Illinois Real Estate License Act Rewrite

The Illinois Association of REALTORS® has posted some highlights on the proposed changes. The IAR is in support of these changes and it looks very much like they will take affect at the end of the year. Basically, as we mentioned before, the salesperson license will be replaced by a broker license with an increase in the prelicense classroom hours from the current 45 to 90 hours. Continuing Education and Managing Broker requirements will be increased as well. I'll post the IAR information on prudentcareers.com later today.

New Prelicense Class Schedules Posted

We've scheduled the Early Spring '09 prelicense classes in eight locations. You can view the schedule on prudentialstarck.com or yourhouseacademy.com. While we cannot say the market is good yet, there are signs that things are picking up. Our sales have been up four out of the last six months. As I've mentioned before there are several positives that should affect the market: rates are very low, inventories are high meaning there's more to select from, there's a first time buyer tax credit, and housing affordability is at a high. If you're considering a career change, now's the time.

License Law Update Coming

One of our guys, Bill O'Donnell, is on the real estate education work group for Illinois and will be in Springfield this week to find out more about the proposed changes. As soon as he has the information we'll post it. In the meantime, Vince at YourHouseAcademy is now offering the broker license workshop series starting Wednesday, April 8 in our Arlington Heights classroom ... Plus, in order to encourage you to do it now ... we're offering a $25.00 discount to Prudential Starck agents. (Call it a stimulus package) Tuition is regularly $450.00 ... for this workshop series tuition is only $425.00 including all course materials.

Licensing Requirements Changing

Introduced 2/20/09 is a Bill before the Illinois House that proposes changes in the Real Estate License Act of 2000. The Bill proposes that no new salesperson licenses be issued after April, 2011 and all new licensees will need to complete a 90 hour course of broker instruction. The current requirement is 45 hours for salesperson license. The Bill provides for a transition from existing sales license to the new broker license by completing a 30 hour additional course or by passing a State approved proficiency exam. I'll have a more detailed explanation on prudentcareers shortly. Questions can also be directed to Vince DePaul at YourHouseAcademy.

First Time Homebuyer Tax Credit

As an addition to my last post, I forgot to add that the up to $8,000 tax credit for first time homebuyers adds great incentive for new buyers to enter the market during 2009. The credit against taxes owed does not have to be repaid (unlike the 2008 credit) and is available to first timers with individual adjusted gross incomes not exceeding $75,000. A detailed explaination of the credit is available on the NAHB site.

Are You Going to Benefit from the Rebound?

The National Association of Realtors reports that housing affordability was at an all-time high in December. Also reflected in that report was the good news, for us, that the Midwest had the highest affordability index of the four geographic regions. Mortgage rates are as low as I can remember in my 30 years in the business. It was slow back in the early '80's when rates were in the mid to high teens, but when it broke...wow, we had a good number of great years. So is now the time to get into the business? Nobody knows, but when it breaks...

Goal Setting

Our education director, Joan Murphy, has posted a great outline for helping new agents set goals. The importance of having goals, and even the process of setting them, cannot be stressed enough. Earl Nightingale said, "You become what you think about," the idea formulated from Napoleon Hill's important book, Think and Grow Rich. Nightingale authored a book (see nightingale.com) called The Strangest Secret addressing this concept. Basic to it all is setting and focusing on goals in your chosen profession and in your life. Joan's article can be found at prudentcareers.com.

The Relationship Between Success and Knowledge

Success in this business is partly a matter of timing, partly the company you elect to associate with, partly how much time you devote to prospecting, partly how many people you know (sphere of influence), and partly just plain luck, but mostly it’s a process of becoming a true real estate professional. Sure becoming a professional involves real estate education and training, but a lot of it is simply increasing your knowledge of the local market. I am working on a list of things every agent "should" know and will post it soon on prudentcareers.com.