10 minute read
YPNDEN
YPNDEN IT’S BEEN AN AMAZING YEAR!
As 2021 comes to an end, I want to thank you for allowing me to be your YPN Ambassador. This year has been eventful, and we have encountered many changes in our market and the way we do business. We have continued to push forward through it all, and I have been able to witness many YPN Members have a record-breaking year!
Some of our members have started their own brokerages this year, won top agent awards and even been featured on HGTV. I cannot explain how grateful I am to be a part of the Greater Tampa REALTORS® Young Professional Network. I have grown personally, professionally and made some incredible connections.
As this is my last article as your Ambassador, I want to leave you with some valuable end-of-the-year tips that will benefit you and your business for years to come.
Get right with Uncle Sam. Start reviewing your expenses for the year and ensure that everything is organized correctly in your accounting software. Consult with your CPA; there may be some additional business deductions you can take to offset your tax liability.
Start Planning. Business planning is essential for success in the world of real estate. Write everything you want to accomplish and how you will do it on paper now, so on January 1st, you can hit the ground running.
Focus on Your Follow Up. Reach out to your past customers and check-in. A simple holiday card is perfect for following up and reminding them you are still in the business. They may be in the market or know someone who is thinking of buying or selling.
Again, I want to say thank you. This is not a goodbye; it’s a see you later. I am excited to pass on the reigns to the new Ambassador for 2022. As the association continues to open up and allow in-person events, be on the lookout for networking mixers, REALTours, educational events and volunteer opportunities.
Sherman Milton III (Florida Heritage RE Group LLC) is a 2021 Greater Tampa REALTORS® Board member and the 2021 YPN Ambassador.
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New Flood Insurance Ratings Consider Risk Factors of Individual Properties
by Greater Tampa REALTORS®
Home buyers already are experiencing changes in the National Flood Insurance Protection (NFIP) program’s new rating methodology that went into effect for new policies on October 1, 2021. Understanding the changes can help agents expertly guide clients purchasing properties in or near Florida flood zones.
The NFIP rating methodology had gone unchanged since the 1970s and previously did not consider individual flood risk and underlying home values. Since then, technology, access to data and even basic understanding of flood risk have improved, allowing homeowners to access rates that are easier to understand and more accurately reflect a property’s unique flood risk.
The new ratings will go into effect for existing policy renewals on April 1, 2022.
Austin Perez, Senior Policy Representative for the National Association of REALTORS®, worked with the Federal Emergency Management Agency, which administers NFIP, to help develop the new rating methodology. This work also was supported by the REALTOR® Political Action Committee (RPAC). Perez said previously NFIP rates were determined using a system created 50 years ago incorporating only two pieces of information: base flood elevation and Special Flood Hazard Area.
Under that system, neighbors could have vastly different rates depending on where a creek or river flowed. “The problem, of course, is that water doesn’t respect flood zones,” Perez said. So low-risk homes can be charged the same as high-risk homes and vice versa.
Further, the old method didn’t consider homes that had multiple claims because of ongoing flood risk.
The outcome was that many homeowners paid more than their share of the risk, while others paid much less.
FEAM Risk Rating 2.0, called “transformational” by the agency, bases rates on individual properties and their unique risk.
Insurance is priced by incorporating common sense variables (e.g., more types of flood risk and distance to flooding source) into the rating methodology. It pairs state-of-the-art industry technology with the NFIP’s mapping data to establish a new risk-informed rating plan.
Cyndee Haydon, NAR Insurance Committee Vice Chair, said the result should be a more equitable application of rates and, for many homeowners in lower risk situations, a reduction in rates.
Moving forward, she said, buyers: • Will know a home’s actuarial rate • Can make better long-term decisions • Will have a firmer idea of cost of future flood insurance • Can assume seller’s NFIP Policy
In other words, Hayden said, a buyer can make a better educated decision and is less likely to face heartbreaking decisions about having to a sell home that has become unaffordable or wonder whether they can retire in that home due to unanticipated insurance cost increases.
Risk Rating 2.0 in summary:
• The maximum rate is now $12,125 a year (a 73% decrease) • 23% of policy holders will see an immediate decrease; most will pay the same • Buyers can get quotes immediately without waiting for the Elevation Certificate, although the certificates could still present savings for some homeowners. • Fewer policyholders will see big increases • Lower value homes don’t subsidize high value homes • All policies (even X zone) get property specific rates and mitigation discounts, including Community Rating System (CRS) discounts • Buyers can shop the private market and make a choice.
What’s not changing:
• Resident and commercial policy coverage • Buyers can still assume/transfer the sellers’ policy and buyers won’t face a big jump in rates in Day 1. • The statutorily protected 18 to 25% cap on annual increases • Using Flood Insurance Rate Maps (FIRMS) for mandatory purchase and floodplain management. In other words, homeowners still must have flood insurance if they are in a Special Flood Hazard Area and have a federally backed mortgage • CRS discounts of 5 to 45%
To learn more visit: fema.gov/flood-insurance/riskrating
congratulations to our incoming 2022 board of directors
RUTH BRYSON 2022 President Bryson International Realty LLC
JAY QUIGLEY 2022 President-elect Florida Executive Realty
ADAM GRENVILLE 2022 Vice President RE/MAX Premier Group
ANNETTE NEWKIRK 2022 Treasurer Newkirk Realty Group LLC
MARIE GREGORIO
2022 Secretary Tomlin, St Cyr & Associates LLC
ELLIE LAMBERT
2022 Immediate Past President Better Homes and Gardens Ellie & Associates
DENNIS MACDONALD Chief Executive Officer Greater Tampa REALTORS®
LORENZO ACEVEDO 2022 Director Ace Street Realty
KIMBERLY AGUILAR
2022 Director RE/MAX Realty Unlimited
BREE ALLISON
2022 Director Keller Williams Tampa Central
KEIANNA CARTY 2022 Director Real Property Marketing Inc.
TINA MARIE ELOIAN 2022 Director Florida Commercial Group
NICHOLE MOODY
2022 Director Better Homes and Gardens Ellie & Associates
MELANIE NORRIS
2022 Director RE/MAX ALL PROS
QUAN REMMER
2022 Director Redfin Corporation
JACK RODRIGUEZ
2022 Director Minaret Realty
ANN THOMPSON 2022 Director Thompson Property Managment Group LLC
DAVID GONZALEZ 2022 Affiliate Director AcuSystem Home Inspections
Positioned for Success with NAR Certifications & Designations
Why Professional Development is Paramount
by Greater Tampa REALTORS®
Every profession today embraces the concept of “lifelong learning,” but none more so than the real estate industry, and for good reason. Changes in regulations, technology, best practices, markets and so much more require successful REALTORS® to be always on top of their games.
Top producing REALTORS® recognize that earning certifications from the National Association of REALTORS® (NAR) increases their skills, proficiency, and knowledge and marks them as experts in various real estate sectors. Certifications also impact the bottom line. A survey of REALTORS® conducted by NAR found that members with just one designation increased their income by more $27,000 (NAR Member Profile).
For these reasons, every November, NAR focuses on designations and certifications as a way for REALTORS® to position themselves for success.
This year, as we emerge from the pandemic-driven economy and respond to unprecedented industry disruption all while maintaining a focus on profitability and a commitment to serving the needs clients, obtaining a designation or a certification is paramount.
Each of these professional courses focus on key elements of the business no matter which market REALTORS® represent. There are robust topics that address everything from technology to working with buyer and seller types.
For those newly licensed and looking to jump start their careers, a good start is the Graduate REALTOR® Institute, or as commonly referred to as the GRI, designation. The materials developed in this sevenmodule designation are thoughtfully designed to help sharpen skills and reinforce the fundamentals of a solid real estate business. There also is the added benefit of post licensing education credits.
Pricing Strategy Advisor: The PSA Certification course is currently the most popular course being taken. Its performance is directly related to the changing market and being able to discuss valuation and pricing matters with your clients.
e-PRO Certification: This course focuses on popular technology tools, tricks and trends including the ever important need to secure your data and your client’s personal information.
At Home with Diversity (AHWD) provides a better understanding of Fair Housing laws but also strengthens REALTORS® understanding of working with multi-cultural clients.
Since the Tampa Bay market also is affected by secondhome and international clients, the Resort and SecondHome Property Specialist (RSPS) Certification course or become a Certified International Property Specialist (CIPS) designee provide helpful support in working with these specialized clients. The CIPS designation provides access to a vast network of other professionals making your listings and marketability global. These courses will improve the ability to share market information of our area to outsiders.
Of course, there are professional designations available that focus on the needs of a buyers, sellers and even specialized market as working senior clients. This designation is important in today’s market where seniors outpace millennials in home purchases.
It is important to note when budgeting for professional development that a certification will incur a one-time application fee while a designation will require an annual fee to receive benefits. Just one successful real estate transaction could pay that back many times over!
When reviewing the list of options available, REALTORS® should focus on which courses will position them to conduct business more efficiently and assist clients in a smooth real estate transaction. Gaining access to business building skills and being introduced to a network of other career minded professionals, means extending market reach.
Continuing education may be available as well. Greater Tampa REALTORS® wants to be your business partner and go to place for personal development.
For information, visit tamparealtors.org/education-2/ designations/.
