Spring 2022 REALTOR® Magazine.

T H E B U S I N E S S T O O L F O R R E A L E S TAT E P R O F E S S I O N A L S

SPRING 2022

®

M A G A Z I N E . R E A LT O R

Peers and experts share the tools and techniques you need to take your business, and life, to another level.

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T I P S F A C T S I D E A S

R E A LT O R S ® C O MRMEIA T LT M EONRTS ® C O M M TN MC EE NT T O E X C E L LIE TO EXCELLENCE

2022 2022C2EX C2EXCHALLENGE CHALLENGE Rev up your skill set and Rev up your skill set and rock your association’s rock your association’s chance to become a C2EX chance to become a C2EX Challenge champion – earn Challenge champion – earn your Endorsement today! your Endorsement today!

Competition runs Competition runs February 1 – October 1.

February 1 – October 1.

Amp up your career and get Amp up your career and get ready to get deals done! ready to get deals done!

Get started at C2EX.realtor.

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Yes, our culture does make a difference.

You’ll never feel alone when you are with Weichert®. We believe a positive, encouraging environment is key to success. You’ll be plugged into a skilled team who wants to see you succeed and motivate you to be your best. You’ll be recognized for your achievements with annual awards. You’ll get up-to-date information, weekly webinars, in-person workshops, and Weichert University support to help you grow. Don’t settle for good enough. Go for great. Give your local Weichert office a call today or visit jobs.Weichert.com Each Weichert® franchised office is independently owned and operated. ©2021 Weichert Real Estate Affiliates, Inc. Weichert is a federally registered trademark owned by Weichert Co. All other trademarks are the property of their respective owners.

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features focus The LIST Issue

Rich storytelling marks the fourth generation of That’s Who We R, the national ad campaign that differentiates REALTORS® from agents and apps. Plus, listen in on a new podcast from REALTOR® Magazine. PA G E 9

Pitch Perfect 11

©NAR

Home Front Impress buyers and sellers with your home & design savvy. PA G E 1 4

PRESIDENT

The Rules Doing what’s right is never wrong. PA G E

‘Just like a REALTOR®’; honoring the men and women who serve; sustaining the planet PA G E 4

20

Tech Talk Know more about the platforms and gadgets that can put you on the road to tech success. PA G E 2 3

Being Well Success begins with your personal well-being. PA G E

For Brokers Be the leader that your agents need.

IN THE TRENCHES

27

Readers swallow their pride and share their biggest bloopers.

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TOP OF MIND

Work is underway on numerous fronts to take action against appraisal bias. Agents can have a role, too. PA G E 6

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Take your marketing to the next level. PA G E

YO U R N A R

ECONOMY PA G E 3 0

Interest rate increases, inflation are likely to slow sales. PA G E 8

Vol. 55, No. 2 REALTOR® Magazine (ISSN 1522-0842) is published quarterly by the National Association of REALTORS®, 430 N. Michigan Ave., Chicago, IL 60611–4087. Periodicals postage paid at Chicago, IL, and at a­ dditional mailing offices. Annual subscription included in member dues; $56 nonmembers. Postmaster: Send change of address to REALTOR® Magazine, National Association of REALTORS®, 430 N. Michigan Ave., Chicago, IL 60611–4087. Copyright 2021 by the National Association of REALTORS®. All rights reserved. Printed in the USA and distributed to members of the National Association of REALTORS® and its affiliated institutes, societies, and councils.

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SPRING 2022

MAGAZINE.REALTOR

[ online ] Financial Financial Financial

Coordinate with lenders Research mortgage rates and terms Coordinate with lenders Research mortgage rates and terms Schedule appraisals and inspections Research mortgage rates and terms Schedule appraisals and inspections Schedule appraisals and inspections

Manage attorney reviews Manage attorney reviews Navigate all required state and Manage attorney reviews federal forms Navigate all required state and Navigate all required state and federal forms Handle closing documents federal forms Legal The Competition.Realtor website is a hub of shareable content Handle closing documents Legal closing about how real estateHandle pros and localdocuments MLS broker marketplaces Legal

Competition Is Fierce create competitive, efficient, pro-consumer markets.

Download infographics at competition.realtor.

HOME BUYERS’ SATISFACTION WITH ESTATE AGENTS HOME BUYERS’ SATISFACTION HOMEREAL BUYERS’ SATISFACTION WITH WITH REAL REAL ESTATE ESTATE AGENTS AGENTS 98% 98% 98%

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of first-time home buyers the helped understand say theirthem real estate agent say their real estate agent home buying process. helped them understand the helped them understand the home buying process. home buying process.

REAL ESTATE AGENT TO-DO LIST ® REAL REAL ESTATE ESTATE AGENT AGENT TO-DO TO-DO LIST LIST

web: magazine.realtor | digital: realtormagdigital.com | app: at google play/apple app store REALTOR ® MAGAZINE helps REALTORS® achieve business success by advancing real estate

Educate clients about transaction process Educate clients about Educate clients about process Editorial transaction Officesbroadest transaction process Search database of available homes 430 N. Michigan Ave., Chicago, IL 60611–4087 Search broadest Search broadest 500 New Jersey Ave. N.W., Washington, DChomes 20001–2020 database of available Research information database of available homes ContactNAR@nar.realtor; 800-874-6500 about properties Research information Research information about properties Order reprints 717-399-1900, (The YGS Group) Arrange toursext. of 2230 homes about properties

industry best practices and bringing expert insights on business purchases and strategies.

Manage your Arrange subscriptions At nar.realtor, tours of homesgo to My Account, then Manage Account.

Arrange tours ofinspections homes Navigate home e-newsletters: Click on Subscriptions & Notifications • Subscribe to home inspections or digital magazine: Click on price Subscriptions & Notifications • Opt for printNavigate Negotiate best possible Navigate home inspections address: Click on My Profile • Change yourNegotiate best possible price Negotiate best possible price

Vice President, Content & Creative Susan Welter Director of Content Strategy Jennifer Hajigeorgiou Editor in Chief Stacey Moncrieff | Executive Editor, Digital Graham Wood Copy Editors Bob Soron, Danny Cozzi | Production Manager Wilma Veal

YOUR ADVOCATE Contributors Erica Christoffer, Melissa Dittmann Tracey Digital Content Strategist Marty Gabel | Social Media Strategist Meghan Brozanic YOUR ADVOCATE YOUR ADVOCATE

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Knowledge of real estate Knowledge Knowledge market of real estate of real estate market market

Knowledge of purchase Knowledge Knowledge process of purchase of purchase process process

Honesty and integrity Honesty and Honesty and integrity integrity

Negotiation skills Negotiation Negotiation skills skills

Data according to National Association of REALTORS® 2019 and 2020 Profile of Home Buyers and Sellers Reports Data according to National Association of REALTORS® 2019 and 2020 Data according National of REALTORS® 2019 and 2020 Profile of Home to Buyers and Association Sellers Reports Profile of Home Buyers and Sellers Reports

Expert real estate agents save home Design and Production LTD Creative buyers real timeestate and help takesave stress out of the Expert agents home Expert real estate agents save home home buyers saythe process.

In fact, buyers and91% help take stress out of National time Sales Director Paulaof Fauth buyers time and help take stress out of the they would engage real estate Advertising Alvin their Pulley 91% of home buyersagent say process.

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The representations, information, advice, and opinions presented by

REALTOR® Magazine authors, sponsors, or advertisers are solely their responsibility.

REALTORS are members of the National Association of REALTORS® ®

Find the full disclaimer policy at realtorm.ag/disclaimer.

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National Association of REALTORS® web: nar.realtor REALTOR® and Staff Leadership President Leslie Rouda Smith abr, cips, crb, crs, pmn, ahwd, epro, c2ex President-elect Kenny Parcell abr, crs, ahwd, c2ex First Vice President Tracy Kasper cips, crs, gri, ahwd, sfr, c2ex Treasurer Nancy Lane ccim ahwd, rene, c2ex Immediate Past President Charlie Oppler ahwd, c2ex Vice Presidents Association Affairs, Shannon King gri, epro, mrp; Advocacy, Kaki Lybbert crs, c2ex Member Communications Committee Chair Kristy M. Hairston crs, epro, sfr, c2ex Member Communications Committee Vice Chair Linda Philpott, cips, crs, gri

New American Home Envy Homes built a modern energy-efficient Orlando residence, including a stunning rooftop kitchen, for the International Builders Show’s 2022 New American Home in Florida.

See a slideshow at magazine.realtor/new-american-home-2022.

CEO Bob Goldberg, epro | Advocacy Shannon McGahn | Finance & Internal Operations John Pierpoint | Legal Affairs & Member Experience Katherine Johnson Marketing, Communications, Events & Leadership Resources Victoria Gillespie Member Development Marc Gould, rce, sres, epro, c2ex | Research Lawrence Yun Strategic Business Innovation & Technology Mark Birschbach | Talent Development & Resources Donna Gland Affiliated Organizations CCIM Institute (ccim.com) | Counselors of Real Estate (cre.org) Institute of Real Estate Management (irem.org) | Real Estate Business Institute (crb.com)

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REALTORS® Land Institute (rliland.com) | Residential Real Estate Council (crs.com) Society of Industrial and Office REALTORS® (sior.com) | Women’s Council of REALTORS® (wcr.org) The six core values of the National Association of REALTORS® are members first, leading change, respect, collaboration, communication, and diversity and inclusion. NAR actively supports the federal Fair Housing Act, which prohibits discrimination in housing because of race or color, national origin, religion, sex, familial status, and handicap or disability. NAR’s Code of Ethics also prohibits discrimination on the basis of sexual orientation and gender identity.

How Clubhouse Works Real estate professionals enjoy frank conversations and peer support on this audio-based social media platform.

Visit magazine.realtor/clubhouse.

MAGAZINE.REALTOR

SPRING 2022

3

[ president ]

On Your Side We’re telling your story in the media—and in Washington.

Leslie Rouda Smith talks with Senior Speechwriter Christina Hoffmann

—NAR President Leslie Rouda Smith

4

SPRING 2022

Leslie, what is NAR doing for its members this year?

So much. For one thing, through our consumer advertising campaign, we’re continuing to educate consumers about the REALTOR® difference. In February we rolled out four new ad spots. One follows a man biking through a neighborhood. He arrives at a home, pulls out his mobile phone and—in a surprise twist—lets his buyer know that he found her a shorter biking commute. Isn’t that just like a REALTOR®?

Catch all the spots at ThatsWhoWeR.realtor, or on TV, radio, social, and streaming platforms. Don’t forget to take advantage of turnkey campaign assets in your marketing. REALTORS® have a great story. Let’s tell it!

You’re also telling REALTORS®’ story in Washington.

You recently testified before Congress about the importance of the VA Home Loan Guaranty Program. What was your message?

VA home loans give our nation’s veterans the opportunity to build wealth through homeownership.

But there’s misinformation about the program that causes some sellers to avoid offers with VA loans— and gives some buyers hesitation about using them.

We have to change that. This program is critical to our veterans’ financial security; they’ve sacrificed for the opportunity to use this benefit. VA borrowers are well qualified across the income spectrum. Veterans’ average credit score is 722, and eight out of 10 VA loans close, a rate that exceeds that of other loan types. The time it takes to close a VA loan is competitive with that for FHA and conventional loans.

The Department of Veterans Affairs continues to make improvements to the program; for example, we appreciate the agency’s recent changes to increase the allowance for appraisal fees and streamline turnaround times. NAR will continue to work closely with the VA to address concerns and help our members serve this population. In fact, we recently released a two-part educational video series with the VA that looks at the program and shares solutions to challenges experienced by our members, buyers, and sellers. Watch at nar.realtor/veterans-affairs.

©NAR

“The VA loan program is critical to our veterans’ financial security; they’ve sacrificed for the opportunity to use this benefit.”

Sustainability is an important mission for you personally and professionally. In keeping with the format of our “List Issue,” would you share a few of your favorite sustainability tips?

That’s easy. Let’s start with plastic water bottles.

They take eons to decompose. They clog our seas, harm marine life, and cram our landfills. If you’re in the market for a reusable water bottle, show your REALTOR® pride with one of our branded, insulated bottles from the REALTOR® Team Store. If it’s your first time buying REALTOR® merch, you can get 10% off your order at NARTeamStore.realtor.

Next, how about starting a garden in your yard or on your balcony? Gardens are natural air purifiers— plants absorb carbon dioxide and pollutants and allow for water absorption—and they attract the little powerhouses of our ecosystem, pollinators. Plus, how great are gardens for resale? Bonus points for using native plants.

Finally, you can team up with REALTORS® in your area to bring a sustainability focus to your community. NAR offers placemaking grants to support public space enhancements, like trails and parks. We also have smart growth grants, which can jumpstart redevelopment and preservation of open spaces. Find out more, and read about successful grant projects, at realtorparty.realtor.

MAGAZINE.REALTOR

Discover NAR’s Home for Exceptional Education With 10+ designations and certifications, over 100 microcourses, learning pathways, an awardwinning podcast, and educational events, there is a learning experience for every real estate professional.

Sharpen your skills and boost your business by investing in yourself.

Get started at crd.realtor, or simply scan the QR code to the right.

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Protect your small business from reality with over 30+ customizable coverage options and personalized discounts. Get a quote in as little as 6 minutes at ProgressiveCommercial.com

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[ top of mind ]

Action Steps to Take Against Appraisal Bias Work is underway on multiple fronts to quash bias in the appraisal process. If you see an issue, you can speak up, too.

By Erica Christoffer

Lee Davenport became a real estate professional in 2008. Since then, she says, not a year has gone by when racial bias in an appraisal wasn’t suspected by one of her clients or one of the agents she coaches.

“With this hot market, on the sales side, it’s glaring if the appraisal comes in low for people of color,” says Davenport.

Multiple news stories have examined potential bias in appraisals, reporting cases in which Black homeowners’ valuation came in low, only to increase in a second appraisal after all personally identifiable photos and cultural items were removed.

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SPRING 2022

In September 2021, a Freddie Mac report found that appraisal values are more likely to fall below the contracted sales price in Black and Latino neighborhoods than in predominantly White areas. An evaluation of 12 million appraisals found that 12.5% of properties in Black census tracts and 15.4% in predominantly Latino areas received appraisal values lower than the contract price, compared to 7.4% for those in White neighborhoods.

Then, in December, the Federal Housing Finance Agency released a report, after examining millions of agency property valuations, that found thousands

MAGAZINE.REALTOR

of potential bias cases related to neighborhood descriptions written by appraisers. The report cited examples where appraisers referenced the neighborhood’s racial makeup or the percentage of the local population who were immigrants. In February, Congresswoman Maxine Waters (D-Calif.), chair of the House Financial Services Committee, sent a letter to the Department of Housing and Urban Development, the Appraisal Subcommittee, the Appraisal Foundation, and the Appraisal Institute calling for an investigation. Meanwhile, HUD Secretary Marcia Fudge chairs the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE), created in June 2021 to address discrimination in the appraisal and homebuying process.

INDUSTRY RESPONSE The Appraisal Foundation, which sets congres­sion­ al­ly authorized standards and qualifications for real estate appraisers, now requires that appraisers take a seven-hour course focused on fair housing laws and bias. And the Appraisal Institute recently added a five-hour seminar focused on addressing unconscious bias, updated its code of ethics, and created a practice guide affirming that appraisers should ignore ethnographic and other personal characteristic in property appraisals.

“We’re trying to create a more equitable housing environment in the country … and ensure unconscious bias doesn’t play a role in appraisals,” says Jody Bishop, 2022 president of the Appraisal Institute and senior managing partner of Valbridge Property Advisors in Mount Pleasant, S.C. One way to combat bias is to foster diversity in the industry, says Corey Hammonds, founder and CEO of The Hammonds Group in Nashville, Tenn. In 2016, Hammonds became the youngest African American certified general appraiser in the state of Tennessee.

“It’s an unintended lack of access. Many don’t know what appraisals are and what they do,” says Hammonds. “The qualifications to become an appraiser are very expensive. And people tend to deal with who they know, and if you’re not well connected, it’s a hard industry to tap into.”

There are 78,000 appraisers in the U.S., of whom 85% identify as White and 77% as male, according to The Appraisal Institute. The institute is partnering with Fannie Mae, Freddie Mac, and the National Urban League in an appraiser diversity initiative, reaching out to more diverse candidates and educating them about the appraisal profession.

The National Association of REALTORS® has its own diversity, equity, and inclusion initiative, including a mentoring program known as NAR Spire.

NAR also worked with the Biden administration on the PAVE Action Plan, released in March, which

MAGAZINE.REALTOR

provides 21 recommendations for both improving government oversight of the appraisal industry and working with federal agencies and stakeholders to educate consumers on how to recognize and report potential instances of appraisal bias. The action plan also suggests developing procedures to ensure automated valuation models do not incorporate bias in their estimations of value.

WHAT SALESPEOPLE CAN DO Real estate professionals can play a major role in combating racial bias by identifying red flags and taking recourse on behalf of their clients. Hammonds says agents should equip their buyers and sellers with knowledge about the appraisal process. Often, marginalized borrowers, including those in the Black, Hispanic, and Indigenous communities, have not had models of homeowner­ship.

“They might not know they can dispute an appraisal or steps they can take to request a second one,” says –Freddie Mac report, 2021 Tai Christensen, diversity, equity & inclusion officer at CBC Mortgage Agency, an FHA specialist whose mission is to help erase the racial disparity in real estate.“We lean into homeownership education, and our prospective buyers are taught about appraisals and appraisal bias and what that means.”

Davenport suggests asking lenders about their policies for handling racial bias in appraisals.

In another proactive move, agents can present comparable sales and facts about the house, including a list of recent updates and repairs. “I accept any information that a homeowner or agent gives me. Its’s helpful,” Bishop says. “If an appraiser rejects it, that would be a red flag to me.”

If you still believe an appraiser has reached a conclusion that’s inaccurate or biased, the Appraisal Institute’s site outlines steps for reconsideration of value. Beyond that, agents who suspect bias can work with their client to file a report with their state housing authorities or a federal agency like HUD, says LendingTree Senior Economic Analyst Jacob Channel. “The Federal Trade Commission provides a good resource for how to spot mortgage discrimination and what those impacted by it can do in response,” he adds.

“I believe overwhelmingly there are more people today committed to listening, learning, and changing,” Bishop says.

“

appraisal values … are more likely to fall below the contracted sales price in Black and Latino neighborhoods than in predominantly White areas.

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[ economy ]

Calmer Market Ahead Expect some easing in sales, though prices will continue to inch higher.

Lawrence Yun NAR chief economist

The past two years have been quite exceptional for real estate. Home sales boomed. Home prices rose at the fastest rate in modern times. However, such a strong housing market created growing pains.

Inventory shrank to its lowest count ever. Even through the recent winter months, the inventory that has made it onto the market has typically attracted multiple bidders—and, increasingly, investors offering cash. Twenty-two percent of recent transactions were investor purchases, up from 15% a year ago, and 27% of transactions were cash-only deals, up from 19% a year ago. That’s putting a strain on first-time buyers. Moreover, mortgage rates are notably higher as the Federal Reserve moves from a quantitative easing monetary policy, quickly buying up mortgages, to what is in essence a quantitative squeezing that does the opposite. With all this in mind, what’s ahead?

Let’s begin with the jobs picture. Although the unemployment rate is back to normal at 4%, the economy is still short by nearly 3 million jobs compared to before the pandemic. But that hasn’t held back housing sales. Existing-home sales reached 6.12 million in 2021, the best since 2006.

The median home price reached an all-time high of $347,100, a one-year gain of 16.9%.

A few states actually have more jobs now than before the COVID-19 days. They are Utah, Idaho, Texas, Arizona, Georgia, and Montana in order of performance. Those are also the states experiencing extra strong real estate activity, both in residential and commercial markets. Jobs are important.

What now, given the diminishing pandemic— fingers crossed—and rising mortgage rates? Office workers will need to get back to the office. Maybe the new work model will be some form of hybrid, with a few days each week spent in the office. This still means locational choices do not have to be inherently dependent on big-city downtowns. It’s fine to live farther from the city, given less time spent on the commute. Higher mortgage rates, though, will lock out some would-be buyers. In very high-cost areas, the increase means about $500 more in monthly mortgage payments for the typical borrower. Consequently, home sales will come down 2% to 4% in 2022. If inflation remains stubbornly high and the Fed is forced to be even more aggressive, then home sales could fall by as much as 10%.

Prices will keep rising, though, since getting to a balanced market will take time. The turnaround may occur by the middle of the year. Expect calmer home price gains of 3% to 6% per year in 2022 and 2023.

Housing Shortage Worsens Months’ supply—the number of months it would take for the current inventory of homes on the market to sell given the current sales pace—sits at just 1.6 months, down slightly from the 1.7-month figure recorded in December 2021.

Supply & Demand

First-time Buyer Share Decreasing

All trend lines are national from January 2021 to January 2022.

First-time buyers made up 27% of the home sales market in January 2022, down from 30% in December 2021 and 33% one year ago. Meanwhile, the share of buyers who purchased 35% 35% an investment or vacation home rose to 22% in January 2022, up from 17% in December 2021 and 15% one year ago.

34% 34%

6.50 Million

33% 33%

$350,300

32% 32%

860

Thousand

31% 31% 30% 30% 29% 29%

SOURCE: NAR

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2021/12

2022/01

2021/11

2021/10

2021/09

2021/07

2021/08

2021/06

2021/05

25% 25%

2021/04

at the end of the month

PRICE National median

27% 27% 26% 26%

2021/02

INVENTORY Number of existing homes on the market

28% 28%

2021/03

rate, which is the actual rate of sales for the month, multiplied by 12 and adjusted for seasonal sales differences

2021/01

EXISTING-HOME SALES Seasonally adjusted annual

SOURCE: NAR

MAGAZINE.REALTOR

[ your nar ]

Let’s Talk Real Estate

©NAR

Your peers chat about the business in the new “Drive With NAR” podcast.

The REALTOR® Difference 2022 ad campaign showcases what sets REALTORS® apart.

A REALTOR® helps a couple evaluate a home for wheelchair access. Another helps buyers navigate the crisis when disaster strikes the home they have under contract. For clients looking to open a restaurant, a REALTOR® locates just the right spot to bring a family history back to life.

Members who’ve seen the latest commercials from the National Association of REALTORS®’ award-winning “That’s Who We R” campaign say they’re spot on—capturing the countless ways REALTORS® make a difference for their clients. “I can see my past clients and fellow members in these spots,” says Justin Knoll, 2022 chair of NAR’s Consumer Communications Committee, which oversees the campaign. “They demonstrate how crucial it is to be the best advocate we can for our clients’ housing dreams.”

Through TV, radio, social media, and branded content partnerships, NAR is emphasizing the difference between REALTORS® and non-member agents and listing apps. “We’re telling human stories about REALTORS®’ extraordinary caring and their commitment to ethics,” says Karen Bebart, director of consumer strategy and brand advertising. In every placement, consumers are reminded, “There’s a difference between an agent and a REALTOR®, and the difference is real.”

A RARE VALUE

Unscripted. Engaging. Real. That’s “Drive With NAR,” a new monthly podcast powered by REALTOR® Magazine.

“Unlike other real estate podcasts, ‘Drive With NAR’ is peer to peer—REALTOR® to REALTOR®,” says podcast host Janelle Brevard, the National Association of REALTORS®’ chief storyteller.

In each episode, Brevard sits down with REALTORS®—veteran practitioners as well as those newer to the business—to discuss a theme. The podcast launched in March with episodes on technology; diversity, equity, and inclusion; and women in luxury real estate. April’s podcast examines who’s being left out of fair housing conversations.

Guests share personal stories and discuss tools, techniques, and strategies. giving you information, insight, and inspiration to help you achieve your personal and business goals.

“The conversations will draw you in, hit some emotional chords, make you laugh, and teach you invaluable lessons from the experiences of your colleagues,” Brevard says. “Tune in and I promise you a stimulating and satisfying experience.”

You can listen to “Drive With NAR” at magazine.realtor/drive or wherever you get your podcasts.

The ad campaign wouldn’t be possible without your support. Every member contributes a nominal amount each year, enabling REALTORS® to have exposure on a national scale not possible for most professional associations, says Bebart, who has spearheaded the campaign since the inception of That’s Who We R, nearly four years ago. The campaign drives mass visibility through live events, such as the Summer Games in Tokyo and, this year, NCAA’s March Madness. In 2021 alone, the campaign achieved nearly 3 billion impressions.

“Keeping our brand top of mind, driving home the distinction REALTORS® have, is essential,” Bebart says. “If we don’t tell our brand story in a way that matters to consumers, using effective messaging in media that reaches our target audience, the essence of who REALTORS® are could become diluted.”

Watch the new TV spots and download campaign assets to use in your own marketing at ThatsWhoWeR.realtor.

MAGAZINE.REALTOR

SPRING 2022

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TAKE YOUR BUSINESS

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The LIST Issue

T I P S F A C T S I D E A S

HIGHER These are uncertain times to be sure, with the spectre of conflict abroad and inflation at home. What is certain: A home of one’s own has never felt so essential. Home sales surged in January as buyers locked in low rates, setting off a year that may not surpass 2021 but has plenty of steam. At the same time, the business has never been more competitive. With inventory at an all-time low and National Association of REALTORS® membership at an all-time high, you need all the edge you can get. Our “list issue” is here to provide inspiration as you work to generate new business, delight your customers, and stay on the right side of the law. Take a deep breath, and dive in.

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C O N T R I B U TO R S :

BA R BA RA BA L L I N G E R E R I CA C H R I STO F F E R AU T U M N G I UST I

C H R I ST I N A H O F F M A N N G I N A RAU T E N B E RG D E A N N E RY M A ROW I CZ M E L I SSA T RAC E Y G RA H A M WO O D

MAGAZINE.REALTOR

4 Ways to Build Referral Business

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Your networking can pay dividends.

Thirty-year real estate veteran Gary Rogers, abr, crs, broker-owner, RE/MAX on the Charles, Waltham, Mass., has focused on generating incoming and outgoing referrals throughout his career. He shares four of his most useful tips for building agent-to-agent relationships.

©NERTHUZ/GETTY IMAGES

Pitch Perfect Be the Go-to for Relo A little TLC can make out-of-town buyers feel right at home.

As people take advantage of new telecommuting flexibility at work, you may encounter more people making long-distance moves for affordability or to be near family and friends. Be ready to capture that business and provide great service to those moving into and out of your city. Here’s how:

Build a national network. Attend industry events and volunteer with national organizations, such as the National Association of REALTORS® (nar.realtor/ national-leadership/committee-members-liaisons). You’ll build real relationships from coast to coast. Likewise, obtaining and maintaining designations such as the Accredited Buyers Representative or Certified Residential Specialist will give you access to a network of professionals dedicated to furthering their education (nar. realtor/education/designations-and-certifications).

Focus on meaningful connections.

It’s not about giving your business card to everyone you meet. The purpose of exchanging business cards, he says, is to facilitate further communication after an initial connection.

Double down on your niche. Staying hyperfocused on a particular market segment demonstrates to your referral network and to potential clients who fit your target audience that you’re the local expert. Craig Foley, green, chief sustainability officer for LAER Realty Partners in Melrose, Mass., is known locally and nationally for his sustainability expertise. So, when a Florida buyer was looking to relocate to a highperformance home in the Boston area, Foley got the referral—and the $2 million sale.

Use referral business cards. Create a separate set of cards to use for networking with other agents and brokers. Include info on who you are, a visual or text explainer of your market area, a nod to your experience, and an easy way to contact you.

Partner with movers. Have you ever been asked for a list of recommended moving companies? Show trusted movers that you’re the agent who can help moves go smoothly, and you’ll be on their list of recommendations, too.

Set up a referral website. If you’re more serious about making referrals a primary source of business, build a dedicated website with an easyto-­remember URL, specifics about your market, and info that makes you memorable.

Be clear and flexible in communications. Maintaining regular contact and answering questions quickly is always important, but it’s especially critical when you’re facilitating a long-distance move. Besides finding out what method of communication your clients prefer—text, email, or phone or video call—make sure you know the best times to reach them. When working across time zones, specify the zone in meeting invitations.

Customize your directory profiles.

Referral directories may seem outdated, but Rogers says they’re still widely used by many agents. Fill out every field and make it clear that you’re an active agent.

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Make a relocation checklist. With so many details for buyers to think about when relocating, agents can help them stay organized by providing a detailed checklist that helps them get through tasks such as changes of address and school enrollment.

Provide a resource list. Most buyers who are new to the area will appreciate your help building their network of service providers—not just lenders and other allied professionals but also local resources: neighborhood groups, child care providers, health care professionals, and so on. To make their transition easier, put together a customized list based on the buyers’ interests.

Sources: Lisa Adkins, abr, gri, RE/MAX Platinum, O’Fallon, Mo.; Jeff Dowler, eXp Realty of California, San Ramon, Calif.; Craig Foley, green, LAER Realty Partners, Melrose, Mass.

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Pitch Perfect

9 Steps to Produce an Engaging Newsletter Melanie Everett, broker-owner of Melanie Everett & Co. in Chicago, crafts her monthly e-newsletter with a personal flair. She includes a roundup of products and services she loves, titled “Things You Should … Eat, Read, Shop,” and features past clients, highlighting their completed renovations.

“I write everything myself,” Everett says. “It takes time, it’s worth it. I make my content as original as possible and try to provide value.”

Getting personal with your content is a great approach, says Tonya Eberhart, founder of BrandFace and author of BrandFace for Real Estate Professionals. “If you do it right, you’ll build familiarity so that when your customers do need a real estate professional, you are the one they think of.”

Consider these nine steps for crafting an effective, eye-catching newsletter.

1. Don’t reinvent the wheel. Use newsletter templates available through your customer relationship management program or other sources.

2. Choose a vendor. There are a lot of advantages to setting up your email marketing through your CRM or an email marketing service, including the ability to automate, personalize, and track the performance of your emails. It’ll also make it easier to follow federal CAN-SPAM laws, which require that you offer a way to opt out and that you honor opt-outs promptly.

3. Choose a frequency. Decide whether you’re going to send emails weekly or monthly and stick to your schedule.

4. Show your face. A professional head shot should be part of your template.

“Facial recall is very important to recognition,” Eberhart says.

5. Use the 90/10 rule for content. Keep content short and focused: 90% should be useful information and stories while 10% should be promotional content, says Danielle Cotter, co-founder of Tundra Digital Marketing in Minneapolis. Sharing

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©ALI KEREM/GETTY IMAGES

Hook readers with short, personalized content that highlights who you are.

what you enjoy makes you familiar and approachable, Eberhart adds. Beth Brockette, crs, gri, associate broker with Ruhl&Ruhl, REALTORS®, in Cedar Rapids, Iowa, shares favorite seasonal or holiday recipes. And there’s nothing wrong with supplementing your own storytelling with content from trusted third-party sources (see “Where to Find Great, Free Content”).

6. Entice readers with conversational subject lines. Engaging subject lines often either tease a benefit for readers or propose a solution to a problem, such as: “Feel more confident doing your own painting with 3 easy steps.” Numbers stand out visually, Cotter says.

7. Feature your community. Give your readers the inside scoop on life in your town. For example, offer useful info on leaf disposal in a suburban neighborhood or guest parking in an urban area.

You also can feature other businesses and services in the area. “If you have clients who are buying a house and moving to the community, they want to know what amenities are in the area,” Cotter says.

8. Drive ideas with research. Brockette researches lesser-known but important awareness campaigns for homeowners, such as Fire Safety Week in October, and provides relevant tips.

It’s a way for her to develop themes for her newsletters and enhance the information she’s providing.

9. Test each newsletter. Proofread your work, and do a quality control check to see how the newsletter will look to readers on their mobile device or computer, Eberhart says. Make sure the text is legible. For the best photo resolution, use images at least 600 pixels wide.

Where to Find Great, Free Content You may not have the time to produce all the content for your newsletters. Try supplementing by pointing your readers to high-quality content at trusted sources. Here are some great options: ⦁ REALTOR® Content Resource: RCR, from NAR’s consumer-facing website HouseLogic.com, has how-to articles on all aspects of homeownership, from the buying and selling process to design and maintenance.

Visit members.houselogic.com. ⦁ REALTOR® Magazine: The magazine publishes a wide range of business content, some of which

is designed to be shared with customers. (To reprint entire articles, find reprint guidelines at magazine. realtor/services.) ⦁ Photofy: This app enables you to download social media assets from NAR’s That’s Who We R campaign and share messages with clients reinforcing the unique value of a REALTOR®. Visit photofy.com/nar. ⦁ Realtor.com®: The real estate portal, operated by Move.com, has a “News & Insights” section with consumer-facing content.

Visit realtor.com/news.

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Hey, Check This Listing Out! The need to market your listings to other agents has taken a back seat in a time of high demand. But now may be the time to start thinking about creative tactics for agent-to-agent marketing.

Get reel. Social media platforms like TikTok and Instagram reels are ideal for hosting short, entertaining listing videos. Round out posts with a hashtag containing the town name and the words “real estate”—such as #dfwrealestate in Dallas–Fort Worth—and share the videos directly with agents in the area.

Help agents get camera-ready.

Bring a lifestyle photographer to your next broker open house and give agents in attendance a chance to get a new head shot. Attendees get a quick, easy, and free branding session; you and your property become memorable to them.

Make an unbranded video tour. Do a 60-second, unbranded video tour of the property. Send it to agents, and give them permission to brand it for themselves and share it on social media and with clients.

If you’re adept at video editing, you could even offer to brand it for them.

Let your listings tell a story.

Curate a mix of stunning property photos and carefully crafted words to build a narrative about your listing. Then, test it out on other agents to see if your story is resonating with them. Use the feedback to refine and perfect your story before entering the final product into the MLS. Important note: When marketing to other agents, be sure you’re following the National Association of REALTORS®’ MLS Clear Cooperation Policy, which requires MLS participants to submit a listing to the MLS within one business day of publicly marketing the property in any other way.

Rookie Year

Do You Write Good?

Let’s hope you write well!

Grammar is your business, too.

Everything you do reflects your image. So that social media post that spells “lose” as “loose,” or the thank-you letter in which the subject and verb don’t agree? Those are piddly mistakes, right? Au contraire. Your writing and communication are part of your brand, too, and people will notice. Let’s test your grammar knowledge.

1. Which is correct?

A. If you have any questions about the contract, please email Tim and I. B. If you have any questions about the contract, please email Tim and me.

Answer: B. Although A sounds correct, it’s not. Use “me” rather than “I” as the object of a sentence. An easy way to make sure you use the proper pronoun: Read the sentence without the other name. You wouldn’t say “Please email I,” right?

2. Which is correct?

A. The new bathroom tile has been lying in the garage since Tuesday.

B. The new bathroom tile has been laying in the garage since Tuesday.

Answer: A. Merriam-Webster (REALTOR® Magazine’s dictionary of record, we might add!) explains that “lay” means to place something or someone, the object of the sentence, down in a flat position. “Lie” means to be in a flat position on a surface.

The person or object—the tile, in this case— is already in that position.

SCOREKEEPING How’d you do?

3. What’s wrong with this sentence?

After getting the offer letter, the bid was too low.

Answer: There’s a dangling modifier.

The first clause doesn’t apply to the noun in the second. You could rewrite it as “After reading the offer letter, I recommend we counter with a higher bid.”

4. Which sentence is correct?

A. I spoke to the contractor that will fix the water problem in the basement.

B. I spoke to the contractor who will fix the water problem in the basement.

Answer: B. “Who” and “that” are frequently thought to be interchangeable.

Careful writers use “who” if the subject is a person. “That” applies to things— objects, businesses, concepts.

Four right: Hey, grammar pants, want a job at the magazine?

Three or fewer: Brushing up isn’t hard to do. Check out tools like Grammarly. com, a free download, and take a few of the free quizzes online. Just search for “free grammar quiz.”

Sources: Courtney Benson, gri, Coldwell Banker Realty, Plano, Texas; Kimberly Dotseth, Blend Luxury Real Estate, San Diego; Danny Margagliano, World Impact Real Estate, Destin, Fla.; Rachel Rivera, GNO Realty LLC, Metairie, La.

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Home Front 7 New Smart-Home Products Give clients a preview of the latest gizmos for the home featured at CES 2022.

You don’t need to attend the annual CES event in Las Vegas to get excited about advancements in home tech.

1. Firewalla is a smart firewall that plugs into any router to enhance the security of home networks, including the many smart-home devices that most households now use. It blocks unwanted sites and ads and offers parental controls and a personal VPN. Price: Starting at $140; up to $468 for router and firewall combo 2. Roborock’s new S7 Max V Ultra is a smart vacuum with a mop. It uses sonic technology to scrub the floor up to 3,000 times per minute; the mop lifts when carpet is detected. LIDAR navigation creates detailed maps and can identify rooms across four levels.

Price: $650

3. The AI-capable Samsung Home Hub, like Amazon’s and Google’s hubs, includes a screen for seeing and connecting all smart appliances in a home.

Price: TBD 4. Coway’s Smart Care Air Mattress and Smart Sleep Solution detects the user’s sleep position and body pressure and adjusts accordingly. It can connect with air care products to produce the optimal humidity.

Price and release date: TBD 5. Wagz is a smart dog collar and wireless fence system with an app that includes GPS tracking. Users can train their dogs with sound and vibration (not shocks) and track a pet’s paths, whereabouts, and sleep cycle. Switch on an LED for nighttime walks.

Price: $250

6. Sengled’s health-monitoring smart lightbulb includes biometric tracking of a user’s heart rate, body temperature, and other vital signs. A Bluetooth mesh network can even help detect falls and send for help.

Price: TBD 7. One of the biggest trends at CES 2022 was the unveiling of new electric vehicles from GM, Mercedes-Benz, BMW, and Sony Mobility. Several companies showcased charging solutions. For example, the Wallbox Quasar bidirectional home charger allows homeowners to charge the vehicle and use the car battery to power the home or grid.

Price: $4,000 Source: Brandon Doyle, abr, epro, RE/MAX Results in the Twin Cities. For Doyle’s Ultimate Smart Home Series, visit magazine.realtor/ smart-home-series.

3 Mistakes to Avoid When Flipping a House

©GOFORCLOSE

Don’t cut corners when selecting, updating properties.

As appreciation begins to slow and interest rates rise, making money from a fixer-upper becomes less of a guaranteed win. A key to success is doing homework about what’s a good contender to be transformed and how to avoid the biggest mistakes. Josh Miller, left, gave up a corporate job to found GoForClose in 2019, an all-inclusive marketing agency for real estate investors and wholesalers. He cites three mistakes your investor clients should avoid: 1. Choosing the wrong right location. A property is worth as much as its location, Miller says. Look for desirable amenities like shopping, entertainment outlets, and recreation—and watch out for what Miller calls “irritants,” such as busy streets and other sources of noise. “To put it simply,” Miller says, “your best deals are those properties that are neglected and need a little TLC but are in a great neighborhood.”

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2. Choosing a contractor based on price rather than quality and speed. Investors sometimes try to save a buck, says Miller, so they hire a contractor who promises to make repairs and improvements for an affordable price or at a discount.

“As the saying goes: You get what you pay for, and cheap labor yields cheap results,” he says. Find someone who offers both quality and speed—so work gets done fast and is worth the expense.

3. Not crunching the numbers. Miller’s adage is that you make money when you buy, not when you sell. “Before you purchase any property,” he says, “crunch the numbers to determine if it will give you a good return on investment.

Add the purchase price to the fix-and-flip expenses, include closing and carrying costs and contractor and real estate commissions, if applicable. Calculate the maximum allowable offer, and if the numbers make sense, make an offer.”

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5 Improvements That Shout ‘Updated!’

Move-in-ready listings bring top dollar.

1. Hardwood flooring is cleaner than carpet and offers a look that can be contemporary or traditional based on color, pattern, and length and width of boards, says Chicago designer Tom Segal of Kaufman Segal Design.

“Prefinished options have expanded choice and personalization, and beautiful rugs atop them add an accent and change the feel,” Segal says. Architect Steven Lee of Page & Turnbull is exploring wood laminate, luxury vinyl tile, and rigid core flooring.

Another flooring trend is to keep to the same material on the main level. “Gone are the days of tile in the entryway and kitchen, carpet in the living room, and wood floor in the dining room,” says Milwaukee designer Suzan Wemlinger of Suzan J. Designs/Decorating Den. “It makes a room look disjointed and visually unappealing.”

2. Steam ovens, valued for their humidity and temperature control, are being installed in more kitchens. Boston-area kitchen designer Jodi L. Swartz of KitchenVisions now includes one in almost every kitchen she designs.

3. Built-in bookcases combine storage and style as homeowners return to reading print books rather than downloading e-books. Trade magazine Printing Impressions reported that sales of print books rose 8.2% in 2020, based on data from NPD. Carefully curated bookshelves have become

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handsome backdrops for Zoom calls as work-from-home routines continue. To get the right look, homeowners should consider some closed storage, how the scale works in the room, and whether they want lights, Segal says.

sense of self-reliance and sustainability, Glassman says, who adds this caveat: Check what animals, and how many of them, a community permits.

4. Warmer palettes—light beiges, creams, and all shades of green—are replacing stark whites and cool grays, according to designer and staging expert Kristie Barnett of The Decorologist in Nashville. “All-white and even black exteriors are still selling like hotcakes,” she says, “but they are changing the look of neighborhoods where remodels and new builds abound to the point of saturation.” © MICHAEL GLASSMAN

“Houses that need updating put a pause in buyers’ minds,” says salesperson Stephanie Mallios of Compass NJ in Short Hills, N.J. “Renters usually have no idea how much it costs to make repairs, so they think in broad brushstrokes of prices—$10,000, $20,000—and start deducting from their offer.” Here are improvements that many buyers are loving today.

5. Chicken coops (along with sheep, goats, and llamas) found their way into more residential yards during the pandemic, says Sacramento, Calif.– based landscape designer Michael Glassman. Chickens give owners a

Rustic Gives Way to Casual Chic Bid farmhouse style adieu as modern mountain and other styles step in. The farmhouse look was overdone.

“Too many embraced it literally,” says designer Suzan Wemlinger, “with shiplap everywhere, tons of rustic wood, chipped or distressed paint on everything.”

Her advice “We don’t want too much of a good thing. If it’s everywhere, it loses its impact.”

For those who want a bit of a homey farmhouse look, she suggests mixing

some of its elements with modern touches. “I’ve always mixed eras and styles so that something doesn’t scream a specific look, has greater longevity, and appeals to a broader base. It’s also easier to switch items out, such as pillows, without changing the whole room,” Wemlinger says.

Modern mountain style has some of the same rustic elements as farmhouse, such as beamed ceilings, dark wood, and earthy textures, while offering a more refined

aesthetic. “It has some color, but also has hints of black for an updated modern, clean-lined feel.

And it’s less busy,” she says. “Modern abstract art would be at home in this environment.”

Designer Kristie Barnett of The Decorologist notes other style trends emerging, based on RentCafe’s reporting of increased searches on Google: Japandi, Dark Academia, Grandmillennial, Cottagecore, and Maximalism.

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Advertorial

3 HOMEBUYING GENERATIONS TO WATCH Real Estate Buyer’s Agent Council (REBAC) course illuminates the generational segments of today’s homebuyers.

Age is just a number. That is, until you focus on the habits and preferences of homebuyers. After all, each generation has its unique characteristics, life experiences, and pop culture references. Buyer’s representatives who recognize the differences are more prepared to meet their clients’ needs.

To gain a better understanding of today’s diverse buyers, buyer’s reps can take the newly revamped REBAC elective course, “Buyers by Generation: Success in Every Segment,” which fulfills the course elective requirement to earn the Accredited Buyer’s Representative (ABR®) designation. The course explores how buyer’s reps can tailor their marketing and communications for more effective outreach.

“Understanding the history that people have lived through and what makes them tick sets a real estate professional up for success,” says Mandy Neat, managing broker with Realty One Group in Phoenix and an instructor for the course.

Millennials (1981–1996) Millennials are establishing their careers and forming households and families. They comprise the largest segment of homebuyers in the housing market. Nearly nine out of 10 first-time homebuyers are part of the millennial generation.

Median home price: $250,000 (ages 23 to 31); $315,000 (ages 32 to 41)* Trend to watch: They are facing financial hurdles and competing in a market with rapidly rising prices.

How buyer’s representatives can help: Position yourself as an educator, and have information that speaks to first-time homebuyers on your website, blog, or social posts (e.g., share information on local down payment assistance programs).

In buyer counseling sessions, provide a summary of the home buying steps. (The course offers a sample timeline and flowchart.) Use each step to reinforce the value of having a buyer’s rep by their side. Also, provide resources for home financing, and consider partnering with a lender to offer tailored guidance to first-timers who need extra help moving toward homeownership, such as with improving credit scores or down payment assistance.

Generation X (1965–1980) Also known as the “sandwich generation,” Gen X falls between two larger segments. They also tend to feel sandwiched between responsibilities—caring for both children and parents. Members of Gen X tend to be in their peak earning years. They make up nearly a quarter of recent homebuyers, according to NAR’s 2022 Home Buyer and Seller Generational Trends Report.

Median home price: $320,000 (ages 42 to 56)* Trend to watch: A growing desire or need to find multigenerational housing. Among those aged 42 to 56, 15% are searching for a home where they can care for aging parents or accommodate children or relatives over 18.

How buyer’s representatives can help: Move-up buyers may have bigger expectations for their next home. They tend to buy larger homes than other age groups (a median of 2,300 square feet in 2021). Identify housing inventory to fulfill possible multigenerational home desires. Foster a network of contractors who can help clients retrofit for multigenerational living (e.g., separate entrances, extra bedrooms, and wide hallways for aging in place). Know the local laws on Accessory Dwelling Units (ADUs). In a multigenerational transaction, multiple parties often have a voice. The course offers sample questions and checklists to review with clients, covering multiple funding sources and addressing differences in housing expectations.

Baby Boomers (1946–1964) Don’t call them “senior citizens.” This is the “forever young” generation. They are redefining what it means to age and retire while maintaining active lifestyles. Many baby boomers are entering a new phase of their life, and their housing needs are varied. They may be looking to downsize, upsize, or buy a vacation or investment home—and have the financial resources to do it.

Median home price: $301,000 (ages 57 to 66); $295,000 (ages 67 to 75)* Trend to watch: They have a growing desire for second homes or investment properties. About 17% of boomers already own one or more vacation or investment homes. Second homes may be used as a retirement retreat, family gathering place, or income generator.

How buyer’s representatives can help: Boomers may be interested in purchasing a second home out of state or finding a home that allows them to age in place. As an ABR®, you can access a worldwide network for referral opportunities to serve their varied needs. Consider hosting seminars or webinars on topics that would appeal to them, such as real estate investing or senior housing options. (Fourteen percent of buyers over 50 last year sought a more maintenance-free home.) Although boomers tend to be experienced homebuyers, don’t assume they’re comfortable navigating today’s market realities. The course offers sample questions to learn about their prior real estate experience and gauge their potential concerns.

Learn more about the course and register at abr.realtor/bbg.

* Median home prices and trends come from the 2022 NAR Home Buyer and Seller Generational Trends Report.

Become the Buyer’s Rep for All Ages. Accredited Buyer’s Representative (ABR®) designees have the specialized education and experience to advocate for homebuyers. Get started at abr.realtor.

Marketing materials, referral opportunities, and more. Find Earn your ABR® Designation. everything need to grow your business in the Member Get startedyou at abr.realtor Center at scanning abr.realtor, byQR simply by simply this code.scanning this QR code.

Home Front

I Have to Pay for That?

First-time buyers may not know what it takes to maintain their home. Good thing they have you.

HVAC system. It should be cleaned and tested at the start of a season—furnace in the fall and central air (or units) in the spring. Shrubbery should be kept from the AC’s outside condenser unit, says contractor Michael Kozas. Boilers should also be cleaned and hot water heaters inspected, he says. Homeowners should change filters regularly.

Exterior water and foundation. Owners should drain hoses and turn off outside spigots before winter to avoid burst pipes. Speaking of water, snow, and ice, they all can cause foundation damage.

Owners should conduct a yearly check.

For an unfinished basement or crawl space, that means shining a flashlight on walls, creases, and floors, says Tim Tracy of Groundworks, foundation specialists.

For a finished basement, it means checking drywall for cracks or stains.

Outside, topsoil should be pitched away so water won’t collect and leak into the basement, Kozas says.

Gutters and downspouts. Most home experts recommend having them cleaned in the late fall after leaves have dropped and in the spring, Rarely is this a DIY project, since climbing on a roof can be precarious.

Roof and chimney. Experts should check a roof yearly for missing shingles or holes and around flashing. The goal is to stop water and animals from getting in.

Chimney experts should check for cracks in mortar when they clean a flue.

Septic system and well. Be sure the septic tank is pumped every three years or so, depending on its size and how many people reside in the house. Wells should be inspected annually.

Smoke and carbon monoxide detectors and fire extinguishers. All levels of a

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When they experience their first leaky faucet, cold blast of air, or foundation crack, many first-time home buyers panic. Help ward off regret by connecting them with specialists and giving them a rundown of important maintenance checks.

house should have these. The smoke and carbon dioxide detectors should be placed near each bedroom, and batteries should be replaced as needed. One fire extinguisher should go in the kitchen, and families should discuss a home fire escape plan that includes pets.

Pest control. Some homeowners like to be their own patrol service. Others want a professional to inspect every few months, both indoors and outside, since termites and carpenter ants are hard to detect, says Kozas. All owners should know what wildlife frequents their area.

See iIllustrations of different animals’ footprints at almanac.com/content/ animal-track-identification.

Rookie Year

Test Your Home Style Savvy You know what makes for great curb appeal— healthy landscaping, pops of color, well-executed carpentry, and an excellent paint job in neutral colors. But how much do you know about architectural styles and features, along with their history? Having a sound background in residential architecture—like what makes one Queen Anne home more authentic than another or how Doric columns belong on a Neoclassical home while Corinthian columns are historically suited for a Greek Revival—could help you snag pricier listings and give buyers insights into homes they’re viewing.

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1. What features are most prominent in a Queen Anne house?

A. Steep roof with cross gables B. Symmetrical front facade C. Multicolored palettes Answer: A and C. The Queen Anne style, popular after the Civil War, often features wooden “gingerbread” trim and elaborate paint jobs.

Source: REALTOR® Magazine’s Guide to Home Architectural Styles

2. What are some interesting facts about the bungalow-style house?

A. It originated in the Northeast region after World War II for returning veterans.

B. Several companies sold bungalow kits through mail-order catalogs.

C. Dormer bungalows offered the appeal of stable temperatures throughout the different yearly seasons.

Answer: B. Bungalows originated in California during the 1880s and moved eastward to the Midwest, where they remained popular until the Great Depression.

Source: REALTOR® Magazine’s Guide to Home Architectural Styles

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Getting Over Home Improvement Hurdles 7 tips for COVID-19 weary remodelers Almost every homeowner has a home improvement horror story to share—not finding an available remodeler, waiting months for appliances, having doors delivered that are the wrong size. To make matters worse, prices have skyrocketed for many items, often after a contract is signed. While these challenges don’t fall within a normal sales pro’s job, the times aren’t normal. Help ease homeowner stress by sharing these seven remedies.

4. Scale back. For the first time in 38 years, Wiles is putting into contracts that the homeowner will cover a price change rather than have him absorb it. “We’ve never seen anything like this, with lumberyards holding a price for only two days,” he says.

Jepsen says lumber was up about 400% at its worst point.

Owners can lower costs before work begins by scaling back a project’s complexity and using less-costly products.

1. Channel patience. The best contractors are booked farther out. Owners should be as prepared as possible by asking neighbors for recommendations, making a list of what they want done, assembling images, setting a budget, and being flexible about a timetable.

5. Consider reclaimed materials. They can adds charm, save an owner money, and contribute to sustainability. “Good reclaimed materials may be difficult to come by,” says Jepsen, “but they can be worth it.”

2. Consider storage. Architect Allan J. Grant says clients are concerned about delivery delays that hold up construction.

One solution is to purchase goods well ahead of time and pay for a storage unit. Another is to check with a manufacturer to learn if the stated lead times are accurate, says Thomas Jepsen, founder of Passion Plans, which sells plans online.

3. Find alternatives. Research what shortages are rampant and where a replacement might work, says Jepsen. To deal with lumber shortages, Charlie Wiles of A&C Wiles Construction says he has started fabricating unavailable lengths by cutting down two-by-fours to the desired smaller measurements.

3. What is a key feature of a Doric column?

A. A tapered shaft B. 24 flutes in the shaft C. A column with a base or pedestal at the bottom Answer: A. A column is made up of a shaft, base at the bottom, and capital at the top. Doric columns are characterized by a slight tapering and 20 flutes, or grooves, running the length of the shaft.

Source: Encyclopedia Britannica

SCOREKEEPING How’d you do?

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6. Think out of the box. Depending on the project, consider faster options such as a prefabricated accessory dwelling unit. “There are not as many supply chain issues on parts for these kits since we leverage multiple vendors,” says Jeremy Nova, co-founder of Studio Shed, manufacturer of prefab sheds. The company flat-packages an ADU kit to a site.

7. Recognize there’s no longer an off-season. Most skilled remodelers no longer have down times. In many markets, work proceeds at a frenzied pace year-round. Go back to lesson 1 for the importance of patience.

4. What are the main characteristics that give a Frank Lloyd Wright–style home its iconic look?

A. Long and flat profile with strong horizontal lines B. Covered porches C. Small interior rooms, each unique to give it character Answer: A. Wright developed his Prairie-style homes to unite “man, nature, and architecture.”

Source: Chicago Architecture Foundation

5. What window style is popular today for the privacy it offers homeowners?

A. 12-by-12-inch frame B. Glass block C. Windows with grids Answer: B. Used most often in lower levels and bathrooms, glass block windows are often seen in midcentury modern homes.

Five correct answers. Keep it up, and you’ll be the go-to agent in your area for architecture-loving buyers.

Three or four. You’re off to a good start. If you’re stumped by a buyer question, visit REALTOR® Magazine’s Guide to Home Architectural Styles for descriptions of more than 30 home styles and structural elements.

Fewer than three. REALTOR® Magazine’s Guide to Home Architectural Styles will have you naming dormer and roof styles in no time.

SPRING 2022

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The Rules

4 RESPA Reminders

Understand the letter of the law when it comes to teaming with allied businesses.

The Real Estate Settlement Procedures Act is a federal law designed to protect consumers in the settlement of real estate transactions. Before you get involved in any business-building partnership with allied professionals, be sure you know what is and isn’t allowed under RESPA. 1. RESPA generally prohibits kickbacks and offering a thing of value in exchange for the referral of business to a settlement service provider. The law applies equally to all settlement service providers, which goes beyond title insurance, loan origination, and real estate brokerage to include property surveys, credit reports or appraisals, pest and fungus inspections, home warranty companies, and more. Furthermore, a “thing of value” need not be expensive to lead to a RESPA violation. Anything provided in exchange for a referral of business can violate the law.

2. The law doesn’t prohibit real estate brokers from setting up marketing service agreements, or MSAs, with other

settlement service providers, but such agreements should be reviewed to ensure that any payment is for marketing services, not referrals, and that the payments made for these services represent fair value for the services provided.

3. A referral is an action directed to a person to influence the person’s selection of a settlement service provider, whereas marketing is directed to a wider audience. Handing someone a brochure is a referral; displaying a brochure in the office lobby is marketing. A referral arrangement need not be written or oral to violate RESPA; a violation can be established by a practice, pattern, or course of conduct.

4. RESPA regulations provide an exception for normal promotional and educational activities that are not conditioned on the referral of business and don’t defray expenses that the real estate professional would otherwise incur.

Learn more at nar.realtor/respa.

3 Things to Remember About . . .

Sale-leasebacks

Use of recording devices

Use of criminal background checks

When home sellers need to retain possession of the home for a few days— or longer—after the closing:

If your sellers use audio or video recording in the course of a home sale:

If you do criminal background checks on prospective tenants:

1. Put it in writing. Buyers shouldn’t let sellers retain possession of a home for any amount of time without an agreement in place that lays out all the conditions.

1. Know your state’s law. Most allow video surveillance without consent, but hidden cameras may require notice; some states require the consent of all parties for audio recording.

1. Know your liability risk. Housing providers risk liability if their policies predictably would result in negative impact on groups protected under federal fair housing law.

2. Check insurance coverage. Generally, as the new homeowner, buyers are responsible for any damage after closing, but sellers aren’t off the hook and should convert their homeowners policy into a rental policy for the duration of their post-closing possession.

2. Address it in the listing agreement.

Require sellers to disclose any devices, warn them of the legal risks of using surveillance devices, and require indemnification for any unlawful surveillance.

2. Have a written criminal history policy. Apply it consistently, don’t ask about or consider arrests without convictions, and avoid blanket bans on applicants with a criminal conviction.

3. Get the lender’s approval. Many lenders won’t accept leaseback agreements that are longer than 60 days, at which point the home could be classified as an investment property.

3. Disclose it in the listing. Note in the MLS any known property surveillance measures.

3. Document housing decisions. If you reject an applicant and your decision is called into question, you should have a record showing why the decision is consistent with your policy.

More: magazine.realtor/sales-andmarketing/feature/article/2021/08/ what-if-your-sellers-have-nowhere-to-go

More: nar.realtor/videos/ window-to-the-law/ video-audio-surveillance-2022

More: nar.realtor/window-to-the-law/ criminal-background-checks-fair-housing

Note: Be sure to consult qualified legal counsel when developing policies and investigating complaints.

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MAGAZINE.REALTOR

Fair Housing Primer: Disability What you need to know to serve this protected class Definition: Federal fair housing law defines a person with a disability as any individual with a physical or mental impairment that substantially limits one or more major life activities. Some disabilities, such as blindness or mobility impairment, are readily observable, while others are invisible.

What’s required: Besides prohibiting discrimination, the law requires housing providers to make reasonable accommodations in rules or policies—such as assigning parking spaces—and allow reasonable modifications at the tenant’s expense—such as the installation of grab bars. HUD says 60% of fair housing complaints it receives relate to reasonable accommodation requests.

Assistance animals: The law says housing providers must modify or make

exceptions to pet policies to allow a person with a disability equal opportunity to enjoy use of the property. In 2020, HUD released guidance on assessing a request. Key takeaways: ⦁ You must reply promptly to a request for a reasonable accommodation. ⦁ You may seek confirmation of a connection between the individual’s disability and the animal if the need for the accommodation is not readily apparent or known. ⦁ You may request information verifying the individual’s disability and need for the accommodation. In most cases, medical records aren’t needed—a credible statement by the individual or reliable third party is sufficient. ⦁ You may refuse a reasonable accommodation for an animal that poses a direct threat that can’t be eliminated

or reduced by the individual controlling the animal. ⦁ Before denying a reasonable accommodation request due to a lack of information confirming the individual’s disability or need for an animal, engage in a good-faith dialogue with the requestor.

Advertising: When advertising property for sale or rental, use factual language to describe the property. Avoid describing what type of person might want to—or not want to—buy or lease the property.

Unacceptable: ads that disallow handicap accessories. Acceptable: phrases that describe the property characteristics, such as “third-floor walk-up,” or neighborhood characteristics, such as “bike trails nearby.”

Sources: hud.gov; Real Estate Brokerage Essentials; “Window to the Law: Fair Housing Assistance Animal Guidance”

Top 5 Legal Videos These are some of the most-watched episodes of “Window to the Law,” NAR’s popular monthly video series.

Understanding Clear

Best Practices for Buyer Love Letters

How to Handle Multiple Offers

Antitrust for Real Estate Pros

NAR’s Fair Housing Action Plan

Why watch it: Learn more about the policy, which promotes a more efficient and pro-competitive marketplace, and get answers to frequently asked questions about the policy.

Why watch it: Buyer love letters may create fair housing concerns for real estate professionals and their seller clients. You’ll learn the risks and best practices to consider.

Why watch it: Get tips on how to alleviate misunderstandings and reduce the risk of liability in multiple-offer situations—and how to meet your obligations under the REALTORS® Code of Ethics.

Why watch it: It’s crucial that real estate professionals avert anti-competitive behavior and avoid antitrust scrutiny as they serve consumers in their quest for homeownership.

Why watch it: Learn about the guidance and resources NAR makes available to members as part of its Fair Housing Action Plan, commonly known as ACT (for accountability, culture, and training).

Cooperation Policy

View these and other Window to the Law videos at nar.realtor/window-to-the-law.

MAGAZINE.REALTOR

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21

The Rules

Rookie Year

Is That Legal?

Understanding how antitrust law applies to the practice of real estate is foundational knowledge. Let’s see how much you know: 1. Federal and state antitrust laws are designed to A. Prevent companies from misleading the public in their advertising.

B. Protect competition.

C. Limit competition.

D. Regulate trust funds.

Answer: B. The nature of the real estate brokerage—characterized by vigorous competition for listings and cooperation in sales—makes real estate brokers particularly susceptible to antitrust challenges.

Therefore, it’s imperative to understand what actions might constitute a potential violation.

2. Under Section 1 of the federal Sherman Antitrust Act, there are two basic elements of any violation: There must be a (1) ____________ that (2) unreasonably restrains trade.

A. Contract, combination, or conspiracy B. Rumor, falsehood, or threat C. Rule, signage, or physical barrier D. Person, place, or thing Answer: A. The conspiracy element is satisfied when two or more persons or entities carry out a common scheme or plan. If that can be shown, the remaining issue is whether or not the effect was an unreasonable restraint of trade.

3. Courts apply one of two analytical standards to antitrust cases: the per se rule and _______.

A. The rule of threes B. The rule markets C. The rule of reason D. The rule of thumb Answer: C. The per se standard in restraint of trade cases is applied to practices deemed so inherently anticompetitive under Section 1 that their effects on trade are presumed to restrain trade. Under the rule of reason, the court weighs the pro-competitive and anticompetitive aspects of a practice. Conduct challenged as unlawful under this standard may escape condemnation if the pro-competitive benefits outweigh the anticompetitve implications.

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4. Brokers are in violation of antitrust law if they A. Join with other brokers to shut out a competitor.

B. Fail to keep escrow money separate from personal money.

C. Lie about a competitor publicly.

D. Charge one seller a higher commission than another seller.

Answer: A. Group boycotts, or concerted refusals to deal with another competitor or a supplier, and conspiracies to fix prices, such as real estate commission rates, are examples of unlawful per se restraints. (As for the other choices, state license law governs the proper use of escrow accounts; disparaging a fellow REALTOR® by using false or misleading language could result in an ethics complaint; and all commissions are negotiable!)

5. To avoid antitrust problems, your brokerage firm should A. Adopt and rigorously apply a written officewide antitrust compliance program.

B. Review their antitrust compliance policy with every staff member and independent contractor.

C. Instruct sales agents to report to the broker any suggestions by sales agents from other firms that could be interpreted as an invitation to fix commissions or boycott a competitor.

D. Identify legal counsel to be consulted when antitrust issues arise.

Answer: All of the above. An antitrust compliance policy is a business necessity since brokers are responsible for the conduct of their staff and salespeople.

Source: Real Estate Brokerage Essentials, Fourth Edition

SCOREKEEPING How’d you do?

Five correct answers. Maybe it’s time to open your own brokerage.

Three to four. You get it, but keep your knowledge fresh with the Antitrust Compliance Guide for REALTORS®, a pocket guide from store.realtor (member price: $6.95).

Fewer than three. Break out the books—specifically, Real Estate Brokerage Essentials, Fourth Edition, by NAR’s legal team. The book provides clear explanations, sample documents, case law, and training materials on a range of legal matters. Get it at store. realtor (member price: $22.95).

MAGAZINE.REALTOR

Tech Talk

4 Ways to Shine on Instagram

How This Agent Is Making Six Figures On TikTok

Don’t just post listing photos on Instagram. Think outside the box to elevate your brand, says Danielle Garofalo, brand strategist and founder of ThinkBillionDollar.com.

Glennda Baker has gone viral on TikTok for her tell-it-like-it-is real estate videos.

©GLENNDA BAKER

How has she done it? Consistent messaging, regular posts, and engaging with the audience. “If you do these three things, you will build your own following,” she says. “Be you—and just turn up the volume.”

Consistency. Before jumping all-in, Baker consumed TikTok content and modeled what she liked best. She wanted her videos to be interview style, as if a viewer was listening in on a conversation she was having with a friend. (Denver Bailey, the professional videographer who records her posts, is that friend.) Baker riffs on daily life and anecdotes from her 26 years in the business, such as the time she sold 27 houses on Match.com and that fleeting short-lived satisfaction after blowing a commission check. Her

MAGAZINE.REALTOR

Use categories. In your bio,

©GLENNDA BAKER

When new clients come to real estate pro Glennda Baker, they often say, “I saw you on TikTok!” Baker, associate broker with Ansley Atlanta Real Estate in the Atlanta area, has quickly become a TikTok sensation (@glenndabaker).

Her daily real estate videos regularly generate from 30,000 to 2 million likes.

Baker made her TikTok debut in October 2020, quickly picking up 122 followers. Just a year later, she’d topped 565,000. Over one two-day span in February, Baker sent out three agent referrals and received two inquiries from relocating buyers, all TikTok leads.

All told, she says, her activity on TikTok generated $241,000 in gross commission income for her in 2021.

on-camera wardrobe always has stars, picking up on her common phrase “Oh, my stars!”, and it’s become a signature look that followers often comment on. Combined with her tell-it-like-it-is attitude and unfiltered Southern drawl, her voice and look have made her instantly recognizable in public.

emphasize three or four interests, including those beyond real estate— for example, “I do real estate, tech, adventures, and dessert.” Post photos that fit into those categories. “Not everyone is always going to be in the market for a property,” Garofalo says.

“Keep them engaged in other ways.”

Be a photo tease. Don’t post all your listing photos. Highlight a feature that has character—even a detail as simple as the unique doorknobs of an older home or the tree-lined street.

“Your posts can become conversation starters,” Garofalo says.

Tell a story. Use Instagram Stories to share stories about a home, a transaction, or everyday life. Consider sharing one story daily.

Regular posts. At first, Baker posted two videos a week. As her audience grew, so did her video production. Now she posts every day. To make her schedule more manageable, once a month, she records 30 or more videos in a day. She’s so consistent with posting that if she happens to miss a day, her followers send direct messages to check on her.

Engagement. Baker’s TikTok videos almost always generate hundreds of comments. Questions from followers inspire future TikToks. A TikTok asking, “Why are you following me?” generated more than 8,000 comments. Baker has learned this about her followers: “They want to see everyday life. Your TikTok posts don’t have to be just showing off fancy house pictures. People want to see what they don’t know. That’s why they tune in to me. It’s like talking to a friend.

They’re coming to me for the truth and the real life of real estate.”

Shaun Osher, CEO of CORE Real Estate in New York, shares a variety of real estate and community photos and topics.

Chase engagement, not followers. “Why do you want more followers if you’re not engaging with the ones you have?” Garofalo says. Engage by commenting on followers’ posts. “A like shows you’re paying attention,” she says, “but a comment is being engaged as a human and goes a lot further.”

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Smart Tech for Managing Rentals

©ALEXSL/GETTY IMAGES

Tech Talk

Property management from your phone? Smart-home tech can help with that. Radha Herring, broker in charge at Watermark Real Estate Group in Myrtle Beach, S.C., receives alerts on her phone to flag potential problems with the beachfront home she owns and manages.

For managers and owners of short-term rentals, “technology has made it so much easier to manage properties,” Herring says. “Even remotely, you can make sure that a property is maintained at a high level.”

Smart locks: Older models had pushbutton codes that couldn’t easily be changed. Newer models, such as Schlage Smart Locks and Yale Assure, allow you to provide a new code for each new guest or contractor.

Security system: Systems such as those from Ring Alarm or SimpliSafe allow for add-ons like outdoor cameras and sensors. Get an alert when people approach the property or try to sneak into the pool.

Smart thermostats: Reduce utility bills with remote control of temperature settings and schedules. Some models, such as those from Honeywell and Nest, can work in tandem with a security system to alert you to red flags, such as when the home’s temperature is too high.

Smart lights: Smart lightbulbs, including those from Philips Hue and C by GE, can help property managers control lights to prepare for guests’ arrival.

Water sensors: These sensors can be placed on a floor, under or near appliances like the sump pump, toilets, washing machines, dishwashers, and sinks. They can send alerts when they detect excess moisture, helping to avoid small leaks and broken pipes. Sample products include Alert Labs’ Floodie and Alloy Smart Home Leak Sensor.

Outdoor solutions: Pool sensors such as WaterGuru’s Sense monitor the acidity and chlorine levels of a pool.

They can be used to track and, in some cases, adjust levels remotely. And with smart irrigation systems, such as those from Rachio and Netro, you can set schedules for lawn care, factoring in weather conditions or the moisture content of the soil.

A strong Wi-Fi connection is critical for both guest use and the smooth operation of the devices. Herring recommends 1GB of service. Also, it’s important to disclose all the monitoring technology in use—especially any video equipment—so guests are aware, she says.

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9 Ways to Leverage RPR in Your Business The REALTORS Property Resource® is a powerhouse of data.

The REALTORS Property Resource® (narrpr.com) puts instant information on properties at your fingertips. Here are nine ways to get more from this exclusive member benefit.

1. Build a CMA on the go.

When you’re away from the computer, turn to your RPR® app. From any “Property Details” screen, choose “Create Comps Analysis” to launch a four-step wizard that walks you through confirming the home’s facts, selecting comps, identifying a price, and generating a report.

2. Save properties for quick access later. Your activity is always in sync between the RPR® website and mobile app.

So when you save a property using the website, you’ll see that same property in your saved items on the app.

3. Tap in list view for shortcuts. In the RPR® app, tap the button in the right corner of any property to reveal shortcuts for saving it, calling the listing agent, adding notes, and creating reports.

4. Zoom to parcel level when canvassing a neighborhood.

The RPR® app displays homes on a map. Press “Locate Me” at the top of the app, then pinch and zoom the map to street level, and press “Redo Search in this Area.”

Pins over the properties display the REALTOR Valuation Model® (RVM®). Press a pin to reveal the home and owner information.

5. Send reports by text message. Many consumers prefer to communicate by text. Use the app’s Share button to text an RPR® report to your client. The link will be active for 30 days.

6. Create buyer tours. The buyer tour report enables you to select properties, choose the most convenient order to tour them, and create a colorful, client-friendly report.

7. Use 3D-touch shortcuts.

When you’re standing outside a property, press and hold the RPR® app icon to display a shortcut with buttons to This Property, My Listings, Recent Reports, Saved Searches, and Share. Choose This Property to experience 3D-touch, available on iOS 10 and later and Android 7.1 and later.

8. Do advanced searches.

Need to dig deeper on a property? Swipe the RPR® app’s home screen to access the Search screen. Press Advanced Search to access recent searches, saved searches, and advanced searches—such as by APN, owner name, school, or even your own listings.

9. Display full-screen photos.

If photos displayed on the app’s Property Details page aren’t large enough, simply hold your phone in landscape mode to display the photo full-screen. Rotate back to the portrait orientation, and the property record appears again.

MAGAZINE.REALTOR

©BARB BETTS

Podcast Success Tips From a Podcasting Pro Barb Betts hosts the popular “Real Estate by Relationship” podcast.

Podcaster: Barb Betts, broker and CEO of The RECollective, Long Beach, Calif.

Podcast: Real Estate by Relationship What it’s about: How to build a real estate business based on relationships Date started: September 2020

Why did you start a podcast?

From the beginning of my real estate journey to becoming a broker and opening my own boutique brokerage, I always knew I wanted to do real estate differently. I was taught all of the basics of cold calls and farming, but it never felt authentic to me. It took a couple of years of trial and error, but once I found my niche of building real relationships with real people, I knew I had found the secret to making real estate work for me.

I use my podcast to share my journey in the hope of inspiring others and to give advice that, quite frankly, I wish someone had told me 20 years ago.

What’s the benefit of having a podcast?

The most rewarding benefit is having newly licensed agents and even peers tell me that my story has helped them take charge of their own career. The icing on the cake, of course, is deepening relationships with an amazing network of colleagues across the U.S., which ultimately leads to incoming referrals.

What’s one tip for success?

Just do it! The best way to learn is by doing. Look to others who are making big waves and emulate their approaches.

Never be afraid to ask for help. This community is always willing to share their experiences and tips. Before you launch, make sure you have a bank of podcasts recorded and a list of topics you can talk about. I will be honest—it can be hard to keep it going if you don’t have some content in the bank ready to go.

Betts’ favorite podcasting tools: ⦁ Canva (canva.com)—online design and publishing platform used for creating digital marketing designs, like podcast covers ⦁ Planoly (planoly.com)—app and web-based dashboard to schedule and manage social media content to promote the podcast ⦁ Buzzsprout (buzzsprout.com)— podcast hosting service that automatically posts on the main platforms, including Apple Podcasts, Spotify, Google Podcasts, and iHeartRadio ⦁ Samson Technologies’ Q2U dynamic microphone (samsontech.com)—a digital and analog microphone that includes XLR and USB outputs for home studio or mobile recordings ⦁ Zoom (zoom.us)—video platform for recording podcast episodes and exporting audio to Buzzsprout

5 REACH Companies Generating Buzz Scale-up program helped propel these proptech startups to success.

More than 160 companies have gone through REACH, an award-winning tech scale-up program started by the National Association of REALTORS®’ strategic investment arm Second Century Ventures. Many graduates of the program have since become industry leaders. REACH companies that have been recent newsmakers include:

Evocalize (class of ’19) evocalize.com How it helps you: Allows you to create digital marketing programs by leveraging data and creative content

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In the news: In January, Evocalize announced $12 million in a Series A funding round led by realtor.com® and joined by SCV and Habanero Ventures.

Curbio (class of ’19) curbio.com How it helps you: A pay-atclose home improvement solution that partners with real estate agents to efficiently fund and manage repairs and home improvements to maximize ROI In the news: In January, Curbio announced a $65 million Series B funding round to support its continued

growth. It has raised a total of $93 million since its founding in late 2017.

Trust Stamp (class of ’16) truststamp.re How it helps you: Quickly establish the identity and trustworthiness of a stranger In the news: Trust Stamp made its debut Jan. 31 on the Nasdaq Capital Market, trading under the ticker IDAI.

Updater (class of ’13) updater.com How it helps you: One interface for clients to update their address for mail, utilities, and services

In the news: Updater is providing real-time relocation data to help inform NAR’s trend forecasting.

Notarize (class of ’17) notarize.com How it helps you: Enables you to collect and notarize documents from anywhere, anytime online.

In the news: Notarize serviced transactions in all 50 states and beyond in 2021 and has helped advocate for state legislation to pave the way for more digital notarization. It was named to Forbes’ 2021 “25 Next Billion-Dollar Startups.”

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Tech Talk Rookie Year

Test Your Cybersecurity Know-How

Take this quiz to see how smart you are when it comes to keeping your transactions safe from hackers.

1. Which is a better way to safeguard your accounts—a password or passphrase?

Answer: Passphrase. Password breaches are a common way for hackers to gain access to accounts. Consider using a passphrase instead—a sentence or a random combination of words. Passphrases are generally longer and more complex, making them more difficult for hackers to crack. If you suspect identify theft, report it to the Federal Trade Commission at identitytheft.gov, which offers recovery plan help.

2. Over what medium does a “smishing” attack occur?

A. Email B. Text message C. Mail Answer: B. “Smishing” has become a growing way for hackers to try to steal your data—or money—through a text message.

The text message attempts to dupe you into following a link and revealing your personal details or login information. Learn more by searching for “smishing” at magazine.realtor.

3. True or false: You could be held liable if your client falls victim to a wire fraud scam.

Answer: True. Real estate pros are finding themselves at the center of lawsuits charging they failed to warn clients about the dangers. In a 2018 case (Bain v. Platinum Realty LLC), a Kansas court found a real estate agent and her brokerage liable after fraudulent wire instructions, purportedly sent by the agent but actually from a scammer, were sent to the buyers. The buyers lost their $196,622 down payment. The agent was held liable, despite denying sending the email. Learn more about the risks by searching for “Avoid Cyber Liability” at magazine.realtor.

4. What approach should you use to help safeguard your data from a ransomware attack?

A. 3-2-1 approach B. Physical hard-drive backup C. Cloud storage Answer: A. This recommended method says that you should have three copies of your data: the original and two copies, on different media, one copy of which is offsite. This will help you quickly restore operations and be less vulnerable to ransom demands by cyber criminals. Learn more from NAR’s Oct. 20, 2021, “Window to the Law” video at nar.realtor.

5. What should you never share with your clients over email?

A. Any details about closing B. Wiring instructions C. Financial information D. All of the above Answer: D. Remind your clients that you will never send changes to wiring instructions or payment information over email. Also, never exchange any details about closing or other milestone dates. Tell your clients to do the same. NAR is part of the Real Estate Fraud Prevention Coalition, which offers resources to help consumers learn how to better protect their data and sensitive information. Download a document to share with your clients at nar.realtor/protect-your-money. More info: stopwirefraud.org.

SCOREKEEPING Five correct answers. Phishers and smishers, beware! You’re going after the How’d you do? wrong person.

Three to four. Bone up on how to protect yourself. NAR’s REALTOR® Safety Program (nar.realtor/safety) provides cybersecurity resources to help members protect their sensitive data, client contact information, networks, and systems against any type of cyberattack.

Fewer than three. Read the REALTOR® Safety Program cybersecurity resources, and look into Securus ID, a REALTOR Benefits® Program partner that offers a free dark web scan report and full-service identity theft protection.

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MAGAZINE.REALTOR

Being Well Wellness on the Go

Keep your whole self in shape for peak performance.

Movement ⦁ Have exercise plans A, B, and C. It can be unrealistic to plan for a set workout.

Think how exercise can fit into a varied schedule: an early morning, a workfrom-home day, or a heavy-driving day. ⦁ Turn your car into a workout machine.

Keep portable, low-cost fitness equipment, such as resistance bands and fit loops, with you. ⦁ Do low-perspiration moves, like stretches and poses, so you don’t need to change your clothes. ⦁ Exercise when you first wake up. To trigger a reminder, place your exercise equipment near your bed. ⦁ Driving? Squeeze your glutes.

Waiting? Do squats or calf raises to promote circulation. ⦁ When you walk t=-hrough a doorway, reach up to the door frame. Bringing your arms overhead improves shoulder flexibility and reduces shoulder and neck tension. ⦁ Stretch your calves one at a time.

Stand with the heel of one foot hanging off of a low step or ledge.

Drop your heel below your toes, keeping your knee straight. Hold for from two to five breaths.

⦁

⦁

⦁ ⦁

meals in line with your nutrition goals for the week. This puts your nutrition “wins” on autopilot.

Use meal delivery services and grocery delivery apps so nutritious food is available when you need it.

Snack every three to five hours because food equals fuel. Combine protein and high-fiber carbs, like a handful of nuts and a banana.

Pack a cooler for the day with prepped lunch and snacks.

Pick one or two days per week to cook batches of meals.

Sources: Jenna Appel, registered dietitian and certified diabetes care and education specialist, Boca Raton, Fla.; Lisa Hugh; Kirstin Smith, agent with eXp Realty, real estate investor, and certified nutritionist and virtual fitness coach with Kirstin Smith Fitness, Houston

Hydration ⦁ Fill an insulated one-gallon water bottle with filtered water in the morning and bring it with you. ⦁ Use dissolvable electrolyte tablets or powder to boost hydration. ⦁ Motivate yourself to stay hydrated by using a marked water bottle to see how much you consumed. High-tech bottles will even nudge you when you haven’t taken a sip for a while.

Sources: Jenna Appel; Lisa Leslie-Williams [“Dr. Lisa”], holistic healthy living expert and pharmacist, The Domestic Life Stylist, Baltimore– Washington, D.C., area

Setting Boundaries ⦁ Block out time. If you pour gravel into a bucket, there will never be enough space to fit large rocks. Put in your large rocks (non-negotiable self-care and relationship commitments); then find room for the gravel (the everyday work and life to-dos). ⦁ Keep your health boundaries. If you have a business lunch, curate a list of three restaurants that you know have healthy options; let the client or colleague select from those.

Sources: Tyler Read, personal trainer and instructor, Personal Trainer Pioneer, Portland, Ore.; Kirstin Smith

Skin Care ⦁ Use a broad-spectrum—UVA and UVB coverage—sunscreen daily. Damaging ultraviolet light, present even on cloudy days, penetrates car windows.

Extra points if your sunscreen contains iron oxide to protect you from computer screen blue light, which can predispose you to premature wrinkles and uneven skin. ⦁ Carry sunscreen with you so you can reapply it every four hours. Sunscreen sprays or powders can help keep makeup intact.

Source: Kemunto Mokaya, dermatologist, drKemmyMD.com, Houston

Sources: Alexandra Ellis, wellness coach, Burbank, Calif.; Len Glassman, health, fitness, and wellness entrepreneur, Garwood, N.J.; Lisa Hugh, Single Ingredient Groceries, registered dietitian, White Plains, Md.; Maria Evgenia Milonas, mind-body practitioner and holistic wellness coach, Inner Coach University, Alberta, Canada

©WITTHAYA PRASONGSIN/GETTY IMAGES

Unpredictable schedule: Check. Long days: Check. Stressful career: Check.

We’ve got your body and mind covered with 19 transformative tips from top health and wellness gurus.

Nutrition ⦁ Prepare “Steve Jobs meals.” Jobs had a go-to uniform: jeans and a black turtleneck. No wardrobe decision fatigue there. Likewise, prepare set

MAGAZINE.REALTOR

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27

Being Well

Encountering the Unthinkable

Mending Fences

Know how to help your client and protect yourself if you suspect domestic abuse.

If a peer or client relationship goes south, work through these three questions to chart a new course.

One angry buyer or seller, and the story can spread, affecting your bottom line. Given that—and the fact that we need others to help us succeed—it’s usually in your best interest to repair the relationship.

Can it be repaired?

If you approach the other person with respect for their interests, it can be. “You need to listen to truly hear what the other person is saying,” says Daryl L. Braham, president of JSE Cos. in Fargo, N.D., and a trainer with Ion Leadership Consulting.

How do I repair it?

1. Set a time to talk. Ask “Do you have a minute to talk? We’ve run into a rough patch, and I’m concerned about it.” Or: “I’d like to meet with you at your convenience to find a way to get through this. Are you willing?”

2. Set the context. Find a quiet, comfortable place where you won’t be interrupted.

3. Talk it out. Express appreciation; then frame the issue: “I’m concerned that progress has slowed because we aren’t communicating well.” Third, invite dialogue: “Help me understand your view of the situation.” Acknowledge their perspective and reciprocate.

4. Make a deal. You’ll know you’ve mended fences when you find a solution with shared sacrifices and compromises.

Source: Carole Kaptur, consultant, National Association of REALTORS® Strategic Management Services Group

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©PRIVETIK/GETTY IMAGES

Do I want to repair it?

About 15 years ago, during a preclosing walkthrough, Ida Petkus found a disturbing message one of the sellers had spray painted on a wall: “I hope you die, you f--g b--h.”

“The sellers were divorcing. That was my first exposure to domestic violence, other than doing a story on it when I worked for a TV station,” says Petkus, rsps, an agent with Berkshire Hathaway HomeServices Florida Realty in Windermere, Fla. She is also a certified DV advocate and founder of the nonprofit Domestic Violence Advocacy Center (dvacenter. org), which serves domestic abuse survivors. In 2021, she was named one of the volunteers of the year by DomesticShelters.org, which provides a searchable directory of DV programs and shelters in the U.S. and Canada. “Everyone deserves to live in a safe home,” Petkus says.

Intimate partner violence affects more than 12 million people every year, according to the National Domestic Violence Hotline. And since real estate practitioners have access to people’s homes and personal lives, they may be in situations where they suspect or observe abuse. What you can you do? Petkus advises: ⦁ Remember it’s not your field of expertise. Just as you wouldn’t take on a home inspection, don’t assume a counselor role. ⦁ Be aware of potential signs of abuse, such as bruises, black eyes, sprained wrists, constant apprehension, or having an extremely apologetic or meek attitude. Having said that, don’t jump to conclusions but ask the person when you’re alone, “Are you OK?” or “Do you need help?” ⦁ “If a client confides, believe them,” Petkus says. “Tell them they are not alone and it isn’t their fault.” ⦁ Refer your client to the National Domestic Abuse Hotline (800-799-7233; thehotline.org). Petkus recommends providing a national rather than local agency number because victims may leave their area. A national group is equipped to direct them to resources anywhere in the country, Petkus says. ⦁ Inform your broker as a safety measure. ⦁ Bring on a co-agent so you have a team, which is a positive for the sellers and extra support to you. “Two people conflicted with each other will try to pull you into their side,” Petkus says. “It’s about having a safe and smooth transaction.” ⦁ If you want to get involved in DV counseling, get trained. “There is no cookiecutter situation or solution” in abuse cases, Petkus says. Those in the field, whether staff or volunteers, must earn a state-approved domestic violence certificate to work with survivors. Local DV programs, shelters, and law enforcement can provide information on training offerings.

Safe Spaces NAR recently signed on to a joint letter to the U.S. Senate supporting the bipartisan reauthorization of the Violence Against Women Act, noting, “Our industry is

committed to providing high-quality, affordable, and safe homes, and we believe preserving housing for victims of domestic violence, dating violence, sexual assault, and

stalking is critically important.” Among other things, the act establishes a Violence Prevention Office at the U.S. Department of Housing and Urban Development.

MAGAZINE.REALTOR

Rookie Year

How Fiscally Fit Are You? What’s the bottom line for commission-based success? Your bottom line! This quiz, developed by Rich Arzaga, ccim, a REALTOR® and certified financial planner from San Ramon, Calif., will help you assess your financial planning smarts.

1. You’re a selling machine who earned more income than expected in your rookie year. What’s the first thing you should do with the profit?

A. Max out your retirement contributions.

B. Open a rainy day account.

C. Increase your marketing budget to increase sales.

D. Buy an electric vehicle to save on gas (and pose in for selfies).

Answer: B. A key measure of long-term success is managing the ebbs and flows of this business. Once you’ve established a contingency fund, you not only will sleep well but can pursue other financial goals like A and C. Sorry, a new car isn’t a prudent investment in your first year.

2. Now that you’ve started your rainy day fund, how much should you save, and how should you invest the money?

A. Save the equivalent of three months of expenses; invest it aggressively for high growth potential.

B. Save the equivalent of three months of expenses; invest it conservatively.

C. Calculate household expenses for six or 12 months (depending on your risk tolerance), deduct income from other sources (significant other’s job, rental property), and save for the difference. Invest in cash-equivalent or conservative accounts.

D. Save $36,000, which would cover $3,000 a month for 12 months. Park it in aggressive investments.

Answer: C. Estimating the unexpected is an art and a science.

Generally, three months is too short a period. Many financial advisers recommend at least six months, which would narrow it to C or D. But six months may be too little (how many down-­market cycles last only six months?), or too much (what if you have additional income?). D neglects supplemental income, too. So, C it is! Invest conservatively because when the real estate market is down, the stock market often follows suit.

SCOREKEEPING How’d you do?

MAGAZINE.REALTOR

3. Part of your financial strategy should include mitigating personal liability risk to protect your personal assets, like your home, investments, and savings. Which approach is best?

A. Create an entity for your business, like a corporation or LLC. B. Purchase extra personal liability insurance.

C. Purchase additional errors & omissions insurance.

D. Purchase business income insurance.

Answer: A. A legal entity can protect your personal assets in the event you’re sued and lose. Your losses would be limited to the assets inside your business. Consult an attorney to understand which entity is best for you in your area. E&O insurance is a must to cover claims, but it isn’t designed to protect your assets. Business income insurance is a good idea, too, but it only covers loss of income due to illness or injury. Personal liability doesn’t protect personal assets from most business-related claims.

4. As a newbie in the business, you’ve witnessed record-setting real estate appreciation in the past couple of years. But this isn’t the norm. Looking at the big picture, what can you expect in terms of average annual price appreciation from a home?

A. 2.5% B. 4% C. 11% D. 10% Answer: B. According to NAR, the median sales price on existing homes rose, on average, by 4% annually over the 30-year period ending in 2021, outpacing inflation, which has averaged 2.5% annually. A diversified portfolio, which might include real estate, REITS (11% return over time), stocks (the S&P 500’s historical return is around 10%), and bonds, is a way to maximize returns and mitigate risk.

(Sources: NAR Research, U.S. Bureau of Labor Statistics, NAREIT, and Haver Analytics)

Four correct answers. Cue applause! Keep honing your financial literacy with help from the Center for REALTOR® Financial Wellness, which provides NAR members with tools and information on topics from budgeting to starting a business ((financialwellness.realtor).

Three correct. You’re off to a good start! Visit the Center for REALTOR® Financial Wellness to take the free financial wellness checkup and track the progress of your personalized financial wellness goals.

Fewer than three. Don’t worry, NAR has your back! Take advantage of the Center for REALTOR® Financial Wellness’s educational resources, self-assessment test, and recorded workshops on best practices.

SPRING 2022

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For Brokers Get Your Agents Talking ©MASTER1305/GETTY IMAGES

7 topics to cover in sales meetings 1. Recognition. In today’s hybrid environment, agents need to feel uplifted, appreciated, and encouraged. Celebrate agents’ accomplishments with shoutouts during sales meetings. And be sure to show experienced agents the love; many are being recruited and offered more than ever by competitors. Try rewards, drawings, and random acts of kindness for your team.

2. Local market stats. Arm your agents with stats and slides they can add to CMAs, share with their sphere of influence, and post on social media. Hint: Keep it simple. Choose a metric such as average sales price, active listings, new pendings, or your own listings taken vs. listings sold, and compare the previous month to the same month a year earlier.

3. Best practices. Review what you and your agents have experienced over the last few weeks. Find common threads such as appraisal guarantees, escalation clauses, and verbal vs. written offers, and discuss how agents should respond.

4. Strategies for winning in multiple-offer situations. Buyer’s agents should understand the importance of submitting errorfree, easy-to-read offers. Recommend that they communicate with the listing agent before writing and presenting the offer so they can learn how to create stronger value on the buyer’s behalf. Review strategies such as increasing earnest money deposits, adding possession after closing for the seller, and working with trusted lenders.

5. Inventory shortages. Ask agents to talk about their sources for business and share creative ways to find new listings.

Encourage them to connect with their sphere of influence regularly so they know when properties are poised to sell.

6. Rising interest rates and the effect on affordability. Talk about how rates are impacting conversations with buyers and how to respond. Be sure your agents have the tools to show how rising rates impact monthly mortgage payments. Talk about how to tailor home searches to fit buyers’ budgets and help sellers understand the challenges buyers are facing.

7. The economics of real estate. Make sure your agents are always ready to explain supply and demand, home price appreciation, local and national economic forces, population migration, and unemployment issues.

Sources: Chris Hendrix, broker-owner, Century 21 Town & Country, Utica, Mich.; Andrew Hauck, broker-owner, Century 21 Signature Realty, Saginaw, Mich.

3 COVID-19 Protocols to Consider With COVID-19 caseloads down in some places, brokers may wonder what safety protocols they need to keep in place.

Masking Although mask mandates are gone in many places, Fara Captain, abr, crs, says client preference remains important. “If someone is uncomfortable with you not wearing a mask, then wear your mask.

To me, it comes down to respect,” says Captain, broker-owner of Captain & Co. Real Estate in Memphis, Tenn. Make it easy for agents by having masks available at the office, open houses, and showings.

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Vaccinations

Workspace

Agents who go into the office at Rogers Healy & Associates Real Estate in Dallas must have their COVID-19 vaccinations. “My wife is high-risk, and it’s people over profits,” says broker-owner Rogers Healy. “There are people who are unvaccinated and work remotely, and that’s OK. They show up on Zoom.” If you have a vaccination mandate, make sure it’s based on exposure risk, not the nature of the relationship with your company, such as independent contractor vs. employee; it’s applied evenly across the board; and it allows for exceptions based on disability or a sincerely held religious belief.

Healy wants agents to come into the office, so he has created more room so everyone feels safe. “What the world needs more than anything else is leadership,” Healy says. “It’s easy to have your position knocked down because you’re afraid of being criticized. People appreciate that I haven’t wavered.”

More: Check out the COVID-19 community level for your county at cdc.gov and the “COVID-19: Workplace Re-entry Checklist” at nar.realtor.

MAGAZINE.REALTOR

We asked brokers and sales coaches for their take on how to handle these common questions in real estate.

How do I handle resolvable differences?

The most important question to ask when dealing with a resolvable difference is, “What can we do to make sure you are satisfied?” If their solution is reasonable and ethical, I will do what it takes. I even have an “Oh, fudge” line item in my budget. Sometimes it’s a small $100 light fixture that someone is mad about that you can make go away.

—Fara Captain, broker-owner, Captain & Co. Real Estate, Memphis, Tenn.

3 Areas to Set Business Standards

How can I recover from a mistake I made with a client or colleague?

Rogers Healy says he’s old-school— at least in the way he operates his real estate company. Healy, the broker-owner of Rogers Healy & Associates Real Estate, based in Dallas, says there should be no room in your brokerage either for laziness or carelessness. To help agents avoid missing steps when working with clients, Healy sets standards. Here are three he believes are most important:

The beauty of life is that we’re all human and no one is perfect. Mistakes happen, and the best way to handle it is by honestly owning your mistake as soon as possible. “I’m sorry this happened. How can I make things right?” is a good place to start. You may be embarrassed to speak up and apologize. Hiding from your mistake only makes the situation worse. The quicker you can step up and take responsibility for your actions, the more likely you’ll come back from that mistake.

—Koki Adasi, senior vice president, Compass Real Estate, Washington, D.C.

1. Work at the office. Healy has created a culture where being present in person is valued. He says it helps builds camaraderie and trust and allows agents more opportunities to ask for help.

What should I do when a client is demonstrating bias?

It is important to recognize that we all have biases. So when confronting bias, stay calm and, if appropriate, take a moment to educate your clients. I usually refer to the National Association of REALTORS®’ Code of Ethics and the Fair Housing Act. Clients who are unsatisfied with the answer may choose to go with another agent (note I didn’t say REALTOR®). Sometimes the cost of doing business the right way means losing business.

But it’s important to stand firm in your belief systems and values and to follow the law.

—Fara Captain, broker-owner, Captain & Co. Real Estate, Memphis, Tenn.

I always lean on the acronym L.A.S.T., which reminds me to listen, apologize, satisfy, and thank the client. I have learned that if we listen more and talk less, consumers will tell us their concern, giving us a way to fix it in the moment. Often, a client just wants to vent and get the sense that we care and understand. Always offer an apology no matter the issue. The truth is, we’re hired to ensure a good experience while our clients navigate one of the largest purchases of their lives. If that experience falls short of their expectations, we must take ownership of that and be apologetic. There’s always a win-win. Never allow a client to leave a transaction unsatisfied.

—Charles Holloway, team leader, Keller Williams Elite Peninsula, Newport News, Va.

How do I respond to a client who says, “I want to wait to see what the market is going to do”?

Your job is not to convince them why the market is great. Your job is to show them the data and help them make an educated decision based on their goals. Here are two approaches.

Option 1: Say, “In certain price ranges, there’s still competition for homes due to low inventory and low interest rates. Once we get through the next few months, there will likely be more competition, and who knows what interest rates will be. Are you willing to take that risk? What’s the cost of staying put? Let’s look at the available inventory this week and see if there is anything I can show you.”

Option 2: Tell them, “I can appreciate where you’re coming from. I am not here to sell you on the idea of selling (or buying) because there’s a lot of uncertainty right now. What I want to tell you is that I have some real data to share with you to explain why I think there’s a great opportunity. Here’s where we stand.” Then, show the client month-over-month and year-over-year statistics for your market.

—Tom Ferry, real estate coach and consultant

MAGAZINE.REALTOR

©FRENDER/GETTY IMAGES

5 Tips & Scripts for Your Agents

2. Proactive agent check ins. With a 15-to-1 agent-to-staff member ratio, Healy says staff members have a standard of connecting with agents regularly, helping agents to build the processes and systems they need to manage their real estate business. The company’s agent success team hosts webinars and training videos. Agents have training opportunities twice a week, readily available 24/7. The marketing department also creates personalized marketing graphics for brand consistency.

3. Social media guidelines. Healy’s company provides agents with tips, tools, and brand guidelines to ensure their social media presence is active and engaging and follows Rogers Healy & Associates’ brand standards. The company creates simple templates that allow agents to create their own graphics for their accounts.

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[ buyers’ market ]

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Submit your true tales for potential publication using the online form at magazine.realtor/trenches.

©STEVE MUSGRAVE

[ in the trenches ]

My Biggest Blooper We all make mistakes. Hopefully, when you flub, you not only learn a valuable lesson but also can look back and laugh at yourself.

We asked real estate pros to share memorable blunders from their time in the field and how they recovered.

I was running late to meet my buyer for a showing, and I needed to use the restroom badly. I saw the listing agent’s sign as I pulled up to the property, but there were no cars in the driveway.

I rushed inside to use the bathroom before anyone else arrived.

Just then, my client called. She said she could see my car and that I was at the wrong house. It turned out the selling agent had two listings next door to each other. I was at the wrong one.

Thankfully, no one caught me, but I told the listing agent what had happened, and we had good laugh.

—Lena Hensberger, Weichert, REALTORS®, Phillipsburg, N.J. I once locked sellers out of their own house. After I showed their property to my buyer clients, I conscientiously locked every door, including the door inside the garage that the sellers used to enter and exit their house. They didn’t use a key for that door, so when they returned home, they couldn’t get in. I got a call from the listing agent asking me to go back to the property and let the sellers in their house. I was pretty embarrassed.

When I pulled into the driveway, the owners were sitting in the garage on lawn chairs waiting for me.

— Danielle Wadsworth, abr, srs, Dream Home Realty, Lemoyne, Pa.

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SPRING 2022

I took my new buyer on our first showing, and it was going well until we got to the main bedroom. “My goodness, what were they thinking?!” I said of the sellers’ color choice. “This is the most hideous color I’ve ever seen!” My soon-to-be ex-client responded: “This is the color of my bedroom—and it’s my favorite.” I learned to keep personal opinions to myself after that.

—Barth Legate, gri, Gori, REALTORS®, Edwardsville, Ill. I was walking around my listing’s huge yard and, without realizing it, I accidentally dropped the house key in the grass somewhere. There was no way I was going to find it. I called the listing agent and apologized profusely about losing the key. She was a good sport and said the homeowner had a metal detector.

—Jessica Oliver, RE/MAX Real Estate Services, Shreveport, La. I scheduled a home inspection with my buyer’s inspector but totally forgot to coordinate with the seller. It didn’t hit me until I was pulling up to the property for the appointment. Thankfully, the seller—who was a bit caught off-guard—allowed us in. Now I make extra sure I’m in close contact about scheduling with all parties involved in a transaction.

—Kimberly Smith, Keller Williams Metro, Royal Oak, Mich.

MAGAZINE.REALTOR

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