Colorado REALTOR Magazine - October 2019 by Colorado Association of REALTORS

c o lo r a d o

OCTOBER 2019

REALTOR Official Magazine of the Colorado Association of REALTORS®

MAGAZINE

WHY I HATE TRANSACTION BROKERAGE! By Scott Peterson, CAR General Counsel Page 6

PLUS... 2019-2020 Leadership Installed Page 26

Bob Fullerton Awarded the 2019 CAR REALTOR® of the Year Page 28

c o lo r a d o

REALTOR

MAGAZINE

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

OCT 2019

c o lo r a d o

REALTOR

MAGAZINE

IN THIS 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®.

4 A Whirlwind Year 6 Why I Hate Transaction Brokerage 9 Real Estate SnapShot 10 Market Trends 16 Successes Worth Celebrating 18 Raising the Bar on Housing Discrimination

COLORADO'S GOOD NEIGHBOR WINNER MARK SOLOMON

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.

20 Medical Cost Sharing Deymistified 23 Five Elements of a Great Business Plan

24 Government Affairs Update 26 Meet the 2020 Team 28 Bob Fullerton Named 2019 CAR ROTY 30 Colorado's Good Neighbor Award Winner

31 Colorado Gives Day - Save-the-Date 32 iBuyers: What REALTORS® Should Be Doing Now

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.

FOUNDATION GRANTS AWARDED TO NINE NON-PROFITS

34 Mini Informational Courses 37 Free Tax Seminar 38 Foundation Grants Awarded 46 Decorating a Large Wall Space 48 RPAC Major Investors 50 RPAC Newsletter

AFTER A WHIRLWIND YEAR, IT’S TIME TO PASS THE BATON

FROM THE CHAIR

Justin Knoll 2019 Chair of the Colorado Association of REALTORS®

As we wind down another year of fun in Colorado real estate, I am reminded of two things: time goes by faster than we ever hope and it’s not going to slow down anytime soon, especially when you’re having fun. Also, we are so incredibly lucky to live in this amazingly beautiful state. Over the past year I have had the honor of representing over 26,000 REALTORS® in Colorado as the Chair of CAR, which has been a highlight of my professional career. Our Leadership team had a chance to visit all 32 local Associations in 2019, a commitment we made to our members last year. We were able to create deeper connections to your communities and have a dialogue about what you’re seeing in your daily work and how we can better serve you and your clients. We delivered tools that will help you transact and better understand the market, while building more relationships with community and business peers in every corner of the state. While my term will conclude on Dec. 1, the work at CAR does not stop. Our new Leadership team, led by Chair Janene Johnson and CEO Tyrone Adams, will continue to execute a three-year plan while creating a new three-year plan that will position us even better for the long-term. By taking this approach, we have been much more effective in completing large projects while not ignoring even the smallest ones. Our Association is in a prime position to serve REALTORS® across Colorado and will only continue to add value to your life as a REALTOR®. None of this happens without the hard work of a well-oiled machine at the CAR office: the staff. They work tirelessly to protect homeownership rights and your ability to be a REALTOR® locally, in the state, and across the nation every day. It’s a big job, and it’s only getting tougher to do what we do. Trust that you are in good hands and the right team is on the job for you and your clients. Pay them back by raising the standards in the industry and commit to completing the NAR initiative Commitment to Excellence. C2EX is a customized online learning experience for REALTORS® that assesses your expertise in 10 areas. It’s not the same for everyone and really digs into your skillset and how it can be improved. As we transition to a new year, I want to wish Janene and her team the greatest successes ahead and give a huge thank you to those who served with me and our CAR staff for the past year. It's been an absolute pleasure to partner in the quest to deliver more to REALTORS® than ever. I hope to see you around this amazing state of ours and, hopefully, with a real estate conversation in mind. 4

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WHY I HATE TRANSACTION BROKERAGE! LEGAL UPDATE

Scott Peterson Legal Counsel, Colorado Association of REALTORS®

In the July issue of the Colorado REALTOR® magazine, I wrote “Be Afraid! Your Misuse of the Transaction Brokerage Relationship” describing some of the changes that were being proposed to the Colorado Real Estate Commission rules regarding brokerage relationships. At its August 5, 2019 meeting, the Real Estate Commission did, in fact, adopt the proposed rule changes and those modifications will be effective January 1, 2020. Overall, I believe the modifications are a very good thing for REALTORS® and reflect a much more practical interpretation of the statutes. If you want more detailed information on the changes, please read my article linked above. At the end of my July article, I promised to follow up with a more complete discussion on “Why I Hate Transaction Brokerage.” Steadfast in my promise and with the full understanding that many of you have been in breathless anticipation of this article, I have finally arrived with my Halloween “treat!” For nearly 20 years, Colorado has offered only two types of brokerage relationships between a REALTOR® and a consumer. As each of you know, the two available brokerage relationships between a Colorado licensee and their client are “transaction broker” and “agent.” There are two ways to create a “transaction brokerage” relationship, but only one way to create an “agency” relationship. A “transaction brokerage” relationship may either be created through no written agreement (“defaulting” to TB), or by checking the “transaction broker” box and signing a written Exclusive Right agreement. Alternatively, an “agency” relationship can only be created by signing an Exclusive Right agreement and checking the “agent” box at the top of the agreement.

6 6

The implications of the two types of relationships, while without a written agency agreement is out driving clear to many of you reading this article, is often lost around consulting with the buyer about home values on many real estate licensees throughout the state. An and prices that are “too high” or “good deals.” Once they “agency” relationship requires the REALTOR® to provide go under contract, the REALTOR® commonly advocates BOTH Uniform Duties AND Additional Duties (fiduciary) for their “transaction broker” client and strategizes with to a client. Alternatively, a “transaction broker” is required them on inspection items and other contract terms. to provide, but may ONLY provide, Uniform Duties to Let me be clear, I believe there are a client. A “transaction broker” is not two instances where “transaction allowed to provide fiduciary duties to a brokerage” is an appropriate and client…and this is why I hate transaction An “agency” necessary relationship. First, if you are brokerage. relationship requires working with BOTH a Buyer and a Seller With very rare exceptions, your clients in the same transaction. This is a classic the REALTOR® to EXPECT to receive fiduciary duties from scenario for transaction brokerage as provide BOTH you! They hire a REALTOR® because the you will be clearly obligated to NOT Uniform Duties AND want advice, advocacy, consultation, provide fiduciary duties to either party. and input from you. Consumers EXPECT Instead, you will be working strictly as a Additional Duties that you are going to advocate for their neutral “referee” on the transaction and (fiduciary) to a best interests and fight for the best specifically precluded from providing client. deal. Consumers EXPECT you to advise advocacy or advantage to one party or them on purchase price, value, upsides, the other. The second scenario where downsides, etc. CONSUMERS WANT AN transaction brokerage is appropriate is AGENT! As a “transaction broker,” you when the client refuses to engage in an aren’t allowed to do any of the things that your client Exclusive Right agreement. In that case, the client should EXPECTS you to do! You are relegated to the role of a have a clear understanding of the strict limitations on paper pusher who can prepare Commission-approved what the transaction broker can (and cannot) do on the contracts, present offers, and keep the parties informed client’s behalf. If the consumer still declines to execute as to dates and deadlines. an agency agreement, I would argue that they only deserve the limited, Uniform Duties. One of the biggest frustrations I have is when “transaction brokers” act as “agents.” While everyone can Other than the two scenarios described above, I am hard acknowledge that an “agent” who doesn’t offer fiduciary pressed to understand any other appropriate use of the duties is violating license law, few people realize that transaction brokerage relationship. In some cases, it is a “transaction broker” who offers fiduciary duties is the result of REALTORS® being unable or unwilling to similarly violating license law. And yet it happens all obtain a written, Exclusive Right agreement with their the time! Frequently, a REALTOR® working with a buyer client. This is unfortunate and often serves to the brutal continued on next page

Why I Hate cont...

detriment of the REALTOR® since the Exclusive Right agreement also protects the REALTOR® from a buyer or seller unilaterally deciding to work with someone else on the purchase or sale of the home. One of the most common Legal Hotline questions I receive is from a devastated buyer’s broker who just found out their buyer wrote a contract without them.

a consumer can properly get the benefit of all the things that they want and expect is for them to engage the REALTOR® as their “agent” through an Exclusive Right agreement. I am convinced that if REALTORS® got better at selling the benefits of “agency” relationships (and the limitations on “transaction brokerage” relationships), they are going to be more successful at getting Exclusive Right agreements signed (the only way an “agency” relationship can be created). Moreover, they will “win” more clients away from brokers and brokerage firms only offering “transaction brokerage” services. Most of all, “agency” is what your clients expect and demand!

Sometimes “transaction brokerage” is the preferred (or only!) relationship offered by the brokerage firm pursuant to its office or other policy. This scenario surprises me since I believe it would be difficult for that broker or brokerage firm to compete with other “agents” in the marketplace if consumers fully understood the distinction between agent and TB. If I were competing against a “transaction brokerage” only broker or brokerage firm, I would make certain that the prospective client understood clearly that a transaction broker was not able to advocate, advise, or “fight” for them due to the explicit limitations of transaction brokerage in license law. I am convinced most consumers would not opt for that relationship if they fully understood its limitations.

And that is why I hate “transaction brokerage” relationships! Is the Broncos' season over yet? Happy Halloween!

OWN YOUR PRESENT. EMPOWER YOUR FUTURE.

While many states still maintain “dual agency,” Colorado abolished that as a brokerage relationship in 2003 and I believe that to be a good thing. It would seem nearly impossible to legitimately offer “agency” duties to two different parties in the same transaction. That said, I find that many Colorado licensees essentially still act as a dual agent in scenarios where they are working with both a buyer and a seller. They do this by casually offering advice and consultation to both the buyer and seller in the same transaction because, guess what? Buyers and sellers DEMAND it!

You can lead the way. Commitment to Excellence empowers you to enhance and showcase your high level of professionalism. It gives you an advantage in an increasingly competitive market and shows consumers you’re committed to conducting business at the highest standard. Be committed to excellence.

On some level, pretty much every consumer is looking to you, as a professional REALTOR®, for fiduciary duties. While the consumer might not describe them as “fiduciary duties,” they know what they want. They want a REALTOR® who is willing and able to tell them that something is priced “too high” or “too low” or is “a good value.” They want a REALTOR® who can identify and exploit weaknesses and leverage the other party to get a better deal. They want somebody to provide them with the benefit of their market experience, knowledge and expertise. Unfortunately, the only way

Get started today at C2EX.realtor.

Real Estate SnapShot S TAT E O F C O L O R A D O - S E P T E M B E R 2 0 1 9 PERCENT OF LIST PRICE RECEIVED

98.7

-0.2%

AVERAGE DAYS ON MARKET

9.1%

Historical Median Sales Price

YTD 2019= 46 YTD 2018= 43

$500000

$400000

$300000

$200000 Mar 2017

MONTHS SUPPLY

-10.3%

2.6

June 2017

1.9%

YTD 2019= 117,986 YTD 2018= 114,607

20.8%

Dec 2017

Mar 2018

June 2018

Sep 2018

Dec 2018

Mar 2019

$400,000 $386,000

$375,000

6.7%

3.6

2018

2019

2018

Inventory of Active Listings 24,855

2019

18,697

21,434

-12.8

$305,000 $296,700

2.8%

2018

2019

5.4

6,937

YTD 2019= 94,191 YTD 2018= 90,130

5.4%

5.3% 2,316 2,198

5,938 6,033

Sep 2019= 10,657 Sep 2018= 8,820

2018

9,174 7,303

-1.6%

Sep 2019

Sold Listings 9,669

27,692

-10.2%

$315,000 $305,000

3.3%

June 2019

Single Family Condo

State of Colorado - Sep

2019

Sep 2019= 11,719 Sep 2018= 11,503

Sept 2017

Median Sales Price $400,000

Sep 2018= 2.9

Single Family Condo

State of Colorado

2019 2018

Total Market Sep

Single Family Sep

Condo Sep

Total Market Sep

Single Family Sep

Condo Sep

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.

For more data visit ColoradoREALTORS.com 9

MARKET TRENDS

Home sales decline as Colorado housing markets work to find their sweet spot amid seasonal challenges Single-family home sales across the state fell more than 14 percent from August to September but remain up 9.1 percent over September 2018 in the seven-county Denver metro area and 5.3 percent statewide, according to the latest monthly market data from the Colorado Association of REALTORS®.

6.7%

$400,000 MED. SALES PRICE - SEPT 2019 SINGLE FAMILY HOME CO.

3.3%

$315,000

MED. SALES PRICE - SEPT 2019 CONDO/TOWNHOME CO.

Statewide, single-family homes and condo/townhomes were on the market an average of 47 days, up 6.8 percent from August to September 2019. However, condo/townhomes average days on market were up nearly 24 percent year-over-year. Taking a look at some of the state’s local market conditions, Colorado Association of REALTORS® market trends spokespersons provided the following assessments:

As expected, new listings are down seasonally, and overall inventory remains a significant issue statewide. Yet, continued buyer demand has kept median and average sales prices relatively flat. In general, homes are sitting on the market a few days longer and sellers are having to adjust pricing and/or make concessions to get the sale across the finish line.

AURORA/CENTENNIAL “Although we keep hearing inventory for single-family residential homes and condos is up throughout the metro area, Aurora is showing a different set of numbers. Almost every zip code in Aurora and Centennial has fewer active homes for sale when compared to a year ago. Inventory is down about 25 percent for both Aurora and Centennial from September 2018. The number of sold listings was up about one percent for the 80013 zip code to 61 percent in 80010. This shows that we still have a very strong seller’s market with average days on market at about 27 days. That said, sellers still need to be pricing property appropriately. We see a number of price reductions on a daily basis. The median sales price is also up between one and 9 percent depending on the zip code area. Currently, you can expect to pay a median price of $385,000 for single-family residential homes in Aurora and $481,500 in Centennial,” said Aurora-area REALTOR® Sunny Banka.

The median price of a single-family home in the metro-Denver region fell $4,100 to $439,900 over the past month but remains up 6 percent over the same time last year. Statewide, the median price of a single-family home fell 1.2 percent ($5000) to $400,000 in September, but also remains up 6.7 percent over September 2018. The median price of a condo/townhome ticked up slightly to $315,000 for both the Denver-metro area and statewide and both remain up 3.3 percent over last year. The September 2019 average days-on-market reflected buyers’ patience and demands with single-family homes in the Denver-metro area on the market an average of 35 days in September, up nearly 10 percent from September and 16.7 percent over last year. Condo/townhomes slipped one day from 35 to 34 average days on market from August to September but was up nearly 26 percent over September 2018.

BOULDER/BROOMFIELD

rates again. Gold rallied and pulled back slightly and we got to witness another inverted yield curve. September posted huge declines in auto sales and we witnessed 100-plus point swings in the stock market as everyone tries to figure it all out.

“Looking at Boulder County, one wonders if this is that sweet spot between a seller’s market and a buyer’s market, the one that never seems to last long and is only apparent in hindsight. With 9.4 percent more listings on the market, inventory is loosening, and prices are just about what they were at this time last year. Homes are still selling fairly briskly at an average of under 45 days on market, but accurate pricing is key, with more homes from which to choose and a more tepid market with buyers expressing concern about the economic future.

“What comes next is anyone’s guess. Rumor is devaluation of the dollar, another FED interest rate drop, and central banks trying to stop a slowing World economy. Stay tuned because one of these days we may see a reverse here in housing. But until then, buyers are getting great interest rates and sellers are getting top dollar. I am not sure if that is a win/win, but it’s what we have at this time,” said Colorado Springs-area REALTOR® Patrick Muldoon.

“Broomfield County has been moving and shaking all year and the fall shows more of the same. An increase of 14 percent more listings was met with a 19 percent sales increase. Broomfield appears to be a popular place and the median price increase of 3.4 percent is higher than its neighboring counties, indicating a strong market here. Even with fewer townhome and condo sales, their prices increased by 4.4 percent. The mix of affordable houses, great schools and proximity between Boulder and Denver seems to be driving this market, which still remains one that favors sellers,” said Boulder-area REALTOR® Kelly Moye.

“September 2019 was another strong month for the Colorado Springs-area housing market for single-family/patio homes. Surprisingly, even with a 15 percent drop in active listings, we recorded the highest monthly and year-to-date sales volumes, highest average and median sales prices, and the second highest monthly and year-to-date sales compared to any month of September on record. The average days on market were 26 days, with the sales price to list price ratio was at 99.5 percent. Our average sales price was $368,430, with the median sales price of $325,500, and a 1.5-month supply of inventory. Since buyers generally purchase properties offering competitive values, 42 percent of El Paso and 31 percent of Teller counties active listings in the Pikes Peak MLS had price reductions.

COLORADO SPRINGS/PIKES PEAK AREA “The economic winds of change are not changing. September continued to be a record-setting month as we watched new listings drop while pending sales increased. Not a good scenario if you are trying to buy, which of course then lead to an increase in median price to $325,000 in the single-family home market and the townhome/condo market was up 7.9 percent. There is no need to dig deep when the stats make this so easy. Low inventory, high demand equals increased prices. It is like Groundhog Day every time we discuss this Front Range market.

“Last month, 85.5 percent of the single-family/patio homes sold were priced under $500,000, while 12.2 percent were between $500,000 and $800,000, and 2.3 percent were priced over $800,000. Year-to-date, there was a 19 percent drop in the sale of single-family/patio homes priced under $300,000, primarily due to the inventory shortage; while we had a 23 percent increase in homes priced between $300,000 and $400,000, and 26 percent increase in homes priced between $500,000 and $600,000. The Colorado Springs area housing market continues to be restrained by low inventory and affordability challenges due to ever-soaring prices,” said Colorado Springs-area REALTOR® Jay Gupta.

“Let’s skip to something a little more interesting that could affect our local and national future. China and the U.S. continue to not come to an agreement on trade deals. This led to choppy waters in the World economy and not something that should be overlooked. Farmers in the U.S. continue to get crushed because of this. Manufacturing retracted, dropping to 2009 levels. The FED then got nervous and dropped interest

continued on next page

MARKET TRENDS CONT. DENVER

ESTES PARK

“Many wonder this time of year if the seasonal real estate cooling is just that, or is there more to the story. The answer is the latter as the gap between new homes to the market and sold ones continue to widen this September. In September 2016, there was a 162-home spread. That number widened in 2017 to 195, 265 in 2018 and this September, there was a 248-home gap difference between the two figures. What does that mean for consumers? Well, simply put, more inventory. When there are either more homes arriving than selling or less selling of those currently available, the result is an increasing inventory, which in-and-of-itself slows home appreciation, a direct result of demand. This is further demonstrated in Denver this month as the average days on market, unchanged 2016-2018, recognized a 45 percent increase. While this information alone does not trigger doomsday theorists battle plans, it does point to the inevitable change from a seller’s market to a buyer’s market,” said Denver-area REALTOR® Matthew Leprino.

“September 2019 in the Estes Valley was strong in comparison to September 2018 as the market continues to grow. New listings were up 9.3 percent for single-family homes and townhome/condos were up 21 percent. The increase in new listings has not affected the single-family home market with a flat 67 days on the market exactly the same as last year. Townhousecondos are slowing drastically with a nearly 65 percent increase in the average days on market, 94 days, compared to 57 in 2018. Even with the lengthened days on market, the average sales price has not waned, hitting $324,392 in September, an increase of 5.6 percent from September 2018. Sold listings are exponentially up 28.6 percent. “Sold listings are up 28.6 percent for townhouse-condos from September 2018, but single-family homes are down just shy of 10 percent. Pending sales for single-family homes however were up 11.5 percent indicating a strong sold figure to come in October and November once these transactions close. Townhouse-condos are also waiting to close on an increased 4.3 percent of properties year-over-year,” said Estes Park-area REALTOR® Abbey Pontius.

DURANGO “Total residential sales numbers in La Plata County were up significantly in September of 2019 when compared to 2018 but are flat when comparing year-to-date numbers. Last year, Durango and the surrounding area were recovering from the 416 Fire, thus comparing one year to the last doesn’t fairly represent true market conditions. Single family sales in 2019 are -8 percent when compared to the same period 2017. Condo/ Townhome sales, boosted by recent construction, are up 11.2 percent over 2018 and 9.5 percent over 2017. With showing activity decreasing with traditional seasonal fluctuation enhanced by a slowing market, buyers are starting to see home pricing softening in some segments. With many homes currently pending, the year will finish well, although different from our robust past years,” said Durango-area REALTOR® Jarrod Nixon.

FORT COLLINS “As we moved towards fall, the number of homes available for sale at the end of September in the most popular price range, $300,000 - $399,000, was up 14.6 percent. Conversely, the number of homes sold in this price range has dropped 15.5 percent over the past 12 months. The next most popular price point - $400,000 - $499,000 - has enjoyed a 20 percent increase in available units and a 4.8 percent increase in number of sales. This helps explain why the median price in Fort Collins has ticked up to $425,000 on a year-to-date basis. A secondary cause of the increases in median price is found in the uptick in home sales at the $700,000 – $999,000 mark at just over 11 percent. Some combination of continued inbound population growth and move-up home buyers taking advantage of builtup equity and low interest rates appear to be driving these continued on next page

GOLDEN/ARVADA – JEFFERSON COUNTY

numbers. Clearly, housing affordability in northern Larimer County continues to worsen as the number of homes sold for less than $300,000 totaled just 652 units – a bit more than half the total number of homes sold in the next price bracket.

“In Jefferson County, new listings for single-family homes dropped off slightly however, for townhome/condos we experienced a significant 12.5 percent decline. The markets new listings are likely being affected by the typical fourth quarter seasonal slowdown. Sold listings for single-family homes increased 13.4 percent along with the average days on market which increased 25 percent from this time last year. The median sales price for single-family homes now sits at $465,000.

“What’s the outlook? Interest rates seem to have stabilized in the sub-four-percent range given the current Fed guidance. The economy appears to be inching forward as well with the threat of recession appearing less imminent but still on the radar. Homes on the market right now are likely selling for less than they would have during the spring – so even though there’s less than three months of inventory on the market, now may be a great time to look at properties that haven’t sold and may be ripe for a price reduction,” said Fort Collins-area REALTOR® Chris Hardy.

“Looking a little closer at the townhome/condo market, we saw sold listings decline 1.7 percent and average days on market increase nearly 28 percent going from 18 days to 23 days year over year. The median sales price for townhome/condos is now at $295,000. “Although it remains a seller’s market, it is a little softer. Along with the seasonal slowdown, sellers will need to price their home correctly for it to move quicker. Well priced homes with nice upgrades and a great location are still moving quickly, yet others in the same neighborhood with average amenities are sitting on the market for months. With low interest rates there are buyers in the market however, they are analyzing all of the information and making sure the home they purchase is the best fit for them,” said Golden/Arvada-area REALTOR® Barb Ecker.

FREMONT/CUSTER COUNTIES “Fall has rounded the corner but the real estate market has kept a steady pace in the high altitudes of the Sangre-de-Cristo Mountains. Custer County new listings were up 60 percent over September 2018 and are up 19.5 percent year-over-year. The median price home for September 2019 is up approximately 6.6 percent over September 2018. “Fremont County new listings dropped by a little over 14 percent from September 2018 and were about half as many as in August 2019. It appears that sellers were in a rush to get their property on the market in the warm weather before the snow starts to fly. The median price of homes in the area, currently $220,000, have shown an annual increase of about 10 percent. It is still a great seller’s market; in the past 12 months 70 percent of all new listings have sold. Inventory issues continue to drive the market,” said Fremont and Custer County-area REALTOR® David Madone.

GRAND JUNCTION/MESA COUNTY “Although inventory is still tight, listings in Mesa County are up 12.8 percent month-over-month but down 0.6 percent yearover-year. Sales are also up 4.4 percent month-over-month but are down 4.5 percent year-over-year. Our median price of $263,250 for Mesa County is definitely outside of the affordable price range, and the average sale price is up 15.5 percent to $300,112,” said Grand Junction -area REALTOR® Ann Hayes.

continued on next page

MARKET TRENDS CONT. GLENWOOD SPRINGS

TELLURIDE

As the leaves fall, so does the inventory in the Roaring Fork and Grand River Valley. September numbers across Garfield County show inventory down 36 percent over the same period last year. The lower valley month’s supply is hovering in the three- to five-month range while further up the valley the town of Carbondale shows the most inventory, 8.8 months’ supply and the highest median sales price, $777,000. The law of supply and demand is evident, as year-to-date single-family home prices have continued to rise in all the communities where we collect data. Year to date, the inventory in the townhome/condo market was up 16 percent over last year with an increase of 8.9 percent in median price. Once again, Carbondale takes the lead with the median sale price of $495,000. The average year-to-date sale price is up just shy of 10 percent, coming in at $584,666,” said Glenwood Springs-area REALTOR® Erin Bassett.

“September dollar amount of sales were down 30 percent compared to September 2018 sales, yet the number of sales were up 6 percent. That puts the total annual dollar amount of sales down 8 percent for the year with the number of sales up 4 percent in 2019. It appears that the affluent are not yet shaken by international trade wars or the volatility of the stock market. Some real estate economists believe the affluent like the long-term security of real estate in a mix global economic environment. The appeal of a somewhat remote resort like Telluride to get away from the craziness of the political and economic news is very appealing to many second homeowners. Looking at properties under contract, our prediction for October sales is good. Recorded sales activity is usually 30 to 60 days out from when properties actually contract. At the end of October, we should get several resort market sales statuses for the first three quarters of 2019 to get an overview of how they are doing here in Colorado. Local government seems to be planning for an economic slowdown and is being careful with their budgets for next year and the year after. A two percent GDP for 2020 looks good to us from where we are sitting. However, there are many factors nationally and internationally that could affect real estate sales especially in U.S. resort markets. The volume of U.S. sales coming from international buyers if off significantly from the last couple of years. As we have said before, resort real estate is not something people have to have but a reward for their economic successes in the broader economies,” said Telluride-area REALTOR® George Harvey.

PUEBLO “Despite its ups and downs, the Pueblo real estate market remained strong through September. Although new listings were down slightly compared to September 2018 and down 80 units year to date, pending sales were up 21 percent year over year. Sold listings were down nearly 10 percent in September but remain relatively equal to 2018. The big difference shows up when looking at price. The September median and average sale prices were up 13.5 percent and 11.8 percent, respectively, and the list to sale price is steady at 98.6 percent as buyers are stepping forward. Although new home permits are increasing, we remain short on housing inventory as builders aren’t able to build fast enough to meet demand,” said Puebloarea REALTOR® David Anderson.

VAIL

niche is quite significant. This variance could be a buying opportunity,” said Vail-area REALTOR® Mike Budd.

“The summer selling season wrapped with a good solid performance in September. Closed sales in units of all property types were plus 13.2 percent for the month versus September 2018. The strength came from the townhome/condo segment as single family/duplex sales were flat. We continued the trend of solid performance in the mid-price range, but the weakness in the lower and upper price niches continues to decline. The lower price decline is driven by lack of inventory which has been the trend for the past two years. The good news for this segment is a number of new projects coming on stream for delivery in fourth quarter through next summer. The upper end of the market has been soft all year and unlikely to get back to 2018 levels. The macro economic factors tend to drive the upper niches as inventories are significant in certain price points which may be opportunities for buyers.

The Colorado Association of REALTORS® Monthly Market Statistical Reports are prepared by ShowingTime, a leading showing software and market stats service provider to the residential real estate industry and are based upon data provided by Multiple Listing Services (MLS) in Colorado. The reports represent all MLS-listed residential real estate transactions in the state. The metrics do not include “For Sale by Owner” transactions or all new construction. CAR’s Housing Affordability Index, a measure of how affordable a region’s housing is to its consumers, is based on interest rates, median sales prices and median income by county. The complete reports cited in this press release, as well as county reports are available online at: http://www.coloradorealtors.com/market-trends/

“The inventory on townhome/condos is at 5.2 months of supply while single family/duplex is 7.7 months. Both categories are at historically low levels however, the variability by pricing

Median Sales Price - Statewide Median Sales Price - Month Oct-2018 Nov-2018 Dec-2018 Jan-2019 Feb-2019 Mar-2019 Apr-2019 May-2019 Jun-2019 Jul-2019 Aug-2019 Sep-2019

Single % Change % Change Townhouse % Change % Change Family YTD Monthly Condo YTD Monthly $380,000 +5.6% +1.3% $299,625 +8.6% -1.8% $376,500 +3.3% -0.9% $299,000 +8.7% -0.2% $378,912 +4.0% +0.6% $298,000 +5.1% -0.3% $377,000 +3.9% -0.5% $290,000 +3.6% -2.7% $385,000 +2.7% +2.1% $296,000 +0.3% -+2.1% $392,000 +3.0% +1.8% $295,338 +1.8% -0.2% $400,000 +2.6% +2.0% $304,820 +2.6% +3.2% $410,500 +3.9% +2.6% $315,000 +5.0% +3.3% $407,000 +1.8% -0.9% $309,900 +1.6% -1.6% $409,000 +4.9% +0.5% $310,000 +4.0% 0% $405,000 +3.8% -1.0% $314,750 +6.3% +1.5% $400,000 +6.7% -1.2% $315,000 +3.3% +0.1% 15

SUCCESSES WORTH CELEBRATING FROM THE CEO

Tyrone Adams President/CEO, Colorado Association of REALTORS®

It is so hard to believe that we are already at the end of 2019! We just finished our CAR Fall Forum, which comprised of our fall business meetings, general membership meeting, and our Board of Directors meeting. To say the least, this has been a busy – yet – productive year. For example, we had 14 motions presented before the CAR Board of Directors during the CAR Fall Forum. This is the most motions we have ever had for one Board of Directors meeting. Collectively, CAR Leadership, volunteers, and staff have done a lot worth celebrating as we head to the end of 2019 and prepare for 2020. Consider this small sampling: KEY CONTACTS PROGRAM A lot of news was made about the blue wave that hit the U.S. and Colorado in 2018 and for good reason – the political landscape of our country and our state changed drastically. Some will say for the better and some will say differently. Regardless of your opinions, one thing should ring true: our Association needs to be at the table no matter the partisan makeup of the Colorado legislature. That’s where the Key Contacts program comes in. We are actively looking for 100 key contacts across the state to build relationships with state legislators from their area and promote the REALTOR® party message. We promise it would not take too much of your time. We will provide the talking points and you just make the connection. If you haven’t signed up to be a key contact or know someone who would be an excellent key contact for Colorado REALTORS®, contact a member of our Government Affairs team at GovernmentAffairs@ColoradoREALTORS.com. DISRUPTORS/DISRUPTIONS TO THE WAY THINGS USED TO BE This year we saw changes impact the real estate industry in a variety of ways. There has been continued digitization of the real estate industry with the accelerating adoption of new technologies, new business models, and marketing to an empowered customer. We must adapt to the changes in the industry and the times. Through our professional development efforts at our events throughout the year, our Mic Drops videos and articles in Colorado REALTOR® magazine and the Online News newsletter, we are striving each day to make sure our members are aware

and knowledgeable of all these “disruptors” that can turn into opportunities the more you learn about them.

member benefits that allow you to learn from industry experts and engage with your colleagues.

As CAR staff and leadership traveled the state earlier this year meeting members, several of them told us they’re embracing – wait for it - Zillow. Why? As one REALTOR® put it, while he doesn’t’ agree with everything Zillow does, they now have marketing power. According to Inman News, Zillow reached 188 million monthly eyeballs on their website. Although I’m not advocating that you use Zillow, I share this anecdote to merely demonstrate how one REALTOR® might see a disruptor while another sees an opportunity.

ONE MORE REASON TO BE A REALTOR® We are always looking for ways to increase our value to you as a REALTOR® association. Our latest tools we have created exclusively for REALTORS® are a Buyer Guide and Seller Guide. It is intended as a resource for buyers and sellers of real estate in Colorado as they prepare for their real estate transaction. It is also designed to assist potential homebuyers and property owners in understanding many of the important documents and other considerations they will encounter before, during, and after the sales transaction.

What about iBuyer and iLender concepts? We had a panel discussion on this topic at Fall Forum after which participants walked away feeling like these concepts are not the big, scary monsters they read about or many in the industry make them out to be. Here are some things we learned about these two concepts at the CAR Fall Forum: 1. iBuyers and iLenders are here to stay for as long as consumers use them.

Increase your chances of making a lasting impression on your clients by providing them with helpful guides that can make them more knowledgeable consumers on one of the biggest life-altering experiences. We provide a lot more tools and resources to help you be more successful in your business! Visit CAR’s Member Resources Library to download these guides and other valuable tools.

2. iBuyers streamline the selling process for those wishing to sell fast.

MEMBERS/VOLUNTEERS ARE THE BACKBONE OF CAR. GET INVOLVED

3. iBuyers focus on mid-tier homes and often undercut sellers.

You may have heard this once before: our members/volunteers are the driving force behind the Colorado Association of REALTORS®. CAR is fortunate to have a highly-educated, professional, and results-driven staff, but helping consumers buy and sell real estate and understanding the intricacies of running a real estate business is the meat behind the decisions made on behalf 26,700 Colorado REALTORS®. CAR has plenty of great opportunities for you to get involved and help guide your state association into the future while navigating through the dynamics of a changing industry. Get involved today!

4. There are a lot of iBuyers; brokerage firms (REALTOR® offices included) are adding the instant offer to their list of services. 5. Real estate professionals need to become more knowledgeable on this brokerage model so they can discuss these options intelligently with their clients. Ask yourself why this model is appealing to some buyers. 6. REALTORS® need to become better at telling their story about why a consumer should use their services.

Thank you for being a member! If there is something else we can do to make you more successful, please don’t hesitate to reach out to CAR staff and let us know. Your feedback is welcomed. Contact us at 303-790-7099 or communications@coloradorealtors.com.

Make sure you stay abreast on all these things real estate by reading Colorado REALTOR® magazine, the Online News newsletter, watching our MIC drop videos, and attending our events and business meetings. These are valuable 17

HUD

RAISING THE BAR FOR HOUSING DISCRIMINATION CLAIMS The Department of Housing and Urban Development (HUD) proposed a rule on August 16 that would make it harder to bring discrimination claims under the Fair Housing Act for unintentional policies or practices. By Sue Johnson, strategic alliance consultant for REAL Trends

HUD’s proposal is the latest attempt by the Trump administration to roll back the Obama administration’s extensive use of the disparate impact theory in housing and financial services enforcement. Under this theory, a program can be found to be discriminatory if it has a disproportionate effect on a protected class, even if the defendant did not intend to discriminate. THE CURRENT LAW The 1968 Fair Housing Act makes it unlawful to discriminate in the sale, rental, or financing of homes because of race, color, national origin, religion, sex, familial sta-

tus, or disability. HUD has the authority to enforce the Act against lenders, housing developers, homeowner insurance companies, real estate professionals, and other participants in the home buying or renting process. HUD’s current disparate impact regulation (adopted in 2013) formalized the Obama Administration’s policy that a disparate impact claim based on a statistical disparity is allowable under the Fair Housing Act. It established a three-part burden-shifting test for determining whether the program has an unjustified discriminatory effect: 1. The plaintiff must show evidence of statistical disparities involving a protected class.

2. The defendant must then prove that the challenged policy or practice is necessary to achieve a substantial, legitimate, and non-discriminatory interest. 3. If the defendant successfully proves a justifiable interest, the plaintiff must show that another policy or practice could serve the interest with a less discriminatory effect. After HUD issued its current disparate impact rule, the U.S. Supreme Court held by a 5-4 decision in Texas Department of Housing and Community Affairs vs. Inclusive Communities Project (2015) that disparate impact claims may be brought under the Fair Housing Act, but stated that a plaintiff must show that the de-

fendant’s practice or policy actually caused a statistical disparity. Essentially, all lower courts have since taken this position. HUD states in its proposed rule that it is attempting to bring its regulation in alignment with this Supreme Court decision. HUD’S PROPOSED DISPARATE IMPACT TEST HUD’s proposed rule would replace the Obama administration’s three-step “burden-shifting” approach with a five-step threshold that plaintiffs must meet to prove unintentional discrimination. Plaintiffs would need to prove the following: 1. That the policy or practice is “arbitrary, artificial, and unnecessary to achieve a valid interest or legitimate objective.” 2. A “robust causal link” between the policy or practice and the alleged discrimination, and that the policy or practice adversely affects members of the protected class as a group, and not just an individual who happens to be a member of the protected class. 3. That the alleged disparity has an “adverse effect” on members of a protected class. 4. That the alleged disparity is “significant.”

5. A “direct link” between the policy or practice and the discriminatory effect resulting in the plaintiff’s alleged injury. Defendants would only have the burden of proving that their programs are not discriminatory if plaintiffs could meet that fivepart test. IMPACT ON CREDIT SCORING MODELS HUD’s proposed rule also makes it more difficult for plaintiffs to advance disparate impact claims when a scoring model (risk assessment algorithm) is used. When the defendant uses its scoring model, the rule allows a defendant to prevail if it can show that it (or a neutral third party) reviewed the material factors in the model; that the model was empirically derived; that none of the material factors is a “substitute” or “close proxy” for a protected characteristic; and that the model as a whole is predictive of credit risk or another valid objective. When the defendant uses a scoring model of a third party that determines industry standards (such as the automated underwriting systems of Fannie Mae or Freddie Mac), the rule relieves the defendant from liability if it can show that it did not determine the inputs and methods within the model and that it is using the 19

model as intended by the third party. CFPB HINTS AT DISPARATE IMPACT RULEMAKING UNDER ECOA On a separate front, the Consumer Financial Protection Bureau (CFPB) is considering a regulation to revamp its approach towards disparate impact claims under the Equal Credit Opportunity Act (ECOA), which makes it unlawful for any creditor to discriminate against any credit applicant. The CFPB under former Director Richard Cordray often used the disparate impact theory when exercising its supervisory and enforcement authority under the ECOA. But the CFPB’s Fall 2018 Rulemaking Agenda hinted at future ECOA rule-making activity “in light of recent Supreme Court case law”—an apparent reference to Inclusive Communities. Comments on HUD’s proposed disparate impact rule are due on October 18, 2019. Sue Johnson is the former executive director of RESPRO, the Real Estate Services Providers Council Inc. She retired in 2015 and is now a strategic alliance consultant. This article originally appeared in the October 2019 issue of the REAL Trends Newsletter is reprinted with the permission of REAL Trends, Inc. Copyright 2019.

BENEFITS

Medical Cost Sharing Demystified: 5 Facts to Know About Medical Cost Sharing

The cost of healthcare continues to climb sharply, and access to affordable and transparent health insurance seems to be even more of a challenge. This combination has led Americans to diligently seek alternatives to pay for their rising healthcare costs. One option that provides an economical solution for many is sharing the cost of medical bills with a like-minded community. Enter Medical Cost Sharing.

sponsible for. After the Initial Unshareable Amount is met, the remainder of the costs pertaining to that illness are shared by the contributions of the community members. With Medical Cost Sharing there isn’t a provider network. There isn’t an insurance company coming between patients and doctors. Medical cost sharing members are cash-pay patients. They share funds with other members and can see any doctor they want.

If you are a new member to Sedera’s Medical Cost Sharing Community or are exploring options, let’s break it down into five key questions to help you understand a bit more about how Medical Cost Sharing works:

3. How is Medical Cost Sharing different from insurance?

1. What is Medical Cost Sharing?

Insurance arrangements are a contract whereby one party agrees to be legally responsible for and accept another party’s risk of loss in exchange for a payment – a premium. Medical cost sharing is an arrangement whereby members agree to share one another’s medical expenses through an act of voluntary giving. Once you enroll in insurance, you get a card that you can give to your doctor as proof that your insurance company has taken on legal responsibility for your bills. With medical cost sharing, there is no card. You are responsible for your own bills as a cash pay patient, but you have a community of people standing with you ready to help when you get a bill.

The concept of medical cost sharing is not new. The idea began nearly three decades ago as an innovative approach to manage healthcare expenses in the U. S., as people came together to “share” medical bills instead of paying for insurance. At a basic level, medical cost sharing communities, or healthcare sharing ministries, are groups of like-minded individuals that agree to help each other pay for their medical bills. 2. How does Medical Cost Sharing work? Medical cost sharing is set up so that members can contribute monthly funds to share each other’s medical costs as they arise. Instead of a deductible, there is an “Initial Unshareable Amount” for each medical event, which is the portion that a member will be re-

4. Are there restrictions?

If you are looking for an affordable way to handle your medical expenses as an individual, a medical cost sharing plan could be just what you need.

Medical Cost Sharing does not have policies or plan documents the way that insurance does. They are governed by a set of guidelines that all members voluntarily agree to. These guidelines lay out how the sharing of medical bills will take place including what expenses are shareable and when. Many organizations restrict the use of tobacco and illegal drugs and some may restrict certain preexisting health or lifestyle-related conditions. Sedera never denies membership to anyone based on prior/preexisting medical conditions, however, there are limitations around what preexisting expenses can be shared with the community. It’s important to know the guidelines, how they work, and if any restrictions impact you.

Alpine Association Benefits is available to help answer any questions regarding the solution available to Colorado Realtors, feel free to call us at 720-523-5524, or email info@alpineassociationbenefits.com. For Pricing & Enrollment Click Here For a Webinar outlining all the benefits of this solution for REALTORS® Click Here

WARNING: SEDERA, INC. IS NOT AN INSURANCE COMPANY AND THE SEDERA MEDICAL COST SHARING MEMBERSHIP IS NOT ISSUED OR OFFERED BY AN INSURANCE COMPANY. WHILE EVERY EFFORT IS MADE TO MEET MEMBER’S MEDICAL NEEDS, SEDERA, INC. AND THE SEDERA MEDICAL COST SHARING COMMUNITY DO NOT GUARANTEE PAYMENT OF ANY MEDICAL EXPENSE

5. How can Sedera help you? Many individuals have voiced their discontent with the current system and until now have had few options. The Sedera solution poses a viable alternative. Founded in response to the urgent need to find affordable ways to help with healthcare costs, Sedera is a Medical Cost Sharing community inspired by the modern sharing economy. Our non-insurance community is centered on a commitment to healthy living and sharing the cost of medical care. In doing so, we provide access to quality healthcare at affordable prices for our members and their families. 21

Healthcare Solutions for Colorado REALTORS

Mon thly O Enro pen llme nt!

cluded for All benefits in ly rate! th ONE low mon

Sedera has some limitations on pre-existing conditions. Please understand these limitations when considering enrollment.

Sedera offers a non-faith-based medical cost-sharing solution designed to help you face the rising costs of healthcare at a cost that is significantly less than purchasing traditional health insurance on the individual market/exchange. Sedera handles medical expenses differently than insurance solutions. Unlike an annual deductible and a network, it addresses healthcare on a per Need basis with no network restrictions; therefore, if a member experiences an injury or illness (a “Need”), the Sedera community shares funds for all eligible medical costs associated with that Need, after the Initial Unshareable Amount (or IUA) has been paid by the member. There are three IUA options available to REALTORS® in Colorado: 1) $500 per need 2) $1,000 per need 3) $2,500 per need

[for Medium to Large Medical Expenses]

Apex Management Group provides medical benefits in person through the PHCS network that include preventive services (100% covered) and routine care, such as doctor visits, urgent care, labs, imaging, and MRI/CT scans, with copays as low as $20.

You also have 24/7 access to Teladoc, a global leader in virtual care, with no copay or coinsurance for most services. Teladoc doctors are U.S. board-certified and licensed to practice medicine in your state. They can diagnose, treat and prescribe medication if medically necessary.

[for In-Person Routine & Small Medical Expenses]

[for Virtual Care]

WellDyneRx is a full-service prescription benefit manager that provides a six-tiered prescription drug benefit with discounts, co-insurance, and copays as low as $1.

2nd MD provides a second opinion consultation via phone or webcam with a specialist for non-emergency services. It helps ensure you are a well-informed patient to determine the best course of action. [for Second Opinion Services]

[for Prescription Drugs]

For Pricing & Enrollment click here: www.1enrollment.com/ColoradoREALTORS Click Here for a Webinar Summary of Benefits. For questions, contact Alpine Association Benefits: 720-523-5524 or Info@AlpineAssociationBenefits.com. 22

MARKETING

FIVE ELEMENTS OF A GREAT BUSINESS PLAN Help your sales associate finish the year strong and start 2020 on a high note by helping them create an effective business plan. Want your sales associates to finish the year strong and carry momentum into next year? A well-executed business plan is a key. We believe a great business plan needs to be in place and activated by November 1. It takes 30 to 45 days for the activities to result in contracts, so your associates will finish the year strong and carry their momentum (pending contracts) into next year. A great business plan has five elements. 1. Learn from Last Year. What worked? What didn’t work? Where did business come from? How many listings and sales did I have? How can I improve? Unfortunately, many sales associates never take the time to evaluate their business and progress. They drift from year to year as onaccident real estate professionals. They don’t have ten years in the business; they have one year ten times. 2. Set Goals for Next year. Set

goals in four areas: a. Your Why; Your Life List; Your reasons for living. What is the rocket fuel that motivates you to get up and go to work? b. Your Financial Goals. Your Why has to be funded! c. Your Net Worth Goals. Do you want financial freedom someday? Real wealth comes from incomeproducing net worth, not ordinary income. d. Your Database. Do you have enough relationships to achieve your financial goals? A good measure is one household for every $1,000 of Gross Commission Income. 3. Set Activity Goals. Unfortunately, a lot of sales associates skip this step. They are good at setting goals, but the key to achieving those goals is the productive activities called flow. There are two types of flow:

By Larry Kendall, author of Ninja Selling and Chairman Emeritus of The Group, Inc.

Live-flow (face-to-face and voiceto-voice) and auto-flow (mailings and electronic communication). Set specific flow goals—number of calls, mailings, lunches, etc. Research shows that 50 live-flow contacts result in one contract. Want to increase your income? Increase your flow and measure it. As we say, “Flow Fixes Everything.” 4. Schedule Your Activities. Schedule time for your flow activities. We tend to do what we schedule. The system used by nearly every top producer I’ve studied is time blocking. They control their agenda rather than drifting through the day. They make appointments with themselves to accomplish their flow activities. 5. Take Action! A great business plan is only useful if you execute it. Sales associates who schedule continued on next page

5 Elements from page 23

OCTOBER IN COLORADO BRINGS AUTUMN LEAVES AND BALLOTS

their activities through time-blocking (Step 4) are much more likely to take action. Consistency is the key. What we do every day is more important than what we do once in a while. I recently moderated a panel of four very high performers. All had taken the Ninja Installation training. I asked them, “What is the one thing you took from the training that helped you the most?” To my surprise, all four of them said the same thing—The Ninja Five Daily Habits. This is a morning routine consisting of: 1. Gratitude, affirmations, and positive reading to get your positive energy going.

It looks like 2019 snuck up on us again. It’s October, so you know what that means -- it’s time for World Series baseball, trick or treating, and filling out our November ballots.

2. Showing up for work and time-blocking your day and week, so you stay on your agenda. 3. Writing two personal notes

Colorado is a vote-by-mail state, which means we have time to ponder our electoral choices over fall hikes in the mountains, or a caramel flavored coffee as we start to see the first snowfalls of the season. And I’m sorry to say that this year we’ve don’t have Rocktober to distract us from some very important choices.

4. Focusing on your Hot List (people who want to buy or sell in the next 90 days.) 5. Concentrate on your Warm List (people who may want to buy or sell in the next year.) As one of the $60 million producers said to me, “When I start my day with these five activities, I have a great day. When I do it consistently, I string great days together, and I have a great week. Great weeks lead to great months and great months lead to my best year yet!”

On your ballots you will see two statewide ballot measures, Proposition CC and Proposition DD, as well as a slate of local candidates who could be the next rising stars in the future or critical civil servants for your local governance.

What would your company/office be like if everyone had their best year yet? When I go over these five pillars with sales associates, owners, and managers, they seem to get a stroke of insight and clarity. They stop being confused and afraid of the disruptors and the new technologies. They start focusing on their relationship-building skills, empathy, and finding ways to create a WOW! experience for their clients. The new technologies will assist the sales professional, but not replace them. Because of the five pillars, most clients are not looking for an app or algorithm to help them. They want an empathetic, trusted advisor. Provide this level of service, and our future is very bright! 

Proposition DD is a measure that would allow the state of Colorado to keep some of the net proceeds of sports betting to use to fund the statewide water plan established in 2015. It is expected to create $29 million in revenue.

This ballot measure is a result of the U.S. Supreme Court approving the ability of states to pursue sports betting. In Colorado, you have a decision about whether you would like to see the bet you make on your favorite alma matter team go towards the preservation and supply of water in our state. Some of the funds also would support the mental health needs of gambling addicts, too. Proposition CC would allow the state to keep taxes that would otherwise be refunded to Coloradans under the Taxpayer Bill of Rights (TABOR) spending cap. These funds are estimated to total $310 million the first year and as much as $340 million the following year. Revenue would be divided into thirds to support the funding needs for transportation, K-12 education, and higher education. Proposition CC is one of those issues that could be very different depending on your point of view of taxes and TABOR. One the one hand, as we heard at CARPAC meetings at Fall Forum, there are some unanswered questions about how the money raised via Proposition CC will be spent in each category or why there isn’t a sunset. However, on the other hand, a significant number of our partners in the business community (DMCAR, for example) have come out in support of Proposition CC because they see it as part of our continued efforts to bolster concepts that improve transportation funding. Presently, Colorado’s transportation backlog needs exceed $9 billion and congestion continues to be the leading reason behind no-growth initiatives. Some supporters of Proposition CC think it could be a good way to stave off a potential progressive income tax hike that policymakers could propose in the future. You have a tough decision to make on this issue, and you will really earn your “I voted” sticker this year. For Proposition CC, CAR encourages you to make the decision that is best for your local board, your family, and you. Finally, when it comes to local races I encourage you to take a close look at where candidates stand on growth and economic development. There are some clear distinctions in how they want to tackle the severe lack of affordable housing across our state. Not every policymaker understands the housing market as thoroughly as you do as a REALTOR®. We need smart, talented local officials who understand why additional regulatory barriers could increase the cost of housing. Many local zoning decisions impact our housing market directly, so choose wisely. And remember: the deadline to return your ballot is Tuesday, Nov. 5.

LEGISLATIVE

Elizabeth Peetz Vice President of Government Affairs, Colorado Association of REALTORS®

MEET THE 2020 TEAM CAR Announces 2019-2020 Leadership; Janene Johnson Installed as Chairman The Colorado Association of REALTORS® (CAR) installed its 2019-2020 Leadership Council during the organization’s 99th annual State Conference in Beaver Creek, Colo. last week.

Janene Johnson, broker/owner of Real Estate of Winter Park in Winter Park, Colo. was inducted as chairman of the Colorado Association of REALTORS®, a role she will assume from Nov. 1, 2019 through Oct. 31, 2020.

volunteer leaders to develop a strategic three-year plan to help move our statewide association forward. As always, the good of the membership is at the forefront of my mind, and our ability to develop and begin to implement our strategic vision is the best way to ensure that each of our 26,500 members are well served.”

Johnson has extensive experience with the Colorado Association of REALTORS® dating back to 2012. Of note, she has served on numerous CAR committees including the Legislative Policy Committee, the CAR Political Action Committee, the Regulatory Policy Committee, the Credentials Committee, the Sunset Review Chair Advisory Group, and as a District Vice President for the Mountain District.

“While we will always use a wide range of communications tools and resources, I’m also a strong believer in the power of personal, in-person communication to drive member engagement. As a part of that effort, I’ll be helping lead the work of our leadership council and staff as we personally visit, listen and learn from each of our 32 local associations, as well as brokerages and key industry partners,” said Johnson.

In her new position, Johnson will serve as a conduit between CAR’s more than 26,700 members and the Board of Directors. Working in tandem with the leadership council, she will assist with strategic planning, helping to set the organization’s direction and vision for the coming year.

“The Colorado Association of REALTORS® is very fortunate and excited that we will be transitioning in 2020 to another great leader in Janene Johnson,” said CAR CEO Tyrone Adams. “Speaking on behalf of all the state association volunteers and CAR staff, we are looking forward to working with Janene and her leadership Council as we navigate through Colorado’s complex real estate industry.”

“I’m both honored and excited at the opportunity to serve this great organization at this point in my career,” said Janene Johnson. “With several important 2020 goals in mind, my key focus will be to work hand-inhand with our dedicated professional staff and team of 26

Other top officers who will serve with Johnson are: • Robert Walkowicz (The Group, Inc., Loveland/Berthoud) - Chair-Elect • Donna Major (RE/MAX Advantage Realty, Pikes Peak) – Treasurer • Justin Knoll (Madison & Company Properties, Denver) – Immediate Past Chair • Kay Watson (MB-K Watson Properties, South Metro Denver) – Appointed Past President

• Abbey Pontius (Anderson Realty & Management, Estes Park) – Northeast District Chair • Jon Walker (Walker Asset Management Realty, Pikes Peak) – Southeast District Chair • Jason Witt (RE/MAX Mesa Verde Realty, Four Corners) – Western District Chair DIVISION CHAIRS: • Molly Eldridge (Coldwell Banker Mountain Properties, Crested Butte) – Member Services Division Chair • John Mitchell (MB-Mitchell Realty Services, Aurora) – Legal & Risk Division Chair • David De Elena (Coldwell Banker Residential Brokerage, Aurora) - Government Affairs Division Chair

The board’s main responsibilities include leading and coordinating volunteer efforts of the association aimed at maintaining stability in Colorado’s real estate industry, protecting private property rights, supporting efforts for affordable housing opportunities and providing resources and services designed to help Colorado REALTORS® succeed in their business.

ASSOCIATION REPRESENTATIVE: • Sarah Thorsteinson (Summit Association of REALTORS®, Dillon) – Association Executive Representative EX-OFFICIO • Tyrone Adams (CAR) - CEO

Other members of the 2019-20 Leadership Council: DISTRICT VICE PRESIDENTS: • Piper Knoll (Madison & Company Properties, Denver) Metro District Chair • Carol Peterson (Jim Smith Realty, Pagosa Springs) – Mountain District Chair 27

OTHER FALL FORUM HIGHLIGHTS

CAR HONORS BOB FULLERTON AS 2019 REALTOR® OF THE YEAR

REALTORS® gathered in Beaver Creek in October to learn, network and celebrate a great year at CAR.

2019 ROTY Appointed past president Keith Kanemoto (r) thanks Justin Knoll and his wife, Piper, for their service this past year.

Congratulations to Tim Myers of Grand County who beat past president Ron Myles for the Showcase Showdown Grand Prize.

Chris McElroy wins the Cliff Hanger game.

Bob Fullerton is surprised by his family and friends at the CAR Inaugural as he is honored as the CAR ROTY.

Bob Fullerton, managing broker for ERA New Age in Rifle, Colo., was named Colorado REALTOR® of the Year by the Colorado Association of REALTORS® (CAR) at its 99th annual convention in Beaver Creek, Colo. The award is the most prestigious award given to a CAR member and is a culmination of a distinguished career within the REALTOR® organization— at the local, state and national levels. In addition to activity within the association, the REALTOR® of the Year is a person active at the community level and successful in business. A REALTOR® member since 1999, Fullerton is a two-time Glenwood Springs (GSAR) REALTOR® of the Year (2006, 2008) and has twice received GSAR's Distinguished Service Award (2009, 2015). With countless hours of volunteer time, he has served his community and his industry for more than 20 years and has held a wide range of leadership positions at the local and state level throughout his career. Fullerton’s leadership includes serving as a Board of Direc-

tor, vice president and president for GSAR, serving as GSAR president in both 2006 and 2007 and returning to serve again as chair of GSAR in 2016. At the state level, Fullerton has served on many task forces, served twice as CAR’s Mountain District chair, on CAR’s Legislative Policy Committee, as CARHOF committee chair, and is an RPAC Major Investor. In his community, Fullerton is also chairman of the Garfield County Planning and Zoning Committee, is a past president of the Carbondale Tourism Board, two-time past president of the Carbondale Chamber of Commerce, and sponsor for the 2019 Colorado Police K9 Challenge. “This prestigious honor could not have gone to a better person,” said Tyrone Adams, CEO of the Colorado of Association of REALTORS®. “What a great advocate for Colorado’s real estate industry overall. Bob is selfless and always put others before himself, whether he is serving his clients, his local and state association, or the Glenwood Springs community.”

OTHER AWARD WINNERS HONORED AT THE CAR INAUGURAL Congratulations to Kelsea Immanuel from Denver for being awarded the Gus Williams CYPN of the Year.

DISTINGUISHED SERVICE

Justin Knoll honors (l to r) Chris Hardy, Kelly Moye, David Barber, Jarrod Nixon and Keith Kanemoto.

In addition to honoring Fullerton, outgoing CAR Chair Justin Knoll presented the association’s Distinguished Service Award to seven individuals. The award honors outstanding contributions to the real estate industry and the association. Honorees were:

Additional awards presented during the convention included the Gus Williams Colorado Young Professional Network REALTOR® of the Year awarded to:

Chris Hardy, Kay Watson and Tracy Gossar try their hand at guessing prices.

• Kelsea Immanuel (HomeSmart Cherry Creek, Denver)

• Kelly Moye (RE/MAX Alliance, Boulder) • Keith Kanemoto (RE/MAX Traditions, Longmont) • Stacie Staub (West and Main Homes, Denver)

Ron Myles gets a young Price Guy to help him spin the wheel.

• David Barber (RE/MAX Unlimited, Aurora) • Ann Turner (Denver Metro Association of REALTORS®, Denver) • Chris Hardy (Elevations Real Estate, Fort Collins) • Jarrod Nixon (Coldwell Banker Heritage House, Durango)

Rowdy Scott Peterson passed out Twinkies as contestants spined the wheel.

Keller Williams 1st Realty Kansas City, Mo., and Longmont, Colo.

REALTOR ® Magazine Announces

Colorado's Good Neighbor Award Winner Mark Solomon The National Association of REALTORS® has named five real estate professionals as its 2019 Good Neighbor Award winners, spotlighting the practitioners’ impact on their communities through volunteer work. Five honorable mentions also have been named. The honorees represent many noble causes, from housing homeless military veterans to fundraising for new treatments for sick children. Mark Solomon, one of this year’s Good Neighbor award winners, recently moved to Longmont, CO from Kansas City, MO. After effectively eliminating veteran homelessness in Kansas City, he is doing another similar project in Longmont and hopes to expand the cause nationwide. Solomon co-founded Veterans Community Project, a nonprofit to help eliminate veteran homelessness

Solomon co-founded Veterans Community Project, to help eliminate veteran homelessness.

through a “tiny house" development. The neighborhood includes an outreach center where any veteran can access medical and mental health referrals, employment assistance, and addiction counseling and treatment. This year marks NAR’s 20th celebrating the Good Neighbor Awards, a milestone that speaks to the community heroism REALTORS® embody, NAR President John Smaby said in a statement. “We celebrate these selfless individuals who have gone above and beyond the call of duty to make a difference in the lives of others,” he said. Each of the five winners, who were selected through a multistage judging process, will receive a $10,000 grant for their charity. They will be featured in the NovemberDecember issue of REALTOR® Magazine and will be honored on Nov. 9 at the General Session during the REALTORS® Conference & Expo in San Francisco. This year’s Good Neighbors join a society of 200 past winners and honorable mentions. Click here to view the video of Mark.

About the Foundation The Colorado Association of REALTORS® Foundation promotes safe and affordable housing, advances homeownership for all Coloradans, and provides housing-related disaster assistance to our neighbors in need.

You can make a difference on December 10th. Plan to donate today!

CELEBRATE COLORADO GIVES DAY BY DONATING TO THE CAR FOUNDATION Colorado Gives Day is an annual statewide movement to celebrate and increase philanthropy in Colorado through online giving. Although Colorado Gives Day is celebrated on Dec. 10, 2019, you can schedule donations ahead of time beginning Nov. 1. Go to https://www.coloradogives.org/carfoundation/ overview to donate. Colorado Gives Day features a $1 million incentive fund, created by Community First Foundation and FirstBank. It is one of the largest gives-day incentive funds in the country. Every donation made through ColoradoGives.org on Colorado Gives Day is boosted by the fund, which increases the value of every dollar. For example, if a nonprofit organization receives 10 percent of the total donations made on Colorado Gives Day, that same nonprofit receives 10 percent of the $1 Million Incentive Fund. Every donation made is boosted by the incentive fund, increasing the value of every dollar! That’s why it’s important for you to donate to the CAR Foundation on Colorado Gives Day. Over the span of 25 years, The CAR Foundation has invested $7.8 million to support Colorado nonprofits that encourage safe and affordable housing, promote homeownership, and provide disaster relief to Coloradans.

The Foundation began in 1960 as the CAR Education Foundation. It was created to further real estate education and research. In 1991, the CAR Housing Opportunity Foundation (CARHOF) was established. Grant funding began in 1993 to assist with safe and affordable housing throughout Colorado. The initial grant monies came from Colorado REALTOR® brokers and title companies who invested their client’s earnest money into interest bearing escrow accounts. The interest earnings were then donated to CARHOF. Today, hundreds of Colorado brokers and title companies support the Foundation with interest earning contributions from escrow accounts. In 2018, the Foundation was established to combine the Educational Foundation and the Housing Opportunity Foundation under one philanthropic umbrella. At that time, the Foundation established the Disaster Relief Fund in response to the devastating fires and floods that plagued Colorado in 2013 and 2014.

THE FOUNDATION HAS INVESTED OVER $7.8 MILLION OVER THE LAST 25 YEARS $7.8 MILLION

As a thank you for your support, every donation on Colorado Gives Day that is over $100 will receive the CAR Foundation’s new heart-shaped pin.

Don’t forget to donate to the CAR Foundation beginning Nov. 1 at https://www.coloradogives.org/carfoundation/overview.

$0 - 1993

TECHNOLOGY

iBUYERS: WHAT REALTORS® SHOULD BE DOING NOW You could say that iBuyers and their effect on the real estate industry is this year's hot topic. A panel comprised of industry experts discussed the iBuyer phenomenon at this month’s Fall Forum in Beaver Creek, CO, and offered insight into ways REALTORS® can survive in an ever increasingly competitive industry. Brandon Wells, President of The Group, Inc., explained that REALTORS® need to adjust their way of thinking and use iBuyers to their advantage when it comes to dealing with their clients. iBuyers, he said, have access to large sums of capital and their spending significant portions of it to market themselves to potential home sellers. “Avoiding the conversation (with clients) is absolutely the worst approach. You need to embrace the conversation because they’re going to be exposed to that marketplace (of iBuyers),” he said. Wells suggested REALTORS® become familiar with the major players in the iBuyer world operating in Colorado, such as OpenDoor and Zillow, and REALTORS® should understand how their iBuyer programs work. “Have a nice, educated dialogue with your customer about what (iBuyers) are, what the difference is with an instant offer versus exposure to the open market. That’s the conversation people need to be having,”

said Wells. “There are potential risks (with iBuyers) as it pertains to equity and costs associated with closing. For the home seller, it’s more convenient. There’s a guaranteed timeline. But sometimes that comes with costs.” Wells said a recent Zillow study found that 53 percent of homeowners who sell via an iBuyer have never sold a home before. He said homeowners may initially be attracted to the iBuyer model because selling a home is not something that is done frequently. He feels real estate agents bear some of the blame because relationships end once the homebuying process is completed. REALTORS® should ensure they’re having conversations about wealth creation when dealing with clients, Wells advised. “One hundred million dollars is being left on the table annually by homeowners due to mismanagement of home equity. They’re trading convenience for a cost,” he said. “One of the tenets of personal wealth creation is home equity. People need to understand what they’re potentially trading for the long term.” Nobu Hata, Director of Industry Outreach with NAR, said REALTORS® 32

need to know their value proposition and take action now. “People who are dreaming of selling their homes next year are already doing the research right now. They already have the mindset of selling and you shouldn’t wait until they’re at your table to begin talking about equity,” said Hata. Wells conceded that iBuyers fill a niche because some homesellers may need to sell quickly due to a relocation or other extenuating circumstances. Adam Pollock, Co-Founder and CEO of BoardRE, Inc., said REALTORS® should be straightforward with potential clients when it comes to helping them evaluate an iBuyer offer, what the offer is and what the offer isn’t. “The data shows the offer is rarely in the best interest of the seller. The offer is rarely the highest sales price,” said Pollock. “The iBuyer is certainly not someone who’s going to be with the homeseller for a transaction that’s done once every seven years.” Hata compared iBuyers to Amazon Prime and consumers’ increasing

iBUYERS Nationally, in 2018, iBuyers accounted for over 25,000 transactions, or 0.2 percent market share. The iBuyer movement is led by Opendoor, founded in 2014, and currently the world's largest iBuyer. In Phoenix, (the biggest iBuyer market), iBuyers have nearly 6% market share, with Opendoor the largest share at 3%.

value of having something right now. “The amount of money that people are willing to pay for certainty and convenience is off the charts. That’s the world we live in,” said Hata.

iBuying is being driven by multi-billion dollar organizations, not scrappy startups: Opendoor=$1.3 B equity raised Zillow=$7.1B market cap Offerpad=$150M equity raised knock=$60.5M equity raised Redfin=$1.8B market cap

Pollock added REALTORS® should tell potential clients to “play the field” to get the best offer and “not the first offer,” which is essentially what an iBuyer offer is. Pollock said just as iBuyers have reshaped the way homes are purchased, the time has come for a shakeup in the mortgage industry. Pollock refers to his company as an “i-Lender.” iLenders such as BoardRE, Pollock explained, utilize their own cash to purchase homes upfront on behalf of borrowers who have been pre-approved for a mortgage through their company. He says that his company’s services turn the ordinary consumer into an iBuyer. The iLender then transfers the ownership to the new owners at the same price. There are no additional fees for the buyers, sellers, or agents. BoardRE generates its revenue from loan origination fees.

Data from Real estate technology strategist Mike DelPrete from ‘You Can’t Afford to Ignore iBuyers’ article in REALTOR® Magazine. Click here.

And while some REALTORS® might be hoping to relax during the upcoming holiday season, Hata said that is the opposite of what they should be doing. He explained that Google analytics confirms peak search time for homeselling is heading into the holiday season. As such, REALTORS® should increase their marketing during this time and be proactive in cultivating relationships with new and existing clients who are looking to sell their homes within the next year.

iBuyer Panel Discussion at the CAR Fall Forum.

MIC Drops Join Richie Averill, CAR MIC Drop host, for bi-monthly discussions about everything real estate. Whether you want to catch up on industry trends, or want to share information with your clients, these short videos are available 24/7 on the CAR YouTube Channel.

Mini Informational Courses -at your fingertips MIC Drop Topics Include: • Lender & Agent Relationship • Top Apps for REALTORS® • Avoiding the Wait and See Trap • The Importance of Quality Home Inspections • Navigating HOA’s • Weather Proofing Your Home • Metro Down Payment Assistance

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THE FOUNDATION

FOUNDATION GRANTS AWARDED 9 NON-PROFITS BENEFIT FROM REALTOR® DONATIONS

How do you intend to use the CAR Foundation grant? Funds from the CAR Foundation will go towards furthering the work in our transitional housing program and partnering with the 40 families in our program to achieve their goals.

In July, the CAR Foundation awarded grants totaling $60,000 to nine non-profit organizations throughout the state. Recipients include: • Colorado Homeless Families – Arvada: $7,500 • Colorado Veterans Resource Coalition – Colorado Springs: $6,500 • Family Promise of Greater Denver – Denver: $6,500 • Mile High United Way/Foothills United Way – Lafayette: $6,500 • Greeley Family House – Greeley: $6,500 • Habitat for Humanity of Vail Valley – Avon: $6,500 • HomesFund – Durango: $6,000 • Neighbor to Neighbor – Fort Collins: $7,500 • Tri-Lakes Cares – Monument: $6,500

What are one or two goals your organization has set to ensure it meets the needs of those it serves? We will serve 48 families with transitional housing and support services in 2019 and will graduate at least five to self-sufficiency. We will prepare our families for home ownership through budgeting programs, and home ownership and financial literacy courses. What’s one thing you’d like your community to know about your organization? CHF is a place for safe, expectant transformation and personal growth with holistic, supportive services for our families.

Here are profiles from eight of the grant recipients. COLORADO HOMELESS FAMILIES-ARVADA, CO COLORADOHOMELESSFAMILIES.ORG/

FAMILY PROMISE OF GREATER DENVER – DENVER WWW.FAMILYPROMISEOFGREATERDENVER.ORG

Describe your organization’s mission and the services offered: Colorado Homeless Families (CHF) partners with families experiencing homelessness or who are on the verge of becoming homeless to achieve selfsufficiency for life. CHF's transitional housing program focuses on economic self-sufficiency, career development, and family stability.

Describe your organization’s mission and the services offered: The mission of Family Promise of Greater Denver is to form relationships with families at risk of or experiencing homelessness by providing shelter, meals, and a spectrum of supportive services as they obtain permanent stability.

How do you intend to use the CAR Foundation grant? The grant funding from the CAR Foundation will support our Prevention and Rehousing program. With the funding, we will be able to help at least twelve families remain housed or transition into stable housing.

What are one or two goals your organization has set to ensure it meets the needs of those it serves? Our primary goals are to help the families find and keep permanent housing. The first step may be accomplished through Section 8 vouchers, HUD-sponsored rent assistance or full market rent capability. Every family is different, and we work to find the best fit to achieve the permanent housing. To help families keep permanent housing, we teach families budgeting skills and we conduct follow-up phone meetings for six months to make sure the family is still housed.

What are one or two goals your organization has set to ensure it meets the needs of those it serves? First, Family Promise aims to serve families with dignity and respect by providing individualized case management services as they work toward sustainable independence. Second, Family Promise engages former clients to participate on the Guest Advisory Board, The Board of Directors, and become employees of Family Promise.

What’s one thing you’d like your community to know about your organization? First, our clients are not homeless families; they are families experiencing homelessness. Our clients come from many walks of life, including certified nursing assistants, teacher’s aides, office workers and employees in the oil and gas sector. We call them “the hidden homeless” because they show up for work every day while living with a friend or in their car. Second, we are pleased to announce we have changed our name to reflect more closely who we are and what we do. We are located in Greeley, and we serve families with temporary housing while assisting them in obtaining permanent housing. Our vision is to empower all families in Northern Colorado to achieve long-term housing stability.

What’s one thing you’d like the community to know about your organization? Family Promise of Greater Denver has grown significantly over the past five years. We remain a small, grassroots nonprofit, while playing a prominent role in the community as we end homelessness, one family at a time.

GREELEY FAMILY HOUSE - GREELEY, CO WWW.GREELEYTRANSITIONALHOUSE.ORG Describe your organization’s mission and the services offered: The mission of the Greely Family House is to provide temporary housing and support services for families experiencing housing instability. The Greeley Family House (formerly called The Greeley Transitional House) serves the “hidden homeless.” These are working families who are experiencing homelessness. How do you intend to use the CAR Foundation grant? The grant monies are being used to provide temporary safe shelter and case management while the families are at the house. We are able to house a total of 12 families per night, at a cost of $30 per night per family. The grant allows us to provide temporary shelter to families for 216 nights. This includes the cost of case management, which is critical to the success of the families.

HABITAT FOR HUMANITY VAIL VALLEY, VAIL WWW.HABITATVAILVALLEY.ORG Describe your organization’s mission and the services offered: Habitat for Humanity Vail Valley partners with people in our local community to build a place they can call home. Habitat homeowners help continued on next page

THE FOUNDATION CONT... build their own homes alongside volunteers and pay an affordable mortgage. A Habitat home is a stabilizing force for a family. Better, affordable living conditions lead to improved health, stronger childhood development and the ability – and financial flexibility – to make forward-looking choices. How do you intend to use the CAR Foundation grant? The CAR Foundation grant will be used to fund the roof trusses for two of the six homes that Habitat for Humanity Vail Valley is building in 2019.

HOMESFUND, DURANGO, CO WWW.HOMESFUND.ORG Describe your organization’s mission and the services offered: The mission of HomesFund is to build diverse and resilient communities by supporting the development of affordable housing programs, and empowering residents with the financial resources and educational tools to achieve homeownership in Southwest Colorado.

What are one or two goals your organization has set to ensure it meets the needs of those it serves? Habitat for Humanity Vail Valley is helping to improve housing affordability by increasing the supply of affordable, for sale homes through the construction of 36 new homes by 2025. We also advocate for policy and systems both at the state and local level that will improve home affordability and increased access to credit for our local workforce. Plus, we focus our efforts on policy and partnerships that help to directly increase the supply of affordable housing in our community.

We achieve this mission through providing the Homebuyer Assistance Program—a three-pronged approach to providing the educational and financial tools to help low- and moderate-income residents of Southwest Colorado to reach homeownership. The program is composed of Homebuyer Education, Housing Counseling, and Mortgage Assistance Loans that bridge the financial gap between low workforce wages and high home prices in Southwest Colorado.

What’s one thing you’d like the community to know about your organization? In Colorado, one in seven households spend more than half of their income on housing. Families are having to choose between paying their rent or paying for basic necessities, like healthcare and nutritious food. Habitat provides affordable ownership opportunities to ensure that our workforce lives in their community while providing them additional stability as they build equity for their family's future.

How do you intend to use the CAR Foundation grant? HomesFund will use the CAR Foundation grant to provide six Homebuyer Education classes. These Homebuyer Education classes will be held in Montezuma and Archuleta Counties, rural and underserved areas, that would not have Homebuyer Education classes without HomesFund’s expansion if not for HomesFund’s provision of the classes. What are one or two goals your organization has set to ensure it meets the needs of those it serves? One of our organizational goals is to increase organizational recognition in Montezuma and Archuleta Counties. First,

we will advertise the availability of the Homebuyer Education classes on local radio stations, in newspapers, and on social media. Second, the class will increase awareness about other aspects of the Homebuyer Assistance Program. Third, we will gather local partners such as REALTORS®, lenders, insurance agents, etc. to volunteer to teach portions of the Homebuyer Education classes.

regularly and acquire assets, such as a home. We are proud to say this grant will support two families in purchasing their first home as well as program costs.

What’s one thing you’d like the community to know about your organization? In an area where the median single-family home price is almost $500,000, homeownership is increasingly out-of-reach for many hardworking residents. Affordable homeownership programs such as the HomesFund Homebuyer Assistance Program help low- and moderate-income households to reach the “American Dream” of homeownership. The help provided is sustainable fashion and our Mortgage Assistance programs have a loss-rate of less than one percent.

• Provide participants with matched savings accounts to meet minimum monthly deposits

What are one or two goals your organization has set to ensure it meets the needs of those it serves? Our goal is to ensure PIE participants have the resources they need to thrive and work toward the following goals:

• Provide educational opportunities, such as financial coaching and financial workshops • Participants gain financial literacy skills and knowledge of asset purchases • Assist participants in completing their asset purchase by leveraging dollars saved. What’s one thing you’d like the community to know about your organization? Together with our donors and volunteers, Mile High United Way/Foothills United Way believes every person who calls Colorado home deserves the opportunity to thrive. We believe every young child deserves a fair start, every child should be reading at grade level by third grade, every young person should graduate from high school and have pathways to the job market or higher education, and every family should be economically stable. Whether you give, advocate, or volunteer, you are making a meaningful difference in our community.

MILE HIGH UNITED WAY/FOOTHILLS, LAFAYETTE WWW.UNITEDWAYFOOTHILLS.ORG/PIE Describe your organization’s mission and the services offered: Mile High United Way/Foothills United Way unites people, ideas, and resources to advance the common good. Mile High United Way works side-by-side with the community taking on critical human services issues facing our seven-county Metro Denver footprint. Our united approach changes the odds for the children, families, and individuals in our community so that we all succeed. How do you intend to use the CAR Foundation grant?

NEIGHBOR TO NEIGHBOR, FORT COLLINS, CO WWW.N2N.ORG

The CAR Foundation grant will be used to support the Personal Investment Enterprise (PIE) program. PIE is a partnership that was developed in 2001 between Foothills United Way and Boulder County Community Action Programs. It is a matched savings account program, designed to encourage low-income participants to save

Describe your organization’s mission and the services offered: N2N impacts over 5,000 Larimer County residents each year with homelessness prevention, first month rent and deposit assistance. N2N owns and oper41

continued on next page

THE FOUNDATION CONT... ates 132 affordable apartments for low-income families, educates over 1,000 first time homebuyers each year, maximizes affordable inventory with a HomeShare program matching older adults with roommates, and prevents foreclosure by mitigating mortgage loans with banks. How do you intend to use the CAR Foundation grant? The $7,500 grant will provide emergency rent assistance for 25 families with a success rate of 95 percent of households served remaining in stable homes six months after receiving assistance and counseling from N2N’s Homelessness Prevention program. Last year, N2N prevented homelessness and displacement for 606 local families, distributing over $225,000 in emergency rental assistance.

mission by ensuring that economically disadvantaged households have access to essential needs such as food, housing, medical care, financial assistance, and much more to keep them healthy and safe. How do you intend to use the CAR Foundation grant? The CAR Foundation grant will be used to provide mortgage assistance through TLC’s Housing Assistance Program, which helps low-income individuals facing financial hardships cover their rent or mortgage costs, helping them remain in their homes and avoid the risk of eviction and becoming homeless.

What are one or two goals your organization has set to ensure it meets the needs of those it serves? Goal #1: At least 80 percent of households served will be stably housed 6 months after receiving ERA assistance. Progress: Met - 595 households received assistance, 93 percent still in stable housing

What are one or two goals your organization has set to ensure it meets the needs of those it serves? First, TLC meets its goal of improving the quality of people's lives by focusing on three types of programming: emergency assistance in times of crisis, such as an illness or the loss of a job. Second, Services that relieve the burden of living in chronic poverty, such as holiday gifts and other seasonal programs. And third, provde services that help people work toward self-sufficiency. The wide array of wrap-around services offered at TLC are designed to work together to address the unique needs of each client household.

Goal #2: N2N will maintain Exemplary status and maintain a clean annual audit. Progress: Met - Status maintained and annual audit clean. What’s one thing you’d like the community to know about your organization? N2N collects feedback from community partners seeking suggestions for program improvement. In 2019, 92 percent of respondents felt N2N’s impact in the community ranked in the top two levels of “significant” or “high.” Neighbor to Neighbor meets the highest “Exemplary” standard of national partner Neighborworks America, based on thorough annual audit and assessment.

What’s one thing you’d like the community to know about your organization? Tri-Lakes Cares is the only comprehensive human service agency located in and providing services to northern El Paso County. TLC’s approach of providing comprehensive, wrap-around services all under one roof is effective because clients are encouraged to utilize other TLC programs to stretch their income and direct funds to cover other necessary bills. Case managers work with clients to determine their need and how they can best be served based on their unique situation.

TRI-LAKES CARES, MONUMENT, CO WWW.TRI-LAKESCARES.ORG Describe your organization’s mission and the services offered: Tri-Lakes Cares is a community-based, volunteer-supported, resource center whose mission is to improve people’s lives through emergency, selfsufficiency, and relief programs. TLC accomplishes this

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DECORATING A LARGE WALL SPACE There’s nothing more intimidating than a blank page, except for a large blank wall in your home. It presents you with endless possibilities, but the freedom can also be overwhelming if you don’t know how to decorate a large space. Here are four strategies you can use to create a beautiful and unique design in your large space.

Rachel Sellers, American Furniture Warehouse Whatever you choose should have a color scheme or theme similar to the large artwork to create a cohesive look. Arrange the smaller pieces around your larger piece, and you’re done!

LAYERING You don’t need to commit to one extra-large piece to fill a large space on your wall. Layering multiple decor pieces on a wall is a simple way to make a big visual impact while creating a look that is totally one-of-a-kind (and doesn’t come with an extra-large price tag). The layered look is visually intriguing and is a great way to create a focal point in any room.

DECORATIVE TEXTURE If the layered look isn’t for you, consider adding a largescale textural feature to your space, like a tapestry, rug, or cowhide. While you might think of rugs and cowhides as floor-only accessories, they’re just as beautiful when hung on a wall. They add loads of texture and pattern to a typically textureless space and their larger size makes a big visual impact. Have a favorite piece of art? Combine it with a rug, cowhide, or tapestry to add emphasis and make it really pop.

To create a layered look, start by choosing a large piece of artwork or wall decor, then balance it with the rest of the room. You can create a symmetrical look by lining it up with other pieces or features of the room or deliberately offset it for a more contemporary, casual look. Next, select a few smaller pieces that coordinate with your large piece, like signs, mirrors, clocks, metal wall art, or tapestries with different shapes, sizes, or textures.

Another great way to add texture to your wall is by incorporating wainscoting or other decorative wood overlays. Wainscoting in particular adds a lot of dimension as well as a sense of elegance to a space thanks to its association with grand Victorian houses.

GALLERY WALL Similar to layering pieces on your wall, creating a gallery wall is another great way to decorate a large space, but with a more focused collection of pieces. It offers a chance to show off a variety of family photos, a collection of artworks, and other personal pieces in a way that is both curated and unique to you. Because it makes a big impact, a gallery wall is a great choice for a focal area.

PAINT AND WALLPAPER When it comes to decorating you might not immediately think of paint and wallpaper, but adding an accent wall with a fresh coat of paint or some wallpaper is a quick and easy way to transform a space. Plus, the color you choose can have a big impact on the feel of the space. A warm red, yellow, or orange accent wall can be a great way to add a feeling of energy to a kitchen, dining room, or living room, while a green, blue, or purple hue can add calmness to a bedroom or study. Choose a bright, saturated version of a color for a cheerful and energetic feel or a dark version of a color for an elegant and moody look.

The first step in creating a gallery wall is deciding on which pieces you would like to include in your wall. When choosing your pieces, have an overall theme in mind and be sure to repeat similar colors throughout the pieces to create a look that feels curated instead of chaotic. Don’t forget that a gallery wall can also incorporate shelves for displaying prized artifacts and other personal touches.

If you opt for wallpaper, it’s important to consider the pattern as well as the color. What sort of pattern is it? A traditional pattern might not fit with a modern space, but a geometric pattern might fit perfectly. Also consider the scale of the pattern: is it a busy, small-scale pattern, or an oversized pattern? If the pattern is small, using it on the entire wall could appear to busy and overwhelming. Do you incorporate pattern in the rest of your room? If so, it’s best to choose a wallpaper pattern in a different scale.

After you choose your pieces, think about how you would like your gallery wall to be laid out. Do you want everything to be on a grid? Or would you prefer something a little more freeform? Arrange your pieces on the floor to easily get a sense of how different layouts will look before you start hanging things. Once you’re satisfied with the layout, go ahead and start hanging. Decorating a large blank wall doesn’t have to be intimidating. Whether you try your hand at layering smaller wall decor pieces, embrace textural features like a rug, add a splash of color with an accent wall, or curate your own gallery wall, decorating a large wall gives you the opportunity to create a unique space. Rachel Sellers is a Content Writer for American Furniture Warehouse, one of the nation’s top furniture retailers with a large selection of affordable furniture and home decor. American Furniture Warehouse has more interior design tips, how-to guides, inspiring looks, and other design and lifestyle topics on the American Furniture Warehouse blog.

COLORADO ASSOCIATION OF REALTORS®

2019 RPAC MAJOR INVESTORS

2019 NAR President’s Circle ($1,000 Minimum to RPAC and $2,000 to Na onal Poli cal Par es or NAR-Selected Federal Candidates) Keith Kanemoto, Longmont Assoiation. of REALTORS® Piper Knoll, Denver Metro Association of REALTORS® Michael Labout, Pikes Peak Assoc. of REALTORS® John Lucero, Denver Metro Association of REALTORS® Scott Matthias, South Metro Denver REALTOR® Association Chris McElroy, Fort Collins Board of REALTORS® Larry McGee, South Metro Denver REALTOR® Association Ron Myles, Denver Metro Commercial Assoc. of REALTORS® Marcel Savoie, South Metro Denver REALTOR® Association Todd Schuster, South Metro Denver REALTOR® Association Bonnie Smith, Summit Association of REALTORS® Linda Romer Todd, Grand Junction Area REALTOR® Association Kay Watson, South Metro Denver REALTOR® Association

Tyrone Adams, Colorado Association of REALTORS® David J. Barber, Aurora Association of REALTORS® Gary Bauer, Denver Metro Association of REALTORS® Brandon Brennick, Denver Metro Association of REALTORS® Michael Burkhard, Grand Junction Area REALTOR® Association Dale Carroll, South Metro Denver REALTOR® Association Joseph DiVito, Denver Metro Association of REALTORS®

Amy Dorsey, Vail Board of REALTORS® Karen Frisone, Denver Metro Association of REALTORS® George Harvey, Telluride Association of REALTORS® Ann Hayes, Grand Junction Area REALTOR® Association Janene Johnson, Grand County Board of REALTORS® Jay Kalinski, Boulder Area REALTOR® Association

NAR Corporate Ally Program (Multiple Listing Services voluntarily investing in RPAC) IRES Pikes Peak REALTOR® Service Corp

Platinum R - Annual Investment of $10,000+ Boulder Area REALTOR® Association Colorado Association of REALTORS®

Gary Bauer, Denver Metro Association of REALTORS® Linda Romer Todd, Grand Junction Area REALTOR® Association

Golden R - Annual Investment of $5,000+ David J. Barber, Aurora Association of REALTORS® Dale Carroll, South Metro Denver REALTOR® Association Amy Dorsey, Vail Board of REALTORS® George Harvey, Telluride Association of REALTORS® Keith Kanemoto, Longmont Association of REALTORS® Michael Labout, Pikes Peak Association of REALTORS® John Lucero, Denver Metro Association of REALTORS® Michael Marcus, South Metro Denver REALTOR® Association

Scott Matthias, South Metro Denver REALTOR® Association Chris McElroy, Fort Collins Board of REALTORS® Larry McGee, South Metro Denver REALTOR® Association Ron Myles, Denver Metro Commercial Association of REALTORS® Todd Schuster, South Metro Denver REALTOR® Association Bonnie Smith, Summit Association of REALTORS® Kay Watson, South Metro Denver REALTOR® Association Grand Junction Area REALTOR® Association

Crystal R - Annual Investment of $2,500+ John Mitchell, Aurora Association of REALTORS® Robert Walkowicz, Loveland-Berthoud Association of REALTORS®

Susan Berg, Telluride Association of REALTORS® Karen Frisone, Denver Metro Association of REALTORS®

{as of October 10, 2019)

COLORADO ASSOCIATION OF REALTORS®

2019 RPAC MAJOR INVESTORS

Sterling R - Annual Investment of $1,000+ Andrew Abrams, Denver Metro Assoc. Aspen Board of REALTORS® Tyrone Adams, Colorado Assoc. Dana Allen, South Metro Denver Assoc. David Anderson, Pueblo Assoc. Brian Anzur, Denver Metro Assoc. Okie Arnot, South Metro Denver Assoc. Barbara Asbury, Pikes Peak Assoc. Piyush Ashra, South Metro Denver Assoc. Richard Averill, Denver Metro Assoc. Ann Bagwell, Aurora Assoc. Windy Bailey, Pikes Peak Assoc. Sunny Banka, Aurora Assoc. Karen Becker, Aurora Assoc. Edward Behr, Pikes Peak Assoc. Nick Bokone, South Metro Denver Assoc. Calen Brennan, Denver Metro Assoc. Brandon Brennick, Denver Metro Assoc. Michael Burkhard, Grand Junction Area Assoc. Vicki Burns, Craig Assoc. Janna Burton, Montrose Assoc. Amy Cesario, Denver Metro Assoc. Kathy Christina, Summit Assoc. Carol Click, Four Corners Board Jacob Curbow, Pikes Peak Assoc. Mercie Curbow, Pikes Peak Assoc. Shane Dawson, Durango Area Assoc. Natalie Davis, Fort Collins Board David DeElena, Aurora Assoc. Amanda DiVito Parle, Denver Metro Assoc. Joseph DiVito, Denver Metro Assoc. Chris Djorup, Denver Metro Assoc. Chris Doyle, Fort Collins Board Durango Area Association of REALTORS® Durango Land and Homes Barbara Ecker, Denver Metro Assoc. Molly Eldridge, Gunnison Country Assoc. Catherine Eusea, Loveland-Berthoud Assoc. Dan Fitchett, Vail Board Fort Collins Board of REALTORS® Bob Fullerton, Glenwood Springs Assoc. Marjorie Genova, Grand Junction Area Assoc. Micah George, Grand Junction Area Assoc. Jaima Giles, Gunnison Country Assoc. Euan Graham, Denver Metro Assoc. Sheri Griego, Grand Junction Area Assoc. Scott Grossman, Denver Metro Assoc. Heather Hankins, South Metro Denver Assoc. Lauren Hansen, IRES Deborah Hansen, Loveland-Berthoud Assoc. Steve Harder, South Metro Denver Assoc. Ed Hardey, Aurora Assoc. Chris Hardy, Fort Collins Board Debra Harmon, Montrose Assoc. Tyler Harris, Grand Junction Area Assoc.

Ann Hayes, Grand Junction Area Assoc. Toni Heiden, Grand Junction Area Assoc. Susan Hendricks, Grand Junction Area Assoc. Phil Heter, Denver Metro Assoc. Mary Ann Hinrichsen, South Metro Denver Assoc. Matthew Hintermeister, Telluride Assoc. Ken Hotard, Boulder Area Assoc. Deborah Howes, Pikes Peak Assoc. Terry Hutchison, Durango Area Assoc. Janene Johnson, Grand County Board Dennis Johnson, Summit Assoc. Jay Kalinski, Boulder Area Assoc. Stacey Kelly, Aspen Board Larry Kendall, Fort Collins Board Pamela Kiker, South Metro Denver Assoc. Krista Klees, Aspen Board Kelly Kniffin, Durango Area Assoc. Justin Knoll, Denver Metro Assoc. Piper Knoll, Denver Metro Assoc. Pie Konchar, South Metro Denver Assoc. Cynthia Kruse, Vail Board Dave Kupernik, Denver Metro Assoc. Betsy Laughlin, Vail Board Bob LeGare, Aurora Assoc. Matthew Leprino, Denver Metro Assoc. Karen Levine, Denver Metro Assoc. Libby Levinson, Denver Metro Assoc. Cheri Long, Aurora Assoc. Roy Lopez, Aurora Assoc. Alan Lovitt, Pikes Peak Assoc. Russ Loya, Fort Collins Board Kevan Lyons, REALTORS® of Central Colorado Mike MacGuire, Pikes Peak Assoc. Gary Maggi, Loveland-Berthoud Assoc. Melissa Maldonado, South Metro Denver Assoc. Janet Marlow, South Metro Denver Assoc. Lisa Martin, Grand Junction Area Michelle Martinez, Montrose Assoc. John McComas, South Metro Denver Assoc. Stew Meagher, South Metro Denver Assoc. Steve Mills, Gunnison Country Assoc. Toni Milyard, Grand Junction Area Assoc. Mountain Metro Association of REALTORS® Kelly Moye, Boulder Area Patrick Muldoon, Pikes Peak Assoc. Daniel Muldoon, Pikes Peak Assoc. Mitch Myers, Aurora Assoc. Christopher Mygatt, Boulder Area Assoc. NARPM George Nehme, Pikes Peak Assoc. Karen Nichols, Denver Metro Assoc. Jarrod Nixon, Durango Area Assoc. Chad Oschner, Denver Metro Assoc. Wynne Palermo, Pikes Peak Assoc. Mike Papantonakis, Denver Metro Assoc.

Kevin Patterson, Pikes Peak Assoc. Jason Peck, Denver Metro Assoc. Al Parker, Denver Metro Assoc. Liz Peetz, Colorado Assoc. Scott Peterson, Colorado Assoc. Linda Philpott, Aurora Assoc. David Pike, South Metro Denver Assoc. Hank Poburka, Pikes Peak Assoc. Danae Policky, South Metro Denver Assoc. Preston Porter, Pagosa Springs Area Assoc. Amanda Potter, Grand Junction Area Assoc. Bobbi Price, Pikes Peak Assoc. Debra Ann Reardon, Pikes Peak Assoc. Amy Reid, Pikes Peak Assoc. Anna Rickenbach, Grand Junction Area Assoc. Gretchen Rosenberg, Denver Metro Assoc. Laura Ruch, Denver Metro Assoc. Crissy Rumford, Vail Board Ulrich Salzgeber, Steamboat Springs Board Marcel Savoie, South Metro Denver Assoc. Christine Serwe, Durango Area Assoc. Richard Sly, South Metro Denver Assoc. Alan Smith, South Metro Denver Assoc. Lynn Snyder Goetz, South Metro Denver Assoc. Diane Sorensen, Denver Metro Assoc. Tami Spaulding, Fort Collins Board LaDawn Sperling, Denver Metro Assoc. Denise Staab, Fort Collins Board Steve Thayer, Denver Metro Assoc. Ron Thorne, Mountain Metro Assoc. Mark Trenka, Denver Metro Assoc. Joseph Tripoli, Grand Junction Area Assoc. Ann Turner, Denver Metro Assoc. Tupper’s Team Allan Vaughan, Fort Collins Board Lisa Wade, Boulder Area Association Peter Wall, Denver Metro Assoc. Jim Wanzeck, South Metro Denver Assoc. Andrea Warner, Pikes Peak Assoc. Bret Weinstein, Denver Metro Assoc. Dean Weissman, Pikes Peak Assoc. Robert Werthman, Pikes Peak Assoc. Anne Whipple, South Metro Denver Assoc. Brenda Wild, Aspen Board Jim Wotkyns, Denver Metro Assoc. Greg Zadel, Denver Metro Assoc. Sandi Zimmerman, Denver Metro Assoc. Sabrina Zunker, Denver Metro Assoc.

{as of Oct 10, 2019)

COLORADO RPAC

OCTOBER 2019

NEWSLETTER

YOUR BEST INVESTMENT IN REAL ESTATE!

THERE ARE MANY REASONS TO SUPPORT RPAC AND EACH MEMBER HAS THEIR OWN STORY

The REALTORSÂŽ Political Action Committee (RPAC) is one of the strongest bipartisan advocacy organizations in the nation thanks to the support of our members. Your voluntary RPAC investment ensures the voice of real estate is present on important issues at the local, state, and national levels by supporting REALTORÂŽ champions. RPAC -- the best investment in your business.

Major Investor Spotlight: Molly Eldridge, Coldwell Mountain Properties, Crested Butte

CALLING ALL COLORADO REALTORSÂŽ

Major Investors invest at least $1,000 in RPAC annually. For more information click here.

Time is running out! Our December RPAC fundraising deadline is approaching! RPAC is funded and directed entirely by members like you through voluntary contributions, so we need your support. RPAC is our best way to promote the real estate industry, protect private property rights, and preserve the American dream of property ownership.

Who are you in your professional life? I am the broker / owner of Coldwell Banker Mountain Properties in Crested Butte. I also sell real estate full time. I really enjoy coaching my agents and working with buyers to find their perfect place in Crested Butte.

Who you are outside of your professional life? First off, I am a wife and mother to my two boys. I love spending time with family and friends. Living in Crested Butte is the perfect place to enjoy the outdoors and some of my favorite ways to do that are trail running, hiking, downhill skiing, cross country skiing, and rafting. I love to travel and am working on mapping out my 2020 plans so I can fit as much fun in as possible (including travel for REALTORÂŽ events)!

One way to invest today is by participating in our RPAC End of Year Major Investor Drawing! Make your 2019 RPAC Major Investment and be entered to win a $500 Southwest Airlines Gift Card. Together, letâ&#x20AC;&#x2122;s accomplish our 2019 RPAC goals!

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Contact Cameron Hill at chill@coloradorealtors.com to make your investment today!

ATTENDEES HAVE FUN AT THE RPAC RECEPTION AT FALL FORUM!

Molly continued...

What’s something that not many people know about you or would be surprised to find out about you? I have danced my whole life and still perform in our local dance shows. I started tap dancing about 10 years ago and took my first hip-hop class last year but have learned almost every technique throughout my life. What does RPAC mean to you? RPAC allows me to focus on my agents and clients instead of worrying about all of the issues surrounding private property rights and attacks on our business. How long have you been contributing to RPAC? I think I have contributed since the beginning so 13 years. I have been a major investor for 3 years. What message would you like to give to other REALTORS® about why they should contribute to RPAC? It is easy to get caught in our bubble and to not be concerned about the bigger issues that don’t seem to affect our day to day life. Contributing to RPAC is an easy way to make a difference. It doesn’t matter if you are political or not – as the saying goes “If you’re not at the table, you’re on the menu”. RPAC gives us a voice and a seat at the table.

2019 RPAC RECOGNITION DEADLINES: In order to be recognized as a Major Investor at each of the following events, CAR must receive funds by: CAR Year-End Deadline: December 13, 2019