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General Area in Plano : Real Estate Advice

  • All467
  • Local Info41
  • Home Buying172
  • Home Selling16
  • Market Conditions14

Activity 16
Wed Mar 18, 2015
Keith W Hefner answered:
The differences vary depending on the specific home you purchase. The tax rate is the city, county, school, college, and hospital, and what ever other special taxing district that exists. So, you could have a home in frisco with plano schools, carrollton schools, little elm schools, etcetera. Let me know if you need sorting out a certain house. Keith W Hefner
Halo Group Realty, LLC
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Tue Sep 2, 2014
Diane Christner answered:
As others have said, education courses to pass your state real estate exam, cost of the state exam, license, board MLS dues are a must. You'll also have to pay membership fees to NAR (National Association of Realtors) and a state Realtor association. I don't know about your area, but we have separate MLS fees and lockbox key fees as well.

You will need a decent car and clothes, smart phone, computer, good camera if your smart phone camera is limited, a professional looking web site, business cards, yard signs, lock boxes (if not provided by your broker), marketing materials to promote yourself as an agent to name some of the more common expenses. Postage to mail out marketing brochures, cards can add up quickly. As can gas money driving around prospective buyers. If you get a listing, you will need a marketing budget for advertising the listing.

Don't forget you will probably be an independent contractor, so you will have to save back money for both quarterly income taxes and for paying your own health insurance.


Getting started in real estate is not for the faint of heart. Once you get your license and settle in with a realty company you will start to discover how little you really know about actually doing real estate. The classes do not prepare you for the real world of real estate -- how to get listings, how to sift through prospects to find true buyers, how to handle showings, contracts, home inspections, how to read a closing statement. Find a local company that offers in house classes for new agents or mentoring, you'll be glad you did.

Understand that you will probably put in hours and hours of work, often without a commission check to show for it. When you do finally get a commission check, you usually have to split it with your broker, pay E&O insurance for the transaction and sometimes even a professional broker fee. You'll find commissions are not necessarily what you expect either - especially if you buyer wants to purchase a REO (bank owned) listing. Banks are notorious for offering lower commissions to cooperating brokers. (In our area one bank offers a co-broke commission of 1% of the purchase price!) So you will need a decent cushion of savings to cover both real estate and living expenses if you are planning to go into real estate full time. I would suggest at least 6 months worth of expenses as your emergency fund.

You will need to be able to deal with rejection, lots of rejection. I read somewhere that only 20% of all new agents make it past 2 years in the business.

So why go into real estate as a profession? You run your own real estate business - decide your work hours, develop your own business plan, marketing, etc. The more time and effort you invest into your work, the greater potential income you will have. Real estate is not a conventional job, it's not 9 to 5. It's always changing and no two deals are ever exactly alike. You are not stuck behind a desk all day. It gives you the opportunity to be creative, meet people, work without supervision (brokers typically cut the apron strings once you get past your first months of being a newbie). Being a real estate agent has its rewards.

If your idea of being a real estate agent is working a few hours a week, collecting a 7% commission check on each transaction with little out of pocket expenses and making a 6 figure income from the start, I strongly suggest you rethink going into real estate.

If you do decide to take the plunge into real estate, I do hope you are one of the successful ones.
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Sun Aug 31, 2014
Justin Richardson asked:
Well, I don't have enough room to explain how this is not a concern for myself working with Supreme Lending's Corporate Office, but I have yet to lose a loan because of this.…
0 votes 0 Answers Share Flag
Tue Aug 26, 2014
Bruce Lynn answered:
There are demographic websites you can check out...like:
http://www.areavibes.com/plano-tx/demographics/

I like this DMN article...
http://www.dallasnews.com/news/community-news/collin-county/headlines/20110711-surging-growth-in-counties-north-of-dallas-likely-to-continue.ece ... more
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Sat Aug 2, 2014
Bengalbroker answered:
Hello Joaquim,

I have lived the DFW metroplex for many years and I have seen the boom from my own eyes. Just Google "Plano" and you will find out for yourself how many companies are moving in the area. And Plano has been voted one of the best places to live in the country. ... more
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Mon Mar 31, 2014
Dallas Texas answered:
All prior answers are correct , builders are not wanting carry inventory based on families not able to qualify with FHA loan 3.5% down payment. OR not able sale their homes purchase another home.

If you are searching for a new home some areas have had foreclosures.
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Sat Jan 25, 2014
allan erps,ABR,SFR answered:
Good thru May 25th is the way it should be interpreted. However if there is a buyer already procured or somebody that has seen the house with an agent & is waiting to make an offer, you may be obligated. ... more
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Thu Jan 9, 2014
James Suhr answered:
Buy/Sell through me and I'll move you for FREE*!!!

If you are looking for a more scientific answer you will need to change forums, I would suggest getting a qualified profession to answer such a question since I am not I will not attempt to answer but I do have a link that might be helpful.

http://www.epa.gov/radtown/power-lines.html

*some restrictions apply, ask agent for details*
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Thu Nov 18, 2010
Charles Elias answered:
Chris,
These 2 match your price range. But I don't know about pets.
MLS # 11490553, 1108 Villa Downs Drive , $1,150
MLS # 11491862 , 2 Westlane Place, $1,150
Check them out on my website, www.thelandteamhomes.com.
Call me for showings.
972-814-5786
Charles Elias
Century 21
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0 votes 7 answers Share Flag
Sun Aug 1, 2010
Susan Hanson answered:
A title company may have recent records for some--a real estate agent might be able to check it for you. I'd be happy to try to assist!
Susan
972-489-0228
0 votes 7 answers Share Flag
Sun Aug 1, 2010
Susan Hanson answered:
Hi Troy,
I just sent an answer but neglected to give you number of days for one-stories that have sold in your subdivision--for the most part they have gone quickly--of the 7 that have sold in the past 6 months, all but two sold within 12 days of being put on the market! Of the 2 that were slower to sell, one was a foreclosure and the other was asking a very high price and had a pool. It is very likely that most of these sales were probably due to the $8000 first-time homebuyer tax credit where they had to close by June 30. One-stories are still going to be in demand even with the tax credit gone, especially when priced competitively. Would love to talk to you!
Susan
972-489-0228
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Sat Dec 19, 2009
T.E. & Naima Sumner answered:
CoServ is the electricity supplier for Frisco. It is a cooperative electric service, not a profit company. This means that revenue collected and not expended is distributed to its members after the close of the fiscal year. (You must become a member to get electricity.)

The current rates are 12.9 cents/kW-hr, except during November-April (11.9 or 11.4 cents/kW-hr over 700). You can see the rate sheet at http://coserv.com/Electric/CustomerService/CurrentRatesandTariff/tabid/74/Default.aspx
A typical usage might be 2,000 kW-hrs, which equates to $258 plus $10 customer charge, $268? Your usage will vary and you should look at your current usage to see how to estimate.

CoServ also operates the gas company and you can find information on it at the same website.

Water is provided by the City of Frisco.
There is a $22 customer charge per month, which includes 2,000 gallons of water in and out. For each 1,000 gallons above that, you pay $5.19.
So, for 9k gal $58 or so.
In addition you pay $10.83 for trash, more if you have multiple carts.
You can find more information at http://www.ci.frisco.tx.us/departments/utilitybilling/Pages/ServiceRates.aspx
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Sat Dec 19, 2009
Andrea Brooks answered:
Hi!

Newman Village is a beautiful development in Frisco - homes range from upper $400s to over $1 million divided up in to five distinctive neighborhoods. The development has great ammenities with a clubhouse, community pool, tennis, exercise trails, and playground all in a well-kept park like setting. The HOA sponsors fun events for the entire family, including movie nightsThere are several builders to work with including Balkman-Riordan, Darling Homes and Bob Bobbitt. This development attends Frisco schools as well.

I'd be glad tell you more about that area and any others you might be interested in if you'd like to call. You can always reach me at 469-450-1326.

Best regards,

Andrea Brooks

Keller Williams
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Thu Nov 5, 2009
Sera Smith answered:
Congratulations on moving to Plano area! I am a mortgage loan officer in this area with children and their Dad is from the Greater London area who lives in this area also, so I know what you are talking about. You will be happy in this area as it is very family orientated. Like the UK, Plano has lots of parks in the communities. There will be some culture shock but not as much as some areas. Also in this area you will find other families from the UK to help you out. Does your husband have his green card or will he have it before you leave? You will be able to get PG Tips tea, H P sauce and even Christmas Puddings. You will even be able to get your Christmas crackers here! I know what to buy to make those roast potatoes and parsnips! I will gladly help you anyway possible. I can also help you with a pre-approval for a mortage. You can email me at ssmith@1bluesky.com or call me at -800-681-2353 and I will start you on getting the information that you need for the pre-approval letter for a mortgage. The hardest part will be driving on the right side of the road! You have a new adventure ahead of you. Ask any questions and I will help you.

Sera M. Smith
Mortgage Loan Officer
ssmith@1bluesky.com
1-800-681-2353
214-405-7264
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0 votes 20 answers Share Flag
Sat Jul 5, 2008
Terri Hayley answered:
Hi Adam,

Congratulations on your wife's new job and becoming home owners!

Richardson is a super community for you to consider. My husband and I grew up in Richardson, went to RISD schools, and know the area very well. As one example, there is an awesome University Estates area near Foxboro Park where you can ride your bikes, there are older homes, tree lined streets, yards large enough for your pooches and you could walk/bike to shops from there. Spring Creek Nature Area extends to Foxboro Park and and it's a park that has a multi-use trail, natural areas, hardwood forest, and a pedestrian bridge over winding Spring Creek. The Trail links with Galatyn Woodland Preserve, the area is near the DART line and sounds like it'd be right up your alley. It's very friendly over there with people wandering back and forth to each other's back yards for pool parties, grilling out, B-B-Q's, poker parties, etc. Of course, not knowing your price point, it's hard to know where to definitely point you. There are some other wonderful communities near Canyon Creek and Sherrill Park.

Another wonderful initiative that Richardson is implementing is the home improvement incentive program. If you invest in a home in Richardson, and you make improvements to it (more than $20k), and complete it within 2 years, you will receive a one-time rebate equal to 10 times the amount of the increase in city taxes based on the property's pre-construction and post-construction appraised value. The tax appraisal office will determine value. So, if you want to make upgrades to or remodel your home, it'll really pay you to do so in Richardson.

Grapevine and Austin both have lakes and the areas you're considering really don't. The closest lake you'd have would be Lake Ray Hubbard, but it's to the south east of Garland and getting you away from 75 & Geo. Bush. Maybe you guys could spend some of your weekends at the lake to get that feel.

We would love to help you find something in this area.

Thanks,
Terri Hayley
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