2020 Skills to Learn
2020 Top Skills to Learn for Realtors- All right, top skills for real estate realtors to learn in December of twenty twenty. Well, yeah, that would be good. Now, these are like actual so that’s like self-improvement. OK, so we’re talking about different skills that you can learn and you can kind of understand a little bit more about it. These are kind of some top things that I kind of feel are important to grow in the luxury market in particular.
OK, so item number one is I think everyone should learn a little bit more about trusts. Oh, yeah. Right. And then the second one is more about ten thirty one exchanges. So the reason for that is because those are words that are typically used in the luxury market. And there’s a when somebody is doing a large transaction and if you want to be in that game, then you have to know what the kind of the terms are and what happens in what goes on within there.
And, you know, it is amazing that if, you know, it’s like you don’t know what you don’t know. But if you know something like that, it’s amazing how it just it just comes up in conversation with random people that you may have talked to this person about real estate for, you know, months, weeks, years. And this never came up that when you know something about it, it comes up and then you’re able to offer, you know, even more, you know, service for them.
Yeah. When you have an insight, it’s kind of like you’re on the insiders list, so to speak. Right. And you know what you’re speaking about. So there’s certain things that when it comes up, you either can capitalize on it or you can not. Right. So there’s a lot of ways to work smarter rather than harder. And one of them in real estate where you can really excel is to do large transactions that are more expensive because it commissions tend to be a lot larger.
So if you want to have that magnification effect, if you want to have that, you know, single transaction that is memorable to you and your family, that makes that makes the year, so to speak. Right. Then go ahead and learn some of these things. So what a trust is. Right. So if you want, you can go ahead and look that one up or maybe reach out to your favorite financial professionals so they can kind of assist you in guiding you and walk through it. But a little bit of Internet research on your own is going to kind of help you get to exactly what you’re doing here. And there’s different types of them.
So I’m not going to be able to go from all right now. But that is some good Googling, some good YouTube for you to be able to do and kind of understand in how you establish and what it does and what it protects and what are the rules and what’s this kind of trust versus that kind of trust and why are they kind of different types of rules around unaware of.
So, yes, there’s a lot of them and we’ll break them down here for you as we kind of progress through, because I think that makes great topics as we move forward. But just knowing about them in general is good. The concept of a 10 30 one exchange is the next kind of anything within there. And so a 10 30 one exchange is to be able to carry free and help you out on taxes in exchange and delay your tax ramifications from one property to the future. So you move and sell one property and you would dovetail it onto the next one. And there certain rules and parameters around that.
2020 Top Skills to Learn for Realtors
Those are things that you should become more comfortable with and more understanding of. So those are going to be to mitigate taxes. For the person that is selling and then subsequently buying, there’s rules around it with how quick they have to do it. So those are all parameters in which you should kind of know and understand wanting to do large transactions. You have to know the words that you can be using.
And the luxury market is on the rise. Like we’re seeing more and more properties, you know, in this luxury market. And it’s it’s becoming a very hot market. So I think the more you know, the more you can contribute and the more opportunities you’re going to create for yourself.
So you’re chatting now what you believe your skill level is on trust. So maybe put in trust, Colin, and your your skill level on it, maybe on a scale of one to 100. Like what? Where you in understanding the whole concept of trusts as it relates to real estate and then also chat about where you feel you stand for ten, thirty one exchanges that will help me kind of understand so that we can gauge this and we can see where we need to be for future topics. Who could kind of help us in those situations.
And who is willing to put in some effort to kind of learn those and we can walk limit together. So that will help gauge that. Yeah. Great job.