REAL EST CHANGIN AND WE’ TAKING S THE CRED Real estate has changed forever. The new normal means your business has to offer multiple, specialized real estate solutions for the housing economy. WELCOME TO SPECIALIZATION IN THE HOUSING ECONOMY SHE IS CHANGING REAL ESTATE.™ Join NAWRB in moving real estate and the housing economy forward.
»
SHE.
TATE IS NG. ’RE SOME OF DIT.
SPECIAL REPORT
12 CONFERENCES FOR 2012 REVIEWS & OVERVIEWS
12 18 WHAT WE LEARNED IN 60 SECONDS
CONTRIBUTIONS 35
37
39
SET YOUR SHORT SALE TO BEAT THE TAX EXEMPTION DEADLINE
APPS YOUR BUSINESS CAN’T LIVE WITHOUT
CONFERENCE ROI By Heidi Robinson
By Heather Gustafson
By Jen Lenz
ADVERTISERS 24 30 30 32 32 36 39 40 40 40 49
1 | N Magazine
HousingWire Magazine Desirée Patno Enterprises, Inc. Blackwood Team Realtors Cerreta Realty Unique Internet Realty DSNews No Paws Left Behind Northwest Network Group Exit Realty Associates My Short Sale Guru’s Guide PCV/VRM
UPDATES 8 9 11 19 21
23 29 31 33 41 47
Insider Hotel & Airline Tips The Plane Truth App Mapp Speaker Diversity CEO Center(fold): The Desert May be Dry, But Business is Blooming | Brandy Nelson Talks About Industry Challenges and How She Meets Them Head On Interview | Cheryl Travis-Crawford NAWRB Reviews | Books & Film Speak, Write, Attend & Network NCrowd Put it in Your Purse For Under $40 NConclusion
MAGAZINE VOLUME 1/ ISSUE 2
5
FEATURES
WOMEN AND MOBILITY
27 Published by
Info
NAWRB
34 Executive Park Suite #260 Irvine, CA 92614
Editorial Cade Holleman Cade.Holleman@NAWRB.com
E-mail Nmag@NAWRB.com
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Vincent Forsang Vincent.Forsang@NAWRB.com
949-559-9800
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LETTER FROM THE EXECUTIVE DIRECTOR Are you ready? The optimism of spring
While you’re on the road or plane, we’ve
this year has a few helpful friends.
featured some products, apps, and
Unemployment continues to drop,
compiled other information to help you
programs are being rolled out and retooled
better run your business, your family,
to help housing, and the stock market
and yourselves. We’ve also rounded the
finally seems bullish on recovery. And it’s
magazine out with some new permanent
an election year so we all know that means
sections. Brandy Nelson is our first featured
big talk but cautious, at best, action.
member in the new CEO Center(fold) while four other members exchange advice
What’s clear is that your business will
in the N Crowd, and NAWRB National
change fundamentally by the end of this
President Desirée Patno offers an editorial
year. And to survive the transition and
outlook on the back page, N Conclusion.
acquire or hone the skills you’ll need to do that, you’re going to have to hit the
In this new and uncertain year, here’s what
pavement in 2012, ladies. To help you
we know: real estate has changed forever.
do that we’ve put together a list of 12
The way forward requires specialization
conferences for 2012 that women should
in the housing economy, SHE. And that’s
consider. This way, when you’re ready to
something we’ve known at NAWRB for a
spend those hard earned dollars, you’ll
long time.
be better informed to spend wisely and choose appropriately.
»SHE is changing real estate.™
Cade Holleman NAWRB Executive Director
4 | N Magazine
THE WAY WE THINK OF WOMAN TODAY HAS C MOBILITY, TECHNOLO WOMEN AND MOBILITY
F THE WORKING CHANGED: FLEXIBILITY, OGY, FAMILY Over the last 40 years the make up of the business
U.S. Economic Census claims that 25% of real estate
world has changed. Not only do women shine in
firms are owned by women, and the numbers are
education and advocacy, but the rise of women and
only rising when it comes to female executives in the
flexibility in the work environment have impacted the
industry. Women are taking positions not only in real
way we think of the working woman today. There is
estate, but branching out into housing finance jobs that
a continuous movement upward as women work to
affect reform of financial laws, credit rating agencies,
manage their professional and personal lives in a fast-
and corporate governance on executive compensa-
paced world of change. In 1972, the innovative fashion designer Diane von Furstenberg first introduced the wrap dress to cater to professional women who needed easy to wear, stylish,
RECOVERY IN THE HOUSING ECONOMY REQUIRES THE SKILLS OF WOMEN
and flattering clothes
tion practices. The 2011 Catalyst Census, a nonprofit report that focuses on increasing opportunities for women, confirmed that women hold 14.1% Executive Officer positions and 7.5% Executive Officer top earner positions.
designed for work. According to the Census Bureau,
Yes, women still lag in leadership positions overall,
only 5% of businesses were owned by women in 1972.
but they are increasingly influential in specialized real
The flexibility and practicality of the wrap dress was
estate services.
created to fill a void in the market and embody the literal essence of women in business. Today, women
Women should keep their fingers on the pulse of
have profited from this progress and own roughly 40%
legislation in pursuit of more business opportunities.
of American businesses.
The Dodd-Frank Act, Housing and Economic Recovery Act (HERA), and the Women-Owned Small Business
How can women in the real estate industry capitalize
(WOSB) Procurement Program, which all relate directly
on the movement they have experienced over the last
to the real estate industry, are just a few examples of
40 years? Often women begin their real estate careers
legislation directly impacting women business owners
with loan origination, but statistics show they increas-
in real estate. The WOSB Procurement Program imple-
ingly evolve to leading positions every year. The 2007
mented last year, for instance, is a tool the government
6 | N Magazine
can use to meet its goal of 5% of contracts be awarded to women-owned buisnesses. NAWRB coalition partner, Women Impacting Public Policy (WIPP), who played an instructive role in implementing the legislation, urges federal agencies and women business owners to work together to fully utilize the program. The goal is to award prime contracts to women-owned firms and stimulate economic growth. At press time, legislation had just been introduced to
5% WOMEN-OWNED BUSINESSES IN 1972 40% WOMEN-OWNED BUSINESSES TODAY
retool the program in order to put it on more equal footing with other set-aside programs. The new legislation would allow sole sourcing and remove contract dollar caps. The gap between men and women is closing fast when it comes to women-owned businesses. Research from the Small Business Administration found gender did not affect new venture performance, but factors like
30% OF SPEAKERS ARE WOMEN AT REAL ESTATE INDUSTRY CONFERENCES 60% WOMEN ATTENDEES AT REAL ESTATE INDUSTRY CONFERENCES
expectations, reasons for starting the business, motivations, opportunities sought – does vary and make the outcome of success different between men and women. One reason why influential women succeed
WOMEN HOLD 14.1% EXECUTIVE OFFICER POSITIONS
in real estate and debt markets is because they have a more conservative risk assessment when potential returns are greater, than men. Women also multi-task more efficiently, which translates into successfully
88% WOMEN EXECUTIVE OFFICERS ARE MOTHERS WITH 2.5 CHILDREN
managing a business and family simultaneously. Let us not forget that 88% of top earning executive women are either married, mothers with two children, or both. In short, a recovery in the housing economy requires the skills of women: a healthy understanding of risk and a solution-driven ability to manage multiple prob-
Much like the wrap dress, powerful business women
KEEP TRACK OF:
have a knack for being prepared with the ability to pre-
DODD-FRANK
lems.
dict what will give them an edge. Fifty percent of business travelers are women. Travel for women business owners can be complicated, whether it is for managing business, movement upward in career, or family. Knowing the destination or city can make a vast difference when it comes to developing business in specialized real estate services. Women business owners are always contributing to the economy and the housing industry with education, networking, and the skills to make informed business and career decisions.
7 | N Magazine
THE DODD–FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT
HERA HOUSING AND ECONOMIC RECOVERY ACT
S.2172 FAIRNESS IN WOMEN CONTRACTING ACT OF 2012
WOSB THE WOMEN-OWNED SMALL BUSINESS PROCUREMENT PROGRAM
INSIDER HOTEL & AIRLINE TIPS Earn Earn Rate tells you how many “rewards miles” you get for every flight. Often, airlines will give more rewards miles for more expensive flights, all else equal, as in first class compared to business class. A quick rule of thumb is to shun programs that offer less than 1 to 1 rewards for actual miles.
VS. Burn
KNOW YOUR HUBS Most major airlines use what is known and a hub-and-spoke system. What this means for you is that airfare to hub cities are typically cheaper, sometimes by $50-150, compared to smaller neighboring airports. If your destination is nearby, consider flying to a hub.
20 PERCENT Your bag should only be 20% of your body wieght. This will make life much easier when an airline changes your gate from A-1 to F-5 on the other side of the airport.
Burn Rate, also known as the
BOOK YOUR ROOM AT DINNER TIME Hotel rooms are less
redemption rate, tells you how many
expensive in the evening. Hotels typically clear out
“reward miles” you need to redeem a
no-shows between 4:00-6:00 pm AND more willing
free ticket or an upgrade. Make sure
to offer these rooms at bargain rates. Research the
you understand exactly how the rate is
cancellation times for the hotels you are considering
calculated; often it has nothing to do
and plan accordingly.
with actual miles.
KNOW WHEN SALES ARE ANNOUNCED The best time to buy your airline ticket is the afternoon of the day after the sale is announced, which is usually a Monday.
ONLINE BOOKING SITES There are no rooms on these sites that aren’t available from the hotel directly. As a rule of thumb, know hotels can pay up to 30% to online booking sites, so when negotiating, have in mind a price around 20-25% less than advertised on the third-party sites.
1st
Bag
Delta Airlines
JetBlue Airlines
2nd
Bag
$25
$35
first 3 bags free in Business Class
$150 for each additional bag
$25
$35
first 3 bags free in Business Class
$150 for each additional bag
Free
$40
Overweight Bags
50-70lbs
$100 $90 $50
$75 for each additional bag
Southwest Airlines
United Airlines
Virgin America
Free
Free
first 2 bags are free
$50+ for more than 2 bags
$25
$35
first bag free as an Elite Member
$100 for each additional bag
$25
$25 $25 for each additional bag
9 | N Magazine
$50 $100 $50
In-flight
WiFi Free
Women business owners can still earn Business ExtrAA frequent flyer miles even when using her company’s information and catch up on emails in the Admirals Club lounge
$12
First and Business Elite Classes offer the busy traveler in-flight snacks, drinks, and alcoholic beverages for free
N/A
Receive a complimentary “Snooze Kit” and “Eye Opener” to unwind on the plane, and follow @JetBlueCheeps on Twitter for great last minute deals on flights
Available mid-2012
$5
Take the time to follow up on contacts made at the conference and volunteer to move your flight for a bonus of $100-300
$13
Complimentary seat upgrades for Elite Members can be welcome to busy women eager to get home to their businesses and families
Free
Enjoy satelite TV in- flight in a modern and trendy cabin, including purple and pink lighting with red accents
Download these free apps to any smartphone or tablet device. They can help you and your staff stay better connected and work more efficiently. Available on iTunes or Android Marketplace (now google play).
GATE GURU Link with TripIt, a travel itinerary planner, to give you real-time flight statuses, notices of flight changes, and keep track of security wait times. This app also offers a full list and location of eateries, shops, and services in whichever airport you’re in.
EXPENSIFY Make your expense report a breeze during business trips. Keep track of all expenses, driving mileage, sync your credit cards for easy input, and even take a picture of a receipt. The report is made on a PDF file and can be emailed or shared at anytime.
EKEY With the purchase of the Supra real estate system, you can control your lockbox and Supras from your phone. Receive listing keys, track key boxes, remove key box from listing, change shackle code, and send wireless updates.
HOOTSUITE
Manages multiple social media platforms at once and
update statuses to all of your sites, including Facebook, Twitter, Google+, and LinkedIn. If you’re going to be out of town, at a conference, or in meetings, you can pre-schedule updates, statuses, and tweets.
11 | N Magazine
By
March,
the
year’s conference
performers, we’ve indicated some winning categories: Members’ Choice, Staff Pick and Miss Diversity.
schedule is in full swing. Choosing
Each conference has a Who Should Attend key. Many
the right events
NAWRB member businesses have an interest in attend-
to
your
ing a variety of events so we’ve used this key to help
business is a major investment, and measuring the re-
build
you figure out which conferences are targeting your
turns can sometimes require mathematical wizardry.
business. We understand that growing your business
NAWRB has compiled a list of conferences, 12 for
and building relationships requires face time and a va-
2012, to be exact, that we’ve reviewed for a variety of
riety of conferences should be on every woman’s radar.
reasons. Many of the conference planners host multiple
That’s what we’ve aimed to do here: show you the who,
events and we’ve included some information on those
what, when, where, why, and how much.
as well, taking the total number of events featured on these pages to 21.
The WOMEN icon indicates a conference that is not necessarily for women only, but a national event that
Over a period of three months, we interviewed our
has specifically targeted women either through a pan-
members over the phone and used our 6 Questions/60
el topic, recognition program, or support of a NAWRB
Seconds survey results —and staff opinions plus pub-
#WomenBizOwners Working Event. Also, we’ve listed
licly available data— to score the 12 featured events on
the conferences in no particular order and placement
major components important to a woman’s successful
does not indicate competition or preference. For a more
conference experience: speaker diversity, education,
complete picture of how we arrived at our conclusions
third party events, expo hall, and overall value. For best
see page 18.
12 | N Magazine
FIVE STAR
DS/RE
REO EXPO
The Great Debate
Where Business Gets Done
The Five Star Conference is notable for its size
REO Expo, a three year old upstart, has quickly
(largest) and offerings (again, largest). For 2012,
grown into a major contender faster than most
Five Star has overhauled its educational offerings
expected. What’s notable here is the Pinnacle
and will be hosted at the same venue as last
Awards, where agents and brokers vote on
year’s, Dallas’ Hilton Anatole (don’t pronounce
servicer/outsourcer performance over the past
the e). Five Star is known for its major keynotes
year. Year after year, this event continually
like former President George W. Bush and the
improves in speaker diversity and women-
scope of its offerings including certification, train-
specific topics. The expo hall is big, but not
ing, and numerous third party events. Five Star
the biggest, and the convention center layout
is a very consistent brand and many attendees
seems a bit disjointed when moving from ses-
are regulars.
sion to session.
June 12-15
$$$
$$$
*starts at $795
*starts at $895
Dallas, TX
Fort Worth, TX
9 8.5 GOV. FORUM
Washington | Mar. 6 *2012 Details TBA
13 | N Magazine
VA LU E LL RA OV E
AT I ED UC
EV E
HA PO EX
NT S
LL
ON
VE DI R KE
9.5 8.5 9 8.5 9 RELATED EVENTS
RELATED EVENTS MPACT
SP EA
RA OV E
AT I UC
LL
ON
7 10 8
ED
NT S EV E
PO EX
SP EA
KE
R
HA L
L
DI
VE
VA LU E
RS
RS
IT
IT
Y
Y
September 5-7
RETHINK
Palm beach | Mar. 21-23
REPERFORM
*Details TBA
MPACT
SERVICING/POLICY
RETHINK
Mortgage Banking Made Cool Again
Knowledge in motion
This origination and servicing conference debuted last year, with many positives. A monthly print magazine and daily e-mails support this Five Star-branded event, and they recognized women industry leaders—which we value, a lot. The keynote was typical Five Star fare, Condoleeza Rice. The only real drag here was the timing, the week after Thanksgiving, a less-than-ideal time to travel price and convenience wise.
REthink is a third year show that is contentdriven and from what we’ve seen, fairly progressive. Although staff hasn’t secured invites in previous years, word on the street is positive, but for a policy event it’s ironically never held in D.C. Note: previously this event has been invitation-only. For 2012, it seems planners have loosened up a bit, but they’re still keeping a tight lid on who can go. REthink comes with a hefty price tag and you’ll only hear from one woman in the 2012 line-up.
TBA
March 21-23
$$
$$$$$
*starts at $595
*starts at $1,495
Dallas, TX
Palm Beach, FL
RELATED EVENTS FIVE STAR
RELATED EVENTS GOV. FORUM
REO EXPO
Washington | Mar. 6
Dallas | Sept. 5-7
REPERFORM
*Details TBA Dallas | June 12-15 14 | N Magazine
TRADE GROUP
REOMAC
NAHREP
Spring Education Summit & Expo
Real Estate & Marketing Conference
Yes, REOMAC holds two events a year but
Last year, NAHREP and AREAA went their
we’re focusing on the spring event. Attendance
separate ways to host independent national
has dropped dramatically at REOMAC annual
conferences and we got a lot of value from each.
events, but don’t count this grandfather of
The expo hall needed major attention, but the
non-profit trade associations out just yet. They
education was above par. A panel on Latinas
attempted a complete overhaul of the fall sum-
was particularly insightful and NAHREP did a
mit in 2011, and the upcoming spring summit is
great job on location and additional events.
education-lite (only four sessions down from 15
We found a lot of value in the NAHREP Annual
in 2010), but there’s still a lot of industry faith
Report available at the conference and that was
in this brand. In this case, we’re hoping an old
the icing on the educational cake here.
dog can learn some new tricks.
October 6-9
$$$
$$$
*starts at $575
*TBA
Palm Desert, CA
Los Angeles, CA
7 6.5 8
8 7.5 REOMAC DINNERS
NUESTRA VOZ
15 | N Magazine
Washington, D.C. | Mar. 21-23
VA LU E LL RA OV E
UC AT IO ED
EV E
NT S
LL HA PO EX
5
*Multiple Cities Hollywood, FL | Oct. 3-6
N
VE DI R KE
8
RELATED EVENTS
RELATED EVENTS REOMAC FALL
SP EA
LL OV ER A
CA TI ON ED U
EV EN TS
HA PO EX
SP EA
KE
R
LL
DI
VE
VA LU E
RS
RS
IT
Y
IT
Y
March 18-21
9 8.5 8
TRADE GROUP
AREAA
MBA
National Convention
Multiple Annual events
AREAA, like NAHREP, hosted it’s own national
The Mortgage Banker’s Association puts on a
conference last year and 2012 plans remain the
series of events every year covering advo-
same. AREAA’s conference wasn’t the largest,
cacy, technology, fraud, secondary mortgage
but it really packed a punch. One word describes
markets, commercial, regulatory compliance,
AREAA’s 2011 performance: access. Industry
and numerous others. Some MBA events come
leaders and the big four banks were considerably
with a serious price tag so keep that in mind.
more accessable here than other events. Offsite events were good but not NAHREP quality, and we’re glad they’re taking this year’s event back to budget-friendlier Las Vegas.
Multiple dates
$$
$$$$$
*starts at $349
*multiple price points
Las Vegas, NV
Mulitple cities
7
6 6.5 8
LL OV ER A
CA TI ON ED U
EV E
NT S
HA PO EX
SP EA
KE
R
LL
DI
VE
VA LU E
RS IT
Y
September 23-25
7
RELATED EVENTS GLOBAL RE SUMMIT
New York | April 1-3
16 | N Magazine
WOMEN-SPECIFIC/REGIONAL
WIPP
CMBA
Annual Leadership Conference
Western Secondary Market Conference
Women Impacting Public Policy (WIPP), a coalition partner with NAWRB,
Okay, California is in the name, but they actually focus on all the western
offers a national conference in D.C. every year with Hill visits and great
states, so don’t feel left out. This conference is now in it’s 40th year, by
introductory (and far more advanced offerings) on hot button issues,
far the oldest event reviewed here. We can say from experience, and
how Washington works, and most importantly: how women can do busi-
from member feedback, that this particular CMBA event has one of the
ness there. And if you’ve been under a rock since 2008, the people in
best reputations for real access and serious business growth strategies.
Washington, D.C. have a significant interest in the housing industry. We
CMBA also doesn’t come with the MBA price tag, but remember, it is
also enjoy their ongoing services, especially the training.
more limited in scope than national events.
June 12-15
$$$ *TBA
Washington, D.C.
NAWBO Start Something The association for women business owners no matter what industry you’re in. This is both a strength and weakness of NAWBO, but the commonalities of women business ownership can transcend industry barriers. Another positive is the trickle-down effect; you’ll get just as much value from your local chapter as you will national. We’re glad to see planners taking the event to the midwest where few national events are held, but we do have travel cost concerns.
Ocotober 4-5
$ *starts at $325
Louisville, KY 17 | N Magazine
July 10-12
$$ *starts at $595
San Franciso, CA
WHAT WE LEARNED IN 60 SECONDS SPEAKERS AND PANELISTS ARE MOST IMPORTANT TO WOMEN BUSINESS OWNERS. Regarding speaker choice, one respondent said "Not famous people, but real women business owners and how they handle the challenges of being a woman business owner." Other factors, in order of importance are: cost, location, and third party events. The least important factors to women were expo hall and theme.
WOMEN-ORIENTED NETWORKING EVENTS WOULD MAKE CONFERENCES MORE APPEALING. Additional comments included that "opportunities" and "concise financial strategies and partnerships" would encourage more women to attend industry events. Other ways to better appeal to women attendees are female-centric panel topics and more female panelists and speakers. However, more female attendees would not make a conference more appealing to women business owners.
WOMEN ARE OVERWHELMINGLY NEUTRAL WHEN ASKED TO RATE CONFERENCE PLANNERS' EFFORTS TO APPEAL TO WOMEN ATTENDEES. This indicates that
RANK AND FILE: WOMEN RATE INDUSTRY CONFERENCES 1. FIVE STAR CONFERENCE 2. NAR 3. NAHREP 4. REO EXPO/REOMAC SPRING 5. REOCON 6. REOMAC FALL/AREAA
women may not feel that industry conferences market to them specifically or understand the unique challenges their businesses face. We also see a broad opportunity for industry events to win women over by selecting more female panelists, targeting panel topics to their particular needs and concerns, and providing networking opportunities to build business relationships.
!
ABOUT THE SURVEY The statements made here are direct results from a survey conducted by the National Association of Women REO Brokerages (NAWRB) over a three month period and open to 1,200 female participants who are currently working in the housing economy and may have attended any combination of industry events. The results reflected here are taken directly from that survey and have not been modified in any way by NAWRB, its staff, or any other affiliated persons.
!
ABOUT THE REVIEWS
The statements made on previous pages are meant to provide a candid review of industry events based on participant, attendee, and member feedback and should not be construed as a recommendation to attend or not attend any particular event. “Rankings” used a combination of data publicly available on event websites and member/attendee feedback. Readers should keep in mind that each attendee’s experience will be different and to fully consider, vet, and research any conference under consideration.
18 | N Magazine
SPEAKER DIVERSITY NAWRB is tracking speaker diversity at major industry conferences throughout the year, and will issue a final report by late 2012.
News broadcasters,
Part of the NAWRB 2012 Strategic Plan & Vision is to
retailers, and
coordinate with national industry events to increase
advertisers all pay
speaker diversity from 30% to 50%. With diversity
close attention to
concentrated in certain parts of the country and
the demographic
inner cities where minorities are often the majority,
of their particular
companies have learned the importance of multicultural
product or
exposure and learning a group’s core values.
neighborhood—that is why it is important to
Conferences and events in the housing industry should
significantly increase the number of women
follow suit and understand their demographic: over
speaking at industry events because women, like
50% are women.
any audience, are interested in hearing from experts they can identify with. Currently, the majority of
NAWRB is tracking speaker diversity at major industry
REALTORS®, licensed brokers, and sales agents are
conferences throughout the year, and will issue a
women—roughly 58%. This number also translates
final report by late 2012. The project’s intention is
over to industry event attendance. Women make up
to increase the inclusion of qualified, expert women
a majority of attendees at real estate-related events,
business owners on the conference speaker circuit.
yet barely 30% of panel speakers are women, with
Tracking speaker diversity and issuance of the report
dramatically fewer female keynotes. The imbalance
will identify gaps where women are present but not
in representation is something the industry needs to
represented, suggest improvements to planners, and
urgently address and take under consideration as
better inform women as they seek out events to grow
2012 events are planned.
their businesses.
nearly 60% of real estaterelated professionals are women
barely 30% of speakers at real estate-related events are women
19 | N Magazine
Interested in speaking at a national conference, local board, or NAWRB event? Submit your résumé, one page biography, and headshot to info@NAWRB.com for consideration.
*Pricing subject to change
Brandy Nelson talks about industry challenges and how she meets them head on by Katherine Kang and Crescent Seward
Eight years ago Brandy Nelson began
kicks off. Nelsons says, “The conferences?
after parties, or staying an extra day to
her real estate career as a notary public
You have to go!” The best way to learn
enjoy the city alone together.
on the origination end. Now she runs the
about broader market trends is to interact
Coachella, CA-based Brandy Nelson
and network with decision makers and
“There are many obstacles for women
Team, a top producing Keller Williams
leaders directly. Nelson notes that she
business owners, but the way I think
team specializing in REO, Short Sales,
has never come back from a conference
about it is: don’t. The thing is, you can’t
commercial properties, and property
without meeting a pivotal contact or
think of it as a hurdle,” she assures us.
management.
discovering something new that she could
New women in the industry should feel
use in her business.
confident that if they educate themselves,
Nelson covers a vast and diverse amount
network with professionals in the housing
of ground, with residential properties from
According to Nelson, it is important for
economy, and gain experience —they can
$10K to multi-million dollar commercial
women business owners to network and
have the same outcome as Nelson. The
properties spreading across the desert.
work together because “We have a lot
industry is undoubtedly stressful for
to share with each other.” She says it
women business owners,
She says what sets her apart as a broker
is important to talk to each other about
but Nelson reminds us to
is her unique market and diligence: “I think
families and spouses at home because
persevere and focus on
I’m a perfectionist. I like everything to be
it is vital to remember their needs, too.
the people around you,
correct.”
Nelson balances her professional and
both professionally and
personal lives by periodically bringing her
personally.
We were excited to sit down with Nelson
husband to industry functions. They make
just before this year’s conference season
it enjoyable by attending open functions,
BRANDY NELSON
CONTACT BRANDY
Broker Associate, Keller Williams Broker/Owner, Nelson Realty
www.BrandyNelson.com nelsonreoteam@gmail.com direct | (760) 238-0552 fax | (760) 494-4795
KELLER WILLIAMS 47170 Washington Street La Quinta, CA 92253
21 | N Magazine
“THERE ARE MANY OBSTACLES FOR WOMEN BUSINESS OWNERS, BUT THE WAY I THINK ABOUT IT IS: DON’T.”
CHERYL TRAVIS-CRAWFORD Senior Vice President Vendor Resource Management Crawford is Senior Vice President for Vendor Resource Management (VRM). She is responsible for developing products and services for the mortgage servicing industry, identifying infrastructures to improve efficiencies for VRM customers, oversees the sales and marketing team to increase market share for VRM, and all of VRM operational units.
INTERVIEW “The mortgage servicing industry has been a part of my life since I was a child. My mother had a career in banking...”
list and sell homes successfully to stabilize values in communities. We established VRM U in order to help educate them on how to run a successful office as it relates to selling homes for corporate sellers, and tools they can use no matter the seller they are working for. VRM U is one of the most visible training programs in the industry. Where can brokers expect VRM U training to go in 2012? Online courses and ongoing
How did you start out in the industry? In originations,
webinars addressing specific market challenges or
then moved to servicing, then default servicing where I
procedural changes as it relates to VRM’s clients.
am today. We’re seeing some positive improvements in the Favorite thing about this industry: Homeownership
economy but it’s still very tough out there for many
and neighborhood stabilization.
Americans. Since VRM’s business, and our industry as a whole, is at the core of a housing recovery,
What is an interesting fact about you? The mortgage
what is VRM doing to impact communities and
servicing industry has been a part of my life since I was
families? We established PCV/VRM Seeds of Hope,
a child. My mother had a career in banking and I was
a nonprofit organization dedicated to philanthropic
the Home Savings and Loan scholarship recipient.
initiatives related to homeownership. We have worked with Operations Finally Home, VRM Donation Day for
VRM won three Pinnacle Awards last year: Best
Operations Once in a Life Time, Habitat for Humanity,
Overall, Best Listing Practices, and Best Closing
St. Philip’s School and other community centers, Angel
Process – Congratulations. How does it make the
Tree, North Texas Food Bank, and local homeless
VRM team feel knowing those awards come directly
shelters.
from the agent/broker community? It validates that we represent what we believe in and we see the awards
What’s your advice for women business owners
as an extension of what makes us best-in-class.
who are trying to manage their businesses, families, and selves while on the go? Do not allow the minority
23 | N Magazine
What would you say is VRM’s biggest success in
status to limit the amount of business you receive,
its broker relations? What is the most important
it should open doors due to the need for inclusion,
thing for VRM in a broker? The most important thing
but should never serve as a crutch to support under-
for a VRM broker is to know their market and how to
performance.
HOW CAN THE NAWRB MEMBERS MAKE SENSE OF THE REAL ESTATE ECONOMY? WITH AN EXCLUSIVE 20% DISCOUNT.
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HousingWire Magazine Making sense of the real estate economy.
THE DIY MOVEMENT HAS OUTGROWN REAL ESTATE. IT’S NEXT TARGET: PUBLISHING Self-publishing, a practice that started as “vanity
After Smith completed her manuscript, she was faced
publishing,” has become an industry norm and viable
with the task of publishing her work. Traditional pub-
option for emerging authors. Increasingly, authors are
lishing companies have drastically cut back on the
turning to publishing their own works instead of shop-
publication of new authors, going so far as to freeze
ping their manuscripts to publishing houses. In 2009,
the acquisition of unknown authors, so Smith decided
more than 70% of books published were self-published
to self-publish her book, My Short Sale Guru’s Guide
by the author.
to Healing and Financial Recovery for the Discouraged Homeowner.
Hundreds of thousands of books are dedicated to the various niches of real estate, and the need for manuals,
“I was pleasantly surprised at how straight forward the
how-to’s, and advice in the industry is booming. With
process was and novice-friendly when working with a
15 years experience in various real estate services, in-
reputable publisher, who helped with everything from
dustry veteran and attorney Renee Smith felt the need
my cover to editing,” comments Smith.
to write a book educating people of their options on short sales, foreclosures, and re-sale of their homes.
Another real estate veteran who opted to self-publish, Lynn Effinger, chose to circulate his auto-biography
Self-publishing allows the writer to control the entire
Believe to Achieve- The Power of Perseverance through
process from beginning to end, not just the written
CreateSpace because of their credibility as a company
word, but design, price, and marketing. The author has
associated with Amazon.
complete creative control over the book, and has the
27 | N Magazine
option to utilize a third-party self-publishing company
With over 30 years experience in the housing industry,
that assists the author in the processes of publishing
Effinger wanted an established company to assist in the
their book, including the option of purchasing editing,
process. Effinger told us, “CreateSpace offered a wide
marketing, or distribution services. Editing is extremely
variety of services, such as interior layout design, cover
important for the credibility of the work; an idea written
design, editing capabilities, distribution outlets, market-
well will only increase sales. Hire a company, indepen-
ing and public relations assistance, royalty programs,
dent contractor, or enlist friends and family for help.
affordability, and more.”
“By writing a book, I was able to reach so many more
Effinger adds, “Their extremely flexible self-publishing
people who need help and guidance than one by one
program can be customized to fit nearly any budget
with my practice,” says Smith.
and offers the opportunity for an author to choose
Effinger’s 10 Quick Tips: from a menu of services that exactly fit the needs of each author. You can select as many or as few of their
1
your book has commercial appeal as you seek a
services as you feel necessary to successfully publish
publishing company.
your book.�
2
Self-publishing allows the writer to control the entire process from beginning to end, not just the written word, but design, price, and marketing.
3
minimize surprises.
4
tual store, and are sold exclusively online because they
5
for last minute design changes.
6
Both Effinger and Smith agree flexibility in self-publishing is the allure, but editing, marketing, and distribution are equally important factors. They advise to be educated on the process of self-publishing, understand the specific industry and demographic of the book, and start writing.
Have an idea on layout and design features before you start working with the design team.
7
Editing can be expensive with the publishing company, so get input from others during this process.
goal when looking to market and sell a self-published works are about 100-150 copies.
Decide on the format such as paperback or hardcover, black and white or full color to lessen fees
tend to have very specialized topics. Have a realistic work because the average sales of self-published
Understand and be diligent on what is required of you by the self-publishing company.
sales targets. For either method, sales are important. Most self-published works do not make it into the ac-
Get advice from others who have self-published to help determine the right publishing company &
publishing is that the author determines the number of predetermined number for circulation and subsequent
Research the self-publishing entity you feel will best suit your specific needs.
The main difference between self- and traditional books to print, whereas traditional publishing requires a
Decide if self-publishing is the correct path, or if
8
Listen to negative and positive feedback, and be realistic in your assessment of the information given.
9
Realize your expectations for book sales because not all books are commercially successful.
10 Remember that self-publishing is an exciting adventure towards a laudable and rewarding goal.
My Short Sale Guru’s Guide
Believe to Achieve - The
to Healing and Financial
Power of Perseverance, is
Recovery for the Discour-
available through Amazon.
aged Homeowner is avail-
com, barnesandnoble.com
able through Amazon.com,
and other online book distrib-
barnesandnoble.com and
utors worldwide in paperback
other online book distributors
for under $15.00, and on
worldwide in hardback for
Amazon.com in Kindle format
under $30.00.
for $4.99.
28 | N Magazine
Books & Films
Have you read or watched something lately that impacted you? Share your thoughts with N Magazine’s editorial staff and readers. Send reviews to Nmag@NAWRB.com
WATCH IT OR READ IT
Freakonomics
by filmmaker Chad Troutwine Released in 2010 Freakonomics came off the coattails of the same-titled bestseller by economists Steven Levitt and Stephen Dubner. It’s a series of entertaining mini-documentaries that act as case studies about human behavior, business, and the way language is used to describe them. There’s commentary on the incentives that drive us, how our own names affect our lives and outcomes, and cheating. It’s specifically effective when filmmaker Chad Troutwine uses the Japanese term tatame to relate the surface illusion of purity in the sumo wrestling industry to CEOs in the financial industry. Check out the film, book, or if you’re interested in learning more about Dubner, he will be the keynote speaker at the Predictive Methods Conference 2012 in June.
29 | N Magazine
READ IT
Personal History by Katharine Graham When we think of women in business, few of us think back to 1963 when Katharine Graham became de facto publisher of the Washington Post. She formally assumed the title in 1979 and remained chairman of the board until 1991. The Post, bought by Graham’s father at a bankruptcy auction in 1933, ultimately became one of the first media conglomerates with business lines in print publishing, such as the Post and Newsweek, and to bring down a president. Graham led the organization through Watergate, its most dramatic period. Her memoir, a Pulitzer winner itself, details her self-doubt as a woman at the helm of a major American corporation at a time when few women had as high a business profile. Graham reminds readers of the soft touch many women bring to business and details her painstaking efforts to build business relationships and gender equity within her own organization.
WATCH IT
Margin Call
Starring Kevin Spacey and Demi Moore In one of her few recent roles, Demi Moore joins an all star cast and plays a high-powered female executive at a fictional investment bank. Released in 2011, Margin Call is set just before the financial crisis and pulls from the experiences of the five major investment banks in the lead up the to the financial crisis. Moore’s “head” is the first to roll, much like what happened to the all-too-real Erin Callan months before Lehman Brothers collapsed, however the firm survives the crisis suggesting a blend of story inspiration. It won’t teach you much factually and it’s jargon-heavy, but there was one character’s redeeming nod to a feeling of guilt for his role in the film’s events. Check out this film to get you thinking and enjoy an excellent cast.
BOARD OF DIRECTORS NOTES The 2012 Quarter One Board of Directors meeting reviewed major milestones achieved in the final quarter of 2011, and the impact of NAWRB’s efforts through the beginning of 2012. Achievements reviewed were:
• • •
Successful launch of an entirely new NAWRB.com; Successful execution of the #SHARETHELOVE membership campaign which resulted in a notable membership increase in the first quarter of 2012; Review of media coverage stemming from NAWRB’s REO-to-rental proposal, inclusion in several articles on short sales, mortgage settlement,
•
placement of member media opportunities, and pending publications; Special attention was paid to major exposures, such as National President Desirée Patno in HousingWire’s “Hot Seat” article and a feature about NAWRB in the upcoming issue of DS News, focusing on the topic of diversity.
Other major issues on the agenda included:
•
The Northeastern Board Chair was decided during this Board of Directors meeting, appointing Chicago-based Elizabeth Goodchild as the new Chair. Goodchild will be chairing certification and also will also be an advisor for
• •
N Magazine, bringing over 12 years of experience in the publishing industry.; Operational upgrades to the NAWRB women-owned business certification process, policies, and procedures; Conferences and travel plans, including the 2012 NAWRB Industry Conference Survey.
The next board meeting is tentatively scheduled for April. If you have any suggestions for the association, would like to become more involved, or contact your Board Chair, please e-mail info@NAWRB.com.
31 | N Magazine
THE HOT SEAT Desirée
hotSEAt
Desirée Patno President, National Association of Women REO Brokerages
Patno, NAWRB National Presi2012 “Hot Seat” in HousingWire
HousingWire: What are some of NAWRB’s greatest accomplishments so far? Desirée Patno: The greatest accomplishment has been the people associated with NAWRB. We’ve made the right staffing choices and given employees the room to grow the association’s services and reach. I’m proud to say our board has grown to include six women business owners from across the industry and nation. We have full-time membership, media and design coordinators who each bring great skills and have helped us achieve branding and recognition. We work hard to educate women about the opportunities out there and the tools available to them. HW: NAWRB has partnered with charitable organizations. How important is community involvement? DP: I really want to see what we can give back to the community as the stepping-stone to create connectivity. Some of the brokerages in NAWRB are involved in restoring parks and homes and setting up halfway houses. What works in your community might not work with another community. You can’t apply everything across the board, but you can learn from successful strategies, ideas and other innovations. HW: What is a problem that you would like to see fixed when it comes to helping homeowners? DP: The housing industry still has some real communication issues. Banks are trying very hard to reach out to distressed homeowners, yet 50% of the homeowners are not seeing what the servicers or programs could do for them. That network needs to open up so we can save families’ homes. Hopefully we can soften the blow to their credit through short sales, deeds in lieu, or other loss-mitigation programs. HW: What is NAWRB doing to improve the well being of the community?
24 HOUSINGWIRE ❱ February 2012
dent, was featured in the February
Desirée Patno is president of REO brokerage Desirée Patno Enterprises Inc. and has 20 years of real estate owned brokerage experience. In 2009, she founded the National Association of Women REO Brokerages to support women business owners.
DP: We are continuing to grow the organization’s connectivity, educate all the different players and help smooth the transitional lines that you see. Our industry is changing every day and we’re in a constant state of transition in default services. We are working very hard to generate forces from the ground up, from homeowners to agents, to servicing and up to the federal government. Decisionmakers at the top need to know, what the hurdles we’re facing. What are our clients saying? We are the front line in this effort to recover from the housing downturn.
Magazine. In this article, Patno discusses NAWRB’s accomplishments to date, involvement in the
HW: What do you see is a major issue with those “claiming” REO properties via adverse possession filings? DP: We’re seeing an increase in adverse possession or groups profiting or racketeering by placing people in homes that aren’t theirs and pushing people to say it’s their home. How do you get the person out of that property? Unfortunately, in several areas, you have to go through a long formal process to get them removed. There are so many rules and regulations on evictions and occupied properties, and the process is getting furthered delayed. It’s a real gray, undefined area and it requires new levels of education, training, coordination and continuity to enforce and regulate these types of things.
community, and her forecast for the REO industry. Extraordinary Approach.
HW: What impact are women REO brokers having when it comes to distressed properties? DP: Women are empowered in the sense we deal with family ties and are often the quarterback of family units. Women can get the word out on how someone can see something from a different light, get that connectivity to find out the rules and what we need to do to abide by them. Women business owners are definitely playing a huge part in how default services are changing. It takes the more emotional and physical makeup that women have to deal with this kind of intense scenario. — Matthew Torres
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COPYRIGHT 2012 BY HOUSINGWIRE • 2701 Dallas Pkwy, Ste 200 • Plano, TX 75093 • 469.893.1480 • www.HousingWire.com • REPRINTED BY PERMISSION
02-Lineup.indd 24
1/19/12 1:40 AM
Departments
Real Estate BY ANDREW SCOGGIN
No other state knows short sales like California.
Deficiencies no more
Pre-foreclosure sales, often short sales, in the Golden State totaled 33,679 in the second quarter, nearly double the amount of the second-highest state, Florida, according to real estate data firm RealtyTrac. These transactions account for nearly one in every four home sales in California, a percentage eclipsed only by Nevada. Laws enacted in 2011 largely took away a big part of the short sale process — the deficiency judgment. Californians delinquent on their home loan now have a better chance of getting out of mortgages worth more than their property while lenders could move in new homeowners. “It’s almost like agents are handing out $50,000, $100,000 or $200,000 worth of credit to people,” said Deborah Leone, a San Diego real estate agent who specializes in short sales. “It’s a beautiful thing.” Short sales increased in the state in the first half of 2011, but the new laws also added complexity to the short sale process. “This is not something you can teach from a book,” said Desirée Patno, founder of the Irvine, Calif.-based National Association of Women REO Brokerages. “This is only one little piece of this massive puzzle that’s constantly changing.”
Two new California laws Could impaCT shorT sales
DEFICIENCIES NO MORE NAWRB President Desirée Patno was featured in HousingWire Magazine’s article on California short sales. Read
THE NEW LAWS In some states, mortgage holders can go after homeowners if the short sale didn’t produce sufficient funds to pay off the promissory note. Oftentimes, the first loan, or purchase-money mortgage, is free from deficiency actions while refinanced mortgages are not. The rules also vary depending upon whether a state follows a judicial or nonjudicial form of foreclosure. The first new California law, SB 931, passed in late 2010, protected homeowners from deficiencies in the case of a short sale, but only from first-lien lenders. It took effect in January 2011. Another law, SB 458, passed in July 2011 and went into effect immediately. It placed those same restrictions on second liens and refinancings. The two bills passed unanimously in both houses of the California State Legislature. Sen. Ellen Corbett, D-San Leandro and Senate
the article now to learn about two new laws in California that could impact short sales. 74 HOUSInGWIRE ❱ JaNuary 2012
COPYRIGHT 2012 BY HOUSINGWIRE • 2701 Dallas Pkwy, Ste 200 • Plano, TX 75093 • 469.893.1480 • www.HousingWire.com • REPRINTED BY PERMISSION
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RAMS.DSNews.9X10.875_Layout 1 1/13/12 12:41 PM Page 2
In reverse? In forward? Or just stuck? DOWN TIME NAWRB placed Gold Certified
member Marlene Cerreta in this half page story in HousingWire Magazine’s February 2012 issue. “Down Time” interviews an industry professional each month and chronicles what they do in their time away from the office.
Tell us what you do during your down time. Email Executive Editor Kerry Curry at kcurry@HousingWire.com
DOWN TIME
It’s a good thing Marlene Cerreta has a sweet tooth Marlene Cerreta’s in-laws operate a candy factory in Glendale, Ariz., that makes an array of confectionaries, from minty truffles to jalapeño-flavored peanut brittle. She doesn’t work day-to-day at the factory, but gets involved during her down time. Cerreta, an REO broker, is part-owner with her husband and three daughters of Cerreta Realty Group, which specializes in bank-owned properties. She spends her free time at the company’s special outings, including town events like the Glendale Glitter & Glow Block Party. “Most of my downtime and charity time, I really like to do things with children,” she said.
The candy factory holds daily tours and hosts children around sweet-filled holidays like Easter. Willy Wonka it is not, but Cerreta said the factory has little touches that makes the space, a former grocery store, livelier. Candy-themed, painted drawings line the inside walls, for example. “It’s visually attractive, but there’s still a lot of machinery in there,” she said. Cerreta and her husband, Jonathan, have seven grandchildren, all less than 8 years old. She hasn’t grown weary of the family business, or the candy that comes along with it, in 35 years of marriage. “They say you get tired of it if you’re always around it,” she said. “I haven’t gotten tired of chocolate yet.” — Andrew Scoggin
Marlene Cerreta President/Designated Broker Marlene@Cerreta.net Certified women-owned brokerage
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COPYRIGHT 2012 BY HOUSINGWIRE • 2701 Dallas Pkwy, Ste 200 • Plano, TX 75093 • 469.893.1480 • www.HousingWire.com • REPRINTED BY PERMISSION
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Ncrowd Join the NCrowd The NCrowd is a series of questions sent to members via the NAWRB Newsroom on a monthly basis. To be considered for publication in the NCrowd, members in good standing should respond with creative solutions they’ve used to better manage their businesses, families, and selves. To find out this
Sherry Rahnama Broker/Owner, Re/Max Executives sherry@rmxsells.com
month’s questions, email info@NAWRB.com or check
Monte Yohr Broker/Owner, KC Foreclosures mkyohr@hotmail.com
your NAWRB Newsroom.
WHAT’S YOUR BEST TIP FOR WORKING REMOTELY? SHERRY RAHNAMA Technology! I carry my iPad everywhere and I have an app that connects to my PC at the office, so it’s like I am always there even when I’m not.
HOW DO YOU MANAGE EMPLOYEES WHEN YOU’RE OUT OF THE OFFICE? MARGIE GALVAN I have an Associate Broker, Director of Operations, and company policies in place at all times during business hours which I rely on to guide staff in my absence.
IRENE WOODS My Blackberry allows me to access to everything I need to get my work done.
IRENE WOODS I also have a group of experienced individuals to whom I delegate specific
MARGIE GALVAN I use LogMeIn, Dropbox, and texting: I let technology work for me and it’s awesome. I have access to documents, staff, and software whether I’m in the office or in the field.
responsibilities, but I rely on my partner for what needs to be done when I’m gone. Everyone is also trained to do each other’s job. Cross-training plays a huge role in our organization.
MONTE YOHR I think managing employees while MONTE YOHR Working remotely has allowed
out of the office has been made easier with technology.
me to be a super mom as well as a super business
iPhones that use facetime and Skype keeps me
owner. It is about and the most important tip is to stay
connected to my staff and family at all times.
connected to staff, either by e-mail or phone. Have an entire staff that is cross trained to fill in for one another.
SHERRY RAHNAMA I agree. I am always accessible by e-mail and CC’ed on everything so that I’m kept in the loop. I like for my staff and clients to know that I’m just an e-mail or phone call away at all times.
Margie Galvan Broker/Owner, Partners Realty dcadirectassets@gmail.com
Irene Woods Broker/Owner, Regency Real Estate irenegwoods@yahoo.com
Contributed Article
1 After five years banks, are able to choose
SET YOUR SHORT SALE TO BEAT THE TAX EXEMPTION DEADLINE Author
A
which homes they will allow to short sale, and now have more streamlined systems in place to achieve this.
2 Homeowners are seeing a short sale
less as an emotional decision and more as a financial decision. The stigma has decreased significantly as distressed homeowners, who have struggled to pay their mortgage on fully upside down properties or unsuccessful loan modifications, now realize the market is not going to rebound quick enough to help them. They now see a short sale is their best option.
Jen Lenz has written for magazines, online publications, journals, radio, and as a ghost writer for the last ten years. jenlenzsmith@gmail.com
s the back log of overleveraged homes begins to
Experts predict this will be the year of the short sale for three key reasons:
3 The aforementioned tax exemption, which has made short sales a viable option, is expiring.
judge. Every client I meet with is concerned about
abate, national averages place distressed properties
the 1099 issued post short sale, and if they will owe
at 32% of total property sales with 45% in California,
the IRS money. Getting a $3,000 moving incentive is
38% in Nevada, and as high as 60% in select areas of
great, but when the tax exemption expires in 2013, the
Florida. There are still a large percentage of people who
homeowner’s tax obligation will outweigh a small cash
have not determined how to address their overlever-
incentive.” Realtors in the distressed property industry
aged homes, and on December 31, 2012, the time to
need to advise their customers today about this impor-
short sale will officially expire. Unfortunately, some
tant change in the market.
homeowners are still not aware of the short sale option for addressing an overleveraged home. They don’t see
Homeowners who have an overleveraged home, re-
any other way out of an overleveraged/undervalued
cently defaulted, or in immediate danger of default and
home other than foreclosure or bankruptcy. And now,
have not listed the house for sale, must address their
even the short sale window is closing. Realtors will
debt problem by December 2012. Smith advises, “For
lose out on millions of dollars of short sale commis-
the distressed homeowner, short sales are a once in a
sions due to the expiration of their most valuable sales
lifetime opportunity to be forgiven a substantial amount
incentive.
of mortgage debt due to personal circumstances. The lenders and realtors need to inform them the short sale
Beginning in 2013, the Mortgage Forgiveness Debt
option won’t last. Short sale processing varies in dura-
Relief Act of 2007 expires and homeowners will then
tion from as little as three weeks to months in some
have to pay the IRS to short sale. According to real es-
cases, so if a homeowner is contemplating this as an
tate veteran Renee Marie Smith, “The Mortgage Relief
option, they should start now as the completion of the
Act’s provision of gift tax exemption for the primary
short sale must be done before 2013 to qualify for the
homeowner is the main incentive for sellers and this,
1099 gift tax exemption.” If you or someone you know
combined with Home Affordable Foreclosure Alterna-
is a homeowner struggling to save a home, contact a
tives Program’s (HAFA) $3000 moving incentive, has
Realtor about listing the property for short sale. Beat
sold more primary residences than any other measure,
the tax exemption deadline and explore the option of a
thus averting foreclosure.” Smith warns: “many hom-
short sale as a sound financial decision for distressed
eowners may not want to short sale because owing
homeowners.
the IRS is more concerning than facing a foreclosure
35 | N Magazine
Important highlights of the law are discussed on the IRS’ official website: • The Mortgage Forgiveness Debt Relief
• Debt reduction or elimination will result in
Act of 2007 excludes up to $2 million of
a Form 1099-C: Cancellation of Debt, from
debt forgiven on a homeowner’s principal
the lender and the IRS. Form 982 and Re-
residence, or $1 million for a married person
duction of Tax Attributes Due to Discharge
filing a separate return.
of Indebtedness is attached to the homeowner’s federal income tax return for the
• Debt reduced through mortgage
1099 tax year, thus eliminating tax liability.
restructuring or mortgage debt forgiven in foreclosure is tax exempt.
• Debt forgiven on second homes, rental properties, business properties, credit
• Qualified debt is a loan fund used to buy,
cards, or auto loans do not qualify for the
build, or substantially improve a principal
tax relief provision. In some cases how-
residence and debt forgiven is secured by
ever, other tax relief provisions - such as
the property.
insolvency - may be applicable. Form 982 provides details for other exemptions.
• Refinanced debt used for other purposes like to pay off credit card debt, does not
For further information go to www.irs.gov
qualify for exclusion.
and search “Mortgage Relief Act 2007.”
DS News is the only publication in the country solely dedicated to providing agents, brokers, and companies with news and content focused on the default servicing industry. SUBSCRIBE NOW to get the NAWRB discounted subscription rate! Call Chasity Clary at 214.525.6749.
Contributed Article
APPS YOUR BUSINESS CAN’T LIVE WITHOUT Author
A
Heather Gustafson, Vice President of Business Development, CMK Realty 2012 President of the Chicago Women’s Council of Realtors. hschlaffer@yahoo.com
s professional Realtors on the go much of the time,
Apps Mortgage Payment Calculator Realtor Assistant LoopNet Open House Manager DocuSign Keynote PDF Expert Dropbox Real Estate Investor Scanner Pro
to send messages, make reminders, email and map
how do we keep it all together? Unlike the women who
locations is a must – and, you can use it for good
preceded us before the abundant technology options
old fashion phone calls too, which is a plus. The Star
available today, it is possible to take your office on the
Trek-like iCloud stores content and wirelessly pushes
go without skipping a beat.
it to all of your devices. For example, if you save a new contact on your iPhone, it can be wirelessly pushed
The Chicago Chapter of the Women’s Council of
to your iPad or MacBook, keeping all of your data
Realtors recently held a special program with a focus
consistent. It is revolutionary in the way we can save
on today’s must have technology options. “Our Best
contracts, photos, and anything else that is important
Program Yet – Applications you can’t Live Without” was
to our business.
held on February 15th at the beautiful new Apple Store in Chicago’s Lincoln Park neighborhood. Dozens of
The bulk of the program focused on the amazing iPad.
members gathered to hear about the latest technology
A few very successful Realtors in the crowd had us
to take their business on-the-go.
convinced the iPad changed their lives, which is a big comment for such a small device, but we all bought
With sleek must-have devices surrounding us, and hip
in. Not only does the iPad make you a walking wifi
resident Geniuses teaching us all within a breathtaking
hotspot, but our Genius showed us necessary apps for
ultramodern architectural gem, we learned what we
Realtors, and participants discussed others that are
need to be successful women in today’s real estate
changing their businesses.
environment. A slick iPhone that can use your voice
The Women’s Council of Realtors is a network of successful REALTORS® empowering women to exercise their potential as entrepreneurs and industry leaders. Through networking, peer-topeer support, education and leadership women will effect positive change in the profession and in the broader community.
37 | N Magazine
Contributed Article
CONFERENCE ROI Author
C
Heidi Robinson is founder of the CalWest REO team and a lead REO agent for the Santa Cruz, CA-based Thunderbird Real Estate. Ms. Robinson is also the Membership & Events Chair on the NAWRB Board of Directors. heidi@calwestreo.com
Conference attendance should be built into any business owners growth strategy outlined at the beginning of each year in your overall marketing strategy.
onferences can be expensive, usually costing several thousands of dollars each, but can net incredible returns
if you take a marathon approach to the lead up, conference schedule, and those crucial follow-days upon return. It sounds daunting, but to get your money’s worth it’s important to pack your conference schedule with as many events as possible so you’re maximizing face time and collecting additional contacts and leads for post-conference follow-ups. Relationships are built in person and attending conferences is the best way to maximize marketing dollars—after all, real estate is about marketing two things: yourself and your specialized services.
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3.5 million people will go through foreclosure this year. 63% of those will have pets. That's over 2 million pets at risk of being abandoned.
Making sure they have a safe place to go comes naturally to us at IMS. No Paws Left Behind, Inc. is a 501c3, not-for-profit organization dedicated to bringing awareness and finding solutions to the growing phenomena of foreclosure pets that are left behind to suffer in silence. No Paws Left Behind, Inc. is here to be their voice. IMS is a proud sponsor of No Paws Left Behind, Inc.
www.nopawsleftbehind.org
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Consider an extended stay Many of the industry’s key players arrive early or stay later than the published conference agenda, particularly if the conference begins on a Sunday. Many third party events will be hosted on the evenings before a conference officially begins and the opportunity could be worth the extra hotel fee.
Know the city Most conferences publish a list of exhibitors or previous attendees. Use those lists to find out which companies have local operations and request a meeting or ask who they’ll be sending to the event so you have a name and conversation starter.
Buddy up with someone in another service If you’re an REO broker and attending alone, it’s always helpful to have a networking buddy--or NAWRB Gal Pal. It’s best to network with someone in a different service such as escrow, title, or property preservation. They’ll be alerted to different third party events and can often bring guests that are not directly involved in that industry. You can always return the favor when you’re invited to an event.
Activate your network Most agents and brokers are members of several associations and networks. You should contact each group prior to a conference and ask them about events their hosting, sponsoring, or may be able to connect you to.
Request an attendee list Few people take advantage of this, but after a conference you can contact the planners directly and request a list of attendees. They will not disclose email or other contact information, but it will tell you the names and businesses of each attendee. This will help you in establishing contacts when you approach a potential client later to build a business relationship.
Effective follow-ups Accommodate other people’s scheduling needs, but put your name in front of people in a timely manner. Avoid the end of the month, Mondays, and Fridays. The best times to follow-up with lenders/outsourcers are Tuesday, Wednesday and Thursday afternoons. You can create an e-mail ahead of time and then schedule it to be sent at opportune times.
PUT IT IN YOUR PURSE FOR UNDER $40 With the travel season approaching, we found six essentials you should not leave home without.
FOOTZYROLLS
These versatile flats are an excellent solution for women on the go because they’re small enough to store in your purse. Use them travelling through airport security and on the plane, for tired feet after a day at a conference or evening networking, or driving from property to property.
*Women-owned company -They can be ordered at: www.footzyrolls.com
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$
MINIMERGENCY KIT This small 3.5” X 2” X 2” kit contains must-haves for
emergencies on the go, including hairspray, clear nail polish, nail polish remover, nail file, lip balm, earring backs, rubber bands, sewing kit, double-sided tape, stain remover, deodorant towelette, pain reliever, feminine product, breath freshener, dental floss, and band aids.
*Women-owned company -They can be ordered at: www.msandmrs.com
15
$
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BABY POWDER
The uses for baby powder are limitless and surprisingly helpful for traveling business women. Sprinkle it on tangled necklaces and bracelets to loosen knots on a rushed morning, use as a dry shampoo to soak up product and oil in between washes, remove grease stains from your clothing after a fast lunch, or freshen-up your weary shoes by sprinkling a little inside to absorb odor and moisture. -Travel sizes are online and in-store at all major drug and grocery stores
2
$
CHARGING VALET
You can charge up to three devices at the same time from just one outlet without a bunch of separate wires and chargers to keep track of. This is great for travel because it folds up and is lightweight enough to put in a tote or carry-on luggage. -We found them online and in-store at those carrying electronics and housewares like Sharper Image, Bed Bath & Beyond, and Kohl’s
40
$
SILICONE KEYBOARD This convenient keyboard is excellent for the busy woman on the go to catch up on emails or write a quick report. It works with almost any device wirelessly through Bluetooth and rolls up to fit into any bag. -We found them online at: www.amazon.com
28
$
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ABOUT
Overview NAWRB is the premier women’s trade group specializing in the housing economy. As the only provider of women-owned business certification specific to real estate, NAWRB is dedicated solely to the promotion of underrepresented women-owned businesses.
Gold Certified
If you’re a woman business owner of a company performing work in housing economy, join and become a Gold Certifed member of NAWRB. Women-owned business certification is one of the most advantageous marketing tools women business owners can have in today’s competitive market. Gold Certified members of NAWRB receive direct referrals on short sale and REO listings, as well as the daily NAWRB Newsroom, access to the monthly Call4All, and standing invitations to every #WomenBizOwners Working Event.
Women with Access
If you’re a woman working in the housing economy in any capacity, become a Woman with Access. Women with Access are individual women with access to the daily NAWRB Newsroom, limited Call4All teleconferences, tiered pricing on
#WomenBizOwners Working Events, and discounts on other events, conferences, and industry publications.
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Cade Holleman Executive Director
Crescent Seward Communications Coordinator
Patricia de Santos Southwest Region
Beatriz Becerra Membership Coordinator
DesirĂŠe Patno National President
Melva Wagner Southeast Region
Vincent Forsang Visual Communication Cordinator
Heidi Robinson Northwest Region
Elizabeth Goodchild Northeast Region
Chrystal Tello Reception
N CONC LUSION
*ON RECOVERY
VENT. RENT. HELL BENT. The first sixty days of 2012 have already proven more interesting,
IT’S OFFICIAL: IN 2012 WE’LL BE BACK TO BUSINESS, BUT IT CERTAINLY WON’T BE BUSINESS AS USUAL.
taxing, and in some ways optimistic than all of last year combined. 2011 was a year of waiting and watching. Waiting for inventory to come while watching inventories—and commissions—shrink. Mass REO-to-rental, a novel idea six months ago is now moving full steam ahead. The national mortgage settlement is reached, and recently made publicly available, and it’s official: in 2012 we’ll be back to business, but it certainly won’t be business as usual. The bread and butter of most default services businesses will change and to stay in the game you’ll have to learn to adapt. We’re no longer a default services industry because real estate has changed forever. Real estate, and the much broader economy built on housing, has a need for retooled, specialized real estate services to move the industry—and our economy—forward. Specialization in the housing economy, SHE, is our new catchphrase describing the new normal for NAWRB member businesses. It’s also the name of our new national conference coming this fall. At NAWRB, we’re hell bent on moving the housing economy forward to recovery and a new standard of ethics and excellence.
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