Iss. 30 - Nov/Dec 2018 by Las Vegas Agent Magazine

November / December 2018

Merry Larry White

Christmas

(Happy Hanukkah & Kwanzaa too!)

ALSO INSIDE

NEWS

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COntents November / December 2018

Created Exclusively for the Las Vegas Real Estate Professional Mike Klimek

Draining Your Water Heater Publisher

04 14

Larry White

The Only Thing Consistent is Change

Melodie C. Miller Publisher@LVAgentMagazine.com

06 16

Brent Wood

Mortgage Don’ts Copy editor

Robert Bolick

WHAT IS PROBATE?

Debbie Flessner Ceditor@LVAgentMagazine.com

GRAPHIC DESIGN

Gloria Petersen

How to Succeed in Challenging Situations.

08 18

Steve Didier

Winning at Credit Game

Sho Labaco Art@LVAgentMagazine.com

Photography Connie Palen Photos@LVAgentMagazine.com

To view past issues, please visit

www.LVAgentMagazine.com

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

Larry White

L a s Ve g a s A g e n t M a g a z i n e i s 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 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.

20 Housing Stats

22 Newsletter

Draining Your Water Heater By: Mike Klimek

periodically starting six months after it is installed. Your problem is that you don’t know how long it has been since its last flushing. If the water heater is, say, 5 years old, the first time you flush it may get rid of a lot of sediment, but may not remove the hardened deposits. Also, some of the deposits may be too large to fit through the drain opening. To start, turn off the water heater. If you have a gas water heater, turn the thermostat dial to the “off” position, and if you have an electric heater, turn off the circuit breaker. Shut off the cold water supply by turning the knob clockwise on the valve located at the top of the unit. Now get your trusty garden hose and screw it onto the drain valve at the bottom of the tank. Stretch the hose out so there are no kinks. For kicks, you can put the end of the hose into a five-gallon bucket to see the sediment pour out. Open the drain valve and turn the cold water supply back on. The water will start draining out of the hose. Be careful as this water is very hot. When sediment stops flowing out and all you get is clear water, you can shut off the drain valve and restart the water heater.

You may have heard that it is better to drain the entire water heater, but if all you are getting out of the heater is clear water, it doesn’t make much sense. If you choose to do this, don’t turn on the cold water supply valve. Instead open the nearest hot water faucet to allow air into the system and the water heater will start to drain. e’ve all been told that it is a good idea to periodically drain your water heater, but how do you go about it?

You should flush your water heater periodically depending on water quality, how much hot water you use, and whether you have a water softener. Manufacturers typically suggest flushing your water heater twice a year. Mineral deposits are bad for a water heater. The deposits collect in the tank of a water heater and build up over time. In an electric water heater, they collect on the unit’s heating elements and then flake off. On a gas water heater, the deposits build up on the bottom separating the water in the tank from the fire at the bottom of the tank that heats the water. This makes the water heater inefficient and also causes it to gurgle or make a burping sound. If you’ve ever cooked a heavy sauce you can watch it happen as it starts to boil,

the sauce is so heavy you can’t get it to a rolling boil. Instead, you get a slow large bubble that develops and finally burps out. Well, it’s the same thing in the bottom of a water heater, except instead of sauce, it’s sludge. The long and short of it is that a water heater has to work longer to heat water. Additionally, the deposits will displace the water, effectively decreasing the amount of water the tank holds. So a 40-gallon water heater, for example, may be able to hold only 38 gallons.

Like I said earlier, flushing the water heater may not help if the inside of the tank bottom is covered with hardened sediment that is stuck to the bottom. You could try to drain the entire tank, unscrew the drain valve and jab at the sediment with a stiff wire, but this may do more harm than good. If you were able to free some of the debris, it may plug up the drain hole anyway. It’s best to stick with regular flushing about six months after installation.

So the fix is to drain the water heater. It’s best to f lush the water heater Mike Klimek is a licensed contractor and owner of Las Vegas Handyman. He has written hundreds of 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 for the Las Vegas Review-Journal & Sun since November 2000. Watch for Mike’s regular column here and in the Las Vegas RJ. (702) 896-0000 | questions@pro-handyman.com

Las Vegas Agent Magazine | November/December 2018

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Mortgage Don’ts I

(and a couple of Dos) By: Brent Wood

n Nevada, most clients finance their home purchase. Realtors and Mortgage Lenders should educate their clients from the outset about the mortgage process to avoid delays or even denials. Here are some tips to avoid common issues that affect mortgages.

miss one signature or form, you are delaying the next step or the next. Remember, every time a loan closes in 30 days, everyone, including the client, did everything immediately. An uncooperative client can make a loan last 60 days or longer.

1.Don’t forget the year • Realize it is 2018, not 2006. Programs, laws, protocols, and products are different. If you haven’t financed a home in the past few years, you will notice significant differences. There are more forms, regulation, processes, and time restrictions built into the mortgage process. With that in mind, asking questions or checking status is still important. Client engagement definitely helps move the process along. • There are no “stated income” products in Nevada. Under Nevada law, lenders must use a “commercially reasonable method of verifying the client’s ability to repay.” Just because you have good credit doesn’t mean a lender can give you a loan. They will need your income documentation, whether full documentation, assets depletion documentation, and or bank statement income documentation. • It takes a complete application and then some to complete a mortgage. Don’t leave out information, this only causes concern, and issues down the road. Everything is verified now, and clients must source deposits, income, etc. 2. Don’t Haggle

 Negotiating

is a thing of the past. Clients can’t “grind” the lender for a better rate • HMDA Reporting ensures that all applicants of a certain

credit profile and loan product receive a rate/fee structure that is the same as all others. • You can shop around to other lenders, but you cannot negotiate for a lower than the quoted rate with the same lender.

 Restructuring your rate/fee combo is allowed

• So, if you want a lower rate, you can pay more points or choose a different product (15 years has lower rates than 30 years, etc.) • Reducing you r pay ment by eliminating Mortgage Insurance by putting money down or choosing “built-in” mortgage insurance is another good strategy. 3. Don’t stop the train • Mortgage Applications are like trains. Once they get going, they move along. If they stop, it takes a while to get them going again. Don’t delay in providing information, signing disclosure forms, etc. New laws require banks to operate with within legal requirements. If you

• If your lender requests something that is difficult to obtain, the process should be started to obtain it whilst requesting that the requirement be waived. If you wait to begin the process of getting the item until your request is answered, then your timeline for closing will be extended. 4. Don’t shoot yourself in the foot. • Clients should never obtain any other credit (like a new car, appliances, or credit account) during a mortgage application. Nor should they quit their job or any number of other detrimental actions. Before any financial decisions are made, the Loan Officer should be consulted. • Don’t Close your Accounts. While paying off credit cards is great for your credit score, closing them can drop your score. This is because the credit lines that are older with low balance to limit ratios are good for your credit. Closing a paid off account eliminates a “good trade line.” Lastly, remember there are many types of lenders, but few types of products. If you are shopping around and you go to 3 lenders who all offer FHA, VA, and Conventional loans, you will receive the same products offerings with variances in rate, fees, and service. Remember to check portfolio lenders for alternative product offerings with different qualifications, terms, conditions, rates, & fees.

Brent A. Wood, NMLS # 327581, is Branch Manager, Washington Federal. A 15 year veteran of the Mortgage Industry, Brent has worked in positions ranging from Loan Originator to Director of Marketing, and Branch Manager. Brent has extensive experience teaching children, teens, consumers, & real estate agents on industry topics like Financial Literacy, Mortgage Financing, First Time Homebuyers, Reverse Mortgages, Loan Origination Technology, Construction Loans, Marketing, and Ethics. To reach Brent, please email: brent.wood@wafd.com or call Cell 702-629-9555 Off 702-638-1236.

Las Vegas Agent Magazine | November/December 2018

How to Succeed

in Challenging Situations and Work with People

Using Diplomacy and Civility By: Gloria Petersen

ver wish that you could wave a magic wand and everyone would be respectful, civil, and accommodating? Unfortunately, uncertain times brings discontent and confusion. It is more important than ever to manage your interactions with people and your behavior with diplomacy, dignity, finesse, tact, and civility. These are powerful concepts and will serve you well if you have them in your toolkit. Why? A basic business need is to be respected, validated, and liked. However, life happens, and things can get out of control. You can be reactive (out of control) or use a tried and true response (in control) to a variety of situations. You are responsible for you! How? Take the first step in managing any situation or individual by employing the appropriate tools: diplomacy, finesse, tact, dignity, and civility. We hear these words, but do we know what they mean and how to use them effectively? Keep them in your “interaction toolbox” and engage them as preventive measures for diffusing situations that could easily get out of control. This is especially true during these times of political uncertainty and change.

diffuse a situation diplomatically; all of which involve one’s mannerisms, demeanor, attitude, and timing. It begins with listening carefully and thinking through what you need to say so you can get your point across without appearing pushy or dictatorial.

confrontational and are truthful. Tact also respects the other person’s rank, position, stature, gender, age, nationality, ethnicity, whatever the case may be. Tact is a social skill, which requires practice to become proficient. Sometimes tact will mean not saying anything at all.

For example: The agent handled a group of investors diplomatically to keep everyone calm.

For example: The agent was tactful as he solicited feedback on a controversial property.

Dignity is an individual’s self-respect. It is something that should be given not taken. People need to have a sense of pride about themselves regardless of what economic background from whence they come. Kindness and empathy, coupled with patience, is contagious. Maintain dignity (keep your head high) when things go wrong.

Civility is the politeness of using good manners. A realtor who has mastered civility can maintain balance in a stressful environment. Civility creates a common bond and a more harmonious work environment. When you do not like someone, yet manage to treat him politely, you are being civil.

For example: A real estate agent takes a client to the wrong address for an open house; the agent apologized for the misstep, gently humored the situation, and proceeded to the correct address.

Finesse is the skillful way you handle a difficult or highly sensitive situation. A person who has finesse says the right thing at the right time or knows when to say nothing at all.

How a situation is handled, n ot t h e i n c i d e nt i t s e lf, is the key to a successful result.

For example: His intellectual finesse kept the meeting on track during a heated exchange.

Diplomacy is the skill of managing people, and the ability to communicate in a non-offensive manner. This is how potential conflict is resolved. It is the conduct government officials use to secure safe relations between nations, and businesses use to gain loyalty and support. There are numerous ways to

Tact reduces friction and helps people interact more collectively. It is the act of using gentle (non-offensive) language when dealing with controversial issues and knowing what to say to avoid giving offense. Tact is not just saying what the other party wants to hear, but it is choosing words that are not emotionally charged or

Las Vegas Agent Magazine | November/December 2018

For example: The replacement agent was received with politeness by the agency’s disgruntled team.

Granted, these words are often used interchangeably: “The government official used diplomatic finesse in his speech to avoid offending the opposition. He communicated with tact and dignity.” If any of these words are not your strong suit, always preface a “pre-framing” opening. For example (and with a slight edge of humor): “I’ve been told that I’m not very tactful so please cut me some slack and go easy on me.” This works when soliciting feedback; and needs the right situation. It is probably not a good way to start an important meeting with a developer but can work in a more casual encounter with colleagues. Consider the following scenarios: You will come across people who are unchangeable, stubborn, and a challenge.

Inflexible people use communication to get their way. They also find it hard to adapt to another person’s way of doing things or point of view. The true professional does not react with the same behavior. It is hard to be difficult with someone who is respectful and in control. Keep the lines of communication open until agreements have been made or a situation has been remedied. Situation: You are asked in a meeting to give your opinion about someone else’s idea – an idea you do not feel is in the best interest of the agency, and you do not want to endorse it. Response: “I appreciate Jim’s idea, but let’s consider a strategy that involves …” (The answer should be the same whether this person is present or not.) Situation/Question: You are caught in a political conversation with a prospective buyer in which they have strong opinions, and do not want to lose the opportunity.

Response: “Everyone has strong feelings in this environment, so let’s focus on our goals of finding a great home for you.” (You are admitting you have strong feelings; however, you select to demonstrate respect.) Situation/Question: How do you avoid political conversations when diverse political decisions are creating new challenges and affecting your effectiveness? Response: Listen and respect other points of view! This is not easy! If you can’t change the subject, then suggest a time after business is conducted for a friendly get together. Situation/Question: The topics of racism, sexism, or otherwise offensive terms always seem to come up. How do you avoid crossing the line which could damage an opportunity? Response: Stay neutral! Realize that comments have a lot to do with how

someone was raised or chooses to be. Counter with a positive comment or carefully change the subject. If you do not plug-in, the comment will lose its momentum. Situation/Question: How to you handle people who continuously find fault? Response: Start by avoiding the use of blaming words. Blaming or accusing words cause an individual to become emotionally involved because they feel attacked. For example: Instead of using the phrase “you made an error,” replace it with “there seems to be a discrepancy.” It is less emotionally damaging. Focus on being helpful with a positive expression and tone of voice. And be careful not to misinterpret a well-intentioned remark.

The ability to change the subject and redirect a “charged” extraction will serve you and your clients well.

Gloria Petersen, CPP, founder, and president of Global Protocol, Inc., is an author, trainer, and speaker on Professional Presence, Business Etiquette, and Protocol. Gloria is a graduate of the Protocol School of Washington ® and has received numerous certifications on her subject matter. Her four-book series, The Art of Professional Connections, and SME training modules represent her 30-year legacy. Learn more at GlobalBusinessProtocol.com or email direct: gpetersen@globalprotocol.com

www.lvagentmagazine.com

cover STORY

Larry White Jr.

Burn the boats as you enter the island, and you will take the island. -Napoleon Hill

th cent ur y Spanish Conquistador, Hernán Cortés led an expedition across the ocean that ended with the fall of the Aztec Empire. When Cortés landed in Veracruz, bent on conquest, he gave the order to his men to burn the boats. In other words, no going back. That has certainly been the case with Larry White Jr., a real estate Broker/ Owner with eXp Realty, a Coach for Tom Ferry, and the Catalyst & Creator of Opportunities for Xome. Forging forward, never looking back, has enabled White to build the life of his dreams.

after Christmas, he would have maybe two days off while working 12 to 16 hours a day. He figured there must be something else out there for him. White’s father had been a police officer, so when a friend of his was applying for an officer position, White decided to apply as well. As a self-described “adrenaline junkie,” he found that police work was everything he had hoped it would be. “It was really the most fun job I have ever had in my life,” he said. “The only problem was that I was going from a corporate executive to a police officer’s

He grew up in Arizona as an only child and attended Arizona State University, where he met the love of his life, Ariana and completed his traditional education with a bachelor’s degree in Supply Chain Management. That landed him on his first career path, right after graduation. “I was an executive with Target coming out of college, and within two years, I was offered my own store,” White said. “At the age of 25, that was amazing. Although I was making good money, my life was not how I ever envisioned it, especially around the holidays. I turned it down.” Retail life had proven to be more taxing as he climbed the corporate ladder. White said that from before Thanksgiving to

Las Vegas Agent Magazine | November/December 2018

salary, so I had to find a way to supplement the income that I had lost.” Around the time he was contemplating what he was going to do to make some extra money, White suffered a severe knee injury at work, one that would take him nine months of recovery and rehabilitation. By then, he had already purchased his first home, and since he now had some spare time on his hands, he began analyzing how that investment had worked out for him. He had bought it during a real estate boom, and it had actually appreciated $96,000 between the time he purchased it and when he moved into it. White had found a way to supplement his police officer’s salary, and before long, the answer to his and his family’s future security would be his new career. After he was done with his knee rehabilitation, he went back to work at the police department, but had already earned his real estate license and was flipping houses, wholesaling and utilizing double escrows. “I started making a lot of money on the real estate side, and that was even before I started representing buyers and sellers,” he said. “But then I had to make a choice because I was working 5 to 10 hours a week in real estate and making more than I was working full-time as a police officer. I started to think, ‘What would happen if I really dedicated myself to real estate full-time?’”

Cover Story Larry White, Catalyst & Creator of Opportunities for Xome

he took 44 of his agents over to Keller Williams, although a great company that relationship was short-lived, “One of my former National Sales Directors came to me and said he had an opportunity for me,” W h it e explained. “He said, ‘I have about 500 REOs, and I need you to come out and build a huge company around those.’ He did tell me that there was a catch, though—the job was in Las Vegas.”

By 2006, he had taken on real estate as his full-time career and was achieving some success. While prospecting about three hours a day, five days a week, he closed eight deals his first year, 16 his second year and 22 his third year. In 2009, White was on a coaching call with Mike Ferry and admits he was kind of ‘peacocking’ about doing well. Ferry quickly brought him down to Earth. “At that time, the market was at an alltime low, so Mike asked me where my business was coming from,” White said. “I told him I didn’t know, but my business was going well. He told me to go back and figure out where it was coming from, and then we would pick up the conversation later.” That turned out to be an eye-opening endeavor, as White realized that though he was spending all of his time calling on new contacts, 86% of his business was coming from past clients. Armed with that new knowledge, his real estate career entered a pivotal time. He began calling on those clients whom he had worked with before, and whom already knew and trusted him. The very next year, he closed 64 deals. It was also the time when White began working more with REOs and short sales. "It just made sense in that given situation," he says, "instead of talking with 50 clients who could only give me one deal a year, I could talk to one REO client who could give me 30 to 50 sales in the same period of time." Realizing he could achieve even more with others, he assembled a trusted team and began running Red Crown Realty in Arizona, which entrenched him in the REO realm. When that office shut down,

possible. He thought that might be a way he could make up the difference in salary. “I started cold-calling every hedge fund and every investor I could think of to let them know that now was their time,” he said. “I told them, ‘You are never going to see prices cheaper than this in Las Vegas. You’re at the bottom of this, and we need to be buying everything we can right now.’” White’s strategy worked. He was able to bring in four large investment companies to Atlantic & Pacific, where he gave his agents access to begin buying and selling properties for the hedge funds. Every morning, his team would comb through

At f irst, he wasn’t sure about packing up his family and moving from Arizona to Vegas, but after running the numbers, he approached his wife Ariana and asked her what she thought. She told him that if he thought it was the best thing for their family, she would support whatever he decided. In the fall of 2010, the family moved to Nevada. White still had his team in Arizona running on auto-pilot, so he took over Atlantic & Pacific Real Estate in Henderson, which was the brokerage he had been asked to help grow. The move went well, the timing, not so much. Four days after he arrived in Vegas, AB284, a legislative act to stop foreclosures, went into effect. Though White couldn’t foresee what that meant at the time, he did quickly realize that those 500 deals a year he was expecting to come through were not going to happen. With their Arizona house rented out, White once had again burned his boat and was unable to return to Arizona. Forced to find another way to supplement his income, he began studying the opportunities in the market, analyzing CAP rates and evaluating the ROIs

Larry at Chicago's WGN Studios

the MLS, looking for properties to buy. In the afternoon, he would go to the offices of the hedge funds and make his pitches. Soon, he and his team were closing 60 to 100 deals a month. Real estate markets often shift and change, and it’s those professionals who can adapt that are able to survive. Eventually, the investors that White had helped buy properties had quite a bit of equity built up in those properties, so he began developing disposition strategies for them. Xome, an end-to-end digital platform for real estate, was one of White’s largest clients. Xome would identify problems they were having in their different markets, and White would create solutions for them with his network of agents across the country. White became their one-stop shop for all real estate related needs. At www.lvagentmagazine.com

Cover Story

house campaigns, the systems necessar y for successf ul marketing & prospecting, the understanding of the life cycle of prospecting business and adapting to the constant change of the real estate industry. Unfortunately, many agents are not given appropriate sales training and are left to recreate the wheel. There are many undiscovered fantastic agents that haven’t had the chance to succeed because they haven’t been equipped with the proper tools and training.

one point, White was carrying over 2,000 distressed REO’s across the country for them! With the success White had in Las Vegas, he was promoted to Regional VP and Head of Institutional Relationships. He was tasked with the rebranding of the company to Carrington Real Est ate Ser vices, expanding institutional clients and growing the brokerage through recruiting, mergers and acquisitions. Ultimately, this developed a culture of success for almost 3,000 agents across the country.

Officially, White led their Department for Strategic Partnerships. But just as importantly, he was coaching all of his agents and teaching them how to dominate market share by using techniques to get the highest conversion ratio possible. An example would be his step by step strategy to host an open house. “My teams LOVED open houses! The Wednesday before the open house, they’d go to work door knocking. Distributing our branded door hangers, and fliers, to a minimum of 50 houses in the area. On Thursday we would use social media to target that same area with video messaging, always including our same branding. Friday was vital; my team would put out a minimum of 20 branded open house signs to ensure no one got lost on their way to our open house. Saturday was the day where we would have our team circulating, serving refreshments and adding value to the attendees. When you follow this system, attendees walk through the door and say, “we see your signs everywhere!” That perception becomes a reality, and that is how you dominate your marketplace.” The White family visiting Santa Barbara, California

The largest open house held by White’s team, after proper preparation, had over 180 interested guests. White began going to training events across the country to pick up more tips and bring them back to his team. The Tom Ferry Organization noticed the progressive results White had achieved with Carrington. White was approached by the Tom Ferry Organization and asked to train and coach others that wanted to specialize in recruiting, retention and adding value to real estate agents. In 2014, White joined Tom Ferry’s coaching team and felt fortunate to also be close enough to him to learn even more from him. He says Ferry was always telling him to look at where the market was going, not where it is right now. That philosophy has come in handy as White has developed a systematic program where agents can produce more business today, set up for the next REO cycle, have ownership in their company, and create multiple streams of income. His relationship with Xome took off, too, and not only is he now the broker of record for them in Las Vegas, he is their Catalyst & Creator of Opportunities, a prestigious title for an important job. For the past year and a half, he’s been growing Xome’s agent network, providing coaching and training services for the national company’s entire network, which consists of about 14,000 agents. White says his job is not only to identify the best agents for Xome’s network but to help them create business that will be sustainable in any market. “It’s about teaching the agents to use the Xome platform to produce business that they wouldn’t have had before,” he said. “At the same time, I want to set them up for future opportunities.” One of the most significant defects I see with current real estate professionals is that most lack the structure for operating open

While work is moving at a brisk pace and successful direction, White’s private life remains blessed with Ariana and their three children, Nadia (11), Dominic (4) and Lucciana (2). In their free time, they love being outdoors and exploring and pushing the limits of physical fitness. Grounded and athletic, this competitively spirited family enjoys many activities together from meditation to sports. Ariana is also a Realtor and closed over 52 deals in her 2nd year in residential real estate.

The White family with (l-r): Larry, Dominic, Nadia, Lucciana, and Ariana.

Las Vegas Agent Magazine | November/December 2018

White says his life is pretty much perfect just the way it is, though he does have an ambitious plan to retire by the age of 45. Ending with “I love what I do, but my ultimate goal is to have a business worth running and a life worth living.” If you are interested in setting your business up for the next downturn, potentially partnering to create an expansion team, or simply closing more business in 2019, connect with White on Instagram or Facebook by searching @LarryMFWhite or clicking bit.ly/coachingwithlarry to set up a free coaching call. To reach Larry you can email him at: larrymfwhite@gmail.com or call 602-206-1262 Check out Larry’s first article with us on page 14

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The Only Thing Consistent is By: Larry White

was once told that the only thing consistent in our real estate market is change. Think about the cycles that we have seen in the last 15 years of real estate, what do you think the next ten years will bring? Do you think it will stay a traditional seller’s market? How about a buyer’s market with constant double-digit appreciation year over year? Do you think the distressed market will come back? No matter what you think the next ten years will bring, I hope you are counting on the auction platform being involved… Now I can already hear most of you sighing in weariness and saying, “but I don’t like auctions,” “they are cutting out the realtor,” or “they don’t pay anything.” No matter what your experience has been I want you to look at the facts: • Xome has sold almost 100,000 homes through their online auction platform • Google has partnered with Auction. com and invested $50M towards their auction platform • Homesearch.com Hubzu? is now licensed in all 50 states and has access to local IDX feeds • Studies have shown that auctions bring an average of 13 more offers than retail marketing and an average of $33,000 more Now before we all start crying “the sky is falling.” I want you to take a deep breath and know that all of these companies need and want to work with local professionals such as yourself! In no way do these companies want to eliminate the realtor,

they actually want to work with the realtor on a more consistent basis. Where do more than 90% of home searches begin… ONLINE! Think about the millennial's (our next largest wave of home buyer's). Are they tech savvy or not, that was a rhetorical question… Are millennial's comfortable with online transactions? There is over $5B being invested into our real estate industry each year on the technology side. Consumers are telling us that they are okay with online transactions by the patterns of using Amazon, Uber, and Netflix. What do these companies have in common? They all were met with massive resistance because they didn’t do business in the traditional manner…. Disruptors thrive when consumer’s needs are not being met. Have you seen reviews on our industry lately? I encourage you to evaluate the situation in full before you make any snap judgments or stick your head in the sand like an ostrich and hope it goes away. Auctions or “Online Marketplaces,” are not going away and I want you to be able to leverage them and have a value-add for all of your clients in the near future. In the past auctions have been reserved for distressed properties and exclusive luxury portfolios. You have already seen more than 90,000 homes sold on Xome’s Offer Marketplace, and they are concentrating more on helping traditional home sellers! Now imagine if you were one of the first to capitalize on this and specialize in this arena. Imagine if you

would have jumped on Google, Amazon, Uber, Facebook when they launched… would your life be any different? Companies like Xome have started helping agents across the country to not just sell more homes online, but also assist with the lead generation. Xome is producing over 2,000 pre-qualified listing appointments per month and another 1,500 pre-qualified buyers per month. They deliver those leads to agents who are familiar with their platform and can exceed expectations for their clients. They are also teaching agents to produce more listing opportunities themselves through coaching and training. Hubzu has over 105 traditional listings on their site currently. What about Zillow? Have you seen their “Make Me Move,” platform? It resembles most online auction platforms to collect the highest offer for the home seller. What if the next listing presentation you walked into, you were able to say, “Dear Mr. and Mrs. Seller, if I could get you 13 more offers than my competition, over $30,000 more in value, and it wouldn’t cost you anything… Would that interest you?” You bet it would! The process is much too new to change your entire business plan to accommodate, but I do want you to take notice to the changes occurring in our profession so you can capitalize on the change in the near future. I hope this has opened your eyes to some possibilities on the near horizon. I also hope you will use it to ensure you have a competitive advantage in this everchanging marketplace.

With almost 15 years in the real estate arena, Larry White has had a diverse and accredited career! He has positioned himself with forward-thinking companies to know where the market is and capture where the market is going! His largest success has been leveraging default opportunities into additional forms of traditional business and utilizing this platform to build Top Ranked real estate teams across the country. His current role at Xome does just that, as Catalyst & Creator of Opportunities he networks, coaches, and mentors agents/brokerages across the country to utilize the Xome Offer Marketplace to take more listings, build agents scorecard, and position themselves for the next economic cycle. Follow me on Instagram & FaceBook: @larrymfwhite To reach Larry you can email him at: larrymfwhite@gmail.com or call 602-206-1262

Las Vegas Agent Magazine | November/December 2018

Robert L. Bolick | 10785 West Twain Avenue Las Vegas, Nevada 89135

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ssentially, probate is the process of going to court to clear the title to a decedent’s assets and to distribute them to the decedent’s beneficiaries or heirs, after all, debts, expenses and taxes are paid. Probate requires a person to (1) file a petition to admit the will to probate (when the decedent had a will), prove the will and be appointed as personal representative of the estate; (2) determine the identity and location of the decedent’s beneficiaries or heirs; (3) publish a notice to creditors; (4) prepare and file an inventory of the decedent’s assets; (5) obtain appraisals for all of the decedent’s properties; (6) liquidate assets which should be sold; (7) settle all of the decedent’s debts; (8) pay any estate or income taxes which may be due; (9) account to the court for all monies spent during the probate; (10) distribute the remaining assets to the beneficiaries or heirs; (11) obtain and file receipts from the beneficiaries and file them with the court; and (12) prepare and file an order of discharge. If this sounds burdensome, timeconsuming and expensive, it’s because it truly is.

HOW LONG DOES PROBATE TAKE? If the estate is relatively uncomplicated and is uncontested, probates typically take six months to one year to complete.

HOW MUCH DOES PROBATE COST? Probates in Nevada generally cost 5% of the value of the estate. Court rules allow attorneys and personal representatives to receive 4% to 1% (on a sliding scale) of the estate for their services. Additionally,

there are court costs, publication fees, appraisal and accounting expenses.

WHEN IS PROBATE REQUIRED? Probate is required in all cases where a person dies owning $20,000 or more of assets which are titled in the decedent’s name only, regardless of whether the decedent had a will. Many people confuse the $5,250,000 federal estate tax exemption as being the threshold amount required for probate. They have the mistaken idea that if their estates are less than $5,250,000, no probate is necessary. This clearly is not the case. If a decedent’s estate is less than $5,250,000, there will be no federal estate tax. However, if he or she dies owning

assets totaling $20,000 or more which are titled in his name only, a probate is required.

DOESN’T A WILL AVOID PROBATE? No. It facilitates the probate process but does not avoid probate.

WHERE SHOULD AN ESTATE BE PROBATED? A probate must be done in the county where the decedent lived at the time of his death. If the decedent owned real estate in any other state, an additional or ancillary probate is required in that state also.

Attorney Robert L. Bolick is owner and president of Bolick & Boyer in Las Vegas, specializing in estate planning and asset protection. He maintains an “AV” rating with Martindale-Hubbell, which is the highest rating awarded to attorneys for professional competence and ethics. (702) 690-9090| rob@rlbolick.com | www.rlbolick.com

Las Vegas Agent Magazine | November/December 2018

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Winning at

Credit Game

By: Steve Didier

et’s face it – the credit game is rigged. No doubt about it… the good thing is that if we know the rules of the game, we can play it to win. Unfortunately, nobody is ever really taught the rules to the game. Even in the real estate industry, there is so much misinformation and confusion as to what someone can do to maximize their credit scores, nobody seems to be on the same page. As a real estate professional, it is your duty to have a good working knowledge of how credit and credit scores work so that you can properly advise your clients. What I want to do is clear up some of the common misconceptions about the credit game in order for you to better serve your clients. Credit Scores A person has 50+ different credit scores. Sounds crazy, right? Well, it’s true. There are several different scoring models and dozens of algorithms in each model. There are the “Big 3” credit bureaus that everyone is familiar with (Experian, Transunion, and Equifax), plus quite a few other credit bureaus such as Innovis, Factor Trust, DataX, CL Verify Microbilt, and others. These all provide the data that the scoring models used to generate their scores. The most popular question I get is “which one is my TRUE credit score?” The answer is… none of them. The only one that counts is whatever scoring model and algorithm the lender you are applying with uses. Confusing, huh? The good news is that in the real estate industry, there is a standard that the majority of lenders use. Usually one of the FICO scoring models is the most common – specifically, Equifax Beacon 5.0, Experian FICO Model V2SM and Transunion FCIO Classic Version 4. Collections With the overwhelming majority of scoring models, paying off old collections does exactly nothing to improve your

actual credit score. This is a tough one for people to understand because it defies all common sense and logic. It would make sense that going back and paying your charge-offs and collections would improve your score – but it does not. Before you go crazy, I am NOT telling to pay your bills or not pay your bills – what I am saying is that it won’t help your score. In fact, it could hurt your score. From the date an account is sent to collections, it will be seven years until it falls off your credit report. That’s the date of last activity… If you go back and make a payment, it can show new activity and refresh the account as far as the bureaus are concerned, resetting the clock on that 7-year window. The mortgage lender you are using may have their own criteria for approving the loan in addition to the actual score, and that may include paying off some or all of your old collections. If that’s the case, then you have to do what you have to do. My advice in that situation is to negotiate with the collection agency or lender before paying and ask them to remove the account from your report completely upon receipt of the funds. They will fight you on this, but they all have the ability to do it – no matter what they may tell you. You will have to talk to someone in management in order to have a chance at this. The kid in the cubicle will simply be reading off a script and tell you they can’t do it. Escalate it, and you have a reasonable shot at getting it removed.

on your score. It gets more pronounced the higher you go. If you are maxed out or over your limit, it is killing your score. In addition to individual card usage, the overall usage on your revolving credit also comes into play. Generally speaking, it is accepted that anything over 10% of total usage can start to drag down your score somewhat. Obviously, if you are barely over that number, the effect will be minimal, but it will become stronger as you accumulate more debt. Here’s the surprise – if you pay off all your credit cards to a zero balance, it will also have a negative effect on your score. Bizarre, isn’t it? To put this into practical perspective, the credit bureaus want you to be in debt – just not too much debt. They will punish you for not using your credit, but if you overuse it, they will also penalize you. So to really maximize your score for a purchase such as a home, you want to have a small balance on your cards – some can be paid off, and the others should have a small balance, keeping your total utilization under 10%. So there you have it. A down and dirty primer to playing the credit game to win. There is a lot more to it… if you have a problem client, please feel free to submit their info (with their permission) in the form here, and we would be happy to do a free 15-minute consultation and figure out the best solution for their situation. https://anthonycreditexpert.com/ refer-your-clients/

Credit Cards This is the topic of some debate because obviously, the scoring agencies don’t publish their actual criteria, so there is room for speculation. That being said, much of what I am going to tell you has been thoroughly analyzed and independently documented through case studies. The credit bureaus like to see you have 3-5 credit cards for maximum scoring. Your usage on those credit cards has a dramatic effect on your credit score. If you go over 29% of your credit limit on any individual credit card, it will start having a negative impact Steve Didier a former top producing real estate agent in Las Vegas knows firsthand what it takes to get buyers qualified to purchase a home. While taking a break from real estate in 2013, he developed an interest in the constant need for education in credit repair and maintenance. With his 15 years of real estate experience, Steve enjoys helping people understand the intricacies of credit repair, so they can achieve the dream of home ownership. 512-657-9069 Info@ACECreditRestoration.com

Las Vegas Agent Magazine | November/December 2018

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Housing NEWS N ews

Southern Nevada home prices fall back from $300,000 mark as supply rises GLVAR housing statistics for October 2018

ocal home prices slipped slightly last month, with more homes on the market and fewer people electing to buy homes in Southern Nevada compared to the same time last year. So says a report on the local housing market released Tuesday by the Greater Las Vegas Association of REALTORS® (GLVAR). GLVAR reported that the median price for existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during October was $295,025. That was down 1.7 percent from September – when the median home price hit $300,000 for the first time in more than 11 years. October’s median home price was still up 12.2 percent from $263,000 in October of 2017. The median price of local condos and townhomes sold in October was $174,000. That’s up 24.3 percent from the same time last year. “Local housing prices are still appreciating at a healthy rate year over year, even though they’re not going up as fast as they were a few years ago,” said GLVAR President Chris Bishop, a longtime local REALTOR®. “Although we sold more homes in October than we did in September, we’re on pace to sell fewer homes this year than we did last year. At the same time, potential buyers should be encouraged to see more homes on the market.”

Local home prices have been rising since 2012. But as Bishop pointed out, they still have not reached their all-time peak. According to GLVAR, the median price of existing single-family homes sold in Southern Nevada peaked at $315,000 in June of 2006. Local home prices hit a post-recession bottom of $118,000 in January of 2012. After seeing the local housing supply shrink over the past few years, Bishop said “we’re almost up to a three-month housing supply, which means we’re getting closer to a more balanced market.” By the end of October, GLVAR reported 6,919 single-family homes listed for sale without any sort of offer. That’s up 44.3 percent from one year ago. For condos and townhomes, the 1,562 properties listed without offers in October represented a hefty 102.9 percent increase from one year ago. The total number of existing local homes, condos and townhomes sold during October was 3,335. Compared to one year ago, October sales were down 9.6 percent for homes and down 2.1 percent for condos and townhomes. GLVAR reported that 25.6 percent of all local properties sold in October were purchased with cash. That compares to 26.9 percent one year ago. That’s well below the February 2013 peak of 59.5 percent, suggesting that cash buyers and investors are still active in the local housing market, but have been playing a much smaller role than they were five or

Las Vegas Agent Magazine | November/December 2018

six years ago. The number of so-called distressed sales continues to drop each year. GLVAR reported that short sales and foreclosures combined accounted for just 3.0 percent of all existing local home sales in October, down from 5.2 percent of all sales one year ago. These GLVAR statistics include activity through the end of October 2018. GLVAR distributes statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or homes for sale by owners.

Other highlights include: • The total value of local real estate transactions tracked through the MLS during October was more than $943 million for homes and nearly $118 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in October were up 1.5 percent for homes and up 17.0 percent for condos and townhomes. • Homes and condos continue to sell quickly, though that pace has begun to level off in recent months. In October, 85.8 percent of all existing local homes and 87.2 percent of all existing local condos and townhomes sold within 60 days.

Local Housing Statistics N ews Greater Las Vegas Association of REALTORS® October 2018 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

Condo/Townhouse Units

Change from Change from Oct 18 Sep 18 Oct 17 10,359 +4.2% +13.1% 334,780 -0.0% +11.6% 478,383 -0.1% +3.5%

$ $

Change from Change from Sep 18 Oct 17 6,919 +12.5% +44.3% 349,900 -2.8% -1.4% $ 535,400 -2.5% -9.1% $

Oct 18 $ $

Change from Change from Sep 18 Oct 17 3,847 +3.2% +20.6% 315,888 +0.3% +10.9% $ 412,160 +2.2% +6.4% $

Oct 18

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

$ $

Change from Change from Sep 18 Oct 17 2,686 +10.3% -9.6% 295,025 -1.7% +12.2% $ 351,174 +2.7% +12.2% $

Oct 18

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

Oct 18 65.4% 20.4% 7.8% 3.0% 3.4%

TOTAL HOME SALES DOLLAR VALUE FOR UNITS SOLD THIS PERIOD

Sep 18 70.1% 16.5% 6.9% 3.1% 3.3%

Oct 17 64.0% 17.9% 7.9% 4.2% 5.9%

Oct 18 2,374 165,000 190,111 Oct 18 1,562 165,000 191,218 Oct 18 928 172,000 188,172 Oct 18 649 174,000 181,707

Change from Change from Sep 18 Oct 17 +15.2% +102.9% +0.0% +6.5% -1.3% +5.1% Change from Change from Sep 18 Oct 17 +2.5% +16.7% +1.2% +22.9% +2.8% +21.0% Change from Change from Sep 18 Oct 17 +14.1% -2.1% +2.4% +24.3% -0.7% +19.6%

Oct 18

Sep 18

69.8% 17.4% 7.6% 2.5% 2.8%

Change from Change from Oct 18 Sep 18 Oct 17 943,253,950 +13.2% +1.5% $ 117,928,017 Oct 18

Change from Change from Sep 18 Oct 17 +6.3% +40.0% -1.8% +13.8% -0.6% +13.0%

Oct 17

75.2% 15.1% 5.3% 3.2% 1.2%

77.1% 11.9% 5.4% 2.4% 3.2%

Change from Change from Sep 18 Oct 17 +13.2% +17.0%

Source: Greater Las Vegas Association of REALTORS® 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®.

*This category reflects the existing market availability of listings without pending or contingent offers. Source: Greater Las Vegas Association of REALTORS® For media inquiries, pleaseGreater call George McCabe, with B&P Public Relations, at (702) 325-7358. Las Vegas Association of REALTORS® Statistics

Greater Las Vegas Association of REALTORS® Statistics

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 isUnits deemed reliable Sold in Period but is not guaranteed. MLS collects, distributes listed for sale by its subscribers who are real estate agents. MLS subscription is available to all Availability Without Pending Orinformation Contingent Offers Units Sold in Period [compiles Endand Of Period ] about homes Thousands

real estate agents licensed in Nevada, but isEnd not available to the general public. Not all licensed agents subscribe to the MLS. MLS does not include all new homes available or listings Of Period 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, 4000of Directors of the National Association of Nye,14 Lincoln and White Pine Counties, Nevada, and such other areas as from time to time may be allocated to the GLVAR by the Board Single Family 3500 12 REALTORS®. Residential Units

10 8 6 4 2 0

Condo/ Townhouse Units

3000 2500 2000 1500 1000 500 0

Month

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 About

the theGLVAR GLVAR

Single Family Residential Units

homes listed for sale by its subscribers who are real estate agents. MLS subscription is available to all real estate agents licensed in GLVAR GLVAR was was founded founded in in 1947 1947 and and provides provides itsits more more than 11,000 local local members members with education, education, Nevada, but is notthan available to 11,000 the general public. Not all licensed agents subscribewith 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, training training and and political political representation. representation. The The local local representative representative ofof the the National National Association Association ofofand 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®. REALTORS®, REALTORS®, GLVAR GLVAR is is the the largest largest professional professional organization organization in in Southern Southern Nevada. Nevada. Each Each GLVAR GLVAR member member receives receives the the highest highest level level ofof professional professional training training and and must must abide abide byby aa strict strict code code ofof ethics. ethics. For For more more information, information, visit visit www.HomeLasVegas.com www.HomeLasVegas.com oror www.lasvegasrealtor.com. www.lasvegasrealtor.com.

www.lvagentmagazine.com

SOUTHERN NEVADA HOME BUILDERS ASSOCIATION

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Las Vegas Agent Magazine | November/December 2018

SOUTHERN NEVADA HOME BUILDERS ASSOCIATION

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For more information please contact Liz Sedeno at homeaid@snhba.com