The monthly magazine of My Florida Regional MLS September 2011 Volume 1, Issue 5
Living the dream. Home ownership. page 3
page 5
My Florida ReSource Magazine September 2011 Volume 1, Issue 5
September 2011
My Florida Regional MLS (MFRMLS) 5032 Goddard Avenue Orlando, FL 32804 Tel: (407) 218-8607 Toll-Free: (800) 686-7451 Fax: (407) 293-6461
Living the dream. Home ownership.
Featured
3 New additions to MyFLoridaHomesMLS.com 5 Down Payment Resource: have you tried it? 7 Data Co-op has arrived!
In every issue... 11 Training & Tips —Recent My Tips of the Week
13 Resources —How to win over buyers
17 Real Estate News 19 Spotlights —Team Member: Roderick Dela Cerna, Lead Technical Support Rep. —Product and Services: ShowingTime
21 Compliance Corner (NEW SECTION!) 22 Commercial Real Estate News (presented by MFCRE) 23 Around the House (an article for current and future homeowners) 25 Off-Property: Recap of Florida Realtors® 2011 Convention & Trade Expo
1 | My Florida ReSource | September 2011
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 Information Services Carole Burgess, VP of Administration Jennifer Thompson-Kersting, Director of Marketing and Education Editorial Staff Natashia Ford, Editor Doug Wise, Editor, Creative Director
Volume 1, Issue 5
How does RatePlug help Agents in today’s market?
1.
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
2.
Provides marketing material for your Open House functions or general display. PROPERTY FLYER PROGRAM The system creates detailed flyers with property listing information and acurate mortgage payment information Created with one mouse click Can be emailed or printed Promotes both the Agent and chosen Loan Officer
3.
FREE to MFRMLS Members!
Visit www.rateplug.com/mfrmls to enroll
*Participating lenders pay a license fee.
www.MFRMLS.com
September 2011 | My Florida ReSource | 2
News Additions to MyFloridaHomesMLS.com By MFRMLS Staff
G
ood news! We are proud to announce some new additions to MyFloridaHomesMLS.com (including your Custom Link)!
Looking for Short-Term rentals? MyFloridaHomesMLS.com will have those too.
The following enhancements have been added to the MyFloridaHomesMLS.com website (including your Custom Link):
When a consumer visits MyFloridaHomesMLS.com and clicks on the Rental section, they will be able to choose “Short” (for Short-Term rentals) from the drop-down menu, giving them the opportunity to search for Short-Term rentals using an “Arrive” and “Depart” date.
For more information on how you can use the Republican National Convention to rent some of your properties, check out the Republican National Convention section in this article.
Please note: If you currently have the “Long-Term” rental field set to “No” in MLXchange (meaning you have a Short-Term rental property), you should have already received an email notifying you about the three new fields in MLXchange, “Last Date Available,” “Weeks Available 2011” and “Weeks Available 2012,” and the need to populate one of those fields.
MFRMLS is excited to bring you Down Payment Resource (DPR). DPR was just given the Inman Innovator of the Year award for new technology, and has received many accolades since being released in 2010.
—Section for rental properties (including Short-Term rentals) —Down Payment Resource —No “Find an Agent” tab (when visiting a Custom Link) —ListHub integration —Common city name search Here are the details, according to each new addition:
Rental Property Section (Including Short-Term Rentals) That’s right, when you navigate to MyFloridaHomesMLS.com, you will now see a section for rental properties. Please see the screen shot below.
This will ensure that when a consumer visits MyFloridaHomesMLS.com looking for a Short-Term rental, they will be able to enter a “Depart” date and your Short-Term rental will potentially meet their needs (if falling between the dates they’re looking for).
Also, as you may or may not know, the Republican National Convention is coming to Tampa in August 2012! Whether you’re a Democrat, Republican or just plain-dislike politics, you can use the convention and its many attendees, workers and other people to potentially rent any Short-Term rental property you have listed. 3 | My Florida ReSource | September 2011
Down Payment Resource (Info on Down Payment Assistance)
DPR is a tool used to make home ownership a reality by connecting eligible home buyers and eligible properties with government funded buyer assistance programs. DPR has been implemented into MyFloridaHomesMLS.com for consumers to utilize, as well as in MLXchange, including the option of adding DPR to IDX websites, for MFRMLS members to utilize. For more information on DPR as it relates to MyFloridaHomesMLS. com, including your Custom Link, please visit the DPR webpage for MyFloridaHomesMLS.com: http:// www.mfrmls.com/member-benefits/ down-payment-resource/dpr-andmyfloridahomesmlscom (For complete information on this exciting new benefit to your membership, including upcoming DPR webinars, please visit the new DPR Volume 1, Issue 5
webpage: http://www.mfrmls.com/ member-benefits/down-paymentresource)
refer to as the city name, rather than the name of the city the postal service uses?
(for sale or not for sale) that he or she is willing to rent for a week prior to the convention?
No More “Find an Agent” Tab for Custom Links
Now, when people visit MyFloridaHomesMLS.com and type in that community as the city name, they will potentially get search results for homes in that community.
If so, you could choose to list that property as a Short-Term rental for the week(s) in August 2012, leading up to the convention.
When consumers visit your custom link they will no longer see the “Find an Agent” tab. After all, they are your consumers. Please note: The “Find an Agent” tab will still appear when a consumer visits MyFloridaHomesMLS.com without visiting a custom link.
ListHub Integration If you are currently using ListHub, please know that MyFLoridaHomesMLS.com has now been integrated into ListHub syndication. For example, when your listing is syndicated to a website, such as Trulia, when a consumer clicks on your property and then on details for that property they will be taken to the respective property details page on MyFloridaHomesMLS.com. Additionally, the integration of MyFloridaHomesMLS.com into ListHub will potentially give you statistics (or analytics) about online visitors to MyFloridaHomesMLS.com, as a part of the typical reports you may receive from ListHub.
Common City Name Search MyFloridaHomesMLS.com has added a greater database for city names, as well as common city names (i.e. large community names) that consumers might enter to search for properties (but might not necessarily be used by the postal service). For example, do you have a large community in your city that people www.MFRMLS.com
Republican National Convention and Short-Term Rentals No politics; Just potential for renting your Short-Term rental properties The Republican National Convention is coming to Tampa, the last week in August 2012 (August 27 thru 30). Why is this significant to you? (Hint: it’s not because MFRMLS is trying to promote any sort of political agenda.) Quite simply, the answer is this: Short-Term rentals. For instance, if you were attending the Republican National Convention, would you rather stay in a hotel room or stay in the comfort of a rental property? We’re thinking the answer to that question is “the comfort of a rental property,” which is why … Whether you’re a Democrat, Republican or just plain-dislike politics, you can use the convention and its many attendees, workers and other people to potentially rent any Short-Term rental property you have listed.
On our end, we’ll be working hard to spread the word about MyFloridaHomesMLS.com to the Republican National Convention and other channels that might reach a prospective renter. More than anything, we’re always looking out for any opportunities that our members might benefit from, and the Republican National Convention is one such opportunity. As with any additions to MyFloridaHomesMLS.com and MFRMLS, in general, we hope to help in your success. With that said, be sure to stay tuned, as there may be more new additions to MyFloridaHomesMLS.com soon! Thank you for allowing us to serve you, and, as always, if you have any questions please don’t hesitate to contact our Help Desk at 1-800-686-7451 (option #1).
For instance, do you currently have a vacation or other Short-Term rental properties that you make available throughout the year? Then, obviously, you’ll have a greater opportunity to rent those properties in August 2012. Also, does your client have a home September 2011 | My Florida ReSource | 4
Have you tried Down Payment Resource?
Down Payment Resource is a new, included (no cost) MFRMLS member benefit By MFRMLS Staff My Florida Regional MLS is excited to bring you the winner of the Inman Innovator of the Year award for new technology, Down Payment Resource (DPR). DPR is a tool used to make home ownership a reality by connecting eligible homebuyers and eligible properties with government funded buyer assistance programs. It’s no secret, lack of down payment is one of the main challenges for homebuyers and a deal breaker for REALTORS®. DPR opens up additional opportunities for buyers to secure the home of their dreams and for you (the agent) to close the sale. DPR will also help position you as a local market leader regarding down payment assistance without you having to keep up with all the government programs, their eligibilities and changes. DPR is a new MFRMLS member benefit that has been integrated in the following capacities: MLXchange, IDX and MyFloridaHomesMLS.com.
Down Payment Resource for MLXchange Now, when you log into MLXchange and search a property, any property that is eligible for Down Payment Resource Assistance will display this DPR “House in the Hand” icon. Note: Only properties that qualify for assistance will display this icon. Broker Reports On Broker reports in MLXchange, selecting this icon will bring you into the Down Payment Resource website, where you will have the opportunity to view all the possible assistance programs that this particular property qualifies for. You can view each program, and based on its eligibility requirements and your client’s situation, you can match up assistance for your client and email the information to them. Customer Reports Customer reports that are emailed 5 | My Florida ReSource | September 2011
out of MLXchange will have the same DPR icon but will direct the consumer to qualify themselves by showing the programs the buyer and the property would qualify for and directs the client back to the agent sending the report for additional information regarding any of the available programs. This will ensure all leads are directed back to you! Home Screen On the Home screen of MLXchange, located in the Resources section on the right hand side, a smartlink into your member portal of Down Payment Resource is also available. This member portal has access to all of your DPR resources including information on all available programs in certain areas, helpful tutorials, as well as marketing and support tools to further assist you with DPR.
Helpful Tutorials Connecting Properties with Programs Using DPR: http://www. workforce-resource.com/user/training_module_7 Connecting Customers with Programs Using DPR: http://www. workforce-resource.com/user/training_module_8
Down payment troubles for home buyers? Real Estate News
Page 18
Volume 1, Issue 5
So what are the BENEFITS for MFRMLS Members? Some fast facts: Down Payment Resource for your IDX Website With the MFRMLS implementation of Down Payment Resource (DPR), you now have the option of adding Down Payment Resource to your IDX sites by making a slight modification to your website. Once this is done, the DPR icon and link will begin appearing on all properties that qualify for down payment assistance. When Buyers click on the DPR link, they are taken to the Down Payment Resource website where they answer a few eligibility questions. After they have answered this questionnaire, buyers are told how many properties they qualify for and are given the option of sending you a message to assist them in search. Once they have sent you a contact message, you will have detailed information regarding the property they were looking at, as well as the type of assistance they qualify for, thus giving you a very strong lead. You can also use the down payment marketing tools on your website and email signature to make clients aware of this powerful resource you have available for them. Helpful Files IDX Setup Guide: http://www.mfrmls.com/resources/document-library/doc_ download/484-idx-dpr-setup-instructions-mfrmls Tutorial Click on the following link to view a brief tutorial on how Down Payment Resource works on your IDX site: http://www.workforce-resource.com/user/training_module_3
Down Payment Resource for MyFloridaHomesMLS.com MyFloridaHomesMLS.com will now allow your clients to search for homes and potentially find properties that qualify for down payment assistance. From there they will have the ability to provide the information needed to determine eligibility. At that point, you can work to transition them through the process of purchasing their home. DPR also takes advantage of the custom link functionality and will steer the lead directly back to you if your client accessed the consumer site from your custom link you provided to them. www.MFRMLS.com
—Currently, 74% of all listings in the MFRMLS inventory could possibly provide down payment assistance to your buyer. — Although consumers can search for eligible Down Payment Assistance properties on MyFloridaHomesMLS.com, in order for them to complete the process of securing the assistance, they will need to contact the REALTOR® tied to the property to continue the process. — Do you know in advance that a client might have difficulty in securing a down payment during their home search? Why not search for and send eligible properties to them directly from MLXchange? — Be sure to keep an eye on your email for qualified leads as Down Payment Resource directs the consumer right back to you! — Offer another valuable resource to your clients by adding Down Payment Resource to your IDX site. Don’t loose a sale due to lack of down payment! For more information, please see the article to the left or go to www.mfrmls.com/member-benefits/ down-payment-resource September 2011 | My Florida ReSource | 6
MLS Data Co-op for MFRMLS Members is Here! We are excited to announce that MLS Data Co-op™ is now available for My Florida Regional MLS members. Best of all, there’s no additional fee to use MLS Data Co-op, so be sure to take advantage of this new, value-added MLS tool!
MLS Data Co-op from CoreLogic® MarketLinx® provides new tools, new reports, and a new way to access MLS listings. MLS Data Co-op features an innovative map-based interface that delivers a wealth of property information. Better yet, specific MLS Data Co-op reports will be available as a link directly within MLXchange as well as in MLX Help.
MLS Data Co-op gives you access to a wide range of property information in our market area and well beyond including: • Property, tax, sales, deed and mortgage data • Neighborhood demographic report • Property characteristics
• School information
• Enhanced mapping and parcel boundaries
• Real estate trends
• Sales history
• Foreclosure map overlays (pre-default, auction and bank-owned/REO)
• Price and days on market analysis
• RealAVM™ report
• Nearby comparable sales
• LAMAR™ report
• Community demographic charts 7 | My Florida ReSource | September 2011
Volume 1, Issue 5
RealAVM™ – MLS Enhanced Property Value Report CoreLogic’s patented automated valuation model (AVM) used by 18 of the top 20 lenders is available within the MLS Co-op or as a link within your MLXchange system. RealAVM is a supplement tool for your market analysis and lets you preview the property values lenders are likely to see when evaluating buyers’ loan applications.
LAMAR™ – Listing and Market Activity Report Listing and Market Activity Report combines public property records with your MLS data to provide you with a comprehensive view of local market conditions and key information on a subject property in relation to nearby listings and comparable sales, AVM property valuation, days on market, inventory and price and market trends compiled from both MLS and tax data. Available within the MLS Co-op or as a link within your MLXchange system. Side-by-side View of Foreclosures and Listings on a Map See which properties are in various foreclosure stages, locally and in other markets along with (Please see “Data Co-op” page 9) www.MFRMLS.com
MLS Data Co-op
Additionally, Data Co-op gives you access to:
September 2011 | My Florida ReSource | 8
DATA CO-OP continued from page 8 listings in all statuses. The Data Co-op makes it easy to evaluate properties in the three foreclosure stages and see foreclosure activity around a listing or within a neighborhood. By combining all of this information in one map, you will see a true 360 degree view of the entire market. Note: If your office primary board membership is with REALTORS® Association of Lake & Sumter Counties, you will not be able to access the Data Co-op. For issues and concerns regarding this matter please contact your Association. Training As usual, our training team is ready to assist you in getting the most out of the Data Co-op so register for a training webinar now. To see the list of upcoming Data Co-op webinars and to register, please visit http:// www.mfrmls.com/member-benefits/ mlxchange-benefits/data-co-op and scroll down to the bottom of the article. Questions
What MFRMLS members are saying about Data Co-op: The Data Co-op is AMAZING! Such a great tool and time saver! —MFRMLS member on MFRMLS Facebook page I love the new @CoreLogicInc data tools that were just integrated into our MLS! Thanks @MFRMLS —MFRMLS member on Twitter
Still have questions regarding the Data Co-op? Take a look at the Frequently Asked Questions document. If you still have questions after reading the FAQs please feel free to contact our helpdesk department at 800-686-7451 at ext 1400.
9 | My Florida ReSource | September 2011
Volume 1, Issue 5
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
www.MFRMLS.com
September 2011 | My Florida ReSource | 10
&
Training
Tips
Recent My Tips of the Week Were you aware you could access Transaction Desk on your iPad (or any tablet device)? 1. Go to www.transactiondesk.com/mfrmls in your tablet browser. 2. Select the button titled “Login via SafeMLS Single Sign-On” 3. This will take you to a log in screen that looks exactly like MLXchange (but is compatible with all browsers). Enter the same ID and Password you use to access MLXchange. You now have access to Transaction Desk! 4. To view a webinar on how to best utilize Transaction Desk, go to http://www.youtube.com/watch?v=KiNCjq7O7lI
Did you know that you can print mailing labels from IMAPP? 1. Access IMAPP by clicking on Tax Search in MLXchange. 2. Then select the county out of the drop down list (example: Pasco). 3. Type in criteria (example: subdivision or property zip code) and click the Perform Search button. 4. Then click the Create Mail Labels button in the results screen. 5. Select “owner” or “owner at property address” and select the type of label you wish to print from the Label Type list. 6. Then click on the Create Labels as PDF button. 7. Click on print, set the “page scaling” to “none”, take the check out of “autorotate and center” and take the check out of “choose paper source by pdf.” 8. You’re ready to print! New to MFRMLS or looking for a refresher? Check out the MFRMLS Orientation Video on the MFRMLS University YouTube Channel: http://www.youtube.com/mfrmlsuniversity#p/a/u/0/bzlSTFUFEo 11 | My Florida ReSource | September 2011
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. Volume 1, Issue 5
www.MFRMLS.com
September 2011 | My Florida ReSource | 12
How to Win Over Buyers
No matter how well educated your buyers are, they still need information on how a real estate transaction works. Use consultation appointments to inform them and become a trusted resource in the process. completes the buyers’ education. May 2011 | By Rich Levin
Buyers are more educated in today’s market. They have more access to information regarding properties and their value. Plus there are practically unlimited real estate resources online for practitioners. These combined factors should make the real estate professional’s job easier, but for many, they don’t. Why? There are two problems: The information may not be accurate or relevant to a specific market. The information is almost certainly incomplete.
“An Educated Consumer Is Our Best Customer” Two adages speak to today’s buyer: “An educated consumer is our best customer.” (the slogan of Syms clothing stores) “A little learning is a dangerous thing.” (written by English poet Alexander Pope) Whether the real estate pro finds buyers easier or more difficult to work with depends on whether that practitioner respects and
Resources 13 | My Florida ReSource | September 2011
Have the buyers obtained a copy of the contract and paperwork online? Probably not, and most paperwork has many pages plus addenda. Do the buyers know what real estate trends apply to their market? Do they know what to do when the inspection reveals a problem? Contracts, inspections, financing, negotiation — there are far too many steps in the transaction process for most buyers to pick up on their own.
A Simple and Powerful Process The most successful buyer’s agents learn to ask a few simple questions (adjust to the circumstances of you and your buyer accordingly): “The purchase documents in our area are six pages, plus disclosures and addenda. Has anyone given you a copy of the latest documents and reviewed with you the parts that are going to be relevant for your purchase? I find it helps a lot to be familiar with the documents so you aren’t seeing them for the first time when you’re making that $200,000 decision. Would you like to get a copy and take a look at those together?” “There are inspectors, appraisers, attorneys, title companies, lenders, and real estate agents involved in the transaction. Would it be helpful to go through the process step-by-step so you know what to expect and get some idea of what might come up? It often reduces some pressure and allows you to enjoy the process with greater confidence. Would that be helpful to you?”
These simple questions lead buyers to make a consultation appointment, which can establish enormous confidence and trust in you, the agent. Buyers subsequently go along more easily with your recommendations through the negotiations, which actually can reduce the number of homes they need to view. They find the experience so valuable that they begin to refer you to friends and relatives. At the consultation appointment, review each step of the process, educating and preparing buyers. Do they understand the type of financing they’re trying to get? Do they have any questions about it? Even if you don’t have the answers, you can take the lead getting a clarification and making sure buyers are aware of what’s included in their closing costs and their payments, and in reducing cash needed with seller contributions. You also should explain what buyers can expect: Describe problems that could arise and how you’ve solved them and protected buyers’ interests in the past. As you conduct these presentations, you’ll quickly discover two things: how much buyers don’t know — even the educated ones — and how much they misunderstand. As you realize the value and power of these consultations, you’ll learn to go into deep detail, continuously confirming buyers’ understanding. Changing laws and financing situations — such as explaining short sales and foreclosure procedures — are just a few reasons that the time you spend preparing buyers works to everyone’s benefit. Copyright National Association of REALTORS®. Reprinted with permission. Source: http://tinyurl.com/4xk95r6 Volume 1, Issue 5
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
www.MFRMLS.com
5032 Goddard Avenue Orlando, FL 32804 shortsale.mfrmls.com support@mfrmls.com
September 2011 | My Florida ReSource | 14
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
Got Buyers?
custom link will be displayed on the landing page.
Got Stats?
Try It Out Today!
mfrmls.com
15 | My Florida ReSource | September 2011
Keeping YOU at the Center of the Transaction.
Volume 1, Issue 5
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www.MFRMLS.com
September 2011 | My Florida ReSource | 16
Home listing prices rising in Florida ORLANDO, Fla. – Sept. 26, 2011 – Prices are rising in Florida. Florida cities have had the largest year-over-year increases in average list prices, according to the latest real estate data from Realtor.com. Based on August data of 2.2 million listings in 146 markets, Florida cities make up nine of the top 10 places for highest year-over-year list price spikes.
9. Ocala, Fla. Average list price: $193,360 Year-over-year increase: 12.07% 10. Lakeland-Winter Haven, Fla. Average list price: $181,409 Year-over-year increase: 11.48% 11. Orlando, Fla. Average list price: $319,419 Year-over-year increase: 10.56%
Nationwide, the average list price is $320,325, up 2.36 percent year-overyear.
12. Portland-Vancouver, Ore.-Wash. Average list price: $314,537 Year-over-year increase: 10.52%
Here are the top 15 cities boasting the highest percentage of year-over-year increases in average list prices.
13. Boise City, Idaho Average list price: $212,588 Year-over-year increase: 10.43%
1. Miami Average list price: $640,332 Year-over-year increase: 27.4%
14. Springfield, Illinois Average list price: $174,537 Year-over-year increase: 9.12%
2. Fort Myers-Cape Coral, Fla. Average list price: $443,570 Year-over-year increase: 26.27%
15. Shreveport-Bossier City, La. Average list price: $211,414 Year-over-year increase: 8.34%
3. Central-Fla. rural service area Average list price: $405,809 Year-over-year increase: 19.41%
Source: Melissa Dittmann Tracey, Realtor® Magazine Daily News
4. Punta Gorda, Fla. Average list price: $267,066 Year-over-year increase: 16.37% 5. Macon, Ga. Average list price: $193,520 Year-over-year increase: 15.98% 6. Sarasota-Bradenton, Fla. Average list price: $466,785 Year-over-year increase: 15.86%
Reprinted with permission. Florida Realtors®. All rights reserved. Source (from Florida Realtors®): http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=265349
Real Estate News
7. Naples, Fla. Average list price: $713,087 Year-over-year increase: 15.13% 8. West Palm Beach-Boca Raton, Fla. Average list price: $591,895 Year-over-year increase: 14.68% 17 | My Florida ReSource | September 2011
Volume 1, Issue 5
Down Payment Remains Obstacle to Home Ownership Daily Real Estate News | Thursday, September 22, 2011 More than half of renters who wish to buy a home say they are unable to because they’re not able to save enough for a down payment, according to Trulia’s Fall 2011 American Dream survey. Lack of a down payment proved to be the biggest obstacle for young adults (1834 year olds), as 62 percent cite it as the reason they have been unable to buy a home. Among those aged 35-54, the bigger concern was qualifying for a loan and having a poor credit history, the survey found.
“
Lack of a down payment proved to be the biggest obstacle for young adults (1834 year olds), as 62 percent cite it as the reason they have been unable to buy a home.
“From saving enough for a down payment to qualifying for a mortgage and having a poor credit history, today’s aspiring home owners face many financial obstacles in order achieve their American Dream of home ownership,” says Jed Kolko, Trulia’s chief economist. “These obstacles keep some would-be home owners from taking advantage of low mortgage rates. On the other hand, they prevent some people from buying homes they can’t really afford. Government home ownership policies can target some of these obstacles to home ownership, but only stronger economic recovery will help households facing multiple obstacles become better able to buy homes.”
Home Ownership Still Ranks High Despite the sluggish real estate market, Americans aren’t turned off to home ownership. In fact, 70 percent of Americans say home ownership is part of achieving the American Dream, according to Trulia’s survey. Fifty-seven percent of current home owners say owning a home is among the best long-term investments they could make, and 80 percent of home owners said they plan to buy another home in the future. Copyright National Association of REALTORS®. Reprinted with permission.
“
Source: http://realtormag.realtor.org/daily-news/2011/09/22/down-paymentremains-obstacle-home-ownership
Check out the Down Payment Resource article on page 5!
www.MFRMLS.com
September 2011 | My Florida ReSource | 18
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MFRMLS Team Member Roderick Dela Cerna, Lead Technical Support Rep. 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) … Roderick Dela Cerna, Lead Technical Support Representative and golf enthusiast. How long have you been working at MFR? I have been with MFR for 5 months. What aspect of your job do you enjoy the most? I really enjoy resolving any member’s issues, especially if I was the last resort! Any hobbies outside of work? I live, eat and breath GOLF. What’s your favorite course, that you’ve played? I played at Anaheim Hills Golf Course in California. It’s a beautiful course with high elevations, which was such a break from the flat courses here in Florida. Any confiding what your handicap is? Before my son was born, it was about 15. Now, it’s about 20. Where were you born and where were you raised? I was born in Cebu City, Philippines. I came to the US when I was ten months old and was raised in Chicago, IL, as well as Sumter, SC (Air Force Brat) and Orlando. If there’s one place in the world, all expenses-paid, you could visit tomorrow, where would that place be and why? Scotland. It’s the birthplace of golf. Thank you Roderick! Thank you for your answers and for being a great team member! 19 | My Florida ReSource | September 2011
Volume 1, Issue 5
Spotlights
ShowingTime Streamlining the Showing Process ShowingTime automates the process of coordinating showing requests between the listing agent and the showing agent. But more than that, it eliminates unnecessary phone calls, improves client service, allows for better accountability, and provides better security for the property.
Eliminate Unnecessary Phone Calls For each property listing in MLXchange, you will find the ShowingTime icon. When you click on the icon and confirm your login information, you will have quick access to the listing agent’s showing instructions, and if required, you can request a showing online. An online notepad allows the showing agent to ask questions or add comments, just as they would over the phone. Once the request is made, an Email is sent to the listing agent immediately for approval. One Email can eliminate a chain of phonetag phone calls.
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Product and Service
ShowingTime helps listing agents respond quicker to showing agents, and it allows showing agents to respond more quickly to their buyers. As a result, home sellers get, on average, more traffic for listings that take advantage of ShowingTime.
Accountability ShowingTime keeps a record of each showing request. Accessing the online reports helps agents follow up with and get feedback from the showing agents. Sellers benefit because their listing agent can show them the level of interest their property is receiving.
Security Only Florida licensed real estate agents who are subscribers to MFRMLS have access to the Showing Instructions. That means a listing agent knows that a request made through ShowingTime has been pre-screened as coming from a licensed professional. With a phone call request, a listing agent must trust the showing request is legitimate or attempt to verify the request personally. As a result of ShowingTime, the seller’s property is more secure. By integrating ShowingTime with the Supra KeyBox, a listing agent can know exactly when a property was entered, and by whom. www.MFRMLS.com
September 2011 | My Florida ReSource | 20
Compliance Corner
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.
AUGUST statistics for rules violations: Total number of Warnings: 11,909 Total number of Agents Reported: 1,949 Total number of Fines assessed: 180
Top Five Violations for August 1. Status – failure to change the status from pending to sold within two business days of the closing. 2. Active with Contact (AWC) – fail21 | My Florida ReSource | September 2011
ure to have seller’s written authorization and/or add the “Active with Contract” in the Public Remarks directly after “Short Sale,” if applicable. 3. Short Sale – failure to add “Short Sale” as the first two words in the Public and Realtor Remarks. 4. 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. 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.)
rent version of, or questions about, MFRMLS rules and regulations. You can also contact a compliance or administration specialist at 1-800-6867451 (option #4) for more information.
Other compliance notes: Please make sure to accurately reflect the selling agent on your listings. Failure to do so could result in the selling agent not obtaining the proper credit for sale (this could be you one day) and/or a fine for you. When reported by the selling agent, only MFRMLS administration can correct the issue after the supporting documentation is received.
Look for this section, “Compliance Corner,” every month!
Please go to http://www.mfrmls. com/resources/rules-regs for a curVolume 1, Issue 5
Real Estate
5 Tips for Finding New Commercial Real Estate Revenue Streams As the economic recovery lags, businesses realize they need to do even more to cut expenses, reduce payrolls, and find new sources of revenue. But what is left to cut? Where can they find new streams of revenue? Real estate is often a company’s most valuable asset, and real-estate related moves can yield the biggest return on investment. In the July/ August issue of CIRE magazine, Martin N. Burton shares 10 strategies that commercial real estate professionals and their clients can employ to find additional savings and new avenues for cash flow. Here are five highlights:
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Property Assessed Clean Energy bonds can make green retrofitting even easier, allowing cities to finance a property owner’s green improvements.
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1. Divide and Prosper – If the time has come to sell off an asset, owners can maximize the chances of sale and total return by selling off smaller parcels instead of a single large one. Not only do smaller parcels typically sell for higher per-square-foot values, but their lower overall prices attract more potential buyers. 2. Embrace This Audit – Some companies have begun to adopt green practices, such as switching to fluorescent bulbs, or making sure employees turn off lights and computers regularly at the end of each day. But a comprehensive energy audit can help leverage the benefits of these improved practices to achieve even greater savings. 3. Bond with PACE – Property Assessed Clean Energy bonds can make green retrofitting even easier, allowing cities to finance a property owner’s green improvements. The owner repays the loan through tax assessments on that property over 20 years. In many cases, the money saved in reduced energy expenses is enough to cover the loan and bring in cash flow. 4. Increase Parking Revenues – Parking operation changes hold enormous upside potential for properties located in high parking demand areas. This is because the primary investment required to raise parking income is in management and not physical construction. A change in operations can unlock the hidden value in pricing for weekend, weekday, in-season, out-of-season, reserved, and valet parking, increasing parking “turns” and, consequently, revenues. Even changing the mix of just a portion of stalls from monthly reserved parking to daily or hourly parking can have a substantial impact on cash flow. Contact a parking (please see “5 Tips” page 25) www.MFRMLS.com
September 2011 | My Florida ReSource | 22
Commercial
Real Estate
5 TIPS
continued from page 24 professional for a look at just how much money can be made. 5. Get Paid for Rays – Until recently, electricity generated from solar panels on one’s property could only be used to offset the electricity used on that site. Now, feed-in tariffs allow property owners to sell excess solar power directly to a utility. The electricity generated on rooftops feeds into the utility’s power lines, for which the utility pays a tariff to the property owner. Copyright National Association of REALTORS®. Reprinted with permission.
Green Still Adds Value Even in a volatile market, green office buildings post significantly better returns than their less-environmentally friendly competitors. Those are among the findings from a recent study by Nils Kok and Pier Eichholtz of Maastricht University in the Netherlands and John M. Quigley of the University of California at Berkeley. Using data from more than 25,000 commercial buildings on the listing site of the CoStar Group, the authors determined that buildings holding either the Energy Star rating from the U.S. Environmental Protection Agency or the LEED certification from the U.S. Green Building Council had rents that averaged 3 percent higher than comparable office buildings in the same market. In 2007, effective rents—the rent multiplied by the occupancy rate—for green buildings averaged 7.5 percent higher; by 2009, the rent premium had dropped to 5.1 percent. The authors note that some of this variation could occur because green buildings are often newer and larger than competitors.
ings listed on CoStar sold for about 13 percent more than comparable properties. “This strongly suggests that property investors value the lower risk premium—perhaps the insurance against future increases in energy prices—inherent in certified commercial office buildings,” conclude the authors. Copyright National Association of REALTORS®. Reprinted with permission. Source: http://realtormag.realtor.org/ commercial/round-up/article/2011/09/ september-2011-commercial-newsround-up
this section presented by
The study, “The Economics of Green Building,” also determined that between 2004 and 2009, green build23 | My Florida ReSource | September 2011
Volume 1, Issue 5
Around the House
An article for current and future homeowners
We hope My Florida Resource is what it claims to be … a resource to you. We know anything that helps your clients in turn does the same for you. So we thought it would be nice to include this “Around the House” section. It’s a place where we share consumer articles with you that can be passed along to your clients or included in your newsletter content.
6 Creative Ways to Afford a Home 1. Investigate local, state, and national down payment assistance programs. These programs give qualified applicants loans or grants to cover all or part of your required down payment. National programs include the Nehemiah program, www.getdownpayment.com, and the American Dream Down Payment Fund from the Department of Housing and Urban Development, www.hud.gov.
(Did someone say down payment assistance? Check out the article on page 5 of this issue of My Florida ReSource.)
2. Explore seller financing. In some cases, sellers may be willing to finance all or part of the purchase price of the home and let you repay them gradually, just as you would do with a mortgage.
4. Ask your family for help. Perhaps a family member will loan you money for the down payment or act as a cosigner for the mortgage. Lenders often like to have a co-signer if you have little credit history.
3. Consider a shared-appreciation or shared-equity arrangement. Under this arrangement, your family, friends, or even a third-party may buy a portion of the home and share in any appreciation when the home is sold. The owner/occupant usually pays the mortgage, property taxes, and maintenance costs, but all the investors’ names are usually on the mortgage. Companies are available that can help you find such an investor, if your family can’t participate.
5. Lease with the option to buy. Renting the home for a year or more will give you the chance to save more toward your down payment. And in many cases, owners will apply some of the rental amount toward the purchase price. You usually have to pay a small, nonrefundable option fee to the owner.
The above article is just one of the many articles you can find in the consumer, handout section on Realtor.org. Their consumer articles are downloadable and able to be customized with your branding. Here is a link to their consumer, handout section: http://realtormag.realtor.org/sales-and-marketing/handouts-forcustomers/for-buyers
www.MFRMLS.com
6. Consider a short-term second mortgage. If you can qualify for a short-term second mortgage, this would give you money to make a larger down payment. This may be possible if you’re in good financial standing, with a strong income and little other debt. Source: http://realtormag.realtor.org/ sales-and-marketing/handouts-forcustomers/for-buyers/6-creative-waysafford-home
September 2011 | My Florida ReSource | 24
Off-Property
Florida Realtors® 2011 Convention & Trade Expo
Recap
Thank you to everyone who visited us at the Florida Realtors® 2011 Convention & Trade Expo. We had a blast, and we hope to see you at future events. Don’t forget, events that we attend are a great way to meet us and ask us any questions that have been on your mind. Calling our Help Desk or Administration department and speaking with those friendly folks is nice, but we know it’s nice to sometimes ask questions inperson, as well.
Our computer was playing Down Payment Resource (DPR) tutorials. See screen shot below. Katie McCoy, an MFRMLS Trainer, is all-smiles, as she prepares the MFRMLS booth.
For a list of upcoming events that we plan to attend, please see the upcoming events list on the next page. Please note: All event names highlighted in yellow are the ones we plan to attend and have a table. Events and MFRMLS attendance are subject to change.
Screen shot of a DPR tutorial. “What is Down Payment Resource,” asks the tutorial.
Austin Powers, of the acclaimed films, titled “Austin Powers,” works his “mo-jo” on Sue Queen, one of our friendly faces on the Help Desk team.
Natashia Ford, Communications Specialist, and Connie Kazakowitz, Member Services Specialist (and MFCRE expert), work the MFCRE booth.
This year’s convention and trade show had a Hollywood theme. 25 | My Florida ReSource | September 2011
Volume 1, Issue 5
*Event names highlighted in yellow are events MFRMLS plans to attend and have a table.
Upcoming Events:
Venice Area Board of REALTORS® (VABR), Annual Golf Scholarship Tournament Date: Friday, October 7 Location: The Plantation Golf & Country Club Registration: 11:00 a.m.—Shotgun Start: 12:30 p.m.—Dinner around 5:00 p.m. Visit http://www.vabr.org/#/upcoming-events/4550713868 and find this event on the calendar for more information. Sarasota Technology Expo Date: Friday, October 28 Location: Sarasota County Technical Institute (SCTI) Time: 8 am Visit http://www.sarasotarealtors.com/about/event.cfm?eveID=307 for more information.
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/-
www.MFRMLS.com
September 2011 | My Florida ReSource | 26
Going green.
October 2011 Issue Feature:
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 27 | My Florida ReSource | September 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 5
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
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Volume 1, Issue 5