c o lo r a d o
AUGUST 2021
REALTOR Official Magazine of the Colorado Association of REALTORS®
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MAGAZINE
The Centennial State Celebrates 100 Years of REALTORS® Page 4
PLUS: Networking: An Underappreciated Benefit of Associations Page 6
Speakers at CAR's 100 Year Celebration Conference & Expo Page 8
The Anti-Trust Climate in Real Estate Page 34
c o lo r a d o
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c o lo r a d o
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MAGAZINE
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The COLORADO REALTOR® is published by the Colorado Association of REALTORS® 309 Inverness Way South Englewood, CO 80112 (303) 790-7099 or 1-800-944-6550 FAX (303) 790-7299 or 1-800-317-3689
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MAGAZINE
AUGUST 2021 ISSUE:
EDITOR: Lisa Dryer-Hansmeier, V.P. of Member Services: lhansmeier@coloradorealtors.com DESIGNER: Monica Panczer, Creative Marketing Specialist: monica@coloradorealtors.com The Colorado Association of REALTORS assumes no responsibility for return of unsolicited manu scripts, photographs or art. The acceptance of advertising by the Colorado REALTOR® does not indicate approval or endorsement of the advertiser or his product by the Colorado Association of REALTORS®. The Colorado Association of REALTORS® makes no warranties and assumes no responsibility for the accuracy or completeness of the information contained herein. The opinions expressed in articles are not necessarily the opinions of the Colorado Association of REALTORS®.
The Centennial State Celebrates 100 Years of REALTORS®.............................................. 4 Networking: An Underappreciated Benefit of Associations............................................ 6
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Speakers at CAR's 100 Year Celebration Conference & Expo..................................... 8 Are You Ready For Some Fun?.................. 12 Diversity and Inclusion Awards................ 14
CAR FOUNDATION REPORT
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This is a copyrighted issue. Permission to reprint or quote any material from this issue is hereby granted provided the Colorado REALTOR® is given proper credit in all articles or commentaries, and the Colorado Association of REALTORS® is given proper credit with two copies of any reprints.
Better Together: The CAR Foundation & RPAC.......................................................... 17 Market Trends for June............................. 18 Real Estate Snapshot................................ 24 How Do You Handle Frustrated Buyers?.. 26 CAR Foundation Report............................ 28 A Message from Jon Roberts.................... 30 Thank You Volunteers.............................. 31 We’re Always Fighting for YOU!............... 32 The Anti-Trust Climate in Real Estate....... 34
The term “REALTOR®” is a national registered trademark for members of the National Association of REALTORS®. The term denotes both business competence and a pledge to observe and abide by a strict Code of Ethics. To reach a CAR director who represents you, call your local association/board.
Moving Tips Countdown .......................... 37 The 4 R's of Relationship Building............ 38 RPAC Major Investors and Update........... 39
WE’RE ALWAYS FIGHTING FOR YOU!
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The Centennial State Celebrates 100 Years of REALTORS® FROM THE CHAIR Robert Walkowicz 2021 Chair of the Colorado Association of REALTORS®
The Colorado Association of REALTORS® (CAR) is celebrating its 100th year this year. It’s incredible to consider. 100 years of volunteerism. 100 years of advocacy. 100 years of protecting consumers. 100 years of pioneering ethics and professionalism. The right for all people to own private property, enjoy it, and transfer such ownership at will is something that Americans and Coloradans hold near and dear to our hearts. It’s something to be safeguarded and that is what a REALTOR® does. And Colorado REALTORS® have always been on the forefront of positive and meaningful change. In 1959, Colorado became the first state in the nation to pass fair housing laws, beating out the National Fair Housing Act by a whopping 10 years! These victories are one of many we’re celebrating this year as we look back at 100 years of REALTORS® while looking ahead to the future of the real estate industry.
A 100 years of REALTORS® Video
Celebrate With Us! We mean to celebrate Colorado REALTORS® this Fall at the 100 Year Celebration Conference and Expo at the amazing Broadmoor Resort and Hotel in Colorado Springs October 17-20th. This event will be an in-person event that promises to be a once in a lifetime celebration and is designed for all Colorado REALTOR® members, especially those of you who have never made it out to one of our events before. I’d love to meet you so please come and find me and say hello! Join us for the networking, a diverse expo hall, education sessions on topical subjects, and of course, award-winning speakers. Registration is limited so make your plans today by going to the CAR website because I know you will not want to miss this event. Your Association Wants You! If you’re interested in a meaningful way to get involved in your association, CAR is taking applications for committee members now. Want to give back to your profession and make a difference? Have you wanted to get involved, but just didn’t know
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Thank You When I started my year as CAR Chair, Colorado had been in the grips of the pandemic for 10 months. It has been inspiring to see how REALTORS®, CAR Leadership, and our industry worked through the adversity and challenges presented not only by Covid-19, but the incredibly challenging markets and legislative environment that followed. I want to thank the amazing CAR membership, volunteers, and staff for an extraordinary year. Thank you for your dedication and passion. Thank you for allowing me to lead your association.
how? It’s actually quite easy. Go to the CAR website and review the different committees. Find something that interests you or that you want to get involved in. Fill out the form for that committee and submit it. Yes, it really is that easy. I promise you that you will make new friends from around the state and be rewarded by helping your fellow REALTORS® and serving your profession.
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Networking: An Underappreciated Benefit of Associations FROM THE CEO
Tyrone Adams CEO of the Colorado Association of REALTORS®
After a year and a half of the Colorado Association of REALTORS® (CAR) offices being closed and virtual meetings taking over most of our days, we held our first in-person event – The Region Xl Conference. Joy and excitement were in the air for two-and-a-half days, and I saw people making connections, catching up with old friends, and meeting new people. It was also good to see something as simple as people exchanging business cards. This got me thinking about the power of what I believe is one of the most underappreciated benefits associations offer: Networking opportunities. “Networking is marketing. Marketing yourself, marketing your uniqueness, marketing what you stand for.” – Christine Comaford-Lynch (businesswoman, author, and serial entrepreneur). Think about it. Small business is all about networking, building relationships, and taking action. Running a business takes a lot of time and drive, so it’s good to have a network of friends and associates to draw energy from and keep you going. By surrounding yourself with people who share a similar drive and ambition, you are more likely to move forward individually. As an association, we help provide this tangible benefit for our members/small business owners. In a normal year, we provide many opportunities small and big for Colorado REALTORS® to get together and network. You may be wondering; if networking is critical to personal growth and business development for Colorado REALTORS®, then why don’t more people engage in it? For many people, face-to-face socializing, small talk, and networking are stressful activities. But they should be viewed as business opportunities rather than obstacles. There is so much that can be gained from networking when done properly and consistently. It can
There are many great networking opportunities at CAR events. 6
have a return on investment (ROI) that’s off the charts. I love hearing stories from Colorado REALTORS® about business connections they made by attending Association events here in Colorado, locally, and at national events. One story I remember (and the names shall remain anonymous) was a Colorado REALTOR® who met a REALTOR® from Hawaii at a National Association of REALTORS® (NAR) Conference. They struck up some small talk, but little did they know they would be helping each other soon. You see, the Colorado REALTOR® had a buyer moving to Hawaii. He remembered his Hawaiian REALTOR® contact and referred his buyer to them. From what I was told, it was the most profitable transaction he had ever made from a referral. That sounds like a pretty good ROI to me. All parties were satisfied with the transaction. And it all started from networking at an NAR event.
NETWORKING STATISTICS that'll make you think
65
%
of new business comes through networking
But that’s not the only benefit of networking. In fact, that’s only the beginning. Here some of the top more powerful benefits of networking according to a compilation of authors who have written about this subject. 1. Generates Referrals and Increases Business
92%
2. Creates New Opportunities 3. Creates a Resource for You and Others 4. Connects with Influential People
of people trust referrals from people they know
5. Raises your Business Profile 6. Helps Build Your Brand
49
%
7. Increases Confidence 8. Allows You to Test the Water with New Ideas and Thoughts 9. Gives Satisfaction Through Helping Others
of jobs are filled through networking
Your annual REALTOR® dues gives you access to many networking opportunities at the local, state, and national levels. Your next great networking opportunity at CAR will see over 1,000 members and other industry professionals descend on the Broadmoor Hotel in Colorado Springs for our 100 Year Anniversary Celebration from Sunday, October 17 to Wednesday, October 20. For your local and national upcoming networking opportunities, go to your respective local association website and to NAR.realtor. Here is one last tidbit to close this topic out: According to Hubspot, 25% of businesspeople don’t do any networking. So, if that holds true, that means that just by doing a little networking, you put yourself ahead of 25% (or 7,325) of REALTORS® doing business in Colorado. Get out there, revitalize old network connections, and start making some new ones! Your business will thank you for it and you will thank your REALTOR® Associations for providing this benefit. Thank you for being a Colorado REALTOR®!
85
%
of business owners acquire customers through word of mouth
And finally, did you know?
1in 4 business people don't currently network
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SPEAKER
Feature
CAR’s 100 Year Celebration, Conference & Expo will feature award-winning keynote speakers and engaging education sessions taught by industry leaders on topics you want to learn about. Get to know some of our exciting speakers and what you will take away from attending their sessions.
ERIC PAPP
ALBUS BROOKS
CRAIG ZABLOCKI
Managing Multiple Priorities
Social Equity & Real Estate
The Intelligence of Fun
Our lives are increasing in complexity. This complexity can confuse us, stop us from taking action, and prevent us from being fulfilled. When this happens, and when we constantly compare ourselves with others, we lose confidence. We become trapped by our past successes, predictable thoughts, and habits. We fail to realize that what got us here, won't get us there.
Dive deep into areas of real estate that can be dividing, and what positive changes real estate agents can implement to influence the narrative. Topics include redlining and other dividing policies and best practices on what cities and the private sector can do to combat the effects of redlining and gentrification to truly build inclusive communities.
Trends, markets, economies, demands . . . all moving and changing a mile a minute. How do you keep it all together? And do your best work? And bring your humanity along? And make a positive difference? Craig will take you on an experience that asks: What role does fun place in doing your best work? How can you take your work seriously, and yourself lightly? A state of openness and connection is fun, whether you are an introvert or extrovert, an association board member, or a new REALTOR®? "The Intelligence of Fun" unlocks the keys to seeing solutions to problems as fun – being solution minded and not problem focused.
Learning how to achieve a lifetime of success requires upgrading our mindset, strategy, and execution. His unique way of addressing unspoken challenges while providing impromptu humor and actionable concepts propels audience members to take new action. This program offers confidence, clarity, and unique capabilities to help the audience achieve their desired future. Since 2010, Eric has worked with thousands of managers and is evaluated as one of North America's top management trainers.
Albus pursued his calling for community development by working with young people in Denver’s poor communities. In 2011, he became the youngest African American ever elected to Denver City Council. Serving two terms, Albus accomplished an ambitious range of progressive legislative victories with the goal of building a truly inclusive city. To address the affordability crisis, he cocreated Denver’s first – and Colorado’s largest – affordable housing fund.
Craig has spoken to over one million people internationally and in all 50 states. His lion-hearted approach has impacted REALTORS® for almost three decades, helping them to define their mission and take themselves lightly.
WAT C H V I D E O WAT C H V I D E O
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C A R ' S 1 0 0 C E L E B R AT I O N CONFERENCE & E XPO OCTOBER 17-20, 2021
LORI PACE
BRAD MONTGOMERY
REBECCA DONATELLI
Here Grows the Neighborhood - The Diversity Difference Experience
Embrace Your Awesomeness
Turning Instagram into Money – the Economics Behind it
Get comfortable in your own skin through real life stories engaging in an interactive program about investing in inclusion initiatives as a glass half full approach to a multicultural, multigenerational, and multimillion mindset attracting more opportunities for personal and professional development as a community leader and real estate resource.
Knowing that our people are our most valuable asset isn’t enough. We need to fully understand how to empower and inspire them. Discover ways of achieving untapped productivity and accuracy while creating and sustaining positivity, optimism, and meaningfulness in others. Focusing on the people side of business not only improves the bottom line, it can be enormously satisfying, inspiring, and sometimes very funny. Brad teaches how to "Embrace Your Awesomeness" to boost productivity, creativity, innovation and profits.
Rebecca Donatelli has traveled to speak at conferences nationwide, helping other REALTORS® build their businesses through social media. She will share how you can utilize your social media to be a productive marketing tool. Learn how to build a brand and online presence through Instagram and how to utilize that brand and presence to generate leads.
Lori is a TedX Speaker and founder of the #PhilanthroProperty Global movement. She keeps it REAL as #TheEagerBlackWoman. Lori has been involved in the real estate industry in multiple capacities over the last 25 years in residential and commercial real estate, urban planning, investing, architecture, and consulting. She is a community leader and keynote speaker. Her first-hand experience and stories as a successful REALTOR® provide a unique perspective and lens for differentiating your business and brand. WAT C H V I D E O
Brad has transformed audiences in all 50 states and on four continents. He’s spoken to dozens of banks, insurance companies, associations, hospitals and Fortune 500 businesses. His past clients include Microsoft, Verizon, the FBI (yes, that FBI) the CIA (yes, that CIA) and the IRS (where he withheld 30% of his best strategies).
Rebecca Donatelli is in the top 5% of REALTORS® in Northeast Ohio, and in 2019 she was honored in REALTOR® Magazine’s 30 under 30, class of 2019. She was also honored as the 2020 Lake & Geauga Area Association of REALTORS® "REALTOR® of the Year. " Her team has been recognized in Cleveland Magazine as a top producing team since 2018. She has built her brand to become recognizable on social media both in the Cleveland area as well as nationwide. WAT C H V I D E O
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SPEAKER
LARRY KENDALL
Feature
NOBU HATA
DAVID CONROY
Thriving in the New ABnormal
The Future of Real Estate
Tech Trends to Watch in 2021
How do I thrive in the new ABnormal? Larry Kendall will help you will learn: The three keys to success in any market, the three new skills for this ABnormal market, the habits that generate listings, how to find inventory for your buyers, and how to negotiate like a Ninja in a multiple offer market.
Nobu Hata will join the Strategic Think Tank Session for an interactive conversation exploring the future of real estate. Where is technology headed? How will changing household dynamics impact development? How are cities preparing for the future, meeting housing demand and battling the affordability crisis? How do Colorado REALTORS®, Associations, and the real estate industry continue to evolve with our ever-changing world?
REALTORS® have a tremendous opportunity to capitalize on emerging technologies set to revolutionize the real estate industry over the coming year. Join Dave Conroy, NAR’s Director of Emerging Technology while he analyzes technological developments that have the potential to dramatically alter business operations for NAR’s 1.5 million members. Blockchain, artificial intelligence, and virtual and augmented reality will be among the topics discussed most thoroughly.
Larry Kendall is one of the founding partners and Chairman Emeritus of The Group, Inc., a Colorado real estate company with 200 sales partners in 6 offices in Northern Colorado. Larry is also the author of Ninja Selling, a sales training system with over 80,000 graduates in the US, Canada, New Zealand, Sweden and Spain. He has taught for 10 years in the real estate program at the Colorado State University College of Business and is the 2006 Colorado REALTOR® of the Year.
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Nobu joined the Denver Metro Association of REALTORS® as their CEO in 2020 from his previous position with NAR as the Director of Industry Outreach and Engagement Strategy. Real estate industry veteran since 1996, Nobu is a dynamic real estate association professional with a member-first leadership philosophy. Nobu is known as a visionary and forward-thinking and has an intrinsic and progressive understanding of REALTOR® culture and business. WAT C H V I D E O
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Dave Conroy is an experienced engineer with a demonstrated history of innovation with over 10 years of experience in the real estate industry. Dave possesses strong experience with blockchain and distributed ledger technologies, prototyping, software design, management, and networking.
WAT C H V I D E O
C A R ' S 1 0 0 C E L E B R AT I O N CONFERENCE & E XPO OCTOBER 17-20, 2021
KELLY LACERT
DOUG BARBER
KENNY PARCELL
1031 Exchange - The Basics
Water Rights and Well Stuff for Brokers
NAR Talks Leadership
In real estate, a 1031 exchange is a swap of one investment property for another that allows capital gains to be deferred. Learn the basics of the many moving parts that real estate agents must understand.
Bring your questions for this discussion on water topics brokers need to know about!
Kenny Parcell, a REALTOR® from Spanish Fork, Utah, is the 2021 First Vice President of the National Association of REALTORS®.
SCOTT PETERSON
MLS FORUM
PROPERTY MANAGEMENT FORUM
Join Scott Peterson’s ever-popular Risk Management and Fair Housing Session where he and a panel of real estate attorneys discuss common Fair Housing violations REALTORS® encounter in their daily transactions. Featuring Damian Cox and John Goodman.
Designed for REALTORS®, hear an NAR MLS update and discuss MLS hot topics with industry experts. Topics of discussion include National MLS information, trends and technology.
Designed especially for property managers of all sizes, this forum explores hot topics for property managers, including legislation, regulation, hot topics, and industry trends.
Risk Management
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ARE YOU READY FOR SOME FUN? Exciting Receptions and Networking at CAR’s 100 Year Celebration, Conference & Expo
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lectrify your network by attending fun social events, receptions and an expo that empower you to meet REALTORS® and other industry professionals from across the state. This is an event designed for all Colorado REALTORS® at any level of experience and will be a once-in-a-lifetime event that you will not want to miss! THE 100 YEAR ANNIVERSARY CELEBRATION FUN NIGHT is sure to be the merriest night of the year as we celebrate 100 years of Colorado REALTORS®. You'll feel like a daring explorer when you step foot into the ultimate underthe-sea-themed party to mingle with friends both old and new! Walk the plank with swashbuckling pirates, whales, and flying fish as you enjoy hors d'oeuvres and drinks from the octopus-themed cash bar. A DJ will take song requests as guests play games at casino tables, take their turn on the mechanical bull, ride wacky trikes, challenge friends to a game of corn hole or Giant Jenga, capture the moment in the photo booths, and more! THE INAUGURAL DINNER SHOW will be a seated affair with a delicious dinner prepared by the chefs at the Broadmoor. At this black-tie event, enjoy wine and cocktails in the spirit of The Great Gatsby while enjoying big band music and mingling with friends. Programming features the installation of Matthew Hintermeister and incoming leadership and parting words from Robert Walkowicz and his outgoing leadership. We will also celebrate the CAR REALTOR® of the Year Award, the Gus Williams CYPN of the Year Award, Distinguished Service Awards, and Diversity and Inclusion awards.
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HAVE FUN WITH .. • Swashbuckling Pirates • Casino tables • Mechanical Bull • Wacky Trikes • Giant Games • Food, drinks, and more!
JOIN CHAIR ROBERT WALKOWICZ FOR SOME SWASHBUCKLING FUN AT FUN NIGHT!
THE COLORADO ASSOCIATION OF REALTORS® FOUNDATION WILL BE HOSTING A CELEBRATORY COCKTAIL RECEPTION as we commemorate 30 years of helping Coloradans and raise funds to continue to support communities statewide. Socialize, enjoy light appetizers, and don’t miss the chance to bid on a fast-paced and exciting fundraising auction! THIS YEAR’S RPAC RECEPTION will take place at the United States Olympic & Paralympic Museum. This is sure to be a great evening of networking and celebration as we recognize our RPAC Investors. In addition to the cocktail reception, you will also have the opportunity to tour the museum to learn about the history of Team USA and the stories behind America’s greatest athletes. Back this year, we will host a bustling EXPO HALL filled with real estate-related vendors eager to share their services, new technology and ideas. Expo hall events will include food, fun, and prize giveaways!
OCTOBER 17-20, 2021 THE BROADMOOR COLORAD SPRINGS REGISTER TODAY!
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Do you know an individual REALTOR®, brokerage office, association, or other real estate industry partner doing amazing things with their diversity & inclusion efforts?
REAL ESTATE BROKERAGES
CAR's Diversity and Inclusion Committee is proud to announce the Colorado REALTOR® Diversity & Inclusion Awards! We’re excited to celebrate groups and individuals who strive to support every person and community within the real estate industry. Winners will be recognized at the CAR 100 Year Celebration in October. Apply or nominate someone you know who deserves recognition!
REAL ESTATE INDUSTRY COMMUNITY PARTNERS
This application recognizes commercial and residential real estate brokerages who actively work to further diversity and inclusion in the real estate industry. Real estate brokerages do not have to be REALTOR® exclusive offices to qualify for this award.
This application recognizes community partners who actively work to further diversity and inclusion in the real estate industry. Community partners are organizations within the real estate industry, such as title companies, lending companies, financial institutions, and so on. This also includes organizations such as AREAA – Asian Real Estate Association of America, NAREB – National Association of Real Estate Brokers, NAHREP – National Hispanic Real Estate Professionals, NAGLREP – National Association of Gay & Lesbian Real Estate Professionals, and VAREP – Veterans Association of Real Estate Professionals.
There are four awards and applications – please read each application description and select the title to apply. Applications close September 24. REALTOR® ORGANIZATIONS This application recognizes REALTOR® organizations that actively work to further diversity and inclusion in the real estate industry. REALTOR® organizations include Local REALTOR® Association Boards, Women’s Council of REALTORS®, REALTORS® Land Institute, and the Colorado Young Professionals Network.
INDIVIDUAL NOMINATIONS This application recognizes an individual who has gone above and beyond in their efforts to support the diverse community in the real estate industry.
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BETTER TOGETHER Two Great Ways to Invest in the Future of Colorado. REALTORS® POLITICAL ACTION COMMITTEE
COLORADO ASSOCIATION OF REALTORS® FOUNDATION
The purpose of RPAC is clear: voluntary contributions made by REALTORS® help elect candidates who understand and support REALTOR® Party issues.
A fiscally independent 501c3, the Foundation helps Coloradans to achieve safe and attainable housing, learn about homeownership, and receive housing-related disaster assistance.
$
RPAC fights for meaningful public policy solutions. RPAC protects your business, the industry, and property owners rights through advocacy at the local, state, and federal level.
Over 8 million invested in the past 30 years. In 2020 alone, more than $350,000 was granted to non-profit organizations across the state providing vital services, education, and housing.
RPAC keeps an eye on capitol hill.
Help your community and your business flourish.
RPAC actively monitors legislation and ballot issues affecting the real estate industry and promotes or opposes public policy.
Nearly nine in ten buyers say they would prefer to patronize a business that is involved in the community. Your gift not only benefits communities across Colorado, it provides a tax deduction for your business and a unique marketing opportunity for you.
RPAC is bipartisan. If real estate is your profession, politics is your business. RPAC advocates for policy to guarantee your business is essential. We support REALTOR® Party champions on both sides of the aisle that expand access to homeownership, protect property against wildfires, and promote responsible tax policy that doesn’t burden small businesses. We fight to protect private property rights and back fair and competitive elections.
ColoradoRealtors.com/ invest
Your gift goes a long way. Your donation can help with emergency housing for victims of domestic violence or from wildfires, longterm transitional housing for veterans, and building attainable housing for workers in high-cost areas.
Coloradorealtors.com/ about-car/foundation
LEARN MORE ONLINE AT COLORADOREALTORS.COM
Street Name 111, City Name 34, 7895 State, Telephone:00 11 22 33 44, E-mail:office@example.com
RPAC/CAR FOUNDATION 100 YEAR CELEBRATION GIVEAWAY RPAC and the CAR Foundation are Better Together in your communities. To celebrate the tremendous impact that both organizations have in local communities across the state, we’re hosting a giveaway! Entering is easy – simply make a gift to the CAR Foundation and an investment to RPAC before the end of 100 Year Celebration, keep your receipts, and stay tuned for a link to submit your entry form for a chance to win a GREAT prize!
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MARKET TRENDS
REALTORS® Seeing Signs of Change in Markets Across Colorado
INVENTORY OF ACTIVE LISTINGS STATEWIDE - JUNE 2021 15,941 7,074
6,289 2,117
-55.6% JUNE 2021
JUNE 2020
SINGLE FAMILY
-66.3% JUNE 2021
JUNE 2020
TOWNHOUSE/CONDO
so the real question of whether the market is changing will be determined in the fall. Buyers have an opportunity now to take advantage of the price reductions and slower pace and still get into the market.”
June delivered an influx of new housing inventory, however, pending sales and closes push median pricing to record highs across the Denver metro area and state.
With the percent of list price received still at record highs, 105.4% in the Denver metro area, and 104% statewide, available inventory continues to move from list to sale at record speed – just 10 days in metro Denver and 23 days statewide, both record lows. All of these conditions have pushed the Housing Affordability Index, a measure of a region’s housing affordability based on interest rates, median sales price and median income by county, to record lows as well.
A strong month for new listings in June helped give potential homebuyers a little hope and opportunity, however, the volume of sales and homes going under contract continued to grow as well, pushing the median sales price for single-family homes in the seven-county Denver metro area and statewide to record highs, according to the latest data from the Colorado Association of REALTORS® (CAR).
AURORA
Denver metro new listings rose 24% to a little more than 7,000 single-family units, while statewide the increase was 20% to just over 12,000 homes. Offsetting those new listings, the month of June also delivered nearly 6,000 homes under contract in the Denver metro area, 10,256 statewide. Further diluting the gains in new inventory, another 5,500 singlefamily properties closed in the Denver metro area, with 9,857 properties solds statewide.
“It seems that perhaps we are starting to see the winds of change in our real estate market. We have watched the inventory increase over that past 30 days, but even with the increase, active listings are still very low in the Aurora and Centennial markets. Depending on the location, prices are up 20% to 35% over last year at this time. The median price in Aurora, citywide, is $502,500. Days on market are approximately seven days with only 275 active single-family listings in the entire city. The townhome/condo inventory has also increased from last month but remains down 76% from a year ago. You will find only 117 multi-family listings in Aurora and expect to pay a median price of $309,500.
The results, median pricing continued to rise reaching new records in the Denver metro area, $585,000, up nearly 26% from a year ago. Statewide, the median single-family price hit a record $530,000, up more than 24% from June 2020. “We are starting to see a slowdown in terms of showings, offers received, and we are actually seeing price reductions on homes that haven’t sold,” said Boulder/Broomfield-area REALTOR® Kelly Moye. “This is typical for July and into August
“Centennial is experiencing much of the same. Inventory increased over the past month however, it is still 62% below the inventory of last year. The median price in Centennial for
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single-family homes is now $650,000, with only 6 days on market. The townhome/condo market in Centennial provides only nine active listings in the entire city as of this writing with an average five days on market and a median price 30% higher than June 2020 at $401,000.
opportunity at home ownership. While prices continue to hold strong, the I-76 corridor going east of the Denver area provides lower home prices. In Morgan County, the average sales price in June was $350,642. In Washington County it was $171,500. Buyers are driving east until they find they can qualify,” said Brighton-area REALTOR® Jody Malone.
“If you speak to your local REALTOR®, you will hear that perhaps the frenzy is slowing. It is hard to tell if that is the typical July slowdown or if the winds of the real estate market are changing,” said Aurora-area REALTOR® Sunny Banka.
COLORADO SPRINGS/PIKES PEAK AREA “June, the month that finally ushered in Summer!!! June 20th struck the official date of summer, but the housing market had never left last summer. There was never a fall or winter for housing. It was really like nothing changed. Just one more month, but the days got longer so REALTORS® could show later, still get beat out on offers, still compete, and hopefully relax on a patio somewhere after getting dragged through this battle called, real estate.
BOULDER/BROOMFIELD “For those buyers who want to be in Boulder and Broomfield counties, it’s time to perk up, get re-energized and get back out there. While the numbers show a sizzling seller’s market for June, the statistics reflect the market in May, and here on the street we are seeing changes.
The front range echoed what most of the country has been feeling: shortages in homes for sale. In fact, a 52% drop from the year before. Buyers once again would be in a position of weakness as they trudged through homes, writing offers, losing, and then doing that all over again. Some buyers are hitting 10+ offers before they get a home, or fatigue and go rent again. Shortages result in higher prices. Too many people chasing not enough product pushed the medium prices up 24.3% across all properties. Buyers not only have to compete against rising prices, but they now battle with major hedge funds who are buying homes above market and turning them into rentals. Buyers cannot get a break.
“Listings are still down in each county and the number of sold listings is up, indicating the buyers gobble up any inventory we have quicker than we can replenish it. Single-family homes are up 32% in Boulder County and 20% in Broomfield since the beginning of the year, leaving many buyers wondering if they will ever get in the market at this pace. “However, we are starting to see a slowdown in terms of showings and offers received. We are actually seeing price reductions on homes that haven’t sold. This is typical for July and into August so the real question of whether the market is changing will be determined in the fall. Buyers have an opportunity now to take advantage of the price reductions and slower pace and still get into the market.
Is there a softening in our future? First-time unemployment claims continue to be high. We know that delinquencies across the nation are high. Interest rates likely cannot go up, and the forbearances should be ending in August. Maybe some of this pressure will begin to subside and buyers who have been trying to find a home, might? July will hit with a lot of the same, and we will continue the brutal pursuit of trying to find buyers homes,” said Colorado Springs-area REALTOR® Patrick Muldoon.
“The only fly in the ointment is the attached market in Boulder. There has been a healthy 9% appreciation since the beginning of the year, but days on the market are up to 49, and we are seeing many price reductions and lower activity in this part of our market. The University of Colorado is a big driver for the condo market and with many students not returning due to COVID and the opportunity for remote learning, it has affected this segment of our market,” said Boulder/Broomfield-area REALTOR® Kelly Moye.
DENVER COUNTY “Wanting the ‘good news or the bad news first’ usually means ‘do you want the headline or the subtext-first.’ Starting this time with the subtext; Denver’s supply of inventory has increased from .3 month’s worth to .6 - the headline obviously stating that inventory has gone up a whopping 100%.
BRIGHTON/I-76 CORRIDOR “As we near the middle of summer, the market along the I-76 corridor is showing a slight softening. Listings are up approximately 50% from a month ago, giving buyers a better
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“The remaining headlines from June of 2021 continue to use the word ‘record’ when describing Denver’s real estate market. With the lowest-ever average days on market, seven, to the highest ever median, $665,000, the amount of new listings in June surpassed 1,000 for only the 4th time in a single month, rounding out 2nd place at 1102.
date, the average sales price has increased 36%. Townhouse and condos are no different. The average sales price has climbed from $330,850 in June last year to $422,679 this year – a 27.8% increase. “The days on market until sale are astonishing. Single-family homes have gone from 62 days in June 2020 to a measly 44 days; a staggering 29% decrease in time until close. The inventory has shrunk to about nothing at only 19 units on the market versus 58 last year, a 67.2% decrease in inventory. Townhouse and condos are again no different. Days on market have been slashed from 117 to 58 this June. That’s a 50.4% decrease, also squeezing the inventory down to only 12 units, a 61.3% reduction.
“With so much of Denver’s market setting records and making headlines, the subtext this month is that while more freestanding homes sold in Denver last month than any other, 866, inventory is creeping it’s way up as prices may have reached that ‘we’d be crazy not to sell’ point,” said Denver-area REALTOR® Matthew Leprino.
“With this frenzy, the multiple offers are stacking up. Anything, I mean anything is selling, and anything is being waived to sweeten the deal. Cash offers, fast closings, waived inspection objections, escalation clauses, you name it. Single-family homes are exceeding list price and I don’t anticipate that slowing down anytime soon, unless there are no homes left to sell. It’s almost there. Year-to-date, single-family homes are getting 100.3% of list price, a 3.4% increase. Townhouse and condos are getting 99.8% of list price in June 2021. Year to date this is a 3.4% increase. I anticipate these over asking price offers and percentage-of-list price to continue to climb as the competition gets crazier,” said Estes Park-area REALTOR® Abbey Pontius.
DURANGO/LA PLATA COUNTY “Like most resort towns in Colorado, Durango continues to see record increases in appreciation and a severe shortage of inventory. June set a new high for average sales price for singlefamily homes at $799,580. The year-to-date average sales price is now over $720,000, which is a 35% increase over 2020. The median sales price for townhomes skyrocketed 79.5% in June to $493,500. Supply is still hovering at just over one month if you look at all sectors, but realistically, homes are selling within a couple of days of hitting the market. Many sellers are allowing showings for 24-48 hours and then accepting offers on a predetermined date, usually 72 hours after it hits the MLS. We are still experiencing multiple offers on most properties with an average percent of list price received just over 101%. There doesn’t appear to be any softening of demand as prices continue to rise,” said Durango-area REALTOR® Jarrod Nixon.
FORT COLLINS “With summer temperatures rising, is the real estate marketing in a cooling trend?
ESTES PARK “Looking back at the real estate market a couple years ago, I would never have thought price tags like these would be popping up, and on a consistent basis. I remember when you could find a one-bedroom condo under $200,000, you had time to think about submitting an offer, and when inspections had a place for negotiations. We are definitely in a climate breeding more of a frenzy than a comfortable experience.
“Throughout the early spring and into the beginning of summer, a combination of pent-up demand for housing, persistently low interest rates, an economy on the rebound, and a robust vaccination program led to record setting paces in housing units sold, housing units coming on the market, over-asking sale prices, and appraisals supporting the uptick in appreciation. Cost of building materials has also led to reduced inventory in new construction which has definitely not helped ease the supply shortage.
“In Estes Park there is no ceiling to the increase in price. Compared to June last year, the average sales price for singlefamily homes has jumped 49%. Now large homes can skew the numbers, but there is still a steep incline happening. Year-to-
“The post-Independence Day market analytics are showing a bit of a stabilizing trend as you look at median price settling down closer to $500,000 at $506,750 compared to $533,435 the month previous. The average percent over list price was still
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pushing 4% for June (which means a house listed at $500,000, on average, sold for at least $20,000 over the list price). Competitive offers are the rule rather than the exception, and buyers are having to use all the tools in their competitive offer bag of tricks to have their offers stand out (waiving appraisal conditions, waiving or minimizing inspection objections, nonrefundable earnest money, etc.).
sold listings were 421. Our average sales price of $378,788, was up 25% from June 2020 and properties sold on average 101.3% over asking price. We have a one-month supply of inventory based on current activity. “We are seeing a little pull back in some areas of the market, as buyers are getting discouraged and exhausted as they make multiple offers that go nowhere,” said Grand Junction-area REALTOR® Ann Hayes.
“That being said, July is showing signs of a different kind of pent-up demand: vacations. Folks are getting out and away after 16 months of essentially being shut in. This is resulting in a dispersed pool of potential buyers that are taking some time out for travel and a time out from buying houses. The statistics will likely bear this out next month, but there are some early signs like price reductions on listings and lower showing totals than what we saw earlier in the spring. This is good news for competing buyers. However, don’t expect prices to come down – there’s still plenty of demand for housing that will likely see prices stabilize for the remainder of the summer,” said Fort Collins-area REALTOR® Chris Hardy.
PUEBLO “The Pueblo real estate market closed out the first half of the year in consistent style – less than one month of inventory and for sales getting multiple offers. The conditions helped set a record high for median sales price in Pueblo at $300,000 in June, up 27.7% over June 2020. New listings are up 7% compared to June 2020 and year-todate, are going under contract quickly. The percentage of list price received in June was 102.7%, up 3.5% from June 2020 and up 2.8% to 101.2% year-to-date. The list price received has stayed over 100% throughout 2021, prompting us to tell our buyers that list price is the starting point, and you go up from there.
GOLDEN/ARVADA – JEFFERSON COUNTY “Jefferson County’s median sale price for single-family homes continued to rise in June and now sits at $630,000, up 23% from this time last year. Low inventory is still a major problem with the huge buyer demand, however, the numbers for July may be much different. In early July, the buyers seem to have taken a vacation from home searching and actually went on vacation now that states have opened up from the pandemic. Buyers are winning contracts at the listing price and the high number of multiple offers have dwindled. It is now very important to list a home for sale at the right asking price so the home does not sit on the market too long.
Pending sales were up 1.7% compared to June 2020 and 5% year to date. Sold listings were up 8.8 % in June over 2020 and 8.4% year to date. There were 66 new building permits pulled in June 2021, which are up to 387 for the year. Pueblo West is leading the permit count with 291 pulled so far this year,” said Pueblo-area REALTOR® David Anderson.
STEAMBOAT SPRINGS/ROUTT COUNTY
“As for townhomes/condos, the median sales price also rose and is now $380,000 with an average of seven days on market. For buyers, it is a better time to be looking than it was just a few weeks ago,” said Golden/Jefferson County-area REALTOR® Barb Ecker.
“It’s the good news and the bad news; the good news is, a lot can change in a year - and the bad news is, a lot can change in a year. Looking back at June 2020, when coming out of a twomonth pandemic-induced hibernation, our market realized more properties under contract than in any previous month in recent history.
GRAND JUNCTION/MESA COUNTY
“Like hungry bears in search of food, buyers emerged in record numbers, ravenous in their quest for mountain real estate. The food supply – inventory – has been waning for several years, and active listings are down 65% for single-family and 78% for multi-family year over year. New listings for this period were 7% and 17% less, respectively, for single-family and townhomes/
“Mesa County continues to deal with low inventory challenges, currently down 44% from a year ago at just 373 units. The median sale price of $335,000 was up 21.6% over last year. For the month of June, new listings were down 3.5% to 446, and
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condos. Understandably, the berry-picked properties are still getting multiple offers and lasting less than seven days on the market. Despite the reduced number of offerings, pending sales differ only slightly in count - two less properties each in both single- and multi-family for this period versus last.
June Average Prices (% change YTD from Previous Year)
“As to be expected in a market like this, some brokers/sellers are testing the market and we do see some price resistance resulting in price reductions. However, for the most part, sellers received what they wanted in June- within 1.2% of list price for single-family and multi-family receiving 2% over list. Cash transactions are still a significant force, emanating a survival-of-the-fittest approach, much to the frustration of qualified buyers who need to finance. Brokers and committed buyers have to take on a tough Jeremiah Johnson mindset – persevering the market conditions as they continue their hunt and hopefully find it “worth the trouble” in the end,” said Steamboat Springs-area REALTOR® Marci Valicenti.
Single Family
Year to Date
Average Price YTD
Summit County
+39%
$ 1,798,640
Park County
+22%
$ 480,236
Lake County
+41%
$ 527,766
Townhouse / Condo
Year to Date
Average Price YTD
Summit County
+14%
$ 705,652
TELLURIDE “The greater Telluride market (San Miguel County) closes out the first half of 2021 with an incredible 207% increase in dollar volume at $684.4m as compared to the five-year average of $223m. This surge has been primarily driven by sales in the Mountain Village and rural properties 15 to 45 minutes west of Telluride. “It continues to be apparent that vacant land sales are the new booming segment of the market due to the extreme lack of homes and condominiums in Telluride and Mountain Village. There were 153 vacant residential lot sales in the first six months of 2021 with 88 of those happening in the rural market areas. However, with local architects and general contractors being booked out two to four years, vacant land buyers are going to have to wait a long time to move in their new homes.
SUMMIT, PARK AND LAKE COUNTY “What is normal in real estate? The truth is, there is no normal. We hope for a balanced market, but we are always flowing from a seller’s market to a buyer’s market. Every now and again we get to stop in one phase or another for longer than we expect. Economic indicators help us to predict what is coming next, but since we are in the seller’s market from the result of the pandemic, we are in unchartered waters. Interest rates remain low, and inventory is down because properties are being scooped up quickly. Can this pace be sustained? The answer is no - the real estate market is always changing.
“We are seeing a few sellers adjusting their asking prices downward for condominiums and homes in Telluride and in Mountain Village in the last couple of months. We are also seeing some of the super high-priced home listings sitting on the market a bit longer. That being said, the only new inventory is coming from long-time property owners who seem to want to take advantage of this remarkable boom for the last 15 months,” said Telluride-area REALTOR® George Harvey.
How long will we be in the current phase? National economists are suggesting we will see a flattening of the market, that our prices will not sink but stabilize. My crystal ball has yet to give me a clear answer. For now, I am mesmerized by these statistics. “This June as compared to last June, Summit and Park Counties have seen 56.4% more sales. Summit has seen a 127% increase in sales volume (amount of money spent) and 80% more residential sales. Prices are still going up. Currently, active listings are priced between $298,900 for a studio in Keystone to $18,999,000 for a house in Breckenridge,” said Summit-area REALTOR® Dana Cottrell.
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VAIL Historic First Half of the Year - Subtle Shifts Ahead? “As we embark on the second half of the year, there is both statistical and anecdotal evidence we are beginning to see some signs of a historic "normal" market. While the headlines will reflect on the strength of the first two quarters compared to a year ago - the Eagle County market is up approximately 75% in closed sales from the first half of 2020 and has doubled in dollar volume. The summer months always bring buyers, and demand remains extraordinarily strong with showing activity and open house attendance. But a few factors are pointing to perhaps some subtle shifts,” said Vail-area REALTOR® Mike Budd.
MEDIAN SALES PRICE STATEWIDE - JUNE 2021 $530,000 +24.4%
$442,781 $386,250
JUNE 2021
JULY 2020
+20.7%
$331,260
JUNE 2021
JULY 2020
SINGLE FAMILY
The complete reports cited in this press release, as well as county reports are available online at: http://www. coloradorealtors.com/market-trends/
TOWNHOUSE/CONDO
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Real Estate SnapShot STATE OF COLORADO - JUNE 2021
Historical Median Sales Price
PERCENT OF LIST PRICE RECEIVED
104
4.6%
%
YTD 2021=99.5% YTD 2020= 99.3%
AVERAGE DAYS ON MARKET
Single Family Condo
State of Colorado $600000 $500000 $400000
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-40.0%
$300000 $200000 Dec 2018
Mar 2019
June 2019
Sep 2019
Dec 2019
Mar 2020
June 2020
Sep 2020
Dec 2020
Mar 2021
June 2021
YTD 2021= 40 YTD 2020= 47
Median Sales Price
MONTHS SUPPLY
0.8
-66.7%
JUNE 2020= 2.4
Single Family Condo
State of Colorado 600000
400000
$530,000
500000
24.4
%
400000
$497,500
19.0
%
$426,000
350000
200000 150000
200000
100000 100000
JUNE 2021= 15,634 JUNE 2020=15,086
-5.9%
16.7%
250000
2021
0
YTD 2021= 72,491 YTD 2020= 71,486
$365,000 $315,500
20.7%
300000
$418,000
300000
3.6%
$386,647 $317,500
2020 JUNE
2021
50000
2020 YTD
Inventory of Active Listings Total Market
2021
Single Family
2021
58.5%
7,074
55.6%
2020
2,117 5000
10000
15000
Total Market
2021
Single Family
2021
2020 YTD
25000
13,087
9.1%
9,857
5.2%
2020
Condo 20000
2021
2020
2021
66.3%
2020 0
2020 JUNE
Sold Listings
2020
2021 Condo
9,345
2021
0
3,157
22.3%
2020 0
3000
6000
9000
12000
15000
JUNE 2021= 13,497 JUNE 2020= 14,337 YTD 2021=68,581 YTD 2020= 59,603
Percent changes calculated using year-over-year comparisons. All data from the multiple listing services in the state of Colorado. Powered by 10K Research and Marketing.
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For more data, visit ColoradoREALTORS.com
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by Larry Kendall, Author of "Ninja Selling"
How Do You Handle Frustrated Buyers? What do you say to a frustrated buyer? Nothing, you just ask good questions.
the top three contracts, and the listing agent told us to make our best and final offer. The buyer is a little over $1 million and is convinced he’s offering top dollar based on his spreadsheet. I believe it will take at least $1.1 million for him to have a chance to buy this house. What should I say to him?”
Have you ever struggled to make an important decision – fearful that you’ll make a mistake? Many home buyers are facing these struggles and fears in today’s market. What if I don’t pay enough and lose the house? What if I get the house, but pay too much?
My response was, “As a Ninja, you don’t say anything. You ask good questions. I recommend a couple of sleep questions. Here they are:
Pay attention to the messages coming from your non-conscious. It will send you an alert if it feels you are in danger. Honor the small voice.
At a recent Ninja Installation, a Ninja from Austin, Texas asked what she should say to a difficult buyer. He’s an engineer (perfectionist) and builds spreadsheets to analyze what he should pay for a house. “He’s lost out on so many houses that I quit counting after twelve offers,” she said. “At last, we’re in
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1. If you offer a little over $1 million and discover later that you could have owned this house for $1.1 million, will you be able to sleep at night? 2. If you raise your offer to $1.1 million, and you win this house, will you be able to sleep at night? The Ninja asked her buyer the sleep questions that night after class. He
Stuck on a decision? Fearful? Looking for answers? Take the sleep test.
went to $1.1 million and won the house! Most importantly, he’s comfortable with his decision. What happened? These two questions moved the decision out of his conscious (spreadsheet) mind and into his nonconscious (feelings) mind. His nonconscious is a much higher-level processor. It’s also where he determines his comfort level.
up. Sometimes it’s a small voice that speaks to us.
Here's the science. We are equipped with two high-level processors – our conscious and our non-conscious. Our conscious mind processes at 2,000 bits per second and runs in sequential mode. An example of sequential processing is language. It’s step-by-step, one word after another.
Thomas Edison, when stuck working on an invention, would take a nap and ask his non-conscious for an answer. Many times, he would wake up with the answer. He understood the processing power of his non-conscious mind and was a master of the sleep test.
For this reason, it is difficult (some say impossible) to multi-task in sequential mode. Analytical thinking and spreadsheets are done consciously in sequential mode.
Stuck on a decision? Fearful? Looking for answers? Take the sleep test.
Pay attention to the messages coming from your nonconscious. It will send you an alert if it feels you are in danger. Honor the small voice. Ask it for help if your conscious processor isn’t providing the answers.
Our non-conscious part of the brain processes at 400 billion bits per second and runs in simultaneous mode. It’s processing massive amounts of data at the same time. For example, when we’re asleep, our non-conscious brain is running all the processes to keep us alive – breathing, heart beating, body temperature control, etc. We do not have to think about this. Also, when we’re asleep, it’s processing our thoughts, experiences, and data collection. If it’s concerned that we are making a mistake, it sends an alert by waking us
Larry Kendall is one of the founding partners of The Group, Inc., a real estate company that is owned equally by its sales associates and staff. He is also the author of “Ninja Selling.” This article originally appeared in the July 2021 issue of REAL TRENDS newsletter and is reprinted with permission of REAL TRENDS Inc. Copyright 2021.
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CONNECTING REALTORS® WITH COLORADO COMMUNITIES FOR 30 YEARS CAR FOUNDATION UPDATE Our communities sustain and strengthen us. In times of struggle, they hold us up. In joyful times, our communities celebrate with us. The past year and a half has pushed many Colorado communities to the brink, and the Colorado Association of REALTORS® Foundation took action to help. Almost 5,000 Coloradans (and counting) were helped by CAR Foundation funding in 2020, and more than $350,000 in grants were distributed.
$50
$10,000
= Hotel voucher to a family in need
= Building materials for affordable housing
In 2021, the CAR Foundation has focused on creating connections. Our inaugural Colorado’s Heart Award process connected us to REALTORS® = Construction services across the state who volunteer, make charitable for a disabled person gifts, and hold leadership roles in service to local nonprofits, making positive impact in their communities. The CAR Foundation made donations to 41 deserving nonprofits and looks forward to recognizing even more REALTOR® nominees for next year’s Colorado’s Heart Award.
$5,000
INVEST IN
Colorado
= Provide housing near a hospital for loved ones
$250
= Help victims of domestic violence
when that
$2,500
The Foundation has also expanded opportunities for members to connect with us and join our mission to help Coloradans achieve safe and attainable housing, advance homeownership, and provide housing-related disaster assistance in times of need. We know that communities across the state are still struggling and need our support. Many Coloradans lack access to emergency housing or longterm housing that they can afford or need education about how to best prepare for homeownership. Wildfires and other potential disasters can occur without warning, and the CAR Foundation is committed to aiding our neighbors statewide
$100
= Educational materials for first-time homebuyers
$500
$1,000
=Furnish a tiny home for a veteran
= Provide mortgage or rent assistance after a disaster
happens. With your help, the CAR Foundation can continue to support Coloradans when they need it most.
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HOW CAN YOU GET INVOLVED?
well as our iconic Heart Pin.
• Ensure your brokerage is enrolled in our Escrow Interest Program, where interest earned on escrow funds is donated to the CAR Foundation. It’s easy and a great way for your clients to join the mission as well.
• Consider joining our Board of Directors or our upcoming Advisory Group! Keep an eye out for application information, and if you are interested in volunteering your time to lead the Foundation, we’d love to hear from you.
• Contribute to our Invest in Colorado fundraising campaign. Your donation has DOUBLE THE IMPACT thanks to a generous matching funds pledge via the Colorado Association of REALTORS®. Through this campaign, the Foundation will fund communities across the state. Members who donate $100 or more will receive a digital badge to make marketing your impact easy as
• Join us at our 100 Year Celebration Reception for an evening of fun, camaraderie, inspiration, and an auction. The CAR Foundation is proud to be YOUR charitable arm of CAR and honored to continue to make a difference for communities across Colorado. We look forward to connecting with you – come join our mission!
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A MESSAGE FROM JON ROBERTS 2021 CAR Legislative Policy Committee Chair
Jon Roberts 2021 Legislative Policy Committee Chair
This year, 678 bills were introduced, and CAR’s Legislative Policy Committee (LPC) took positions on 96 bills.
The everyday life as we knew it came to a complete halt last year. The simple run to the grocery store was no longer simple, working parents struggled to find a balance between homeschooling and Zoom meetings, and the social visits among family and friends canceled. In the 2021 legislative session, state lawmakers focused on getting the state back on track and restoring “normalcy” for Coloradans. After taking a monthlong pause for safety reasons related to COVID-19 in February, the General Assembly charged forward until their final day in June with big spending priorities including transportation funding, continued expansion of broadband, tax policy changes that offer some relief to small businesses, but tax others to help pay for tax credits for working families. Legislators also increased wildfire mitigation funding and continued their work on health care reform. Policymakers allocated substantial state and federal stimulus funding to restore support to programs and services whose budgets were cut due to the pandemic and build stronger relief efforts by creating brand new grant programs. For REALTORS® and their clients, it was a challenging legislative session during a time when housing prices are out of reach, building costs continue to skyrocket, and available inventory is nowhere to be found. From day one, the REALTOR® community mounted a strong defense to prevent overly aggressive policies. 2021 is also a year to celebrate for Colorado REALTORS® as we honor 100 years of service by not only introducing four bills aimed to open the doors to homeownership, but successfully passing those four legislative solutions
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to remove regulatory housing barriers for all Coloradans. This year, 678 bills were introduced, and CAR’s Legislative Policy Committee (LPC) took positions on 96 bills. CAR effectively advocated for transparency and disclosure requirements for special districts and HOAs, limited energy and environmental regulations that could increase the cost of housing and made significant changes to proposed rental housing bills. When a proposal came forward to allow for inclusionary zoning practices tempted the use of rent control to limit the housing market, it was CAR that amended the legislation to clarify that rent control in existing construction will not make housing more affordable and therefore is still prohibited by state statute. CAR would not be successful if it were not for the countless hours put in by LPC, CAR Government Affairs staff, and lobbying team. To the LPC members that I had the honor to lead and serve alongside; thank you for your continued dedication to our industry. And thank you to 29,000 Colorado REALTORS® across the state for answering the calls to action and support of CAR’s advocacy efforts. Although another chapter closed, we continue to identify solutions that create equitable, engaging communities and protect property owners. Though each legislative session seems harder than the last for Colorado REALTORS® to navigate, we’re proud of the relationships we built with policymakers to protect the real estate industry. If COVID-19 has taught us one thing, we know we are stronger together.
Read the 2021 Legislative Review
Thank You Leaders! A SPECIAL THANK YOU TO LPC MEMBERS, LEADERSHIP, AND STAFF The 42 committed LPC members from all corners of the state actively volunteer countless hours of their time on subcommittees to review and analyze legislation impacting real estate, the housing industry and small businesses to recommend action on specific bills. CAR succeeds when we build relationships before we need them. Together we work hard to protect property owners and ensure REALTORS® have a seat at the table, because the work you do in the community every day with your clients, the experience you bring, and your passion truly make a big difference. Thank you for your dedication!
Robert Walkowicz 2021 CAR Chair
2021 CAR LEGISLATIVE POLICY COMMITTEE LPC Chair: Jon Roberts LPC Vice-Chair: Janet Marlow Subcommittee Chairs: Business & Tax – Micah George Housing – Sabrina Zunker Land Use – Karen Frisone Regulatory – Deanna Dyer Water – Barbara Asbury
Tyrone Adams CAR Chief Executive Officer
Metro District: Sunny Banka, David Barber, Brandon Brennick, Jay Brown, Ann Connelly, Sherry Cree, David DeElena, Karen Frisone, Angela Hutton-Hall, John Lucero, Janet Marlow, Stew Meagher, John Mitchell, Aaron Ravdin, Jessica Reinhardt, Jon Roberts, Brian Urdiales, and Sabrina Zunker. Mountain District: Rebecca Balboni, Mike Budd, Kathy Christina, Bob Fullerton, Paige Haderlie, Janene Johnson, Matt Kaufmann, and Scout Walton. Northeast District: Kurt Albers, Deanna Dyer, Will Flowers, Michelle Jacobs, Scott Sammons, and Dale Souther. Southeast District: Barbara Asbury, Jack Beuse, Reatha Butler, Debbie Howes, David Madone, and Andrea Warner. Western District: Vicki Burns, Micah George, Ann Hayes and Susan Hendricks.
Sean Dougherty CAR Government Affairs Division Chair
Leadership & Staff: CAR Chair: Robert Walkowicz CAR Government Affairs Division Chair: Sean Dougherty CAR CEO: Tyrone Adams CAR VP of Government Affairs: Elizabeth Peetz CAR Director of Policy and Government Affairs: Bridget Garcia CAR Director of Development and Communications: Kerrianne Savery CAR Contract Lobbyists: Jason Hopfer and Karen Wick Local Government Affairs Directors: Nick Bokone – CAR Local Board Consultant Barbara Koelzer – Northern Colorado Clarissa Thomas – PPAR Peter Wall - DMAR
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GOVERNMENT AFFAIRS
We’re Always Fighting for YOU!
In May, CAR signed onto a stakeholder letter to Governor Polis and the Joint Budget Committee to request Covid-19 relief funds be spent for homeownership. In May, CAR worked closely with the Division of Real Estate on it’s Safer-at-Home guidance to all real estate licensees, ensuring REALTOR® voices mattered.
Fighting for REALTORS® and property owners is our top priority at CAR.
In June, as a direct result of CAR’s Advocacy, Governor Polis allowed to REALTORS® to resume responsible open houses. In June, CAR’s four-year effort to allow for remote notarization concluded because the Colorado legislature passed Senate Bill 96 and Governor Polis signed it into law.
CAR’s skilled and dedicated Government Affairs team is out working for you every day, whether tracking bills, lobbying at the capitol, or fostering relationships with lawmakers and regulators in order to defeat damaging initiatives and champion new solutions for REALTORS® and all Coloradans.
In November, CAR penned a letter to Governor Polis detailing the essential nature of real estate and its overall impact on Colorado’s Economy and Covid-19 recovery.
Did You Know CAR Kept Real Estate OPEN in 2020?
CAR’s Work Never Stops. That’s Why in 2021: CAR continues to work with NAR to secure rental/housing provider assistance in the face of extended eviction moratoriums in an effort to avoid a spiraling crisis for housing providers and tenants.
In March 2020, Governor Polis issued a Stay-at-Home order and real estate transactions are deemed not essential. Within 24 hours, CAR’s advocacy worked to have the Stay-at-Home order amended to include real estate transactions as essential.
CAR joined forces with Habitat for Humanity of Colorado to pass a package of legislation designed to help improve the state’s housing market and availability of affordable housing statewide by breaking down regulatory barriers. Working with the support of a broad range of housing industry stakeholders and organizations, CAR’s Century of
In April, as a direct result of CAR’s advocacy with the Governor, Department of Regulatory Affairs, and the Division of Real Estate, other essential services such as real estate appraisals, closings, home inspections, and final walkthroughs were considered essential.
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How Can You Do Your Part? Apply for CAR’s Legislative Policy Committee or Political Action Committee
Opportunity bill package focused on improving Colorado’s homeownership opportunities through financial literacy education, credit building for renters, improving state housing reporting, incentivizing best practices, and creating new affordable housing at the local level.
You can play a major role in shaping Colorado’s future. When you serve on CAR’s Legislative Policy Committee or Political Action Committee, you are the voice for over 29,000 REALTORS® across the state, which is critical to assure our industry has a seat at the policy table. The experience and expertise you bring to the table cannot be replaced and is vital to identifying REALTOR® Champions and taking action on legislation that impact Colorado communities.
When Colorado’s policymakers introduced a proposal to allow for inclusionary zoning practices, and in the process open the door to rent control at the local level, CAR successfully amended the bill to clarify that a local government cannot enact rent control policies on existing units. As REALTORS® know, our state struggles to find sufficient housing inventory to meet consumer’s growing needs. Rent control only hurts our ability to address housing needs and would deter the building of affordable units, which limits access to housing for all Coloradans.
Click here to apply for CAR’s 2022 LPC or CARPAC and let your voice be heard on behalf of Colorado REALTORS®. Consider Investing in RPAC
Despite the challenges created by the pandemic, CAR created opportunities for REALTORS® to connect with their elected officials by hosting virtual hill visits with members of Congress.
CAR’s advocacy is successful thanks to the support of Colorado REALTORS®. The REALTORS® Political Action Committee (RPAC) is one of the strongest bi-partisan advocacy organizations in the nation. For more than 50 years, RPAC enables us to advocate for REALTOR® interests at all three levels of Government. Through voluntary investments made by REALTORS® and affiliates, REALTORS® are a united force and have a seat at the policy table to support REALTOR® Champions, fair housing policies, and issues important to real estate and small business. Consider investing today.
In addition, CAR’s 2021 LPC tracked and took a position on 96 bills that would have had an impact on the lives of REALTORS®. Every year, we will navigate a new legislative session and regulatory climate and will continue to fight for the real estate industry. We will fight any tax that makes real estate transfer more expensive. We will fight any tax on real estate commissions. We will fight any form of housing growth caps or rent limits. We will fight any legislation that hinders the rights of property owners and creates barriers for small businesses in Colorado to succeed.
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The Anti-Trust Climate in Real Estate LEGAL COUNSEL
SCOTT PETERSON General Counsel of the Colorado Association of REALTORS®
Colorado REALTORS® are probably tired of hearing me talk to them about the various anti-trust matters swirling around our industry over the last few years. Trust me, I get it. As an education topic, “anti-trust” is about as scintillating to most people as a 4-hour discussion on “aglets” (Google it!). That said, I believe the various implications of the anti-trust matters involving the real estate & MLS industries have the potential to have a very profound impact on the way our industry compensates REALTORS® representing buyers. Most of you are probably aware by now that there are three independent class action lawsuits that are pending in two different federal courts. Two of these lawsuits have been initiated on behalf of sellers and the other is being initiated on behalf of buyers. In all cases, the respondents to the lawsuit include the National Association of REALTORS® (“NAR”) and some of the largest real estate brokerage franchisors in the United States. The gist of the allegations are that the MLS policy mandating an offer of compensation to a cooperating (buyer) broker has served to artificially i nflate co mmissions to th e harm of both buyers and sellers. Each of these lawsuits is based in a theory of anti-trust. Also looming is a United States Department of Justice (“DOJ”) investigation of NAR and MLS policies around cooperating compensation. This investigation, which was initiated in early 2019, was ostensibly resolved by a joint settlement agreement between NAR and the DOJ in November 2020. Unfortunately, prior to that agreement being finalized, the Executive Branch of the US government made some of its own. In connection to the change in presidential administrations, the DOJ was placed under the stewardship of a new US Attorney General (Merrick Garland) in March 2021. On July 1, 2021, the DOJ formally withdrew from the settlement that had been previously negotiated in good faith by the former administration. The impact of the DOJ’s withdrawal from the agreement is uncertain as they have indicated they will initiate a new, broader investigation of NAR’s MLS policies. In other words, stay tuned. I know that it is easy to consider the implications that any MLS policy changes may have on REALTOR® commissions. As individual REALTORS®, brokerages, and local/state/national business trade associations, we are right to consider the implications on our industry. Equally important, however, is the implications these anti-trust matters may have on consumers, home values, buyer agency/advocacy, and barriers to entry in the housing market. NAR President Charlie Oppler’s July 19, 2021 excellent article “Misguided DOJ Efforts Could Derail What a Pro-Consumer Real Estate Market Bolsters” follows on the next page. He does an outstanding job of establishing the full potential of the impact of the DOJ’s withdrawal from the settlement agreement. I would encourage Colorado REALTORS® to read President Oppler’s article and focus on the proconsumer elements to the MLS system and compensation structures.
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Misguided DOJ Efforts Could Derail What a Pro-Consumer Real Estate Market Bolsters (Originally published by the National Association of REALTORS® on 7/19/21)
CHARLIE OPPLER 2021 President, National Association of REALTORS®
As a small business owner and president of the National Association of REALTORS® (NAR), I want to set the record straight on misconceptions by some about the real estate industry. Commissions for real estate agents and brokers are negotiable. Always have been. Always will be. Let’s put that on the table right now. Like most transactions in the American economy, market forces set individual commission rates to provide for competition among brokers, increase efficiency for consumers and ensure we are providing the most market-driven and best possible service to our clients. It’s the free market at work, and the reality is that the commission structure gives everyday Americans critical advantages they otherwise wouldn’t get. That structure is what ultimately makes it possible for many people to realize the dream and benefits of homeownership. That same free market makes it possible for small business owners to earn a living as real estate professionals. In fact, most of NAR’s 1.4 million members, including myself, are small businesses. We make a median gross income of $43,330 and are grateful for every dollar we earn. As COVID-19 persisted, real estate agents worked tirelessly to navigate one of the most complex markets any of us had ever seen. Pandemic or not, day to day we’re managing untold challenges that buyers and sellers have to face. We handle the regulatory complexities unique to our own localities (each state sets its own licensing requirements for agents), we work to withstand the industry’s inevitable ebbs and flows, and we navigate the market to stay current on what our clients need to know and to stay competitive as a byproduct. Real estate agents and brokers work, too, to help put keys in the hands of America’s small business owners. Entrepreneurs who define the spirit of this country endured some of the most significant COVID-induced financial hardships this year. We know their trials because we experienced the same ones. We continued to put roofs over their heads and food on our families’ tables.
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our MLS system remains the envy of the free world.
And here is where the perils and unintended consequences of the actions by the Department of Justice against the current Multiple Listing Service (MLS) system are most alarming. Despite the White House’s strong, genuine desire to increase opportunities for homeownership among families of color, a fight against the MLS system would have the opposite effect.
NAR and real estate agents remain the nation’s strongest, most vocal proponents of that kind of generational wealth-building opportunity associated with homeownership. We advocate for policies that ensure the market is healthy and functional, that the American Dream is accessible for as many families as possible, and that our laws and regulations reflect real estate’s importance on the broader U.S. economy.
In fact, the traditional commission structure, where the listing broker offers to share his or her commission with the buyer broker, ensures the greatest possible equity for first-time to middle-income homebuyers from all walks of life who may otherwise not be able to afford a home and professional representation.
We work to ensure real estate agents have every fair and tangible resource at their disposal to keep the market moving forward. We create and offer education programs and professional development tools for REALTORS®. We recently launched a mentorship program designed to increase diversity in the industry, and we remain a tireless defender of fair housing laws in the fight against discrimination in real estate.
If buyers had no choice but to pay a commission directly to an agent on top of their closing costs, it would increase out-ofpocket expenses in a way that could freeze out many from an already competitive market. With the nation in the midst of a historic, ongoing inventory shortage, that’s a problem that’s all too real today.
The desire for property ownership and the belief in the free market are in our DNA as Americans. NAR continues to fight for that tirelessly to the benefit of our clients, U.S. consumers and the nation as a whole.
In fact, 24% of buyers in 2020 had to delay purchasing a home by more than five years because of the potential debt and 31% of those were first-time homebuyers. Given even more competitive pricing and bidding competition in 2021, those challenges are even more exacerbated. Seems to me the last thing we want to do is make buying a home harder for everyday Americans, especially given large racial disparities in homeownership still exist for Asian, Hispanic and Black Americans who make up a critical portion of first-time homebuyers. In short, the American real estate system helps connect buyer’s agents with seller’s agents, creating the greatest number of housing options for buyers and offering sellers access to the largest possible pool of potential buyers. It’s a model that is both efficient and transparent and has worked remarkably well for decades. Employing the free market principles of private property rights, competition and open negotiation,
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MOVING TIPS COUNTDOWN!
TIMELINE FOR MOVING:
3 WEEKS: Organize health records, eat your extra food, and arrange for childcare or pet care if needed.
8 WEEKS: Find a reputable mover and organize financial and educational records. Contact new schools if you have children.
2 WEEKS: Plan your parking plan and create an essentials folder (registrations, insurance).
7 WEEKS: Set up new accounts and think about health (doctors/vet).
1 WEEK: Activate your new utilities and terminate old for move out date. Also, fill prescriptions, clean your house, and be careful what you pack (flammables, explosives).
6 WEEKS: Start to de-clutter and notify the post office. 5 WEEKS: Firm up packing and dates and take things to the cleaners.
2 DAYS: Pack your personal belongings for two weeks of living. Have your valuables and personal documents easily accessible. Get your pets ready for any travel.
4 WEEKS: Arrange personal travel, complete address change, school record transfers, and start packing.
1 DAY: Plan to be there with the movers. Disconnect all appliances.
4700 Marketplace Dr Johnstown, CO 80534 6436 S Racine Circle Centennial, CO 80111 970-484-1488
ABOUT EXODUS
HOW CAN WE HELP YOU?
Ilan Levy is the entrepreneurial force behind Exodus Moving and Storage’s commitment to quality service since 1996. Ilan leads Exodus Moving and Storage with the strong belief that success of our community, starting with you client’s move, translates to Exodus’ success. Thus, Ilan’s business model is based on one question: How can I help?
We join you in your commitment to protect and promote the interests of your client. Exodus Moving and Storage would like the opportunity to earn your trust and provide Peace of Mind. Best wishes, Ilan Levy, President, and all the “Crew” at Exodus.
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The 4 R's of Relationship Building by Jessica Sullivan Client Success Coach, LoLo
Y
1. RELIABLE: Is it consistently delivered so that it builds familiarity? (People have to remember your name so they need to see it on a regular basis i.e. monthly).
our business is more than chasing leads and pushing paperwork - it takes trust. Building a business on referrals makes it easier to continually grow - but you have to nurture trust to grow relationships.
2. REFRESHING: Is it something unexpected and different than they get all the time? (People get enough spam, so send them something that stands out).
It’s easy to maintain a relationship when you’re in the middle of a transaction. Regular follow-ups and check-ins are a must to keep things moving along. However, when you’ve moved on from that deal and are focusing on successfully navigating through new ones, it’s hard to devote the time and energy to maintaining the relationships that you’ve built with previous clients.
3. REAL: Does it feel generic or like something you handpicked? (People appreciate the personal touch so find a way to personalize your touchpoints). 4. REPRESENTATIVE: Does it align with your values? (Birds of a feather flock together so make sure that each touchpoint or gift you send your clients speaks to the kind of person that you are).
Maintaining these relationships is critical though, when you take into account a stat that NAR released saying that 66% of sellers find their agent through referrals or past transactions.
When you’ve found the right recipe of marketing ingredients that align with the 4 Rs, you’ll find it’s easy to maintain the relationships you need to keep your business moving. You may even find that you grow true friendships from your client relationships!
That’s where your marketing plan comes in to ensure you don’t miss out on those valuable opportunities. It’s not just about capturing new potential leads, but also about maintaining contact with previous clients, future clients, friends and family!
Looking for a way to build relationships while sending something of value and supporting your local community? Check out LoLo’s Local Gift of the Month at www.lolo.gifts.
So as you’re putting together the perfect recipe for your marketing plan, make sure one of the ingredients is a campaign designed to build relationships. It’s worth doing a mental check to make sure that the campaign incorporates the 4 R’s of Relationship Building:
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NEW 2021 RPAC MAJOR INVESTORS Thank you to our new and sustaining Major Investors for 2021. You play a huge part in reaching our goal!
For more than 50 years, the REALTORS® Political Action Committee (RPAC) has been one of the strongest and most successful advocacy organizations in the nation. And there’s one reason for that: REALTORS® like you. RPAC’s Major Investors are an elite and passionate group of REALTORS® whose investments shape the political future of the real estate industry. Our NEW Major Investors listed below recognize that investing in RPAC is the most simple, direct and impactful way of ensuring a bright future for our industry and private property rights. When asked why it was important to step up to the Major Investor level this year, Stacie Duffy, a member of the South Metro Denver Association of REALTORS®, explained: “My business was fortunate enough to flourish during late COVID, and when it struggled during early COVID, I was able to take advantage of the Paycheck Protection Program. RPAC was a DIRECT cause for both of those, helping me not only stay in business, but grow my business during those times. Between that and supporting our industry in the current political landscape, you can bet I'm going to invest in something that has made such a direct and substantial impact.”
Jeffery Alexander
Stacie Duffy
Everett Nordby
Mary Biga
Kenneth Grodberg
Amy Perrin
Benjamin Day
Loren Hotz
Allison Templin
Daniel Dockray
Ann Kidd
Courtney Tschanz
Holly Duckworth
Michael Kreig
Thank you to all who continue to support our efforts year after year and a special thank you to our Major Investors for your leadership. Together, we’re protecting the future of real estate and your investment makes a difference!
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