Salt Lake REALTOR® April issue by Mills Publishing Inc.

Salt Lake

REALTOR

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April 2014

The Best of

March 2012

2013 Realtor速

Awards p. 14

First Impressions Never Die p. 32 Sharing Listing Data p. 36

rtfully uniting an exceptional brand with extraordinary sales associates Our Most Recent Agent Associations

Bob Welsh

Lance May

Matt Harrison

Tammy Basinger

Jeff Sidwell

Chris Sidwell

Debbie Nisson

Nancy Davies

Summit Sotheby’s International Realty, a name synonymous with quality, excellence and unparalleled marketing, offers exemplary service to real estate buyers and sellers at all price points in Utah.

For a confidential introduction to the Sotheby’s International Realty brand and our full service brokerage, please text or call Bob Welsh at 801.560.1718.

SummitSothebysRealty.com 2455 E Parley’s Lane, Suite 240, Salt Lake City, UT 84109

©MMXIV Sotheby’s International Realty Affiliates, Inc. All Rights Reserved. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates, Inc. An Equal Opportunity Company. Equal Housing Opportunity . Each Office Is Independently Owned And Operated.

Table of Contents Features 14 The Salt Lake Board of Realtors®

The recent securitization of single family homes has alarmed some housing analysts who fear that these properties could be dumped back on the market simultaneously causing prices to tumble. p. 46

Best of 2013 Awards

20 The Best of 2013 Photo Essay 24 The Concept of What Adds ‘Value’ to a Home is Subjective, at Best Hank Miller, Inman News

30 Realtor® Ski Day Photo Essay 32 Six Ways to Make a Bad First Impression Joe Baker

36 Do You Know Where Your Listings Are? Meg White

46 Are Big Investors a Problem?

Ken Fears

Columns 7 The Best Prize Angie Domichel Nelden – President’s Message

Departments 8 Happenings 8 In the News 50 Housing Watch 52 Realtor® Connections

On the Cover: Photo: © istockphoto.com/Kativ Photo left: © istockphoto.com/Nikada

This Magazine is Self-Supporting

Salt Lake Realtor® Magazine is self-supporting. The advertisers in this magazine pay for all production and distribution costs. Help support this magazine by advertising. For advertising rates, please contact Mills Publishing at 801.467.9419. The paper used in Salt Lake Realtor® Magazine comes from trees in managed timberlands. These trees are planted and grown specifically to make paper and do not come from parks or wilderness areas. In addition, a portion of this magazine is printed from recycled paper.

Salt Lake

REALTOR slrealtors.com

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April 2014 volume 74 number 4 The Salt Lake REALTOR® (ISSN 2153 2141) is published monthly by Mills Publishing, located at 772 E. 3300 South, Suite 200 Salt Lake City, Utah 84106. Periodicals Postage Paid at Salt Lake City, UT. POSTMASTER: Send address changes to: The Salt Lake REALTOR,® 772 E. 3300 South, Suite 200 Salt Lake City, Utah 84106-4618.

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Salt Salt Lake Lake

REALTOR

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President Directors Managing Editor Angie Domichel Nelden Dave Anderton Cheryl Acker Coldwell Banker Residential

At Home Realty

Copy Editor

M. Brock Andersen First Vice President Georgia Cuthbert Prudential Utah Real Estate Dave Robison Communications Committee Jared Booth Robison & Co. Coldman Banker Lori Lee – Chairwoman Annie Hedberg – Vice Chairwoman Tom Colemere Second Vice President Colemere Realty Publisher Troy Peterson Inc.Linda Geer Equity Real Estate Mills Publishing,Coldwell Banker Residential www.millspub.com Shirley Jacobson President Sales StaffReal Estate Treasurer Windermere Miller Paula Bell Adam Dan Kirkham Lisa Jungemann Kirkham Real Estate Bill LinesReal Estate Windermere Office Administrator Karen Malan Cynthia Bell Snow Tony Ketterling Paul Nicholas Past President Equity Real Estate Art Director Don Nothdorft Dave Frederickson Mike Morgan Jackie Medina Keller Williams Keller Williams Administrative Assistant Magazine Designer ChloéMichael Herrman Rowe Erin Tripp CEO Prudential Utah Real Estate Office Assistant Curtis Bullock Graphic Design SharonSnow Spratley Jessica Prudential Utah Real Estate Erin Tripp Ken Magleby Patrick Witmer Advertisinginformation informationmay maybe beobtained obtainedby bycalling calling Advertising (801)467-9419 467-9419ororby byvisiting visitingwww.millspub.com www.millspub.com (801)

Managing Editor Directors President DeAnna Dipo Dave Anderton Cheryl Acker Distinctive Properties

At Home Realty

First Vice President Publisher Jillinda Bowers Purdential Utah Donna PozzuoliMills Publishing, Inc. Daniel Christensen Prudential Utah www.millspub.com Coldwell Banker

Second Vice President President Sarah M. Colbert Dave Frederickson Dan Miller Summit Sotheby’s Keller Williams Art Director Tom Colemere Treasurer Jackie Medina Colemere Realty Charlotte Thomas Kim Farber-Lynch OfficeEquity Administrator Graphic Design Keller Williams Real Estate Cynthia Bell Snow Leslie Hanna Lisa Hyte PastKen President Magleby RE/MAX Canyons Office Assistant Bill Heiner Patrick Witmer JessicaJacobson Snow Shirley RE/MAX Associates

Sales Staff Chief Executive Officer Paula Bell Bryan Kohler Karen Malan Paul Nicholas

Windermere

Administrative Assistant Fred Law Kyrsten Holland Law Real Estate Angie Domichel-Nelden Coldwell Banker

Troy Peterson Equity Real Estate

The Best Prize

Salt Lake Board: (801) 542-8840 Salt Lakee-mail: dave@saltlakeboard.com Board: (801) 542-8840 e-mail: dave@saltlakeboard.com Web Site: www.slrealtors.com Web Site: www.slrealtors.com The Salt Lake Board of REALTORS® is pledged to the letter and spirit of U.S. policy ® for the equal housing opportunity the nation. We The Saltachievement Lake Board ofofREALTORS is pledged to thethroughout letter and spirit of U.S. policy encourage and support the affirmative advertising throughout and marketing for the achievement of equal housing opportunity the program nation. Wein which thereand are support no barriers obtaining advertising housing because of race, color, religion, encourage thetoaffirmative and marketing program in sex, handicap, familial or national origin. which status, there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin. The Salt Lake REALTOR® is the monthly magazine of the Salt Lake Board of REALTORS®. Opinions ® persons quoted in articles are their own and do not necessarily expressed by writers is the monthly magazine of the Salt Lake Board of REALTORS®. Opinions The Salt Lake REALTORand reflect positions of theand Saltpersons Lake Board of REALTORS expressed by writers quoted in articles®. are their own and do not necessarily reflect positions of the Salt Lake Board of REALTORS®. Permission will be granted in most cases, upon written request, to reprint or reproduce articles well and photographs this issue, provided proper is given to The Salt Lake REALTOR®, as Permission will beingranted in most cases, uponcredit written request, to reprint or reproduce articles ® as any writers and photographers whose names appear withtothe andREALTOR photographs. , as well andtophotographs in this issue, provided proper credit is given Thearticles Salt Lake While unsolicited original manuscripts and photographs related to the real estate profession as to any writers and photographers whose names appear with the articles and photographs. are welcome, no payment is made for their in the publication. While unsolicited original manuscripts and use photographs related to the real estate profession are welcome, no payment is made for their use in the publication. Views and opinions expressed in the editorial and advertising content of the The Salt Lake ® ® not necessarily by theand Saltadvertising Lake Board content of REALTORS REALTOR Views andare opinions expressedendorsed in the editorial of the. However, The Salt Lake advertisers do not make publication of this magazine so consideration products and necessarily endorsed by the Saltpossible, Lake Board of REALTORS®.ofHowever, REALTOR® are services listed greatly appreciated. advertisers doismake publication of this magazine possible, so consideration of products and services listed is greatly appreciated.

ach year for the past 68 years the Salt Lake Board of Realtors® has recognized its top producers and teams by sales volume and service. This year was no exception. In March, the Board hosted its Best of 2013 Awards luncheon, honoring members in 13 separate award categories.

It was a privilege to take part in the presentation of the 2013 awards. This year was an incredible year in terms of the number of award applications we received. Our association represents nearly 6,200 real estate professionals – sales agents, brokers, affiliates and appraisers located in more than 900 offices in Salt Lake and South Davis counties. The staff reviewed nearly 130 separate applications for this awards luncheon. This tells me that 2013 was a remarkable year in real estate. The competition to win an award has definitely tightened over the past several years. The award categories this year included: Distinguished Service, Hall of Fame, Affiliate of the Year, Good Neighbor, Managing Broker of the Year, Special Recognition, President’s Award, Rookie of the Year, Small Sales Team of the Year, Medium Sales Team of the Year, Large Sales Team of the Year, Saleperson of the Year and Realtor® of the Year. Let me just say how excited I was to share the day with so many distinguished colleagues. As I participated in the event, I was inspired by the achievements of the finalists and award winners. This year’s award winners have excelled in providing professional service to countless families and individuals. They have also generously given of their time, talent and energy to the real estate profession and our community. Theodore Roosevelt once said, “Far and away the best prize that life has to offer is the chance to work hard at work worth doing.” The real estate profession offers each of us work “worth doing.” It is my desire that each member of the Salt Lake Board of Realtors® finds value and achievement in their work. My sincere congratulations to everyone that made the Best of 2013 Awards a success!

Angie Domichel Nelden 2014 President

OFFICIAL PUBLICATION OF THE OFFICIAL PUBLICATION OF THE SALT LAKE BOARD OF REALTORS ®® SALT LAKE BOARD OF REALTORS REALTOR is a registered mark which identifies a professional in real estate who subscribes ®

® . toREALTOR a strict®Code of Ethics asmark a member of the NATIONAL ASSOCIATION REALTORS is a registered which identifies a professional in realOFestate who subscribes to a strict Code of Ethics as a member of the NATIONAL ASSOCIATION OF REALTORS®.

October 2005

Salt Lake Realtor® April 2014

Happenings RPAC March Madness Celebration Members enjoyed food and fun at the RPAC March Madness celebration at the Realtor® Campus. The event raised $2,745 for RPAC, which ensures that the Realtor® point-of-view on homeownership and private property rights is heard at all levels of government. Corry Sue Cutler (Wells Fargo Home Mortgage) won the ipad for RPAC drawing. “Our annual March Madness party was a lot of fun,” said Bob Goodson, event chair. “Those who attended on Thursday enjoyed delicious catered food by Utah Celebrations and on Pictured: Julie Gallegos and John Friday it was Costco pizza. We want to thank our Gonzales of Bank of Utah. sponsors and those who participated for helping us get closer to our RPAC fundraising goal for the year.” The event was sponsored by Bank of Utah (John Gonzales), Equity Real Estate (Troy C. Peterson), Guaranteed Rate, Century 21, Pillar to Post, D.R. Horton, Edge Homes, The HUB, and Utah Real Estate.

Members Take Part in Caucus Training

The Salt Lake Board of Realtors® in conjunction with the National Association of Hispanic Real Estate Professionals Salt Lake City Chapter sponsored a caucus participation training forum on March 12. Representatives from the Utah Democratic and Utah Republican parties provided training on how to participate in the caucus and convention system.

Pictured (left to right): Lucy Martinez, NAHREP membership director; Marcela Montemurro, NAHREP director of government affairs; Hazelle Bretzing, NAHREP advisory board; Tatrana Groesz, NAHREP 2014 President (Salt Lake Chapter); Julie Krushensky, NAHREP advisory board; Nuria Martindale NAHREP vice president; Teresa Macias, NAHREP director of events.

Director Receives CRB Designation

Mike Morgan ABR ABRM CRB, a director of the Salt Lake Board of Realtors®, was recently awarded the CRB (Certified Real Estate Brokerage Manager) Designation conferred by the Council of Real Estate Brokerage Managers (CRB). The Council of Real Estate Brokerage Managers (CRB), an affiliate of the National Association of Realtors®, is the professional organization for brokerage management. The Council is dedicated to providing quality professional development programs, products and services that continually enhance the management productivity and profitability of its more than 7,000 members. The CRB Designation is recognized throughout the industry as the highest level of professional achievement. Candidates must complete academic and professional courses covering such topics as finance, marketing, training, recruiting, and strategic planning.

Salt Lake Realtor® April 2014

In the News Pending Home Sales on Decline Pending home sales declined for the eighth straight month in February, according to the National Association of Realtors®. Modest increases in the Midwest and West were offset by declines in the Northeast and South; all regions are below a year ago. The Pending Home Sales Index, a forward-looking indicator based on contract signings, dipped 0.8 percent to 93.9 from a downwardly revised 94.7 in January, and is 10.5 percent below February 2013 when it was 104.9. The February reading was the lowest since October 2011, when it was 92.2. Lawrence Yun, NAR chief economist, said the recent slowdown in home sales may be behind us, while home prices continue to rise. “Contract signings for the past three months have been little changed, implying the market appears to be stabilizing,” he said. The PHSI in the West increased 2.3 percent in February to 86.1, but is 16.5 percent below February 2013. Total existing-home sales are forecast at 5.0 million this year, just below the nearly 5.1 million in 2013. Housing starts are projected to rise almost 19 percent in 2014, and reach about 1.1 million, closer to the underlying demand of 1.5 million. The gain in new home construction will reduce some of the pressure on home prices, with the national median existing-home price expected to rise in the range of 5.5 to 6 percent this year, compared with an 11.5 percent jump in 2013.

Momentum 2014 A lot happens in 10 years

STATISTICS OF NOTE FROM 2013 IN DAYBREAK

At 10 years old and 3500 homes built to date, Daybreak is a model of smart growth and community design. A place where the homes are a short walk or bike ride from parks, community gardens, a fresh-baked pastry, even a light rail station. If you’ve missed any of the fun, we’d like to invite you to attend a concert in the park, take a stroll around the lake, or grab a bite to eat on SoDa Row. A lot happens in ten years, and we think you’ll be really excited about what’s in store for the next ten.

New Home Sales

353

157 REALTOR® New Home Sales

46%

Resale Home Closings

202 41

Median Days on the Market (Resale) Highest New Home Closing

$726,040

Highest Resale Home Closing

$649,000

Estimated Total New Home Dollar Volume Estimated REALTOR® Commissions

$95,561,929 $5,733,716

Energy Efficient New Homes from the $100’s to over a Million • DAYBREAKUTAH.COM

Congratulations 2013 TOP PRODUCING ONSITE AGENTS

1st Place

2nd Place (Tie)

3rd Place

John Dowdle Destination Homes

Sandy Ewing Sego Homes

Kari Williams Holmes Homes

Doug Schwartz Rainey Homes

801.949.0923

801.652.4424

801.201.7855

1.480.363.8928

Chairman’s Circle - Diamond

Linda Secrist

Utah Cribs

The Greg & Brock Team

Dave Munford

Chairman’s Circle - Gold

The Judy Allen Team

Brian Pitcher

Joe Holden

Dallas Eichers & Craig Voegeli

The Mindie Dalley & Todd Porter Team

President’s Circle

Kim Gempeler

The Donna Pozzuoli Group

Donna Pozzuoli & Kim Chatterton

Julie Mathews- Stephanie Johnson Poulos-Arrasi

Sheri Hamilton

Mary Hurlburt Tammy Stone Bill Spangler

Leading Edge Society

Shauna Ray

Mike Krause

Cheril Humphries

Karla Taylor Sally McKean

Monique Keetch

Vivi Tran

Jillinda Bowers & Geni Geoff

Honor Society

Brett Naisbitt

Steve Henriod

Shauna Shaw

Kevin O’Connell

Jeff Good

Kathy Durrans

Gary Howard

Ryan Anderton

Shauna Jensen

Phil Richardson

2013

TOP PERFORMERS

Chairman’s Circle - Platinum

PROFESSIONALS PROFESSIONALS

The Joan Pate Team

The Dixon-Felis Team

O F Team The Smoot

Kevin Jensen

President’s Circle

Erik & Shannon Higley 801-641-3783 cell Brooke Glaittli

Gale Frandsen

Vin Trong & Darren Lum Vantage Associates

John Wayne Shupe

Team Reece

Candice Kunz Shelly Rovira

Leading Edge Society

Kurt Larsen

Spence & Jill Clark

Gary Iverson

Karen & Jim Duncan

Bill Frandsen

Ashlee Lane

Lori Lee

Nan Dantz

Rick Burton

Jay Deher

Dave Grant

Julie Askerlund

Alan Arbuckle

Robert Slingerland

Brad & Lynette Rose

Nate Affleck Joey Hedberg Shelley & Rod Adams

Heather Higgs

Steve Poorman

June & Dennis Marchant

Erik Jensen

John Thornton

Jamie White

Mike Sanders

Grace Sperry

801.990.0400 | 800.478.7355 | www.Pru-Utah.com is a service mark of The Prudential Insurance Company of America. Equal Housing Opportunity.

TOP ORIGINATORS

WORK AT GUARANTEED RATE Our best-in-class products, pricing, tools, technology and support allow us to thrive in the purchase market, which is why more top originators work at Guaranteed Rate than any other bank or mortgage company in the nation. Source: Mortgage Executive, Top 200 Mortgage Originators in America, 2013

CONGRATULATIONS AWARD WINNERS!

We can help you to grow your business and achieve a level that, until now, youâ&#x20AC;&#x2122;ve only dreamed. Contact us today to learn how.

Julia Borst Senior VP of Mortgage Lending, Regional Manager Phone: (801) 617-1200 Email: julia.borst@guaranteedrate.com

Proven Success

Guaranteed Rate has provided Danielle Young and Gregory Cutt the support they needed to take their business to the next level. “At Guaranteed Rate, we are provided with the most competitive rates and fees for our customers, and our diverse product availability allows us to do loans on unique properties and help a wider range of borrowers. Additionally, our cutting edge technology is second-to-none, including a web portal for referral partners, real time loan status access for clients and our online application allows the borrower to receive a free credit report with instant approval. As an originator, I am completely supported and have significantly grown my business.”

Danielle Young Midvale, Utah VP of Mortgage Lending

“Guaranteed Rate’s in-house underwriting and closing gives me better control, allowing me to provide a higher level of customer service to my borrowers and referral partners. Our ability to place loans with a large number of investors allows me to offer very competitive rates and a wide variety of programs. Our in-house marketing team handles all of my marketing needs, which allows me to focus on growing my business.”

Gregory Cutt Park City, UT Branch Manager

WE ARE FOCUSED ON HELPING YOU GROW YOUR BUSINESS. As one of the ten largest retail lenders in the U.S., we funded $15.9 billion in volume in 2013, and have increased our annual volume 14 years running. Our continued growth gives us the strength and power to get your deals done.

6900 South 900 East Suite 150 , Midvale, UT 84047 Guaranteed Rate is an Equal Opportunity Employer NMLS (Nationwide Mortgage Licensing System) ID 2611 • Alabama Lic# 21566 • AK Lic#AK2611 • AR Lic#103947 - Guaranteed Rate, Inc. 3940 N Ravenswood, Chicago IL 60613 866-934-7283• AZ - Guaranteed Rate, Inc. - 14811 N. Kierland Blvd., Ste. 100, Scottsdale, AZ, 85254 Mortgage Banker License # BK-0907078 • CA - Licensed by the Department of Business Oversight, Division of Corporations under the California Residential Mortgage Lending Act Lic #413-0699 • CO- Guaranteed Rate, Inc. Regulated by the Division of Real Estate, 773-290-0505 • CT - Lic #17196 • DE - Lic # 9436 • DC - Lic #MLB 2611 • FL-Lic# MLD618 • GA - Residential Mortgage Licensee #20973 - 3940 N. Ravenswood Ave., Chicago, IL 60613 • HI Lic#HI-2611 • ID - Guaranteed Rate, Inc. Lic #MBL-5827 • IL - Residential Mortgage Licensee - IDFPR, 122 South Michigan Avenue, Suite 1900, Chicago, Illinois, 60603, 312-793-3000, 3940 N. Ravenswood Ave., Chicago, IL 60613 #MB.0005932 • IN - Lic #11060 & #10332 • IA - Lic #MBK-2005-0132 • KS - Licensed Mortgage Company - Guaranteed Rate, Inc. – License #MC.0001530 • KY - Mortgage Company Lic #MC20335 • LA - Lic #RML2866 • ME - Lic #SLM1302 • MD - Lic #13181 • MA – Guaranteed Rate, Inc. - Mortgage Lender & Mortgage Broker License MC 2611 • MI - Lic #FR-0016637 & SR-0011899 • MN - Lic #MO 20526478 • MS –Guaranteed Rate, Inc 3940 N. Ravenswood Ave., Chicago, IL 60613-Mississippi Licensed Mortgage Company, Lic # 2611 - • MO – Guaranteed Rate Lic # 10-1744 • MT Lic# 2611 • Licensed in NJ: Licensed Mortgage Banker - NJ Department of Banking & Insurance • NE - Lic #1811 • NV - Lic #3162 & 3161 • NH - Guaranteed Rate, Inc. dba Guaranteed Rate of Delaware, licensed by the New Hampshire Banking Department - Lic # 13931-MB • NM - Lic #01995 •NY - Licensed Mortgage Banker—NYS Department of Financial Services- 3940 N Ravenswood, Chicago, IL 60613 Lic # B500887• NC - Lic #L-109803 • ND - Lic #MB101818 • OH – Lic #MBMB.850069.000 and Lic #SM.501367.000 - 3940 N. Ravenswood Ave., Chicago, IL 60613 • OK - Lic # MB001713 • OR - Lic #ML-3836 - - 3940 N. Ravenswood Ave., Chicago, IL 60613 • PA - Licensed by the Pennsylvania Department of Banking and Securities Lic #20371 • RI – Rhode Island Licensed Lender Lic # 20102682LL, RI – Rhode Island Licensed Loan Broker Lic # 20102681LB • SC – Lic #-2611 • SD Lic# ML.04997 • TN - Lic #109179 • TX - Lic # 50426 & Lic # 47207 • UT - Lic #7495184- • VT - Lic #LL6100 & MB930 • VA – Guaranteed Rate, Inc. - Licensed by Virginia State Corporation Commission, License # MC-3769 • WA - Lic #CL-2611 • WI - Lic #27394BA & 2611BR • WV – Lic #ML-30469 & MB-30098 • WY – Lic#2247

The Salt Lake Board of Realtors Congratulates its Best of 2013 Award Finalists and Winners. The Salt Lake Board of Realtors ®

Best of 2013 Awards

Al Rickard

Kevin Larsen

Mark Ulrich

Ford G. Scalley

Affiliate of the Year

Good Neighbor Award

Managing Broker of the Year

Special Recognition Award

2013 AWARD FINALISTS GEORGE CRAKER AFFILIATE OF THE YEAR AWARD FINALISTS: • Angie Flint (First American Title Co.) • Braundie Kump (Magellan Title) • Al Rickard (ALL-POINTS Inspections)

GOOD NEIGHBOR AWARD FINALISTS: • Matt Bellini (Keller Williams South Valley)

• Kevin Larsen (Coldwell Banker Residential Brokerage)

MANAGING BROKER OF THE YEAR AWARD FINALISTS: • • • •

Jake Breen (Prudential Utah Real Estate) Fred Law (Law Real Estate) Mike Morgan (Keller Williams South Valley) Mark Ulrich (Ulrich Realtors®)

SPECIAL RECOGNITION AWARD

PRESIDENT’S AWARD • Dave Anderton

ROOKIE OF THE YEAR AWARD • Jordan Buttars (Probe Realtors®) • Carter Lowrance (Coldwell Banker Residential Brokerage) • Rebecca Moore (Coldwell Banker Residential Brokerage) • Brandy Tilo (Keller Williams South Valley)

SMALL SALES TEAM OF THE YEAR AWARD FINALISTS: • • • • •

Scott & Bryan Colemere (Colemere Realty Associates) Lori Ann Hendry & Lisa Woodbury (Windermere Real Estate) Great Scott Utah Team - (Scott Robbins & Katie Olsen, Coldwell Banker Residential Brokerage) The Roxburgh Group - (Heather Roxburgh & Carolee Mecham, RE/MAX Associates) Mike Ulrich & Brent Bullock (Ulrich Realtors®)

• Ford G. Scalley

Dave Anderton

Brandy Tilo

Heather Roxburgh

Carolee Mecham

President’s Award

Rookie of the Year

Small Sales Team of the Year

Salt Lake Realtor® April 2014

The Salt Lake Board of Realtors ®

Best of 2013 Awards

Mike Lindsay

Rex Real Estate Team

Ryan Kirkham

Salesperson of the Year

Medium Sales Team of the Year

Realtor ® of the Year

MEDIUM SALES TEAM OF THE YEAR AWARD FINALISTS: • • •

Philip Harvey Team (Century 21 Everest Realty Group): Philip Harvey, Jason Bible, Timothy Palmer, and Derek Schulthies. The Rex Real Estate Team (Keller Williams Westfield Real Estate): Jimmy Rex, Dale Rex, and Chris Francis. Linda Secrist & Associates (Prudential Utah Real Estate): Linda Secrist, Brett Butler, Lisa Herron McKinney, and Michelle Pollock.

LARGE SALES TEAM OF THE YEAR AWARD FINALISTS: • •

Schwieger Team (Foundations Real Estate): Buffy Schwieger, Mark Schwieger, Randy Lewis, Ryan Dastrup, Ryan Larsen, and Tyler Nelson. The Joshua Stern Team (Keller Williams Salt Lake City): Joshua Stern, Lee Stern, McKensie Bayer, Maureen Wilkerson, Tim Barrett, Myke Branch, Dedra Parker, John Baque and Andy Larsen.

• •

Utah Cribs (Prudential Utah Real Estate Fort Union): Jake Breen, Katrina Brinton, Spencer Wells Janke, Brad Miles, George Reade, Victor Ream and Peter Smith. Jimmy Wu Team (Coldwell Banker Residential Brokerage): Jimmy Wu, Mike Wu, Yuyu Lin, Teresa Edde, Pei Wang, and Bruce Whaley.

SALESPERSON OF THE YEAR AWARD FINALISTS: • • • • •

Brooke Glaittli (Prudential Utah Real Estate) Tom Kreifeldt (Coldwell Banker Residential Brokerage) Mike Lindsay (Coldwell Banker Residential Brokerage) Shelly Tripp (Coldwell Banker Residential Brokerage) Mark Ulrich (Ulrich Realtors®)

REALTOR® OF THE YEAR AWARD FINALISTS: • • • •

Dave Frederickson (Keller Williams Salt Lake City) Bill Heiner (Cannon & Company) Ryan Kirkham (Kirkham Real Estate) Claire Arslanian Larson (D.R. Horton, Inc.)

The Joshua Stern Team Large Sales Team of the Year Salt Lake Realtor® April 2014

The Salt Lake Board of Realtors ®

Best of 2013 Awards 2013 Distinguished Service Recipients Lana Ames, Windermere Real Estate B. Thomas Colemere, Colemere Realty Associates Debbie Dahmen, Windermere Real Estate Laura Fidler, Coldwell Banker Residential Brokerage Patti Florence, MediaOne Real Estate Dave Frederickson, Keller Williams Salt Lake City Vicki Fulkerson, Hidden Valley Real Estate Kristopher Furrow, Windermere Real Estate Linda Geer, Coldwell Banker Residential Brokerage Bill Heiner, Cannon & Company Linda K. Itami, Prudential Utah Real Estate Parley’s Shirley Jacobson, Windermere Real Estate

Award Sponsors

Salt Lake Realtor® April 2014

Marvin Jensen, Windermere Real Estate Lisa Jungemann, Windermere Real Estate Vann Larson, Village Real Estate Claire Arslanian Larson, D.R. Horton, Inc. Craig Lelis, Coldwell Banker Residential Brokerage ShirLee McGary, Realty Path L.L.C. Kroger Menzer, Keller Williams South Valley Mike Morgan, Keller Williams South Valley Bart Norris, Equity Real Estate Solid Michael Rowe, Prudential Utah Real Estate Sharon Spratley, Prudential Utah Real Estate Mary Tam, Coldwell Banker Residential Brokerage Rosanne Terry, Coldwell Banker Residential Brokerage Lisa Wanlass, Cannon & Company

AMAZING VIEWS

Mention this AD and receive an extra $500 of Commission during the month of April 2014.* DR HORTON is delivering AMAZING VIEWS TODAY with over 40 Quick Move In Homes ready, you or your clients don’t have to wait to see the VIEW. Visit one of our D.R.Horton communities today to help your clients find the VIEW that is right for them. Communities in Pleasant Grove, American Fork and Highland (Utah County)/ Bluffdale, Herriman, Riverton, Draper, and West Jordan (Salt Lake County) / Stansbury Park (Tooele County) / Layton and South Weber (Davis County) / and Heber City (Wasatch County). We are where your clients want to be. COME VISIT US TODAY FOR A BETTER VIEW ON NEW CONSTRUCTION.

www.DRHorton.com

*Broker must accompany client on his/her first visit to the sales

office at any community listed above. Broker must mention this ad at time of registration. If broker’s client then executes a purchase agreement at the registered community during April 2014, broker will receive $500 in addition to the standard commission amount upon buyer’s close of escrow.

The Salt Lake Board of Realtors ®

Best of 2013 Awards 2013 Hall of Fame Recipients Pam Abbott, Coldwell Banker Residential Brokerage Amanda Allen, Prudential Utah Real Estate Judy Allen, Prudential Utah Real Estate M. Brock Andersen, Prudential Utah Real Estate Sally Beagle, Coldwell Banker Residential Brokerage Kenneth E. Bell, Bell Realty Jim Bringhurst, The Bringhurst Group Greg Call, Prudential Utah Real Estate Michael Carmody, Keller Williams South Valley Realty Bryan Colemere, Colemere Realty Associates Scott Colemere, Colemere Realty Associates R. Brian De Haan, Ulrich Realtors® DeAnn Densley, Mansell Real Estate Darlene Dipo, Windermere Real Estate Sally Domichel, Coldwell Banker Residential Brokerage Kelly Favero, Keller Williams Salt Lake City Joel Hair, Ulrich Realtors® Craig R. Hawker, goBE Realty Dawn Houghton, Coldwell Banker Residential Brokerage Eunice Jones, MediaOne Real Estate Adam Kirkham, Kirkham Real Estate Carolyn Kirkham, Kirkham Real Estate Ryan Kirkham, Kirkham Real Estate Grady Kohler, Windermere Real Estate Tom Kreifeldt, Coldwell Banker Residential Brokerage Fred Law, Law Real Estate Cheryl L. Lyon, Coldwell Banker Residential Brokerage

Salt Lake Realtor® April 2014

Susie Martindale, RE/MAX Masters Angie Domichel Nelden, Coldwell Banker Residential Brokerage Dan Nix, Coldwell Banker Residential Brokerage Troy C. Peterson, Equity Real Estate Solid Donna Pozzuoli, Prudential Utah Real Estate Kristen K. Price, Good Neighbor Real Estate Tony Reece, Prudential Utah Real Estate Bountiful Scott Robbins, Coldwell Banker Residential Brokerage Utah Dave Robison, goBE Realty Linda Secrist, Prudential Utah Real Estate Laurel Simmons, Coldwell Banker Residential Brokerage Debra Sjoblom, Chapman Richards & Associates Cathy Sneyd, Muve Real Estate Team Windermere Real Estate Matt Sneyd, Muve Real Estate Team Windermere Real Estate Joshua Stern, Keller Williams Salt Lake City Lee Stern, Keller Williams Salt Lake City Mona Stevens, Keller Williams Salt Lake City Charlotte Thomas, Keller Williams South Valley Shelly Tripp, Coldwell Banker Residential Brokerage Mark D. Ulrich, Ulrich Realtors® Matt Ulrich, Ulrich Realtors® Mike Ulrich, Ulrich Realtors® Tricia VanderKooi, Coldwell Banker Residential Brokerage Margene Wrigley, RE/MAX Associates

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The Best of 2013 The Salt Lake Board of Realtors® awarded Ryan Kirkham the Realtor® of the Year Award at its Best of 2013 Awards ceremony on March 19. The event honored Salt Lake’s top real estate professionals of 2013 based on sales volume and service. Kirkham is the principal broker at Kirkham Real Estate, a full-service brokerage based in Salt Lake City with 25 agents. Kirkham received his real estate license when he was 22 years old. He is a past president of the Salt Lake Board of Realtors®. He currently serves as a director of UtahRealEstate.com and is president-elect of the Utah Association of Realtors®. He holds a bachelor’s degree in finance from the University of Utah. Pictured Below (clockwise): Butch Dailey (2000 president of the Salt Lake Board of Realtors®) and Tony Ketterling (director); Scott and Karen Colemere with Tom (director) and Carol Colemere. Dave Fredickson, past president of the Salt Lake Board of Realtors® presents Kevin Larsen the Good Neighbor Award. Kenny Parcell, Rebecca Jensen, Rick Southwick (president of the Utah Association of Realtors®) and Ryan Kirkham (2013 Realtor® of the Year). Pictured Opposite Page (top left, clockwise): Brandy Tilo accepts the Rookie of the Year Award from Dave Frederickson. Steve Allen, Jillinda Bowers (2008 president of the Salt Lake Board of Realtors®) and Kat Peterson. Dave Robison (president elect of the Salt Lake Board of Realtors® with Joshua Stern, winner of the Large Sales Team of the Year Award. Angie Domichel Nelden, president of the Salt Lake Board of Realtors®, shares a laugh with Dave Frederickson. Bob Goodson, Claire Arslanian Larson and Dale Thompson. Andy Larsen, Charlotte Thomas, Joshua Stern and John Baque. Mark Ulrich accepts the Managing Broker of the Year Award.

Photos: Dave Anderton

Salt Lake Realtor® April 2014

Salt Lake Realtor速 April 2014

rec路og路ni路tion

(noun) appreciation or acclaim for an achievement, service, or merit.

achievement

Ryan Carlson

Top Performing Associate $45,798,986 in Closed Volume

Mona Stevens + Kelly Favero Top Performing Team $14,894,223 in Closed Volume

The Josh Stern Team

Large Sales Team of the Year, Salt Lake Board of Realtors $49,614,739 in Closed Volume

service

Special thanks to our Principal Broker, Dave Frederickson (aka Broker Dave), for his service as President of the Salt Lake Board of Realtors for 2013.

merit Congratulations to those who champion what it means to be a KW agent.

Shauna Thomas KW Spirit Award

Jessica Miner-Salazar Rookie of the Year

Brook Madsen KW Culture Award

2121 S McClelland St Ste 201, Salt Lake City 路 (801) 326-8800

CONGRATULATES

SALT LAKE BOARD OF REALTORS® AWARDS

Kroger Menzer

Mike Morgan

Distinguished Service Award

Matt Bellini

Good Neighbor Award Finalist

Mike Carmody

Brandy Tilo

Rookie of the Year Winner

Charlotte Thomas

Hall of Fame

Mike Morgan

Broker/Manager of the Year Finalist

KW INTERNATIONAL AWARDS

Bronze Medallion

Silver Medallion

Gold Medallion

Matt Bellini Matthew Dimock Marci Jackman Judy Johnson Jodee Kay Cory Koerner Melanie Johnson Becky Nay Don Rushing Brandy Tilo Kristi Woodland

Robert Luke Pamela Dutcher Klair Gunn Group Suzanne Pickering Tom Borst Kroger Menzer Joe Pierson Rich Summers Charlotte Thomas & LaDawn Meyer

Andrew Adams Lesley-Ann & Stephen Presbury Carmody Realty Group Jeff Eaves Jessica Fullmer John Austin Quadruple Gold Medallion Pettit & Jones Team

KW SOUTH VALLEY AWARDS

Pamela Dutcher KW Spirit Award

Jodee Kay

Rookie of the Year

Dan Stern

KW Culture Award

Keller Williams South Valley Realty JoinKWSouthValley.com • 1864 W 12600 S Ste 6, Riverton, UT 84065 • (801) 676-5700

The Concept of What Adds ‘Value’ to a Home is Subjective, at Best Price and cost does not always equal value

Photo: Dave Anderton

By Hank Miller Contributor, Inman News The concept of what adds “value” to a home is, at best, subjective. One buyer may place a high value on a pool while another may see that as a reason to eliminate the home from consideration. Price and cost does not always equal value, and there can be any number of reasons why that’s the case. The most common reasons reinforce a basic truth found in all real estate: This is not an exact science, and a number of variables — especially the motivations and desires of buyers and sellers — can be very difficult to account for. While data analysis provides a benchmark for value trends in an area, that data must be blended with the variables present in each situation. “Value in use” has a number of real estate specific definitions. It also has a much simpler real world residential application — does the home suit a specific requirement of the present owner or buyer? There are a myriad of simple examples; a master on the main, an in-law suite, a single story home or a handicapped accessible floor plan. Occasionally, a setting or locational appeal can be the impetus — views, lot appeal, schools or proximity to mass transit. Quality of construction and design, craftsmanship and similar upgrades can also increase appeal. There’s no shortage of people willing to “pay more” to live in a desirable school district, or for a home with certain design features. The question of what a home is “worth” really has two answers — what the data indicates, and what role it serves for the person who lives in it, whether it’s the present owner or the buyer. The challenge comes when trying to reconcile the hard data that appraisers rely on with those intangible or specific appealing features a buyer values. This is often the basis for appraisal issues, especially in a lending environment with hyper underwriting processes.

There are homes with full-sized indoor batting cages, racquet and basketball courts, bowling alleys and even shooting ranges.” Challenging an appraisal in a situation like this can be difficult; underwriters don’t typically like to think outside of the box. In some cases, this can also undermine the confidence of the buyer if potential appraisal problems are not detailed to a buyer or seller. While a home may contain highly desirable features, the problem of functional obsolescence due to over improvement may be a genuine concern. There can be instances of properties with features so unique that their cost is not close to supported by the local data. While some buyers or occupants may still find a home like this appealing, they might be considered “white elephants” because they are so uniquely equipped. That could become a headache for both sides when it’s time to sell. Most place a high value on garages. A two-car garage is nice. For some, space for three or four cars is better still. But what about six? What about a garage equipped with a lift system that allows for cars to be stacked in a garage? Or a garage with a “pit” that allows access to work on vehicles from below? Is a cavernous garage that’s tall

“While a home may contain highly desirable features, the problem of functional obsolescence due to over improvement may be a genuine concern. There can be instances of properties with features so unique that their cost is not close to supported by the local data.”

Image licensed by Ingram Image

Salt Lake Realtor® April 2014

“Most buyers place a high value on garages. A two-car garage is nice. For some, space for three or four cars is better still. But what about six?” enough to accommodate an RV or fishing boat worth the expense? For select buyers, these might be “must haves.” For others, they may be features that cannot be justified with a higher price. Outdoor improvements like pools and BBQ’s routinely enhance appeal, especially in warmer markets. How much will the market recognize pool features like gunite and pebbletech instead of vinyl? What about hot tubs, waterfalls, and vanishing edge designs? What’s more desireable, salt water or chlorine? Will the market pay more for a fully equipped outdoor kitchen with high end appliances, media and audio systems, fire pits or fireplaces featuring real stone or brick? What about uniquely designed and constructed walks, walls and landscaping? Does something like this, especially if a community has a pool and recreational facilities, return the cost of installation and maintenance when offered for sale?

Image licensed by Ingram Image

Salt Lake Realtor® April 2014

Another example seen more and more is the trend toward athletic equipment in homes, in some cases rivaling what’s found at professional gyms and training facilities. There are homes with full-sized indoor batting cages, complete with pitching machines and netting, homes with racquet and basketball courts, bowling alleys and even shooting ranges. Indoor pools are not nearly as unique as they once were, nor are full sized gyms with professional grade equipment. While many buyers might enjoy a gym or target shooting, how many want them in their home, and are willing to pay extra for them? Some homes serve a general purpose for a limited time. Others serve a specific role that may last for many years. Real estate is a highly personal business and there are an infinite number of variables at play. But answering the question of “does this home work for me” is the most important one to control. That answer – the “value in use” to the occupant – may not be supported by the market data; which is why an understanding of these terms is so important when making sound real estate decisions. Hank Miller is an associate broker and certified appraiser in Atlanta, Ga. The lead agent for HMT Atlanta, he’s known for his candid opinions and real estate expertise. This article was reprinted in Salt Lake Realtor® Magazine with permission of Inman News. Copyright 2014. All rights reserved.

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Realtor® Ski Day at Snowbird

The Salt Lake Board of Realtors® Affiliates Advisory Board hosted its annual Ski Day on March 5 at Snowbird. Nearly 100 people enjoyed a day of skiing, food and fun. This year’s sponsors included: First American Home Buyers Protection Corp., and Equity Real Estate.

Pictured (above left): Ashlii Madsen, Steve Critchfield, Terrie Lund and Angie Flint. (At left): Terrie Lund, Tiffany Hull, Brandy Salazar, Braundie Kump, Barbara Breen, Sally Paskvan, and Trish Sever. Opposite Page (top left clockwise): Snowbird offers a 125-passenger Aerial Tram that zooms from an elevation of 8,100 feet to 11,000 feet in about 8 minutes, taking skiers to Hidden Peak and the infamous 2.5-mile Chip’s Run. A snowboarder enjoys the spring weather. Ski Day isn’t complete without a gourmet lunch. A skier begins his run off Hidden Peak. Enjoying the moment: Lisa Jungemann, Dave Young, Tony Ketterling, and DeAnna Dipo. Jim Lyman and Braundie Kump share a laugh.

Photos: Dave Anderton

Salt Lake Realtor® April 2014

Salt Lake Realtor速 April 2014

Photo: © istockphoto.com/OSTILL

Six Ways to Make a Bad First Impression Lateness, lack of preparation, and inattention to personal appearance can taint a relationship from the outset. Don’t commit these common blunders. By Joe Baker I agree with my colleague Betsy Winkler: First impressions are key, and their importance is often underestimated. Whether you have a job interview, a first contact with a new boss, a sit-down with a potential customer, a networking coffee, or a first meeting with your girlfriend/boyfriend’s parents, here are some surefire ways to start off on the wrong foot:

1. Be late. Are you guilty of cutting it too close on timing? (I confess I am at times.) Why? Sometimes you’re cranking to get one more task done before the next meeting. Other times, you

Salt Lake Realtor® April 2014

underestimated the time and focus required to end the previous meeting on time. Maybe you weren’t keeping close track of the time or simply didn’t think it was a big deal if you were a couple of minutes late. Whatever the reason, most people get annoyed when they have to wait for you. Or they question your time management skills. Or they assume you don’t care about their time. Additionally, you are more likely to be flustered and distracted if you fly from one call to the next without taking time to make the mental transition. All this contributes to leaving a bad impression.

2. Don’t prepare. When you’re not ready, you communicate at least three things to the person you’re meeting. First, you don’t think they are important enough that you need to prepare. Second, you are lazy or don’t care. Third, you can’t manage your time well. Plus, you likely feel less confident and competent as you interact with them—and that comes across. 3. Make it all about you. The more focused you are on you and your agenda, the less focused you are on the other person, their interests, and how you can help them. The more out of touch and uninterested you are with others and their priorities, the worse the impression you leave.

4. Ramble and go into lots of uninteresting details. Unless you are Robin

Williams or “the most interesting man in the world,” most people will prefer that you get to the point. If they want all the gory details, they will ask. 5. Multitask. Nothing says, “I am too important to give you my full attention,” like multitasking during your first meeting—or any meeting. If you can’t resist the urge to check email, Facebook, or Twitter while you’re having a live conversation, then be prepared to leave the impression that you are not really interested in the other person or talking with them.

6. Ignore your personal appearance and hygiene. Appearance is to first impression as

first impression is to overall impression. Faded jeans,

“Nothing says, I am too important to give you my full attention, like multitasking during your first meeting — or any meeting.” business suits, and low-cut tops all send different messages. What message do you want to send? Don’t forget that just because you can’t smell your coffee breath doesn’t mean others can’t. First impressions aren’t always fair, and they can be misleading—but they are real, and they are important. Basic consideration and interest in the other person, along with some planning about what impression you’d like to leave, can help you get started on the right foot. Joe Baker is a partner with PeopleResults, a consultancy that guides organizations and individuals to “start the wave” of change. They have advised major clients including PepsiCo, McKesson, Microsoft and many others on how to realize results through people. Previously an executive at Accenture, Joe is an executive coach and consultant specializing in leadership and team effectiveness, career development, and employee engagement, and he writes frequently on these topics. Contact him at jbaker@people-results.com or on Twitter at @JoeBakerJr. Learn more about PeopleResults at www.people-results.com. This article was reprinted with permission of Joe Baker. Copyright 2014.

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Salt Lake Realtor® April 2014

2013 SALT LAKE BOARD WINNERS!

MIKE LINDSAY Salesperson of the Year Union Heights

KEVIN LARSEN Good Neighbor Award Salt Lake - Manager

DISTINGUISHED SERVICE

LAURA FIDLER Union Heights

LINDA GEER South Valley Manager

CRAIG LELIS Sugar House Manager

MARY TAM South Valley

ROSANNE TERRY Union Heights

HALL OF FAME

PAM ABBOTT Union Heights

SALLY BEAGLE South Valley

SALLY DOMICHEL Union Heights

DAWN HOUGHTON Sugar House

TOM KREIFELDT South Valley

CHERYL LYON South Valley

ANGIE DOMICHEL NELDEN Union Heights

DAN NIX Bountiful

SCOTT ROBBINS Union Heights

LAUREL SIMMONS Union Heights

SHELLY TRIPP South Valley

TRICIA VANDERKOOI Union Heights

JIMMY WU Large Sales Team of the Year Finalist Union Heights

TOM KREIFELDT Salesperson of the Year Finalist South Valley

FINALISTS

CARTER LOWRANCE REBECCA MOORE Rookie of the Year Finalist Rookie of the Year Finalist Sugar House South Valley

GREAT SCOTT UTAH TEAM Scott Robbins & Katie Olsen Small Sales Team of the Year Finalist Union Heights

CONGRATULATIONS TO THE BEST IN THE BUSINESS! www.UtahHomes.com ©2014 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Coldwell Banker Residential Brokerage Office Is Owned And Operated by NRT LLC. Real estate agents affiliated with Coldwell Banker Residential Brokerage are independent contractor sales associates and are not employees of Coldwell Banker Real Estate LLC, Coldwell Banker Residential Brokerage or NRT LLC.

RECOGNIZING OUR

We are proud to recognize the achievements of our 2013 Coldwell Banker International Award recipients.

FIN EST

INTERNATIONAL DIAMOND SOCIETY MICHELLE GILVEAR Sugar House BRIAN CLINGER Salt Lake CRAIG LELIS SUGAR HOUSE, MGR Top Office

MIKE LINDSAY Top Individual Union Heights

JIMMY WU Top Team Union Heights

CARTER LOWRANCE Rookie of the Year Sugar House

INTERNATIONAL PRESIDENT’S PREMIER

JIMMY WU President’s Award Union Heights

LIZ SLAGER Customer Service Award Salt Lake

INTERNATIONAL PRESIDENT’S ELITE

MARCIA WHITE/MELANY FLORY/PAM PHILLIPS Sugar House DAWN HOUGHTON Sugar House PAULA SHAW Salt Lake JEFF NEAL South Valley

MIKE LINDSAY Union Heights

JIMMY WU Union Heights

LIZ SLAGER Salt Lake

LESLIE & JOHN THORUP CHARLOTTE KORNIK Union Heights & LESLIE NEEBLING Sugar House

TRICIA VANDERKOOI Union Heights

LORI KHODADAD Union Heights TODD FELD South Valley STEVE BROWN Union Heights MIKE KENER Salt Lake

SHELLY TRIPP South Valley

SALLY DOMICHEL & ANGIE NELDEN Union Heights

TRACY BURTON Salt Lake

FRANCES HAYS Sugar House

KEN & ANN MURDOCK South Valley

DAN & LINDA MANDROW Union Heights CHERYL LYON South Valley JEFF TOPHAM Union Heights

DAN NIX Bountiful

TOM KREIFELDT South Valley

BRAD KURTZ North Davis

INTERNATIONAL PRESIDENT’S CIRCLE

JOEY SUTORIUS Salt Lake PAM & ELLIOT ABBOTT Union Heights THEDA HOGLE Sugar House AUDREY MONSON Salt Lake

LAUREL SIMMONS Union Heights

NEIL GLOVER Sugar House

BECKIE MEISENHEIMER South Valley

BRIAN CLARK Union Heights

KATE & JULIA SPLAN Union Heights

LEEANN SULSER Bountiful

CHRISTINA DALTON Sugar House

ALAN SMITH South Valley DAN HEATH Salt Lake BRUCE KIPP Salt Lake JENNIFER & PHILIP BECK Sugar House

LINDA HARDMAN & MELANIE LILYQUIST Union Heights

JANICE SMITH Union Heights

LYNDA COLEMAN Sugar House

CHUCK NEVE Sugar House

JAMIE SACKS Union Heights

DAVID HAWS Bountiful

SUSAN DICKSTEIN Sugar House TED & ROSALIE PAYNE Union Heights CHRISTINA & KURT SCHMIDT Union Heights

LYNN BUTTERFIELD Union Heights

CAD & KARRIE CAULEY Union Heights

JENNIE FERGUSON Sugar House

JACKIE NICHOLL & KRISTI DURRANT Union Heights

JEANNETTE H. MASON Sugar House

TONI CARTER Sugar House

GAYNELL INSTEFJORD South Valley

SHEREEN CHRISTENSEN Union Heights

www.UtahHomes.com ©2014 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Coldwell Banker Residential Brokerage Office Is Owned And Operated by NRT LLC. Real estate agents affiliated with Coldwell Banker Residential Brokerage are independent contractor sales associates and are not employees of Coldwell Banker Real Estate LLC, Coldwell Banker Residential Brokerage or NRT LLC.

“While most brokers have embraced the idea of sharing listing data, there are plenty of practitioners who just wish the third-party sites would go away.”

Salt Lake Realtor® April 2014

Do You Know Where Your Listings Are? One criticism leveled by practitioners has been that MLSs’ syndication agreements themselves are responsible for the far-flung presence of their listing data. By Meg White Everyone knows that the listing agent’s duty is to get property sold under the best conditions for the seller. Usually that means getting the listing in front of as many eyeballs as possible. But spreading your data far and wide can have unforeseen consequences. “A lot of folks don’t know where their data is going,” says Kip Cooper, CEO of the Huntsville (Ala.) Area Association of Realtors® and the North Alabama Multiple Listing Service. “They just set the dial and forget about it.” After hearing from frustrated members— including one whose listing was next to a video explaining how to buy and sell property without the help of a real estate agent—the association decided it needed a different approach to distributing its data. It was time to “take control of the information,” he says.

More on the listing data debate

Some say the problem is just too many MLSs. Others are concerned about where agents choose to market themselves. Regardless, everyone should know what kinds of questions to ask before sharing data. The North Alabama Multiple Listing Service took one route—ending an agreement with a company that distributes listing data to more than 50 websites—but there are almost as many distribution scenarios as there are listings at any given time. From a “pocket listing” with no public exposure to a listing advertised on a public-facing MLS site, brokers’ sites and feeds, Realtor.com®, Zillow, Trulia, Homes.com, and the local newspaper site, or some combination thereof, the possibilities are virtually endless. The one thing nearly everyone can agree on is that sellers should have the final say as to where their property is advertised online. To make an informed decision, they’ll need your guidance. That starts with understanding syndication—the process of distributing listing data to online portals. Typically, when you enter listing data, including photos and video, into your MLS, you have options regarding just how the MLS and other MLS participants will use your content. The National Association of Realtors®’ Internet Data Display (IDX) and Virtual Office Website (VOW) policies authorize electronic display of listing content by other cooperating participants under specific rules. The policies also say a broker’s listing content can’t be transferred to a third-party site without the listing broker’s consent. The purpose is to ensure that brokers retain control over where their listing content appears and that the data is up-to-date.

What is IDX?

Also known as “broker reciprocity,” Internet Data Exchange gives MLS participants the ability to authorize other participants to display their listings electronically and exercise some control over the display of listing data. In May 2000, NAR’s board of directors voted to add IDX to the existing MLS policy. The IDX policy has been modified six times since then. But such safeguards aren’t necessarily in place when it comes to data aggregators (sometimes referred to as portals, sites that display listings from several sources) or syndicators (those who push listing data out to other sites). Displays that aren’t governed by the MLS rules or controlled by a person connected with the transaction can easily become out-of-date or contain inaccurate information, as any agent who’s had to answer e-mails from excited buyers inquiring about a home that sold months before can wearily attest. Finally, there’s almost zero control to be had over the information posted by data “scrapers,” who lift listing data and often post it far and wide without any rights to do so.

Syndication: It’s Complicated

MLSs have been syndicating their data to aggregators since 1996, when Realtor.com® put the real estate industry at the center of the burgeoning dotcom world. Today, a majority of MLSs syndicate their data under the premise that it’s the best way to reach consumers where they’re shopping. Syndicators like ListHub and Point2 make it relatively easy, delivering data to dozens of aggregators including Zillow and Trulia—and providing analytics to MLS participants. But in the past year, MLSs and syndicators have been moving toward imposing more controls on how data is used. Besides the concern that consumers will see outof-date or inaccurate data, critics charge that thirdparty aggregators use their listing data to attract traffic and ad dollars and to capture and sell leads. Others are frustrated with aggregators that sell ZIP code–based “local expert” status to their competitors or present a distorted view of market values. And as in Huntsville, MLSs are beginning to assert their own interests, says Saul Klein, industry principal with Yardi-owned Point2. Without controls on what data is syndicated and how it’s used, he says, MLSs could be giving away the farm. Klein’s talking about monetization of “derivative works,” or companies profiting from big-data solutions built using MLS data.

Salt Lake Realtor® April 2014

“Without controls on what data is syndicated and how it’s used, MLSs could be giving away the farm.” Not surprisingly, third-party aggregators see things differently. Zillow positions itself as the go-to resource for consumers, but Chief Revenue Officer Greg Schwartz says the company is working hard to build relationships within the industry. Schwartz notes that the company has signed more than 200 brokers to its Zillow Pro for Brokers program, through which brokers provide an MLS-sourced feed of their listing data to Zillow. In areas where Zillow has multiple agreements covering the same market areas, the free program allows brokers to choose the data source—whether it’s the brokerage’s data, a ListHub aggregation, or an MLS feed—that will take precedence over or trump other sources. Brokers also get analytic data and preferred placement for agents on their own listings. Trulia, too, is actively courting the industry. The company purchased the marketing and lead management solution Market Leader in 2013 for about $355 million and has launched a number of tools for real estate agents and brokers, including an app, Trulia for Agents. “We get some listing information from MLSs that syndicate their data,” says Matt Flegal, senior manager of communications for Trulia. “We also allow MLSs to use our Trulia Data Connect service to share listings directly. And, we get listings directly from brokers and agents. Our goal is to have the most current, accurate data possible.” As the official property listing website of NAR, Realtor.com® has the advantage of direct relationships with more board-operated MLSs, which gives it the ability to say its data is most accurate. The site, which is operated by San Jose, Calif.–based Move Inc., receives listings from more than 800 MLSs and updates most listings every 15 minutes. Like its competitors, Realtor.com® sells marketing solutions to real estate practitioners. However, it doesn’t charge for leads, and its core mission includes keeping real estate brokers and agents central to the transaction. “It’s not something that can be quantified in dollars and cents or in traffic. It’s just a very important part of continuing to build what we believe is a unique brand value proposition,” says Move CEO Steve Berkowitz. “We will always be promoting the value a Realtor® brings to the transaction.” While most brokers have embraced the idea of sharing listing data, there are plenty of practitioners who just wish the third-party sites would go away. But

Salt Lake Realtor® April 2014

that’s not realistic, says Jeff Barnett, vice president of the Los Gatos, Calif., office of Alain Pinel, Realtor®, during an MLS forum at the Realtors® Conference & Expo in November. “I would love not to have Zillow, Trulia, and all of the rest of them, but in reality that’s not the way it works.”

Direct to Consumers

Recognizing the staying power of these sites doesn’t mean giving up the fight for consumer attention. In some areas, MLSs are looking to wrest away that coveted top spot in a Google search result by making their own consumer play. The publicfacing, broker-run MLS site used by Barnett’s office is well-liked by consumers and “has leads that go back to the agents,” which Barnett says translates to a 99 percent opt-in rate among brokers. One of the most successful examples of a publicfacing site is that of the Houston Area Association of Realtors®. HAR.com debuted in 1997; by March 2013, HAR says, the site had facilitated 1 million home sales. The Houston association recently announced a public-private partnership to launch a mobile app connecting real estate data with city services and other local data. Houston city officials see the marriage of real estate and municipal information as a natural for consumers. “This app meets the needs of our new residents while being equally valuable to those who’ve called Houston home for some time,” Houston Mayor Annise Parker said in an October 2013 statement. “They need quick and easy access to real estate resources as well as general information about the city.” Other public-facing MLSs are integrating new tools to bring in more users from all over the world. The Metropolitan Indianapolis Board of Realtors®’ public-facing MLS site offers listings in 12 different languages, each with a direct link to the brokers’ site and contact information for the listing agent. Not everyone likes the idea of these consumer sites. Critics see the public-facing portals as direct competition with brokerage websites and individual IDX feeds. Because brokers pay to participate in the MLS, they might also see the sites as a forced contribution to the visibility of competitors. John Mosey, president of NorthstarMLS, which serves the Minnesota-Western Wisconsin market, says he has been asked by nonmember shareholders to create a public-facing MLS site but has resisted because of broker opposition. “We serve our broker and agent community,” Mosey said at the MLS forum in November. The Indianapolis board has a different perspective, CEO Stephen J. Sullivan told attendees at the forum. “Where would [consumers] go if they didn’t go to our website? They would probably go someplace that’s going to charge [brokers] to get those leads back,” he said. “That’s why some of the larger brokers tolerate it.”

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The Draw of Independent Distribution

Whether or not they host a public-facing site, all MLSs have to answer to their participants on the question of data integrity. Indeed, one criticism leveled by practitioners has been that MLSs’ syndication agreements themselves are responsible for the far-flung presence of their listing data. In general, though, individual brokers are the ones with ultimate control. Syndicators such as ListHub—owned by Move—rely on a prescribed set of data standards to access listing data. Designated brokers can log on to ListHub and manage how their office’s listings are syndicated across a variety of online aggregators. But, as Cooper in Hunstville discovered, just because brokers have control doesn’t mean they are actively managing the feeds. Cooper isn’t the only executive whose MLS is moving to a different distribution model. After receiving unanimous consent from board members, the Austin (Texas) Board of Realtors® announced last September it would end its ListHub agreement on April 30. The association’s task force in charge of studying the issue found that, in the five years since the agreement had been forged, many brokers had their feeds on autopilot. “Most did not remember setting up ListHub, nor did they have any idea which websites their agents’ listings were being sent to,” says task force

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Salt Lake Realtor® April 2014

member Jonathan Boatwright, co-owner of Realty Austin. He says brokerages set their syndication levels to maximize online marketing impact years ago. That was before ListHub’s reach had grown to 58 different third-party websites, where, in some cases, data wasn’t updated frequently or was blended with information from outside sources. “Members voiced concerns about the way their listings were being presented and the confusion it caused,” he says. “[The blanket syndication] causes consumers to question our credibility as they inquire about outdated listings and then feel like they are getting the bait-and-switch.” When the direct ListHub feed to aggregators ends this spring, the board’s 9,400 brokers and agents will have to decide where and how they want to post their listings online. Though he’s an agent with Keller Williams, a company that provides listing syndication to its agents and brokers via Market Leader, Jordan Gouger believes ABoR made the wrong choice. Home buyers are “trained to go to Trulia and Zillow and maybe Realtor.com®,” he says. In addition to having his leads syndicated out to aggregators via ListHub, Gouger advertises on Trulia. He acknowledges that the data quality isn’t perfect on outside aggregators’ sites but says that’s where the consumers are. The Austin association says the decision wasn’t about punishing the aggregators or syndicators for inaccurate data. “We are simply getting the Board of Realtors® out of the business of syndicating member listings to nonmember websites,” Boatwright says. “Third-party websites will continue to provide advertising services for members who find value in their services, but members will be able to negotiate directly with each company they choose to advertise with, rather than blindly sending their listings to 58 different publishers.” Cooper’s North Alabama Multiple Listing Service Inc. also made a move away from ListHub, but it decided to become more involved in syndication rather than less. In October 2013, the MLS—which represents more than 2,000 real estate professionals in seven markets— set up separate, confidential agreements with sites such as Trulia, Homes.com, Zillow, Realtor.com®, and others. Each agreement forges a direct feed of members’ listings to each site and delivers web analytics data from the sites back to brokers. Listings are syndicated by Atlantabased Bridge Interactive Group. Cooper says the agreements ensure that listing data from brokers trumps all other data that third-party sites might normally add to a listing without such protections. “This puts all of the power back in the hands of our Realtors®. It puts them back in the center of the transaction,” says Cooper. The new system also helps the MLS see where the data goes after that first syndication push. “We know the minute our feed goes someplace that it does not belong.” Cooper cites the same issue as Boatwright in Austin: Many brokers weren’t managing the aggregation process under ListHub. “There are

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controls that ListHub puts in place, but it’s up to the brokers to limit it,” Cooper says. Even if brokers are vigilant about each and every listing, however, “often it’s the end user that is resyndicating without permission.” Cooper says he’s seen pretty much universal buyin from his MLS participants. Still, he admits that this first-of-its-kind restructuring was easier for his area than it would be elsewhere, because the MLS already has a robust web presence at ValleyMLS.com. The member-owned listings site is “the highest performing public-facing website for real estate websites” in the area, he says, which made it much easier to get buy-in from members. “For us to pull out of ListHub, there was not as much fear on the broker side,” he says. “Your very small MLSs would have a degree of difficulty.” And taking control of syndication may be more than some MLSs want to handle. In a statement last November, ListHub General Manager Luke Glass said the company had welcomed back some MLSs “who have experienced first-hand the complexity of managing listing distribution independently.” For example, the Corpus Christi (Texas) Association of Realtors® returned to ListHub in 2013 after two years of managing syndication for its members independently. ListHub said in November that it was powering 450 data sources across the country. With MLSs taking a variety of approaches to secure data, what’s the effect on Realtors®’ own portal, realtor.com®? “Because of our unique industry position and relationships, these decisions have had no impact

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on realtor.com®,” says Move’s Berkowitz. Of course, Move wasn’t happy to see ListHub lose a customer, but in the case of Austin’s expiring agreement, he notes that “instead of getting a single feed from ListHub, other portals will now have to sign over 1,000 individual brokers and manage that number of individual data feeds. Realtor.com® will continue to have one agreement and one feed from the Austin MLS.”

Diversity Is a Good Thing

In the coming years, MLSs and brokers will continue to change the agreements they use to syndicate their listings online. And that might not be a bad thing. While the huge variety of listing agreement landscapes makes tackling this issue more difficult, some see the advantages of diversity. In a recent commentary, Washington Realtors® state director Sam DeBord, of Coldwell Banker Danforth in Seattle, wrote that this tumultuous situation is something “that most industries would kill for.” “Boards from across the country can simultaneously take widely divergent steps to attempt to improve the way listing data is displayed,” he wrote. “There are hundreds of MLS organizations, and just as many different ways to approach the marketing of their listings … If every major metro’s MLS adopted a different approach to marketing and syndication, we’d get the largest test case we could possibly imagine with real-world results.” Reprinted from REALTOR® Magazine Online, January 2014, with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2014. All rights reserved. Salt Lake Realtor® April 2014

Are Big Investors a Problem? The recent securitization of more than 3,000 single family homes has alarmed some housing analysts who fear that these properties could be dumped back on the market simultaneously causing prices to tumble. By Ken Fears, Manager, Regional Economics and Housing Finance Policy National Association of Realtors® Investors have played an important part in the housing recovery, but recently concern has grown over their role. In particular, the first ever securitization of single family rentals by Wall Street investors spawned fears that the large number of properties packaged into this type of security could be dumped on the market sending prices downward. Current conditions are stable, but this nascent industry will need to be monitored.

Salt Lake Realtor® April 2014

Prior to the great recession, investors played a much smaller role in the market. What’s more institutional investors were virtually non-existent. The share of homes purchased by all investors was closer to 14 percent in 2003 and 2004 well below the 24 percent recorded in 2012. In the most concentrated local markets, institutional investors who hold properties in excess of 200 made up roughly 6 percent to 7 percent of purchases in 2012. Small mom-and-

pop investors who hold only a handful of properties and a comparative advantage about local conditions are the majority. It is estimated that institutional investors accounted for roughly 200,000 single family homes purchased between 2011 and 2013…a small sliver of the 12.4 million single family homes sold over that period. However, institutional investor purchases are more concentrated in certain markets. Furthermore, in the fall of 2013 one institutional investor borrowed to finance the purchase of a pool of more than 3,000 homes. This loan was turned into a bond that was securitized and sold as shares to investors who would benefit from the underlying rental stream as the institutional investor repaid the loan. This phenomenon raises questions as to the implications for the housing market. The successful securitization of single family rental properties and the strong demand for the security suggests that both the institutional investor and buyers of the security believe in the strength of this instrument and the single family rental market supporting it. However, as this is a new type of investment, the long-term sustainability is not clear. In particular, this structure will require the institutional investor to have strong capacity to maintain the properties at a low cost and to fill them with renters. Fluctuations in either costs or revenues might undermine the model and there is little historical data

for analysis. Furthermore, the bond that backs the securitization comes due and must be renegotiated every three to five years. What might happen if this business model becomes unprofitable, the entity goes into default, or if the security is not rolled over? Would the investor unload their properties on the market simultaneously sending prices downward? In the short term, if particular properties become less profitable due to rising costs, the sponsor can sell off less than 10 percent of the properties from the pool so long as it returns 105 percent of the original allocated loan amount. However, the amount that must be repaid rises to 120 percent of the original allocated loan amount if the properties make up more than 20 percent of the pool…a disincentive to sell properties that appreciate in value. What’s more, there is a cap on how high the interest rate on the bond supporting the securitization can rise, which creates a buffer so that the interest that must be paid to purchasers of the security won’t eclipse the institutional investor’s margin on rental income. In the long-term, the institutional investor can extend the deal like rolling over a commercial loan. Alternatively, it may decide that it does not want to continue for cost reasons or if the value of the underlying properties has risen significantly. In this case the sponsor may sell part or all of the pool of properties. These properties could re-enter the single family rental market in another securitization or with

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A months’ supply of 8.6 would weigh on price growth, but investors are unlikely to sell all their holdings at once and that level is improbable to cause prices to drop like they did in 2007 and 2008. What’s more, a rise in supply and moderate drop in prices would likely create owner occupied demand in the current tight market, absorbing some of the new inventory. On the rental front, the current months supply for single-family rentals is 2.8 in Phoenix. A measured increase in the rental supply would help to ameliorate the strong rent growth. However, a large number of securitized properties might return to the market when conditions are less advantageous than today creating a more serious problem. What’s more market analysts indicate that the volume of single family rental securitization could increase significantly in the coming years and that securitizers are considering pooling homes managed by groups of smaller investors-landlords, a trend that could expand the number of securitized properties dramatically and introduce new risks. Investors have played an important role in stabilizing the national and many local housing markets. The recent creation of securities backed by single family rentals should be regarded with caution and monitored. At present, the volume of securitized properties would not destabilize even the most concentrated local market, but as this industry grows that balance could change.

“A stress test scenario in one local market with active investors suggests that the return of the limited number of properties currently securitized would not have a signigicant downward impact on prices.” a different landlord or they could enter the singlefamily market for owner-occupants. Profit is a strong incentive and investors in the single family rental market are unlikely to unload properties in unison for the impact that this would have on the liquidation price. There is always the possibility that an entity might dispose of a large volume of properties at a single time potentially destabilizing the market. Phoenix has roughly 13,700 institutional investor owned single family rentals, one of the largest investor markets, making it a good model. Of these, 1,090 were included in the Invitation Homes, LP single family rental securitization in November of 2013. If the homes wrapped in the Invitation Homes deal (32% of the deal…the highest share by far of any metro area or state) were returned to the Phoenix market simultaneously, the months supply would rise from 5.5 in February to 5.7, likely not having an impact on prices (6-7.5 months supply is considered a neutral market, lower than that would cause price appreciation and conversely for greater). If all institutionally owned properties re-entered the market, the rate would jump to 8.6 months…roughly half of what it was in 2008 near the peak of the Phoenix market’s correction.

18 16

Ken Fears is the Manager of Regional Economics and Housing Finance Policy. He focuses on regional and local market trends found in the Local Market Reports and the Market Watch Reports. He also writes on developments in the mortgage industry and foreclosures.

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Salt Lake Home Sales Fall 2% in February; Median Prices Rise 7% Home sales (all housing types) in Salt Lake County fell 2 percent in February (year-over-year). February’s sales decline follows a 2 percent drop in home sales in January and a 1 percent decrease in home sales in last year’s fourth quarter. “Listings are taking slightly longer to close,” said Angie Domichel Nelden, president of the Salt Lake Board of Realtors®. “The median days on market for home listings in the Salt Lake area increased to 62 days in February, up from 42 days in February 2014.” In Salt Lake County, 844 homes/condominiums were sold by Realtors® in February, down 2 percent compared to 863 sales in February 2013. In Davis County, home sales in February were unchanged compared to the same month a year ago (249 sales of all housing types). The median price of homes and condominiums sold in February in Salt Lake County increased to $227,500, up 7 percent compared to a median price of $213,126 in February 2013. Home prices have increased in the Salt Lake area for 23 consecutive months (since April 2012) yearover-year.

Sales (All Housing Types) Year-Over-Year (Down 2%)

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Salt Lake Realtor® April 2014

844

Nationally, the median existing-home price for all housing types in February was $189,000, which is 9.1 percent above February 2013, according to the National Association of Realtors®. “Price gains have translated into an additional $4 trillion of housing wealth recovery over the past three years,” said Larence Yun, NAR chief economist. Across the country, first-time buyers accounted for 28 percent of purchases in February, up from 26 percent in January, but down from 30 percent in February 2013. All-cash sales comprised 35 percent of transactions in February, up from 33 percent in January and 32 percent in February 2013. Based on sales trends over the past 12 months, Salt Lake County currently has a 4.9-month supply of housing inventory. A seller’s market, one in which there are more buyers than sellers, is typically characterized by housing inventory levels below a four-month supply. A four- to sixmonth supply of housing inventory is considered a normal market. In Davis County, home prices increased 6 percent in February to a median price of $203,000, up from $192,000 a year ago.

Salt Lake County Median Price (All Housing Types) Year-Over-Year (Up 7%)

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Davis County Sales (All Housing Types) Year-Over-Year (Unchanged)

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Salt Lake Realtor速 April 2014

REALTOR® Connections Q&A: Ty McCutcheon Ty McCutcheon is Vice President at Rio Tinto Kennecott where he is responsible for leading the development team for Daybreak. Q: When completed, Daybreak will have the largest “community owners association” in Utah. Aside from size, what is the biggest difference between Daybreak’s community association and others in the state? A: I think one of the biggest differences is that the community associations in Daybreak not only have “reserve accounts” to fund long term repair and replacement costs, but work to phase in the funding of the reserves during the start-up of each Association. In many other associations, dues are kept artificially low during the developer control period, when the reserves are being substantially underfunded, only to dramatically jump up later. A very important question for Realtors® to ask regarding any home with an HOA would be “How are the reserves being funded?” To really compare apples to apples, the full operating costs plus the full funding of reserves should be taken into account, not just the current dues level. Q: What are the monthly home owner dues in Daybreak and what does that cover? A: It depends a little on the neighborhood and type of home purchased. Currently all homeowners in Daybreak pay $109 per month, which includes $33 a month for Century Link fiber to the home high-speed internet. Residents enjoy use of the Community Center which has a full array of weights and fitness equipment, an indoor track, and a variety of fitness classes and programs. In addition, the community offers over 100 acres of parks and open space spanning over 60 parks, with miles of trails, pool, splash pad and a new pool opening mid- summer, just to name a few. Some neighborhoods with additional amenities, such as Garden Park, and all attached homes (such as town homes and condominiums) have their own additional associations and fees to maintain and insure their individual buildings and grounds. Q: What is the most unusual question you have been asked about Daybreak? A: I recently had a Realtor® ask “how could we sell so many homes when buyers don’t actually own their lots?” And of course people in Daybreak do own their lots. I suppose that this rumor would have been started because long ago many mining companies did have “company towns” where people did not own their lots and had 99-year leases.

Century 21 Everest Realty Group Finishes No. 1 in Revenues of All U.S. Century 21 Offices Century 21 Everest Realty Group today announced that it has achieved the distinction of becoming the nation’s top-ranked Century 21 single residential office, based on 2013 gross commission income earned by its agents, and finished third nationally for units sold among Century 21 residential offices. “This group is made up of tenacious, consummate professionals able to attract high-quality clients, and driven by a true passion for understanding and meeting the diverse needs of Utah homebuyers,” said George Q. Morris, CEO of Century 21 Everest Realty Group. “These are serious full-time professionals at the top of their profession, not casual part-timers.” In garnering the top spot among the nation’s Century 21 offices, Everest Group’s 250-plus agents achieved total sales volume of nearly $394 million from 2,083 units sold, both of which ranked first among single Utah residential real estate offices — across all national brands and independent offices, according to the Wasatch Front Multiple Listing Service (WFRMLS) and Real Data Strategies (RDS).

Salt Lake Realtor® April 2014

On the Move Gary Cannon, principal broker at Cannon & Co. Real Estate Services, and the entire team at Cannon & Co. congratulate Bill Heiner (pictured) as a finalist for the Best of 2013 Realtor® of the Year Award. Heiner received his real estate license in 1977. He serves as co-chairman on the Grievance Committee for the Utah Association of Realtors®. He also serves on the RPAC Board of Trustees for the Salt Lake Board of Realtors® and is a planning and zoning commissioner for West Jordan City. In 2010, Heiner was the president of the Salt Lake Board of Realtors®. Cannon and Co. has 11 Realtors®. The West Jordan-based brokerage opened in February 2013. After 22 years in the real estate profession, Rob Aubrey announced the opening of Aubrey and Associates Realty. The firm caters to Realtors® with several years of experience. Aubrey said he specializes in lead generation, marketing, and technology in helping to take an agent’s business to the next level. You can reach Rob at rob@aubrey. net or 801-999-8209. Learn more about the firm at agents. aubreyandassociates.com. CoreLogic Points to Rising Home Prices. Home prices nationwide, including distressed sales, increased 12.2 percent in February 2014 compared to February 2013. This change represents 24 months of consecutive year-over-year increases in home prices nationally, according to a report by CoreLogic. In Salt Lake City, home prices, including distressed sales, increased by 9.3 percent in February 2014 compared to February 2013.

Note: Contributions are not deductible for income tax purposes. Contributions to RPAC are voluntary and are used for political purposes. You may refuse to contribute without reprisal and the National Association of REALTORS速 or any of its state associations or local boards will not favor or disfavor any member because of the amount contributed. 70% of each contribution is used by your state PAC to support state and local political candidates.

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