It’s official at this point. We are officially able to operate as Straight Talk Realty in North Carolina. The paperwork and the license are all in place. We are exploring our options but probably will not function as a full service real estate broker in North Carolina. I expect to use the company more as a consulting component in real estate transactions; particularly for homeowners with distressed property.
I found it interesting as I prepared for the state test to compare the differences in the way real estate brokerage is practiced in different states. I have been a real estate broker in four states at this point. As a young man in Nebraska where the practice was just transitioning from a lawyers title opinion as a standard to new-fangled title insurance as an option provided by entrepreneurial abstracting/title agencies ran by wild guys like my old buddy Ardean Ott!
From there was round one in Arizona. Everything was fluid and efficient in the land of real estate. Title companies did it all and did it well. Back to New Hampshire to pick up my bride of a life time! New Hampshire had some lawyers hanging around but a closing at the escrow company with title insurance accounted for most. Then came a return to Arizona where things had gotten even smoother—until 2008.
Arizona led the nation in figuring out how to handle distressed property. We had no choice since so much of it was there! Even so, anyone from anywhere that knows real estate and the management and efficiency of systems would concede that Arizona has some of the most sophisticated real estate services to serve clients in the venues of Realtor MLS Boards, innovative brokers, closing agencies, etc. Transactions are quick, efficient and in-expensive.
Now I am in North Carolina. Lawyers do closing docs, including HUDs. Lawyers do short sales. The Lawyers even passed a law that requires a Broker to give anyone they shake hands with (maybe that’s a little exaggerated) brochures written in legalize to tell them watch out for Realtors. Brokers set out signs, hand out flyers and shake hands.
I was a little confused about a broker’s limited role here and the huge number of lawyer written rules that control what brokers do until I talked to a lawyer from the North Carolina real estate commission who exhibited a good sense of humor. I got educated! It’s all handled by the legal profession so they can assure consumer protection! Glad I got that cleared up for everybody!
Check out Lamplighteraz.com to contact Gene at his real estate brokerage, Lamplighter Realty. If you have a real estate challenge related to any of our college content that you want to meet and beat, go to Straight Talk Realty University at strealtyu.com. God Bless!