Articles http://realtormag.realtor.org/articles/all en 2019 Leadership http://realtormag.realtor.org/news-and-commentary/your-nar/article/2018/01/2019-leadership <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> The election of NAR&#039;s 2019 leaders will be held at the REALTORS® Legislative Meetings in May. </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Wednesday, January 17, 2018</span> </div> </div> </div> </fieldset> <!--paging_filter--><p>An election of the 2019 NAR elected officers will be held at the Board of Directors&rsquo; meeting at the 2018 REALTORS&reg; Legislative Meetings in May. NAR&rsquo;s 2019 President John Smaby, CRB, GRI, Edina, Minn., along with those officers elected in May, will be installed at the REALTORS&reg; Conference in November 2018, and will take office the day following the official close of the REALTORS&reg; Conference.</p> <p>The Credentials and Campaign Rules Committee presents the following list of 2019 eligible candidates for election in May:</p> <p><strong>PRESIDENT-ELECT</strong></p> <p>Vince Malta, San Francisco<br /> &nbsp;</p> <p><strong>FIRST VICE-PRESIDENT</strong></p> <p>Charles Oppler, AHWD, Franklin Lakes, N.J.</p> <p>Sherri Meadows, CIPS, CRB, GRI, PMN, Ocala, FL<br /> &nbsp;</p> <p><strong>TREASURER</strong></p> <p>John Flor, ABR, CRS, e-PRO, GRI, RSPS, Chetek, Wis.<br /> &nbsp;</p> <p><strong>REGIONAL VICE PRESIDENTS</strong></p> <p>Alan DeStefano, Bristol, N.H. (1)</p> <p>Guy A. Matteo, GRI, SRES, Newtown Square, Pa. (2)</p> <p>Carole Maclure, CRB, Olney, Md. (3)</p> <p>James A. &ldquo;Tony&rdquo; Smith, ABR, GRI, Charlotte, N.C. (4)</p> <p>Maria Wells, ABR, AHWD, CRB, e-PRO, SRES, Stuart, Fla. (5)</p> <p>Carol Griffith, GRI, Brighton, Mich. (6)</p> <p>Michael D. Drews, GRI, Aurora, Ill. (7)</p> <p>Rodney Helm, CRS, GRI, Minneapolis (8)</p> <p>Chris Rost, Salina, Kan. (9)</p> <p>Beth Cristina, ALC, Metairie, La. (10)</p> <p>Paula Monthofer, ABR, e-PRO, GRI, Flagstaff, Ariz. (11)</p> <p>Mark Kitabayashi, AHWD, CIPS, SRES, Puyallup, Wash. (12)</p> <p>Don Faught, CRS, GRI, Pleasanton, Calif. (13)</p> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-text field-field-teaser"> <div class="field-label">Teaser:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <!--paging_filter--><p>Meet next year&#39;s team!</p> </div> </div> </div> <div class="field field-type-filefield field-field-main-image"> <div class="field-label">Main Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <div class="filefield-file"><img class="filefield-icon field-icon-image-jpeg" alt="image/jpeg icon" src="http://realtormag.realtor.org/sites/all/modules/filefield/icons/image-x-generic.png" /><a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_NC_leadership.jpg" type="image/jpeg; length=235028">jan18_NC_leadership.jpg</a></div> </div> </div> </div> <div class="field field-type-filefield field-field-top3-lp-image"> <div class="field-label">Top 3 Article on Landing Page:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_top3_lp_image" width="149" height="70" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_NC_leadership_0.jpg?1515786431" /> </div> </div> </div> <div class="field field-type-filefield field-field-lp-mainstage-image"> <div class="field-label">Landing Page Mainstage Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_lp_mainstage_image" width="830" height="230" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_LP_NC_leadership.jpg?1515786453" /> </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> Your NAR Fri, 12 Jan 2018 16:38:52 +0000 mbrozanic 24704 at http://realtormag.realtor.org Reaching for the Sky in Chicago http://realtormag.realtor.org/news-and-commentary/your-nar/article/2018/01/reaching-for-sky-in-chicago <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Check out photo highlights from November&#039;s annual meeting. </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Wednesday, January 17, 2018</span> </div> </div> </div> </fieldset> <!--paging_filter--><p>&nbsp;</p> <p>At the REALTORS&reg; Conference and Expo in November, some 20,000 attendees got energized to push themselves and make a difference in the industry and the lives of others.</p> <p><img alt="" src="/sites/realtormag.realtor.org/files/rmo_files/images/2018_jan/jan18_annual.jpg" style="width: 620px; height: 465px;" /></p> <ol> <li>2018 NAR President Elizabeth Mendenhall <a href="http://speakingofrealestate.blogs.realtor.org/2017/11/06/this-is-our-moment-own-it/" target="_blank">took the oath of office</a> from her father, 2001 NAR President Richard Mendenhall. She is the first offspring of a former NAR president to rise to the top spot.</li> <li>Michael Phelps, the most decorated Olympian of all time, <a href="http://speakingofrealestate.blogs.realtor.org/2017/11/05/phelps-opens-up-about-goal-setting-mental-health/" target="_blank">described the challenges he faced</a> beneath the surface and the importance of personal responsibility.</li> <li>REALTORS&reg; helped to revamp a block in Chicago&rsquo;s West Pullman neighborhood during <a href="http://speakingofrealestate.blogs.realtor.org/2017/11/02/realtors-and-habitat-for-the-win/" target="_blank">the Habitat for Humanity Build</a>.</li> <li>NAR CEO Bob Goldberg and Mendenhall <a href="http://realtormag.realtor.org/daily-news/2017/11/03/nar-vows-pushback-tax-reform" target="_blank">discussed a coming boost</a> to REALTOR&reg; Party advocacy initiatives.&nbsp;</li> </ol> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-filefield field-field-main-image"> <div class="field-label">Main Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <div class="filefield-file"><img class="filefield-icon field-icon-image-jpeg" alt="image/jpeg icon" src="http://realtormag.realtor.org/sites/all/modules/filefield/icons/image-x-generic.png" /><a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_NC_annual.jpg" type="image/jpeg; length=243444">jan18_NC_annual.jpg</a></div> </div> </div> </div> <div class="field field-type-filefield field-field-top3-lp-image"> <div class="field-label">Top 3 Article on Landing Page:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_top3_lp_image" width="149" height="70" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_NC_annual_0.jpg?1515787809" /> </div> </div> </div> <div class="field field-type-filefield field-field-lp-mainstage-image"> <div class="field-label">Landing Page Mainstage Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_lp_mainstage_image" width="830" height="230" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_LP_NC_annual.jpg?1515787834" /> </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> Your NAR Fri, 12 Jan 2018 17:11:29 +0000 mbrozanic 24705 at http://realtormag.realtor.org 2018 Economic Outlook: Conflicting Signals http://realtormag.realtor.org/news-and-commentary/economy/article/2018/01/2018-economic-outlook-conflicting-signals <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Housing will be helped by strong fundamentals, but tax changes are likely to hinder high-end markets. </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Wednesday, January 17, 2018</span> </div> </div> </div> </fieldset> <div class="field field-type-nodereference field-field-op-author"> <div class="field-label">Author(s):&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/author/robert-freedman">Robert Freedman</a> </div> </div> </div> <!--paging_filter--><p>The housing market in 2018 will benefit from strong economic fundamentals as job and wage growth stay solid and interest rates, although inching up, stay low. However, the upper-end housing market in high-tax states will be hit hard as a result of the tax overhaul recently signed by President Donald Trump.</p> <p>Look for existing-home sales to remain the same, at about 5.5 million unit sales, NAR Chief Economist Lawrence Yun says. Home price growth will stay positive, but in a change from the last few years, prices are expected to rise only 1 to 3 percent, a significant downward shift from the annual increases of 6 percent or more over the last half-dozen years or so.</p> <p>Tax reform is part of the reason behind dampening prices, Yun says, especially in expensive markets in New Jersey, New York, and California. Homeowners who had been able to deduct all of their property taxes will be able to deduct a maximum of $10,000 due to the tax changes Congress enacted at the end of 2017. &ldquo;Households must now consider this limitation as they decide how much house they want to buy,&rdquo; Yun says. In New Jersey, for example, almost a third of homeowners pay more than $10,000 in property taxes.</p> <p>Price softening at the high end of the market will spill over into the next tier of homes to a lesser degree, but the low-end market will continue to see solid demand. &ldquo;Given that the upper-end market competes with the near&ndash;upper-end market, there could be a chain reaction downward,&rdquo; Yun says. &ldquo;The next tier price points will see some price reductions to remain competitive as upper-end prices buckle.&rdquo;</p> <p>Mortgage interest rates are expected to rise, too, as the already tight labor market constricts further and as federal budget deficits grow, further dampening the market.</p> <p>On the plus side, the tax changes are expected to provide some boost, at least in the short term, to the economy, fueling some gains in jobs and wages and increasing the ability and confidence of households to buy.</p> <p>&ldquo;For the first year, it&rsquo;s fairly certain there will be some fiscal stimulus from the bill,&rdquo; Yun says. &ldquo;More jobs and higher wages should provide a steady flow of housing demand.&rdquo;</p> <p>Still, with inventory shortages persisting in many markets, the positives are unlikely to translate into much home sale growth for the year. &ldquo;Pressure in the starter home market will persist because there remain too few homes at this price point to satisfy demand,&rdquo; he says.</p> <p>Yun will be watching closely to see whether residents from high-tax states will migrate in significant numbers to lower-tax neighbors as a result of the new law, as wealthier households seek to mitigate their property tax hit. &ldquo;There could be benefits to neighboring states,&rdquo; he says. Pennsylvania might benefit from migration out of New Jersey, for example, or Wisconsin and Iowa might benefit from migration out of Illinois.</p> <p>New-home sales, which have been increasing the last few years, will continue to grow, although that market, which comprises only about 10 percent of home sales, will continue to play a modest role in overall sales.</p> <p>&ldquo;What the new-home sales data tell us is that builders can sell whatever they build,&rdquo; he says. But don&rsquo;t expect too much new inventory to come on the market, because shortages of skilled labor continue to hobble growth.</p> <p><img alt="" src="/sites/realtormag.realtor.org/files/rmo_files/images/2018_jan/jan18_forecast_economy.png" style="width: 620px; height: 401px;" /></p> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-text field-field-teaser"> <div class="field-label">Teaser:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <!--paging_filter--><p>Housing will be helped by strong fundamentals, but tax changes are likely to hinder high-end markets.</p> </div> </div> </div> <div class="field field-type-filefield field-field-main-image"> <div class="field-label">Main Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <div class="filefield-file"><img class="filefield-icon field-icon-image-jpeg" alt="image/jpeg icon" src="http://realtormag.realtor.org/sites/all/modules/filefield/icons/image-x-generic.png" /><a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_NC_economy.jpg" type="image/jpeg; length=119647">jan18_NC_economy.jpg</a></div> </div> </div> </div> <div class="field field-type-filefield field-field-top3-lp-image"> <div class="field-label">Top 3 Article on Landing Page:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_top3_lp_image" width="149" height="70" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_NC_economy_0.jpg?1515708607" /> </div> </div> </div> <div class="field field-type-filefield field-field-lp-mainstage-image"> <div class="field-label">Landing Page Mainstage Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_lp_mainstage_image" width="830" height="230" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_LP_NC_economy.jpg?1515708637" /> </div> </div> </div> <div class="field field-type-nodereference field-field-related-content"> <div class="field-label">Related Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/news-and-commentary/economy/article/2017/11/tax-reform-hits-homeowners">Tax Reform Hits Homeowners</a> </div> <div class="field-item even"> <a href="/news-and-commentary/economy/article/2017/09/build-it-s-1950">Build Like It’s 1950</a> </div> <div class="field-item odd"> <a href="/news-and-commentary/economy/article/2017/05/interest-rate-conundrums">Interest Rate Conundrums</a> </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> Economy Thu, 11 Jan 2018 18:06:55 +0000 mbrozanic 24691 at http://realtormag.realtor.org 3 Brokerage Tech Trends to Watch in 2018 http://realtormag.realtor.org/for-brokers/network/article/2018/01/3-brokerage-tech-trends-watch-in-2018 <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Smarten up your outreach and make your transactions more secure in the new year. </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Thursday, January 11, 2018</span> </div> </div> </div> </fieldset> <div class="field field-type-nodereference field-field-op-author"> <div class="field-label">Author(s):&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/author/melissa-dittmann-tracey">Melissa Dittmann Tracey</a> </div> </div> </div> <!--paging_filter--><p>Venture funding has poured into the development of real estate technology in recent years, as startups take a greater focus on building tools for the industry. However, this surge has also brewed fears over the growth of alternate forms of brokerages and technology replacing agents.</p> <p>Matt Murphy, chief marketing officer at Chime Technologies, which bills itself as an &ldquo;operating system for the real estate industry,&rdquo; says brokers shouldn&rsquo;t fear the tech revolution that&rsquo;s happening, but instead find ways to leverage it to empower agents.</p> <p>Here are three tech-powered areas that many brokerages are prioritizing in 2018:</p> <h4>Cybersecurity</h4> <p>The threat of cyberscams continues to grow as hackers increasingly targeted real estate transactions in 2017. One of the biggest threats: wire fraud. Cybercriminals break into the emails of real estate and mortgage professionals, learn the details of a transaction, and then send a spoof email to the customer near closing day that contains new downpayment wiring instructions. Although the email appears authentic, once the customer transfers funds to the fraudulent account, the funds are virtually unrecoverable.</p> <p>More technology is debuting that offers greater protection for real estate transactions. But the question remains on how to implement it on a wider scale to make correspondence more secure. After all, more than a quarter&mdash;26 percent&mdash;of real estate professionals say they have no policy for storing and disposing of confidential information on electronic devices, according to the <a href="https://www.shredit.com/en-us/about/press-room/press-releases/u-s-businesses-neglect-a-major-information-securi" target="_blank">2017 Shred-It Information Security Tracker Survey</a>.</p> <p>&ldquo;Whether it be on lingering paper documents or electronic devices, properly disposing of or securing sensitive information is the best way for a business to protect their customers, their reputation, and their people,&rdquo; says Kevin Pollack, senior vice president of Shred-It, an information security firm.</p> <p>That means real estate companies of all sizes need to start taking proactive measures to ensure their agents and employees are trained on destruction procedures, Pollack says. Brokers should also make sure sensitive information is stored securely, and that they have a system mitigating security threats.</p> <p><strong>What your brokerage can do: </strong>First step, educate your agents about growing cyberthreats so that they can warn their buyers and sellers about these scams. Hector Pimentel, broker-owner of RE/MAX Advantage in Albuquerque, says that his agents ask their clients to call them or the title company on the phone before wiring any funds to make sure the messages they&rsquo;ve receive are legitimate.</p> <p>Revisit your brokerage&rsquo;s transaction security. Conduct an internal audit of your current procedures and implement a policy for storing or disposing of confidential information, security experts recommend.</p> <p>Some brokerages are adding more technology layers as a defense, such as encrypting emails to make communications more secure. Biometrics is also being used to keep messages between agents and clients safer from hackers. For example, <a href="https://trustedmail.pro/" target="_blank">Trusted Mail</a>&mdash;a member of the National Association of REALTORS&reg; Second Century Ventures REach Accelerator Class of 2017&mdash;is a company that offers a facial biometric sign-in to create and send a secure email.</p> <blockquote> <p><strong>Learn more:</strong> <a href="http://realtormag.realtor.org/for-brokers/network/article/2017/06/safeguard-your-company-against-cyberattacks" target="_blank">Safeguard Your Company Against Cyberattacks</a></p> </blockquote> <h4>Hyperlocalism</h4> <p>The internet allows you to cast a wide net in the hunt for prospects, but you can also use it to drill down in a much more targeted approach. According to the&nbsp;<a href="http://www.zavvie.com/hyperlocalsurveyhighlights" target="_blank">Hyperlocal Real Estate Survey</a> commissioned by zavvie, an online marketing startup, 95 percent of the 350 real estate agents, team members, and broker-owners who responded said that local market knowledge is &ldquo;very important&rdquo; or &ldquo;extremely important&rdquo; to their clients. However, only 12 percent admit that their&nbsp;marketing specializes in neighborhoods. Instead, the vast majority said they &ldquo;specialize&rdquo; in a large regional or metro area, according to the survey.</p> <p>&ldquo;Agents, teams, broker-owners, and execs are saying one thing and are doing another,&rdquo; says Lane Hornung, CEO and co-founder of zavvie, who defines a hyperlocal marketing area as a neighborhood or group of neighborhoods consisting of about 3,000 homes or 10,000 people.</p> <p><strong>What your brokerage can do:</strong> Revisit your marketing approach, which might mean a return to traditional methods. Look at which neighborhoods your agents are targeting, and how deeply are they targeting them. &ldquo;It&rsquo;s returning to the old way of doing business, like farming with neighborhood postcards and getting to know the neighborhood people by knocking on doors, organizing picnics, and [offering] giveaways,&rdquo; Pimentel says.</p> <p>Use technology to foster deeper connections with that target population. For example, do your agents have a neighborhood website, blog, or social media page focusing on that specific area? Urge them to get on <a href="https://nextdoor.com/" target="_blank">Nextdoor.com</a>, which offers social networks for neighborhoods, where they can start connecting with people who live there. Join or start neighborhood or community pages on Facebook where you can engage with neighbors and share your content and events, too.</p> <p>Some brokerages also use community contests to encourage engagement, such as holiday light contests where your company awards a cash prize or gift card to the winner.</p> <blockquote> <p><a href="http://realtormag.realtor.org/sales-and-marketing/feature/article/2017/12/guess-list-price-contests-clients-will-love">Get more contest ideas for your brokerage</a><a href="http://realtormag.realtor.org/sales-and-marketing/feature/article/2017/12/guess-list-price-contests-clients-will-love" target="_blank">.</a></p> </blockquote> <p>Find ways to get face-to-face with neighbors. David Serpa, leader of The Homes Team with Signature Real Estate Group in Murrieta, Calif., hosts several events throughout the year, such as sponsored Easter egg hunts and holiday-themed festivals with petting zoos and inflatables for families.</p> <h4>Artificial intelligence</h4> <p>Big data has been a buzzword in the real estate industry in recent years, but now it&rsquo;s evolving into talks of artificial intelligence and how this technology can leverage for predictive analytics and new ways to reach out to clients.</p> <p>&ldquo;I believe AI will have a defining year in real estate in 2018,&rdquo; Murphy says. &ldquo;AI will take the massive data that&rsquo;s available and help your brokerage make more sense of it with actionable insights.&rdquo;</p> <p>For example, AI could be used to identify transaction patterns and make predictions from it, like who might be gearing up to sell their home based on indicators such as children&rsquo;s ages or a recent divorce. It could be used to automate repetitive tasks.</p> <p><strong>What brokerages can do:</strong> More CRM programs are incorporating AI technologies to help users learn the best time to connect with a client. For example, Chime Technologies debuted an AI-enabled smart dialer in November called Belle. The system compiles information on how consumers interact with your brokerage&mdash;whether that be how they browsed your website, the property alerts they set up, what they said in a text to an agent, or even if there&rsquo;s been no interaction at all. Leads are assigned a score based on the actions they take. The system then generates a customized action plan based on those actions. The score constantly changes depending on how the prospect is interacting with your brokerage and adapts scripts and follow-ups for agents in real time.</p> <p>&ldquo;We view AI as an enabling technology. We believe it will help agents, and they do not need to fear being replaced by it,&rdquo; Murphy says. &ldquo;Consumers will still want a person to lean on who understands the dynamics of the market and can help guide them through such a large transaction. But AI can help brokerages better plan their approach.</p> <hr /> <p><br /> <img alt="" src="/sites/realtormag.realtor.org/files/rmo_files/images/logos/BtoB_logo_footer_080114.jpg" style="float:left; height:117px; width:150px" /><em>Broker-to-Broker is an information network that provides insights and tools with business value through timely articles, videos, Q&amp;As, and sales meeting tips for brokerage owners and managers. Get more <a href="/for-brokers/network" target="_blank">Broker-to-Broker content here</a>.</em></p> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-text field-field-teaser"> <div class="field-label">Teaser:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <!--paging_filter--><p>Smarten up your outreach and make your transactions more secure in the new year.</p> </div> </div> </div> <div class="field field-type-nodereference field-field-related-content"> <div class="field-label">Related Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/for-brokers/network/article/2018/01/humanize-your-marketing-in-digital-world">Humanize Your Marketing in a Digital World</a> </div> <div class="field-item even"> <a href="/for-brokers/network/article/2017/09/building-office-culture-in-virtual-world">Building Office Culture in a Virtual World</a> </div> <div class="field-item odd"> <a href="/for-brokers/network/article/2017/09/6-tech-trends-keep-your-radar">6 Tech Trends to Keep on Your Radar</a> </div> <div class="field-item even"> <a href="/for-brokers/network/article/2017/08/broker-tools-connect-tech-savvy-sellers">Broker Tools: Connect With Tech-Savvy Sellers</a> </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> Network Thu, 11 Jan 2018 20:55:44 +0000 echristoffer 24698 at http://realtormag.realtor.org A Fair Housing Forefather http://realtormag.realtor.org/law-and-ethics/feature/article/2018/01/fair-housing-forefather <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> At great political cost, a soft-spoken California lawmaker laid the groundwork for the national case against discrimination. </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Wednesday, January 17, 2018</span> </div> </div> </div> </fieldset> <div class="field field-type-nodereference field-field-op-author"> <div class="field-label">Author(s):&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/author/wendy-cole">Wendy Cole</a> </div> </div> </div> <!--paging_filter--><p>Passage of the federal <a href="https://fairhousing.realtor" target="_blank">Fair Housing Act</a>, 50 years ago this April, owes a debt of gratitude to familiar civil rights heroes like Thurgood Marshall and Martin Luther King Jr. But how many know of Berkeley, Calif., pharmacist William Byron Rumford Sr.? In 1948, Rumford became the first African-American from northern California elected to a state public office when he won a seat in the Assembly, the lower chamber of the California legislature.</p> <p>After championing air pollution control measures and breakthrough employment discrimination protections, he introduced a housing bill in 1963 that would make it illegal to deny people the chance to buy or rent a home because of their race, among other classifications. The measure passed the Assembly 47&ndash;25, a feat largely attributable, according to Byron&rsquo;s son Bill Rumford, to the elder Rumford&rsquo;s &ldquo;soft-spoken, nonantagonistic way&rdquo; of talking to his legislative colleagues. Even after the bill was softened to exempt most single-family homes, it faced steeper opposition in the state senate. But it passed in both houses and was signed into law by Governor Edmund G. &ldquo;Pat&rdquo; Brown the same year.</p> <p>At that point, a gauntlet was thrown by a variety of interests, including organized real estate, that sought not to amend it but instead to nullify it by inserting a statement about private property rights in the state constitution. &ldquo;People&rsquo;s thinking was a house is a man&rsquo;s castle and no one should be able to tell him what he can do with it,&rdquo; says Bill, 84, explaining the prevailing view held by the opposing side.</p> <p><a href="https://www.nar.realtor/fair-housing/fair-housing-makes-us-stronger-commemorating-50-years-of-the-fair-housing-act" target="_blank"><img alt="" src="/sites/realtormag.realtor.org/files/rmo_files/images/2018_jan/Fair%20Housing%20Act_bug_sm.png" style="width: 250px; height: 246px; margin: 3px; float: right;" /></a>Proposition 14 read in part: Neither the State nor any subdivision or agency thereof shall deny, limit or abridge, directly or indirectly, the right of any person, who is willing or desires to sell, lease or rent any part or all of his real property, to decline to sell, lease or rent such property to such person or persons as he, in his absolute discretion, chooses.</p> <p>The petition to put Proposition 14 on the ballot garnered more than a million signatures, double what was required. The Los Angeles Times endorsed the effort to make racial discrimination in housing legal again in California.</p> <p>Though the ballot initiative passed by a wide margin, Rumford never lost hope. &ldquo;He wasn&rsquo;t bitter and took it in stride. He continued to meet with people to change minds,&rdquo; he says. &ldquo;Dad argued intelligently and was never aggressive or loud,&rdquo; he says. &ldquo;And he never backed down,&rdquo; says Bill, a former Berkeley council member and retired police chief for the Bay Area Rapid Transit system who now lives in Canada.</p> <p>In 1966, the California Supreme Court declared Proposition 14 unconstitutional, a decision affirmed by the U.S. Supreme Court in 1967. The stage was set for the federal protections offered in the Fair Housing Act a year later. It passed with the strong support of President Lyndon Johnson, who signed the measure into law a week after King&rsquo;s assassination. The federal Fair Housing Act prohibited housing discrimination by race, color, creed, and national origin. In 1974, sex was added as a protected class; disability and familial status were added in 1988.</p> <p>The federal law&rsquo;s passage was a proud moment for Byron Rumford. At the end of his legislative career, which included a losing bid for the state senate in 1966, he was offered a job in Washington as assistant director of consumer protection at the Federal Trade Commission. In 1976, he returned to his pharmacy and private life in Berkeley. &ldquo;Dad was a fighter to the day he died [in 1986],&rdquo; adds Bill.</p> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-text field-field-teaser"> <div class="field-label">Teaser:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <!--paging_filter--><p>At great political cost, a soft-spoken California lawmaker laid the groundwork for the national case against discrimination.</p> </div> </div> </div> <div class="field field-type-filefield field-field-main-image"> <div class="field-label">Main Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <div class="filefield-file"><img class="filefield-icon field-icon-image-jpeg" alt="image/jpeg icon" src="http://realtormag.realtor.org/sites/all/modules/filefield/icons/image-x-generic.png" /><a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_F_fairhousing.jpg" type="image/jpeg; length=221004">jan18_F_fairhousing.jpg</a></div> </div> </div> </div> <div class="field field-type-filefield field-field-top3-lp-image"> <div class="field-label">Top 3 Article on Landing Page:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_top3_lp_image" width="149" height="70" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_F_fairhousing_0.jpg?1515709181" /> </div> </div> </div> <div class="field field-type-filefield field-field-lp-mainstage-image"> <div class="field-label">Landing Page Mainstage Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_lp_mainstage_image" width="830" height="230" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_LP_F_fairhousing.jpg?1515709200" /> </div> </div> </div> <div class="field field-type-text field-field-main-image-credit"> <div class="field-label">Main Image Credit:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> After championing fair housing in California, William Byron Rumford ran for the state senate. Here, he celebrates with his son after a 1966 primary victory. Rumford, right, narrowly lost the general election and contested the results in the wake of numerous voting irregularities. Authorities dismissed the complaints. </div> </div> </div> <div class="field field-type-nodereference field-field-related-content"> <div class="field-label">Related Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/law-and-ethics/briefs/article/2016/03/countering-fair-housing-charge">Countering a Fair Housing Charge</a> </div> <div class="field-item even"> <a href="/law-and-ethics/feature/article/2016/03/fair-housing-in-your-hands">Fair Housing Is In Your Hands</a> </div> <div class="field-item odd"> <a href="/tool-kit/fair-housing">The Fair Housing Tool Kit</a> </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> Feature Thu, 11 Jan 2018 17:57:10 +0000 mbrozanic 24690 at http://realtormag.realtor.org Free for Members: Trust Stamp http://realtormag.realtor.org/news-and-commentary/your-nar/article/2018/01/free-for-members-trust-stamp <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> New tool uses social media data to enhance identity verification process. </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Wednesday, January 17, 2018</span> </div> </div> </div> </fieldset> <!--paging_filter--><p>When scheduling a meeting with a new client or prospect for the first time, feel more confident about your personal safety by verifying their identity in advance through <a href="https://truststamp.net/" target="_blank">Trust Stamp</a>. NAR&rsquo;s <a href="https://www.nar.realtor/2017-member-safety-report" target="_blank">2017 Member Safety Report</a> found that more than one in three agents experienced a situation that made them fear for their personal safety or the safety of their personal information. &ldquo;Safety for our members is a top concern, and this is a great tool that REALTORS&reg; can use to protect themselves when meeting strangers and new clients,&rdquo; says NAR President Elizabeth Mendenhall. Trust Stamp, a startup company funded in part by NAR&rsquo;s venture capital fund Second Century Ventures, uses patented software to analyze hundreds of public records and social media data to quickly verify the identity of a stranger.</p> <p>Through a program exclusively for NAR members that requires a NRDS number to log in, Trust Stamp provides a real estate&ndash;specific webpage and mobile app. REALTORS&reg; enter an individual&rsquo;s email address or cell phone number in the tool that then invites the person to make a Trust Stamp profile online that includes a photo of their driver&rsquo;s license and a selfie and links to one or more social accounts, such as Facebook. Trust Stamp analyzes public records and social media to verify their identity and trustworthiness. Access Trust Stamp&rsquo;s real estate&ndash;focused page at <a href="http://truststamp.re" target="_blank">truststamp.re</a>.</p> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-text field-field-teaser"> <div class="field-label">Teaser:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <!--paging_filter--><p>New tool uses social media data to enhance identity verification process.</p> </div> </div> </div> <div class="field field-type-filefield field-field-main-image"> <div class="field-label">Main Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <div class="filefield-file"><img class="filefield-icon field-icon-image-jpeg" alt="image/jpeg icon" src="http://realtormag.realtor.org/sites/all/modules/filefield/icons/image-x-generic.png" /><a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_NC_YNAR.jpg" type="image/jpeg; length=331573">jan18_NC_YNAR.jpg</a></div> </div> </div> </div> <div class="field field-type-filefield field-field-top3-lp-image"> <div class="field-label">Top 3 Article on Landing Page:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_top3_lp_image" width="149" height="70" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_NC_YNAR_0.jpg?1515786549" /> </div> </div> </div> <div class="field field-type-filefield field-field-lp-mainstage-image"> <div class="field-label">Landing Page Mainstage Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_lp_mainstage_image" width="830" height="230" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_LP_NC_YNAR.jpg?1515786567" /> </div> </div> </div> <div class="field field-type-nodereference field-field-related-content"> <div class="field-label">Related Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/product-guide/tablets-and-phones/article/2015/01/phones-offer-touch-safety">Phones Offer Touch of Safety</a> </div> </div> </div> <div class="field field-type-link field-field-links"> <div class="field-label">External Links:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="http://theweeklybookscan.blogs.realtor.org/2007/09/10/the-safety-minute-01/" rel="nofollow">The Safety Minute: 5 Safety Tips</a> </div> <div class="field-item even"> <a href="https://www.nar.realtor/2017-member-safety-report" rel="nofollow">2017 Member Safety Report</a> </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> Your NAR Thu, 11 Jan 2018 20:04:11 +0000 mbrozanic 24697 at http://realtormag.realtor.org In the Trenches: A Moving Tale http://realtormag.realtor.org/first-person/in-trenches/article/2018/01/in-trenches-moving-tale <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> A collection of stories from real estate professionals detailing crazy, funny, or poignant experiences that have happened on the job. </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Wednesday, January 17, 2018</span> </div> </div> </div> </fieldset> <!--paging_filter--><h4>A Moving Tale</h4> <p>I listed a property for an elderly couple who planned to fulfill their 18-year-old grandson&rsquo;s dream of moving from Florida to Montana. The grandson, whom they had adopted, had a disability that made it hard for him to walk, but he loved the mountains and spent hours researching the state online. The move would be difficult because they owned a menagerie of animals, including dogs, cats, chickens, and goats.</p> <p>On the day of closing, I went to the house to retrieve the lockbox, and the grandson met me at the gate. I noticed a 1980s-era Blue Bird school bus, painted sky blue, parked in the yard. &ldquo;What are you going to do with this bus?&rdquo; I asked. He invited me to climb inside, and I noticed that the bench seats had been removed and there was a wall of stacked hay toward the back. He explained that his grandparents bought the bus specifically for their move to Montana. He and his grandmother would drive in their van along with their cats, and his grandfather would drive the bus with their two dogs and six goats. At night, they planned to pull off the road, and everyone would sleep in the bus. They left town before even securing a new home in Montana, but I always think of the grandparents fondly for living simply and doing what it took to make their grandson&rsquo;s dreams come true.&nbsp;<em>&mdash;Katherine Shalosky, MRP, Keller Williams Realty South Shore, Apollo Beach, Fla.</em></p> <h4>Short Notice Leads to Long Friendship</h4> <p>When I was a rookie agent in 1989, a prospective buyer came into the office and said he admired one of our listings, a house under construction on a golf course. I offered to show him the nearly completed home, but he said it wasn&rsquo;t necessary. He wanted to make a cash offer for the full asking price, contingent on one thing&mdash;that it close the next day or the deal was off. I was skeptical of him at first, but he was a farmer from Texas who struck oil on his land. This is just how he did business; a handshake would have been enough for him to close the deal. We had no cell phones then, so I wrote up the offer and said that as soon as my qualifying broker was back in the office, he&rsquo;d present the offer and we would be in touch. To my amazement, the seller accepted the offer and the closing timeline, and we settled the transaction in one day. The buyer and his wife lived out the rest of their years there, and I learned how lasting friendships can be made in this line of work. Once a week, the couple would stop by our office to deliver a bag of Werther&rsquo;s butterscotch candies. We exchanged Christmas gifts and birthday wishes. When they died, it felt like I lost my grandparents.&nbsp;<em>&mdash;Cindy K. Lynch, CRS, GRI, Berkshire Hathaway HomeServices Lynch Realty, Ruidoso, N.M.</em></p> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-text field-field-teaser"> <div class="field-label">Teaser:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <!--paging_filter--><p>A collection of stories from real estate professionals detailing crazy, funny, or poignant experiences that have happened on the job.</p> </div> </div> </div> <div class="field field-type-filefield field-field-main-image"> <div class="field-label">Main Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <div class="filefield-file"><img class="filefield-icon field-icon-image-jpeg" alt="image/jpeg icon" src="http://realtormag.realtor.org/sites/all/modules/filefield/icons/image-x-generic.png" /><a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_SM_trenches.jpg" type="image/jpeg; length=210977">jan18_SM_trenches.jpg</a></div> </div> </div> </div> <div class="field field-type-filefield field-field-top3-lp-image"> <div class="field-label">Top 3 Article on Landing Page:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_top3_lp_image" width="149" height="70" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_SM_trenches_0.jpg?1515708339" /> </div> </div> </div> <div class="field field-type-filefield field-field-lp-mainstage-image"> <div class="field-label">Landing Page Mainstage Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_lp_mainstage_image" width="830" height="230" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_LP_SM_trenches.jpg?1515708367" /> </div> </div> </div> <div class="field field-type-nodereference field-field-related-content"> <div class="field-label">Related Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/first-person/in-trenches/article/2017/11/in-trenches-too-much-client-appreciation">In the Trenches: Too Much Client Appreciation</a> </div> <div class="field-item even"> <a href="/first-person/in-trenches/article/2017/09/in-trenches-unexpected-dip-in-market">In the Trenches: Unexpected Dip In the Market</a> </div> <div class="field-item odd"> <a href="/first-person/in-trenches/article/2017/07/in-trenches-super-pet-friendly">In the Trenches: Super Pet-Friendly</a> </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> In The Trenches Thu, 11 Jan 2018 18:40:53 +0000 mbrozanic 24696 at http://realtormag.realtor.org NAR President: We Need One Another http://realtormag.realtor.org/news-and-commentary/nar-president/article/2018/01/nar-president-we-need-one-another <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Elizabeth Mendenhall talks tax reform, time management, and gratitude coins with REALTOR® Magazine Editor Wendy Cole. </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Wednesday, January 17, 2018</span> </div> </div> </div> </fieldset> <div class="field field-type-nodereference field-field-op-author"> <div class="field-label">Author(s):&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/author/wendy-cole">Wendy Cole</a> </div> </div> </div> <!--paging_filter--><p><strong>Our <a href="/news-and-commentary/feature/article/2018/01/she-s-owning-it-are-you">profile of you</a> was written before you took office. A month into your tenure, how is the role of NAR president different than you expected? </strong></p> <p>I&rsquo;ve always known that REALTORS&reg; are passionate about bettering our associations, our industry, and our communities. However, since being installed as president, my eyes have opened even wider at the magnitude of this allegiance. I am astounded by how many members have reached out to share their thoughts and to offer support. Never before have I gotten so many emails and text messages&mdash;it&rsquo;s incredible. I promise to keep listening. Our best work is the product of collaboration. We need one another.</p> <p><strong>What has been the biggest challenge so far?</strong></p> <p>In December, tax reform was front and center. Thanks to REALTORS&reg;&rsquo; engagement, we positively <a href="http://realtormag.realtor.org/daily-news/2017/12/20/tax-bill-passes-tough-work-still-ahead">influenced the new law in some key areas</a>.&nbsp;More than 300,000 contacts over two Calls for Action to members of Congress enabled us to improve on the original blueprint, For example, we pushed to maintain deductibility of state and local income and property taxes up to $10,000 and to keep Section 1031 tax-deferred exchanges in their present form for real estate investments. And we will continue to advocate on behalf of the industry and property owners. Whatever their views on the legislation, REALTORS&reg; are united in the belief that homeownership matters.</p> <p><strong>How do you balance your time between supporting national, state, and local concerns?</strong></p> <p>Our three-way agreement gives us a powerful voice in shaping public policy. Issues important at one level are important at all levels; balancing my time between organizational tiers is a nonissue. Trickier is juggling work and personal time, but REALTORS&reg; navigate this balancing act on a daily basis.</p> <p><strong>Have any conversations with members specifically shaped your outlook as president?</strong></p> <p>The respect for the role of the NAR president is humbling. Almost every day, I have at least one conversation with a member who reminds me of the great responsibility this title bears. From tax reform to natural disasters, REALTORS&reg; are facing change and challenges. Members&rsquo; livelihoods are at stake, and inaction can lead to serious consequences.</p> <p><strong>What response are you getting to the &ldquo;Own It&rdquo; mantra?</strong></p> <p>Within the REALTOR&reg; community, &ldquo;Own It&rdquo; has gone viral. People are sharing their &ldquo;Own It&rdquo; moments across social media, and it&rsquo;s amazing to watch as &ldquo;Own It&rdquo; gratitude coins circulate the country. The coins, unveiled last summer at the NAR Leadership Summit, are tokens of appreciation, and recipients are regifting them to colleagues who embody the &ldquo;Own It&rdquo; spirit. This movement has exceeded all expectations. I hope it&rsquo;s an indicator for our year ahead.</p> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-text field-field-teaser"> <div class="field-label">Teaser:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <!--paging_filter--><p>Elizabeth Mendenhall talks tax reform, time management, and gratitude coins with REALTOR&reg; Magazine Editor Wendy Cole.</p> </div> </div> </div> <div class="field field-type-filefield field-field-main-image"> <div class="field-label">Main Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <div class="filefield-file"><img class="filefield-icon field-icon-image-jpeg" alt="image/jpeg icon" src="http://realtormag.realtor.org/sites/all/modules/filefield/icons/image-x-generic.png" /><a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_NC_pres.jpg" type="image/jpeg; length=260961">jan18_NC_pres.jpg</a></div> </div> </div> </div> <div class="field field-type-filefield field-field-top3-lp-image"> <div class="field-label">Top 3 Article on Landing Page:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_top3_lp_image" width="149" height="70" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_NC_pres_0.jpg?1515708058" /> </div> </div> </div> <div class="field field-type-filefield field-field-lp-mainstage-image"> <div class="field-label">Landing Page Mainstage Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_lp_mainstage_image" width="830" height="230" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_LP_NC_pres.jpg?1515708083" /> </div> </div> </div> <div class="field field-type-nodereference field-field-related-content"> <div class="field-label">Related Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/news-and-commentary/feature/article/2018/01/she-s-owning-it-are-you">She’s Owning It. Are You?</a> </div> <div class="field-item even"> <a href="/daily-news/2017/11/03/plan-build-realtor-party-successes">A Plan to Build on REALTOR® Party Successes</a> </div> <div class="field-item odd"> <a href="/daily-news/2017/08/15/ain-t-your-daddy-s-association-anymore">‘This Ain’t Your Daddy’s Association Anymore’</a> </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> NAR President Thu, 11 Jan 2018 18:29:40 +0000 mbrozanic 24695 at http://realtormag.realtor.org She’s Owning It. Are You? http://realtormag.realtor.org/news-and-commentary/feature/article/2018/01/she-s-owning-it-are-you <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Elizabeth Mendenhall has high expectations of members—and herself—as she brings a ‘disruptive’ leadership vision to the NAR presidency. </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Wednesday, January 17, 2018</span> </div> </div> </div> </fieldset> <div class="field field-type-nodereference field-field-op-author"> <div class="field-label">Author(s):&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/author/wendy-cole">Wendy Cole</a> </div> </div> </div> <!--paging_filter--><p>When Elizabeth Mendenhall arrived at work on a bright September morning, a line of SUVs, sedans, and minivans was already snaking around the parking lot at RE/MAX Boone County Real Estate in Columbia, Mo. Many of the 130 agents in the company she co-owns with her father Richard and brother Ford had lined up early for a &ldquo;drive through&rdquo; rebranding event. They were there to order promotional materials adorned with the new, sleeker version of the RE/MAX balloon. Along the way they got bumper stickers, t-shirts, and other promotional swag, along with free doughnuts and coffee. &ldquo;Good morning, everyone,&rdquo; said Mendenhall, as she enthusiastically worked the throngs of staff and agents.</p> <p>It was hard not to feel you were in the presence of a rock star. &ldquo;I&rsquo;m stoked about Elizabeth [as NAR president],&rdquo; said Aaron Rose, a 20-year veteran of the business, who had arrived early and was first in line. &ldquo;She is very approachable and has so much wisdom. When we need help, she has answers.&rdquo;</p> <p>But as Mendenhall assumes the presidency of the National Association of REALTORS&reg;, her approach will be less about providing answers and more about urging the 1.3 million REALTORS&reg; to claim their place at the forefront of a vital industry in the throes of change. Technological, legislative, and political challenges require engagement by REALTORS&reg;, and Mendenhall has unequivocal expectations about what REALTORS&reg;, working together, can do.</p> <p>Her presidential theme, &ldquo;Own It,&rdquo; encompasses Mendenhall&rsquo;s core belief that REALTORS&reg; need to drive their own success, while feeling confident in the knowledge that she and her leadership team are raising awareness, and fighting the necessary fights, on issues ranging from access to home ownership to preservation of the mortgage interest deduction to the indispensable role that REALTORS&reg; play in communities and the lives of their customers.</p> <blockquote> <p><strong>A Sixth-Generation REALTOR&reg;</strong></p> <p>Elizabeth Mendenhall is the 110th president of the National Association of REALTORS&reg;. Career highlights by the numbers:</p> <p><span style="font-size:36px;"><strong>7</strong></span> Number of designations and certifications Mendenhall has received. They include: Certified Real Estate Brokerage Manager (CRB), Accredited Buyer Representative (ABR), Accredited Buyer Representative Manager (ABRM), Certified International Property Specialist (CIPS), Performance Management Network (PMN), e-PRO specialist (e-PRO), and Graduate of the REALTOR&reg; Institute (GRI).</p> <p><strong><span style="font-size:36px;">130</span> </strong>Number of agents she manages at her brokerage RE/MAX Boone Realty in Columbia, Mo.&nbsp;</p> <p><span style="font-size:36px;"><strong>2003</strong></span> Year she became CEO at RE/MAX Boone Realty.</p> </blockquote> <p>&ldquo;&thinsp;&lsquo;Own It&rsquo; is both an attitude and an action,&rdquo; Mendenhall says. &ldquo;And professionalism is an attitude, not just a time commitment. Your success is about owning it in your heart.&rdquo;</p> <p>She&rsquo;s flipping the script about who is ultimately responsible for bringing about positive change in the industry. NAR&rsquo;s <a href="/news-and-commentary/your-nar/article/2018/01/2019-leadership">leadership team</a> has made a commitment to carry out the Own It vision not just through Mendenhall&rsquo;s presidency but through the next three years. That continuity of vision, she says, will enable the team to accomplish goals more efficiently and over a longer time horizon.</p> <p>Rising to the top of the team&rsquo;s agenda is the &ldquo;Commitment to Excellence,&rdquo; a voluntary program that will enable REALTORS&reg; to publicly demonstrate core competency in ethics, advocacy, technology, data privacy, and customer service. There will be built-in learning opportunities and tools for building skills and knowledge, and members&rsquo; accomplishments will be recognized through an endorsement process. The program was conceived in 2015 under President Steve Brown to address the popular desire to raise the bar in real estate. &ldquo;We intend to get it funded and implemented,&rdquo; Mendenhall says.</p> <h4>Born to Lead</h4> <p>The downtown Columbia brokerage where Mendenhall has worked since 1996 and been CEO since 2003 is the largest RE/MAX office by transaction sides, and number two in volume, in her seven-state region. She and her family are also co-owners of nearby RE/MAX Jefferson City. Together, the companies reported sales volume of $671 million in 2016, up from $427 million in 2010. Transaction sides grew from 2,674 to 3,698 during that time. The long-independent Boone Realty became a RE/MAX affiliate in 1991. The company has been in her family since 1894, through six generations. Her father, Richard Mendenhall, became broker-owner in 1974 when his mother, Mary Jane, segued from management back into sales. His father Hirst, meanwhile, -handled the property management side of the business. In the fall of 1996, as Richard was becoming increasingly involved in state and national association activities. He called his daughter and asked if she was interested in becoming his full-time administrative assistant. Was she interested? Mendenhall, who had studied accounting at the University of Kansas and was working in -restaurant management, said she was.</p> <p>First came the two-hour formal interview, when she realized her dad was looking for someone who would eventually take over the reins. &ldquo;I got the typical interview questions about what would make me a good manager. He asked me about the people I hired and fired at the restaurant. I have to admit going through that formal process with your dad felt really weird.&rdquo;</p> <p>Her mother, Pam Newman, helped quash any hesitation. &ldquo;She pointed out that if I didn&rsquo;t like it, I was still young enough to start something else,&rdquo; she says.</p> <p>Within five months of starting at RE/MAX Boone, Mendenhall had earned both her sales agent and broker licenses. She shadowed her father at sales meetings and trainings; attended franchise conventions and association meetings; and pored over contract language and the nuances of the REALTORS&reg; Code of Ethics.</p> <p>&ldquo;I was all about acquiring as much knowledge as I could,&rdquo; she says. In quick succession, Mendenhall earned three designations&mdash;she now holds seven&mdash;and three years into the job, she had her own personal assistant. Encouraging others to acquire as much real estate education as possible &ldquo;became part of my vision&rdquo; for running the business, she says.</p> <p>Mendenhall also proved to be a skillful recruiter. &ldquo;I&rsquo;m a good judge of people&rsquo;s character and personality. My father would agree with that,&rdquo; she says.</p> <p>The company&rsquo;s formidable growth is attributable to her eagerness to leverage the burgeoning power of the internet at the start of the millennium. &ldquo;We were the first brokerage in town to have a website, the first to offer virtual home tours, and the first to offer social media marketing packages to agents,&rdquo; she notes.</p> <p>Her direct, open way of communicating has served the company well. &ldquo;I&rsquo;m a better delegator than my dad,&rdquo; she says. &ldquo;I try to empower the staff. The effect is that people really step up.&rdquo;</p> <h4>&lsquo;Small Stuff Does Matter&rsquo;</h4> <table align="right" border="0" cellpadding="8" cellspacing="1" style="width: 125px;"> <tbody> <tr> <td class="rtecenter"><a href="http://realtormag.realtor.org/article-archive/2018/01"><img alt="" src="/sites/realtormag.realtor.org/files/rmo_files/images/2018_jan/1801-02_cvr_newsletter.jpg" style="width: 123px; height: 161px;" /></a><br /> <a href="http://realtormag.realtor.org/article-archive/2018/01"><em>Read more about how to &quot;Own It&quot; </em></a></td> </tr> </tbody> </table><p>While family businesses are common enough in real estate, NAR dynasties are not. Mendenhall, 45, is the first offspring of an NAR president to ascend to the top association role. Richard was NAR&rsquo;s 2001 president. His name helped open doors for her in organized real estate, she says, and she values his advice. But as the first Generation X president, she brings her own leadership style and work-life experience to the role.</p> <p>One of Richard Mendenhall&rsquo;s professional mottos is &ldquo;Don&rsquo;t sweat the small stuff,&rdquo; she says. &ldquo;But I realize that sometimes the small stuff does matter. I send a lot of thank-you notes. I go out of my way to respond to email because responses do matter,&rdquo; Mendenhall says. Even on highly charged issues like tax reform, she does her best to answer every comment she receives. &rdquo;I&rsquo;m glad people feel comfortable reaching out to me [even when they have an objection]. I see these as opportunities to provide education and have a conversation.&rdquo;</p> <p>Mendenhall likes to face fears head-on (a 2016 skydiving trip with four REALTOR&reg; family pals left her feeling like a super hero, she says), and she comes into the presidency with a reputation for wanting to shake things up. &ldquo;This ain&rsquo;t your daddy&rsquo;s association anymore,&rdquo; she quipped from the stage last August before a gathering of 1,500 local and state REALTOR&reg; association leaders. &ldquo;My daddy is here and I think he would agree with me.&rdquo;</p> <p>The role of a rebel doesn&rsquo;t jibe easily with that of association president. &ldquo;In many ways, it&rsquo;s easier to be the renegade,&rdquo; she admits. Yet the stakes have never been higher. Tax reform was a watershed moment, with many REALTORS&reg; expressing support for a simplified code. But NAR leaders saw early on that tax packages put forth by the U.S. House and Senate would raise taxes on millions of homeowners and threaten real estate markets.</p> <p>In the end, the bill signed by President Donald Trump in December reflected important changes sought by NAR. The law preserves both the exclusion for capital gains on the sale of a home and the like-kind exchange for commercial investors, and it provides tax breaks for pass-through businesses. Mortgage interest deductions remain in place for first and second homes on new loans of up to of $750,000. Deductions for state and local income tax and property tax were retained, though capped at $10,000. (See a complete summary at <a href="http://nar.realtor/tax-reform" target="_blank">nar.realtor/tax-reform</a>.)</p> <p>The theme of &ldquo;Own It&rdquo; applies in this realm as well, Mendenhall points out. &ldquo;America still believes in the promise of homeownership, and our tax structure should support that belief.&rdquo; Despite NAR&rsquo;s successes, achieved with the help of two Congressional Calls for Action that registered the highest response rate ever, &ldquo;we still have some hard work ahead of us,&rdquo; she says.</p> <p>Even as federal tax reform was capturing national attention, Mendenhall and her leadership team were gearing up for an associationwide conversation about advocacy at the state and local levels. A presidential advisory group convened by 2017 president William E. Brown showed that the five-year-old REALTOR&reg; Party initiative, which funds state and local advocacy, would need additional resources. The PAG&rsquo;s proposal and other critical budget decisions will be vetted over the next several months; if they advance, they&rsquo;ll be voted on by the Board of Directors in May. Mendenhall plans to use Facebook Live and other avenues to seek member input, but for her the decision is clear: &ldquo;We need to beef up our efforts and fund more issue mobilization at the local level,&rdquo; she says.</p> <p>She knows first-hand the value of a state and local advocacy program. As president of the Missouri Association of REALTORS&reg; in 2010, she led a successful effort to change the state constitution to permanently ban transfer taxes in real estate sales. &ldquo;We got a lot of support through the REALTOR&reg; Party program, and I really came to see NAR as a business partner,&rdquo; she says. &ldquo;There&rsquo;s power in numbers. There&rsquo;s power in being a member.&rdquo;</p> <p>As Mendenhall has moved up the leadership ranks at NAR, improving member communication has been at the forefront of her agenda. Her drive to bring greater transparency and consistency in the way that NAR committees communicate led to the introduction, in November, of a community website called <a href="http://thehub.realtor" target="_blank">The Hub</a>, built on the same technology used by Missouri REALTORS&reg;. She also is behind the creation of <a href="http://leadership.realtor" target="_blank">leadership.realtor</a>, a website where members can easily find who&rsquo;s leading each of NAR&rsquo;s regions, committees, and affiliated organizations.</p> <h4>Taking a Stand&nbsp;</h4> <p>At NAR, it&rsquo;s the incoming president who appoints committee vice chairs, so Mendenhall&rsquo;s appointees now chair the association&rsquo;s 91 committees, advisory boards, forums, and councils. For her, selecting REALTORS&reg; with the spirit to &ldquo;Own It&rdquo; was critical&mdash;but just as important was having a diverse leadership. &ldquo;Better decisions are always made with diversity at the table,&rdquo; she says, &ldquo;whether we&rsquo;re talking about men and women, race, or small and large brokerages or boards.&rdquo;</p> <p>Diversity&mdash;or inclusivity&mdash;will be on Mendenhall&rsquo;s mind quite a bit this year as NAR commemorates the 50th anniversary of the Fair Housing Act. The magazine will touch on some aspect of <a href="/law-and-ethics/feature/article/2018/01/fair-housing-forefather">the law each issue</a><a href="/law-and-ethics/law/article/2018/01/turning-buyers-llc">,</a> and NAR will continue advocating for changes to the federal law to add protections for sexual orientation and gender identity. NAR&rsquo;s Board of Directors amended the Code of Ethics in 2010 to prohibit discrimination on the basis of sexual orientation (effective January 2011) and in 2013 added gender identity (effective January 2014).</p> <p>But driving toward a fair future is only part of the picture for Mendenhall. At a National Association of Real Estate Brokers conference in 2016, Mendenhall addressed the mostly African- American audience and took an unprecedented step, personally apologizing for the association&rsquo;s past discriminatory practices in housing and membership.</p> <p>&ldquo;I acknowledged that we had a history in which we didn&rsquo;t include everyone, and I noted that I would be the first president [because of her age] who had no tie to that history,&rdquo; she says. &ldquo;People at NAREB told me later it was a big deal for me to recognize NAR&rsquo;s past,&rdquo; she says. &ldquo;I felt it was important to apologize, not just acknowledge what happened.&rdquo;</p> <p>For Mendenhall, it&rsquo;s that simple. &ldquo;Let&rsquo;s own the past,&rdquo; she says. &ldquo;And let&rsquo;s own the future.&rdquo;</p> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-text field-field-teaser"> <div class="field-label">Teaser:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <!--paging_filter--><p>Elizabeth Mendenhall has high expectations of members&mdash;and herself&mdash;as she brings a &lsquo;disruptive&rsquo; leadership vision to the NAR presidency.</p> </div> </div> </div> <div class="field field-type-filefield field-field-main-image"> <div class="field-label">Main Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <div class="filefield-file"><img class="filefield-icon field-icon-image-jpeg" alt="image/jpeg icon" src="http://realtormag.realtor.org/sites/all/modules/filefield/icons/image-x-generic.png" /><a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_F_eliz.jpg" type="image/jpeg; length=211093">jan18_F_eliz.jpg</a></div> </div> </div> </div> <div class="field field-type-filefield field-field-top3-lp-image"> <div class="field-label">Top 3 Article on Landing Page:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_top3_lp_image" width="149" height="70" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_F_eliz_0.jpg?1515781025" /> </div> </div> </div> <div class="field field-type-filefield field-field-lp-mainstage-image"> <div class="field-label">Landing Page Mainstage Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_lp_mainstage_image" width="830" height="230" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_LP_F_eliz.jpg?1515781041" /> </div> </div> </div> <div class="field field-type-nodereference field-field-related-content"> <div class="field-label">Related Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/daily-news/2017/04/26/mendenhall-urges-lawmakers-keep-incentives-for-homeowners">Mendenhall Urges Lawmakers to Keep Incentives for Homeowners</a> </div> <div class="field-item even"> <a href="/daily-news/2017/11/03/plan-build-realtor-party-successes">A Plan to Build on REALTOR® Party Successes</a> </div> <div class="field-item odd"> <a href="/daily-news/2017/08/15/ain-t-your-daddy-s-association-anymore">‘This Ain’t Your Daddy’s Association Anymore’</a> </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> Feature Thu, 11 Jan 2018 17:43:20 +0000 mbrozanic 24689 at http://realtormag.realtor.org Turning Buyers Into an LLC http://realtormag.realtor.org/law-and-ethics/law/article/2018/01/turning-buyers-llc <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Creating a separate legal entity for buying a second home is a smart way for ordinary households to protect themselves. </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Wednesday, January 17, 2018</span> </div> </div> </div> </fieldset> <div class="field field-type-nodereference field-field-op-author"> <div class="field-label">Author(s):&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/author/bruce-ailion">Bruce Ailion</a> </div> </div> </div> <!--paging_filter--><p>If you&rsquo;re working with a couple interested in buying a second home as an investment property, you might suggest they talk to a lawyer about setting up a limited liability corporation or other legal entity before they buy. That way, if they&rsquo;re sued by someone who was on the property after they bought it, they can limit their damages and protect their personal assets against losses.</p> <p>Suppose a contractor they hire makes negligent repairs to a deck and it collapses while tenants and guests are having a barbecue. The judgment in a case like this could easily exceed the equity the owners have in the property and even the coverage limits on their insurance policy.</p> <p>Or perhaps they rent the property to a person who owns a dog not covered in a typical landlord policy and the dog bites someone on the property. State Farm, for example, won&rsquo;t cover bites by rottweilers, chows, and about a dozen other breeds. The company paid $121 million in dog bite claims in 2016 at an average of $33,000 a claim. A claim of that amount might exceed the equity the homeowners have in their property. That could make their personal assets vulnerable to the judgment.</p> <p>Or let&rsquo;s say the carbon monoxide detector is faulty and the property has a 20-year-old furnace that develops cracks, releasing gas indoors. Tragically, a family of four staying in the property is killed. The owners could face four wrongful death actions caused by negligence.</p> <h4>Gravity of Risk</h4> <p>These are rare occurrences, to be sure, but they point to the gravity of risks that investment property owners can face. In fact, the scenarios illustrate one of the main differences between real estate and other types of investments like stocks or bonds: real estate can carry risks that exceed the investment in the asset.</p> <p>Of course, an owner&rsquo;s first layer of protection is insurance, but owners might fail to recognize that their losses can exceed coverage limits. Or there may be exceptions or carve-outs in the coverage that exclude or limit the losses, such as State Farm&rsquo;s exclusions for certain dog breeds. These gaps in coverage might expose the owner to unlimited liability. In today&rsquo;s litigious world, $100,000, $300,000, or even $500,000 liability coverage may be inadequate. Also, owners converting their home to an investment property might not think to take out landlord or vacant property coverage.</p> <p>To get the right amount of protection, buyers should strongly consider a personal liability umbrella policy with $1 million to $2 million in coverage. But they should also consider forming and running a corporation or LLC. The type of entity they can form varies and is governed by state law, but nearly all states allow incorporated entities like limited liability corporations, partnerships, C corporations, and subchapter S corporations.</p> <h4>Pricing Considerations</h4> <p>Deciding which type of entity to set up and how to structure it should be done with advice of counsel. The process may not be expensive. Depending on the area and particularities of the household, the legal work can be done for a few hundred dollars. There are also do-it-yourself forms online, but self-help isn&rsquo;t recommended; these entities, whether for&nbsp; your own investments or your clients&rsquo;, have to be set up correctly to get the maximum protection.</p> <p>Investing in real estate can be a smart decision. The right property can outperform other investment vehicles. But because real estate investment comes with potential pitfalls, it makes sense to have sufficient insurance and for investors to consider setting up an LLC or other type of entity to separate their liability from their personal assets.</p> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-text field-field-teaser"> <div class="field-label">Teaser:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <!--paging_filter--><p>Creating a separate legal entity for buying a second home is a smart way for ordinary households to protect themselves.</p> </div> </div> </div> <div class="field field-type-filefield field-field-main-image"> <div class="field-label">Main Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <div class="filefield-file"><img class="filefield-icon field-icon-image-jpeg" alt="image/jpeg icon" src="http://realtormag.realtor.org/sites/all/modules/filefield/icons/image-x-generic.png" /><a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_NC_LLC.jpg" type="image/jpeg; length=166937">jan18_NC_LLC.jpg</a></div> </div> </div> </div> <div class="field field-type-filefield field-field-top3-lp-image"> <div class="field-label">Top 3 Article on Landing Page:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_top3_lp_image" width="149" height="70" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_NC_LLC_0.jpg?1515697331" /> </div> </div> </div> <div class="field field-type-filefield field-field-lp-mainstage-image"> <div class="field-label">Landing Page Mainstage Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_lp_mainstage_image" width="830" height="230" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_LP_NC_LLC.jpg?1515697522" /> </div> </div> </div> <div class="field field-type-nodereference field-field-related-content"> <div class="field-label">Related Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/law-and-ethics/law/article/2016/01/drones-assessing-risks">Drones: Assessing the Risks</a> </div> <div class="field-item even"> <a href="/law-and-ethics/law/article/2015/09/title-snafus-and-you">Title Snafus and You</a> </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> Law Thu, 11 Jan 2018 18:11:50 +0000 mbrozanic 24692 at http://realtormag.realtor.org What Will MLS of Choice Mean for You? http://realtormag.realtor.org/news-and-commentary/feature/article/2018/01/what-will-mls-choice-mean-for-you <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Now that multiple listing services must offer waivers to agents who don’t wish to use their systems, the landscape is changing. But some say it’s not adapting fast enough. </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Wednesday, January 17, 2018</span> </div> </div> </div> </fieldset> <div class="field field-type-nodereference field-field-op-author"> <div class="field-label">Author(s):&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/author/meg-white">Meg White</a> </div> </div> </div> <!--paging_filter--><p>A long-simmering proposal colloquially known as &ldquo;MLS of Choice&rdquo; has become the law of the land. Last November in Chicago, the National Association of REALTORS&reg;&rsquo; Board of Directors voted 654 to 58 to revise NAR&rsquo;s longstanding policies for the assessment of MLS dues, fees, and charges. These changes refine terminology and update the MLS service structures to add a mandatory waiver policy enabling licensees who don&rsquo;t use the MLSs&rsquo; services to opt out. Agents who don&rsquo;t wish to subscribe must provide proof of membership at another MLS and can be required to sign a certificate of nonuse pledging to not access or obtain data from the MLS service they are opting out of.</p> <p>How big is this change? It depends on whom you talk to and where you are in the country. But without a doubt, many brokers and agents are gaining flexibility they&rsquo;ve long desired, and some MLSs may soon experience increased administrative duties to track where licensees subscribe. Assessing the overall impact will be difficult because no complete database exists to show where brokers and licensees currently receive MLS service.</p> <p>The biggest adjustment will be for MLSs that charge agents fees based on all offices of a firm (within the jurisdiction of the MLS&rsquo;s shareholder association), also known as the &ldquo;jurisdictional assessment option.&rdquo; That option has been eliminated. But changes are also coming to the larger proportion of MLSs with the simple approach of assessing fees to all licensees affiliated with an MLS participant. Under the change, all MLSs will soon have a waiver option for agents who comply with the requirements of nonuse and subscribe to a different service.</p> <p>David Welch, the president of a 6,000-subscriber MLS owned and operated by the Cincinnati Board of REALTORS&reg;, has concerns with how the new policy is playing out. &ldquo;We&rsquo;re not set up to do what they&rsquo;re asking us to do,&rdquo; says Welch, CRS, GRI, with Comey &amp; Shepherd, REALTORS&reg;, in Liberty Township, Ohio. He says the MLS didn&rsquo;t have the forms, policies, and technology in place to implement the policy by March 1, as required under the terms of MLS policy. Welch, who&rsquo;s also an NAR director, fought for and secured a delay in the start date to July 1 to give smaller MLSs more time to prepare. (Read Welch&rsquo;s reflections on the debate and on the importance of speaking up before the board at <a href="http://realtorm.ag/welch" target="_blank">realtorm.ag/welch</a>.) He says the extra time will also give the Multiple Listing Issues &amp; Policies committee a chance to make additional recommendations at NAR&rsquo;s legislative meetings in May.</p> <p>Ahead of the NAR board vote, some downplayed the significance of the change, especially in markets where MLSs already allow agents to opt out. &ldquo;We&rsquo;ve offered this waiver for 20 years,&rdquo; Steve Byrd, CTO at Carolina Multiple Listing Services Inc., told the committee. &ldquo;It&rsquo;s really not that big a deal.&rdquo; But Welch and others from small- and medium-sized MLSs object to that characterization, saying that while larger MLSs can more easily track who&rsquo;s using their services, implementing this new rule and assessing fees on those who violate it will be too costly and difficult where staffing and budgets are lower. Welch notes that MLSs had already drawn up their 2018 budgets prior to the rule change, and one vendor estimated it would bill around $60,000 to create a tracking system that would allow MLSs to see where their subscribers have other MLS memberships. He&rsquo;d like to see NAR make enhancements to the NRDS database to help association-owned MLSs accomplish this task.</p> <p>As the executive officer of the Rogue Valley Association of REALTORS&reg; and the Southern Oregon Multiple Listing Service Inc. in Medford, Ore., Tina Grimes seems an unlikely supporter of the new rule. &ldquo;I was very much in favor of this change even though it&rsquo;s going to be a huge amount of work,&rdquo; Grimes says. &ldquo;It&rsquo;s a positive step in the right direction for evolving the MLS and keeping it relevant.&rdquo; She and a small staff of seven (four of whom work almost exclusively on association, not MLS, duties) serve around 1,575 MLS subscribers and have decided to seize the opportunity to completely revamp subscriber agreements, a task they&rsquo;ve been meaning to take on for quite some time, in the face of the change.</p> <p>Some brokers see advantages for small MLSs because of the change. MLS Policy Committee member Sam DeBord, managing broker for Seattle Homes Group and vice president of strategic growth for Coldwell Banker Danforth in Bellevue, Wash., predicts this could spur brokers to expand their presence into new areas. &ldquo;This is going to be better for the marketplace as a whole,&rdquo; he says, noting that the intention of the policy change is to both circumvent off-MLS listing activity and support brokers and agents who want to expand but don&rsquo;t due to the constraints of the so-called overlapping market syndrome. &ldquo;These are brokers and agents who want to be members of more MLSs, but don&rsquo;t join more because of the duplicative costs under current policy.&rdquo;</p> <p>Grimes says this will likely be the case in her area, where MLSs have up until recently employed the jurisdictional assessment model. She predicts her MLS may lose a few subscribers under the new policy, mostly among folks who are winding their businesses down in advance of retirement and shedding administrative costs where they can. &ldquo;I think overall we will gain,&rdquo; she says, reflecting upon phone calls she&rsquo;d had from brokerages where a single agent wants to join the Southern Oregon MLS. When she tells them that all their agents would have to join because of the jurisdictional model, they usually change their minds pretty quickly.</p> <p>But some areas could see fewer subscribers and brokerage locations. Managing broker Jenny L. Johnson, E-PRO, who runs the Chase International branch in the small town of Incline Village, Nev., predicts a few shadow offices in her area will close up shop. Some brokers rent a desk or nominal office space in a particular jurisdiction not for doing business but just so their agents can claim the location as their home offices and not have to belong to all the MLSs that their broker, in the main office, does. And while Johnson plans to continue paying almost $4,000 a year for her brokerage memberships in four MLSs, plus another couple hundred dollars so that she can list as an agent on one of those four, she says agents will face a choice. Out of the 25 agents who work in her Incline Village office, she says about half are paying for MLS access that they don&rsquo;t use. She predicts nearly all of those dozen or so agents will choose to sign at least one nonuse waiver. &ldquo;It&rsquo;s expensive,&rdquo; she says. &ldquo;We need to support our agents and their business plans, not focus on dues and violation fines.&rdquo;</p> <p>The new rule should make recruitment easier for Johnson. As a trainer, she meets many new agents who want to work with her, but the two state borders and five MLSs that fall within 45 miles of her office make it tough to attract and retain sales associates who aren&rsquo;t ready to compete in the market where her home office is located. &ldquo;They don&rsquo;t want to sell in Incline because it&rsquo;s a luxury market,&rdquo; she explains. &ldquo;If I have an agent that hangs their license in my branch, but belongs to an MLS not located in my town, I get a call [from the MLS]. I&rsquo;ve lost agents over this.&rdquo; She still spends several hours each week informally coaching two such agents, who are working out of different Chase International offices, because she wants to see them succeed. But because they&rsquo;d have to pay to belong to the MLS serving Incline Village if they worked out of her office, Johnson doesn&rsquo;t personally see any profit in her work with them. With the waiver option, the situation may soon be different.</p> <h4>Making a Dent</h4> <p>The new rule represents one small step toward ameliorating some, but not all, of the problems caused by MLS boundaries that clash against natural market areas. Rocky Balsamo leads a top-producing seven-agent team within Weidel Real Estate in Princeton, N.J. Balsamo says he supports the rule change, even though it doesn&rsquo;t address a bigger local concern. &ldquo;We&rsquo;re a little, itty-bitty state. We need one MLS for the state of New Jersey,&rdquo; he says. Balsamo says he pays about $1,000 a year to belong to four MLSs. Because three MLSs converge in one area near his home turf of Princeton, his entire team needs to belong to all of them in order to market listings properly. &ldquo;It makes syndicating listings complicated,&rdquo; he says. &ldquo;When you take a listing within five miles of that spot, you have to put it in three MLSs, or you&rsquo;re going to lose out.&rdquo;</p> <p>Johnson agrees that other MLS problems remain unsolved, but she takes the new policy as a sign that change is in the air. &ldquo;This is a solid move to get more control back to our agents,&rdquo; she says. &ldquo;What else can we enhance? What&rsquo;s next?&rdquo;</p> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-text field-field-teaser"> <div class="field-label">Teaser:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <!--paging_filter--><p>Now that multiple listing services must offer waivers to agents who don&rsquo;t wish to use their systems, the landscape is changing. But some say it&rsquo;s not adapting fast enough.</p> </div> </div> </div> <div class="field field-type-filefield field-field-main-image"> <div class="field-label">Main Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <div class="filefield-file"><img class="filefield-icon field-icon-image-jpeg" alt="image/jpeg icon" src="http://realtormag.realtor.org/sites/all/modules/filefield/icons/image-x-generic.png" /><a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_SM_mls.jpg" type="image/jpeg; length=170946">jan18_SM_mls.jpg</a></div> </div> </div> </div> <div class="field field-type-filefield field-field-top3-lp-image"> <div class="field-label">Top 3 Article on Landing Page:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_top3_lp_image" width="149" height="70" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_SM_mls_0.jpg?1515707639" /> </div> </div> </div> <div class="field field-type-filefield field-field-lp-mainstage-image"> <div class="field-label">Landing Page Mainstage Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_lp_mainstage_image" width="830" height="230" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_LP_SM_mls.jpg?1515707685" /> </div> </div> </div> <div class="field field-type-nodereference field-field-related-content"> <div class="field-label">Related Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/daily-news/2017/11/06/nar-board-approves-mls-policy-changes">NAR Board Approves MLS Policy Changes</a> </div> <div class="field-item even"> <a href="/technology/feature/article/2017/05/will-bright-mls-flip-consolidation-script">Will Bright MLS Flip the Consolidation Script?</a> </div> </div> </div> <div class="field field-type-link field-field-links"> <div class="field-label">External Links:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="http://speakingofrealestate.blogs.realtor.org/2017/11/05/should-mlss-be-required-to-have-a-waiver-policy/" rel="nofollow">Should MLSs Be Required to Have a Waiver Policy? </a> </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> Feature Thu, 11 Jan 2018 18:18:07 +0000 mbrozanic 24694 at http://realtormag.realtor.org Brokerage Lessons From a Punk Rocker  http://realtormag.realtor.org/for-brokers/standouts/article/2018/01/brokerage-lessons-from-punk-rocker <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Jenelle Isaacson’s music career helped turn her company into a fierce performer on the real estate stage. </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Wednesday, January 17, 2018</span> </div> </div> </div> </fieldset> <div class="field field-type-nodereference field-field-op-author"> <div class="field-label">Author(s):&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/author/pamela-dittmer-mckuen">Pamela Dittmer McKuen</a> </div> </div> </div> <!--paging_filter--><p>Punk rock gave me the confidence to know I could rock anything in heels. A year after graduating from the University of Oregon, where I majored in art, I started a punk rock band called Spread Eagle with three girlfriends. It wasn&rsquo;t that we loved punk rock&mdash;it was all we could play. I was lead singer and guitarist. I don&rsquo;t have a good singing voice, but that&rsquo;s the beauty of punk rock. You just need something to say and the courage to scream it. For the next several years, with Spread Eagle and other bands, I screamed and sang in clubs and dive bars around the country. As the crowds cheered us on, the louder and crazier we got. I also negotiated contracts, marketed the band, sold merchandise, and managed budgets and schedules. Those years were transformational. They taught me about being a business owner and an entrepreneur. They taught me I could create my own space.</p> <blockquote> <p><strong><img alt="" src="/sites/realtormag.realtor.org/files/rmo_files/images/2018_jan/Janelle-crop.png" style="width: 180px; height: 165px;" /><br /> Jenelle Isaacson 41</strong><br /> Obtained her real estate license in 2002.<br /> Opened her own boutique brokerage in 2008.</p> <p><strong>Company:</strong> Living Room Realty<br /> Portland, Ore.<br /> <a href="http://www.livingroomre.com" target="_blank">livingroomre.com</a><br /> <strong>Number of offices:</strong> 6 offices in Oregon and Washington<br /> <strong>Number of associates:</strong> 108<br /> <strong>In 2016:</strong> $433 million gross sales<br /> 1,018 transaction sides<br /> <strong>In 2017:</strong> $550 million gross sales<br /> 1,230 transaction sides<br /> <strong>Projected for 2018: </strong>$700 million gross sales<br /> 1,500 transaction sides</p> </blockquote> <h4>Joy Through Serving</h4> <p>I&rsquo;m a big-picture thinker, and I knew that owning a house was an important piece to financial stability. But as a musician, I didn&rsquo;t have any credit. I&rsquo;d never had a car loan or a student loan. An overdue library book was the only thing that showed on my credit report. But early 2002, when I was 26, I bought my first house through an Oregon bond program that counted paying my rent and utilities on time. The experience was empowering. At the bars we were playing, I went up to people and said, &ldquo;Do you know you can buy a house?&rdquo; My stepmother, a real estate agent, urged me to get my license, and I did.</p> <p>I worked for two brokerages over the next few years and became a top producer at both. But I felt we as agents were valued based on our transaction level, and that didn&rsquo;t tell the whole story. I saw a need for a real estate company that viewed the home as a place to live, not just another investment, and that built community and celebrated our lives. At the end of 2008, I launched Living Room Realty. The market had crashed, but I had given birth to my second daughter and was too focused on being the sole provider to my family to worry about it. I was just looking for opportunities. Punk rockers don&rsquo;t need permission to do something. They just go for it and figure it out.</p> <p>Our company was founded on eight values: Diversity, balance, connection, abundance, integrity, excellence, joy, and relevance. From the beginning, we&rsquo;ve defined a Living Room agent as a leader who finds joy through serving, whether through sports or religion or music or some other passion. Punk rock taught me that technical proficiency is overrated. I can coach someone to sell real estate. It&rsquo;s pretty hard to coach someone to have the values of connecting to the community with integrity.</p> <h4>Play Through the Wrong Notes</h4> <table align="right" border="0" cellpadding="8" cellspacing="1" style="width: 125px;"> <tbody> <tr> <td class="rtecenter"><a href="http://realtormag.realtor.org/article-archive/2018/01"><img alt="" src="/sites/realtormag.realtor.org/files/rmo_files/images/2018_jan/1801-02_cvr_newsletter.jpg" style="width: 123px; height: 161px;" /></a><br /> <a href="http://realtormag.realtor.org/article-archive/2018/01"><em>Read more about how to &quot;Own It&quot; </em></a></td> </tr> </tbody> </table><p>I&rsquo;ve had missteps along the way. For one, we went through a rebranding early on. It cost me some agents who felt left out of the process. From my music experience, I learned that writing a song was always better when we did it together. Someone else came up with the right word or the right chord. I had to learn to translate that approach I had as a musician into business. If I don&rsquo;t tell people what I&rsquo;m doing, I&rsquo;ve missed a chance to collaborate.</p> <p>Another misstep was when some agents weren&rsquo;t a good fit in terms of values. On paper, they were top performers, and firing them was going to be a big hit for my financial picture. But they weren&rsquo;t very kind to me or to the staff. One of our values is joy, and I realized I had a right to feel joy myself.</p> <p>We recognize our agents for fulfilling goals that are important to them outside the transaction. We look at sales volume, too, and we celebrate that, but it&rsquo;s not the end-all and be-all. It&rsquo;s huge for agents to feel their whole being is seen. We have very intentional conversations about what brings them joy.</p> <h4>Living by the Code</h4> <p><img alt="" src="/sites/realtormag.realtor.org/files/rmo_files/images/2018_jan/Functioning%20Cities.jpg" style="width: 200px; height: 200px; margin: 3px; float: right;" />As REALTORS&reg;, we have an amazing Code of Ethics, and it spells out clearly that agents should be working toward the broadest distribution of land ownership and the preservation of a healthful environment. Our company strives to live by this Code. We have given engaging posters [using language from the Code&rsquo;s preamble] to our agents and visiting agents, and we&rsquo;ve reinforced the messages with a social media campaign on Facebook and Instagram.</p> <p><img alt="" src="/sites/realtormag.realtor.org/files/rmo_files/images/2018_jan/Healthful%20Environment.jpg" style="width: 200px; height: 200px; margin: 3px; float: right;" />We may not be able to convince the U.S. Congress to vote one way or another, but there are small actions we can take each day to enrich our communities and the people who live in them. At Living Room Realty, we recycle, we buy 100 percent renewable energy, and we created an agent charitable giving fund that supports local nonprofits. Whether people own or not, we want them to love where they live, so we offer tenant and property management services as well.&nbsp;</p> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-text field-field-teaser"> <div class="field-label">Teaser:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <!--paging_filter--><p>Jenelle Isaacson&rsquo;s music career helped turn her company into a fierce performer on the real estate stage.</p> </div> </div> </div> <div class="field field-type-filefield field-field-main-image"> <div class="field-label">Main Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <div class="filefield-file"><img class="filefield-icon field-icon-image-jpeg" alt="image/jpeg icon" src="http://realtormag.realtor.org/sites/all/modules/filefield/icons/image-x-generic.png" /><a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_SM_jan.jpg" type="image/jpeg; length=402187">jan18_SM_jan.jpg</a></div> </div> </div> </div> <div class="field field-type-filefield field-field-top3-lp-image"> <div class="field-label">Top 3 Article on Landing Page:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_top3_lp_image" width="149" height="70" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_SM_jan_0.jpg?1515625630" /> </div> </div> </div> <div class="field field-type-filefield field-field-lp-mainstage-image"> <div class="field-label">Landing Page Mainstage Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_lp_mainstage_image" width="830" height="230" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_LP_SM_jan.jpg?1515625657" /> </div> </div> </div> <div class="field field-type-nodereference field-field-related-content"> <div class="field-label">Related Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/first-person/street-cred/article/2015/07/selling-his-own-tune">Selling to His Own Tune</a> </div> <div class="field-item even"> <a href="/for-brokers/standouts/article/2017/05/golden-ponds">On Golden Ponds</a> </div> <div class="field-item odd"> <a href="/for-brokers/network/article/2016/06/not-your-fathers-brokerage">Not Your Father&#039;s Brokerage</a> </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> Standouts Wed, 10 Jan 2018 22:48:24 +0000 mbrozanic 24679 at http://realtormag.realtor.org How to Become a Small-Scale Developer http://realtormag.realtor.org/commercial/feature/article/2018/01/how-become-small-scale-developer <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> In many ways, real estate agents and brokers are the perfect people to take on small development projects in their communities. Learn why that is, and how to get started. </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Wednesday, January 17, 2018</span> </div> </div> </div> </fieldset> <div class="field field-type-nodereference field-field-op-author"> <div class="field-label">Author(s):&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/author/meg-white">Meg White</a> </div> </div> </div> <!--paging_filter--><p>Imagine you&rsquo;re heading to your favorite coffee shop. It&rsquo;s a familiar walk, and every time your shoes crunch the loose gravel that&rsquo;s escaped from the deserted parking lot next door, you think to yourself, &ldquo;Why is this patch of land still unused? It has so much potential.&rdquo;</p> <p>That&rsquo;s what R. John Anderson likes to call a &ldquo;somebody oughta moment.&rdquo; Anderson, principal at Anderson Kim Architecture &amp; Urban Design based in Portland, Ore., and New York, says it&rsquo;s a common first stop on the journey to becoming a small-scale developer. As a real estate professional, you may well have tripped&mdash;literally&mdash;over an opportunity with potential benefits for both your community and your business portfolio.</p> <p>Anderson is a cofounding member of the nonprofit <a href="http://incrementaldevelopment.org" target="_blank">Incremental Development Alliance</a>, created in 2015 to train people to leverage underused spaces to boost their local economies and their own bottom lines. While the IDA works with a wide variety of professionals, Anderson says real estate professionals are particularly well suited to this task thanks to their knowledge of the local economy, business relationships, and understanding of how transactions work. &ldquo;They typically know who makes a good property manager or does whatever they don&rsquo;t specialize in,&rdquo; he says, adding that they also have their fingers on the pulse of the market. &ldquo;The more thoughtful real estate professionals are following larger trends.&rdquo;</p> <h4>Why Small Is Good</h4> <table align="right" border="0" cellpadding="8" cellspacing="1" style="width: 125px;"> <tbody> <tr> <td class="rtecenter"><a href="http://realtormag.realtor.org/article-archive/2018/01"><img alt="" src="/sites/realtormag.realtor.org/files/rmo_files/images/2018_jan/1801-02_cvr_newsletter.jpg" style="width: 123px; height: 161px;" /></a><br /> <a href="http://realtormag.realtor.org/article-archive/2018/01"><em>Read more about how to &quot;Own It&quot; </em></a></td> </tr> </tbody> </table> <p>One trend fueling Anderson&rsquo;s optimism about small-scale development is pent-up demand for an often overlooked housing subset. Daniel Parolek, founding principal at Opticos Design Inc. in Berkeley, Calif., describes the segment as the &ldquo;<a href="http://missingmiddlehousing.com/" target="_blank">missing middle</a>,&rdquo; including duplexes, pocket neighborhoods, and live-work arrangements. &ldquo;The real estate industry is heavily weighted to delivering single-family homes or bigger urban buildings,&rdquo; Parolek says, adding that demand for the missing middle far outpaces supply, an assertion backed up by studies from Urban Land Institute, strategic real estate advisor group RCLCO, and others. &ldquo;When developers are delivering these types, the market is responding really strongly.&rdquo;</p> <p>Michael Ward, an agent at High Street Real Estate in Springdale, Ark., who recently established his own development company called Escala Group, agrees. &ldquo;Almost every town in the United States has a need for that missing middle housing,&rdquo; he says. &ldquo;That&rsquo;s the low-hanging fruit, especially for real estate professionals.&rdquo;</p> <p>This unmet demand dovetails with a vital piece of advice for new developers: Start small. If you&rsquo;re a residential agent who&rsquo;s never invested in real estate outside your own house, consider buying and renovating a duplex. That first project will help you build a baseline knowledge and establish contacts to move you toward more complex and creative mixed-use developments.</p> <p>Finally, it&rsquo;s easier to get community buy-in on projects with lower stakes. &ldquo;If the scale gets too big, people are typically not happy with the results,&rdquo; Anderson says, adding that small projects can lead to big positive changes. &ldquo;If you look at the type of places we really like, they were all built in small increments.&rdquo;</p> <h4>Define the Need</h4> <p>When hunting for the right opportunity, developer Nathan Mitchell, CRS, with Crye-Leike in Memphis, Tenn., suggests keeping to your real estate farming area. He takes a &ldquo;fishing net&rdquo; approach&mdash;checking foreclosure and tax records, contacting current building owners, communicating regularly with other real estate professionals who work nearby, and simply driving and walking the streets of his community.</p> <p>Monte Anderson, a developer and broker-owner of Options Real Estate in Duncanville, Texas, who worked with R. John Anderson (no relation) and others to cofound the IDA, advises being present in your target neighborhoods, regularly attending community events and meetings. &ldquo;Every day your mind is recording, and it&rsquo;s going to give you the instinct you need to find the right tenants,&rdquo; he says. &ldquo;Stand on a street corner and turn around in a circle. Ask yourself what&rsquo;s missing.&rdquo;</p> <p>This is where your local market knowledge takes center stage. Your town&rsquo;s main street might feature an empty unit above a popular storefront that could be converted to condos with a 96 percent &ldquo;walk score.&rdquo; Or perhaps you know a small-business owner looking for a better fit. Many communities suffer from a missing middle in their commercial space, too. R. John Anderson says small-business owners are often stuck with more backroom storage space than they need in buildings designed before paperless offices, work-from-home lifestyles, and on-demand shipping existed. He says most business owners want more exposure to potential customers than the typical strip mall floor plan can provide. If developers configure buildings to better match the needs of today&rsquo;s small businesses, they can generally fit more tenants in one building, translating to more affordable rents and more profitable investments.</p> <h4>Visualize It</h4> <p>Once you have a location and idea of the area&rsquo;s needs, it&rsquo;s time to sketch the project out. Learn the current zoning designation and applicable regulations. Determine the minimum and maximum sizes for the lot area and the building&rsquo;s allowable height. Are parking and storm water management space part of these figures? Speaking of parking, how much do you have to provide, and must it all be off-street? The research can be daunting, but it&rsquo;s important to know the rules, even if you need to meet with your city&rsquo;s zoning department. If your plans require a new land survey, entitlement, or zoning changes, you can make that a condition of the sale. That way you have control of the property, but you haven&rsquo;t purchased it before knowing it&rsquo;s going to work.</p> <p>This isn&rsquo;t just for new construction, either. Older buildings often don&rsquo;t comply with newer rules and codes. If you don&rsquo;t plan to make substantial changes, your development may be grandfathered in. But if you&rsquo;re planning major construction, you could be subject to current codes. If your city, county, or state subscribes to the International Code Council&rsquo;s International Existing Building Code, you might have an easier time. Beth Tubbs, senior staff engineer at the ICC, says the code was created to &ldquo;facilitate the reuse of buildings, rather than tearing down and building new,&rdquo; but its application often depends on how much you&rsquo;re changing the structure. If you&rsquo;re tearing down walls, your municipality may expect electrical and plumbing that meet today&rsquo;s standards. &ldquo;The more work you&rsquo;re doing, the more you&rsquo;re taking the building apart, and it&rsquo;s easier to do those updates.&rdquo;</p> <blockquote> <p><strong>Resources for Small Developers</strong></p> <p>Download the Incremental Development Alliance&#39;s <a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/rmo_files/images/2018_jan/jan18_IDA_SampleStaticProforma.pdf" target="_blank">sample pro forma</a>, <a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/rmo_files/images/2018_jan/jan18_IDA_StarterProjects.pdf" target="_blank">project ideas</a>, <a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/rmo_files/images/2018_jan/jan18_IDA_ZoningSitePlanChecklist.pdf" target="_blank">zoning checklist</a>, and <a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/rmo_files/images/2018_jan/jan18_IDA_SampleSitePlanMultiPlex.pdf" target="_blank">site plan examples</a> to help you get started.</p> <p>The Incremental Development Alliance will be offering <a href="http://incrementaldevelopment.org/events" target="_blank">workshops and intensive boot camps</a> all around the country in 2018. <a href="http://ccim.com/education/development-track/" target="_blank">CCIM&rsquo;s Development Specialty classes</a> are open to all students. CCIM offers development tools at its <a href="http://stdb.com" target="_blank">Site to do Business</a>. Users can generate reports on development opportunities using powerful demographics, economic data, and Esri mapping products. The site also offers prospecting capabilities for finding potential tenants and investors. The tools are free for CCIM designees, and most features are available for purchase for $1,295 a year. And don&rsquo;t forget <a href="http://narrpr.com" target="_blank">REALTORS Property Resource&reg;</a>, an NAR member benefit.</p> </blockquote> <p>Once you know the rules that govern your space, draw a site plan&mdash;a scale model of the development including the parameters that define what you&rsquo;re allowed to build (setbacks and parking, say). If you have a variety of ideas, create multiple drawings. They&rsquo;ll be useful later when you go in search of partners, investors, and financing.</p> <h4>The Pro Forma</h4> <p>Armed with a visual aid, it&rsquo;s time to figure out if your project will make money. R. John Anderson estimates every $1 in rent (per square foot) supports around $100 in total project costs. Of course, estimating rent is easier for seasoned real estate pros than figuring out hard development costs. Anderson suggests consulting the National Association of Home Builders for estimates of residential costs, and partnering with contractors well-versed in the type of development you&rsquo;re considering.</p> <p>A pro forma&mdash;a spreadsheet balancing a project&rsquo;s expected income against its costs, recurring expenses, and financial risks&mdash;will help. Jim Kumon, a Minneapolis-based developer and executive director of the IDA, says this living document begins with estimates and assumptions that are revised and specified as the project progresses.</p> <p>Anderson underscores the importance of this step. &ldquo;Do not get a &lsquo;numbers person.&rsquo; Do it yourself,&rdquo; he says. &ldquo;That&rsquo;s one you can&rsquo;t farm out.&rdquo; Ward agrees: &ldquo;You have to understand how to use Excel and model a project.&rdquo; He admits that estimating construction costs is always a challenge, especially for new developers. When building single-family homes in his area of Arkansas, Ward starts at $100 per square foot, adding soft costs, such as design and permitting fees, later. &ldquo;Ultimately you have to start getting bids from contractors, and that&rsquo;s where it gets real.&rdquo;</p> <p>When crunching numbers, Mitchell suggests incorporating contingencies and exit strategies. If you&rsquo;re planning to rehab a building and sell it, make sure that you can keep it and rent it out if the market turns. For those hoping to secure tenants and rent out space: If you needed to, could you sell it for a profit?</p> <h4>Assemble Your Team</h4> <p>The size and skills of your team will depend both on the scope of your project and on the knowledge and time you can devote to it. Rehabbing a duplex is much less likely to warrant the hiring of an architect than a mixed-use, new-construction project, for example. Mitchell&rsquo;s background in carpentry and economics&mdash;along with the fact that he&rsquo;s gradually curtailed his work as an agent from 30 or 40 transactions annually to roughly 10&mdash;means he can manage projects more or less on his own.</p> <p>If you want to keep your regular real estate business rolling, or if you lack the basics in architecture, building, finance, or property management, find partners. Concentrate on finding professionals work on a small scale, because they can tailor their offerings to your budget. Look for local chapters of the <a href="http://cnu.org" target="_blank">Congress for New Urbanism</a>, <a href="http://uli.org" target="_blank">Urban Land Institute</a>, or <a href="http://www.msagroup.com/" target="_blank">Main Street America</a> programs.</p> <h4>Find the Money</h4> <p>With site plans and a pro forma under your belt, you&rsquo;re ready to finance the project. Banks will be particularly interested in your debt service coverage ratio, estimating how easily you can pay off the loan. Anderson says lenders like to see it at about 1.25, meaning you have 25 percent more money than is needed to service the debt. &ldquo;The bank is not a partner,&rdquo; he says. &ldquo;They want to know that it&rsquo;s not too thin a deal for them to get paid.&rdquo;</p> <p>Anderson notes most residential developments of four units or less can be financed with a simple 30-year mortgage, and many can include commercial space. If one of the units is your primary residence, HUD&rsquo;s 203(b) mortgage offers low down payment options for residential or mixed-use buildings under five units. However, you may need a separate construction loan. While Fannie Mae and Freddie Mac both have small commercial loan programs, Anderson says it may make more sense to reconfigure a six-unit building into four units to qualify for simpler lending terms, as long as market rents support it. &ldquo;Form follows finance,&rdquo; he says. &ldquo;It&rsquo;s not how much it costs you; it&rsquo;s how much the building is going to make you at the end of the day.&rdquo;</p> <p>Lenders will expect you to have skin in the game in the form of a down payment. Besides savings and money from investors, you can also consider throwing your real estate commission into the deal as part of your equity.</p> <h4>The Benefits of Owning It</h4> <p>Small-scale development can boost your real estate business, too. Mitchell says clients often trust him more after they learn about his other work. &ldquo;Your credibility jumps forward immensely,&rdquo; he says, noting it also demonstrates buy-in to the idea of real estate as a smart investment. &ldquo;I don&rsquo;t know any financial advisers who don&rsquo;t own stock.&rdquo;</p> <p>And Anderson says investing in small-scale property brings intangible yet boundless benefits to your portfolio and neighborhood. Infill developments are usually walkable and near other businesses that appeal to tenants, both free luxuries that are often more alluring than landscaping or other costly amenities: &ldquo;Urban civilization&mdash;for people to live in real neighborhoods&mdash;is something that defies the laws of supply and demand. The more we build of this, the better the neighborhood gets, the more demand there is for it. That&rsquo;s the kind of business I want to be in.&rdquo;</p> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-text field-field-teaser"> <div class="field-label">Teaser:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <!--paging_filter--><p>In many ways, real estate pros are the perfect people to take on small development projects in their communities. Learn why that is, and how to get started on a project of your own.</p> </div> </div> </div> <div class="field field-type-filefield field-field-main-image"> <div class="field-label">Main Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <div class="filefield-file"><img class="filefield-icon field-icon-image-jpeg" alt="image/jpeg icon" src="http://realtormag.realtor.org/sites/all/modules/filefield/icons/image-x-generic.png" /><a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_F_develop.jpg" type="image/jpeg; length=302200">jan18_F_develop.jpg</a></div> </div> </div> </div> <div class="field field-type-filefield field-field-top3-lp-image"> <div class="field-label">Top 3 Article on Landing Page:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_top3_lp_image" width="149" height="70" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_F_develop_0.jpg?1515785104" /> </div> </div> </div> <div class="field field-type-filefield field-field-lp-mainstage-image"> <div class="field-label">Landing Page Mainstage Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_lp_mainstage_image" width="830" height="230" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_LP_F_develop.jpg?1515785126" /> </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> Feature Wed, 10 Jan 2018 22:40:50 +0000 mbrozanic 24678 at http://realtormag.realtor.org Is EQ More Powerful Than IQ? http://realtormag.realtor.org/sales-and-marketing/feature/article/2018/01/eq-more-powerful-iq <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Whether managing an office or working with home buyers and sellers, these actionable tips will help you hone your emotional intelligence for more successful relationships.  </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Wednesday, January 17, 2018</span> </div> </div> </div> </fieldset> <div class="field field-type-nodereference field-field-op-author"> <div class="field-label">Author(s):&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/author/erica-christoffer">Erica Christoffer</a> </div> </div> </div> <!--paging_filter--><p>Brooke Wolford&rsquo;s clients had been contemplating their next home purchase for about six months. The Minneapolis-based agent with BRIX Real Estate had shown the couple close to 30 properties in the $1 million&ndash;$2 million range, but they passed on almost every one without giving much meaningful feedback during showings. But Wolford wasn&rsquo;t as frustrated by tight-lipped clients as she might have been. Not long before, she had taken an online emotional intelligence assessment because she thought it might provide insight into her own behavior when working with clients. In fact, the results helped her tune in more carefully to her clients&rsquo; mannerisms, body language, and changes in facial expressions.</p> <p>&ldquo;It&rsquo;s a Minnesota thing for people to not want to upset anybody,&rdquo; she says. &ldquo;I look for signs that will tell me what people really mean.&rdquo; To get to the bottom of what was holding her clients back, Wolford paid attention to the couple&rsquo;s interactions. She noticed that when the husband pointed out house features he favored, the wife failed to echo his enthusiasm or sometimes simply turned away. Wolford soon realized they wanted very different things in a home. She recognized that she needed to initiate an honest conversation with her clients about their disparate desires. &ldquo;She wanted to live in one part of town and he wanted another. You learn pretty quickly what people are into even if they don&rsquo;t verbalize it,&rdquo; Wolford says.</p> <table align="right" border="0" cellpadding="8" cellspacing="1" style="width: 125px;"> <tbody> <tr> <td class="rtecenter"><a href="http://realtormag.realtor.org/article-archive/2018/01"><img alt="" src="/sites/realtormag.realtor.org/files/rmo_files/images/2018_jan/1801-02_cvr_newsletter.jpg" style="width: 123px; height: 161px;" /></a><br /> <a href="http://realtormag.realtor.org/article-archive/2018/01"><em>Read more about how to &quot;Own It&quot; </em></a></td> </tr> </tbody> </table> <p>The concept of emotional intelligence has gained a lot of credibility as a useful business tool in recent years. While skeptics used to dismiss the notion as a fad with little scientific basis, academic research over two decades in psychology, neuroscience, human development, and yes, business, has validated its benefits for navigating human interactions.&#39;</p> <p>There&rsquo;s a common misconception that EQ is about being nice or getting people to like you, says Vanessa Druskat, associate professor of organizational behavior at University of New Hampshire&rsquo;s Peter T. Paul College of Business &amp; Economics. In reality, EQ involves more complex interpersonal skills and one&rsquo;s ability to read and interpret emotion. While our rational thinking, planning, problem-solving, and decision-making skills come from the brain&rsquo;s prefrontal cortex, the emotion center of the brain&mdash;the amygdala&mdash;is constantly scanning the environment for nonverbal information. Most of the time, the various sections of the brain work in tandem, Druskat says. She recommends Harvard Business Review&rsquo;s <a href="https://hbr.org/product/hbrs-10-must-reads-on-emotional-intelligence-with-featured-article-what-makes-a-leader-by-daniel-goleman/15036-PBK-ENG" target="_blank">10 Must Reads on Emotional Intelligence</a> for more insight.</p> <p>&ldquo;We have emotional intelligence because it helps us deal with conflict. It gives us an evolutionary edge,&rdquo; says Hendrie Weisinger, psychologist and author of <a href="https://www.amazon.com/Emotionally-Intelligent-Real-Estate-Agent/dp/1477568093" target="_blank">The Emotionally Intelligent Real Estate Agent</a>. Weisinger has written extensively on applying EQ in the workplace. &ldquo;The idea is, if you have two people with equal intellect, the one with high emotional intelligence has an edge.&rdquo;</p> <h4>Get in Touch With Your EQ</h4> <p>Emotional intelligence informs your motivations, how quickly you can bounce back from setbacks, and the quality of your relationships. Here&rsquo;s how Weisinger describes the main categories of EQ.</p> <p><strong>High self-awareness:</strong> Your ability to tune into yourself and get information from your senses.</p> <p><strong>Mood management:</strong> The ability to manage your own emotions&mdash;including difficult ones like fear, anger, and stress&mdash;and to change your mood for the better. For example, if you lose a listing at 9 a.m., are you still depressed about it by noon?</p> <p><strong>Self-motivation:</strong> How easily you accomplish necessary tasks and recover from challenges. External cues can help, not just for yourself but for others, Weisinger says. At your next open house, he suggests having light, upbeat music in the background. Put out good things to eat. When meeting a buyer, bring coffee. Think about how many ways you can put your client in a good mood. Keep in mind that a person in a good mood is more apt to buy.</p> <blockquote> <p><strong>10 Ways to Apply Your Emotional Intelligence</strong></p> <p><em>Hendrie&nbsp;Weisinger, creator of the &ldquo;<a href="https://hankweisingerphd.com/b2c/" target="_blank">Performing Under Pressure</a>&rdquo; e-workshop, suggests these tips for using emotional intelligence, or EQ, in your work.</em></p> <ol style="font-size: 12px;"> <li><strong>Listen to how you talk to yourself.</strong> Are you your own worst enemy? When the day begins, &ldquo;do you say you&rsquo;re not going to sell anything today, or do you say it&rsquo;s going to be a great day?&rdquo;&nbsp;</li> <li><strong>Use your thoughts as instructional self-statements. </strong>To get through a difficult situation, focus your internal dialogue on positive reinforcements.&nbsp;</li> <li><strong>Be aware of your intentions. </strong>Does your behavior contradict your intentions?&nbsp;Weisinger&nbsp;says they need to be in alignment.</li> <li><strong>Observe your actions. </strong>Again,&nbsp;ensure&nbsp;your actions are indicative of your goals. This is a key area of self--awareness.</li> <li><strong>Learn to relax on cue.</strong> Learn to put anger and frustrations aside so you can handle difficult situations thoroughly and professionally.</li> <li><strong>Generate humor. </strong>A good sense of humor helps ease tensions and pulls people toward you,&nbsp;Weisinger&nbsp;says.&nbsp;</li> <li><strong>Become a good problem-solver. </strong>Start with understanding the problem. You may need to change something you&rsquo;re doing, such as how you&rsquo;re communicating with a client, responding to competition, or delivering your prospecting message. &ldquo;The faster you can recognize how you&rsquo;re ineffective, the faster you can resolve the situation,&rdquo;&nbsp;Weisinger&nbsp;says.&nbsp; &nbsp;</li> <li><strong>Practice the power of positive criticism. </strong>Learn to give criticism constructively, respond to criticism&nbsp;nondefensively, and benefit from it.</li> <li><strong>Listen to the messages of emotions.</strong> Anxiety communicates uncertainty. If a client is uncertain, then something is wrong. Identifying the problem allows you to respond more effectively.&nbsp;</li> <li><strong>Make big jobs underwhelming.</strong> Break down overwhelming situations into small tasks. A baby-step checklist can change your perception of a task so you can approach it with more enthusiasm.</li> </ol> </blockquote> <p><strong>Interpersonal expertise:</strong> Your ability to listen to and relate with others, take and give criticism, and work through conflict.</p> <p><strong>Emotional mentoring:</strong> The capacity to help other people deal with their emotions though motivation or conflict mitigation. Separate yourself from your own biases so that you can offer advice that best suits the other person, Weisinger says. &ldquo;Emotions are contagious. If you yell at your spouse, they yell back. If you give someone a dirty look, they&rsquo;ll give you one back. If you smile at someone, they&rsquo;ll probably smile back.&rdquo;</p> <p>The brain is collecting 11 million bits of information per second, often as nonverbal, emotional signals. For instance, when you&rsquo;re about to meet a new prospect, Druskat says, study the person&rsquo;s face. Is he or she excited or anxious? If the person seems nervous, you&rsquo;ll want to speak slowly and calmly. If you&rsquo;re not sure, ask what&rsquo;s on their mind. &ldquo;People trust your nonverbal cues,&rdquo; she says. &ldquo;A good agent will meet people where they are, mirroring where their emotions are. The more intentionally you can do that, the better.&rdquo;</p> <h4>EQ&rsquo;s Link to Performance</h4> <p>Druskat, who specializes in leadership and team effectiveness, says high EQ is linked to better job performance. For managers and team leaders, she offers three ways to set up an environment where EQ can thrive.&nbsp;</p> <p>Let people know they&rsquo;re valued. Celebrate people&rsquo;s distinct talents. Acknowledge their contributions publicly and privately. Create a culture of inclusion and belonging so agents feel free to ask questions, seek advice, and work through failures.&nbsp;</p> <p>Develop a shared understanding. Being nice to agents isn&rsquo;t enough. Make sure you communicate authentically so that everyone knows the office or team mission. Suggest improvements through constructive discussions.&nbsp;</p> <p>Give people a sense of control. Build a trusting environment by giving people responsibility. Be the guiding force behind a positive social and emotional office environment.</p> <p>Each week, Gino Blefari, CEO of HSF Affiliates LLC, writes a &ldquo;Thoughts on Leadership&rdquo; blog post aimed at both agents and brokers about how to improve leadership skills by bettering yourself and the way you interact with others. &ldquo;EQ is as much about internal adjustments as it is about taking external cues from the world around you and heightening your emotional sensitivity to them,&rdquo; he says.</p> <p>In real estate, culture is vital to the success of the brokerage. &ldquo;Organizations may have the latest technology, the greatest talent, the hardest-working employees, but if they don&rsquo;t have a positive culture, what do they really have?&rdquo; says Blefari. For brokers, watch for top producers who are constantly helping others. Ask those agents to share their best practices at a sales meeting. If you have a mentoring program, Blefari says tap potential mentors in the office with high EQ.&nbsp;</p> <p>Berkshire Hathaway HomeServices has dedicated trainers who visit network offices to train agents and managers on methods for navigating the stress and challenges felt in the homebuying and homeselling process. &ldquo;Role-playing definitely helps train agents on EQ,&rdquo; he says. &ldquo;We place a lot of emphasis on empathy.&rdquo; Put yourself in the mindset of the consumer or client&mdash;especially those who are selling a home where lifelong memories are attached. &ldquo;No client is the same, no consumer is the same, and we have to try to understand the diverse fabric of buyers and sellers in America&mdash;and around the globe&mdash;so we can better service our clients,&rdquo; Blefari says.</p> <p>Email campaigns with automated search results to reach prospects may seem to be an efficient communication tool, but they lack the personal touch that is essential for building strong, trusting business relationships, &ldquo;When you&rsquo;re building a relationship, it should be more personal,&rdquo; Wolford says.</p> <p>Emotional intelligence is essential for understanding your clients and reaching your full potential as a real estate professional. &ldquo;All emotions are intrinsically good,&rdquo; Weisinger says. &ldquo;[The power] is in how you manage them.&rdquo;</p> <h4>Recruit and Hire High-EQ Candidates</h4> <p>At Keller Williams International, educating agents about emotional intelligence is part of the company&rsquo;s mission. The company encourages agents to build teams and provides tools to help attract talent. More than 90 percent of KW franchises have adopted the Keller Personality Assessment and dashboard tool launched in In July 2016. KW partnered with a professional in the behavior assessment industry and created a technology platform in-house to streamline the recruitment and hiring process that screens for certain emotional and cognitive traits.</p> <p>Talent strategy leader Leslie Vander Gheynst says the assessment looks at 11 components of a person&rsquo;s personality, such as assertiveness, sociability, adaptability, intensity, and optimism, and how the person uses those behavioral traits in a workplace. This results in behavior profiles, which tie back to agents&rsquo; performance. &ldquo;We&rsquo;re trying to understand people, their behaviors, and how they think so we really maximize each person&rsquo;s potential,&rdquo; she says.</p> <p>Karina Loken, president of The Loken Group with Keller Williams Luxury International, oversees a top national team of 59 licensed, independent contractors in Houston. Her primary role has been recruiting and hiring, and she plans to add 23 more people this year. She&rsquo;s a big fan of the KPA and of Keller Williams&rsquo; career visioning program because it gives the interviewer specific questions to use in shaping its detailed analysis of prospective team members. For example, if a candidate is assessed as strongly assertive, the report explains how that trait might show up in positive and negative ways. &ldquo;Sometimes our biggest assets are also our biggest weaknesses,&rdquo; Loken says.</p> <p>Before she gives the assessment, she reviews resumes to start filtering out candidates, then conducts phone interviews, and if all goes well, she proceeds to an in-person interview. If both parties want to continue, then she asks them to complete the assessment via email. Once Loken receives the KPA results, she reviews the report with candidates in person, whether or not she intends to hire them. &ldquo;Even people who we&rsquo;ve determined aren&rsquo;t the right fit have been thankful because they walk away knowing more about themselves,&rdquo; Loken says.</p> <p>Not all assessments are created equal. KW&rsquo;s previous behavioral evaluation examined only four components of a personality. What ended up happening was people felt like they were being associated with specific judgments. &ldquo;You can&rsquo;t put someone in a box; it requires a more purposeful conversation,&rdquo; Vander Gheynst says.</p> <p>KW also asks new hires and recruits about their future, where they see themselves in five years, and what the best five years of their lives would look like. This allows the hiring manager the opportunity to align the candidate&rsquo;s goals with the team&rsquo;s business goals.</p> <p>If your company doesn&rsquo;t have a formal recruitment assessment, Weisinger says to look for candidates with action--oriented hobbies&mdash;things that reflect their motivations. Druskat recommends asking recruits about a time they had to manage themselves or their emotions in front of a client. &ldquo;Ask questions to get them talking about real-life situations,&rdquo; she says. Ask them about when they&rsquo;ve had a hard time empathizing with a client or how they&rsquo;ve helped a client who was dealing with a difficult situation, such as selling a house during a divorce. &ldquo;Focus on questions looking at experience, such as &lsquo;How did you help the clients manage their emotions?&rsquo; And look for details in the story,&rdquo; Druskat says.</p> <p>Just as self-awareness is critical for a healthy EQ, company awareness is also critical for a healthy business. So, before you begin a recruitment or hiring process, Loken says, have a defined vision, mission, and core values statement written down for your company or team. This will help guide your hiring.</p> <p>&ldquo;Get to know people, what motivates them, and what their ideal environment looks like,&rdquo; Loken says. &ldquo;You&rsquo;re the one who knows the internal culture, vibe, and values of your office. If [your office is a fit] for that person, then it&rsquo;s always good for your organization.&rdquo;</p> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-text field-field-teaser"> <div class="field-label">Teaser:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <!--paging_filter--><p>Whether managing an office or working with home buyers and sellers, these actionable tips will help you hone your emotional intelligence for more successful relationships.&nbsp;</p> </div> </div> </div> <div class="field field-type-filefield field-field-main-image"> <div class="field-label">Main Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <div class="filefield-file"><img class="filefield-icon field-icon-image-jpeg" alt="image/jpeg icon" src="http://realtormag.realtor.org/sites/all/modules/filefield/icons/image-x-generic.png" /><a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_F_ei.jpg" type="image/jpeg; length=64612">jan18_F_ei.jpg</a></div> </div> </div> </div> <div class="field field-type-filefield field-field-top3-lp-image"> <div class="field-label">Top 3 Article on Landing Page:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_top3_lp_image" width="149" height="70" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_F_ei_0.jpg?1515625901" /> </div> </div> </div> <div class="field field-type-filefield field-field-lp-mainstage-image"> <div class="field-label">Landing Page Mainstage Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_lp_mainstage_image" width="830" height="230" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_LP_F_ei.jpg?1515625929" /> </div> </div> </div> <div class="field field-type-nodereference field-field-related-content"> <div class="field-label">Related Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/for-brokers/network/article/2017/10/tips-for-working-different-personalities">Tips for Working With Different Personalities</a> </div> <div class="field-item even"> <a href="/for-brokers/network/article/2017/09/when-agents-fail-they-need-you-most">When Agents Fail, They Need You Most</a> </div> <div class="field-item odd"> <a href="/for-brokers/network/article/2017/09/building-office-culture-in-virtual-world">Building Office Culture in a Virtual World</a> </div> <div class="field-item even"> <a href="/sales-and-marketing/feature/article/2013/05/relationship-management-get-emotional">Relationship Management: Get Emotional</a> </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> Feature Wed, 10 Jan 2018 22:31:27 +0000 mbrozanic 24677 at http://realtormag.realtor.org Is Your Business Foundation Sound? http://realtormag.realtor.org/sales-and-marketing/feature/article/2018/01/your-business-foundation-sound <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Master these fundamental skills to best serve your clients and advance your career. </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Wednesday, January 17, 2018</span> </div> </div> </div> </fieldset> <div class="field field-type-nodereference field-field-op-author"> <div class="field-label">Author(s):&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/author/graham-wood">Graham Wood</a> </div> </div> </div> <!--paging_filter--><p>The familiar line &ldquo;You can&rsquo;t build a strong building on a weak foundation&rdquo; was originally a religious prophecy, but it&rsquo;s applicable to your business, too.</p> <p>Sales skills, relationship-building aptitude, product expertise, and entrepreneurial know-how make up the core competencies of most successful practitioners. Strive for a balanced skill set rather than relying on a single strength, recommends Julie Youngblood, owner of Youngblood Coaching &amp; Consulting and a sales associate with Keller Williams Realty Southwest in Las Vegas. The value of people skills alone, for example, may be overrated in the business. A strong work ethic may be just as important to a client as your communication style.</p> <p>&ldquo;You&rsquo;re putting a puzzle together for your client in which, at the end, they move into [or out of] a house,&rdquo; Youngblood says. &ldquo;It takes many skills to complete that puzzle.&rdquo;</p> <p>We asked practitioners and real estate coaches serving a wide range of markets to share their reminders of the fundamentals that may be overlooked in the bustle of tending to everyday business. The result is this back-to-basics guide for establishing and maintaining a solid foundation for your real estate business. No matter what stage you&rsquo;re at in your&nbsp; career&mdash;even if you consider yourself a guru of all things real estate-&mdash;shoring up your foundation may be the key to overcoming a slump, filling your pipeline, or just starting the new year off right.</p> <h4>The Right&nbsp;Mindset</h4> <p>It&rsquo;s not like what you see on HGTV; a love of houses isn&rsquo;t the linchpin of your success. &ldquo;It&rsquo;s just the product you&rsquo;re pushing,&rdquo; Youngblood says. Instead, customer service will be the centerpiece of your business. Your strongest passion must be to serve.</p> <p><strong>Treat your business like a job. </strong>Don&rsquo;t be swayed by the freedom of not having a traditional 9-to-5 job. Whatever work schedule you set for yourself, you must show up every day and put in at least 40 hours a week for your business to grow. When you don&rsquo;t have appointments lined up, you still have to work to find prospects. Fill holes in your schedule with activities that provide networking opportunities, such as volunteering or serving on a board.</p> <p><strong>Act like you have a &ldquo;boss.&rdquo; </strong>Despite being self-employed, you will have to answer to someone&mdash;and that person is not your broker. Consider every client to be your boss. Though customers don&rsquo;t have actual authority over your career, they act as ambassadors to your business and have power over your referral pipeline. What they say about you to their friend and family affects the health of your business. Focus on providing them exceptional service.</p> <p><strong>Write out a business plan.</strong> Include a vision statement, which affirms why you want to work in real estate, and the goals you&rsquo;d like to achieve in one, three, and five years. Create an organizational chart that shows how your business must be structured to achieve your goals, and spell out the tasks you must complete every day, week, month, and quarter to reach those goals. Assess your business plan at least once a year. Consult your broker, mentor, or coach if you need guidance.</p> <h4>Investing in Your Business</h4> <table align="right" border="0" cellpadding="8" cellspacing="1" style="width: 125px;"> <tbody> <tr> <td class="rtecenter"><a href="http://realtormag.realtor.org/article-archive/2018/01"><img alt="" src="/sites/realtormag.realtor.org/files/rmo_files/images/2018_jan/1801-02_cvr_newsletter.jpg" style="width: 123px; height: 161px;" /></a><br /> <a href="http://realtormag.realtor.org/article-archive/2018/01"><em>Read more about how to &quot;Own It&quot; </em></a></td> </tr> </tbody> </table><p>It can be difficult to decide how to spend your money in order to grow your business, especially when you&rsquo;re a rookie with limited cash flow. Don&rsquo;t just throw money at any product that promises to generate more leads or save more time. Test-drive different technology and invest in items that have proven their value.</p> <p><strong>Start with free marketing options.</strong> It costs nothing to call your friends, family, and people in your sphere of influence to ask for business, go door-knocking to introduce yourself to neighbors, or attend local professional networking events. These methods can lead you to your first client&mdash;and sale. Don&rsquo;t automatically convince yourself that you need to pay for leads to land your first few deals.</p> <p><strong>Consider hiring a coach. </strong>In real estate, you don&rsquo;t have a supervisor who will closely monitor your business plan and require you to hit your goals. It&rsquo;s your responsibility to find a mentor to advise and guide you. One way to do this is by building a relationship with a more experienced colleague. Paying for a professional coach ensures that you have someone whose job it is to help you succeed.</p> <p><strong>Use free trials before buying a product. </strong>A free trial can be a great way to assess the value of a new technology tool. Track the free period in your calendar, and at the end, take stock of whether the product saved you time or money. If it did, consider buying it. But recognize that even if you can afford the latest gadgets, you may not need more than the free version of cloud-based tools to streamline your business.</p> <h4>Prospecting</h4> <p>Most agents take one of two paths when it comes to prospecting, says Mike Stott, founder of Your Coaching Matters and broker-associate at Northwest Atlanta Properties in Roswell, Ga. They either focus on their sphere of influence or they go &ldquo;scorched earth&rdquo; with telemarketing, cold calling up to 100 people a day. Neither approach is necessarily more productive. &ldquo;I&rsquo;ve only met seven agents in 38 years who really like the scorched earth method,&rdquo; Stott says. &ldquo;But your sphere of influence will typically generate only four to seven deals a year.&rdquo; Find a middle ground between these methods.</p> <p><strong>Connect with five new people each day.</strong> Even if the bulk of your business is from referrals, always be looking for additional client sources. Call on FSBOs and expired listings, target a geographic farm, or launch a door-knocking campaign.</p> <p><strong>Ask prospects at least one service-oriented question.</strong> You need to know more than how many bedrooms and bathrooms prospective clients want in a home. Find out what kind of service they are seeking from an agent. You might ask: &ldquo;What&rsquo;s one thing I could do to make this process simpler for you?&rdquo; This kind of question lets prospects know you truly care about their needs.</p> <p><strong>Never stop prospecting.</strong> Don&rsquo;t let a good run lull you into complacency. Some deals inevitably will fall apart. If there&rsquo;s nothing in your pipeline, the loss of expected commission income can be devastating. It takes time to see results from your prospecting efforts. If you stop, it&rsquo;ll take more time to restart.</p> <h4>Setting Buyer Expectations</h4> <p>You want buyers who are realistic about what they can afford and what options are available in their price range. It&rsquo;s as important for you to understand what your buyers want as it is to advise them what is realistic in their market.</p> <p><strong>Make sure buyers are preapproved for a mortgage. </strong>Your clients should complete this step before you begin looking at houses. The process of getting preapproved will give them a solid idea of what they can afford, making it easier to narrow down their options early in the search process. This will help you avoid a lengthy home search in which your clients are misunderstanding their financial limits.</p> <p><strong>Walk them through the entire buying process ahead of time. </strong>Particularly for first-time buyers, make sure they understand what&rsquo;s involved at each stage of the transaction, from making an offer to the home inspection to the closing table. It&rsquo;s a good idea to revisit these details throughout the process, but empowering buyers with this information from the start will make the process go more smoothly.</p> <p><strong>Explain the value of a reasonable offer.</strong> Lowball offers risk offending sellers and crushing any chance for a serious negotiation. Particularly in a competitive, low-inventory environment, buyers should be ready to make their best offer. Also, help them consider ways to improve their offer, such as by waiving certain contingencies or accepting a closing timeline that fits the seller&rsquo;s needs.</p> <h4>Acing the Listing Presentation</h4> <p>Earning an opportunity to present your marketing plan to prospective sellers is half the battle when it comes to winning a listing. It&rsquo;s important not only to sell your skills as a real estate pro but also to listen to the sellers&rsquo; needs and create a campaign that suits their specific property. Generic sales pitches will fall flat.</p> <p><strong>Tour the seller&rsquo;s property first.</strong> Before scheduling a listing presentation, ask the seller to show you around the home so you can get an idea of its strengths and weaknesses. Then you can make your presentation more relevant to the sellers. Don&rsquo;t just talk about marketing campaigns you&rsquo;ve done for other clients. Explain to sellers what you will do for their home and your thought process behind the proposal.</p> <p><strong>Practice what you want to say.</strong> Going into a listing presentation unprepared could leave you rambling. New agents, in particular, should use scripts to help guide the flow and learn how to speak authoritatively and concisely. Don&rsquo;t worry about sounding like a robot at first; practice will help you sound more natural. Over time, you can adapt scripts to your own style and language.</p> <p><strong>Ask for the business.</strong> Don&rsquo;t leave a listing presentation without a firm plan for following up with the sellers. At the end, ask if they are ready to list with you, and then iron out next steps, such as whether any repairs are necessary before putting the home on the market. Asking for the business lends urgency to the seller&rsquo;s decision to work with you and gets the whole process moving more quickly.</p> <h4>Landing on the List Price</h4> <p>Establishing the sales price of a home can be a contentious issue in the agent-client relationship. Some sellers have an exact number in mind and will be resistant to your advice. Make your case by providing credible local market data and CMAs, and know when to end the relationship if a client is being too inflexible.</p> <p><strong>Help clients understand what makes a good comp.</strong> It may vary depending on your market, but generally speaking, an appropriate comp is a home similar in size and features, within the same neighborhood, that sold no more than six months ago. To support their own opinion on list price, some sellers will conduct research online and use criteria outside these parameters. Be ready to explain how geography, time on market, and other factors affect the profile of comps.</p> <p><strong>Tell it like it is when the list price is too high.</strong> You may agree to &ldquo;test the market&rdquo; by listing at a high price that makes the seller more comfortable. But if you&rsquo;re not drawing buyer interest and a price reduction is necessary, be direct with the seller. Appeasing your client by keeping the price too high will drag out the sales time and lead to frustration for both of you. Be diplomatic in your approach, and make sure clients understand you have their best interest at heart.</p> <p><strong>Accept when it&rsquo;s time to walk away.</strong> As you&rsquo;re discussing pricing, gauge how open the client is to accepting your input. A seller who refuses your advice is waving a huge red flag. If you sense too much push back, even after you have a signed agreement, don&rsquo;t be afraid to suggest that the client may be more comfortable working with another agent. Be sure to communicate who&rsquo;s responsible for paying marketing or staging fees that have been incurred under the agreement.</p> <h4>Negotiation/Closing</h4> <p>If you&rsquo;re in agency relationship, your duty is to protect your client&rsquo;s best interests, but give and take between parties is usually necessary to satisfy both buyer and seller. When you reach the negotiating table&mdash;and finally the closing table&mdash;be open to reevaluating your position while keeping your client&rsquo;s bottom line in mind.</p> <p><strong>Don&rsquo;t get in a cat fight with the cooperating agent.</strong> When the buyer and seller reach a point of disagreement, it is not wise for their agents to fight on their behalf. Then it becomes agent versus agent, when the transaction should be about the clients. Never throw low blows or burn bridges. Remember that you and the cooperating agent both want to execute a deal that pleases everyone.</p> <p><strong>Ask appraisers how well they know the neighborhood.</strong> Appraisers are generally hired by the lender; sometimes, they&rsquo;re unfamiliar with the area. That can lead to value estimates based on incorrect data and can imperil sales. If you&rsquo;re dissatisfied with the appraisal, suggest that your client get a second opinion from another appraiser. Of course, the lender has discretion over which appraisal to accept.</p> <p><strong>Tell your clients not to make large purchases before closing.</strong> If they buy a big-ticket item such as a car before closing, it could affect their credit score and creditworthiness in the eyes of their lender, who might rethink their mortgage approval. They could find themselves denied the loan at the closing table, which would negate all the work you&rsquo;ve done together to make the transaction work.</p> <h4>Client Follow-Up</h4> <p>Your relationship with consumers doesn&rsquo;t end once a transaction is complete. If you want them to send you referrals, and choose you as their agent the next time they buy or sell, you need to stay top of mind. This mean you must have a reliable system for keeping in touch with clients.</p> <p><strong>Choose only what you need in a CRM.</strong> You want a customer relationship management tool you&rsquo;ll actually use. Don&rsquo;t spend time trying to learn the bells and whistles of a fancy CRM if all you intend to use are the basic client communication capabilities. The more intuitive your CRM is, the more you&rsquo;ll use it. And that ensures you&rsquo;ll touch base with your clients when you&rsquo;re supposed to.</p> <p><strong>Make your communication personal.</strong> Don&rsquo;t rely solely on generic drip campaigns; clients will see it as junk mail. Write personalized notes or, better yet, meet face-to-face once in a while. Also, don&rsquo;t make your communication all about real estate. Show your clients you&rsquo;re interested in them as human beings. Be inquisitive about their lives. People do business with people they like.</p> <p><strong>Try to touch base once a month</strong>. Staying top of mind means making regular contact to say hello. Monthly communication is a good baseline to start with. Vary your forms of contact, using email, phone calls, and in-person get--togethers. Connect with clients at intervals that are manageable for you. But make sure it&rsquo;s often enough so they don&rsquo;t forget who you are.</p> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-text field-field-teaser"> <div class="field-label">Teaser:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <!--paging_filter--><p>Master these fundamental skills to best serve your clients and advance your career.</p> </div> </div> </div> <div class="field field-type-filefield field-field-main-image"> <div class="field-label">Main Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <div class="filefield-file"><img class="filefield-icon field-icon-image-jpeg" alt="image/jpeg icon" src="http://realtormag.realtor.org/sites/all/modules/filefield/icons/image-x-generic.png" /><a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_F_foundation.jpg" type="image/jpeg; length=181878">jan18_F_foundation.jpg</a></div> </div> </div> </div> <div class="field field-type-filefield field-field-top3-lp-image"> <div class="field-label">Top 3 Article on Landing Page:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_top3_lp_image" width="149" height="70" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_F_foundation_0.jpg?1515626082" /> </div> </div> </div> <div class="field field-type-filefield field-field-lp-mainstage-image"> <div class="field-label">Landing Page Mainstage Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_lp_mainstage_image" width="830" height="230" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_LP_F_foundation.jpg?1515626125" /> </div> </div> </div> <div class="field field-type-nodereference field-field-related-content"> <div class="field-label">Related Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/daily-news/2015/11/04/what-you-didnt-learn-in-real-estate-class">What You Didn&#039;t Learn in Real Estate Class</a> </div> <div class="field-item even"> <a href="/daily-news/2011/11/15/know-yourself-know-your-clients">Know Yourself, Know Your Clients</a> </div> <div class="field-item odd"> <a href="/commercial/feature/article/2007/01/getting-started-commercial-real-estate">Getting Started in Commercial Real Estate</a> </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> Feature Wed, 10 Jan 2018 22:16:54 +0000 mbrozanic 24676 at http://realtormag.realtor.org The Importance of Speaking Up http://realtormag.realtor.org/news-and-commentary/commentary/article/2018/01/importance-speaking-up <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> In a membership organization, it is vital that your voice is heard, even if it is in the minority. But no one will hear you if you remain silent. </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Tuesday, January 9, 2018</span> </div> </div> </div> </fieldset> <div class="field field-type-nodereference field-field-op-author"> <div class="field-label">Author(s):&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/author/david-welch">David Welch</a> </div> </div> </div> <!--paging_filter--><p>The myriad of committees, policy recommendations, and meetings required to make a massive organization such as the National Association of REALTORS&reg; run is daunting. As a member of NAR&rsquo;s Board of Directors, I&rsquo;ve seen this firsthand over the years. But at the 2017 REALTORS&reg; Conference &amp; Expo in Chicago this past November, I saw something else&mdash;something that opened my eyes to the power of one small voice in a sea of hundreds.</p> <p>The setting was the MLS Issues &amp; Policies Committee, possibly the wonkiest of all the various groupings that help NAR continue to function, but a very important one at that. A policy change was up for debate to allow for agents to opt out of MLSs under certain circumstances (read more about the policy here). It may sound trivial; I immediately recognized that it could impact the whole industry. I didn&rsquo;t oppose the change, but as president of the Cincinnati Area Board of REALTORS&reg; MLS, the proposed March 1 implementation seemed like it would be a hardship on the small- and medium-sized boards. After talking to other associations about the change, I became convinced that requiring this policy to be implemented in less than two months&mdash;with Thanksgiving and holidays in the mix&mdash;was irresponsible. Furthermore, MLS boards had already put together their budgets for the next year at that point, and such a change would surely cost thousands of dollars to implement (not to mention the staff time needed to create waivers, educate members, and ensure bad actors aren&rsquo;t taking advantage of the new system). So, I worked with our Cincinnati Area Board of REALTORS&reg; CEO, Jim Abele, to offer a more reasonable alternative.</p> <p>It was not well received. When Jim proposed our amendment to extend the effective date of the new policy to July 1, 2018, to the committee, there was vigorous opposition. Many brokers felt they had been waiting long enough for this type of change, and they didn&rsquo;t want to delay the new policy one minute. Others questioned the rationale for the delay, and still others raised the specter that brokers and agents would find ways to work around MLSs if we failed to innovate fast enough. The amendment was ultimately defeated by a voice vote that sounded like it represented at least two-thirds disapproval.</p> <p>I&rsquo;ll admit, it was disheartening. As I said earlier, I agree that this change is a good one. But I was worried about the timeline, and the fact that no real resources are being given to MLSs&mdash;particularly association-owned ones&mdash;to accomplish this task.</p> <p>We did some work in the background after the committee meeting to help make the case, but the vocal opposition I heard at the committee level made me hesitant to reintroduce the failed amendment at the Board of Directors meeting the following Monday. Even as a director myself, it&rsquo;s an intimidating place and I was expecting a massive floor fight. But there was not a single rebuttal or discussion against the motion and the motion passed easily. We were shocked! It may have been daunting, but that much-needed change simply wouldn&rsquo;t have happened if we gave up after that first try.</p> <p>While I&rsquo;m happy we&rsquo;ll have more time to implement the new rule, this experience meant more to me. It affirmed the importance of bringing one&rsquo;s perspective&nbsp;to the Board of Directors, even if you are sure that perspective isn&rsquo;t shared by the majority.</p> <p>This whole experience taught me a valuable lesson: Follow your heart. If a recommendation made to the board needs to be amended in the best interest of the membership, speak up&mdash;even if you have to do it two or three times. Do your homework and give a cogent rationale for your proposal. It may feel hopeless or daunting, but it&rsquo;s your duty to offer the directors an opportunity to hear your concern. And it is likely that your concerns are shared by many others who are choosing to remain silent.</p> <p>After all, what&rsquo;s the worst that can happen? After you&nbsp;present your rationale and your idea is discussed, the proposal or amendment may be voted down.&nbsp;But the important thing is that you gave voice to an idea that others may have also been thinking, but did not have the courage or will to stand up and express.</p> <p>The committee process is not perfect; sometimes what results from it needs to evaluated, vetted, discussed, and changed in the best interest of the membership. This same lesson should be applied at the local level. If your board is considering action that will impact your business, it&rsquo;s your duty to be informed and speak up if you want to see changes. It takes a whole village of engaged members to make an organization work.</p> <p>Never forget that you are part of a membership-driven organization. As members, we need to give voice to ideas on the local, state, and national levels. Even if that voice is in the minority&mdash;or so you may think.</p> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-text field-field-teaser"> <div class="field-label">Teaser:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <!--paging_filter--><p>In a membership organization, it is vital that your voice is heard, even if it is in the minority. But no one will hear you if you remain silent.&nbsp;</p> </div> </div> </div> <div class="field field-type-filefield field-field-main-image"> <div class="field-label">Main Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <div class="filefield-file"><img class="filefield-icon field-icon-image-jpeg" alt="image/jpeg icon" src="http://realtormag.realtor.org/sites/all/modules/filefield/icons/image-x-generic.png" /><a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_NC_voice.jpg" type="image/jpeg; length=226395">jan18_NC_voice.jpg</a></div> </div> </div> </div> <div class="field field-type-filefield field-field-top3-lp-image"> <div class="field-label">Top 3 Article on Landing Page:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_top3_lp_image" width="149" height="70" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_NC_voice_0.jpg?1515792012" /> </div> </div> </div> <div class="field field-type-filefield field-field-lp-mainstage-image"> <div class="field-label">Landing Page Mainstage Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_lp_mainstage_image" width="830" height="230" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_LP_NC_voice.jpg?1515792035" /> </div> </div> </div> <div class="field field-type-nodereference field-field-related-content"> <div class="field-label">Related Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/news-and-commentary/nar-president/article/2013/07/we-re-all-in-together">We’re All in This Together</a> </div> <div class="field-item even"> <a href="/for-brokers/network/article/2017/01/broker-s-leadership-journey">A Broker’s Leadership Journey</a> </div> <div class="field-item odd"> <a href="/news-and-commentary/nar-president/article/2014/05/opportunity-going-forward">Opportunity. . . Going Forward</a> </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> Commentary Tue, 09 Jan 2018 20:53:09 +0000 mwhite 24663 at http://realtormag.realtor.org Humanize Your Marketing in a Digital World http://realtormag.realtor.org/for-brokers/network/article/2018/01/humanize-your-marketing-in-digital-world <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> These 10 tips will help you show the face behind the brand to build trust with clients. </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Monday, January 8, 2018</span> </div> </div> </div> </fieldset> <div class="field field-type-nodereference field-field-op-author"> <div class="field-label">Author(s):&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/author/lee-nelson">Lee Nelson</a> </div> </div> </div> <!--paging_filter--><p>With social media sites like Twitter and Instagram and business networking sites such as LinkedIn and Alignable, it&rsquo;s no wonder Americans now spend 12 hours a day consuming digital media, according to eMarketer&rsquo;s latest report. But with all that online frenzy going on, why does it seem increasingly difficult as a real estate professional to connect with actual people and humanize your brand?&nbsp;</p> <p>Tami Bonnell, CEO of EXIT Realty Corp. International in the Boston area, and John Lim, CEO of Life in Mobile, a New York&ndash;based technology firm, partnered with Chime Technologies to help agents cut through the noise and succeed in a crowded digital space with a new e-book, <a href="http://learn.chime.me/go-behind-the-device-ebook?utm_source=realtormag&amp;utm_campaign=ebook" target="_blank"><em>Go Behind the Device: Humanizing Digital Marketing for Real Estate</em></a>. This free guide is meant to help real estate professionals get closer to their clients so they can give them what they want, where they want it.</p> <p>Setting up systems can actually help, says Matt Murphy, chief marketing officer at Chime Technologies. Automation doesn&rsquo;t mean sacrificing authenticity, he says, but instead, it can free you up to focus on personal interactions instead of mundane tasks.</p> <p>&ldquo;We all remember how clunky some of the old automated systems were. It was always obvious when we were dealing with a robot,&rdquo; he says. Now, smart systems can more easily mimic human interactions. For instance, you can integrate esignature platforms with Chime&rsquo;s customer relationship management system for more seamless document management. Also, the BombBomb app can be incorporated into the CRM, allowing agents to send personal videos in their emails to clients and prospects.</p> <p>Here are 10 additional suggestions from Bonnell and Lim&rsquo;s e-book on how to humanize your business interactions online.</p> <p><strong>Pretend it&rsquo;s 100 years ago</strong>. Lim builds new marketing campaigns or sales systems as if the year is 1923, when modern technology didn&rsquo;t exist. It forces him and his team to think about the consumer experience, then use the technology to scale and enhance the experience.</p> <p><strong>Consider better timing</strong>. Think about when clients are likely on their smartphones&mdash;early in the morning before work or on the weekends&mdash;and sync your communications accordingly. Make their house hunting easy by pushing out listings in an email or mobile app. Short videos with closed captions or easy-to-read infographics can also be sent in the evenings when your buyers are home watching television, the e-book suggests.</p> <p><strong>Customize</strong> <strong>your message</strong>. &ldquo;People want to work with an agent they know, like, and trust&mdash;that [relationship] is built by staying engaged,&rdquo; Bonnell says.&nbsp;Her company avidly uses video marketing so that agents can personalize their messages to clients.</p> <p><strong>Create videos with emotional tugs</strong>. For a marketing campaign to be successful, you need to hit an emotional chord, Lim says. Tailor your videos to reflect a combination of your audience, your market, and your personal message.</p> <p><strong>Realize that people have evolved over the past decade.</strong> Lim says people have changed since the birth of the iPhone in 2007. &ldquo;When we communicate, we need to keep in mind that consumers live in an &lsquo;I need it now&rsquo; society,&rdquo; he says.</p> <p><strong>Show authenticity in photos</strong>. Make sure the images you share on social media or use in your brand marketing are real rather than stock photos you&rsquo;ve paid for. Even if they&rsquo;re not perfect or polished, real photos show your authenticity, build trust, and tell your story.</p> <p><strong>Give them a little love</strong>. When you post your next social media update from your business page or a send a promotional email, make it clear that it&rsquo;s coming from you. Use your own name instead of your brand or company. When people begin to put a face to the business, it initiates the trust process.</p> <p><strong>Be consistent</strong>. Make sure your messages to clients are congruent across platforms and communicated regularly.</p> <p><strong>Don&rsquo;t creep them out</strong>. Retargeted ads of specific listings that follow, or seem to follow, home shoppers on various websites can turn off some buyers. Instead, the e-book suggests creating simple branded ads that reappear throughout the Google Display Network to keep your brand top-of-mind.</p> <p><strong>Imagine real estate in the future</strong>. Virtual reality is changing the game, Lim says. He predicts that within two years, nearly every photo online will be 360 degrees. &ldquo;With companies like <a href="http://www.insidemaps.com">insidemaps.com</a> making [virtual reality] not only affordable but also easy to manage with your own device, there is no reason why our buyers should still have a two-dimensional experience,&rdquo; Lim says.</p> <hr /> <p><br /> <img alt="" src="/sites/realtormag.realtor.org/files/rmo_files/images/logos/BtoB_logo_footer_080114.jpg" style="float:left; height:117px; width:150px" /><em>Broker-to-Broker is an information network that provides insights and tools with business value through timely articles, videos, Q&amp;As, and sales meeting tips for brokerage owners and managers. Get more <a href="/for-brokers/network" target="_blank">Broker-to-Broker content here</a>.</em></p> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-text field-field-teaser"> <div class="field-label">Teaser:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <!--paging_filter--><p>These 10 tips will help you show the face behind the brand to build trust with clients.</p> </div> </div> </div> <div class="field field-type-filefield field-field-main-image"> <div class="field-label">Main Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <div class="filefield-file"><img class="filefield-icon field-icon-image-jpeg" alt="image/jpeg icon" src="http://realtormag.realtor.org/sites/all/modules/filefield/icons/image-x-generic.png" /><a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_BB_humanize.jpg" type="image/jpeg; length=324645">jan18_BB_humanize.jpg</a></div> </div> </div> </div> <div class="field field-type-filefield field-field-top3-lp-image"> <div class="field-label">Top 3 Article on Landing Page:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_top3_lp_image" width="149" height="70" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_BB_humanize_0.jpg?1515527817" /> </div> </div> </div> <div class="field field-type-filefield field-field-lp-mainstage-image"> <div class="field-label">Landing Page Mainstage Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_lp_mainstage_image" width="830" height="230" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_LP_BB_humanize.jpg?1515527835" /> </div> </div> </div> <div class="field field-type-nodereference field-field-related-content"> <div class="field-label">Related Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/for-brokers/network/article/2017/12/think-local-or-go-extinct">Think Local or Go Extinct</a> </div> <div class="field-item even"> <a href="/for-brokers/network/article/2017/11/craft-successful-landing-page-boost-business">Craft a Successful Landing Page to Boost Business</a> </div> <div class="field-item odd"> <a href="/for-brokers/network/article/2017/09/how-recruit-agents-using-facebook-ads">How to Recruit Agents Using Facebook Ads</a> </div> <div class="field-item even"> <a href="/for-brokers/network/article/2017/08/broker-tools-connect-tech-savvy-sellers">Broker Tools: Connect With Tech-Savvy Sellers</a> </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> Network Mon, 08 Jan 2018 20:13:46 +0000 echristoffer 24655 at http://realtormag.realtor.org REALTOR® Mag Live at CES 2018 http://realtormag.realtor.org/technology/briefs/article/2018/01/realtor-mag-live-ces-2018 <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Check out our onsite coverage of the mega tech conference held each year in Las Vegas. </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Monday, January 8, 2018</span> </div> </div> </div> </fieldset> <!--paging_filter--><table border="0" cellpadding="10" cellspacing="10" style="width:640px;"> <tbody> <tr> <td style="text-align: left; vertical-align: top; width: 320px;"> <p><strong>Our stories from CES:</strong></p> <p><a href="http://speakingofrealestate.blogs.realtor.org/2018/01/12/a-closer-look-at-cess-game-changers/" target="_blank">A Closer Look at CES&rsquo;s Game Changers</a></p> <p><a href="/daily-news/2018/01/11/how-technology-influences-your-commission">How Technology Influences Your Commission</a></p> <p><a href="http://speakingofrealestate.blogs.realtor.org/2018/01/10/get-smarter-about-smart-homes/" target="_blank">Get Smarter About Smart Homes</a></p> <p><a href="/daily-news/2018/01/10/5g-coming-why-you-should-care" target="_blank">5G Is Coming: Why You Should Care</a></p> <p><a href="http://styledstagedsold.blogs.realtor.org/2018/01/09/ces2018-tech-up-your-style/" target="_blank">Tech Up Your Style</a></p> <p><a href="http://speakingofrealestate.blogs.realtor.org/2018/01/08/ces2018-smart-homes-robots-and-more">Conference Preview: Smart Homes, Robots, and More</a></p> <p><a href="/daily-news/2018/01/08/survey-84-consumers-want-vr-home-tours">Survey: Consumers Want VR Home Tours</a></p> <script type="text/javascript" charset="utf-8" src="https://secure.polldaddy.com/p/9912993.js"></script><noscript><a href="https://polldaddy.com/poll/9912993/">What technology has you the most excited for your real estate business? (Check all that apply)</a></noscript></td> <td style="text-align: left; vertical-align: top; width: 320px;"> <p><iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" src="https://www.youtube.com/embed/1Op3waGCsb4" width="300"></iframe></p> <p><iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" src="https://www.youtube.com/embed/c5-E9z31vjU" width="300"></iframe></p> <p><iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" src="https://www.youtube.com/embed/DugkI3OtPXM" width="300"></iframe></p> </td> </tr> </tbody> </table> <div class="embed"><div class="rmo-slideshow-title"><h2 class="node-title">CES 2018: Product Photo Gallery</h2> <div class="deck"><!--paging_filter--><p>A range of tech gadgets for the home, business, and play. Updated daily during CES, Jan. 9-12.</p> <div class="rmo-slideshow-author"> <!--|-->January 2018<div id="author"> | BY <a href="/author/melissa-dittmann-tracey">Melissa Dittmann Tracey</a></div> </div><!-- /.section-date-author --></div><!-- /.deck --> </div> </div> <div id="image-gallery-slideshow"> <div class="view view-image-gallery-images view-id-image_gallery_images view-display-id-block_1 rmo-slideshow view-dom-id-1"> <div class="view-content"> <!-- dynamic display block slideshow --> <div id="views-slideshow-ddblock-image_gallery_images_block_1" class="views-slideshow-ddblock-cycle-vsd-upright-60p clear-block"> <div class="container clear-block border"> <div class="container-inner clear-block border"> <!-- slider content --> <div class="slider clear-block border"> <div class="slider-inner clear-block border"> <div class="slide clear-block border"> <div class="slide-inner clear-block border"> <img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_2.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /> <div class="slide-text slide-text-vertical slide-text-right clear-block border"> <div class="slide-text-inner clear-block border"> <div class="slide-title slide-title-vertical clear-block border"> <div class="slide-title-inner clear-block border"> <h2>Car Dashboard Hologram</h2> </div> <!-- slide-title-inner--> </div> <!-- slide-title--> <div class="slide-body-vertical clear-block border"> <div class="slide-body-inner clear-block border"> <!--paging_filter--><p><a href="https://www.youtube.com/watch?v=dlKBroV1d0s" target="_blank">WayRay&rsquo;s Navion </a>is touted as the first holographic augmented reality car navigation system. A dashboard-mounted device display directions, trip details, and real-time alerts of what&rsquo;s happening on the road ahead without drivers ever having to take their eyes off the road. It uses AR overlays so it appears like the information is on the road ahead. It also responds to voice commands and some hand gestures. <span class="Hyperlink0"><a href="http://wayray.com" target="_blank">wayray.com</a></span></p> </div> <!-- slide-body-inner--> </div> <!-- slide-body--> </div> <!-- slide-text-inner--> </div> <!-- slide-text--> </div> <!-- slide-inner--> </div> <!-- slide--> <div class="slide clear-block border"> <div class="slide-inner clear-block border"> <img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_4.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /> <div class="slide-text slide-text-vertical slide-text-right clear-block border"> <div class="slide-text-inner clear-block border"> <div class="slide-title slide-title-vertical clear-block border"> <div class="slide-title-inner clear-block border"> <h2>WiFi Booster for Your Car</h2> </div> <!-- slide-title-inner--> </div> <!-- slide-title--> <div class="slide-body-vertical clear-block border"> <div class="slide-body-inner clear-block border"> <!--paging_filter--><p>Keep your WiFi signal strong even when you&rsquo;re in the car. SureCall&rsquo;s FusionTrek is an easy-to-install cellular signal booster for cars. The company says the product improves cellular data speeds and reduces dropped calls. It installs discretely to the inside of the vehicle. Your phone then attaches to a magnetic indoor antenna mount. Available starting in mid-March / Starting at $199 / <span class="Hyperlink0"><a href="http://surecall.com" target="_blank">SureCall.com</a></span></p> </div> <!-- slide-body-inner--> </div> <!-- slide-body--> </div> <!-- slide-text-inner--> </div> <!-- slide-text--> </div> <!-- slide-inner--> </div> <!-- slide--> <div class="slide clear-block border"> <div class="slide-inner clear-block border"> <img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_5.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /> <div class="slide-text slide-text-vertical slide-text-right clear-block border"> <div class="slide-text-inner clear-block border"> <div class="slide-title slide-title-vertical clear-block border"> <div class="slide-title-inner clear-block border"> <h2>Take Blueprints 3D</h2> </div> <!-- slide-title-inner--> </div> <!-- slide-title--> <div class="slide-body-vertical clear-block border"> <div class="slide-body-inner clear-block border"> <!--paging_filter--><p>This may be a better way to one day visualize a home&rsquo;s blueprint. HoloLamp Design allows architectural renderings to be displayed via portable device to show the illusion of 3D buildings directly on a tabletop. HoloLamp Design is a portable, glasses-free augmented reality device to create 3D illusions. You can view the building from different angles virtually too. A user&rsquo;s hand can then zoom in to see specific details or to swap out materials, without the need for AR glasses. <a href="http://hololamp.tech" target="_blank">hololamp.tech</a></p> </div> <!-- slide-body-inner--> </div> <!-- slide-body--> </div> <!-- slide-text-inner--> </div> <!-- slide-text--> </div> <!-- slide-inner--> </div> <!-- slide--> <div class="slide clear-block border"> <div class="slide-inner clear-block border"> <img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_3.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /> <div class="slide-text slide-text-vertical slide-text-right clear-block border"> <div class="slide-text-inner clear-block border"> <div class="slide-title slide-title-vertical clear-block border"> <div class="slide-title-inner clear-block border"> <h2>Spot Water Disasters Early</h2> </div> <!-- slide-title-inner--> </div> <!-- slide-title--> <div class="slide-body-vertical clear-block border"> <div class="slide-body-inner clear-block border"> <!--paging_filter--><p>Detect even the smallest water leaks. Flo is a smart plumbing monitoring system that installs on a home&rsquo;s main supply line to detect leaks as small as a drop a minute. Beyond just a leak detector, it also monitors key characteristics of a home&rsquo;s plumbing, such as water pressure, flow rate, and temperature. By continually monitoring such factors, Flo is able to detect abnormalities to help avoid problems like bursting pipes. It will automatically shut off the water supply in response to a pipe burst, flooding, or any other irregularities detected. It&rsquo;ll send urgent text alerts to users or can be monitored via an app. Available February 2018 / $500 / <span class="Hyperlink0"><a href="http://meetflo.com" target="_blank">meetflo.com</a></span></p> </div> <!-- slide-body-inner--> </div> <!-- slide-body--> </div> <!-- slide-text-inner--> </div> <!-- slide-text--> </div> <!-- slide-inner--> </div> <!-- slide--> <div class="slide clear-block border"> <div class="slide-inner clear-block border"> <img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_6.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /> <div class="slide-text slide-text-vertical slide-text-right clear-block border"> <div class="slide-text-inner clear-block border"> <div class="slide-title slide-title-vertical clear-block border"> <div class="slide-title-inner clear-block border"> <h2>An AI in Your Ceiling</h2> </div> <!-- slide-title-inner--> </div> <!-- slide-title--> <div class="slide-body-vertical clear-block border"> <div class="slide-body-inner clear-block border"> <!--paging_filter--><p>You&rsquo;ll be able to talk to your ceiling with GE&rsquo;s Smart Ceiling Fixture. The light responds to voice-driven tasks. You can tell it to add an item to your calendar or tell it to play music. The large disk has a speaker int he middle. It also lets out enough light to illuminate a room. Flush mount or recessed can lighting options will be available sometime in 2018. <a href="http://ge.com" target="_blank">ge.com</a></p> </div> <!-- slide-body-inner--> </div> <!-- slide-body--> </div> <!-- slide-text-inner--> </div> <!-- slide-text--> </div> <!-- slide-inner--> </div> <!-- slide--> <div class="slide clear-block border"> <div class="slide-inner clear-block border"> <img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_7.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /> <div class="slide-text slide-text-vertical slide-text-right clear-block border"> <div class="slide-text-inner clear-block border"> <div class="slide-title slide-title-vertical clear-block border"> <div class="slide-title-inner clear-block border"> <h2>360-Degree Camera</h2> </div> <!-- slide-title-inner--> </div> <!-- slide-title--> <div class="slide-body-vertical clear-block border"> <div class="slide-body-inner clear-block border"> <!--paging_filter--><p>Capture your listings from multiple angles for a VR tour. Kodak&rsquo; PixPro Orbit360 4K camera may be compact but it packs a lot of punch in its small camera body. It has two 4K fixed focus lenses on either side of its camera body. The lens work in tandem to capture and automatically stitch 360-degree 4K video. You can then easily upload the 360 videos to Facebook and 360-degree interactive videos to YouTube via the camera&rsquo;s app. $499 / <a href="http://kodakpixpro.com" target="_blank">kodakpixpro.com&nbsp;</a></p> </div> <!-- slide-body-inner--> </div> <!-- slide-body--> </div> <!-- slide-text-inner--> </div> <!-- slide-text--> </div> <!-- slide-inner--> </div> <!-- slide--> <div class="slide clear-block border"> <div class="slide-inner clear-block border"> <img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_8.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /> <div class="slide-text slide-text-vertical slide-text-right clear-block border"> <div class="slide-text-inner clear-block border"> <div class="slide-title slide-title-vertical clear-block border"> <div class="slide-title-inner clear-block border"> <h2>Get More From Your Battery Life</h2> </div> <!-- slide-title-inner--> </div> <!-- slide-title--> <div class="slide-body-vertical clear-block border"> <div class="slide-body-inner clear-block border"> <!--paging_filter--><p>Keeping your devices on a charger all the time can degrade its battery life due to overcharging, overheating, and trickle charging. Raboo&rsquo;s Smart Charger interactively communicates with connected devices via Bluetooth and prevents damage from overcharging. The company promises to make your battery last longer, with a 30 to 50 percent increase in battery life. The device allows you to charge the battery to your selected upper charge limit and then raboo&rsquo;s Smart Charger stops charging. As the battery slowly drains, when they reach the user-selected lower charge limit, the Smart Charger will once again permit charging to continue. It works with iOS and Android devices. <a href="http://rabootec.com/raboocharger" target="_blank">rabootec.com/raboocharger</a></p> </div> <!-- slide-body-inner--> </div> <!-- slide-body--> </div> <!-- slide-text-inner--> </div> <!-- slide-text--> </div> <!-- slide-inner--> </div> <!-- slide--> <div class="slide clear-block border"> <div class="slide-inner clear-block border"> <img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_9.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /> <div class="slide-text slide-text-vertical slide-text-right clear-block border"> <div class="slide-text-inner clear-block border"> <div class="slide-title slide-title-vertical clear-block border"> <div class="slide-title-inner clear-block border"> <h2>Mini Scanner</h2> </div> <!-- slide-title-inner--> </div> <!-- slide-title--> <div class="slide-body-vertical clear-block border"> <div class="slide-body-inner clear-block border"> <!--paging_filter--><p>PUP Scan is promoted as the world&rsquo;s fastest, connected mini scanner. The product from 7NEXT allows you to scan, store, and share all types of documents for your business in just one click. You can even scan large document formats too. $299 / <a href="http://pupscan.com" target="_blank">pupscan.com</a></p> </div> <!-- slide-body-inner--> </div> <!-- slide-body--> </div> <!-- slide-text-inner--> </div> <!-- slide-text--> </div> <!-- slide-inner--> </div> <!-- slide--> <div class="slide clear-block border"> <div class="slide-inner clear-block border"> <img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_10.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /> <div class="slide-text slide-text-vertical slide-text-right clear-block border"> <div class="slide-text-inner clear-block border"> <div class="slide-title slide-title-vertical clear-block border"> <div class="slide-title-inner clear-block border"> <h2>Smart Light for Security</h2> </div> <!-- slide-title-inner--> </div> <!-- slide-title--> <div class="slide-body-vertical clear-block border"> <div class="slide-body-inner clear-block border"> <!--paging_filter--><p>This floodlight includes a Wi-Fi camera and two-way speaker to prevent break-ins by monitoring activity outside the home. Maximus detects movement within a 70-foot range in the front or back of the home. It&rsquo;ll send instant alerts to a user&rsquo;s smartphone, and the user can opt to sound a siren, see, or speak to those within range. You can also call police directly from the app. $249 / <a href="http://maximuslighting.com" target="_blank">maximuslighting.com</a></p> </div> <!-- slide-body-inner--> </div> <!-- slide-body--> </div> <!-- slide-text-inner--> </div> <!-- slide-text--> </div> <!-- slide-inner--> </div> <!-- slide--> <div class="slide clear-block border"> <div class="slide-inner clear-block border"> <img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_11.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /> <div class="slide-text slide-text-vertical slide-text-right clear-block border"> <div class="slide-text-inner clear-block border"> <div class="slide-title slide-title-vertical clear-block border"> <div class="slide-title-inner clear-block border"> <h2>Your Buddy</h2> </div> <!-- slide-title-inner--> </div> <!-- slide-title--> <div class="slide-body-vertical clear-block border"> <div class="slide-body-inner clear-block border"> <!--paging_filter--><p>Could this robot be your next office assistant? Buddy offers voice-control and can make video calls while he follows you around. He can do many other assistant features for you too. He can also monitor a house and interact with smart home devices. Named as a 2018 CES Best of Innovation Honoree, Buddy is from Blue Frog Robotics and is a fully mobile robot who can hear and speak, and react to his environment with a range of expressions. To launch in 2018 / About $1,550 / <a href="http://bluefrogrobotics.com" target="_blank">bluefrogrobotics.com</a></p> </div> <!-- slide-body-inner--> </div> <!-- slide-body--> </div> <!-- slide-text-inner--> </div> <!-- slide-text--> </div> <!-- slide-inner--> </div> <!-- slide--> <div class="slide clear-block border"> <div class="slide-inner clear-block border"> <img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_12.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /> <div class="slide-text slide-text-vertical slide-text-right clear-block border"> <div class="slide-text-inner clear-block border"> <div class="slide-title slide-title-vertical clear-block border"> <div class="slide-title-inner clear-block border"> <h2>Professional-Quality Photos From a Smartphone</h2> </div> <!-- slide-title-inner--> </div> <!-- slide-title--> <div class="slide-body-vertical clear-block border"> <div class="slide-body-inner clear-block border"> <!--paging_filter--><p>LG wants to give you a phone capable of shooting DSLR type photos. Its LG V30, with a 6-inch screen, boasts an HDR10 camera that has cinematic features. It has two lens, including a wide-angle one, and can capture up to 211 percent more colors. You can also zoom anywhere in the frame and it has the choice to record under various settings. Three mics on the phone record crisper audio. The phone is water resistant and military tested. LG is also offering two years of free protection in case you break your phone&rsquo;s screen. $799.99 / <a href="http://lg.com/us/mobile-phones/v30" target="_blank">lg.com/us/mobile-phones/v30</a></p> </div> <!-- slide-body-inner--> </div> <!-- slide-body--> </div> <!-- slide-text-inner--> </div> <!-- slide-text--> </div> <!-- slide-inner--> </div> <!-- slide--> <div class="slide clear-block border"> <div class="slide-inner clear-block border"> <img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_13.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /> <div class="slide-text slide-text-vertical slide-text-right clear-block border"> <div class="slide-text-inner clear-block border"> <div class="slide-title slide-title-vertical clear-block border"> <div class="slide-title-inner clear-block border"> <h2>Phone Snap-On for 360 Views</h2> </div> <!-- slide-title-inner--> </div> <!-- slide-title--> <div class="slide-body-vertical clear-block border"> <div class="slide-body-inner clear-block border"> <!--paging_filter--><p>Turn your phone into a 360-degree camera. Insta360&rsquo;s Nano S snaps onto your phone, allowing you to shoot 4K video of a space. You can record in every direction, and the camera will automatically stitch everything together for you to create a 360-degree recording. Use it for live-streaming and video chat. You can also show multiscreens and include your talking picture in the tour too. $239 / <a href="http://www.insta360.com" target="_blank">www.insta360.com</a></p> </div> <!-- slide-body-inner--> </div> <!-- slide-body--> </div> <!-- slide-text-inner--> </div> <!-- slide-text--> </div> <!-- slide-inner--> </div> <!-- slide--> <div class="slide clear-block border"> <div class="slide-inner clear-block border"> <img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_14.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /> <div class="slide-text slide-text-vertical slide-text-right clear-block border"> <div class="slide-text-inner clear-block border"> <div class="slide-title slide-title-vertical clear-block border"> <div class="slide-title-inner clear-block border"> <h2>Smart Ring</h2> </div> <!-- slide-title-inner--> </div> <!-- slide-title--> <div class="slide-body-vertical clear-block border"> <div class="slide-body-inner clear-block border"> <!--paging_filter--><p>Talon&rsquo;s smart ring can help you make motions in air to take control over several smart home or other applications. The rechargeable ring is worn on your index finger. It features two buttons (which you click using your thumb) and allows for six inputs as well as motion control. Wave your lights on or off, swipe through presentations, or more with a small hand motion while wearing the ring. $129 / <a href="http://shop.talonring.com" target="_blank">shop.talonring.com</a></p> </div> <!-- slide-body-inner--> </div> <!-- slide-body--> </div> <!-- slide-text-inner--> </div> <!-- slide-text--> </div> <!-- slide-inner--> </div> <!-- slide--> </div> <!-- slider-inner--> </div> <!-- slider--> <!-- scrollable pager images--> <div class="spacer-horizontal"><b></b></div> <!-- scrollable pager container --> <div id="views-slideshow-ddblock-scrollable-pager-image_gallery_images_block_1" class="scrollable-pager clear-block border"> <!-- prev/next page on slide --> <!-- custom "previous" links --> <!--<div class="prevPage"></div>--> <div class="prev"></div> <!-- scrollable part --> <div class="vsd-scrollable-pager clear-block border"> <div class="items scrollable-pager-inner clear-block border"> <div class="scrollable-pager-item scrollable-pager-item-1"> <a href="#" title="navigate to topic" class="pager-link"><img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_2.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /></a> </div> <!-- /custom-pager-item --> <div class="scrollable-pager-item scrollable-pager-item-2"> <a href="#" title="navigate to topic" class="pager-link"><img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_4.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /></a> </div> <!-- /custom-pager-item --> <div class="scrollable-pager-item scrollable-pager-item-3"> <a href="#" title="navigate to topic" class="pager-link"><img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_5.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /></a> </div> <!-- /custom-pager-item --> <div class="scrollable-pager-item scrollable-pager-item-4"> <a href="#" title="navigate to topic" class="pager-link"><img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_3.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /></a> </div> <!-- /custom-pager-item --> <div class="scrollable-pager-item scrollable-pager-item-5"> <a href="#" title="navigate to topic" class="pager-link"><img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_6.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /></a> </div> <!-- /custom-pager-item --> <div class="scrollable-pager-item scrollable-pager-item-6"> <a href="#" title="navigate to topic" class="pager-link"><img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_7.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /></a> </div> <!-- /custom-pager-item --> <div class="scrollable-pager-item scrollable-pager-item-7"> <a href="#" title="navigate to topic" class="pager-link"><img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_8.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /></a> </div> <!-- /custom-pager-item --> <div class="scrollable-pager-item scrollable-pager-item-8"> <a href="#" title="navigate to topic" class="pager-link"><img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_9.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /></a> </div> <!-- /custom-pager-item --> <div class="scrollable-pager-item scrollable-pager-item-9"> <a href="#" title="navigate to topic" class="pager-link"><img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_10.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /></a> </div> <!-- /custom-pager-item --> <div class="scrollable-pager-item scrollable-pager-item-10"> <a href="#" title="navigate to topic" class="pager-link"><img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_11.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /></a> </div> <!-- /custom-pager-item --> <div class="scrollable-pager-item scrollable-pager-item-11"> <a href="#" title="navigate to topic" class="pager-link"><img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_12.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /></a> </div> <!-- /custom-pager-item --> <div class="scrollable-pager-item scrollable-pager-item-12"> <a href="#" title="navigate to topic" class="pager-link"><img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_13.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /></a> </div> <!-- /custom-pager-item --> <div class="scrollable-pager-item scrollable-pager-item-13"> <a href="#" title="navigate to topic" class="pager-link"><img src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/imagecache/rmo_slideshow/ces2018_14.jpg" alt="" title="" class="imagecache imagecache-rmo_slideshow imagecache-default imagecache-rmo_slideshow_default" width="290" height="218" /></a> </div> <!-- /custom-pager-item --> </div> <!-- /pager-inner--> </div> <!-- /vsd-scrollable-pager --> <!-- custom "next" links --> <div class="next"></div> <!--<div class="nextPage"></div>--> <!-- navigator --> <div class="navi"></div> </div> <!-- /scrollable-pager--> </div> <!-- container-inner--> </div> <!--container--> </div> <!-- template --> </div> </div> <div id="slideshow_tips">Click on the small photos to scroll through the slide show. <div id="copyright">&copy; 2018 REALTOR&reg; MAGAZINE ONLINE </div></div> </div> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> Briefs Mon, 08 Jan 2018 14:53:39 +0000 mwhite 24647 at http://realtormag.realtor.org Smarter Ways to Collect and Use Testimonials http://realtormag.realtor.org/technology/feature/article/2018/01/smarter-ways-collect-and-use-testimonials <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Client testimonials are crucial to building a robust real estate brand, but you need to learn how to collect and use them correctly in order to get the most out of this vital marketing asset. </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Tuesday, January 9, 2018</span> </div> </div> </div> </fieldset> <div class="field field-type-nodereference field-field-op-author"> <div class="field-label">Author(s):&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/author/adrian-fisher">Adrian Fisher</a> </div> </div> </div> <!--paging_filter--><p>Case studies are some of the most effective content marketing tactics, which is why businesspeople from every industry constantly ask for feedback and quotes from clients. And it&rsquo;s no different in real estate. When potential customers can hear from a third party what it&rsquo;s like to work with you, they&rsquo;re much more likely to take the plunge.</p> <p>Real estate professionals need reviews on their own websites, as well as on sites such as Yelp and realtor.com&reg;, in order to build a positive online brand. However, attaining testimonials can prove difficult at times. Here are tips on getting started.</p> <h4>How to Gather Reviews</h4> <p><strong>Ask the right questions, but make them easy</strong></p> <p>Clients won&rsquo;t want to write a four-page essay, so make sure you ask simple queries that won&rsquo;t take too much time or effort to answer. Be as pointed and direct as possible. Try asking:</p> <ul> <li>Why did you choose me to buy or sell your home?</li> <li>What did you like best about your experience working with me?</li> <li>What could I have done differently?</li> <li>What challenges did I help you overcome during the process?</li> <li>Would you recommend me to friends and family? Why or why not?</li> </ul> <p>If you want clients to post their review themselves, make sure to send them the appropriate links, so they don&rsquo;t have to dig around to figure out where to post. <a href="http://realtormag.realtor.org/daily-news/2017/11/20/yelp-you-can-t-ask-customers-for-reviews">Yelp has recently cracked down</a> on asking for reviews, so I recommend simply telling your customer you are on Yelp and using a sticker in your email signature.</p> <p><strong>Follow up appropriately</strong></p> <p>If a few weeks have passed after a completed transaction and you haven&rsquo;t gotten a review from your client, it&rsquo;s OK to follow up. A good approach is to call and ask how they&rsquo;re settling in the house and at the end of the call nicely remind them about the review. Always acknowledge that they&rsquo;re probably busy moving in and tell them that you&rsquo;ll resend the email with the questionnaire, so they don&rsquo;t have to search through their emails to find it.</p> <p><strong>Offer incentives for reviews</strong></p> <p>Most consumers are more likely to give a referral if they&rsquo;re offered a direct incentive, social recognition, or access to an exclusive loyalty program in return. Real estate professionals can offer gifts such as a free photography session of the new house, gift cards to local restaurants, or welcome baskets to encourage clients to leave a review. Try to personalize the gift by considering the client&rsquo;s interests.</p> <p><strong>Use the right tools</strong></p> <p>If you try to collect all your feedback in email form, it will be hard to sort reviews and load them onto the appropriate site. Instead, try using tools that reduce the work of collecting and organizing client testimonials. <a href="https://www.surveymonkey.com/" target="_blank">SurveyMonkey</a>, <a href="https://boast.io/" target="_blank">Boast</a>, <a href="https://www.wufoo.com/" target="_blank">Wufoo</a>, and <a href="https://www.typeform.com/" target="_blank">TypeForm</a> all help businesses do just that. Or you can <a href="/technology/feature/article/2016/07/kick-customer-service-high-gear-google-forms">use a free tool such as Google Forms to gather and organize customer feedback</a>.&nbsp;</p> <h4>Where to Place Testimonials</h4> <p><strong>Saturate review sites</strong></p> <p>Now that your past clients are leaving reviews, it&rsquo;s important those reviews are seen by potential clients. Make sure your profiles are up-to-date on all the major aggregator sites, Yelp, Angie&rsquo;s List, and Facebook. Many review sites allow you to embed reviews about your services on your own site. You may also consider cross-posting them on other social media pages from time to time.&nbsp;</p> <p><strong>Post testimonials on your websites</strong></p> <p>Whether it&rsquo;s a company page or an individual agent&rsquo;s site, testimonials should play a prominent role in the design and be easy to find. Add short snippets on the homepage so prospects see them immediately when they land on your site. Make it easy for visitors to navigate to a testimonial page as well, and organize the reviews by buyers and sellers or by property type.</p> <p><strong>Use testimonials in other materials</strong></p> <p>Testimonials can be used in many different marketing vehicles, including newsletters, brochures, fact sheets, and blogs. Wherever prospects are looking (online and offline), it&rsquo;s essential the testimonial shows up front and center to demonstrate the good experiences your past clients have had. Be sure to tell your reviewer where their testimony may be featured and include any legal releases that may be necessary to use their words in your marketing.&nbsp;</p> <p>The referral landscape is changing. According to the 2017 BrightLocal Local Consumer Review Survey, <a href="https://www.brightlocal.com/learn/local-consumer-review-survey/" target="_blank">85 percent of people trust online reviews</a> written by other consumers as much as they trust recommendations from personal contacts. Both buyers and sellers appreciate the reassurance of others when selecting a real estate professional, and agents who can build up positive reviews will have a distinct advantage in gaining clients.</p> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-text field-field-teaser"> <div class="field-label">Teaser:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <!--paging_filter--><p>Client testimonials are crucial to building a robust real estate brand, but you need to learn how to collect and use them correctly in order to get the most out of this vital marketing asset.</p> </div> </div> </div> <div class="field field-type-filefield field-field-main-image"> <div class="field-label">Main Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <div class="filefield-file"><img class="filefield-icon field-icon-image-jpeg" alt="image/jpeg icon" src="http://realtormag.realtor.org/sites/all/modules/filefield/icons/image-x-generic.png" /><a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_SM_testimonials.jpg" type="image/jpeg; length=147152">jan18_SM_testimonials.jpg</a></div> </div> </div> </div> <div class="field field-type-filefield field-field-top3-lp-image"> <div class="field-label">Top 3 Article on Landing Page:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_top3_lp_image" width="149" height="70" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_SM_testimonials_0.jpg?1515448405" /> </div> </div> </div> <div class="field field-type-filefield field-field-lp-mainstage-image"> <div class="field-label">Landing Page Mainstage Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_lp_mainstage_image" width="830" height="230" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_LP_SM_testimonials.jpg?1515448425" /> </div> </div> </div> <div class="field field-type-nodereference field-field-related-content"> <div class="field-label">Related Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/sales-and-marketing/relationship-management/article/2016/10/easier-way-get-reviews-you-want">An Easier Way to Get the Reviews You Want</a> </div> <div class="field-item even"> <a href="/for-brokers/network/article/2015/01/simple-way-capture-testimonials">A Simple Way to Capture Testimonials</a> </div> <div class="field-item odd"> <a href="/for-brokers/network/article/2015/10/how-and-why-survey-your-customers">How (and Why) to Survey Your Customers</a> </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> Feature Mon, 08 Jan 2018 17:59:42 +0000 mwhite 24648 at http://realtormag.realtor.org 4 Strategies for Sticking to Your Business Plan http://realtormag.realtor.org/well-being/work-life-balance/article/2018/01/4-strategies-for-sticking-your-business-plan <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> If you have trouble holding yourself accountable for reaching the goals you’ve set, try these methods for getting back on track. </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Monday, January 8, 2018</span> </div> </div> </div> </fieldset> <div class="field field-type-nodereference field-field-op-author"> <div class="field-label">Author(s):&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/author/jared-james">Jared James</a> </div> </div> </div> <!--paging_filter--><p>Let&rsquo;s be honest for a second: How many of you actually follow your business plan throughout the entire year? I&rsquo;m willing to bet that almost none of you do, which is understandable because that&rsquo;s just not how most of us operate. However, that doesn&rsquo;t diminish the power of having a good business plan. You just need to make sure it works for the way you function. Here are four ways to ensure that your business plan works for you in the coming year so you can get the most out of 2018.</p> <p class="rtecenter"><iframe allow="encrypted-media" allowfullscreen="" frameborder="0" gesture="media" height="315" src="https://www.youtube.com/embed/e-I1LourGaQ" width="560"></iframe></p> <p><strong>1. Check your ambition.</strong> Log into your MLS and search for homes sold in the past year. How many of those transactions were you a part of? The answer should motivate you to be more ambitious and raise your goals and expectations for the next year.</p> <p><strong>2. Know your numbers.</strong> A good business plan doesn&rsquo;t just lay out what you need to do for the next year; it shows you what you need to do today. You should know exactly how many appointments you went on in 2017 how many of those appointments turned into transactions. This tells you, based on your closing ratios, how many appointments you need each day to reach your goals in 2018.</p> <blockquote> <p>Download a digital business plan template and access a free video training at <a href="https://www.jaredjamestoday.com/business-plan-giveaway" target="_blank">JaredJamesToday.com/business-plan-giveaway</a>.</p> </blockquote> <p>Think of it like this: If your closing ratio on appointments is 50 percent, then you need to go on 100 appointments in the next year to do 50 transactions (figuring that you will work 50 out of 52 weeks). That breaks down to only two appointments a week&mdash;a goal you could easily achieve.</p> <p>You&rsquo;ve got to get clear on what constitutes a winning day for you. Being busy doesn&rsquo;t mean you&rsquo;re being productive. When you break it down and know the exact number of appointments you need to reach your goals, you&rsquo;ll have the clarity to focus your efforts toward your desired outcome.</p> <p><strong>3. Make time blocking nonnegotiable.</strong> Create alignment between what you say you want and what you do to get what you want every, or you will never succeed. For example, don&rsquo;t say you want to run a marathon and then fail to train daily because you&rsquo;re too busy. Likewise, you can&rsquo;t say you want a successful real estate business and not make time for things such as follow-ups, vision planning, practicing your dialogues, and prospecting. If you don&rsquo;t time-block for key revenue-generating tasks and make that time nonnegotiable, you&rsquo;ll end up spending most of your day putting out fires. You can check out my <a href="https://www.youtube.com/watch?v=GDSO0TGn_uc" target="_blank">video on time blocking</a> for more tips.</p> <p><strong>4. Hold yourself accountable.</strong> Most everyone says they are willing to do the work, but they&rsquo;re less inclined to keep track of their progress and realign if they veer off course. Accountability is where most of us fail because we always start with good intentions. But have you ever had a disconnect between what you intended to do and what you actually did? Of course you have. That&rsquo;s why it&rsquo;s important to either hire a coach or get an accountability partner from within your office to help you stay focused on your business plan and goals.</p> <p>This year should be the year you not only plan but also take action. You need a business plan, but it has to be executed daily for it to matter. Are you ready to make this your year? Do me a favor and go to <a href="http://www.connectwithjared.com" target="_blank">ConnectWithJared.com</a>, and send me a message about what you&rsquo;re doing differently this year to ensure that 2018 will be like no other year you&rsquo;ve had. I look forward to hearing from you!</p> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-text field-field-teaser"> <div class="field-label">Teaser:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <!--paging_filter--><p>If you have trouble holding yourself accountable for reaching the goals you&rsquo;ve set, try these methods for getting back on track.</p> </div> </div> </div> <div class="field field-type-filefield field-field-main-image"> <div class="field-label">Main Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <div class="filefield-file"><img class="filefield-icon field-icon-image-jpeg" alt="image/jpeg icon" src="http://realtormag.realtor.org/sites/all/modules/filefield/icons/image-x-generic.png" /><a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_SM_plan.jpg" type="image/jpeg; length=171461">jan18_SM_plan.jpg</a></div> </div> </div> </div> <div class="field field-type-filefield field-field-top3-lp-image"> <div class="field-label">Top 3 Article on Landing Page:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_top3_lp_image" width="149" height="70" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_SM_plan_0.jpg?1515448823" /> </div> </div> </div> <div class="field field-type-filefield field-field-lp-mainstage-image"> <div class="field-label">Landing Page Mainstage Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_lp_mainstage_image" width="830" height="230" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_LP_SM_plan.jpg?1515448850" /> </div> </div> </div> <div class="field field-type-nodereference field-field-related-content"> <div class="field-label">Related Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/for-brokers/network/article/2016/01/7-tips-for-smart-scalable-growth">7 Tips for Smart, Scalable Growth</a> </div> <div class="field-item even"> <a href="/sales-and-marketing/sales-coach/article/2011/01/5-critical-steps-for-your-business-plan">5 Critical Steps for Your Business Plan</a> </div> <div class="field-item odd"> <a href="/sales-and-marketing/sales-coach/article/2009/10/3-business-plan-blunders-and-how-avoid-them">3 Business Plan Blunders and How to Avoid Them</a> </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> Work Life Balance Fri, 05 Jan 2018 21:24:51 +0000 gwood 24640 at http://realtormag.realtor.org Find More Starter Homes for First-Time Buyers http://realtormag.realtor.org/sales-and-marketing/feature/article/2018/01/find-more-starter-homes-for-first-time-buyers <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Inventory shortages are particularly critical in entry-level price points. Use these strategies to help expand housing options for your clients. </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Friday, January 5, 2018</span> </div> </div> </div> </fieldset> <div class="field field-type-nodereference field-field-op-author"> <div class="field-label">Author(s):&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/author/robin-roenker">Robin Roenker</a> </div> </div> </div> <!--paging_filter--><p>Every price point in the real estate market is experiencing the effects of an extreme inventory shortage, but perhaps none worse than the entry-level segment. Many <a href="https://www.nar.realtor/newsroom/first-time-buyers-stifled-by-low-supply-affordability-2017-buyer-and-seller-survey" target="_blank">homeowners are choosing to stay put longer</a> rather than trade up, and rising construction costs are prompting builders to largely abandon the low-end market. In fact, homes valued at $200,000 or less made up only <a href="/daily-news/2017/11/28/new-home-sales-surge-10-year-high">13 percent of new construction nationwide in 2017</a>.</p> <p>&ldquo;Almost all builders have abandoned the entry market, with the exception of a few that have really specialized in it,&rdquo; says Tim Costello, CEO of Builder Homesite Inc., a consortium of 25 of the country&rsquo;s largest home builders. &ldquo;When you have select companies that optimize their entire business operation around building the lowest-cost homes, it&rsquo;s very hard for other companies to successfully enter that market.&rdquo;</p> <p>So how can you help first-time buyers find a decent property at an affordable price? Well, you&rsquo;re going to have to brace them for prices higher than they may expect. In Portland, Ore., for example, starting prices for homes hover around $350,000, says Drew Coleman, ABR, CRS, principal broker of The Drew Coleman Team at Hasson Company, REALTORS&reg;, and president of the Portland Metropolitan Association of REALTORS&reg;. &ldquo;There&rsquo;s no point looking for a home under $300,000 in downtown Portland because it doesn&rsquo;t exist,&rdquo; he says.</p> <blockquote> <p><strong>Will Future Starter Homes Feed the Airbnb Trend?</strong></p> <p>As more millennials enter the housing market, some builders are focusing on catering to the 35-and-younger demographic, according to NAR&rsquo;s <a href="https://www.nar.realtor/research-and-statistics/research-reports/home-buyer-and-seller-generational-trends" target="_blank">2017 Home Buyer and Seller Generational Trends Report</a>. Earlier this year, luxury home builder Toll Brothers launched its more affordable line of homes called <a href="https://www.tollbrothers.com/tselect" target="_blank">T Select</a>, with starting prices in the mid-$300,000s, in suburban Houston and Philadelphia. These homes come with streamlined customization packages and faster build times.</p> <p>And while millennial buyers desire the same amenities in starter homes as previous generations, they also have a few different requests. Millennials expect more integrated technology and smart-home features, and they view their home as more of an income generator, Costello says.</p> <p>&ldquo;Many millennials are used to cohabitating, either with their parents or a roommate,&rdquo; Costello says. &ldquo;So when they buy a home, they continue to want to cohabitate&mdash;either with a roommate or as an Airbnb. In the future, I can see an Airbnb-style starter home becoming a standard thing. It would be a home with a room that can be locked off from the rest of the house, where people can come and go, and you can collect money from those guests.&rdquo;</p> </blockquote> <p>Still, in other areas of the country, entry-level housing prices are more reasonable. In Memphis, Tenn., a starter home can be found for around $100,000, says Leon Dickson, CRS, GRI, president of Tennessee REALTORS&reg; and principal broker of BenchMark at Southwind, REALTORS&reg;. But stiff competition makes it hard to score a deal. &ldquo;Our entry-level homes typically sell within one or two days of being listed,&rdquo; Dickson says.</p> <p>There&rsquo;s no doubt the challenging starter-home market is having an effect on first-time buyers&rsquo; ability to achieve homeownership. The share of first-time buyers last year&mdash;34 percent&mdash;was the fourth-lowest since 1981, as the median price of all housing types crept up to $247,000, according to the National Association of REALTORS&reg;&rsquo; <a href="https://www.nar.realtor/research-and-statistics/research-reports/home-buyer-and-seller-generational-trends" target="_blank">2017 Home Buyer and Seller Generational Trends Report</a>. However, you and your clients can clear these hurdles with careful and strategic planning. Here are some points of guidance you can use to help expand entry-level housing options for first-time buyers.</p> <h4>Rethink Deal Breakers</h4> <p>The typical profile of a starter home is a 1,500-square-foot property with two or three bedrooms and one or two bathrooms. But price points for these properties have not remained consistent, so buyers will have to adjust their expectations. &ldquo;It&rsquo;s a real challenge to make sure we have enough inventory for the first-time home buyer,&rdquo; says Steve Thayer, chair of the Denver Metro Association of REALTORS&reg; and broker-owner of The Thayer Group at Keller Williams Action Realty in Castle Rock, Colo. &ldquo;We don&rsquo;t want to price those people entirely out of the market.&rdquo;</p> <p>Similar to Portland, typical starting prices for single-family homes in the Denver area range between $300,000 and $350,000, Thayer says. To help combat sticker shock, Thayer helps his budget-conscious clients distill their home wish lists into wants versus needs. &ldquo;Sometimes, they realize that that the items on their wish list&mdash;perhaps it&rsquo;s a basement or a guest bedroom or a remodeled kitchen&mdash;are really just wants and not deal breakers,&rdquo; he says.</p> <p>Location is perhaps the biggest price determiner, so the quickest way to make cheaper housing options available to first-time buyers is to widen the geographic scope of their search. Be prepared to argue why your clients should look further out from the city center or why they should consider a different type of home, such as a multifamily townhome or condo rather than a single-family house. Fixer-uppers instead of move-in&ndash;ready properties, too, can expand options for your clients. &ldquo;First-time buyers who come in with an aggressive wish list tend to reset their expectations and expand their geographic parameters as they see what&rsquo;s available through the search process,&rdquo; says Michael Barbaro, broker-associate at Hunstman, Meade &amp; Partners Compass Realty in New Haven, Conn., and president of Connecticut REALTORS&reg;.</p> <h4>Dredge Up the Inventory Yourself</h4> <p>As a real estate professional, you also need to be proactive about finding entry-level inventory, even before you begin working with a first-time buyer. &ldquo;We have agents knocking on doors, sending letters, and posting on social media, asking people if they want to sell,&rdquo; Thayer says.</p> <p>This approach worked for Thayer&rsquo;s colleague, Dave Umphress, a sales associate with the Keller Williams Action Realty office in Littleton, Colo. After reaching out to his followers on social media, Umphress learned that an insurance agent in his network was looking to sell his father-in-law&rsquo;s property. &ldquo;The house was in rough shape, and they just wanted to sell as-is,&rdquo; Umphress recalls. He had buyers who were willing to take on the repairs, and they purchased the home for $260,000&mdash;a lucky find in his market, where properties below $300,000 are rare. &ldquo;The buyers were a young couple with their first baby, and they thought they were doomed to rent forever.&rdquo;</p> <p>For first-time buyers who are considering fixer-uppers, it&rsquo;s smart to seek financing for anticipated home improvements. That way, they can build renovation funds directly into their mortgage loan, Barbaro says. &ldquo;The <a href="https://www.hud.gov/program_offices/housing/sfh/203k" target="_blank">FHA 203K loan</a> allows buyers to purchase a home that, while it doesn&rsquo;t quite meet their current standards, can be made into their dream home with a little sweat equity,&rdquo; he says.</p> <p>Jessica Tindell, GRI, SRS, principal broker at Tindell &amp; Company Real Estate and Property Management in Portland, Ore., makes a habit of reaching out to expired listings and FSBOs to gauge their determination to sell. If it&rsquo;s been six months since the last time a home was on the market, the home may have appreciated &ldquo;and it may be enough time to get the homeowners the selling price they were originally looking for,&rdquo; Tindell says.</p> <h4>Find Creative Financing Solutions</h4> <p>Getting your clients pre-approved for a mortgage before taking them out on showings is always a wise idea. But it&rsquo;s even more necessary for first-time buyers who may need extra financing to afford homes in higher-priced markets. Do some research to identify the financing package or government assistance program that will benefit your clients the most, Dickson says.</p> <p>You&rsquo;ll get a leg up if you have strong relationships with local lenders. Tindell recently had a buyer with a $232,000 USDA loan, which fell short of the $300,000 threshold for a starter home in Portland, Ore. Through her partnerships with local lenders, Tindell was able to help the buyer secure additional financing through an FHA grant fund. &ldquo;At their original price point, there were only three homes in all of Oregon that fit my client&rsquo;s budget,&rdquo; Tindell says. &ldquo;So we went back to the lender and said, &lsquo;This isn&rsquo;t going to work. Please find us something else.&rsquo; In the current market, you have to work a lot harder to get people approved and to get them funding they can afford.&rdquo;</p> <h4>Sealing the Deal</h4> <p>Due to low inventory, entry-level homes are often competitive, drawing multiple offers. To compete with higher bids, Dickson encourages his first-time buyers to offer terms in the sale contract that favor the seller, including waiving closing cost assistance, accepting a quick closing timeline, and taking on larger home repairs. &ldquo;In this market, you have to be a strong negotiator,&rdquo; Dickson says.</p> <p>In a tight market, creative thinking stands out and could be the thing that gets your clients into their first home. Sometimes, going way outside the box is necessary. Coleman recently had a seller who accepted an offer from buyers who agreed to deliver cookies and bagels to the seller&rsquo;s office after closing. And deliver they did. &ldquo;Their offer was successful, and the creative gesture made a good impression on my seller,&rdquo; Coleman says.</p> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-text field-field-teaser"> <div class="field-label">Teaser:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <!--paging_filter--><p>Inventory shortages are particularly critical in entry-level price points. Use these strategies to help expand housing options for your clients.</p> </div> </div> </div> <div class="field field-type-filefield field-field-main-image"> <div class="field-label">Main Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <div class="filefield-file"><img class="filefield-icon field-icon-image-jpeg" alt="image/jpeg icon" src="http://realtormag.realtor.org/sites/all/modules/filefield/icons/image-x-generic.png" /><a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_SM_starter.jpg" type="image/jpeg; length=465135">jan18_SM_starter.jpg</a></div> </div> </div> </div> <div class="field field-type-filefield field-field-top3-lp-image"> <div class="field-label">Top 3 Article on Landing Page:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_top3_lp_image" width="149" height="70" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_SM_starter_0.jpg?1515183964" /> </div> </div> </div> <div class="field field-type-filefield field-field-lp-mainstage-image"> <div class="field-label">Landing Page Mainstage Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_lp_mainstage_image" width="830" height="230" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_LP_SM_starter.jpg?1515183981" /> </div> </div> </div> <div class="field field-type-nodereference field-field-related-content"> <div class="field-label">Related Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/daily-news/2017/09/05/more-homeowners-stuck-in-starter-homes">More Homeowners ‘Stuck’ In Starter Homes</a> </div> <div class="field-item even"> <a href="/daily-news/2017/08/16/why-you-won-t-see-many-new-starter-homes">Why You Won’t See Many New Starter Homes</a> </div> <div class="field-item odd"> <a href="/daily-news/2017/08/11/2-major-reasons-why-inventory-so-low">2 Major Reasons Why Inventory Is So Low</a> </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> Feature Fri, 05 Jan 2018 18:45:24 +0000 gwood 24639 at http://realtormag.realtor.org Pre-Listing Inspections Put Sellers in Control http://realtormag.realtor.org/sales-and-marketing/sales-coach/article/2018/01/pre-listing-inspections-put-sellers-in-control <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Steve Wadlington, president of WIN Home Inspection, explains how sellers can avoid potential conflict with buyers and gain an edge in negotiations. </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Friday, January 5, 2018</span> </div> </div> </div> </fieldset> <div class="field field-type-nodereference field-field-op-author"> <div class="field-label">Author(s):&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/author/graham-wood">Graham Wood</a> </div> </div> </div> <!--paging_filter--><p>In the typical real estate transaction, the buyer is the one to order a home inspection. But sellers, too, can request a professional assessment of their home before putting it on the market. A pre-listing inspection provides sellers with upfront information about the condition of their property, which gives them more control over repairs and potentially strengthens their negotiating position.</p> <p>Few sellers take advantage of this opportunity, according to Steve Wadlington, president of national home inspection services company WIN Home Inspection. &ldquo;I don&rsquo;t expect pre-listing inspections to become mainstream in my lifetime,&rdquo; he says. Lack of awareness contributes to the underutilization, Wadlington adds, but he also acknowledges that sellers may be reluctant to spend the money for such services.</p> <p>Additionally, sellers and their agents have a legal duty to disclose to buyers any property issues that are revealed in a pre-inspection report. REALTOR&reg; Magazine spoke with Wadlington about how pre-listing inspections can boost home sales and help sellers defend their asking price.</p> <h4>Are there any differences between a pre-listing inspection and a buyer&rsquo;s inspection?</h4> <p>The only differences are the customer for whom the inspection is being conducted&mdash;in this case it&rsquo;s the seller, not the buyer&mdash;and the point when the inspection occurs. The scope of the inspection is the same. A pre-listing inspection focuses on proper functionality of all major systems and components of the house: heating and cooling; electrical; plumbing; roof and structure; siding; and doors and windows. It&rsquo;s a full inspection for the seller to better understand the condition of their home prior to the buyer&rsquo;s inspection. This gives the seller important information to consider so they&rsquo;re not caught off-guard in the midst of a transaction.</p> <h4>How much does a typical pre-listing inspection cost?</h4> <p>The fee is usually the same as a buyer&rsquo;s inspection, generally ranging from $350 to $500 for a qualified inspector who carries E&amp;O insurance. Of course, the price varies based on location, square footage, age of the home, and any special conditions, such as whether the home is built on a steep incline.</p> <h4>Why should a seller do an inspection, particularly if the buyer is going to do one anyway?</h4> <p>The value to the seller is that a pre-listing inspection makes them aware of issues in advance of negotiating a purchase agreement, allowing them the chance to resolve the issues or have them accounted for upfront in the asking price. This gives the seller better control in marketing their home and helps minimize stress from heat-of-the-moment negotiations once a purchase agreement is tendered. Homes that have a pre-listing inspection generally sell faster and have fewer inspection-related issues to negotiate, enabling a smoother transaction.</p> <h4>What should a seller do if a pre-listing inspection uncovers significant problems in the home?</h4> <p>It&rsquo;s always better for everyone to know about major inspection issues as soon as possible. Once they&rsquo;re identified, they can be carefully assessed for proper resolution. Depending on the nature of the issue, a seller shouldn&rsquo;t automatically assume that everything needs to be fixed before putting the home on the market. Their real estate professional should advise whether the repairs are necessary to the viability of the sale. Regardless of who owns the property, issues of concern to the buyer will need to be dealt with somehow, and the associated cost of the resolution is a consideration for both the buyer and seller.</p> <h4>If the seller doesn&rsquo;t want to pay for repairs, what solace does a pre-listing inspection give to the buyer?</h4> <p>For many buyers, being provided forthcoming inspection information has both tangible and emotional value. They&rsquo;re made aware of issues identified in the inspection report, which gives them more facts to work with, and then they&rsquo;re provided subsequent clarity on which issues have been or will be resolved as part of the transaction.&nbsp;Sellers who proactively disclose pre-listing issues give buyers proper awareness to factor them into their offers.</p> <h4>Can pre-listing inspections help real estate professionals when marketing a home?</h4> <p>The more information agents can provide to give buyers peace of mind, the better it is for the sale. A pre-listing inspection can also reinforce the seller&rsquo;s asking price. It enables agents to explain how the inspection report&mdash;plus any repairs that were made before listing&mdash;helped the sellers arrive at the home&rsquo;s value. At WIN, we also provide a &ldquo;Ready for Purchase&rdquo; sign rider to identify the house as one that has pre-listing inspection information available. It&rsquo;s similar to what the auto industry has done with marketing certified used cars.</p> <h4>What about sellers who don&rsquo;t see the sense in paying for an inspection?</h4> <p>Actually, a pre-listing inspection can ultimately save money for sellers in two ways. First, by being aware of and disclosing known property issues upfront, the seller can make it known that consideration for those items has already been factored into the sales price. That effectively takes these issues off the negotiation table. Second, the seller can choose to repair the issues prior to listing, which gives them more control over repair costs.</p> <h4>Should a seller offer the entire pre-listing inspection report to a buyer or just a summary? How much detail is necessary?</h4> <p>I think this is a situational consideration, where sellers should consult with their real estate professional.&nbsp;The industry has evolved such that it is reasonable to view the inspection summary as containing all of the important need-to-know items found in the full report.&nbsp;Since the real goal here is to ensure transparency and awareness, the summary should be adequate to achieve that.&nbsp;Depending on the length and complexity of the full report, as well as the technical complexity of the issues presented in the summary, I can see where a good faith effort to offer more detail could actually cause undue alarm if the buyer can&rsquo;t put the information in proper perspective.&nbsp;But bear in mind that much of the longer report will also confirm positive functionality of the major systems and components of the home, so it can offer added positive value as well.</p> <h4>Wouldn&rsquo;t buyers still want to do their own inspection?</h4> <p>Yes, absolutely. If a seller claims to have resolved issues that were uncovered in a pre-listing inspection, the buyer will want a subsequent inspection to confirm those repairs. Whether the buyer uses the same inspector that the seller used is a matter of personal preference, and there are pros and cons either way. Using the same inspector can be beneficial because their prior experience and familiarity with the home allows them to better detect changes based on a point in time. But a properly trained and certified home inspector will inspect the home for the seller or the buyer in the same manner. This person&rsquo;s view of the home is objective and won&rsquo;t change based on who hired them.</p> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-text field-field-teaser"> <div class="field-label">Teaser:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <!--paging_filter--><p>Steve Wadlington, president of WIN Home Inspection, explains how sellers can avoid potential conflict with buyers and gain an edge in negotiations.</p> </div> </div> </div> <div class="field field-type-filefield field-field-main-image"> <div class="field-label">Main Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <div class="filefield-file"><img class="filefield-icon field-icon-image-jpeg" alt="image/jpeg icon" src="http://realtormag.realtor.org/sites/all/modules/filefield/icons/image-x-generic.png" /><a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_SM_inspection.jpg" type="image/jpeg; length=271074">jan18_SM_inspection.jpg</a></div> </div> </div> </div> <div class="field field-type-filefield field-field-top3-lp-image"> <div class="field-label">Top 3 Article on Landing Page:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_top3_lp_image" width="149" height="70" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_SM_inspection_0.jpg?1515186320" /> </div> </div> </div> <div class="field field-type-filefield field-field-lp-mainstage-image"> <div class="field-label">Landing Page Mainstage Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_lp_mainstage_image" width="830" height="230" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_LP_SM_inspection.jpg?1515186336" /> </div> </div> </div> <div class="field field-type-nodereference field-field-related-content"> <div class="field-label">Related Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/law-and-ethics/feature/article/2017/11/3-reasons-home-inspections-kill-deals">3 Reasons Home Inspections Kill Deals</a> </div> <div class="field-item even"> <a href="/home-and-design/feature/article/2014/06/know-your-home-inspector">Know Your Home Inspector </a> </div> <div class="field-item odd"> <a href="/daily-news/2013/04/17/5-ways-sellers-can-prepare-for-home-inspection">5 Ways Sellers Can Prepare for a Home Inspection </a> </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> Sales Coach Fri, 05 Jan 2018 18:14:42 +0000 gwood 24638 at http://realtormag.realtor.org What Agents Wish They’d Known http://realtormag.realtor.org/sales-and-marketing/my-first-year/article/2018/01/what-agents-wish-they-d-known <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> New agents can’t depend on prelicensing classes or their brokers to teach them everything about real estate. Here, experienced agents offer advice on what rookies should know at the beginning of their careers. </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Friday, January 5, 2018</span> </div> </div> </div> </fieldset> <div class="field field-type-nodereference field-field-op-author"> <div class="field-label">Author(s):&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/author/graham-wood">Graham Wood</a> </div> </div> </div> <!--paging_filter--><p>If you enrolled in prelicensing courses expecting to learn everything you needed to know about the business, chances are you were sorely disappointed when reality hit. In addition, you probably learned soon enough that not every real estate brokerage is equipped with all the tools and follow-up training agents need to become and stay successful.</p> <p>Seasoned agents have gleaned important lessons through mistakes and accomplishments accumulated over time. REALTOR&reg; Magazine asked real estate pros across the country about the skills and knowledge they wish they&rsquo;d gained earlier in their careers. Here are some of the answers that may help new agents develop a sound footing more quickly.</p> <p><strong>You&rsquo;re responsible for your own training.</strong> I wish I had known that it&rsquo;s not a brokerage&rsquo;s duty to teach agents how to create a business plan, save for taxes, or understand service agreements. I figured I would get this training automatically once I got my license, but I found out that as a business owner, I had to seek out the training myself. I signed up for different real estate courses and programs, where I learned how to save for tax time. Coaches taught me how to treat every meeting with a buyer or seller as a job interview, how service agreements are like employment contracts, and to show homes only to preapproved buyers. I now teach prelicense and GRI classes, and I think these things should be part of the curriculum. <em>&mdash;Stephanie Jones, GRI, e-PRO, Select Realty, Marquette, Mich.</em></p> <p><strong>There are people who will pose as fake buyers or sellers, and they could be dangerous.</strong> I recently had an internet lead who posed as the wife of a somewhat famous person. She was just credible enough that I kept talking to her for months, even though she cancelled a couple of appointments. The turning point was when she pretended to be her own lawyer, calling from her own number and using a voice-changer that poorly disguised her voice. That&rsquo;s when I realized I could be part of a scam&mdash;or worse&mdash;and after that, I just blocked her. <em>&mdash;Lisa Holmquist, SRS, Urban Nest Realty, Las Vegas</em></p> <p><strong>Political issues related to real estate will pop up in your transactions.</strong> Knowing about hot-button building projects near a neighborhood your buyer is interested in helps them make a more informed purchase decision. Understanding local tax rates and ballot propositions enables you to educate buyers who are relocating from a different state. By being involved in conversations online, I&rsquo;ve made a lot of great friends who know I&rsquo;m up to date on issues, and that has generated referrals for me. One time, I was giving a listing presentation when I was interrupted by a call-to-action alert on my phone about flood insurance. I explained what it was to my prospective sellers, which sparked a conversation that eventually helped them when buying in another area that was prone to flooding issues. Every agent should join professional Facebook groups, subscribe to their local and state association newsletters, and talk to agents who serve on committees. Educate yourself beyond your required CE classes. It&rsquo;ll make a world of difference in your business. <em>&mdash;Emmy Simpson, MRP, Realty ONE Group Mountain Desert, Flagstaff, Ariz.</em></p> <p><strong>You may need the listings you don&rsquo;t initially want.</strong> There is no listing too small. Many times, I have gone out to a listing that I might not want. But in that listing, I find something special that makes me proud to represent it. I&rsquo;m a commercial practitioner and currently representing a small store in a small town for a very low price. But the interior has a metal ceiling, and the owner has upgraded the building and left it in beautiful shape. Will I make a lot of money on the deal? No. Will I have a lot of fun and feel very comfortable representing it? Yes. Many times, people hear of what you do and how you do it, and they tell their friends. And guess what? Those friends may have something they need your help with. And then you get a very nice listing. <em>&mdash;</em><em>Cliff Bellar, RE/MAX Crossroads, Medina, Ohio</em></p> <p><strong>Have a financial plan to weather downturns.</strong> If an agent gets in the habit of budgeting when they get started and continues it as their business grows, then they will always have a good cushion to fall back on. I have seen some people go out and purchase a new car with a big commission check and then find themselves struggling when there&rsquo;s a sudden downturn. In my market, there has been a slight slowdown in both sales and rentals. The agent who has not planned for this will be in serious trouble if it goes on very long. <em>&mdash;James Parsons, Century 21 Judge Fite Company, Fort Worth, Texas</em></p> <p><strong>Take yourself out of the transaction.</strong> The deal is between the buyer and the seller, so stop referring to the client as &ldquo;my buyer&rdquo; or &ldquo;my seller.&rdquo; The point is to stop putting the focus on you. I learned this during a transaction with a very difficult and combative agent. I was discussing the situation with my broker, and he asked me, &ldquo;Who is it in a transaction that kills the deal?&rdquo; I wasn&rsquo;t quite sure, and he made me think about it. I went back later and answered, &ldquo;The agents?&rdquo; He concurred and told me to take my emotions out of it and focus solely on my client. Once I learned that, it made all the difference. <em>&mdash;Louise McLean, GRI, SFR, RE/MAX Solutions, Merritt Island, Fla.</em></p> <p><strong>Advertising doesn&rsquo;t work as well as building relationships. </strong>I started in the business in March 2008 during the housing crisis.&nbsp;I was determined to make my business work. I spent about $50,000 on advertising over three years with very little return.&nbsp;So I started asking long-term, successful agents how they got clients.&nbsp;They taught me that, above all, real estate is a relationship business.&nbsp;Make friends any way you can: through church, neighborhood HOAs, and civic clubs. Volunteer every chance you get.&nbsp;You don&rsquo;t necessarily want to push real estate; just make people feel comfortable around you.&nbsp;Those are the agents who thrive.&nbsp;<em>&mdash;Dale Falkowski, Atlanta Communities Real Estate, Woodstock, Ga.</em></p> <p><strong>You may never get a real vacation. </strong>You&rsquo;ll almost always end up working on your vacations, regardless of whether you&rsquo;ve told your clients you&rsquo;ll be unavailable or you have other agents helping you out in your absence. Deadlines will need to be changed, closings will need to be bumped, contracts will terminate&mdash;anything you can think of will happen on your vacation. I used to take half a day off a few times a year to go to the mountains, where there&rsquo;s no cell service. When I&rsquo;d get back, there was always something urgent that needed attention. Nowadays, my husband and I plan road trips, where there are many places we can stop that have cell service. He drives while I work in the car or at hotels. I do try to limit the number of clients I work with at any given time so I can give great service and have work-life balance. <em>&mdash;Linda Hepperle, Berkshire Hathaway HomeServices, Greeley, Colo.</em></p> <p><strong>No matter how hard you try, some deals just won&rsquo;t close.</strong> I&rsquo;ve had sellers who refuse to drop the price of their home, even after nine months of feedback saying it&rsquo;s too high. Others won&rsquo;t modify their schedules to set up showings for buyers. I&rsquo;ve had buyers look at homes for months only to inform me that they plan to build and were just &ldquo;looking for ideas.&rdquo; Even though you&rsquo;ve spent money on advertising, printing out flyers, and hosting open houses, some transactions will inevitably go downhill. You have to develop thick skin and move on.&nbsp;But keep in contact with these clients because one day, they may come back.&nbsp;<em>&mdash;Traci Ethington, ABR, Century 21 Olympian, Lake Jackson, Texas</em></p> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-text field-field-teaser"> <div class="field-label">Teaser:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <!--paging_filter--><p>New agents can&rsquo;t depend on prelicensing classes or their brokers to teach them everything about real estate. Here, experienced agents offer advice on what rookies should know at the beginning of their careers.</p> </div> </div> </div> <div class="field field-type-filefield field-field-main-image"> <div class="field-label">Main Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <div class="filefield-file"><img class="filefield-icon field-icon-image-jpeg" alt="image/jpeg icon" src="http://realtormag.realtor.org/sites/all/modules/filefield/icons/image-x-generic.png" /><a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_sm_firstyear.jpg" type="image/jpeg; length=190517">jan18_sm_firstyear.jpg</a></div> </div> </div> </div> <div class="field field-type-filefield field-field-top3-lp-image"> <div class="field-label">Top 3 Article on Landing Page:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_top3_lp_image" width="149" height="70" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_sm_firstyear_0.jpg?1515169811" /> </div> </div> </div> <div class="field field-type-filefield field-field-lp-mainstage-image"> <div class="field-label">Landing Page Mainstage Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_lp_mainstage_image" width="830" height="230" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_LP_sm_firstyear.jpg?1515169832" /> </div> </div> </div> <div class="field field-type-nodereference field-field-related-content"> <div class="field-label">Related Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/daily-news/2015/11/04/what-you-didnt-learn-in-real-estate-class">What You Didn&#039;t Learn in Real Estate Class</a> </div> <div class="field-item even"> <a href="/sales-and-marketing/my-first-year/article/2017/07/5-things-remember-when-you-fail">5 Things to Remember When You Fail</a> </div> <div class="field-item odd"> <a href="/sales-and-marketing/my-first-year/article/2017/08/should-new-agents-join-team-or-go-solo">Should New Agents Join a Team or Go Solo?</a> </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> My First Year Fri, 05 Jan 2018 15:35:17 +0000 gwood 24636 at http://realtormag.realtor.org Should You Add Property Management Services? http://realtormag.realtor.org/for-brokers/network/article/2018/01/should-you-add-property-management-services <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Consider the pros and cons of expanding your brand to include rental services. </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Thursday, January 4, 2018</span> </div> </div> </div> </fieldset> <div class="field field-type-nodereference field-field-op-author"> <div class="field-label">Author(s):&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/author/kaycee-wegener">Kaycee Wegener</a> </div> </div> </div> <!--paging_filter--><p>If you&rsquo;re looking for growth opportunities in your real estate business, adding property management services might be the next natural step. Even though <a href="http://realtormag.realtor.org/daily-news/2017/11/28/how-fast-home-sells-today" target="_blank">home buying is increasing</a>, rental growth has <a href="https://www.axiometrics.com/resources/axio-media/blogs/2017-forecast-rent-growth-to-match-long-term-average/" target="_blank">remained constant over the past decade</a>, creating a steady demand for quality property managers.</p> <p>Property management broadens your real estate expertise by allowing you to work with property owners who are renting out their homes. As a property manager, you will build relationships within the industry, work with homeowners and investors who might be looking to buy or sell in the future, and develop a deeper understanding of your state&rsquo;s real estate laws and financial practices.</p> <h4>Responsibilities of a Property Manager</h4> <p>Property managers work as the middleman between owner and tenant. You or your team <a href="https://www.rentecdirect.com/blog/responsibilities-of-a-property-manager/" target="_blank">would be responsible</a> for any of the following real estate transactions for rental properties:</p> <ul> <li>Marketing vacancies</li> <li>Showing properties</li> <li>Collecting and processing rental applications</li> <li>Tenant screening and approving prospects</li> <li>Lease signing</li> <li>Move-in and move-out procedures</li> <li>Maintenance management</li> <li>Tenant relations management</li> <li>Rent collection</li> <li>Processing security deposits</li> <li>Following state and federal real estate and landlord-tenant laws</li> </ul> <h4>Property Management Licensing Requirements</h4> <p>In order to manage rental property, you need to follow your state&rsquo;s real estate laws and requirements. Most states <a href="https://www.rentecdirect.com/blog/types-of-property-management-licenses/" target="_blank">require property managers to carry a broker&rsquo;s license</a> or a property management license that operates under a licensed real estate brokerage firm. This requirement is why we often see property management paired with real estate brokers.&nbsp; &nbsp;</p> <p>Property management licenses and real estate broker licenses are granted by state governments or real estate boards. One of the biggest reasons a broker&rsquo;s license is required is because property managers must <a href="https://www.rentecdirect.com/blog/attention-property-managers-what-are-trust-accounts/" target="_blank">understand how to handle trust funds</a>.</p> <h4>The Pros</h4> <p><strong>1. Income potential.</strong> Property managers typically charge a monthly management fee between 7 percent and 10 percent of monthly rental income. So, if you manage 10 properties that rent for $1,000 each per month, you&rsquo;ll earn $100 per property. The more properties you manage, the more your potential income increases. If you hire property managers to work under your brokerage firm, they typically get paid an annual salary.</p> <p><strong>2. Client relations. </strong>If you sell a property to an investor client, you can recommend your property management services to them as well. The other benefit of working with investors is that many will want to grow their portfolio and will look to you to help them purchase additional properties. Plus, if you create strong relationships with your renters, they will consider you and your team when they decide to make the transition from renting to owning.</p> <p><strong>3. Stable market. </strong>The housing market is cyclical, and there will inevitably be times when sales are slow. The rental market, however, has proven to remain strong, even when housing bubbles burst. The stability of the rental market means that you as a broker-owner can have a reliable source of income if your main revenue stream is jeopardized during an economic downturn.</p> <h4>The Cons</h4> <p>While it might seem logical to add property management to your real estate business, the move is not for everyone. Property management requires additional skills beyond those needed for traditional residential sales.</p> <p><strong>1. Tenant relations. </strong>Dealing with misbehaving tenants, tracking down rent payments, and handling maintenance crises are some of the <a href="https://www.rentecdirect.com/blog/horror-stories/" target="_blank">top management hurdles</a>.</p> <p><strong>2. Landlord-tenant laws.</strong> You will need to be familiar with all the federal, state, and local landlord-tenant laws. While you will initially learn about these laws during your required education class for your license, they change often. You will be required to stay up to date on them to protect your business and your clients&rsquo; and tenants&rsquo; best interests.&nbsp;</p> <p><strong>3. Focus. </strong>If you are managing rental properties and working as a residential sales broker, you might find yourself pulled in too many directions to truly give your business the focus it needs to succeed. If you feel like you are stretched too thin and not giving the attention required to make your clients and tenants happy, it&rsquo;s time either to delegate work or reconsider your business plan.</p> <p>You&rsquo;ll likely need to hire a leasing agent or a licensed property manager to help steer your company in the right direction. But adding property management services to your business has the potential to diversify your income and grow your firm&rsquo;s client base.&nbsp;</p> <hr /> <p><br /> <img alt="" src="/sites/realtormag.realtor.org/files/rmo_files/images/logos/BtoB_logo_footer_080114.jpg" style="float:left; height:117px; width:150px" /><em>Broker-to-Broker is an information network that provides insights and tools with business value through timely articles, videos, Q&amp;As, and sales meeting tips for brokerage owners and managers. Get more <a href="/for-brokers/network" target="_blank">Broker-to-Broker content here</a>.</em></p> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-text field-field-teaser"> <div class="field-label">Teaser:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <!--paging_filter--><p>Consider the pros and cons of expanding your brand to include rental services.</p> </div> </div> </div> <div class="field field-type-filefield field-field-main-image"> <div class="field-label">Main Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <div class="filefield-file"><img class="filefield-icon field-icon-image-jpeg" alt="image/jpeg icon" src="http://realtormag.realtor.org/sites/all/modules/filefield/icons/image-x-generic.png" /><a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_BB_PM.jpg" type="image/jpeg; length=398550">jan18_BB_PM.jpg</a></div> </div> </div> </div> <div class="field field-type-filefield field-field-top3-lp-image"> <div class="field-label">Top 3 Article on Landing Page:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_top3_lp_image" width="149" height="70" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_BB_PM_0.jpg?1515527354" /> </div> </div> </div> <div class="field field-type-filefield field-field-lp-mainstage-image"> <div class="field-label">Landing Page Mainstage Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_lp_mainstage_image" width="830" height="230" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_LP_BB_PM.jpg?1515527372" /> </div> </div> </div> <div class="field field-type-nodereference field-field-related-content"> <div class="field-label">Related Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/for-brokers/network/article/2017/11/combining-talents-for-business-growth">Combining Talents for Business Growth</a> </div> <div class="field-item even"> <a href="/for-brokers/network/article/2017/05/best-practices-for-selling-renter-occupied-homes">Best Practices for Selling Renter-Occupied Homes</a> </div> <div class="field-item odd"> <a href="/for-brokers/network/article/2017/10/tips-for-working-different-personalities">Tips for Working With Different Personalities</a> </div> <div class="field-item even"> <a href="/for-brokers/network/article/2017/09/beyond-mortgage-explore-ownership-expenses-investors">Beyond the Mortgage: Explore Ownership Expenses With Investors</a> </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> Network Fri, 05 Jan 2018 01:55:51 +0000 echristoffer 24630 at http://realtormag.realtor.org How Homes Support Healthy Lifestyles http://realtormag.realtor.org/home-and-design/feature/article/2018/01/how-homes-support-healthy-lifestyles <div class="field field-type-text field-field-deck"> <div class="field-label">Deck:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Today’s focus on clean, connected, and toxin-free living may have its roots in the hospitality industry, but this trend is making its way into multifamily developments and single-family homes. </div> </div> </div> <div class="field field-type-text field-field-archive-item"> <div class="field-label">Archive:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <div class="field field-type-text field-field-features-checkbox"> <div class="field-label">Add to Features Package for the Month:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> off </div> </div> </div> <fieldset class="fieldgroup group-mag-pub-date"><div class="field field-type-date field-field-pub-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Tuesday, January 2, 2018</span> </div> </div> </div> </fieldset> <div class="field field-type-nodereference field-field-op-author"> <div class="field-label">Author(s):&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/author/barbara-ballinger">Barbara Ballinger</a> </div> </div> </div> <!--paging_filter--><p>More and more consumers are looking for ways their homes can improve their physical and mental well-being. And an increasing number of developers are focusing their projects around this concept, hoping their wide variety of health-focused amenities will be a winning combination to attract buyers&rsquo; attention.</p> <p>One early example that keeps evolving is Serenbe, a 1,200-acre, 13-year-old community outside Atlanta. &ldquo;The developer drives many of the&nbsp;sustainable&nbsp;aspects of homes in the Serenbe community, which make houses and our lifestyles healthy,&rdquo; says Monica Olsen, vice president of marketing and communications for the development. She cites the project&rsquo;s geothermal heating and cooling, solar-ready homes, access to nature, and edible landscaping as features that help their homes stand out. &ldquo;These&nbsp;healthy&nbsp;home choices, along with our setting in nature with miles of trails right outside home owners&rsquo; doors, add to the increased buyer draw.&rdquo;</p> <p>The trend is evident across the country. When The New Home Company in Roseville, Calif., began planning its 100-acre Cannery housing development in Davis, it hoped to offer a safe place for many&mdash;including some of the city&rsquo;s aging population&mdash;to live, says Kevin Carson, the company&rsquo;s Northern California president. They designed the 547 houses on the site of a former tomato packing plant with solar power systems and wider&nbsp;hallways. The common areas include covered outdoor spaces, designated spots to store bicycles, and a 7.5-acre farm operated by a nonprofit teaching organization.</p> <p>But not every homeowner can live in a development specially designed to boost healthfulness. The key, according to David Wolf&mdash;the Chicago-based president of ON Collaborative, the development, marketing, and sales division of Coldwell Banker&mdash;is for agents and brokers to help their clients learn more about the &ldquo;ingredients&rdquo; that go into their homes, just as consumers increasingly ask what&rsquo;s in their food. Here are some of the major trends to look for in this niche.</p> <h4>Biophilic Design</h4> <p><img alt="" src="/sites/realtormag.realtor.org/files/rmo_files/images/2018_jan/Jan18_HD_healthy-nature.jpg" style="width: 325px; height: 177px; margin: 3px; float: right;" />This newer term in healthy home design expresses the desire of many residents to be closer to nature. The plan for Summit Sky Ranch, currently being built on the side of a mountain in Silverthorne, Colo., nestles 240 modern houses among aspen groves to preserve the surrounding landscape. The builders are also using natural materials that occur in the local area to build them, according to architect Matt Mueller, who&rsquo;s directing the construction. &ldquo;Every aspect of the development&mdash;from five miles of community trails to a 10-acre lake and sandy beach&mdash;has been designed to bring families, neighbors, and their love for the outdoors together to enjoy quintessential Colorado living,&rdquo; Mueller says.</p> <p>But not every homeowner need claim the Rockies for a backyard. In fact, a <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4690962" target="_blank">study published recently in the International Journal of Environmental Research and <img alt="" src="/sites/realtormag.realtor.org/files/rmo_files/images/2018_jan/Jan18_HD_healthy-outdoor.jpg" style="width: 325px; height: 177px; margin: 3px; float: left;" />Public Health</a> found that something as simple as looking at pictures of nature can help people bounce back from stressful experiences more quickly. Advances in window and door technology can help make the nature we do have available to us more readily apparent from the indoors. While many glazing options are becoming larger, other window systems are being designed to be lined up to fashion a wall of light and unobstructed views, says Christine Marvin, director of corporate strategy and design for Marvin Windows and Doors. Door manufacturers are also using more glass and offering greater flexibility to fold away or slide doors into pockets. And Chicago builder Orren Pickell says he&rsquo;s sizing down resort-style lanais for residential use, with protective roofs but no walls.</p> <blockquote> <p><strong>Small = Healthy?</strong></p> <p>The idea of paring square footage is hardly new&mdash;architect and author Sarah&nbsp;Susanka&nbsp;touted the advantages of the &ldquo;not so big house&rdquo; almost 20 years ago as a way to gain quality rather than just size. But the concept is finally gaining ground for health-oriented reasons, even among those who can afford big homes, according to architectural designer Eric&nbsp;Rothman. &ldquo;We&rsquo;re seeing a huge move away from the oversized super-house and even a migration from Atlanta suburbs to the city, where lots are smaller,&rdquo; he says. &ldquo;The country&rsquo;s aging population finds smaller houses are easier to maneuver. Less care means avoiding being a slave to your home and instead pursuing exercise and other activities that are good for you.&rdquo;&nbsp;Susanka&nbsp;sees another distinct advantage. &ldquo;With less space, we get to interact more, and these human connections promote well-being,&rdquo; she says. The newest housing going up at&nbsp;Serenbe&nbsp;is in a Scandinavian row-home style, ranging from just under 1,000 square feet to 1,200. Monica Olsen says these new designs offer easy maintenance, lower prices, and proximity to neighbors.</p> </blockquote> <h4>Better Air and Water Quality</h4> <p>For years, builders have focused on fashioning tighter building envelopes to make homes easier to keep warm or cool. Unfortunately, some designs became so tight that they eliminated fresh air, which resulted in mold growth and <a href="/home-and-design/feature/article/2016/11/understanding-vocs-and-indoor-air-quality">indoor air pollution caused by off-gassing home products</a>. Ben Skoog, an independent construction consultant in Nashville, advises homeowners to carefully research all products and furnishings they bring into a house, since it&rsquo;s not just paints, sealants, wood flooring, and carpeting that give off harmful and unpleasant fumes. &ldquo;Some plug-in air fresheners pose a risk with synthetic ingredients, as can old barn wood repurposed for decorative interior wall coverings, even though it seemed green initially. Who knows what that wood was exposed to and absorbed over time?&rdquo; Skoog notes. &ldquo;When home owners make significant changes to their homes, it can impact the original design of the home systems and potentially compromise their integrity.&rdquo;</p> <p>To mitigate these issues, Skoog recommends air purification systems be built into new homes or retrofitted to existing ones. While such systems can cost anywhere from $5,000 to $15,000, depending on the system&rsquo;s size and complexity, the peace of mind they provide is important, especially for young families, older home owners, or those with compromised respiratory systems.</p> <p>In addition to concerns over air quality, the sad situation in Flint, Mich., taught homeowners across the country that they can&rsquo;t take water safety for granted either. Those looking to better understand a particular property&rsquo;s risks may wish to consult testing kits. Live Pure Inc. is one of many companies that offers such products; its all-in-one water and air assessment kit will run consumers around $800, with a separate mold and allergens kit coming in around $450. Its comprehensive drinking water quality test runs around $250. Homeowners can also choose to hire one of the growing number of home health inspectors.</p> <h4>Food Sources Closer to Home</h4> <p><img alt="" src="/sites/realtormag.realtor.org/files/rmo_files/images/2018_jan/Jan18_HD_healthy-food.jpg" style="width: 325px; height: 177px; margin: 3px; float: right;" />It seems everyone wants to know where their food is coming from, and that&rsquo;s leading to an uptick in edible home gardens. Utah landscape designer Laurie van Zandt says a good 75 percent of her clients now request vegetable and herb gardens. &ldquo;It&rsquo;s a rarity when someone doesn&rsquo;t want a vegetable garden,&rdquo; says Northern California landscape designer Michael Glassman. He adds that 80 to 90 percent of them also ask for at least a few fruit trees, often dwarf-sized, alongside the growing interest he&rsquo;s seeing in edible vines.</p> <p>Of course, not all homes or climates can support such edible infrastructure. For those with less space, Pickell suggests adding greenhouse-style windows and hanging terrariums. Matthew Rosenberg, acting design principle and owner at M-Rad Architecture + Design in Los Angeles, says he&rsquo;s seeing a new design twist growing in popularity: growing troughs dropped into kitchen countertops. And for those without a green thumb, consider gathering a list of nearby farmers markets, community-supported agriculture options, and food co-ops that offer local produce to help market your listings to locavores.</p> <h4>Improved Artificial Light</h4> <p>It&rsquo;s not just plants that crave light, and most real estate pros are well-versed in the many ways to maximize sunshine in a listing. But for spaces that just don&rsquo;t have great light, new options are coming onto the market and coming down in price. Lightbulbs that change temperature and brightness can complement residents&rsquo; circadian rhythms and help improve their mood. These new bulbs are not the same thing as LEDs with dimmers, which change a bulb&rsquo;s light intensity but don&rsquo;t change the actual temperature. These new options also can be programmed to change automatically throughout the day. &ldquo;In the morning, a homeowner may want the light brighter and cooler, and in the evening less bright and warmer. All this is measured in terms of the bulb&rsquo;s Kelvin temperature,&rdquo; says architect Robert Fornataro, senior associate with SWBR in Rochester, N.Y. Up until recently, these lights have been used mostly in commercial settings due to their high costs. However, Fornataro expects to see them more often in residential applications as demand increases and prices drop. Some examples in the consumer realm already include GE&rsquo;s C Sleep and Phillips&rsquo; Hue White Ambiance.</p> <h4>Emerging &ldquo;Me&rdquo; Spaces</h4> <p><img alt="" src="/sites/realtormag.realtor.org/files/rmo_files/images/2018_jan/Jan18_HD_healthy-retreat.jpg" style="width: 325px; height: 177px; margin: 3px; float: right;" />Connecting with others is a clear boon to emotional and physical health. But the pendulum may have swung too far with a focus on bigger kitchens and open floor plans, especially for introverts. Some homeowners are starting to seek a balance with more solo areas, according to Coldwell Banker&rsquo;s Wolf. &ldquo;They want little pockets of space where they can spend alone time to meditate or read, whether it&rsquo;s in a home, condo, or shared amenity space,&rdquo; he says. Jenny Arrington, a yoga and meditation teacher at Northwestern University&rsquo;s Wellness Center and Kellogg School of Management, advocates carving out a space that appeals to all senses and calms with the use of muted blue and gray colors. Certain staging accessories can help evoke this feeling in a listing&mdash;Arrington suggests avoiding bright colors, using rich textures such as faux fur and embroidery, adding candles with organic scents, and even placing a small fountain or Tibetan singing bowl in a spare room.</p> <blockquote> <p>Learn how to <a href="/home-and-design/feature/article/2017/11/fix-layout-problems-without-changing-walls">carve out private spaces in open layouts</a> without erecting new walls.</p> </blockquote> <p>Architectural designer Eric Rothman says at least one-third of the projects in the works at the eponymous firm he runs alongside his wife Jenny in Atlanta includes &ldquo;some sort of small meditation or prayer room&mdash;typically 10 feet by 10 feet.&rdquo; While most such rooms eschew televisions and focus instead on windows to help clients connect with nature, that&rsquo;s not always the case. One client requested a space where screens are essential. &ldquo;He wanted the space underground and soundproofed so he could play his computer games away from everyone,&rdquo; Rothman says. &ldquo;Everybody has a different interpretation of what they need&rdquo; in their &ldquo;me&rdquo; space.</p> <div class="field field-type-text field-field-show-author-info"> <div class="field-label">Show Author Info?:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Show Author Info? </div> </div> </div> <div class="field field-type-text field-field-teaser"> <div class="field-label">Teaser:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <!--paging_filter--><p>Today&rsquo;s focus on clean, connected, and toxin-free living may have its roots in the hospitality industry, but this trend is making its way into multifamily developments and single-family homes.&nbsp;</p> </div> </div> </div> <div class="field field-type-filefield field-field-main-image"> <div class="field-label">Main Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <div class="filefield-file"><img class="filefield-icon field-icon-image-jpeg" alt="image/jpeg icon" src="http://realtormag.realtor.org/sites/all/modules/filefield/icons/image-x-generic.png" /><a href="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_HD_healthy.jpg" type="image/jpeg; length=344606">jan18_HD_healthy.jpg</a></div> </div> </div> </div> <div class="field field-type-filefield field-field-top3-lp-image"> <div class="field-label">Top 3 Article on Landing Page:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_top3_lp_image" width="149" height="70" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_HD_healthy_0.jpg?1514916976" /> </div> </div> </div> <div class="field field-type-filefield field-field-lp-mainstage-image"> <div class="field-label">Landing Page Mainstage Image:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_lp_mainstage_image" width="830" height="230" alt="" src="http://realtormag.realtor.org/sites/realtormag.realtor.org/files/jan18_LP_HD_healthy.jpg?1514917021" /> </div> </div> </div> <div class="field field-type-nodereference field-field-related-content"> <div class="field-label">Related Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="/home-and-design/feature/article/2017/12/whats-hot-trends-in-pipeline-for-2018">What’s Hot: Trends in the Pipeline for 2018</a> </div> <div class="field-item even"> <a href="/home-and-design/feature/article/2015/09/reenvisioning-way-we-live">Reenvisioning the Way We Live</a> </div> </div> </div> <div class="field field-type-number-integer field-field-mainstage-image-display2"> <div class="field-label">Mainstage Image Display on Content:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> No, don't disable the "Main" image on this article </div> </div> </div> Feature Tue, 02 Jan 2018 16:03:38 +0000 mwhite 24617 at http://realtormag.realtor.org