors because they get a portion as well.
[00:31:18] Speaker A: That is so most realtors are not employees of a brokerage. They are contract.
[00:31:24] Speaker B: Contract labor.
[00:31:25] Speaker A: Labor. And that's been a, it's an interesting, it's one of, one of a unique part of the business.
It has been allowed to have this umbrella of that you are a contract.
And so which, which means that, you know, there with everything that comes along with that, you have to pay self employment tax. You have to, there's not benefits that come from the contract. You also have control of your own time.
[00:31:54] Speaker B: You do. And I cannot stress enough, if you are getting into real estate, please get an accountant and save your money to pay your or taxes.
[00:32:04] Speaker A: Yep. That is a big deal because it becomes complex really quickly. Yes, it does for people in this. So the ones that goes, it is most brokerages, you have multiple businesses existing underneath that brokerage. Oh, you do at a single time and you can often forget that. That can become really complex.
And there's a reason why it takes a lot of strategy in order to be successful over time. When we come back, we'll come back with your smoking hot deal and the top ten reasons that people lose their license. When we come back right here in Oklahoma real estate on the move.
Welcome back to Oklahoma Real estate on the move. It is time for our smoking hot dealing. Hot, hot.
Our smoking ideas brought you by Casa Pico Mexican Grill, located on the southwest corner of 122nd and Penn on 63rd just west of Meridian, at 505 East Main street in Yukon and on May Avenue just north of Hefner Road. This week our smoking hot deal is located at 12600. That's 12600 North Rockwell. These are individual condos that are like patio homes that are highly sought after. It's going to be listed at 240,000. They are, has includes all the lawn. Maintenance on the neighborhood is gated and there's a pool there. So I think it is absolutely spectacular little area. If this is something that is ringing the bell for you, then please call our office because it's not on the market yet. It will. Pictures are supposed to be done on Monday.
[00:34:05] Speaker B: So that is a hot list.
[00:34:06] Speaker A: It will be. And it so it'll be live on Tuesday.
And if you want to get into that gated thing early, call us. So 405-722-3232 is the office number. That's 722-3232 because the anticipation is this one will not be on the market by the following weekend because it is a just spectacular location. Great price for what you are getting. So call us. That is our smoking hot deal brought to you by Casa Perico.
All right, last segment we're going to talk about ways people lose their license. And here's what we'll do. This, this is from the National association of Real, National association of Realtors. And these are the top ten reasons that people endanger their license. And you guys chime in after because I'm sure you have experiences and people having some of these. Number one is playing with other people's money.
Now, property management, that's a big one for you guys, aren't you? Because you're holding deposits.
[00:35:13] Speaker B: I want you to know right now we don't let anybody touch our money except for us because we did.
It was brought to our attention from another realtor that had a property management company that somebody embezzled over $300,000 from their escrow account. And do you. It was an employee. And do you know what happens at that point in time? You write that check. That is not your money. That's the tenants money or potentially the homeowners if they break a lease or damage the property.
[00:35:48] Speaker A: Yeah, that's a, that's a big one. And one that's probably litigated one of the most is they have you take deposits or earnest money, or it's sitting in an account somewhere. And the temptation or just the, you know, the accidental that you have used the wrong. Like, there are lots of, if you. There's lots of. Lots of lawsuits over that within. So second reason is misrepresentation that you are just misrepresent your line. It's not just a little cute cottage. It is a shack.
[00:36:25] Speaker B: I'd feel. I'd feel guilty. Could you imagine showing up?
You've described a log cabin.
[00:36:33] Speaker A: Right.
[00:36:33] Speaker B: Right. It's deteriorated wood.
[00:36:36] Speaker A: What happens is there's a difference between using realtor speech, which cracks me up, of puffing. Yeah. Yeah. That you're just, you know, hyperbole. You kind of using hyperbole to describe something. It's the most magnificent castle ever.
Or actually just lying, saying that, you know, this has four rooms when it actually has two. It has real. These are real wood floors when, you know, they're not laminate. Yeah. Yep. All sorts of stuff. So here's the third thing is mortgage fraud.
[00:37:14] Speaker B: Ooh. Yeah.
[00:37:17] Speaker A: People go, how does that happen? Well, one of the things that you sign is that everything involved in the deal is on the table at the title company. There's no under the table loans.
And, you know, so as a realtor, like, what happens, for example, I just give a common example. That happens. You have a family member who is gifting money, but it's an actual loan.
[00:37:49] Speaker B: Ooh, yeah. That's not good.
[00:37:50] Speaker A: Yeah, that's mortgage fraud. Because your mortgage is asking, is this a gift or a loan?
[00:37:56] Speaker B: Well, and don't forget, also, I have people bring this up all the time about investment properties. They're like, oh, I'll just say that I'm going to live in it. Like, you are signing a legal document that you are taking possession of that property within 60 days. Because guess what? If your intent is not there that day of closing, that is mortgage fraud.
[00:38:18] Speaker A: That is a big one.
[00:38:19] Speaker B: It doesn't mean you can't rent it out. Situations happen, right? Intent.
[00:38:24] Speaker A: Yep. What? Here's fourth one is criminal conviction. So if you have been convicted often that if you get convicted of some other crime, you can put your own license in jeopardy. So next one's not cooperating with investigators that if you start to get investigated, that is. I've never, I haven't seen that one happen within. Here's the one that I think is more off just plain incompetence.
So the term that is used in our, like, you know, like if you have a buyer and you have a buyer broker agreement, which is saying, hey, buyer, I'm going to be providing services to you as a realtor. The wording in there is I have to use reasonable skill and care.
And so as a licensed agent, I should be able to, within reason, determine if something is fraudulent or bad in the deal. I should be able to determine, you know, if what that there is. If investigations are needed that further, I should be able to be a skilled person to provide services for this buyer.
[00:39:38] Speaker B: Well, and you mentioned buyer, brokerage agreement. And that's going to go in with those new rules that have already taken place. Everybody needs to be aware for that realtor to open the door. When you're her client or his client and we take you out to go show property. You are now going to have to sign that form before Mark or David and I can even open the door. It is a $2,500 fine for us.
[00:40:04] Speaker A: It's a big deal. It's a big deal. We'll be talking more about that because that's being played out with it. And so here's the next one, is letting your agents run rampant.
So if you're a broker, you're supposed to oversee your agents.
[00:40:22] Speaker B: That's right.
[00:40:22] Speaker A: And this is kind of a something that a lot of people don't realize. The difference between broker and agents. Describe the difference. What's the difference between a broker and an agent?
[00:40:32] Speaker C: The broker oversees everything that the agents do, and they're responsible for the agent's activities.
[00:40:39] Speaker B: And I don't think a lot of people realize that, you know, when they want to get mad. And I'm going to get that realtor. You're getting the broker that you may have never even met.
[00:40:49] Speaker A: Yeah. Yep, exactly. We have a caller on the line, Mark. Good morning, Mark.
[00:40:54] Speaker D: Hey, good morning, guys and girls.
[00:40:57] Speaker A: Thanks for calling in. You got a comment or a question?
[00:41:00] Speaker D: Well, the, all the list of the above you mentioned owner occupied, money under the table, fraudulent mortgage deeds. I've done all that numerous times. Okay. Throughout my career, every one of them you talked about? Just about, but never been prosecuted yet. Never had anybody even bother me, so. Well, I know all about the underhanded tricks, I promise.
[00:41:25] Speaker A: Well, Mark, do you want to give your last name? Because the Oklahoma Real estate commission's listening.
I'm just kidding with you, Mark.
[00:41:32] Speaker D: I'll meet you at the next. That senior expo.
[00:41:35] Speaker A: Remember that?
[00:41:35] Speaker D: Two years ago?
[00:41:36] Speaker A: Absolutely.
[00:41:37] Speaker D: I'm that guy.
You tried to sell me a house in Valley Brook, and I thought, friend, I'd buy anywhere but Valley Brook.
You have a good day.
[00:41:48] Speaker A: Thanks, Mark. You, too.
So. Well, that kind of gets into one. Our next one is pretending to be a lawyer.
[00:41:56] Speaker B: Oh, my gosh. It says on that contract that we are not attorney. And if you do not understand this contract, seek legal advice.
[00:42:06] Speaker A: Yeah, that is a big one. Along with forgetting who hired you.
If you're working for the good of the seller, you have to work for the good of the seller, not yourself. Same thing with a buyer you're working. You have to work for the good of the buyer. And the 10th one is failure to meet licensing requirements.
You have to do your continuing education. Yeah, you have to keep up your license. So thanks for being with us this week on Oklahoma real estate on the move. We look forward to being with you next week right here.
May the lord always watch over you.
[00:42:55] Speaker B: And may all of your hopes turn to wishes.
And may all of your wishes come true.
May each day in the month.
