Happy Holidays!
The monthly magazine of My Florida Regional MLS December 2011 Volume 1, Issue 7
Buone Feste! Felices Fiestas! Joyeuses FĂŞtes! Boas Festas! Forhe Feiertage! Mutlu Bayramlar!
Going Global. Real Estate (and MFRMLS) is thinking global. page 9 Also MyFloridaHomesMLS.com: New Additions! page 11
My Florida ReSource Magazine December 2011 Volume 1, Issue 7
December 2011
In this issue... 9 Real Estate (and MFRMLS) is thinking global. Featured 11 New Additions to MyFloridaHomesMLS.com 12 Celebrate the holidays internationally...with food! 13 MLXchange is “going green” on Dec. 15 14 Quarterly changes to MLXchange 14 MFRMLS is Moving!
In every issue... 3 Training & Tips —Recent My Tips of the Week —Help Desk Tip: How to prepare an InstanetFax cover sheet.
7 Compliance Corner 15 Resources —Generate Revenue with Rentals
19 Real Estate News —Fannie Mae HomePath Online Offer Program Now Mandatory —Foreign Buyers Recognize Value of Home Ownership in U.S.
23 Spotlights —Team Member: Carole Burgess, Vice President of Administration —Product and Services: Short Sale Assistance Desk
25 Commercial Real Estate News (presented by MFCRE) —FREE 60 day MFCRE trial! —Five Ways to Get More from Social Media
26 Around the House (an article for current and future homeowners) —LED Holiday Lights: 6 Need-to-Know Tips
31 HOLIDAY QUIZ & PRIZE—WIN STARBUCKS & SHOPPING!
My Florida Regional MLS (MFRMLS) 5032 Goddard Avenue Orlando, FL 32804 Tel: (407) 218-8607 Toll-Free: (800) 686-7451 Fax: (407) 293-6461 About MFRMLS My Florida Regional MLS is Florida’s largest multiple listing service with over 32,000 subscribers. Owned by 15 Shareholder REALTOR® Boards and Associations in Central and Southwest Florida, MFRMLS offers a comprehensive suite of productivity and marketing tools to professionals in the real estate industry. Positioning Statement My Florida Regional MLS is the only real estate information resource that helps our members deliver quality service to their customers by providing the tools and opportunity to succeed in their profession. 2011-2012 MFRMLS Officers Bill Dryburgh, President Melody Hall, President-Elect Steve Amburgey, Vice-President Bob Grant, Jr., Treasurer Aaron Chandler, Immediate Past President MFRMLS Executives Merri Jo Cowen, CEO Jay Markell, CFO, COO Deanna Rogers, VP of Business Development Carole Burgess, VP of Administration Jennifer Thompson-Kersting, VP of Marketing and Education Editorial Staff Natashia Ford, Editor Doug Wise, Editor, Creative Director
www.MFRMLS.com
December 2011 | My Florida ReSource | 2
&
Training
Tips
Recent My Tips of the Week Did you know that your consumer website, MyFloridaHomesMLS.com, speaks many languages? 1. Go to MyFloridaHomesMLS.com (or use your custom link i.e. “MyFloridaHomeMLS.com/YourName”) 2. Go to the bottom of the page and click on a flag other than the U.S. ... 3. Now you will notice many sections of the search and results pages translated into your chosen language, which may open your business up to the rest of the world!
MLXchange: Did you know it is possible to search for properties that are not Bank Owned or Short Sales in MLXchange? 1. Go to the Search tab in MLXchange. 2. Find the Special Sale Provision field and change the search information to “none.” 3. Add any other desired search criteria. 4. Your results should not contain any Bank Owned or Short Sales.
Want to utilize a free fax sheet with no size limit restrictions on the email address? Download the offline InstanetFax coversheet found in TransactionDesk in four easy clicks? 1. In MLXchange, click on SmartLinks. 2. Click on the “Log in to Transaction desk” link. 3. Click on Instanet Fax at the top of the screen. 4. Click the “blue hyperlink” where it states “Click here to download the offline cover sheet” and save it your hard drive. Now you can use this fax coversheet without the need to be online or in TransactionDesk!
Looking for more My Tips of the Week? Please visit http://www.mfrmls.com/ resources/education-andtraining/my-tip-of-the-week for an archive of previous tips.
Class is Now in Session!
Go Big "U" Have you been to MFRMLS University? This training portal will connect you to the many courses available to you as an MFR Member. Online, or in person, we’ve got a class for you. Looking to learn in your pajamas? With easy registration and no waiting, you can bring our trainers into your home through live and recorded webinars. Available online, you can save gas and you can save time. Best of all, the courses are free. Need face time? No problem. MFRMLS University also connects you to live courses taught at your association/board by MFRMLS instructors. With interactive sessions in a classroom setting, you’ll be an expert in no time. In-person or online, MFRMLS University can help you boost ered with your membership. Log on today to learn more!
www.MFRMLSUniversity.com
&
Training
Tips
tips from the Help Desk
A helpful tip from the MFRMLS Help Desk.
MLXchange: Creating your own custom search templates Did you know you could create your own custom search templates in MLXchange? Here are the quick and painless steps to creating and saving your own specialized templates based on your needs. 1. Click on Search from the top menu options. 2. Select Template Manager from the Action drop-down menu located on the bottom, left side of the screen. Click the green arrow button.
3. Select the property type from the Select the Search Type drop down menu. 4. You can choose to either copy an existing template from the Available Search Templates list by selecting the template and clicking on Copy or you can create a whole new template by clicking on New.
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5. Enter a name for the new template at the top of the screen in the Template Name field.
Help Desk Hours: Monday–Friday: 7:30 AM–8:00 PM Saturday–Sunday: 8:00 AM–6:00 PM Toll Free: (800) 6867451 6. Select the fields that you wish to have in your Search Template from the Available Search Fields box by highlighting the field and clicking the > and < signs as needed.
Local: (407) 218-8607 Select "Option 1" in the phone menu to be connected to the Help Desk.
7. When you have finished adding all the fields you want and arranging them in the order you desire with the up and down arrow buttons, click the Finish button. 8. You should receive a dialog box message that says Your search has been saved successfully. Click OK to this message. 9. You will be returned to the Template Manager screen. You can now create another customized template or simply click the Done button if you are finished. www.MFRMLS.com
December 2011 | My Florida ReSource | 6
Compliance Corner
Thank you. MFRMLS prides itself on accurate data, and one of our goals is to maintain a listing service that is successful for everyone. With that said, we want to thank all of our members who comply with our rules and regulations. If there is a violation, a warning will be issued. Most warning notices allow 24 hours for correction before a fine is assessed. However, failure to change the status of a listing is a more serious offense, which is an automatic fine without any warning notice.
NOVEMBER statistics for rules violations: Total number of Warnings: 11,296 Total number of Agents Reported: 1,261 Total number of Fines assessed: 51
Top Five Violations for NOVEMBER. 1. Status – failure to change the status from pending to sold within two business days of the closing. 2. Incorrect Photo – failure to add a front exterior or rendering, or aerial photo or water view photo in the first photo slot. If a water view or aerial photo is in the 1st slot, the 2nd photo slot must contain a front exterior photo. If placing a water view photo, it must be a photo from the property/unit. Photos may not contain any contact information, text, etc. 3. Short Sale – failure to add “Short Sale” as the first two words in the Public and Realtor Remarks. 4. Active with Contact (AWC) – failure to have seller’s written authorization and/or add the “Active with Contract” in the Public Remarks directly after “Short Sale,” if applicable. 5. Driving Directions – are required and must be for narrative directions that include full street names, beginning and ending points and use standard directional designations. Reference to online electronic mapping isn’t allowed (e.g. Mapquest, Google, GPS is not acceptable.)
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Volume 1, Issue 7
Scout Remediation: Protecting continued; $250 fine assessed; a reYour Data minder about the remediation policy. By MFRMLS Staff
This past April, MFRMLS implemented “Scout Remediation,” a policy to ensure your data isn’t being shared with non-members and/or vendors. The current policy, which is an eightstep policy, includes alerts while logging in, email notices, password changes, as well as further steps to prevent data sharing. If sharing does continue, despite enforcement of the eight-step policy, then a fine up to $5,000 will be assessed and the Hearing Panel will conduct a review. Also, the Board of Directors has recently modified the policy, and fines are now being assessed on Steps 3-6. Below are the remediation steps, based on each time that sharing has been identified. If you have any questions, please contact the MFRMLS Administration staff at 1-800-686-7451 (Option #3). Step 1 Information and Password change. Step 2 Email (1st) notification: sharing has continued; a reminder about the remediation policy. Step 3 Email (2nd) notification: sharing has continued; $50 fine assessed; a reminder about the remediation policy. Step 4 Email (3rd) notification: sharing has continued; $100 fine assessed; a reminder about the remediation policy. Step 5 Email (4th) notification: sharing has www.MFRMLS.com
Step 6 Information and password change; $500 fine assessed. Step 7 Email (5th) notification: sharing has continued. Step 8 Sharing has continued, despite previous steps-taken: one-time password is sent via email for each log-in session; a fine up to $5,000 assessed; Hearing Panel will conduct a review; other disciplinary actions may be taken (i.e. suspension of MLS Services). Since implementation of this remediation policy, there has been a noticed reduction in sharing and “suspect” accounts. So, thank you for helping to protect the MFRMLS database.
Rules & Regs Changes
update after one business day will result in a fine based on the progressive fine schedule (New 11/18/11) 2. Article 5: Listing Procedures Revised: Section 14: Active with Contract. The words “Active with Contract” must appear in the first line of Public Remarks. If the listing is a Short Sale and is in Active with Contract Status, Public Remarks must begin with both disclosures in any order. (Revised 11/18/11) • Previous rule stated; AWC must be the first words in Public remarks or after Short Sale, if applicable. 3. Article 11: Compliance with Rules Addition: Section 4: Penalties for Inaccurate or Incomplete Data. D. Other Fines. i. Use of Contact Information: Members who provide contact information to any party for other than member/member communication will be subject to an automatic fine. (New 11/18/11) a) 1st Offense: $1,000 Fine
On November 18, 2011, the MFRMLS Board of Directors approved the following changes to the MFRMLS Rules & Regulations.
4. Article 15: USE of MLS Information
1. Article 4: Rules and Regulations
Addition:
Addition: Section 29: Expected Closing Date. When a closing date has changed, the “Expected Closing Date” must be updated to reflect the correct date. Once a warning notice is issued, failure to
b) 2nd Offense: $5,000 Fine
Section 4: Use of Contact Information from the MLS. 1. Contact Information Defined. Contact information is defined as member name, office affiliation, (please see “Rules & Regs” page 10) December 2011 | My Florida ReSource | 8
Real Estate (and MFRMLS) is thinking global By MFRMLS Staff Thinking global, aside from thinking “green,” is the latest buzz. And it should be. According the National Association of REALTORS® (NAR), “U.S. imports and exports of goods and services are each in the $2 trillion range each year. With the expansion of international trade, the flow of people across borders has also increased rapidly, and, therefore, the demand for real estate in both residential and commercial sectors in conjunction with international transactions has been on the rise.” Quite simply, we live in a global marketplace that certainly extends into the real estate industry. And, even more to the point, Florida is one of the most popular states for international homebuyers. To assess the significance of international homebuyers in Florida, NAR, in cooperation with Florida REALTORS® (FAR), conducted a survey of REALTORS® in Florida, asking them about their experiences with international clients. Here are a few noteworthy statistics pulled from the 47-page report. Florida international sales are a major portion of the market: • Approximately 25 percent of all sales in Florida are to foreigners. • Nearly all sales are all-cash. • Foreign purchasers buy upper end homes – median approximately $174,700. • Foreign purchasers bought because of good values in U.S. housing market, helped by the weaker dollar. • Canadian homebuyers lead, with the UK now less important. Brazil and Venezuela have also become more important. • 77% percent of the REALTORS® responding to this year’s Florida survey reported that they had worked with an international client in the past 12 months, up from 65% of respondents reported in the 2010 Florida Survey. • 49% of REALTORS® reported increased international business over a one year time span
Florida is one of the most popular states for international homebuyers. Approximately 25 percent of all sales in Florida are to foreigners. Nearly all sales are all-cash. Foreign purchasers buy upper end homes – median approximately $174,700.
Florida destinations that lead the ranking in international homes sales, according to the profile: • 30% of purchases were in the Miami-Fort Lauderdale-Miami Beach area • 14% of purchases were in the Orlando-Kissimmee area • 11% of purchases were in the Tampa-St. Petersburg-Clearwater area 9 | My Florida ReSource | December 2011
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Compliance Corner
How are REALTORS® finding or receiving contacts for International purchases? • 28% friends and family • 23% referrals from previous clients • 23% online marketing • 8% business contacts So, how global are you? Have you integrated any practices into your business to attract international buyers? If not, now’s the time to do so! Below are a few ways MFRMLS can assist you in your global endeavors.
Are you leveraging the potential of your consumer site as a free global resource?
(Cont’d) they seem, do serve a purpose. If you select any of the flags, the site will allow users to search for properties in the language (i.e. flag) selected. Couple that with your custom link, and you find yourself with a website that can interact globally with your clients and generate leads back to you – all at no cost! We know diving into the global real estate arena isn’t as simply as just using a website. You need additional resources as well. With that in mind, MFRMLS has added a new Resources page to its website, mfrmls.com, and has made sure to include a section
RULES & REGS continued from page 8
phone number(s), fax number(s) and email addresses, Website URL’s and any other contact or identifying information. 2. For Internal Use Only. Contact information in the MLS system is intended for use between members for communication purposes only. 3. Violations. Members who provide contact information to any party for other than member/member communication will be subject to an automatic fine of $1,000. Second offense, $5,000. (New 11/18/11)
Please Note (of the month): Fines must be paid within 30 days of invoice date to avoid MLS suspension.
For More Information:
Are you aware that 15% of the traffic to MyFloridaHomesMLS.com is from international visitors (at the time of this issue’s publication)? Are you also aware that MyFloridaHomesMLS.com speaks over 10 different languages with the help of Proxio? Yes, the colorful array of flags at the bottom of the site, as decorative as www.MFRMLS.com
dedicated to international resources fo real estate.
Please go to http://www.mfrmls.com/ resources/rules-regs for a current version of, or questions about, MFRMLS rules and regulations. You can also contact an administration specialist at 1-800-686-7451 (option #3) for more information.
Below is a link to our new Resources page, and for 2012 why not explore the world of international real estate!
New Resources page on MFRMLS.com! http://mfrmls.com/resources December 2011 | My Florida ReSource | 10
New Additions to MyFloridaHomesMLS.com! By MFRMLS Staff Our Initiatives team has been hard at work on MyFloridaHomesMLS.com, in order to bring more value added member and consumer features to the website. Below are a few of our recent enhancements for your viewing pleasure.
Member Enhancements The reporting feature of MyFloridaHomesMLS.com now offers improved Firm Reports that provide the Firm Activity – This allows brokers with multiple offices that are “Firmed” to view all firm activity. The broker can also drill down into each office to see production totals as demonstrated below.
Broker Dashboard MyFloridaHomesMLS.com is a great free lead generating tool for our members. Now Brokers can specify whom they would prefer these leads sent to. (please see “Enhancements” next page)
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ENHANCEMENTS
continued from previous page Options include having the leads sent to the listing agent, a third party (such as an office administrator), or directly to himself or herself. This new dashboard also allows the Broker to choose to receive weekly activity reports. If you are a Broker, simply log into the Members Only area of MyFloridaHomesMLS.com to view the Dashboard and select your options.
Consumer Enhancement Lifestyle information links can now be found alongside the Property Specifications on MyFloridaHomesMLS.com! According to a 2011 survey by Better Homes and Gardens Real Estate LLC in collaboration with Meredith Corporation, one in five U.S. homeowners have either moved from their home or would like to move because their neighborhood or community wasn’t ideal for their lifestyle.
Celebrate the holidays internationally...with food!
By MFRMLS Staff
Since we’re thinking global, and it’s the holiday season, we decided to incorporate some of that global thinking into the holidays. Let’s look at what people will be eating this holiday season in certain parts of the world, according to the TLC article titled, “10 International Holiday Food Traditions.”
This statistic alone, tells us that lifestyle information is a must when conducting home searches. Therefore, now, when a Consumer searches for a home on My- (http://recipes.howstuffworks.com/ FloridaHomesMLS.com and selects one that they would like to see the property menus/10-international-holidayfood-traditions.htm) details on, they will also be able to view community, school, and nearby establishments information. We didn’t pull out all 10 but here are a few of our favorites: England: Minced pies. No longer served with meat in them, however it has fruit preserves and is topped with a crust (no crust…then it’s just a tart). Korea: Their winter solstice will find them eating red bean paste porridge. It’s a soup consisting of red beans (cooked to a paste) and rice balls.
Stay tuned, as there is more to come for MyFloridaHomesMLS.com!
Italy: They will be bringing in the New Year with lentils accompanied by a spicy sausage called cotechino. Vietman: They will be enjoying banana cakes made with coconut milk, sweet rice cakes, and bacon. So if you’re feeling adventurous this holiday season, why not prepare a few of these or research some other fabulous international holiday treats and add them into your celebrations. If you’re feeling adventurous, but not the food preparing type, plan a visit to Epcot and enjoy the eateries there!
www.MFRMLS.com
December 2011 | My Florida ReSource | 12
MLXchange is “going green” on Dec. 15! New “green,” energy-related fields are being added to MLXchange. By MFRMLS Staff As we highlighted in the October/November issue of My Florida ReSource, several new “green,” energy-related fields are coming to MLXchange, making it easier than ever for you to identify “green” property features for your clients. Update: These fields are being added to MLXchange on Thursday, December 15. In case you missed the article in the October/November issue, these new fields are being added to Residential, Income, Rental and Commercial property types. For Residential, Income and Rental property types, those fields are: —Green Certifications Example pick list options: Energy Star Home, EarthCraft House, FGBC (Florida Green Building Coalition) Green Certified, Florida Friendly Yard Recognition, LEED (Leadership in Energy and Environmental Design) for Homes and more. Please note: If listing agent selects that the property has a green
certification, the agent will be required to upload proof of the green certification as an attachment. —Green Energy Features Example pick list options: Energy Star Dishwater, Energy Star Windows, Gas Tankless Hot Water, Geothermal Heat Pump, Hydro Power, Humidistat, Solar Power and more. —Green Water Features Example pick list options: Dual Flush Toilets, High Efficiency Faucet/Fixtures, Irrigation–Low Volume, Whole House Water Purification and more. —Green Landscaping Example pick list options: Florida Friendly/Native Landscaping, Vegetable (Productive) Garden and more. —Air Indoor Quality Example pick list options: Bath Fans Vented to Outside, Fresh Air Ventilation System, Range Hood Vented to Outside, Whole House Vacuum System and more. —Disaster Mitigation Example pick list options: Above Flood Plain, Fire Resistant Exterior, Hurricane Insurance Deduction Qualified, Hurricane Shutters/ Windows, Safe Room and more.
13 | My Florida ReSource | December 2011
Additionally, plans are in the works to add some of these new “green” fields to MyFloridaHomesMLS.com, making it easier for consumers to search for any of your properties that meet any “green” standards. (Stay tuned for more information on the implementation of “green” searches in MyFloridaHomesMLS.com.) For Commercial property types, the following new “green” fields are being added: —Green Certifications Example pick list options: FGBC Green Certified Building, Energy Star Registered, Florida Green Lodging, Florida Friendly Landscape and more. Please note: If listing agent selects that the property has a green certification, the agent will be required to upload proof of the green certification as an attachment. —Green Site Improvements Example pick list options: Building Orientation, Bike Rack, Brownfield Redevelopment Site, Parking for Fuel Efficient/Hybrids, Exterior Lighting is Dark Sky Compliant and more. —Green Water Features (please see “Green” next page)
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GREEN
continued from previous page Example pick list options: Cisterns, Grey Water System, Low Flow Faucets-Sensors, Irrigation System-Reclaimed Water and more. —Green Energy Features Example pick list options: Energy Monitoring System, Green Roof, LED Lighting, Reflective Roofing Material, Solar Water Heater and more. —Indoor Air Quality Example pick list options: No/ Low VOC Cabinets/Countertops, Air Filters MERV 10+, No Smoking in Interior of Building and more. As with any changes we make, we have your success in mind. So, please don’t hesitate to contact our Help Desk at 1-800-686-7451 (option #1) with any questions you have.
“Green”
Resources! Check out the “Green” Resources section on the new Resources page of MFRMLS.com! They may provide further information on the new “green” fields in MLXchange.
http://www.mfrmls. com/resources#Green
www.MFRMLS.com
Quarterly MLXchange Changes By MFRMLS Staff In addition to the new “green” fields that are being implemented in MLXchange on Thursday, December 15, the quarterly changes to MLXchange are also being implemented on December 15. Among the changes, here are the highlighted changes: —Combining Pool options into one field —Combining Public and Additional Public Remarks fields —Creating Condo Fee and Condo Fee Payment Schedule fields —Moving Dock-Rackominium from a Property Description to a Property Style For more information, please don’t hesitate to contact our Help Desk at 1-800686-7451 (option #1) with any questions you have.
MFRMLS is Moving! By MFRMLS Staff 2011 has been a year of growth and expansion for MFRMLS. In fact, we’ve grown so much that we’ve outgrown our current office space! That’s why, this coming February, we will relocate to new offices in Maitland (just a few miles away from our current location). So, you might notice us kicking up some dust as we prepare for our move. However, our commitment to providing excellent customer service will still be intact during our transition. More details to come, closer to the date, regarding operation “MOVE MFRMLS.”
Generate Revenue With Rentals
From producing a steady stream of additional income to managing the consumer lifecycle, there are some compelling reasons to give rentals another look. By David Vivero Fishermen often get paid by the pound, so catching a small fish here and there won’t pay the bills. But what if a fisherman was equipped with not just a fishing line, but a whole net? While the fish it catches might be smaller, they would come in far greater numbers and with much more frequency. Sometimes, it’s not about the size of the fish, but how much you want to fill your boat. According to a Barron’s article written by Gene Epstein a year ago, “roughly 10 million extra folks could be moving into rentals over the next five years” — that’s on top of 40 million Americans already renting. According to census data from the second quarter of 2011, home ownership in the United States has already dropped by more than a million households in a year alone. As Epstein points out, because “echo boomers [born from roughly 1978 through 1994] are more numerous than the baby busters [born from
roughly 1965 through 1977], there are now more U.S. residents aged 15 to 29 than 30 to 44. So five years from now, the nation will have more 20-to-34year-olds than 35-to-49-year-olds.” And because of the lack of jobs and the flexibility required for job seekers over the next few years, it’s likely that many of them will opt to rent. To boot, the average renter signs a new lease every one-and-a-half years. That means people typically rent about nine times between the ages of 20 and 34. With this potential rise in the renter population, real estate professionals are truly missing the boat if they’re not involved in rentals. If you’re ignoring rentals, you could be missing out on this important and growing sector of real estate. According to the Barron’s piece, by 2015, there will be: 4.3 million more rental units and 1.8 million fewer owned homes. 463,000 fewer homes sold, equivalent to about $4.2 billion in commissions. 8.5 million more leases, worth $6.8 billion in new rental commissions.
Resources
15 | My Florida ReSource | December 2011
But just like the fishing business, in order for the rental process to be profitable, one must lease out a large number of units in a short amount of time. With rentals producing relatively small commissions compared to sales, tackling this process in the same way
it’s been done for the past 20 years may seem like more effort than it’s worth. However, this once time-consuming, paperwork-heavy system has evolved, so real estate pros can put down that fishing pole and reach for a net. But what if, instead of manually posting each and every property to sites like Zillow and Craigslist, all of your rental listings could be advertised on more than 20 different consumer Web sites with the click of a mouse? What if you could easily organize all your listings (including those from the MLS and property managers) and automate much of the application and credit check paperwork tied to the rental process? Rental relationship management, a new category of online software that’s evolved over the past couple of years, allows the broker to become the banker, lawyer, marketer, and general manager in the rental process. Web-based software allows users to efficiently manage the tasks and forms associated with each of these roles, all through one technology platform — think salesforce.com, but for rentals. And with increasingly digital-oriented consumers and real estate pros demanding more collaboration and realtime data, RRM technology is bringing people together online and filling the need for fresh housing market data. When information on property availability is old, vacancies are on the market longer. (please see “Rentals” page 18) Volume 1, Issue 7
www.MFRMLS.com
December 2011 | My Florida ReSource | 16
http://shortsale.mfrmls.com
a request Tuesday and had TWO calls from houses but she called the second time because I I call responsive! And she couldn’t have been -M. Hunt Altamonte Springs, FL
Eligibility Criteria http://loanlookup.fanniemae.com/loanlookup/ Real estate professional must be a member of a participating MLS. Real estate professional must be the listing agent for the property. Real estate professional must obtain a signed Borrower Authorization Form (BAF) from the homeowner(s) and submit it to the MLS; http://mfrmls.com/shortsale/docs/SSAD-BAF.pdf
1-800-686-7451 support@mfrmls.com
Submission Guidelines issue by working through the servicer. Real estate professional may submit the case in the event the servicer has not provided: an initial response within 20 days,
or, if the real estate professional has received an approval from the servicer for your transaction, but either the mortgage insurer or second lien holder has imposed a closing condition that is not possible for the borrower to meet. Real estate professional must address all “actionable” requests from the servicer before submitting the issue. Where additional documentation is requested, servicer response time will be
17 | My Florida ReSource | December 2011
5032 Goddard Avenue Orlando, FL 32804 shortsale.mfrmls.com support@mfrmls.com
Volume 1, Issue 7
FREE 60 Day MFCRE Trial! (Offer not valid for current MFCRE members.)
RENTALS
continued from page 15 What else might smaller fish be good for? Bait. The rewards of building relationships with consumers under the age of 35 during the rental process goes beyond the commission check brought by the signing of a lease. “Not surprisingly, the home ownership rate tends to rise with age,” Epstein explains. “For example, while the overall U.S. rate is 67.2 percent, the rate for households headed by someone under 35 is just 38.9 percent.” Technology that reminds you to touch base 11 months after you have assisted a client with renting a home not only positions you to be involved with their next move but also helps you build relationships with future home buyers. Also, many consumers would love to buy but are having trouble selling the home they own. Being able to help your clients move on by renting out their current home can free them to purchase a new one. Smaller fish can help you catch bigger fish, both now and in a few years. Rentals are a great way to stabilize your revenue in a challenging sales market and ensure your success in the future. So if casting a line and waiting for the big one to bite isn’t yielding your desired results, it may be time to grab a net and tweak your strategy. Copyright National Association of REALTORS®. Reprinted with permission.
Explore the world of commercial real estate!
Resources
See page 25 for more info!
Source: http://realtormag.realtor.org/ sales-and-marketing/feature/article/2011/10/generate-revenue-rentals www.MFRMLS.com
December 2011 | My Florida ReSource | 18
Fannie Mae HomePath Online Offer Program Now Mandatory! By MFRMLS Staff Fannie Mae has now launched the mandatory HomePath Online Offers Program to collect offers and manage the offer submission process on properties listed on HomePath.com. Agents and brokers, representing buyers, are now required to submit offers exclusively on HomePath.com. All properties listed in California and Florida are eligible on the designated launch date.
Selling Agents • Selling Agents who wish to make an offer on a Fannie Mae REO property within California and Florida are required to submit offers through the Online Offers system.
• An abbreviated version of the Agent Only Remarks is: “Beg. 12/7/11, offers must be made online via homepath.com.” • Listing agents will insert the same instructions into the Agent Only Remarks in the MLS listing on any new Fannie Mae HomePath property that you are listing in California and Florida beginning on the launch date. To download and read the entire HomePath® Online Offers Fact Sheet, visit http://tinyurl.com/online-offersfact-sheet
• Selling Agents must register to create an agent account on HomePath before submitting an offer
Real Estate Professionals with questions about HomePath Online Offers may call the Customer Support line at 866-218-4446
• Agents may access training materials by visiting: http://www.homepath. com/offerquestion.html
For additional resources visit: http:// www.homepath.com/offerQuestion. html
• Fannie Mae plans to expand the HomePath Online Offers Program to additional states in early 2012.
Additional Information that might be useful to note:
Listing Agents Fannie Mae Listing Agents must update each actively marketed Fannie Mae HomePath listing in their local MLS as follows: • In the Agent Only Remarks: “the seller has directed that all offers on this listing made on or after December 7, 2011 should be made online in HomePath.com. Please click on www.homepath.com to make an offer.” 19 | My Florida ReSource | December 2011
• This mandatory submission of offers only applies to properties held by Fannie Mae and listed on the HomePath.com website. • To find out if the owner of the property has a mortgage that is backed by Fannie Mae, visit the following link: http://www.fanniemae. com/loanlookup
Short Sale Assistance desk (SSAD). • The SSAD focuses on assisting in cases on non-responsiveness from servicers, or where the mortgage insurer or second lien holder has imposed a closing condition that is not possible for the borrower to meet.
For more information about the SSAD, please see the SSAD spotlight on page 24.
Real Estate News
• If you have a Short Sale listing and Fannie Mae backs the mortgage, you may consider using the MFRMLS Volume 1, Issue 7
Foreign Buyers Recognize Value of Home Ownership in U.S. Washington, May 18, 2011 The U.S. continues to remain a top destination for foreign buyers as international purchases surged by $16 billion this year, one of the highest increases in recent years. This is according to the National Association of Realtors®’ 2011 Profile of International Home Buying Activity. According to the survey, total residential international sales in the U.S. for the past year ending March 2011 equaled $82 billion, up from $66 billion in 2010. Total international sales were split evenly between nonresident foreigners and recent immigrants, while combined total domestic and international existing-home sales in the U.S. were $1.07 trillion. “The U.S. has always been a desirable place to own property and a profitable investment,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “In recent years we have seen more and more foreign buyers coming here to take advantage of low prices and plentiful inventory. In addition to the advantageous market conditions, Realtors® in this country have a global perspective and experience in working with clients from different cultures and real estate practices, helping them bring value to their international clients.” Historically, foreign buyers have been attracted to property ownership in the U.S. for a number of reasons. U.S. homes are generally less expensive than comparable foreign properties, homes in this country are viewed as a secure investment, and the U.S. market offers rental opportunities and www.MFRMLS.com
long-term appreciation potential. More recently, Realtors® have noticed new factors motivating foreign buyers. Many U.S. colleges and universities have a significant number of international students, and some foreign families are purchasing U.S. properties in college areas so their child has a place to live. Another source of international demand is foreign executives temporarily working in the U.S., some of whom prefer to purchase a residence instead of renting. “Besides the strength of the dollar and the general economic trends in the U.S., international buyers are also recognizing the benefits of home ownership in this country, especially in the case of recent immigrants,” said Phipps. “Many foreigners perceive owning a home here as an important accomplishment in their efforts to become established in this country.” Recent international buyers came from 70 different countries, up from 53 countries in 2010. For the fourth consecutive year, Canada was the top country of origin, with 23 percent of sales to foreigners. China was the second most popular country of origin, with nine percent of international sales this year. Tied for third were Mexico, the U.K., and India. Argentina and Brazil combined reported an increase in foreign sales with five percent, up from two percent in 2010. The top five countries of origin accounted for 53 percent of international transactions in 2011. The average price paid by an interna-
tional buyer was $315,000 compared to the overall U.S. average of $218,000. However, 45 percent of international purchases were under $200,000. This price segment has grown significantly over the years, most likely due to overall price declines in the U.S. as well as the strengthening of some foreign currencies. Almost every state had at least one international transaction in the past year. The four states with the heaviest concentration of international buyer activity have remained the same over the past five years. Florida had 31 percent of total international transactions this year, the most of any state. California had 12 percent, Texas had nine percent, and Arizona rounded out the top four with six percent of international transactions. Foreign buyers are primarily interested in three factors when deciding where to buy in the U.S.: proximity to their home country; convenience of air transportation; and climate and location. Generally, the East Coast attracts European buyers. The West Coast remains popular for Asian purchasers. Mexican buyers are traditionally attracted to the Southwestern markets. Florida is most popular among South Americans, Europeans and Canadians. Similar to last year, 28 percent of Realtors® in 2011 reported working with an international client. Fifty-five percent served at least one foreign client, while the bulk of international (please see “Foreign Buyers” page 21) December 2011 | My Florida ReSource | 20
FOREIGN BUYERS continued from page 20
transactions were handled by a small percentage of Realtors®. Only eight percent of members obtained 50 percent or more of their transactions from international clients. Sixty-one percent of foreign buyers purchased a single-family home while 36 percent bought a condo/apartment or townhouse. In addition, 62 percent of international purchases were reported as being all cash. This percentage is significantly higher than all-cash purchases for domestic buyers, mostly due to the differences in international credit reporting standards. Financing challenges continue to be a major hurdle for international buyers, with 32 percent reporting these as their reason for not buying a home. Many Realtors® reported that their foreign clients faced mortgage financing issues, as well as problems with legal, tax and immigration laws. The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
21 | My Florida ReSource | December 2011
Real Estate News
Florida had 31 percent of total international transactions this year, the most of any state.
Have you seen this icon? We like to call it the “House in the Hand” and it’s the icon for Down Payment Resource. It could help your client get a down payment for his or her home. For more information please visit http://www.mfrmls. com/member-benefits/down-paymentresource/dpr-inmlxchange Volume 1, Issue 7
GAIN GLOBAL VISIBILITY! Recipe for success for today’s real estate agents and brokerages: 1. Online visibility 2. Global networking 3. Services for multicultural clients
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December 2011 | My Florida ReSource | 22
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MFRMLS Team Member Carole Burgess, Vice President of Administration Every month we spotlight one MFR team member, in order to help distinguish the dedicated, hard-working, friendly faces we have on our MFR staff. We truly believe we have an outstanding team of individuals. And, of course, this is no coincidence, as we look to provide our members with outstanding service. So, without further ado, we are pleased to spotlight (drum roll please) … Carole Burgess, Vice President of Administration and travel enthusiast. How long have you been working at MFR? MFR and its predecessors: 30 plus years, starting with the Orlando/Winter Park Board of Realtors MLS Department back in the 80’s. What aspect of your job do you enjoy the most? I really enjoy the challenges that come with creating and implementing new programs and procedures that make us more efficient and effective at delivering member services. MFRMLS’s size and scope have grown dramatically over the past few years and it’s been exciting to help that happen, and to work with our volunteer leaders and the staffs of our fifteen shareholder associations in putting it all together. Any hobbies outside of work? Travel and cruises. Over the years I’ve used my vacations to visit France, Hungary, Czech Republic, Austria, Ireland, England, Germany, Italy, Switzerland, and Hawaii – and cruise to Jamaica, Mexico, Belize, Honduras, the Grand Caymans and the Virgin Islands. When I’m not traveling I really enjoy doing yard beautification projects. Where were you born and where were you raised? Born in Long Island, NY. My family moved to Orlando in the early 70’s and I’ve been here ever since. So, at heart, I’m a Floridian. If there’s one place in the world, all expenses-paid, you could visit tomorrow, where would that place be and why? As a long time beach lover, it would be Tahiti – for its beautiful islands, beaches and mountains. Thank you, Carole! 23 | My Florida ReSource | December 2011
Volume 1, Issue 7
Short Sale Assistance Desk
Spotlights
Did you know that MFRMLS has a service aimed at speeding up the process of short sales? It’s called the Short Sale Assistance Desk (https://shortsale.mfrmls.com). In 2009, Fannie Mae began using data provided by MLS vendors to explore some of the challenges subscribers were facing in their short sale transactions. Based on the lessons learned from this analysis, the new “desk” focuses on assisting in cases of nonresponsiveness from servicers, or where the mortgage insurer or second lien holder has imposed a closing condition that is not possible for the borrower to meet. The Assistance Desk includes:
—A comprehensive list of criteria to qualify short sales issue eligibility
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potligh
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—An efficient web-based intake form
Product and Service
—Easy-to-follow guidelines to facilitate processing of submissions —A Borrower Authorization Form (BAF) to be signed by the homeowner, giving you permission to share information related to the short sale with MFRMLS, Fannie Mae, and the servicer. Only post-offer issues related to short sales on loans owned by Fannie Mae are eligible for the Assistance Desk. Please note: The Assistance Desk is not intended to replace the normal approval channels, and escalation through this channel does not guarantee a positive resolution on your short sale transaction. We continue to collect and analyze data from short sale transactions. By working together, we hope our combined efforts and renewed commitment to further improve business practices will help expedite short sale transactions. To learn more about the Short Sale Assistance Desk, including the criteria and process by which you can submit a case, please download the following documents by visiting the following links: Short Sale Assistance Desk Fact Sheet (http://mfrmls.com/documents/ssadfacts.pdf) Short Sale Assistance Desk FAQs (http://mfrmls.com/documents/ssadfaqs.pdf) www.MFRMLS.com
December 2011 | My Florida ReSource | 24
Commercial
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Five Ways to Get More from Social Media
Scott Pollock, a broker with CB Richard Ellis’ Private Capital Group in Cleveland and author of “The Commercial Real Estate Insider” blog, has been steeped in social media for more than two years. Here’s what he’s learned: 1. Do more listening than talking. Spend time reading posts to find investors with needs that fit your listings. Laser focus on commercial real estate groups on LinkedIn and Twitter. 2. Talk, don’t write. When Pollock found his videos were getting more hits than written posts, he set up a YouTube channel for prospective clients. To create a livelier video experience, Pollock and his partner, Steve Latkovic, interview each other as they walk through a property. 3. Capture other videos on your blog. Build your library by embedding videos from sites like GlobeStreet (globest.com) or Commercial Property Executive (cpexecutive. com). Add an intro commentary that gives the video local relevance. 4. Pay attention to key words. Embed the words your audience searches for the most. In Pollock’s case, “Cleveland commercial real estate” helped get him a search engine boost. 5. Be consistent. The partners post at least once a day; otherwise traffic drops precipitously. Copyright National Association of REALTORS®. Reprinted with permission. Source: http://realtormag.realtor.org/commercial/round-up/article/2011/10/october2011-commercial-news-round-up 25 | My Florida ReSource | December 2011
Volume 1, Issue 7
Around the House
An article for current and future homeowners
LED Holiday Lights: 6 Need-to-Know Tips By: G. M. Filisko LED holiday lights vs. old-fashioned bulbs: 6 tips to help you decide which is right for you. 1. LED holiday lights save you money. LED lights use at least 90% less energy than traditional holiday lights, according to the U.S. government’s Energy Star program. That results in a $50 energy savings for the average family during the holidays, says Avital Binshtock of the Sierra Club in San Francisco. Put it into perspective: The amount of electricity consumed by one 7-watt incandescent bulb could power 140 LEDs—enough to light two 24-foot strings, says Energy Star. 2. But LED lights typically cost more than old-fashioned holiday lights. • GE 100-bulb string of Energy Star-certified LED white lights: $18.97 at Lowe’s • GE 100-bulb string of conventional white lights: $8.97
But shop around because a growing number of retailers are offering sales on LED holiday lights and, if you can’t find a sale before the holidays, you can certainly find one after. Plus, prices will surely go down as these lights gain traction. 3. LED holiday lights last and last. LED bulbs can keep your season bright for as long as 100,000 hours, says Cathy Choi, president of Moonachie, N.J.-based Bulbrite, which manufactures LED and regular bulbs. That’s substantially longer than the life of your old holiday light strings. 4. You can string a BIG strand of LED lights. Safety wise, you shouldn’t connect more than three traditional light strings, but you can connect up to 87 LED holiday light strings, totaling a whopping 1,500 feet, Choi says. So blow your neighbor’s display away by cocooning your house in lights: • You won’t have to buy as many extension cords. • You can take your holiday light-
ing display further away from the outlet. 5. LED lights reduce the risk of fire. They stay cooler than incandescent bulbs, according to Energy Star. 6. How about that hue? Some people stick with their old lights because they don’t like the brighter hue that white LED holiday lights emit. But Choi says manufacturers now offer a “warm white” bulb that more closely mimics the glow of an incandescent light. Be sure to read the label to choose a bright or warm white and to ensure what you’re purchasing is Energy Starcertified. Colored and color-changing LED holiday lights are more vibrant than conventional lights, making your display easier to see from the street, Choi says. Visit www.HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®.
Looking for consumer articles for your newsletter or for your clients? Realtor.org has a section for consumer articles that are downloadable and able to be customized with your branding. Here is the link to that section: http://realtormag.realtor.org/sales-and-marketing/handouts-forcustomers/for-buyers www.MFRMLS.com
December 2011 | My Florida ReSource | 26
Are You Getting the Most out of YOUR Consumer Website? MyFloridaHomesMLS.com is YOUR Consumer Website. Similar to a Trulia or a Zillow, MyFloridaHomesMLS.com keeps YOU at the center
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27 | My Florida ReSource | December 2011
Keeping YOU at the Center of the Transaction.
Volume 1, Issue 7
How does RatePlug help Agents in today’s market?
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RatePlug provides your prospective homebuyers with valuable payment information specific to each property they view. MFRMLS PROPERTY REPORT & LINK Online, interactive housing payments & lending info displayed side-by-side with property information on a new Consumer Report Keeps customers on listings longer You choose the lender to display Interactive mortgage tool allows homebuyers to play ‘what if’ scenarios to address their financing needs
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December 2011 | My Florida ReSource | 28
January 2012 Feature:
Looking forward to 2012 and looking back at 2011.
Happy New Year! Looking for a calendar of upcoming training classes? Visit http://www.mfrmls.com/resources/training-and-events for a complete calendar of upcoming courses. Did you know we also offer live webinars? http://www.mfrmls.com/resources/training-and-events/webinars/ cat.listevents/2011/05/20/Administration and Membership Question?
The Administration Department at My Florida Regional MLS has two main responsibilities—ensuring an accurate MLS database and maintaining your membersubscriber information.
Help Desk Hours: Monday–Friday: 7:30 AM–8:00 PM Saturday–Sunday: 8:00 AM–6:00 PM Toll Free: (800) 686-7451 Local: (407) 218-8607 http://www.mfrmls.com/membersupport/help-desk 29 | My Florida ReSource | December 2011
Whether you have questions about our MLS Rules and Regulations, listing violations, subscriber fees or simply need to update your contact information, our Administration Specialists are ready to assist you. Department hours are Monday through Friday from 8:30 AM to 5:00 PM. 1-800-686-7451 (option #3) http://tinyurl.com/mfrmls-adminmembership
Address: My Florida Regional MLS 5032 Goddard Avenue Orlando, FL 32804 Telephone: Tel: (407) 218-8607 Toll-Free: (800) 686-7451 Fax: (407) 293-6461 Volume 1, Issue 7
Social Media
Converse with MFRMLS. Keep informed. “Like” us on Facebook! http://www.facebook.com/MyFloridaRegionalMLS http://www.facebook.com/mfcre http://www.facebook.com/MyFloridaHomesMLS
Follow us on Twitter! @MFRMLS @MFCRE @MyFloridaHomes
MFRMLS Associations and Boards Shareholder Associations and Boards Bartow Board of REALTORS®— http://www.bartowboardofrealtors.com/index.html East Polk County Association of REALTORS®— http://epcar.com/ Englewood Area Board of REALTORS®— http://www.englewoodareaboardofrealtors.com/ Greater Tampa Association of REALTORS®— http://www.gtar.org/ Lakeland Association of REALTORS®— http://www.lakelandrealtors.org/ Manatee Association of REALTORS®— http://www.manateerealtors.org/ Orlando Regional REALTOR® Association— http://www.orlrealtor.com/Main/Main.asp Osceola County Association of REALTORS®— http://osceolarealtors.org/ Pinellas REALTOR® Organization— http://tampabayrealtor.com/ Punta Gorda-Port Charlotte-North Port Association of REALTORS®— http://pgpcnprealtors.com/ REALTORS® Association of Lake & Sumter Counties— http://www.ralsc.org/ Sarasota Association of REALTORS®— http://www.sarasotarealtors.com/ Venice Area Board of REALTORS®— http://www.vabr.org/ West Pasco Board of REALTORS®— http://www.wpbor.com/ West Volusia Association of REALTORS®— http://www.westvolusiarealtor.org/
Member-Subscriber Associations and Boards Desoto County Board of REALTORS®— N/A Lake Wales Association of REALTORS®— http://www.lwar.net/ www.MFRMLS.com
December 2011 | My Florida ReSource | 30
Holiday Quiz & Prize! This holiday season we would love to treat you to a Peppermint Mocha or a Gingerbread Latte, but unfortunately that just isn’t possible. Instead, MFRMLS Members who take the pop quiz below and send their correct responses to Communications@mfrmls.com will be entered into a drawing to win a Starbucks & Shopping Holiday Pack. There will be TWO lucky winners! Starbucks & Shopping prize packs include a $25 Target gift card and a $5 Starbucks card. DEADLINE (to email answers): Sunday, December 18 (11:59 pm) INSTRUCTIONS: Email your answers to Communications@ mfrmls.com with the subject line “Holiday Quiz!” Ready to get started? Let’s begin. QUIZ 1. Name the mandatory online program sellers’ agents must use, should they wish to make an offer on a Fannie Mae REO property? 2. True or False? MyFloridaHomesMLS.com has the ability to translate search listings into over 10 different languages. 3. On page 21: The “House in the Hand” icon is for what MFRMLS product?
31 | My Florida ReSource | December 2011
Volume 1, Issue 7