David Weekley Homeowners Sarah & Joshua* Schelnick
Ask about our special incentives! Relocating is a chance to put down new roots. When your Clients move into a David Weekley home, they can rest easy knowing that every detail will be just as they dreamed — both with their home and with their experience. Their Sales Consultant, Personal BuilderSM and Design Consultant will guide them through every step of the journey, and our industry-leading Warranty will ensure that your Clients are taken care of long after closing. With regular Team calls and their own personal website, your Clients will be kept up-to-date whether they’re across the country or around the corner. That’s The Weekley Way! Ready Now!
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Paired Villas at Daybreak The Tulip 7071 W. Swansea Drive 2,683 sq. ft., 2 Story 3 Bedrooms, 2 Full Baths 1 Half Bath, 2-car Garage
Learn more by contacting 385-479-8214 *Joshua Schelnick is also a David Weekley Homes Team Member
See a David Weekley Homes Sales Consultant for details. Prices, plans, dimensions, features, specifications, materials, and availability of homes or communities are subject to change without notice or obligation. Illustrations are artist’s depictions only and may differ from completed improvements. Copyright © 2023 David Weekley Homes - All Rights Reserved. Salt Lake City, UT (SLC-23-005254)
Warm wishes during this holiday season. We want to express our heartfelt gratitude to our dedicated community of referral partners for their unwavering support and trust in our business. Your referrals have been instrumental in our success, and we look forward to continuing to serve you with excellence. SecurityNational Mortgage Company complies with Section 8 of RESPA and does not offer marketing services in exchange for referrals or the expectation of referrals. This is not a commitment to make a loan. Loans are subject to borrower and property qualifications. Contact loan originator listed for an accurate, personalized quote. Interest rates and program guidelines are subject to change without notice. SecurityNational Mortgage Company is an Equal Housing Lender NMLS 3116.
Turning Houses into Homes®
Table of Contents Features 12 2023 Service Awards 18 2023 Distinguished Service Award 20 10 Things Realtors® Should Know About Argus©/Adobe Stock
the Sitzer Class-Action Lawsuit
20 10 Things Realtors® Should Know About the Sitzer Class-Action Lawsuit
Curtis Bullock 24 2023 Holiday Social 26 Why FSBOs Say They Regret Not Using a Real Estate Agent Melissa Dittmann Tracey
Columns 7 Civility is Good Business Rob Ockey – President’s Message
Dave Anderton
Departments 8
Happenings
8
In the News
28 Housing Watch
24 2023 Holiday Social
On the Cover:
Cover Photo: Realtor® of the Year – Scott Robbins
Mdv Edwards©/Adobe Stock
This Magazine is Self-Supporting
26 Why FSBOs Say They Regret Not Using a Real Estate Agent
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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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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Jennifer Gilchrist KW South Valley Keller Williams John Lucky Berkshire Hathaway
First Vice President Dawn Stevens Presidio Real Estate Second Vice President Claire Larson Woodside Homes Treasurer Jodie Osofsky Summit Sotheby’s
Janice Smith Coldwell Banker Laura Fidler Summit Sotheby’s (Draper) Amy Gibbons KW South Valley Keller Williams Jenni Barber Berkshire Hathaway (N. SL)
Past President Steve Perry Presidio Real Estate
J. Scott Colemere Colemere Realty Assoc. Hannah Cutler Coldwell Banker
CEO Curtis Bullock Directors
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Managing Editor Dave Anderton Publisher Mills Publishing, Inc. www.millspub.com President Dan Miller Art Director Jackie Medina Graphic Design Ken Magleby Patrick Witmer
Sales Staff Paula Bell Dan Miller
Office Administrator Cynthia Bell Snow Salt Lake Board: (801) 542-8840 e-mail: dave@saltlakeboard.com Web Site: www.slrealtors.com The Salt Lake Board of REALTORS® is pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support the affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin. The Salt Lake REALTOR® is the monthly magazine of the Salt Lake Board of REALTORS®. Opinions expressed by writers and persons quoted in articles are their own and do not necessarily reflect positions of the Salt Lake Board of REALTORS®. Permission will be granted in most cases, upon written request, to reprint or reproduce articles and photographs in this issue, provided proper credit is given to The Salt Lake REALTOR®, as well as to any writers and photographers whose names appear with the articles and photographs. While unsolicited original manuscripts and photographs related to the real estate profession are welcome, no payment is made for their use in the publication. Views and opinions expressed in the editorial and advertising content of the The Salt Lake REALTOR® are not necessarily endorsed by the Salt Lake Board of REALTORS®. However, advertisers do make publication of this magazine possible, so consideration of products and services listed is greatly appreciated.
OFFICIAL PUBLICATION OF THE SALT LAKE BOARD OF REALTORS ®
Civility is Good Business It is estimated that the average adult in the United States will spend 90,000 hours, about one-third of their lives, at work, according to a report by Harvard University. That’s why it’s so important to have a positive workplace culture. Underpinning a positive workplace environment is a commitment to professionalism and civility. As the President of the Salt Lake Board of Realtors®, I know we can do better. That is why I have stressed the need for increased understanding and civility throughout my year as president. Civility fosters respect and understanding. It enhances constructive communication and is essential in resolving conflicts, negotiation, and in understanding each other's perspectives. Civility reduces conflict and increases emotional intelligence, where people are aware of their behavior and consider the feelings of others. One profound aspect of civility is its impact on our transactions. As Realtors®, we engage in negotiations that can be intense and emotionally charged. In such scenarios, maintaining a level of civility can be the difference between a successful transaction and a missed opportunity. When we approach negotiations with respect, empathy, and understanding, we create an environment conducive to finding mutually beneficial solutions. This approach not only helps in closing deals but also in ensuring that all parties leave the table feeling respected and valued. Moreover, our interaction with the public demands a high level of professionalism. The way we treat potential buyers, sellers, and the community reflects directly on our profession. Civility in these interactions helps in building trust and credibility, which are cornerstones of our profession. By demonstrating respect and integrity, we not only enhance our individual reputations but also the collective reputation of the real estate sector. A practical example of civility in our everyday workplace is how we handle conflicts. Imagine a scenario where there’s a misunderstanding between two Realtors® over a property listing. Instead of resorting to aggressive tactics or public disparagement, they choose to have a private, respectful conversation to clarify misunderstandings and seek a solution. This approach not only resolves the issue amicably but also preserves the professional relationship and sets a positive example for others in the workplace. In conclusion, civility is not an optional soft skill in the realm of real estate; it’s a fundamental professional requirement. It’s about creating a culture of respect, cooperation, and professionalism. As fellow Realtors®, let us commit to upholding these standards in all our interactions, knowing that by doing so, we not only elevate our profession but also contribute to the betterment of the communities we serve. Let's remember, civility in real estate is not just good manners; it's good business.
Rob Ockey President
REALTOR® is a registered mark which identifies a professional in real estate who subscribes to a strict Code of Ethics as a member of the NATIONAL ASSOCIATION OF REALTORS®. October 2005
December 2023 | Salt Lake Realtor ® | 7
Happenings
In the News Mortgage Rates to Fall to 6-7% By Spring Elevated mortgage rates, high home prices and limited housing inventory are making the dream of homeownership difficult for Americans, according to Lawrence Yun, chief economist of the National Association of Realtors®.
Pictured: Marcus Jessop (left), Karen Thompson, Lori Khododad, and Matt Johnson.
Cecil B. Thompson Award Presented Matt Johnson was presented with the Cecil B. Thompson Advocacy Award at the December meeting of the Government Affairs Committee of the Salt Lake Board of Realtors®. The award was presented to Matt for his tremendous service in furthering the government affairs mission of the Board, and for going above and beyond in the field of public service. Matt is a Realtor® and chairman of the Elections Subcommittee. The award is named after Cecil Thompson, a former Realtor® and longstanding member of the Government Affairs Committee, who passed away in 2019. Before becoming a Realtor®, Cecil was a dedicated educator and served in several high profile positions at the federal level.
Yun analyzed the current state of the U.S. residential real estate market and shared his 2024 outlook yesterday during the Residential Economic Issues and Trends Forum at 2023 NAR NXT, The Realtor® Experience, in Anaheim, California. He explained that high mortgage rates and low inventory have dominated 2023, saying, “Twenty-year-high mortgage rates have held off home buyers. There’s also a lack of housing inventory to sell, which means fewer opportunities for sales in the marketplace.” Yun said that home sales will likely decline by 18% this year, compounding a 17% reduction last year. Driven by extraordinarily high interest rates, 30-year-fixed mortgage rates remained elevated in 2023, climbing to as much as 8%. “These high interest rates have had a great impact on the U.S.’ overall economic performance,” Yun said. Yun also discussed high home prices. “Lack of inventory is providing the support for high prices, but it’s also making it super difficult for first-time buyers to enter the housing market.” Yun said the 30-year mortgage and Fed funds rates have likely crested.
Joining a Committee to Make a Difference Members of the Salt Lake Board of Realtors® signed up for their favorite committees in November, part of the annual Committee Sign-Up Day. The Board serves a fourfold mission: government advocacy, knowledge, communication, and service. Committee volunteers 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. There are eight committees: Affiliates Committee, Charity, Education, Government Affairs, Grievance, Professional Standards, Realtor Commercial Alliance, and Young Professionals Network. 8 | Salt Lake Realtor ® | December 2023
“I believe we’ve already reached the peak in terms of interest rates,” Yun said. “The question is when are rates going to come down?” Yun forecasts that interest rates will drop to between 6-7% by the spring buying season and anticipates that more sellers will enter the market.
Union Heights
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Lori Khodadad
Dan & Linda Mandrow Union Heights
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Joel Meza
Union Heights
Union Heights
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Salt Lake Sugar House
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Station Park
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CONGRATULATIONS
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Union Heights 801.567.4000 | Salt Lake Sugar House 801.488.5300 | Station Park 801.295.2700 South Valley 801.307.9400 | Visit us at ColdwellBankerHomes.com or ColdwellBankerLuxury.com ©2023 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Realogy Brokerage Group LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.
aWARD wINNERS
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Union Heights
distinguished SERVICE
Kristi Durrant
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S U M M I T S O T H E B Y ’ S I N T E R N AT I O N A L R E A LT Y W I S H E S TO C O N G R AT U L AT E O U R
Exceptional
SALES A S S O C I AT E S
DISTINGUISHED SERVICE AWARD RECIPIENTS – S A LT L A K E B O A R D O F R E A LT O R S , 2 0 2 3
Kristen Bagley Kristy Blair Amanda Bullock Bret Charlesworth Blake Edwards Laura Fidler Kristel Gough Alicia Holdaway Jeff Justice Megan Kessimakis Adam Kirkham Sarah McNamara Martha Morris Angie Nelden Jodie Osofsky Kristy Owens DeAnna Robbins Scott Robbins Brett Sellick Jeff Sidwell Laurel Simmons Scott Simpson Liz Slager Cameron Sorensen Tricia Vanderkooi Amy Volcic Blaine Walker Carlye Webb
S U M M I T S O T H E B Y S R E A LT Y. C O M
SCOTT ROBBINS R E A LT O R O F THE YEAR, 2023 – S A LT L A K E B O A R D O F R E A LT O R S
ADAM KIRKHAM R E A LT O R O F THE YEAR, 2023 – U TA H A S S O C I AT I O N O F R E A LT O R S
A
t Summit Sotheby's International Realty, we believe in a full-service partnership with our sales associates. The goal? Provide support that ranges from world-class marketing to concierge level transaction management, enabling our agents to reach and exceed their personal and business goals. ©MMXXIV Sotheby’s International Realty Affiliates, Inc. All Rights Reserved. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates, Inc. An Equal Opportunity Company. Each Office Is Independently Owned And Operated. Copyright© Summit Sotheby’s International Realty 2024.
2023 SERVICE AWARDS REALTOR® OF THE YEAR
SCOTT ROBBINS In an era marked by critics and legal challenges seeking to disrupt the real estate industry, Scott Robbins boldly champions the indispensable role of a Realtor®. The intricacies of real estate transactions have grown increasingly complex, presenting consumers with a multitude of challenges and liabilities. Scott firmly believes that Realtors® play a pivotal role in smoothing the home buying and selling process. Scott’s journey began in the hotel industry but eventually led him to real estate. It took 11 months to earn his first commission, but this experience taught him the paramount importance of prioritizing others’ needs over his own. He now boasts over two decades of service to the real estate profession. Colleagues often turn to Scott for advice, recognizing his unmatched real estate knowledge and professionalism. He is a steadfast advocate for the success of all parties involved in a transaction. Scott maintains Realtors® play a pivotal role in opposing burdensome government regulations and taxes that inflate the costs of real estate transactions. When Scott oversaw the sale of his mother’s Florida home, he was shocked to see a transfer tax of $6,400 on the seller’s side. What’s more, the buyer was forced to pay a transfer tax of $3,200. Utah stands as one of the few states where no transfer tax encumbers property transactions, and with advocates like Scott, it will remain a tax-free haven for real property transfers. “Scott has given his heart and soul to this profession,” said Adam Kirkham, 2018 President of the Salt Lake Board of Realtors®. “I have worked alongside him for years. He is always the first to question that we are doing things the right way. He cares so much about the Board and its members.” Scott is a strong leader. When Scott was president of the Salt Lake Board of Realtors®, fellow Realtor® Laura Fidler suggested that the Board could use grant money from the Utah Association of Realtors®’ Housing Opportunity Fund to help first-time home buyers with down payments. Scott liked the idea and implemented The American Dream Grant. More than four years later, the grant program has assisted dozens of home buyers with down payments. The monies come from participating brokerages off interest bearing trust accounts. By law, the interest must be used for affordable housing purposes. “What I admire most about Scott is he is always trying to learn and trying to improve,” said DeAnna Robbins, wife and fellow Realtor®. “He is humble enough to realize he doesn’t know it all.” Beyond his professional endeavors, Scott finds solace in the great outdoors, with a passion for skiing and an active lifestyle. He’s a devoted father to two daughters, a stepdad to two children, and spoils his six grandchildren. Scott has a love for cooking and a flair for culinary arts, enjoys engaging in meaningful conversations, and is always eager to ask thought-provoking questions. In summary, Scott is a true “people person,” dedicated to both his profession and his personal pursuits. 12 | Salt Lake Realtor ® | December 2023
SALT LAKE REALTORS ® GOOD NEIGHBOR AWARD
GARY CANNON Gary has played a pivotal role in assisting numerous individuals gain access to alternative healthcare treatments through his nonprofit organization, Send Me an Angel. These treatments are often administered in Mexico and encompass a wide spectrum of ailments, from cancer therapy to chronic, seemingly untreatable pain, and even individuals regaining mobility after being confined to wheelchairs. In the heartfelt words of his wife, Sheridyn, “It was during Gary’s second battle with cancer that we stumbled upon alternative healthcare treatments in Mexico, utilizing various forms of stem cells. Over the past decade, as we have frequented the clinic countless times, we have borne witness to many miracles, where individuals who have endured months of debilitating health issues have experienced unexplainable moments of relief.” Sheridyn continued, “For us, it has been an indescribable joy to witness people who had resigned themselves to persistent pain and discomfort finally find respite, even if brief, after years of suffering.” Gary has taken the time to travel with any individual who is fearful or uncomfortable with unknown treatments, ensuring that they feel secure and represented. Moreover, in addition to their commitment to alternative healthcare treatments, Gary and Sheridyn generously allocate their time and financial resources to support the well-being of young children in various orphanages in Mexico.
GOOD NEIGHBOR AWARD
CRYSTAL HARRIS The inspiration for Crystal’s Closet came about five years ago, when Crystal saw a heartfelt Facebook post by a local girl who wanted to attend Prom but could not afford a dress. Crystal decided to start collecting gently used formal attire with the aim of helping young women in the community attend their proms. Through the years, there have been many memorable moments, with mothers and daughters moved to tears by the support they receive. One particularly impactful encounter took place in the aftermath of the COVID-19 pandemic, when proms were allowed to resume. A group of girls, accompanied by a mother, sought assistance because their families had faced significant financial setbacks during the pandemic. These resilient young women found dresses they adored, and in a beautiful display of paying it forward, returned the week after their Prom, dresses in hand, to support others. To date, Crystal has assisted over 800 teens in obtaining dresses for various events, including Prom, Homecoming, Winter Ball, and pageants, and she does so without question or judgment. She extends her generosity by going the extra mile, often working beyond regular office hours to facilitate photo sessions, deliveries, and pickups for families who cannot drive to her office. Crystal’s efforts have inspired the community to come together and contribute dresses throughout the year, continuously renewing this heartwarming cycle of goodwill. December 2023 | Salt Lake Realtor ® | 13
2023 SERVICE AWARDS AFFILIATE OF THE YEAR
SANDRA PERKINS The Salt Lake Board of Realtors® boasts an impressive roster of nearly 400 affiliate members, among whom Sandra Perkins shines as a remarkable individual committed to helping others. Sandra works as a sales representative for Acclaimed Home Warranty and serves as the 2023 Chair of the Affiliates Committee. Julie Krushensky (2018 Affiliate of the Year) attests to Sandra’s unwavering dedication and support for the real estate community. Julie admires Sandra’s inclusive approach, which extends to everyone, regardless of their status as competitors in the field. Reflecting on her own experiences, Makenzie Cooley, the director of operations at Century 21 Everest and a Realtor®, recalls her collaboration with Sandra during her tenure as President of the Women’s Council of Realtors® Salt Lake City in 2021. She witnessed Sandra’s invaluable contributions as a pivotal figure in our industry. Makenzie highlights Sandra’s consistent backing of agents, her unwavering presence when needed, and her tireless efforts to identify ways to positively impact their businesses.
SPECIAL RECOGNITION AWARD
JENNI BARBER & LAURA FIDLER It lies within the discretion of President of the Salt Lake Board of Realtors® to confer special recognition awards upon deserving individuals. This year, we are proud to acknowledge the exceptional contributions of two women who have dedicated countless hours to the revitalization of the Association’s RealTours program. With the onset of the Covid-19 pandemic in the spring of 2020, the Salt Lake Board faced significant challenges in conducting property tours, leading to their indefinite suspension. In response to this challenge, Jenni Barber and Laura Fidler, both members of the Board of Directors, generously volunteered their time and efforts to revive the tours. They personally attended every single tour in 2023 and deserve to be praised for their dedication. These RealTours serve as a vital tool for Realtors® to effectively market their listings, foster valuable networking opportunities, and obtain critical feedback from fellow agents. Each month, over 100 members actively participate in these tours, which are divided into west and east segments of the Salt Lake Valley. Under the leadership of Jenni and Laura, a smartphone app was also developed to streamline the organization and accessibility of property listings and tours. This innovation has significantly enhanced the efficiency and convenience of RealTours.
14 | Salt Lake Realtor ® | December 2023
SALT LAKE REALTORS ® SPECIAL RPAC SERVICE AWARD
LORI KHODADAD The RPAC Service Award is a rare and prestigious honor, and the staff at the Salt Lake Board of Realtors® is pleased to recommend an individual who exemplifies remarkable dedication and service. Lori Khodadad’s unwavering commitment to the Realtors® Political Action Committee (RPAC) has been outstanding. Lori has not only chaired the Government Affairs Committee multiple years, but has also consistently maintained her status as an RPAC Major Investor. She has gone above and beyond by motivating her office to become a 100% RPAC contributing brokerage. Additionally, Lori has invested countless hours in educating our membership about the invaluable benefits RPAC provides. Matt Clewett, the Board’s Public Policy Director, aptly describes Lori as a true champion for our industry and RPAC’s cause. Her dedication is inspiring, as she consistently strives for the betterment of our profession. Lori’s leadership has elevated the Government Affairs Committee to new heights, making her the most deserving recipient of this prestigious award.
PRESIDENT’S AWARD OF EXCELLENCE
CURTIS A. BULLOCK The distinction between a boss and a leader is profound. A boss primarily manages employees, while a leader sets a compelling example, inspiring others to innovate and reach their fullest potential. Over the past 12 years, Curtis Bullock has not only proven to be an exceptional boss but has exemplified true leadership in every sense. Curtis assumed the role of CEO of the Salt Lake Board of Realtors® during the lingering shadows of the Great Recession, when the housing market faced unprecedented challenges. Under his leadership, the Association has reached remarkable milestones. Membership has soared to its highest levels ever, and operational procedures have been meticulously streamlined, resulting in enhanced efficiency. Most notably, Curtis has played a pivotal role in restoring confidence within the organization. For those who have had the privilege of working alongside him and getting to know him, Curtis serves as a shining example of dedication, professionalism, and commitment to excellence in every facet of his work. As an attorney and an expert in real estate law, Curtis possesses a depth of knowledge in real estate practices. In recognition of his tireless dedication and remarkable empathy, Curtis has truly earned the President’s Award of Excellence.
December 2023 | Salt Lake Realtor ® | 15
2023 SERVICE AWARDS
PRESIDENT’S AWARD
SLREALTORS® MEMBER SERVICES BACK ROW: SYDNEY CARMODY, BAYLEY BALDERSON, NICOLE DEE
FRONT ROW: ASHTYN SHIPP, MARY BLANCO, AND KYLER SCHOLFIELD According to Forbes magazine, there seems to be a steady decline in the customer service levels in nearly every type of business across the United States. Companies just aren’t paying enough attention to providing quality customer service by phone, online or in person. For the Salt Lake Board of Realtors®, excellent customer service is a priority. With membership exceeding 10,000 individuals, a significant portion of these members may, at some point, require assistance with a wide range of needs, such as activating a Supra eKey, attending continuing education courses, addressing membership inquiries, or registering for events like the Holiday Social. Six dedicated staff members at the Board exemplify the true essence of exceptional customer service, and it’s likely that you have had the opportunity to interact with one of them. These individuals are Nicole Dee, Sydney Carmody, Mary Blanco, Bayley Balderson, Kyler Scholfield, and Ashtyn Shipp. In recognition of their commitment to consistently deliver outstanding customer service, we are pleased to present the President’s Award to the Member Services team of the Salt Lake Board of Realtors®.
16 | Salt Lake Realtor ® | December 2023
C O N G R AT U L AT I O N S
DISTINGUISHED SERVICE AWARD RECIPIENTS
2023
We would like to recognize the following individuals on their accomplishments in the Real Estate Community.
S A LT L A K E B O A R D O F R E A LT O R S ®
Judy Allen Michael Andersen Jennifer Barber Greg Call Suzet te Hirs t Donna Poz zuoli S tephanie Arrasi Marley Bramble Debbie Nisson Joan Pate Jon Richardson Linda Secris t Jason Jent zsch John Luck y Thank you for being irreplaceable members of our company.
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2023 DISTINGUISHED SERVICE AWARD
Jessica Adams Jazmin Adamson Emmanuel Aguirre
Cannon & Company
Ann Atkin
Meth Mob-Decontamin.
Align Complete RE
RealtyPath
Kristen Bagley
Summit Sotheby’s Int’l
Andy Bhatia Singh Terry Bickmore
John Aguirre Coldwell Banker
Ryan Bailey
Elda Baker
Century Communities RE
Coldwell Banker
Judy Allen
Berkshire Hathaway
Justin Allen SLRealtors®
PaulaAlonso-Moreira
Rajavi Bandalapalli Adam Bangerter RealtyPath
Bangerter RE
Exit Realty Sucess
Jenni Barber
Berkshire Hathaway
Lana Ames
Brock Andersen Joilyn Anderson Berkshire Hathaway
Align Complete RE
Lori Anderson Stephanie Aragon Stephanie Arrasi Windermere RE
Sun Key Realty
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Matt Bellini
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Rick Bevan
Boyd Brown
Windermere RE
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Fathom Realty
Keller Williams
Royal Brokers
Bickmore & Associates
RE Summit Sotheby’s Int’l
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Winderemere RE
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Erica Buehler
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Mandy Bullock
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Lori Butterfield
Gregory Call
Michael Carmody
Joel Carson
Keller Williams
Keller Williams
Cindy Wood Realty
Utah RE
SLRealtors®
Blakemore RE
Summit Sotheby’s Int’l
Colliers Int’l
Utah Homes Network
Colliers Int’l
eXp Realty
RealtyPath
Keller Williams
J. Luis Carter Lori Chamberlain Evelyn Chandler Scott Chapman Bret Charlesworth Kim Chatterton
Realty One Group Signature Chamberlain & Company
Presidio RE
Coldwell Banker
Century Communities RE
Rikki Curtis
Bob Cusick
Hannah Cutler
Robyn Christensen Ronna Christian
Windermere RE
Align Complete RE
Kelly Favero
Cody Fehlberg Keller Williams
Cannon & Company
Mark Feigh
Todd Feld
Coldwell Banker
Summit Sotheby’s Int’l
Lori Gee
Amy Gibbons
Jennifer Gilchrist
Rolando Gill
Krista Hill
Terry Hill-Black
Coldwell Banker
RE/MAX
Keller Williams
Thomas Fowler Dave Frederickson Eric Freebairn Align Complete RE
Keller Williams
Ivory Homes
Adam Frenza
Mike Gabel
Michelle Gilvear
Neil Glover
Kristel Gough
Kat Granderath
Heather Groom
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Joel Hair
Michael Hoffee
Dawn Houghton
Teri Hudson
Action Team RE
Cannon & Company
Bill Heiner
Lori Ann Hendry
Justin Hurd
Janene Ihler
Jason Jentzsch
Marcus Jessop SLRealtors®
Cannon & Compnay
James Johnson
Steven Johnson
Megan Kessimakis Tony Ketterling
Lori Khodadad
Jenn Kikel-Lynn
Kevin Kilpatrick
Jeffery Kirk
Adam Kirkham Karen Knuttgen
Grady Kohler Julie Krushensky
Terrie Lund
Cheryl Lyon
Adam Maack
Teresa Macias
Keller Williams
Coldwell Banker
Summit Sotheby’s Int’l
Equity RE
Semisi Livai
Stacy Lockhart
Equity RE
Keller Williams
Berkshire Hathaway
Coldwell Banker
John Lucky
Berkshire Hathaway
Windermere RE
K Real Estate
Ohana Title Insurance
Invest In Utah
Exit Realty Success
Coldwell Banker
18 | Salt Lake Realtor ® | December 2023
Masters Utah RE
RE/MAX
Edge RE
Align Complete RE
Ryan Evans
Kathie Fischer
Craig Hawker
Signature RE
Jay Deher
Top Equity Realty
Laura Fidler
Becky Harston
eXp Realty
Babs De Lay
Edge RE
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Diane Gates
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Suzette Hirst
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Summit Sotheby’s Int’l
Presidio RE
Unity Group RE
SLRealtors®
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eXp Realty
Summit Sotheby’s Int’l
Homie
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Matt Clewett Humberto Coello
Connie Elliott
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RealtyPath
RE/MAX
Keller Williams
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Missy Elardi
Realty One Group Signature
Dwellings RE
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Sheridyn Cannon
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Michael Egan
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Sally Domichel Abbey Drummond Brooke D’Sousa Blake Edwards
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Gary Cannon
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Chapman Richards
Urban Utah Homes
Steve DeYoung
Keller Williams
Steve Bryant
Ulrich Realtors®
Aki Derzon
Greg Fabiano Robert Farnsworth
Cathy Brown
Brian De Haan
Leanna DeHerrera
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Lennar Homes of Utah
Jonathan Day
Vince Craig
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Troy Darger
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RE/MAX
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Bryan Colemere J. Scott Colemere Dana Conway
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Keller Williams
Ulrich Realtors®
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Summit Sotheby’s Int’l
Jeff Justice
Steph Keate
Haydee Lara
Amie Larsen
Claire Larson
Tuiono Malakai Danny Mandrow Linda Mandrow Sevanna Manu
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Realty One Group Signature
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Chicago Title Agency
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Woodside Homes of Utah
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2023 2023DISTINGUISHED DISTINGUISHEDSERVICE SERVICEAWARD AWARD
Patrea Patrea Marolf Marolf Susie Susie Martindale MartindaleLisaLisa Martinez MartinezRicky Ricky Martinez Martinez Abinadi Abinadi Martinez-Manjarrez Martinez-Manjarrez Scott Scott Maruri Maruri JenJen Mascaro MascaroSaraSara Maschoff-Timken Maschoff-Timken Rylar Rylar Masco Masco Tonja Tonja Masina Masina Harris Harris Mataafa MataafaT. Carter T. Carter Maudsley MaudsleyKathy Kathy McCabe McCabe KellerKeller Williams Williams
Masters Masters UtahUtah RE RE RealtyRealty One Group One Group Signature SignatureMasters Masters UtahUtah RE RE
Real Real TeamTeam Realty Realty
KellerKeller Williams Williams
The Mascaro The Mascaro Group Group
Coldwell Coldwell Banker Banker
Chris Chris McCandless McCandless Marjie Marjie McDermott McDermottPaulPaul McKinney McKinney Tamra Tamra McKinney McKinney Sarah Sarah McNamara McNamara Jordan Jordan McQueen McQueen Carolee Carolee Mecham Mecham Jay Jay Mecham Mecham C.W.C.W. Management Management
Coldwell Coldwell Banker Banker Century Century Communities Communities RE REColdwell Coldwell Banker Banker
Angie Angie Nelden Nelden Annie Annie Nelson Nelson
Summit Summit Sotheby’s Sotheby’s Int’l Int’l Ponderosa Ponderosa Properties Properties
Jodie Jodie Osofsky Osofsky Kristy Kristy Owens Owens
Summit Summit Sotheby’s Sotheby’s Int’l Int’l
Binh Binh Nguyen NguyenKristiKristi Nicholl Nicholl Durrant DurrantDebbie Debbie Nisson Nisson Realtypath Realtypath
Berkshire Berkshire Hathaway Hathaway
Cannon Cannon & Company & Company
DanDan NixNix
Coldwell Coldwell Banker Banker
Cannon Cannon & Company & Company
JoelJoel Meza Meza
Amber Amber Milton Milton LisaLisa Montoya Montoya Martha Martha Morris Morris Rebecca Rebecca NayNay
Coldwell Coldwell Banker Banker
Exit Realty Exit Realty Success Success
Century Century 21 Everest 21 Everest
Equity Equity RE RE
Equity Equity RE RE
Summit Summit Sotheby’s Sotheby’s Int’l Int’l
Kellen Kellen Perkins Perkins
JoanJoan PokPok
Coldwell Coldwell Banker Banker
Donna Donna Pozzuoli Pozzuoli
LisaLisa Radke Radke
Joe Joe Reardon Reardon
Sophie Sophie Reece Reece George George Richards Richards AmyAmy Richardson Richardson Jon Jon Richardson Richardson Tamra Tamra Rieper Rieper DeAnna DeAnna Robbins Robbins Scott Scott Robbins Robbins Dave Dave Robison Robison Presidio Presidio RE RE
Chapman Chapman Richards Richards
Michael Michael Rowe Rowe Merilee Merilee Rowley Rowley Coldwell Coldwell Banker Banker
Selling Selling Salt Lake Salt Lake Century Century Communities Communities RE RE Coldwell Coldwell Banker Banker
Nicole Nicole Sabell Sabell
Jamie Jamie Sacks Sacks
EricEric Santistevan Santistevan
Nathan Nathan SaseSase
Dallon Dallon Smith Smith
Janice Janice Smith Smith
PaulPaul Smith Smith Cameron Cameron Sorensen SorensenJessica Jessica Sorenson Sorenson Kyrsten Kyrsten St John St John Scott Scott Steadman Steadman
Kelly Kelly TitaTita
Michelle Michelle Todd Todd
Todd Todd Porter Porter eXp Realty eXp Realty
eXp Realty eXp Realty
Selling Selling Salt Lake Salt Lake
Berkshire Berkshire Hathaway Hathaway
KellerKeller Williams Williams
Coldwell Coldwell Banker Banker TurnTurn Key Prop. Key Prop. Solultions SolultionsSummit Summit Sotheby’s Sotheby’s Int’l Int’l
RealtyPath RealtyPath
H. Blaine H. Blaine Walker Walker Joyce Joyce Walker Walker
Summit Summit Sotheby’s Sotheby’s Int’l Int’l
RE/MAX RE/MAX
RE/MAX RE/MAX
Elissa Elissa TranTran
All American All American Realty Realty
Shelly Shelly Tripp Tripp
Coldwell Coldwell Banker Banker
Vanessa Vanessa Wand Wand Lewis Lewis Weaver Weaver Windermere Windermere RE RE
Real Real Broker Broker
EngelEngel & Volkers & Volkers
Zander Zander RE Team RE Team
KellerKeller Williams Williams
Presidio Presidio RE RE
Annie Annie Trujillo Trujillo Laurann Laurann Turner Turner KellerKeller Williams Williams
Windermere Windermere RE RE
Carlye Carlye Webb Webb
Bill Bill Wegener Wegener
Summit Summit Sotheby’s Sotheby’s Int’l Int’l
RE/MAX RE/MAX
Windermere Windermere RE RE
KellerKeller Williams Williams
KellerKeller Williams Williams
Wrigley Wrigley Realty Realty
Equity Equity RE RE
Alpine Alpine Realty Realty
Equity Equity RE RE
Berkshire Berkshire Hathaway Hathaway
KellerKeller Williams Williams
Summit Summit Sotheby’s Sotheby’s Int’l Int’lSummit Summit Sotheby’s Sotheby’s Int’l Int’l
goBEgoBE
Ravath Ravath PokPok
Linda Linda Secrist Secrist
BrettBrett Sellick Sellick
Jeff Jeff Sidwell Sidwell
Laurel Laurel Simmons Simmons Scott Scott Simpson Simpson
Liz Liz Slager Slager
James James RothRoth eXp Realty eXp Realty
AlanAlan Smith Smith
Berkshire Berkshire Hathaway Hathaway Summit Summit Sotheby’s Sotheby’s Int’l Int’lSummit Summit Sotheby’s Sotheby’s Int’l Int’lSummit Summit Sotheby’s Sotheby’s Int’l Int’lSummit Summit Sotheby’s Sotheby’s Int’l Int’l Summit Summit Sotheby’s Sotheby’s Int’l Int’l
LeeLee Stern Stern
Dawn Dawn Stevens Stevens Brian Brian Summers Summers Sandra Sandra Sweetland Sweetland Devin Devin Tanner Tanner
Windermere Windermere RE RE
KellerKeller Williams Williams
Justin Justin UdyUdy
Mike Mike Ulrich Ulrich Tricia Tricia Vanderkooi Vanderkooi AmyAmy Volcic Volcic
Jamie Jamie White White
Tracy Tracy White White
Century Century 21 Everest 21 Everest
Ulrich Ulrich Realtors® Realtors®
RealtyRealty One Group One Group Signature Signature Weekley Weekley Homes Homes
Presidio Presidio RE RE
Presidio Presidio RE RE
Coldwell Coldwell Banker Banker
Top Equity Top Equity Realty Realty
Hector Hector Delgado Delgado Bryan Bryan Hurd Hurd
KW KW SouthSouth Valley Valley
Jason Jason JuddJudd
KW KW SouthSouth Valley Valley
Selling Selling Salt Lake Salt Lake
Brandy Brandy TiloTilo RealtyPath RealtyPath
Chad Chad Wagstaff Wagstaff Melodie Melodie Waldron WaldronCharisse Charisse Walker Walker
Summit Summit Sotheby’s Sotheby’s Int’l Int’l Summit Summit Sotheby’s Sotheby’s Int’l Int’l Century Century 21 Everest 21 Everest
RE/MAX RE/MAX
eXp Realty eXp Realty
Craig Craig Whiting Whiting PaulPaul Willden Willden Jessica Jessica Williams Williams Rachel Rachel Williams Williams BreeBree Winegar Winegar RockRock RE Group RE Group Influence Influence Realty Realty and Reloc. and Reloc.
Elaine Elaine Zambos Zambos Corey Corey Zander Zander UtahUtah Key RE Key RE
Wasatch Wasatch Life Realty Life Realty
Zander Zander RE Team RE Team
Presidio Presidio RE RE
Top Equity Top Equity Realty Realty
LukeLuke Zander Zander Tamara Tamara Zander Zander DonDon Zimmerman Zimmerman Zander Zander RE Team RE Team
Zander Zander RE Team RE Team
Fathom Fathom RE RE
*Added *Added After After Dec.1 Dec.1
Innova Innova Realty Realty Inc Inc
KellerKeller Williams Williams
RealtyRealty One Group One Group Signature Signature RealtyRealty One Group One Group Signature Signature
Fathom Fathom RE RE
David David Winters Winters LisaLisa Woodbury WoodburyT. Spencer T. Spencer Wrathall Wrathall Rachel Rachel Wray Wray Eliason Eliason Margene Margene Wrigley Wrigley Jennifer Jennifer YeoYeo RE/MAX RE/MAX
Presidio Presidio RE RE
TroyTroy Peterson PetersonMaria Maria PinoPino Deyevara Deyevara JakieJakie Pizana Pizana
Ranlife Ranlife RE RE
Spencer Spencer Passey Passey
EngelEngel & Volkers & Volkers
Steve Steve Perry Perry
Ulrich Ulrich Realtors® Realtors®
Holly Holly Parkin Parkin
Berkshire Berkshire Hathaway Hathaway
KellerKeller Williams Williams
Richard Richard Ortiz Ortiz Marley Marley Orton Orton
Presidio Presidio RE RE
United United Real Real EstateEstate Adv. Adv.
RE/MAX RE/MAX
AlignAlign Complete Complete RE RE
Cristie Cristie North North Aaron Aaron Oakeson Oakeson RobRob Ockey Ockey Joe Joe Olschewski Olschewski Katie Katie Olsen Olsen
SecurityNational SecurityNational Mort.Mort. Integrated Integrated Realty Realty
JoanJoan PatePate
Paradise Paradise Real Real EstateEstate
ParasParas Real Real EstateEstate
Summit Summit Sotheby’s Sotheby’s Int’l Int’lSummit Summit Sotheby’s Sotheby’s Int’l Int’l
TaraTara Paras Paras
Coldwell Coldwell Banker Banker
KellerKeller Williams Williams
UtahUtah Key RE Key RE
Sharon Sharon Spratley Spratley Berkshire Berkshire Hathaway Hathaway
December 2023 | Salt Lake Realtor ® | 19
Cannon Cannon & Company & Company
10 Things Realtors® Should Know About the Sitzer Class-Action Lawsuit It is ironic that class-action attorneys, who stand to make hundreds of millions of dollars of any judgment or settlement, are accusing Realtors® of making too much money. By Curtis Bullock CEO, Salt Lake Board of Realtors®
Argus©/Adobe Stock
1. The plaintiffs want to settle The Sitzer-Burnett case is anticipated to culminate in the issuance of a final order by the judge in the spring of 2024. Whether the damages awarded amount to $1 billion or $1 trillion, their actual magnitude is inconsequential. What class-action attorneys seek is not to push brokerages or Realtor® associations into bankruptcy. Such an outcome would ultimately be counterproductive, leaving the attorneys and plaintiffs with either nothing or mere fractions of their claims. It’s crucial to acknowledge that judgments can be rendered null and void through the bankruptcy process. In truth, the primary objective of the plaintiffs is to reach a settlement. These settlements are expected to be considerably lower than the figures often sensationalized in the media.
2. Settlement is an option for NAR Katie Johnson, NAR’s chief legal officer, told attendees at NAR’s annual conference in Anaheim in November that a settlement has always been an option. If NAR were to settle it would look for two outcomes, according to 20 | Salt Lake Realtor ® | December 2023
Johnson: One, that homebuyers will continue to be able to access and afford buyer representation. Two, that all liability from the suit’s claims is eliminated for NAR’s members, associations, and MLSs.
3. The cooperative compensation rule could be banned In such an event, we can anticipate three potential scenarios. Firstly, it’s possible that home buyers may find themselves compelled to engage an agent from the outset of their property search. Alternatively, a second scenario might involve a direct contractual agreement between a home buyer and a home seller. Under this arrangement, the purchase agreement could specify that the seller pays a predetermined amount, denoted as $X or a percentage of the purchase price, directly to the buyer’s brokerage. This arrangement would entirely bypass the involvement of the seller’s agent. According to NextHome CEO James Dwiggins, “This is one of the reasons that everyone needs to calm down. It is unconstitutional for the government to tell a seller what
they can and cannot do with their money. So be very clear about this statement. You cannot tell a seller that they can’t offer a credit, which is something we [already] do every day.” A third scenario to consider involves the potential for financing the buyer’s agent’s compensation within the loan. However, such an approach would necessitate approval from federal regulators.
4. Class-action lawyers make more money than real estate agents It is ironic that class-action attorneys, who stand to make 30% to 40% of any judgment or settlement, are accusing Realtors® of charging a 6% commission. Class-action attorneys will take hundreds of millions of dollars from their clients at the end of the day, leaving them with just a fraction of the winnings, sometimes just a few hundred dollars. Remember, there are more than 500,000 plaintiffs in the Sitzer-Burnett lawsuit. A report by TLR, a Texas-based organization championing non-meritorious lawsuits or outrageous claims for damages, examined eight years of consumer class actions in federal court and found that consumers received only a tiny fraction of the money awarded in cases while plaintiff lawyers frequently claimed a bigger share of the settlement than their clients. Once legal fees have been paid and the money divided up
BUILD, BUY, REFI
among all class members, an individual check may only be for a few dollars. The only winners are the attorneys. While attorneys make millions, the median annual wage for real estate sales agents was $49,980 in May 2022, according to the most recent statistics by the U.S. Bureau of Labor Statistics. Realtors® play a crucial role in guiding consumers through a complex, infrequent, and often the largest financial purchase of their lives. Realtors® should not apologize for being compensated for the tremendous services they provide. Buying and selling a home a home is more complicated than ever. Remember, Realtors® only get paid if the house sells.
5. Realtors® do more than ‘paperwork’ Are we truly diminishing the role of a real estate agent to mere “paperwork”? In a recent USA Today article, Michael Ketchmark, plaintiff’s attorney, equates real estate agents to travel agents. “It’s like being forced to pay a travel agent commission when booking a flight directly online,” Ketchmark said. Such a comparison is absurd. It’s akin to suggesting that because platforms like LegalZoom.com exist, the role of attorneys becomes obsolete. Alternatively, it’s akin to implying that medical professionals should receive diminished compensation because individuals can now self-diagnose illnesses using resources like WebMD.com.
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December 2023 | Salt Lake Realtor ® | 21
Ketchmark oversimplifies the vital role of real estate agents, who engage in complex, regulated, and statelicensed activities that demand ongoing education and training. Why is this oversight crucial? Because the process of buying or selling a home often represents the most significant financial transaction in people’s lives, and the real estate landscape has become increasingly litigious and intricate. The reality is that a multitude of tasks, far beyond paperwork, underpin a real estate transaction. For instance, agents frequently advise sellers on disclosure law related to material defects in a property. They manage showing appointments and ensure property security. They ensure prompt delivery and deposit of earnest money within stipulated deadlines, etc. Stepping into the shoes of these diligent professionals for even a short period would unveil the immense dedication and hard work required to prioritize clients’ needs above their own. It’s important to note that many attorneys charge thousands of dollars in upfront retainers and bill hourly rates ranging from $300 to $600, with phone calls or email responses potentially costing clients hundreds of dollars. In this context, one must consider whether consumers truly benefit from such fee structures.
6. The MLS is not going away Some contend that the Multiple Listing Service (MLS) should be eliminated entirely, suggesting that this would foster the emergence of various alternative websites where consumers could select where to list their properties. However, this argument lacks awareness of the current landscape. The reality is that such options already exist, with numerous websites available for sellers to showcase their homes, including platforms like KSL.com, Zillow, and For Sale By Owner (FSBO) websites. In today’s digital age, anyone with the desire can create a website with ease. Therefore, there’s a wide array of choices available to consumers. It’s important to acknowledge that the MLS remains the preferred choice for most consumers, primarily due to its unparalleled accuracy, extensive reach, and overall superiority. Utilizing the MLS typically results in sellers finding qualified buyers in the shortest possible time frame and maximizing their financial returns from the transaction. In the end, the consumer benefits significantly. Period.
7. The Sitzer-Burnett verdict is not supported by the facts NAR believes that the jury reached an outcome that is not supported by the law or the facts presented in the case and plans to appeal. NAR stands by the benefits of cooperative compensation – the practice of a listing broker making an offer of compensation to buyer brokers who bring a successful buyer to the transaction. The verdict in the Burnett trial does not directly affect other pending cases. NAR will appeal in Burnett as it continues to address other pending litigation. 22 | Salt Lake Realtor ® | December 2023
8. Decoupling the listing and buyer agent commissions isn’t necessarily a good move The notion of decoupling listing and buyer agent commissions has been proposed by some, with the aim of having a single agent represent both the buyer and seller in a transaction. Advocates argue that dual or limited agency arrangements could become more prevalent as a result, but this isn’t necessarily a desirable outcome due to evident reasons. In several countries where the offer of compensation isn’t customary, such arrangements are common, and we should be cautious about adopting such a model in the USA. While it’s feasible to implement dual agency, it’s important to emphasize that specific protocols and disclosures must be adhered to. In practice, having dedicated agents for both the buyer and seller typically serves as the optimal arrangement for consumers. The complexity of real estate transactions, particularly for buyers making a significant investment, often necessitates a substantial amount of guidance and support, a role that dedicated agents are well-equipped to fulfill. This approach ensures that buyers and sellers receive the attention and expertise they need throughout the process.
9. Buyer agents do not work for free When a buyer agent puts $0 in the Buyer Broker Agreement they are diminishing their tremendous value. They are essentially saying to the buyer, I am not worth being paid because my services aren’t really worth anything. This simply isn’t true. When a buyer agent puts $0 in the Buyer Broker Agreement, it looks as though they are working for free when 99% of the time they are not. Unless you are working for free for the buyer, stop doing this.
10. Commissions in real estate transactions are not fixed Breaking news – it’s already the case. Commissions in real estate transactions are not fixed; they have never been and never will be. The range can vary significantly, spanning from as low as $300 for listing services to as high as 7% or 8%, with numerous options in between. Alternatively, homeowners have the option to sell their property independently at no cost. The current landscape offers an unparalleled level of consumer choice, with a multitude of diverse business models available. It’s worth noting that consumers should not be compelled to pay for services they neither desire nor utilize. In the realm of real estate, homeowners have the freedom to decide whether or not to engage a real estate agent, just as they have the option to handle their taxes without hiring a CPA or fix a leaking faucet without calling a plumber. The power of choice remains firmly in the hands of property owners.
Mike Egan
Mike Gabel
Boyd Brown
Linda Burtch
Ryan Cannon
Kelly Favero
Scott Maruri
Tamra Rieper
Nate Sase
Lee Stern
Annie Trujillo
Spencer Wrathall
Matt Bellini
Robyn Buckwalter
Mike Carmody
Cody Fehlberg
Eric Garcia
Amy Gibbons
Justin Hurd
Jason Judd
Stacy Lockhart
Patrea Marolf
Becky Nay
Marley Orton
Tanna Barker
Cameron Burnside
Dana Conway
Lori Gee
Jordan McQueen
Joe Reardon
Dave Frederickson
Jennifer Gilchrist
Rachel Eliason
DISTINGUISHEDSERVICE AWARD
2023
2023 Holiday Social The Salt Lake Board of Realtors® celebrated its much-anticipated 2023 Holiday Social in the Grand America Hotel, in the heart of downtown Salt Lake City, on Dec. 8. This annual event, marked by elegance and camaraderie, welcomed over 1,000 members. Highlighting the afternoon was the ceremonial inauguration of Dawn Stevens, who proudly took the oath as the 2024 President of the Board. Additionally, the members of the Board of Directors were also sworn in. The gala was also a stage for recognizing exceptional contributions within the Realtor® community. Scott Robins was honored with the distinguished 2023 Realtor® of the Year award, a testament to his outstanding professionalism and commitment to the industry. Sandra Perkins was presented with the Affiliate of the Year award, recognizing her significant contributions.
Photos: Dave Anderton 24 | Salt Lake Realtor ® | December 2023
Mdv Edwards©/Adobe Stock
Why FSBOs Say They Regret Not Using a Real Estate Agent Homeowners who sold without a real estate agent are three times more likely to say they lost money on their home sale. By Melissa Dittmann Tracey Homeowners who decline to use a real estate agent to sell their property are twice as likely to say they weren’t satisfied with the selling experience, according to a new survey from Clever Real Estate of 1,000 home sellers in 2022 and 2023. Survey respondents say they realize they likely made less money on their home sale and faced more stress by not having a professional representative. Those who didn’t use a real estate agent said before their transaction that they think pros are overpaid for what they do and are not more knowledgeable about the home selling process than the average seller. However, when these respondents reflected on their experience after the transaction, they admitted that they made some mistakes without the help of a pro. More than a third of non-agent sellers, such as FSBOs or those selling to an iBuyer, said the process was more difficult than they expected. What’s more, these sellers admitted: 26 | Salt Lake Realtor ® | December 2023
• Buyers distrusted them because they didn’t have an agent (43%). • They struggled to understand their contract (40%). • They made legal mistakes because they didn’t use an agent (36%). The survey also found other consequences of going it alone as a seller. Lower sales price: Homeowners who sold without a real estate agent are three times more likely to say they lost money on their home sale. The Clever Real Estate survey found that those who sold their home with an agent tended to earn $46,603 more in average profits than those who sold without an agent in 2022 and 2023. About half of unrepresented sellers say they wish they had priced their home differently, and nearly half now believe their home would have sold for more if they would have used an agent. (continued on page 30)
October 2023 October Surprise - Home Sales and Prices Climb in Salt Lake County Home prices climbed slightly in October as sales increased. In Salt Lake County, the median price of a single-family home increased to $599,000 in October, up 3% from $580,000 in October 2022, according to UtahRealEstate.com. October’s median single-family home price was the highest on record for an October month. “The Wasatch Front’s population continues to grow, pushing demand higher for all types of housing,” said Rob Ockey, president of the Salt Lake Board of Realtors®. “Never before has there been a greater need for more housing, particularly starter homes.” Earlier this month, Utah Gov. Spencer Cox presented a plan for the state to build 35,000 starter homes by 2028. “The fact is, the single greatest threat to our future prosperity, the American dream and our strong communities is the price of housing,” Cox told a gathering of community leaders and homebuilders. “Our kids will never be able to call Utah home if we don’t start building starter homes again.” According to a report by Freddie Mac, the main driver of the housing shortage is the decline in construction of entry-level, single-family homes (homes smaller than 1,400 square feet). “The number of starter homes being built has declined significantly: The Bureau of the Census reports that in 1980, 40% of U.S. homes constructed were entry-level homes,” the report said. “In 2019, only 7% of homes constructed were entry-level homes.” Dejan Eskic, chief economist for the Salt Lake Board of Realtors®, said higher interest rates are one of the main reasons Utah’s housing deficit has climbed to roughly 40,000 homes. Home sales across Salt Lake County increased to 921 units (single-family, condominiums, town homes, twin-homes) in October, up 6% compared to 870 units sold in October 2022. New listings for the month held steady at 1,275, down 1% compared to 1,285 listings in the same month in 2022. Properties in Salt Lake County typically remained on the market for 29 days in October, down from 32 days in October 2022. Across the nation, the median existing-home price for all housing types in October was $391,800, an increase of 3% from October 2022 ($378,800), according to the National Association of Realtors®. All four U.S. regions registered price increases. “While circumstances for buyers remain tight, home sellers have done well as prices continue to rise year-over-year, including a new all-time high for the month of October,” said Lawrence Yun, chief economist for NAR. “In fact, a typical homeowner has accumulated more than $100,000 in housing wealth over the past three years.”
28 | Salt Lake Realtor ® | December 2023
“The single greatest threat to our future prosperity is the price of housing.” Utah Governor
Spencer Cox
Salt Lake County Local Market Update for October 2023
Source: UtahRealEstate.com
KEY METRICS
NO. OF SALES
MEDIAN SOLD PRICE
MEDIAN PRICE PER SQ. FT
NEW LISTINGS
All Housing Types Single Family Multi Family
921 633 264
$515,600 $599,000 $408,500
$245.03 $236.89 $270.19
1275 855 379
$519,000 $580,000 $411,000
$245.07 $238.56 $270.16
1285 924 324
-0.66% 3.28% -0.61%
-0.02% -0.70% 0.01%
-0.78% -7.47% 16.98%
COMPARISON TO LAST YEAR 2022
All Housing Types Single Family Multi Family
870 624 229
COMPARISON TO LAST YEAR -% DIFFERENCE
All Housing Types Single Family Multi Family
5.86% 1.44% 15.28% NO. OF SALES
921
870
MEDIAN SOLD PRICE AUG $519,000 -0.66%
5.86%
ALL HOUSING TYPES OCT. 2022
$515,600
ALL HOUSING TYPES OCT. 2023
NEW LISTINGS
1285 -0.78%
ALL HOUSING TYPES OCT. 2022
1275
ALL HOUSING TYPES OCT. 2023
ALL HOUSING TYPES OCT. 2022
ALL HOUSING TYPES OCT. 2023
MEDIAN CDOM
32
29 -9.38%
ALL HOUSING TYPES OCT. 2022
ALL HOUSING TYPES OCT. 2023
December 2023 | Salt Lake Realtor ® | 29
To be fair, home sellers who used an agent also had some gripes about their experience, albeit much fewer. But those who were unhappy with their agent experience expressed feelings like their agent was only looking to make a sale and didn’t care about their interests, their agent “annoyed” them, or they thought the agent pressured them into decisions, the survey found. That said, 77% of respondents who used an agent say they were satisfied, and 72% say they would use their agent again.
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FSBO Regrets (continued from page 26) Longer selling process: Home sellers without an agent are nearly twice as likely to say they didn’t accept an offer for at least three months; 53% of sellers who used an agent say they accepted an offer within a month of listing their home. Ironically, many homeowners who didn’t use an agent said the primary reason for going it alone was to sell faster. More stress: Half of home sellers who did not use an agent admit to crying at some point in the process. Fifty-two percent of unrepresented home sellers said they felt overwhelmed by the entire sales process. On the flip side, homeowners who hired an agent were more likely to say they felt good about their sale and expressed less stress.
30 | Salt Lake Realtor ® | December 2023
Even as the vast majority of home searches start online, most consumers still use real estate agents to buy or sell a home. Indeed, the National Association of Realtors®’ 2023 Profile of Home Buyers and Sellers found that 89% of buyers and sellers in the last year used a real estate agent, up from the previous year. Only 7% of homeowners sold as a FSBO over the last year—which matches the all-time low recorded in 2021, according to NAR data. FSBOs continue to not fare as well in the market as professionally represented homes: FSBOs sold at a median price of $310,000 in the last year, compared to $405,000 for listed homes, NAR’s data shows. “Having a Realtor® help you navigate the homebuying and selling process provides peace of mind, especially in a challenging market with high prices, elevated mortgage rates and limited inventory,” said NAR President Tracy Kasper. Melissa Dittmann Tracey is a contributing editor for Realtor® Magazine. Reprinted from Realtor® Magazine Online, December 2023, with permission of the National Association of Realtors®. Copyright 2023. All rights reserved.
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