How to get your start in real estate

Q. Is it possible to start a real estate career part time? I have a good office job, but meeting the bills would be much easier with more income, and I do like houses. Also, I'm not a very aggressive person. Would that be a handicap?

A. Yes, there are indeed part-time agents. Your first job will be to interview with managing brokers at several real estate companies to find a firm that takes on part-timers. You'll get some good information during the process.

You mention you're located in New York state. To become a licensed real estate salesperson there, you must pass a 75-hour course, find a sponsoring broker and pass a state exam. Those first 75 hours, which cannot be taught by a brokerage itself, will give you a legal and financial background. Then, your sponsoring brokerage will show you how it's done, either in an apprenticeship-like situation or in a large classroom setting.

There's no one right way to start. What you're looking for is an office that seems to do business in a way that feels comfortable to you. Some companies are aggressive and competitive; others are laid-back and cooperative. It all depends on what suits your temperament.

Either way, real estate agents need to be self-starters. You'll get some guidance, but in the end you make - you find - your own business.

You must be ready to work weekends and evenings, when buyers are free. Don't worry about not being aggressive. Selling real estate is not a matter of hitting people over the head to make them do something; it's more like matchmaking. You develop expertise in the housing market, finance, negotiation skills and other skills, and then you put your abilities at the disposal of buyers and sellers.

By the way: While you're interviewing with brokers, don't expect to be offered a salary. Most firms take you on as an independent contractor with no benefits - no set wages, income tax withholding, paid vacations or health coverage. You'll be paid a portion of the commissions, perhaps half, on completed sales you produce.

Q. My 6-year-old granddaughter just inherited a house from her other grandmother. It has a mortgage with more than 20 years left on it.

My son isn't sure what to do about this. Do you have any advice?

A. You didn't tell me whether the property is located near your son's residence. But unless he always wanted to be a real estate manager, I wouldn't recommend taking this on. Being a landlord is a skill, and it's easy to get into trouble, particularly as an out-of-town amateur.

If there might not be enough left after a sale to pay off the debt, I'd talk with the estate's lawyer about whether the inheritance can be refused on your granddaughter's behalf.

If, on the other hand, the property has substantial equity and is located in a good area, I'd still say to sell it promptly. The proceeds could be invested in a 529 college savings account for your granddaughter's benefit.

Q. In the recent flooding, I completely forgot where the boxes with all our old important documents were located, and they are ruined. We don't have our birth certificates, the deed to our house, a copy of our mortgage and other things. What kind of problems might this make for us in the future? How can we replace these documents?

A. No need to worry about your real estate documents. They are on file elsewhere. The real estate broker who sold you the house may still have a copy of your purchase contract. Whoever handled your closing should have a copy of the closing statement. You said you're located in Greece, New York. The deed and mortgage should be in the public records at the Monroe County Clerk's Office, and you can get copies if you are nervous to not have them. They all exist and they're valid, whether you have them in your possession or not.

Q. We recently came to the end of our 30-year mortgage. What happens with the property taxes the bank used to take care of in our monthly payment?

A. From now on those bills will be sent to you directly. If there's a hitch at first, be sure to inquire at your town or city hall because you owe the money whether you receive the bills or not.

The lender probably also included your homeowners insurance premiums in your monthly mortgage payments. Those bills should come to you now, but you may want to double-check with the company to make sure you receive them. You don't want your coverage canceled for nonpayment.

• Contact Edith Lank on www.askedith.com, or 240 Hemingway Drive, Rochester NY 14620.

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