Quick Links Top Sales & Closed Sales For the Week
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From Ed’s Desk Dear Marin Colleagues,
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I want to thank all of you for your positive outlook and willingness to learn our new platform. We’ve had a successful first onboarding week thanks to Mara and her team. Special estates meeting this Tuesday, November 13th. 9:30 Piatti’s. Mark McLaughlin will be speaking to the team about the Compass transition. All agent and staff attendance is requested. We have some important items to touch on, make sure you have signed up for the two below. Please make sure you have signed up for IT onboarding Sign Up Here In this onboarding you will receive your compass email and receive assistance setting up your platform to access your new tools! Sign up for your Headshot Sign Up and FAQ This is your FREE opportunity to take a new headshot, sign up for your time slot in the link above. Signage A-Frame swap Friday 10:45am-3pm
Pacific Union Affiliates
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Market Share Mill Valley
Novato
Belvedere
San Anselmo
Corte Madera
Greenbrae
Fairfax
San Rafael
Larkspur
Ross
Kentfield
Sausalito
Tiburon Marin County Market Share
Concierge CLICK HERE TO SUBMIT YOUR REQUEST
Amy Bowes Lisa Srisavat Jerri Cohen Ashley Jennings Joan Simone Bella Shilman Chelsea Dederick
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Top Sale Of The Week
Linda Tull Selling $2,950,000 175 Avenida Mira Flores, Tiburon
Marin Stats For Sale vs. Sold
Weekly Market Update
Avg. Price Per Sq. Foot
Months of Inventory
Days On Market: Sold
Average Price For Sale vs Sold
Market Share By City
1974- 2017 Ave Sale Price
Open House Graph
Source: Trend Graphic/Charts Bareis MLS (updated on the 6th of every month)
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Weekly Broker Tip Expanded Confidentiality Requirements in Dual Agency Question: Under the old Agency Statute when a Broker was a dual agent, I understood that the agents could not disclose what a Seller will accept or what a Buyer will pay for the property. It is my understanding that there are new rules. Are there new forms regarding this issue? Can you provide us with any guidance on the changes? Answer: Effective January 1, 2019, everyone needs to use the newly-revised statutory form entitled Disclosure Regarding Real Estate Agency Relationship (C.A.R. form AD 12/18 or the PRDS® READ 12/18) which includes the new requirements for what dual agents must keep confidential. The original version of the Agency law stated that dual agents could not “without the express permission of the respective party, disclose to the other party that the Seller will accept a price less than the listing price or that the Buyer will pay a price greater than the price offered.” The newly revised Agency Statute (Civil Code Sections 2079.13 -.24) has expanded what must be kept confidential by the dual agent (the changed language is shown below in bold, red print): “In representing both Seller and Buyer, a dual agent may not, without the express permission of the respective party, disclose to the other party confidential information, including, but not limited to, facts relating to either the Buyer’s or Seller’s financial position, motivations, bargaining position, or other personal information that may impact price, including the Seller’s willingness to accept a price less than the listing price or the Buyer’s willingness to pay a price greater than the price offered.” Agents are often made privy to confidential information about why Sellers want to sell such as a change in job status, the need to relocate to take care of ailing relatives or the possibility of a divorce, to cite just a few examples where the Sellers may need to move quickly. These are factors that can change the Sellers’ bargaining position. This is the type of Seller information that the dual agent must keep confidential UNLESS the Seller gives the agent written authorization to reveal those motivations. Agents are often made privy to confidential information about why the Buyers want to buy, such as a job transfer, the need to get their child into a particular school, or that the Buyers are buying up multiple properties in the neighborhood for future development. The Buyers’ motivation to buy, especially if there is a timing issue, is a factor that can change the Buyers’ bargaining position. This is the type of Buyer information that the dual agent must keep confidential UNLESS the Buyer gives the agent written authorization to reveal those motivations.
EXAMPLES OF SELLERS’ INFORMATION THAT IS NOT CONFIDENTIAL: If the Seller’s motivation to sell is because specific issues with the property such as problems with the condition of the property or problems with a neighbor or the neighborhood, this would not be deemed “confidential information” and must be disclosed to the Buyer. If the Seller’s motivation to sell is because of a pending legal action that can impact how the transaction is to be handled or which might require court approval, such as bankruptcy, probate, or divorce actions could impact the Buyer’s ability to buy or, at a minimum, delay the close of escrow. Legal proceedings become “of public record” when the action is filed and thus are not truly personal confidential information. As such, that type of information would probably need to be disclosed to the Buyer. If the Seller’s motivation to sell is because of a pending foreclosure action, the existence of a Notice of Default or the need to secure short sale approval, these are issues which impact the Buyer’s ability to acquire the property and/or impacts the type of documentation that must be used in the transaction. As such, the existence of these impediments to the potential sale of the property would need to be disclosed to the Buyer. EXAMPLES OF BUYERS’ INFORMATION THAT IS NOT CONFIDENTIAL: If the ability of the Buyer to close escrow is subject to the sale of other property or subject to court approval of a financial disbursement to the Buyer, or anything which could impact the Buyer’s ability to timely meet the Buyer’s contractual obligations to the Seller, it is unlikely that this information will be deemed “confidential.” PRACTICE TIPS: 1. A client’s confidential, personal information about finances, pricing or motivations should not be disclosed to anyone, regardless of the agency relationships, unless the client has given written permission to disclose that confidential information. 2. Do not use email/texts to communicate to clients, other agents or your broker/manager anything that is not permissible to be disclosed. Emails are discoverable and can be used against the agent who revealed confidential information. 3. A form is not needed to secure the client’s authorization to disclose confidential, personal information -- instead prepare a simple email confirming that the client “authorizes [insert name of agent] to disclose [insert the information]. 4. Clients cannot instruct agents to perpetrate a fraud by concealing material facts about the Property or the transaction. 5. If there is any question as to whether specific information must be disclosed or kept confidential, Sales Associates should discuss the issue with their Broker/Manager who can then contact Broker Risk Management for additional guidance DO NOT FORWARD TO SELLERS OR BUYERS. This Weekly Practice Tip is for the exclusive use of clients of Broker Risk Management and their agents. It may not be reproduced or distributed without the express written consent of Broker Risk Management. The advice and recommendations contained herein are not necessarily indicative of standards of care in the industry, but rather are intended to suggest good risk management practices.
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Economic Straight Talk California’s Unemployment Rate Falls to a New Record Low in September •
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California added 13,200 jobs in September, bringing the unemployment rate to 4.1 percent, a new record low since 1976 according to the latest numbers from the state Employment Development Department. With 339,600 jobs added from last September, California has created more than 3 million jobs since the economic recovery started in February 2010. California continues to outpace the nation in job gains, with a 2.0 percent year-over-year increase compared with the national growth rate of 1.7 percent. Though the state’s annual labor-force growth remains subdued, it increased by 34,300 workers from August. Over the month, four sectors added jobs, led by an 11,800 gain in the professional and business services sector (largely in administrative support services), followed by leisure and hospitality and government. The mining and logging sector also added jobs. Six sectors reported monthly losses, led by educational and health services, down by 3,700 jobs; information, with a loss of 3,000 jobs; and construction, with 2,000 job reductions. On an annual basis, nine of 11 industries added jobs, with the largest gains in professional and business services, up by 78,200 positions; educational and health services, up by 77,900 jobs; and leisure and hospitality, up by 68,600 jobs. Other services, along with mining and logging, have lost net jobs this year. While generally subdued, all regions of the state saw employment gains. San Francisco and San Mateo counties created 900 jobs from August and 20,900 jobs from last September. Gains were primarily in the education and health services sector, followed by the leisure and hospitality industry. The professional, scientific, and technical services sector and the trade, transportation, and utilities industry recorded job losses, with some reductions in retail and wholesale trade. Still, on an annual basis, most industries, except other services, posted solid gains. The unemployment rate fell to 2.2 percent in the two counties. Santa Clara and San Benito counties added 2,500 jobs in September, mainly in the government sector’s local and state education services. Three large sectors showed losses, mostly following seasonal patterns: professional, scientific, and technical services; information; and education and health. On an annual basis, the region added 36,200 jobs, with all sectors posting solid gains except for trade, transportation, and utilities. Alameda and Contra Costa counties added 4,500 jobs, with the government sector leading the gains, primarily due to the normal seasonal increase in public educational services. Meanwhile, the leisure and hospitality, financial activities, and construction sectors posted declines. Over the year, the two counties have created 23,800 jobs, led by the professional and business services sector (8,000 jobs) and trade, transportation, and utilities (6,100 jobs). The private educational and health services sector added 3,700 jobs from last September, with most of the increase coming from health care and social assistance, up by 3,200 jobs. Only the financial activities industry posted employment declines from a year ago.a
Read More Here We encourage you to share Pacific Union’s daily blog posts via email, your own blog, or social media. All blog content is updated daily in VoiceStorm, which allows you to share posts to the most popular social networks with just a few clicks. Additionally, our team sends out a weekly Content Hit email each Monday, which contains everything you need to promote Pacific Union content on Facebook, Twitter, or your own blog.
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Compass Updates Friday a-frame signage pickup. Training has started! Sign up for your classes.
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2018 Advertising Online & Print Distribution, deadlines, and rates
*Some details will be updated as information becomes available. Advertising rates are subject to change. If you are interested in a specific publication that is not on this list, please contact your Marketing Coordinator directly. Co-op advertising rates are at your manager’s discretion.
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PREMIER SERVICE
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Resources - Forms, Vendors, Services • Inspection Checklist and Forms • Pacific Union Marin Vendor Guide • FEMA: Marin Flood Zone Update
• Sewer City and Fire Inspections
Pacific Union Leaders Brent Thomson & Pat Heller to Speak at Industry Conference Pacific Union Chief Operating Officer Brent Thomson and Vice President and Branch Manager Pat Heller will be among the featured speakers at the second California Association of Realtors’ WomanUP! Conference on June 28-29 at the JW Marriott LA Live in Los Angeles. The two-day conference is part of CAR’s women’s outreach program to bring together a community of mentors and leaders to communicate, collaborate, and support one another in the real estate industry. For its program, CAR earned a nomination for an Inman Innovator Award from Inman News, which saluted the organization’s commitment to helping elevate women in the industry. Thomson oversees all aspects of Pacific Union operations, including the recruitment and performance of top real estate professionals. She also leads the executives of the firm’s Northern California region. “Women make up the majority of the real estate industry, yet they’re underrepresented in brokerage leadership,” she says. “This conference seeks not only to heighten awareness of these opportunities, but to inspire women to move toward them.” Thomson continues, “Building self-confidence and learning to trust myself has been a by-product of many successes, as well as failures. Learning to appreciate that a failed attempt was far better than no attempt gave me more freedom to express myself, think big, and respect the same in others.” Heller, who heads four Pacific Union Westside Los Angeles locations (Brentwood East, Marina Del Rey, Pacific Palisades, and Santa Monica), has led every office she’s managed over the last two decades to top five national revenue-production status. She sees the conference as an invaluable opportunity for women to gather both input from experienced brokerage owners and support from the real estate community as they pursue their leadership careers. “This is an empowering event for women across our field,” she says. CAR data shows that 60 percent of real estate professionals in California are women but only about one-third of leadership positions in brokerage firms with more than 100 professionals are led by women — a statistic that has been virtually unchanged in recent years. CAR held its inaugural WomanUP! Conference in Pasadena last year. More than 300 women and men attended the full day of professional development devoted to giving powerful women bold tools to take their careers to the next level.
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Affiliate Resources The Mark Company The Mark Company is the authority on urban residential real estate sales and marketing. Using The Mark Method, our unique approach aligns developer goals with buyer insights to deliver unbeatable results. Visit: themarkcompany.com
Property Management Pacific Union Property Management offers full-service property management to property owners, landlords and investors throughout the SF Bay Area, helping your clients to maximize luxury real estate investments. Visit: pacunionpm.com
Commercial Backed by Pacific Union’s strong name recognition and marketing foundation, our Commercial Brokerage specializes in buying, selling, and leasing commercial properties- apartments, office, retail, and industrial- for a mix of clients. Visit: pacificunion.com/commercial-real-estate
Rentals Gain access to the Bay Area’s most exceptional rental properties with the helpof our rental experts. Visit: pacificunion.com/leasing-rentals
Relocation Whether you are moving to or departing from the Bay Area ... whether your move is job-related or personal ... whatever your move, we’ve got you covered. Visit: pacificunion.com/relocation
ProInsurance In addition to homeowner’s coverage, ProInsurance provides competitive pricing on a full range of personal insurance needs. Visit: pacificunion.com/pro-insurance INTERNATIONAL PROINSURANCE SOLUTIONS, LLC.
To obtain more information and quote, contact Adrianne Peixotto at 415-223-5543 or email adriannep@proinsurance.com
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