Salt Lake
REALTOR
速
slrealtors.com
Maga zine November 2015
Taking Your Business to the Next Level p. 22 61% of Renters Want to Own a Home p. 18 Listing Photos Matter p. 12
THE JOAN PATE TEAM
I have worked as a professional REALTOR® in Salt Lake County for over 41 years. I work with a highly qualified team of professionals including mortgage lenders, insurance agents, title officers and inspectors. As the #1 real estate team in Utah, The Joan Pate Team, together we have many achievements. Our goal is to make your move as smooth as possible for you and your family. • Our team has closed over $235 Million in residential sales in 2006-2015 • #1 Sales Team in 2001 Salt Lake Board of REALTORS® • Closed $1.9 Billion in the teams total career • Close an average of 230 team transactions per year • Highest level of integrity, ethics and honesty PROFESSIONAL AWARDS AND ACHIEVEMENTS: • Prudential Presidents Circle (Prudential Sales Award) • Alps Expedition Recipient (Prudential Utah Sales Award) • Inducted into the “Superstar Hall of Fame” in 1991 • “Million Dollar Club”, Hall of Fame Every Year • Champion of the Year, “Champions Unlimited” in 1981 • Salesperson of the Year for the Salt Lake Board of Realtors in 1978 • Lifetime Member, Salt Lake Board of Realtors “Masters” 6340 South 3000 East, Old Mill II, Sixth Floor, Cottonwood Heights, 84121 | (801) 990-0400 | BHHSUTAH.COM © 2015 BHH Affiliates, LLC. An independently owned and operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate, and a franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc. Equal Housing Opportunity. Information not verified or guaranteed.
Why service is important. p. 20
Table of Contents Features 10 Racing with Realtors® 12 Six Ways to Get Your Listing Ready for Photos Julie Legge
18 Americans Think Homeownership
is a Sound Investment The National Association of Realtors®
20 Why Service Matters 22 Tech Innovators Help You Reach Your Potential Chloe Dale
Columns 7 No Signs of Slowing 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 / MicheleVacchiano Photo left: Dave Anderton
This Magazine is Self-Supporting Salt Lake Realtor® Magazine is self-supporting. The advertisers in this magazine pay for all production and distribution costs. Help support this magazine by advertising. For advertising rates, please contact Mills Publishing at 801.467.9419. The paper used in Salt Lake Realtor® Magazine comes from trees in managed timberlands. These trees are planted and grown specifically to make paper and do not come from parks or wilderness areas. In addition, a portion of this magazine is printed from recycled paper.
Salt Lake
REALTOR slrealtors.com
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Maga zine
November 2015 volume 75 number 11 The Salt Lake REALTOR® (ISSN 2153 2141) is published monthly by Mills Publishing, located at 772 E. 3300 South, Suite 200 Salt Lake City, Utah 84106. Periodicals Postage Paid at Salt Lake City, UT. POSTMASTER: Send address changes to: The Salt Lake REALTOR,® 772 E. 3300 South, Suite 200 Salt Lake City, Utah 84106-4618.
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Salt Salt Lake Lake
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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 Colemere Realty Lori Lee – Chairwoman 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 SalesRealtypath Staff Treasurer Dan Miller Paula Bell Lisa Jungemann Steve Perry Bill Realtypath Lines Windermere Real Estate Office Administrator Karen Malan Cynthia Bell Snow Peterson PaulTroy Nicholas Equity 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
Windermere
Administrative Assistant Fred Law Kyrsten Holland Law Real Estate Angie Domichel-Nelden Coldwell Banker
No Signs of Slowing F
all is typically a slower period when it comes to new home construction and existing home sales. Yet, this fall is anything but typical. In Salt Lake County during the JulyAugust-September period there were 3,811 single-family homes sold by Realtors®. That represents an increase of 15.38 percent compared to 3,303 homes sold during the same quarter last year. In fact, every county along the Wasatch Front experienced similar home sales gains compared to last year during the same period. Buyerdemand continues to outpace limited housing supplies. The top five Wasatch Front cities with the most home sales in the third quarter were: Clearfield (320 sales), Lehi (302 sales), South Jordan (283 sales), Tooele (277 sales) and Farr West (273 sales). In Salt Lake County, the top five cities with the highest number of homes sold were: South Jordan (283), Herriman (208), Taylorsville (204), West Jordan (187), and Draper (166). Sales of condominiums and townhomes saw a bigger increase than single-family homes at 1,067 sales, up 35.92 percent compared to 785 sales last year. The median price of condos increased to $188,972, up 7.98 percent compared to $175,000 last year at this time. Demand is not contained to existing home sales. In the first nine months of 2015, there were 384 building permits issued for new single-family homes along the Wasatch Front, a 14 percent increase compared to 336 permits during the same ninemonth period last year, according to Construction Monitor. In addition, permits issued for residential remodeling jobs and home additions jumped 35 percent in the January through September period compared to last year. The median price of a single-family home increased 8.77 percent to $279,000, up from $256,500 a year earlier.
Troy Peterson Equity Real Estate
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.
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
The top five priciest Wasatch Front cities by median price of single-family homes sold in the third quarter were: Alpine ($606,000), Huntsville ($509,332), Avenues ($427,950), Emigration Canyon ($423,000) and Draper ($422,750). In Salt Lake County the top five highest median home values were: Avenues ($427,950), Emigration Canyon ($423,000), Draper ($422,750), Sandy-84093 ($382,000), and Holladay ($381,000). The average cumulative days on the market for listings in Salt Lake County in the third quarter dropped to 48 days, down from 62 days in the third quarter of 2014. Bring on the cold weather and snow! The Salt Lake housing market is hotter than ever and shows no signs of slowing. Good luck out there.
Dave Robison 2015 President
®
® . 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
November 2015 | Salt Lake Realtor ® | 7
In the News
Happenings
More Homes Flipped
Photo: © Condor 36 / Dollar Photo Club
Housing Market Keeps Economy Rolling The economy may be showing signs of slowing lately, but the housing market is likely to keep its positive momentum rolling, writes Lawrence Yun, chief economist for the National Association of Realtors®, in a new column for Forbes. In fact, he predicts that it will be housing market gains that enable the overall economy to avoid a recession. Indeed home sales, construction, and prices have all been rising and are expected to continue to increase. Over the last year, existing-home sales have risen 7.9 percent; new-home sales are up 17.7 percent; housing starts have risen 12 percent; and the median price of sold homes is up 6.4 percent (all along on a yearto-date basis). The main reason behind the gains is a rising population, Yun notes. At the turn of the century about 282 million people were living in the United States, but that number has jumped to 322 million today. Taking into account births and deaths and international immigration, about 2 to 3 million additional residents arrive in America every year.
RealtyTrac® reported 43,197 single family homes and condos were flipped in the third quarter of 2015, 5.0 percent of all single family home and condo sales during the quarter. The 5.0 percent share in the third quarter was down 7 percent from a 5.4 percent share in the second quarter but up 18 percent from a 4.3 percent share in the third quarter of 2014 — when the share of U.S. homes flipped hit the lowest quarterly level going back to the first quarter of 2000, the earliest RealtyTrac has data on flipped homes. The average gross flipping profit was $62,122 for completed home flips in the third quarter. That was down slightly from an average gross flipping profit of $62,521 in the second quarter but up slightly from an average gross flipping profit of $61,781 in the third quarter of 2014.
Contest Winners Announced
Photo: © gustavofrazao / Dollar Photo Club
Home Ownership Rate Finally Increases The nation’s home ownership rate posted its first increase – albeit a slight one – after seven quarterly declines. The biggest gain between July and September was among those under 35 years old. According to the Commerce Department, that’s the first time this group has seen an increase in more than a decade. The home ownership rate rose to 63.7 percent in the third quarter, up from 63.4 percent in the second quarter. The rate remains wellbelow the high of 69.2 percent in the second quarter of 2004.
8 | Salt Lake Realtor ® | November 2015
Erik Higley, right, (Berkshire Hathaway Home Services) was the winner of free MLS dues for a year, a $456 value. Higley invested $25 in the Realtors® Political Action Committee when he paid his 2015-16 membership dues. The investment automatically entered him into a drawing. In a separate contest, Tim Freiss (RE/ MAX Results) received free local membership dues, a $410 value. Freiss invested $35 in RPAC at this year’s keybox exchange, qualifying him for the contest. Congratulations to Higley and Freiss!
CONGRATULATIONS Christian Martinez & Lorena Dixon for being recognized as 2 of the Top 5 Latino Loan Officers in Salt Lake City for 2015 by the National Association of Hispanic Real Estate Professionals
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Racing with Realtors®
A
select group of Realtors® recently enjoyed a fast-paced day of racing, food and competition at the Miller Motorsports Park in Tooele County. Each of the participants invested $1,000 to the Realtors® Political Action Committee to participate and earned the title of “major investor.” The day included competition karting, hot laps with a professional driver in a 2015 Ford Mustang and a catered dinner. Utah Senate President Wayne Niederhauser took first place in the karting event. Scott Colemere (Colemere Realty) placed second. Jared Booth (Coldwell Banker Commercial) came in third place and earned the fastest lap time at 44.847 seconds. “This event brought out the competitive spirit of each Realtor® who participated and helped further the cause of protecting private property rights,” said Justin Allen, government affairs director. “Everyone had a great experience. We plan on doing the event again next year.” Pictured (top): Back row (left to right): Dave Anderton, Justin Allen, Wayne Niederhauser, Russ Booth, Jared Booth, Curtis Bullock, Bill Heiner, Mark Feigh, John Gonzales, Troy Peterson, Greg Fabiano, and Scott Colemere. Front row: Jennifer Clark, Bryan Hurd, Debra Sjoblom, and Sharon Spratley.
10 | Salt Lake Realtor ® | November 2015
Photos: Dave Anderton
November 2015 | Salt Lake Realtor 速 | 11
Photo: © Andy Dean / Dollar Photo Club
Six Ways to Get Your Listing Ready for Photos Buyers rank home photos as the No. 1 valuable website feature By Julie Legge Professional real estate photographer
P
icture this: You’ve worked with your new seller for days to get her home ready for sale. She’s repainted, cleaned the carpets, and even worked with your favorite stager to rearrange and add some furniture. It’s nearly ready to hit the market, but first you need to take pictures. Here are six tips to get your listing ready for its close-up.
1. Motivate the seller to be ready for the photography session. Explain why the house should look it’s best for its close-up: listing photos are often a buyer’s first experience with listings. Today, over 92 percent of home buyers use the Internet to search for homes, and 50 percent used a mobile device to search for homes. Buyers rank home photos as the No. 1 valuable website feature — even more valuable than the home description, according to the 2014 National Association of REALTORS®’ 2014 Home Buyers and Sellers Profile. Other research indicates that great looking photos translate to more showings,
12 | Salt Lake Realtor ® | November 2015
fewer days on the market, and even a higher sales price. 2. Give the seller a “to do” list. Preparing a home for photos is not something your seller does every day, and a simple task list can help her feel prepared and make the photo session go more smoothly. Items on the list should include tasks for the inside as well as the outside of the home (see tips #3 and 4). Ask your professional photographer for a checklist to help sellers get ready for photos, or you can develop your own. Bonus: your seller can use the list to get the home ready for showings. 3. Remind the seller to prepare the inside of the home. Be sure to remind the seller about the basics, such as putting toilet seats down, throwing used towels in a hamper, making the beds, and hiding personal toiletries such as toothbrushes, prescription medications, and shampoo bottles. Coordinate the photo session
to occur shortly after any housecleaners have cleaned the home. 4. Remind the seller to prepare the outside of the home. Sellers should park cars in the garage or on the street away from the front of the home, pick up any yard toys and games, dispense of dead plants, sweep walkways and hide trash cans. If possible, schedule the pictures a day or two after the lawn is mowed and the bushes trimmed. 5. Communicate the home’s best features to the photographer. What are the qualities of the home that will attract buyers – a large yard, upgraded kitchen with under cabinet lighting, or vaulted ceilings in the master bedroom? Talking to your photographer in advance of the photo session can help her deliver photos that will show off these desirable features. 6. Partner with a professional photographer. Find a professional photographer that understands your business and what you want in your listing photos. Give the photographer time to get to know you as a client. The longer a photographer works with you, the more she will become familiar with your
Photo: © Wollwerth Imagery / Dollar Photo Club
photography needs, becoming a key part of your marketing team. Some listings may require more work getting them “photo ready” than others, but the effort put forth can help drive prospective buyers to your listing, resulting in a successful sale – and a happy client. How do you get your listing ready for photos? Julie Legge is a professional real estate photographer in Charlotte, N.C. She’s photographed 1,000 homes for real estate brokers, builders, home stagers, and interior designers, and she coaches beginning photographers. Visit her web site: www.charlotterealestatephotos.com. Reprinted from Realtor® Magazine Online, October 2015, with permission of the National Association of Realtors®. Copyright October 2015. All rights reserved.
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See a Sales Consultant for complete details. Must present this ad at purchase to take advantage of the TV offer. Not valid with any other offer or on previously written contracts. TV offer valid only on David Weekley homes purchased in the Salt Lake City-area communities of Sugarhouse Ridge and Highland Place. Offer valid from October 1, 2015, to December 31, 2015. Value of TV not to exceed $1,000. Homebuyer will not receive cash in lieu of offer. TV will be awarded within 45 days of closing. TV is purchased through Best Buy for Business and cannot be obtained at Best Buy Retail locations. After closing, Homebuyer will be contacted by a Best Buy for Business Representative to make arrangements to receive TV. Make and Model is subject to in-stock availability. Upgrades are not an option. David Weekley Homes reserves the right to terminate program or change rules at any time. 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 © 2015 David Weekley Homes – All Rights Reserved. Salt Lake City, UT (SLCA70976)
November 2015 | Salt Lake Realtor ® | 13
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© iStockphoto.com / nullplus
Americans Think Homeownership is a Sound Investment Sixty-one percent of renters stated that owning a home is a priority for their future. By The National Association of Realtors®
A
vast majority of Americans believe that buying a home is a solid financial decision, and most believe they could sell their home for at least its initial purchase price, according to a new survey from the National Association of Realtors®. The survey, which measures consumers’ attitudes and concerns about housing issues in the nation’s 50 largest metropolitan statistical areas, found that more than eight in 10 Americans believe that purchasing a home is a good financial decision, and 68 percent believe that now is a good time to buy a home. Seventy-one percent believe they could sell their house for what they paid for it, a jump of 16 percentage points from 2013. When asked for reasons about why homeownership matters to them, respondents’ answers did not change significantly from past years. Building equity, wanting a stable and safe environment, and having the freedom to choose their neighborhood remain the top three reasons to own a home. The number of renters who are now thinking about purchasing a home has increased since the last survey in 2013, up from 36 percent to 39 percent. Sixty-one percent of renters stated that owning a home is a priority for their future. According to the survey, 80 percent of respondents believe that pre-purchase counseling programs and classes are very or somewhat important. Attitudes about the housing market have improved in recent years. Forty-nine percent of respondents indicated that they feel activity in
18 | Salt Lake Realtor ® | November 2015
the housing market has increased in the past year, compared to 44 percent in 2013 and 12 percent in 2011. Eighty-nine percent expect home sales in their area to either increase or remain the same. Concern about foreclosures has also declined, with only 15 percent of respondents indicating that foreclosure is a major concern. In addition to improved attitudes about the housing market, survey participants also showed an improved outlook regarding the economy. Only 36 percent think that job layoffs and unemployment are a big problem, a substantial drop from 45 percent in 2013. Perceived obstacles to homeownership have remained mostly unchanged compared to recent years; 78 percent of respondents point to college debt and student loans as the main obstacle to making a home purchase affordable. Seventysix percent of participants said they have a fulltime job but still did not make enough money to purchase a home. Seventy-four percent believe they do not have enough money for a down payment and closing costs. As the market has improved, concern about the cost of housing has increased. Two-thirds of survey participants said that home prices are more expensive than they were a year ago. There is additional concern over the lack of available housing; 41 percent said the lack of affordable homes is either a very big or fairly big problem in their area, an increase of 9 percent points from 2013. For adult millennials under the age of 35, the burden of student debt is their chief concern, with 86 percent of respondents naming college debt as an obstacle to homeownership. Over half reported that their housing costs are a financial strain on their budget, 65 percent are concerned about high rental prices, and 60 percent are concerned about high home prices. However, millennials tend to have a more upbeat and positive view about the future of the nation than older Americans, with 42 percent of millennials saying that the country is headed in the right direction compared to only 20 percent among those aged 50 and older. The 2015 National Housing Pulse Survey is conducted by American Strategies and Myers Research & Strategic Services for NAR’s Housing Opportunity Program. The telephone survey polled 1,000 adults nationwide in the 50 most populous metropolitan statistical areas. An additional 250 interviews were conducted with millennial adults (born after 1981) from the same geography. The study has a margin of error of plus or minus 3.1 percentage points. The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.1 million members involved in all aspects of the residential and commercial real estate industries.
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©2015 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Coldwell Banker Residential Brokerage Office Is Owned And Operated by NRT LLC. Real estate agents affiliated with Coldwell Banker Residential Brokerage are independent contractor sales associates and are not employees of Coldwell Banker Real Estate LLC, Coldwell Banker Residential Brokerage or NRT LLC.
missions and required qualifications. There are approximately 250-300 committee assignments, but some committees are limited in size. Other committee appointments will be available if your first choice is closed. When a member receives an assignment, he or she is expected to donate the time and effort necessary for the success of that committee.
At right: Members serve food at the annual Christmas in July event. Below: Cheryl Acker, Bill Heiner and ShirLee McGarry at this year’s Score for RPAC with REAL Salt Lake event.
Visit www.slrealtors.com/committees/ for more information about each committee. Affiliates Advisory Board Blood Drive Christmas in July Education Government Affairs/RPAC Grievance Professional Standards* Realtors® Charity Challenge** Realtors® Commercial Alliance Young Professionals Network * All members of this committee must have prior service on the Grievance Committee.
Why Service Matters A conversation with Laura Palmer, director of events of the Salt Lake Board of Realtors®. Q: What is Committee Sign Up Day? A: Committee Sign Up Day is an annual event by the Salt Lake Board of Realtors® where members that are interested in getting involved in the Board come to learn about and sign up for different committees. Representatives from each committee are in attendance to answer questions. This year it will be held on Monday, Nov. 23 at 10 a.m. in the Alta Auditorium at the Realtor® Campus. Q: Why serve on a committee? A: The Salt Lake Board of Realtors® serves a fourfold mission: Government advocacy, knowledge, communication, and service. Committees help the association accomplish this mission. Realtor® and affiliate members are encouraged to volunteer to serve on one or more of the Board’s committees. The committee experience offers an exceptional opportunity to network with other real estate professionals and make new friends. We invite you to give to the profession and the community by volunteering your time. Q: What committees can I serve on? A: The Salt Lake Board of Realtors® has ten committees and they each have varying
20 | Salt Lake Realtor ® | November 2015
** The Charity Challenge is a new event this year that will take the place of the Charity Gala. Q: Does Committee involvement help meet requirements for the annual Realtor® Awards? A: Some awards are solely based on sales production, while other awards include sales production and Board participation. For any award that requires Board participation, a total of 50 points is required and can be earned by being actively involved at the Board and/or by making an investment to the Realtors® Political Action Committee (RPAC). Your advocacy money helps the Board continue to fight for the real estate profession and private property rights. Any combination of collecting the 50 points (Board participation, Board participation combined with RPAC investment, RPAC investment only) is acceptable. If you become a major RPAC investor (investment of $1,000 or more) no Board participation is required to earn the full 50 points. Q: What if I can’t attend Committee Sign Up day on Monday, Nov. 23? A: Attending Committee Sign Up day is a networking opportunity and allows you to ask the incoming Chairs and Vice-Chairs about the committee they serve on but we understand that our members are busy. If you are unable to attend please fill out the Committee Sign Up form at www.slrealtors.com/committees/ by 5 p.m. on Monday, Nov. 23.
Photo: © adimas / Dollar Photo Club
Tech Innovators Help You Reach Your Potential The 2015 REach Class comprises eight technology companies eager to make the work of real estate professionals easier, more profitable, and safer. By Chloe Dale
T
he eight diverse companies in this year’s REach class are all focused on ways to help you take your real estate business to the next level. The National Association of Realtors®’ eight-month technology accelerator program, run by its strategic investment arm, Second Century Ventures, enables companies to increase their exposure to the real estate community and receive expert guidance about serving the needs of the industry. This year, hundreds of companies applied to the program, more than double the number of applicants in 2014. The 2015 REach class, announced earlier this year, offers a range of services from investment consultation to online notarization to virtual corporate gifting. Here’s a rundown of each company’s offerings and how it serves the industry. AssetAvenue (Los Angeles) is an online lender for real estate investment properties. AssetAvenue connects borrowers and brokers looking for funding to institutional investors seeking investment opportunities. The company provides short-term rehab and non-rehab loans for non-owner occupied, luxury single family homes
22 | Salt Lake Realtor ® | November 2015
and offers bridge loans for commercial properties. CEO and founder David Manshoory says the company is more transparent in the lending process than a regulated financial institution and users have “the ability to fund a loan much more quickly and with much more flexibility than banks.” August Home (San Francisco) is a technology company that builds products that allow users to control access to homes remotely. Its Smart Lock system includes a virtual key built into a mobile app letting home owners choose specific people who can enter their home at designated times. Tejash Unadkat, senior director of product management, says the lock system is likely to be a big selling point for millennial buyers. “In this day and age, we’ve seen home automation help increase the value of the home and enhance curb appeal,” says Unadkat. Real estate agents can also save time by setting up access to specified workers for appointments. Property managers may spend less time replacing the lost keys of their tenants. BoostUp (Detroit) is a down-payment savings platform to help consumers prepare for large purchases such as homes and cars by letting them solicit family, friends, and even companies for contributions and matching funds. Though the service can be used by anyone making a large purchase, the company is especially attuned to the needs of first-time home buyers who often have trouble making large payments. Agents and brokers can brand their offices with BoostUp to offer home buyers a resource for their savings. “BoostUp helps agents with marketing and media
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and helps them help first-time buyers,” says CEO and founder John Morgan. Guard Llama (Chicago) is focused on improving personal safety. The company offers a small device that connects to your smartphone through Bluetooth technology and can instantly connect people to a 9-1-1 dispatcher. The handheld device sends a user’s GPS and profile information with the push of a button. “Real estate professionals have one of the most dangerous jobs in America,” says CMO and cofounder Mike Becker. “They dress nice, they wear nice jewelry … they work alone. A lot of the time they may avoid necessary safety procedures.” The Guard Llama is meant to make real estate agents feel safe during risky situations and to encourage them to make safety a part of their everyday routine, says Becker. Loop and Tie (Austin, Texas, and New York) is an online service that makes gift giving on the job a snap. Agents can choose a closing gift, or brokers can reward staff members with such items as chocolates, picture frames, or kitchenware. CEO and founder Sara Rodell says Loop and Tie makes it easier for agents and brokers to give gifts by allowing the gift receiver to choose between a handful of items so they’re not stuck with a gift they’ll never use. Agents often have memorable
24 | Salt Lake Realtor ® | November 2015
clients, but finding the perfect item can be a timely process. The service can even encourage tenant loyalty. “Property managers will purchase gifts for residents. We find resident engagement is closely related to retention,” Rodell says. Notary Cam (Newport Beach, Calif.) is an online notarization service that allows users to upload a document, connect to a notary using a webcam, and have the document signed after the user is verified. The company lets real estate agents secure a deal online within minutes. “In real estate, you just never know what might throw a wrench in the deal, and at the end of the day, it’s about closing,” says CEO and founder Rick Triola. Pro.com (Seattle) is a service that provides pricing for home improvement projects and helps users find local professionals to do the work, all online and within minutes. CEO and cofounder Matt Williams calls the company “the on-demand home services company for finding a pro.” The majority of home improvement tends to happen in the 90 days leading up to or after a sale, Williams says, “and so, given that so much home improvement happens before and after a purchase, we are a sure way for a real estate agent to delight their clients.” Real estate agents can help their clients find the best price and professional in the area for home improvement projects to ensure a house will be ready to put on the market at the best listing price possible. TermScout (Denver) provides a range of business information about specific markets for real estate companies using sophisticated datasorting technology. For example, the service aggregates data on tenants for commercial brokers and owners to find new customers or for retailers to understand their competitor’s leases. COO and cofounder Mark Frank says the company can help the commercial sector by providing information for brokers about office vacancies, up-and-coming technology products, and lease expirations. “It gives our customers a leg up when contacting their customers for the future,” says Frank. Learn More Meet companies that have been featured in the REach program in years past and learn more about how NAR’s Second Century Ventures works to find top companies across multiple industries, and help deploy robust solutions to common challenges in the real estate industry. Members can also get involved by applying to the REach Insight Panel that helps innovators better understand the needs of real estate pros, or by recommending a company for next year’s class. Reprinted from Realtor® Magazine Online, August 2015, with permission of the National Association of Realtors®. Copyright August 2015. All rights reserved.
Housing Watch Home Sales Surge despite Tight Inventories and Higher Prices 2 - C OLOR
T
he Salt Lake Board of Realtors® today reported double-digit increases in home sales year-overyear in Salt Lake County in spite of tight inventories and higher home prices. During the July-August-September period there were 3,811 single-family homes in Salt Lake County sold by Realtors®. That represents an increase of 15.38 percent compared to 3,303 homes sold during the same quarter last year. The top five Wasatch Front cities with the most home sales in the third quarter were: Clearfield (320 sales), Lehi (302 sales), South Jordan (283 sales), Tooele (277 sales) and Farr west (273 sales). In Salt Lake County, the top five cities with the highest number of homes sold were: South Jordan (283), Herriman (208), Taylorsville (204), West Jordan (187), and Draper (166). All counties along the Wasatch Front reported strong single-family home sales. Utah County saw a 20.53 percent rise in sales year-over-year. Sales increased 8.14 percent in Davis County. Weber County reported a 14.26 percent rise, and Tooele County saw a 33.47 increase. The median price of a single-family home increased 8.77 percent to $279,000, up from $256,500 a year earlier. The top five priciest Wasatch Front cities by
median price of single-family homes sold in the third quarter were: Alpine ($606,000), Huntsville ($509,332), Avenues ($427,950), Emigration Canyon ($423,000) and Draper ($422,750). In Salt Lake County the top five highest median home values were: Avenues ($427,950), Emigration Canyon ($423,000), Draper ($422,750), Sandy-84093 ($382,000), and Holladay ($381,000). Sales of condominiums and townhomes saw a bigger percent increase than single-family homes at 1,067 sales, up 35.92 percent compared to 785 sales last year. The median price of condos increased to $188,972, up 7.98 percent compared to $175,000 last year at this time. “Many first-time buyers are choosing condominiums and townhomes in order to qualify for a mortgage,” said Dave Robison, president of the Salt Lake Board of Realtors®. “The median singlefamily home price in the Salt Lake area is now higher than it was in 2007, prior to the Great Recession.” The average cumulative days on the market for listings in Salt Lake County in the third quarter dropped to 48 days, down from 62 days in the third quarter of 2014. New listings in Salt Lake County in the third quarter increased to 6,173 properties for sale, up 2.42 percent compared to 6,027 listings last year at the same time.
Salt Lake County Home Sales Per Quarter
26 | Salt Lake Realtor ® | November 2015
COUNTY ZIP CITY 2015 HOUSE % +/- 2015 Q3 MEDIAN % +/- 2015 CONDO % +/- 2015 Q3 % +/- 2015 Q3 % +/ # SOLD CHANGE SALES PRICE CHANGE # SOLD CHANGE CONDO MEDIAN CHANGE AVERAGE CHANGE SALES PRICE CDOM S.L. CO
84006
COPPERTON
2
100.00%
$133,000.00
-21.26%
0
n/a
$0.00
n/a
132
71.43%
S.L. CO
84020
DRAPER
166
7.10%
$422,750.00
5.79%
69
50.00%
$219,750.00
12.98%
59
-22.37%
S.L. CO
84044
MAGNA
131
18.02%
$178,000.00
10.90%
5
150.00%
$87,700.00
-23.41%
28
-24.32%
S.L. CO
84047
MIDVALE
84
20.00%
$230,000.00
15.00%
87
58.18%
$238,000.00
27.96%
59
18.00%
S.L. CO
84065
RIVERTON
132
7.32%
$322,999.00
-0.92%
49
-2.00%
$227,230.00
11.39%
52
-26.76%
S.L. CO
84070
SANDY
102
14.61%
$248,750.00
7.34%
31
47.62%
$166,000.00
-5.14%
56
64.71%
S.L. CO
84081
WEST JORDAN
187
28.97%
$264,900.00
10.38%
17
-29.17%
$186,000.00
9.41%
39
-26.42%
S.L. CO
84084
WEST JORDAN
146
36.45%
$230,000.00
12.20%
56
107.41%
$166,700.00
13.79%
32
-38.46%
S.L. CO
84088
WEST JORDAN
125
8.70%
$236,000.00
-1.63%
18
-10.00%
$172,000.00
5.07%
41
-14.58%
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
113
1.80%
$370,000.00
1.93%
1
-50.00%
$260,000.00
-44.68%
67
-6.94%
S.L. CO
84093
SANDY
115
26.37%
$382,000.00
15.79%
2
n/a
$288,770.00
n/a
64
3.23%
S.L. CO
84094
SANDY
116
19.59%
$265,000.00
6.04%
19
18.75%
$228,000.00
-1.94%
28
-49.09%
S.L. CO
84095
SOUTH JORDAN
283
8.43%
$350,000.00
3.24%
100
81.82%
$220,500.00
8.62%
67
-6.94%
S.L. CO
84096
HERRIMAN
208
41.50%
$324,950.00
4.82%
68
195.65%
$211,863.00
18.03%
48
-32.39%
S.L. CO
84101
SLC
2
-50.00%
$175,750.00
33.19%
26
-16.13%
$222,000.00
-10.65%
193
72.32%
S.L. CO
84102
SLC
25
-16.67%
$323,500.00
13.91%
40
42.86%
$186,000.00
-3.06%
43
-25.86%
S.L. CO
84103
SLC
86
22.86%
$427,950.00
9.03%
32
-11.11%
$277,500.00
41.61%
65
-25.29%
S.L. CO
84104
SLC
53
-1.85%
$157,000.00
15.87%
2
-33.33%
$100,000.00
78.57%
35
-37.50%
S.L. CO
84105
SLC
120
-9.77%
$363,000.00
17.10%
3
n/a
$156,500.00
n/a
36
-18.18%
S.L. CO
84106
SLC
133
29.13%
$278,000.00
3.73%
50
28.21%
$150,500.00
18.97%
33
-57.69%
S.L. CO
84107
MURRAY
73
46.00%
$265,300.00
30.63%
72
30.91%
$128,250.00
-9.04%
48
-18.64%
S.L. CO
84108
SLC
94
30.56%
$423,000.00
2.55%
17
54.55%
$315,000.00
9.95%
51
-22.73%
S.L. CO
84109
SLC
108
21.35%
$355,987.00
4.73%
5
66.67%
$142,000.00
6.77%
48
-26.15%
S.L. CO
84111
SLC
24
-20.00%
$239,950.00
17.16%
17
-41.38%
$240,000.00
9.09%
42
-47.50%
S.L. CO
84115
S SLC
88
33.33%
$209,950.00
12.03%
26
188.89%
$153,500.00
0.72%
43
16.22%
S.L. CO
84116
SLC
86
16.22%
$191,200.00
13.34%
11
83.33%
$94,000.00
-4.99%
39
-18.75%
S.L. CO
84117
HOLLADAY
61
8.93%
$381,000.00
21.74%
57
3.64%
$136,000.00
-29.50%
65
-1.52%
S.L. CO
84118
TAYLORSVILLE/ KEARNS 204
0.00%
$188,000.00
7.43%
1
-75.00%
$96,000.00
-28.48%
30
-50.82%
S.L. CO
84119
WVC
85
-1.16%
$186,000.00
7.67%
39
21.88%
$137,000.00
7.24%
40
-25.93%
S.L. CO
84120
WVC
134
11.67%
$203,000.00
15.18%
22
144.44%
$180,000.00
-9.55%
39
-38.10%
S.L. CO
84121
COTTONWOOD
166
20.29%
$348,700.00
12.12%
33
10.00%
$225,000.00
31.11%
65
-24.42%
S.L. CO
84123
TAYLORSVILLE/ KEARNS 86
34.38%
$253,750.00
34.29%
50
31.58%
$133,000.00
3.95%
46
12.20%
S.L. CO
84124
HOLLADAY
72
-4.00%
$368,850.00
8.49%
14
16.67%
$209,000.00
8.35%
54
-12.90%
S.L. CO
84128
WEST VALLEY
89
14.10%
$215,000.00
14.03%
11
-8.33%
$153,500.00
8.67%
27
-59.70%
S.L. CO
84129
TAYLORSVILLE
112
33.33%
$222,000.00
6.73%
17
750.00%
$172,000.00
53.91%
33
-26.67%
S.L. CO TOTALS
3811
15.38%
$279,000.00
8.77%
1067
35.92%
$188,972.00
7.98%
48
-22.58%
DAVIS CO 84010
BOUNTIFUL
123
1.65%
$282,000.00
7.63%
39
18.18%
$173,000.00
11.61%
55
-27.63%
DAVIS CO 84014
CENTERVILLE
27
-30.77%
$265,000.00
10.42%
29
31.82%
$175,500.00
17.43%
68
25.93%
DAVIS CO 84015
CLEARFIELD
320
18.96%
$191,750.00
8.03%
35
94.44%
$133,000.00
10.14%
57
-18.57%
DAVIS CO 84025
FARMINGTON
75
41.51%
$340,000.00
4.62%
31
181.82%
$198,000.00
7.03%
57
-6.56%
DAVIS CO 84037
KAYSVILLE
122
0.00%
$309,452.00
2.86%
8
-11.11%
$192,739.00
-11.99%
70
-19.54%
DAVIS CO 84040
LAYTON
110
3.77%
$273,500.00
9.62%
12
-33.33%
$184,321.00
14.99%
66
-27.47%
DAVIS CO 84041
LAYTON
196
3.70%
$214,950.00
8.84%
12
-45.45%
$170,000.00
6.92%
35
-51.39%
DAVIS CO 84054
N. SALT LAKE
94
9.30%
$267,500.00
8.28%
22
29.41%
$174,125.00
1.89%
37
-48.61%
DAVIS CO 84075
SYRACUSE
157
25.60%
$275,000.00
8.75%
6
500.00%
$167,450.00
-23.89%
59
-15.71%
DAVIS CO 84087
WOODS CROSS
38
-33.33%
$261,000.00
12.99%
7
-12.50%
$186,242.00
-5.08%
28
-58.21%
1262
8.14%
$249,700.00
8.57%
201
26.42%
$174,700.00
5.88%
54
-26.03%
DAVIS CO TOTALS
November 2015 | Salt Lake Realtor 速 | 27
REALTOR® Connections
On the Move
Q&A: Jennifer Clark Jennifer Clark is a Realtor® with Utah Select Realty. She has been a Realtor® for eight years and recently became a major investor to the Realtors® Political Action Committee. Q: Why did you invest in RPAC? A: I invested in RPAC because I am truly grateful for all the work that is done on my behalf. I am sure I benefit from so many things RPAC has worked hard for, that I am not even aware of. This has been a great year for me and I was happy to give back. Q: How does RPAC help you as a Realtor®? A: RPAC educates me on issues that Realtors® are facing, as well as issues facing our clients. It is important to our industry to have this organization working on our behalf so we can continue to enjoy what we do for a living. Q: What advice would you give to members who haven’t yet made an investment? A: If you haven’t made an investment yet, I suggest you take Cheryl Acker’s class, “How Utah Consumers Benefit from Realtor® Public Policy Efforts.” It was a game-changer for me!
Jim Hoggan
Chris Jensen
Industry Veterans Join Salt Lake Lending Team Primary Residential Mortgage, Inc. (PRMI), welcomed Christopher Jensen and Jim Hoggan, the working duo of 20-plus years to its hometown of Salt Lake City, Utah. Jensen comes to PRMI with more than 20 years in the mortgage industry. He recently served as Senior Vice President of Sales at Castle & Cooke Mortgage where he managed all lending production across the entire nation. He was also a founder and Vice President of One on One Mortgage. Hoggan comes to PRMI with more than 20 years in the mortgage industry, and prior to working at PRMI he was the National Sales Manager with Castle & Cooke Mortgage. He also owned and operated One on One Mortgage and served as President at Ivory Mortgage, instrumental in both cases in elevating the sales platform to enhance client experience through the entirety of the loan process.
28 | Salt Lake Realtor ® | November 2015
Rebecca Frost
Exit Realty Legacy announced the following new Realtors® have joined its brokerage: Rebecca Frost, James Hansen, Kobe Andam, Jade Faulkner, Stacey Trujillo, Miles Ossana and Valoy Kohlmann. Realtypath welcomed the following new agents: Adam Stark, Christopher Lawrence, Lilian Hernandez, James Hicks, Oscar Ortega, Marlana Scott, Stephanie Christensen, Bambi Ornelas, Leslie Grimm, Ranjot Singh, Keith Thomas, Valerie Manning, Mark Dunn, Bruce Haynes, Gwen Stratton, Cindy Hyatt, David Jenson, Adam Butz, Dru Steadman, Bren Robinson, Philip Stringham, Desiree Lloyd, Layne Bell, Paulina Lopez, John Diaz, Tiffani Thompson-Lindorff, Natalie Stark, Elmir Merdzanovic, Patricia Maldonado, Ruben Gomez. Inman News reported five Facebook posts that are killing your business. They include: The angry post, the political post, the “people are stupid” post, the party post, and the “I hate my job” post. “The most harmful post to your career is posting about how much you dislike your job, your coworkers or — worst of all — your clients,” the Inman article stated. In addition, “your Facebook post demeaning the (political) party that you do not identify with is angering half the population, and you have just cut your potential client list in half.”
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