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Top Sales & Closed Sales For the Week
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Baton down the hatches! The kids are heading back to school and all of our beleaguered parents can now refocus their efforts on finding a new home with a separate kids wing. Or, the kids are off to college and it’s time to down size. Whatever the reason we should see a much-needed bump in activity. New inventory is coming to market, but is it what I call “qualified inventory?” Does it check all the boxes of what buyers are looking for these days? In talking with a prospective buyer last week, he made a comment that hit the nail on the head. “If I am going to pay that amount for this house it better be perfect.” Each of you have probably heard that in some form or another but I think it summarizes today’s buyers. In many cases it’s all about price and I am seeing that with price reductions, that in many cases, finally generates an offer. The pricing discussion is always a hard one to have with your sellers but is probably the most crucial tool in the war chest. Anything will sell at the right price but getting there can be painful for most sellers. If the house does not sell fast and over asking it must be the realtors fault. The important question to ask is, are you listing your home for sale or do you want to sell your home? Nobody wants to take a listing, spend a lot of money, and have it sit there while you are getting blamed for it not selling. This market is sending very mixed signals and defining the direction is difficult at best. My advice is stay current on the market and be able to articulate what is happening. I have been beating the drum for months about the disclosure process and getting sellers to fully disclose all they know about their home and not just the good aspects but any known problems or issues. The new program from Glide is available on BAREIS and allows you and your sellers to complete your disclosures and AVID in a simple format similar to Turbo Tax. The CEO of Glide will be at our Estates Meeting Tuesday, August 21, 9:30 at Piatti’s to give us a demonstration and answer any questions. This looks to be a game changer for the disclosure process. And finally, this last week we had our staff appreciation day at Ramsgate Winery. We are very fortunate to have a great and dedicated staff of professionals. I am proud of them and appreciate all that they do to keep things moving along. I hope you do too! See you Tuesday.
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M A R KET SHA R E Mill Valley
Novato
Belvedere
San Anselmo
Corte Madera
Greenbrae
Fairfax
San Rafael
Larkspur
Ross
Kentfield
Sausalito
Tiburon Marin County Market Share
CO N C I ER G E MARIN CONCIERGE TEAM
Lisa Srisavat Jerri Cohen Megan Penna Joan Simone Chelsea Dederick Amy Bowes Ashley Jennings CLICK HERE TO SUBMIT YOUR REQUEST
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TOP SA L E O F THE WEEK
Tracy McLaughlinListing Agent $3,300,000 300 Summit Avenue, Mill Valley
M A R I N 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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Finally, More Bay Area Housing Inventory Arrives After 16 Months of Declines
Executive Summary: • The Bay Area’s decline in home sales (including single-family and condominiums) improved in July, with only 3 percent less activity year over year after a 13 percent decline in June. • Compared with last summer (May through July), sales were slower in Santa Clara, Napa, Sonoma, Marin, and San Mateo counties. • Sales activity declined by 19 percent in Marin County and by 13 percent in Santa Clara County. • Sales of homes priced above $1 million — and especially those above $3 million — continued to fare better than they did last year. • Only Marin County saw a decline in sales of homes priced between $2 million and $3 million, down by 7 percent year over year. • Inventory finally improved, up by 2 percent, after 16 consecutive months of year-over-year declines. • Most Bay Area counties saw inventory improve in July. • Inventory above $1 million increased by 17 percent, mostly driven by more homes for sale in Santa Clara and San Mateo counties. • Only Sonoma and Napa counties gained inventory below $1 million, up by 17 percent and by 5 percent respectively 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. Check it out at blog.pacificunion.com
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W E E K LY B R O K ER TI P Arbitration in Listing Agreements – Update Q: I was surprised to see that C.A.R. has removed the Arbitration provision from all of their Listing Agreement forms. Is this a good step for the real estate industry? What should we do if a Seller wants to include an Arbitration provision? A: Yes, the removal of the Arbitration provision from the Listing Agreement forms is beneficial for real estate professionals; however, C.A.R. has also created a form to add the provision back into the Listing if a Seller wants to include Arbitration in a Listing Agreement. Regardless of how C.A.R. attempted to craft the Arbitration provision in their Listing Agreements to limit the provision to commission disputes, Judges and Arbitrators took a decidedly different view of those provisions. As a result, too many California Listing Agents were required to participate as defendants in Arbitration actions between Sellers and Buyers (even when the nature of the dispute was clearly limited to those Parties) without any comparable means of obligating Selling Agents to participate in that same Arbitration action. This created an inequity in the treatment of the Brokers. Additionally, since Arbitrators are legally allowed to be arbitrary and ignore not only statutory and case law but contract provisions as well, Arbitrators were often disregarding Broker’s legitimate, contractual commission rights. There is no right to appeal a badly-decided Arbitration case unless the Party who wants to appeal can prove actual bias and/or prejudice of the Arbitrator which seldom occurs. The Arbitrators who hear disputes between Sellers and Brokers are seldom, if ever, Association of REALTORS® Arbitrators. Attorneys for Sellers generally insist upon using private Arbitration services and retired judges who charge large hourly fees. Thus, resolving commission disputes through Arbitration was usually expensive and, more often than not, in favor of the Seller rather than the real estate licensees. Click here to read more ... DO NOT FORWARD TO CLIENTS. 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. PRACTICE TIPS All Weekly Practice Tips are available at BrokerRiskManagement.com User ID: clientaccess, password: yard
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P RO D U CT TR AI NI NG S Topic: Moxi Listing Presentation When: 8/27/18 Time: 10:00-11:30am Trainer: Ashley Jennings Where: Southern Marin
Let us know if you can make it! What is Moxi: Create a listing presentation that will help you stand out from your competitors. This program displays your content in a digital interactive way that keeps your clients engaged!
See you there! If you have any questions about the trainings please send an email to: ashley.jennings@pacunion.com
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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
@pacificunion
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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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