LVAM - March/April 2016 by Las Vegas Agent Magazine

March/April 2016

The Voice of TIM KELLY KIERNAN

ALSO INSIDE:

Newsletter

215

CONTENTS Created Exclusively for the Las Vegas Real Estate Agent

To Tech or Not to Tech That Is the Question

Scott A. Trombley

Scott Beaudry

PUBLISHER

Melodie C. Miller

Home (Hazard) Insurance: Tidbits, Tales and Timing

COPY EDITOR

Ceditor@LVAgentMagazine.com

Garbage Disposal Troubleshooting 101 Mike Klimek

NO! The Word You Need to Know

COVER STORY

Art@LVAgentMagazine.com

What’s Up with Virtual Reality in Real Estate? Only 6% of All Americans Graduated from High School (Leadership and Change)

Jamie Thomson Jlthomson85@gmail.com

For more information please email or call 702-530-5033.

Mike Ferry

JC Melvin

PHOTOGRAPHY

Las Vegas Agent Magazine assumes no responsibility for, or endorses the thoughts expressed or advertised. No portion of Las Vegas Agent Magazine may be reproduced without the written permission of the Publisher. All rights reserved.

Training vs. Coaching

Jason Trindade

GRAPHIC DESIGN

Las Vegas Agent Magazine is distributed bi-monthly, via U.S. Mail to Realtors® in the Las Vegas Valley. We welcome reader correspondence and are always looking for the best possible content to offer our subscribers. Please send all comments, suggestions and inquiries to Publisher@LVAgentMagazine.com

24 25

Amber De La Garza

Lisa Gouveia

What Is “Private Money” Financing? Rick Piette

Publisher@LVAgentMagazine.com

Melanie Cardano

Sam Peters

Record Car Sales Are Driving the Economy

The Voice of TIM KELLY KIERNAN

28 30

LAS VEGAS AGENT MAGAZINE: 702-530-5033

Newsletter

Housing Statistics

FROM THE PRESIDENT By: Scott Beaudry, 2016 GLVAR President

hat are my personal thoughts about RPR? I'm ranking this very high on my “Must Have” applications. An individual’s real estate business can be very specialized, especially if in the business for a good number of years. We have numerous niche markets in which real estate agents can market themselves, and many of those agents are doing very well. So

TO TECH OR NOT TO TECH That is the Question here’s the question I get quite often, “Why do I need to learn this tech stuff, I’m doing just fine with what I have.” Well, part of me does say, “If it’s not broken, don’t fix it.” But in this case, I say, “fix it.” Well, use it to your advantage. Our consumers are doing it, so why not us? Technology is moving at light speed, and our consumers are somehow keeping up with it. In many cases, they’re doing it faster than us. They expect accurate information in real time, and dare I say, immediately. Have you found yourself in a situation while showing property, and right when you pull into the driveway, you’re client turns to you and say, “How much is that house across the street?” Three or four years ago, you might have said, “let me call my office and find out.” Fast-forward to today, you say, “let me look that up right now.” Within seconds, you have the answer. I would say, roughly 40% of our GLVAR members utilize our mobile property search apps that are available to us as a member benefit. No, I’m not talking about Zillow or Realtor.com; I’m talking about GLVARMLS and the RPR (Realtor Property Resource) mobile applications. Both are available on the iOS and Android

systems. So, what’s the difference? Both have member login, but only GLVARMLS has the ability to be accessed by consumers, of course, without the private information that only GLVAR members have access to. The cool thing about this application is that we can brand the app to ourselves and share it with our consumers. It’s like having your own personal mobile application. Now, what about the RPR application? It’s only accessible to REALTOR members. But I have to tell you; the features of the RPR application mean serious business. The tools in RPR will certainly make you a rock star to your consumers. “I love this house, let’s make an offer immediately!” The words you love to hear. So you immediately call the listing agent and hear the words you loth; “We have three offers and they’re being presented in two hours.” That little voice inside you screams. Your heart starts pumping and beads of sweat start to form on the surface of your forehead. Well, perhaps not that bad, but what do you do to get that offer written and off the listing agent in time to be presented? Do you jump into your car, speed across town, sprint into your office, and wait until the dinosaur boots-up? Let’s just hope your clients have actually caught up with you during the whole race to the office. Let’s just say, NOT! What would I do? Let’s go back to the beginning. “Congratulations on having three offers on your listing, you’ll have the winning offer from me within the hour.” I then turn to my clients and say, “How about some coffee while I prepare your offer.” We then drive leisurely to the nearest coffee house to order my client’s favorite caffeinated beverage, which is written down, because there is no way I can remember that highly sophisticated beverage, and then sit down to write the offer. I break out my iPad, open my forms system, and take literally 5 minutes to finalize my client’s offer. How does it happen so fast? It’s simple, really. I just filled in the blanks, utilizing the templates I created days before. Yes, 90% of the offer was actually written by the time we sat down. All I had to do was fill in the property specific information along with my client’s terms, and abracadabra, we have an offer. It’s now signature time. I quickly convert the document into a PDF and easily send to my favorite paperless signature system. And there we have it; well, almost. I still have the pre-qualification letter and EMD check to include. Did I add that it’s actually sitting in front of me in paper form? Not a problem! I instantly switch over to my document scanning application, and just like that, I’ve included a perfectly clear PDF of the letter and EMD in my client’s offer. Might I add that from start to finish, it took less than 45 minutes? It’s not impossible with the right tools at your fingertips. So what am I saying here? Don’t let technology control you; control it. Work smarter, not harder. The tools are out there at your disposal. Take the time to learn the technologies that will enhance your everyday business. It’s much simpler than you think. Oh, and please don’t use your clients as test subjects. Practice prior to implementing. Your clients will thank you for it.

Scott Beaudry, a Las Vegas native, is the Broker/Owner of Universal Realty. Since opening in 1988, the company continues to be family owned but more importantly, operates as a family-oriented brokerage that supports of all its agents. He has volunteered on multiple Realtor® committees. As the 2016 President for Greater Las Vegas Association of Realtors, Scott has insight into the needs of consumers in and the future of the real estate industry. For more information, contact Scott at Universal Realty:: 702-938-7700, cell: 702-353-2170 or fax: F: 702-946-1184.

LAS VEGAS AGENT MAGAZINE | March/April 2016

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March/April 2016 | LAS VEGAS AGENT MAGAZINE

HOME (HAZARD) INSURANCE Tidbits, Tales and Timing

By: Sam Peters

don’t think I can count on all my digits (and I have at least the average amount) the number of times I’ve received a call asking for Evidence of Insurance on a home set to close that same day or the following. Now, that’s not a complaint… not at all! We, insurance agents, appreciate the business and your trust that we can “get’r done!” on short notice. But from your perspective, I wonder if you’re comfortable risking your paycheck on an insurance agent’s ability to deliver the necessary documents needed – often times, in just a few short hours. And here is where this insurance tale begins. In the next few paragraphs, I’ll share with you a couple of home insurance tips that are often overlooked by many homeowners. These tidbits can have serious consequences for the homebuyer (and seller, I’ll explain later), and a few of them can put your sale closing and payday in serious jeopardy. Let’s make you the hero of the day and prevent any delays for those new homebuyers, okay? When is it appropriate to get the insurance process started? In short – as soon as possible! If there is a lender involved, proof of insurance will be required to complete closing. BUT well before closing, the lender will be running numbers to determine if the buyer qualifies for the amount needed for the purchase. The cost of insurance (premium amount) will be included in these numbers, and putting the mortgagee and insurance agent in touch early can work in everyone’s favor. In the event a lender is not involved, the need for insurance is still present, though at the buyer’s discretion. If a cash buyer waits to obtain home insurance with the approach “I’ll take care of it after closing,” a few things inevitably happen. Most common, in the chaos of changing residences, insurance moves lower and lower on the long list of to-do. Here’s a fact that may not be well known: many insurance companies rate premium on insurance history - that is to say “the duration on which continuous coverage has been in place.” A gap in coverage can skyrocket the cost of insurance for a number of years or even make the home/client ineligible for coverage through some companies. Yikes! Knowing this

LAS VEGAS AGENT MAGAZINE | March/April 2016

and sharing it with your clients will save many a headache and ensure protection in the event of a claim. Now that we are aware of the need to get started early, what else is important to know about home insurance? A quick search on your favorite internet search engine will result in a number of articles (though not one that I could find published recently) that describe, at length, important details regarding home insurance. I’ll touch on two not well known aspects of homeowner, landlord, and condominium policies that lenders and clients may find important. First, the standard property policy doesn’t usually cover every possible reason for loss. This is especially true for a loss caused by flood. Living here in Las Vegas, surrounded by miles and miles of desert, we might only think of flooding during the few days of rain each year. But under federal law, flood insurance may be mandatory for homes in certain flood zones. And these zones do exist here in Nevada. Flood zone maps are frequently updated and can be found via an address search at www.floodsmart. gov. Lenders will generally be aware if the home requires flood insurance, and this may be an important consideration for your buyer. A second risk not covered by a typical property policy is damage caused by an earthquake. Did you know Nevada is ranked third in the nation for being at risk for large magnitude seismic activity, behind Alaska and California? Moreover, The Silver State is ranked fifth nationally in estimated losses on an annualized basis due to earthquakes (http://earthquakes.unlv.edu/). These are two significant facts homebuyers should consider. Protection may be available with a simple earthquake endorsement to a home policy or a stand-alone earthquake policy. Lastly, how does the timing of home insurance matter to your seller? Another example of the aforementioned moving chaos is the frequency of sellers ‘forgetting’ to cancel home insurance on sold properties - it happens more than you’d believe! Insurance continued on page 20

March/April 2016 | LAS VEGAS AGENT MAGAZINE

GARBAGE DISPOSAL TROUBLESHOOTING 101 The only thing left holding the disposal in place is the mounting ring. The mounting ring squeezes a rubber gasket (the black thing you see when you look down at the sink) into the mounting assembly, which holds the disposal to the sink. The mounting ring has "ears" that hold it to the mounting assembly. It also has round lugs that will allow you to remove the disposal. Stick a screwdriver in one of the mounting ears and as you support the disposal, rotate the ring counter-clockwise. The disposal will drop off into your hand. If you've chosen the same brand disposal, it should re-attach easily to the old mounting assembly. If you are using a different brand, you'll likely have to remove the old assembly and install the new one. Removing the old assembly usually involves unscrewing the mounting screws and removing the snap ring, gasket, mounting and backup rings, and the sink flange. The new mounting hardware will be included in the new disposal package. If you install the new mounting assembly, make sure you use plumber's putty under the sink flange to keep out the water. Once the mounting assembly is in place, make the electrical connections in the bottom of the disposal (most disposals don't come with electrical cords included, so if the old cord is in good shape, save yourself $12 and use it). By: Mike Klimek

ne of the most popular calls we get is to replace a garbage disposal. I think it’s funny because in most cases, it doesn’t need to be replaced. In fact, at least half the calls I get for broken disposals turn out to be easy fixes. If the disposal doesn't make a noise when you turn it on, press the reset button at the bottom. If the motor overheats or is overloaded, this button will trip and turn the motor off. Pressing the button will restart the motor (you should also test the outlet to make sure there is power getting to the disposal and, if not, check the breaker). If the disposal makes a humming noise, but doesn't grind food, it is jammed. Most disposals come with a tool to clear a jam. If you have lost yours, you can use an Allen wrench. Take the tool and insert it in the hole at the bottom of the disposal (underneath the disposal). As you twist the tool, you will hear and feel the obstruction. Keep twisting until the blades move freely. If you still can't budge the blades, you'll need to remove the disposal and manually clean out the obstacle. If your disposal is dead, plan on spending around $90 for a 1/2-horsepower disposal, and about an hour to replace it. You can save yourself some time if you buy the same brand of disposal, since the new one will attach easily to the old mounting ring. To remove the disposal, unplug it and grab a screwdriver. You'll need to disconnect the dishwasher drain hose, which is attached with a hose clamp, and the drainpipe. They should easily disconnect, but have a rag handy to absorb a little water.

You will need to connect the white wires together with a wire nut, then connect the black wires together. Connect the green wire to the grounding screw and replace the cover plate on the bottom of the disposal. Next, if you have a dishwasher, remove the knockout plug by placing a screwdriver against the plug and tapping it with a hammer. Hold the disposal against the mounting assembly so that the mounting ears fit into the openings in the assembly. Turn the mounting ring clockwise until the disposal is supported by the assembly, but don't fully tighten it yet. Line up the drainpipe so that it will easily connect to the disposal. If it is too long, cut it to length with a hacksaw. Attach the dishwasher drain hose to the dishwasher nipple on the side of the disposal and tighten the hose clamp. Finally, lock the disposal into place by inserting a screwdriver in the mounting lug and turning clockwise until the mounting ears bottom out. Plug in the disposal and listen to the sweet sound of food being crushed into oblivion. Mike Klimek is a licensed contractor and owner of Las Vegas Handyman. He has written hundreds of newspaper columns and magazine articles regarding home repair and remodeling and has been published in Southern Nevada Home & Garden Magazine, Finishing Touches Magazine, Zip Code Magazines, and Real Estate Success Magazine. He has written a weekly column for the Las Vegas Review-Journal & Sun since November 2000. Watch for Mike’s regular column here and in the Las Vegas RJ.” He can be reached by email at: questions@pro-handyman. com or by phone at (702) 896-0000.

LAS VEGAS AGENT MAGAZINE | March/April 2016

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March/April 2016 | LAS VEGAS AGENT MAGAZINE

COVER STORY

The Voice of

By: Melodie C. Miller

It could have been a scene in 2012. That high-grossing 2009 disaster flick, starring John Cusack, depicted a cataclysm of biblical proportions, floods inundating metropolises, survivors fleeing to arks. A script that put so much of the western United States underwater was a well-timed metaphor, filmed as it was during a recession that left the Las Vegas housing market in the same position. All it lacked was the two heroic sparring partners riding today’s Las Vegas airwaves. Tim Kelly Kiernan, of RE/MAX Benchmark Realty, with his colleague Linda Naw, assumes a superhero avatar every week in the logo of his radio show, The RE/MAX Real Estate Report Live. His is a square-jawed, redheaded Aquaman; hers, a Xena Warrior Princess. Their radio monikers—The Underwater Guru and The ShortSale Goddess—couldn’t be more fitting. Kiernan has come to the rescue of drowning underwater homeowners ever since 2008—not with arks, but with exactly what gurus are supposed to provide: education. Similarly, a grateful client years ago dubbed Naw a goddess for helping her through a short sale. The Guru and the Goddess Whether on the radio or in person, Kiernan aims to educate and empower those affected by the roller-coaster Las Vegas real estate market. He’s had extensive experience, since 2008, as an REO and short-sale listing agent. His savvy allows him to pre-market bank-owned as well as his own properties before they hit MLS, giving clients a first crack at them. The “C.D.P.E.” after his name—Certified Distressed Property Expert—was one of the first short-sale honorifics.

LAS VEGAS AGENT MAGAZINE | March/April 2016

TIM KELLY KIERNAN

Photography By: Jamie's Pix

Naw, too, gravitated toward short sales in 2008, when they hit the market bigtime. The pair learned the specialization together and continue to support each other, independently. Kiernan grins as he explains: “We’ve worked together every day, starting at RE/MAX Pros in 2008. Linda’s a partner in other businesses, like the radio show. But a lot of people, up until recently, thought we were boyfriend/girlfriend, because we’d appear at functions together. ‘So how long have you two been married?’ they’d ask. That’s how close we’ve become, and because there are so many husband-wife teams out there, people just assume.” As Kiernan describes their bantering broadcast: “I try to write a script every week. And we try to rehearse the day before, but it never works out. She’ll be late, or she’ll do something and I’ll make fun of her.” In a recent YouTube extravaganza, Naw roasted her partner back, with a sassy 60th birthday slideshow tribute—even though he’s only 56. “He’s old. She’s young. She drives him crazy, but they are BFFs. Without each other, they can’t be #thegurugoddess!” The new normal in Vegas It’s all good, and all about making sense of the unique Vegas market. When Kiernan was interviewed in 2015 for Zillow’s “Housing in America—Roadmap 2016,” he said, “Las Vegas is like a microcosm of the whole recession, where nine years ago, 3,000 to 6,000 people a month were moving here. Home values skyrocketed. Home builders were building everywhere. And when you have that unprecedented growth, it can’t continue.” In short, the desert was going underwater. Negative equity ran rampant, with homeowners owing more than their property was worth. According to Svenja Gudell, Chief Economist for Zillow, “At its worst, 71 percent of mortgaged

homeowners were underwater; now it’s down to 25 percent— still much higher than the national average.” Kiernan says, “Now, our market’s doing well, but there are still delinquent mortgages and negative equity.” Half of his current business is still short sale. “We’re calling this the new normal. The market has stabilized. Our median price is $220,000, which is real strong. At the bottom we were at $118,000, so we’ve come a long way. “I’m positive about the market moving forward, so I’m staying in Las Vegas, remaining an agent with RE/MAX. A big team isn’t necessarily in my future, because I want clients to know, once they meet me, that’s who they’ll see, not someone else. The personal service is important to me.” Career and family Kiernan arrived from New Jersey in 1993 and went directly to dealers’ school, soon becoming a dealer at Gold Coast and MGM. “But what bothered me was that all the dealers made the same amount of money, and where I’m from, if I do better than you, I should make more money than you! After a while, I wanted to do something where, if I worked harder and better, I’d be compensated better. “So I got into sales and then the mortgage industry, as a loan officer. That went well until the money dried up. “A lot of people were scattering, so in 2008 I decided to become a REALTOR®. I joined RE/MAX and I’ve been there ever since. I’m a RE/MAX man. Love that balloon!” Given his reflections on the “new normal” in Las Vegas real estate, it should come as no surprise that Tim Kiernan also has a “new normal” kind of family. He grew up in an Irish-Italian family of eight in blue-collar Jersey City, but now lives in Summerlin, is single, and has a different kind of family. The loves of his life are his niece, Chloe (10), and nephew, Blake (16)—who aren’t related to him and now live in Chicago with their mom, Kiernan’s ex-girlfriend’s younger sister.

Niece, Chloe, and nephew, Blake.

As we said, the new normal. “They never had a dad, so I was basically it. I was there when they were born, I taught them to ride a bike, I brought them to school, we lived together for years. I flew to Chicago for Chloe’s daddy-daughter dance at school, had a limo pick her up, and enjoyed it even more than she did!” Blake and Chloe also did him the honor of naming his current housemates, cats Boo Cat and Target, and a white Chihuahua, Bella. What makes Tim tick? If you want to know what else matters to Tim Kiernan, all you have to do is look at his key committee positions. - As 2016 Chair of the Market Trends Committee of the Greater Las Vegas Association of Realtors (GLVAR) he’s in a unique position to explain the Las Vegas real estate roller-coaster to clients and associates. Finger on the pulse of the market?— Check! - He’s also 2016 Education Chair for the Women’s Council of Realtors, as well as board member and Education Chair for the Veterans Association of Real Estate Professionals (VAREP). Commitment to teaching?—Check! Kiernan didn’t come to teaching naturally. “If you ask my family and friends back home, they’d tell you I’m painfully shy and introverted. I’d miss school if I had to get up and speak in class that day. And that was in high school, not fifth grade!” Back in high school, he never could have envisioned keeping a crowd engaged like he does now. From the J. C. Melvin Leadership Series at GLVAR, to MC’ing VAREP and Combat for a Cure events, to his weekly radio show, he’s grown into a master of media.

March/April 2016 | LAS VEGAS AGENT MAGAZINE

“Don’t be afraid to find a mentor, an experienced agent who’ll be somewhat nice to you. In 2008, when I started, I was fascinated with REOs. I’d catch REO agent Bobby Tran at the RE/MAX copier, and he’d share with me, and as he’s walking away, I’m asking him and he’s still talking to me. He could’ve just blown me off, but he didn’t. He could’ve said, ‘You’re just the new guy. Leave me alone,’ but he didn’t.” And though he works independently, Kiernan is pleased that “a lot of new agents are joining teams. One of the good things that teams can offer new agents is that you have a group of likeminded agents with whom you can role-play, practice, and train.” Watch The RE/MAX Real Estate Report Live, Thursdays from 6 to 7 p.m. on KDWN 720. To reach Tim, please write or call: Direct: 702-241-8611 | Office: 702-688-6300 timkelly@remax.net | www.NextBigMoveLasVegas.com

He even tells stories that educate, like radio segment “Short Sale 101,” designed to teach the market how it’s still not normal. In one hair-raising profmo, “Buyer cancels at the last minute,” he regaled sellers with a hypothetical tale that they wouldn’t want to hear: “You’ve moved out. Herman and Lily, those are the buyers, they woke up in the morning and decided that they don’t want to live in your house.” Then he promised to tell them how to deal with it. - Kiernan is board member of the Nevada Mortgage Lenders Association (NMLA), elected committee member to the GLVAR MLS Committee for 2016-2018, and 2016 trustee with GLVAR's Leadership Series. Hard work, focus, and commitment to mentoring other agents—Check! When asked his advice for those starting out in real estate, he says, simply, “There’s no magic formula. You have to come to work, and not do it just part time. I come into the office every day at 8:30 or 9:00. Too many new agents think they can start part time and keep their other job. Statistically, 85 percent of them are going to quit within three years. “As a full-time Realtor, my approach to real estate is focused on getting to know my clients and taking care of them from the beginning of the transaction to the end. I attend my closings. Most Realtors do not. Unlike most Realtors, I answer my phone and return messages immediately. I believe in treating the client the way I would want to be treated.” What’s Kiernan’s last bit of advice?

LAS VEGAS AGENT MAGAZINE | March/April 2016

Their radio monikers (The Underwater Guru and The Short-Sale Goddess) couldn’t be more fitting.

Tim pictured with friend, business associate, and radio co-host, Realtor Linda Naw, 2016 President-elect of the Women's Council of Realtors, Founder of the Combat for a Cure Foundation.

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THE POST RECESSION ERA

How Have Consumers Changed? What’s Important to Homebuyers in the New World? By Rick Piette

I ‘think’ it’s okay to declare the recession over in Las Vegas! Construction activity is everywhere, job growth is vibrant, and the unemployment rate continues to drop. But we are all more cautious with our money - including homebuyers! So how has the homebuyer mentality changed and what is important to them? Certainly finding the right home for their family needs in the right location is the most important factor. But, like all consumers today, getting the best deal is a close second. When you talk about a home purchase, what does ‘getting the best deal’ mean? Typically we think of finding our dream home...at a below market price. But have you considered that getting the best deal on a home purchase also includes getting the best deal on your buyers home loan?

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NO!

W O N K O T D E E N U THE WORD YO That is the part I have the most difficulty with and I’m sure many of you do, too. Without fail, I always feel the need to explain myself and justify why I am saying no. My husband recently asked, “Does explaining make you feel better or them?” After pondering his question for a moment, I realized that it probably just makes me feel better because no matter what, they are only hearing that I said no.

LEARN TO SAY NO! By: Amber De La Garza

NO!

Na! Nie! Nu! Niet! Ne! Mai!

No matter what language you speak, saying no to others can be hard but it’s an important part of maximizing your personal productivity. Like most people, you may fear saying no makes you look selfish, rude, or lazy but saying yes to everything will leave you with too much to do and can distract you from what’s important. Rachelle Isip said, “When you say NO to someone else's agenda, you are in fact saying an overwhelming YES to your own plans and activities” and that couldn’t be more true. I hear from business owners and entrepreneurs all the time how upset they are that other people are constantly dictating how they spend their time and bogging them down with meetings, interruptions, and busy work. They can’t do what matters to them most because they’re slaves to everyone else’s beckon call. The truth is no one is responsible for creating your schedule except you. If you find yourself acquiescing to every request of your time, you are at fault, but you can change your course! You just need to incorporate a short, little word into your vocabulary and use it as often as needed.

MAKE THE CHOICE

Choosing to say yes to the path of maximizing your success often means saying no to other activities. Every day, you need to choose which activities to engage in so you can stop being upset and start being more successful. Warren Buffett said, “The difference between successful people and unsuccessful people is that really successful people say no to almost everything.” Learn to filter every opportunity through your definition of success so you can invest your time to focus on your highest value activities. When you say no to unimportant activities and tasks, think of it as saying a reaffirming yes to your important existing priorities. We know we can’t possibly do everything asked of us but admitting it to others is often difficult. My husband has helped me start saying no more often. I have observed him being direct and having no issue with saying no, even without explanation.

18 LAS VEGAS AGENT MAGAZINE | March/April 2016

When it’s time to deliver the message, there are many ways you can politely and effectively get your point across. The simplest way is to just get it out with “No” or “Sorry, I can’t.” It’s important to be decisive about saying no. If you won’t be able to do whatever is being requested, don’t offer leeway by saying “I can’t today but another time,” or “Well, I’m busy right now but maybe later.” You would just be opening yourself up to having to say no again in the future. It’s best to be cordial and direct. You’ll be more respected for it at the end of the day. I recently realized that the way in which we say no is not as important as just saying no. If you don’t say no often enough to others’ requests, find your voice and a tone you are comfortable with and start saying no today! If you need help, there are plenty of great resources available by authors who share methods on how to say no. I urge you check them out and see if any of their methods work for you. No one can be everything to everyone. Saying yes when you want to say no adds long-term stress to your already overworked body and brain. Saying no in any situation may bring on immediate stress but it will only last a short time and you will still reign over your schedule and feel more in control of your life. Learn to say no to activities that don’t add value to your life or serve your goal of being successful. It can be done but it takes commitment. Find a comfortable way you can deliver the message to others and stick to it. It will become easier and easier and you will find your calendar opening up to all sorts of free time to productively invest your best time into the best activities that you never knew you had! To download my favorite Time Maximizers that will help you save time and grow your business, visit TimeMaximizers.com. Amber De La Garza, The Productivity Specialist, works with business owners and entrepreneurs who are ready to transform the way they work so they can reduce stress, maximize time, and grow their business. Amber provides her clients with precisely what they need – the best in productivity training and consulting to meet their maximum potential and accomplish their goals. For more information or to reach Amber: 702-527-2307 or Amber@TheProductivitySpcialist.com.

RECORD CAR SALES ARE DRIVING THE ECONOMY By: Scott A. Trombley

ccording to a recent article in the Wall Street Journal, sales of cars and light trucks in the U.S. likely set a record for 2015 at around 17.5 million vehicles, leading to the question of whether 2016 sales might eclipse the 18 million vehicle mark. Economic signs point to 2016 being the healthiest domestic auto industry in decades, thanks to an improving labor market and low interest rates greasing U.S. demand. The industry has come a long way from the depths of 2009 when, in the wake of recession, only 5.8 million vehicles were sold. Cheap gasoline is also spurring sales, especially trucks and sport-utility vehicles. The fuel for our vehicles, which must be pulled from the ground from ever greater deaths, then transported, refined at a billion dollar facility, then transported again before it ends up in your gas tank, is today cheaper than fresh milk. What abundant times we live in! What does this mean to the automobile consumer? One take is that automotive dealers will be well-motivated to satisfy this bursting 2016 demand. They’ll offer better service and better products to their customers so that they can capture more of the pie. Another impact is macroeconomic, that this high level of vehicle manufacturing will drive the national economy because so many key industries serve the industry (electronics, steel, rubber and plastics to name four). And if these market sectors thrive, then those that service them – everything from information technology to garbage collection – are along for the ride. In fact, according to the Center for Automotive Research, every job in the automobile manufacturing industry creates 7 jobs in other industries. That’s leverage. Even if your particular profession is completely divorced from the automobile industry, the rising economic activity it helps fuel will be a plus for you. There’s more. The auto industry spends $16 to $18 billion every year on research and product development – 99 percent of which is funded by the industry itself. That figure not only represents

technical – and thus, often highly compensated positions, but advances society. The gadgets, circuits and processes developed by the automobile industry often end up in other products, making our lives easier and more efficient. The automobile industry continues to offer more sophisticated features for less cost, especially when they are measured in constant dollars. In the1980s, Porsche spent millions developing variable torque all-wheel drive for its 959 supercar. Thousands of laboratory and test track hours went into its development, which was partially reflected in the 959’s price. Partially because it was rumored at the time that Porsche lost money on every 959 it sold since it was unable to fully recoup these costs without making the car astronomically expensive. Still, the price of a 959 was in the hundreds of thousands of valuable 1988 dollars. Today, you can drive a domestically-produced variable torque all-wheel drive vehicle, which has both performance and safety benefits, for just a few thousand dollars more than a conventionally driven car. You may be saying “wow” to yourself right now. Your car or truck is not just about getting to work. The industry that produces it is an engine of technological progress as well as an economic driver that enhances your life in transparent ways. They may not be readily apparent but are there, methodically moving forward. If you can’t quite comprehend the scope of this paradigm, you can fall back on your well-worn emotions of vehicle ownership, which for most of us have been a source of life-long satisfaction. Like how your vehicle makes you feel when you roll up on a swank restaurant, the valet and other diners admiring with a glance. Your vehicle shouts that you’ve arrived, both to eat and in life. Or how your vehicle protects you and your family from hazardous road conditions and when mishap is unavoidable, cocoons all of you from the forces of impact. Fatalities due to vehicular accident have been on a steady plunge since the 1950s. If some of you older readers have any doubt as to how automotive safety technology continued on page 25

March/April 2016 | LAS VEGAS AGENT MAGAZINE

continued from page 8

continued from page 19

has changed, think back to the Triumph Spitfire or the Ford Pinto. Back then, the automotive industry fought safety enhancement. Now, they chase 5 star ratings from the National Highway Traffic Safety Administration as fervently as Fido chases a Cadillac down the road.

companies generally refund unearned premium without question if cancelled in a reasonable timeframe (~30 days). After a certain timeframe (varies), companies will require proof. If never notified, they’re unable to apply a refund. We know the home selling process has a LOT of moving parts. Getting an insurance agent on your side can help set the process of closing in motion and may help you get the sale. Insurance agents are salespeople too… they want you to close the deal. Work closely with them as part of your team; a good one will make you look incredible and remove one more roadblock to your next commission check. After all, teamwork makes the dream work!

Or how your vehicle has the ability to whisk you across considerable distances, thanks to its abilities and an extensive road network. A hundred and thirty years ago, a journey from Denver to San Francisco took weeks with untold hazards. There was no guarantee you would survive it. Today, you drive it comfortably and safely in two days, all while sipping a latte and listening to Chopin. Yes, abundant times. Think about that next time you drive to work.

Scott A. Trombley has 28 years of experience in the Automotive Business, having begun his career washing vehicles as a kid and has had since, every position possible in the automotive retail industry. Scott’s father is a retired UAW worker, so Scott literally grew up in the car business, and in Detroit! Now a resident of Henderson, NV., Scott happily hangs his hat at Findlay Automotive Group, which is still a family owned, local business, since 1961. ND

Sam is the Owner/Operator of Peters Family Insurance, LLC in Summerlin, Las Vegas, Nevada. Sam, his family, and their business partners have a collective 40 years’ experience in the industry. Sam has earned his Master’s Degree in Administration from Central Michigan University, a Graduate Certificate in Organizational Finance from the University of Maryland University College, is a Retired Military Officer, and is licensed in Nevada for Property, Casualty, Life, and Health insurance (#1104086) and South Carolina for Life and Health insurance (#781880). His agency supports local youth baseball and The Animal Foundation, a no-kill animal shelter and adoption center. PH: 702-360-8564. Fax: 702331-1524. 1945 Village Center Circle, Ste 150, Las Vegas, Nevada 89134.

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20 LAS VEGAS AGENT MAGAZINE | March/April 2016

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WHAT IS “PRIVATE MONEY” FINANCING?

By: Rick Piette

rivate money is a commonly used term in banking and finance. For the sake of this article, it refers to a loan made to a homebuyer by a private individual. While banks and mortgage companies are traditional sources of financing for real estate purchases, private money is offered by individual investors and generally offer some elements of non-traditional qualifying guidelines. Private money lenders exist throughout the United States, seeking a chance to earn above average rates of return on their money. Private money is offered to homebuyers for cases in which the banks have found the risk to be too high or the credit too poor. This increased risk generally means a higher rate of interest and usually increased loan fees. Rates and fees on private money loans, though, differ from true "hard money" loans. In Las Vegas, you will find "private money loans" with rates in the high single-digit range and fees from 3-4 points, with no prepayment penalties. You will normally find private money loans being used for Owner-Occupied home purchases with required down payments of 25% minimum. While "hard money loans" will typically be used for investor purchases, and will bear double-digit interest rates, points ranging from 5-10, and loan maturity dates of 1-2 years. Private money lenders must comply with State and Federal usury laws. They also must adhere to strict compliance from regulations put in place in the Dodd-Frank Act. Private money lenders must qualify their buyer's "Ability to Repay" and cannot make loans to Owner-Occupants who can't document their financial ability to repay the debt.

So if private money lenders have to adhere to qualifying rules, when would a Realtor find it advantageous to refer their buyer to a private money lender? There are actually quite a few different scenarios commonly seen in town! First and foremost are your "2nd chance buyers" who experienced a foreclosure or short sale —and not enough time has elapsed for them to obtain a traditional loan. But also, we are now seeing many 'potential' buyers who have a "little something" in their profile which prevents them from obtaining traditional financing. That "little something" may be an irregular income stream, or unsourced funds for down payment, or a significant credit blemish. With traditional financing being SOOO difficult to qualify for, many homebuyers are making the decision to buy now, fix their qualifying issue, and then refinance as quickly as possible. They are making a conscious decision to become homeowners rather than renters and are willing to pay a higher rate of interest for a few years but are locking up home values at today's prices! Private money financing isn't for everyone, but it absolutely serves a purpose for those buyers who have the income, the down payment and don't want to be renters. No one knows where home prices will go in the future. But if you take the 'glass half full' attitude and you look around this town and see its vibrant growth, it’s "possible" that buying today with a private money loan and refinancing in 3-4 years may be a very good financial decision! Realtors who embrace this concept will have a competitive edge in the coming years.

Rick, a long time native of Southern Nevada and of the mortgage industry, currently owns and is Broker of Premier Mortgage Lending, with offices in Henderson, NV. In his career in the mortgage business, he has held the positions of Loan Officer, Manager, Vice-President, Sr. Vice-President… and now, is an Owner/Broker. The full-service lender is a member of the Las Vegas and Boulder City Chamber of Commerce, Better Business Bureau, the Southern Nevada Homebuilders Assn., and was recently honored as the “2013 Affiliate of the Year” by the Greater Las Vegas Assn. of Realtors. He enjoys many outdoor activities including mountain climbing, skiing, backpacking, Harley rides, and river running. For more information, please call Rick Piette of Premier Mortgage Lending at 702-485-6600 or visit www.PremierMortgageLending.com. Premier Mortgage Lending, NMLS #393282.

22 LAS VEGAS AGENT MAGAZINE | March/April 2016

VERSUS By: Mike Ferry

ost real estate companies and sales organizations will have a person on their staff who is in charge of organizing and often running the sales training for the company. Sales training is a vital part of the development of the sales people and is an area which has always been a question mark within the real estate industry. In the real estate industry today, companies will either have a sales trainer or outsource the training to an organization like my own. This means either they bring in The Mike Ferry Organization to do some type of training or send their sales people to a variety of sales seminars that are available. It is not uncommon for real estate companies to place the sales training as a priority but it is also very common for them not to have any budget for the same event. As a result, you will find two separate thought processes. First, set up and run an in-house sales program. Or second, outsource the entire process. So many companies, due to their size, outsource the training, which made the growth of independent sales organizations explode in the last 10 -20 years. What’s interesting to me is that majority of the sales trainers have attached the word “coach” to their name. Our industry has accepted the fact that if a person is a sales trainer, then they are automatically also a coach. IN MOST CASES, THIS COULDN’T BE FURTHER FROM THE TRUTH. The two functions are completely different, taking totally different skill sets and their purpose and objectives are not the same. I think you will see that in the next several paragraphs. Over the last 10 years or so, the cliché to be called a “coach” has become extremely popular. You see the word coach attached to people’s names in all types of businesses; as if it is some kind of badge of honor. If you ever got involved with coaching in any depth whatsoever, you will soon discover that it is not all the fun and games that people believe it is. Per the dictionary, a “coach” is a person who trains an individual; a private tutor or preparing a person for a particular function. Or to give specific instruction or advice on a particular topic. As you can see, this is totally different than standing in front of a group people and doing a sales training session. I will give you a specific example.

I founded the Mike Ferry Organization in 1975 as a “Real Estate Training Company.” I was hired to speak to various organizations throughout the industry and put on our own seminars and workshops for years. These were training seminars. Groups of people coming together with a purpose of having a trainer teach them various sales practices, sales principles, scripts, dialogues and techniques. You can compare this quite honestly to a school teacher teaching any lesson to any group of people in a classroom. Whether it be languages, math or science, the teacher is going to share with the class “how to” do anything for the purpose that the students understand and use those ideas. Teaching has always been a vital part of our lives. Don’t confuse this with coaching. Coaching, on the other hand, is when a sales coach is working specifically with an individual, the individual’s goals and objectives, sales skills and techniques, and most importantly, reshaping the person’s sales mindset. Coaching means getting very involved with the real estate agent in these types of areas that include asking specific questions about the agent’s behaviors and activities. As we do when holding the agents accountable to those things they are trying to accomplish. As you can see, coaching and training have very little to do with each other in terms of the actual activity. My thought to you as readers of this article: “BEWARE OF THE TRAINERS WHO CALL THEMSELVES COACHES.” We at MFO started the coaching industry in real estate in October of 1988 and have been doing individual coaching for what is now over 28 years. We have coached tens of thousands of agents at all levels of productivity and I would have to say to you that I have now done hundreds of thousands of coaching calls. Believe me when I tell you, “Our over 100+ coaches who operate in North America and Europe are not Sales Trainers and do not want to become one as their job is to coach.” I personally have studied professional sport coaches for over 30 years. I’ve read every book I can find on coaching and again, I will state to you, it’s an exciting and difficult job and a completely different one from a Sales Trainer. Go to sales training and classes. However, if you chose to hire a coach, hire a Sales Coach and not a Sales Trainer.

Mike Ferry is the founder of The Mike Ferry Organization, the leading Real Estate Coaching and Training Company. Mike has been involved in sales and management for more than forty years, earning an unmatched reputation for success built on hard work, dedication to his personal goals, and an unwavering commitment to his clients and their success. Mike began his career with Nightingale-Conant, where he was quickly promoted to the position of National Training Director responsible for the sales activities of 1,300 people. He then made the decision to move into the residential Real Estate field as a sales person. After a career of selling homes and earning the honor of being one of the top agents in the state, Mike decided the time was right to launch his own company. For more information or to reach Mike, please write to mike.ferry@mikeferry.com or call 1-800-448-0647. www.mikeferry.com

24 LAS VEGAS AGENT MAGAZINE | March/April 2016

What's Up With

Virtual Reality In Real Estate? By: Jason Trindade

According to the NAR, more than 90% of home buyers start their search online which seems like an ideal space for Virtual Reality. Unfortunately, less than 1% of listing agents use VR as a marketing tool and very few agents understand the technology. I decided to bring you this article to answer some questions about Virtual Reality and how it is created. What Is Virtual Reality? Virtual Reality is a computer-simulated reality that replicates a real world environment in a way that simulates physical presence in a place when you are not actually there. How Do You Create Virtual Reality? Virtual Reality is created by capturing special images with a camera and converting them into a 3D space where you can simulate movement using a headset or hand held device. How Do You View Virtual Reality? The most immersive VR experience comes from the stereoscopic 3D view which Google introduced to the main stream in 2010 via the Google Street View. In order to experience this view, you will need a head set or some Goggles. You can also experience a realistic VR experience using your ipad and the Gyroscope button that is found on most mobile device viewers. How Can I Capture Virtual Reality? If you want to capture VR, you can purchase a consumer device that shoots spherical photos. As of this article, the best consumer device remains the Ricoh Theta S which is available for $349. An army of 360 cameras is headed for the market from various manufacturers, but the Nikon Key Mission 360 which is expected to be about $500 is hailed as the incoming game changer. How Can I Publish Virtual Reality? Virtual Reality can be published in many ways including the Google Photosphere app from Street View and the Ricoh

Theta app that comes with the camera. If you want to publish multiple scenes and create a complete property tour, you will need publishing software like PanoTour Pro and a web hosting account. Are There Any Service Providers Who Capture Virtual Reality? Very few photographers offer a complete package for creation of VR, but that should change in the near future. Some companies offer the Matterport 3D models, but this is not Virtual Reality and can not be viewed using a headset. What Is The Future of Virtual Reality? The consumers continue to drive change with their desire for instant access to everything through their smart phone and tablets. As VR evolves, the quality of 360 cameras improves, and publishing becomes as easy as sending an email, Virtual Reality is about to be everywhere. Jason Trindade Broker - CEO King of Condos Inc. Cell: 702.540.5471 Fax 702.548.7229 Email: jason@kingofcondos.net VIEW MY 3D PROPERTY SHOWCASE: http://www.plugre.com/profiles/las-vegas/agent/ king-of-condos-inc/223892/jason-trindade Jason Trindade is an entrepreneur that leads innovation at King of Condos Inc, PlugRE.com, and Cre8VR. Originally born in Vermont, Jason moved to Silicon Valley when he was 6 which is where he developed a passion for computers and technology. Jason is a licensed Real Estate Broker in Nevada, Permitted Property Manager, and Business Broker. Jason Trindade is married with 4 kids including 3 young boys and a teenage daughter.

March/April 2016 | LAS VEGAS AGENT MAGAZINE

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LAS VEGAS AGENT MAGAZINE | March/April 2016

ONLY 6% of All Americans Graduated from High School

(Leadership and Change)

By: JC Melvin

hat’s right, the year was 1915 and only 6% of all Americans had graduated from high school. Many things were different then, such as:

The average life expectancy for men was 47 years

14% of homes had a bathtub

Only 8% had a telephone

The maximum speed limit in most cities was 10 mph The average US wage was about 32 cents per hour

More than 95% of all births took place at home Most women washed their hair once a month (with Borax or egg yolks) Canada passed a law that prohibited poor people from entering their country Canned beer hadn’t been invented yet Marijuana, heroin and morphine were all available OTC at local drugstores There were 230 reported murders in the entire United States!

Wow, when you really look at the big picture, 100 years ago was not that far back. My grandmother and grandfather were already young adults then, both having been born in the late 1800s. It has been said for many years that great leaders are experts at “managing the meaning of change” for their group. History shows us that we’ve had many such leaders over the past 100 years. They’ve walked us through different changes along the way. You can look at Churchill, JFK, Regan, Gandhi, Mother Teresa and many others to connect how they were able to see a vision of the future which also required a societal change to occur. The common denominator with all leaders is that they are able to effectually communicate with their group or community regardless of the size of that group. Their message is generally filled with such passion that the size of their group tends to grow and the passion within the members becomes infectious. Sometimes, those on the outside looking in, refer to those members of the group as the ones who “drank the Kool-Aid.” Many of us tend to get in our own way, which stifles our growth as leaders. Some of us are afraid that if we take a position we really believe in, others will mock us or laugh at us. The fear of embarrassment is a human trait of which most of us are vulnerable. Here’s the deal: 100 years from now, many new changes will have been made and we’ll be gone. The question will be: Did we live a life of passion? Did we commit to something? And most importantly, did we leave the world a better place than we found it because of our contribution? Change is inevitable and leaders are able to see it clearly, embrace it and help others move to and through it. Let’s be more passionate than we’ve ever been and go live a big, fun and exciting life. Let’s embrace change! JC Melvin is the founding dean of the NVAR and the GLVAR Leadership Programs. JC is an international speaker and Certified Trainer for “The ONE Thing” Workshop. He is the Corporate Broker for KW Realty Southwest in Las Vegas. For more info on “The ONE Thing” or to schedule a program, add him on Facebook or email: jc@jcmelvin.com. 702.595.5024. March/April 2016 | LAS VEGAS AGENT MAGAZINE

To RSVP, Visit www.wcrlv.org and go to the Events tab.

28 LAS VEGAS AGENT MAGAZINE | March/April 2016

WOMEN'S COUNCIL OF REALTORS LAS VEGAS

WCR Rocks Cili's February 3, 2016

Special Speaker: Mindset Guru Sam Chauhan

Photos Courtesy of Shane Nguyen March/April 2016 | LAS VEGAS AGENT MAGAZINE

LOCAL HOUSING STATISTICS Local Housing Market in Good Shape Heading into Spring, GLVAR Reports GLVAR Housing Statistics for February 2016 The Greater Las Vegas Association of REALTORS® (GLVAR) reported Monday that the local housing market weathered the traditionally slow winter months with steadily rising home prices and sales and appears poised for a solid spring sales season. GLVAR reported the median price of existing single-family homes sold in Southern Nevada during February through its Multiple Listing Service (MLS) was $220,350, up 7.5 percent from $205,000 one year ago. Meanwhile, GLVAR said the median price of local condominiums and townhomes, including high-rise condos, sold in February was $121,500. That’s up 15.7 percent from $105,000 one year ago. “Considering that we just made it through what is traditionally our slowest time of the year in the local housing market, I’d have to say that we’re in pretty good shape,” said 2016 GLVAR President Scott Beaudry, a longtime local REALTOR®. “Our home prices and home sales tend to warm up with the weather, so I think we’re well-positioned to have a solid spring and sumnmer. Unless something dramatic happens, I expect our recent trends of steadily rising prices and sales to continue this year.” Beaudry added that the local housing market is still dealing with a low housing supply and one of the nation’s highest percentages of underwater homeowners owing more on their mortgages than their homes are currently worth. However, he said, “We’re gradually overcoming these challenges as prices continue to rise, more homeowners build equity and the local economy continues to improve.” According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in February was 2,676, up from 2,452 in February of 2015. Compared to the same month one year ago, 7.5 percent more homes and 15.8 percent more condos and townhomes sold in February. For 2015, GLVAR reported a total of 38,578 single-family home, condominium, townhome and high-rise condo sales. That was more than in 2014, but fewer sales than during the previous five years. Beaudry said the local housing supply remained tight, with less than a four-month supply of homes available for sale, when a six-month supply is considered a more balanced market. The total number of single-family homes listed for sale on GLVAR’s MLS in February was 12,994, down 1.5 percent from one year ago. GLVAR tracked a total of 3,481 condos, high-rise condos and townhomes listed for sale on its MLS in February, down 2.2 percent from one year ago. By the end of February, GLVAR reported 7,328 singlefamily homes listed without any sort of offer. That’s up a mere

30 LAS VEGAS AGENT MAGAZINE | March/April 2016

0.2 percent from one year ago. For condos and townhomes, the 2,267 properties listed without offers in February represented a 6.5 percent decrease from one year ago. GLVAR continued to report annual declines in distressed sales and increasing numbers of traditional home sales, where lenders are not controlling the transaction. In February, 6.6 percent of all local sales were short sales – when lenders allow borrowers to sell a home for less than what they owe on the mortgage. That’s down from 9.3 percent of all sales one year ago. Another 8.6 percent of all February sales were bank-owned, down from 9.7 percent one year ago. The median price of single-family homes sold as part of a short sale in February was $190,000, up from $165,000 one year ago. The median price of bank-owned homes sold in February was $166,450, up from $159,250 one year ago. Beaudry said short sales may continue to play a role in the local housing market in 2016 since Congress voted in late December to again extend the Mortgage Forgiveness Debt Relief Act of 2007, as REALTORS® advocated. If Congress had not voted to again extend the tax break to help distressed homeowners, any amount of money a bank wrote off in agreeing to sell a home as part of a short sale would have been taxable when sellers file their federal income taxes. GLVAR said 31.4 percent of all local properties sold in February were purchased with cash, down from 37.4 percent one year ago. That’s well short of the February 2013 peak of 59.5 percent, indicating that cash buyers and investors are still more active in Southern Nevada than in most markets, but that their influence continues to wane. These GLVAR statistics include activity through the end of February 2016. GLVAR distributes such statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. Other highlights include: • T he monthly value of local real estate transactions tracked through the MLS during February was nearly $556 million for homes and more than $87 million for condos, highrise condos and townhomes. Compared to one year ago, total sales volumes in February were up 14.6 percent for homes, and up 8.5 percent for condos and townhomes. • I n February, 60.9 percent of all existing local homes and 61.9 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 57.3 percent of all existing local homes and 55.6 percent of all existing condos and townhomes sold within 60 days.

LOCAL HOUSING STATISTICS Greater Las Vegas Association of REALTORS® February 2016 Statistics

Single Family Residential Units AVAILABILITY AT END OF PERIOD # of available units listed Median list price of available units Average list price of available units

*AVAILABILITY AT END OF PERIOD # of available units listed w/o offers Median list price of available units w/o offers Average list price of available units w/o offers

Change from Change from Jan 16 Feb 15 12,994 +4.2% -1.5% 247,500 +1.1% +10.0% 366,941 +1.6% +11.8%

Feb 16 $ $

Change from Change from Jan 16 Feb 15 7,328 -1.3% +0.2% 285,000 +3.6% +11.8% $ 449,856 +4.0% +12.1% $

Feb 16 $ $

Change from Change from Jan 16 Feb 15 3,495 -0.3% +7.5% 249,900 +0.4% +8.7% $ 346,361 +2.8% +13.2% $

Feb 16

NEW LISTINGS THIS PERIOD # of new listings Median price of new listings Average price of new listings

$ $

Change from Change from Jan 16 Feb 15 2,112 +12.4% +7.5% 220,350 +0.6% +7.5% $ 263,192 +5.9% +6.6% $

Feb 16

UNITS SOLD THIS PERIOD # of units sold Median price of units sold Average price of units sold

$ $

TIME ON MARKET FOR UNITS SOLD THIS PERIOD 0-30 days 31-60 days 61-90 days 91-120 days 121+ days

Feb 16 41.9% 19.0% 13.4% 9.3% 16.5%

TOTAL HOME SALES DOLLAR VALUE FOR UNITS SOLD THIS PERIOD

Jan 16 42.1% 20.1% 15.1% 8.5% 14.2%

Feb 15 39.7% 17.6% 13.9% 10.3% 18.5%

Change from Change from Jan 16 Feb 15 555,861,261 +19.1% +14.6% $ Feb 16

Source: Greater Las Vegas Association of REALTORS®

Condo/Townhouse Units Feb 16 3,481 129,000 240,841 Feb 16 2,267 136,900 289,744 Feb 16 941 129,500 195,527 Feb 16 564 121,500 154,279

Change from Change from Jan 16 Feb 15 +4.1% -2.2% +0.1% +12.2% -0.3% +3.7% Change from Change from Jan 16 Feb 15 +2.3% -6.5% +1.4% +14.2% +2.4% +6.7% Change from Change from Jan 16 Feb 15 -7.2% +13.2% +0.0% +6.2% -6.7% +2.9% Change from Change from Jan 16 Feb 15 +20.3% +15.8% +1.3% +15.7% +3.9% -6.3%

Feb 16

Jan 16

46.1% 15.8% 13.3% 8.3% 16.5% Feb 16 87,013,559

Feb 15

37.7% 20.9% 17.1% 8.5% 15.8%

39.6% 16.0% 12.3% 9.0% 23.0%

Change from Change from Jan 16 Feb 15 +25.0% +8.5%

*This category reflects the existing market availability of listings without pending or contingent offers.

For media inquiries, please call George McCabe, with B&P Public Relations, at (702) 325-7358 DISCLAIMER: This data is based on information from the Greater Las Vegas Association of REALTORS® (GLVAR) Multiple Listing Service (MLS). This information is deemed reliable but is not guaranteed. MLS collects, compiles and distributes information about homes listed for sale by its subscribers who are real estate agents. MLS subscription is available to all real estate agents licensed in Nevada, but is not available to the general public. Not all licensed agents subscribe to the MLS. MLS does not include all new homes available or listings from non-MLS agents, nor does it include properties for sale by owner. The territorial jurisdiction of the GLVAR as a member of the National Association of REALTORS® includes Clark, Nye, Lincoln and White Pine Counties, Nevada, and such other areas as from time to time may be allocated to the GLVAR by the Board of Directors of the National Association of REALTORS®.

Source: Greater Las Vegas Association of REALTORS® For media inquiries, please call George McCabe, with B&P Public Relations, at (702) 325-7358.

Availability Without Pending Or Contingent Offers DISCLAIMER: This data is based on information from the Greater Las Vegas Association of REALTORS® (GLVAR) Multiple Listing Service (MLS). This information is deemed reliable but is not guaranteed. MLS collects, End compiles Of and distributes information about homes listed for sale by its subscribers who are real estate agents. MLS subscription is available toin all ofPeriod Units Period Greater Las Sold Vegas Association REALTORS® Statistics real estate agents licensed in Nevada, but is not available to the general public. Not all licensed agents subscribe to the MLS. MLS does not include all new homes available or listings Lasproperties Vegas Association of REALTORS® from non-MLS agents, nor does itGreater include for sale by owner.Statistics The territorial jurisdiction of the GLVAR as a member of the National Association of REALTORS® includes Clark, Nye, Lincoln and White Pine Counties, Nevada, and such other areas as from time to time may be allocated to the GLVAR by the Board of Directors of the National Association of Units Sold in Period REALTORS®.

Thousands

Availability Without Pending Or Contingent Offers End Of Period

14 12

Single Family Residential Units

10 8 6 4 2 0

Condo/ Townhouse Units

4000 3500 3000 2500 2000 1500 1000 500 0

Single Family Residential Units

Condo/ Townhouse Units

Month Source: Greater Las Vegas Association of REALTORS® For media inquires, please call George McCabe, B&P Public Relations, at (702) 325-7358.

DISCLAIMER: This data is based on information from the Greater Las Vegas Association of REALTORS® (GLVAR) Multiple Listing Service (MLS). This information is deemed reliable but is not guaranteed. MLS collects, compiles and distributes information about homes listed for sale by its subscribers who are real estate agents. MLS subscription is available to all real estate agents licensed in Nevada, but is not available to the general public. Not all licensed agents subscribe to the MLS. MLS does not include all new homes available or listings from non-MLS agents, nor does it include properties for sale by owner. The territorial jurisdiction of the GLVAR as a member of the National Association of REALTORS® includes Clark, Nye, White Pine and Lincoln Counties, Nevada, and such other areas as from time to time may be allocated to the GLVAR by the Board of Directors of the National Association of REALTORS®.

ABOUT THE GLVAR

Month Source: Greater Las Vegas Association of REALTORS® For media inquires, please call George McCabe, B&P Public Relations, at (702) 325-7358.

GLVAR was founded in 1947 and provides its more than 11,000 local members with education, training and political representation. The local representative of the National Association of REALTORS®, GLVAR is the largest professional organization in Southern Nevada. Each GLVAR member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit www.HomeLasVegas.com or www.lasvegasrealtor.com.

March/April 2016 | LAS VEGAS AGENT MAGAZINE