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As I mentioned at this week’s Estates Meeting, the transition to Compass has started now that the agreements have been finalized. Over the next several weeks there will be lots of opportunities to learn more about Compass starting with agent mixer’s and training. The onboarding of staff is starting next week, and staff training will precede agent training, so the staff is available to help you with the integration and agent tools. Many of you have been asking about E&O and Premier Services costs. As we work through the integration there will most likely be changes to both that will be a benefit to you. It will be a matter of timing on when this occurs but know we are aware of the differences. At this week’s Estates Meeting, Compass reviewed their agent platform for all to see. Granted, it was a 30,000’ view but the overall impression was positive from a user prospective. Compass continues to make daily improvements to their technology and with a new infusion of an additional $400,000,000 from investors, Compass is now sitting on $1,000,000,000 in cash. That’s a lot of money which will make a significant impact on developing out the platform we will be using. It will certainly be interesting. Recent news reports about the real estate sales being the slowest in 7 years has many talking about the reasons why. A very interesting article last week about a new California Senate bill SB 35 which will speed the approval process for High Density Residential Development. This is a big deal for many cities throughout the state and will have a impact on housing supply. Here is a link to the article https://www.bizjournals.com/sanjose/ news/2018/09/20/cupertino-vallco-development-agreement. html There is a lot going on out there, stay focused.
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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
Lisa Srisavat Amy Bowes Jerri Cohen Ashley Jennings Bella Shilman Joan Simone Chelsea Dederick
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Top Sale Of The Week
Carey Hagglund Condy Selling Agent $3,200,000 20 Shady Lane, Ross
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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Economic Straight Talk What is Proposition 10? Proposition 10 is a statewide ballot initiative in the November 2018 election that aims to repeal the Costa-Hawkins Housing Act. While Proposition 10 has become a polarizing issue, it is critically important to understand what it does and does not do. What is the Costa-Hawkins Rental Housing Act? The Costa-Hawkins Rental Housing Act was passed by the California legislature in 1995 and places limits on municipal rent-control ordinances. The act limits municipal laws in the following ways: In cities that already have rent-control policies, it freezes the eligibility of units that can come under rent control at the age threshold that was in place when the ordinances were adopted. For example, units in San Francisco that fall under rent control are those built prior to June 13, 1979. It prohibits “strict” rent control (for instance, vacancy control), which requires rents to remain controlled even after a tenant moves out. Since Costa-Hawkins passed, owners may still increase the rent equivalent to the change in the cost of living as measured by the Consumer Price Index (averaging about 5 percent). Prior to the enactment of Costa–Hawkins, such strict vacancy controls existed in five California cities: Berkeley, Santa Monica, Cotati, East Palo Alto, and West Hollywood. It exempts all single-family homes, condominiums, and units built after Feb. 1, 1995. In California, 15 jurisdictions have passed some form of rent control, including “legacy” rent control, meaning cities with ordinances dating back to the late 1970s and early 1980s, such as San Francisco, Los Angeles, Berkeley, and Santa Monica. Bay Area cities such as Mountain View and Richmond have only recently enacted such ordinances. Cities listed as rent controlled by the state of California: Alameda, Berkeley, Beverly Hills, East Palo Alto, Hayward, Los Angeles, Los Gatos, Oakland, Palm Springs, San Francisco, San Jose, Santa Monica, West Hollywood, Mountain View, and Richmond. The major purposes of the Costa-Hawkins act are to eliminate vacancy control and thereby allow property owners to adjust the rent to market price and to exempt certain categories of rental units from rent control — new construction, single-family homes, and condominiums. The act leaves the power to determine most other elements of rent control to the cities. Cities remain in control of determining any changes to the rental amount of a tenancy and possess a substantive jurisdiction to regulate evictions and an owner’s ability to otherwise end a tenancy. Accordingly, cities could prohibit an owner from terminating a tenant without “just cause.” Each California city has its own independently enacted rent-control ordinances, which vary widely.
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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Weekly Broker Tip IS IT REALLY A COUNTER OFFER? Q: Other Brokers in our area are sending out “counter offers” that do not modify or change the terms of the offer; instead, the document labeled “Seller Multiple Counter Offer 1” states: “Seller requests Buyers submit their highest and best offer.” This practice does not sit well with me. Is this “Seller request” really a Counter Offer? A. Unfortunately, too many real estate licensees have become confused by the true definition of and requirements for a legally-enforceable Counter Offer; they have confused “requests” (which can easily be made orally or in writing, such as an email) with the purpose of a Counter Offer. The legal definition of a Counter Offer in real estate contract law is a writing signed by a party which seeks to modify or change the terms of an Offer to purchase or an earlier Counter Offer. As a contract document, the terms must be precise and legally enforceable such that Acceptance of the Counter Offer will create a binding Contract between the parties. The same case law that finds sharp offers, relative bids or escalation offers (“Buyer will pay $1,000 over best offer”) to be void would apply to Counter Offers that contain requests. The terms are too uncertain to be Accepted as written and thus are not legally enforceable. PRACTICE TIPS: 1. If the Seller wants a Buyer to submit a better offer, the Seller should instruct the Listing Agent to do so, preferably in a writing. This can be done by e-mail; alternatively, the Seller can initial the “rejected” box at the bottom of the Residential Purchase Agreement (or the “non-acceptance section of the PRDS® Contract) and write on the document that “Seller requests Buyer submit highest and best offer”. 2. The Buyer would then submit a new Offer with the Buyer’s highest and best terms; the Buyer should not simply be asked to rewrite the first page. 3. Real estate licensees have fiduciary obligations to protect their clients by creating legally-enforceable documents; short-cuts or misuse of contract forms for expediency not only create unnecessary risk but actually thwart the proper creation of binding contracts.
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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Compass Updates The deal is offically closed! Staff will start their trainig soon so they can bring you even better best in class service and get ready to assist you with this transition! Look out for more updates and mixers! Tell your sphere you’ve joined compass! Email Template in Marketspace
Tell your sphere you’ve joined compass! Instagram Images Click here for black Click here for white
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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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