8 Community Champions: The Realtors® Making a Real Difference
Dave Anderton
If They Build It, Will Buyers Come?
Melissa Dittmann Tracey
What the NAR Settlement Means for Your Next Home Purchase or Sale
The Salt Lake Board of Realtors®
4 ‘Danger Zones’ in Your Daily Work Routine
Catherine Mesick 18 In the Trenches: Caught Up in the Moment
The National Association of Realtors® 20 Retention Series: One Size Does Not Fit All
Nicole Slaughter Graham
– President’s
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Utah Sets the Standard in New Real Estate Settlement Forms
The National Association of Realtors® settlement in March has forced state associations to modify their agency agreement forms. According to an article in Yahoo Finance, many of these forms are incomprehensible to the average homebuyer or seller.
Only three states – Utah, Rhode Island, and Massachusetts – had no issues with their forms, according to Tanya Monestier, a contracts law professor at the University of Buffalo.
“You should not need to hire a lawyer to understand a listing agreement or buyer representation agreement,” Monestier said in the article. “These forms do not need to be this complicated. Lawyers and [R] ealtor groups have made them this complicated. They then claim that it’s the buyer’s or the seller’s responsibility to read the forms and that consumers are fully capable of figuring out the terms. Assertions like this fly in the face of common sense and everything we know about consumer contracting.”
The article also notes that many of these new buyer representation agreements allow buyer’s agents to collect more compensation than they originally agreed to with their clients, which could violate the settlement terms.
Curtis Bullock, CEO of the Salt Lake Board of Realtors®, emphasized that the UAR forms committee is made up of practicing brokers, agents, attorneys, and other industry experts across the state. “While the UAR forms are and have always been evolving as new trends or problem areas come up, these updated forms are a good starting point to help you navigate this new way of doing business,” Bullock said. “Read the forms changes thoroughly, understand them, take classes, ask your broker if you have questions, make changes to fit your specific situation and use them with confidence. Don’t be confused by the noise out there; embrace the changes and stand out.”
In conclusion, Utah once again demonstrates its leadership in the real estate industry by proactively addressing the complexities of agency agreements. The state's commitment to clarity and consumer understanding sets a standard that others would do well to follow.
Dawn Stevens President
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.
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Happenings In the News
RPAC Dues Giveaway Winner
Greg Call (pictured third from left), a Realtor® with Berkshire Hathaway Utah Properties in North Salt Lake, was the winner of the Realtors® Political Action Committee (RPAC) Membership Dues Giveaway Grand Prize—a GMC Terrain. Greg invested $100 in RPAC while paying his annual membership dues in May, taking advantage of the “six-times the entries” promotion for that month. For every $15 members invested in RPAC when paying their dues, their name was entered into the drawing. Participation in RPAC is optional and not required as part of annual dues.
Sales of Million-Dollar Homes
The Wasatch Front luxury housing market is booming. Sales of homes priced at $1 million and above have surged since 2019. Last year, 1,583 homes were sold in this range—nearly four times the number sold in 2019. Sales of million-dollar homes peaked in 2022, but this year’s sales could surpass even those levels. From January 1 through August 30, there have already been 1,246 sales. If this trend continues, million-dollar home sales could easily exceed 1,800 units by year’s end.
Freddie Mac reported that the 30year fixed-rate mortgage averaged 6.35% as of Aug. 29. A year ago at this time, the 30-year FRM averaged 7.18%.
“Mortgage rates fell again this week due to expectations of a Fed rate cut,” said Sam Khater, Freddie Mac’s Chief Economist. “Rates are expected to continue their decline and while potential homebuyers are watching closely, a rebound in purchase activity remains elusive until we see further declines.”
The Wall Street Journal reported that “mortgage rates are at the lowest level in more than a year. For millions of Americans, it will take a lot more than that to make homeownership affordable.”
“Despite the recent drop, mortgage rates are unlikely to return to anywhere near the levels they were at before the Federal Reserve started to raise interest rates in early 2022,” the Journal said. “They might not move enough to make a huge difference soon, leaving home buyers to contend with record housing prices, limited inventory and renewed fears of a recession. Signs of a cooling economy have prompted more bets that the Fed will start to cut its benchmark interest rate as soon as next month. That has put downward pressure on the government-bond yields that mortgage rates tend to follow.”
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Community Champions: The Realtors® Making a Real Difference
This year’s Charity Committee initiatives are leaving a lasting impact on the community.
By Dave Anderton
The Salt Lake Board of Realtors® Charity Committee has recently supported two significant community initiatives. Firstly, the committee participated in the Homeaid Diaper Drive, the largest of its kind in Utah. The diapers collected provide essential relief to families in need, ensuring that infants and toddlers maintain a healthy living environment.
Homeaid’s mission is to assist those experiencing homelessness and financial hardship. They report that one in three mothers struggles to afford diapers, which rank as the fourth highest expense for low-
income families, costing approximately $1,000 per child annually. “Diapers are a substantial expense,” explained Elissa Tran, vice chairwoman of the Charity Committee. “Each box costs about $45, and many families lack the resources to clean reusable diapers. Disposable diapers, being more sanitary and practical, are essential yet often overlooked. They aren’t covered by state assistance programs.”
In just one month, the Charity Committee collected more than 24,000 diapers through donations. “The success of this drive wouldn’t have been possible
Milestone House
without the dedication of our affiliates and Realtor® members,” said Rick Bevan, chairman of the Charity Committee, which boasts about 30 active participants.
Milestone House
Additionally, the committee utilized $10,000 from the Utah Association of Realtors® Housing Opportunity Fund (UARHOF) to sponsor the Milestone House in Sandy, which was featured in this year’s Salt Lake Parade of Homes. The funds come directly from interestbearing trust accounts of participating real estate brokerages.
Originally built in the 1960s, the house has undergone approximately $300,000 in renovations, thanks to the generosity of community partners, like Coldwell Banker Cares Foundation, which donated $4,000 towards the house. It will now serve young men aged 18-21 who are homeless or have aged out of foster care, as part of the Salt Lake County’s Milestone Transitional Living Program.
The home, owned by Good Shepherd Lutheran Church and leased to Salt Lake County Youth Services, is one of five houses in the area providing a safe environment for young adults to learn independence. Kevin Rushforth, Milestone Program manager, noted that about 100 young people age out of foster care annually in the
Salt Lake area, with 30% facing homelessness or incarceration within two years. Since its inception in 2012, the program has equipped more than 300 young adults with the skills to become self-sufficient, offering residencies up to 18 months, though the average stay is about a year.
Chris McCandless, a Realtor® and owner of CW Management Corp., praised the efforts of the Good Shepherd Lutheran Church: “They’ve been saving lives for 15 years without seeking recognition. We hope other organizations will follow their lead. Currently, there’s a waiting list for kids needing to get into the Milestone House.”
American Dream Grant
The Charity Committee also manages the American Dream Grant, a $7,500 award for first-time homebuyers. Initiated in 2019, the committee has since distributed more than $300,000 to assist with down payments and closing costs. The funding for these grants comes from three sources: direct donations from Realtors®, a portion of the Realtor® license plate fees, and interest from the trust accounts of participating real estate brokerages.
Dave Anderton is the communications director of the Salt Lake Board of Realtors®.
Marcus Jessop, Chris McCandless, Jamie Sacks
If They Build It, Will Buyers Come?
New home sales now account for more than 30% of the market.
By Melissa Dittmann Tracey
Home builders across the country plan to ramp up construction this year, following two years of relatively sluggish activity. At a time when resale inventory remains tight, they hope to lure home buyers with brand-new custom homes, along with sales incentives to bring consumers’ costs down.
New-home sales have been accounting for a growing portion of home sales—in 2023, they were more than 30% of the market, compared to more historical averages of 10% to 12%, according to the National Association of Home Builders. Builders report plans to increase single-family construction over the next two years, trying to chip away at the nationwide housing shortfall, estimated at 1.5 million units. Also, they’re introducing more lower-cost options, such as increasing townhome construction and building smaller homes.
Builders want real estate agents to talk up the “new” possibilities. The cost spread between new and existing homes has shrunk to $25,900, with the U.S. median price of new homes at $433,500 versus $407,600 for existing homes as of April. Yet, 53% of home buyers
cited costs as the top reason they shunned new construction, according to realtor.com®’s 2024 New Construction Consumer Report.
Builders say they may have more leverage to negotiate with buyers on price than the resale market does: This spring, more than half of builders reported offering sales incentives, like buying down mortgage rates; also, 22% of builders cut their prices, by an average of 6%, according to NAHB surveys.
“There’s a tremendous opportunity for real estate agents in the new-home space,” said Amy Lessinger, president of RE/MAX LLC. “These days, many developers would rather deal with a buyer’s agent than directly with prospective buyers. An experienced agent has the skills to keep the purchase on track and help nervous buyers feel confident about their decision.”
Indeed, “most builders value their relationships with real estate agents and brokers, and when markets tighten, they value them even more,” said Bob Seeman, Realtor.com®’s vice president of new-home sales. “The
more builders and agents understand each other and the new construction building and selling processes, the better the experience will be for all involved, most importantly buyers.”
Build Up a Niche
New-home sales differ from selling previously owned homes—often selling from a blueprint, tackling lengthier timelines (averaging eight months, but possibly up to two years for fully custom builds), and navigating a construction process, builder contracts, permitting, deposit structures and more. Buyer’s agents often work alongside a builder and their sales team to help guide a buyer from start to finish.
Vicki Monteagudo, broker-owner at Century 21 Tri-Cities in Richland, Wash., has focused on new-home sales for 20-plus years, working with landowners to sell land to developers for new-home residential communities and helping buyers build a new home. “Learn all you can. There is so much education with new-home construction, and every builder has different processes,” Monteagudo said.
Agents who specialize in selling new-home construction offer these tips:
Know the opportunities: Visit new-home developments and learn the floor plans and offerings of each builder, and the available land to build from scratch. Also, where lots are tight, learn infill development opportunities that could allow buyers to tear down existing properties and rebuild.
Take a course: The Center for Realtor® Development course “New-Home Construction and Buyer Representation: Professionals, Product, Process” covers topics from the acquisition and construction phase to the personalization of a new home and best practices in representing new-home buyers.
Network with builders: Attend builder association meetings, visit Parade of Homes events (which
showcase newly built or remodeled homes) and attend builder- sponsored special events, like golf tournaments, Monteagudo suggested.
Market your expertise: The majority of new-home buyers say they turned to online resources first to learn more information, such as photos, floor plans, online reviews and community videos, according to the Realtor.com® survey.
Jessica Grier, a broker associate at Premier Sotheby’s International Realty in Charlotte, N.C., who specializes in new-home construction, hosts lunch-and-learn seminars and posts videos online that break down the process. One of the couples that attended her first seminar asked for help five years later to build a $2 million custom home.
From Blueprints to Homes
Sixty-one percent of new-home buyers over the last year used a real estate agent or broker because they wanted representation in the buying process, according to the National Association of Realtors®’ 2023 Profile of Home Buyers and Sellers.
Real estate experts offer these tips for making the transactions smooth:
Educate buyers on the process. “There can be lots of frustration in the construction phase, and that’s when deals can go sideways,” said Grier, who, before working for a real estate brokerage, was a sales manager for a luxury custom home builder. Make buyers aware of the steps involved, including building permits; time expectations and the potential for delays; pricing and deposits structures; design selections; inspections; and walk-throughs.
“Often, buyers love the idea of something new and shiny, but it can get messy if they don’t know what they’re getting into,” said Mike Opyd, ePRO, senior vice president at RE/MAX Premier and co-owner of Motto Mortgage Next in Chicago.
Know the contracts. Builder contracts are different than purchase agreements for resale properties. “Get familiar with things like the different deposit structures and warranties, which vary among builders,” Grier said. Avoid the traps. Budgets get blown when buyers start adding custom upgrades to the blueprint floor plan, which can take the final sales price tens of thousands of dollars higher than the originally quoted base price. Work with builders to gather estimates upfront for any features buyers are considering.
Offer comparables. Give buyers a snapshot of how their newly built home compares to others on the market. Grier recalled a buyer purchasing a newly built townhome as an investment property. She selected more than $50,000 in upgrades, making it one of the most expensive townhomes in the neighborhood. Grier reviewed comparable sales and the length of time she planned to own to help determine whether she needed to scale back on her selections.
Work as a team. Grier sets expectations upfront with builders about the construction process, timelines, and frequency and methods of communication (e.g., via email or onsite meetings). “I want to make sure we are all on the same page with our goals and expectations... and that we make this a good experience for the buyer so that everyone shines,” she said. She uses Close CRM to help set reminders and track communications.
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Document everything. Because builders often juggle several projects at once, mistakes can happen. Opyd said he’s found wrong floor plans coded in contracts or wrong finishes installed. For example, a builder once installed the wrong kitchen cabinet handles—they were silver rather than the requested gold and the wrong size. The mistake resulted in having to reorder all new cabinet door faces. “We double-check everything,” he said.
Stay committed. Don’t vanish right after the purchase contract has been signed and then show up months later once the construction of the home is completed. Grier stays committed for the long haul, during and after the transaction. No better example of that was when, in 2020, her buyers even asked her to marry them in the house they were tearing down and then rebuilding. Grier got ordained for the occasion.
“This business is all about relationships,” she said. In new construction, “you’re basically married to that builder and buyer for a year or more.” It’s a bonus when buyers stay committed to you, too: Two years later, the couple was ready to move and asked for her help starting the process to build a new home all over again.
Melissa Dittmann Tracey is a contributing editor for Realtor® Magazine. Reprinted from Realtor® Magazine Online, July 2024, with permission of the National Association of Realtors®. Copyright 2024. All rights reserved.
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What the NAR Settlement Means for Your Next Home Purchase or Sale
Editor’s Note: This article was originally published on KSL.com on Aug. 30 as part of on-going public relations campaign by the Salt Lake Board of Realtors® to inform consumers on the value of hiring a Realtor® when buying or selling a home. By The Salt Lake Board of Realtors®
A class-action settlement by the National Association of Realtors® in March has introduced several changes for both home buyers and sellers in the real estate market, effective Aug. 17.
Here’s what these changes mean for home buyers
• Agent Agreement: You must sign a written agreement with your agent before touring a home.
• Understanding Your Agreement: Ensure that the agreement clearly states the terms you›ve discussed with your agent, including the services provided, their cost, and what value you will receive.
• Seller Compensation: Sellers may offer compensation to your agent. This practice is encouraged, but such offers cannot be posted on the Multiple Listing Services (MLS)—local platforms
where property details are shared among real estate professionals and the public.
Here is what the settlement means for home sellers
• Choice: You still have the choice of offering compensation to buyer brokers like you always have. You may consider doing this as a way of marketing your home or making your listing more attractive to buyers by helping offset some of their costs.
• Disclosure: Your agent must conspicuously disclose to you and obtain your approval for any payment or offer of payment that a listing broker will make to another broker acting for buyers.
It is important to note that the settlement does not affect
commission rates, which remain negotiable off the MLS. Agents will continue to receive their commission, which may be a flat fee, percentage, or hourly rate.
Commission negotiations
As always, commissions are negotiable. If your agent is a Realtor®, they are bound by the Realtor® Code of Ethics to have clear and transparent discussions about compensation. When choosing an agent, it’s crucial to ask about compensation and understand the services you’ll receive.
Role of Realtors®
Realtors® play an essential role in navigating the complexities of real estate transactions, which are often infrequent and complex for most consumers. This profession is highly regulated, requires continuous education and agents are only compensated upon the sale of a property.
Impact on home buyers
The changes might particularly affect first-time buyers who may lack the funds to pay an agent. Buying a home without professional guidance can lead to significant mistakes, such as poor negotiation for repairs, misunderstandings about earnest money, or inadequate
home inspections. However, it is anticipated that sellers will see the advantages of assisting with buyer costs like commissions, thereby making home ownership more accessible for more buyers.
Most consumers hire Realtors®
Some argue that the role of a real estate agent is merely to show homes. Yet, 89% home sellers today hire a real estate agent to sell their home, according to data from the National Association of Realtors®. The process of buying or selling a home often represents the most significant financial transaction in people’s lives. As the real estate landscape has grown increasingly complex and litigious, people rely on Realtors® to guide them through legal contracts, disclosure law, property security and negotiations.
The Salt Lake Board of Realtors® is the Wasatch Front’s voice of real estate and the primary source for housing market information. The Salt Lake Board of Realtors® is the largest shareholder of UtahRealEstate.com, one of the leading Multiple Listing Services (MLS) in the United States. Since 1917, the Salt Lake Board of Realtors® has been a leader in promoting homeownership and protecting private property rights. The Salt Lake Board of Realtors® empowers its members to better serve the public by providing continuing education, advocacy, and a professional code of ethics.
4 ‘Danger Zones’ in Your Daily Work Routine
You may not be aware of your vulnerability in these areas of your business. Here’s how to correct behaviors that put your safety at risk.
By Catherine Mesick
Establishing safety protocols on the job is one of the best ways to protect your personal safety, especially as 22% of Realtors® say they›ve feared for their physical well-being or the security of their personal information at work, according to the National Association of Realtors®’ 2023 Member Safety Residential Report “Crimes against real estate professionals have risen 300% since 2006. It’s important for us to take steps to protect ourselves,” said Janet Judd, ABR, CRS, a brokerassociate with RE/MAX Results in the St. Louis area.
Judd is in a position to know: A former chair of NAR’s Realtor® Safety Advisory Committee, she was also the first female police officer hired by her department in St. Louis County in the early 1980s. Judd shares the four danger zones that real estate professionals can encounter during the course of their business day and how to minimize the associated risk.
Danger Zone Number One: Your Vehicle
Real estate professionals are often distracted by their phones when exiting or walking to their cars. Criminals
see that distraction as an opportunity to attack. Safety Tips:
1. Pay attention to your surroundings. Park in a well-lit area with people and other cars nearby, if possible.
2. Pull through on parking spaces for a faster exit.
3. Be alert between the hours of 8 p.m. and 2 a.m., which is when most carjackings occur.
4. Keep your passenger doors locked when you enter your vehicle.
Judd advises real estate professionals to be aware of their surroundings and look for the “pink squirrel”—that is, anything that’s noticeably out of place. “If you see someone wearing a heavy coat in the summertime, that’s unusual,” Judd explained. “That coat could be hiding weapons.”
Danger Zone Number Two: Your Office
The office may seem like a safe place, but predators could be watching to see when you’re left alone.
1. Keep the front and back doors of your office locked, and make sure the doors have locks with keys— and not just levers.
2. Have a lock on your personal office door. Coordinate with office management if you don’t have one.
3. Keep your phone fully charged at all times.
4. Know how to work the emergency sequence on your phone.
5. Speak in a loud voice and be assertive if someone catches you by surprise.
Because criminals are looking for vulnerabilities, speaking and acting with authority could make an intruder back down, Judd said. “Create boundaries. Don’t appear weak or subservient.”
Danger Zone Number Three: Showing a Property
Predators have been known to target individual agents, learning about them through their social media presence and scheming to meet them alone. Maintaining control and adhering to your company’s established safety protocols can help weed out the bad apples.
Safety Tips:
1. Ask clients to come to the office first. Those with criminal intent may refuse and become angry— signs that you’re dealing with a predator.
2. Don’t park in the driveway. You can be blocked in.
3. Always keep your keys and your phone on you. Don’t set them down on a table.
4. Never turn your back on a prospect.
5. Avoid spaces with no other exit, such as basements. They can be traps.
Judd said real estate professionals may also consider running background checks on prospective clients. However, she cautions that if you run a background check on one prospect, then you should run them for all. “Otherwise, you could potentially create a fair housing violation,” she said.
Danger Zone Number Four: Conducting an Open House
Predators also can target an individual agent through open houses. If you notice that a prospective client has appeared at several of your open houses but hasn’t made any offers, that could be a red flag.
Safety Tips:
1. Let prospects lead the way into individual rooms. You can stay by the door.
2. Establish escape routes from every level of the house.
3. Have a bell attached to the front door so you can hear when someone enters.
4. Call a buddy or the office on a regular, timed basis.
The end of an open house is potentially the most dangerous time of the event. “People can hide in drapes, closets, showers,” Judd said. “Be sure to talk to someone on the phone while you are checking the house.”
Above all, Judd counsels that every real estate professional should listen to their gut. “When you have goose bumps, when your heart is racing, that’s your instincts kicking in,” she said. “I think of it as my guardian angel. I can’t tell you how many times I’ve listened, and I’ve always been right.”
Catherine Mesick is a freelance writer and former member of the National Association of Realtors® Advocacy Group. Reprinted from Realtor® Magazine Online, September 2023, with permission of the National Association of Realtors®. Copyright 2023. All rights reserved.
In the Trenches: Caught Up in the Moment
Real estate professionals share the crazy, funny, and poignant experiences that have happened on the job.
Caught Up in the Moment
I had a listing that needed some septic work done. I was at the house when the two contractors arrived, and while they were doing their work, I used my electric blower to remove the debris from the driveway. I was thinking it would be an easy job and I could go from the listing to my office. But I happened to be wearing a pretty mid-length dress that day, and suddenly, as I was working, I noticed my dress beginning to tighten around my legs. The intake fan had sucked my dress into the blower!
Unable to get my dress out myself, I called the workmen over to help me pull it out of the blower. They both tugged and pulled the frayed fabric out, releasing me from my blower bondage.
We all had a good laugh, and I learned a valuable lesson that day: Wear the appropriate attire when doing yardwork.
—Nancy Duncan, John L. Scott Real Estate, Port Orchard, Wash.
After the Wreckage
During an open house, a potential buyer came in with a blustery and dismissive attitude, refusing to sign the log-in sheet. He then went to get his wife from the car. In the process of backing up his car to get closer to the house, he slammed into my new car, causing considerable damage. That’s when I got his name and contact information. He sheepishly called me later in the week, asking if I’d show them some houses. I ended up selling them a house and listing their condo—and they fixed my car.
—Lindsey Rothschild, eXp Realty, Holyoke, Mass.
Interpreting Good Will
A family called me about one of my listings. They said they’d been preapproved for a mortgage but didn’t understand what their lender had told them. I invited them to my office. They were nervous and apologetic, saying they didn’t speak English well. So I put them in
touch with a loan officer I trusted, and he was able to preapprove them for the home they wanted. It was the best experience ever, he told me. The client had cried with gratitude. Thirty days later, my new clients were homeowners. Since then, they’ve referred other Spanish-speaking families. They appreciated that I cared enough to help and said I’d made their dreams come true.
—Donna Hency, ABR, SRES, Main St. Real Estate, Warrenton, Mo.
Hidden Treasures
Three weeks after my clients moved into their new home, the next-door neighbors came knocking and said the previous property owners wanted them to check the house for belongings they may have left behind. The neighbors checked two places but didn’t find what they were looking for.
A few days later, they returned with the same request. This time, they struck gold—literally. The neighbors looked on top of the kitchen cabinets, which were layered with thick gold necklaces and all kinds of gems, including Rolex watches. The neighbors turned the jewelry over to the previous owners. It reminded me of what I always tell my clients: Lock up your valuables!
In 2020, I was working with a single mom who wanted to purchase her first home. The market was hot, and
prices were increasing quickly. My client’s offers had been rejected on more than 10 properties.
Two days before Thanksgiving, a new townhouse came on the market in my client’s price range. We rushed over that evening to see the home. My client brought her young daughter, who was already in her pajamas. The property was perfect for them. I went home and wrote the offer that same night.
On Thanksgiving Day, the offer was accepted. She cried when I called her and gave her the good news. Her daughter drew a picture of the home and gave it to me on the closing day. She wrote, “Thank you, Tim, for the home! I love it.” To this day, it is my most cherished gift from a client, and it is displayed above my desk.
—Tim Mock, CRS, GRI, Coldwell Banker Howard Perry and Walston, Raleigh, N.C.
Bringing Home the Bacon
I was showing a home, and while my clients and I were in the living room, we heard a horrible squealing noise coming from the back of the house. We turned around, and down the hallway came a potbelly pig charging right at us! That pig chased us right out of the house.
—Donna Santa Maria, GRI, U.S. Realty Group, Newport Beach, Calif.
“Do you have a crazy or funny story from your experience as a Realtor®?“ Email it to dave@slrealtors.com. Reprinted from Realtor® Magazine Online, July 2024, with permission of the National Association of Realtors®. Copyright 2024. All rights reserved.
Retention Series: One Size Does Not Fit All
What value can brokers provide to agents who are already at the top of their game?
By Nicole Slaughter Graham
The risk of agents jumping ship is always on brokers’ mind. In recent years, as agent business models have evolved, brokers have had to think differently about retention, developing specific strategies for retaining high-profile salespeople, such as celebrity agents, solo producers doing at least 30 deals a year, and mega-team leaders. All these individuals require a brokerage that adds value to their already thriving businesses.
The question for brokers is what value can you provide to agents who are already at the top of their game? The answer, according to a panel of brokers, is partnership and connection. “You have to make connections like your life depends on it,” said Cindy Ariosa, senior vice president at Long & Foster in Towson, Md.
“There are multiple different markets inside your office,” said Kymber Lovett-Menkiti, regional director at Keller Williams Realty, Inc., District of Columbia. “Customize and personalize the training and the communities that you provide for them. Lean into being an individualized consultant.”
A Supportive Environment
Make sure your most visible agents know what you offer. You can be an invaluable partner, said Ariosa, whose company has long experience with high-profile agents, including an agent who operates what has become a mega-team. “We have a $2 billion agent,” she said. “The value proposition is that we’re a stable [company] and we have their backs.”
The brokerage makes the agent’s job easier by having his back legally providing the right tools so that his team can be successful.
“Legal and financial liability are still covered by Long and Foster. Accounting, forms, legal representation and licensing are still held under the brokerage, and the agent has full access,” Ariosa said.
For agents with celebrity status, the brokerage is a reliable helm that enables them to do what they do best: cultivate, grow and maintain their audience.
Room to Grow
Growth is a non-negotiable for top-level agents, the panelists agreed, but that doesn’t mean brokers should have to lose agents once they reach a certain level of success or renown.
“You can create ways for the agents to grow with you rather than grow out of you,” said Christina Pappas, vice president of The Keyes Realty in Miami.
That doesn’t mean giving top agents all the leads. “Celebrity agents might not be out there selling a bunch of real estate,” Pappas said, “and it’s important to know that that’s not what they necessarily want to do.”
For an agent with name recognition, growth might come in other forms, like community leadership or media opportunities. Instead of assuming what it is that these high-profile agents want, ask them. Put out that dreaded survey, and ask for honest feedback on your
value proposition and whether or not what you offer is meeting the needs of the agents under your wing.
For Long and Foster, giving team leaders the space to grow means giving them literal space, said Ariosa.
“We’ve started what we call A.E.L., which stands for Agent Enterprise Locations. These are smaller offices that are dedicated to these particular teams but are still part of our brokerage,” Ariosa said. “In this way, the team or group is in a standalone, isolated space where they can control the culture and build out their teams their way, but they still have all of the resources under the brokerage.”
Personalized Training, Services
Even if they don’t need the traditional assets a brokerage offers, even the most successful agents have room for improvement. Figure out what they need by showing interest in their business and asking questions about where they’d like training or mentorship.
Usually, what they need is pretty simple and easy to give, said broker-owner Whitney LaCosta, executive vice president at Coach, Realtors®, in Northport, N.Y.
The goal is to provide a tailored approach to meet the individual needs.
For instance, celebrity agents tend to have large social media followings and might benefit from audience management that a staffer could maintain. Or they
might need help navigating the legal aspects of what they can and cannot put out as content.
In turn, their large following can benefit the brokerage. “Use them as your influencers,” LaCosta said.
Celebrity agents have amazing social, and they have incredible lead-generation opportunities, so we partner with them,” agreed Lovett-Menkiti.
For the solo producer who has no interest in building a team or working with other agents, broker support might look like facilitating the time and space for roundtable discussions with like-minded peers.
“Put them in a room with other agents like them. Let them learn from each other—but you, as the broker, can be the one to provide the resources,” LovettMenkiti said.
In this way, Lacosta added, the broker is always leading the agent back to the brokerage and showing the agent that the brokerage provides their business with resources to grow.
Ariosa said that Long and Foster host an annual retreat for their top 100 agents. During these three-day events, the agents have the opportunity to learn from one another in an environment that feels safe and inviting. They aren’t worried about what others might think of their success because they’re surrounded by agents who are performing at the same level. The growth and masterminding is invaluable to them, Ariosa said.
We have 10,000 agents and our top 100 producers represent around $6 billion in revenue. This retreat is a huge resource for them and reminds them that we’re here to help them succeed.”
Help Team Leads Anticipate and Solve Problems
As teams grow, so do the problems they face. Many of
those problems are very familiar to brokers. “You can predict their next pain point because you’ve already lived them as a broker,” Lovett-Menkiti said.
A team leader might face declining profitability, legal issues or having team members recruited by other brokerages. Since the team model is a business inside of a business, these issues, typically the worries of the broker-owner, may become become top of mind for team leaders.
“When you can predict for them what’s going to happen next, you become the adviser they need,” Lovett-Menkiti continued.
Capitalize on that momentum by having one-on-one conversations with team leaders and helping them determine what they can do now to stave off future issues. Teach them how to communicate their own value proposition to their teams. Show them how to look at profit margins and current market trends to create a plan.
And don’t forget to give them a role in brokerages decisions. Pappas brings the youngest and brightest to the table to help with strategy development. “We put all of the under 30s in a room together and let them lead. We use their knowledge [of social media and online marketing] to build strategy that in turn helps everyone else.”
By doing so, Pappas not only empowers agents, giving them a stake in the future of the brokerage, but also keeps a finger on the pulse of their needs.
Nicole Slaughter Graham is an independent journalist and consulting editor with Realtor® Magazine. Reprinted from Realtor® Magazine Online, January 2023, with permission of the National Association of Realtors®. Copyright 2023. All rights reserved.
NAR Members Blanket Media With Pro-Consumer Messaging
As changes in the real estate industry take hold, NAR members have stood at the ready to offer answers for buyers and sellers.
By Stacey Moncrieff
Members of the National Association of Realtors® launched a full-court press over the past two weeks to address the question on the lips of national and local news media around the nation: What do the practice changes in residential real estate mean for consumers?
On Aug. 14 alone, four NAR members—President Kevin Sears, Vice President of Advocacy Nate Johnson, Leadership Team Member Vince Malta and Regional
Vice President Jennifer Stevenson—participated in interviews that resulted in 311 airings and reached an audience of more than 10 million as part of a virtual media tour. One news story at a time, they worked to:
• Give consumers an accurate picture of the practice changes;
• Stress the importance of transparency and choice in a real estate transaction;
• Reinforce the skill, knowledge and integrity that real estate agents who are Realtors® bring to the buying and selling public; and
• Establish facts.realtor as the single source of truth on the proposed NAR settlement and resulting practice changes.
The practice changes, which went into effect Aug. 17, are part of NAR’s proposed settlement to end class action litigation brought by home sellers concerning real estate commissions. Although the settlement doesn’t prohibit offers of compensation, they are no longer permitted on multiple listing services. In addition, before they tour a house with a buyer, buyers’ representatives are now required to get a written agreement that specifies their services and
the compensation that they and their buyer have agreed to.
The Blitz
The Aug. 14 virtual media tour represents only a small fraction of NAR’s communications and outreach since the proposed settlement was announced on March 15.
In the weeks leading up to the Aug. 17 practice change implementation date, in addition to communicating almost daily with members, NAR conducted media briefings; released videos, articles and podcasts to walk through the implications of the practice changes; and created consumer-focused content for use by members.
As the implementation date approached, the association’s outreach went into hyperdrive, as NAR
members did interviews with a wide range of major national outlets, including The Associated Press, USA Today, Marketplace, The Washington Post, ABC’s “Good Morning America,” The Wall Street Journal, CBS Weekend News, Fox News and CNN.
In addition, Sears and NAR CEO Nykia Wright appeared on the popular “Real Estate Insiders Unfiltered” podcast, hosted by NextHome’s CEO James Dwiggins and Chief Strategic Officer Keith Robinson. And, along with the rest of NAR’s 2024 Leadership Team, the two have taken the stage at event after event to talk about the proposed settlement, the practice changes and the road ahead.
Not only that, but members across the country are amplifying NAR’s messages.
In the San Francisco Bay area, NAR Regional Vice President Jennifer Branchini talked with The Daily Journal of San Mateo, a story that led to an interview with the local CW affiliate, KRON4. Both pieces gave Branchini an opportunity to share positive messaging around the practice changes. As she told KRON4, written buyer agreements will aid in “understanding the role and responsibility that you as an agent are taking on with a buyer and also the role and responsibility of the buyer.”
In Des Moines, Iowa, broker Erika Hansen told the local ABC affiliate, We Are Iowa, that she has been educating buyers and sellers about the changes for months. “The buyer’s agreement has always been an option. It’s always been out there,” Hansen said. “It’s really meant to bring transparency as to what my duties to you are and how I’m going to help you through that process.”
Branchini and Hansen are among the nearly 800 Realtors®, members of NAR, who have signed on as advocates—or “surrogates”—in a grassroots initiative that kicked off in May. Surrogates receive weekly updates from NAR. In turn, they share regular posts on social media, take questions from reporters, and submit op-eds to their local newspapers. Many surrogates are participating in forums and creating their own content, helping fellow agents navigate the practice changes and reinforcing the role of real estate brokerage professionals in a process that for most consumers is the most important financial transaction of their lives.
The surrogate program can leverage content produced by one member or association for the benefit of others. For example, in May, the California Association of Realtors® President Melanie Barker posted an open letter to consumers that appeared in nearly 40 California newspapers, from the Los Angeles Times to the California edition of the Journal. That initiative has now been picked up and adapted by others, including the New York State Association of Realtors® and the Illinois Association of Realtors®.
Why Outreach Matters
Realtors® who have made a commitment to educate the public and their peers are making a difference in the court of public opinion, said Sears, a broker from Springfield, Mass. “It’s critical that we tell our own story,” he said. “Not only does it humanize our hardworking members and our industry, but it helps us separate fact from fiction.”
During one five-minute segment with morning anchors in Portland, Ore., Sears was able to explain the changes, mentioning a coming law change in the state regarding written buyer agreements and setting the record straight after hearing one of the anchors mention an “industrywide” rate.
“I’ve been in business since 1994,” said Sears, “and I know, for at least the last 50 years, there has been no standard commission. Commissions have been negotiable the entire time that I’ve been in business.”
During a CNN interview, Jennifer Stevenson, a broker from Ogdensburg, N.Y., was asked by CNN anchor Victor Blackwell about whether there was a relationship between buyer broker’s compensation and the likelihood that a home would be shown or sold. Stevenson swiftly dispelled this idea, saying, “I will tell you that in 35 years of selling real estate, I have never, never made a decision on what home to show a buyer based on what commission I was receiving. When that buyer becomes a client, I owe them a fiduciary responsibility to find the best home for them at the best price and terms that they can afford—not what I will earn.”
Turning the Story
By telling their story, NAR members can help change the tenor of the conversation, said Mantill Williams, vice president of public relations and communications for NAR. Indeed, over the last two weeks, members around the country spread positive messages about the way the practice changes would empower consumers with clarity and choice. They also made clear that agent compensation was not the cause of today’s affordability woes.
“The National Association of Realtors® tells us that the most important factor to make housing more affordable is building more inventory,” ABC News correspondent Elizabeth Schulze said in her “Good Morning America” segment. “Bottom line: Still too much competition for too few homes.”
Stacey Moncrieff is executive editor of publications for the National Association of REALTORS® and editor in chief of REALTOR® Magazine. Reprinted from Realtor® Magazine Online, August 2024, with permission of the National Association of Realtors®. Copyright 2024. All rights reserved.
JULY 2024
Median Price of Salt Lake County Single-Family Home Climbs to $649,000
The median price of a single-family home sold in Salt Lake County in July reached $649,000, just shy of the record $650,000 set in May 2022, during the pandemic-driven home-buying surge.
In early 2022, the Federal Reserve’s interest rate hikes caused mortgage rates to spike, leading to a cooling in housing prices. By January 2023, the median price for a single-family home in the Salt Lake area had fallen to $535,750. However, since then, prices have steadily increased almost every month.
The median price for multi-family homes in July rose to $420,000, a modest 0.48% increase from the previous year.
Salt Lake City’s thriving job market and outdoor lifestyle have attracted people from across the country. In 2023, The Wall Street Journal and Moody’s Analytics named Salt Lake City the nation’s hottest job market among 380 metro areas. This influx of homebuyers has led to increased sales as the housing inventory continues to lag. In July, 1,102 homes were sold in Salt Lake County through UtahRealEstate.com, up 3.28% from 1,067 units in July 2023.
Homes in Salt Lake County typically stayed on the market for 27 days in July, compared to 17 days in July 2023. Nationally, homes remained on the market for 24 days in July, up from 22 days in June and 20 days a year ago.
Nationally, first-time buyers made up 29% of home purchases in July, unchanged from June but down slightly from 30% in July 2023. According to NAR’s 2023 Profile of Home Buyers and Sellers, the annual share of first-time buyers was 32%.
Total existing U.S. home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – rose 1.3% from June to a seasonally adjusted annual rate of 3.95 million in July. Year-over-year, sales fell 2.5% (down from 4.05 million in July 2023).
“Despite the modest gain, home sales are still sluggish,” said NAR Chief Economist Lawrence Yun. “But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.”
All-cash sales accounted for 27% of July transactions, down from 28% in June but up from 26% in July 2023. Investors or second-home buyers, who make up many of these cash sales, purchased 13% of homes in July, a decline from 16% in both June 2024 and July 2023.
Distressed sales, including foreclosures and short sales, remained minimal at 1%, virtually unchanged from the previous month and year.
“Consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.”
Lawrence Yun
Chief Economist National Association of Realtors®
Salt Lake County
Pamela Abbott
Barton Allan
Judy Allen
Suzanne Allred
George Anastasopoulos
Brent Anderson
Clay Anderson
Diane Anderson
Kay Ashton
Sue Avalos
Margaret Averett
Laurence Bailess
Les Bailey
Brent Barnum
Veda Barrie-Weatherbee
Edward Belka
Ken Bell
Raymond Bennett
Richard C. Bennion
Steven Benton
Michael Black
Gregg Bohling
Russell Booth
Virginia Bostrum
Robert Bowles
Mary Ann Brady
Janet Brennan
Steve Brown
Stephen Bryant
Barbara Burt
Hedy Calabrese
Gregory Call
Tracey Cannon
Julie Carli
Carol Cetraro
Scott Chapman
Garn Christensen
Brian De Haan
Babs De Lay
Lynn Despain
Jerard Dinkelman
Darlene Dipo
Sally Domichel
Rebecca Duberow
James Dunn
Randy Eagar
Carol Edgmon
Douglas Edmunds
Michael Evertsen
Bijan Fakjrieh
Alan Ferguson
Jack Fisher
Gale Frandsen
David Frederickson
Howard Freiss
Brent Gardner
Heidi Gardner
Paul Gardner
Linda Geer
Sheila Gelman
J. Carolyn Gezon
Larry Gray
Richard Grow
D. Brent Gudgell
Klaire Gunn
James Haines
John Hamilton
Mark Handy
Grant Harrison
Stephen Haslam
Michael Hatch
Thomas Haycock
Bill Heiner
Jeffrey Helotes
Blake Ingram
Kent Ingram
Esther Israelson
Jackson Jensen
Kevin Jensen
Ron Jenson
Jeffrey Jonas
Steve Judd
David Kenney
Kay Kenyon
Henry Kesler
Douglas Knight
Peggy Knight
Wayne Knudsen
Karl Koenig
Randall Krantz
Leah Krueger
Kathryn Kunkel
Gary Larson
Teresa Larson
Vann Larson
Michael Lawrence
Clark Layton
Shauna Leake
Kaye LeCheminant
Daniel Lindberg
Michael Lindsay
Martin Lingwall
Mildred Llewelyn
Don Louie
Ted Makris
Margaret Malherbe
Al Mansell
David Mansell
Dennis Marchant
Susan Mark-Lunde
Paul Markosian
Margene Wrigley
Henry Youngstrom
Elizabeth Memmott
Uwe Michel
Gordon Milar
Kyle Miller
Preston Miller
David Moench
Richard Moffat
Gary Monk
H.Craig Moody
Randal Moore
Thomas Morgan
Thomas Mulock
Charles Mulford
Melanie Mumford
Jacqueline Nicholl
John Nielson
Michael Nielson
Robyn Nielson
Van Nielson
Victor Oishi
Joseph Olschewski
Brent Parsons
Joan Pate
Yvonne Pauls
Derk Pehrson
Douglas Pell
Robert Plumb
Noel Quinton
Helen Rappaport
David Read
Jerry Reed
George Richards
W. Kalmar Robbins
Stan Rock
Emilie Rogan
Elizabeth Smith
Kenneth Smith
Rick Smith
Skip Smith
Jeffrey Snelling
Lorenzo Spencer
Kenneth Sperling
Anna Grace Sperry
Robert Spicer
Trudi Stark
Lee Stern
Sandra Straley
Gary Strang
John Strasser
Kevin Strong
Thomas Swallow
Sonny Tangaro
Joan Taylor
Rosanne Terry
Martin Vander Veur
Craig Vierig
Peter Vietti
Hilea Walker
H. Blaine Walker
Richar dWalter
Dana Walton
Sally Ware
Jerry Webber
William Wegener
David Weissman
Jeffrey Wells
Wayne Whetman
Jeff White
Darlene Whitney-Morgan
Clayton Wilkinson
Thomas Wilkinson
Kimball Willey
Byron Christiansen
David Clark
Deborah Clark
Terry Cononelos
Jeffery Cook
Philip Craig
Dan Davis
Robert Davis
Marvin Hendrickson
Terry Hill-Black
Lynda Hobson
Ted Holmberg
Sheryl Holmes
Rhys Horman
Carol Howell
Gary Huntsman
Ronnald Marshall
Susie Martindale
Christopher McCandless
Curtis McDougal
Miriam McFadden
John McGee
Russell McKague
Andrew McNeil
John Romney
Marie Rosol
Christopher Ross
David Sampson
Mark Schneggenburger
Gary Shiner
Jeff Sidwell
Debra Sjoblom
Douglass Winder
Robert Wiskirchen
James Witherspoon
Linda Wolcott
Cynthia Wood
Sherrill Wood
D.R. Horton is an Equal Housing Opportunity Builder. *Amount represents total broker commissions paid by D.R. Horton for the calendar year 2023. **To be eligible to earn a commission, broker must hold a valid Utah real estate license as of registration and as of buyer close of escrow. Broker must (i) accompany buyer on buyer’s first visit to the community and register buyer as his/her client during that first visit, or (ii) call or email the D.R. Horton sales agent at the community to register buyer as his/her client prior to buyer’s first visit to the community. The broker commission is up to 2.5% of the purchase price of the home; provided, however, in no event shall the compensation paid by D.R. Horton exceed the amount provided for in the written agreement between broker and buyer. Commissions are earned and paid at closing. Offer subject to change at any time without notice. Please consult a D.R. Horton sales agent for complete details.
