Colorado REALTOR Magazine- July 2018

c o lo r a d o

July 2018

REALTOR

®

MAGAZINE

Official Magazine of the Colorado Association of REALTORS®

Wildfires in Colorado

The Overwhelming Effects and Costs and How REALTORS® Aim to Help page 22

Did the Seller Receive My Buyer's Offer? page 10

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c o lo r a d o

JULY 2018

REALTOR

®

c o lo r a d o

MAGAZINE

REALTOR

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 EDITOR: Lisa Dryer-Hansmeier, V.P. of Member Services lhansmeier@coloradorealtors.com DESIGNER: Monica Panczer, Event Marketing Specialist monica@coloradorealtors.com

®

MAGAZINE

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CREATING A COLOR SCHEME

IN THIS ISSUE: 4 6

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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®.

We've Got Your Back!

CAR Fall Forum Leading the Way

10 Did the Seller Receive My Buyer's Offer?

16 Meet Your 2019 Leadership

18 REALTOR® Foundation Update 20 Home Inspectors: When to Connect or Reject

22 Wildfires in Colorado 26 Legislative Review

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.

31 Housing Market Snapshot 32 Zero Down Construction Financing

33 REfresh Conference

36 Colorado's Economy and the

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.

Housing Market

38 RPAC Investors

COLORFUL COLORADO - A LOOK AROUND THE STATE

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FROM THE CEO

We've Got Your Back!

As the expression goes, “find a job you love, and you won’t work a day in your life”. We are incredibly thankful for our members and especially our volunteers. The level of passion, professionalism, and advocacy each of you bring to our Association and industry is phenomenal, and we would not exist without you. We are the Association FOR REALTORS®, and our mission is to make REALTORS® more successful and protect the real estate industry.

Through the collective efforts of our National, State and Local Associations, as well as the incredible work from each of you, there has never been a better time to be a REALTOR®! We look forward to the opportunity to continue delivering the resources and advocacy efforts to protect our communities, the real estate industry, homeowner’s rights, and your business.

By: Tyrone Adams President/CEO, Colorado Association of REALTORS®

REALTOR® volunteers and staff are always hard at work protecting your political interests, protecting homeownership, and designing benefits that help REALTORS® be more successful.

I wanted to take the time to share with you a couple of changes within the Colorado Association of REALTORS® (CAR): • We are reinventing the CAR Conference by collaborating with our industry partners and supporting partners to create the REfresh Expo.

This event will be held October 10-11, 2018 at the Colorado Convention Center. This will not be your ordinary Conference as it will not include the Association’s Business Meetings. Instead, we will be a part of an extraordinary experience for real estate professionals, featuring inspiring speakers, lively industry conversations, an interactive expo, and unmatched opportunities to engage with other industry professionals and help shape the future of real estate. We’re incredibly excited and proud to collaborate with our industry partners and introduce you to an event that will help position you for the next level of real estate success. We hope you will join us!

You can register today at refreshexpo. com.

• At our last Board of Directors meeting in April, our CAR leadership voted to increase the state membership dues by 10 dollars. This increase will strictly be 4

Network with friends and colleagues at the CAR Fall Forum. www.coloradorealtors.com/colorado-realtors-weve-got-your-back/ designated for Issues Mobilization. Issues Mobilization funds are used to defeat damaging ballot initiatives and amendments at the state and local level and to support housing-friendly initiatives that will benefit Colorado REALTORS®, your clients, and consumers across Colorado.

• Colorado REALTORS® and staff fought hard for the creation of First-Time Homebuyers Savings Accounts, allowing any Coloradan to set aside up to fifty thousand dollars toward the purchase of their first home. The earnings on those funds — interest and capital gains — are free from Colorado state taxes forever.

Let’s look at a few of CAR’s more recent political advocacy wins for Colorado REALTORS®:

Your CAR leadership continues to track legislation that would either help or harm homeownership and the industry. Our communities rely on us to be their advocates. We can’t and won’t stop now.

• After several years of work, CAR helped secure the passage of Construction Defects Litigation Reform last year, a critical first step towards more attainable housing options for Coloradans and encouraging builders to break ground on condos and townhomes across our state.

We look forward to the opportunity to continue delivering the resources and advocacy efforts to protect the real estate industry, homeowner’s rights, our communities, and your business. We love our state, we love our industry, and we love our REALTOR® members. There has truly never been a better time to be a REALTOR®!

• As part of a broad business coalition, CAR fought and defeated Amendment 69 in 2016: the proposed amendment would have created a $25 billion tax that would have resulted in a double tax on REALTOR® livelihoods.

We would love to hear from you if you have any suggestions or concerns on how we can be better for you and your clients. You can email me at tadams@ColoradoREALTORS.com or call 303-790-7099 and ask for one of the professionals on the CAR Team.

• We fought to Raise the BAR with Amendment 71, which made it harder to amend Colorado’s Constitution.

Amendment 71 helps keep damaging initiatives off the ballot, including growth limiting initiatives that studies have shown would stifle Colorado’s economy and real estate industry.

Thank you for choosing to be a Colorado REALTOR®!

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GET INSPIRED AT CAR FALL FORUM! The CAR Fall Forum is the Association leadership event of the year! Join us September 26—28 for leadership training, inspiring Keynotes, engaging committee meetings, RPAC reception, and lots of networking with fellow Association leaders! Come and be inspired!

LOCATION

SPEAKERS

INAUGURAL

RPAC RECEPTION

Omni Interlocken Hotel 500 Interlocken Boulevard, Broomfield, CO 80021

Bobby Stuckey Hospitality and Leadership Holly Duckworth The Mindfulness Coach

Join us for a spin-off of “The Tonight Show” starring Justin Knoll and his sidekick, Scott Peterson.

It is sure to be an entertaining and interactive night with lots of laughs and crowd interaction!

Kick off the Forum as we recognize, thank, and celebrate RPAC investors at the pavilion of the Omni. Any member who has invested $99 or more is welcome to attend for free and will receive a drink ticket!

coloradorealtors.com/car-fall-forum

The Mobility Choice Blueprint Does the potential for new transportation system technologies in the Denver Metro area excite you?

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Driverless vehicles, mobility apps, and streamlined fare payment could dramatically change transportation in the Denver Metro area! Learn more about how the Mobility Choice Blueprint is working to leverage these advancements to make the region a better place to work and live: www. mobilitychoiceblueprint.com

LEADING THE WAY A wealth of knowledge can be obtained from these REALTOR® leaders. In part two of this series, some of CAR's Past Presidents will share their secrets to a long and successful career in real estate.

Kay Watson

Metro Brokers-K Watson Properties CAR President 2001, CAR ROTY 1999 How long have you been a REALTOR®? I have been a REALTOR® for 39 years. I work full-time and love it.

What areas do you primarily serve? I serve the Denver Metro area and Castle Rock.

Kay Watson with her family as CAR ROTY in 1999.

How did you first get involved in the REALTOR® Organization? When I got my real estate license, my broker sent me to the Board office to pay my dues and join. He did not give me an option.

referrals. I'm also able to refer my clients to professional, competent REALTORS® who I know will take care of them.

Tell us about any unique or less common things you do to either attract new business or retain existing customers?

I am using Homebot as a tool for current and future clients. It sends them monthly updates on the value of their property and market trends. I use Sentrilock lockboxes and sellers are very appreciative of my concern for the security of their home.

What is your best way to stay in front of your clients? I remain visible in the community and I make 5 phone calls a day, 5 days a week to past and potential clients. I read the newspapers from cover to cover and send notes to congratulate them on their achievements, thank them, or express my concern or sympathy to people or their children whose names are in the newspaper.

What classes or resources do you use to stay on top of the latest real estate trends, laws, techniques (courses, books, websites, speakers, video)? I appreciate CAR’s monthly statistics and find them very beneficial in talking with current and future clients. South Metro Denver REALTOR® Association has a monthly power lunch that is always very relevant to what is happening in the real estate market. SMDRA offers free education to their members and I take advantage of the classes, which are always very informative.

What is your best advice for someone who is newer to the business? Get involved in your community, schools, church, a non-profit, etc. Your involvement MUST be genuine, caring, and include a desire to make a difference. Not to get business.

The real estate industry is a service industry and if you see the $ sign when you walk out the door in the morning, you are in the wrong business. You have a tremendous opportunity to assist people with the largest investment they may ever make in their lives, and you need to accept the responsibility with professionalism, care, and concern for everyone you have the opportunity to work with.

Other Comments: I explain my investment in RPAC and tell my buyers and sellers that I am investing in their future because the REALTOR® Party protects their private property rights. There is no National Home Owner’s Association that advocates for property owners to protect their property rights, preserve mortgage interest deduction, 1031 Exchanges, and advocate for all to have equal opportunity to housing.

How has becoming involved with the REALTOR® organization helped your career? My involvement in the local, state, and national REALTOR® organizations has given me the opportunity to grow personally and to give back to the industry that has allowed me to have a wonderful career.

I have a network of REALTORS® across the nation and receive

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Greg Zadel

Zadel Realty CAR President 2008, CAR ROTY 2011 How long have you been a REALTOR®? 38 years and still active.

What areas do you primarily serve? Southern Weld County, East Boulder County, Broomfield, and the North Metro area.

Greg Zadel at CAR Ingural in 2007 education by taking part in the Association and learning what is going on in all aspects of the industry. Second, getting to know many different REALTORS® which makes doing a transaction together easier.

How did you first get involved in the REALTOR® Organization? When I started my office, the jurisdiction was Greeley. However, this area has a much closer proximity to North Metro, so I worked with the Boards to change it so that I was in North Metro.

Tell us about any unique or less common things you do to either attract new business or retain existing customers?

Being in one area with one company for decades.

What is your best way to stay in front of your clients? I use multiple approaches such as mailings, Facebook, community involvement, etc.

What classes or resources do you use to stay on top of the latest real estate trends, laws, techniques (courses, books, websites, speakers, videos)? Being involved in the REALTOR® Associations where you are exposed to everything that is going on in the industry is the best resource I know.

What is your best advice for someone who is newer to the business? Stick to it. Building a business takes time and consistency.

How has becoming involved with the REALTOR® organization helped your career? First, getting a great

Amy Dorsey

Slifer Smith & Frampton Real Estate CAR President 2009, CAR ROTY 2013 How long have you been a REALTOR®? I have been a REALTOR® for 25 years in October.

What areas do you primarily serve? I work in Eagle County (aka Vail), Beaver Creek, Bachelor Gulch, etc.

Amy Dorsey with her husband Connie at CAR Ingural in 2009.

I was on the Summer Conference Committee. Kay Watson asked me to get up and speak at our Spring Meetings before the Board of Directors. I was petrified but lived through it.

Since then, I have served at various levels and found that I love being involved.

How did you first get involved in the REALTOR® Organization? A Broker at my firm asked me to run as a Director for the Vail Board of REALTORS®, where I had been a member for 5 or 6 years. I turned her down. The next year she asked I said no. Then, she had the President of SSF ask me to run. I had been in the corporate world before I became a real estate broker and in corporate, one never says “no” to the boss. So I said I would run as a Director. I was elected to a 3 year term. After my first year as a Director, the Broker at the firm asked me to become an Officer. I said no…but she called me 5 times in one day. I gave in and finally said yes.

In 2002, I was the President of the Vail Board of REALTORS®.

We also had CAR’s Summer Conference in Vail that year so

What is your best way to stay in front of your clients? I have a very traditional real estate practice... like something out of the 80s. We are in a small “sheltered” area and business still works this way. I have geographic farms and sphere of influence farms which I mail to monthly. I send out an e-newsletter quarterly, and all of our offices (18 in Eagle County) are store-fronts. People still walk through the door

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How has becoming involved with the REALTOR® organization helped your career? I believe it has in many ways. I feel much more professional as I know more about rules, regulations, ethics, private property rights and I know REALTORS® around the country. I have more education and I am not working in a small bubble in a resort town. I know where to get help if needed, who to talk to for information, and what is going on in our industry.

to meet brokers and talk about real estate. I typically meet 5 to 10 new buyers each year from “walk-ins” to our office.

My company has a real estate “Portfolio” in the Vail Daily Newspaper each Saturday. I advertise all of my listings weekly. Depending on the price point, I also advertise in the Vail Daily Classified (yes, people do look at the small town paper and they call on ads). We don’t have sign calls like many places on the Front Range because the resort areas in the Valley do not allow "For Sale" signs. Our firm is a Member of Luxury Portfolio International and Leading Real Estate Companies of the World, so my high-priced properties are on their website as well as in their publications; they have a huge international business. I also advertise in the Wall Street Journal's “Mansion Section”, and other publications. SSF has other publications which are monthly and quarterly where I typically put my listings if appropriate. Two years ago I had 25 listings, now I have 7. Our inventories are tight and low and buyers only visit a couple of times a year. If they can’t see several properties, they typically won’t buy. They want to feel like they have seen a great deal of the market and they know it before investing in a vacation home.

Tell us about any unique or less common things you do to either attract new business or retain existing customers?

I stay in touch with my buyers and sellers, find out when they will be here, and have coffee or a meal with them. I drop off food or flowers when they are in town, and invite them to the outdoor music concerts like Bravo! in the summer. I am their local “Yellow Pages” and find them contractors, doctors, lawyers, caterers, etc.

What classes or resources do you use to stay on top of the latest real estate trends, laws, techniques (courses, books, websites, speakers, videos)? When I started, I didn’t even know how to write a contract. So, I got my GRI and realized that the CRS Designation was very well-respected and gave one a great deal of knowledge, so I got it. Then I heard about CIPS, and since I live in an international ski resort with lots of foreign guests and buyers, I realized it would be quite helpful to me. I came from a family with advanced degrees, so it was natural to keep on taking classes. Both of my grandmothers who were born in the early 1900s had college degrees, which was unusual in those days. I looked for real estate books there weren’t many in the early 1990's - so I had to read sales books. None were quite right for my area and type of real estate so I kept taking classes and meeting other REALTORS® around the state as I went out of my area for classes. I found a whole world outside of this valley who could help teach me to do business.

My firm, Slifer Smith & Frampton Real Estate, has a strong expansive online presence and is the oldest and largest firm in the Vail Valley. Each of my listings has its own website, video tour, and drone video if appropriate. Last year, we sold over $1 Billion in real estate.

What is your best advice for someone who is newer to the business? I would say read Larry Kendall’s book “Ninja Selling.” The real estate profession is easy to get into: just take classes and the test and you can become a broker.

However, the business is difficult to stay in if one doesn’t have the discipline to go to work each day and want the best for your buyers, sellers, and other brokers. We have three groups of clients: Buyers, Sellers, and REALTORS®. If REALTORS® don’t like you, it will influence whether they want to do business with you. It could harm not only your listings, but your buyers as well. Because most of us are independent contractors, we don’t have to keep a strict schedule and it is easy to waste time. While I know many REALTORS® work from home, I still do my best by getting up and going to work each morning. I go to broker open houses to keep up with inventory. I call, email, and write notes to my buyers, sellers, prospects, and other brokers. I take classes as they keep me interested in our business. And, I got involved so I didn’t feel so singular. I like being part of a team or group. Ours is a business of knowledge; knowing about our communities, our profession, political issues affecting real estate, and people.

Additional Comments: I have been fortunate to get to participate in local, state, and national levels of real estate.

I have loved being involved with CAR as the brokers have all been kind, helpful, great friends, and practitioners. One Committee lead to another and I found my true passion in RPAC. I love the political side of our business. It keeps me motivated. Additionally, I have been fortunate to be on the Real Estate Commission. While not always liked as a Commissioner, I have really learned a great deal about our business and the regulatory and legal issues involved with it.

It was sometimes painful for me when we saw harm done to the public or brokers. I had times I would leave Denver after a meeting and be sad and depressed. But, it was all about learning and getting better. Ninja Selling has a reading entitled “Mastery”. It is philosophical and spiritual…it makes me want to get better and try harder each day.

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LEGAL

Did the Seller Receive My Buyer’s Offer?

I love talking about “Hot Market Problems.” Market velocity generally means good business for REALTORS® and good job security for the industries and individuals who support REALTORS® (including us annoying real estate lawyers)! Hot markets can be exhausting for all participants, but it is certainly better than the alternative.

High velocity also presents unique frustrations and challenges for buyers and the REALTORS® who represent them.

An increasingly common Legal Hotline question I receive in the current “hot market” involves the following scenario: A buyer’s REALTOR® prepared and delivered an offer, on behalf of their buyer, to a seller. Unfortunately (for the buyer), the offer was only one of multiple offers that the seller received, and the buyer’s offer was not accepted. Moreover, the buyer’s offer was either allowed to expire without a response, or it was simply responded to with a short email from the listing REALTOR® saying “the Seller decided to accept an alternative offer…”

The Legal Hotline call that follows is usually from a (sometimes) frustrated buyer’s REALTOR® on behalf of their

(always) frustrated buyer asking: “How do we even know they presented our offer… AND what can we do about it?”

My initial response is that, absent clear evidence to the contrary, I believe it is

Any REALTOR® representing a seller would be putting themselves in considerable risk of Real Estate Commission discipline if they did not present an offer to a seller client.

unlikely that a seller’s REALTOR® would ever unilaterally decline to present an offer to their own client. The risks are simply too high. That said, the buyer’s question and frustration are understandable, so I generally point out the following considerations: LICENSE LAW Any REALTOR® representing a seller would be putting themselves in considerable risk of Real Estate Commis-

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By: Scott Peterson General Counsel, Colorado Association of REALTORS® sion discipline if they did not present an offer to a seller client. License law, though specifically enumerated “uniform duties,” explicitly require a licensee to present all offers that have been made by a buyer to the seller (even if the property is currently under contract). If it were determined through complaint and investigation that a licensee was not presenting offers, they could be subject to very strict discipline by the Real Estate Commission.

BREACH OF CONTRACT In addition to the regulatory discipline, a listing REALTOR® who didn’t present offers to their client could be in breach of their listing contract with the seller. In addition to mandating the “Uniform Duties,” as part of the agreement, a seller’s “agent” could also be in breach of their fiduciary (or “Additional”) duties as outlined in the Exclusive Right to Sell contract. If the REALTOR® declined to present an offer to their seller for their own personal interest (“double-ending the deal” maybe?), they would be breaching their fiduciary from a couple of different perspectives. This breach of contract could easily lead to civil liability for a broker in the event their client was

damaged by the REALTORS® failure to present an offer.

CODE OF ETHICS Another potential liability for a REALTOR® who decides not to present an offer to their seller is Code of Ethics discipline. From my perspective, there are three or four different Articles of the Code of Ethics that could be invoked (depending on the specific circumstances) in the event a REALTOR® unilaterally determined to withhold an offer from their seller.

Regardless of the reasoning, listing REALTORS® who decide to withhold offers intended for their sellers do so at the potential of significant (regulatory, civil and Code of Ethics) peril. Despite this fact, it is often alleged (and occasionally happens). When talking to a buyer’s REALTOR® on the Legal Hotline regarding solutions, I point out the following: CONTRACT TO BUY & SELL As most people are aware, the end of the Contract to Buy & Sell contains checkboxes for “Countered” and “Rejected.” For a variety of reasons, those boxes will be removed from the Commission approved Contract beginning January 2019. One of the reasons these boxes are being removed is that buyers often expect sellers to check the box “Rejected” even though a seller has no obligation whatsoever to do so. This can put an innocent listing REALTOR® in the position of repeatedly pestering their seller to do something that the seller isn’t obligated to do… check the “Rejected” box.

CONTACT THE SELLER One of the most concerning requests that buyers make of their REALTORS® to resolve their concern is asking their agent to contact the sellers directly to question whether the sellers received the offer. This request is problematic for a variety of reasons and should be flatly rejected by the buyer’s REALTOR®. In addition to potential Code of Ethics implications, a buyer’s REALTOR® contacting a seller directly could create very serious Real Estate Commission rule violations. While there aren’t explicit rules that would prevent a prospective unlicensed buyer from contacting a seller directly to inquire whether an offer had been received, a REALTOR® should never contact another person’s client.

NEW CODE OF ETHICS REQUIREMENT Effective January 2019, the following will be added to Standard of Practice 1-7: “Upon the written request of a cooperating broker who submits an offer to the listing broker, the listing broker shall provide a written affirmation to the cooperating broker stating that the offer has been submitted to

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the seller/landlord, or a written notification that the seller/landlord has waived the obligation to have the offer presented.”

This important language will create an explicit Code of Ethics violation for a REALTOR® who refuses to provide a written affirmation upon request of a cooperating broker. It also may become one of the most important tools for addressing a buyer client’s legitimate concern that their offer was never presented to the seller.

For a wide variety of reasons, it is never acceptable for a REALTOR® to not present a buyer’s offer for their seller’s consideration. In addition to the clear violations outlined above, it is a breach of all parties’ faith in the legitimacy in the real estate sales process.

It gives everyone in the profession a bad name. While I will continue to believe that this is more of a “perceived” problem than an “actual” problem, to the extent REALTORS® or their clients become aware of this behavior and have some reasonable basis to support the allegation, I would encourage all parties to utilize the various recourse outlined in this article.

Creating A Color Scheme:

Tips From an Interior Designer If you’ve moved into a new home, chances are you’ve also acquired someone else’s color palette. Maybe it’s buildergrade beige, stuck-in-the-70s avocado and harvest gold, or a bold teal and orange that isn’t your cup of tea. Or perhaps you’ve lived in your home for a while and decided that it’s time to freshen things up with a new color scheme. Either way you’re faced with what can seem to be a huge question: how to choose colors that will look good together in your home. With a little color know-how, it’s easy to create a color scheme that feels cohesive and coordinates with your space.

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A QUICK COLOR GLOSSARY

Monochromatic: A monochromatic color scheme uses different tints (color + white), tones (color + gray), and shades (color + black) of the same hue, like a pale sage green, a vibrant apple green, and deep forest green. This color scheme provides a great way to show off different materials and textures, making it an especially good choice when creating a sophisticated look with neutrals.

Before you jump into creating a color scheme, it can be helpful to learn a few common color terms.

What we refer to as “color” is made up of three separate components: hue (which color something is), saturation (how vibrant and pure a color is), and value (how light or dark a color is). A neutral color refers to either an entirely desaturated color like black, white, or gray or a color with very low saturation like brown, beige, near-gray, or off-white.

As seen above in Image 1, vibrant orange in the storage ottoman, pillow, and wall art works with orange-leaning creams in the other pillow and rug as well as the deeper rust and brown of the cube ottoman, vase, and chair.

COMMON COLOR SCHEMES Color schemes are described in terms of the relation of colors to one another on the color wheel. To create a color scheme, pick a base color you would like to use in your space then use the following rules to find other colors that will coordinate with it.

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bold, saturated versions of the colors. Use a less saturated version of one of the colors if you want to tone the look down.

As seen in Image 3, the grey walls and the white tub chair allow the dramatic contrast between the deep purple and rich yellow-gold in the wall art to take center stage.

2 Analogous: An analogous color scheme is made up of two to four colors next to each other on the color wheel like red, orange, and yellow. It’s easy to put together and creates a harmonious feel.

In the above example Image 2, the brick red walls coordinate with the deep brown of the sofa, the red, gold, and brown tones in the rug, and the rust, orange, and amber of the accents.

4 Split Complementary: A variation on a complementary color scheme, a split complementary color involves a base color and the two colors next to its complement on the color wheel, like red paired with teal and yellowgreen, blue with yellow-orange and red, or yellow paired with blue and purple. It can offer a more subtle and nuanced look than a purely complementary color scheme.

In the above example Image 4, the teal wall pairs with the orange, red, and teal in the rug to create understated contrast while the gray loveseat, chair, and ottoman provide a neutral place for the eye to rest.

3 Complementary: A complementary color scheme incorporates colors that are opposite from another on the color wheel like orange and blue, red and green, or yellow and purple. It can create a striking and dramatic look, but it has the potential to be overwhelming if you use

Continued on next page

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5 ADDING COLOR TO A ROOM Once you’ve settled on which combination of colors you want to use in your space, it’s time to figure out how much of each color you want to use. A common interior design rule of thumb is the 60/30/10 rule, where you use 60% one main color, 30% a secondary color, and 10% an accent color.

In a room, this typically works out so that the walls are your main color, the furniture is in your secondary color, and accessories like pillows, artwork, or accent furniture pull in your accent color.

In Image 5, the gray walls provide the main color, the sofa, loveseat, chair, and artwork provide a light blue secondary color, and the ottoman, lamps, and rug introduce ivory accents.

ACCESSORY COLOR When it comes time to add accessories to your space, there are two main strategies: using them as a pop of color or incorporating accessories in the colors that follow your larger color scheme.

If your room is predominantly neutral you can use accessories to add a pop of color. If you used color in your room, use the 60/30/10 rule with your accessories as well to continue your color scheme through the entire space and create a cohesive look. As seen in Image 6, the walls and most of the furniture are neutral, while the accent chair, rug, pillows, wall

6 art, and decor items bring in a splash of blue.

OTHER STARTING POINTS While you now know how to create a color scheme from scratch, it can still be hard to pick a place to start. Try using a favorite piece of artwork, a rug, or even your wardrobe to pick a starting color or two—you already know that you like those colors and chances are they work well together. Considering the function of the room is also a good place to start because colors have different psychological effects and associations you can use to create your ideal atmosphere.

Creating a color palette that works in your space doesn’t have to be overwhelming. Simply start with a base color, choose a color scheme, and

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then use the 60/30/10 rule to figure out how much of each color you should use in your space. Following these guidelines will help you create a beautifully color-coordinated space.

Bio of writer: 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.

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I N CO M I N G LEADERSHIP COUNCIL

2019

IMMEDIATE PAST CHAIR ANN HAYES

TREASURER LINDA LOWRY

CHAIR-ELECT JANENE JOHNSON

CHAIR JUSTIN KNOLL

Madison & Co. Properties What was your dream job as a kid?

Baseball player for sure. No doubt.

What is the best advice a mentor has given you? When in doubt, don't.

What skill would you love to learn? I would love to learn how to work on my Jeep Wrangler. I have no idea what is going on under that hood but I want to add stuff and make it better...

Real Estate of Winter Park What is your favorite karaoke song? I’ve only ever done Karaoke once, I was lousy!

“Don’t Fear The Reaper” by Blue Oyster Cult.

What is the best advice a mentor has given you? Counting to 10 may not work for you (meaning me), better make it 100.

What skill would you love to learn? How to play the fiddle/violin.

RE/MAX Associates What is the most unusual job you have had? Chamber maid.

Favorite vacation spot? Popham Beach, Maine.

What skill would you love to learn?

Hang gliding.

Keller Williams Colorado West What was your dream job as a kid?

Attorney.

What is the best advice a mentor has given you? Never stop learning.

What skill would you love to learn?

Would love to learn to play piano.

GOVERNMENT AFFIARS CHAIR JARROD NIXON

CHIEF EXECUTIVE OFFICER TYRONE ADAMS

APPOINTED PAST CHAIR KEITH KANEMOTO

RE/MAX Traditions, Inc. What was your dream job as a kid?

Being a REALTOR®.

What is the best advice a mentor has given you? Give back to the community in which you work in.

What skill would you love to learn? Fly fishing.

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Colorado Association of REALTORS® What is the most unusual job you have had? Working on the assembly line at Samsonite.

What is your favorite karaoke song?

70’s and 80’s R&B and Blues.

What was your dream job as a kid?

Carpenter- I like to build things.

Coldwell Banker Heritage House REALTORS® What is the most unusual job you have had? I sold commodity turkey parts.

What was your dream job as a kid?

Airline Pilot.

What is your favorite vacation spot?

Camping in the Mountains.

MOUNTAIN DISTRICT CHAIR STEVE MILLS

BOARD SERVICES CHAIR CHRIS HARDY

METRO DISTRICT CHAIR CHRIS DJORUP

Elevations Real Estate What is the most unusual job you have had? I had a short gig one summer castrating sheep.

What was your dream job as a kid? I wanted to be a photo journalist for National MEMBER SERVICES CHAIR MOLLY ELDRIDGE Geographic.

Red Lady Realty What is your favorite karaoke song?

What was your dream job as a kid?

Blaze of Glory - Bon Jovi.

Marine biologist - pretty funny for a kid raised in and still living in the mountains. I still love the ocean though .

What is your favorite karaoke song?

“If I Had a Million Dollars” by the Barenaked Ladies - fun duet!

What skill would you love to learn?

Speak fluent Spanish.

MB Djorup & Assoc.

What was your dream job as a kid? High school teacher and football coach.

What skill would you love to learn?

Juggling, tightrope walking, and yodelling.

Favorite vacation spot? Puerto Vallarta.

Coldwell Banker Bighorn Realty What is the most unusual job you have had? Driving tourist around downtown Aspen in the "Chateaux Mobile.”

What is your favorite karaoke song?

"Baby Hold On" by Eddie Money (using a beer bottle microphone).

What is the best advice a mentor has given you? The 3 MOST important parts of a successful relationship (in order): Respect, Honesty, and Love.

SOUTHEAST DISTRICT CHAIR DAVID MADONE

River Street Real Estate, Ltd. What was your dream job as a kid?

When I was 6 years old I applied for a job sweeping out the warehouse of a Pepsi Distributorship close to my house. The manager was nice to me, but told me I was just a bit too young to do the job.

What is the best advice a mentor has given you? In junior high school, my wrestling coach and shop teacher convinced me to take a typing class rather than another shop class. Typing is a skill that I use on a daily basis.

What skill would you love to learn?

Computer programing. I would like to be able to code my own apps.

NORTHEAST DISTRICT CHAIR CECILIA DE VILLIERS Shasta Realty, Inc. What is your favorite karaoke song?

Dancing Queen by “Abba”.

What is the best advice a mentor has given you? Every lesson is a stepping stone.

What skill would you love to learn? How to speak Spanish.

WESTERN DISTRICT CHAIR MICHELLE MARTINEZ

Premiere Realty, LLC What is the most unusual job you have had? Press Operator at a printing company.

What was your dream job as a kid?

Doctor/Surgeon.

What skill would you love to learn?

Flying a plane.

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AE REPRESENTATIVE ANN TURNER

Denver Metro Association of REALTORS® What is the most unusual job you have had? Teaching houseparent for juvenile delinquent American Indian boys.

What was your dream job as a kid?

Ballet dancer.

What is the best advice a mentor has given you? My mother, who was my favorite mentor of all time, would always use the famous Confucius saying, “Choose a job you love, and you never have to work a day in your life.”

CAR FOUNDATION

The Colorado Association of REALTORS® Foundation Update It’s that time of year again! The Colorado Association of REALTORS® Foundation is currently accepting applications to be a member of the Board of Directors. Anyone who is interested can reach out to Stacey Brown for an application by emailing her at sbrown@coloradorealtors.com. The application deadline is August 1, 2018, so reach out to her today!

timeframe for the women as long as it is working for them and they are engaging effectively in the community.

Collaborators currently involved include the Interfaith Alliance of Colorado, Denver Homeless Out Loud, Beloved Community Mennonite, Catholic Worker, Bayaud Enterprises, Burnes Center on Homelessness and Poverty, Mennonite Disaster Services, Radian Inc., and St. Andrew’s Episcopal Church.

The Foundation would also like to share that they have decided to fund the full $25,000 remaining in the grant budget to the Women’s Village at St. Andrew’s/Colorado Village Collaborative!

The Colorado Village Collaborative is the only organization in Colorado building self-governed tiny home villages. They introduced it to Colorado, designed the governance structure, and demonstrated the positive impact through 9 successful months of operations at Beloved Community Village. Their roles include overseeing funds, coordinating partner organizations for construction and services, holding property leases and insurance, building relationships with surrounding neighborhoods, coordinating permitting and zoning processes with the city, and identifying future locations.

THE WOMEN’S VILLAGE The Women’s Village will offer safe housing for women in partnership with St. Andrew’s Episcopal Church and the Colorado Village Collaborative. The $25,000 grant will completely fund one of the two tiny homes being built that will remain in the St. Andrew’s parking lot. Eight women will live in these two tiny homes.

The first set of homes are called the Beloved Community and can be found at the corner of 38th and Blake Street.

As the second village constructed and operated in Denver, taxpayers will see a decrease in the $35,000/year the city currently spends on each chronically-homeless individual.

The Foundation would like to extend a huge “thank you” to each of the grant recipients for their continued service to the community.

Supportive services for each woman include obtaining a job, additional job training, the ability to effectively address health issues, mental health, and substance abuse issues. There is no

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Marketing the benefits of high performance features and smart home technology.

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Get started today! Learn more at GreenREsourceCouncil.org.

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REAL ESTATE

Home Inspectors: When to Connect or Reject

Hiring an inspector can bring an interesting dynamic to the home buying process, as it is the only profession in the real estate transaction that does not require any credentials or licensing. Only an estimated 25% of inspectors carry insurance and even fewer have been subjected to a background check. With home inspectors having unlimited access to your client’s home, it’s important to make sure that this person is competent and qualified.

Gould further defines the major systems in a home to be the foundation, roof, electrical, plumbing, and HVAC.

So, what makes a home inspector a good one? What questions are important to ask? How much should a client pay for the service? Will this industry ever be regulated?

Below is a list of questions and responses to look for when interviewing a home inspector:

But choosing the right home inspector requires strategy and asking the right questions.

“Interview every person you bring in to your process,” says Gould. “If they don’t answer your questions to your satisfaction, call someone else.”

How many home inspections have you done?

Barber says that any amount over 100 is a good for the Denver Metro area. In other areas of the state; however, 20-25 may be a more reasonable number due to population size.

How long have you been in the business?

Gould says that at least 1 to 2 years is sufficient. The more experience, the better though.

What is your background?

“Someone who has been in construction, an electrician, a plumber, or other trade people will likely have a better level of performance,” says Barber.

What trade associations do you belong to?

“He/She should belong to a local and a national association,” says Gould. The national associations are InterNACHI (International/National Association of Certified Home Inspectors) and ASHI (American Society of Home

HOW TO HIRE A CREDIBLE HOME INSPECTOR In a highly unregulated field, it is critical to make efforts to find a qualified home inspector to hire.

“Getting an opinion of the systems in the house is important because good inspectors are trained to spot problems.

It’s not good enough to look at it and say it looks okay,” says David Barber, REALTOR® for RE/MAX Unlimited. “They can even see when something is showing age or could be starting to head downhill and provide predictions of when things need to be replaced.”

“It’s the biggest purchase you are ever going to make, and it is important that you have an expert prioritize a list of repairs and determine the condition of the major systems in a house,” says Tom Gould, Home Inspector for WIN Home Inspections.

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Inspectors). Both offer credentials and designations.

“If I could create the ideal bill to pass, it would include regWhat type of insurance do you carry? istering home inspectors, so it is known who is doing the “If they don’t carry errors and omissions insurance, there business, what company he/she is associated with, what is no protection for anyone,” says Gould. areas he/she works in, and making sure each person has a “I would also check for bonded insurance, workman’s background check,” says Gould. comp, and make sure they have had a background In 2014, proposed House Bill 1272 would have required check,” says Barber. certification for home inspectors. Bill 1272 did not pass. In Will I receive a digital or hand-written report?

2015, a softer version of that bill was presented. Senate Bill Gould points out the importance of this question, as a 140 was for the regulation of home inspectors, but that, too, hand-written report can be a red flag since he/she is did not pass. In 2017, Senate Bill 38 was proposed for the not paying for the technology to do it digitally. registration of home inspectors. This bill made it out of SenHow much will the service cost? ate State, Veterans, and Military Affairs Committee, but died “Typically, the amount spent is going to be based on in Senate Finance Committee. the square footage of a home,” says Barber. “A small condo could “The whole idea of this came from be around $300 and as the square A hand-written report home inspectors being the only part footage increases, it could go up to can be a red flag since of the real estate transaction that aren’t $1,000. Avoid $99 home inspection licensed,” says Barber. “All you need is a he/she is not paying services as they are usually combusiness card since there are no requireprised of little skill and abilities.” for the technology to ments for any core competencies.”

do it digitally.

It is likely that an inspector certification/ licensing bill will be pursued again in the future. But until a bill is adopted, the importance of asking the right questions in hiring a good home inspector falls on the homeowner and on the REALTOR®, acting as a client’s personal advocate.

“The payment usually covers premiums for insurance, cost of business tools, gas, technology, association dues, 10% towards a franchise, and then the rest of the money is pocketed,” explains Gould.

WILL INSPECTORS EVER BE REGULATED?

There are great home inspectors to be found. Find professionals with credentials, experience, insurance, and a background check and the odds are very much in your favor of a job well done.

With no licensing and regulation requirements, Gould shares that the industry is not even aware of how many home inspectors are doing business in Colorado. There are hopes for legislation that would require licensing for home inspectors.

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Wildfires in Colorado The Overwhelming Effects and Costs and How REALTORS® Aim to Help

Across the country, wildfires have caused devastation and distress for years. In addition to the destruction they bring upon communities, fires can cost millions in restoration over the course of many years.

years. A summary of their general findings: “Analysis of the literature suggests nearly half of all wildfire costs are paid at the local community level by government agencies, non-governmental organizations, businesses, and homeowners. Almost all wildfire costs accrued at the local level are the result of long-term damages such as landscape rehabilitation, lost business and tax revenues, degraded ecosystem services, depreciated property values, and impacts to The 2017 wildfire tourism and recreation.” season cost the The breakdown of the costs shows U.S. more than that the local economy is financially $18 billion in burdened by fires in a major way. On damages! top of the emotional struggles and difficulties, the years following a fire are not lacking in challenges.

Headwaters Economics recently published a report that analyzed the cost of several fires across the country. The report looked at 8 major wildfires in four states through 2016, including the Hayman Fire in Colorado. Between those fires alone, a total of 539,000 acres were burned at a total cost of nearly $3 billion ($2,966,960,567).

With 11 fires burning in Colorado through this spring and summer, there is newfound urgency in looking for ways to prevent wildfires from destroying homes and communities.

All levels of the population are highly affected when a wildfire is on the move. We will take a closer look at how the communites are affected, and tools REALTORS® can use to help their clients mitigate against wildfires.

Many rehabilitation costs are paid by county, state, and federal agencies, as well as private landowners.

The 2017 wildfire season cost the United States more than $18 billion in damages. That year, 71,000 wildfires scorched 10 million acres of land, destroying 12,000 homes, evacuating 200,000

DISTRIBUTION OF WILDFIRE COSTS

$18 BILLION people and claiming 66 lives. By comparison, 2016 saw 5.4

Headwaters Economics researched costs associated with wildfires and how they are distributed by looking back at major fires that have occurred in the last 15

Federal 12%

State 1%

million acres burned.

Top 5 Most Costly Colorado Wildfires (Insured losses in today’s dollars)

Other

2012-Waldo Canyon, Colorado Springs

Local

Local 46%

State/Local 17%

$470 million 2013-Black Forest, near Colorado Springs

State/Local

$420.5 million 2010-Fourmile Canyon, Northwest of Boulder

State

Other 24%

$236.6 million

2012-High Park, near Fort Collins

Federal

$115.3 million 2002-Hayman, Southwest 20 40 of Denver

0

$50.8 million

Source: Headwaters Economics

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60

80

100 *Source: RMIIA

THE HAYMAN FIRE

ALTORS® are expanding their efforts to educate homeowners about the dangers of wildfires, especially to those living in Wildland-Urban Interface (WUI) areas, through a program designed to help connect homeowners willing to mitigate their properties and reduce wildfire risks with information and resources in their local communities. The Colorado Project Wildfire website, coloradoprojectwildfire.com, provides residents with direct links to wildfire related organizations and resources that exist in specific communities across the state.

One of Colorado’s most destructive fires was the Hayman Fire back in 2002. Millions of dollars were lost on hundreds of structures and homes. Between burned buildings, land, and other residential and commercial losses, cost racked up quickly. The decrease in property tax revenue from areas impacted by wildfire was also detrimental to the economy.

Headwaters Economics states, “In addition to heavy losses in natural resources, water storage was the most expensive loss costing 80% of overall estimated loss.” More than 20%

FIRE

TYPE OF IMPACT

REPORTED IMPACTS

Short-Term Expenses

• American Red Cross Relief • Property & home insurance claims • Flood damage and mitigation • Grants & loans for uninsured property loss • Federal suppression activities • State/Local suppression activities

Long-Term Expenses

• Loss of wilderness/roadless areas values • Loss of endangered species habitat • Power lines replacement • Human casualties • Rehabilitation projects (soil erosion) • Damaged recreational facilities • Loss of property tax revenue • Loss of business revenue • Loss of natural resources

Hayman Fire 2002

Source: Headwaters Economics

THE IMPORTANCE OF MITIGATION AROUND HOMES

of the total Hayman Fire costs were dedicated to land and water rehabilitation. Loss in property values in the 4 counties affected added up to more than $500,000. “Further, the emotional heartache and psychological stress experienced by business owners, residents, and recreationalists in the wake of a wildfire is incalculable,” reported Headwaters Economics.

When Lester Karplus moved to the mountains near Nederland, Colorado, he knew it was a matter of “when, not if” his log home would be in the path of a wildfire. That day arrived in July 2016 when the Cold Springs Fire forced 1,900 residents to flee “100-foot” flames on a moment’s notice.

While eight neighboring homes burned, Karplus’ home and nine others in the path of the fire survived - all certified by Wildfire Partners, Boulder County’s community wildfire mitigation program that provides homeowners with a comprehensive on-site property risk assessment that includes step-by-step mitigation needs, resources, a consumer help line, and follow-up inspections. The result – reduced wildfire risk and a coveted “Wildfire Partners Certified” yard sign.

WHAT CAN REALTORS® DO ABOUT IT? In 2015, CAR launched Project Wildfire, an education program designed to reduce and/or prevent the destruction of land, property, and lives by raising awareness and educating residents throughout our state. Colorado REALTORS® are working in partnership with other like-minded fire prevention organizations to bring education and awareness, as well as access to resources, directly to Colorado residents in their local communities.

Many insurance companies accept Wildfire Partners' assessments to meet their mitigation requirements. While

With active wildfires burning across the state, Colorado RE23

that doesn’t guarantee insurability, it does help improve the chances. Karplus says homeowners buying in wildfireprone areas need to ask themselves: “Are we willing to be caretakers of the land?” If the answer is yes, they must understand the inevitable risk of living with wildfire and the long-term commitment needed to protect their property.

• Ensure that an outdoor water supply is available. If it is safe to do so, make a hose and nozzle available for responding firefighters. The hose should be long enough to reach all parts of the house.

• Complete a checklist of fire safety needs inside your home (these should be available at your local fire department). Examples include having an evacuation plan and maintaining smoke alarms and fire extinguishers.

Source: Colorado State Forest Service

Mike Budd, Chair of Colorado Project Wildfire Task Force, is working to create a tool kit for every local association, establish local outreach partnerships across Colorado, and pursue grant funding opportunities to further fund Colorado Project Wildfire.

HOW TO REDUCE WILDFIRE IMPACTS

CREATING DEFENSIBLE SPACE ZONES

As a REALTOR®, there is great opportunity to share information with buyers on how to protect their home in the best way possible. With the ruin left within the communities affected by fires, action steps are necessary.

Defensible space is the area around a home or other structure that has been modified to reduce fire hazard. In this area, natural and manmade fuels are treated, cleared or reduced to slow the spread of wildfire. Creating defensible space also works in the reverse, and reduces the chance of a structure fire spreading to neighboring homes or the surrounding forest. Defensible space gives your home a fighting chance against an approaching wildfire. Creating an effective defensible space involves a series of management zones in which different treatment techniques are used.

WILDFIRE PREPARATION STEPS FOR HOMEOWNERS • Develop your fire evacuation plan and practice family fire drills. Ensure that all family members are aware of two or more escape routes from the neighborhood, meeting points and other emergency details.

• Contact your county sheriff’s office and ensure that your home telephone number and other important phone numbers appear in the county’s emergency notifications database.

• Prepare a “grab and go” disaster supply kit that will last at least three days, containing your family’s and pets’ necessary items, such as cash, water, clothing, food, first aid and prescription medicines.

COLORADO RANKS 3RD in the U.S. for number of properties at high or extreme risk for wildfire with 366,200 or 17% of homes at risk.

MORE THAN 2 MILLION Coloradans live in the wildland-urban interface (WUI).

(Colorado State Forest Service)

(*Verisk Wildfire Risk Analysis)

BIG GROWTH EXPECTED Properties located within WUI areas are estimated to grow by 300 percent in the next 15 years.

(Colorado State University)

SOCIETY SAVES ABOUT $6 on average for every dollar spent on disaster mitigation, according to a national study. Mitigation helps reduce disaster relief costs and tax losses. (*National Institute of Building Sciences)

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CAR's Colorado Project Wildfire Task Force is incredibly proud of the work that has been done over the past few years to enhance the awareness and implementation of local wildfire programs across our state. In addition, we applaud the work of our local, state and federal organizations, as well as the countless emergency management and safety personnel working to prevent and/or limit the impact of wildfires. The Colorado Project Wildfire team is currently working with each of these organizations as we continue to improve the access to information for consumers and protect property and lives in the months and years ahead.

We look forward to bringing additional updates to our members and to sharing the stories of success as we expand our collaborative efforts.

For the full report from Headwaters Economics, click here.

For more information on Colorado wilfire mitigation: ColoradoProjectWildfire.com and wildfirepartners.org If you have a wildfire program success story you would like to share with CAR members and our wildfire partners across the state, we’d love to feature your work. Please email Nicole at: nbody@coloradorealtors.com.

ZONE 1

A WELL-PREPARED HOME IGNITION ZONE

Very limited and well-trimmed vegetation; properly mitigated attachments and accessory structures.

• Noncombustible 5 ft. border surrounding the structure • No conifer or juniper trees • Very limited number of sage, shrubs or native grasses • Grasses trimmed to 6” or less and/or xeriscaped yard • Wooden attachments such as fences are not directly connected to the house • Outbuildings mitigated to the main structure standards

ZONE 1

30 ft. All Sides

ZONE 2

30-100 ft.

ZONE 3

100-200 ft.

3 ZONES ZONE 1 ZONE 2 ZONE 3

ZONE 1: encircles the structure and its attachments, extends 30 feet on all sides ZONE 2: 30-100 feet ZONE 3: 100-200+ feet

ZONE 2 Healthy Landscaping • Firewood stored at least 30 feet away from structure (Outside Zone 1) • Pruned and thinned or clustered trees • Shrubs or other vegetation removed underneath taller trees

S T R U C T U R E & AT TAC H M E N T S

ZONE 3

Fire-resistant materials and maintenance are key.

What to look for in a structure: • Fire-resistant materials for roof, siding, decking, and attachments provide the best protection. Examples: Class A fire-rated roof covering and stucco siding • Properly-screened vents • Clean roof, decks, and gutters, free from needles and other debris • Double-paned windows

Significant landscape features, such as steep slopes and adjacent forests, play a role in wildfire risks. If present, property owner should work with a qualified wildfire and forestry professional.

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Source: www.RealFire.net

GOVERNMENT AFFAIRS

Fighting For Your Industry At the Capitol 2018 Legislative Session Top Successes Fighting For Your Industry At the Capitol: 2018 Legislative Session Top Successes

By: Elizabeth Peetz VP of Government Affairs, Colorado Association of REALTORS®

bills were sent to the Governor to fund rural broadband and both chambers addressed sexual harassment allegations against their colleagues. Those discussions resulted in the second expulsion of a lawmaker in Colorado history, some very heated debate about other accusations, and the General Assembly itself will work on rules for workplace behavior over the summer.

Wednesday, May 9th, the final gavel came down on the second session of the 71st General Assembly. In total, 784 bills were introduced. The Colorado Association of RELATORS® (CAR) tracked 80 bills this year and the Legislative Policy Committee (LPC) took a position on 46 of them. The split legislature this year, with Republicans controlling the Senate and Democrats controlling the House, meant every bill sent to the Governor for his signature had to have bipartisan support. And in an election year that is no easy feat.

This year, CAR’s LPC tracked many bills that would affect our industry. CAR is very pleased to announce that we were successful in accomplishing many of our legislative priorities and defeating more than a few unfriendly bills this session.

1) Squatter Prevention:

Despite all the tension under the dome, several big compromises were ultimately achieved in the waning hours of the session including: rules for the sale of full strength beer in grocery and convenience stores, sorely needed funding for both transportation and education, an agreement to shore up the Public Employees’ Retirement Association (PERA) that will help pay down the $32 Billion dollar unfunded liability, and the reauthorizing of the civil rights commission.

SB18-015 will prevent the unauthorized occupation of property statewide by creating an emergency civil court process that a property owner may pursue when a squatter illegally takes up residence in their home. This is a common sense public policy solution that: 1) Gives rightful property owners a remedy to remove squatters and lessen damages to private property; 2) Gives law enforcement officials the tools and necessary procedures to remove squatters, 3) Protects consumers from becoming a victim of housing scams;

Additionally, lawmakers addressed longstanding issues and some new issues earlier in the legislative session. A group of

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This is a common sense public policy solution that gives rightful property owners a remedy to remove squatters and lessen damages to private property.

and 4) Deters fraudulent transfers of real estate and squatter events that threaten private property rights.

CAR worked on solving this problem with Colorado Springs legislators, the bar association, and several other stakeholders to find a way to forward and it was unanimously adopted by the legislature and signed by the Governor.

ers in both parties and from advocates for unaffiliated voters that Colorado’s redistricting processes must be reformed to increase the competiveness of legislative and congressional seats. Rather than give the line drawing responsibilities to the General Assembly the Senate Concurrent Resolutions (SCR) 004 and 005 refer these reform concepts to the 2018 ballot for Colorado voters.

2) Real Estate Commission Flexibility in License Periods: HB18-1227 cleans-up a few lingering issues with the 2017 real estate sunset bill. The bill gives the Division of Real Estate the statutory authority to change the expiration date of real estate licenses from an anniversary date to a calendar renewal on December 31st of the third year after issuance.

It also corrects the problem of inadequate education offerings for some rural areas or local boards during that transition period.

SCR 18-004 amends the state constitution to create an independent congressional redistricting commission that is responsible for redrawing the U.S. congressional districts after the census rather than the General Assembly. And similarly, SCR 18-005 amends the state constitution to create an independent legislative redistricting commission that is responsible for redrawing the state senate and state representative districts after the census. The commissions are both made up of 12 members that will develop a congressional districts map or a state legislative districts map that uses a variety of factors, including competitiveness. The map must be approved by a super majority (8) with a minimum of 2 unaffiliated members.

Previously, only one type of education service provider was allowed to offer the transition course, which meant members would have to travel long distances to meet their requirements. Additionally, the transition course was only updated once every five years whereas the annual update course is new each year. Now the number of continuing education requirements will remain the same under the amendments, but in the transition license period two annual update courses will be required and the rest of the requirements can be met with elective courses. On April 23rd, Governor Hickenlooper signed this bill into law.

This legislation refers a measure to Colorado voters that gives them a chance to determine if a more fair and neutral process for redistricting should be instilled in Colorado. The changes to the existing line drawing systems could increase the likelihood of making legislative and congressional seats more competitive as potential legislators would have to appeal to a broader array of voters who maintain diverse opin-

3) Legislative and Congressional Redistricting: With a 2020 census right around the corner that appears ready to give Colorado an eighth Congressional seat under reapportionment, there is a widespread belief among lead-

Previously only one type of education service provider was allowed to offer the transition course, which meant members would have to travel long distances to meet their requirements.

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GOVERNMENT AFFAIRS ions on issues that come before the U.S. Congress and the State Legislature. These measures will be on your November ballots as Amendment Y and Z.

fying information to develop and maintain a written policy for the destruction and proper disposal of those documents.

The bill also requires individual or commercial entities to report data breaches to the attorney general’s office after the discovery of a security breach.

4) Rural Broadband: SB18-002 is a bi-partisan bill that will expand the broadband network in rural areas to underserved citizens. This legislation changes a state telecom fee - the High Cost Support Mechanism - to reallocate funding to provide additional resources for broadband infrastructure. Broadband funding for rural areas of Colorado has been a continued topic of discussion at the State Legislature in recent years. This legislation will allow rural areas and businesses of our state the opportunity they deserve to share the same capacity for economic development, business recruitment, and job creation as the Front Range and urban areas.

CAR worked to include a definition of third party service providers based on contracts to maintain, store, and process personal information so REALTORS® involved in transactions have clear operating procedures on the responsibility for personal data management and communication of any securities breaches. The bill was signed by the Governor.

Senate Bill 18-109: Authorize Audio-Video Communication Notarial Acts SB18-109 would have allowed notaries public to perform notarial acts using audio-visual communication. The process is called “remote notarization” and is similar to a Skype or FaceTime type of interaction where there is audio and video communication between the notary and the person having a document notarized. Under current regulations, an individual must physically appear before a notary public to have a document notarized. This legislation would have established several requirements a notary must comply with, such as rules and standards about the necessary evidence to identify the individual seeking remote notarization and how that process of identification should take place.

According to the Denver Post, “1 in 4 rural households still lack access to broadband internet, leaving wide swaths of Colorado unable to compete for residents and businesses.”

That problem is being addressed by SB18-002 and similar bills, such as HB18-1099, which requires the Broadband Deployment Board to consider new criteria related to speed and cost when telecommunication companies invoke a first right of refusal for a competitor's broadband grant application. Both SB18-002 and HB-1099 were signed into law by the Governor on April 2nd.

5) Protecting Data Privacy: HB18-1128 and SB18-109 House Bill 18-1128: Protections for Consumer Data Privacy

However, the legislation had one glaring issue with the drafted language. The bill would have allowed a notary to keep all the information from the transaction and sell the data to other parties outside of the transaction, such as marketing companies. This would have been a huge problem for protecting the safety of consumer data, especially the kind of financial information that is part of a real estate transaction.

After the prominent Equifax data breach last year, HB18-1128 requires public and private entities in Colorado that maintain paper or electronic documents that contain personal identi-

SB18-109 would have been a huge problem for protecting the safety of consumer data, especially the kind of financial information that is part of a real estate transaction.

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CAR raised this concern and attempted to remove the sale of data provisions that we believe are harmful for consumer REALTORÂŽ clients, but negotiations with the proponents broke down late in the session and the bill died on the calendar.

Thank you to all of our members who have responded to the Call for Action to let the legislature know that protecting consumer data is important to your businesses and your clients.

This legislation would have increased the costs, extended the length of time of our process, and burdened the court system with new cases because CAR would not be able to continue offering these member benefits with these overly burdensome requirements. CAR testified in opposition along with others and fortunately, these bills died in the Senate State, Veterans and Military Affairs committee on April 18th.

6) Arbitration bills:

7) Affordable Housing HB 1195, HB-1315, and SB-007: Senate Bill 18-007: Affordable Housing Tax Credit

House Bill 18-1261: Colorado Arbitration Fairness Act and House Bill 18-1262: Arbitration Services Provider Transparency Act

SB18-007 renames the Low Income Housing Tax Credit (LIHTC) to the Colorado Affordable Housing Tax Credit and extends the program through 2024, which was originally set to expire in 2019. The bill was signed by the Governor.

HB18-1261 would have established ethical standards for arbitrators, prohibiting an arbitrator from performing their responsibilities with bias. The bill also specified that any party could challenge the neutrality of an arbitrator or an arbitration service provider in court. It required several specific disclosures by arbitrators and authorized injunctive relief against an arbitrator who has potential partiality.

As an affordable housing advocate, CAR has historically supported LIHTC. Since 2015, this program has supported the development of over 4,000 affordable rental housing units and generated over $463 million in private sector equity to support Colorado’s affordable housing needs.

HB18-1262 would have amended the Uniform Arbitration Act to require arbitration service providers to collect, publish, and make specific information available on arbitrations performed in the previous 5 years.

House Bill 18-1195: Tax Credit Contributions Organizations Affordable Housing HB18-1195 would have provided a state income tax credit for contributions to nonprofit organizations and Housing Authorities engaged in the new construction of affordable housing for homeownership of at least 120% average median income. The donation by an individual or organization had to be tied to an actual project.

CAR was disappointed to see legislation that would put the widely supported bi-partisan reform of Construction Defects Litigation of 2017 at risk by making arbitration more burdensome to an industry that needs specialized expertise for these types of construction related cases.

This legislation would have incentivized new construction of affordable housing that all geographic areas of Colorado needs given the lack of affordable inventory statewide.

These projects would have been developed with an attainable price for homeowners at the low-income and workforce housing level. CAR was happy to support good public policy solutions that could be an effective tool to address the con-

Additionally, CAR offers arbitration services for our REALTORÂŽ members, and this overly broad approach to bring transparency to alternative dispute resolution would have prevented CAR from offering these services as one of our most important member benefits to the thousands of small businesses that comprise our membership.

29

tinuing problem of affordable housing. Unfortunately, after the budget process, the bill hit some hurdles with the fiscal note and it died in the Senate. CAR will have to continue working on this legislation in the future. Again, thank you to all our members who called on their legislators in our Call for Action that impressed upon the legislature the importance of this legislation.

House Bill 18-1315: Manufactured Home Sales Tax Exemption HB 18-1315 expands the sales and use tax exemption for manufactured homes. Under current law, 48 percent of a manufactured home price is exempt from state sales and use tax, this bill would completely exempt the purchase of a new manufactured home from state sales tax.

cant closing price burden for the working families that traditionally purchase manufactured homes. This legislation will ease that burden and increase the availability of affordable housing for hard working Coloradans. This bill has been signed by the Governor.

THANK YOU TO OUR LPC MEMBERS OF 2018 Finally, we would like to extend a sincere thank you to all of the 41 members of the LPC for your hard work and dedication throughout this session. A special thank you to our Chairs:

According to the U.S. Census Bureau, the average sales price of a new manufactured home in Colorado in 2016 was $66,100, and households that live in manufactured homes make an average of $30,000 annually. Due to a quirk in the way that these housing options are taxed as personal property, it meant that the tax on the purchase of this type of home would cost approximately $1,000, which is a signifi-

30

•

Janene Johnson - Business/Taxation

•

Jon Roberts - Housing, Jack Beuse - Land Use

•

David Barber - Regulatory

•

Barb Asbury - Water

•

Sean Dougherty - 2018 LPC Chair

•

John Mitchell - 2018 LPC Vice Chair

Real Estate SnapShot S TAT E O F C O L O R A D O - J U N E 2 0 1 8

Median Sales Price

Single Family and Townhouse/Condo

Single Family Home $399,900 $370,000 June 2018

$385,000 $355,000

June 2017

YTD 2018

8.1%

$305,000 $275,000

YTD 2017

June 2018

8.5%

22,360

June 2017 - Total Market

26,521

June 2018 - Single Family

17,781

June 2017 - Single Family

20,895

June 2018 - Condo June 2017 - Condo

4,448 5,555

$295,000 $263,500

June 2017

YTD 2018

10.9%

Inventory Active Listings June 2018 - Total Market

Average Days on Market

Townhouse/Condo

YTD 2017

-5.0%

YTD 2018= 44 YTD 2017= 49

12%

-10.2%

Sold Listings

-15.7%

-14.9%

June 2017 - Total Market

-5.5%

12,254

June 2018 - Single Family

9,027

June 2017 - Single Family

9,568

-19.9%

New Listings Total Market

11,574

June 2018 - Total Market

June 2018 - Condo

2,542

June 2017 - Condo

2,684

June 2018= 15,260 June 2017= 16,133

-5.7%

-5.3%

-0.4% Pending / Under Contract

Single Family Condo

June 2018= 11,830 June 2017= 11,440

3.4%

$400000

YTD 2018= 61,562 YTD 2017= 61,150

$300000

$200000 June 2016

-5.4%

YTD 2018= 75,685 YTD 2017= 75,977

Historical Median Sales Price By Quarter $500000

June 2018= 38 June 2017= 40

0.7% Sept 2016

Dec 2016

Mar 2017

June 2017

Sept 2017

Dec 2017

Mar 2018

June 2018

Months Supply Overall

Percent of List Price Received

Current as of July 5, 2018. 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 31

100%

99.8%

June 2018

YTD 2018

June 2018= 2.3 June 2017= 2.7

-14.8%

FINANCE

Zero-Down Construction Financing It’s not a pipe dream, it’s for real

By: Scott Wilson, USDA Rural Development Program Director

The United States Department of Agriculture (USDA) Rural Development offers a loan program termed the 502 Guarantee Single Close Construction Loan. The 502 loan program enables a qualified applicant to borrow funds to buy land and build either a manufactured, modular, or traditionally built home with a zero-down payment requirement. The qualifications for the loan are identical to those available for a USDA guarantee loan used to buy an existing home. The only difference is the appraisal is provided using plans and specifications. The location of the home being built must be in an eligible area and the borrower’s household income is required to meet the USDA income limits for the county in which they are constructing the home.

• The USDA 502 loan reduces the risk for builders because the loan is in the borrower’s name and is fullyfunded at time of closing.

• REALTORS® are paid at the time of closing and not when the home is completed.

• Interest due during home construction can be built into the loan amount for up to a year.

• The loan is insured at the time of closing and not when the home is completed.

The lenders approved to assist applicants with a USDA Single Close Construction Loan in Colorado are: GFS Mortgage Corp.: Robin Nichols, (317) 217-0533 1st Signature Lending: Douglass Johnson II, (720) 441-3023 Bank2: Rebecca Tucker, (405) 949-7000

Some of the benefits of the loan are: • Eliminates the competition to purchase an existing home.

• Guarantees home ownership for an eligible applicant.

• A borrower builds a home exactly how they want and within their budget.

• In many cases, a new home appraises for more than the cost to build, creating instant equity upon completion.

• A new home also means that no major repairs or maintenance is needed immediately and the home will be more energy-efficient than an older home.

If you have questions or would like additional information, please contact Scott Wilson, USDA Rural Development Program Director - Single Family Housing at (720) 5442929 or email scott.wilson@co.usda.gov. For more information on all of our USDA Rural Development programs, visit www.rd.usda.gov/co.

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REGISTER TODAY

2018

REGISTER TODAY

REGISTER TODAY

oct 10-11 COLORADO CONVENTION CENTERREGISTER TODAY

Get Inspired. Get Connected. Get Enlightened.

REfresh — a first-of-its-kind Real Estate Expo created by industry leaders including, REcolorado, HomeSmart from Xcel Energy, FirstBank, Land Title and the Colorado Association of REALTORS®, is sure to REfresh your view of the industry and deliver an extraordinary experience for all real estate professionals.

REfresh Expo 2018 will feature inspiring speakers, lively industry conversations, an interactive expo and unmatched opportunities to engage with other industry professionals and help shape the future of real estate.

Dynamic Keynote Speakers

Denver Bronco and NFL Hall of Famer Terrell Davis will motivate you to take your game to the next level.

Futurist Mike Walsh will inspire you to understand and unleash your future potential.

Experience the Future of Real Estate

A state-of-the-art trade show, speakers from across the country, breakout sessions, fireside chats, an Inspiration Hub, parties & more.

For more information and to register visit refreshexpo.com

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AROUND THE STATE

Colorful Colorado A look at Vail and Telluride

This year, we are featuring different areas of our state in a few articles written by our very own Colorado REALTOR® members.

for the ski industry in Colorado and across the U.S., as many of the veterans who settled here founded the ski areas and ancillary businesses. Two veterans were the founders of Vail Mountain, which led to its sister ski area at Beaver Creek.

VAIL & BEAVER CREEK

Today, the Valley is one of the premier ski resort areas in the world. However, the lifestyle goes far beyond skiing. Golf, mountain biking, white water activities, fly fishing, camping, and hunting are a few of the options. The Valley is surrounded by the White River National Forest and numerous wilderness areas which makes for an outdoor lifestyle beyond imagination.

A RESORT AREA ALONG WITH A VIBRANT LOCAL HOME MARKET. The Valley (the towns of Vail, Red Cliff, Minturn, Avon, Edwards, Eagle and Gypsum) has a rich history of settlement and diverse lifestyle opportunity. The Valley was settled in By: Mike Budd, Broker, the mid 1800’s by miners and homeBerkshire Hathaway steaders, which created two distinctive demographics. The mining towns of Red Cliff and Minturn were linked by the railroad and southern mountains of the area. The homesteaders settled the valleys where the Eagle River and its’ tributaries merged into the Colorado River at the western end of the Valley entering the Glenwood Canyon.

Finally, but not in the least, is the permanent resident opportunity. We have a large – by mountain standards – full-time population which gets to enjoy the natural beauty and outdoor activities along with the symphony, ballet, and other programs in the summer, including concerts by leading performers at the Ford Amphitheater or Vilar Center venues.

Couple this lifestyle with excellent educational opportunities for our children from kindergarten through Community College, a BS, or BA degree, and you can raise your family in our Valley.

Come visit the Valley and see why we stay!

Camp Hale, the initial home of the 10th Mountain Division of the Army, is headquartered in the southern mountains above Red Cliff and Minturn. The 10th became the catalyst

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TELLURIDE

several large investments in water distristribution and modern snow making equipment in the past several years.

On the late evening of September 22, 1983, I arrived in downtown Telluride to spend the night. The next morning at about 8am, I walked outside to take my first look at Telluride’s Box Canyon – wow! I was mesmerized with the view. As I’ve learned after 35 years living here, that is the typical experience of firstBy: George R. Harvey, time visitors to our small town. CurJr., Broker/Owner The Harvey Team rently, Telluride has approximately 2,500 full-time residents. During the winter skier days, it can soar upward to 7,000 to 8,000 visitors and escalate in the summer/fall to attendance levels of 10,000 visitors or more per day during extremely popular festivals like Bluegrass, The Ride, Film Festival, and Blues and Brews.

Telluride is known for its great skiing with over 2,000 acres of skiable terrain for all levels of skill and very short lift lines (90% of the time). You can easily get tired skiing multiple runs in one day. From the top of the ski mountain, which is accessible for beginner to intermediate skiers, you can see west all the way to the La Sal Mountains adjacent to Moab, Utah, about 130 miles away. Telluride has been ranked the number one ski area by Condé Nast Traveler Magazine readers five out of the last six years. The Telluride Ski Area is privately-owned and debt-free which gives it great independence and the ability to enhance its best quality: authenticity. You can ride a ski lift with a local restaurant waiter or an international traveler and not be able to tell the difference except for an occasional language accent. The mountain has an abundance and variety of restaurants to fit many tastes and budgets. The ski company has also made

35

While Telluride is a great skiing experience, it may be more famous as a summer resort with all of its festivals and summertime activities and is known as the ‘festival capital of the Rockies’. My wife and I enjoy the unlimited hiking in our region for all levels of abilities and vast scenic variety. The town of Telluride, for the most part, is relatively flat for walking and access to the many retail shops, restaurants and drinking establishments. For a town this small, the quality of restaurants is amazing, with the New Sheridan Chop House, Telluride Bistro, Allred’s, La Marmotte, and the Cosmopolitan being some of our favorites.

Another highlight is the Gondola, which links the town of Telluride to the Mountain Village, the first and only free public transportation system of its kind in the United States.

All electricity used to operate the Gondola is provided by wind and solar power, and the cabins serve as lifts for skiers and snowboarders, mountain bikers, hikers, tourists, and locals alike. The 8-mile, 13-minute ride reaches its summit of 10,540 feet and offers incredible 365-degree views of the San Juan mountains.

Lastly, if you’re a golfer, the picturesque 18-hole course will make you feel like a power player. The course is surrounded by the highest concentration of 14,000-foot mountains in the United States. The natural beauty and splendor of the surrounding mountains and wildflowers will take your breath away as you tee off at 9,417 feet, an altitude that puts Telluride Golf Club amongst the highest golf courses in the world. Caution, the flight direction of your golf ball is important, too.

Telluride is a long but beautiful scenic drive from Denver, about six and half hours, but that is why getting here is so special. Once you arrive, you’re going to want to say a while.

Colorado Economy

The Complicated Relationship Between Colorado’s Economy and Housing Market If the real estate market is a coal mine, consider the economy a canary.

As the national housing market moved from boom to bust following the Great Recession, it’s safe to lean on the economy’s health to predict what the future of real estate looks like. Colorado is experiencing continued economic growth, resulting in high-demand buyers and low unemployment rates. Factor in a low inventory of listings and you have the perfect storm for a hot real estate market and historically high home prices.

For the moment, the economy is keeping buyers in the market. But with housing inventory struggling to find stability and more Fed rate hikes expected, how long will that last?

Here are a few factors that may change and impact the future of Colorado’s housing market.

UNEMPLOYMENT RATES, WAGE INCREASES From GDP to wages, America’s economy has enjoyed continued growth over the past few years. The same goes for Colorado, especially in metro Denver. According to a recent Metro Denver Economic Development Report, a steady boost to Colorado’s economy is expected throughout 2018. They cite strong consumer spending, a booming stock market, a resurgent oil and gas industry, and federal tax code changes for the upward trend.

They also point to Colorado’s unemployment rate, which fell to an impressive 2.9 percent, making the state the ninth-lowest rate in the country. The state Department of Labor and

36

By: Daisy Perez Director – Consumer Loan Operations, FirstBank

Employment says employers added 7,200 jobs from March to April, and wages are up 4 percent since the same period last year. Rising employment levels combined with growing salaries can be attributed to the strong consumer spending we’re expected to see throughout the year. But experts caution that it still isn’t enough to keep pace with Colorado’s increasing living costs. Several economists also suggest that unemployment levels may go up towards the end of 2019 as the booming labor market is already showing signs of slowing down.

A GROWING INVENTORY At the beginning of this year, the Denver Metro Association of REALTORS® (DMAR) reported that the deficit of homes – representing demand for housing and supply of available homes – was expected to peak at 32,000 in 2018. At that rate, it could take 10 years to correct the imbalance of buyers and sellers.

The Colorado Association of REALTORS® (CAR) also reported active listings were down 20.6 percent year-over-year.

Additionally, a Metrostudy report stated homebuilders aren’t producing enough to meet the state’s swelling pool of buyers.

Colorado’s market will remain largely underbuilt for the foreseeable future as new construction projects hinge on high material costs, land availability, regulatory requirements and labor shortages with skilled workers relocating elsewhere due to increased living costs.

For housing prices to stay in check, demand will either need to substantially subside or the inventory shortage needs to change. According to DMAR’s June report, the latter is more likely. Despite the record-low inventories, more than 13,000 housing units have been permitted through March, up 41 percent from 2017. These numbers were at their highest since before the 2008 recession.

COLORADO LOSING POPULARITY AMONG HOMEOWNERS Colorado is the fifth-fastest growing state by population this decade per a 2017 U.S. Census Bureau report. But the tides maybe turning as access to affordable housing is harder to obtain.

Bankers Association, because of the slight drop, application volume jumped 4.1 percent.

However, the major down side and threat to rising rates is substantially decreased buying power. In fact, it’s estimated that for every 0.5 percent hike in interest, a person’s purchasing power decreases by 5 percent. Based on Denver’s average sales price ($475K) and current rates (4.65%) compared to June of last year (3.8%), the average buyer’s purchasing power decreased by nearly $40,000. record-low

Despite the inventories, more than 13,000 housing units have been permitted through March in the Denver area, up 41 percent from 2017.

The average sale price in metro Denver hit $474,238 (up almost 10 percent yearover year), with housing prices appreciating in value for the 25th straight month in December 2017 according to CAR’s April report. January figures were the highest level recorded in Denver in the history of the 27-year data series.

But rising real estate costs -- coupled with traffic and infrastructure issues – are compelling many longtime residents to leave. The U.S. Census reported last December that nearly 200,000 Coloradoans relocated out-of-state, which was a record high.

What’s more, Redfin saw a never-before-seen spike this past May by Denver-based users searching for homes in other metro areas, signaling that there could be a leveling off of demand and supply into 2019 and 2020, as Coloradans move to more affordable markets.

RISING RATES AND CHANGES IN PURCHASING POWER Since December 2015, the Fed has increased interest rates seven times, with the most recent bump occurring in June 2018 (to 2.00 percent). The anticipation is there will be at least one, maybe two more hikes in 2018. This could encourage prospective home buyers to act sooner than later, before they get stuck with a higher rate. For instance, mortgage rates saw a quick dip in late May. According to the Mortgage

37

In a rising rate environment, buyers won’t be able to afford what they could six or 12 months ago. And while rising rates could encourage some buyers to act now, the combination of increased rates and record-high home prices may discourage many from buying at all.

THE VALUE OF AN EXPERIENCED REAL ESTATE PROFESSIONAL Even though the national and local economies continue to grow stronger, the factors that influence economic success continue to fluctuate. Consumers may be playing with more expendable income, but high home prices and diminished purchasing power could be a wet blanket on a scorching housing market.

This emphasizes the importance of experienced real estate professionals and their ability to help prospective buyers navigate this dynamic landscape. From the western slope to the eastern plains, real estate professionals have been riding the wave of Colorado’s fluid market for decades, and no one knows it better. Be aware of where the economy is leading the housing market. Rely on negotiation and contract writing skills, experience, building relationships and personal connections to stay in front of the trends and on top of the wave.

Daisy Perez is the Director of Consumer Loan Operations for FirstBank, Colorado’s second largest bank and one of the largest privately-held banks in the country. FirstBank is recognized as one of the best performing banks in the nation according to industry publications. If you have any questions about this article or would like to contact Daisy for more information, she can be reached at Daisy.Perez@efirstbank.com or 303239-5135.

Updated June 30, 2018

Colorado Association of REALTORS® RPAC MAJOR INVESTORS 2018

Updated March 6, 2017

NAR Presidents Circle

(̈́ͳͲͲͲ Ǥ ̈́ʹͲͲͲ Ǧ Ȍ

Tyrone Adams, Colorado Association of REALTORS® Barbara Asbury, Pikes Peak Assoc. of REALTORS® David J. Barber, Aurora Association of REALTORS® Gary Bauer, Denver Metro Association of REALTORS® Piper Bruner, Denver Metro Association of REALTORS® Michael Burkhard, Grand Junction Area REALTOR® Assoc.

Dale Carroll, South Metro Denver REALTOR® Assoc.

Amy Dorsey, Vail Board of REALTORS® Karen Frisone, Denver Metro Assoc. of REALTORS® George Harvey, Telluride Association of REALTORS® Ann Hayes, Grand Junction Area REALTOR® Assoc.

Jay Kalinski, Boulder Area REALTOR® Association Keith Kanemoto, Longmont Assoc. of REALTORS® Michael Labout, Pikes Peak Assoc. of REALTORS®

NAR Corporate Ally Program

(Multiple Listing Services voluntarily investing in RPAC)

IRES Geoff Lewis, RE/MAX, LLC

John Lucero, Denver Metro Association of REALTORS® Melissa Maldonado, South Metro Denver REALTOR® Assoc.

Michael Marcus, South Metro Denver REALTOR® Assoc.

Scott Matthias, South Metro Denver REALTOR® Assoc.

Chris McElroy, Fort Collins Board of REALTORS® Larry McGee, South Metro Denver REALTOR® Assoc.

Ron Myles, Denver Metro Commercial Assoc of REALTORS® Jason Peck, Denver Metro Association of REALTORS® Marcel Savoie, South Metro Denver REALTOR® Assoc.

Todd Schuster, South Metro Denver REALTOR® Assoc.

Bonnie Smith, Summit Association of REALTORS® Lynn Snyder-Goetz, South Metro Denver REALTOR® Assoc.

Linda Romer Todd, Grand Junction Area REALTOR® Assoc.

Kay Watson, South Metro Denver REALTOR® Assoc.

Pikes Peak REALTOR® Service Corp REcolorado

Platinum R - Annual Investment of $10,000+ Pikes Peak REALTOR® Service Corp REcolorado Boulder Area REALTOR® Association

Pikes Peak REALTOR® Service Corp REcolorado

REcolorado

REcolorado

Gary Bauer, Denver Metro Association of REALTORS® Colorado Association of REALTORS® Pikes Peak REALTOR® Service Corp Linda Romer Todd, Grand Junction Area REALTOR® Association Pikes Peak REALTOR® Service Corp

Golden R - Annual Investment of $5,000+ Dale Carroll, South Metro Denver REALTOR® Assoc.

Denver Metro Association of REALTORS® Amy Dorsey, Vail Board of REALTORS® Grand Junction Area REALTOR® Association 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® Assoc.

Scott Matthias, South Metro Denver REALTOR® Assoc.

Chris McElroy, Fort Collins Board of REALTORS® Larry McGee, South Metro Denver REALTOR® Assoc.

Ron Myles, Denver Metro Comm. Assoc. of REALTORS® Todd Schuster, South Metro Denver REALTOR® Assoc.

Bonnie Smith, Summit Association of REALTORS® Kay Watson, South Metro Denver REALTOR® Association

Crystal R - Annual Investment of $2,500+ David J. Barber, Aurora Association of REALTORS® Karen Frisone, Denver Metro Association of REALTORS® John Mitchell, Aurora Association of REALTORS®

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Sterling R ~ Annual Investment of $1,000+ Andrew Abrams, Denver Metro Assoc. of REALTORS® Tyrone Adams, Colorado Association of REALTORS® David Anderson, Pueblo Association of REALTORS® Monica Anderson, Grand County Board of REALTORS® Brian Anzur, Denver Metro Assoc. of REALTORS® Barbara Asbury, Pikes Peak Association of REALTORS® Richie Averill, Denver Metro Assoc. of REALTORS® Ann Bagwell, Aurora Association of REALTORS® Sunny Banka, Aurora Association of REALTORS® Erin Bassett, Glenwood Springs Assoc. of REALTORS® Ed Behr, Pikes Peak Association of REALTORS® Mark Bowman, Denver Metro Assoc. of REALTORS® Michel Brossmer, Denver Metro Assoc. of REALTORS® Piper Bruner, Denver Metro Association of REALTORS® Michael Burkhard, Grand Junction Area REALTOR® Assoc.

Vicki Burns, Craig Association of REALTORS® Linda Buzzalini, Durango Area Assoc. of REALTORS® Nels Cary, Telluride Association of REALTORS® Amy Cesario, Denver Metro Assoc. of REALTORS® Kathy Christina, Summit Association of REALTORS® Carol Click, Four Corners Board of REALTORS® Barbara Cline, Aurora Association of REALTORS® John Cooley, Aspen Board of REALTORS® Jacob Curbow, Pikes Peak Association of REALTORS® Betty DeBerry, Pueblo Association of REALTORS® Natalie Davis, Fort Collins Board of REALTORS® Shane Dawson, Durango Area Assoc. of REALTORS® David DeElena, Aurora Association of REALTORS® Amanda DiVito Parle, Denver Metro Assoc. of REALTORS® Joe DiVito, Denver Metro Assoc. of REALTORS® Chris Djorup, Denver Metro Assoc. of REALTORS® Barb Ecker, Denver Metro Assoc. of REALTORS® Molly Eldridge, Gunnison Country Assoc. of REALTORS® George Emmett, Vail Board of REALTORS® James Flaum, Vail Board of REALTORS® Bob Fullerton, Glenwood Springs Assoc. of REALTORS® Micah George, Grand Junction Area REALTOR® Assoc.

Jace Glick, Denver Metro Association of REALTORS® Heidi Greer, Denver Metro Association of REALTORS® Nancy Griffin, Aurora Association of REALTORS® Scott Grossman, Denver Metro Assoc. of REALTORS® Andrea Haitz, Grand Junction Area REALTOR® Assoc.

Heather Hankins, South Metro Denver REALTOR® Assoc.

Lauren Hansen, Colorado Association of REALTORS® Lisa Hansmeier, Colorado Association of REALTORS® Ed Hardey, Aurora Association of REALTORS® Ann Hayes, Grand Junction Area REALTOR® Assoc.

Tor Hayward, Grand Junction Area REALTOR® Assoc.

Toni Heiden, Grand Junction Area REALTOR® Assoc.

Ken Hotard, Boulder Area REALTOR® Association Deborah Howes, Pikes Peak Association of REALTORS® Dennis Johnson, Summit Association of REALTORS® Janene Johnson, Grand County Board of REALTORS® Jay Kalinski, Boulder Area REALTOR® Association Pamela Kiker, South Metro Denver REALTOR® Assoc.

Krista Klees, Aspen Board of REALTORS® Kelly Kniffin, Durango Area Association of REALTORS® Justin Knoll, Denver Metro Association of REALTORS® Anne Marie Kremer, South Metro Denver REALTOR® Assoc.

Cynthia Kruse, Vail Board of REALTORS® Dave Kupernik, Denver Metro Assoc. of REALTORS® Shannon Kyle, Glenwood Springs Association of REALTORS® Bob LeGare, Aurora Association of REALTORS® Matthew Leprino, Denver Metro Assoc. of REALTORS®

Updated June 30, 2018 Updated March 6, 2017

Karen Levine, Denver Metro Association of REALTORS® Elizabeth Levinson, Denver Metro Assoc. of REALTORS® Cheri Long, Aurora Association of REALTORS® Alan Lovitt, Pikes Peak Association of REALTORS® Kevan Lyons, REALTORS® of Central Colorado Mike MacGuire, Pikes Peak Assoc. of REALTORS® Melissa Maldonado, South Metro Denver REALTOR® Assoc.

Janet Marlow, South Metro Denver REALTOR® Assoc.

Stew Meagher, South Metro Denver REALTOR® Assoc.

Kristin Miller, Denver Metro Association of REALTORS® Jill Moneypenny, Vail Board of REALTORS® Josette Montgomery, Mountain Metro Assoc. of REALTORS® Kelly Moye, Boulder Area REALTOR® Association Jarrod Nixon, Durango Area Association of REALTORS® Wynne Palermo, Pikes Peak Association of REALTORS® Jason Peck, Denver Metro Association of REALTORS® Elizabeth Peetz, Colorado Association of REALTORS® Scott Peterson, Colorado Association of REALTORS® Linda Philpott, Aurora Association of REALTORS® Hank Poburka, Pikes Peak Assoc. of REALTORS® Preston Porter, Pagosa Springs Area Assoc. of REALTORS® Veronica Precella, Boulder Area REALTOR® Assoc.

Sally Puff-Courtney, Telluride Association of REALTORS® Amy Reid, Pikes Peak Association of REALTORS® Julie Retzlaff, Vail Board of REALTORS® Randy Reynolds, Pikes Peak Assoc. of REALTORS® Jamie Richards, Colorado Association of REALTORS® Daren Roberts, Glenwood Springs Association of REALTORS® Albert Roer, Telluride Association of REALTORS® Gretchen Rosenberg, Denver Metro Assoc. of REALTORS® Laura Ruch, Denver Metro Assoc. of REALTORS® Jolon Ruch, Denver Metro Assoc. of REALTORS® Crissy Rumford, Vail Board of REALTORS® Kylie Russell, Denver Metro Assoc. of REALTORS® Ulrich Salzgeber, Steamboat Springs Board of REALTORS® Marcel Savoie, South Metro Denver REALTOR® Assoc.

Lynn Snyder Goetz, South Metro Denver REALTOR® Assoc.

LaDawn Sperling, Denver Metro Assoc. of REALTORS® Stephanie Tanis, Pikes Peak Association of REALTORS® Steve Thayer, Denver Metro Assoc. of REALTORS® Ron Thorne, Mountain Metro Assoc. of REALTORS® Mark Trenka, Denver Metro Assoc. of REALTORS® Ann Turner, Denver Metro Assoc. of REALTORS® Jon Wade, Steamboat Springs Assoc. of REALTORS® Robert Walkowicz, Loveland/Berthoud Assoc. of REALTORS® Darrell Wass, Pikes Peak Assoc. of REALTORS® Dean Weissman, Pikes Peak Assoc. of REALTORS® Brenda Wild, Aspen Board of REALTORS® Lori Wood, Grand Junction Area REALTOR® Association Jim Wotkyns, Durango Area Association of REALTORS® Greg Zadel, Denver Metro Association of REALTORS® Sandi Zimmerman, Denver Metro Association of REALTORS® Sabrina Zunker, Denver Metro Association of REALTORS®

39

National RPAC Hall of Fame (Cumulative Lifetime RPAC Investment of $25,000 or more)

Lifetime Investment of $50,000+

Gary Bauer Denver Metro

Amy Dorsey Vail

Bonnie Smith Summit

Ron Myles DMCAR

Kay Watson SMDRA

Linda Romer Todd Grand Junction

Lifetime Investment of $25,000+

Kit Cowperthwaite Denver Metro

Scott Matthias SMDRA

Bruce Wolf SMDRA

Joseph DiVito Denver Metro

Chris McElroy Fort Collins

George Harvey Telluride

Bill Osnowitz Pueblo

Michael Labout PPAR

Debbie Tamlin N. Co Commercial

Michael Marcus SMDRA

Randy Reynolds PPAR

Updated as of 6/13/2018

40

Colorado RPAC Hall of Fame

(Cumulative Lifetime RPAC Investment of $10,000 or more)

Okie Arnot

David Barber

Dale Carroll

Joseph Clement

Amy Dorsey

Dana Duncan

Doug Barber

Kevin Cook

Don Flynn

George Harvey

Kati Harken

Ann Hayes

Jeff Kirkendall

Cynthia Kruse

Chris McElroy

Larry McGee

Gary Morton

Kevin Patterson

Bobbi Price

Kay Deen Patterson

Bonnie Smith

Tami Spaulding

John Wendt

Bruce F. Wolf

Michael Labout

Terry Storm

Greg Zadel

Gary Bauer

John Cooley

Patricia Bigley

Kit Cowperthwaite

Jack Fox

Karen Frisone

Bill Hurt

Toni Heiden

Ted Bryant

Joseph DiVito

Greg Geller

David Jenkins

Alan Lovitt

Adam Malachi

Michael Marcus

Ron Myles

Bill Osnowitz

Carolyn Osnowitz

Jim Rhoades

Gretchen Rosenberg

Linda Romer Todd

Robert Walkowicz

Randy Reynolds

Debbie Tamlin

REcolorado

Vicki Burns

David DeElena

Jace Glick

Dennis Johnson

Scott Matthias

Wynne Palermo

Jolon Ruch

James Wanzeck

Michael Burkhard

Mark Donahue

Heidi Greer

Keith Kanemoto

Nancy McBride

Everett Patterson

Richard Sly

Kay Watson

Updated as of 6/13/2018

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