Arkansas Real Estate Commission: Fill & Download for Free

I have been a licensed real estate agent twice. The first time was almost 30 years ago in Texas. The second time was just a few years ago in Arkansas. My license is currently inactive because i moved out of state, but i very recently moved back and plan to reactivate itWhen i was licensed in Texas, buyers agency was a new concept that only a few states allowed. At that time, the agent always represented the seller. In the majority of cases, the seller had a listing agent, and the buyer was working with a different agent, but both agents legally represented the seller, and owed fiduciary responsibility only to them. As a buyer, this makes no sense, but it is the way the system worked.Now, buyer's agency is the norm virtually everywhere. However, you only have buyer's agency if you sign a buyer's agency agreement with an agent. If you do not sign one, and an agent goes out to show you properties, that agent is still legally a representative of the seller of each property. They are not your agent. Seller's agency is the default.As to the agents self interest, the term “agency” means you are representing another and elevating their interests above your own. That is not to say that agents never violate that. Agency violations are the most common violations among agents. Sometimes they are intentional. More often they are accidental. Good agents are always on their guard.I'll give you an example of how easy it is to violate agency. I did an open house once on a listing that another agent in my office had. The seller's had already vacated the home, but they still had their furniture there. I didn't have direct knowledge of why the seller's moved, but there were clues in the house. The master bathroom had signs taped to the mirror, reminding the occupant to wash their hands and brush their teeth every day (why these were left up is beyond me). The home was also in an area that was originally built as a retirement community, though the demographics have shifted over the years. It was fairly obvious that at least one of the occupants had some kind of dementia. One of the visitors asked me why the Seller's had moved. I could have told them my interpretation, and maybe not have crossed the line. But i represented the seller, so i didn't tell the buyer anything. The only time a seller's agent is able to tell a buyer anything about the seller's motivation to sell is if the seller has specifically given permission (in writing).Real estate commissions act very decisively in such cases. If an agent is found to have accidently violated agency, there will be fines and potentially, restitution. If they are found to have fraudulently violated agency, then they will lose their license. The records of these are also public. You can check your agent out on most state's real estate commission websites to see if they have had cases against them, and what the resolution was.

My father started a BBQ trailer in the parking lot of the first Wal-Mart in Rogers AR over 28 years ago. Through determination, hard work and most importantly a lot of prayer he built one of the most well established and well known restaurants in the thriving metropolitan area known as North West Arkansas.Grossing over 7 million in 2017 between two restaurants and a catering facility I’m not sure if that would be considered a “large company” as it’s a private family own establishment. However in my world it’s always been large.Growing up I always admired my dad a great deal. I followed him from store to store watching, learning and asking as many questions as possible. I mean we went everywhere together. Sams (our main supplier), catering events, trips to the office to go over numbers even though I had no idea what any of it meant even though I’d sit there and act like I was involved.I had always thought I’d take over the family business and as soon as I was able to work I was all in. I started managing one of the stores when I was 16. I could care less about school I was determined to prove my worth.As I got a bit older I knew I wanted to work over go to school. I decided to forgoe college and step up to our highest producing store and manage it. When I took it over the staff was a mess. I remember my first day I literally had to fire my host because I came in and she was asleep at the host table. I kid you not. We’re not some dive either our stores are actually quite nice so this was so out of character. I cleaned house needless to say and started fresh. Over the next four years by the grace of God the store went from grossing 1.5 million a year to over 3.5 and had the best food and labor cost of the then 3 stores we owned.I went from a tiny wage plus tips at 16 to a nice salary by the age of 23. I made my own hours and was in line to take over the entire company within 5 years. None of my other siblings have ever really been involved so it would have gone to me no questions asked.So you’d ask your self.. why would I ever leave that position? Stupid right?Well I think there is something in side all of us that wants to live on our own terms. To be able to look back and say I built this all on my own. I never had anyone say to me something along the lines of if your dad hasn’t started this you’d be nothing, but I always felt that way in my head. I wanted to prove my self to my self I guess.So I decided to take a leap of faith and start my career in real estate. It’s kinda random yes but it actually made all the sense in the world. My dad owned multiple rentals as I grew up and I was always fascinated with the concept of residual income. Literally sitting back with renters and earning money.When I was 16 I started saving for a down payment on a rental. Keep in mind this was before the mortgage crisis of 2008 so I had the thought I’d be able to get a loan without an issue when I turned 18 barring I had enough for a down payment along with taxable income for two years which I did.I told my dad about it and he mentioned it to his realtor. Lane Larson. I’ll never forget him either, super quirky, always had a smile on his face but he really pushed the line. Not in a bad way but if there was an induendo to be made he was all over it.So lane told me I didn’t want to have to pay realtor fees if I was gonna do rentals so why not just get my license and save the cost? Great idea I thought. So at 17 I got together with Caldwell banker and a really great broker J. Pat Newland. I was set up to take the real estate classes and test. I passed first try the month I turned 18.As I waited in the balance to get my actual license I think my dad realized I was about to head off in another direction career wise. Long story short we made a deal for me to take over the big store as I had mentioned. I got a nice salary and stuck with what I knew.So fast forward and as I thought about what I’d want to do this rout was a bit of a no brainer. Sell real estate.For those of you who don’t know real estate is a bit of a gamble. Huge risk. You can work 60 hours in a week for 3 months and still have 0 income. Or I could sit tight and wait out my dad to hand over the company to me and collect an easy 200k a year just over seeing operations.What a bafoon I must have looked like but I left my golden plate of a career hand given to me to be a real estate agent.I must admit it was a bit scary. I had saved up a good chunk but I had also gotten married, had a baby, purchased a Yukon denali and had a boat load of other payments. So as I weighed everything out I had about 5 months of bills saved up to where if I made 0 money I’d be fine.Well the process is anything but easy. I quit working at Smokin Joes in February of 2018. I closed my first deal in March but then didn’t close another one until late June. When I say closed my first deal it was a net of about 2400 so not much to keep me afloat.I continued to work hard throughout that time but in real estate everything is “three months out” you get a new client, show them homes or list their home, get it under contract then wait for 30 days.I finally had a large chunk of commissions from closings in June but that’s my 5 month mark. I kid you not I went from a Comfy savings to on the verge of death financially. I risked everything I had to make my new career work.Thank God it paid off. In June alone I made enough to almost pay my savings back. July is even more so I’ll be back but the real fact of hey if I don’t get this thing going I lose everything is a feeling I never want to have again. I will say in all the anxiousness it brings the same level of excitement comes with it.They say the average agent closes about one deal their first year. In June/July alone I closed 11. It’s been a blessing and a great start to my new career. It’s been worth it every step of the way. While my dad was upset at first he’s my biggest fan now. I still help with some ideas and marketing stuff for Smokin Joes but I haven’t stepped in uniform since feb.My goal is to be the number one realtor in the United States in no less than 20 years. Number one in NWA in no less than 3. God willing.Needless to say my eventure has only just begun but I am excited to continue to see where this “start up” takes me!Ps. If you know anyone or want to buy or sell a home ANYWHERE in the U.S. give me a call I can help :)Brandon Howard

Biggest mistake when new? Too many!First, everyone and I mean everyone you come in contact with should be databased (which I did not).Second, work that database. Send out birthday, Christmas, special event cards and never stop (today, I a belong to SendOutCards).Major mistake newbies make, they chose the wrong brokerage. What is the management like, the training, the leads, the environment, the support staff, the offices? Choosing solely on the commission cut when new, huge mistake. I honestly believe that the turnover in real estate which is estimated at 80% every few years could be reduced greatly by choosing the right brokerage. Few train well, some offer nothing more than a name.Cold calling is for those who love abuse. You are destined to 95% failure and rejection is a given. Who wants to be rejected?Not recognizing how to work one’s warm market, big mistake. Not well connected in a community, then get connected. Join groups, clubs, associations and connect. Sales is about meeting and greeting people.Working in a team (they did not exist in my day) may be one of the best ways to start, to learn and be educated.No team, then find a mentor, someone who will listen and offer sage advice.Be organized, get a CRM, get a decent calendar and don’t rely on your phone to hold it all, things get corrupted (I got wiped out twice, thank you Apple)Not recognizing how complex real estate is and sales in general. It takes a lifetime to achieve ultimate success. Go to school. Take seminars, get a professional designation, tech never stops for you, you have to keep ahead of the crowd, have a better website, better responses, better scripting, better literature, etc.And dress for success. Blue jeans and a tee shirt may work for the odd few but even in Kick-Em-In-The-Butt, Arkansas, people want to deal with professionals. Look it and drive a decent car, not the hottest car and damn, what is it with Realtors, keep your car clean!And - have family support, be it with a spouse, parents, anyone. Nothing will kill a budding real estate career faster than naysayers in a family. My family was rooting for me, I was lucky.And take a day off to recharge your batteries. One major rule with me that I instilled in my agents when I ran my own firm, make one night a week family dining night, full spread in the dining room and together as a family.