Salt Lake Realtor – March 2017

Salt Lake

REALTOR

®

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slrealtors.com

March 2017

Best of 2016 Awards p. 12 Client Unease p. 32

Why Teams are Better p. 38

THE BEST OF CITY & MOUNTAIN LIVING FOR THEM $500 CITY CREEK GIFT CARD FOR YOU City Creek homeowners enjoy doorstep access to world-class shopping, great restaurants and Salt Lake’s best entertainment, including the new Eccles Theater. And Utah’s deep-powder skiing is less than an hour away. Start showing your clients the magic of City Creek Living today. Receive a $500 City Creek gift card as our thanks upon closing when your client goes under contract between January 1 and June 30, 2017.

Schedule an appointment at 801.240.8600 to tour designer model homes.

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Table of Contents Features 12 Best of 2016 Award Winners

Salt Lake’s housing market could be better if there was more housing inventory. p. 7

18 The Best of 2016 Realtor® Awards 20 Beware of the Flip Barbara Ballinger 30 Owners Are Spending More on Remodeling

Realtor.com

32 Working Through Clients’ Unease Graham Wood 38 How Teams Beat Single Agents at Marketing

Megan Spray

Columns 7 Wanted: More Housing Inventory Troy Peterson – President’s Message

Departments 8 Happenings 8 In the News 42 Housing Watch 44 Realtor® Connections 44 On the Move

On the Cover: Front row: DeAnna Dipo, 2016 Realtor® of the Year, left; Barbara Breen, Affiliate of the Year Back row: Cheryl Acker, 2016 president of the Salt Lake Board of Realtors®; Rob Ockey, Managing Broker of the Year; and Tyler Parrish, Salesperson of the Year.

Photo: Kent Shelton, Shelton Photography Photo left: © Morita / Adobe Stock

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

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March 2017 volume 77 number 3 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.

IVORY HAS THE VARIETY, QUALITY AND LOCATIONS THAT MAKE THE RIGHT MOVE EASY FOR YOUR CLIENTS Ivory Homes offers more choices than anyone with over 60 home plans to choose from and 40 model homes to visit for a better sense of all the possibilities. With more than 65 neighborhoods across the Wasatch front and back, we have a variety of beautiful locations to ďŹ t every lifestyle. And, if your client wants to get into their new home right away, we have hundreds of move-in ready homes completed or already in the works.

Let us help you and your clients make all the right moves in 2017.

Visit any of our 40 model homes or online at:

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Salt Lake

REALTOR

® ®

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President Troy Peterson Equity Real Estate

Directors

First Vice President Adam Kirkham Summit Sotheby’s International Second Vice President Scott Robbins Coldwell Banker Residential Treasurer J. Scott Colemere Colemere Realty Associates Past President Cheryl Acker Utah Key Real Estate CEO Curtis A. Bullock

M. Brock Andersen Berkshire Hathaway Kimberly Farber-Bowen IMPOWER Real Estate Brian Gottfredson Coldwell Banker Residential Alicia Holdaway Equity Real Estate Mike Morgan Realtypath Mary Olsen Utah Key Real Estate Jodie Osofsky Utah Key Real Estate Steve A. Perry Realtypath Michael Rowe Berkshire Hathaway Randal Smith Equity Real Estate Matthew Ulrich Ulrich Realtors®

Advertising information may be obtained by calling (801) 467-9419 or by visiting www.millspub.com

Managing Editor Dave Anderton Publisher Mills Publishing, Inc. www.millspub.com President Dan Miller Art Director Jackie Medina Graphic Design Ken Magleby Patrick Witmer Sales Staff Paula Bell Karen Malan Paul Nicholas

Office Administrator Cynthia Bell Snow Office Assistant Jessica Snow Administrative Assistant Ruth Gainey

Salt Lake Board: (801) 542-8840 e-mail: dave@saltlakeboard.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 achievement of equal housing opportunity throughout the nation. We encourage and support the affirmative advertising and marketing program in which 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 expressed by writers and persons 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 and photographs in this issue, provided proper credit is given to The Salt Lake REALTOR®, as well as to any writers and photographers whose names appear with the articles and photographs.

While unsolicited original manuscripts and 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 REALTOR® are not necessarily endorsed by the Salt Lake Board of REALTORS®. However, advertisers do make publication of this magazine possible, so consideration of products and services listed is greatly appreciated.

Wanted: More Housing Inventory

S

alt Lake’s housing market is the best it has been in a decade. It could be better if there was more housing inventory. Too many Realtors® tell me that they have ready and qualified buyers, but finding them a home has become a challenge.

Nobody has anything to sell. I have never seen anything like this before in my 22 years of selling real estate. Many sellers are making the sale of their home contingent on them finding another property. Recently, a home in Holladay went on the market for $300,000. There were 22 offers on the home in less than 48 hours. The home went under contract with backup offers. Nobody used to make backup offers. Now it’s a normal thing to do.

In fact, as of March 1 there were more existing homes under contract in Salt Lake County than there were active listings. A recent report commissioned by the Salt Lake Board of Realtors® concluded that “Utah’s rapid demographic growth has created what appears to be a housing shortage. For the first time in 40 years, the increase in households in Utah exceeds the number of new housing units.

Consequently, all segments of the housing market report very strong demand and insufficient supply.”

Right now Salt Lake County has just a 2.7-month supply of homes for sale across Salt Lake County based on sales trends over the past 12 months. A normal housing market is typically characterized by a five- to six-month supply of housing inventory. Levels below five months represent a seller’s market. Home buyers gain the advantage when levels start rising above six months.

Home builders have virtually no unsold inventory and are producing at full capacity. Labor shortages, the high cost of land, municipal zoning, fees, and regulations are preventing more new homes from being built. Lawrence Yun, chief economist of the National Association of Realtors®, said in a recent statement that should “Dodd-Frank and environmental regulations ease, new-home construction could finally expand enough to address inventory shortages that have plagued the industry since the recovery began.” He added that builders need to construct about 1.6 million homes per year to start closing the gap between supply and demand, up from the 1.2 million units added last year.

Utah’s population growth is the fastest in the nation. This means the issue of limited housing inventory could continue to be a problem for several more years.

The solution is simple. As professionals, Realtors® make up the largest and strongest organization nationwide promoting homeownership and private property rights. More new housing can be built. The financial, labor and regulatory barriers preventing this from happening are obstacles that Realtors® can lead the charge in solving. Through our legislative and RPAC efforts, we help elect good people to office that are friendly to private property rights and make homeownership more affordable and available to everyone.

Troy Peterson 2017 President

OFFICIAL PUBLICATION OF THE SALT LAKE BOARD OF REALTORS ® REALTOR® is a registered mark which identifies a professional in real estate who subscribes to a strict Code of Ethics as a member of the NATIONAL ASSOCIATION OF REALTORS®.

October 2005

March 2017 | Salt Lake Realtor ® | 7

Happenings

In the News Current Realtor® Ethics Violations

Pictured: Bob Goodson, left, events chair of the Government Affairs Committee; Marcus Jessop, government affairs director; Brad Bjelke, CEO of UtahRealEstate.com; Curtis Bullock, CEO of the Salt Lake Board of Realtors®; and Troy Peterson, president of the Salt Lake Board of Realtors®.

Locked on RPAC with the Utah Jazz About 100 members of the Salt Lake Board of Realtors® enjoyed an evening of food and fun at Realtor® night with the Utah Jazz. Members were able to watch players in a pre-game practice and enjoyed some time shooting hoops on the court after the game. The Jazz beat the Charlotte Hornets 105-98. The event raised more than $7,600 for the Realtors® Political Action Committee (RPAC).

Pictured: Kim Farber Bowen, left, membership; Klair Gunn, past president; Terrie Lund, secretary, Stefanie Barnes, treasurer; Heather Pappas, president; Melanie Koerner, president elect; and Devi Day, vice president of membership.

WCR Directors Invest in RPAC Each member of the Board of Directors of the Women’s Council of Realtors® Salt Lake Chapter in 2017 made an RPAC investment.

8 | Salt Lake Realtor ® | March 2017

Article 1 of the Realtor® Code of Ethics sets forth guidelines which Realtors® must abide by in their duties to their clients.

Holly Robbins These duties include protecting and promoting the client’s best interests and honesty between both parties in a real estate transaction.

Currently, the most commonly complained about violation of Article 1 filed with the Salt Lake Board of Realtors® Grievance Committee occurs when contract deadlines are missed. In each case, supporting documentation was never discussed, filed, or provided to the client by the Realtor® to complete the transaction. In each of these instances, the Professional Standards Committee voted in favor of an Article 1 violation due to lack of looking out for the client’s best interests at an ethics hearing before the parties.

This common violation can be avoided by improving communication with both Realtors® and clients alike. Keep your clients updated and informed on each step of a real estate transaction and ensure that all appropriate documentation is presented and explained to your client as well.

Holly Robbins, Professional Standards Administrator, handles all incoming ethics complaints and arbitration requests for the Salt Lake Board of Realtors®. Please contact her with your complaint at holly@ slrealtors.com or (801) 542-8856.

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Call 435.785.5000 Find yourself at VictoryRanchUtah.com Homesites from $475,000, Cabin Homes from $1,695,000 Victory Ranch does not discriminate on the basis of race, color, religion, sex, handicap, familial status, or national origin. Read the property report for Victory Ranch before signing anything. No federal or state agency has judged the merits or value, if any, of property in Victory Ranch. Access to golf and other amenities is restricted to Victory Ranch Club members and subject to applicable membership fees and other limitations. Each office is independently owned and operated.

Need Inventory?

Legacy Farms in

Saratoga Springs — One of Utah Counties Fastest Selling Communities

If you’re looking for Utah Valley’s top-selling community, simply scan the horizon for a remarkable 35-foot wooden water tower. That stunning structure is the entry monument to Legacy Farms, DR Horton’s new master-planned community in Saratoga Springs.

There’s something special about Legacy Farms, it’s really exciting because there’s nothing else in Utah County quite like it.”

Located off Redwood Road just seven miles from Interstate 15, Legacy Farms has convenient access to Pioneer Crossing and Lehi’s bustling tech corridor. It’s nearby the shores of beautiful Utah Lake and has breathtaking views of the Wasatch Mountains. All this gives Legacy Farms the best Utah County has to offer.

Legacy Farms offers a modern twist to a classic American community, at an affordable price. It’s unique mix of beautiful single-family and townhomes are situated on 183 acres in one of Utah’s fastest-growing

cities. Townhomes start at $188,000, with single-family homes starting in the $250,000 range. They are thoughtfully designed and beautifully constructed by DR Horton, the number-one builder in the United States for 15 years in a row.

Buyers can choose from more than 20 floorplans in five different architectural styles: Farmhouse, Craftsman, Traditional, Prairie and Modern. Single-family homes range from 1,275 to 4,445 square feet on lots ranging from 6,000 to 10,000 square feet. This broad selection of styles and floorplans gives Legacy Farms a harmonious look without a cookie-cutter feel.

Once you’ve selected the floorplan that’s right for you, DR Horton’s award-winning design team will help you select an interior every bit as beautiful as the community’s architecture and wide-open surroundings.

Or, you can choose from the gorgeous, designer-styled homes already constructed and ready for a quick move-in.

“It’s easy to see why Legacy Farms is the number-one Utah Valley community based on sales, permits and closings for 2016,” said

Visit drhorton.com/utah for more information. *D.R. Horton is America’s #1 Homebuilder per Builder Magazine.

DR Horton division president Boyd Martin. “We are setting records in terms of sales and production in one community with one builder. The vibe is very young and energetic. You’ve got amazing architecture, beautiful parks and lots of green space. Homes are selling quickly, but there are still plenty of prime lots and models to choose from.”

Legacy Farms’ blend of townhomes, starter homes and mid-level family homes provide an opportunity to stay in the same neighborhood, even as housing needs change through different stages of life. Legacy Farms was designed to be the type of community residents will never want to move from. Officials at DR Horton spent several years planning the community before breaking ground in 2015 on this one-of-a-kind development.

“They definitely went the extra mile to really be mindful of how everything lays out,” said Richard McCann, lead architect for the project. “So much time, effort and energy was put into getting it right. Every part of the community is carefully styled to evoke a modern-day farm, with an American, ‘down-home’ feel.”

Even some street names were inspired by historic registered farms in the United States. Krisel Travis, entitlements and land acquisition manager said, “The theme of the community shows through from the amenities right down to the architecture of the home. It just creates a fantastic environment in which to live.”

The rapidly developing community is bursting with amenities.

A resort-style swimming pool is a fun place for all residents to gather with their families. There is also a spacious, 2,568 square-foot clubhouse resembling a barn that is large enough

to hold neighborhood gatherings, birthday parties, even baby showers. Restored vintage tractors are reimagined as play structures throughout the 12 neighborhood pocket parks. There will be more than 41 acres of green space with parks, walking trails, basketball courts, a bike track and a skate park.

Legacy Farms is a community where a healthy and recreational lifestyle is sponsored. It promotes occasions of relaxation and fun, while offering plenty of opportunities to connect and have fun with others who live in the community.

The brand new public elementary school that opened in September of 2016 allows for a safe environment close to home for children to grow both academically and socially with their classmates.

There’s plenty to do and see in the surrounding city of Saratoga Springs with its gorgeous shoreline and proliferation of new shops and restaurants. But, at the end of the day, Legacy Farms is meant to a place you can’t wait to come home to.

“There’s something special about Legacy Farms,” said Boyd. “It’s really exciting because there’s nothing else in Utah County quite like it.”

s d r a Aw 6 1 0 F2

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WINNERS REALTOR® OF THE YEAR

DeAnna Dipo COLDWELL BANKER

SALESPERSON OF THE YEAR

BROKER OF THE YEAR

COMMERCIAL REALTOR® OF THE YEAR

Tyler Parrish

Rob Ockey

Kyle Christensen

WINDERMERE REAL ESTATE

CENTURY 21 REALTY

12 | Salt Lake Realtor ® | March 2017

COLDWELL BANKER

ROOKIE OF THE YEAR

Benjamin Barber COLDWELL BANKER

LARGE SALES TEAM OF THE YEAR

JUSTIN UDY & TEAM CENTURY 21 EVEREST

MEDIUM SALES TEAM OF THE YEAR

SMALL SALES TEAM OF THE YEAR

LORI & LISA SELL TEAM

SHELLY TRIPP TEAM

WINDERMERE REAL ESTATE

GOOD NEIGHBOR AWARD

Amber Debirk EQUITY REAL ESTATE

COLDWELL BANKER

AFFILIATE OF THE YEAR

PRESIDENT’S AWARD

Barbara Breen

Heather Nelson

DAYBREAK

UTAH KEY REAL ESTATE

SPECIAL RECOGNITION

Claire Larson WOODSIDE HOMES

March 2017 | Salt Lake Realtor ® | 13

s d r a Aw BEST

6 1 0 2 OF

WINNERS

PLATINUM HALL OF FAME Brock Andersen

John Baque

BERKSHIRE HATHAWAY

BERKSHIRE HATHAWAY

Jim Bringhurst

Daniel Cabrera

BRINGHURST GROUP

Babs De Lay URBAN UTAH

Michael Gabel KELLER WILLIAMS

REAL TEAM REALTY

Michael Egan KELLER WILLIAMS

Amy Gibbons SELLING SALT LAKE

Ken Bell

Jared Booth

Greg Call

Kim Chatterton

BELL REALTY

BERKSHIRE HATHAWAY

Kelly Favero KELLER WILLIAMS

Joel Hair

ULRICH REALTORS

COLDWELL BANKER COMMERCIAL

COLDWELL BANKER

Kristopher Furrow REDFIN.COM

Craig Hawker ACTION TEAM REALTY

Dawn Houghton

Brenda Lee Jones

Carolyn Kirkham

Ryan Kirkham

Tom Kreifeldt

Susie Martindale

Carolee Mecham

Angie Nelden

Maura Powers

Scott Robbins

Laurel Simmons

Debra Sjoblom

COLDWELL BANKER

SUMMIT SOTHEBY’S

Cheryl Lyon COLDWELL BANKER

Dan Nix

COLDWELL BANKER

Dave Robison goBE REALTY

CENTURY 21 EVEREST

SUMMIT SOTHEBY’S

RE/MAX MASTERS

Ryan Pool RE/MAX MASTERS

Linda Secrist BERKSHIRE HATHAWAY

Jeff Justice SUMMIT SOTHEBY’S

ACTION TEAM

CANNON & COMPANY

SUMMIT SOTHEBY’S

SUMMIT SOTHEBY’S

Adam Kirkham SUMMIT SOTHEBY’S

Janet Lowe WINDERMERE

SUMMIT SOTHEBY’S

COLDWELL BANKER

CHAPMAN RICHARDS

Cathy Sneyd

Janice Smith

Scott Steadman

Sean Steinman

Dawn Stevens

Mona Stevens

Shelly Tripp

Justin Udy

Mike Ulrich

Matt Ulrich

Nate Ulrich

Tricia VanderKooi

Craig Whiting

Stacy Wissman

WINDERMERE

REALTYONE GROUP

ULRICH REALTORS ROCK RE GROUP

14 | Salt Lake Realtor | March 2017 ®

COLDWELL BANKER

KELLER WILLIAMS

ULRICH REALTORS

SUMMIT SOTHEBY’S

WINDERMERE

COLDWELL BANKER

ULRICH REALTORS

Cindy Wood CINDY WOOD REALTY

WINDERMERE

CENTURY 21

COLDWELL BANKER

Thomas Wright SUMMIT SOTHEBY’S

Collaboration is not an option. It’s a promise.

When we work with Homebuyers, we build homes around their lives – not the other way around. The same is true when we work with you. At David Weekley Homes, we work hand-in-hand with you and your Team to ensure that your Clients’ path to homeownership is as seamless and fulfilling as possible – and so is your experience in helping them get there.

That’s The Weekley Way. At David Weekley Homes, we love taking care of you and your Clients by: • Encouraging you to register your Clients with us – we promise it will be easy • Paying you complete commissions based on a home’s full sales price, not just the baseUSprice VISIT IN ALL OUR FINE COMMUNITIES • Making you look good by guiding your Clients through the building process and beyond

S A LT L A K E C I T Y

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See a David Weekley Homes Sales Consultant for details. Prices, plans, dimensions, features, specifications, materials, and availability of homes or communities are subject to change without notice or obligation. Illustrations are artist’s depictions only and may differ from completed improvements. Copyright © 2017 David Weekley Homes - All Rights Reserved. Salt Lake City, UT (SLCA84975)

Creekside Village 60’s From the $360s

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Justin Udy and Team, Large Sales Team of the Year

The Best of 2016 Realtor® Awards Realtors® and affiliates were recognized Feb. 24 at the Best of 2016 Awards.

Awards were presented in 15 categories. Congratulations to the finalists and winners!

Photos: Kent Shelton, Shelton Photography

Amber DeBirk, Good Neighbor Award

Cheryl Acker, Claire Larson, Special Recognition Award, David Larson, Brian Kartchner

Rikki Curtis, Gold Hall of Fame Award 18 | Salt Lake Realtor ® | March 2017

Tyler Parrish, Salesperson of the Year

Barbara Breen, Affilliate of the Year

DeAnna Dipo, Realtor of the Year, with Cheryl Acker, 2016 President of the Salt Lake Board of Realtors®

Craig Lelis, Distinguished Service Award

Lori and Lisa Sell Team, Medium Sales Team of the Year

Mike and Matt Ulrich, Platinum Hall of Fame

Heather Nelson, President’s Award

Troy Peterson, president of the Salt Lake Board of Realtors®

Cheryl Acker, Benjamin Barber, Rookie of the Year, and Peter Fondario

Cheryl Acker and Robert Ockey, Managing Broker of the Year Cheryl Acker, Kyle Christensen, Commercial Realtor® of the Year, and Brian Gottfredson

March 2017 | Salt Lake Realtor ® | 19

© zoomingfoto1712 / Adobe Stock

Beware of the Flip When sellers are flippers, a good buyer’s rep should help clients engage in some old-fashioned sleuthing. Most problems arise with work done by DIY owner-flippers, who lack the skills of licensed contractors.

By Barbara Ballinger

B

efore the Great Recession of 2008, housing prices climbed dramatically, and homes sold faster than buyers could gush, “I love that spa bathroom.” Contractors and even handy DIYers got in on the uptick by buying fixer-uppers and improving them in the quickest ways possible, selling them, and reaping the profits. Enter the

20 | Salt Lake Realtor ® | March 2017

real estate phenomenon of flipping.

The trend waned a bit as the housing market hit the skids, but then returned with some significant differences. Today’s flippers are more often professional investors with access to cash as banks tightened mortgage loan guidelines and available work crews, says Seth Captain,

Congratulations

DAYB REAK BU I L D E R AG E N TS · 452 NEW HOM E SALES IN 201 6 DAVID WEEKLEY HOMES

Adam Frenza 801.436.3855

GARBETT HOMES

Lacey Jolley 801.436.3855

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DESTINATION HOMES

John Dowdle 801.317.8906

Heather LaGuisa 801.574.4268

RAINEY HOMES

Laurel Thompson 801.317.8883

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Mike Evans 801.317.8885

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SEGO HOMES

Sandy Ewing 801.436.8766

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IVORY HOMES

Brent Davies 801.254.6090

Eve Golden 801.254.6090

Scott Rolf 801.528.4775

Tim Sweat 801.528.4775

Brooke Ewing 801.436.8766

Image licensed by Ingram Image

managing broker of Captain Realty in Chicago.

But now, Captain notes changes: “Low inventory and many buyers’ eagerness for new construction and remodeled homes has caused some buyers not to do enough checking,” at least in Chicago, he said. And some buyers don’t insist on an inspection if sellers won’t permit it as a contingency, added Frank Lesh, owner of Home Sweet Home Inspection Company in Indian Head Park, Ill., and executive director of the American Society of Home Inspectors (ASHI), a national organization based in Des Plaines, Ill. Your job is to guide buyers through this rough terrain. The first thing to do with a remodel is to look at the public record and see when the property your buyers are interested in last changed hands. If it’s less than a year ago, the property may require a more thorough examination. While not every flip represents a potential landmine, you can help clients by asking for information about who completed the work, says broker Mark Ferguson with Pro Realty Inc. in North Greeley, Colo. Ferguson, also a real estate investor and blogger at InvestFourMore, said most problems arise with work done by DIY owner-flippers, who lack the skills of licensed contractors.

Here are more ways you can be an advocate for buyers who plan to purchase a house that’s being flipped. Many of the caveats reflect the same type of thoroughness that should be undertaken with any sale.

1. See it yourself Don’t buy at auction or without seeing a house in person, said Eric Workman, senior vice president of marketing at Chicago-based Renovo Financial, a private lender. Buyers should inspect the structure so they see firsthand if visible problems exist that may be red flags for deeper trouble. This is the first step before they call in experts.

22 | Salt Lake Realtor ® | March 2017

2. Learn the history of a home

Workman suggests asking officials in your community and real estate salespeople if they know how long a home may have been vacant.

The number of seasons a property goes through while being empty of occupants can help predict whether its plumbing and other mechanical systems may have been neglected or damaged.

One of the most important reasons to trace a home’s lineage is that if no one has lived in the remodeled house yet, it’s hard to know how well the systems work, Captain said. “There may never have been a heavy rain to know if the home’s drainage system will stand up, or if termites are chewing away at support joists and not visible,” he said. He suggests buyers ask for names of others who’ve bought from the same flipper to learn how well their houses have fared over time.

A buyer can also request to see the permits that the flipper pulled to perform work, especially important in cases where the floor plan was changed or a load-bearing wall was removed, Ferguson says. Or, if mold was a problem, a buyer can ask if the work was done by someone licensed to handle mold remediation, he says. They can also check the area’s Better Business Bureau to see if complaints or lawsuits have been brought against the seller by a prior buyer or real estate commission.

3. Understand the flipping process

Because a flipper’s goal is to make a profit in a relatively short period, many changes are cosmetic, such as refinishing hardwood floors and painting kitchen cabinets. Captain notes flippers often replace countertops, appliances, and fixtures in what tend to be buyers’ favorite rooms: the kitchen and bathrooms. They may forgo fixing the more expensive, time-consuming, and less visible problems. For example, a rotted subfloor may be deemed not worth fixing if it’s underneath (continued on page 26)

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Beware of the Flip (continued) gleaming boards, and dated plumbing may be left as long as faucets work and water pressure seems okay, Captain said: “They don’t want to kill the deal, but won’t go above and beyond. They also know that most buyers reach a point where they want to be done looking and are happy to focus just on what’s new and pretty.”

4. Hire a certified home inspector

Even if the flipper says the home was preinspected, advise buyers to bring in their own expert to avoid surprises later. But even home inspectors can miss signs of problems beyond the surface, Lesh said. “Perhaps water wasn’t run long enough during the inspection to find out that pipes hidden behind newly tiled walls are corroded,” he says. A good inspector will follow up on possible trouble spots — say, a wall that sounds hollow and may be lacking solid backer board and studs — with requests for more information. “We might ask, ‘What’s going on here?’ We won’t rip off the wall, but will request receipts to show work was done properly.”

Inspection fees typically vary by a home’s price, size, and age. Lesh charges between $650 and $700 for a 15-year-old $500,000 house. Cultivate a list of inspectors you trust, and give it to buyers so they can choose the one they want to work with.

5. Bring in additional specialists Certain systems warrant calling in a skilled expert. Glen Gallas, vice president of operations for the Mr. Rooter franchise based in Waco, Texas, advises having a plumbing inspection even if all seems perfect. “With today’s technology, a licensed plumber can do a video camera inspection of the main sewer line to see if there are mechanical defects in the pipe, which most home inspectors don’t see,” he said. “There might be a small leak in the line from roots growing, but it could take several seasons for them to be large enough to cause problems, and that could be long after the purchase. By then, [repairs would] also be more expensive,” he said. An average plumbing inspection ranges from $150 to $400.

In the case of electrical work, a new junction box may suggest all’s well, but

that doesn’t mean wiring was brought up to code, said Keith Pinkerton, owner of a Mr. Electric franchise in Huntsville, Ala. “Houses built in the late 1960s and early ’70s often were wired with aluminum, which was outlawed, and copper was required. But some might not know because they’re behind walls. We pull off the panel cover and look,” he said.

Some buyers may be content waiting to hire an expert only if the general home inspector picks up on problems such as foundation cracks that could reflect structural defects.

At that point, a structural engineer can determine the seriousness of the problem. And many home owners find that it helps to bring in a structural engineer in cases where a house is very old since more problems may lurk beneath floors, below floors, between walls, and above ceilings.

6. Avoid legal glitches Before buyers sign on the dotted line, be sure a lawyer has checked that there are no legal problems with the transfer of ownership, advises Alan Doran, executive vice president and general counsel with OneTitle National Guaranty in New York. All kinds of issues may arise when buying a property that has been flipped, he warned: “For example, if sellers acquired a property through a short sale, they need to obtain detailed information on the short sale to ensure that both transactions comply with state regulations and the original lender’s short-sale requirements,” Doran said.

There may also be a requirement that the flipper owned the property for a minimum amount of time before selling, and proofs of payment of liens must be verified, he added.

With all this information in hand, your buyers can decide whether a flip is still worth buying, particularly if the seller won’t deduct estimated repair costs or fix problems. But, as Captain noted, if a flip passes muster, it may be just as desirable as any other purchase: “What difference does it make if a flipper made money in a short time if the buyer finds a wonderful home?”

Reprinted from Realtor® Magazine Online, August 2016, with permission of the National Association of Realtors®.

Copyright 2016. All rights reserved.

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Owners Are Spending More on Remodeling Expenditures by homeowners over age 55 are expected to increase by nearly 33 percent by 2025

By Realtor.com

B

aby boomers may be sparking a remodeling boom. Homeowner spending on remodeling projects is expected to see steady growth through 2025, according to Demographic Change and the Remodeling Outlook, released by Harvard Joint Center for Housing Studies. Older owners are expected to make up the majority of those spending gains over the coming years too as they

30 | Salt Lake Realtor ® | March 2017

adapt their homes to be able to age in place.

Expenditures by homeowners over age 55 are expected to increase by nearly 33 percent by 2025, which will account for more than three-quarters of total gains over the next 10 years, according to the JCHS report.

“A disproportionate share of growth over the coming decade will be among older owners, minority owners, and households without young children, groups that traditionally spend less on home improvements,” the report noted.

The residential remodeling market, which includes spending on improvements and repairs by homeowners and rental property owners, zoomed to an all-time high of $340 billion in 2015.

That surpassed the prior peak set in 2007.

Remodeling improvements are expected to increase 2 percent per year, on average, through 2025, after adjusting for inflation, according to the JCHS report.

“With national house prices rising sufficiently to help owners rebuild home equity lost during the downturn, and with both household incomes and existing home sales on the rise, we expect to see continued growth in the home improvement market,” said Kermit Baker, director of the Remodeling Futures Program at the Joint Center for Housing Studies.

Rising home prices are encouraging homeowners to reinvest in their homes. But the increase in prices and mortgage rates are making it more difficult for younger households to make improvements and repairs, the report notes. Still, millennials are expected to take on more remodeling projects over the next decade, particularly as they buy up older, more affordable homes that are in need of renovations.

“Despite these challenges, the remodeling industry should see numerous growth opportunities over the next decade,” said Chris Herbert, managing director of the Joint Center for Housing Studies. “Strong demand for rental housing has opened up that segment to a new wave of capital investment, and the shortage of affordable housing in much of the country makes the stock of older homes an attractive option for buyers willing to invest in upgrades.”

The increase in remodeling will likely spur growth within specialty niches, such as those focused on energy efficiency, environmental sustainability, home automation, and healthy homes.

Source: “Improving America’s Housing 2017: Demographic Changes and the Remodeling Outlook,” Harvard University’s Joint Center for housing Studies (2017)

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Working Through Clients’ Unease When uncertainty about the future sets buyers or sellers on edge, you can help restore their sense of control by being more of a consultant and less a salesperson.

By Graham Wood

M

ore of your clients these days might be feeling like Dan and Lorena Schoenfeld of Fort Lauderdale, Fla. Last year, the couple found a three-bedroom condo with all the features they wanted—and the motivated seller was willing to accept $100,000 less than comparable units were selling for in the luxury building. And yet they were reluctant to buy.

“We were worried about the economic state of the U.S. We didn’t think the value of the condo would hold up into the future,” admited Dan Schoenfeld, 35, who works for the investment arm of a national foundation.

“People have selective memories about the last housing bubble,” Schoenfeld said. “They don’t think it can happen again.” But for those personally affected—and the Schoenfelds count themselves in those ranks—the unease can be acute. When the housing market tanked in 2008,

32 | Salt Lake Realtor ® | March 2017

the Schoenfelds’ condo lost a third of its value. In 2010, they were able to rent out the unit, and they too became renters, moving to an area where they hoped to buy again someday. But they remained deeply conflicted about making a purchase.

Their agent, Samantha DeBianchi, responded with support, solid facts, and patience. Eventually, they bought the $535,000 condo, realizing that the record-low mortgage rates available at the time wouldn’t last.

A majority of both buyers and sellers say now is a good time to be in the market, according to the National Association of REALTORS®’ quarterly HOME Survey. However, buyer anxiety ticked up in 2016. Whether because of a negative past experiences or fears about the future, fewer buyers in the fourth quarter said it was a “good time to buy”—70 percent, compared with 75 percent in the first quarter of 2016. The fourth quarter

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survey was conducted after the Nov. 8 election, but the data reflects a steady decline over the year rather than a reaction to the election results. And although seller confidence increased steadily over 2016, more than a third—38 percent in the fourth quarter—said it wasn’t a good time to sell. So how do you set jittery clients at ease?

empathy. Listen to their fears. Understand what they’re comfortable with and what they’re not.

“The antidote to anxiety is control,” said Kit Yarrow, a San Francisco–based consumer psychologist and author of Decoding the New Consumer Mind. That comes from knowledge, transparency, and actually ceding control; you can achieve all three with clear communication.

Start with knowledge. What’s standard operating procedure for you may baffle or upset your clients. For example, many consumers instinctively find the fine print in mortgage and sales documents manipulative, Yarrow said.

Plain-language explanations can reduce their skepticism. There’s comfort for you, too, in knowing your clients understand what they’re agreeing to.

Yarrow advises communicating visually as much as possible, using graphs and charts to present housing data or videos to highlight a home’s attributes. “The internet has changed our brains,” Yarrow said. “We process information faster and at a more superficial and visual level.”

Clients trust information when they can see the story it’s telling them.

The ‘Antidote to Anxiety’

Mental health experts say trying to downplay clients’ feelings or convince them that they’re being irrational is the wrong approach. Instead, try

Share Your Expertise and Your Story

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Congratulations and thank you to Salt Lake City’s top agents!

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O: (801) 890-7660 x7660 C: (801) 362-7159 Julia.Borst@rate.com Rate.com/juliaborst

Julia G. Borst NMLS ID:275440, LO ID# UT - 5495305 - 7495184 • NMLS ID #2611 (Nationwide Mortgage Licensing System www.nmlsconsumeraccess.org) • Utah - Licensed in UT: Utah-DRE Mortgage Entity License #7495184 & Utah-DFI Residential First Mortgage Notification – Utah Department of Financial Institutions

little well-placed reassurance that you understand their concerns, not just as a professional but as a consumer, can go a long way. Firsthand accounts of why you bought, sold, or rented out a house can demonstrate your knowledge of the local market and help steer clients away from poor buying or selling decisions, said DeBianchi, broker-owner of DeBianchi Real Estate in Fort Lauderdale. She relays to clients her experience buying a house for $550,000 in 2014, selling it for $805,000 last year, and then buying down for $485,000 in an up-andcoming neighborhood while saving the rest of her proceeds. “My clients may not choose to do exactly what I did, but when I tell them [my story], they can see I know what I’m doing,” DeBianchi said.

Clients’ natural reaction to your advice may be resistance. Don’t take offense. Again, no one wants to be manipulated or “sold” on something.

Brad Allen, CRS, broker-in-charge at The ART of Real Estate in Columbia, S.C., talks with many relocating clients from areas of the country that were devastated by the housing crash. “You have to let people absorb what’s going on around them and come to terms with it,” he said. “I’m just real with them, and I’m not afraid to talk about it if it’s not their time to move. Our motto is: Lay out all the options and let the client choose.”

Be Their Partner, Not Their Leader

Ay, there’s the rub. You have goals, after all, and it can be tempting to swing into sales mode.

But ceding control to your clients means looking at your role in a different light, said Alexis Bolin, CRS, SFR, broker-associate at ERA Legacy Realty in Pensacola, Fla. She suggests thinking of yourself as a consultant instead of a salesperson.

“I believe my job is to ask questions of my clients more than to give answers they didn’t ask for. I don’t tell them what I think they should do,” Bolin said. Thoroughly explaining each option available to your clients will help them feel like they’re not making a choice blindly.

The key is to be a “quiet authority,” Yarrow said. Stress your knowledge and ability in a gentle way, which lets your customers know that even though they have the power in the transaction, you’re their backup. “[Consumers] want to have all this control, but they are secretly relieved to know someone can take the reins if they can’t handle it,” she said. In the end, “they don’t always want as much power as they think they do.”

Reprinted from Realtor® Magazine Online, January 2017, with permission of the National Association of Realtors®. Copyright 2017. All rights reserved.

Congratulations Pattie!

FOR YOUR SUPERIOR SERVICE TO THE UTAH REAL ESTATE MARKET

North American Title would like to congratulate Pattie DeNunzio on being the company’s #1 marketing/sales representative in the country for 2016. Pattie, you are a Rock Star! We want to thank you and your amazing team for all your hard work.

Call on the experienced team at North American Title to assist with your next transaction.

Union Park Branch

6965 Union Park Center Suite 240, Building UP7 Cottonwood Heights, UT 84047 t: 801.566.3066 f: 801.770.2056 www.nat.com/Utah

PATTIE DENUNZIO

Account Executive e: pdenunzio@nat.com c: 801.414.5149 www.nat.com/PattieDeNunzio

©2017 North American Title Group, LLC and its subsidiaries. All Rights Reserved. North American Title Group, LLC and its subsidiaries are not responsible for any errors or omissions, or for the results obtained from the use of this information. North American Title Company and related design and Like Clockwork are registered Service Marks of North American Title Group, LLC or its corporate parent. | UT17-10540 R 2.13.17

36 | Salt Lake Realtor ® | March 2017

© memo / Adobe Stock

How Teams Beat Single Agents at Marketing The real estate business has become increasingly complicated for individual agents.

By Megan Spray

T

he real estate business has become increasingly complicated for individual agents. Being responsible for all aspects of your business — including administrative duties, lead generation, face time with clients, meetings, home tours, and more — consumes all of your time. Nearly half of all agents, including those who do not intend for real estate to be a full-time job, report working 40 hours or more per week, according to real estate digital marketing firm Placester.

Undoubtedly, that’s why more agents are opting to join or create real estate teams — so the flow of the real estate process doesn’t rest on one person’s shoulders, thereby reducing chances of disruptions for clients. So what can teams do better than individual agents? Here are some points to consider.

Take Digital Advertising to New Heights One of the most economical methods for any practitioner to drive leads is pay-per-click advertising via Google AdWords, banner ads, and mobile ads. PPC charges you only when a

38 | Salt Lake Realtor ® | March 2017

visitor physically clicks on an ad, making it costeffective to narrowly target ideal buyers, sellers, and home owners. However, it is important to keep in mind that PPC’s effectiveness depends on market expertise, and that’s where teams have a significant advantage over individuals.

Team members can complement the strengths and weaknesses of each other no matter what they are. Teams will be well-rounded in their skills if the team leader made astute hiring decisions. With teams, leads that are generated via PPC can then be distributed to members for follow-up based on their expertise, availability, and criteria.

Developing a digital advertising message can take hours and requires close monitoring several times each week to be successful, including testing different strategies, changing keywords, and redistributing funds to target different markets.

Teams have a clear competitive advantage over individual agents because they have more hands on deck to appropriately follow up on conversions and manage campaigns on a regular basis.

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Capacity to Expand Social Media Engagement Like PPC, social media requires consistent updating for it to be successful. Many individual agents simply cannot carve out the time in their weekly schedules it takes to market effectively on social media. With dedicated team members accountable for keeping social media up and rolling, teams have a larger benefit over individual agents who must manage channels on their own.

Teams aren’t just capable of posting more often; in fact, the real estate industry had the highest frequency of posting on social media among several business types — but earned the lowest engagement rate, according to HubSpot’s 2015 Social Media Benchmarks Report. Real estate professionals need to provide more relevant content to their audience, and unlike individual agents, teams can distribute more applicable thought leadership, industry news, and personal content based on multiple members’ expertise.

Power to Leverage Multiple Spheres Real estate is a relationship-driven business, and tapping into a sphere of influence is the oldest and most effective way to drive leads. All agents, no matter whether they’re individual or part of a team, have a sphere of influence. The difference with teams, however, is that it’s easier for agents to consistently mine and build their spheres because they’re no longer responsible for the entire sales process.

In team environments, one agent may help a buyer sign with the team, and then hand them over to another agent to begin setting up showings.

This ultimately allows all team members more time to go back out and work their sphere to bring in new leads. With every team member working their sphere at the same time, real estate teams increase their chances of consistently obtaining and converting leads over individual agents.

40 | Salt Lake Realtor ® | March 2017 8/26/16 3:52 PM

Adeptness to Own Third-Party Sites Every real estate agent has heard of realtor. com®, Zillow, and Trulia. These sites can provide quick ROI with minimal effort because a majority of buyers and sellers who use them have already spent time searching and are ready for immediate action. A common misconception is that teams should not worry about third-party websites because individual agents use them the most, but no team should ever rule them out.

Today’s third-party sites rely more on payto-play opportunities, and teams have more revenue to invest than individuals. But the biggest advantage for teams using third-party sites, however, is timeliness. Contacting a lead within the first five minutes makes conversion nine times more likely. An individual agent who is at a showing may not be able to step away and contact a lead right away. Teams, on the other hand, often have dedicated inside sales associates doing initial lead contact, thereby guaranteeing timely responses.

Proficiency to Go All In With Farming Even for teams, farming a certain neighborhood is incredibly time-consuming (it will likely take a year before to see results) and expensive (think about costs for mailers, creating websites, attending events), and it has the lowest success rate of all lead-driving tactics. However, teams are more likely to succeed at it.

Farming is a market-share play. Teams are more prepared to approach it with the mindset of “Together, we are going to dominate this area.”

Teams that farm are also at an advantage because they can have multiple members with varying expertise and can more frequently be out and about in the community.

For instance, a successful team can take the time to put holiday flags out at every house in their farming area for Fourth of July or be in attendance at local festivals and events. Individual agents are not scalable, making it nearly impossible to successfully complete these tasks.

Though all agents can use time-tested marketing tactics, their time-consuming nature becomes unmanageable to handle alone. With teams, agents get the best of both worlds when marketing for leads: the knowledge and manpower as well as the expertise of multiple agents to handle all of the logistics. This ultimately produces better results and showcases why traditional and digital marketing methods work better for today’s real estate teams.

Reprinted from Realtor® Magazine Online, January 2017, with permission of the National Association of Realtors®. Copyright 2017. All rights reserved.

Housing Watch Home Sales Fall in January as Limited Inventory Restricts Buying Options

A

lack of housing inventory and extreme weather dampened January home sales. For the month there were 922 closings (all housing types) in Salt Lake County, down 3 percent compared to 948 homes sold in January 2016.

Davis County saw home sales fall 9 percent in January year-over-year.

There is only a 2.7-month supply of housing inventory in Salt Lake County based on sales trends over the past year. An inadequate supply of housing inventory is making it difficult for buyers. In addition, potential sellers are reluctant to list their homes for sale until they find a home they can purchase.

The median home price in Salt Lake County in January climbed to $273,801, up 14 percent compared to a median price of $240,000 in January 2016. In Davis County, home prices jumped to $257,500, a 14 percent increase from a year earlier.

Properties in January across Salt Lake were typically on the market for 29 days, up from 28 days a year ago.

Nationally, total existing-home sales in January, which are completed transactions

6

3

Salt Lake County Sales (all housing types) Year-Over-Year (Down 3%)

948 42 | Salt Lake Realtor ® | March 2017

922

that include single-family homes, townhomes, condominiums and co-ops, were 3.8 percent higher than a year ago (5.48 million).

NAR President William E. Brown, a Realtor® from Alamo, Calif., cautions about another source that could possibly drag down inventory for would-be buyers in coming months. “Supply and demand imbalances continue to be burdensome in many markets, and now Fannie Mae is supporting a Wall Street firm’s investment in single-family rentals,” he said. “This will only further hamper tight supply and put major investors in direct competition with traditional buyers. Instead, the GSEs should lower overly burdensome fees (link is external) and help qualified borrowers become homeowners.”

All-cash sales across the nation were 23 percent of transactions in January, up from 21 percent in December but down from 26 percent a year ago. Individual investors, who account for many cash sales, purchased 15 percent of homes in January, unchanged from December and down from 17 percent a year ago. Fifty-nine percent of investors paid in cash in January.

Salt Lake County Median Price (all housing types) Year-Over-Year (Up 14%)

$240,000

$273,801

2 - C OLOR

1 Salt Lake County Days on Market (all housing types) Year-Over-Year (Up 4%)

2 29

5

Davis County

Median Price (all housing types) $257,500 Year-Over-Year (Up 14%)

$225,000

Pending Sales (Up 8%)

1,228

1,136

28

Sales $

Salt Lake County

4

Sales

Davis County Sales (all housing types) Year-Over-Year (Down 9%)

265

291

March 2017 | Salt Lake Realtor ® | 43

REALTOR® Connections

© julien tromeur / Adobe Stock

New Sign Ordinance in South Jordan

Marcus Jessop, government affairs director, recently helped craft a new sign ordinance in South Jordan City that eliminates stickers and permits, previously required for all off-site real estate signs. The ordinance also reduces the retrieval fee charged after signs are confiscated. “I wanted to thank my predecessor, Justin Allen, the Government Affairs/RPAC Committee, the entire Salt Lake Board of Realtors® family, the South Jordan City Council/Planning Commission and their staff for helping to successfully pass changes to the South Jordan sign ordinance last month,” Jessop said. “The ordinance change was a great win for our Board and our industry. Thank you for all your help!”

On the Move IMPOWER Real Estate announced Keith Callister has opened the IMPOWER Intuition Branch and Troy Hodell has opened up the IMPOWER Keith Callister Ninja branch. Both of these brokers bring a wealth of experience, knowledge, and enthusiasm to the team!

IMPOWER also welcomes the following agents: Stratton Burns, Christine Sadira, Brandon Brady, Jennifer Taylor, Marlys Jackson, Sunshine Ma’e, Shana Schaller, Jeri McKendrick, Dawn Talbot Southwick, Lisa Waters, Monico Segura, Ralph Bohn, Jr., Justin Rogers and Jana Priest.

Equity Real Estate would like to welcome the following to the team! We’re excited to be working with each and every one of these amazing individuals! Nathan Harris, Kelli Cherrington, Michael Yoo, Timothy Aguilar, Coy Thompson, Adam Kendall, Allison Fresh, Marc Richards, Deeann Hansen, Marvin Vides, Tiffany Held, Erv Weiler, DelRay Hammons, James Dupras, Daniel Tovey, William Sandberg, Kimberly Thurman, Carolina Stockwell, Travis Giguere, Curtis Fergus, Jill Griffey, Aaron Davidson, James Crop, Lacy Hardman, Jamie Jackson, Shawn Johnson, Jason Asplund, Clarisa Hind, Maryann Hunwick, Andrew Black, Jeremy Hansen, Zach Griffith, LeeAnn Wood, Gary James, Madison Opfar, Allen Pasela, Carmen Brown, Michael Tenney, Desaray Lopez-Montiel, Paul Ostler, Candice Rigtrup, Sarah Jense, Debrah Rice, George Wright, Jill Hartey, Peggy Lowe, Jennifer Atwood, Katherine Campbell, Jerry Hicks, Charity Laser, Marie Brock, Ali Zadeh, Carrie Murphy, Jon Barney, Abilenn Hansen, Bobbie Gallup, Moli Chen, and Nicholas Porter.

Keller Williams Salt Lake City announced the following new Realtors® have joined its office: Armon Aarabi, Sebastian Varga, Charity Johnson, Mason Holmes, Jennifer Salazar, Jereme Thaxton, Ian McDonald, Sam Robinson, Saxon Petersen, Kaylee Jenkins, Kristin Buta, Tara Horton, Greg Jorgenson, Michelle Sawyer, Chris Reed, Alysha Reed, Stephanie Chou, and Rachel Stapley.

44 | Salt Lake Realtor ® | March 2017

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WINDERMERE REAL ESTATE IS PROUD TO SAY

CONGRATULATIONS! TO OUR BEST OF 2016 WINNERS

TYLER PARRISH Salesperson of the Year Recipient

LORI HENDRY & LISA WOODBURY Medium Sales Team of the Year Recipient

JONAH HORNSBY Commercial Realtor® of the Year Finalist

JAN LOWE

CATHERINE SNEYD

SCOTT STEADMAN

SEAN STEINMAN

LANA AMES

Platinum Hall of Fame

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Gold Hall of Fame

JARED BRYSON

CODY CHAMBERLAIN

DARLENE DIPO

BRAD HANSEN

SHIRLEY JACOBSON

Gold Hall of Fame

Gold Hall of Fame

Gold Hall of Fame

Gold Hall of Fame

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MARVIN JENSEN

GRADY KOHLER

CHAD RAWLINS

JORDAN B. SMITH

LISA JUNGEMANN

Gold Hall of Fame

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