KYREALTORSummer09 by Kentucky REALTORS

Kentucky

REALTOR ®

SUMMER 2009

A publication of the Kentucky Association of REALTORS®

“Stop Calling Our Company” Is that the message we’re sending?

Broker Involvement Program Secret Ingredients of Successful Agents Unusual Kentucky Town Names

www.kar.com

We spoke one-on-one with long-time Franchisee, JANICE PETTEWAY, the owner of a powerful trifecta of EXIT offices in the state of Florida, who reflects on joining EXIT, advantages to owning an EXIT franchise and managing over 163 agents.

WHAT PRECIPITATED YOUR PURCHASE OF AN EXIT REALTY FRANCHISE? I was very unhappy with the system I was in and I explored many franchise systems. At that time, I didnâ&#x20AC;&#x2122;t even know about EXIT. Nothing appealed to me and I had made the decision to go independent when I stumbled on EXIT. I knew I would open under this franchise system within six minutes of the presentation. WHAT DID YOU SEE IN THE OPPORTUNITY AND TIMING OF BUYING AN EXIT REALTY FRANCHISE? I saw the potential for the agents, and I knew that with happy agents I would build a company fast. As far as the timing, it really had no bearing - I would have done it any day and year! AS A PREVIOUS BROKER COMPETITOR, HOW HAS BEING WITH EXIT BETTERED YOUR BUSINESS? The EXIT Formula of built-in recruiting and retention gave me time to focus on the agents and their needs. I believe when you can do that, the recruiting and retention really becomes easy. WHAT WOULD YOU TELL ANOTHER PERSON INTERESTED IN PURCHASING AN EXIT FRANCHISE? Not to hesitate. I would tell them to pick up the phone and call some of us (888.668.3948). No other franchise system has the genuine support between offices that EXIT does. That in itself is a good reason to join EXIT.

inquiries@EXITMidSouth.com 615-523-3133 Call us today to schedule a 20 minute no obligation webinar!

THINK RESIDUALS!

* Not intended to solicit franchisees or property already under contract. EXIT office independently owned and operated.

w w w. E x i t MidSouth. c o m

Contents

Volume 2, Number 4, Summer 2009

IN THIS ISSUE LeadershipKAR A publication of the Kentucky Association of REALTORS®

President Jeffrey L. Smith Northern Kentucky Association of REALTORS® President-Elect John W. Smither, GRI Lexington-Bluegrass Association of REALTORS® Treasurer Kevin Farris Heart of Kentucky Association of REALTORS® Treasurer-Elect Ronald E. Hughes, ABR, CRS, GRI Paducah Board of REALTORS® Executive Vice President Susan W. Helm, RCE susiehelm@kar.com Communications/Education Director Hunt Cooper hcooper@kar.com Address letters and inquiries to: Kentucky REALTOR® 161 Prosperous Place Lexington, KY 40509 TF 800.264.2185 T 859.263.7377 F 859.263.7565 www.kar.com email: hcooper@kar.com KAR members should always send address changes to their local board/association first. Subscription rates: $10 per year (included in dues) for members, $25 per year for nonmembers.

Kentucky REALTOR® (USPS 024-933) is published quarterly (Fall, Winter, Spring, Summer) by the Kentucky Association of REALTORS®, 161 Prosperous Place, Lexington, KY 40509. Periodicals postage paid at Lexington, KY. POSTMASTER: Send address changes to Kentucky REALTOR®, 161 Prosperous Place, Lexington, KY 40509. All articles represent the opinions of the authors and do not necessarily represent the opinions of Kentucky REALTOR® or KAR and should not be construed as a recommendation for any course of action regarding financial, legal or accounting matters by KAR or Kentucky REALTOR® and its authors.

Stop Calling...

Broker Involvement

2009 GRI Schedule

Secret Ingredients...

REGULAR FEATURES President’s Message

Tools You Can Use

Legal Update

Industry News

KREC Information

Local Association News

Housing Stats

Community Profile

From the Helm

Up to Code

A Day in the Life of...

SUMMER 2009 KENTUCKY REALTOR® 3

KAR News Broker Summit The recent KAR Broker Summit was a success with around 50 brokers from across the state tuned in to hear about real estate branding and technology, legal updates and trends, E&O policy requirements, economic developments and how the first-time home buyer tax credit is playing out within the state.

Marc Davison presented information on how to establish and create a positive image for a brand and gave attendees 20 tools for them to accomplish just that. It’s becoming a tech world and he showed everyone how to play nice within it.

Leadership KAR The 2009 program is in full swing with two retreats in the books. The first was to Wooded Glen, IN and the second was held at Rough River. The 12 members in the class have been involved in learning how to deal with different personality styles, leadership development, team building and a whole lot of fun. If you are interested in learning more about the program or applying for the 2010 class, send an email to hcooper@kar.com and the application will be sent to you when it becomes available.

Nominations Open for 2009 Awards Nat Sanders Education Award Deadline: Saturday, August 15, 2009 REALTOR® Community Service Award Deadline: Saturday, August 15, 2009 Visit the KAR website (www.kar.com) for nomination forms and more information about these awards.

Members by board: Jason Cox

Owensboro Board of REALTORS®

Matthew Schell

Owensboro Board of REALTORS®

Steve Davis

REALTOR® Assoc. of Southern KY

Toshie Murrell

Heart of KY Assoc. of REALTORS®

Join KAR on Facebook, LinkedIn and ActiveRain

Neleda Phillips-Allen

Heart of KY Assoc. of REALTORS®

Beth Wheeler

REALTOR Assoc. of Southern KY

Join now and become a member of the KAR groups! KAR has added additional sites to its list of social networking outlets.

Greg Lile

Greater Louisville Assoc. of REALTORS®

Greg Taylor

Greater Louisville Assoc. of REALTORS®

Ed Williamson

Greater Louisville Assoc. of REALTORS®

Ashley Estes

Somerset-LC Board of REALTORS

Donna Foster

Somerset-LC Board of REALTORS®

Amanda Stepp

Madison Co. Board of REALTORS®

If you are not currently on these sites, getting started is easy. Just log on to www.facebook.com, www.linkedin.com or www.activerain.com and set up a profile. Joining is free and once you become a member, you can request to be added to the KAR groups. That’s all there is to it. To locate the KAR groups, use the site’s search feature or go directly to the group: Facebook www.facebook.com/group.php?gid=9244727021 LinkedIn www.linkedin.com/groups?gid=1323837 ActiveRain activerain.com/groups/kar

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President’s Message Taking Our Fight to the National Stage

large contingent of REALTORS® just returned from Washington, D.C. where we met as a group with your elected national leaders from across the state in what was a very productive and informative gathering. I would like to give a special “thank you” to House members Chandler, Yarmuth, Whitfield and Guthrie and Senator McConnell for taking time to meet with close to 50 REALTORS® at the new Visitor’s Center at the Capitol Underground (you should make a special trip to see this great addition to the U.S. Capitol Building if you get the chance). Senator Bunning and Representatives Davis and Rogers, who were not able to make the reception, met personally with REALTORS® from their congressional districts. Did we make a difference while in Washington? You decide! Once again NAR was leading the charge on Capitol Hill to preserve the mortgage interest deduction. As you know, nothing is ever made permanent in Washington and that's why we must continue to fight for the consumer and the real estate business. NAR also supports the effort to stabilize and provide liquidity to commercial real estate markets to better accommodate the longer loan terms of commercial mortgages and the retention of current capital gains rates. Reports are showing that commercial markets are taking a hit now and something must be done to correct the situation. Self employed and small business health care coverage is always at the forefront of these national meetings (and on NAR’s agenda) but once again we leave with nothing but promises to take a good, hard look at the problem. Good luck to NAR now and in the future to help find an answer to this critical problem. A shout out from this keyboard to the Greater Louisville Association of REALTORS® and Jan Scholtz, the current GLAR president, who held a dinner party to honor Yours Truly. It was held at Jan's marvelous estate on May 20th. I guess that puts me ahead of the great comedian Red Buttons. Wow, what a turn out - food, drinks and memories that I will take with me even after my year as KAR president is long over. Thanks to all who attended and to Jan for her hospitality, it was truly flattering.

Jeff Smith, 2009 KAR President

The next morning, I attended the 591/2 Minute Sales Meeting, a new program initiated by GLAR that provides members an in depth look into topics relevant to Louisville real estate. Looking at this program, it seems we could all learn a thing or two from KAR’s largest local association. The next day, KAR President-elect John Smither and I were in Morehead to help support Representative Rocky Adkins in his fight to find a cure for cancer. The event had a great turnout from the General Assembly and others, like REALTOR® friend Representative John Tilley, who came all the way across the state to attend this worthy event. Next time you see Rocky, thank him for dedicating his time to this great fight. Have you signed up for the KAR Convention & Expo yet? It’s only $49 for first timers and $99 for repeat attendees through July 31 so register now. Go to www.kar.com and check out what a great event we have planned for you in Louisville this year. The speakers are outstanding and the networking will be well worth the price to attend.

Jeff Smith 2009 KAR President

SUMMER 2009 KENTUCKY REALTOR® 5

Tools You Can Use Marketing Minute

Google Stuff Google Latitude Google just doesn't let up. Now they're out with a new gadget that allows you, along with friends and family, to keep track of each other's meanderings. Once set up with Google Latitude, you can view your friends' locations and status messages on a full screen map in real time – either from your desktop or your cell phone. You can quickly contact them with SMS, IM, or a phone call. To top it off you can get directions that will lead you to your friends – wherever they are.

Google Chrome

Don’t get lost before you’re found – sign up for Google Profiles, the service that allows you to share your personal/professional information and social media links on an easy-to-scan profile page. Because this is Google and some say 30% of all web searches are now used to find other people, having a profile will make it easier for others – potential clients, referral sources and long lost friends – to locate you. Google Profiles provides up to four profile snapshots on the first page of name search results (when Google is the search engine used). The snapshots include a name, photo, city and employer. If you don’t have a Google account, you’ll need to sign up for one and then fill out as much of the profile as you want. You have the option to fill out several fields including a short bio, photos, interests, employer, links to your other profiles on social networking sites like Facebook and LinkedIn and your website and blog. Include enough information so people can identify you as the person they are trying to find, especially if you have a common name. You may also want to check the box titled “Display my full name so I can be found in search” and the option to be contacted without displaying your email address. It can be said that Google is using this platform as a springboard into social networking. If that’s the case, you are already one step ahead in becoming visible with one of the largest and most respected online “brands” in the world.

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Google has designed a browser window that is streamlined and simple. They say it isn't the browser that matters. It's only a tool to run the important stuff - the pages, sites and applications that make up the web. Like the classic Google homepage, Google Chrome is clean and fast. It gets out of your way and gets you where you want to go. Chrome keeps each tab in an isolated "sandbox" which will prevent one tab from crashing another and provide improved protection from rogue sites. They also claim to have improved speed and responsiveness across the board. To sum it up, folks at Google feel this browser combines a minimal design with sophisticated technology to make the web faster, safer and easier.

Google SketchUp Google SketchUp is software that you can use to create 3D models of anything you like. With this program, you can redecorate a living room. Design a new floorplan for a property. Or model your listing area for Google Earth and share it on YouTube. The sky’s the limit. And you can get started right away. Most people get rolling with SketchUp in just a few minutes. There are dozens of video tutorials, an extensive Help Center and a worldwide user community. You can build models from scratch, or you can download what you need. People all over the world share what they've made on the Google 3D Warehouse. It's a huge, searchable repository of models, and it's free.

Ping.fm This site will save tons of time and provides a simple way to update all your social networks in a single step. To help you stay current with all the sites – Facebook, Twitter, Myspace, LinkedIn, etc. (over 40 in all) – Ping.fm allows you to update your status only once, without having to update it at each individual network. But it’s not just status updates. You can update blog entries, photos or even videos. You can sign up for a free account at ping.fm and be up and running in no time. It just takes a few moments to go through the list of available social networking sites and enter the ones to which you belong. You add your username for each site and ping.fm does the rest! Then ping automatically posts this information. You can even “ping” from your cell phone, e-mail or instant messenger. Another free internet application that performs a similar function is HelloTXT. This application also gives you the ability to receive updates from others. Find it at hellotxt.com.

Bits and Bytes

Turn your phone into a scanner ScanR.com could replace both your fax machine and your scanner for just $5 a month (or $30 a year). All you need is a digital camera or a phone that has a camera with autofocus and at least 2 megapixels. Snap a picture of any document, business card or whiteboard, and upload it to scanR’s website. In a few minutes, scanR turns it into a digital file. Business cards become vCards, and documents become searchable PDFs. Download, share online or send faxes straight from your phone – no other hardware required. Inc. Magazine tested it with a regular camera and an iPhone; the pages looked almost as good as a document faxed the old-fashioned way.

Do you ChaCha? ChaCha is a humanpowered mobile answer/search service that employs more than 55,000 human guides and fields close to 15 million questions per month. To use this free service (standard text-messaging rates may apply), you can either call 1-800-2ChaCha from any text-capable mobile phone or text "ChaCha" (242242) along with your question. When you send a question, you receive a text answer in response. There's a limit of 40 text messages a month and answers include a short advertisement. You can wait up to five minutes for an answer, though two minutes is more typical. ChaCha users can inquire about countless topics, ranging from biology to sports to cooking to pop culture – really anything you care to know about. Read more about this at www.chacha.com.

Send it online – for free MyFax, the online service that lets you send and receive faxes over e-mail, now has a free version. It lets you send two faxes a day, of up to 10 pages each, without entering a credit card number or even setting up an account. Simply go to myfax.com/free and enter your contact information, as well as the name and fax number of the person you want to contact. Then upload and send your file. The service can send Microsoft Word documents, PDFs and files in 175 other formats.

SUMMER 2009 KENTUCKY REALTOR® 7

Legal Update Kentucky’s Real Estate Broker Lien Law

Doug Martin is Legal Counsel for the Kentucky Association of REALTORS® and maintains his private law practice in Lexington, KY.

by Doug Martin

entucky Revised Statutes § 376.075 contains a little known provision that gives real estate brokers (and certain other professionals such as engineers, architects and land surveyors) lien rights against “the building, structure, land, or project” relative to where real estate brokerages services were performed. In addition to securing the amount of charges for professional services and real estate brokerage services provided under KRS 324.010(1), claimants may also recover post-judgment interest at twelve percent (12%) per year and court costs. For purposes of KRS 376.075, lien rights arise in connection with the full range of real estate brokerage activities defined in KRS 324.010(1). The provisions of KRS 376.075 are not easy to meet. There are fixed deadlines for filing the lien and for bringing a court action to enforce the lien. Also, a signed written agreement must exist that evidences the broker’s right to receive payment. Finally, the statute itself is confusing, and any mistakes in preparing the lien statement will invalidate the lien.

Overview of Real Estate Broker Lien Like a mechanic’s lien, the real estate broker lien is a right that arises automatically at the time the real estate brokerage services are provided. The lien right will dissolve six (6) months after the brokerage services cease, unless the claimant (or someone acting on his or her behalf) files a sworn written statement in the county clerk’s office of the county where the subject property is located. The lien statement must contain at least the following information: 1. The name and address of the claimant. 2. The amount due the claimant, and including “all just credits and setoffs” known to the claimant. 3. The name of the owner, if known. 4. A description “sufficiently accurate to identify” the property intended to be covered by the lien. 5. A statement whether the services were furnished by contract with the owner or his agent. It is also wise to include all other facts in the lien statement that must exist pursuant to KRS 376.075 before a real estate broker lien will arise, such as

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procuring cause and the existence of certain written agreements. Once the lien statement has been recorded in the county clerk’s office, the lien will automatically dissolve unless a court action is filed to enforce the lien within twelve (12) months from the date the lien statement was filed.

Priority of the Real Estate Broker Lien In general, the real estate broker lien will only be superior to mortgages, leases and other encumbrances created after the lien statement has been filed in the county clerk’s office. Mortgages, leases and other conveyances given “for value without notice” are not subject to the broker lien. Because of this, a broker should put the parties on “notice” by making sure payment for services is referred to in the purchase or lease agreement, and by showing payment on the closing statement. Also, brokers should file their lien statement with the county clerk as soon as trouble arises.

Lien Applicable Only to Real Estate Brokers The real estate broker lien applies to all types of real estate sales, leasing, property management and referrals covered by KRS 324.010(1). While real estate brokerage services may be performed by either the broker or the broker’s sales associate, only the real estate broker (or someone acting on his or her behalf) has the right to file a real estate broker’s lien under KRS 376.075.

Lien Statutes Requires Written Contract Under KRS 376.075, some written agreement must exist before a lien will arise in favor of a real estate broker. Only brokers who have contracted directly with the owner of the subject property (or their agent) have the right to file a real estate broker’s lien. A written listing agreement with the owner (or the owner’s agent) to sell, lease, or otherwise convey an interest in the subject property will satisfy the writing requirement. If the claimant was not the listing broker, the owner (or the owner’s agent) must have agreed in writing to pay the broker a fee for his or her services as a buyer’s representative.

376.075 Engineers', architects', landscape architects', real estate brokers', and land surveyors' liens – When lien not required of real estate broker – Filing statement of amount claimed. (1) Any professional engineer, licensed architect, licensed landscape architect, real estate broker, or professional land surveyor who performs professional services or services as defined in KRS 322.010(4) for professional engineers, KRS 323.010(3) for architects, KRS 323A.010(3) for landscape architects, KRS 324.010(1) for real estate brokers, and KRS 322.010(10) for professional land surveyors shall have a lien on the building, structure, land, or project relative to which the services were performed, to secure the amount of the charges for services with interest as provided in KRS 360.040 and costs. (2) The provisions of KRS 376.010(1) and (2) shall determine when a lien created under this section shall take precedence over a mortgage or other contract lien or bona fide conveyance for value without notice. (3) No person who has not contracted directly with the owner or his agent shall acquire a lien under this section. (4) Any lien provided for under this section shall be dissolved unless the claimant, within six (6) months after he ceases to provide services, files in the office of the county clerk of the county in which the property is situated a statement of the amount due the claimant, with all just credits and setoffs known to him, together with a description of the property intended to be covered by the lien sufficiently accurate to identify it, the name of the owner, if known, and whether the services were furnished by contract with the owner or with a contractor or architect. This statement shall be subscribed and sworn to by the person claiming the lien or by someone in his behalf. (5) Any lien created under this section shall be dissolved unless an action is brought to enforce the lien within twelve (12) months from the day of filing the statement in the clerk's office as required by subsection (4) of this section. If the lienholder complies with all filing requirements under this section, and does so within the time fixed, his lien shall be valid and effective against any creditor of, or bona fide or other purchaser from, the owner of the property.

(6) The provisions of this section shall in no way abridge or conflict with the provisions of KRS 376.210 which provide for liens on public improvements, and any potential lien or valid lien of a professional engineer, architect, landscape architect, real estate broker, or professional land surveyor on a public improvement shall be governed by KRS 376.210. (7) No real estate broker shall acquire a lien under this section relative to newly constructed residential real estate unless the purchaser has agreed in writing to directly compensate such broker for performing brokerage services related to the transaction. (8) No real estate broker shall acquire a lien under this section unless: (a) The owner or the owner's authorized agent: 1. Lists the subject property with the broker under the terms of a written agreement to sell, lease, or otherwise convey any interest in the subject property; or 2. Agrees in a written agreement to pay the broker a fee for his or her services as a buyer's r representative; and (b) The broker or the broker's affiliated sales associate provides licensed services that result, during the term of a written agreement described in paragraph (a) of this subsection, in the procuring of a person or entity r ready, willing, and able to purchase, lease, or otherwise accept a conveyance of the property or any interest in the property: 1. Upon terms contained in a written agreement described in paragraph (a) of this subsection; or 2. Upon terms that are otherwise acceptable to the owner or the owner's authorized agent as evidenced by a written agreement to convey any interest in the property signed by the owner or the owner's authorized agent.

Procuring Cause

Liens on Public Improvements

Pursuant to their written agreement with the owner of the subject property (or their agent), the broker or the broker’s affiliated sales associate must have provided licensed services that resulted in the procuring of a person or entity “ready, willing, and able” to enter into the transaction according to the terms of the listing agreement, or upon other terms accepted by the owner (or their agent) by written agreement.

The lien rights provided in KRS 376.075 do not apply to real estate broker liens involving public improvements. Real estate brokers must refer to KRS 376.210 to determine what, if any, lien rights exist with respect to public improvements.

Additional Requirements for New Construction No real estate broker lien will arise under KRS 376.075 for newly constructed residential real estate unless the purchaser has agreed in writing to directly compensate the broker. For this reason, lien rights under KRS 376.075 will be difficult to establish for brokers providing residential services for newly constructed neighborhoods, townhouses, and condominiums.

Closing Comments The real estate broker lien found in KRS 376.075 is a useful tool for enforcing a broker’s right to payment. Brokers desiring to invoke their lien rights should work carefully through all of the requirements of the statute, and err on the side of including too much (rather than too little) information in the lien statement. Please also consider seeking the assistance of a qualified attorney.

The previous discussion should not be viewed as legal advice. Please consult your attorney.

SUMMER 2009 KENTUCKY REALTOR® 9

Feature Story

“Stop Calling

by David Knox

ur Company!” Is That The Message We’re Sending?

Phone numbers are on cards, signs, websites, postcards, flyers and everything else to get the prospects to call. But what happens when we answer? It’s time to develop proper telephone skills as a competitive advantage to gain business and provide superior customer service. This is even more important in today’s world when most everything is being performed electronically via email or texting and person to person communication is going by the wayside.

he days are gone when a happy, smiling human cheerfully answered the telephone within two rings and offered assistance. Telephone skills in the real estate business have been replaced by an experience akin to harassment. We’ve hit bottom. “Stop calling our company!” That’s the message we seem to be sending. It’s too bad that customers ultimately have to phone a real estate company. Up to that point they’ve been effortlessly getting information via the web or printed materials. Now they’re ready to connect with an agent but face the daunting challenge of getting a real person to answer the telephone and respond to their needs. Good luck. FIRST IMPRESSION Your declarations of market share and promises of customer service could all be negated in an instant on the first call to your company. How many rings until it’s answered? How pleasing is the first voice? How long did they wait on hold? How is the caller’s request handled? Whoever answers your telephone needs to be prompt and friendly, then provide options to make the caller happy. If you have to put them on hold, ask permission first then check back frequently to gauge the caller’s wishes. Remember, you have only a few seconds to establish a good first impression. Be cheerful and upbeat

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as you answer. Smile and visualize the caller. Be a person first, then a salesperson. Without a visual connection, you must rely on your verbal skills. Pay attention to matching the caller’s pace, speech patterns and energy. Make the caller feel welcome and glad they called. “Hello, my name is ..., thank you so much for calling. How may I help you?” There is an ongoing debate whether to ask for their name right away or after you have some rapport. Do what feels right on each call, but ultimately secure their name and information. Early on you might say; “My name is …, to whom am I speaking?” Because this may be a potential listing call as well, you want to demonstrate the skills you will use when handling calls on their home. GAIN CONTROL In order to learn more about the prospect, you need some level of control. Whoever is asking the questions is in control. Initially the caller may ask questions about a specific property. As you feed them information, alternate asking questions. That will help slow them down a bit and give you time to establish rapport and determine their situation. This is a gentle dance so be sensitive. Here are some sample questions: • “Are you calling on the sign, ad or website?” (If they didn’t already tell you.)

”

• • •

“What attracted you to this home?” “How’s your house hunting going?” “How many properties have you called on?”

DETERMINE NEEDS Your key goal is to determine whether the caller is a serious prospect. So, as you provide answers to their questions, ask about their situation. After telling them the price, ask what range they’re looking in. When you provide the location, ask what other areas they’re considering. You are not really trying to sell this home to them. If your answers meet their needs, they’ll ask you to show it to them. In all likelihood, the home that triggered the phone call will not fit their needs. If they’ve already discovered the asking price via the web or an ad, they’re hoping this home meets all their needs at this price. It probably won’t and they will most likely buy up in price. If they drove by the home without knowing the price, they will hope that this wonderful home will be right in their price range. It probably won’t be and they’ll have to buy down in price. In the case where the home is already sold, say to them: “The home on which you called is sold but we have others in that general area and price range. Would you like to hear about them?” They’ll surely say yes, then you can follow up with; “To narrow them down a bit, may I ask you a few questions?” Here is a list of questions in their relative order of importance: • How soon do you need to be settled? • How long have you been looking? • What areas are you considering? • What is your present housing situation? • In what price range are you comfortable? • What are your housing requirements? • Will you need to sell your current home before you buy? You are questioning not only to learn their housing requirements, but to seek areas of discontent in their house hunting process in order to secure them as a client. Here are some reasons why a prospect might want to work with you instead of looking for homes on their own: • Hassles of searching. • Tired of looking at ads and websites. • Too many salespeople calling back. • Not enough salespeople calling back. • Need more information to do effective house hunting. (Continued on page 12)

Feature Story

Seven Ways to Annoy The automated attendant Some accountants have figured the per call cost savings of not having a real person answer a phone and concluded that a mechanical system is an economical option. Unfortunately they don’t account for the revenue losses and customer anger these systems create. I consider this device to be a barrier between us and our customers. We’ve all grown to hate them, yet how many of you use them? No company should be allowed to call itself full service unless a real person answers the phone.

MISSED OPPORTUNITIES As you discover an area of discontent, say; “It sounds like you’re frustrated by not easily being able to find properties that suit you. Would you like some help?” PRESENT BENEFITS Before asking them to become customers, you must present benefits that satisfy their needs for help. Here are some advantages that you can offer a prospect: • Save time. • Quick access to new listings as they come on the market. • Only one sales person to deal with. • Convenience. • No additional cost. “Mrs. Prospect, one of the ways to relieve your frustration is to have a competent real estate agent take on the task of finding you a home. Once I know your needs I will search the market for homes currently available plus those that come on in the next few minutes. Our fees are paid by the seller so there’s no additional cost to you. When would you like to get together?” GET THEIR NAME AND INFORMATION A way to at least get their name and information is to offer to help with their house hunting. Offer to send information, tantalize them with information on a new listing or send them financing information. It may be easier to ask for their number or email first, then their name. “Mr. Prospect, I remember hearing of a brand new listing south of Summit Avenue. I’m going to check it out to see if it would work for you. How may I reach you?”

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The best way to improve your automated attendant systems is to carefully place them on a solid surface, simultaneously press the pound and star keys, then beat the device to death with a ball peen hammer.

The long, long, long greeting I suppose a long greeting from a real person is preferable to an automated voicemail system answering. But some greetings prattle on with unnecessary verbiage; “Thank you for calling Too Many Words In the Name Realty Corporation, a division of Conglomerated Merger Systems, this is Ashley at your service, I hope you’re having a wonderful day, how may I help you today?” Voicemail introductions are just as painful. They ramble on and on providing unnecessary information, daily schedules, lists of others to contact, wishes for a nice day and all the things we should do after leaving our message. Just get to the point and give me the tone!

Options denied! When a caller requests asks; “Is David there?” all too often the receptionist puts the caller right into voicemail. The proper response is either: A) Yes he is and I’ll connect you now. B) No he isn’t right now but I can page him for you, take a message or put you into his voicemail. What would you prefer? C) He is on a line right now. May I take a message or put you into his voicemail? Change the attitude of your receptionist from wanting to “get rid of the call” to wanting to assist the caller and secure the business.

A Caller Right Away The long hold Andy Rooney once asked; “If I die while I’m on hold, will that little light go off on the other end?” Whoever answers the phone is responsible for monitoring it until the party answers. If after 15 seconds nothing has happened, pick up and offer options. “She is still on her call. Would you like to continue to hold?”

Not having “0” go to the operator The universal voicemail life preserver must be the “0” key. Not #0, *2 or some other weird key combo. Callers need to know that if they get desperate at any point in the voicemail process, they can always escape to a real person.

May I just leave a message? Nope, not yet. How many times have you taken a breath to begin your message only to be faced with another series of advisories from a slow talking female voice? You’ll hear “At the end of your message press this, then press that to get a series of more options. To review your message do this…” Shut up and let me leave a message! This third message should be turned off in your system menu. Get rid of it! We all know what to do.

Here are some other questions: • I get information on new listings every morning. Would you like know about the ones that fit you? • If I find a home like the one you described, would you like to know about it? • Would you like me to (send, email) you some properties that fit that description? GET THE APPOINTMENT It goes without saying that if you determine that a caller is a good prospect for buying or selling, then you want to set up a face-to-face meeting. It may be setting an appointment to see a specific property – either the one they called on, if that seems to suit their needs and price range, or one or more that you will select for them from the MLS. If your schedule allows, don’t hesitate to push for an immediate showing. If either you or they are not available immediately, get them to commit to a specific time for the showing. If at all possible, have them come to your office first – it’s more professional, safer and gives you better control of the process. And remember, every phone call is valuable – even a wrong number – provided you turn it into an opportunity to get a little closer to a potential buyer, seller or referral prospect.

Will he know the purpose of your call? He might if you’d get out of the way and put my call through! Unless you pride yourself on being an egomaniac, stop with the ancient practice of having someone ask inane things like; “Will he know who’s calling?” or “Will she know what it’s regarding?” Sure, you might take a few annoying calls you could’ve screened, but then you will have avoided annoying the hundreds of people you wanted to have call.

David Knox will be the keynote speaker and CE instructor at the upcoming 2009 KAR Convention & Expo in Louisville, KY. To register for the Convention at a discounted rate through July 31, visit www.kar.com.

David Knox has built an international reputation as a top sales trainer and keynote speaker in the real estate industry. As an authority on Pricing, Negotiating and Selling, he presents his seminars to more than 20,000 sales people a year. He is a speaker who combines humor with solid content that attendees can use right away. He is also the producer of “Pricing Your Home to Sell,” one of the best-selling real estate videos in North America. Contact David by telephone at 800-822-4221; or by e-mail at info@davidknox.com. Or visit the website: www.davidknox.com.

SUMMER 2009 KENTUCKY REALTOR® 13

Government Affairs

State Political Coordinator Network KAR continues working to establish the State Political Coordinator Network (SPC) to match REALTORS® with their elected officials in a positive, one-on-one relationship. The intent is to maintain, enhance and foster high quality REALTOR® contacts for state officials regarding real estate issues. When a key issue is being considered, specific members of the SPC Network will be mobilized to relay KAR’s position on to their designated legislator. Through these personal relationships with legislators, we can put a local and personal touch on our legislative advocacy. If you are a member who has a personal relationship with a current elected official and would like to be a part of a new grassroots program, please send your name with contact information to anethad@kar.com and indicate SPC Network in the subject line. Your help and support of this program is valuable to REALTORS® across the Commonwealth of Kentucky. Please take the time to help us connect members in your area who have a personal relationship with an elected official.

Broker Involvement Program The new Broker Involvement Program is designed to give the principal broker a quick tool to enlist a company’s agents in bringing to Congress’ attention issues of concern to you and your business. The program provides agents a direct communication link to their lawmakers and in just seconds allows agents to express their opinions on those business issues with a personal letter that’s ready for them to sign and send. Specifically, the Broker Involvement Program offers an efficient and easy to use web-based system to participate in federal “Calls for Action.” NAR writes and sends an approved message to all agents within a company, and with three quick clicks, provides an opportunity to bring a strong and united REALTOR® voice to members of Congress. Your involvement will strengthen the REALTOR® influence in determining outcomes of legislation. By urging agents within your company to respond to NAR’s “Calls for Action,” we, as an industry, can shine a very bright light in Congress on important real estate issues.

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If you are a broker and would like to sign up for the program, visit http://www.realtoractioncenter.com/ realtors/brokers/enrollment.html or send an email to anethad@kar.com for more information.

Governor Beshear announces help for Kentucky’s first-time home buyers Gov. Steve Beshear recently announced a special initiative by Kentucky Housing Corporation (KHC) to offer up to $4,500 for down payment and closing costs for first-time home buyers who obtain a KHC home loan. The program began on May 1, 2009 and continues through Nov. 30, 2009. The First Home Advantage Program provides a second mortgage with principal and interest payments deferred until July 1, 2010 for KHC-approved, firsttime home buyers. “For many first-time home buyers, the biggest barrier to homeownership is the ability to pay upfront expenses, such as the down payment and closing costs,” said Gov. Beshear. “The innovative First Home Advantage Program will not only help qualified Kentucky home buyers overcome this barrier and realize their dream of owning a home, it will hopefully reinvigorate the housing market help get our economy moving in the right direction.” The First Home Advantage Program offers a 10year loan that defers payment with a zero percent interest rate until July 1, 2010. After the initial deferment period, the loan will fully amortize over ten years at the rate of 6 percent. If the borrower pays off the loan before July 1, 2010, KHC will forgive $300 of the principal balance. The American Recovery and Reinvestment Act of 2009, signed into law by President Barack Obama on February 17, 2009, provides first-time home buyers with an $8,000 tax credit (see page 16 for more info). After purchasing their home, home buyers have the opportunity to file for the housing tax credit provided by the stimulus on their 2009 tax returns and use the tax credit for the repayment of the First Home Advantage Program loan to take full advantage of the prepayment incentive. “We want to do everything we can to help Kentucky homeowners purchase their new homes,” said Richard L. McQuady, chief executive officer of KHC. “The First Home Advantage Program allows home

buyers to take advantage of every opportunity available to them in these difficult times.” In order for home buyers to qualify for this program, they must obtain a KHC first mortgage through a KHC-approved lender, be a first-time home buyer, meet KHC income and purchase price guidelines, and have a 620 minimum credit score. To learn more about KHC’s homeownership programs, visit their website at www.kyhousing.org.

KAR Members Visit the Nation’s Capital During NAR’s Midyear Meetings

RPAC Highlights Kirk Tinsley of Bowling Green meets with U.S. Representative Brett Guthrie.

Senate Republican Leader Mitch McConnell addresses Kentucky REALTOR® members during Hill Visits.

President’s Circle Charlie Murphy Betty Schutte John Weikel Hall of Fame Members Charlie Murphy William Snyder John Weikel

Correction: Kennie Romans was left off the list of RPAC contributors at the Commonwealth Club level.

U.S. Representative Ben Chandler, Jim Sewell of Frankfort, U.S. Representative John Yarmuth and John Weikel of Louisville take a break from discussing federal legislation affecting real estate.

SUMMER 2009 KENTUCKY REALTOR® 15

Industry News

First-time Homebuyer Tax Credit

Explained computed, tax credits are applied to reduce the total tax bill. So, if before taking any credits on a tax return a person has total tax liability of $9500, an $8000 credit would wipe out all but $1500 of the tax due. ($9,500 - $8000 = $1500)

The Details 1

What’s this new homebuyer tax incentive for 2009? The 2008 $7500, repayable credit is increased to $8000 and the repayment feature is eliminated for 2009 purchasers. Any home that is purchased for $80,000 or more qualifies for the full $8000 amount. If the house costs less than $80,000, the credit will be 10% of the cost. Thus, if an individual purchased a home for $75,000, the credit would be $7500. It is available for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.

So what happens if the purchaser is eligible for an $8000 credit but their entire income tax liability for the year is only $6000? This tax credit is what’s called “refundable” credit. Thus, if the eligible purchaser’s total tax liability was $6000, the IRS would send the purchaser a check for $2000. The refundable amount is the difference between $8000 credit amount and the amount of tax liability. ($8000 - $6000 = $2000) Most taxpayers determine their tax liability by referring to tables that the IRS prepares each year.

How does withholding affect my tax credit and my refund? There are several steps in this calculation, but most income tax software programs are equipped to make that determination. A few examples are provided at www.kar.com. Check the link at the end of the article.

Is there an income restriction? Yes. The income restriction is based on the tax filing status the purchaser claims when filing his/her income tax return. Individuals filing Form 1040 as Single (or Head of Household) are eligible for the credit if their income is no more than $75,000. Married couples who file a Joint return may have income of no more than $150,000.

Who is eligible? Only first-time homebuyers are eligible. A person is considered a first-time buyer if he/she has not had any ownership interest in a home in the three years previous to the day of the 2009 purchase. How does a tax credit work? Every dollar of a tax credit reduces income taxes by a dollar. Credits are claimed on an individual’s income tax return. Thus, a qualified purchaser would figure out all the income items and exemptions and make all the calculations required to figure out his/her total tax due. Then, once the total tax owed has been

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In 2008, Congress enacted a $7500 tax credit designed to be an incentive for first-time homebuyers to purchase a home. The credit was designed as a mechanism to decrease the over-supply of homes for sale. For 2009, Congress has increased the credit to $8000 and made several additional improvements. This revised $8000 tax credit applies to purchases on or after January 1, 2009 and before December 1, 2009.

How is my “income” determined? For most individuals, income is defined and calculated in the same manner as their Adjusted Gross Income (AGI) on their 1040 income tax return. AGI includes items like wages, salaries, interest and dividends, pension and retirement earnings, rental income and a host of other elements. AGI is the final number that appears on the bottom line of the front page of an IRS Form 1040.

What if I worked abroad for part of the year? Some individuals have earned income and/or receive housing allowances while working outside the US. Their income will be adjusted to reflect those items to measure Modified Adjusted Gross Income (MAGI). Their eligibility for the credit will be based on their MAGI.

Do individuals with incomes higher than the $75,000 or $150,000 limits lose all the benefit of the credit? Not always. The credit phases-out between $75,000 - $95,000 for singles and $150,000 $170,000 for married filing joint. The closer a buyer comes to the maximum phase-out amount, the smaller the credit will be. The law provides a formula to gradually withdraw the credit. Thus, the credit will disappear after an individual’s income reaches $95,000 (single return) or $170,000 (joint return).

10 What’s the definition of “principal residence?” Generally, a principal residence is the home where an individual spends most of his/her time (generally defined as more than 50%). It is also defined as “owner-occupied” housing. The term includes single-family detached housing, condos or co-ops, townhouses or any similar type of new or existing dwelling. Even some houseboats or manufactured homes count as principal residences. 11 Are there restrictions on the location of the property? Yes. The home must be located in the United States. Property located outside the US is not eligible for the credit. 12 Are there restrictions related to the financing for the mortgage on the property? In 2009, most financ-ing arrangements are acceptable and will not affect eligibility for the credit. Congress eliminated the financing restriction that applied in 2008. (In 2008, purchasers were ineligible for the $7500 credit if the financing was obtained by means of mortgage revenue bonds.) Now, mortgage-revenue bond financing will not disqualify an otherwise-eligible purchaser. (Mortgage revenue bonds are tax-exempt bonds issued by a state housing agency. Proceeds from the bonds must be used for below market loans to qualified buyers.) 13 Do I have to repay the 2009 tax credit? NO. There is no repayment for 2009 tax credits. 14 Do 2008 purchasers still have to repay their tax credit? YES. The $7500 credit in 2008 was more like an interest-free loan. All eligible purchasers who claimed the 2008 credit will still be required to repay it over 15 years, starting with their 2010 tax return.

For more on the tax credit, go to www.kar.com > Media Center > First-time Homebuyer Tax Credit and read more practical questions that will help homebuyers understand the benefits of this program. This list is also available to print for use with your clients.

SUMMER 2009 KENTUCKY REALTOR® 17

KREC Information Law Changes from House Bill 401 By Lee B. Harris

t the 2009 General Assembly, the Commission worked closely with the Kentucky Association of REALTORS® to pass House Bill 401. This bill included several new provisions that will take effect in July of this year. The following is a brief description of some of those changes. Please keep an eye out for KREC’s next newsletter, which will arrive in your mailboxes in a few months, as there will be even more detail about these new laws. First, the new law will eliminate reciprocity agreements and will allow for license recognition instead. Under license recognition, which is being touted highly by the Association of License Law Officials (ARELLO) for all jurisdictions, an active outof-state licensee may apply for licensure in this state by taking and passing the state law portion of our exam and complying with all other application provisions required by our law. Currently, we have numerous reciprocal agreements with other states, but each one carries with it differing requirements. This new law will streamline the process and also ensure that out-of-state applicants have knowledge of Kentucky’s license laws before obtaining their licenses in our state. Second, the new law will allow the Commission to perform emergency procedures when escrow account violations are alleged. In the past, when the Commission has learned that escrowed funds are missing, the administrative process has taken a long time to work, thereby placing more consumers’ funds in jeopardy. Under this new law, the Commission’s procedures will be shortened, allowing us to step in more quickly to protect the public interest. Third, the new law eliminates the prohibition against inducements and rebates. This law has not been enforced since 2005, based upon a Consent Decree between the Commission and the United States Department of Justice. However, the law was still on the books, causing some confusion for licensees and consumers about whether the law was still in effect. The removal of this language should eliminate that confusion.

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The new law will ensure that out-of-state applicants have knowledge of Kentucky’s license law. Fourth, the new law outlines specifically the types of damages that can be received from the Commission’s Recovery Fund. Specifically, the law indicates that attorney’s fees are not recoverable from the Fund. Rather, only damages that directly relate to misrepresentations about a property will be allowed. Next, the new law specifies the definition of a community management association and indicates that the Commission does not regulate these types of entities. The Commission only regulates licensees who manage, sell or lease specific properties, not entities that manage homeowners associations, community associations and the like. Finally, the new law allows the Commission to now work through the Kentucky State Police when trying to obtain background reports on applicants. After September 11, 2001, the FBI’s reporting times were understandably getting longer and longer, so the Commission is always seeking new and alternative ways to obtain these background reports in a faster and more efficient manner, including the use of affidavits and this new process. As always, if you have questions about any of our laws, including these new amendments and additions, please contact our Legal Department for answers.

Lee B. Harris General Counsel Kentucky Real Estate Commission

Education 2009 GRI Schedule

June 25-26 GRI 2: Smart Marketing - Your Listings & Services Owensboro, KY July 20-21 GRI 3: Financing the Successful Transaction London, KY July 27 Elective: Sales Contracts Florence, KY July 28 Elective: Understanding RE Investments Florence, KY July 30-31 GRI 3: Financing the Successful Transaction Cadiz, KY Sept. 2-3 GRI 2: Smart Marketing - Your Listings & Services Morehead, KY Sept. 16 Elective: Sales Contracts Bowling Green, KY Oct 29-30 GRI 5: Systems for Success Elizabethtown, KY Aug 18 Elective: Understanding RE Investments Lexington, KY Aug 19 Elective: Sales Contracts Lexington, KY Aug 18-19 GRI 2: Smart Marketing - Your Listings & Services Lexington, KY

Aug 18-19 GRI 5: Systems for Success Lexington, KY Aug 20-21 GRI 1: Professionalism in Real Estate Lexington, KY Aug 20-21 GRI 3: Financing the Successful Transaction Lexington, KY Aug 20-21 GRI 4: From Offer to Contracts to Closing Lexington, KY Nov 5-6 GRI 5: Systems for Success Ashland, KY Nov 11-12 GRI 1: Professionalism in Real Estate Ivel, KY 41642 Dec 3 Elective: Understanding RE Investments Bowling Green, KY GRI courses 1 -5 are $149 ($99 early bird when registered at least two weeks in advance). GRI elective courses are $75 ($50 early bird when registered at least two weeks in advance). To find out more about the GRI program and to register for these courses, go to www.kar.com > Education > GRI. Additional GRI courses may be added to the schedule. Check the website for more details.

Environmental Issues in Real Estate 6 hours (3 hours law credit & 3 hours elective credit) Cost: $50 Real Estate Finance Today 3 hours (3 hours elective credit) Cost: $30 Online Education

It is now possible to earn CE credit for your real estate license renewal without leaving your home or office. These courses may be entered and exited at your convenience. Once you register for a course, you can begin immediately. All course work must be completed in a 12-month period to earn CE credit. Your completion date of the course determines the year the credit will be issued. Important: KRECâ&#x20AC;&#x2122;s continuing education calendar year is January 1-December 31.

Fair Housing 3 hours (3 hours law credit) Cost: $30 To learn more, go to www.kar.com > Education > Online Education For a copy of all CE courses scheduled for 2009, please visit www.kar.com.

SUMMER 2009 KENTUCKY REALTORÂŽ 19

Professional Development

Secret Ingredients of Successful Agents

f successful agents had a list of ingredients on their backs like a can of cola, I have no doubt you’d find these five key (and all-natural) contents listed: 1

An unquenchable thirst for knowledge. Sure, you expect agents to know their business and many will have the CRS, GRE and of other certifications. But you’d also never find them thinking they know it all. In fact, they’d be the first to tell you they learn something new every day. That’s because they’re curious and they’re always seeking – and usually finding – opportunities in their market where others only see roadblocks. Is your level of curiosity where it should be? If not, hit the books, the classrooms and the media to keep learning.

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by Bob Corcoran

A stellar and consistent display of customer service. As a coach, I see plenty of agents who can talk all day about giving good customer service. But that’s where it all ends – at the talking. They postpone returning e-mails and phone calls from leads. They never look for ways to go above and beyond what the clients might expect and mediocrity is their best friend. They refuse to look for ways to improve themselves. Sad but true. Look at other agents in your market who are known for outstanding customer service. Then create five specific ways to make your service even better.

A crystal-clear sense of what success is. When I visit agents for the first time, I learn that every single one wants to be successful. But when I ask them what success is, they look at me like I just landed from Pluto. They haven’t a clue. Some eventually get a glimmer of brain activity and say they want to make $100,000 or they want to sell 50 houses. That’s all well and good. But I like to help agents look beyond those goals and consider their lives as a whole. Are they happy at home, and if not, why? Because if one area of your life’s disjointed, I guarantee the other parts will be out of whack, too. Inventory your life to find where you need balance and repair as needed.

A vast network of people. In all my years of coaching agents, I’ve never seen an agent who reached success by him or herself. Never. And I’d bet my last dime I never will. They have assistants. They have mentors. They have coaches. They have a sardine-like pipeline crammed full of contacts who work in the real estate industry: lawyers, home inspectors, loan officers, closing specialists, other agents and brokers, developers – a rolodex fatter than a spoiled cat. Surrounded by people, not just professionally, but socially, too. They attend church, they serve on school committees, go to baseball games, volunteer at the food bank, visit the elderly. Always out in front of people. Could you be more connected? Probably. Go do it.

The fire inside successful agents is at the very center of their belief that they can succeed – that they will succeed – no matter what.

A positive attitude. If I had to pick a single ingredient of success, attitude would be it. Can you imagine a top producer with a bad attitude? Well, if you can, I promise you they won’t be one for long. The fire inside successful agents is at the very center of their belief that they can succeed – that they will succeed – no matter what. Period. Stop for a minute and ask yourself if you really, truly believe this about yourself. If not, do some soul searching to find out what will help you believe. Because once you do, watch out – this main ingredient kicks in and you’ll have all the success you can handle.

Bob Corcoran is a nationally recognized speaker and author who is founder and president of Corcoran Consulting Inc. (CorcoranCoaching.com, 800-957-8353), an international consulting and coaching company that specializes in performance coaching and the implementation of sound business systems into the residential or commercial broker or agent’s existing practice. Sign up TODAY for your complimentary business consultation. http://www.CorcoranCoaching.com/bpw.php

SUMMER 2009 KENTUCKY REALTOR® 21

Local Association News Local boards/associations are encouraged to submit information for this section. Pictures must be at least 300dpi. Send all association news to hcooper@kar.com. Henderson Audubon Board of REALTORS® Sponsors the ACS Relay for Life

Building Your Bucks financial literacy software now on LBAR.com

On June 5, 2009 we once again sponsored a team for Relay for Life, themed this year as Strike Out Cancer. Our first fund raising event for Relay for Life was a Bowl-A-Thon in May. We also sponsored a silent auction on baskets prepared by local realty companies to increase our level of monetary donation to the cause. The Board has also made an effort to become more active in Northwest Forward, a not for profit organization funded by local government and local businesses that focuses on economic development. Northwest Forward consists of our area of jurisdiction, Henderson County, McLean County, Union County and Webster County.

The Lexington-Bluegrass Association of REALTORS® (LBAR) has incorporated yet another tool to aid consumers in the home buying process. Now on LBAR.com, the financial literacy software titled Building your Bucks is available to the public. An interactive software tool, developed by LBAR as a Community Education initiative, Building Your Bucks offers that "ah hah!" moment for a consumer to see the outcome of various home financing scenarios. Supported with links to inform homebuyers, Building Your Bucks can transform dreams and wishes into goals and plans. To access the software, visit LBAR.com and click on Building Your Bucks or visit www.lbar.com/BuildingYourBucks. The Lexington-Bluegrass Association of REALTORS® (LBAR) and the Lexington-Fayette Urban County Government (LFUCG) have been selected to receive the 2009 Ambassadors for Cities designation and $5,000 grant. This award is presented in collaboration with the National Association of REALTORS® and the U.S. Conference of Mayors.

Kentucky Counties Among the Fastest Growing in the Nation

Madison County Board of REALTORS® Promote Energy Savings Madison County hosted its first Home Energy Expo in March at Glen Marshall Elementary School. Over 30 vendors came together to promote ways of saving energy and making homes safe for homeowners. At the Expo, the Madison County Board of REALTORS® distributed tips on dealing with mold, lead based paint and getting homes ready for market. REALTORS® also distributed a booklet on inexpensive energy saving tips that almost anyone can perform. Over 600 participants visited the vendors despite the cold and rainy day. The event was such a huge success that vendors have already scheduled another one for next year.

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Three Kentucky counties made the list of top 100 fastest growing counties in the nation. According to U.S. Census data released last week, Spencer County was No. 24, with an estimated population increase of 47.7 percent from April 2000 to July 2008. Scott County was No. 73, with an estimated increase of 34.7 percent and Boone County was No. 78, with a 34 percent estimated increase. Topping the national list was Kendall County, Ill., which is near Chicago. Its estimated population increased 89.6 percent during the eight-year period. Source: The Kentucky Gazette

$37 Million Announced to Assist Kentucky with Foreclosures Gov. Steve Beshear announced during the first quarter of 2009 that Kentucky will use $37 million in federal funding to help communities respond to the

effects of high home and property foreclosures in the wake of the country’s economic crisis. The emergency assistance called the Neighborhood Stabilization Program or NSP, made available from the U.S. Department of Housing and Urban Development (HUD), will help the state and communities acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. A broad range of neighborhood stabilization activities have been proposed for the grants, including: • The repair and sale of foreclosed homes; • Creating more affordable rental housing; • Tearing down abandoned and blighted buildings that lower surrounding property values; • Creating land banks to temporarily manage and dispose of vacant land for the purpose of stabilizing neighborhoods; • Encouraging reuse or redevelopment of urban property. Source: ky.gov

Hardin County Energized With New $600 Million Facility A newly formed consortium of battery manufacturers wants to build a 2,000 worker factory in Hardin County to make advanced batteries to power electric vehicles, the state announced recently. The National Alliance for Advanced Transportation Batteries would build a $600 million facility on a 1,551acre site in Glendale the state had bought in a previous attempt to lure automaker Hyundai. The Energy Department is expected to announce grant awards in late June and construction of one million square foot campus could begin this year. "This proposal will put Kentucky in a prime position to be the country's leading manufacturer of the clean-energy cars of the future," Gov. Steve Beshear said in a statement. "The initiative will transform the state's economy much like the arrival of Toyota two decades ago.” Kentucky was selected for the project over Illinois, Kansas, Missouri, New York, Pennsylvania and South Carolina. Source: Louisville Courier-Journal

GLAR Raises Money for its PAC The Greater Louisville Association of REALTORS® hosts its annual fundraiser for GLARPAC, their Political Action Committee, in June. This year, members who made a contribution of $100 each were admitted to an exclusive VIP Cocktail Reception at the beautiful Locust Creek Clubhouse. One lucky contributor won $5000, $6000 if they were present at the event! Last year’s event raised over $40,000 for GLARPAC and we hope to achieve the same kind of success this time around (results are being tallied)!

Top Destination Cities for Movers Despite the local housing market struggles and a downturn in gaming revenues, Las Vegas still beckons to people looking for a fresh start, according to an analysis of moving requests from 2008 by Relocation.com. The data revealed that on a per-capita basis for cities with more than 1 million people, Las Vegas retained its top spot as the No. 1 destination for people looking to make a long distance state-to-state move. Las Vegas was followed in popularity by: Denver, Charlotte, N.C., Phoenix/Mesa, Portland, Ore., Seattle, Orlando, Fla., Washington, D.C., Atlanta and Tampa Bay/St. Petersburg, Fla. For every 100 people looking to move to Michigan, 210 were looking to move out of the state. Ohioans also saw more people relocating: for every 100 people looking to move to Ohio, 150 requested moving quotes to move out of state. The biggest beneficiary of these population displacements is North Carolina, which saw nearly 80% more requests to move to North Carolina than to leave (for every 100 people requesting moving quotes to leave the state, 180 indicated they wanted to move to it). South Carolina also saw a jump with nearly 70% more requests to move to the state than to leave, while Texas saw 66% more and Georgia saw 36% more. Source: RISMedia

SUMMER 2009 KENTUCKY REALTOR® 23

By The Numbers

23%

The percent of adults who say they plan to purchase a home in the next five years and half of those (53.5 percent) will be first-time home buyers, according to a survey commissioned by Move Inc., operator of Realtor.com. According to the same survey, half of all Americans (49.6 percent) are paying more attention to home values today than they were a year ago, especially those ages 25 to 34 (61.9 percent). About two-thirds (62.5 percent) now consider their home primarily a place to live as opposed to an investment.

33%

The percent of buyers who started their home search by looking online for properties for sale (38 percent of repeat buyers, 27 percent of firsttime buyers), according to the 2008 National Association of REALTORÂŽ Profile of Home Buyers and Sellers. Eighty seven percent claim that they used the Internet as an information source (86 percent of repeat buyers, 89 percent of first-time buyers). Eighty one percent found the Internet as a useful source of information.

The number of real estate websites available to consumers according to a Google search and referenced by the WAV Group.

88 million

95.9 million vs. 103.2 million eMarketer, the digital marketing and media analysis company, estimates there are 95.9 million males online in 2009, compared with 103.2 million females. That 48.2-to-51.8 split in percentages will continue to grow as the U.S. Internet population grows. By 2013, males are expected to make up just 47.9 percent of the online population.

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The median age of a first-time home buyer.

% 69

According to the latest numbers from the research and advisory firm Gartner Inc., sales of smart phones in North America grew by this percent last year, but still accounted for only one in five mobile devices sold. Globally, smart phones accounted for only 12 percent of mobile device sales in the last three months of 2008.said the same about their local market.

62%

The percent of prospective firsttime homebuyers who are now more likely to buy in 2009 according to a survey of active ZipRealty website users. The Obama administrationâ&#x20AC;&#x2122;s $8,000 tax credit for first-time homebuyers is motivating them to make a purchase this year, according to the survey.

3.3 trillion

The amount the economic downturn wiped out in home values last year, according to a report by Zillow.com. Since the market peak four years ago, home equity has been eroded by more than $6 trillion.

In 2008, the percent of U.S. home sales that were short sales, while foreclosures made up 20 percent of the market, according to an article on Inman News.

11%

Housing Stats Signs of Recovery Point to “Probably”

he national media is reporting on areas of the country where the housing market has hit bottom and is slowly making some progress in the right direction. These areas, like Arizona and California, were the hardest hit during the boom and a turnaround there may result in a gradual turnaround elsewhere. In Kentucky, it seems as though the national picture is what affects how the market is perceived within our own borders. So, good news will hopefully travel fast. A report out of the Los Angeles Times describes the current market in Phoenix as a quasiboom where buyers, many first-timers, are finding themselves in bidding wars due to the stabilizing but affordable market (housing is the most affordable since 1981) and the high volume of foreclosures. If this kind of news continues, buyers, and sellers, may take notice and the market may start to improve. In fact, there have been tentative signs of life. Pending home sales rose 3.2% nationally in April, the second month of increases after a record low in January. “Even without the positive news on the national front, Kentucky’s market offers an incredible opportunity with its already lower than average housing prices, 40-year low interest rates, a great selection of homes and the first-time home buyer tax credit," says KAR President Jeff Smith. Speaking of the first-time home buyer tax credit, at the recent NAR Midyear Meeting in Washington, D.C., many panelists during the Real Estate Summit spoke on how to enhance the $8,000 program, including Robert Sibcy, president of Sibcy Cline REALTORS®, who said the amount should be doubled and expanded to include as many people as possible. The biggest news, however, was HUD Secretary Shaun Donovan's announcement that funds from the credit would be available for FHA financing, which would permit home buyers to monetize their tax credits for down payments. “On average, homes, according to the national picture, are taking just over nine months to go from listed to contract,” says Smith. “Members need to figure out how to make it work until the market shapes up completely. There are many good ideas out there on how to market the tax credit to help first-timers jump off the fence and also how to work with repeat buyers. We talk a lot about now is a good time to buy or sell, but it’s also a good time to sharpen our skills as industry professionals. ” Based on information from local REALTOR® associations/MLSs for the periods of January 1 – March 31, 2008 and 2009.

Buyers may be returning to the game

First Quarter 2009 vs. 2008 Board/Association

# Sold # Sold 1Q 2009 1Q 2008

# Sold %

Median Price 1Q 2009

Median Price 1Q 2008

Median Price %

Region One Henderson-Audubon BOR

-39.39%

107000

87700

22.01%

Hopkinsville-Christian BOR

3.53%

89500

86700

3.23%

Kentucky-Barkley Lakes BOR

-17.46%

97750

98500

-0.76%

Madisonville-Hopkins BOR

-7.61%

94500

92000

2.72%

118

78.79%

70000

72750

-3.78%

-9.52%

120000

117450

2.17%

Mayfield-Graves BOR Murray Calloway County BOR Owensboro BOR

171

255

-32.94%

97000

104000

-6.73%

Paducah BOR

155

-36.77%

127000

119500

6.28%

Pennyrile BOR

-45.83%

62750

95500

-34.29$

Central Kentucky AOR

119

-36.97%

101500

108250

-6.24%

Heart of Kentucky AOR

290

355

-18.31%

119900

135000

-11.19%

Region Two

Old Kentucky Home BOR

-13.64%

112943

102600

10.08%

REALTOR® Assn of SKY

252

358

-29.61%

115550

124500

-7.19%

Russellville-Logan BOR

-51.16%

68750

102200

-32.73%

Shelbyville BOR

-18.37%

143000

148888

-3.95%

South Central Kentucky AOR

-35.29%

97450

96500

0.98%

1968

2695

-26.98%

122950

133800

-8.11%

1242

1781

-30.26%

133900

137600

-2.69%

873

1216

-28.21%

115000

136000

-15.44%

140

173

-19.08%

83000

84500

-1.78%

92464

Cumberland Valley BOR

121

117

3.42%

98500

92000

7.07%

Eastern Kentucky AOR

100

-16.00%

75500

105000

-28.10%

Madison County BOR

507

621

-18.36%

128917

127500

1.11%

-28.57%

98000

83000

18.07%

Region Three Greater Louisville AOR Region Four Lexington Bluegrass AOR Region Five Northern Kentucky AOR Region Six Ashland Area BOR Cave Run AOR

Pioneer Trace BOR Somerset-Lake Cumberland BOR Totals

117

135

-13.33%

112500

95000

18.42%

6677

8912

-25.08%

100000

102600

-2.53%

* Statistics are unavailable for the following local associations: Cynthiana=Harrison Co. & Dix River ** Statistics for Cave Run are unavailable prior to April 2008

SUMMER 2009 KENTUCKY REALTOR® 25

Community Profile A Spotlight on ... Unusual Kentucky Town Names by Mark Reinhardt

entucky has a large number of interesting and odd place names. There are places seemingly named after animals: Monkeys Eyebrow, Possum Trot, Mousie, Bugtussle, Hippo, Wildcat, Turkey, Viper, Lamb, Wolf, Wolverine, Sunfish, Raccoon and Rabbit Hash. We hope that the names Ordinary, Oddville and Blandville are not descriptive of their locations; but that Majestic, Beauty and Lovely are. Everyone will want to visit Goshen, Grace and Halo; Happy and Goody; Fairplay and Goodluck; Gimlet and Bourbon County; Big Beaver Lick, Big Bone Lick and Climax, but you may wish to not go to Quicksand or to Hell for Certain. Pewee Valley is the highest point within twenty miles. West Liberty is to the east of Liberty. You can go Barefoot in Nicholas County. Is Do Stop an invitation or an order? Typo isn’t one. In Floyd County, there is a Blue Moon every month, and there is always a Cyclone in Monroe County. Many of Kentucky’s residents are on a first name basis with their hometowns. Many towns were named after residents and others, but using only the given name. Floyd County may have the most towns with “first names.” There are David and Dana; Melvin, Martin and Minnie; Harold and Hueysville; and Stanville, Allen, Emma and Cliff. Other examples are Ruth, Nancy and Naomi (Pulaski Co.), Daisy and Jeff (Perry County), Martha and Louisa (Lawrence Co.), Inez (Martin), Sidney, Phyllis and Zebulon, after Zebulon Pike, also of Pike’s Peak fame (Pike Co.), Stella and Fredville (Magoffin Co.), Gregory, Betsey and Susie (Wayne Co.), Roxanna and Jeremiah (Letcher Co.), Keith and Mary Alice (Harlan Co.), Bethany and Mary (Wolfe Co.). There is also Beverly, Helena, Herman, Frances, Maggie, Matthew, Ned, Randolph, Ross, Maud and Hazel.

It is possible to assemble an impressive sounding itinerary without ever leaving the Commonwealth. You can visit Paris and London; Athens or Florence; Berlin or Versailles; Nazareth or Newfoundland; Moscow, Melbourne, or Manila; Glasgow or Halifax; Heidelberg or Hebron; and Holland or Mexico. For those desiring a more exotic sounding destination; you can go to Globe, Krypton or even to the Moon. Some Kentucky place names are actually numbers; Number One is in Wayne County, Nineteen is in Ohio County and Seventy Six is in Clinton County. At one time all of Kentucky was a single county of Virginia. After achieving statehood, it was divided again and again, eventually containing 120 counties; the fourth most in the nation. With this many counties, inconsistencies in county and city names have arisen. For instance, you may expect to find Carlisle in Carlisle County, but it is in Nicholas County, which is where Nicholasville could be, but it is in Jessamine County. You also might expect to find Franklin in Franklin County, but it is in Simpson County; Simpsonville is in Shelby County, while Shelbiana and Shelby Creek are both in Pike County. You might look in Campbell

Quicksand, Kentucky - photo by Jimmy Emerson, DVM

26 www.kar.com

A creek near Turtle Back Arch, Kentucky

Possum Trot, Kentucky - photo by emael

County for Campbellsville, but you need to look in Taylor County, and you will have to look in Spencer County if you want to find Taylorsville. Hardin is in Marshall County, not in Hardin County, but Hardinsburg is in Breckinridge County. It would seem that Madisonville should be in Madison County, but it is in Hopkins County; Hopkinsville is in Christian County. Neither Russell nor Russellville are in Russell County, but at least Russell Springs is. Neither Morgantown nor Morganfield are in Morgan County; both are in Union County. Both Union and Union Star are in counties other than Union, but at least Uniontown is in Union County. Union is in Boone County, but Boonesville is in Owsley County.

Source: Clark's Kentucky Almanac & Book of Facts – www.kyalmanac.com. Clark’s Kentucky Almanac & Book of Facts (Second Edition) is a comprehensive publication with contemporary and historical information, infused with many photos, facts and archival treasures that make up the rich and exciting history of Kentucky.

The state park at Big Bone Lick, Kentucky - source: Wikipedia

The world famous General Store in Rabbit Hash, Kentucky

SUMMER 2009 KENTUCKY REALTOR® 27

From the Helm The Wheels of Progress Don’t Have to Move Slowly by Susan W. Helm

“Susie, how can I affect policy?” This question came to me from a Kentucky REALTOR® who, with 50+ other REALTORS® from the Commonwealth, was attending the National Association of REALTORS® Midyear meetings in Washington, D.C. “Are you talking about National Association of REALTORS® or Kentucky Association of REALTORS® policy, or are you referring to federal or state legislation or regulation?” I asked her. “Both,” she replied. Hmmmm … I was thinking … there is a big difference between the two. So I probed a little deeper to find out what she was wanting. She was frustrated because she knew an important issue in Kentucky, and all over the country, was causing problems in the industry and wasn’t being addressed quickly; neither by our REALTOR® organization nor by the Congressional delegation. She was spending a week of her time at this meeting, and she wasn’t hearing about this issue she thought was so important. So, I explained how to become involved in the National Association through committee involvement and how to make contacts with Members of Congress and their staffs to let our views be known.

going on and the issue was heard. The Very Important Meeting committee members agreed and put forth a recommendation to take the same position as the REALTOR® from Kentucky. The recommendation is going to be sent to Congress … if they can only act as fast! I tell this story because it is important for us to realize that while time honored traditions and customs are important, some things need immediate attention, and there has to be a process for getting the important things done right away. Knowing the right people, the right resources and the right approach can help make things happen, and happen fast. I learned an important lesson from Jan Scholtz while at the NAR meeting … find the means to a solution as quickly as possible, even if it means going outside the standard processes. It is important to members and to the profession. A special thanks to all of the REALTORS® who took time away from their business to work on behalf of the entire real estate industry, and to express our concerns to our Kentucky Representatives and Senators on the national stage. I have no doubt your fellow REALTORS® appreciate your work!

Susan W. Helm, RCE

This is the traditional way to influence policy. Well, she wanted to influence policy NOW. That day. So, she talked to other REALTORS®, who knew other people, who knew other people. And, lo and behold, a meeting was set up with a key National Association of REALTORS® staff person (the chief lobbyist) who COULD make something happen, or at least, could make sure the issue was heard. This key staff person took the issue to a Very Important Meeting that was

28 www.kar.com

Susan W. Helm is the Executive Vice President of the Kentucky Association of REALTORS®

Up to Code Crystal Ball to a Better Understanding of Key Legal Issues by Julie G. Johnson

Nearly 60 percent of cases aurie Janik, General Counsel involved premises liability, for the National Association of ® including falls and other injuries. REALTORS , recently spoke to In 70 percent of the cases with brokers from across the state at the liability, real estate property KAR Broker Summit. Janik has managers were held not liable; 75 been with NAR since 1977 and percent of these favorable shared information from NAR’s outcomes did not require a trial. most recent NAR Scan, a research Other important liability issues project that analyzes legal issues include new requirements for and trends in the real estate carbon monoxide detection and industry. window guards, as well as issues of “This latest NAR Scan is our Laurie Janik, General Counsel for the National Association of REALTORS®, lead, mold and problems associated spoke at the 2009 KAR Broker Summit. crystal ball to a better with presence of laboratories understanding of key legal issues capable of producing methamphetamine. and trends affecting the real estate marketplace, and Increased emphasis will be placed on fair housing gives a wealth of information on agent and broker aspects of property management in the future. liability,” says Janik. “The study covers issues including “This updated survey allows members to quickly agency, fair housing and disclosure laws, and will help check and print out for their attorneys the relevant cases members better understand and plan for legal pitfalls or legislative actions that offer guidance regarding new and compliance requirements they may encounter.” cases and will help members save time and money on The legal scan is in its sixth installment and is now legal costs,” Janik says. separated into two different formats: the NAR Scan While in Lexington, Janik demonstrated not only (focusing on issues faced by real estate brokerages) and her ability to predict trends in the real estate the IREM® Scan (real estate management issues). The marketplace, but also a knack for picking winners at Institute of Real Estate Management (IREM®) is an ® Keeneland Race Track. Janik placed a $2.00 bet on a affiliate of the National Association of REALTORS . Thoroughbred named Letter of the Law and flew back Both scans are based on surveys of key people in the to Chicago with $7.00 in winnings. real-estate industry, as well as data obtained from case law and statutory research. Agency issues are among To access the NAR Scan and the IREM® Scan, go to the most common types of real estate legal dispute www.realtor.org > Law & Policy > Track Legal Trends followed by property condition disclosure, especially (login is required). mold, structural defects, zoning, sewer and septic and insects. Technology issues are growing in importance, particularly in privacy, spam and other forms of electronic solicitation. Subject areas where future training will be important include agency, disclosure, technology, antitrust and real estate settlement procedures, according to the study. Julie Johnson is the Professional The survey of legal issues specific to real estate Standards Director of the Kentucky management showed the principal areas of concern in Association of REALTORS® the property management area include debt collection, accident claims, liability for tenants’ property conditions and conditions of common areas and events occurring on managed properties. SUMMER 2009 KENTUCKY REALTOR® 29

A Day in the Life of... A Lake Front REALTOR® Lynn Waller, CRB, CRS

Cadiz, Kentucky How many years have you been involved with lake front properties: 45

How long have you been in the real estate business and involved with lake front properties? I have been active in the development of lake properties since the spring of 1964. How did you get involved with lake front properties? I became addicted to the Lake region when my children came along in the early 50’s, because that was the most inexpensive place to take a family of my size on vacation. At the time I was a banker, and bankers in those days did not make very much money. In 1963, I developed a corporation with the intent of purchasing acreage on the purposed Lake Barkley and developing it into a lake front subdivision. Through 1990, I developed ten more subdivisions which were converted into more than 1,500 lots. Do you have many out of state customers? Most of my early customers came from Evansville, Indiana. The majority of the people who bought lake front properties in the early years were from Chicago, IL; St. Louis, MO; Cincinnati, OH and Indianapolis, IN. What is a typical demographic of your clients who are interested in lake front property? Our firm is the only real estate firm in our area that has a separate division catering to people who want to rent residences for their vacation. The principle market consists of people who are in their 40’s and older, who come to the lake region to have vacation facilities for their growing families and also the empty nesters who come down in their later years to retire. Is there any special marketing involved in selling or renting lake front? Back in the early years before the internet and in the early 60’s and 70’s, the principal method of advertising lake properties was by the mass mailings of brochures and attendance sport shows. Most of the marketing is done now through the internet and visual tours. In many cases, this saves the purchaser the cost of travel to look at the facilities in person.

30 www.kar.com

Has the slow economy had an effect on the rental or sale of lake front properties? The economy in the last two years has created a dramatic shift. At the present time, the market is down on sales more than 50% and the market values have plunged approximately 29% in the last 18-24 months. The occupancy of the rental units that we have in our portfolio seems to maintain its full usage and at the present time none of the rental properties on the market are available. What is the most humorous situation you have encountered on the job? About 10 years ago, I sold an octagon shaped house to a couple from northern Indiana who came to my office late one evening. They made a deposit and picked up the key to the home and the next morning when I came to the office about 8:30 the family was in their pickup truck in front of the office waiting for me. They stated when they arrived at the home one of them went into the utility room and found a snake coiled around the hot water heater. They left immediately. I went to investigate and found out that it was a harmless black snake. I returned their deposit and they left the area and never returned to look at any other properties. You sell properties around the lake, but do you get to enjoy the lake yourself? I have a pontoon boat for recreation and it is great for fishing. In the last 15 years, the pontoon boat has been utilized almost exclusively to show the properties to prospective buyers. Back in the 60’s, I came down two days each week to fish for crappie and bass. Last question, what is the best piece of advice you’ve ever received? At a meeting in 1950, a banker advised us to help our fellow man progress through life by assisting other people in taking additional steps for their well being. He explained that his theory was to train every person that came in contact with him to better themselves and to encourage each one to make the necessary steps and then assist the person along beside them and behind them.

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