CAPITAL AREA
REALTOR ®
New Year, Best You
Official publication of the Greater Capital Area Association of REALTORS®
WINTER 2019
2
CAPITAL AREA REALTOR • Sept/Oct 2016 ®
R E ALTOR
CAPITAL AREA
®
Don’t Let This Happen to You – p. 6
your high level of professionalism. It gives you an advantage in an increasingly competitive market and shows consumers you’re committed to conducting business at the highest standard. Be committed to excellence.
Get started with this award winning program today a C2EX.realtor.
Commitment to Excellence – p. 10
features 8
What Being a “Resimercial” Agent Really Looks Like
REALTORS® Care – p. 20
WINTER 2019
A New Car to Save on Taxes? – p. 22
in every issue 4
A Letter From the President
6
Don’t Let This Happen to You!
10
Last-minute Tax-saving Tips
12
Member Services Corner
11
Commitment to Excellence
16
Legal Hotline
13
Why Attend the National Association of REALTORS® Conference?
18
Economic Outlook & Forecast
20
REALTORS ® Care
21
Bright MLS
22
REALTOR ® Toolbox
24
RPAC Investors
26
Public Policy
30
E d ucati o n C al e nd a r
32
Coach’s Corner
14
Association News
25
GCAAR Happenings
36 A Look Back at 2019! 37 Thank You, Koki Adasi!
34
38
From the GCAAR Classroom: Certified Residential Specialist Welcome New Members!
board of directors
A Letter from the president
Dear GCAAR members,
President-Elect Danai Mattison Sky
President Koki Adasi
It has been my honor and privilege to serve as your president for 2019. I have had the opportunity to meet and hear from so many of you. Thank you all for your support, advice, and help during the course of the year. I have been surrounded by an amazing Board of Directors, and would especially like to thank our Executive Board: President-Elect Danai Mattison Sky, Immediate Past President Tom Daley, Secretary Jan Brito, and Treasurer Frank Snodgrass.
Secretary Jan Brito
Treasurer Frank Snodgrass
Immediate Past President Tom Daley
Chief Executive Officer Edward Krauze
Directors Avi Adler Harrison Beacher Thom Brockett Lee Goldstein Jody Goren Brandon Green Gwen Henderson
Justin Levitch Andres Serafini Ellie Shorb Christopher Suranna Kirsten Williams
R E A LTOR
CAPITAL AREA
®
Managing Editor Kat Jercich
Advertising Representative Arlene Braithwaite
Design & Layout Ecoprint Creative - www.ecoprint.com 4 CAPITAL AREA REALTOR ® — Winterl 2019
2019 has been a year of change for GCAAR. We welcomed a new CEO, Ed Krauze, and COO, Kate Gordon. We relaunched the Recognition Awards with nearly 300 individual and 79 team awardees; held a record-breaking REALTOR® Fest with more than 1,000 attendees; hosted town halls for our members with both SentriLock and Bright MLS; and restructured our community service efforts. I also had the pleasure of visiting many of you in your offices during our “GCAAR Road Shows.” Thank you to all who serve GCAAR on committees, who attend events, and who make possible our outreach with generous sponsorships—you strengthen this community with your involvement. I wish you and yours a safe and prosperous New Year.
Cheers,
Koki Adasi Koki Adasi
R E ALTOR
CAPITAL AREA
®
Capital Area REALTOR® Volume 6, Issue 5 Winter 2019 (USPS 017-467) is published five times a year by the Greater Capital Area Association of REALTORS® (GCAAR), 15201 Diamondback Drive, Suite 100, Rockville, MD 20850-3779. Corrections, etc., can be sent to communications@gcaar.com. Periodicals postage paid at Gaithersburg, MD and additional mailing offices. Member subscriptions account for $10 of each member’s annual dues. Annual subscriptions are available to non-members for $25. Subscription inquiries may be sent to Capital Area REALTOR® at the above address. POSTMASTER: Send address changes to Capital Area REALTOR®, ATTN: GCAAR, 15201 Diamondback Drive, Suite 100, Rockville, MD 20850-3779. The Greater Capital Area Association of REALTORS® makes no warranties and assumes no responsibility for the accuracy of the information contained herein. The opinions expressed herein do not necessarily reflect the opinion of the officers, directors, or staff of the Greater Capital Area Association of REALTORS®. The Greater Capital Area Association of REALTORS® accepts submissions of articles and photographs and the items become the property of the Greater Capital Area Association of REALTORS®. The publisher reserves the right of full editorial authority and to decline publication of any article not deemed proper. Deadline for submissions, including camera-ready advertising, is the first of the month prior to publication. Reprint with permission only. Reprints may be obtained by contacting the Greater Capital Area Association of REALTORS® at 301.590.2000, via fax at 301.590.2248, or send an email to communications@gcaar.com. REALTOR® is a registered collective membership mark that identifies and may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its Code of Ethics. Copyright© 2019 by the Greater Capital Area Association of REALTORS®. All rights reserved.
STAY IN TOUCH
CAPITAL AREA REALTOR ® — Winter 2019 5
don’t let this happen to you!
No Real Mystery
Sometimes we like to think things are more mysterious, more complex, and more difficult to interpret than they really are. In our profession, there are many issues that are very complicated: language and terms that parties do not agree on, and nuances that are not immediately clear but spring up later to unravel transactions. But often, we simply choose not to see what is apparent—and that can lead to trouble. A case in point is Article 5 of the National Association of REALTORS® Code of Ethics and Standards of Practice.
6 CAPITAL AREA REALTOR ® — Winter 2019
ARTICLE 5 STATES: REALTORS® shall not undertake to provide professional services concerning a property or its value where they have a present or contemplated interest unless such interest is specifically disclosed to all affected parties.
NAR’s Case Interpretation file illuminates this standard with the following case: Stanley Seller and Brunhilde Buyer were negotiating the sale of an apartment building, but couldn’t agree on the price. So, they agreed that each would engage an appraiser and they would accept the average of the two appraisals as a fair price. Stanley Seller hired REALTOR® Danny Doubledipper, a licensed appraiser, and Brunhilde
Submitted by Sandy Rosengarden, Executive VP, Century 21 Redwood Realty
Here
when he’d accepted Stanley’s appraisal assignment. Stanley then hired another appraiser to value the building. That appraiser’s valuation came in at 30% higher than the valuation Danny Doubledipper had arrived at six months earlier. Stanley lodged a complaint against REALTOR® Doubledipper, charging that since he was an agent of Brunhilde Buyer, managed all of her properties, had become the manager of the property he appraised, and had not disclosed his relationship with Brunhilde, he had acted unethically and had placed an excessively low valuation on the property. At the hearing, Brunhilde Buyer disputed the complaint, protesting that she had paid a fair price. She also substantiated Danny Doubledipper’s statement that management of the building formerly owned by Stanley Seller was never discussed until after the purchase.
Buyer hired REALTOR® and appraiser Harry Donengone. The appraisals were submitted, the price was averaged, and the transaction was closed. Six months later, Stanley Seller learned that Danny Doubledipper was managing the building he’d appraised. Further, he learned that Danny had managed five other buildings owned by Brunhilde Buyer for several years, up until and including
Nonetheless, the Hearing Panel concluded that whether or not Danny Doubledipper and Brunhilde Buyer discussed the management of the building before the purchase, Danny Doubledipper had a logically contemplated interest in it as a property manager, in view of the fact that he had served as a manager for all of Brunhilde Buyer’s other properties. In view of this contemplated interest, Doubledipper was bound by the
terms of Article 5 to disclose this interest to his appraisal client, Stanley Seller. Doubledipper was therefore found in violation of Article 5. Is there a mystery here as to what constitutes a “contemplated interest” with regard to Article 5? Not really. Logically, if you were managing several other properties for an owner, could you actually fail to at least contemplate—think about, ruminate upon—the possibility that you may end up managing this new property? It doesn’t seem likely that you wouldn’t have some hopes in this direction. And, that being the case, you would have a contemplated interest that would require disclosure. One way of thinking about this is to ask, “Is there some possible way that I might benefit from this transaction, even if it’s not a sure thing?” If there is, that “contemplated,” or logically possible, interest must be disclosed. Read the full case here: https://tinyurl.com/nararticle5
Don’t Let This Happen to You!
CAPITAL AREA REALTOR ® — Winter 2019 7
$
It’s a new year. Are you ready to make a
big change?
What being a “resimercial” agent really looks like.
M
aybe you’ve heard the term “resimercial” agent recently—meaning someone who works with both residential and commercial real estate transactions—and you want more information about the benefits and challenges of the job.
As agents on both sides of the coin, Fritz and Ken work in a number of areas, including with developers and on new construction, restaurant, and retail listings. One of the key things they do is help developers maximize the benefits of the commercial and residential space—if it’s a commercial property, for example, what types of rent they can expect?
Or maybe you’re looking to make a change for the new year, and you want to know how to take your REALTOR® career to the next level.
“We help clients strategize about the best way to maximize the commercial component of the project,” says Ken.
Here are four agents who use their dual expertise to maximize benefits for their clients on both sides of the industry.
Working with residential agents who lack commercial experience can have disastrous effects. It’s best to get a mentor and partner with someone who is experienced in doing commercial transactions. Also, a Certified Commercial Investment Member (CCIM) designation helps tremendously with learning the commercial side of the business. Ken has his Master’s in Real Estate degree from Johns Hopkins. Fritz, who studied at the George Washington University, is currently working on his CCIM designation.
Fritz Hubig and Kenneth Rub Fritz Hubig and Kenneth Rub are partners at District Real Estate®, a new boutique hybrid brokerage.
Kenneth Rub
Fritz started out with Stages Premier as a residential agent. But the company had a commercial division too— so he did both. Fritz likes the flexibility of having options as the market changes. “You’re constantly busy,” he says.
Ken comes from a background in commercial lending. When the financial markets imploded in 2008, he started working with Keller Williams’ commercial team. He’s always done both residential and commercial real estate. “I like the diversification of the income … not keeping all your eggs in one basket,” he says. As far as the term “resimercial,” Ken does not use it: “A lot of people don’t like that reference; they see it as a derogatory term. It implies that people are dabbling in both areas, when honestly, the only people who can effectively do both are those who have experience in both areas.”
8 CAPITAL AREA REALTOR ® — Winter 2019
Challenges
Also, commercial deals can take six months or longer, and a lot of agents cannot wait that long for a deal to close. If you need a steady and more immediate income, going the commercial route may not be the best choice. On a more practical note, the vocabulary is totally different: terms like “LOI” and “cap rates” do not exist in the residential world. Benefits
“A benefit of working on both sides is that you can work with a developer on the commercial side and a potential homebuyer on the residential side,” Fritz says. “Ken and I have a good network of resources and contacts.” For Ken, it’s simple: “I get to help more people,” he says. I’ve developed a lot of expertise over the years to help people buy and sell homes, as well as lease space for their businesses or investment purposes.”
Martha Liriano Martha Liriano gained her commercial real estate experience with CoStar, the commercial real estate listing service. She received her residential license in 2008. She currently does three to four commercial transactions yearly, in addition to her residential work. She works at Keller Williams Capital Properties, with the Adept Home Team. Challenges
Because commercial real estate is a male-dominated industry, Martha feels she has to prove her worth. “This is not an industry that lets you learn from your mistakes,” she says. “You have to know what you’re doing. It also takes longer to receive your commissions on the commercial side, so you need to build up your pipeline so you’re not waiting for commissions to come in.” Benefits
“It’s a joy to help clients make moves—whether it’s a person or a business. I like the challenges of being able to service a larger population instead of focusing on just one area. You also get to build a network of REALTORS® that you want to do business with,” Martha says. “Also, the commissions on the commercial side are usually worth waiting for,” she adds. Eventually, Martha would like to expand her footprint to include property management and become a one-stop shop for her clients.
Lorenzo Wooten Lorenzo Wooten, a former residential agent who is now a full-time commercial real estate agent, has a different take. “Trying to be a “resimercial” agent is not the key to success,” Lorenzo says. “Commercial real estate sales and leasing requires a lot of time, resources, and lead generating to be successful. Many of these activities do not align with growing a successful residential business. I tried to sell both commercial real estate and residential real estate in 2010, but I did not see success in my commercial real estate business until I became a full-time commercial real estate agent in 2012.” “If you are not ready to commit to becoming a full-time commercial real estate agent, you can refer the business,” Lorenzo says. “There are some residential agents that make tens of thousands in a year from referring their commercial real estate leads to a full-time commercial agent.”
He also says that if you are a new commercial real estate agent, you should start with what you know. What do you bring to the table? Do you have a background in another industry that you can leverage? Are there areas of business that you are familiar with that require commercial real estate services? Also, he advises: Get as much education and mentorship as possible!
CCIM Designation CCIM stands for Certified Commercial Investment Member. The CCIM designation represents proven expertise in financial, market, and investment analysis, in addition to negotiation. Courses in these core competencies are taught by industry professionals, ensuring all material reflects the state of the industry. The CCIM lapel pin denotes that the wearer has completed advanced coursework in financial and market analysis and demonstrated extensive experience in the commercial real estate industry. CCIM designees are recognized as leading experts in commercial investment real estate. With this real-world education, CCIM designees are able to enhance their credibility, make informed decisions, close more deals, and help their clients minimize risk.
Who Earns the CCIM Designation? Any commercial real estate professional is eligible to enroll in designation courses and ultimately apply to receive the distinction. Current designees include: • Brokers • Leasing professionals • Investment counselors • Asset managers • Appraisers • Corporate real estate executives • Property managers • Developers • Institutional investors • Commercial lenders • Portfolio managers (loan servicing) • Attorneys • Bankers • Other allied professionals For more information, visit the CCIM Institute’s website at www.ccim.com. CAPITAL AREA REALTOR ® — Winter 2019 9
$
2019 Last-minute tax-saving tips By Linda de Marlor, Tax-Masters, Inc.
Your year-end tax planning doesn’t have to be hard. Outlined below are five strategies that will increase your tax deductions or reduce your taxable income so that Uncle Sam gets less of your 2019 cash.
1
.Prepaying your 2020 expenses right now reduces your taxes this year, without
question. While it’s true you kicked the can down the road, perhaps you have an offset with a big deduction planned for next year. And even if you don’t have such a plan at the moment, you have plenty of time to create one or to put more big deductions in place for later.
2.
Simply stop billing your customers, clients, and patients until next year. Once again, this kicks the can down the road some and makes your 2020 tax planning more important.
3.
With 100% bonus depreciation and increased Section 179 expensing in 2019, you can make significant purchases of equipment, machinery, and furniture and write off 100% of the value. Make sure you place the assets in service on or before midnight, December 31, 2019, to get the deduction this year.
4.
Charges to your credit cards can create deductions on the day of the charge. This is absolutely true if you are a sole proprietor or you operate as a corporation and the credit card is in the name of the corporation. But if you operate as a corporation and the credit card is in your personal name, your corporation needs to reimburse you before midnight, December 31, to create the 2019 deduction at the corporate level.
5
.And finally, claim all your legitimate deductions. Don’t think you have too many,
and don’t try to guess which of your deductions could be a red flag. First, it’s unlikely you could have enough deductions to create a red flag. Second, no one knows what those red flags are. Third, if the deduction is legitimate, it doesn’t matter if the IRS audits it—you’ll win.
As you can see from the five strategies above, there’s much you can do to control your tax bite.
10 CAPITAL AREA REALTOR ® — Winter 2019
OWN YOUR PRESENT. EMPOWER YOUR FUTURE. You can lead the way. Commitment to Excellence empowers you to enhance and showcase your high level of professionalism. It gives you an advantage in an increasingly competitive market and shows consumers you’re committed to conducting business at the highest standard. Be committed to excellence.
Get started with this award winning program today a C2EX.realtor.
Congratulations to the REALTORS® who are C2EX endorsed! Koki Adasi Jonathan Coles Harold Huggins Tammy Locher
Thai Hung Nguyen Jessica Olevsky Bonnie Roberts-Burke Christopher Suranna
Kevin Turner John Young
CAPITAL AREA REALTOR ® — Winter 2019 11
Member Services Corner
Have SentriLock services through your GCAAR membership? Keep an eye out for 2020 SentriLock Annual Billing—January 2020! 2020 SentriLock Annual Billing will go live on January 14, 2020. The SentriLock fee is $135 per user, and due by February 28, 2020. For your protection and security, SentriLock does not keep account information on file, nor does it automatically deduct from your account. Payment must be submitted to SentriLock each billing cycle. You may pay via their website, by phone at 877-327-9606, or by mailing a check payment to their address listed below: SentriLock Attn: Agent Billing 7701 Service Center Drive West Chester, OH 45069
If payment is not received by February 28, 2020, SentriCard services will be suspended and a reactivation fee of $50 will be added to the total amount due. Suspended cards will be immediately reactivated via payment to SentriLock, provided all dues and fees owed to GCAAR are paid in full. For SentriLock Billing inquiries, please contact SentriLock directly at 513-618-5800.
GCAAR thanks you for your continued support!
12 CAPITAL AREA REALTOR ® — Winter 2019
Why Attend the National Association of REALTORS® Conference? By Harrison Beacher
I went to the National Association of REALTORS® Conference in San Francisco this year, and I think all our GCAAR members should consider attending it in the future. If you are one of the people from our Association who shows up consistently, you can solidify yourself in the minds of fellow REALTORS® from around the country as their go-to referral partner for the Washington, D.C. metro area. The best referral relationships are built off of connection and contribution, so give it a try! The conference has three major components:
1
The governance meetings, when the NAR volunteer committees get together to discuss the progress they made throughout the year, confirm new appointments and positions for the next year, and make the case to the National Board of Directors for certain changes to bylaws or organizational structure. The Board of Directors also meets. The biggest result of that meeting this year was the “clear cooperation” policy, which was supported by more than 90% of directors in attendance. That policy states that if a listing is publicly marketed in any way—meaning through any form of open or mass dissemination of listing details—it also has to be put into MLS within one business day.
2
The classes and expo, which is like an enormous version of GCAAR’s REALTOR® Fest. Some breakout sessions allow you to earn new NAR designations like Certified Residential Specialist, e-PRO®, or ABR®. Others are on topics that matter from a macroeconomic standpoint, such as opportunity zones, cannabis-zoned and commercial real estate, and service for multi-generational households. There are also professional development classes focused on best practices, where top producers share some of their tips and tricks for success. It’s a great chance to expand your mind and learn something—plus tons of free giveaways at the expo!
3
All the opportunities to have fun! There are dozens of dinners, happy hours, networking events, community service and wellness activities, and group meet-ups all week. I often find myself establishing new relationships while strengthening my existing ones with other REALTORS® and NAR staff members I’ve gotten to know over the last few years of being involved at the national level.
One highlight is NAR 360, a presentation from the NAR executive team that reviews the past year’s successes and forecasts strategic focuses for next year. Another is the general session, where NAR brings in a national speaker to present a message of inspiration. This year the keynote speaker was Earvin “Magic” Johnson. Seeing all those grown men act like teenage fans around one of the best athletes and businessmen of all time was a top-five moment for me! One of the coolest events was the “REALTORS® Relief Climb,” where thousands of REALTORS® walked up and down the steps of the San Francisco Giants baseball stadium to raise money for fellow REALTORS® who have experienced hardship.
As our industry changes, we should come together and develop comprehensive strategies to stay relevant and do our jobs better. The National Association of REALTORS® Conference is one chance to do so, and it is one of my favorite conferences of the year. Next year, it will be in New Orleans, and I highly recommend checking it out! • CAPITAL AREA REALTOR ® — Winter 2019 13
association news Each year, GCAAR recognizes members who have made significant accomplishments in their respective areas. We are pleased to name our 2019 awardees for Rookie of the Year and Affiliate of the Year.
GCAAR Names Wells Fargo Home Mortgage as Affiliate of the Year The GCAAR Affiliate of the Year is selected based on many qualities the member shows throughout the year. Specifically, GCAAR looks for a member who demonstrates active involvement by volunteering at events, joining a committee, contributing to the REALTOR® Party Action Committee (RPAC), sponsoring events throughout the year, and going above and beyond in the community. Wells Fargo Home Mortgage is more than deserving of this award because of those exact attributes. Specifically, King Farm Branch Manager Allyson Riggs, Home Mortgage Consultant Paul Nowacek—both three-year GCAAR members—and Washington, D.C. Branch Manager David Latimer have all committed their time to the Association. In 2019, Allyson served on the GCAAR Events Committee, where she volunteered her time to attend and help with events. She also gave general feedback and ideas to help grow the member experience. Allyson and David both continue to support GCAAR by working together to help secure sponsorships from Wells Fargo Home Mortgage, such as its Platinum sponsorship for both REALTOR® Fest and the GCAAR Holiday Party and Installation. Paul has been an active and dedicated member with GCAAR by serving on both the GCAAR Young Professionals Network (YPN) and Education committees over the last two years. He has spent his time volunteering in the community by partaking in GCAAR’s annual Rebuilding Together® event, and by sharing his knowledge with GCAAR members as an instructor for Continuing Education classes, helping REALTORS® grow in the industry. We would like to thank Allyson, Paul, and David with Wells Fargo Home Mortgage for their dedicated involvement with and continued support of GCAAR!
Allyson Riggs
Paul Nowacek
David Latimer
GCAAR Names Sam Medvene as Rookie of the Year GCAAR is proud to announce Sam Medvene as Rookie of the Year based on his dedication to community involvement, as demonstrated by his leadership roles in civic organizations and frequent participation in volunteer events. Sam has served as the Rebuilding Together® Team Captain since 2018. During that time, he used his considerable skills in communication and time management to lead more than 50 volunteers on home restoration projects for local members of the community. He also repeatedly took the initiative in collecting items for the silent auction, buying Halloween costumes, and attending community service events. Sam’s colleagues say that for him, “helping people become homeowners isn’t a business transaction, it’s a personal commitment.” Sam’s colleagues speak of the energy, reliability, and enthusiasm he brings to every moment. Sam is embodying the REALTOR® pledge to “protect the individual right to home ownership and to widen the opportunity to enjoy it.” Congratulations to this rising star! 14 CAPITAL AREA REALTOR ® — Winter 2019
GCAAR Welcomes New Emeritus Members At the National Association of REALTORS® Conference, the following GCAAR REALTORS® were approved for Emeritus Status by NAR. GCAAR is proud to congratulate them and their commitment to being a REALTOR®. Mary Addison Joan Brown J. Roger Carp Margaret Ferris Ellen Levy
Toby Rhodes Marsha Schuman Patricia Vucich Mary Wykes
Have You Been a REALTOR® for 40 Years? If you have been a member of the National Association of REALTORS® for a cumulative period of 40 years, and have completed at least one year of service on a national-level committee, then you are eligible for National Emeritus Status. To apply for Emeritus Status, please contact our GCAAR Member Services Representative Jackie Morgan at jmorgan@gcaar.com. She will assist in gathering all the necessary information to submit an application to NAR on your behalf by its next deadline date of Thursday, April 2, 2020. Once NAR approves your Emeritus application at its 2020 Mid-Year Conference, you will receive an Emeritus recognition pin and certificate, and you will no longer need to pay dues to the National Association of REALTORS®.
Certified International Property Specialist Institute Inspires Attendees to Go Global Sixty-four attendees arrived at GCAAR on October 7 for the first Certified International Property Specialist (CIPS) Institute. The five-day class was a joint venture among GCAAR, Maryland REALTORS®, and the Women’s Council of REALTORS®. By the end of the week, the REALTORS® had become fast friends, ready to share their international property knowledge and expand their global real estate footprint. Taught by Azizali Kanjee (FRI, CIPS, REI, ABR, CBC, AMP)—or “The Professor,” as the group came to call him—the CIPS Institute was a learning experience in international real estate, focusing on such critical aspects as currency and exchange rates, cross-cultural relationships, regional market conditions, and international investment performance. The attendees walked away fully prepared to serve their international clients both in the United States and overseas. “Attending and attaining the Certified International Property Specialist designation course from NAR is not only groundbreaking in learning about the global real estate market, but it also shines a light on cultural awareness, acceptance, and enables diversity not only within the local markets, but at an international capacity as well,” said Kelsey Gentry from Keller Williams Capital Properties. “This course was an awesome experience filled with mind-blowing information which broadened my global knowledge. This is by far one of my best investments in my real estate career. Thank you CIPS, Maryland REALTORS®, WCR, and GCAAR for making this life-changing event possible,” said Fred Dorsey from Douglas Realty. To find more info about the CIPS Designation, visit www.nar.realtor/CIPS.
CAPITAL AREA REALTOR ® — Winter 2019 15
Legal Hotline By Chris Darby, Tom Muldoon, and John Nalls of Counselors Title, LLC, and Pardo & Drazin, LLC, General Counsel
QUESTION: I have switched brokerages and my former brokerage has an active listing agreement in Maryland with a client who was formerly working with me and wants to do so again at my new brokerage. My former broker indicates that the listing agreement is active with them and wish to enforce the seller’s obligations under the presently existing listing agreement. Can anything be done in order for the seller to sign a listing agreement with my new brokerage? ANSWER: An exclusive listing or buyer brokerage agreement with a client is the property of the broker with whom it is made, not any individual agents of that broker. Every agent (and broker) also has an ethical obligation to not interfere with another’s
16 CAPITAL AREA REALTOR ® — Winterl 2019
existing exclusive brokerage agreement. Thus, when an agent changes brokers, they do not have the right to have the client change with them.That being said, Maryland agency law requires that either party to an exclusive brokerage agreement must have the unilateral right to terminate the brokerage relationship at any time. The unilateral right to terminate the brokerage relationship, however, does not extend to the contractual obligations that a buyer or seller may have under the brokerage agreement, such as the payment of compensation if certain conditions are met. Accordingly, your seller has the right if they so choose (and without any encouragement or pressure by you to do so) to terminate the listing agreement with your former broker by providing a Notice of Termination of Brokerage Relationship Only (GCAAR
Form 1347). This would terminate the brokerage relationship only and allow that seller, after this is completed, to sign a listing agreement with your new brokerage. In doing so, however, the seller could still potentially be obligated to the prior broker for any contractual obligations under the prior listing agreement, including the obligation to pay a commission. In order to terminate both the brokerage relationship and any contractual obligations of the parties under the former listing agreement, both the seller and the former broker would have to execute a Termination of Listing Agreement (GCAAR Form 1349).
QUESTION: Regarding this section of the Washington, D.C. code: § 42–1904.11. Resale by unit owner; seller to obtain appropriate statements from association and furnish to purchaser; scope of provisions. The seller has three business days to review the documents. If the seller reviews the documents the first day and is OK with the documents, can the buyer send an addendum to the seller stating they waive the remaining time for their review period and is ready to proceed with the contract and settlement date? I have a few colleagues telling me that the three-day period is mandatory and is not considered a “contingency.” Therefore, they say, it cannot be shortened, and the addendum is not valid. Recently, I had a client review a condo resale package. They accepted the information and wanted to end their review period. The listing agent said it’s “mandatory” to review for three days. Please give me an opinion on these questions.
ANSWER: Under the statute cited, in the event of a resale of a condominium unit, the unit owner has 10 business days following the date of execution of the contract to provide a copy of the condominium instruments and a certificate to the purchaser. The purchaser then has the right, for a period of three business days following receipt of the documents, to cancel the contract by giving notice in writing and returning the documents to the seller. Since the condominium document review period is a statutory requirement rather than a contractual one, these time frames cannot be waived or negotiated differently. That being said, if a buyer chooses to proceed to settlement before the expiration of the review period, there is no bar to them doing so. By proceeding to settlement, the buyer voids their right to cancel pursuant to Section 42-1904.11 (a-1)(4). However, until they go to settlement or the three-business day period expires, that right to cancel would remain.
QUESTION: I am handling an estate sale in Montgomery County and am wondering whether the REA is still required to be completed. ANSWER: Yes, the REA, or Regulations, Easements and Assessments (REA) Disclosure and Addendum (GCAAR Form #900), is required on all contracts in Montgomery County. It does not provide for an exemption in an estate situation. The REA is a compilation of required disclosures under the Montgomery County Code and other local municipalities.
DISCLAIMER: The answers provided here are the opinion of the authors, are for informational purposes, and are only for GCAAR members. Neither Counselors Title, LLC, nor Pardo & Drazin, LLC, is providing legal advice, but rather providing a general statement of law. No lawyer/client relationship is – or will be – established as a result of this material. Readers are encouraged to retain their own counsel for their specific questions. Answers may have been edited for formatting purposes.
CAPITAL AREA REALTOR ® — Winter 2019 17
economic outlook & forecast By Nadia Evangelou, NAR Research
State of Migration in the Washington, D.C. area “Everything flows, nothing stands still,” according to Heraclitus.
E
very year, about 45 million people move across the United States—making up about 13% of the total population. Migration rates vary by age, race, and ethnicity, and are affected by social and economic conditions on a local and national scale.
There are three main reasons why Americans move: family-related reasons (e.g., change in marital status, or to establish their own household), housing-related reasons (e.g., to own instead of rent, or for different housing), and employment-related reasons (e.g., moving for a new job). The most prevalent reason is housing-related moves.
District of Columbia and Montgomery County, Maryland In both the District of Columbia and Montgomery County, most people move within the same county. Every year, about 70,000 people move to a different residence within the same county in the District of Columbia; about 90,000 do so in Montgomery County. The table below shows the number of movers within the same county, movers from a different county within the same state, and movers from a different state in the District of Columbia and Montgomery County:
Additionally, people tend to move close to their previous location. Among those who moved in 2018, data shows that most of them never left their county, let alone their state. Here is a breakdown:
Although people move for different reasons to different locations, individual counties’ patterns of migration reveal demographic trends for the local area. The Census Bureau releases estimates on residential mobility for each of the 3,142 counties and county-equivalents in the country. 18 CAPITAL AREA REALTOR ® — Winterl 2019
Domestic migration (excluding people moving from abroad)
1
Most Popular Areas for Millennials: Where They Move and
2
Stay, National Association of REALTORS®
The Census Bureau also releases the county-to-county migration flows every year. This data captures the number and the location of movers entering and leaving the county within the year. Using this dataset, let’s see who moved recently in both the District of Columbia and Montgomery County. The table below shows the top five origins of the recent movers:
Let’s now take a closer look at the characteristics of the recent movers. Age Data shows that young people opt to move into these two areas. While the median age in the District of Columbia was 34 in 2018, the age of the median mover to D.C. from the same county was 29 and the age of people moving from a different state was 26. Similarly, in Montgomery County, movers were younger than non-movers in the area (42). The median age of someone who moved within the same county was 32 while the age of those who moved from a different state was 30. Thus, it seems that young professionals are moving in both areas. Income The median income of people moving from a different state in Montgomery County was higher than the income of non-movers. In 2018, the median income of movers who
relocated from a different state was $51,000, 7 percent higher than the median income of residents who didn’t move ($48,000). Nevertheless, in the District of Columbia, the median income of people moving from a different state was 20 percent lower than the median income of non-movers. Since movers are younger and less established than non-movers, their income is estimated to be lower than the income of non-movers.
Marital Status Although both counties attract young people, Montgomery County seems to be a destination for married couples while most of the movers in the District of Columbia have never been married. Based on the data, 74 percent of people who moved in D.C. have never been married, compared to 44 percent in Montgomery County. In sum, the trends examined here suggest that both counties should expect a boost in housing demand from millennial buyers. Nearly 51,000 people between the ages of 25 and 39 move every year in the District of Columbia; 47,000 people in that age group move in Montgomery County. Based on a recent study from the National Association of REALTORS® , these movers are not expected to leave anytime soon since the Washington, D.C. metro area is more affordable compared to other big cities such as San Francisco, Los Angeles, and New York City.
CAPITAL AREA REALTOR ® — Winter 2019 19
REALTORS® Care Halloween Costume Collecting GCAAR REALTORS® Care asked GCAAR members to donate new or gently used costumes in the weeks leading up to Halloween to benefit Horton’s Kids, a local nonprofit organization that serves 500 children from grades K-12. Several dozen costumes were collected and brought to Horton’s Kids, where children could come pick out a costume at their Halloween party.
Winter Wear Drive As the weather gets frostier, GCAAR members have stepped up, collecting dozens of winter coats—plus hats, scarves, and gloves—for people in need.
Grants Award Luncheon On December 12, GCAAR REALTORS® Care distributed a total of $21,405 to nine local nonprofits:
➲ Calvary Women’s Services ➲ District Alliance for Safe Housing (DASH) ➲ Friendship Place ➲ Miriam’s Kitchen ➲ Pathways to Housing DC ➲ Cornerstone Montgomery ➲ Montgomery County Coalition for the Homeless ➲ The Arc Montgomery County ➲ The Dwelling Place
THANKS for Your Support in 2019! 20 CAPITAL AREA REALTOR ® — Winter 2019
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REALTOR® TOOLBOX
Buy a Car to Save on Taxes By Linda de Marlor, Tax-Masters, Inc. Two questions:
1. Do you need a replacement business car, SUV, van, or pickup truck? 2. Do you need tax deductions this year? If you answered “yes” to both questions, here are some ideas for you to consider:
1. Buy a New or Used SUV, Crossover Vehicle, or Van with a Gross Vehicle Weight Rating (GWVR) Greater Than 6,000 Pounds Let’s say that on or before December 31, 2019, you or your corporation buys and places in service a vehicle that the manufacturer classifies as a truck and that has a GVWR of 6,001 pounds or more. This newly purchased vehicle gives you four big benefits:
1. Bonus depreciation of 100 percent
2. Section 179 expensing of up to $25,000
4. No luxury limits on vehicle depreciation deductions
3. Modified Accelerated Cost Recovery System (MACRS) depreciation using the five-year table
2. Buy a New or Used Pickup with a GVWR Greater Than 6,000 Pounds If you or your corporation buys and places in service a qualifying pickup truck (new or used) on or before December 31, 2019, then this newly purchased vehicle gives you four big benefits:
1. Bonus depreciation of 100 percent
3. MACRS depreciation using the five-year table
2. Section 179 expensing of up to $1,000,000
4. No luxury limits on vehicle depreciation deductions
To qualify for full Section 179 expensing, the pickup truck must have: • A GVWR of more than 6,000 pounds, and
• A cargo area (commonly called a “bed”) of at least six feet in interior length that is not easily accessible from the passenger compartment. Short bed. If the pickup truck passes the more-than-6,000-pound-GVWR test but fails the bedlength test, tax law classifies it as an SUV. That’s not bad: It’s still eligible for the $25,000 SUV expensing limit, plus 100 percent bonus depreciation. See Section 1, above, for how this works. 22 CAPITAL AREA REALTOR ® — Winter 2019
3. Buy a New or Used Qualifying Cargo or Passenger Van with a GVWR Greater than 6,000 Pounds A new or used cargo or passenger van bought and placed in service on or before December 31, 2019, can qualify for four big tax benefits:
1. Bonus depreciation of 100 percent
2. Section 179 expensing of up to $1,000,000
4. No luxury limits on vehicle depreciation deductions
3. MACRS depreciation using the five-year table
Cargo van. To qualify for full Section 179 expensing, the cargo van must: • Have a GVWR of more than 6,000 pounds,
• Fully enclose the driver compartment and load-carrying area, • Not have seating behind the driver’s seat, and
• Have no body section that protrudes more than 30 inches ahead of the leading edge of the windshield. If the van passes the GVWR test but fails one of the other qualifying tests listed above, the law deems it an SUV. Passenger van. If the van has a GVWR of greater than 6,000 pounds and seats more than nine people behind the driver’s seat, it is a tax law–defined passenger van, not an SUV, and it qualifies for full Section 179 expensing of up to $1,000,000 and 100 percent bonus depreciation.
4. Buy a Depreciation-Limited New or Used Car, SUV, Truck, or Van If you or your corporation buys and places in service a new or used passenger vehicle such as a car (or a pickup, an SUV, or a van with a GVWR of 6,000 pounds or less) on or before December 31, 2019, then you or your corporation may claim up to $8,000 in bonus depreciation. Tax reform increased the 2019 luxury passenger vehicle depreciation limits to the following: • $10,000 for the first taxable year in the recovery period, • $16,000 for the second taxable year in the recovery period, • $9,600 for the third taxable year in the recovery period, and • $5,760 for each succeeding year in the taxable period. Here’s how this works: Say you buy a car. You add the $8,000 in bonus depreciation to the $10,000 car limit, for a 2019 limit of $18,000. To get to this limit, you can use a combination of bonus depreciation and regular depreciation. You reduce the $18,000 limit by any personal use. CAPITAL AREA REALTOR ® — Winter 2019 23
Realtor Party ®
Platinum “R” GCAAR Dale Ross Golden “R” Bonnie Casper Ed Krauze Carole Maclure Frank Pietranton, Jr. Bonnie Roberts-Burke Christopher Suranna Holly Worthington Crystal “R” Jamie Coley Fred Kendrick Mike Moran Paragon Title & Escrow Sterling “R”
Koki Adasi Avi Adler Wendy Banner Stacey Barton Fred Bates Harrison Beacher Elizabeth Blakeslee Jan Brito Chuck Burger Carol Calomiris Catherine Czuba Tom Daley
Thank You to Our 2019 Major and Large RPAC Investors Jessica Evans Lynette Flavin Greg Ford David Getson Scott Goldberg Katherine Gordon Brandon Green Harold Huggins Keith James Franklin Jamison Colin Johnson Angela Jones Alana Lasover Justin Levitch Kymber Lovett-Menkiti Peg Mancuso Jennifer Marshall Dale Mattison Shelly Murray Marjorie Rosner Daniel Schuler Andres Serafini Dianah Shaw Jason Sherman Ellie Shorb Danai Mattison Sky Brenda Small Jennifer Smira Natalee Snider Frank Snodgrass Marty Stanton Kirsten Williams Edward Wood
Capital Club ($250-$999) Alana Aschenbach Sunita Bali Zachary Bodine Russell Brazil Thom Brockett Jamica Browne Nathan Carnes Dontae Carroll Eunice Chu Lindsay Clark Lori Connor Gabriela Cruz Chris Darby Lauren Davis Joe Detrick Tony DeVol Damon Downing Michael Fowler Jeffrey Ganz Lee Goldstein Todd Greenbaum Jacqueline Grenning Gwen Henderson Nancy Itteilag Robert Jenets Billy Kinberg Melissa Lango Cheryl Leahy Linda Lizzio Peter Locker KT Maclure
Tony Mancuso Hank May Samuel Medvene Thomas Muldoon Barbara Nalls John Nalls Katalin Peter John Peters Jean Poitevien John Pruski CJ Rader Michael Rankin Matthew Rogers Elizabeth Russell Christopher Saabye Joseph Sabelhaus Dana Scanlon Jill Schwartz Tony Shore P. Joy Siegel Colleen Cogan Smith Annemarie Stephens JD Teitelman Juan Umanzor John Young As of November 12, 2019
REALTOR® Party The REALTOR® Party is an initiative for REALTORS®, by REALTORS® and REALTOR® Associations, to advance public policies and candidates that build strong communities, protect property interests, and promote a vibrant business environment. It helps facilitate efforts like issue mobilization, consumer advocacy campaigns, voter registration drives, and campaign services. It works hand-in-hand with RPAC to protect the real estate industry and advance the REALTOR® brand. Though we have had many successes, the next one will only come with support from REALTOR® and Affiliate members like you!
Make the investment today! Invest online at: gcaar.com 24 CAPITAL AREA REALTOR ® — Winter 2019
®
GCAAR happenings YPN Prime Real Estate GCAAR’s Young Professionals Network (YPN) hosted its Annual Professional Development Event at the National Union Building on October 23, where members were able to hear from industry leaders about Amazon Q2 and how it will impact real estate in Washington, D.C. [Photos: Prime 2, Prim 3]
GCAAR Golf Tournament What a fun day out on the links! More than 100 golfers came out to Manor Country Club on October 21 for the 3rd Annual GCAAR Golf Tournament. The sun was shining, and the weather was perfect for putting!
Legislative Breakfast GCAAR’s Annual Legislative Breakfast, held on December 16, brought local, state, and national elected officials together with GCAAR members to discuss important REALTOR® priorities and learn about what is happening legislatively in 2020. An active working relationship with our elective officials helps facilitate a healthy and robust real estate marketplace and allows an open line of communication between REALTORS® and legislators.
CAPITAL AREA REALTOR ® — Winter 2019 25
public policy Montgomery County and Maryland Councilmember Glass Introduces New Impact Tax and Excise Tax on Residential Teardowns Earlier this year, Councilmember Evan Glass (At-Large), with co-sponsor Councilmember Will Jawando (At-Large), introduced Bill 34-19: the Development Impact Taxes - Affordable Housing - Housing Impact Fairness Act. The legislation would apply a new impact tax and a new excise tax when 51% or more of the property is demolished through a demolition permit. The funds generated would go to school infrastructure and the county’s Housing Initiative Fund. Councilmember Glass has claimed that $100 million in new revenue would be raised, but many have raised doubts about these projections. The GCAAR Public Policy Committee has met with Councilmembers to express our opposition to this legislation and testified at the December public hearing. GCAAR will continue to make our members’ voices heard to protect and strengthen the real estate industry. •
GCAAR Participates in Council’s Carbon Monoxide Awareness Month Proclamation GCAAR teamed up with Councilmember Craig Rice (D-District 2) to pass a new law to protect county residents from carbon monoxide. In an effort to bring further awareness to this issue, Councilmember Rice and County Executive Marc Elrich have recently marked November as Carbon Monoxide Awareness month. GCAAR Public Policy Chair Philip Raskin was invited to represent GCAAR in the ceremony. He is pictured with Councilmember Rice, Montgomery County Fire and Rescue Chief Scott Goldstein, County Executive Elrich, and members of the Department of Permitting Services. As active community members, GCAAR will always work with our elected officials and public safety leaders to ensure Montgomery County is safe for all residents. •
District of Columbia Financial Literacy Bill The D.C. Council recently introduced a bill that would create elective financial literacy classes for 11th and 12th graders in District of Columbia Public Schools. This is a bill DC REALTORS® support, and GCAAR’s members showed up to the November 6 hearing to voice our support. Sammy Dweck, a member of the DCAR Public Policy Committee, gave an impassioned testimony on the value of financial literacy and independence, and the role those attributes play in the various stages of homebuying and homeownership. •
26 CAPITAL AREA REALTOR ® — Winter 2019
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Education Calendar December Wednesday, December 18, 2019
New Member Orientation (new members only) CEU: 3.0 required for MD and elective for DC Instructor: Dana Hollish Hill Time: 10:30 a.m. - 4:00 p.m. Location: Rockville Classroom Wednesday, December 18, 2019
Maryland Code of Ethics and Predatory Lending CEU: 3.0 required for MD and elective for DC Instructor: Dana Hollish Hill Time: 1:00 - 4:00 p.m. Location: Rockville Classroom Thursday, December 19, 2019
MREC Brokerage Relationships and Disclosures CEU: 3.0 required for MD and elective for DC Instructor: Mary Chieppa Time: 9:30 a.m. - 12:30 p.m. Location: Rockville Classroom Thursday, December 19, 2019
When Price Meets Preparation
Friday, December 20, 2019
Saturday, January 18, 2020
DC Legislative Update
Maryland Fair Housing
CEU: 3.0 required for DC Instructor: Stu Reynolds Time: 1:30 - 4:30 p.m. Location: DC Classroom
CEU: 1.5 required for MD and elective for DC Instructor: Bob Pettis Time: 12:30 - 2:00 p.m. Location: Rockville Classroom
January
Saturday, January 18, 2020
Friday, January 10, 2020
New Member Orientation (new members only) CEU: 3.0 required for MD and elective for DC Instructor: Tara Houston Time: 10:30 a.m. - 4:00 p.m. Location: DC Classroom Friday, January 10, 2020
Maryland Code of Ethics and Predatory Lending CEU: 3.0 required for MD and elective for DC Instructor: Tara Houston Time: 1:00 - 4:00 p.m. Location: DC Classroom Monday, January 13, 2020
Working With Hoarders
CEU: 2.0 elective for MD, DC and VA Instructor: Mary Chieppa Time: 1:30 - 3:30 p.m. Location: Rockville Classroom
CEU: 1.5 elective for MD and DC, 1.0 for VA Instructor: Kevin Wheeler, Cris Sgrott Time: 10:00 - 11:30 a.m. Location: Rockville Classroom
Friday, December 20, 2019
Monday, January 13, 2020
MREC Required Supervision CEU: 3.0 required for MD and elective for DC Instructor: Carole Maclure Time: 9:30 a.m. - 12:30 p.m. Location: Rockville Classroom Friday, December 20, 2019 DC Ethics CEU: 3.0 required for DC Instructor: Stu Reynolds Time: 9:30 a.m. - 12:30 p.m. Location: DC Classroom
30 CAPITAL AREA REALTOR ® — Winter 2019
Trusts and Wills in Real Estate Transactions CEU: 2.0 elective for MD, DC and VA Instructor: Tim Sessing Time: 12:00 - 2:00 p.m. Location: Rockville Classroom Saturday, January 18, 2020
Maryland Legislative Update CEU: 3.0 required for MD and elective for DC Instructor: Bob Pettis Time: 9:00 a.m. - 12:00 p.m. Location: Rockville Classroom
MREC Brokerage Relationships CEU: 3.0 required for MD and elective for DC Instructor: Bob Pettis Time: 2:30 - 5:30 p.m. Location: Rockville Classroom Tuesday, January 21, 2020
New Member Orientation (new members only) CEU: 3.0 required for MD and elective for DC Instructor: Bob Pettis Time: 4:00 - 8:45 p.m. Location: Rockville Classroom Tuesday, January 21, 2020
Maryland Code of Ethics and Predatory Lending CEU: 3.0 required for MD and elective for DC Instructor: Bob Pettis Time: 5:45 - 8:45 p.m. Location: Rockville Classroom Wednesday, January 22, 2020
Tenant Opportunity to Purchase Act CEU: 1.5 elective for DC Instructor: Carol Calomiris Time: 10:00 - 11:30 a.m. Location: DC Classroom Tuesday, January 28, 2020
New Member Orientation (new members only) CEU: 3.0 required for MD and elective for DC Instructor: Mary Chieppa Time: 10:30 a.m. - 4:00 p.m. Location: Rockville Classroom
Tuesday, January 28, 2020
Saturday, February 15, 2020
Thursday, February 20, 2020
Maryland Code of Ethics and Predatory Lending
Maryland Code of Ethics and Predatory Lending
How Tax Law Affects the Real Estate Pro
CEU: 3.0 required for MD and elective for DC Instructor: Mary Chieppa Time: 1:00 - 4:00 p.m. Location: Rockville Classroom
CEU: 3.0 required for MD and elective for DC Instructor: Thom Brockett Time: 10:15 a.m. - 1:15 p.m. Location: Rockville Classroom
CEU: 3.0 elective for MD, DC and VA
Thursday, January 30, 2020
Wednesday, February 19, 2020
CRS Designation Course: Tax Strategies for Real Estate Professional
Virginia Ethics
CEU: Designation Course, NO CE Instructor: Chris Bird Time: 8:30 a.m. - 5:00 p.m. Location: Rockville Classroom
February Thursday, February 6, 2020
New Member Orientation (new members only) CEU: 3.0 required for MD and elective for DC Instructor: Tara Houston Time: 10:30 a.m. - 4:00 p.m. Location: DC Classroom Thursday, February 6, 2020
Maryland Code of Ethics and Predatory Lending CEU: 3.0 required for MD and elective for DC Instructor: Tara Houston Time: 1:00 - 4:00 p.m. Location: DC Classroom Saturday, February 15, 2020
New Member Orientation (new members only) CEU: 3.0 required for MD and elective for DC Instructor: Thom Brockett Time: 8:30 a.m. - 1:15 p.m. Location: Rockville Classroom
Instructor: Linda de Marlor Time: 1:30 - 4:30 p.m. Location: Rockville Classroom Tuesday, February 25, 2020
CEU: 3.0 required for VA and e lective for DC Instructor: Thom Brockett Time: 8:30 - 11:30 a.m. Location: Rockville Classroom
New Member Orientation (new members only) CEU: 3.0 required for MD and elective for DC Instructor: Ned Rich Time: 10:30 a.m. - 4:00 p.m. Location: Rockville Classroom
Wednesday, February 19, 2020
Tuesday, February 25, 2020
Virginia Mandatory Agency
Maryland Code of Ethics and Predatory Lending
CEU: 1.0 required for VA and elective for DC Instructor: Thom Brockett Time: 11:45 a.m. - 12:45 p.m. Location: Rockville Classroom Wednesday, February 19, 2020
CEU: 3.0 required for MD and elective for DC Instructor: Ned Rich Time: 1:00 - 4:00 p.m. Location: Rockville Classroom
Virginia Fair Housing CEU: 2.0 required for VA and elective for DC Instructor: Thom Brockett Time: 1:45 - 3:45 p.m. Location: Rockville Classroom Wednesday, February 19, 2020
Virginia Mandatory Contract Review CEU: 1.0 required for VA and elective for DC Instructor: Thom Brockett Time: 4:00 - 5:00 p.m. Location: Rockville Classroom Wednesday, February 19, 2020
New Classes are being added daily. Please visit GCAAR Education and Events Calendar at: https://gcaar.com/education-events/class-and-events-calendar *Location: Rockville Classroom – 15201 Diamondback Drive, Ste 100, Rockville, MD 20850 DC Classroom – 1615 New Hampshire Ave, Suite C-4, Floor 3, Washington, DC 20009 OTG: “On the Go” Classes are held at locations other than GCAAR Classrooms. Please visit https://gcaar.com/education-events/class-and-events-calendar to view the location of OTG classes.
Virginia Legal Update CEU: 1.0 required for VA and elective for DC Instructor: Thom Brockett Time: 5:30 - 6:30 p.m. Location: Rockville Classroom
CAPITAL AREA REALTOR ® — Winter 2019 31
COACH’S CORNER
gratefulness
E
very day you wake up with a choice to make. The choice has nothing to do with your business, and everything to do with your business. Every day you must choose what type of day you will have. It’s too easy to start your day with negative thoughts, dreading what the day will bring:
• A meeting with a difficult buyer or seller • An intense negotiation • A phone call delivering unpleasant news • An enormous “to-do” list
32 CAPITAL AREA REALTOR ® — Fall 2019
The very thought of any one of these items is enough to make you want to stay in bed and pull the covers over your head. But what if you made the decision to approach your day from a place of gratefulness? Let’s see what that day would look like. First things first: You woke up. That mere fact should put a smile on your face and make you happy. It doesn’t matter if you are in good or poor health; the fact that you woke up means that you get another chance to be the best person you can be. It’s another chance to help someone. It’s another chance to make a difference. This is a great place to start being grateful, because not everyone woke up this morning. Be grateful that you are in your right mind. You can think about the options you have today. You can decide for yourself how you will respond
to the opportunities and challenges that come your way throughout the day. There are some days when you feel as though you don’t have any choice and the world is conspiring against you. But the truth is: You always have choices. You simply must be willing to accept the consequences of those choices. No matter what you are going through or what you may face during the course of the day, try to approach it from a place of gratefulness:
• Be grateful that you have a client. • Be grateful that you have an occupation that you love (most days). • Be grateful that you are healthy. • Be grateful that you have food in your home. • Be grateful that you are loved.
Being grateful for what you have can change your life and can definitely have an impact on your business. You attract what you are. If you constantly find yourself working with difficult people or having difficult transactions, try a new approach. Wake up with an attitude of gratefulness and see if that doesn’t change things. Having said that, what are you grateful for on this beautiful day? •
CANDY MILES-CROCKER “The Real-Life REALTOR®,“ coaches, mentors, and trains new and experienced real estate agents to transform their business by mastering her proven systems for success. She is a firm believer in managing expectations and her goal is to elevate the perception of real estate agents among the general public through education so every client has an amazing real estate experience. Candy’s unique training methods have shown agents what it takes to be successful! Inman News selected Candy as one of the Top 25 Real Estate Coaches in 2016. Learn more at RLRETraining.com.
CAPITAL AREA REALTOR ® — Winter 2019 33
FROM THE GCAAR CLASSROOM Certified Residential Specialist Why Earn the Certified Residential Specialist (CRS) Designation? CRS education programs and referral network provide CRS Designees with superior knowledge, connections, and tools to be more productive. Having the CRS Designation provides you with numerous benefits, from free mobile CRM and lead generation tools to the recognition you receive. There are two paths to earning CRS Designation: the 60/30/30 or Pro Program. To learn more, go to https://crs.com/designation/
First class: January 30, 2020
TAX STRATEGIES FOR THE REAL ESTATE PROFESSIONAL Register HERE: https://gcaar.com/education-events/detail/event-id/200120TS
COURSE OBJECTIVES: Tax laws have a major impact on the business of real estate. REALTORS®, principal residence and investment property owners are all impacted every year by taxes, and both agents and their clients will benefit from an understanding of tax implications. With the recent Tax Cuts and Jobs Act of 2017, there are significant changes that every REALTOR® should understand. In this course, participants will learn tax laws and changes that impact REALTORS®, the implication of taxes on primary residences, and how taxes affect residential investment properties. The REALTOR® who desires to be the best real estate professional will find this information is exactly what is needed to step above their competition and provide the best services that will result in a growing business with multiplying referrals. Instructor: Chris Bird, CRS Chris Bird has been in the finance business for more than 30 years. He started his career with a degree in accounting minor in business administration. He also holds the Certified Financial Planner Designation and was a Senior IRS agent for 16 years. He conducts more than 125 seminars a year on accounting, financial planning, wealth building, residential rental property ownership, and tax strategies for both the real estate and financial industries nationwide.
To find out more about the CRS Designation, visit www.CRS.com.
34 CAPITAL AREA REALTOR ® — Winter 2019
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Since 1990 the Preferred Qualified Intermediary for 1031 Exchanges!
Your Preferred Local Qualified Intermediary for 1031 Exchanges Contact us for free consultations & information Bill Horan, CES® bill@1031.us
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7400 Heritage Village Plaza #102 Gainesville, VA 20155 800-795-0769 www.1031.us CAPITAL AREA REALTOR ® — Winter 2019 35
A LOOK BACK AT 2019! From giving back to the community to gathering together, GCAAR members had a year to remember!
36 CAPITAL AREA REALTOR ® — Winter 2019
GCAAR THANKS KOKI ADASI FOR HIS LEADERSHIP IN 2019!
CAPITAL AREA REALTOR ® — Winter 2019 37
WELCOME to the Greater Capital Area Association of REALTORS®
We are pleased that you have chosen to join our organization. GCAAR is your voice for real estate issues in D.C. and Montgomery County, Maryland. It offers venues for networking and allows you to connect with your peers and exchange best practices. We invite you to take full advantage of your benefits as a member.
NEW MEMBERS
Silvie Maaloul
Shaconya Jones
Michael W. Craig Jr.
AUGUST
Helen D. Macsherry
Gregory A. Kearley
Olufemi A. Ifaturoti
Hannah McDonald
Margaret Kessie
Christian C. Koutsoumpas
Bobby Cherian
Rebecca Ramos
Patricia G. Russo
Nicholas L. Holden
Janet M. Romero
Nathaniel D. Sconiers
Tarrelle Ingram
Kyrica R. Veney
Feng Shan
Julia Chin
Dominika Sillery
Edgar S. Espino
Ahmad J. Edwards
Katherine C. Garcia Blanco
Khalil I El Ghoul
Amber J. Meadows
Eileen U. Perry
Erika L. White
David Stephen
Mark A. Brignone
Wendy J. Hallam
Amanda L. Gant
Ting-An Hou
Zahra Hadadian O’Connor
June E. Kim
Brandon Hargreaves
Jessie M. Thiel
Victoria Scavo
Frederick Gibbons
Oscar Gordon II
Carolyn J. Jones
Monica Martinez
Granville D. Lewis
Rachel M. Rosenfeld
Theodore R. Payton
Farrukh P. Sheikh
Ahmet B. Tekmen
Niya L. Toney
Jamica-Mahoghany Anderson
Tarah W Tyler
Rachel L. Ayres
Matthew A. Brown
Christian Reyes
Shana Benjamin
Fasil D. Tekle
Sonya R. Archibald Redfin Corporation
Michael A. Blackman
Blue Crab Real Estate LLC
Robin S. Goelman Donna Kerr Group
Desire A. Husbands
Long & Foster Real Estate Inc.
Jason G Jones
Exit Deluxe Realty
Muhammad Kaleem
Long & Foster Real Estate Inc.
Tsz Ling V. Leung-Ng
Century 21 New Millennium
Andrew E. McNeil Jr.
Keller Williams Capital Property
Esther A. Ogunsanya
Coldwell Banker Residential Long & Foster Real Estate Inc. Compass
Weichert REALTORS® Weichert REALTORS® Long & Foster Real Estate Inc.
SEPTEMBER Toby K. Singh
Keller Williams Capital Property
Ivan A. Combe
Union Realty of MD LLC
Olga E. Rivas
Keller Williams Capital Properties
Long & Foster Real Estate Inc
Andrew J. Seligman
John R. Robinson
Compass
Murrell, Inc., REALTORS®
Daniel K. Schwartz
Century 21 Redwood Realty
Brandy J. Tanner
Long & Foster Real Estate Inc.
Steven Jerry
Exit Flagship Realty
Krystal R. Stewart Compass
Salahuddin Azad
Execuhome Realty
Bianca M. Brooks Compass
Olufolajimi A. Kolawole KLF Brokers
Felecia McDonald Let Me LLC
LaToya A Smith
Long & Foster Real Estate Inc.
Cathy L. Allen
Long & Foster Real Estate Inc.
Gabrielle Banks
Redfin Corporation
Jessica L. Felice
Berkshire Hathaway HomeServices 38 CAPITAL AREA REALTOR ® — Winter 2019
Jamal R. Bell
Neighborhood Assistance Corp
Evette L. Chambers
Long & Foster Real Estate Inc.
Deena C. Dzidzienyo Weichert REALTORS®
Gerald Jeandron
Long & Foster Real Estate Inc.
Ramola N. McDermott Redfin Corporation
Avraham Y. Shulman
Long & Foster Real Estate Inc.
Quiana Smith
Keller Williams Capital Property
Eric M. Wood
eXp Realty LLC
Katherine A. Allen
Help-U-Sell Federal City Realty
Jeannette N. Awasum Zenith Realty
Jeannie M. Cyrus
DeLuca & Associates R E
Tagay T. Jobir
Keller Williams Capital Property
Coldwell Banker Residential Coldwell Banker Residential Long & Foster Real Estate Inc. Fairfax Realty Premier Weichert REALTORS® RE/MAX Fine Living Weichert REALTORS® Keller Williams Capital Properties Century 21 Certified Realty Group Long & Foster Real Estate Inc. Samson Properties Washington Fine Properties Parlay Real Estate LLC Realty Advantage
Keller Williams Integrity Keller Williams Integrity Long & Foster Real Estate Inc. Weichert REALTORS® Weichert REALTORS® Weichert REALTORS® Realinvestors Real Estate Services LLC 4J Real Estate LLC Keller Williams Capital Property Redfin Corporation
M Squared Real Estate LLC Keller Williams Capital Property Long & Foster Real Estate Inc. Goodman REALTORS® Smart Realty LLC Smart Realty LLC Long & Foster Real Estate Inc. Keller Williams City Wide Realty Partners Real Estate Long & Foster Real Estate Inc. Redfin Corporation Particular Properties RE LLC Long & Foster Real Estate Inc. Keller Williams Capital Property Pearson Smith Realty TTR Sothebys International Realty TriStar Realty Inc.
Long & Foster Real Estate Inc. IIG Realty
Fairfax Realty Select Berkshire Hathaway HomeServices PenFed Bennett Realty Solutions Long & Foster Real Estate Inc. Long & Foster Real Estate Inc.
Guangzhi Zhao
Alicia M. Egolum
Chuiyuen Yung
Teneatha Goff
Bayartogtokh L. Andersen
Margaret Hayes
Miguel A. Eversley
Tiffany A. Stepney
Blue Hill Realty LLC The Genau Group LLC
Ashvin N. Carrillo
Keller Williams Capital Properties
Robert P. Chang eXp Realty LLC
Carolyn E. Hamilton Tower Hill Realty
Tanguy M. Kabwenge Exit Deluxe Realty
Kristian Karna
Century 21 Redwood Realty
Chelsea M. Liverpool
Keller Williams Capital Properties
Diana S. Marroquin
Coldwell Banker Residential
Melanie S. Wright Compass
Esther S. Eyere
Long & Foster Real Estate Inc.
Ashraf Mortazaee
Constitution Realty Company LLC
Matthew J. Popadiuk Weichert REALTORS®
Dijon Saunders
Better Homes & Gardens Real Estate
Kimberly A. Coles Redfin Corporation
Michael J. Kaufman
Long & Foster Real Estate Inc.
Francis C. Noe
Realty Advantage
Lindsay B. Underwood
McEnearney Associates Inc.
OCTOBER Mariah M. Patel
Keller Williams Capital Properties Long & Foster Real Estate Inc.
Traci Johnson
Berkshire Hathaway HomeServices PenFed Realty
David Cummings
First Decision Realty
Ellta T. Solomon
ISellHouses.com LLC
Fairfax Realty Select
Craig D. Carozza-Caviness
Antoinette S. Brawner
Keller Williams Realty Chantilly Ventures LLC
Real Living at Home Cummings & Co REALTORS®
Exit Flagship Realty
Chisomam A. Osuji
Long & Foster Real Estate Inc.
Chuanyu C. Peng
Prestige Realty LLC
Nicole D. Jackson
Keller Williams Capital Properties
Leo Lee
Compass
Penelope Mause Compass
Jill E. Phennicie
Long & Foster Real Estate Inc.
Sandra P. Daniels TriStar Realty Inc.
Tamara Declama
Keller Williams Capital Properties
Erica Dhawan
Long & Foster Real Estate Inc.
Robert R Gregory III
Long & Foster Real Estate Inc.
Tommie Hewitt
Exit Flagship Realty
Ron Hom
Keller Williams City Wide Realty
Catherine Joson
Keller Williams Capital Properties
Brian A. Meyers
Coldwell Banker Residential
RE/MAX Elite Services
Jessica B. Sidar
Roberto D. Rolong Coronell
RE/MAX Advantage Realty
Carmen A Bell Compass
Jean-Rodolphe M. De La Haye Long & Foster Real Estate Inc.
Pearson Smith Realty
Tiana B. Thompson
Keller Williams Capital Properties
Marla J. Vail
Taylor Properties
Sierra N. Dressing
Linda L. Johnson
Long & Foster Real Estate Inc.
Exit Wyse Realty
Robert J. Howard Jr
Atul Kaushal
Exit Flagship Realty
Robert W. Johnston
Taylor Properties
Patricia A. Rasser
Compass
Patricia Rasser
Eric A. Knapp
Brian D. Van Wye
Long & Foster Real Estate Inc.
Rodil A. Mondragon Weichert REALTORS®
Signature Home Realty LLC
Compass
Alejandro J. Meriles-Medina Go Brent
Nery V. Perdomo Delores Govan
Rebecca L. Carpenter
Long & Foster Real Estate Inc.
Lee H. Gochman
Keller Williams Capital Properties
Delia L. Williams
Nexthome Your Way
Gregorio C. Arroyo Exit Deluxe Realty
Alan R. Chargin
Keller Williams Capital Properties
Arielle N. Nagia
Washington Fine Properties LLC
Chidi Nwankwo Smart Realty LLC
Gina L. Poindexter
Pearson Smith Realty
Carolyn A. Pringle Redfin Corporation
Petra Quinn
Realty Navigator
Spencer K. Richards Compass
Juan C. Santos
Keller Williams Capital Properties
Veeraporn Vongkovit RE/MAX Success
Timna R. Blech-Hermoni Nexthome Your Way
Bonnell Greene
GreenLine Real Estate LLC
Roxanne N. Holston
Fairfax Realty Premier
Mary Kotarski
Long & Foster Real Estate Inc.
Katrina S. Maye
Keller Williams Capital Property
Kelli L. Seaberry
Own Real Estate LLC
Mariah B. Torries
Long & Foster Real Estate Inc.
Navdeep S. Virk
Weichert REALTORS®
Pedro B. Argueta
Delta Exclusive Realty LLC Weichert REALTORS®
Charles L. Mason
Douglas Realty LLC
Lisa Mays
Keller Williams Capital Properties
JaMarr A. Porter
Weichert REALTORS®
Robyn Thompson Redfin Corporation
Paula Epps
SRG National Harbor LLC
Francis P. Marquez Realty Advantage
Tizita Mekonnen
Long & Foster Real Estate Inc.
Barbara J. Nichols Redfin Corporation
Delmy Siguenza
Fairfax Realty Elite
Paula Somerville
Samson Properties
Amy M. Stowers
Long & Foster Real Estate Inc.
Summer S. Smith
Keller Williams Capital Properties
Ayesa Akhter
Coldwell Banker Residential
Charisse L. Brooks
Keller Williams Capital Properties
Michael Musarra
Washington Fine Properties
Joseph Polite II
Home Resource Realty HRR
Aaron A. Adams
Weichert REALTORS®
Elisabeth A. Gavin Compass
Shumon R. Iman Urban Brokers LLC
Melanie A. Proctor
Long & Foster Real Estate Inc
Brittany A. Stinney
Keller Williams Capital Properties
Stephanie L. Whittaker Weichert REALTORS®
Kimberly A. Meira
Fairfax Realty Premier
Brook Berry
Northrop Realty
Jinyoung Kim 1st Realty LLC
Berkshire Hathaway HomeServices PenFed Realty CAPITAL AREA REALTOR ® — Winter 2019 39
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