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FROM ED’S DESK Dear Marin Colleagues, The Fall market is here. As I mentioned in mid-August, we are seeing several new listings coming to market. This is a good problem to have but not necessarily good for existing inventory that is not in contract. With buyers being more discriminating these days it will be interesting to see what moves and what price reductions will do to drive buyer interest. The overall Marin market is down 120 units YTD over 2017, but dollar volume is up $190,000,000 over 2017 YTD. San Rafael and Novato decreased in units (61) but volume increased by $160,000,000. Unit volume in Mill Valley, Tiburon, Belvedere and Larkspur were down from 2017 a total of 59 units. These numbers are from Broker Metrics and do not factor in off market activity, so the picture could be blurred when we have 20% of the Marin market trading off market. Lack of inventory is also a significant factor in these stats. The overall decline in units is about 3%, so we are still in a very strong market when comparing to 2017, which was the highest in the last 3 years. The final push through the end of 2018 will be interesting. Coming off a down July, August turned out to be a solid month and September is also looking fairly strong, although it is still early and with the recent new inventory we should see a pop in sales. Tuesday will be our next Estates Meeting and will be the first meeting since our introduction and meeting with Compass CEO Robert Reffkin and Mark. Compass West Coast President Peter Jonas and our very own Brent Thomson will be attending the meeting to discuss next steps and to provide further details about our Compass purchase of Pacific Union. Piatti’s September 11, 9:30. I want to congratulate all of you for your professional approach to the recent news and coming changes. I know many of you have questions about future changes and keep them coming. There is a lot of misinformation out there in the rumor mill. My advice for now is we are status quo and continuing to stay focused on what we do, which is connect buyers and sellers and change lives. In the end we will be stronger, more efficient and better suited to serve our clients. Stay thirsty my friends!
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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
Jim Fraser Listing Agent $2,500,000 335 Blackfield Drive, Tiburon
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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California’s Job Market Picks Up Speed in July
Executive Summary: • Today’s national employment report from the U.S. Bureau of Labor Statistics offers continued support for strong economic growth, with an increase of 201,000 jobs in August. • Over the last 12 months, the U.S. economy has added 2.33 million jobs. After downward revisions of June and July data, job gains have averaged 185,000 per month over the last three months. The current economic cycle is the longest continuous expansion on record, with 95 straight months of job additions. • The national unemployment rate remained at 3.9 percent. The alternative measure of examining the number of people working part-time for economic reasons (in other words, those who would prefer full-time employment) decreased further to 7.4 percent, the lowest level since April 2001. • Another of the report’s positive points was a pickup in wage growth, which is up by 2.9 percent over the year. The growth rate has been slow and in August reached the highest level since the middle of 2009, with a 77-cent increase in average hourly earnings for all employees. 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 BROKER RISK MANAGEMENT WEEKLY PRACTICE TIP
Q. My Buyer does not speak or read English but I am fluent in her native language. She has adult children who live in the area who can also translate for the Buyer. Is it okay for me to do the translations? What is the best way to handle the translations and minimize my risk? A. There is nothing illegal about the real estate professional serving as a translator. However, no matter how proficient the foreign language skills of any Sales Associate may be, the real estate licensee should avoid serving as the person who translates contracts, disclosures, advisories, reports and/or escrow instructions for any of the Parties. It is always important that real estate professionals converse with clients in the language that the clients prefer; this enables the real estate professional to bond with the client over their cultural similarities. That is often an important requirement to facilitate the transaction but translating technical and legal documents is simply a different process. When dealing with clients who can read English, it is usually sufficient to provide the client with guidance as to the contents of the documents that they are receiving but, because they have the ability to read the documents, they can, to the extent they feel necessary to do so, confirm for themselves what the documents actually say. People who cannot read English do not have that same opportunity. Too many people have used their alleged limited English skills as an excuse for not knowing what they have signed even when the Sales Associate is not serving as the translator; those claims are worse if they claim that the Sales Associate gave them an erroneous translation.
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 If you need assistance with any of the platforms we use please reach out to Ashley Jennings for one-on-one training! ashley.jennings@pacunion.com
Products: Marketspace Contactually Constant Contact Moxi Facebook Instagram
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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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