Salt Lake Realtor September 2015 Issue by Mills Publishing Inc.

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Can Too Much Tech Hurt Relationships? p. 14 Creating the Perfect Home Office p. 20

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The Salt Lake Board of Realtors® celebrates its 24th annual Christmas in July event p. 10

Table of Contents Features 10 Christmas in July 12 Stay Ahead of Hackers

Sam Silverstein

14 Overconnectivity: When Too Much Tech Hurts Your Relationship Melissa Dittmann Tracey

20 Arranging the Perfect At-Home Workspace Barbara Ballinger

24 Using the Income Approach to Value a FourPlex Steve Tobias

Columns 7 Celebrating 30 Years of Giving 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 / mjohanson 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.

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September 2015 volume 75 number 9 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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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

Celebrating 30 Years of Giving T

his month the Salt Lake Board of Realtors® celebrated the 30th anniversary of the Charity Gala. The event has raised tens of thousands of dollars for The Road Home homeless shelter and The Christmas Box International. Over the past 30 years, thousands of Realtors® have taken part in this event by donating their time, money and resources.

Shrimpfest, as it was originally called, was started by Jackie Nicholl, currently a broker with Coldwell Banker Residential. Nicholl recalls traveling to Colorado for a regional meeting and learning from agents about an event called “Shrimpfest.” At the time, Nicholl, who was president of the Women’s Council of Realtors® Salt Lake Chapter, thought the idea sounded great and implemented it in the summer of 1985 with an all-you-can-eat shrimp dinner in the parking lot of the former Realtor® building at 3300 South in Canyon Rim. “It was very humble, but did the trick,” Nicholl said. “We had a great time. We never really thought it would grow as huge as it is.”

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

The event started as a fundraiser for WCR, but soon the organization was donating money to The Road Home. The Board joined forces with WCR and the event kept growing. Soon it was being held at the Willow Creek Country Club in Sandy. It then moved to Snowbird. For the past three years the Charity Gala has been held in downtown Salt Lake City at the Marriott City Creek. It is fitting that Realtors®, who are at the center of the home buying transaction, are making a difference in helping people with the most basic human need – housing. Most of us don’t know what’s it’s like to be homeless or to be a child without the protection of parents. But there are hundreds of families right here in the Salt Lake Valley that face these difficult challenges.

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.

By attending the Charity Gala, your contributions have helped countless individuals and families. Thank you for your service!

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

September 2015 | Salt Lake Realtor ® | 7

In the News

Happenings

U.S. Pending Home Sales Rise in July

Scott Colemere

Adam Kirkham

Jodie Osofsky

Scott Robbins

Realtors® Elected to Board of Directors Five Realtors® were elected in August to serve on the Board of Directors of the Salt Lake Board of Realtors®. They are: Scott Colemere (Colemere Realty), Adam Kirkham (Kirkham Real Estate), Jodie Osofsky (Jordan Real Estate), Scott Robbins (Coldwell Banker Residential), and Michael Rowe, (Berkshire Hathaway Home Services). Each will serve a four-year term beginning Jan. 1. The 16-member Board of Directors creates policies and programs to achieve the fourfold mission of the Board: knowledge, advocacy, service and communication.

Michael Rowe

Photo: © Andy / Dollar Photo Club

Five Rankings that Prove Salt Lake City is the Best Place to Live The Society of Young Professionals Salt Lake City point to five rankings that prove Salt Lake City is the Best Place to Live. They include: No. 5 – Livibility. com ranks Salt Lake City No. 5 in the nation for favorable downtown amenities. No. 4 – Forbes ranks Salt Lake City as the fourth best American city for Young Professionals to live. No. 3 -- Time Magazine ranked Salt Lake City as the second friendliest city in America. No. 2 – According to a 2014 Gallup Poll measuring job creation through employee reports of job activity in 50 major metropolitan areas, Salt Lake City placed first, beating out other booming cities like Austin, Houston, and San Francisco. No. 1 – National Geographic ranked Salt Lake City as the best U.S. hiking city based on the quantity and accessibility of its hiking trails within a short distance of downtown.

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The Pending Home Sales Index,* a forwardlooking indicator based on contract signings, marginally increased 0.5 percent to 110.9 in July from an upwardly revised 110.4 in June and is now 7.4 percent above July 2014 (103.3). The index has increased year-over-year for 11 consecutive months and is the third highest reading of 2015, behind April (111.6) and May (112.3). Lawrence Yun, NAR chief economist, says the housing market began the second half of 2015 on a positive note, with pending sales slightly rising in July. “Led by a solid gain in the Northeast, contract activity in most of the country held steady last month, which bodes well for existing-sales to maintain their recent elevated pace to close out the summer,” he said. “While demand and sales continue to be stronger than earlier this year, Realtors® have reported since the spring that available listings in affordable price ranges remain elusive for some buyers trying to reach the market and are likely holding back sales from being more robust.” Looking ahead, with inventory shortages likely to persist into the fall, Yun expects the national median existing-home price to increase 6.3 percent in 2015 to $221,400. Yun forecasts total existing-home sales this year to increase 7.1 percent to around 5.29 million, about 25 percent below the prior peak set in 2005 (7.08 million).

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Christmas in July Helping the Homeless

he Salt Lake Board of Realtors速 celebrated its annual Christmas in July event at The Road Home homeless shelter. Members of the Christmas in July committee distributed backpacks filled with clothes, books, and personal items to roughly 300 people. In addition, Santa and Mrs. Claus made an appearance on a fire truck courtesy of the Salt Lake City Fire Department.

10 | Salt Lake Realtor 速 | September 2015

A special thanks to the following individuals and companies: Cheryl Acker Bridgeway Realty and agents from Bridgeway Realty who contributed money Paula Chapman Bethany Cobb-Jones Michelle Crawford Joanne Dokos Bobbi Hansen, Graystone Mortgage Cal Harkness from Citywide Mortgage Chuck Karpakis, Paragon Properties Jeff Klekas Carolyn Leitko Chris MacPherson, Academy Mortgage Diana McGrath Minotaur Catering, Jim Mylonakis, Chef Heather Nelson Matt Oviatt Ann and Joe Sasich Signature Group Real Estate Paulette Stagg Dawn Stevens Veritas Funding Elaine Zambos In loving memory of Tula and George Zambos, Wilma Pappas Photos: Dave Anderton

September 2015 | Salt Lake Realtor 速 | 11

Photo: © badmanproduction / Dollar Photo Club

Stay Ahead of Hackers Scammers are targeting your e-mail. Here are steps to protect yourself. By Sam Silverstein

uring the economic downturn, real estate pros were on high alert for scams by perpetrators who preyed on cash-strapped home owners desperate to stave off foreclosure. Today, a new wave of scammers is breaking into people’s e-mail accounts to cull information about pending deals. The hackers—posing as sellers, title company representatives, or even other real estate agents— instruct buyers, agents, or attorneys to transfer funds related to the purchase to accounts belonging to the scammers, potentially swindling victims out of sizable sums. In addition, agents lately have been the target of ruses involving overseas cash “buyers” who ask for bank account information so they can supposedly wire deposits. Whatever the technique, hackers are finding ways to trick buyers, sellers, and practitioners by e-mail or phone to hand over large amounts of money. In many cases, the heists could have been prevented if the victim had verified that the instructions were legitimate before proceeding. “For anyone involved in real estate transactions, the key is vigilance and making sure that what is happening should be happening,” says Peter Bolac, trust account compliance counsel for the

12 | Salt Lake Realtor ® | September 2015

North Carolina State Bar, which has received multiple reports of fraud involving wired funds in real estate transactions, including one involving a loss of $200,000. “Everyone involved in handling [transactions] has a duty to be sure their accounts are secure” and the procedures they follow include safeguards to protect clients. Hacking incidents, sometimes referred to as “spear phishing,” have disrupted transactions in a number of states, including California, New Jersey, and North Carolina. Any e-mail seeking a funds transfer from you or your client should be examined carefully. In one North Carolina case, the hacker used an e-mail address that varied from the actual seller’s address by a single letter—but the discrepancy went unnoticed until after the unsuspecting buyer had sent over money. The best way to foil e-mail hackers is to keep them from getting into your account in the first place. “The nature of threats on the Internet is that you don’t always know whether your systems are getting attacked,” says Les Sease, information technology director for Carolina One Real Estate in Charleston, S.C., underscoring the importance of paying close attention to how you manage your e-mail accounts. One of the strategies Sease recommends for keeping intruders out of your e-mail involves twostep verification, which requires you to log in using a unique code provided by text message or through a mobile app in addition to your password. The advantage of this method is that even if a hacker is able to figure out your password, he or she won’t be able to enter your account without also knowing the code. E-mail providers such as Google and Yahoo offer this option. Password strength is another factor to consider. Create passwords that are difficult to crack and change them often, says Robert Siciliano, a Boston-based personal security and identity theft expert. In addition, resist the temptation to use the same password for more than one account, and use passcodes to protect your smartphone and other mobile devices, he says. Some real estate pros say reliance on electronic communications in business has contributed to the slackness. By contrast, the personal relationships that define the real estate industry are a powerful deterrent to fraud. Cameron Platt, owner of Platt Inc. Real Estate, in Oakland, Calif., says, when it comes to preventing information theft, “nothing beats face-to-face and voice contact” between parties in a transaction. Reprinted from Realtor® Magazine Online, September 2015, with permission of the National Association of Realtors®. Copyright September 2015. All rights reserved.

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Overconnectivity: When Too Much Tech Hurts Your Relationships Make sure these three common technology offenses don’t damage your relationships: oversharing, overusing, and overly informal. By Melissa Dittmann Tracey

echnology can keep you plugged in with your clients and peers, but sometimes being online 24-7 can come at the expense of forming stronger offline relationships. Could you be overplugged? Overconnectivity with your smartphone and social networking activities may actually hinder your relationships. “Technology is making us more social and helping us to connect, but we have to use good judgment,” says etiquette and

14 | Salt Lake Realtor ® | September 2015

manners expert Diane Gottsman, owner of The Protocol School of Texas, a company specializing in executive leadership and etiquette training. “We are very reliant on our technology. That’s not a bad thing. It helps us become more available and recognizable, which helps bring us more business. But we need to know when to use it, when to turn it off, and how to use it appropriately.”

Offense No. 1: Oversharing In the year of the “selfie,” you may find it difficult not to think of social media as just a means to promote yourself and get your message out. The more you post, the more connected you look, right? Not necessarily, according to a growing number of surveys that show too many posts can actually disconnect you from others, especially depending on what you say in those posts. If you’re a real estate professional who merges your personal life with your business life on your social networks, make sure you’re not turning people off by becoming one of the growing number of what are called “meformers.” What’s that? Rutgers researchers Mor Naaman and Jeffrey Boase distinguished Internet social network users into two broad categories: meformers and informers. Meformers are people who use social networks (Twitter for the researchers’ analysis) to post updates on their everyday activities, social lives, feelings, thoughts, and emotions. They found the majority of Internet users in their research fell in this category, while only 20 percent were informers. Informers use their social networks to share information; they interact more with their followers and tend to mention others in their messages more often. Informers also tend to have more friends. Social networking “super sharers” are becoming an increasing annoyance online, according to a recent Pew Research survey of 1,800 adult Facebook users. In that survey, 36 percent of respondents said that they dislike when people share “too much information about themselves.” A study of 500 active Twitter users by the Georgia Institute of Technology’s School of Interactive Computing found that others welcome your message more when you limit talk about yourself. Researchers found the most effective approach to tweets is to make them “informative” — in this context, sharing news stories or statistics rather than talking about, say, what you had for dinner. Also, researchers found that users preferred positive messages and did not have a high tolerance for posters who tended to share negative tweets. Other recent studies also have linked oversharers on social networks to narcissism, according to a 2013 University of Michigan study. “The whole idea of social media is to interact with other people,” Gottsman says. “You’re not the priority, but what you can do for your clients is, like sharing information.” Being an oversharer not only can cause others to tune you out online or unfriend you but can also impact your real-life relationships, according to a study by researchers from University of Birmingham, University of the West of England,

University of Edinburgh, and Heriot-Watt University. For example, posting too many photos can spark feelings of jealousy among others, and others may also start to tune you out if you post every accomplishment or the same content over and over again. Here are four tips for proper social sharing: Don’t make it all about you. Take a critical look at your last few posts on your social networks: Are you a meformer or an informer? “When every post someone opens up is all about you, you risk becoming annoying,” Gottsman says. “When it’s all about you, people tune you out. You can occasionally talk about yourself, but do it every fifth mention or so.” Seek connection. Build rapport and be inquisitive of your followers. Use Twitter, Facebook, and your other social networks to engage in conversations with others by asking a question, answering a question, or sharing pertinent links (other than just your own). Make a point of commenting on your followers’ posts, Gottsman says. Question the value, before you post. Before you put a message out there, ask yourself: What’s the value and what’s your motivation for posting it? “The information you share should ultimately be the type of content other people are interested in passing along to their own followers,” Gottsman says. “Keep your tone informative, unique, and conversational.” Segment your lists. On Facebook, you can use the Friend List feature to segment your contacts. This allows you to get your message on the feeds of only the followers who you know will find it useful. You can segment your followers by close friends and acquaintances or even create custom lists. (Others won’t be notified about how you’ve segmented your lists on Facebook.) Learn more about setting up the Facebook Friend list feature. Offense #2: Overuse Another common tech etiquette downfall: never disconnecting. Does the thought of being stuck with a dead phone battery make your heart race? Does forgetting your phone send you into a panic? When your phone buzzes, do you have a compulsion to respond immediately at any cost? Or maybe you’ve experienced “phantom vibration syndrome,” a term coined for those who experience that common false alarm phone vibration. If all this sounds familiar, “nomophobia” (abbreviated for no-mobile-phone-phobia) may describe you. Nomophobia is the rush of anxiety and fear some people get when they realize they’re disconnected. A survey by SecurEnvoy has estimated that up to 67 percent of the population could have nomophobia.

September 2015 | Salt Lake Realtor ® | 15

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Phone separation anxiety is common, and in an industry like real estate where you rely on your phone to stay connected to your business, you may feel the separation even more. Losing touch could mean losing business. But losing one’s sense of life balance due to constant connectivity can be draining on a salesperson, according to researchers at Baylor University’s Keller Center in the report “How Technology is Changing the Sales Environment.” Technology can create an idea of there’s “no place to hide” creating by the expectation of constant connectivity. “We recommend that agents consider how they might use technology to create good connectivity as well as appropriate boundaries,” the authors note in the report. Here are five tips to avoid technology overuse: Monitor your use. Is your phone use starting to scatter your attention and becoming a distraction from your tasks and relationships? Track the number of hours you spend each week on it, such as your social media use and your responses to e-mails and text messages, etc. There’s an app for that too. Menthal Balance is an app available for Android users to track the time they spend on their smartphone, including phone time and the apps you use the most frequently. You’ll get a full report of your usage and can see if a digital diet may be needed. Turn off your phone around others. “Make people in front of you always the priority,” says Gottsman. “If you interrupt a face-to-face

18 | Salt Lake Realtor ® | September 2015

conversation to respond to a text or take a call, you are communicating to the person you are speaking with that they are less important.” Also, don’t just flip your phone to vibration mode. The constant buzzing can distract you and others around you as well. If an incoming call is absolutely urgent, excuse yourself and go to a private space to take the call, Gottsman says. But, she adds, it’s usually better to let a call go to voicemail than to pick up the call just to offer an excuse like “I can’t talk right now.” Harness technology to automate but with a human-touch. If you’re scared about missing a call, you can use technology to show you’re responsive until you actually have time to respond. For example, programs like Better Voicemail automatically change your customized voicemail greetings based on who is calling by using their caller ID information, area code, or a call group you’ve designated (such as first-time callers). You can also use it to send an automatic text follow-up with your website URL to first-time callers or any other information you’d like them to have. Learn about more tools: Adding the Human Element to Your Technology. Designate specific “on” times. Have specific times of the day when you will answer e-mail, text, and phone messages, and be sure to convey those times to your clients. “By engaging with e-mail and text messages within a bounded time period, the agent exercises more control and reduces the anxiety that might be felt due to overconnectivity,” according to the Baylor University Keller Center report.

Service Directory Watch your nonverbal message. By always being glued to a device, what message are you sending to others? For example, if you’re buried in your phone at networking events, you may send a message that you’re unapproachable. By glancing at your phone in conversations with others, you may make others around you feel second-rate, Gottsman says. By picking up the phone in a crowded restaurant or noisy place to try to show you’re always available, you may make the other person feel annoyed at the background noise or make them feel frustrated that they don’t have your full attention. Offense #3: Overly informal Technology makes you more connected and with that, comes a rush to always be responsive. But in that rush, you may be tempted to take some shortcuts with your messaging. Your messages over social networks, texts, and e-mails are still a reflection of you and your professionalism, no matter how impressive your response rate is. It’s a reflection of your personal brand, Gottsman says. In other words, you are what you tweet. Mistypings, poor grammar and spelling, and shortening words by omitting letters or using abbreviations (particularly ones that the other person may not know the meaning of) may make you appear less professional. A recent study alludes to how costly those seemingly little errors can be, particularly if they appear in the description you write on a home listing ad. About 43 percent of 1,291 people surveyed online said they would be less inclined to tour a home if its online listing contained misspellings or improper grammar, according to a new study by Redfin and the grammar experts at Grammarly. “A home listing filled with misspellings or grammar errors sends a signal to potential buyers that details are not important,” says Allison VanNest at Grammarly, a website offering grammar and spelling checkers. Likewise, any message you send out to clients — whether just over e-mail, text, social networking, or other channels — could have that same effect of showing them that details aren’t important or could make you look less professional. Here are two tips for professional correspondence: Slow down and proofread. Take a moment before you press “send” to reread your e-mails and text messages carefully. Don’t rely on spelling and grammar checkers to catch everything. For example, in the Redfin and Grammarly study, they mentioned common offenses like incorrect words in listing ads that wouldn’t be caught by these tools – such as “master bedroom with walking closet” or “fresh pain and carpet.” Also,

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besides your spelling and grammar, make sure that your message is clear and the information you’re writing is correct. In a rush, it’s easy to accidentally forward the wrong document, hit a “reply all” button, or even call your client by the wrong name. Don’t be abrupt. Your client has a question and you have the answer, so you may be tempted to ditch all the formalities and just give the pointblank answer. But when you’re abrupt with your message, you may send a message to your client that you don’t really care or aren’t willing to give them your full attention. Be polite, not abrupt, with your messages, Gottsman says. Include a signature line with all your e-mails so that the client has your contact information on hand. If you’re texting, make sure you identify yourself; don’t assume the other person has you in her contact list and knows who sent the text, Gottsman says. “We get too comfortable,” Gottsman says. “But the content you put out there is a reflection of you.” Reprinted from Realtor® Magazine Online, May 2014, with permission of the National Association of Realtors®. Copyright May 2014. All rights reserved.

September 2015 | Salt Lake Realtor ® | 19

Photo: © Iriana Shiyan / Dollar Photo Club

Arranging the Perfect At-Home Workspace As Americans wrap up summer vacation season, many seek more effective work areas for returning students and adults alike. Help buyers weigh whether a listing offers suitable space for everyone to get down to business. By Barbara Ballinger

he telecommuting population is growing: Some 30 million people work from home at least once a week, and that number is expected to increase by 63 percent in the next five years, according to a study by the Telework Research Network. At least 3 million Americans never step foot in an office outside their home. But as our tools shrink in size, the “home office” concept is changing. Laptops can be as small as 10 inches and weigh just 2 1/2 pounds. Monitors have become shallower. And some traditional office equipment — such as copy and fax machines and large file cabinets — has receded into the background. A challenge for potential buyers is visualizing where they’ll set up shop when walking through a listing, since many homes don’t have dedicated office space. And even when an area looks promising, it may not prove ideal once parents or kids start their work, so flexibility is paramount. Debbie Bolduc, owner of BizzBuzz Marketing Partners in Laconia, N.H., thought she had found the perfect private office — part of her detached garage. But she discovered it was inconvenient

20 | Salt Lake Realtor ® | September 2015

not having a bathroom or running water at hand. “I carried my computer back and forth at the end of the day, power supply cable and all,” she says. In winter, she gingerly negotiated icy steps with a coffee cup in hand. She eventually moved her office into her college-bound son’s vacated bedroom, which had a treasured feature beyond indoor plumbing proximity — a door. “Family members still pop in to chat, but I close the door to indicate when I’m not to be interrupted,” she says. You can help buyers who work from home decide if a layout offers adequate possibilities based on the size of the work surface they envision, the seating needs, and storage systems, says former real estate sales associate Vicki Norris, founder of the professional organizing firm Restoring Order, based in Portland, Ore. But also advise them that finding the right space is less about square footage and more about how they like to hunker down, she says. “Even if the home has a basement that might work, not everyone wants to — or will — head down and use it,” she says. And where they situate an office may not be where they end up doing most of their work, says designer Marianne Cusato, author of The Just Right Home (Workman, 2015). “It often turns out to be two different places — one for keeping equipment and supplies and another where you do most of your actual work, spread out papers, or read and write in my case,” says Cusato. Ask potential buyers these questions when they have a home-based work area on their wish list:

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1. Do you need a private, dedicated space? If work requires quiet or confidentiality, they may want a door and location away from the main activity hub of the home. See if there’s an extra bedroom, which is what Corrie Shanahan did when she started her organizational effectiveness and leadership consulting practice, The Beara Group LLC, from her Washington, D.C. home. “I’m most productive when I can focus on the task at hand. I also wanted to keep confidential, sensitive files in locked file cabinets,” she says. Other possibilities include converting an attic or basement, depending on condition and costs. Either space may require better ventilation, lighting, insulation, flooring, and walls. A basement may also require significant waterproofing. 2. Can you share? With more couples working from home, finding available space for two can be challenging. Ebony Grimsley-Vaz, owner of a digital marketing and public relations company, and husband Ron Vaz, a photographer, decided to convert one of their Tampa, Fla., home’s three bedrooms into a shared office so they could keep the other extra bedroom for frequent guests. They set up small desks in opposite corners, found space for printers, and placed a futon in the center for sitting or taking a break. They also installed an outlet in their screened porch as a secondary workspace. 3. Do you prefer having others around? Working from home can feel isolating, and some get their adrenalin going by being smack in the center of activity. They can block out noise and remain focused without jumping into every conversation. In such a case, a corner of a family room, kitchen, dining room, or large hallway may work, as long as there’s enough space for all the necessary paraphernalia. 4. Is your bedroom a possibility? Modern bedrooms often are large enough to locate a desk, bookshelves, and other essentials. For children, this location may be more effective than for parents, who want to get away from work at night. To help kids, watch how they work rather than interviewing them, Norris says. “If they prefer being nomadic, offer them multiple places in the house,” she says. But the right student workstation depends a great deal on age. For young children, it may mean a big table for crafts, projects, and experiments. Also, make sure there’s enough room for a child and parent to work together, as well as a place to keep supplies, says Norris. “Children should learn from an early age about keeping order and putting things away,” she says. When they get older, their work area will function more like an adult’s, with the need for document storage and a

22 | Salt Lake Realtor ® | September 2015

computer station. At any age, experts recommend turning off screens at least an hour before going to bed to give the brain a chance to unwind. 5. Do you need multiple options? While it’s best to have a designated headquarters as central command, some prefer more choices. Social worker and therapist Melissa McCool moved her office into her Encinitas, Calif., home after 14 years because it was more convenient for family life. Her husband designed a small office between the living and dining room, but she’s found she prefers to start work at the kitchen table before anyone else rises. Then, after the children are off to school, she and the family dog shift to her bedroom. “I know you’re not supposed to do that, but I find that I’ve been productive this way,” she says. Cusato recently moved into a new apartment in Indianapolis with an extra bedroom that became her official office. But she’s found she works mostly at the dining room table. “It’s a more comfortable, nicer room. If I’m writing, all I need is my computer and immediate stack of papers,” she says. 6. Do you have a back-up choice in case the first one doesn’t work? Buyers who aren’t ready to commit to a space may need a home that offers a few usable areas, so they can figure out what works best in practice. And a perk of working from home is workers don’t have to consult the boss to make that change. Author Jill Vanderwood, in Salt Lake City, moved her workspace from the family basement to the kitchen at her husband’s urging. But she became frustrated. “The TV was in the same room, the family was in and out, and I was so distracted that I wasn’t getting my work done. The kitchen chair also was uncomfortable, and having my papers all around didn’t allow room for the family to eat,” she says. She moved her office back to the quiet, roomier basement. 7. Do you want to be able to write this space off your taxes? You can help workfrom-home clients mitigate the cost of upgrading their space by reminding them of the IRS’s rules for a home-office deduction, which applies if their main place of business is used exclusively for work, says Cynthia Turoski, a certified financial planner and public accountant with Bonadio Wealth Advisors in Albany, N.Y. “You can’t play video games at the desk and deduct it,” she says. This might also take the kitchen island off the table, so to speak. If this is an interest for them, suggest that they consult a tax professional. Reprinted from Realtor® Magazine Online, September 2015, with permission of the National Association of Realtors®. Copyright 2015. All rights reserved.

B L AC K

Do you have what it takes to be a Major Investor?

RPAC Miller Motorsports Event Tuesday, Sept. 22 1 p.m. to 7 p.m. Cost: $1,000 per person Register: slrealtors.com Questions: justin@slrealtors.com

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Hot laps in a 2015 Ford Mustang with a professional driver Go-karting Museum tour Dinner and swag

Contributions are not deductible for income tax purposes. Contributions to RPAC are voluntary and are used for political purposes. You may refuse to contribute without reprisal and the National Association of Realtors® or any of its state associations or local boards will not favor or disfavor any member because of the amount contributed.

Using the Income Approach to Value a FourPlex By Steve Tobias KW Commercial

commercial real estate method of valuation called the Income Approach can be applied to your duplex and fourplex listings to establish a great sales price for your sellers. A key benefit to learning this method of valuation is that you provide upfront all the key metrics that investors use to evaluate an income property. If you make their evaluation process simple because you have prepared a complete due diligence package, it will help you win new business. The Income Approach uses the formula Yearly Net Operating Income (NOI) divided by the Capitalization Rate (Cap Rate) = Value or price. Using algebra, we know if you have two of the variables in the formula you can solve for the third. To solve for price or value, we need to determine the NOI and the Cap Rate. To arrive at the NOI, we need to establish the gross income, the market vacancy, and the operating expenses of the property. The gross income is determined by obtaining a rent roll from

24 | Salt Lake Realtor ® | September 2015

your seller to determine the actual rents being achieved and adding any auxiliary income such as from laundry, garages, or a cell tower. We then adjust this gross income by the market vacancy. Establishing a great relationship with a commercial appraiser can help you obtain this information as well as the Cap Rate. So if we have four units earning $700 per month and laundry income of $100 per month, this is a gross yearly income of $34,800. If market vacancy is 5 percent, then our adjusted gross income is $34,800 X .95 = $33,060. We then obtain all the operating expenses from our seller such as property taxes, hazard insurance, lawn care, snow removal, parking lot lighting, average maintenance and repair costs, water, sewer, garbage, utilities paid on behalf of the tenants, and property management. Property management is often an expense left off the list because your seller as the Landlord may do that himself. The next owner may not do it, so you must account for it at 5-8 percent of gross rents. These actual expenses depending on the age and condition of the subject property should average around 35-40 percent of the gross rents. If we use 40 percent as our expenses, to arrive at the NOI, we take the adjusted income of $33,060 and subtract our expenses. In this example $34,800 gross rents X .40 = $13,920 of expenses. Therefore NOI is $33,060 adjusted income - $13,920 expenses = $19,140. The next step is determining the Capitalization Rate or Cap Rate. A simplified definition of the cap rate is the rate of return an investor can expect paying cash for the property. We can adjust our Income Approach formula to determine a market cap rate. NOI / Value = Cap Rate. If we can obtain the sold comparable information of several fourplexes in the area and we can determine their NOIs, then we can solve for the Cap Rate of each one and then average them for that market area. Or a simpler approach is ask your commercial appraiser what the going Cap Rate is for fourplexes in the vicinity of your listing. Let’s assume for our example the market Cap Rate is 7.25 percent. Therefore to solve for our valuation of our fourplex, we plug the numbers into the Income Approach formula of NOI / Cap Rate = Value. $19,140 NOI / .0725 Cap Rate = $264,000 Value Doing all this homework allows you to create a wonderful Buyer Due Diligence package to send to your former investor clients to double end the transaction or make it very easy for prospective investors to evaluate your investment offering. Steve Tobias is a Commercial Realtor® with KW Commercial and was the recipient of the 2014 Commercial Realtor of the Year Award by the Salt Lake Board of Realtors®.

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Housing Watch With the Prospect of Higher Mortgage Rates, Salt Lake Home Sales Climb 24% in July 2 - C OLOR

ome sales (all housing types) surged in Salt Lake County in July, increasing 24 percent to 1,783 sales compared to 1,443 sales in July 2014, according to the Salt Lake Board of Realtors®. An urgency to buy is fueling sales as the prospect of an increase in mortgage interest rates looms. The average rate for a 30-year fixed-rate mortgage climbed above 4 percent in July, the first time above 4 percent since November 2014. The median price of homes sold during the month climbed to $258,480, an 8 percent rise compared to a median price of $239,900 last year. The median cumulative days on the market for listings in July was 16 days compared to 32 days in July 2014. Pending home sales in Salt Lake County in July continued to be strong at 1,656 contracts signed, up 18 percent compared to 1,399 contracts in July 2014. In Davis County there were 543 homes sold in July, a 20 percent increase from 454 sales in July 2014. The median home price increased to $234,900, up 7 percent compared to $219,850 a year earlier. The median cumulative days on the market for Davis listings in July fell to 22 days, down from 42 days a year ago. Nationally, total existing-home sales, which are completed transactions that include single-

Salt Lake County Sales (all housing types) Year-Over-Year (Up 24%)

1,443 26 | Salt Lake Realtor ® | September 2015

1,783

family homes, townhomes, condominiums and co-ops, have now increased year-over-year for ten consecutive months and are 10 percent above a year ago (5.07 million), according to the National Association of Realtors®. Lawrence Yun, NAR chief economist, says the increase in sales in July solidifies what has been an impressive growth in activity during this year’s peak buying season. “The creation of jobs added at a steady clip and the prospect of higher mortgage rates and home prices down the road is encouraging more households to buy now,” he said. “As a result, current homeowners are using their increasing housing equity towards the down payment on their next purchase.” The median existing-home price for all U.S. housing types in July was $234,000, which is 5.6 percent above July 2014. July’s price increase marks the 41st consecutive month of year-overyear gains. All-cash sales increased slightly to 23 percent of transactions in July (22 percent in June) but are down from 29 percent a year ago. Individual investors, who account for many cash sales, purchased 13 percent of homes in July, up from 12 percent in June but down from 16 percent in July 2014. Sixty-four percent of investors paid cash in July.

Salt Lake County Median Price (all housing types) Year-Over-Year (Up 8%)

$239,900

$258,480

Salt Lake County Days on Market (all housing types) Year-Over-Year (Down 50%)

Salt Lake County

Pending Sales (Up 18%)

1,656

1,399

Sales $ Davis County

2 - C OLOR

Median Price (all housing types) Year-Over-Year (Up 7%) $234,900

Sales

Davis County Sales (all housing types) Year-Over-Year (Up 20%)

543

454

$219,850 September 2015 | Salt Lake Realtor 速 | 27

REALTOR® Connections Q&A: Claire Larson Claire Larson is the president of the Salt Lake Chapter of the Women’s Council of Realtors®. She is director of sales and marketing for Woodside Homes. Q: What is Bras for a Cause? A: Bras for a Cause is a fund raiser for breast cancer prevention and education that started six years ago while Deanna Dipo was president of the Women’s Council of Realtors®. In years past, we have had breast cancer survivors speak, and also had the mammobile at the Salt Lake Board of Realtors® to make it convenient for the busy Realtor® to come in and get a mammogram. This year, there is an extra special cause for this event. Constance Richan who has been instrumental in orchestrating the Bras for a Cause the last six years was just diagnosed with a very aggressive form of breast cancer. This year’s theme is “Orange is the new Pink”. Orange is her favorite color. If you have been a member of the Salt Lake Board of Realtors® for any amount of time you likely know Constance and know that she is such a huge part of the Salt Lake Board family. We are still looking for sponsors and prizes.

On the Move Equity Real Estate welcomes the following new Realtors®: Zack Webster, Alex Bennett, Steven Nelson, Jeff Jackson, Tracey Chhour, Hilda “Angelica” Fearonce, Roger Bragg, Brandi Burrola, Carrie Naughton, David Hunt, Rachel Marriott, Justin Rogers, Roy Moore, Gene Curtis, Aaron Rosqvist, Gavin Ryan, Tiffini Vance, Natalie Clayton, Juan Morales, Nicholas Maki, Kim Jessee, Carl Spear, and Karen Ellsworth.

Q: When and where is the event this year. How do I register? A: Date: Thursday, Oct. 1 at Sandy Station (8925 South Harrison in Sandy) from 5 p.m. to 7 p.m. The show starts at 6 p.m. Register at https://sandystation. webconnex.com/bras.

Law Real Estate now has a St. George office for all of your real estate needs. Ginger Law is there to take care of the needs of Washington County with the same expertise we offer clients in our Salt Lake City office. Give her a call at 801-916-6444 (cell). If you need assistance and are in Southern Utah, call us at 435-6348888 (St. George main office).

Q: Who are some of the models this year? A: These are just a few of the models: Kevin Larsen, Coldwell Banker; Chris Sudgen, Blakemore Realty; Brandon Nielsen, Equity Solid; and Dallas Eichers, Berkshire Hathaway.

Exit Realty Plus announced Jonas Hartmann, David Allen, Angela Sorensen, Ryan Hanks, and Claire Cullinane joined its office.

YPN Hosts ‘Threats to Your Business’ Roundtable The Young Professionals Network Salt Lake Chapter hosted Justin Allen, government affairs director of the Salt Lake Board of Realtors®, at its August Roundtable. The discussion centered on how Utah stands apart from other states in protecting the real estate profession. Many states tax services such as real estate services, appraisals, inspections, and title searches. Because of successful lobbying efforts by the Utah Association of Realtors® and the Salt Lake Board of Realtors®, Utah is one of a handful of states that doesn’t tax these services and has avoided a transfer tax on real property.

28 | Salt Lake Realtor ® | September 2015

WHAT MAKES A CENTURY 21 AGENT? IT’S LIKE THAT STORY ABOUT THE ENGINE THAT COULD. EXCEPT THESE ENGINES CAN. AND THEY DO. WHICH IS EXACTLY THE ATTITUDE IT TAKES TO MAKE THINGS HAPPEN. THEY KNOW THEY CAN. See why Josh Johnson chose Century 21 Everest Realty Group

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Let’s ‘MAKE THINGS HAPPEN’ for you now. Call us to schedule a confidential meeting.

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