KYREALTORSummer10

Kentucky

REALTOR 速

Summer 2010

A publication of the Kentucky Association of REALTORS速

2010 The American Real Estate Brokerage Top 7 Mistakes Identity Crisis: How to Protect Yourself Social Media Dinosaurs

www.kar.com

Contents

Volume 3, Number 4, Summer 2010

IN THIS ISSUE KAR News

4

2010: American Real Estate Brokerage

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President John W. Smither, GRI Lexington-Bluegrass Association of REALTORS®

Identity Crisis

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President-Elect Tony Clark, ABR, CRB, CRS, GRI Owensboro Board of REALTORS®

Social Media Dinosaurs

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Treasurer Kevin Farris Heart of Kentucky Association of REALTORS®

Top 7 Mistakes

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A publication of the 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, Suite 100 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, Suite 100, 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.

Reproduction prohibited without permission.

Copyright © 2010 Kentucky Association of REALTORS®, Inc. All rights reserved.

REGULAR FEATURES President’s Message

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Tools You Can Use

6

Legal Update

8

Legislative Issues

14

Education

19

Local Association News

22

By the Numbers

24

Housing Stats

25

Community Profile

26

From the Helm

28

Code of Ethics

29

A Day in the Life of...

30

SUMMER 2010 KENTUCKY REALTOR® 3

KAR News Kentucky REALTORS® urge lawmakers to help reshape real estate NAR Midyear Highlights KAR brought real estate issues to Washington when REALTORS® from across the Commonwealth met with all eight Kentucky legislators recently as part of NAR’s Midyear Legislative Meetings & Trade Expo.

During the meetings, REALTORS® from across the country gathered with public policy officials, industry representatives and academic thought leaders to generate solutions for the challenges facing today’s real estate market and the general economy.

These meetings are imperative not only to address the challenges facing the real estate market today, but also to make lawmakers aware of what consumers are struggling with when it comes to homeownership. (To view a list of legislative issues addressed, see page 14). In addition, NAR issued its report from the Board of Directors Meeting with these highlights: NAR Directors pass sexual-orientation protections - The BOD passed a change to Article 10 of the NAR Code of Ethics barring REALTORS® from denying equal professional services on the basis of sexual orientation or from discriminating against any person on the basis of sexual orientation.

REALTOR® Property Resource - About 1,000 NAR members are testing the RPR software in 12 markets. Upon completion, the REALTORS® Property Resource will contain deep information on every property and parcel of land in the country.

REALTOR® University - REALTOR® University is the association's initiative for raising the bar in the profession by undertaking an accredited, degree-granting university.

A blue-ribbon panel started work earlier this year on the initiative, which will result in a master's degree program with majors in real estate sales and marketing, real estate brokerage, and appraisal, among others.

2010 KREC nominations Any real estate licensee wishing to be considered for a 4-year term as a Kentucky Real Estate Commissioner should contact the Kentucky Association of REALTORS®. An application and detailed requirements are available at www.kar.com and by mail. To qualify, one must have been a resident of Kentucky for 10 years and have held a Kentucky real estate license for 10 years. Deadline for submission is July 23, 2010 to KAR, 161 Prosperous Place, Lexington, KY 40509. Questions may be directed to susiehelm@kar.com or call 1-800-264-2185.

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For more photos from Midyear, visit kyrealtors.smugmug.com.

NAR Financials Strong - 2010 membership stands at 1,079,000, nearly 2 percent above budget. The Board voted to maintain NAR dues at $80 and keep the Public Awareness Campaign special assessment at $35 for the three-year budget cycle, 2011-13.

2011 Leadership - The board recognized the association's 2011 slate of officers: President: Ronald Phipps, Warwick, R.I.; President-elect: Maurice "Moe" Veissi, South Miami, Fla.; First Vice President: Gary Thomas, Aliso Viejo, Calif; Treasurer: Bill Armstrong, Damascas, Md. The Treasurer seat was contested: Armstrong was elected over Mike McGrew of Lawrence, Kan., by ballot during the meeting.

To read more of the report including actions on Professional Standards, MLS policy, winners of the Distinguished Service Awards, and much more, visit bit.ly/narbodreport.

KAR Election Information See inside back cover for details

President’s Message The Good, the Bad and the Ugly A friend asked me the other day how my year was going. Very interesting question to ask and after giving it a quick pass through my mind, I replied that it has had its ups and downs. After thinking about it some more, I have highlighted my time into categories taken from an old 1966 spaghetti western starring Clint Eastwood titled The Good, the Bad and the Ugly.

John Smither, 2010 KAR President

The Good Certainly there are the many good things, such as recovering housing markets with increased sales volumes (see page 25), that we can be thankful. We all are hoping it maintains the momentum that started in late 2009 with the initial tax credit and the extended and expanded version that existed in the first quarter of 2010. Summer is here and if we can carry this through the rest of the year – and I certainly think its possible – we may be able to sleep easier at night.

Our RPAC dollars are lagging behind and we should all realize this is our business insurance. With your donation, we will continue to work tirelessly to protect our industry, home ownership as well as every home buyer and seller in the state. If you have never given to RPAC, please write that check – it will be well worth the investment. All we ask of each member is $15.00 as your fair share.

Kentucky has strongly encouraged participation from our Brokers and fellow REALTORS® in the Broker Involvement Program, a grassroots tool that brings issues of concern to the attention of Congress. With your support, NAR can significantly increase our response rates to Calls for Action, thus influencing legislation that affects the real estate business. And this state is doing just that. In case you have been out of the country for a while, we are fourth in the country and first within Region 4 for participation of our brokerages. This is huge for many reasons and I thank each and everyone. If you have been left behind, contact KAR and ask how you can get on board. This is one of the few programs that is both free and easy to use.

You’re lucky – I can’t seem to find any ugly for the first half of the year, so we will call it a day.

The Ugly

John Smither 2010 KAR President

The Bad On the darker side, we as an Association are going to face challenges we have not had for some time. It appears on the state level, in dealing with the Kentucky Real Estate Commission (KREC), that we did not get off to a very good start, beginning with the Frankfort meetings. We will make every effort to turn this boat around and certainly want a good working relationship with the staff and the Commissioners. After all, four out of the five are REALTORS®. We will strive to make it so all of us are working hand in hand for the betterment of our members.

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KENTUCKY REALTOR® 5

Tools You Can Use Marketing Minute Facebook’s New Toy Facebook recently unveiled a platform, called Open Graph, which will make it easier for users to share their interests with friends on other sites across the internet. This API platform essentially makes it possible for Facebook and other websites to mesh what they know about their users and automatically personalize the experience people have online.

It was explained by Facebook’s founder as allowing people to have instantly social and personalized experiences everywhere they go online. The first step to this is allowing other sites to use Facebook’s functionality, such as the "Like" button, to let users respond that they are interested in specific news articles, songs and other content.

Among the outlets joining the Open Graph movement is Microsoft, which is introducing a platform called Docs which will allow users to collaborate on online documents.

Other partners include customer review site Yelp, music site Pandora and the Internet Movie Database.

The way this could work, for example, is a user on Pandora, the music site, would see which artists and songs their Facebook friends like without having to return to Facebook. Or a visitor to a participating news site could be presented content based on previously stated preferences on Facebook or participating sites. Another example would be clicking "like" on an Internet Movie Database page which would automatically add that film to a Facebook user's news feed and the "Favorite Movies" section of their profile. Clicking "like" on an athlete's profile on ESPN's site could prompt ESPN to send future updates about that athlete to your Facebook page.

With Facebook, the biggest news coming out now revolves around privacy so keep that in mind when using the application – what settings you need to apply and, most importantly, what you reveal and post about yourself. Do you know what information is already out there and being shared about you?

Google Business Listing Adding your business listing to Google is a smart idea.

Millions of people use Google every day to find places in the real world, much like an online phone book. Google Places is a free way to make sure you – and your information – shows up through a search. The process is easy, takes only a few minutes and you will need a Google account. Search Google Business Listing to get started. Once you sign in, you will need to complete as much of the information as you can (or want).

You can add information like a description of your business as well as photos, reviews or maps or even a QR code - that will also appear above similar information from other providers.

To make sure the basic information you submit is accurate, Google will ask you to verify information by contacting you at your business address or phone number.

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Top 5 list for the kitchen and bath According to the American Institute of Architects’ Home Design Trends Survey, here are the five most popular kitchen and bath products and features: KITCHEN- 1. Recycling center, a designated place to put cans, papers, etc., which could be in the form of a nook or even part of the lower cabinetry. 2. Larger pantry space.

3. Renewable flooring materials. 4. Renewable countertop materials. 5. Computer area/recharging stations, dedicated to such tasks as recharging laptops, cell phones and PDAs. BATH- 1. Water-saving toilets. 2. Radiant heated floors.

3. Accessibility/universal design, or features that are adaptable and allow homeowners to age in place. 4. LED lighting. 5. Doorless showers

Home on the Tube www.homeonthetube.com This new property marketing website allows anyone to leverage the power of video to showcase or view properties.

Here is how it works: You pick up your digital camera, set it to "video mode" and begin to shoot the property you have listed. A couple of minutes of video is all you need. Then you simply upload your property videos to Home on the Tube for the world to see! The site provides free access to anyone interested in presenting or seeking any type of properties.

Agents can showcase one property at a time absolutely free, or unlimited properties for $19/month. You can also link, embed or automatically send property videos on worldwide real estate and social networks such as MLS, Realtor.com, Homes.com, Twitter, Facebook, MySpace and many more.

Home on the Tube showcases all properties solely through video clips. Search and view property videos on the website, the Mobile site or on the iPhone® App (available late 2010) with GPS features that will automatically displays properties nearby.

.Me Domains Open registration for .Me domains, which were previously reserved for entities based in the country of Montenegro, started back in 2008. These domains are now available for anyone to purchase. As you can imagine, clever uses of the domains for real estate are endless. REALTORS® using their own names as their main branding element would be wise to snag that URL. Using joerealtor.me might be a unique marketing angle. In any case, it would be good to stake your claim on one or maybe even a few, even if you don’t end up using it.

Taggable www.taggable.com

Bits and Bytes

Nearly everyone knows how to tag your friends in pictures and pages on Facebook and many have been tagged with more than a few “untagging” themselves. A new application called Taggable extends that feature out to other websites as well. If you want to tag a picture of your friend on Flickr or other photo gallery, you can use the Taggable bookmarklet.

Sign in via Facebook Connect, and start tagging. A link to that photo – or other tag – will then be published in the news stream of those users (just as it does when you are tagged on Facebook directly). The feature is free to use.

Web-based office suites

Taggable isn’t just limited to those with bookmarklets added to their browser. You can also add the feature to your sites. For blogs and photoblogs, it’s particularly useful because people you may be friends with could be in the content. Tag ‘em – they’ll probably appreciate you’re organizing their personal data for them.

Welcome to web-based online office suites, also known as cloud computing. These products and applications are starting to dominate technology discussions and are the next big trend in the online arena. When talking about the online products, here are a few examples:

The same rule applies to Taggable as in Facebook – if a user doesn’t like the tag, they can remove it, or opt out of Taggable tags altogether.

FillAnyPDF www.fillanypdf.com FillAnyPDF is a free web-based service where you can upload any file in PDF, PNG, JPG, or GIF format. No software is needed and you don't need to do anything to your form before or after it's uploaded; the service will do all the heavy lifting for you. Any PDF form can be used, even if it's not “interactive,” so you can get started right away. You can email a link to anyone and they can open the form and fill it in right on the site, no download necessary. Of course if they want to print out a copy for themselves, that's available too.

FillAnyPDF lets users type right into a document, add images or HTML markup, redact, highlight or whiteout with options to undo and redo. The service accepts standard handwriting input from a mouse or writing pad so the document has a realistic signature on it. There is also a process in place for security features to accept digital signatures as a legally binding document as well, thanks to the app's native IP logging and tracing features (you would want to consult legal advice if using for contracts).

As a real estate professional, you need lots of software options to run efficiently. With the variety of computers available and the way in which you access technology (not to mention the fact that you are always on the go), you need a better way to coordinate and use software.

Customizing software to fit your needs can be costly and installing the newest and most sparkly addition can be time consuming and difficult. And most of all, how do you access all of your data if you are out of the office or home?

word processing | spreadsheets | presentations databases | note-taking | wikis | CRM project management | document retention/storage contracts with e-signatures These applications are hosted on remote servers rather than locally on your personal computer. Access to your documents or other material, is made by the specific application via a web browser and the documents themselves are stored online. Most of the cloud computing software is currently free to use with some of the higher levels or more professional applications requiring a fee.

Another benefit to using these applications is that most are easy to share and support simultaneous collaboration between multiple users. So if you need few ‘eye balls’ on your latest report – instead of sending around an Excel doc by email where everyone wonders – ‘is this the latest version?’ – create a document online and share it with whomever you would like.

Examples are: www.zoho.com, www.google.com/docs, www.openoffice.org, www.thinkfree.com, www.live-documents.com

Mashedin Real estate, in many ways, is about who you know and who knows you. Mashedin, an app that launched earlier this year, brings together both pieces of that puzzle by combining your social network and those of your clients and prospective clients. To do this, you add the Mashedin widget to your website or blog and invite visitors to see if they know anyone you know. By clicking on the widget, the visitor can select Facebook, Linkedin or Twitter. And, after logging in, the visitor can see who you share in common, thereby making the visitor more engaged, connected and, hopefully, more of a prospect. For the visitor, this process will allow them to see who you associate with (transparency) and interests you may have in common. MashedIn also makes it easy to gather recommendations from your existing customers and contacts - simply by sending them a link to your widget and asking for their kind words.

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Legal Update RESPA’s new disclosure requirements In November 2008, the U.S. Department of Housing And Urban Development (HUD) amended its regulations governing the Real Estate Settlement Procedures Act (RESPA) to require more timely and effective disclosures of mortgage closing costs. The final rule became effective on January 16, 2009.

display total estimated settlement charges. This helps the consumer to easily compare loan offers. HUD specifies the closing costs that can and cannot change at settlement, and imposes limits on how much fees can increase.

Overview of RESPA

At various times during the mortgage loan process, lenders and mortgage brokers are required to provide borrowers with certain written disclosures:

First enacted in 1974, the Real Estate Settlement Procedures Act (RESPA) generally requires that lenders and mortgage brokers provide borrowers certain disclosures at various times during the mortgage loan process. These disclosures spell out the costs the borrower will pay at closing, outline lender servicing and escrow account practices, and describe business relationships between settlement service providers.

RESPA also prohibits certain practices that increase closing costs. Section 8 of RESPA prohibits a person from giving or receiving anything of value for referrals relating to residential mortgage closings. It also prohibits a person from giving or accepting any part of a charge for services not actually performed. Finally, Section 9 of RESPA prohibits home sellers from requiring that home buyers purchase title insurance from a particular company.

Overview of Amended RESPA Regulations The 2008 amendments were designed to protect consumers from unnecessarily high closing costs. One way this was accomplished was through improvements and standardization of the Good Faith Estimate (GFE) form to allow consumers to more easily shop for settlement service providers. On the GFE, lenders and mortgage brokers are required to provide clear answers to questions that borrowers have when applying for a mortgage: • What's the term of the loan?

• Is the interest rate fixed or can it change?

• Is there a pre-payment penalty should the borrower choose to refinance at a later date?

• Is there a balloon payment?

• What are total closing costs?

HUD estimates that by improving disclosures on the GFE, and by limiting the amount that estimated charges can increase, consumers may save an average of $700 in total closing costs.

HUD's new Good Faith Estimate consolidates closing costs into major categories to prevent junk fees and to prominently

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To help borrowers compare their Good Faith Estimate with their HUD-1 Settlement Statement, each designated line on the HUD-1 includes a reference to the relevant line from the GFE. This allows borrowers to compare the costs estimated on the GFE to their actual costs paid at closing.

RESPA Disclosures Before Loan Application Special Information Booklet- This booklet contains consumer information regarding various real estate settlement services. (Required for purchase transactions only.)

Good Faith Estimate (GFE)- This lists the settlement costs the borrower is likely to pay at settlement.

Depending on the type of charge and service provider selected, borrowers may be due a refund from the lender if any increase between the costs estimated on the GFE and the actual costs shown on the HUD-1 at closing exceeds HUD’s limits. When a loan originator permits a borrower to shop for third-party settlement services, the loan originator must also provide the borrower with a written list of settlement service providers at the time of the GFE. Mortgage Servicing Disclosure Statement- This statement discloses to the borrower whether the lender intends to service the loan itself or transfer it to another lender.

RESPA Disclosures Before Closing Affiliated Business Arrangement (AfBA) DisclosureThis disclosure is required at or prior to the time of referral whenever a settlement service provider involved in a RESPA transaction refers the consumer to a provider with whom the referring party has an ownership or other beneficial interest. The disclosure must describe the business arrangement that exists between the two providers and give the borrower an estimate of the second provider's charges.

HUD-1 Settlement Statement- The HUD-1 shows all charges imposed on borrowers and sellers in connection with the settlement, and includes a comparison chart to help borrowers compare the charges disclosed on the GFE and the actual charges listed on the HUD-1. Borrowers can request to see a draft of the HUD-1 Settlement Statement one day before the actual settlement.

RESPA Disclosures at Closing HUD-1 Settlement Statement- This final HUD-1 shows the actual settlement costs of the loan transaction.

Separate forms may be prepared for the borrower and the seller. Where it is not the practice that the borrower and the seller both attend the closing, the HUD-1 should be mailed or delivered to the parties as soon as practicable after settlement.

Initial Escrow Statement- The initial escrow statement itemizes the estimated taxes, insurance premiums and other charges expected to be paid from the escrow account during the first year of the loan. It also lists the escrow payment amount and any required cushion. Although the statement is usually given at settlement, lenders have 45 days from settlement to deliver it to the borrower.

RESPA Disclosures After Closing After the closing, RESPA also requires that loan servicers deliver an Annual Escrow Statement to borrowers once a year. This summarizes all escrow account deposits and payments during the year, and notifies the borrower of any shortages or surpluses in the account. If the borrower’s loan is sold or assigned to another loan servicer, the lender must send the borrower a Servicing Transfer Statement. Generally, the loan servicer must

notify the borrower 15 days before the effective date of any loan transfer. As long the borrower makes a timely payment to the old servicer within 60 days of the loan transfer, the borrower cannot be penalized.

Effective Date of New RESPA Forms The collapse of the sub-prime market and its affect on the residential mortgage market as a whole has led to attempts

by Congress and various Federal agencies to curb perceived abuses in the residential mortgage industry. Until such time as the U.S. housing market has stabilized for an extended period of time, RESPA and the regulation of residential mortgage practices will likely remain a volatile and changing area of law.

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

The previous discussion should not be viewed as legal advice.

Please consult your attorney.

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KENTUCKY REALTOR® 9

Feature Article

2010

The American Real Estate Brokerage

By Marc Davison

The secret to becoming #1 is simple: tap into the public consciousness and relentlessly deliver what it wants.

It helps to make your own list of the brands that accomplish that for you.

My list includes: The Clash. The Yankees. Howard Stern.

Apple. Porsche. Alembic. Vox Amplification. Peets. Paul Smith. Butch, my guitar tech. Junior’s Cheesecake. And… The Four Seasons Hotel I won’t bore you with the details of my holiday vacation. It suffices to say I was long overdue for some personal time off.

My travels included stays at different hotels and visits to a dozen others (Vegas). For the most part, all were pleasant places that went through the motions.

However, on New Year’s Eve, we flew into San Francisco and checked into The Four Seasons Hotel. When I checked out, I left inspired.

Forget the interior decor, or thread count in the sheets – things that could easily be cloned by any other hotel. It was in the nuances. The simple things that told me someone in corporate intuitively understands what people want. And cared enough to provide it.

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These things include: The precise vocal timbre used by the staff – one tuned to place you at immediate ease. The elevator that remains open and ready for you when you arrive in the lobby. The food. The bottles of L’Occitane in the bathroom. The quality of hand towels in the public bathroom. The rollaway cot placed in our suite prior to arrival for our eight year-old.

Simple things. Attentive things. Thing your spouse does without asking that makes you love them above all others.

Things that tap into your psyche and make you feel great about your decision to engage a brand.

If the Four Seasons were a real estate brokerage, they would rule the marketplace.

That got me thinking.

“Make one promise to the public that you and every agent can commit to. But here’s the trick: make it a promise that matters.”

Resolutions The last three years were the best years in the history of American real estate brokerage.

They forced you to face your demons and take stock of the sprites that mischievously toyed with your value and brand proposition.

You were inundated with new ways to market your company. Instead of ignoring these things, you inquired about them. Aggressively tackled them. As a result you have been forced to think harder, faster, deeper and more creatively than ever before. You are emerging better as a result.

I’ve noticed. As a fan of the American Brokerage, here in the bleachers where I sit, I’ve been watching the game and keeping track of your hits, RBI’s and sacrifices. That sound you sometimes hear but can’t place is my applause from afar.

But there is more work to be done. I’m sure most of you are meeting this week and setting agendas for the year. I’d like to help out by suggesting a few things you could think about and execute over the next four quarters to help get you to the top of your marketplace.

This list has been assembled from the many things I’ve seen and been a part of during 2009. Executing these things isn’t necessarily cheap, easy or simple. Then again, perfecting the simple things, the things that make the most difference, typically isn’t.

Here goes: RETHINK affiliates, vendors, and products you offer your agents that are there because someone paid to have them there. Instead, provide a directory of the best vendors in the world. These may not be the cheapest. Or ones cast from the mold of real estate blue. But what you loose on affiliate income you will make back tenfold by not spinning your agents’ wheels on useless junk.

INVEST more in educating your agents on the things that are actually relevant today. Like, 1. Pricing listings properly.

2. Marketing, branding and social media. 3. Communication 4. SEO. 5. Business planning. Bring in the best trainers.

The smartest thinkers. Not the cheapest. Or ones cast from the tenured mold of real estate blue.

DIRECT your marketing department to take a few left turns, on two wheels, then gun the engine and burn so much rubber they leave skid marks a mile long.

PRESENT your vision to your company. Last year I participated in a three-day event hosted by a large east coast brokerage for their agents. In attendance were the members of the firm’s executive staff and several other creative partners and vendors. We presented twice a day, distilling the respective visions, products and services offered and fielding hundreds of questions from a thousand agents. The ensuing clarity united an already cohesive company: a Four Seasons Brokerage if there ever was one.

MAKE ONE PROMISE to the public that you and every agent can commit to. But here’s the trick: make it a promise that matters. Like a return call within five minutes or less. Or fifty images for every listing.

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Feature Article cont.

“Make it easier for the public to understand you.

Immediately.”

SCRUTINIZE the window to the soul of your brokerage.

Many of you have too much clutter on the windowpane and too much frost on the glass. Make it easier for the public to understand you. Immediately.

FORGET doing an iPhone app. There are far better ways to spend $30,000. Contrary to what you may think, an iPhone app will not make you look cool and the 15-minutes of industry fame it buys has no ROI. For $30,000, consider a killer CRM tool. Or a subscription to market data you and your agents can use to create informative monthly newsletters for your customers. If you want to develop a mobile app, consider instead an agnostic web-based platform that works on every phone.

SOCIAL MEDIA The times demand you do it right. While many have found it fulfilling to connect, converse and share passions with their peers in real estate, the bottom line is significant business opportunities can be derived from creating a well-thought out social media initiative. It’s neither easy nor something every broker can execute on.

Proceed cautiously and with clear intent.

CONVERSION 2010 is the year you need to place a stake in the ground regarding the number of Web inquiries you must convert to make your Web-based investments pay off. This means you need a Website built for conversion. It means you need to create a team of specialized agents who understand the Web user and how to communicate with them. It also means you need someone in charge of that team who can evaluate all your Web based relationships, your listing syndication, your media assets, and tune these things in a manner that makes profit margins possible.

BUILD the largest database of local images and video possible. If not you then who? Some 12 year-old with a Flip camera and a Droid.

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Inspiration Arguably, The Four Seasons Hotel offers the very same things every other hotel does. But in every single instance, they present these things in a manner that is unique and understated. They need not boast or scream how great they are – this can be felt within seconds of approaching just about any touch point.

This is not impossible in real estate. But it does seem like it hadn’t really occurred to most brokerages, which makes it all the more exciting to watch the few companies go for it and the others working hard to improve upon it.

Your 2010 can be everything you decide it to be.

1000Watt co-founder, Marc Davison, brings more than twenty five years of experience in advertising, marketing and entrepreneurship to his business. He is regular columnist for Inman News and speaks to real estate audiences across the country.

More information about him can be found at www.1000wattconsulting.com.

Industry Issue Identity Crisis: How to protect yourself against identity theft

By Andrew Wooten, president of S.A.F.E. Your credit score has significantly increased. You receive a bill for a credit card you don't have. You go to apply for a car loan and are denied because of poor credit. You notice $0.01 charges in your checking account. What happened?

Most likely, you've had your identity stolen.

Identity theft is when, by trickery or using publicly available date, someone obtains personal information about you, assumes your identity, and applies for credit cards, checking accounts or other financial access. The crook has become "you." They can now go on a spending spree, using up your good credit and reputation.

To protect yourself, be vigilant about protecting your personal information. This means not giving out credit card numbers, bank account numbers, Social Security numbers, your birth date, or even your mailing address over the phone unless you initiate the call. Protect your incoming and outgoing mail-and your trash-from thieves.

Multiple Methods Thieves use a variety of methods to obtain your information including "dumpster diving," where they go through your trash for mail or papers that contain personal information, such as your Social Security number on an old tax form or a mailing from your credit card company. These papers are a gold mine to an identity thief. You can block thieves by buying-and using-a shredder. Shred all documents containing personal information before you discard it.

Identity thieves also use "skimming," "phishing" or just a simple change of address.

Skimming is when someone steals credit or debit card numbers by using a special storage device when processing your card. This can happen anywhere, so be sure to watch when they scan your card at a store, restaurant or gas Phishing is when false financial institutions or companies send spam or pop-up messages on a website to get you to reveal your personal information.

Remember: no legitimate company is going to ask for your personal information unless you contact them.

Lastly, some thieves will divert your billing statements to another location by changing your address. Keep track of when you receive your bills and statements. If one doesn't show up, contact the company immediately.

Lock Down Your Information How can you protect yourself? Make these identityprotecting steps a habit: • Memorize your Social Security number and all your passwords and PINs. • Sign all your credit cards upon receipt and never loan your cards to anyone.

• Save all your credit card receipts and match them against your monthly bills.

• Report all lost or stolen credit cards immediately, and notify credit card companies and financial institutions in advance of any change in your address or phone numbers.

• Order your credit report annually and inspect it for anything suspicious.

• When you make Internet purchases, be sure it's through a secure website.

• When you complete a credit or loan application, you only need to list the last four digits of credit cards.

This is enough information for creditors to match up what's on your credit report.

Most importantly, protect yourself by leaving your "identity" at home, not in your wallet or purse. You should never carry around your birth certificate, passport, PINs or Social Security card. If you carry blank checks, carry only as many as you need-and do not print your driver's license number or Social Security number on your checks. Keep back-up records of all your credit card information in a secure place at home. Finally, don't take out your wallet until you actually need it. Never put it down next to a cash register, on a bar or even on top of your car.

If you become aware of anyone using your identity, immediately notify the creditor involved, law enforcement authorities and the major credit bureaus.

In addition, be extremely wary of companies (even wellestablished, legitimate companies) that are selling monthly protection plans, there is no 100% guarantee!

But, following these guidelines can help decrease the possibility of you becoming a victim of identity theft.

Andrew Wooten is the president of S.A.F.E. (Safety Awareness Firearms Education), and has been in the safety and security industry for over 26 years.

Visit the S.A.F.E. website for more information.

SUMMER 2010

KENTUCKY REALTOR® 13

Legislative Issues Legislative session recap

By Anetha Sanford, KAR Government Affairs Director The 2010 General Assembly adjourned SINE DIE without a state budget in late April. The Kentucky General Assembly had faced difficulty trying to develop a budget for the next two years. Both chambers developed their own version of the budget during the regular session but could not agree on one budget.

On May 24th the special session called by Governor Steve Beshear began and ended late on May 29th with an agreement on the state budget, road plan, and the transportation cabinet budget. The state budget includes many items from school funding to Medicaid. It seems the focus of this budget is to decrease spending and set boundaries on the state debt. The bills included in this special session were the following: House Bill 1 – State Budget (PASSED) - HB 1 is the twoyear state budget. This bill included items like school funding, Medicaid and state contracts.

(Governor Beshear vetoed provisions in this bill) House Bill 2 – Revenue Budget (PASSED) - HB 2 is the revenue portion of the state budget and includes various tax credits. This bill includes extending the New Home $5000 Tax Credit which will now end on December 31, 2010 rather than July 25, 2010.

House Bill 3 – Transportation Cabinet Budget (PASSED) HB 3 provides financing and conditions for the operations, maintenance, support and functioning of the Transportation Cabinet as well as road projects. HB 4 deals with road projects - a bill related to HB 3.

(Governor Beshear vetoed provisions in this bill) House Bill 5 – Unemployment Insurance Reform (PASSED) - HB 5 creates a new financial structure that will save employers $700 million over a 10 year period.

House Bill 6 – Sampling of Distilled Spirits and Wine (FAILED) - HB 6 would allow wholesalers and retailers to give samples of distilled spirits and wine under certain restrictions.

House Bill 7 – Charter Schools (FAILED) - HB 7 would authorize the formation of charter schools from local districts that are public schools converted from existing public schools.

With Kentucky’s state budget now complete and the General Assembly having a complex time finding funds to

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balance the budget, discussion of tax reform was in the air. Kentucky may plan to begin taxing more services.

Centralized Revenue Collection – This bill would develop and administer a Web-based system for the centralized reporting and collection of local occupational license taxes and fees. This bill failed during this session but has been a battle for many of our REALTORS® and although you may not be dealing with this issue now, it will surface in your area soon. Please communicate with your Mayor and local city officials on working together to resolve this issue our members support.

Regulation of Appraisal Management Companies – This bill would define terms related to the regulation and registration of real estate appraisal management companies.

The bill did pass the Senate but unfortunately was lost in the House. The Kentucky Real Estate Appraisers Board (KREAB), along with KAR, realizes this is a setback but not a loss. KAR will continue to support and work with KREAB to pass this bill in the 2011 legislative session.

The Legislative Quick Response Team (QRT) is the advisory committee to the KAR president for legislation that affects the real estate industry and this group makes decisions on behalf of the membership. The QRT spent much time communicating and monitoring bills on your behalf. Bills that were monitored included radon certification, KREC, New Home Tax Credit and many others.

To learn the status of all 39 bills KAR monitored and/or lobbied during the 2010 session, please visit www.kar.com>Government Affairs>Issue Tracker.

On the national level, 75 members from the state of Kentucky attended the NAR Midyear Meeting to focus on federal issues that affect all REALTORS®. The Kentucky REALTORS® who attended this event also had the opportunity to meet with members of the Kentucky Delegation on these issues. The following issues were discussed: Affordable and Available Property Insurance - Adopt legislation that encourages the availability and affordability of property insurance, including a long-term reauthorization of the National Flood Insurance Program (NFIP) and natural disaster coverage.

Commercial Mortgage Market Liquidity - Take action to enhance liquidity in the commercial real estate market to avoid driving down economic recovery.

Protecting Affordable, Safe Financing for American Families - Strengthen the FHA mortgage insurance program, make permanent the higher FHA loan limits and exercise caution before considering additional proposals that may have a profound adverse impact on FHA programs that serve such a critical role to our nation’s families.

GSE Reform and GSE Loan Limits - Enact legislation to restructure Fannie Mae and Freddie Mac (the GSEs) in a manner that provides the federal government a continued role in the secondary market in order to ensure mortgage liquidity in all markets. Enact legislation that makes permanent the higher GSE loan limit formula and caps in order to provide affordable financing for all borrowers in all markets.

Home Affordable Modification Program (HAMP)

The HAFA program took effect on April 5, 2010 with some servicers implementing it sooner – and sunsets on December 31, 2012.

The Home Affordable Modification Program is designed to help as many as 3 to 4 million financially struggling homeowners avoid foreclosure by modifying loans to a level that is affordable for borrowers now and sustainable over the long term. The program provides clear and consistent loan modification guidelines that the entire mortgage industry can use.

HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program.

Servicers participating in HAMP are also required to comply with HAFA. A list of servicers participating in HAMP (including HAFA) is available at www.makinghomeaffordable.com/contact_servicer.html

Borrower eligibility is based on meeting specific criteria including: 1. borrower is delinquent on their mortgage or faces imminent risk of default 2. property is occupied as a borrower’s primary residence

HAFA Provisions • Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home. Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.

3. mortgage was originated on or before Jan. 1, 2009 and unpaid principal balance must be no greater than $729,750 for one-unit properties

• Allows borrowers to receive pre-approved short sales terms

After determining a borrower’s eligibility, a servicer will take a series of steps to adjust the monthly mortgage payment to 31% of a borrower’s total pretax monthly income:

• Requires borrowers to be fully released from future liability for

• First, reduce the interest rate to as low as 2% • Next, if necessary, extend the loan term to 40 years.

• Finally, if necessary, forbear (defer) a portion of the principal until the loan is paid off and waive interest on the deferred amount.

The HAMP includes incentives for borrowers, services and investors – to view these incentives and for more information on HAMP visit www.hmpadmin.com.

before listing the property (including the minimum acceptable net proceeds). the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).

• Uses standard processes, documents, and timeframes/deadlines.

• Provides the following financial incentives: • $3,000 for borrower relocation assistance; • $1,500 for servicers to cover administrative and processing costs;

• Up to $2,000 for investors who allow a total of up to $6,000

Home Affordable Foreclosure Alternatives Program (HAFA) In 2009, the Treasury Department introduced the HAFA program to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP).

in short sale proceeds to be distributed to subordinate lien holders, on a one-for-three matching basis.

• Requires all servicers participating in HAMP to implement HAFA in accordance with their own written policy, consistent with investor guidelines. The policy may include factors such as the severity of the potential loss, local markets, timing of pending foreclosure actions, and borrower motivation and cooperation.

SUMMER 2010

KENTUCKY REALTOR® 15

Business Tools Social media dinosaurs

By Matthew Ferrara

If the first thing you do when you meet an old friend for lunch is whip out a copy of your newspaper advertising, you’re probably doomed to failure when it comes to Facebook.

Contrary to popular belief, social networking is not advertising. It’s not even marketing. Yet by the looks of what’s still happening these days online, too many real estate agents think social networks require the additional fertilizer in the form of their s*&%#y listing information.

And in the worst possible format: Scanned images of their weekend newspaper advertising.

It’s the biggest “huh?” since the Chia Pet. It’s strange – given the power of social media to support hyperlinks, blog postings, video clips and even instant chat – that real estate agents think the best use of social media is as another “mass mailing” tool for boring property advertising. How does polluting their prospects’ screens with old school advertising contribute to the housing recovery?

Then there’s the abuse of the medium: sending advertising emails in social networks, filled with open house dates and classified-newspaper style ads with abbreviations like “2BR/2BA LG FM RM,” no photos and sometimes not even a hyperlink. Why send this stuff to people who live hundreds of miles away from your listing and didn’t study Latin anyway?

It’s doubtful this creates fond thoughts – perhaps the very opposite – of their decision to become your friend online.

Much of the industry has never learned to prospect.

Prospecting means building relationships, earning trust, and understanding the needs of each potential customer individually. Instead, the persistent concept of success for sales people is to advertise: yell, scream, and spread around as much mundane information about housing as possible, without any connection to the recipient’s actual needs and wants. Property information which, in all likelihood, the consumer already knows all about. Do they really, really, really need an agent cluttering their news feeds with this stuff?

Makes you wonder: Would the dinosaurs have tweeted?

Ironically, the same people spreading advertising all over the social space are the same people who complain about “spam” in their inbox. I even suspect they are the same people who voted for the “Do Not Call List” because they were fed up with telemarketing – verbal advertising – calling them during dinner time. Some of them might even

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be recycling advocates, satisfied that they have cut down on postal paper waste by converting it to email and social media pollution instead.

But the knee-slapper of social media silliness is the scanning and posting of printed newspaper ads onto their walls. Hmmm. If nobody’s reading it in the actual newspaper, just what makes one think that prospects are going to click the image online, then try to zoom and squint their way through the blurry scan?

Yeah, I can see Gen Y first time home buyers doing that on their smartphones!

Social networking is prospecting. Repeat after me: it’s prospecting. Not advertising. You might need to repeat, rinse and repeat this idea. It’s about making friends and influencing potential customers. It’s like meeting them in a coffee shop, supermarket or golf course. It’s like having a phone conversation with a past client to maintain awareness and gently solicit referrals. Social media is an outlet for contributing valuable content to people’s understanding of the marketplace. For listening. Asking.

Watching. It’s the “hi, thinking of you” comment made on other people’s walls. It’s even the basic “I’m having a good day, hope you are too,” status updates that, while not rocket science, keep us in our sphere of influence’s minds.

None of which is advertising.

Most of all, social networking is not a life support system for cave paintings or newspaper classifieds.

For more than 20 years, Matthew Ferrara, president and CEO of Matthew Ferrara & Company, has been a driving force for real estate technology innovation. You can visit his website at www.matthewferrara.com to learn about his company.

Education GRI changes & schedule KREEF has made several changes to the GRI program so members can take advantage of this designation. And keep in mind, GRI courses are approved for CE credit (check below and the website for details) and other NAR designation courses may be applied toward the GRI designation.

Visit www.kreef.org > GRI for more benefits on obtaining this professional designation. Also on the website, you can get the schedule, pricing and other important information.

2010 GRI Schedule (classes guaranteed not to be cancelled) Early-bird price: $99 for GRI 1-5 and $49 for GRI electives (up to two weeks prior to course date) GRI 3 (3 hrs elective CE) Sept. 9-10 - Florence GRI 5 (3 hrs elective CE) Oct 13-14 - Owensboro GRI 4 (3 hrs law CE and 3 hrs elective CE) Nov. 8-9 - Ivel Elective: RE Investments (3 hrs elective CE) Nov 11 - Ashland Elective: Sales Contracts (6 hrs law CE) Nov 12 - Ashland

Look for the following GRI courses in your area in 2011 Eastern KY - GRI 1, 2 and 3 Western KY - GRI 1, 2 and 3 Central KY - GRI 4, 5 and Electives

CRS Courses CRS 111 – Short Sales & Foreclosures September 21 CRS 200 – Business Planning & Marketing October 7 & 8 Visit www.kreef.org > CRS for more details including course descriptions, locations and pricing.

KREEF’s Online CE Courses Three to choose from and they can be taken anytime and anywhere – 24/7. All that is needed is a computer and internet access. Register now - visit www.kreef.org > Online Education.

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 Fair Housing 3 hours (3 hours law credit) Cost: $30

Continuing education update for classroom courses Over the past 15 years, KREEF has provided continuing education across the state as part of a contract between KREEF and the Kentucky Real Estate Commission.

KREEF’s current contract, a two-year contract that runs July 1, 2008 through June 30, 2010, was up for renewal.

KREEF bid on the new RFP sent out by KREC to continue the two-year contract, which would have run from July 1, 2010 through June 30, 2012.

In late April, KREEF received a letter stating the KREC Commissioners voted not to award the contract to any provider for the next fiscal period. Reasons stated were financing concerns and projected spending issues. Since receiving notification, KREEF has been evaluating what effect this will have not only on KREEF, but for licensees across the state. KREEF has started the planning process to include both the short and long term and will keep all members informed as we move forward.

Nat Sanders Education Award Deadline: Sunday, August 15, 2010 This award is designed to recognize the individual who has made the most significant contributions to, and exemplified leadership and service in, real estate education at either the local, state, or national level. Visit the website at www.kar.com>Members>Awards for details.

SUMMER 2010

KENTUCKY REALTOR® 19

Business Development The top 7 mistakes new agents make Avoid these common blunders on your path to real estate success

By Terry Watson

In Trump: The Art of the Deal, Donald Trump gives his own take on what it takes to succeed in real estate: If you take care of the downside, the upside will take care of itself. In other words, if you have a contingency plan for everything that can go wrong, you can’t help but succeed.

You may not end up as wealthy as The Donald, but you should approach your real estate sales career with the same attitude. If you know the top mistakes that prevent real estate professionals from realizing their full potential, you can avoid them—and take your career further, faster. Here is what I believe are the top seven hurdles that could stand between you and a successful real estate career:

No business or marketing plan.

If you went into business for yourself and approached a bank for a business loan, your loan officer would want to see two things: your income statement and your business plan. Well, when you go into real estate sales, you are going into business for yourself. But many salespeople have no clear goals or timeline for achieving their goals. Consistently, real estate professionals who have a written business plan are more successful than those who haven’t. If you don’t know where to start, you can copy a sample real estate business plan from Palo Alto Software Inc.’s Business Plan Pro. The company also offers Marketing Plan Pro.

Not using available resources Even if you’re new to the industry, you don’t have to recreate the wheel. Take advantage of all the resources around you - including your brokerage, your colleagues, and professional organizations. Find top performers in your market or other markets and ask them to mentor you.

Read each issue of the Kentucky REALTOR® and REALTOR® magazines and use all the resources at kar.com and Realtor.org. These and other resources are packed with tips from successful practitioners and trainers on how you can become more successful.

Not maximizing your productivity If you look at top-producing real estate professionals selling 600-plus units a year, you will notice that they have two things in common: assistants and systems. These practitioners are multiplying their efforts and increasing their output through people and technology. You may think you can’t afford a personal assistant. But think again. If you can significantly increase your income by increasing your efficiency and the number of transactions you can close in a year, you can’t afford not to get a personal assistant.

Not earning REALTOR® designations Many practitioners feel that they aren’t making enough money to allocate funds for education. This is backwards thinking. You take the class to acquire the skills to increase your sales and earn more. The skills you learn and the referral relationships you develop with other students you meet will dramatically affect your bottom line and your potential for success.

Not purchasing equipment as a business entity Many real estate professionals purchase their laptops, digital cameras, and other electronics as consumers. This is a big mistake. If the technology breaks or you need help with the device, you will be sent to consumer purgatory, also known as customer support. When you call customer support as a consumer, expect to waste at least an hour of your day.

This is completely avoidable and unnecessary. The next time you purchase equipment, buy it as a business entity.

You can do this by stating that you are a business when you purchase the equipment in-store, choosing the business ordering option online, or using the business-ordering phone number through companies like Dell.

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When you purchase equipment as a business, your customer support will be much better and less timeintensive. When you need help, you can call a support line that is reserved for business accounts. That means that you only spend about five minutes on the phone with one person, and the needed part or parts are sent overnight. In some cases, you can even get a technician dispatched to your home or office to personally fix the problem.

Not targeting your marketing to your prospects’ concerns If you don’t already own a copy, you need to go to realtor.org and immediately download the NAR 2009 Profile of Homebuyers and Sellers (the online option is free through Right Tools, Right Now). This survey gives you insights into what really matters to the typical buyer and seller. The typical mantra used in the real estate industry is, “I am honest, hardworking, and have sold millions of dollars in real estate.” According to the survey, the average homebuyer or seller doesn’t care about your accomplishments. What they do care about is finding the right house, negotiating, and determining what comparable homes were selling for. Your marketing should target their concerns.

No income buffer, passive income, or nest egg What often kills new real estate practitioners is the concept of lag time. When you sell a house, you typically don’t get paid when the contract is accepted. The average contract is written for 45 days. In a perfect world, you would get your commission check 45 days from the date it was accepted. In the real world, you don’t always get paid on time. What could go wrong? Maybe someone

forgets to order the title, water certification, payoff letter, survey, termite inspection, or income verification. If you are in a hot market, the title company could be backed up for two weeks or longer. The closing date could be pushed back days or even weeks.

A successful real estate practitioner needs a line of credit and a financial cushion of three to six months of personal expenses to survive. You also need passive income—or income coming in from investment property so that you don’t have to be desperate to close a deal. When that check finally arrives, don’t forget to put some money aside for your nest egg.

Usually, it is the simple stuff that derails a potentially successful real estate career, eclipses your joy in helping consumers find a home, or causes practitioners to burn out prematurely. You are where you are today because of decisions you have made or did not make. Before you embark on a real estate career—or before you try to move your career to a new level of production—take a hard look at yourself and see if you’ve been guilty of any of these mistakes. Then make the decision to not make them again.

Once that decision is made, your path to real estate sales success is wide open.

Terry Watson is a consultant, educator, and keynote speaker who also serves as the broker for his family’s real estate firm. He has earned the CRS, CRB, CIPS, ABR, ABRM, LTG, GRI, SRES, CFS, DREI, At Home with Diversity One America, and e-Pro designations and certifications.

Visit him at TerryWatson.com

Terry Watson will be the keynote speaker and CE instructor at the upcoming KAR Convention and Expo in French Lick, Indiana. The dates are September 21-23 and registration is open. Earlybird pricing is good through July 31 and very affordable. For more information about speakers and other educational sessions, visit www.kar.com.

SUMMER 2010

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.

Heart of Kentucky Association The Heart of Kentucky Association of REALTORS and area local organizations have joined forces to extend assistance to veterans and all active duty military service members for the purpose of encouraging homeownership. HKAR, along with the city of Radcliff, has gone one step further to utilize this excellent opportunity to especially honor and "welcome home" our Vietnam Veterans. The National Association of REALTORS® awarded a $3000 Housing Opportunity Grant to HKAR to assist in this project. ®

The celebration is scheduled for August 27th from 4:00 p.m. – 10:00 p.m. at the Radcliff Square Shopping Center, Radcliff, KY with live entertainment, free food, events and activities.

The Radcliff Chamber of Commerce will also be honoring the wives of the Veterans. The city of West Point will have Civil War reenactments and tours of Fort Duffield.

The event is one of many taking place in the area during that week. On Thursday, the city of Vine Grove is having a Bluegrass Festival. Elizabethtown is celebrating on Saturday at the Heartland Festival. Fort Knox will end the celebration on Sunday with a celebration and the displaying of the “Vietnam Memorial Traveling Wall.”

sponsor the event and free tickets are obtained by members contacting a sponsoring affiliate company. The event was a huge success with 1500 people attending!

The CCIM (Certified Commercial Investment Member) Chapter of Kentucky recently established a scholarship in honor of Frank Weisberg, a member of GLAR, who was the first recipient of the CCIM designation in the state. The scholarship was dedicated to his years of leadership and service to the organization.

Murray Calloway County Board In April, volunteers from the Murray Calloway County Board collected donations for the local American Red Cross Heroes Campaign at two of the local grocery stores.

The Heroes help spread the word about the services the ARC provides, and they also raise the money that supports local needs for disaster relief, health and safety education and more. The event alone raised $346.75. In addition, the Board donated an additional $653.25 to bring the total donation to $1,000.

Lexington Bluegrass Association

Greater Louisville Association GLAR is very excited to announce a new consumer blog.

The blog will be used to keep the public informed about real estate related news, tips, events and updates. You can find out more through GLAR’s consumer focused Twitter page (GLARealtors) and Facebook page (Greater Louisville Realtors). Anyone who visits LouisvilleRealtors.com can also gain easy access to the blog and its information from one of the rotating ads on the front page.

In April, the GLAR Affiliate Council hosted its yearly VIP Thunder Event for REALTOR® members and their families.

The event is supported entirely by Affiliate members who

LBAR has become the first association in the country to partner with online forms solution company, DotLoop. In May, DotLoop trainers spent three days at LBAR providing training to over 300 agents. The new system provides user-friendly technology and innovative online solutions through one seamless product: online forms, esignatures and a customer relationship manager.

LBAR also is continuing the second annual quest to visit, read and donate a children’s book to elementary schools in Central Kentucky. Over a seven month period, the project has enabled LBAR and 50 local REALTORS© to donate their time and compassion helping spread a positive message to over 1,500 children throughout the region. Libraries at 115 Central Kentucky private and public schools received a copy of Enemy Pie by award-winning author Derek Munson.

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Northern Kentucky Association In April, the Communications and PR Committee of NKAR held its first “Meet ‘n Greet” of the year and it was a huge success. Held on the rooftop terrace at the local establishment, Chez Nora, the gathering spot, with a beautiful view of the Cincinnati Skyline, was the perfect venue for the event. It was great to see REALTORS®, affiliates and builders come together and enjoy an evening under the stars while listening to the distant rumbling of fireworks from the REDS game. The event was very well attended and a great way to network with fellow members in the business. The goal of these events, which are being held quarterly and rotating through each of the association’s counties, is to strengthen relationships with affiliates, sister associations and to bring REALTORS® together in one place.

Hopkinsville Christian County Board The HCC Board received a $5000 Housing Opportunity Grant from NAR to host its 2010 Mayor’s Housing Conference. The Conference, held in March, invited state and local officials, developers, home builders, REALTORS®, bank executives, insurance agents, business and community leaders to come together to gain a better understanding of the local housing market. Several speakers, along with a research company that provided a 20-year trend analysis, updated attendees on the issues that faced the area with relation to housing needs.

Initial reports are that respective goals were met through the Conference and the Residential Enterprise Zone, where the city and utility companies will help with some of the upfront expenses to start new subdivisions in certain areas of the County, will continue.

Kentucky leads in-migration Apparently people are moving to Kentucky and Vermont, as those states ranked first with positive in-migration in 2009, according to U-Haul International Inc. The report, titled "2009 Top 10 U.S. Growth States," indicates that for states with more than 20,000 families moving, Kentucky had the highest percentage of growth, with 5.76 percent more families moving into the state than out.

Here are the states (with more than 20,000 families moving) that had positive in-migration: 1. Kentucky 2. Florida 3. Georgia 4. Oklahoma 5. Illinois

6. Alabama 7. Washington, D.C. 8. Louisiana 9. South Carolina 10. Arizona

Lexington and Louisville rated top bike friendly cities Bicycling Magazine has compiled its list of the top 50 friendliest cities with populations over 100,000 and Louisville (#21 and named most improved) and Lexington (#41) made the list. According to Bicycling Magazine, there are many important things a city can do to gain consideration for this list such as segregated bike lanes, municipal bike racks and bike boulevards, to name a few. A city must also support a vibrant and diverse bike culture, and it must have smart, savvy bike shops. If you have those things in your town, cyclists probably have the ear of the local government— another key factor. What was said about each: Louisville – Prior to 2005, Louisville was not a bikefriendly place. Thanks to Mayor Jerry Abramson, cycling is thriving. Construction of the 100-mile Louisville Loop is underway; it's about 25 percent complete.

Lexington – The county recently developed its first bikepedestrian master plan and secured more than $7 million in local, state and federal funding for bike facilities.

Louisville called “One of 25 best places to live” by Men’s Journal Calling Louisville a place to “sip whiskey and watch the world go by,” Men’s Journal magazine included the city as one of 25 “Best Places to Live” in its April edition. The brief write-up in the magazine praises Louisville’s “artistic funk and gentlemanly class” and calls Bardstown Road in the Highlands “a slice of weirdness in the midst of an upscale neighborhood.” The magazine did not rank the cities but did go on to say “Bourbon’s reemergence as a sophisticated beverage rather than redneck swill parallels (Louisville’s) cultural renaissance.” Bordering state cities, Nashville and Chattanooga, Tenn. also made the Men’s Journal list.

Louisville housing market second best in nation Louisville has the second best housing market in the country, according to an analysis by Forbes.com.

Pittsburgh ranked No. 1. Louisville, Kentucky’s low foreclosure rate — only 1.15 percent of homes are in foreclosure, half the national average — illuminates it as one of the cities least affected by the dramatic housing market collapse of the past three years.

Forbes compiled a top 10 list by using housing affordability data from the National Association of Home Builders, foreclosure data from RealtyTrac and a one-year housing forecast by Moody's economy.com. Taken together, the data showed which markets have had relatively stable prices through the housing slump while also avoiding big run-ups in foreclosures, according to Forbes.

Source: U-Haul

SUMMER 2010

KENTUCKY REALTOR® 23

8.7 & 8.9

By The Numbers

In a survey by HomeGain, agents and brokers ranked (on a 10-point scale with 10 as the highest score) what they thought were their most effective strategies for attracting new clients and the methods they were most likely to use this year. Referrals topped both lists by far, receiving an 8.7 rating for effectiveness and an 8.9 rating as a marketing objective. In terms of effectiveness, featured listings ranked second with a 4.8, followed by e-mail campaigns (4.7), postcards and mailers (4.6), blogging (4.1), online lead generation services (4), Facebook (4), LinkedIn (3.6), outdoor ads (3.6), and print ads (3.6). In terms of marketing goals, e-mail campaigns ranked second with a 5.7, followed by posters and mailers (5.4), featured listings (5.2), Facebook (4.9), print ads (4.6), blogging (4.2), LinkedIn (4.1), online lead-generation services (4), and YouTube (3.5).

79% versus 22% In a study conducted by the California Association of REALTORS®, consumer responses were evaluated to one simple proposition: “Yes, I would use the same agent.” It reports that 79% of respondents said “Yes” in 2004 but only 22% said “Yes” in 2009.

51%

The 2010 NAR Member Profile shows this percent of REALTORS® using social networking websites and an additional 12 percent stating they do not yet use such sites but plan to do so in the future. This is a steep increase from last year, when just 35 percent of members reported using social networking and 14 percent planned to.

83%

An analysis of 2000-2008 census data by the Brookings Institution showed this percent of the U.S. population growth since 2000 was minority, part of a trend that will see minorities become the majority by midcentury. Across all large metro areas, the majority of the child population is now nonwhite.

135.2 billion U.S. subscribers were sending an average of 12.2 million messages per month in June 2000. Four years later, June 2005, U.S. subscribers were sending an average of 7.2 billion messages a month. An increase of 1,877% in volume was seen after four more years to an average of 135.2 billion messages per month, June 2009.

96% 53%

According to NAR, the percent of consumers who consider their real estate agent to be a friend at the close of a transaction. Less than 20% can recall the name of that agent 24 months after the purchase of their new home, and only 11% will use the same agent more than once.

1.2 million

65%

Number of households lost from 2005 to 2008, despite the population increase of 3.4 million, according to a study released by the Mortgage Bankers Association.

The Fannie Mae National Housing Survey gauging attitudes toward housing finds this percent of Americans still prefer owning a home, despite the challenging economic environment and the housing downturn. The survey also showed 23 percent of renters will buy a home later than once planned.

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According to a new survey by American Express, the percent of homeowners believe a seller's market is two or more years away, yet investing in their current home remains a priority. In fact, 62 percent of homeowners plan to embark on home improvement projects in 2010 and spend an average of $6,200 on enhancements.

37%

Percent of brokers surveyed by Inman News recently who said homes sold to first-time buyers made up the largest share of home sales. About one-quarter of the brokers responding said bank-owned (REO) properties accounted for the largest share of sales in their market, while 16 percent said short sales dominated. Second-home purchases were the most rapidly shrinking segment of home sales, 48 percent of the 163 brokers responding to that question said, followed by move-up homes (33 percent), REO sales (5 percent) and high-end sales (5 percent).

Housing Stats 1st Quarter 2010 vs. 1st Quarter 2009

End of tax credit is not the end BOARD/ASSOCIATION

Now that the homebuyer tax credit has ended, folks are wondering if now is still a good time to buy a home in Kentucky. Long term impact for the nation still remains unclear as many economists believe home sales were being pulled ahead and will slow dramatically in the months to come due to less government support. But in Kentucky, things seem to be looking good.

Home sales in the state were up sharply in the first quarter with an increase of 12 percent in the number of homes sold, according to the Kentucky Association of REALTORS®. Prices continue to be very affordable with the median home price less than $110,000 for 2009 year end.

“My belief is Kentucky is positioned for a strong housing market for 2010,” Smither stated. “Even with the tax credit coming to a close, this state will remain a good investment for housing because of the low median home prices compared to other parts of the country and the fact we consistently see steady appreciation over time. If interest rates stay low, as they currently are, that alone should help some too.”

According to NAR, the national median existinghome price for all housing types was up 0.4 percent in March 2010 from the same month the previous year. As well, the latest Standard & Poor's Case-Shiller home price index, February 2010 marked the first time since December 2006 that its indexes posted an annual increase. Both factors signaling stabilization for the country.

Another positive sign that may shed light on the immediate future of housing is shown in a study conducted by Prudential Real Estate and Relocation Services where among consumers shopping for homes, 65 percent said the end of the tax credits will have little or no effect on their interest in purchasing a home. A hopeful sign for things to come.

"We went through an unprecedented housing cycle," said Lawrence Yun, chief economist for NAR. "It appears to be stabilizing, and hopefully it remains stabilized. But it still faces headwinds in terms of the tax credit not being there and mortgage rates possibly rising. As we move into the autumn, I will be monitoring very closely to see whether housing has its own legs, or whether it's continuing to stumble."

SOLD 2010

SOLD 2009

SOLD %

MEDIAN MEDIAN MEDIAN PRICE 2010 PRICE 2009 %

Henderson-Audubon Board of REALTORS®

77

40

92.50%

95000

107000

-11.21%

Hopkinsville-Christian Board of REALTORS®

78

88

-11.36%

105000

89500

17.32%

Kentucky-Barkley Lakes Board of REALTORS®

58

52

11.54%

93000

97750

-4.86%

Madisonville-Hopkins Board of REALTORS®

77

85

-9.41%

88400

94500

-6.46%

Mayfield-Graves Board of REALTORS®

54

118

-54.24%

72950

70000

4.21%

Murray Calloway County Board of REALTORS®

57

38

50.00%

124500

120000

3.75%

Owensboro Board of REALTORS®

209

171

22.22%

99900

97000

2.99%

Paducah Board of REALTORS®

117

98

19.39%

109200

127000

-14.02%

Pennyrile Board of REALTORS®

56

52

7.69%

84950

62750

35.38%

-25.62%

REGION ONE

REGION TWO Central Kentucky Association of REALTORS®

87

75

16.00%

75500

101500

Heart of Kentucky Association of REALTORS®

434

290

49.66%

128700

119900

7.34%

75

76

-1.32%

134000

112943

18.64%

Old Kentucky Home Board of REALTORS® REALTOR® Association of Southern Kentucky

288

252

14.29%

111500

115550

-3.50%

Russellville-Logan Board of REALTORS®

41

21

95.24%

126750

68750

84.36%

Shelbyville Board of REALTORS®

66

80

-17.50%

143100

143000

0.07%

South Central Kentucky Association of REALTORS®

59

34

73.53%

87000

97450

-10.72%

2340

1968

18.90%

130350

122950

6.02%

Lexington Bluegrass Association of REALTORS® 1421

1242

14.41%

130900

133900

-2.24%

862

873

-1.26%

115500

115000

0.43%

Ashland Area Board of REALTORS®

151

140

7.86%

86600

83000

4.34%

Cave Run Association of REALTORS®

21

26

-19.23%

69900

81500

-14.23%

Cumberland Valley Board of REALTORS®

117

121

-3.31%

89900

98500

-8.73%

Madison County Board of REALTORS®

532

507

4.93%

120750

128917

-6.34%

35

30

16.67%

59000

98000

-39.80%

Somerset-Lake Cumberland Board of REALTORS® 126

117

7.69%

116000

112500

3.11%

6594

12.80%

105000

101500

3.45%

REGION THREE Greater Louisville Association of REALTORS® REGION FOUR

REGION FIVE Northern Kentucky Association of REALTORS® REGION SIX

Pioneer Trace Board of REALTORS®

TOTAL

7438

* Statistics are unavailable for the following local associations: Cynthiana-Harrison Co., Dix River & Eastern KY Based on information from local REALTOR® associations/MLSs for the periods of January 1 – March 31, 2009 and 2010.

Note: for U.S. service members, the homebuyer tax credit deadline is extended through April 2011. According to the IRS, members of the uniformed services, Foreign Service and employees of the intelligence community serving outside the United States are eligible for this special rule.

To see housing statistics from 2006 to present, visit www.kar.com>Media Center>Housing Statistics

SUMMER 2010

KENTUCKY REALTOR® 25

Community Profile Two historic hotels define the French Lick region

By Marcia Walker

It’s been called the eighth wonder of the world.

But this wonder is not located in an exotic, faroff location. Instead, the West Baden Springs Hotel sits majestically among the hills in a secluded corner of south-central Indiana.

The grand hotel is one of two luxurious hotels located about a mile apart from each other. West Baden was built in 1902, replacing a hotel that had been destroyed by fire. Just down the road is the French Lick Springs Hotel, built in 1901.

Collectively, these two hotels and the surrounding property are known as the French Lick Springs Resort. But this part of Indiana has a number of interesting places to explore and French Lick or West Baden provide a good base to launch exploratory trips.

The hotels are a must-see on any trip in the area. But there are plenty of activities: hiking and biking trails, spas, carriage rides and riding stables. Golfers can choose from several golf courses, including one that dates to 1917.

Hotel History West Baden, which has been named a National Historic Landmark, sometimes is referred to as the eighth wonder because of its massive, free-standing dome. That dome was six-stories tall, 200 feet in diameter and 600 feet in circumference. Some of the guest rooms have balconies overlooking the atrium.

There are larger domes today but at that time, this dome was the largest in the world and was a marvel of construction ingenuity. In fact, many architects told the hotel’s owner, Lee W. Sinclair, that his idea for a freestanding dome wouldn’t work.

But Sinclair eventually located an architect who bought into his idea. Not only did Harrison Albright believe

Sinclair’s idea was workable, he proved it. Albright drew up plans, a construction company was hired and 14 months later, the new West Baden welcomed its first guests.

The building was constructed in the shape of an octahedron, the interior height of the dome was 100 feet and the cost was $414,000. There were stables, golf courses, a bowling alley and a unique double-decker bicycle and pony track. Visitors could ride ponies or horses on the lower level and bicycles on the upper level. In the middle was a baseball diamond, used by baseball teams, including well-known teams like the Chicago Cubs and the Boston Red Sox, for spring training.

West Baden and its competitor, French Lick, were not the only hotels in town. At one time, there were more than a dozen lodging places ready to serve visitors to the valley.

One of the drawing cards was the mineral springs, thought by many to have therapeutic values. Springs were located on the property of both West Baden and French Lick and the owners used them as marketing tools, even establishing bottling companies, selling the water commercially. Patrons can soak in the mineral waters at French Lick or try the lap pool at West Baden. Both hotels have spas.

While the French Lick Hotel has served in that capacity since its doors first opened, West Baden has been used for a variety of purposes. It was leased by the government for a U.S. Army hospital, for soldiers returning from World War I. It reopened as a hotel, but ran into financial difficulties and closed in 1932. It then became a home for a Catholic religious order, the Jesuits, and later served as a campus for a private college, the Northwood Institute.

But both hotels were given a new lease on life when the state decided to allow the opening of a casino. Gambling, however, is nothing new to the area; games of chance were another attraction when the two hotels were at their peak during the early years.

26 www.kar.com

Both West Baden and French Lick have been restored, the past blended with the present. Visitors can sample grandeur without leaving modern amenities behind. Guided tours of both hotels are offered.

Indiana Railroad Museum At one time, many visitors to French Lick and West Baden arrived by train. These days, the preferred method of transportation is motor vehicle, but railroad buffs won’t want to miss exploring the collection of railroad cars at the Indiana Railroad Museum. The collection includes passenger cars, a trolley, a caboose and a freight car advertising Pluto water, the spring water bottled at French Lick.

Train rides are offered from April through November; hours and dates vary with the season. A diesel locomotive pulls passenger cars that date to the mid1920s. They were used by the Rock Island line for a commuter train serving Chicago.

The train trip, following a section of track that was used by trains hauling coal from Evansville, takes riders through a portion of Hoosier National Forest. A highlight of the excursion is the 2,200-foot Burton tunnel, constructed in 1906 and the second longest tunnel in Indiana. On certain weekends, horsemen gallop into view, surround the train and demand restitution from riders.

French Lick Winery

Paoli Peaks Paoli Peaks offers skiing, one of two ski areas in Indiana.

Just a short drive from the two hotels, Paoli Peaks is open from December through mid-March. If Mother Nature doesn’t produce the white stuff, the resort has plenty of snow-making equipment. It’s not Colorado, but it’s a family-friendly place with 17 trails, including a beginner’s slope, snowboarding and snow tubing.

Lessons are available for those who have yet to strap on a pair of skis. Visitors also will find a lodge, pro-shop, cafeteria-style restaurant and special events on certain weekends.

Spring Mill State Park One of Indiana’s most picturesque state parks is just a short drive from French Lick/West Baden.

Spring Mill State Park, located on 1,300 acres, is known for its pioneer village dating to the 1800s, complete with an operating gristmill. Visitors can even purchase cornmeal ground as it was when the mill was in full operation. There also are caves, including one that is toured via boat, and a memorial to astronaut Virgil Gus Grissom, America’s second man in space. Grissom, killed in a fire that consumed the space capsule he was in, was from nearby Mitchell.

Reprinted with permission from AAA and Journeys Magazine, March/April 2010 Issue

Visitors can sample more than 20 different varieties of wine at the French Lick Winery, then choose a bottle to go with dinner at the winery’s Italian restaurant. There’s also a gift shop and observation area.

The winery is one of eight on the Uplands Wine Trail, one of several wine trails in Indiana. The Upland Trail takes its name from the geographic features in this part of the state.

Other wineries on the trail are located in Bloomington, Bedford and Brown County. Each winery is unique in its own way; all offer complimentary wine tasting and many offer picnic fare.

2010 KAR Convention & Expo

Patoka Lake

Register before July 31 for a chance to win a complimentary convention registration or a free night stay with breakfast for two in French Lick.

Just down the road from French Lick and West Baden is 8,800-acre Patoka Lake, one of the largest bodies of water in the state. Visitors can try their hand at fishing, swimming and boating. There are several private marinas where boats can be rented.

French Lick Resort French Lick, IN

September 21-23

Visit www.kar.com for details.

The state maintains a 455-site campground as well as picnic areas and a playground. At various times, programs and special activities are offered at the interpretive center near Taswell.

SUMMER 2010

KENTUCKY REALTOR® 27

From the Helm Happiness increases productivity Long gone are the days of the boss pointing a finger at an employee and yelling what to do. Today’s top managers know that collaboration, encouragement, direction and teamwork get the job done better and create a harmonious workplace for employees.

Why is that important to REALTORS®, who are typically independent contractors without direct supervision and usually don’t have employees? Studies have shown that happy people in happy companies are usually more productive, generating a greater company (and individual) profit.

The traits of a happy company and the tools used to build it can be applied to becoming a more productive REALTOR® and real estate company. Applying the traits of a good manager to being a REALTOR® can add happiness and productivity (which can be a very good cycle to get into: happy agent = produces more, creating more happiness = creating more productivity, etc).

A good manager encourages employees to be better in the areas where they are already good: A good REALTOR® encourages buyers and sellers to become engaged in the purchase or sale of their property, learning all they can to become informed consumers.

“A good manager listens to employee concerns and learns their specific needs: A good REALTOR® listens to clients and customers stated needs and addresses concerns expressed throughout the transaction, and after closing.”

A good manager builds supporting relationships: A good REALTOR® builds supporting relationships, not just with clients and customers, but also with colleagues and affiliated real estate related businesses.

A good manager listens to employee concerns and learns their specific needs: A good REALTOR® listens to clients and customers stated needs and addresses concerns expressed throughout the transaction, and after closing.

A good manager ensures accountability through verification, communication and follow-up: A good REALTOR® ensures accountability, of his or her own, and of others involved in the transaction through verification, communication and follow-up.

A good manager demonstrates professionalism by modeling behaviors, such as appropriate attire, minimizing negative talk or gossip and providing education and training opportunities: A good REALTOR® demonstrates professionalism by presenting an appropriate business image; avoiding negative talk or gossip and continuing a career of advancing themselves through various educational opportunities.

And finally, A good manager celebrates success with employees to create a positive energy and encourage future professional and personal growth: A good REALTOR® celebrates success – their own, their colleagues and their clients, to create for themselves a positive working environment, to enhance their productivity and to foster their own happiness.

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

28 www.kar.com

Code of Ethics You be the judge Would you find this REALTOR® in violation of Article 12?

Summary of the Ethics Complaint: REALTOR® Q was a non-principal broker licensed with ABC, REALTORS®. REALTOR® Q specialized in buyer representation. A prominent feature on her website carried the headline “I sold these – and I can help you buy or sell, too!”

Under the headline was a list of over a hundred street addresses of properties for which REALTOR® Q had found buyers.

For personal and professional reasons, REALTOR® Q chose to leave the ABC firm to affiliate with XYZ, REALTORS®. As she transitioned to her new firm, REALTOR® Q was careful to disclose the name of her new firm in a readily apparent manner on her website. Her website also continued to display the list of properties she had found buyers for during her time with the ABC firm.

REALTOR® Q’s parting with ABC had been amicable, so she was surprised to receive a complaint brought by her former principal broker, REALTOR® C, alleging a violation of Article 12, as interpreted by Standard of Practice 12-7, based on her website’s display of sales made while REALTOR® Q had been affiliated with ABC.

During the ethics hearing: At the hearing, REALTOR® C, the complainant, noted that Standard of Practice 12-7 provides, in part, “Only REALTORS® who participated in the transaction as the listing broker or cooperating broker (selling broker) may claim to have ‘sold’ the property.” “It was ABC, REALTORS®,” REALTOR® C added, “that was the selling broker in these transactions, not our former sales associate REALTOR® Q. Her advertising our sales under the umbrella of her new firm, XYZ, REALTORS®, is confusing at best, and potentially misleading to consumers who may get the impression the XYZ firm was involved in these transactions when that’s not the case.”

Article 12 States the following: REALTORS® shall be honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing, and other representations.

REALTORS® shall ensure that their status as real estate professionals is readily apparent in their advertising, marketing, and other representations, and that the recipients of all real estate communications are, or have been, notified that those communications are from a real estate professional. (Amended 1/08)

Standard of Practice 12-7 states the following: Only REALTORS® who participated in the transaction as the listing broker or cooperating broker (selling broker) may claim to have “sold” the property. Prior to closing, a cooperating broker may post a “sold” sign only with the consent of the listing broker. (Amended 1/96)

This case interpretation, Case #12-25, illustrating and explaining Standard of Practice 12-7 was adopted by the Professional Standards Committee at the 2009 Midyear Meetings. To look up additional case interpretations, please visit bit.ly/caseinter (log-in required).

“In 2009, Article 12 was cited by Kentucky complainants 9 times in ethics complaints filed against Kentucky REALTORS®. Article 1 was cited the highest number of times (14) followed

by Article 2, which was cited 10 times.”

REALTOR® Q defended herself and her website arguing that the fact that she had found the buyers for each of the properties listed on her website was still true, and that the only thing that had changed was her firm affiliation. “If it was true when I was licensed with ABC, then it’s still true even though I’m now licensed with XYZ,” she reasoned.

Decision of the Ethics Hearing Panel: The hearing panel agreed that REALTOR® Q had, in fact, sold the properties, albeit while licensed with ABC. The ad, however, suggested that the sales were made while the REALTOR® Q was licensed with XYZ, which was not the case.

Consequently REALTOR® Q was found in violation of Article 12.

SUMMER 2010

KENTUCKY REALTOR® 29

A Day in the Life of...

A REALTOR® Legend William P. “Bill” Snyder Jr. Louisville, KY

William P. “Bill” Snyder of Louisville, a legend in the Kentucky real estate industry, passed away on April 25, 2010. During his 59 years in real estate, Bill Snyder made significant contributions to the industry, the Kentucky Association of REALTORS® and the Greater Louisville Association of REALTORS®. He was president of GLAR in 1967, president of KAR in 1972 and was REALTOR® of the Year at both the local and state level. He volunteered his time on numerous committees at the local, state and national levels. At various times during his career, he served as NAR Director, NAR Region 4 Vice President and was also a member of NAR’s RPAC Hall of Fame. He was a recipient of GLAR’s Wall of Honor Award and received the distinguished honor of REALTOR® of the Century by GLAR. Bill was also the first ever recipient of KAR’s Distinguished Service Award.

Bill Snyder was a man of great dignity.

Over the course of his distinguished career, he influenced, encouraged and mentored many REALTORS® Bill Snyder was a man of great dignity. Over the course of his distinguished career, he influenced, encouraged and mentored many REALTORS® both at GLAR and KAR. With Bill’s inspiration, these are Kentucky REALTORS® who demonstrate the same dignity and esteem in the industry today. Bill enjoyed calling people “Tiger” and “Chief” as a gesture of fondness and he gained their respect as a result.

In addition to his passion for the real estate profession, Bill also loved horses. Ironically, he passed the week before the Kentucky Derby. He would not have wanted to detract from the race knowing how special it is each year in Louisville and Kentucky. Bill held a special fondness for Barbaro, who had the unfortunate accident at the Preakness 4 years ago. He frequently expressed his hope that the beautiful horse would be buried here in Kentucky where he was loved.

Mr. Snyder receives his REALTOR Emeritus plaque from Charles Ballard in 2003. REALTOR® Emeritus status is gained by holding membership in with NAR as a REALTOR®, REALTORASSOCIATE®, or a combination of both, for a cumulative period of 40 years in one or more Associations of REALTORS®.

30 www.kar.com

Bill was involved in many areas of his community. In 1965, he became Chapter President of the Bluegrass Chapter of the American Right of Way Association and as International President in 1975. The chapter established the William P. Snyder Educational Assistance and Scholarship Fund to assist persons selected toward the advancement of the Right-of-Way industry through career training and education. Bill was a big University of Louisville fan and treated many REALTORS® and Louisville friends and family to his seats at the games to cheer his beloved Cardinals.

Bill Snyder was a giant in the real estate industry for over half a century; and, he was also a great person who influenced the lives of many. He will be greatly missed by everyone in the Kentucky real estate community.