Colorado REALTOR® Magazine May 2023

TheCOLORADOREALTOR® ispublished bytheColoradoAssociationof REALTORS®

309InvernessWaySouth Englewood,CO80112 (303)790-7099or1-800-944-6550FAX (303)790-7299or1-800-317-3689

EDITOR:LisaDryer-Hansmeier,V.P.of Member Member Engagement and Public Relations:lhansmeier@coloradorealtors.com

DESIGNER:MonicaPanczer,Creative MarketingSpecialist: monica@coloradorealtors.com

The Colorado Association of REALTORS® assumes no responsibility for return of unsolicited manuscripts, 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 theColoradoAssociationofREALTORS®

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 anyreprints.

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,callyourlocalassociation/board.

RE ALTOR®

CAR Advocates Beyond Public Policy

Advocacy is one of the most critical functions of trade associations, and it plays a critical role in advancing the interests of Colorado REALTORS®. It can be a powerful force for change and is one of the most effective tools as part of our value proposition. Yet so many members don’t think of advocacy this way, but why? Maybe it’s because it is not your typical tangible benefit until it impacts your business and interests.

First and foremost, as a trade association, our primary goal is to serve our members. We exist to support your interests and help you succeed in your respective businesses.

Political advocacy is one of the most effective ways we can help you. We make sure that policymakers understand the needs and concerns of our members and your clients so hopefully they will take them into account when making decisions.

Did you know that CAR’s Legislative Policy Committee and Government Affairs team have reviewed and taken position on over 80 housing-related bills this legislative session? And we are not talking about one- or two-page bills, some of them are over 100 pages long!

There are often threats to our industry on an annual basis, whether it's new legislation, regulations, or other factors. Advocacy can help us be proactive with solutions to housing challenges, push back against those threats against our industry, and protect the interests of our members.

By engaging with policymakers and other stakeholders, we can make sure they understand the importance of our industry and the potential consequences of policies that could harm it.

But this isn’t the only way we advocate at CAR on Colorado REALTORS’® behalf. We advocate through:

Public Relations: We use our public relations expertise to share factual data on the housing market from local communities to statewide and raise awareness of issues affecting the real estate industry. This includes issuing press releases, speaking to the media, and philanthropy efforts.

Consumer Awareness: We deploy a public awareness campaign that tells consumers “Make Sure Your Agent is a REALTOR®” and the shares with them the benefits of using one.

Tyrone Adams CEO of the Colorado Association of REALTORS®

FROM THE CEO

Professional Development: We provide professional development and training to our leadership and members to help them reduce their risks by staying up to date on industry regulations, trends, and best practices. This includes videos, virtual, and in-person courses and events.

Leadership: We provide opportunities to enhance their leadership skills and help grow our leadership pipeline that is essential to CAR sustaining its effectiveness for Colorado REALTORS®.

Finally,

Building Relationships: Relationships are critical in any industry, and advocacy is an excellent way to build them. We do this through serving on multiple coalitions and providing opportunities for our members and leadership to get together through our Association Executive meetings and Spring and Fall business meetings.

We hear the rumblings that even non-members take advantage of our advocacy efforts. This is something we cannot deny or control as an Association.

The question we have for you: If CAR went away, who would advocate for Colorado REALTORS® and your clients? There is not a national, state, or local association to advocate for homeowners to the degree we do.

In conclusion, we understand advocacy is a critical function for CAR. It is essential for representing the interests of our members and their clients, protecting the interests of our industry, creating a sustainable and formidable leadership pipeline, and building relationships.

We are here to serve. Thank you for being a member!

CAR SPRING SUMMIT HIGHLIGHTS

Aline Pitney and Randy Reynolds host the "Art of Chill" Networking Lunch

CAR Fireside Chats with the Leadership Academy graduates.

AE's Cheryl Burns and Ulrich Salzgerber are honored as they set to retire this spring.

Happy little doodlers at the Networking Lunch!

Keynote Speaker Bobbi Howe was a hit.

CAR CEO Tyrone Adams has fun with the local AEs.

Matthew Hintermeister has fun with the exhibitors.

Scott Peterson presents his "10 Things" course to a packed house.

Dana Cottrell, Natalie Davis, and Kay Watson at the Fireside Chats.

Randy Reynolds and Aline Pitney's Networking Lunch painting raises $500. Priceless!

Brett Sawyer, Kristine Laine, and Sean Dougherty.

Kati Harken, Vicki Burns, and Sunny Banka at the Opening Reception.

CAR Appointed Past President Greg Zadel helps lead a discussion at the Think Tank.

Legends Scott Matthias and Michael Labout help at the RPAC Auction.

CAR President-elect Jason Witt chats with members.

Robert Walkowicz, Charity Vermeer, and Larry McGee at the Opening Reception.

Great ideas were shared at the Strat Think Tank.

Scott Franks and Mark Trenka bid on RPAC items.

Stephen Foster gets volunteers prepared for the Strategic Think Tank.

All smiles at the Opening Reception.

2023 Colorado Heart Award Winner

Marina-Jeanne Lewallen

ANSWERING THE CALL TO SERVE

LOVELAND, COLORADO REALTOR® MARINAJEANNE LEWALLEN PROVIDES A LIFELINE FOR VICTIMS OF SEXUAL ASSAULT

Lewallen has been a REALTOR® for three years and began volunteering with SAVA four years ago. Since then, she has answered their crisis line, covered community booths, and provided support for survivors of sexual assault. She has also been a strong advocate for raising awareness of sexual assault and promoting prevention programs through community outreach and education.

SAVA provides crisis intervention, advocacy, and counseling services to those affected by sexual violence in Larimer and Weld Counties. They also offer education programs to community members and students. Each year, SAVA provides confidential support to over 1,200 victims of sexual assault and educates over 1,000 community members and 9,000 students.

Lewallen's passion for helping survivors of sexual assault is evident in her work with SAVA. When asked about what inspired her to continue her work with the nonprofit, Lewallen shared a story about her initial struggles in collecting bedding and undergarments for victims of assault. She said, "A friend told me that no one wants to know what is happening behind closed doors, that we as a community will always tell ourselves and each other that these types of things don't happen in our community. It takes a strong person with a strong heart and even stronger mindset to not give up and to keep showing up even when I think it is too hard to do anymore."

Lewallen's dedication and perseverance have made a significant impact on her community. Her efforts have provided critical support to survivors of sexual assault and helped to raise awareness of the issue in the community. Through her work with SAVA, Lewallen has shown that even small actions can make a big difference in people's lives.

When asked about what she has learned in the past year, Lewallen spoke about the importance of community support in achieving a common goal. "People are willing

Marina-Jeanne Lewallen, a REALTOR® from Loveland, Colorado, has been chosen as the 2023 Colorado’s Heart Award Winner for her volunteer work with the Sexual Assault Victim Advocate Center (SAVA) of Fort Collins.

to help a lot more when they don't have to do it alone. Sometimes it takes just one person saying, 'I am going to do this to support this cause, who's in?' to get a group together. That support and camaraderie is usually enough to keep the ball going," said Lewallen.

Lewallen's work with SAVA has not been without its challenges. One of the biggest challenges she has faced is not letting the calls she takes on the hotline affect her personal life. However, she has also found her work to be extremely rewarding. "Having the strength [after a] call or hospital visit to turn it all off so that I am not impacting my family is hard. I think the most rewarding part is that I have a unique ability to turn the commentary off after a call so that I am not taking it home. It makes me feel special that I have a skill that very few other people have, that allows me to [not only] support the people who need SAVA but [also] support the team and other volunteers so they can also be impactful," she said.

A Navy veteran, Lewallen's dedication to her community extends beyond her volunteer work with SAVA. “I was in the Navy and on my way home when 9/11 happened. That moment when we turned that ship around, our floating city of 5,000 turned into a ship of [one]. We were all one, working toward one mission and one goal,” Lewallen shared. As a REALTOR® at a supportive brokerage, RE/MAX Alliance, she experiences similar feelings of collaboration and purpose. "Being a REALTOR® has opened up so many doors for me to be involved in the community. It has allowed me to meet people I never would have met before and to be a part of something bigger than myself."

Contact Marina-Jeanne at hellonocoliving@gmail.com and learn more about RE/MAX Alliance at www.HelloNoCoLiving. com.

OTHER FINALISTS

ON A MISSION TO HELP DENVER REALTOR® STACYE PRATT MARKS TWO DECADES OF VOLUNTEERISM

Stacye Pratt has been named the Metro District Finalist for the Colorado’s Heart Award; an award presented by the Colorado Association of REALTORS® meant to recognize REALTORS® who give back to their communities. Pratt, who has been a REALTOR® for 16 years and owns LSP Real Estate LLC, has been an active volunteer for the Denver Rescue Mission for over 20 years.

The Denver Rescue Mission serves some of the most vulnerable people in the community, those struggling with homelessness and addiction. Pratt's role as a volunteer has been pivotal in raising money for the organization.

Over the years, Pratt's individual efforts have made a significant impact on the community. The money she has donated and raised has helped provide meals, nights of shelter, clothing, permanent housing, and even vehicles to those in need. In the past year, Pratt raised $1,187 for the Denver Rescue Mission.

What motivates her longtime service at the Rescue Mission? “There are a lot of people, from all walks of life, [who are] without four walls [and] just need a chance and encouragement,” Pratt said.

Pratt's impact on the Denver Rescue Mission and the Denver community over twenty years continues to inspire her. What is the most rewarding part? “Seeing a smile and glimmer of hope [in] people who are discouraged,” says Pratt.

As a REALTOR®, Pratt understands the value of community both in volunteerism and in business. When asked how her work as a REALTOR® inspires her, she says, “[It’s] the opportunity, through homeownership, to help people begin the path to intergenerational wealth.” Pratt's passion for giving back is a testament to the power of individual efforts in making a real difference in people's lives.

Contact Pratt at stacye@LSPRealEstateSolutions. com and learn more about LSP Real Estate at www. LSPRealEstateSolutions.com

COLORADO’S HEART AWARD

SOMEONE TO LOOK UP TO REALTOR® ANA BOWLING MENTORS YOUTH IN TELLURIDE

Ana Bowling, a REALTOR® from Compass in Telluride, Colorado, has been named the 2023 Mountain District Finalist for the Colorado's Heart Award. Bowling has been a REALTOR® for five years and serves as a Board member for One to One Mentoring, a nonprofit organization based in San Miguel County that empowers youth to achieve their social, emotional, and academic potential through professionally supported mentor relationships.

As a Board member, Bowling has raised a significant amount of money for the One to One Program, actively recruited new potential mentors for the program, and spoken on behalf of the program and its results throughout the community. Bowling has also been a mentor for the past five years and has been fortunate enough to have had a mentee for the same amount of time. She not only has the incredible opportunity to influence her mentee's life and growth, but her mentee also impacts Bowling's life and growth for the better.

"I believe that the goal of youth mentorship is to improve the well-being of the child by being a role model that offers consistent support," says Bowling. "This support may come in a variety of ways and may change throughout the relationship as needed. Some of the ways that I have and continue to provide support to my mentee are academically, socially, and personally. I strive to set a good example and provide an open and safe place to share. Being a Board member combined with the responsibility of being a mentor affords me

the opportunity to share with the organization the firsthand needs and experiences of the mentors and mentees. I am proud and humbled to have the opportunity to impact another's life in a positive way."

Bowling's work with One to One Mentoring has made a significant impact on dozens of lives in the community. She has raised $10,000 for the organization and has personally volunteered 120 hours and recruited 12 volunteer hours from others to work for the organization.

Bowling believes that authentic relationships and being open to listening and learning from one another are what makes the world go round. She is inspired by the difference that she can help to make behind the scenes and believes that the most beautiful gift to give is the gift of time and energy to someone whom you may never know.

Aside from her work with One to One Mentoring, Bowling is also a vice-chairperson on the Board of Directors and fundraising committee for the San Miguel Resource Center (SMRC), a Domestic Abuse and Treatment Center. She believes that everyone has the right and should have the ability to feel safe, respected, and empowered. Bowling is inspired by the difference that she can make behind the scenes and hopes to serve every person in need that crosses the path of the SMRC.

Bowling is also a Board member and development committee member of the Ah Haa School for the Arts, a community hub for creative exploration offering classes

and exhibitions to and by both adults and children. Bowling believes that art makes us smile, think creatively, and brings the community together.

"I am honored to be recognized for my work in the community," says Bowling. "I believe that we all have the power to make a difference in the lives of others. It doesn't take a lot of time or resources to make a positive impact. I have always believed that one of the most beautiful gifts to give is the gift of time and energy to someone whom you may never know.”

Contact Bowling at ana.bowling@gmail.com. Learn more about Compass here: www.TellurideLuxuryProperties.com

FROM SELLING HOUSES TO SAVING LIVES

WESTERN DISTRICT REALTOR® DEBBIE LAITY PUTS HEART INTO HER LOCAL ANIMAL SHELTER

REALTOR® Debbie Laity from Cedaredge Land Company in Cedaredge, Colorado, has been named the 2023 Western District Finalist for the Colorado’s Heart Award for her outstanding volunteer work at Surface Creek Animal Shelter. Laity has been a volunteer with the organization for the past nine years, and her work has made a significant impact on the shelter and the community it serves.

The Surface Creek Animal Shelter, located in Cedaredge, Colorado, has a mission to help homeless and mistreated animals find forever homes. The shelter relies heavily on donations and volunteers to provide care for its animals and to support its day-to-day operations. One way that Laity has contributed to the shelter’s success is by volunteering at its thrift store, which raises funds to support the shelter’s operations.

“I started working with the Surface Creek Animal Shelter in 2000,” says Laity. “I was a stayat-home mom back then, and I would even bring my toddler along to help out as well. Volunteering with me at such a young age was good for her and taught her how rewarding volunteering can be,” said Laity. “I served on the shelter Board of Directors for several years before taking a break from the organization. In 2013 I decided it was time to get involved again, and I started working at the thrift store that benefits the animal shelter. I will be starting my 10th year in August or September.”

Laity has been working at the thrift store every Tuesday morning for the past nine years, and her efforts have helped keep the store’s sales numbers up. All profits from the store benefit the animal shelter, and without the volunteers, the group would not be able to keep the shop open. Over the years, Laity has seen the shop’s business grow, and the community support for the shelter has been amazing.

“The most challenging part of volunteering is working my business schedule around my volunteer schedule,” says Laity. “But I do it because I love the animals. I want to help stop the overpopulation of animals and the abuse. We are a small, rural/mountain community and everything helps to keep the shelter operating.”

Laity’s efforts have helped raise around $3,000 for the animal shelter in the past 16 months alone. She has also personally volunteered 156 hours and recruited 30 volunteer hours from others during this time. Dozens of animals have been saved and adopted to loving homes because of Laity’s service.

Contact Laity at dancuttbow@aol.com and learn more about Cedaredge Land Company at www.cedaredgeland.com.

ARTIFICIAL INTELLIGENCE

AND REAL ESTATE TRANSACTIONS

One of the “hottest” topics in our cultural conversations over the previous 6 months has been the aggressive escalation of artificial intelligence (AI) in society. This is increasingly true as a result of the common adoption of Chat GPT and other easily accessible forms for AI interaction. Since the business of real estate and technology will forever and always intersect, I thought it would be interesting to explore the implications of AI on real estate transactions moving forward.

The integration of AI technology into real estate transactions is transforming the industry by enhancing the speed and accuracy of property valuations, offering predictive analytics for future market trends, providing personalized recommendations for potential buyers, offering virtual tours of properties, and detecting fraudulent activities. These developments have the potential to revolutionize the industry, making the process of buying and selling properties more efficient and cost-effective.

One of the primary implications of AI on real estate transactions is in property valuations. AI technology is capable of analyzing a wide range of factors such as location, size, condition, and amenities of the property. With this information, AI algorithms can provide accurate property valuations, allowing buyers and sellers to determine the right price for a property. This not only saves time, but it also provides a more precise and objective valuation, thereby reducing the potential for disagreements between buyers and sellers.

Another significant implication of AI on real estate transactions is in predictive analytics. By analyzing historical data and other variables, AI technology can help predict future market trends and prices. This can help investors make informed decisions about buying and selling properties. For instance, AI can predict when property prices are likely to increase or decrease, helping investors decide when to invest in a property.

Furthermore, AI can provide personalized recommendations to potential buyers. By analyzing a buyer's preferences, AI algorithms can recommend properties that match their requirements, saving buyers time and helping them find the right property more quickly. This is particularly helpful for busy buyers who do not have the time to sift through numerous listings. Additionally, AI algorithms can offer insight into what potential buyers are looking for in a property, allowing real estate agents to tailor their offerings to better suit their clients' needs.

AI technology can also offer virtual tours of properties, allowing potential buyers to get a detailed look at the property without having to visit it physically. This can save time and reduce the need for in-person visits. This is particularly useful for buyers who live far away from the property they are interested in, or for those who cannot take time off work to visit properties during the day.

LEGAL

UPDATE

Lastly, AI technology can detect fraudulent activities such as identity theft and money laundering. By analyzing data, AI algorithms can identify patterns that indicate fraudulent behavior. This can help prevent fraudulent transactions in real estate, protecting both buyers and sellers. AI can also help improve the security of real estate transactions by ensuring that all parties are verified and that all documents are legitimate.

Despite the many benefits of AI on real estate transactions, there are also challenges to consider. One of the challenges is data privacy. AI algorithms rely on large amounts of data to make accurate predictions and recommendations. This data includes personal information such as income, credit scores, and other sensitive information. Therefore, it is essential to ensure that this data is kept private and secure to prevent any misuse of personal information.

Another challenge is bias in algorithms. AI algorithms can only make predictions based on the data they are trained on. If the data is biased in any way, the predictions will also be biased. For example, if a dataset only includes data on certain types of properties, the AI algorithm will be biased towards those types of properties. To ensure that AI is unbiased, it is crucial to train the algorithms on diverse datasets that include all types of properties.

In conclusion, the implications of AI on real estate transactions are significant, offering faster, more accurate, and more efficient ways of buying and selling properties. AI technology has the potential to streamline the entire process and make it more accessible to all parties involved. However, to fully realize the benefits of AI, it is crucial to address the challenges of data privacy and bias in algorithms.

Now for the full disclosure: With the exception of the very first paragraph, the entire article above was crafted by Chat GPT by simply asking it the following question: “Can I have a 500-word

essay on the implications of AI in real estate transactions?” Every word. Entirely unedited. Of course, it doesn’t contain the usual combination of eloquence, wit, and snark that would likely be present in an article I would have crafted personally! But, frankly, it is an articulate, accurate and passable essay (albeit 647 words).

Imagine a scenario where a series of questions could move two consumers through an entire real estate transaction?

“Locate For Sale Properties under $1,000,000 with 4 bedrooms that have been on the market for more than 30 days in the 80209 or 80210 zip codes.” “Schedule showings on properties A, B, C & D.” “Draft an aggressive offer on the Colorado Real Estate Commission approved Contract for the purchase of property D.” “Schedule a home inspector with a Yelp rating of at least 4.8 stars to perform a property inspection on property D not later than May 17th.” “Submit loan applications with the 3 banks offering the most currently low interest rate for a 30year jumbo mortgage.”

I could go on, but you get the point. As a real estate broker, could AI soon be “articulate, accurate and passable” enough for the average consumer? As I hope you know, from my perspective, the answer is NO! What Colorado REALTORS® do for buyers and sellers could NEVER be fully replicated by AI. But not everyone fully appreciates everything that you all do as much as I do! For some people “passable” might just be enough.

My point is that the emergence of AI is yet another reason for each of you to be continually identifying, refining, developing, and articulating your individual (human!) value propositions. The scope of what you bring to the table in a real estate transaction could never be fully replicated by AI but, rest assured, new brokerage technologies and business models will continue to evolve with the full intention of getting between you and real estate consumers for a larger piece of the brokerage pie.

Happy Spring, Colorado REALTORS®! I look forward to seeing as many of you in person as possible throughout the duration of the year as I visit local associations throughout the entire State for my new 2023 10 Things CE class.

To ensure that AI is unbiased, it is crucial to train the algorithms on diverse datasets that include all types of properties.

2023 LEGISLATIVE SESSION UPDATE

Before we get into the legislative session that wrapped up on Monday, May 8, I would like to introduce myself to the many members I have not met yet. My name is Brian Tanner and I started as CAR’s new Vice President of Public Policy on February 27, 2023, replacing Liz Peetz. I have more than two decades of political experience in Colorado, Wisconsin, Massachusetts, and Oregon, and I hope my experience and work ethic can continue to lead the Government Affairs division we have at CAR. Lauren Cecil also joined joined CAR as our Government Affairs Director of External Coalitions on January 11, 2023. Lauren brings a wealth of knowledge from her work with the Tennessee Association of REALTORS® and serves as CAR’s key point person on several coalitions with political ties.

2023 LEGISLATIVE SESSION

The November 2022 elections changed the political composition of Colorado’s General Assembly:

•House: 46 Democrats – 19 Republicans

•Senate: 23 Democrats – 12 Republicans

This is an important starting point as Democrats have a supermajority in the House and a near supermajority in the Senate for the 2023 and 2024 legislative sessions. Whereas in the past, there could be a legislator or two who might vote against their caucus on a committee vote, if necessary, a Democrat-sponsored bill was much more likely to pass out

of committee this 2023 legislative session. For reference, a primary House committee for bills affecting CAR; the Transportation, Housing and Local Government committee, has nine Democrats and four Republicans. That composition requires three Democrats to join Republicans to defeat or possibly amend a bill in committee. The bar to defeat or amend a Democrat-sponsored bill on the House floor is even higher with 14 Democrats needing to break from their caucus and join all 19 Republicans in order to reach a 33vote majority threshold.

The reality in navigating the 2023 legislative session was that any bill introduced with a Democratic prime sponsor could pass both legislative chambers without any changes and be signed into law by a Democratic governor. Therefore, we were much more likely to amend a Democrat-sponsored bill, especially in the House, by working with bill sponsors than defeat it.

CAR’s Legislative Policy Committee (LPC) deftly navigated the current political climate and worked towards realistic solutions on several problematic bills. Of the nearly 90 bills CAR tracked this session, the LPC took a position of Amend on more than a dozen bills with CAR’s GA staff and lobbyists working to secure critical amendments to mitigate the impact of bills.

Housing was front and center this legislative session. “Tenant rights” was an underlying theme throughout the 120 days of session. Several bills proposed restrictions on property

Brian Tanner

VP of Public Policy, Colorado Association of REALTORS®

LEGISLATIVE UPDATE

rights, especially landlords, with rent control (House Bill 23 –1115) being one of the few bills that CAR outright opposed. Our efforts, and the efforts of thousands of our members who contacted their legislators in response to our Call for Actions, helped defeat this bill in a Senate committeeinlateApril.

One of the hottest debated bills was Senate Bill 23 -213 “Land Use”, a sweeping land use bill that would have among other things allowed Accessory Dwelling Units (ADUs) in urban and rural resort areas, “Middle Housing” in urban neighborhoods and higher density development near transit areas and key traffic corridors. These provisions in state law would have superseded local zoning regulations. SB-213 died on the very last day of session when House and Senate Democrats could not reconcile differences between the two chambers’versions of thebill.

Another hotly debated bill in the last week of session, was Senate Bill 23 – 303 “Reduce Property Taxes and Voter-approved Revenue Change.” SB-303 refers Proposition HH to the November 2023 election ballot asking voters to reduce property tax taxes and to retain and spend excess state revenues that would be used to backfill some local services duetoaloweramountofpropertytaxrevenue than originally forecast. The passage of Proposition HH is required for key provisionsofSB-303totakeeffect.

Of the many provisions within SB-303, here are a few key provisionstiedtoPropositionHHtohighlight:

•For 2023, all residential property assessed at rate of 6.7% after a reduction of $50,000 to actual value.

•For 2024, all residential property assessed at rate of 6.7% after a reduction of $40,000 to actual value.

•For 2025-2032,

•Primary residences (or owner-occupied property) and other multifamily properties assessed at rate of 6.7% after a reduction of $40,000 to actual value.

•Senior owner-occupied property (Homestead exemption) assessed at rate of 6.7% after a reduction of $140,000 to actual value.

•Other residential (non-owner occupied or any additional properties after a primary residence) assessed at a rate of 6.7%.

Please contact the Government Affairs team at GovAffairs@ coloradorealtors.com with any questions related to 2023 legislation.

CARPAC

There will be five CARPAC seats up this year with three of those seats open due to term limits. Please refer to CARPAC bylaws for elections and refer to CAR Government Affairs staff for more information.

COLORADO PROJECT WILDFIRE

Interest and engagement in Colorado Project Wildfire initiatives continues to rise as the growing number of wildfires and severity of those fires captures the attention of our members, local associations, and residents throughout the mountain communities, as well as the front range following the catastrophic Marshall Fire at the end of 2021.

OTHER HIGHLIGHTS INCLUDE:

•CAR representatives have been asked by State Forester Matt McCombs to serve on the Colorado State Forest Service Working Group for the Wildfire Mitigation Education Outreach program that will launch in May 2023 and continue through 2024. This is a community education outreach program initiated by the passing of Senate Bill 007 in 2022.

•CAR members will have access to the full toolkit being developed for the implementation of the “Live Wildfire Ready” campaign that is being created from these funds.

•In addition to crafting a letter detailing our Colorado Association of REALTORS® concerns, we worked closely with Colorado State Forest Service Director Matt McCombs, CSFS scientists and communications team to define differences and concerns with realtor.com/First Street Foundation Wildfire Risk Factor Model and its potential harmful impacts of the tool related to data accuracy.

•CAR/CPW representative Ulrich Salzgeber will be a panel participant at the June 2023 annual meeting of the National Fire Protection Association to talk about the importance of public-private partnership efforts in educating the public about wildfires.

• We continue to work with our wildfire industry partners and local associations on outreach and education initiatives and resources during a May Wildfire Awareness Month campaign being implemented in conjunction with our partner organizations across Colorado.

•Sponsored ($2,500) and attended the 2023 Colorado Wildland Fire Conference to further define our program initiatives, resources, and overall support for the wildland fire continued on next page

industry in Colorado.

•We continue work to update our Member Tool Kit materials to incorporate the latest content and learnings from our stakeholders/partners (Colorado State Forest Service, National Fire Protection Association, Rocky Mountain Insurance Association).

•Completed distribution of 5000 Colorado Project Wildfire brochures to local associations and partners organizations for distribution to Colorado residents.

Our proactive Project Wildfire initiatives have assisted our

RPAC IS OFF TO A GREAT START!

We are making great strides towards our RPAC goals for the year. With over $630,000 raised towards our $1,060,000 goal, we are pushing towards a record year for 2023. Thank you to every single member that has made an investment to RPAC, we couldn’t do the work we do without your support.

RPAC GOAL: $1,060,000

Current Raised: $633,874

Participation GOAL: 37%

Participation: 33.8%

Major Investor GOAL: 301

Major Investors: 154

A special shoutout to all our 2023 Major Investors! This elite and passionate group of REALTORS®, invest a $1,000 or more annually to help shape the future of the real estate industry. We THANK YOU for your generosity.

Platinum R: $10,000 = 2 Members

Golden R: $5,000 = 19 Members

Crystal R: $2,500 = 22 Members

Sterling R: $1,000 = 106 Members

Corporate Ally Program (Corporate Contribution) = 5 Corporations

members and local associations with access to critical local wildfire information and resources, as well as strengthened the REALTOR® brand as a trusted and valued partner by our industry partners including:

•Colorado State Forest Service

•Rocky Mountain Insurance Association

• Wildfire Preparedness Services

•Fire Adapted Colorado

•Colorado Department of Natural Resources

• Wildfire Adapted Partnership

Congratulations to the 3 Colorado REALTORS® who were inducted into the NAR Hall of Fame at the 2023 REALTORS® Legislative Meetings in Washington, DC. The REALTORS® Political Action Committee and other political fundraising are the keys to protecting and promoting the real estate industry.

George Harvey - $75,000

Michael Labout - $50,000

Ann Hayes - $25,000

SPRING SUMMIT RECAP

What a great turnout we had at the 2023 RPAC Reception at Spring Summit! We had a packed house for our live auction, which raised over $60,000 for RPAC this year. A huge THANK YOU to Scott Matthias and Michael Labout for being our auctioneers and bring in those RPAC dollars.

JUNE RPAC MONTH

We’re excited to kick off RPAC month by making our way around Colorado on our 2023 RPAC Road Tour. We’re excited to visit Greeley, Fort Collins, Mountain Metro, Pikes Peak, Royal Gorge Denver Metro & South Metro Denver on our first leg of our road tour!

Get to Know Your 2023 CAR President Natalie Davis

How long have you been in real estate, and why did you decide to make this your career? This year is my 13th year in the business. Initially, I decided to begin a career in real estate to have the benefit and advantage of being a real estate professional to help in my own personal real estate transactions. After getting licensed and having the opportunity to help buyers purchase their ideal home, I fell in love with the opportunity to help people in one of the biggest decisions of their lifetime.

How did you get involved in your local and state associations and how do you think this helped your career? Right after getting licensed, I chose to hang it with an office that was a REALTOR® office. Because I was a new agent and new to the market, I found every opportunity to get plugged in with the association to take advantage of education offerings. After a few months of getting involved with the association, I was asked to serve as a cochair for the education and events committee. I progressed from serving on committees and chairing committees to running for the Board of Directors and ultimately serving as my local association President.

Serving as a volunteer for the REALTOR® associations has been tremendous in terms of value for my business. Having the opportunity to volunteer alongside my REALTOR® family across the country has given me insight about key focus areas and priorities when it comes to protecting private property rights for the consumer and advocating for the REALTOR® profession and its progression through time. In many instances, I've been able to council and advise my clients with information that was directly gathered from my volunteer REALTOR® experience.

What do you think is the most important trait as a leader? I think the most important trait has a leader would be authenticity. If you're able to show up as your authentic self as a leader, you have the opportunity to make decisions and lead in a way that will align with you and the organization that you're serving. If you cannot stand firm and what you believe, and in your core values, the decisions that you may make will always waver. So, if I had to choose one, I'd have to say it's authenticity.

Natalie Davis 2023 President of the Colorado Association of REALTORS®

Natalie Davis visits with CAR members at the Spring Summit.

PRESIDENT UPDATE

What was your why moment in why you decided to take the leap and run for CAR President? I don't think I had a WHY moment... I think it was more of me seeing an opportunity to volunteer my experience, expertise, and skillset to the organization in the capacity of CAR President. I come into this role with more than two decades of volunteer leadership experience and felt that the timing aligned well for me to share my skills and passion for the association with all of our members across the state.

What are your top goals this year as CAR President? The biggest goal that I have for 2023 is to share the REALTOR® value proposition with as many individuals as possible. This list includes REALTORS®, association staff, members of Congress, our elected officials, and the members of the communities that we serve. As REALTORS®, we give back to our communities more than any other profession. For most of us, this career is more than buying and selling real estate. It's about leaving an impression on the lives of the individuals that we have the opportunity to serve, and creating a significant positive impact on the communities in which we live, work, and play.

What do you think your top challenges will be this year? The top challenges for our industry this year, first and foremost, are the pending legal cases against our association. With so much focus and emphasis on how we operate as REALTORS®, how we run our small businesses, and how are compensated has drawn the attention of many. One thing that remains true is that we have a system in this country that works. It's imperative that we continue to place emphasis on the value that every REALTOR® brings to the transaction, to their clients, and communities they serve on a continuous basis.

Now that you’ve been sitting in the President’s seat for several months, what has been your biggest takeaway, so far, about leading this organization? The biggest takeaway that I've had so far in serving as President for the association is the tremendous amount of value and appreciation that the members have to engage in open transparent communication with their leadership team. The leadership team has placed a great deal of intention around having open dialogue with all of our members across the state to ensure that we have a clear understanding of their needs for support from the association. These conversations have provided the association with such valuable information that we are now able to shape the services and benefits that are offered to fit the needs of our membership.

Balancing volunteer leadership at the local, state, and national levels while also running a business can get tricky.

What tips, tricks, or tools do you use to stay organized? How do you stay motivated? This is a great question. The first thing that you want to do is give yourself permission to step away from your business. In order to give yourself this permission, it's great to have people around you to help support you and your business when you are volunteering for the local, state, or national associations. Early in my career, I felt that my clients didn't need to know that I was away from my book of business, and I tried to balance attending conferences and training without informing them that I was away from my business for a few days. I quickly learned that being transparent with your clients and filling them in on the work that you're doing for the industry and for their private property rights creates an environment for even greater success.

What tips would you give someone starting out new in the business? I think the best thing a person new to the business can do is plug in and get as much education as possible. Learn about all of the nuances of the industry. Even though you may not have the business that's relatable to the topic, in time, you will. The greater knowledge base that you build, the greater value you bring to your clientele, ultimately creating a better client experience for years and years to come.

What do you enjoy doing when you are not working –for fun? Travel. I absolutely love exploring new parts of the world, or simply just escaping to a beautiful beach to recharge and relax. If I have a ton of spare time, I also enjoy gardening, cooking, and photography.

What are some of your biggest personal goals? One of my biggest personal goals is to visit all of the continents and find an opportunity in my life to travel around the world.

Final thought - If you could relay one thing to all 29,000 members of the Colorado Association of REALTORS® that would resonate with them, what would that be? The one thing that I would relate to all of the REALTORS® in the state of Colorado is to remind them that we are all part of the REALTOR® family. Every REALTOR® member matters. Every REALTOR’s® voice is needed in order to continue to push through as the largest trade association, and the only trade association that is advocating on behalf of the consumer to protect private property rights. As a family, it's our responsibility to ensure that we are taking care of one another and taking care of those communities that we serve.

THINGS ARE LOOKING UP: Rates Will Be Going Down and a Fair Look at Fannie and Freddie’s New LLPA's

By Mathew Schulz President/Owner at Firelight Mortgage, Board of Directors at the Colorado Mortgage Lenders Association

Welcome back to this quarter’s edition of Notes from a Mortgage Professional, brought to you by your local embittered mortgage professional. NO, that’s not the case. In fact, there are great things on the horizon; a positive outlook on the increased loan level price adjustments from Fannie Mae and Freddie Mac and imminently improving interest rates! Of course, I always tell my clients, “Hey, I’m a loan guy, it’s my job to be the glass is half full guy”. In all seriousness, I do believe there are good things happening.

What Are They Doing? The Real Story Behind Increasing Costs for Borrowers

First, I would like to address the increase in loan level price adjustments (LLPA’s) by Fannie Mae and Freddie Mac. To begin, I would like to dispel the myth by the media that this is a Biden Administration initiative. While I don’t have a children’s desk in the Oval Office, I am willing to bet my reputation that there wasn’t a staff meeting in the Oval Office in which the Biden Administration asked the Director of the FHFA, Sandra Thompson, how can we make homeownership more expensive, especially for perfectly qualified borrowers? When you dig in a little further to the actual adjustments, you will see that, yes, some adjustments became more expensive for well qualified borrowers (minimally, I would say), and other adjustments became less expensive for the average to lower credit score and lower down payment borrower. This is not discrimination against wealthy people, this is not a socialist agenda, it is an effort to make housing

more affordable to the masses.

Is it the right effort? Most have criticized it, but “hey, I’m a loan guy, my job is to be glass half full”. I would rather give a lower to middle income borrower a break on their interest rate than a couple thousand more in down payment assistance. At least the lower rate gives them longer term savings in addition to monthly savings. Does this come at the expense of the “better qualified”? Yes, but we’re not talking about tens of thousands of dollars. At most, on a $600,000 loan amount, with a credit score of 720-759 with a down payment of 20% (the hardest hit category of borrower), the change in closing costs is $4,500. For most other categories negatively impacted by this, the change in cost would range from $750 - $3,000.

Let me hit this pickle from another angle. As a recent buyer, I would’ve been impacted by this change costing me .125% in additional closing costs. On my last home purchase, that would’ve been a change in closing costs of $718.75. Personally, I am fine with that. I am also an individual that has run for city council in the past (another story for another therapist). When I describe my theory on taxes, I always say, I don’t mind paying more taxes than most, I just wish I had great confidence in where those tax dollars were spent. If you want to call this a form of taxation on wealthier or more well qualified borrowers, but it allows other, hardworking American’s that have had their credit scores impacted from medical collections for sick children or extended credit card debt from being laid off during COVID, then I have no problem with that, and I ask you to tug at your own heartstrings to answer that questions for yourself.

At the bottom of this page is a chart of the actual changes to the LLPA’s, the deeper red boxes indicate the hardest hit and the darker green indicate the most improved. This chart was brought to you by your friends at Mortgage News Daily. I might note that all neutral change sections appear in orange, messing with one’s senses making the chart appear worse than it is.

In conclusion to this topic, yes, the cost of homeownership has gone up for some well qualified individuals while helping many others. We know that there is an affordable and attainable housing crisis in this county, I believe that this is one small step of many that need to be taken to begin to tackle this elephant of a crisis.

Love Roller Coasters? Follow Mortgage-Backed Securities!

On a lighter, more fun, and exciting front, interest rates are coming down imminently! Through the past 17 months, more particularly, January through October of last year, we saw some of the fastest increasing interest rates in history topping out in October of 2022 with conventional rates above 7.0%. Depending on who you speak to or listen to; The Mortgage Banker’s Association, Fannie Mae, or Freddie Mac’s economists, all have predicted that we will be seeing rates below 5.5% before the end of 2024, some are expecting these rates to begin to fall as early as this month, May 2023.

My favorite mortgage economist is Barry Habib, original founder of the Mortgage Market Guide and present owner of MBS Highway. I have followed him nearly my entire career and this man gets things right with an uncanny ability. Barry has been so bold as to say that we would begin to see these falling rates beginning as early as May 10th. The big reason that Barry went so far as to put a date on his prediction of falling rates: On May 10th, inflation numbers were announced, and it was a positive report for inflation improving. On that positive news, we saw mortgagebacked securities - MBS (the true tool to determine mortgage rates –see August 2022 article in Colorado REALTOR® Magazine for background on mortgage-backed securities) improve by 44 basis points (bps)! For those that don’t follow MBS, that’s a nice one-day improvement! Things have stalled out for the week at the time this article was written, however,

Barry goes further to predict that when June’s Consumer Price Index (CPI) report comes out the second week of July, the index will fall from 4.9% presently to as low as 3.5-3.75% causing mortgage rates to continue to fall.

Reports like this that continue to point us in the direction of a recession are why most economists are predicting lower interest rates. As a further reminder, as bad economic news happens that tends to negatively impact the stock market, investors’ money will flow to the “safe haven” of the bond market including our mortgage-backed securities that are in fact bought and sold as bonds. I encourage you all to check out Barry’s website (it is subscription based) www.mbshighway. com and if you’re not thrilled with the subscription, follow him on LinkedIn or other social media. He is the most accurate economic predictor that I have followed through the years, and he gives other great real estate-related advice.

That does it for this edition of Notes from a Mortgage Professional, stay tuned for my next article, “How to Polish Your Resume for Exiting the Real Estate and Mortgage Industry”. Kidding! Don’t you dare! This is just another down cycle, as all cycles do, this will come back and will do so after weeding out the weaker players leaving you a nice slice of the pie when buyers begin to dip their toes back in the market – like the fastfood restaurant Good Times says, “It’s Gonna Be Big”!

Mathew Schulz, CML, is the President of Firelight Mortgage Consultants in Greenwood Village, Colo., a mortgage company that he has owned for 15 years. He is also a board member and past president of the Colorado Mortgage Lenders Association. You can reach him at mschulz@FirelightMortgage.com. Mathew provides a regular look into the market called MMG Weekly. Click here if you’d like to subscribe.

CRUSADER LISA NGUYEN

May is Asian American Native Hawaiian and Pacific Islander (AANHPI) Heritage Month. In celebration, we sat down with remarkable REALTOR® and AANHPI advocate Lisa Nguyen.

Well known and highly admired, Lisa Nguyen is currently serving as the President of the Greater Denver Chapter of the Asian Real Estate Association of America (AREAA), Vice Chair for the National AREAA Affordable Housing Task Force, Chair for the Denver Metro Association of REALTORS® (DMAR) Diversity Alliance Committee, and sits on the DMAR Board of Directors.

She was also recently named a Crusader by RISMedia in its 2023 list of “Newsmakers”. According to RISMedia, the sixth annual list “spotlights some of the industry’s most dynamic individuals for their accomplishments and contributions to their companies, colleagues and clients, and to the larger cause of expanding homeownership.”

Lisa calls herself an open book, and freely shares her story and her passion for advocating for her community, hoping that she can encourage other minority women to embrace their sto -

ries and be advocates for their communities. “Someone once said that a true leader is only as good as their successors,” shared Lisa.

A second generation American, her family’s story and pursuit of the American Dream inspired her career in real estate.

“My dad was a spy for the Americans in the Vietnam War. After his entire squad was killed, he ran home, grabbed my mom, grabbed a bag of rice, put my sister on his back, and ran through a field praying to God they wouldn’t get murdered,” shared Lisa. “Once my family made it to the United States, they were considered ‘those boat people’ who came over in 1975, fleeing for their lives.” The family landed in North Carolina where they had sponsors, eventually making it to Denver, where they found a better sense of community and where Lisa was born.

Their new life in America was not easy. With only $20 in their pockets, the family moved into housing projects at 12th and Osage. Through hard work, determination, and saving every penny, they were eventually able to achieve homeownership.

“It’s why I'm so passionate about it to this day. For a lot of communities, especially for many refugees, people coming from other countries, and underserved communities, the idea of home ownership is forever changing generations,” said Lisa. “Building generational wealth is so powerful, and I don’t think people realize how significant it is. When we’re helping people into homes, it’s impacting the family for generations to come. That is why this work is so important.”

Lisa Nguyen

Advocacy Pillars: Language Access, Alternative Credit, Appraisal Equity, Discrimination, Fair Housing

Lisa is a dedicated advocate on many fronts, focusing on solutions to language access issues, alternative credit, appraisal equity, and shining the light on discrimination in real estate. Her efforts to help underserved communities has taken her to Capitol Hill in Denver and DC, testifying and doing whatever she can to shine the spotlight on the communities she’s dedicated to serve.

“Language access is very important because we can talk about the importance of homeownership and generational wealth all day long but if it's not in a language where people understand it, our efforts to educate these communities isn’t making the impact that it should,” said Lisa. “That is why a lot of home ownership rates within the different minority communities are less, and drastically less in some cases.”

Lisa is proud of the work she and her colleagues with AREAA have done on behalf of many underserved communities. Up until 2016, a check box for the AANHPI community did not exist on the United States Census. AREAA lobbied for this change, and with that checkbox came actual data about the Asian community and homeownership. “We found that we have some of the highest levels of income, yet our levels of homeownership are still lower than our Caucasian counterparts. There are gaps in the system, and one of them is lending practices, which is why AREAA pushed through language access. Now, when you go to do a loan application, they’ll ask what language you speak. Whether it’s Vietnamese, Korean, or Spanish,” shared Lisa.

Another issue Lisa helped to lobby for was alternative credit. “That was another thing that was really huge,” recalled

Lisa. “It didn't just affect the Asian community; it impacted all communities. When someone is coming from another country and they're trying to buy a house, they don't have credit, not in a traditional sense. We worked to get the Senate to look at alternative credit sources like rental payments and cell phone bills, whereas before those type of alternative credit resources weren’t accessible,”shesaid.

WhenwespokewithLisa,shewaspreparing to hop on a flightto DCwhere she and her colleagues at AREAA were focusing on discussions around appraisal equity. She explained appraisal equity in two parts; discrimination within the appraisal process on behalf of minority homeowners, but also discrimination within the process to become an appraiser. She points out the lack of diversity within the profession itself, explaining that the process to become an appraiser is inherently discriminatory. “How would any minority be successful in becoming an appraiser when they have to serve under another appraiser for 1,800 hours if they are unable to find someone who will take them under their wing?” askedLisa.

Another topic of discussion in DC is state-level foreign policy, and a law recentlypassedinFloridathatrestricts the ability of foreign nationals from China, Cuba, Iran, North Korea, Russia, Syria, and Venezuela to purchase real estate. According to Lisa, this idea is now a topic of discussion in 30 different states.“On a National level, the Asian community is being attacked in what I can only describe as a blatant violation of Fair Housing,” said Lisa. “What we’re deathly scared of right nowisthatthewholeAsiancommunityisgoingtobediscriminatedagainst, andthatAmericancitizensofAsiandescent are now going to have to prove

continued on next page

Volunteers with Several Groups

Lisa Nguyen

“Building generational wealth is so powerful, and I don’t think people realize how significant it is. When we’re helping people into homes, it’s impacting the family for generations to come."

their citizenship prior to purchasing a home.”

Lisa is passionate about educating the community about this new issue, and as she talks to people, she realizes that it’s the first time a lot of people are hearing about it. “I'm just trying to even get the word out about it because this is the first time a lot of people are even hearing about it. There's a lot of discrimination that's taking place and people are not talking about it. I have to constantly bring light to it,” said Lisa. “All I can do is make people aware, so that when this idea comes to Colorado, everyone knows what this is and how dangerous it is.”

DEI Efforts and Diversity Alliance

On the Association level, Lisa is proud of the groundbreaking work done by DMAR’s Diversity Alliance Committee, and the adoption of DEI efforts across the state and the nation.

“With the Diversity Alliance Committee, in the beginning there were only six or seven of us and now we’re a big committee and people want to be involved. And now there are DEI groups all over the state and nation, and it all started with an idea,” said Lisa.

One thing the committee has been successful in doing is making small but impactful changes to the governance structure of the association. The committee lobbied for, and was successful in getting, a Board of Director’s seat for each of the diverse groups on the DMAR Board of Directors. Those diverse groups include Asian Real Estate Association of America (AREAA), National Association of Hispanic Real Estate Professionals (NAHREP), National Association of Real Estate Brokers (NAREB), and the LGBTQ+ Alliance. One of Lisa’s initiatives as the Chair of the 2023 DMAR Diversity Alliance Committee is to create a “roadmap” for other associations to follow that includes processes, systems, governance struc-

ture, and mission statements. “I get phone calls from associations all over the country asking us how we did it,” says Lisa.

By continuing to talk about DEI efforts and discriminatory practices in real estate, Lisa knows that more REALTORS® will want to help. “There are so many people who have been so gracious, and they may not have been discriminated against, but they don’t like what’s going on and want to know what they can do to help.”

When it comes to being involved at your local, state, and national associations, Lisa says that getting involved is the right thing to do. “What I have learned through the whole process of starting this DEI initiative is there is strength in numbers, and when we came together is when we were able to make a difference. I could not have done it alone, I had to depend on alliances with NAREB, NAHREP and the LGBTQ+ Alliance, and they had to depend on me, too,” said Lisa.

Lisa finds that people want to step up and they want to be involved, but they’re intimidated by the process. “People will say, ‘I don’t know how to be on a Board, I don’t know how to be President, Vice President, or Treasurer’. I’m here to tell you, neither did I!” said Lisa. “You just have to take the first step and say, ‘I want to do it’ and you know, people are very gracious and kind, and associations will teach you how to be a leader."

The work has been difficult, but worth it

“The work on the way has been very difficult. There's been a lot of uncomfortable conversations, things said about me, and people judging my character because I'm standing up for what I believe in,” recalled Lisa.

Despite the challenges, Lisa said she’s starting to see a lot of good, positive

impact come from the work she and other DEI advocates have done. “I’m seeing that light at the end of the tunnel, and it has resurrected me and given me hope and faith that it was all worth it. I’m seeing the work come to fruition and it has been so rewarding to change hearts and minds.”

When asked what ONE thing she wanted to implore on all 29,000 Colorado REALTORS®, Lisa said, “Be kind to your fellow REALTORS®. Be kind to new agents. We all had to start from somewhere, and we weren’t always successful, and we all made mistakes. Across the board, there are a lot of people suffering. Be kind in your interactions with one another and if you run across a new agent, take the time to mentor them.”

When asked what she wants people to take away from Asian American Native Hawaiian and Pacific Islander Heritage (AANHPI) Month, Lisa said, “One narrative the media has pushed out is that all Asians are rich, and that is not actually the case. There are plenty of underserved AANHPI community, some of which are refugees coming from other countries. It’s something I want everyone to be mindful of. The AANHPI community, just like other communities, has its fair share of challenges.”

But Lisa also wants everyone to enjoy the culture, the food, and the rich history. With the appreciation for the AANHPI community’s rich history, Lisa was proud to end our discussion with an exciting announcement. Thanks to the hard work by community advocates, the Lunar New Year will almost certainly become an observed holiday in Colorado. Lunar New Year is celebrated across southeast Asian communities and is the most important and most festive holiday of the year. “We’re just waiting for Governor Polis to sign the bill into law. It is so exciting so see,” said Lisa.

Congratulations Colorado REALTOR® Mark Gordon

CAR BUSINESS RESOURCE CENTER SPOTLIGHT

Colorado REALTOR® Mark Gordon was recently elected to the Residential Real Estate Council’s 2024 - 2025 Board of Directors. The Residential Real Estate Council is a national real estate organization, whose mission is to provide the tools, education, and resources to help REALTORS® be more successful.

Mark Gordon, CRS and Broker/CoOwner at Christiania Realty, Inc., started his real estate career in 2008 and is a longtime Vail, Colorado, community leader, sitting on numerous nonprofit boards and

town commissions. Gordon is an ardent supporter of preserving Vail’s economic vitality, attainable housing, and environmental stewardship. He strongly believes in giving back and improving the real estate industry.

Gordon was the 2021/2022 Colorado State CRS President, is active on several CAR committees, and is a regular participant in CAR conferences and governance meetings.

Congratulations, Mark, on behalf of your friends at the Colorado Association of REALTORS®

Professional Videos Made Easy for REALTORS® at a discount. PitchHub streamlines video production so you can easily create the professional content you need to grow your Real Estate business. 83% of Video Marketers see an immediate return on their investment with professional videos.

Learn more at Coloradorealtors. com/realtor-marketplace/

Future CAR Events and Courses

JUNE 7 CAR ETHICS DAY Virtual Course - Register Here

OCT 8-11 CAR Fall Forum, Snowmass

NOV 7

Professional Standards 6-Hour - 2 Day Class - Register Here

Mark Gordon promotes CRS with Sunny Banka and Kati Harken.

MARKET TRENDS

JUNE

7TH

9am-12pm

Join Us Virtually as We Journey Through the NAR Code of Ethics!

The content will focus on the most commonly violated articles and will feature real-life scenarios to help attendees understand the legal jargon in a more practical manner.

Half of all proceeds will be donated to the CAR Foundation.

Instructed by “The Recycler” Damian Cox and “Captain Crunch” Scott Peterson.

This class satisfies the NAR Code of Ethics training triennial requirement.

By Deborah Shipley Vice President Corporate Communications and Marketing for REColorado

MLS Collaborations Drive REALTOR® Value

To say real estate is undergoing a transformation would be an understatement. Who could have predicted the landscape would look the way it does today even as recently as five years ago? Technology has driven much of the recent change as providers develop powerful new tools and services that are fueled by listing data, which is entered into our systems by MLS users!

While some industries might fear these rapid changes, real estate has a long history of rolling with the punches and adapting to meet the needs of REALTORS® as well as buyers and sellers. For MLSs, these recent developments have only served to highlight that our listing data is more powerful and valuable than ever before. As a collaborative MLS, REcolorado understands that to keep up we need to embrace innovation and support like-minded organizations. Now is the time for industry leaders to come together and harness technological advances to position REALTORS® for success by putting them front and center on their listings and giving them even more value when it comes to their biggest asset: their data.

Is your organization ready to answer the call? You and your board can take the first step by joining one of these two new initiatives that were launched by MLSs who, like you, are embracing the future with open arms.

SAFEGUARD DATA WITH REDISTRIBUTE

REdistribute has the potential to transform the real estate industry’s relationship with data by fixing a broken distribution system that’s been in place for far too long. It's an organization formed by innovative MLSs to create transparency and guidelines that ensure MLS data is properly licensed and used as intended.

REdistribute aggregates data on behalf of participating MLS organizations to give mortgage, insurance, and other housing-related businesses unbiased, up-to-date MLS data directly from the source. It also delivers innovations that allow licensees including lenders, insurance companies, and government-sponsored enterprises to gain real-time insights on a market-by-market basis. Revenue generated by REdistribute is shared with participating MLS organizations for the benefit of the MLS subscribers, ensuring fair compensation to the original content creators and more value for the REALTORS who bring this crucial data to the table.

What began as a joint venture between Bright MLS and CRMLS has expanded with the addition of more of the nation’s largest MLSs—REcolorado®, Beaches MLS, Stellar MLS, and MLS PIN as investors along with dozens more who have licensed their data to REdistribute.

MLSs join in endeavors to maximize the value of their greatest asset—the data they provide.

MLS UPDATE

REdistribute has the ability to maximize the value of our data while still ensuring that the data licenses are closely monitored for compliance with the permitted use. The goal isn’t to hoard data and keep it from the public – in fact, MLSs want their data to be used because it creates a more robust real estate marketplace.

“We want to let our customers know how much we value them by being good stewards of the data they work so hard to provide,” said Gene Millman, President and CEO of REColorado. “Our partnership with REdistribute is one of the many steps we’re taking to make sure subscriber data is handled in the most secure way possible.”

NESTFULLY CONSUMER PORTAL DELIVERS EXPOSURE FOR LISTINGS AND LEADS FOR REALTORS®

Multiple listing services from across the country, including REcolorado, have joined together to create a new nationwide home search site that cuts through all the noise online to simplify the process of finding a home for consumers while delivering no-cost leads to listing brokers. Because it was created by MLSs whose goal is to help brokers succeed, Nestfully.com doesn’t sell user information to third parties, it won’t charge brokers to have their name associated with a home listing that isn’t

theirs, and it puts brokers front and center on their own listings.

“There are no ads on the site. We’re not going to allow people to pay for placement. We're creating an open marketplace so the United States consumer can participate in that property game.” Said Amit Kulkarni, CMO of BrightMLS.

Nestfully plans to roll out a mobile app and several other enhancements soon, including a method for home valuations that will be offer greater transparency into how property valuations are determined, which will help address the inaccuracies and discrimination that exists within many current automatic valuation models.

Since the initial launch of Nestfully, which included data from CRMLS, Bright MLS, and REcolorado, BeachesMLS and the Miami Association of REALTORS® have signed up to include their listings on the site. As organizations continue flocking to Nestfully, the search portal is poised to become even more powerful on the national stage.

JOIN US!

If you’re an MLS organization or broker interested in learning how you can participate in REdistribute or Nestfully, please contact Deborah Shipley at dshipley@ REcolorado.com.

The Art of Chill Marketing and “Chill” Tips From REALTORS®

In April, over 200 REALTORS® gathered at the CAR Spring Summit in Vail to partake in several meetings, classes, and events. This included the “Art of Chill” Networking Lunch where hosts Rob Boss (Randy Reynolds) and Barb Russ (Aline Pitney) lead the group with some fun doodling projects and games. The pair even ended up painting an “amazing” Bob Ross style painting that raised $500 for RPAC.

CAR staff gathered their answers to three questions and got some great responses we wanted to share with everyone. These are all tips and ideas REALTORS® can use in their daily life.

Question 1: How has learning to be “Chill” helped you as a REALTOR®?

• “Laughing is a great stress outlet. Randy Reynolds up there painting in a wig is a great example.” – Debbie Howes, Pikes Peak

• “Look at the situation from a new perspective – it can bring a new mind set to the problem.” – Scott Franks, Denver Metro

• “Knowing that every “problem” can be fixed with a great support system that networking has provided.” –Ann Kidd, Pikes Peak

• “I’m better at emotional regulation for myself and my

clients. When stressful situations come up when under contract, I can take the time to step back, breathe, evaluate, and then present solutions.” – Nicole White, Estes Valley

• “I remember that it is not about me.” – Brenda Hindmarsh, Fort Collins

• “When you are chill, you relax. When relaxed, easygoing, and positive you are happy. Others like to be around happy positive people.” Sandi Zimmerman, South Metro Denver

• “Finding Space in my life to “chill” recharges me. Many of my REALTOR® friends and I hike. We call it “Mountain Therapy.” We talk about everything on the trail. I am convinced that all world problems can be solved on a mountain trail.” – Stacy Huyler-Fisher, Estes Valley

• “I don’t answer the phone after 8:00pm.” – Gordon Dean – Pikes Peak

• “I try to listen more closely.” – Okie Arnot – South Metro Denver

• “Better sleep is a life-changer. I had a client who would text and call at 2:00am that taught me how to use the auto Do-Not-Disturb setting on my phone.” – Joseph Rovinsky, REALTORS® of Central Colorado

Question 2: List one creative way you market yourself as a REALTOR®:

• “I make baskets for my husband’s coworkers when big life events happen with my business card and newsletter in them.” – Shelby Foster, South Metro Denver

• “I market myself through sponsorship of charities and community fundraisers. My company is focused on building a better community which will in turn will help us grow and be successful.” – Mark Wingerter, Grand Junction

• “I support our local trails organization.” – Kathleen Sedillo, Vail

• “We bake cakes and donate the money back to non-profits in our community. Everyone who purchases a cake receives my card. At every closing I give both clients a cake as well.” –Myra Smallwood – Royal Gorge. (Editor’s note: we have tasted Myra’s cakes and they are delicious.)

• “I use radio marketing through our local station in Grand County (KFFR). It’s powerful in a mountain market with poor telecommunications. Everyone can listen without interruption.” – Monica Anderson, Grand County

• “I provide 3D sunglasses on the 4th of July with my branding at a local event.” – Dawn White, Royal Gorge

• “I send recipe cards.” – Andrea Cox, Grand County

• “I do a monthly trivia question with a gift card for the winner.” – Tammy Fisher, Loveland/Berthoud

• “I create different website URL’s for various areas of focus.” –Mark Trenka, Denver

• “I provide client appreciation tickets for the Greeley Stampede.” – Brad Inhulsen, Greeley

• “I provide 4000 flags in the local annual parade.” – Peggy Ritter, Royal Gorge

• “I create on-site videos for home improvement tips like ‘Gardening for Curb Appeal’.” – Mary Ann Hinrichsen, South Metro Denver

• “I give out dog treat bags at the dog park.” – Debbie Laity, Delta

• “I have a table at our local farmers market so I can visit with all the local residents who are shopping.” – David Madone, Royal Gorge

• “Handing out shopping bags at the store with my logo imprinted to those who need a bag.” – David Barber, South Metro Denver, and Jack Beuse, Pikes Peak

Question 3: Life happens, but no one wants to work with a grumpy or negative REALTOR®. What strategies do you use daily to make sure you are sending out positive vibes?

Several answers included: meditate, exercise, smile and breathe. Here are a few other creative answers:

• “I think before I speak and thoughtfully be kind to others.” –Liz Bowen, Pikes Peak

• “Pause. In a stressful situation I always pause, take a deep breath, count to ten, and then respond with positivity.” –Karen Frisone, Denver

• “Laugh as much as possible.” – Breeyan Edwards, Estes Valley

• “I take a 3-day weekend every month. After 45 years, it becomes a habit.” – Barb Riley, South Metro Denver

• “It’s a choice, when my feet hit the ground, I chose to be happy!” – Lynn Snyder Goetz, South Metro Denver

And lastly, a great reminder from CAR Past President Matthew Hintermeister, "Remember to add your REALTOR® R to your email signature." These are all great tips from some very successful REALTORS®.

TECH CORNER

Defending Your Business from Cyber Criminals: Security Software that Won't Break the Bank (or Your Heart)

Choosing the right security software is crucial when protecting a business's digital assets. With the rise of cyber threats and the increasing dependence on technology, companies must implement adequate security measures to keep their sensitive information safe. This article will discuss the security software recommended for use in a business environment and their respective cost ranges.

ANTIVIRUS SOFTWARE:

Antivirus software is a fundamental tool that every business should have. It detects and removes malicious software such as viruses, malware, and spyware that can infect the system and cause harm. Antivirus software costs vary depending on the features and level of protection needed. For a small business, the cost can range from $30 to $100 per year, while for larger organizations, it can cost anywhere from $200 to $500 per year. Brand examples are below.

• Norton Antivirus

• McAfee Antivirus

• Bitdefender Antivirus

• Kaspersky Antivirus

• Avast Antivirus

FIREWALL SOFTWARE:

A firewall is another essential security software that helps prevent unauthorized access to a network or computer system. It acts as a barrier between the internal network and the outside world and can block malicious traffic. The cost of firewall software varies depending on the type of firewall, features, and level of protection needed. For small businesses, the cost can range from $200 to $500 per year, while for larger organizations, it can cost upwards of $1,000 per year. Brand examples are below.

• Fortinet Firewall

• Cisco ASA Firewall

• Sophos Firewall

• SonicWall Firewall

• Palo Alto Networks Firewall

DATA ENCRYPTION

SOFTWARE:

Data encryption software is essential for businesses that handle sensitive customer data, financial information, or intellectual property. It encrypts the data to be unreadable to unauthorized users, providing additional protection. The cost of data encryption software varies depending on the level of encryption and features needed. For small businesses, the cost can range from $10 to $20 per month per user, while for larger organizations, it can cost upwards of $50 per user per month. Brand examples are below.

• Microsoft BitLocker

• Symantec Endpoint Encryption

• Trend Micro Endpoint Encryption

D. Jonathan Griggs

VP of Internal Operations, Colorado Association of REALTORS®

PASSWORD MANAGEMENT

SOFTWARE:

Password management software is used to store and manage passwords securely. It creates complex and unique passwords for each account and keeps them encrypted, making it difficult for hackers to access them. The cost of password management software varies depending on the number of users and features needed. For small businesses, the cost can range from $2 to $5 per user per month, while for larger organizations, it can cost upwards of $10 per user per month. Brandexamplesarebelow.

•LastPass

•1Password

•Dashlane

In conclusion, implementing security software is essential to protecting a business's digital assets. The cost of security software varies depending on the features and level of protection needed. For small businesses, the cost can range from $30 to $500 per year, while for larger organizations, it can cost upwards of $1,000 per year. It is essential to invest in security software appropriate for the business's size and needs to ensure the best protection againstcyberthreats.

STOCK UP FOR SMALL BUSINESS MONTH

May is Small Business Month and as a valued CAR member, we want to help you celebrate! Whether you own a small business, work for one or love to support them, our ODP Business Solutions™ Savings Program has the resources you need to keep business going.

We know how important it is to save money wherever you can. So use your CAR savings, and get deals on top office essentials without overspending.

Plus, enjoy the convenience of free next-business day delivery on qualifying orders within local delivery areas. Need it fast? Make your purchase online and get free instore or curbside pickup.

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AE SPOTLIGHT SUZAN KOREN

AE for Fort Collins Board of REALTORS®

How long have you been an AE? It will be 14 years in August. Fort Collins Board of REALTORS® (FCBR) is the third association where I have been CEO. I was at Mountain Metro Association of REALTORS® (Evergreen, CO) MMAR for 6 years, REALSOURCE Association of REALTORS® (Waldwick, NJ) for 3 years, and then back to Colorado to Fort Collins Board of REALTORS® (Fort Collins, CO) for almost 5 years.

How did you get your start as an AE? I was the communications director at the Evergreen Area Chamber of Commerce, and I heard about the AE opening at the Mountain Metro Association. I already knew many of the REALTORS® in Evergreen, so it was a “still in the neighborhood” job transition to MMAR.

What do you love most about the job? Keeping up with Industry trends and sharing this information with our members to be more successful and have a broader view of their profession.

What is your biggest success as an AE? Volunteering and being chosen for the CAR and NAR committees. The networking and collaboration with other AE’s and REALTORS® on these committees is rewarding to me and valuable to my growth and ongoing knowledge of the profession.

What would your members be most surprised by about your job? The multitude of skills required to run all aspects of this business – financial, managerial, technical, communication, etc. Also, I could not do this job without the fantastic staff that I have!

CAR benefits you and or your members use most: The CAR Legal Hotline and attending the CAR events.

Which talent would you most like to have? To be better at downhill skiing. My favorite run is the double black diamond Golden Eagle trail at Beaver Creek. I try to get the guts to do this run once a year.

I also enjoy camping in off the beaten path mountain areas with my husband, George, and my dog, Pepper.

What is your most treasured possession? My most valued possession are pictures of my mom and dad laughing.

Suzan tackling the double-black diamond runs.

Suzan and George kayaking.

AE SPOTLIGHT SARAH THORSTEINSON

AE for Summit County Association of REALTORS®

How long have you been an AE? A little over seven years.

How did you get your start as an AE? I had served as the Shared Government Affairs Director for many of the Mountain Boards. When the Summit Association lost their AE, they asked me to step in as interim CEO, and the rest is history.

What do you love most about the job? Our members. They are a wonderful group of people. It's easy to go the extra mile for them.

What is your biggest success as an AE? While it was a group effort, the Association rising like a Phoenix from the ashes after a tough period in the association history. Our members now say the Association is better than it ever was. I am also extraordinarily proud of the team at SAR. They are very hardworking, intelligent, forward-thinking, and a ton of fun!

What would your members be most surprised by about your job? How much work it is - Just like clients don’t realize how hard their REALTORS® work for them.

CAR benefits you and or your members use most: Legal hotline and the Government Affairs team! Truly invaluable!

Which talent would you most like to have? I love to sing. LOVE it! But I have the worst voice ever. I would love to actually be able to sound good when I am rocking out in the car.

What is your most treasured possession? I have a letter that was written to me by a coworker when I was a lobbyist in DC. I didn’t know him well, but when I left the company, he wrote me a letter about how I had made an impact on his life and

who he was trying to become. I had no idea he thought that. We stayed in touch until he died, and I have the letter hanging above my computer at work to remind me that you never know when your actions might impact someone else.

Which historical figure or literary hero do you most identify with and why? Someone once told me I was a “Renaissance Woman” because like DaVinci, I have interests in a variety of different subjects: arts, history, architecture, politics, culture, and music. But let’s be honest, I am no DaVinci, not even close.

Motto or piece of advice you live by: My two favorites are by Ghandi “Be the Change You Wish to See in the World” and “Live as if you were to die tomorrow. Learn as if you were to live forever.”

At the National Block Party in Washington DC, from left, Courtney Peroutka, Mountain District VP-elect, Sarah Thorsteinson, and Dana Cottrell, CAR Treasurer.

Sarah joins her fellow AE's at the 2023 CAR Spring Summit in a toast to retiring AE's Cheryl Burns and Ulrich Salzgeber.

May 2023

NEW FEDERAL REQUIREMENTS ON REAL ESTATE TRANSACTIONS IN COLORADO

The Financial Crimes Enforcement Network has been issuing orders called "Geographic Targeting Orders" since 2016. Under these orders, the title companies that close or underwrite residential transactions that meet certain criteria are required to make additional disclosures about the transaction, including information about the beneficial owners of any buying legal entity. On April 21, 2023, FinCEN updated its GTO to add transactions located in certain Colorado counties for the first time. In order for the transaction to "qualify" for this mandatory reporting, it must meet the following criteria:

 Residential

 Purchase does not include a loan (as further discussed in the GTO)

 Purchase price of $300,000 or higher

 Buyer is a Legal Entity (as defined in the GTO)

 At least part of the purchase price is paid using currency, cashier's check, certified check, traveler's check, personal check, business check, money order, a fund transfer (including wire transfers), or virtual currency.

 The property is located in one of these counties: Adams, Arapahoe, Clear Creek, City and County of Denver, Douglas, Eagle, El Paso, Elbert, Fremont, Jefferson, Mesa, Pitkin, Pueblo, Summit.

Beginning May 24, 2023, if your transaction qualifies under the new GTO, the title company closing your transaction will request that buyers provide additional information to facilitate their mandatory report to FinCEN. Specifically, buyers purchasing properties using legal entities should be prepared to provide specific information about the identities (including SSN and identification) of the individuals holding a 25% or greater beneficial interest in the buying entity.

The title industry will rely heavily upon self-disclosure from buyers, as the information that title companies are required to report is not information that the title company would otherwise have access to. The title companies will be held criminally or civilly liable if they do not report the transaction as required under the GTO. This GTO creates new requirements that parties will not be accustomed to in this market. If you have questions about whether your transaction qualifies for this mandatory disclosure, please reach out to your title company, or click below for additional information.

Additional information:

 FAQs https://www.fincen.gov/sites/default/files/shared/508_FAQ_April2023REGTO.pdf

 According to their press release, any questions about the Orders should be directed to FinCEN’s Regulatory Support Section at FRC@FinCEN.gov .