Salt Lake
REALTOR 速
slrealtors.com
Maga zine May 2015
No Fixed Address: Homeless in Utah p. 10
Three Hot Home Design Trends p. 12 Return Buyers Make a Comeback p. 18
We are Proud to Recognize our 2014 Top-selling Agents First Place Team
Second Place Team
Third Place Team
The Linda Secrist Team
The Greg & Brock Team
The Joan Pate Team
Brett Butler, Linda Secrist, Lisa Herron-McKinney, Michelle Pollock
Mendi Handley, Natalie Gines, Jenni Barber, Mike Welker, Brock Andersen, Greg Call
Brandi Strong, Shawndra Kirkham, Joan Pate, Marci Smith
First Place Individual
Second Place Individual
Third Place Individual
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Joe Holden
Candice Kunz
Kevin Jensen
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SALT LAKE CITY 6340 South 3000 East Ste 600, Cottonwood Heights
(801) 990-0400
SOUTH OGDEN 5929 S Fashion Pointe Ste. 400, South Ogden
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BOUNTIFUL 1010 North 500 East, North Salt Lake
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Three key trends to watch for in the coming year and beyond. p. 12
Table of Contents Features 10 Realtor® Day at The Leonardo No Fixed Address Exhibit
12 Designers, Builders Reveal Three Hot Trends
Meg White, Realtor® Magazine
18 Return Buyers: Many Already Here, Many More to Come
Stephen F. Lovell National Association of Realtors
18 Are They Reading You Right?
Melissa Dittmann Tracey
Columns 7 No MLS Dues for a Year? Dave Robison – President’s Message
Departments 8 Happenings 8 In the News 26 Housing Watch 28 Realtor® Connections 28 On the Move
On the Cover: Photo: © iStockphoto.com/Shaun Lombard Photo left: Image licensed by Ingram Image
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
®
Maga zine
May 2015 volume 75 number 5 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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Maga zine Maga zine
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President Dave Robison goBE Realty
Directors Managing Editor Dave AndertonM. Brock Andersen Berkshire Hathaway
Copy Editor
Jared Booth Georgia Cuthbert Coldwell Banker First Vice President Cheryl Acker Communications Committee Tom Colemere Realtypath LLC (Success)Lori Lee – Chairwoman Colemere Realty Annie Hedberg – Vice Chairwoman Kim Farber Equity Real Estate Second Vice President Publisher Adam Kirkham Mills Publishing, Inc.Kevin Larsen Kirkham Real Estate Coldwell Banker Residential www.millspub.com Mike Morgan President Sales Staff Keller Williams Treasurer Dan Miller Paula Bell Lisa Jungemann Steve Perry BillLLCLines Windermere Real Estate Realtypath (Community Branch) Office Administrator Karen Malan Cynthia Bell Snow Troy Peterson PaulEquity Nicholas Real Estate Past President Art Director Don Nothdorft Angie Domichel Nelden Michael Rowe Jackie Medina Coldwell Banker Residential BerkshireAssistant Hathaway Administrative Magazine Designer ChloéRandy Herrman Smith Real Estate CEO OfficeEquity Assistant Curtis Bullock Graphic Design Matthew Jessica SnowUlrich Ulrich Realtors® 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
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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.
No MLS Dues for a Year? W
ould you like the opportunity to have your MLS (UtahRealEstate. com) dues waived for an entire year? Here’s your chance. When you pay your annual dues this year make the choice to invest $25 to the Realtors® Political Action Committee (RPAC). If you do, you will automatically be entered into a drawing for the chance to have your MLS annual dues waived – a $456 value. In addition to the drawing, you will receive a free online Code of Ethics course (three core credit hours), which satisfies the National Association of Realtors® quadrennial ethics training. The quadrennial ethics training, as most of you already know, is required by NAR and consists of two hours and 30 minutes of instructional time. All Realtors® are required to complete the ethics training within a four-year cycle. The current four-year cycle will end Dec. 31, 2016. So far, only one in seven local Realtors® has taken the required Code of Ethics course. Your $25 RPAC investment is vital to fighting an onslaught of regulations and legislation that seeks to impose new fees and threaten private property rights. For instance, did you know that Utah is one of just 13 states with no real estate transfer taxes? Sometimes I wonder if we appreciate how fortunate we are to practice real estate in the state of Utah. In Washington state, a typical home seller must pay a sales excise tax of 1.28 percent of the sales price of a home plus a local option tax, currently ranging from 0.25 percent to 0.75 percent? Wow! Just imagine your clients having to cough up 2 percent of the sales price of their homes. Here in Salt Lake County, where the median priced home is $255,000, a 2 percent transfer tax would amount to $5,100! In addition to transfer taxes, some states also impose so-called “deed taxes,” “mortgage registry taxes,” or “realty conveyance taxes.” The list of fees is long. I know how grateful I am to be associated with Realtors® that make RPAC a priority. I urge you to make a minimum contribution of $25 to RPAC. Think of it as your insurance to practice real estate.
Dave Robison 2015 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
October 2005
May 2015 | Salt Lake Realtor ® | 7
Happenings
In the News Salt Lake Board Recognized for Two Studies
Settlement Changes Are Coming Brokers from Salt Lake and across Utah attended a special town hall meeting on April 30 focused on new mortgage disclosure requirements. The changes, by the Consumer Financial Protection Bureau, introduce two disclosure forms to consumers applying for a mortgage. The first form (the Loan Estimate) is designed to provide disclosures in understanding the key features, costs, and risks of a mortgage loan. The second form (the Closing Disclosure) is designed to provide disclosures in understanding all of the costs of the transaction. The changes go into effect Aug. 1. Lance Miller (pictured above left), president and general counsel at the Praedo Institute, said Realtors® need to be familiar with the new rules and anticipate delayed closings after the changes are implemented. “Don’t plan on closings being less than 40 days in this year’s fourth quarter,” Miller said. “This really does change the entire industry.” Other speakers at the event included: Shane Norris (middle), vice president of litigation counsel at NRT, and Paxton Guyman (right), partner at York Howell & Guymon.
Home Sales Soar in First Quarter Salt Lake home sales climbed 16 percent in this year’s first quarter (year-over-year). The median priced single-family home sold in the quarter increased to $255,000, up 4 percent compared to last year during the same period. “It’s a stellar, banner year,” Dave Robison (pictured), president of the Salt Lake Board of Realtors®, told KUTV News in an interview on April 29. “Not only can I get more for my house, but with the interest rates so low I can actually purchase another home and keep my payment the same.”
8 | Salt Lake Realtor ® | May 2015
The National Association of Realtors® recognized the Salt Lake Board of Realtors® for its efforts to expand affordable housing The Salt Lake Board of Realtors® recently commissioned two studies to help its promotion of affordable housing: a study on area impact fees, and a study on moderateincome housing plans and updates. Impact fees, imposed on new developments by local governments, are levied to offset the cost of providing public services such as sewers, water and power, and fire protection. Although these fees are levied against developers, they are usually added to the prices of homes. Under Utah law, municipalities and counties must incorporate moderate-income housing plans into their General Plans for developing their communities. These plans directly impact the availability and affordability of housing. The results of the two studies by the Board were mixed. Some municipalities in the Greater Salt Lake City area had done an exceptional job of helping to ensure the availability of affordable housing options by maintaining fairly low impact fees, and by updating their moderate-income housing plans to meet current conditions. Other municipalities, however, had allowed significant increases in their impact fees, and their housing plans were outdated. The Board used the results of these studies to open a dialogue with local governments about affordable housing. The Board held a forum to discuss the results of the studies and to advise local officials on best practices for establishing and maintaining affordable housing in the region. They have also been meeting with elected officials to discuss the results of the studies and to float ideas specific to each community that would ensure affordable housing.
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Realtor® Day at The Leonardo
E
d Blake recalls accepting the position of executive director of Salt Lake Valley Habitat for Humanity and the anxiety he once felt over homeless people coming in to use the restroom in the building where he worked. “It was a learning experience to see they are people just like us,” Blake told a recent gathering of Realtors® at The Leonardo’s exhibit, No Fixed Address: The Face of America’s Homeless. No Fixed Address is an idea that was born in Salt Lake City and features professional portraits of homeless individuals and families in Utah and across America. Blake (pictured opposite page middle photo, left) who is a Realtor®, said many people are quick to judge homeless people and fail to understand homelessness is a complex problem. “Some think the suffering they endure is the lesson they deserve and that is simply not true,” Blake said. “My life was launched from a safe harbor. My father didn’t beat me. He didn’t abuse me. He wasn’t an alcoholic.” According to the exhibit, one in every 213 people in Utah is homeless. “What separates you statistically from the person who is No. 213 is only your friends and family, your job, the size of your debt, your good health, your sobriety and your home.”
10 | Salt Lake Realtor ® | May 2015
Photos: Dave Anderton
May 2015 | Salt Lake Realtor 速 | 11
Photo: © aberenyi / Dollar Photo Club
Designers, Builders Reveal Three Hot Trends Residential designs move to a growing kitchen niche, a caveat on smart home devices, and updated staging tips. By Meg White | Realtor® Magazine
A
t the combined International Builders Show and the Kitchen & Bath Industry Show in Las Vegas earlier this year, Realtor® Magazine picked up three key trends to watch for in the coming year and beyond. Foodies Changing Mainstream Kitchen Design Designers and builders are starting to realize this foodie thing isn’t just a passing phase, and many are thinking about how best to serve a growing niche in kitchen design.
12 | Salt Lake Realtor ® | May 2015
“Think about different questions to ask home owners about their food acquisition,” says Judith A. Neary, principal of Roadside Attraction Design Studio LLC in Vashon Island, Wash. “Do you have a garden? Do you do canning? Where do you store that? I have to have these conversations with them. We’re trying to plan a kitchen solution for that.” These changes are also reflected in appliances, with foodies demanding high-temperature cooking options—in excess of 700 F. There’s also been an increase in interest in induction cooking, which heats pots using strong magnets, according to chef and author Jan D’Atri. “I don’t think the technology was there
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before. Now it is, and it’s a great option.” D’Atri also predicts high-end consumers will soon expect newer cooking options, such as the combi ovens (a steam and convection oven rolled into one) instead of a traditional second oven. But small changes can make a big difference in the foodie kitchen of tomorrow, too. “It’s all about being really thoughtful about the things that are going to make a difference,” says Karman Hotchkiss, executive editor for Better Homes and Gardens’ Special Interest Media. She notes that a niche within the larger foodie niche, the “baker’s kitchen,” often includes a surface with “little divots for bringing eggs up to temperature. That’s really thoughtful.” Connected Devices May Stumble This year’s show was buzzing with talk of smart home technology. But builders and designers were also told to be cautious in their embrace of emerging smart home technology. “Be careful about who you hitch your wagon to,” says Jacob Atalla, vice president of sustainability initiatives at KB Home. He notes that there are a lot of relatively unknown companies serving up new home technology products, and there’s no guarantee how long they’ll be around or how well their products will work. “There could be some disappointments in the future, so we shouldn’t rush into it.” Chad Davis, senior director of digital media at the National Association of Home Builders, says that while this new technology—which includes products that control a home’s HVAC, entertainment systems, and appliances from the cloud—is overhyped and destined for a reality check, that doesn’t mean that it’s not here for the long haul.
14 | Salt Lake Realtor ® | May 2015
“You’re going to hear in the next few years, ‘This didn’t work. This is a disappointment.’ Don’t buy that,” Davis says. “This is a fundamental shift in what is going to happen with our industry.” Gray Is Here to Stay, But It’ll Share the Stage Which colors are residential designers gushing over most? “Warm Stone is my new favorite paint color,” says Kay Green, president of Kay Green Design Inc. in Winter Park, Fla., of the Sherwin-Williams neutral shade. “Chocolate brown is the new black and gray is the new beige.” Stephanie Moore, principle of Moore Design Group in Dallas, agrees. “Everything in color terms is going more gray,” she says, though “white is huge in this industry now; I didn’t think it would ever come back.” Moore suggests using light, medium, and dark elements when staging to implement these trends in an eye-pleasing way. Gray has been popular for a while, but Green says there’s been a change in how grays are fitting into the residential color palette. “Now we’re using it with teal and straw yellow,” she says. “It’s a much more interesting color than it used to be.” One color trend that surprises Green is the popularity of avocado with millennials. “I’m thinking, ‘Why are you so excited about this color?’” She says she later realized that it was a generational thing: “It’s because they didn’t have a refrigerator that color growing up!” Reprinted from Realtor® Magazine Online, January 2015, with permission of the National Association of Realtors®. Copyright January 2015. All rights reserved.
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Verlyn Pullman, is Ivory’s leading Sales Consultant in Davis and Weber Counties. Verlyn has been with Ivory for 15 years and lives in an Ivory home and community. She credits her success to unparalleled customer service, but says, “It’s easy to sell a product you believe in from a company that stands behind everything they build. Ivory has amazing quality and integrity for long term value. I’ve sold multiple Ivory homes to many families — not only second and third homes to parents but also to their children.” In Davis and Weber Counties contact Verlyn Pullman at 801-721-9299 or verlynp@ivoryhomes.com
Tim Sweat, Ivory’s leading Sales Consultant in Utah County, came to Ivory Homes over 3 years ago. Tim attributes his success to Ivory offering the best product and customer support system that assures each buyer will be taken care of properly. His laid-back personality, which does help in raising triplets, puts his customers at ease as he focuses on their individual needs. Tim finds great satisfaction in helping them work toward their dream of homeownership or ultimately building their final dream home. In Utah County contact Tim Sweat at 801-494-3552 or tims@ivoryhomes.com
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Photo: © Andy Dean / Dollar Photo Club
Return Buyers: Many Already Here, Many More to Come By Stephen F. Lovell | Director, Regional Economics and Housing Finance Policy National Association of Realtors®
More than 9 million borrowers lost their homes to foreclosure during the Great Recession. Many are ready to buy again.
D
efault rates jumped in 2006 and between then and 2014 nearly 9.3 million borrowers were foreclosed on, received a deed in lieu of foreclosure, or short sold their home. To date, nearly a million of these former owners have returned to the market and many more of these “return buyers” are already qualified, but waiting. Overlays and credit impairment have held a significant number back and could impact thousands more potential return buyers in the coming years. Roughly a third of formerly distressed owners will ever return to the market. NAR Research analyzed these former owners taking into account multiple factors:
1. The time a buyer must wait to be re-eligible for a financing program with timing like the FHA.
18 | Salt Lake Realtor ® | May 2015
2. The time necessary to repair the distressed seller’s credit. 3. Whether the distressed seller’s credit profile, at the time of purchase, was unacceptable by historic, sound underwriting standards. 4. Whether the return buyer would meet credit overlays in the current stringent environment. 5. The time needed to build a down payment for a purchase. 6. Whether the buyer has the desire to own again. This analysis revealed that the long time to repair credit scores, time to build a down payment, and overlapping post-distress factors limit a former owner’s ability to return. Since 2006, 950,000 of these former owners likely already purchased a home again. However, tight conditions in financial markets limit access to 350,000 of these FHA re-purchase eligible borrowers. An additional 1.5 million return-buyers will likely purchase over the next five years as they become eligible, but overlays will act as
headwinds for 140,000. As many 260,000 of current and future program eligible borrowers may not return as their former ownership was facilitated by excessively loose lending in the mid-2000s. At the state level, California has been the largest benefactor of return buyers followed by Florida. Arizona, Nevada and Georgia also made the list as markets like Phoenix, Las Vegas and Atlanta experienced sharp increases in distress among homeowners during the housing downturn. Despite the relatively steady housing markets in Texas and solid price growth, the sheer size of the state put it in the top 10. Over the coming nine years, the states expected to benefit from the trend will remain the same, though some will juxtapose rankings. Florida will nearly catch California, Illinois and Georgia will rise modestly, while Nevada will ease closer to the bottom of the top 10. Virginia will leave the list and be replaced by North Carolina. The shift in the future trend will also reflect a larger share of prime borrowers that were dragged into distressed events as result of price declines and weak employment, rather than risky lending. The large number of return buyers coming to the market will continue to play an important role in the market. This demand is in addition to nascent household formation and the normal baseline demand from trade-up buyers. While overlays will hamper some borrowers, those overlays will likely normalize in the future. Mitigating some risk to Federal programs is a
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stronger regime of regulation on underwriting and the fact that most return buyers are of prime quality. New credit scoring models that utilize rent and utility payments can help shed light on the risk posed by these return buyers. These innovations will improve the propensity of these borrowers to return and gain access, while reducing their risk to the FHA, VA, GSEs, and private mortgage insurers. The country and housing market are still healing from the collapse of the foreclosure and distress sale wave. As home prices rise and the economy improves, these trends will abate, but there remains a large reserve of former owners who have the desire and ability to return to the market. New credit models and financing opportunities combined with fundamental changes to the mortgage origination process will help to ensure that soundness of the market as these borrowers return. Reprinted from Realtor® Magazine Online, April 2015, with permission of the National Association of Realtors®. Copyright 2015. All rights reserved. Image licensed by Ingram Image
May 2015 | Salt Lake Realtor ® | 19
Photo: © UMB-O / Dollar Photo Club
Are They Reading You Right? Your online bio tells prospects whether you’re the kind of person they want to work with. Here’s how to craft a profile that will make them say yes. By Melissa Dittmann Tracey
C
lients don’t always get their first impression of you face to face. Because consumers are turning more to the Internet for real estate information, they usually are first introduced to you via your online bio or “About Me” section on your website. These bios are intended to provide insight into your expertise and work ethic as well as a peek into who you are as a person. In a business like real estate, where relationships are paramount, your bio can make all the difference in scoring clients.
Hear It From the Horse’s Mouth Realtor® Magazine convened a panel of consumers in January to review a handful of bios submitted by agents from around the country. It was an insight into what consumers care about most when it comes to agent profiles. Find out what was important to them: What Your Online “About Me” Says About You.
20 | Salt Lake Realtor ® | May 2015
“A good agent bio can set the stage for trust,” says Marte Cliff, a real estate copywriter and former broker-owner. “But it can be difficult to write about yourself. You don’t want to come across with no personality or have it sound like an essay for an English teacher. You want to use your bio to talk about what you do and how you can benefit clients.” More real estate agencies are realizing the importance of how a bio can leverage connections with a prospect. Some brokerages are restructuring their websites to make hunting for the right agent based on what agents say in their bio. The Corcoran Group in New York, for example, crafted its “Find an Agent“ page so users can search for agents not only by market but also by hobbies — say, whether they like cooking, animals, art, or theater — or even the college the agent attended. From agents’ bio pages, prospects can also connect with them on Facebook or LinkedIn to see if they share any mutual friends or connections.
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“More real estate agencies are realizing the importance of how a bio can leverage connections with a prospect.”
Image licensed by Ingram Image
The growing importance of online bios is prompting some agents to hire copywriters to write them, which costs between $150 and $350. But even with professional help, how do you know if your bio is connecting with prospects? Here are several tips for crafting a better bio: Don’t Make It All About You Your bio should highlight your expertise, previous work experience, accomplishments, and hobbies. But every part should emphasize the benefits to the client. “Read your bio from your customer’s perspective,” says real estate copywriter Valerie Haboush, who writes real estate bios and property descriptions for real estate professionals across the country. A long list of all your awards and education may make you sound successful, but it also may sound intimidating to prospects. Answer These Questions in Your Bio Haboush created a questionnaire that she asks her real estate clients to fill out. The questions seek to go deeper into the services they offer clients, so their bios don’t rely on clichés. Some of the questions include: • How would your friends or family describe you? • How do you educate your customers about the real estate market?
22 | Salt Lake Realtor ® | May 2015
• Why did you choose real estate? • What is your real estate philosophy? • Why would someone hire you to find or sell a property? • What compliments have you typically heard from past or present co-workers and clients? • What qualities do your family and friends appreciate most about you? • If you were shopping for or selling your own apartment, what would you want in a Realtor® if you hired someone? What do you think makes a good broker? • How does the experience gained in your previous career relate to the necessary qualities you feel are needed in your real estate profession? “Deep down, people want to know the basic stuff: What will you do for me? Will you listen to my needs? Will you help save me time and money? Will you spend time to explain to me what’s going on?” Haboush says. “Your bio can’t be all about how you graduated with honors, worked at a top law firm prior to real estate, and so on. How about the customer? If you were going to sit down and have a conversation with a customer, would you only talk about yourself?” Choose Your Point of View Don’t change your writing style from thirdperson to first-person throughout your bio. Thirdperson tends to sound more professional, and because it gives the impression that someone else is talking about your successes, it sounds less like you’re bragging, Haboush says. But a hometown real estate agent with a more nurturing personality may prefer first-person because it’s a more casual tone. That may be less appropriate for an agent who is targeting investors or luxury clientele, Haboush says. Humanize Your bio should not be just a list of facts about your accomplishments and expertise. It should also give a sense of who you are, says Cliff. Briefly include your interests outside of real estate, such as your hobbies or organizations you volunteer for. Think of how much more of a well-rounded impression you give a prospect when you include a statement at the end of your bio such as: “In my spare time, I love to take my dogs and children hiking.” You’ve just told the prospect you’re athletic, a parent, and an animal lover. Those are three things they could potentially connect with you on. Avoid the Clichés You’re “trustworthy” and the “neighborhood expert,” right? So is everyone else. These are very common buzzwords that often appear in real estate bios, so they don’t really set you apart. “If all you share is a list of your designations
list in your bio of all the real estate designations you earned — from ABR to GRI and SRES — can look like alphabet soup to prospects. Spell out each designation and say what it means, why you earned it, and how your clients will benefit from it. Don’t Get Too Wordy Cliff keeps the real estate bios she writes to around 400 words, but some brokerage sites or social media channels may limit your bio to just 150 words. If needed, have a short, generic “who I am” statement and then link to more information, such as “if you’re buying…” or “if you’re selling…” There, you can go more into your expertise in each of those areas. To avoid interfering with the flow of your bio’s narrative, you may choose to include a bullet-point list of your services, awards, or education at the end instead of including a long list within your bio. Image licensed by Ingram Image
and a generic statement such as, ‘I’m dedicated to helping you reach your goals,’ your prospects have nothing to distinguish you from everyone else,” Cliff says. “And since they’ve heard those ‘I’m the best’ statements so many times, they may even react with skepticism.” The fact that you even have to say you’re “trustworthy” can appear odd to prospects, Haboush adds. “Your buyers should read your bio as a warm welcome. Trust doesn’t come from reading a bio; you have to earn it,” she says. Instead, talk about how you show that you’re trustworthy or the neighborhood expert. Consider these examples: • Haboush writes of one client’s trustworthiness: “It takes a smart, savvy, expert real estate professional to navigate the intricate New York market and help clients seize opportunity when it strikes. She’s an agent who is that valuable weapon for finding hidden gems, streamlining intricate board approvals, negotiating great deals, and delivering exceptional results. Only an industry leader like her can draw on her invaluable knowledge, connections, and resources to pull out all the stops for her clients’ ultimate satisfaction.” • Cliff describes her client’s local expertise like this: “A lifetime resident of Las Vegas, David not only knows the community, he’s glad to share his knowledge. … He has visited and researched every luxury high-rise and high-end community in Las Vegas and Henderson. When you’re looking for a home in a specific price range offering a specific set of amenities, David knows exactly where to focus your search.” No Jargon Use only terms that will be familiar to a general readership, and avoid industry jargon. A
24 | Salt Lake Realtor ® | May 2015
Keep Safety in Mind Don’t reveal too much in your bio. Avoid mentioning your address as well as your children’s names, ages, and what schools they attend. “Agents used to put the schools in as a way to form a connection, but if you’re going to market to your kids’ schools, do that in a separate way,” Haboush says. Proofread Have someone else review your bio, such as a colleague or mentor. Some bios unintentionally make you sound unapproachable, egotistical, or like too much of a novice, says Haboush. Ask your proofreader: “Do you think this really speaks to who I am?” Your proofreader can also help catch any grammar and spelling errors. Even one typo can damage a professional image, Cliff adds. Revisit Your Bio Once a Year Your bio shouldn’t have to be updated very often — only when you have a new skill set or niche to add or you changed jobs. Therefore, make sure your bio is written in a timeless way. Instead of writing “I’ve been in the business for seven years,” try saying “I’ve been in the business since 2008.” That way you don’t date it, Haboush recommends. Regardless, reread your bio at least once a year to make sure it’s still projecting your brand. Remember, “your bio is a narrative of why you love being a real estate agent,” Cliff says. “Instead of saying ‘I’m great’ and ‘I’m better,’ say what you are going to do for your client and why you’re the person to do it.” Reprinted from Realtor® Magazine Online, April 2015, with permission of the National Association of Realtors®. Copyright April 2015. All rights reserved.
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Housing Watch Q1 Salt Lake Home Sales Rise 16% in the First Quarter 2 - C OL OR
T
he Salt Lake Board of Realtors reported sales of single-family homes in the first quarter in Salt Lake County increased to 2,563 units sold, a 16 percent rise compared to 2,209 sales in the first quarter of 2014. The top five cities reporting the strongest sales (by highest percent increase year-over-year) were: Downtown Salt Lake City (84111) up 77 percent; Sugar House (84106) up 53 percent; Magna, up 47 percent; Herriman, up 35 percent; and West Jordan (84088) up 35 percent. “There were 5,435 new listings added in the first quarter,” said Dave Robison, president of the Salt Lake Board of Realtors®. “Based on recent housing sales trends in Salt Lake County there is roughly a five-month supply of housing inventory. A fivemonth supply of inventory is considered a healthy housing market.” The median price of homes sold across the county in the first quarter climbed to $255,000, a 4 percent increase compared to a median price of $245,000 in last year’s first quarter. Condominium sales saw a big jump in the first ®
quarter, rising to 707 units sold, a 24 percent increase compared to 568 sales last year. Condo prices increased 3 percent in the first quarter to $179,400. Properties listed in the first quarter were on the market an average of 79 days, down from 82 days last year during the same period. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixedrate mortgage increased in March for the second consecutive month, rising to 3.77 percent from 3.71 percent in February. Despite the slight increase, the monthly average is still below 4.00 percent for the fourth straight month. A National Association of Realtors® study released in April revealed that nearly a million formerly distressed owners of prime quality have become re-eligible for Federal Housing Administration or similar financing programs and may have purchased a home again, and an additional 1.5 million are likely to become eligible over the next five years. However, damaged credit and other factors will severely limit the overall number of those being able to return.
Home Sales Per Quarter
26 | Salt Lake Realtor ® | May 2015
COUNTY ZIP CITY 2015 HOUSE % +/- 2015 Q1 MEDIAN % +/- 2015 CONDO % +/- 2015 Q1 % +/- 2015 Q1 % +/ # SOLD CHANGE SALES PRICE CHANGE # SOLD CHANGE CONDO MEDIAN CHANGE AVERAGE CHANGE SALES PRICE CDOM S.L. CO
84006
COPPERTON
4
300.00%
$147,000.00
26.18%
0
n/a
$0.00
n/a
85
-59.52%
S.L. CO
84020
DRAPER
129
6.61%
$412,350.00
10.40%
38
15.15%
$195,450.00
-0.28%
86
8.86%
S.L. CO
84044
MAGNA
100
4.17%
$158,950.00
13.98%
5
-16.67%
$118,500.00
15.89%
55
-25.68%
S.L. CO
84047
MIDVALE
57
-5.00%
$236,000.00
23.40%
69
38.00%
$207,225.00
10.23%
68
-18.07%
S.L. CO
84065
RIVERTON
123
17.14%
$301,900.00
-7.68%
17
-60.47%
$208,000.00
-0.48%
83
33.87%
S.L. CO
84070
SANDY
60
-14.29%
$238,250.00
-7.90%
23
4.55%
$149,000.00
-11.76%
80
26.98%
S.L. CO
84081
WEST JORDAN
121
17.48%
$250,000.00
2.88%
18
63.64%
$169,450.00
2.76%
74
64.44%
S.L. CO
84084
WEST JORDAN
96
-2.04%
$213,900.00
3.46%
32
60.00%
$156,500.00
7.49%
60
-3.23%
S.L. CO
84088
WEST JORDAN
92
-12.38%
$251,400.00
10.51%
8
-50.00%
$162,250.00
4.71%
60
1.69%
S.L. CO
84091
SANDY
0
n/a
$0.00
n/a
0
n/a
$0.00
n/a
0
n/a
S.L. CO
84092
SANDY
87
4.82%
$345,000.00
-6.25%
3
50.00%
$422,276.00
29.43%
78
-8.24%
S.L. CO
84093
SANDY
80
26.98%
$319,500.00
-8.06%
1
0.00%
$280,000.00
-61.64%
84
29.23%
S.L. CO
84094
SANDY
78
21.88%
$246,500.00
9.60%
4
100.00%
$156,600.00
0.05%
59
15.69%
S.L. CO
84095
SOUTH JORDAN
201
0.50%
$364,000.00
7.92%
55
48.65%
$198,000.00
-2.94%
94
25.33%
S.L. CO
84096
HERRIMAN
131
-1.50%
$315,000.00
8.62%
20
-16.67%
$188,495.00
3.10%
82
43.86%
S.L. CO
84101
SLC
4
33.33%
$170,000.00
65.05%
19
-29.63%
$240,000.00
-9.77%
101
26.25%
S.L. CO
84102
SLC
26
8.33%
$267,700.00
2.14%
27
-3.57%
$165,000.00
3.81%
55
-32.93%
S.L. CO
84103
SLC
62
37.78%
$474,500.00
-2.75%
26
-3.70%
$197,500.00
16.18%
94
-17.54%
S.L. CO
84104
SLC
41
-22.64%
$149,900.00
10.22%
2
100.00%
$97,950.00
95.90%
37
-47.14%
S.L. CO
84105
SLC
107
62.12%
$310,300.00
5.20%
2
100.00%
$117,250.00
-2.29%
56
3.70%
S.L. CO
84106
SLC
100
-2.91%
$266,450.00
7.44%
42
35.48%
$159,750.00
16.61%
78
41.82%
S.L. CO
84107
MURRAY
51
4.08%
$230,000.00
4.55%
45
-25.00%
$139,000.00
-4.14%
90
42.86%
S.L. CO
84108
SLC
38
-33.33%
$375,000.00
4.17%
14
27.27%
$248,000.00
-7.81%
76
-23.23%
S.L. CO
84109
SLC
66
13.79%
$317,500.00
-4.58%
7
133.33%
$158,000.00
-47.32%
77
20.31%
S.L. CO
84111
SLC
23
21.05%
$210,000.00
10.53%
12
-47.83%
$221,500.00
55.99%
79
-7.06%
S.L. CO
84115
S SLC
48
-11.11%
$190,000.00
-0.39%
18
38.46%
$134,400.00
-6.08%
90
40.62%
S.L. CO
84116
SLC
57
-10.94%
$162,000.00
-0.58%
7
133.33%
$109,000.00
14.11%
82
7.89%
S.L. CO
84117
HOLLADAY
44
7.32%
$361,000.00
6.02%
41
-12.77%
$154,000.00
-11.24%
66
-30.53%
S.L. CO
84118
TAYLORSVILLE/ KEARNS 161
-6.94%
$174,000.00
3.02%
1
-66.67%
$89,000.00
19.46%
57
1.79%
S.L. CO
84119
WVC
80
5.26%
$169,000.00
8.26%
34
54.55%
$130,500.00
21.96%
60
-6.25%
S.L. CO
84120
WVC
142
44.90%
$186,412.00
12.47%
12
-14.29%
$166,250.00
-6.47%
64
25.49%
S.L. CO
84121
COTTONWOOD
115
0.88%
$305,000.00
9.28%
35
66.67%
$225,000.00
15.98%
120
44.58%
S.L. CO
84123
TAYLORSVILLE/ KEARNS 56
-15.15%
$211,500.00
-1.30%
27
-28.95%
$109,900.00
-10.29%
97
64.41%
S.L. CO
84124
HOLLADAY
68
25.93%
$322,450.00
-20.97%
10
66.67%
$272,764.00
51.24%
81
-18.18%
S.L. CO
84128
WEST VALLEY
76
11.76%
$192,750.00
7.11%
9
80.00%
$139,900.00
3.63%
52
6.12%
S.L. CO
84129
TAYLORSVILLE
86
48.28%
$200,000.00
8.11%
11
57.14%
$118,000.00
-42.41%
41
-37.88%
S.L. CO TOTALS
2810
6.24%
$255,000.00
4.08%
694
5.47%
$173,000.00
1.93%
75
8.70%
DAVIS CO 84010
BOUNTIFUL
106
16.48%
$238,200.00
4.02%
37
37.04%
$175,000.00
29.63%
85
18.06%
DAVIS CO 84014
CENTERVILLE
21
-25.00%
$239,500.00
-16.24%
22
57.14%
$182,450.00
22.04%
78
6.85%
DAVIS CO 84015
CLEARFIELD
240
21.21%
$180,000.00
12.54%
11
10.00%
$119,900.00
0.63%
70
0.00%
DAVIS CO 84025
FARMINGTON
61
12.96%
$320,000.00
9.20%
10
42.86%
$185,000.00
5.71%
89
34.85%
DAVIS CO 84037
KAYSVILLE
78
-17.02%
$267,000.00
-5.82%
10
25.00%
$168,772.00
-15.60%
91
31.88%
DAVIS CO 84040
LAYTON
90
32.35%
$250,000.00
4.43%
6
50.00%
$155,612.00
-6.54%
100
12.36%
DAVIS CO 84041
LAYTON
152
34.51%
$182,500.00
-4.45%
8
-42.86%
$159,805.00
11.01%
71
4.41%
DAVIS CO 84054
N. SALT LAKE
48
-36.00%
$244,920.00
0.79%
14
40.00%
$171,000.00
14.80%
71
-1.39%
DAVIS CO 84075
SYRACUSE
124
74.65%
$236,450.00
-5.38%
5
n/a
$169,900.00
n/a
83
15.28%
DAVIS CO 84087
WOODS CROSS
39
-2.50%
$230,000.00
0.77%
7
0.00%
$183,485.00
-11.36%
45
-21.05%
959
15.26%
$223,000.00
-0.45%
130
28.71%
$169,900.00
8.98%
78
9.86%
DAVIS CO TOTALS
May 2015 | Salt Lake Realtor 速 | 27
REALTOR® Connections Q&A: Greg Fabiano
Greg Fabiano is the chairman of the Government Affairs Committee. He is principal broker, Dwellings Real Estate. Q: What is the Major Investors Luncheon? A: Every year the Salt Lake Board of Realtors® hosts the RPAC Major Investor Appreciation Lunch at the Realtor® Campus to recognize Realtors® who have made a major investment to the Realtors® Political Action Committee (RPAC). This year’s event will be on Wednesday, May 20 at the Realtor® Campus from 11:30 a.m. to 1 p.m. Q: Who can attend? A: All 2014 and 2015 RPAC Major Investors. This includes those who have contributed a minimum of $1,000 or more in calendar year 2014 or anyone who is committed to being a Major Investor by the end of this year. Q: What does the luncheon include? A: The luncheon will include remarks by Chris Kyler, CEO of the Utah Association of Realtors®, who will be providing a Utah Legislative report. In addition, Curtis Bullock, CEO of the Salt Lake Board of Realtors®, will be talking about federal efforts by the National Association of Realtors®. Justin Allen, government affairs director, will offer a presentation of local elections and issues. Please register at www.slrealtors.com. Questions? Email justin@slrealtors.com.
Bank of Utah Announces Winner of Keybox Exchange Drawing
Bank of Utah awarded Jamie Palmer, Realtor® with Keller Williams, a Tommy Bahama summer set. The prize, which included a Tommy Bahama cooler, two beach chairs and a large umbrella, was part a drawing held at the recent Keybox Exchange.
28 | Salt Lake Realtor ® | May 2015
On the Move Century 21 Everest Realty Group announced Rick Bentley joined the firm as a managing broker. Bentley will recruit, train, retain and assist Rick Bentley agents in professional development. Bentley will work from the company’s Union Park Center office in Cottonwood Heights. Redfin announced its official launch in Salt Lake City and the hiring of Kristopher Furrow to grow the business. Kristopher began his career in Kristopher real estate in 2001 and Furrow most recently was an associate broker at Windermere. He has also served as tech chair for the Council of Residential Specialists (Utah Chapter). Redfin was founded in Seattle in 2006 and is a real estate brokerage/venture-funded tech company. Coldwell Banker Residential Brokerage announced that it received the Utah Best of State Award for 2015, the fourth time the company has received the prestigious honor. Now in its 13th year, the Utah Best of State Award program acknowledges excellence in a vast array of industry sectors including business, entertainment, education, hospitality, retail, technology and sports. Coldwell Banker Residential Brokerage was the winner in the Real Estate/Appraisal category. The program is dedicated to recognizing and promoting outstanding individuals, businesses and organizations throughout Utah. Salt Lake Realtor® Magazine welcomes announcements on new Realtors®, affiliates, awards and professional accomplishments. Items received are printed at the discretion of Salt Lake Realtor® Magazine on a first-come, firstserve basis. Send your news to dave@ slrealtors.com.
Everest Realty Group is the Number One CENTURY 21 Office in the World
The brokerage was honored for its world leadership at the CENTURY 21 Global Conference, held in February in Washington, DC.
SALT LAKE CITY (February 16, 2015) CENTURY 21 Everest Realty Group today announced that the company’s headquarters office in Midvale, Utah was the world’s top-ranked single residential sales office in 2014 for CENTURY 21, the world’s leading real estate organization. Everest led all of CENTURY 21’s with over 7,200 - plus locations in 2014 gross commissions, the organization’s primary worldwide performance metric. In addition to its global performance, the Everest office reached two additional milestones in the Utah marketplace. For the second consecutive year, the Everest office is the number one Utah producer in residential sales volume and units sold. In all, Everest Group’s 400-plus agents achieved total sales volume over 700 million from over 3,500 units sold, leading all Utah residential real estate offices – including all national brands and independent offices – according to the Wasatch Front Multiple Listing Service (WFRMLS) and Real Data Strategies (RDS).
“Results like these don’t happen by coincidence,” George Morris, CEO of CENTURY 21 Everest Realty Group.
“Results like these don’t happen by coincidence,” said George Morris, CEO of CENTURY 21 Everest Realty Group. “They are the natural by-product of the integrity, dedication, and diligence of our extraordinary agents and our leadership team. We devote ourselves to the highest standards of professionalism, which translates to a high standard of service for buyers and sellers in Utah. Our track record attracts the best agents in the marketplace.” “CENTURY 21 Everest Realty Group’s performance is consistently excellent, and speaks to the quality of the leadership provided by best-in-class brokers George Morris and John Ciet,” said Rick Davidson, president and CEO of Century 21 Real Estate LLC. “This is a model franchise for CENTURY 21, and reflects the quality of more than 103,000 C21 agents across the globe. Everest’s explosive growth has been spurred by rapid workforce expansion. During 2014, Everest added 193 agents to its sales force. There are currently 405 members of the Everest sales team in four locations: Approximately 290 agents in the Midvale headquarters office; more than 25 agents in St. George, launched in 2012 to serve Washington County; 45 agents in the Orem office, established in June 2014 to serve Utah County; and 50-plus agents in the Centerville office, established in November 2014 to serve the growing Davis and Weber Counties corridor.
“CENTURY 21 Everest Realty Group’s performance is consistently excellent, and speaks to the quality of the leadership provided by best-in-class brokers George Morris and John Ciet,” Rick Davidson, President and CEO of Century 21 Real Estate LLC
About CENTURY 21 Everest Realty Group CENTURY 21 Everest Realty Group was created May 27, 2009 to serve the diverse needs of Utah homebuyers and sellers, and is a global performance leader. For more information visit www.c21Everest.com. About Century 21 Real Estate LLC Century 21 Real Estate LLC (Century21.com) is the franchisor of the world’s largest residential real estate franchise sales organization, providing comprehensive training and marketing support for the CENTURY 21 System. The System is comprised of approximately 7,100 independently owned and operated franchised broker offices in 74 countries and territories worldwide with more than 103,000 independent sales professionals. Century 21 Real Estate LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. ©2014 Century 21 Real Estate LLC. All Rights Reserved. CENTURY 21®, the CENTURY 21 Logo are registered service marks owned by Century 21 Real Estate LLC. Century 21 Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each Office is Independently Owned and Operated. Contact - CENTURY 21 Everest Realty Group Public Relations
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