SWIMMING WITH THE REGULATORY SHARKS The real estate industry should be aware of how the regulatory eco-system of requirements and policies live within and impact our particular real estate disciplines.
CEO CENTER(FOLD)
Sandra Cope Sandra Cope runs the woman-owned, certified Inwest Title Services with her firm foundation and help from her family.
RISING RATES COOLING REFINANCE ACTIVITY THE NEW PLAYING FIELD A LEGACY OF LEADERSHIP
VOL. 2 / ISSUE 4
NAWRB.com
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MY CONO E G IN US US THE HO N IN THE HO I IN N E M ME EN MY WO ONOMY WO Y WOM M O M N O O N C C NO GE ECO GE G ECO U HOUSIN THE HOUSIN E HOUSING IN S E U H T O H HO H IN OMEN Y WOMEN IN WOMEN IN T MEN IN THE MEN IN THE EN W Y M WO MY WO OM NOM MY WO O G ECO SING ECON SING ECONO G ECONOMY ECONOMY O IN N S O U EC U G IN OU HO CON IN THE EN IN THE H EN IN THE HO IN THE HOUS THE HOUSIN HE HOUSING HOUSING E HO N E M T E HE WO MYMagazine OMEN Y WOM MEN IN WOMEN IN OMEN IN TH Y WOM EN IN T OME M O Y ONOM G ECONOM CONOMY W ONOMYWO ECON2O| N G W C M W E Y MYW OMY NOM EC CONO SIN GE SIN G ECO USING ECON SING ECONO G ECON SING E E HOU IN THE HOU THE HOUSIN E HOUSING U IN S O U H N IN HO HE TH IN HO OU
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Lender/Servicer Issue
VOLUME 2 | ISSUE 4
A First-Class Event The 2013 Five Star Conference & Expo in Dallas, Texas was a success for the mortgage servicing industry with academics, events, keynotes and business building opportunities.
CEO CENTERFOLD: SANDRA COPE
36
Sandra Cope runs the certified woman-owned Inwest Title Services with her firm foundation and help from her family.
OCTOBER IS BREAST CANCER AWARENESS MONTH
16 SWIMMING WITH THE
REGULATORY SHARKS The real estate industry should be aware of how the regulatory eco-system of requirements and policies live within and impact our particular real estate disciplines. By Ingrid Beckles
20 RISING RATES
4 | N Magazine
COOLING REFINANCE ACTIVITY The recent rate increases have raised many important questions about what will happen to the mortgage market. By Molly Boesel
28
22 The new playing
field What this enviornment means for buyers and their agents. By Lisa Foradori
26 A LEGACY OF
LEADERSHIP What does the women’s business community need to be able to respond, to be flexible, to shift gears, to anticipate and to position ourselves in the forefront of our nation? By Barbara Kasoff
DEPARTMENTS 10 SHE IS CHANGING
REAL ESTATE The real estate round-up: NAWRB’s newest members, subscribers, renewals and certifications.
32 THE GENERATION
43 Dear Desirée
34 The Definition of
44 What women
GAP Generation Y poised to fuel growth to the housing market.
12 Infographic:
Women By The Numbers The state of women in business, education and politics in the U.S. and worldwide.
Success Can women entrepreneurs really have it all?
41 Property Tours: Period Living Homes with a history have been restored to enhance signature styles without abandoning their charm.
14 App Mapp
Experienced business travelers have their travel routine down to a science and these apps keep them on track.
30 Agent Reform: Is it a Necessity? The definition of being an agent/broker in today’s industry has transformed beyond marketing a home for sale.
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From business to fashion, ask the 20-year real estate veteran your pressing questions.
want Health, fashion, recipe and review: The go-to guide into a woman’s world.
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SWAN Out of their offices and into the field, where NAWRB members can be seen and heard.
N Crowd Join the conversation: What is your favorite thing about fall?
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26 N Magazine | 5
NAWRB STAFF & BOARD
N
LISA RISTOW
CEO CE
Power WoNTER(FOLD) man of Pro perty 28
Publisher/CEO Desirée Patno Desiree.Patno@NAWRB.com RENTAL S ON THE RIS E
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Editor-in-Chief Desirée Patno Desiree.Patno@NAWRB.com
THE ART OF HOME ST AGING
E JOYCEX ) ESS R(FOLDry CENTE Luxu
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TIPS FO R BUSY BUSINES S WOME
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NAWRB.com
CEO
dy ing La A Lead tate Real Es
Director of Membership Lauren Felechner Lauren.Felechner@NAWRB.com Social Media and Member Relations Coordinator Taylor Elms Taylor.Elms@NAWRB.com
N Magazine
N Magazine,the official publication of NAWRB, a bi-monthly magazine featuring unique content for women in real estate, exclusive interviews with industry professionals, business development tools, book reviews, feature stories and more. N Magazine welcomes comments from all readers. All materials submitted to N Magazine are subject to editing. The articles, content, and other information in this publication are for information purposes only. Articles, content, and other information in this publication without named authors are contributed by the publication’s staff, but do not necessarily reflect the views or opinions of NAWRB. NAWRB assumes no liability or responsibility for any inaccurate, delayed or incomplete information, nor for any actions taken in reliance thereon.
www.NAWRB.com (949) 559-9800 • NMag@NAWRB.com 34 Executive Park, Suite 260, Irvine, CA 92614
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M T FRO ARKE T ER’S M A SELLT-TO-COAS CE VE COAS RS FA RI 16 OWNE TO TH SINESSCONTINUE T EN BU WOM CLES, BU LY SUPP OBSTA ED CT RI 18 , REST PRICES LE RISK ATIONING BUBB RESERV DEFLAT AND T MARKE 24 USING ND HO GH-E THE HI
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Graphic Designer Samantha Cauguiran Samantha.Cauguiran@NAWRB.com CONTRIBUTORS Ingrid Beckles Molly Boesel Lisa Foradori Barbara Kasoff
of
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ELIZABETH GOODCHILD CEO CENTER(FOLD)
A Strong Force in a Fierce Market
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Dear Desirée UNDERSTANDING POLICY HAS A DIRECT LINK TO BUSINESS SUCCESS
SHE MEANS BUSINESS
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NATIONAL WOMEN’S BUSINESS COUNCIL
EQUATOR’S VISIONARY EVOLUTION
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ANNOUNCES NAME CHANGE 36
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SUBSCRIBE NOW Call (949) 559-9800 or email info@nawrb.com today!
ESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOME WNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNEDOF BUSINESSWOMEN OWNED BU NATIONAL ASSOCIATION ESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WO N OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNE USINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINES OMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOME IN REAL ESTATE BUSINESSES WNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BU ESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOME WNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BU ESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOME WNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BU ESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOME WNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BU ESSWOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOME WNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BU ESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOME WNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESSWOMEN OWNED BU ESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOME WNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BU ESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOME WNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BU ESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOME WNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BU ESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOME WNED BUSINESSWOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BU ESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WO I FORMING WOMEN SPECIALIZING N OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNE IN THEBUSINESS HOUSING WOMEN ECONOMY USINESS WOMEN OWNED OWNED BUSINESS WOMEN OWNED BUSINES OMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOME WNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BU NAWRB is the only provider of Women-Owned ESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOME and Minority Women-OwnedOWNED BU WNED BUSINESS WOMEN OWNEDBusiness BUSINESS(WOB) WOMEN OWNED BUSINESSWOMEN Business (MWOB) specific to realBUSINESS estate. WO ESS WOMEN OWNED BUSINESS WOMEN OWNED certifications BUSINESS WOMEN OWNED N OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNE USINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINES OMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOME WNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BU ESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOME WNED BUSINESS WOMEN OWNED BUSINESS BUSINESS OWNED BU 34 ExEcutivE Park, SuitE 260,WOMEN irvinE,OWNED ca 92614 • (949)WOMEN 559-9800 ESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOME WNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BU ESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOME | 7 WNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMENN Magazine OWNED BU ESSWOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOMEN OWNED BUSINESS WOME
WOMEN
Are you a woman in the housing economy?
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VOL. 2
a Fierce
“As we unveil another issue full of market trends, economic insight and business strategies, take a moment to reflect on your insights and engage in the conversation.� Dear Readers, As we move through a new month in the rebuilding of the housing economy, the government shutdown caused yet another set of wrinkles in the already fragile market. While some contend it caused more fear than actual harm, it is clear it has caused more confusion, delays and uncertainty. While some of the federal agencies may not directly be a part of the household lending market, just the hesitation of the interactions has caused great concern. With the delays of getting loans underwritten due to the government shutdown or limited accessibility, some lenders revised their underwriting guidelines to take on more risk and/or liability as to not hold up escrows from closing. As we swung the pendulum from
8 | N Magazine
one extreme to the other – as a result of the economic housing fallout – we are slowing creating new alternatives as we continue to find that not everything fits in the lending box.
these new regulations will be challenging. The new regulation requires not only policy development within financial institutions, but also training of personnel and vendor management.
NAWRB is committed to education, communication, visibility, access and advocacy on behalf of women in the housing economy through our various media platforms including N Magazine. As we unveil another issue full of market trends, economic insight and business strategies, take a moment to reflect on your insights and engage in the conversation. In this issue, we featured a recap of the Five Star Conference & Expo that was held in Dallas, Texas, in September. NAWRB was proud to be a contributor at the Women in Housing Leadership Luncheon where Mrs. Laura Bush was the keynote speaker. I was part of the Women in Housing Steering Committee to discuss both the professional and personal achievements for women within and beyond the real estate industry. It was an honor to be around so many powerful and intelligent women in the mortgage servicing industry. Heidi Robinson, NAWRB Board Member said, “I especially enjoyed attending the Women in Housing Luncheon. It was great to see women acknowledged for their contributions to our industry in such a significant way.” I could not agree more.
Don’t miss my article on, “Agent Reform, Is It a Necessity?” as I delve into the issue of being an agent/broker in today’s housing economy and how it has transformed from 20 years ago. How do you feel about the changes and what protocols would you put in place? I would love to hear your feedback at Dear.Desiree@nawrb.com.
This issue’s State of the Industry article, “Swimming With the Regulatory Sharks,” by NAWRB’s Regulatory and Policy Chair, Ingrid Beckles, explores the changes in lending compliance issues that will take effect in January 2014. Application of
Need a new wardrobe to accommodate the chilly weather? Check out our “What Women Want: Fashion” page for suggestions on how to wear warmer layered pieces to the office, conferences and meetings this fall. In this section, you will also find a delectable recipe, reviews on books and movies, and raising awareness to breast cancer detection in honor of October being National Breast Cancer Awareness Month.
NAWRB’s education, outreach and marketing efforts continue to grow. From learning about the benefits of women-owned business certification specific to real estate to our recent name change announcement, check out NAWRB’s YouTube channel, blogs, Newsrooms, magazine and website for the latest news and events covering professional women and updates in the housing economy. Thank you to our advertisers, sponsors, partners and loyal members of NAWRB. We appreciate your continued support!
Desirée Patno Publisher/CEO Desiree.Patno@NAWRB.com
Last month, NAWRB Board Member, Ingrid Beckles, and myself, attended the Women Impacting Public Policy’s (WIPP) Annual Leadership Meeting in Washington, D.C. With women business owners contributing $1.2 trillion to the economy and employing 7.6 million, it is more important than ever that women lead with their voice in both policy and business. Our Government Impact Article, “Legacy of Leadership,” discusses the components of the women power shift that requires a clear, strong and collaborative focus to position ourselves in the forefront of our nation.
N Magazine | 9
NEW MEMBERS
“I wanted to team together with other like-minded, strong business women. I recognize the opportunity this presents to collaborate with female entrepreneurs, to discuss the challenges we face in the real estate world and work together towards effective resolutions. I’m excited to be joining the network.”
IS CHANGING REAL ESTATE
CERTIFIED TERRY RASNER Broker/Owner Dreams Realty dreamsrealty.net terryrasner@msn.com 775-473-8901
renewals Teresa Smith
marlene cerreta
Owner Teresa Smith, Inc. teresasmithteam.com teresakw@live.com 770-654-4173
Designated Owner/Broker Cerreta Realty Group cerretahomes.com marlene@cerreta.net 623-266-6888
barbara Gregus
Realtor CARES, Consumer Advantage Real Estate, LLC caresabq.com Barbara@Caresabq.com 505-435-9700
10 | N Magazine
melody kramer
Broker Blue & Gold Realty blueandgoldrealty.com Melody@blueandgoldrealty.com 707-689-3244
Joyce Essex Harvey
CEO Essex & Harvey essexharvey.com joyce@essexharvey.com 310-777-6375
Elizabeth Goodchild Owner/Broker Goodchild Homes goodchildhomes.com liz@goodchildhomes.com 847-670-1500
Lisa Ristow
Owner/Broker The Ristow Group TheRistowGroup.com lisa@theristowgroup.com 928-763-1234
Renee Sommer
Owner/Managing Broker County Line Realty county-line-realty.com reneesommer@comcast.net 217-668-2321
Colleen Calnan Owner/Broker CA Calnan Real Estate calnanrealestate.com ccalnan75@earthlink.net 781-983-4852
Nicole Evasius
President/Broker Realty Today, Inc. www.realtytodayinc.com Nevasisu@realtytodayinc. com 561-841-4747
702-888-2272
DEBRA GARCIA-MANOGNA Owner/Broker Option First Realty, Inc. optionfirstreo.com crsliny@aol.com 631-758-6800
Willie Stewart Owner/Broker Divine Realty divinerealty.com willie@divinerealty.com 509-783-2753
MELVA WAGNEr
Broker Sellstate Island Properties sellstateislandproperties.com info@sellstateislandproperties. com 305-292-1150
“I believe in associations with like professionals where we pursue common goals and have common challenges. I have found NAWRB to be in touch with the needs of today’s real estate professional, and the challenges of a dynamic, continuously changing marketplace. Even though my budget is tight and memberships must be scrutinized to determine if they add value, I believed I could not afford to be on the outside looking in at NAWRB. Therefore, I renewed my membership.”
N Magazine | 11
Women INFOGRAPHIC
By The Numbers
The state of women in business, education and politics in the U.S. and worldwide.
In the U.S., the number of women-owned firms increased by 54 percent over the past 15 years.
24% EUROPE 51.5% united states
As of 2012, it is estimated that there are over 8.3 million women-owned businesses in the United States, generating nearly $1.3 trillion in revenue and employing 7.7 million people.
22% LATIN AMERICA
46% RUSSIA
31% TURKEY
24% CHINA
Percentage of women who are managers 24% AUSTRALIA
28% SOUTH AFRICA
Earning Power
2028
The year when the average American woman is expected to earn more than the average American male
6.5%
Women unemployment rate in the U.S.
7%
Men unemployment rate in the U.S. 12 | N Magazine
51%
of U.S. private wealth is controlled by women
1970
50%
of women account for all stock ownership in the U.S.
60%
of women control all personal wealth in the U.S.
$alary increase from 1970-2012 6% MEN | 48% WOMEN
2012
INFOGRAPHIC
Spending Power
68%
of new car purchase decisions are by women
75%
85%
of women identified themselves as the primary shoppers for their households
of women account for all consumer purchases including everything from autos to health care
Political Power
19
Female world leaders currently in power
33
Countries that have had a female leader
17%
18%
of women who hold seats in the U.S. Congress
of women who occupy political positions worldwide
20
woman senators in the United States
Education Power
Not only do women enter college at higher rates than men, but they’re less likely to drop out once they get there.
60%
of female graduates now account for U.S. bachelor degree holders
57%
of undergraduates are women
*Information was collected from the Bureau of Labor Statistics, American Express OPEN and The Association to Advance Collegiate Schools of Business.
36.8%
of women in the U.S. earned their MBAs in 2010-2011
N Magazine | 13
APP MAPP A Business Traveler’s Best Friend
PackingPro
Experienced business travelers have their travel routine down to a science and these apps keep them on track.
We’ve all been there — that moment of uncertainty that sweeps over you as you pull out of your driveway right before you head to the airport. You try to assure yourself that everything is accounted for yet you get the feeling that you’re forgetting something. Sound familiar? Then PackingPro may be the perfect app for you. PackingPro conveniently allows you to store an all encompassing checklist on your iPhone with over 800-plus items that can be added to a single list. Once inputted into the app, PackingPro recalls the basics, helping you plan out what needs to be done or what needs to be collected before your next trip. SeatGuru Get the best seat on your next flight, including where you can find access to electrical outlets to work on the go and get the best view of the in-flight movie. The free SeatGuru app puts our pre-eminent guide to air travel in the palm of your hand. Offering over 700 color-coded seat maps backed by more than 50,000-plus reviews from flyers, you’ll know which seats to book — and which to avoid.
TaxiMagic Saving yourself (and your arm) from the endless hunt for a cab. Taxi Magic connects the iPhone’s GPS with local dispatch systems to send a taxi to your exact location at the tap of a button. Payment also works over the phone, via an online credit account, and an e-receipt makes for easy expense reporting. TripAdvisor The TripAdvisor app is an essential tool for any traveler on the go. It’s great for reading reviews, helping book a hotel, finding local restaurants, and hunting down the hottest attractions. Not only can you plan your trip with the TripAdvisor app, you can actually make hotel bookings as well via TripAdvisor’s partner sites. You can view prices and offerings from multiple travel agencies and hotels ensuring that you’re getting the best possible deal. TripIt Tripit is a central command post for all your business travel. Just forward all your reservations for flights, hotels, and car rentals and Tripit will create an itinerary you can print or share with family, friends, or co-workers. This app is free and available for iOS, Android, Blackberry and Windows Phone. 14 | N Magazine 14 | N Magazine
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N Magazine | 15
STATE OF THE INDUSTRY
Swimming with the Regulatory Sharks The real estate industry should be aware of how the regulatory eco-system of requirements and policies live within and impact our particular real estate disciplines. By
INGRID BECKLES
16 | N Magazine
T
oday’s regulatory ocean is vastly different from the pre-Dodd-Frank ocean. Many of the consumer related rule-making and enforcement powers have been transferred to the Consumer Finance Protection Bureau (CFPB) while others that have been amended or created remain with the existing governing or regulatory body such as the Federal Reserve Board (FRB) and the Federal Trade Commission (FTC). While much of the regulatory press surrounding the changes to existing and introduction of the new consumer oriented requirements for mortgage servicing and originations, those who transact in the real estate industry should be relatively aware of how the regulatory eco-system of requirements and policies live within and impact our particular real estate disciplines. And even more importantly, how and where they intersect with the laws and requirements of the other entities such as our state, local, county and city authorities, under whose jurisdiction our organizations lie. Hopefully, everyone started by determining if their organization was impacted by these changes. And, even if not impacted, there is value in determining the gap between your policies and the larger environment in the event that you have future plans for expansion or sale. Make sure not to underestimate the implementation challenges these changes may present to your organization. In addition to required policy development, these changes also call for enhanced vendor management, personnel training and regular self-audit. At the October Reuters Washington Summit, CFPB Director Richard Cordray stated that he was confident that “Most mortgage lenders would be able to comply with the new rules.” Cordray went on the say, “Everybody’s had plenty of time to see this coming…What we’re looking for come Jan. 10, 2014 is that they’ve (some smaller firms) made good-faith efforts to come into substantial compliance with
the rules.” For those in the lending arena, the Dodd-Frank Act amended the Equal Credit Opportunity Act (Reg. B) to require creditors to collect certain information about credit applications made by women- or minority-owned businesses and by small businesses. Women and minority-owned lenders and small business entities on either side of the commercial real estate arena should be clear on their compliance requirements, as well as any and all exemptions to which they may be entitled. Exemptions held prior to the passage of the Dodd-Frank Act may no longer apply. Conversely, additional or different exemptions may be available. Also note that the rule making and enforcement agency for Reg. B is now the CFPB. In the residential arena, the changes run the through the full spectrum impacting origination, underwriting and servicing. For example, Regulation V, the Fair Credit Reporting Act (FCRA), and Regulation B, the Equal Credit Opportunity Act (ECOA), have also been amended through the Dodd-Frank Act and as such, the required structural changes to the disclosures and notifications mandated by these regulations should have been made and disseminated in impacted organizations by now. Another highly publicized change is the Ability to Repay (ATR) requirements. Make sure that real estate brokers, retail loan officers, and other impacted employees, are equipped with the proper forms if they are a conduit for disseminating any of this information as directed by your organization’s policies. Furthermore, ensure that your organization’s governance structures and policies/procedures controlling your third-party originators are strengthened to cover for the updated disclosure requirements. The Board of Governors of the Federal Reserve System (FRS) issued two interim final rules on Sept. 24, 2013, clarifying Basel III regulatory capital reforms. The rules advise
N Magazine | 17
that the next capital planning and stress testing cycle, which began on Oct. 1, overlaps with the implementation of the Basel III capital reforms. While companies in the real estate industry meeting the size requirements to which Basel III applies most likely have a regulatory compliance department, it’s still worth noting as a “preparedness-punch list” item in this extensively layered regulatory eco-system. Furthermore, the interim final rules went into effect immediately with a comment period thru Nov. 25, 2013. Help yourself to the list of the FRB’s published rules, amendments, requests for comment, guidance, reports and announcements at Banking and Consumer Regulatory Policy. Non-bank entities and multi-lender platforms should pay particular attention to their enterprise risk governance structures to ensure compliance with the massive regulatory changes that have occurred over the past two years. Not only those promulgated by the CFPB, but those emanating from other regulatory entities such as the Federal Reserve Board (FRB) and the Federal Trade Commission (FTC). While some rather meaty requirements become effective and enforceable in 2014, others have already been implemented. Keep in mind that in 2012, the CFPB issued enforcement actions exceeding $400 million. We’ve all seen the published results of the reviews conducted in 2012 and 2013. And, as the CFPB continues to issue final rule pronouncements, we’ve all seen refinements issued to the previously issued final rule. A helpful resource for the CFPB’s Final rules and Proposed rules is located at the CFPB Regulations web page. This page additionally helpful as it provides cross-reference links to the Electronic Code of Federal Regulations (E-CFR). The FRB refers to these refinements as their interim finale rules. While preparing to swim in this regulatory sea is a daunting task, regardless of your size, breaking it into two vertices, consumer facing and internal can make it less confusing and more manageable. If you haven’t already started, have recently commenced your assessment process, or feel as though you’re just muddling through — get help now! It is unwise to be caught unprepared or without a clear plan and path to compliance should your
18 | N Magazine
organization be selected for review. Given the recent, published fines for non-compliance, getting external expert assistance at this point is a wise and cost effective step. You need to build a constant and regular recurring rule monitoring step into your organization/enterprise risk management governance structure. Confirm that it’s being executed and reported to you, your senior executive team, Board of Directors, etc., on at least a quarterly basis. As you assess your current execution processes, take care not to just pile on the additional requirements. This is an opportunity to eliminate ineffective procedures, streamline operations where possible and determine where strategically deployed technology or software can enhance your controls and processes to mitigate risk by alerting you to where errors are occurring. To the regulator’s credit, much of the amending and fine-tuning of the interim final and final rules results from a robust process of engaging the stakeholders impacted by the rule(s). And while the rules and their tweaks may not satisfy everyone, the regulators seek to fulfill the spirit and the letter of the mission with which they are charged. Make the time to provide your comments when the rules impacting your area of the Real Estate Industry are released for comment. Your well-crafted, factual and substantiated opinion does matter! We’ve only touched on the potential impacts of a few of the more publically discussed regulations and reforms. Ensure your organization is; refreshed on all of the regulations and regulatory reforms impacting your practice areas; very clear on how the requirements from each entity with jurisdiction over your business intersect, and; optimizes instances where one procedure can fulfill duplicative requirements from multiple entities. The entity-respective websites are generally a good place to start for gathering the most current information. Whether you are a depository, lender, mortgage broker, real estate broker/agent, settlement agent, real estate property manager, credit-reporting bureau, counseling agency, or on-line platform, to name a few of our disciplines, stay informed and ahead so that you can effectively and compliantly navigate and thrive in our dynamic real estate economy.
STATE OF THE INDUSTRY
• For those in the lending arena, the Dodd-Frank Act amended the Equal Credit Opportunity Act (Reg. B) to require creditors to collect certain information about credit applications made by women- or minority-owned businesses and by small businesses. • Non-bank entities and multi-lender platforms should pay particular attention to their enterprise risk governance structures to ensure compliance with the massive regulatory changes that have occurred over the past two years. • To the regulator’s credit, much of the amending and fine-tuning of the interim final and final rules results from a robust process of engaging the stakeholders impacted by the rule(s). • Help yourself to the comprehensive list of the FRB’s published rules, amendments, requests for comment, guidance, reports and announcements at their Banking and Consumer Regulatory Policy page, www.federalreserve.gov/newsevents/ press/bcreg/2013bcreg.htm. • A helpful resource for the CFPB’s Final and Proposed rules is located at the CFPB Regulations web page, http:// www.consumerfinance.gov/regulations/.
Ingrid Beckles Founder & CEO of The Beckles Collective, LLC NAWRB’s Regulatory & Policy Chair
N Magazine | 19
MARKET DATA
Rising Rates Cooling Refinance Activity The recent rate increases have raised many important questions about what will happen to the mortgage market. By
MOLLY BOESEL
If there’s one thing we know about the housing market right now, it’s that mortgage interest rates are on the rise. Between May 2013 and August 2013, the 30-year fixed rate mortgage rate rose by a little over 100 basis points to 4.39 percent, the largest rise in the long-term rate since mid-2004 (Figure 1). Understandably, these recent rate increases have raised many important questions about what will happen to the mortgage market. In particular, will the rate increases lead to a slowdown in home sales and refinancing? To answer this question, we must look back at historical mortgage origination trends, especially the composition of purchase-money and refinance volumes, as well as the drivers behind those two segments of the market. The Purchase Market Forges Forward Mortgage originations are made up of two distinct parts: the home sales-driven purchase market and the mortgage interest rate-driven refinance market. The dollar amount of purchase-money originations is influenced by home sales, home prices and leverage (loan-to-value ratios and the share of home sales that use a mortgage). In the “gogo” days of the housing market, all of these drivers were in high gear, leading to record-high numbers of home sales, easy access to credit and soaring home prices. During this time, the economy was growing solidly as interest rates hovered around 6 percent. But as the market cooled, home sales slowed, prices began falling and mortgage credit tightened, resulting in a five-year stretch of low purchase origination volumes. Late 2012 then brought the beginning of the recovery in home sales, and with that, a 7 percent increase in purchase originations between the fourth quarter of 2011 and the fourth quarter of 2012. Continued modest increases in home sales, coupled within creases in home prices, led to further improvements in the purchase market, producing yearover-year purchase-market growth of 19 percent in the first quarter of 2013. Though mortgage interest rates have recently risen, CoreLogic analysis suggests we should not expect significant slowing in purchase-origination volumes.
N Magazine Magazine 20 | | N
MARKET DATA
Higher rates are a signal that the broader economy is strengthening, which would have positive implications for the housing market. Furthermore, the impact of the recent rise in interest rates on housing affordability is minimal. Purchase-money mortgage originations for all of 2013 are estimated to improve from between 12 percent and 22 percent over 2012 originations as home prices continue growing and sales continue to improve. Refinances, On the Other Hand The greatest impact of increasing interest rates on the mortgage originations market will be felt on refinance volumes. CoreLogic estimates refinance volumes represented about 70 percent of mortgage originations for the first half of 2013, but that share is certain to fall in the second half of the year. Figure 2 shows the distribution of outstanding mortgages as of May 2013. Prior to the rise in interest rates, approximately 80 percent of outstanding mortgages had rates higher than the market rate, but after the recent rate increases, only 55 percent of outstanding mortgages had rates higher than the market rate. CoreLogic analysis indicates that as of July 2013, an estimated 29 percent of borrowers were considered “in the money� to refinance, taking into consideration the current market rate, outstanding mortgage rates and savings to mortgage payments large enough to justify refinancing. It is clear that the recent rate increases are already having an impact on the refinance market. The July 26 Mortgage Bankers Association Weekly Applications Survey showed a decrease in refinance applications of 12 percent from the prior month and 59 percent from the prior year. Housing market forecasters are expecting that increasing rates will reduce refinance origination volume for the second half of 2013. Refinance origination forecasts range from $1 trillion to $1.1 trillion for 2013, with $700 billion to $800 billion already completed through the first half of the year. Adding in the improving purchase-money market, total mortgage originations are estimated to come in between $1.6 trillion and $1.8 trillion for all of 2013, a drop as small as 10 percent, or as large as 19 percent, from 2012.
Molly Boesel Senior Economist N Magazine | 21 CoreLogic
ECONOMIC ENVIRONMENT
New
The Playing Field What this environment means for buyers and their agents. By
W
ith mortgage interest rates ticking up and then down again recently – albeit within a narrow range – some buyers have had to modify their homebuying strategy and price range to adjust to the evolving economy. But even with rates shifting, home affordability remains extraordinarily attractive. Indeed, the overall housing market continues to be on the upswing, setting up opportunities for sellers and buyers. Home prices nationwide increased by 12.4 percent year-over-year during the third quarter. This boost marked the 18th consecutive monthly year-over-year improvement. With rates and home prices ticking upward, what could be bringing more buyers onto the field? 22 || N Magazine 22
Eager buyers currently renting, who are now eligible to purchase and, ironically, upwardly ticking interest rates. The fact that interest rates have increased creates a sense of urgency. And steadily rising home prices are moving sellers previously on the sidelines. In fact, sales of newly built, single-family homes rose 7.9 percent in August, according to recent figures from the Department of Housing and Urban Development and U.S. Census Bureau. Appetite for new construction is strong and the supply is not yet meeting the demand. We will start to see more new construction, particularly as home builder confidence remains at eight-year highs. These effects are providing benefits across the housing market and should lead to more inventory of homes for sale in the coming months. The encouraging developments
LISA FORADORI
should also generate a steady stream of buyers looking to own for the first time or upgrade their existing home given their increased optimism about their financial situation. What all of this tells us is that buyers are adjusting to somewhat higher rates following policies that led to record-setting lows and support what we know at Chase: now is the time to buy. We expect to see more buyers coming back to the market as the headline effects of rate gains wear off in buyer minds, particularly since rates have now begun tracking somewhat downward again. Stronger job and wage growth also show an improving economy. And while consumer confidence has teetered up and down, levels remain close to the highest in years. For agents, working in this dynamic market
ECONOMIC ENVIRONMENT
requires an acknowledgement that the only constant is change. As a buyer’s representative, agents must invest time and energy discovering and refining a buyer’s vision, helping to translate expectations into reality. This won’t always be easy. From rate changes and home price growth to regulatory policy adjustments and U.S. budget negotiations, agents will have to factor in many disparate inputs.
Agents can be helpful in informing buyers on these choice; fixed-rate or adjustable-rate, Federal Housing Administration, Veterans Affairs,jumbo,30-year,15-year,etc.For first-time buyers and repeat buyers alike, this can be confusing, so this is also where agent expertise can offer great value. •
mortgage rates. While the jump in rates should test the strength of the recovery, our analysts see enduring sales increases over the next year. Home affordability remains historically attractive for first-time and repeat buyers than in decades past. The average rate on a 30-year mortgage remains a bargain at below 5 percent,and research indicates borrowers are ready.
Agents and buyers can and should undoubtedly use technology as a resource. With so many on the market, it’s hard If you’re ready to apply to choose. Chase’s My New Home app for a loan, a borrower allows consumers to search and rate should be able to say: housing options based on personal criteria, recorded notes, photos and videos about • I know how much home I can afford. the houses and to calculate mortgage • I know how much I need for a down payments. And, the app offers real-time payment. access to Chase Mortgage bankers at • I know what paperwork I need. every step of the homebuying process. • I know how to pre-qualify for a loan. • NC. Chase also launched a YouTube • I know what kind of mortgage is right channel. This is a great tool that allows for me. homeowners to become educated on key mortgage and homebuying related topics including adequate homeowners and flood insurance and down payment What’s likely to be the most rapidly changing requirements. and impactful development, however, • Another key to smart homebuying is continues to be technology advancements. separating wants from needs. Today’s homebuyer is very different from Buyers should make a wish list, and then anything we’ve ever seen. They are savvier on prioritize those wishes to determine what what it means not only to buy a home, but also matters most. • Agents and analysts remain confident to be able to afford the home over the • Determine the “deal breaker” items. Don’t that the recovery can handle the slight long-term given the lessons learned from the settle for a house that is missing key Just closedrates. Sundance uptick in mortgage crisis. And homebuyers are leveraging attributes. over 21% profit. technology and finding homes themselves. • If a buyer has kids, or hopes to in the • As a with buyer’s representative, agents This means agents will need to bring value to future, an agent can research local must invest time and energy discovering buyers by helping them be as educated about public school ratings and distance from and refining a buyer’s vision, helping to the buying process as possible, including indentified homes. Google Maps can Chrimata, Inc. iseven a real estate investment and peak rush translate expectations into reality. advising them on budget, credit score, also predict travel times during best-available technology. Some intuitive, yet stretches. • Homebuyers are leveragingAfter management corporation with more than 12 years Before frequently forgotten tips include: • Use Chase’s My New Home kit to get technology and finding homes of experience in buying, started. selling, rehabbing, themselves. • Take an honest look at one’sand finances. • For single-family agents, in addition to having a maintaining managing Agents can help buyers determine their personal website, establish and maintain • From rate changes and home price residential states.Use these tools to growth to regulatory policy adjustments monthly mortgage paymentproperties budget and in multiple social networking. look into their credit score to see if it’s interact with clients and prospective and U.S. budget negotiations, agents will high enough to secure the loan they need. clients on a regular basis. have to factor in many disparate inputs. • Agents can help home shoppers research their mortgage options, including Now is an exciting time for housing. Agents speaking with a lender to get and analysts remain confident that the pre-qualified and to get a full under- recovery can handle the slight uptick in LEGAL Chrimata, Inc. nor its employees can predict the actual standing of the costsDISCLAIMER: and needed financial profit on a future transaction. Past history does not guarantee future performance. documentation. Lisa Foradori • While the details of every loan are Senior Vice President, Mortgage Banking Executive different, each lender has a variety of loan JPMorgan Chase & Co. options.
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24 | N Magazine
MEN-OWNED
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NAWRB is the most visible women's trade association specializing in the housing economy.
T H E HOU SI
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As the only provider of Women-Owned Business (WOB) and Minority Women-Owned Business (MWOB) certifications specific to real estate, NAWRB is dedicated to the access and advocacy of professional women and women business owners Specializing in the Housing Economy, SHE is Changing Real Estate™.
TO LEARN MORE ABOUT NAWRB AND OUR NSERVICES Magazine | 25 EMAIL INFO@NAWRB.COM OR CALL (949) 559-9800
GOVERNMENT IMPACT
A Legacy of Leadership
What does the women’s business community need to do to be able to respond, to be flexible, to shift gears, to anticipate, and to position ourselves in the forefront of our nation? By
BARBARA KASOFF
L
and developing are unparalleled. Our management and our approach to problem-solving are a model for leadership in our government.
Without a doubt, women are now part of the economic discussions that affect us — we participate in them, we help shape them and we are on the leading edge of shaping opinion. Our advocacy efforts, while new
Having said that, I am also on edge. I represent an organization that leads on behalf of business women, and we continue to push the envelope. Never content to sit back, we have always looked for opportunity and for what is next. What is the
eadership in the women’s community is top of mind: What progress have we made? What are our accomplishments? What are our priorities for the future?
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state of women’s entrepreneurship? What is our economic impact in our nation and how do we increase it? What role do we play in pushing the economic agenda forward? What does the women’s business community need to do to be able to respond, to be flexible, to shift gears, to anticipate? And to position ourselves in the forefront of our nation? In short, how do we lead? I know where we need to be — I see it very
GOVERNMENT IMPACT clearly, and we are on our way. But to succeed, women must organize themselves so that they become the voice of entrepreneurship as AARP is the voice for seniors. If we accomplish this, our imprint in our country and beyond our borders, will continue to expand. And with a formal structure, organization, and a strong voice, comes a huge responsibility that our leadership must be cognizant of, must embrace, and must embed in every action we take. I believe women are in the midst of another power shift. Every day there are countless articles, research reports, and new programs on
women’s leadership. While women are dominant in many university programs, the results do not speak of our economic or political success. Issues of confidence, capability, desire, and work-life balance continue to be raised, and connected to leadership. There are still ongoing questions relative to access to capital, C-Suite growth, the number of women in Congress, pay parity, access to markets. We are all talking about these issues continuously and frustrated with our lack of progress. We know all too well that our work is not nearly done; and we know all too well that while women are key drivers of economic growth, we continue to face barriers to economic participation and that gap undermines global economic expansion, an important factor in our growth. The challenge, expressed by Secretary of State Clinton in her address at the APEC Women and the Economy Summit is simple – grow our economies by increasing women’s participation.
And yet, in spite of the gaps, women elected the President of the United States in 2012: a shift in power with huge potential. So, how do we use that shift? How do we leverage it? How do we negotiate for our policy and economic priorities? What are we doing about this? What is our approach to leadership? What will be our legacy? Who is establishing our route and driving our bus? It is time to act. The key is advocacy. We are building strong leaders in communities across the country who are leveraging our power and our access, committed to create change and to address our priority issues. We are creating partnerships, we are finding new leaders and we are building a new, more inclusive and robust role for women in our nation. You, too, have a role. Advocacy is easy and you practice it every day – advocating for your family, for causes important for you, for your business. You can also advocate for women, as a community.
succeed, nations succeed. You each have an opportunity to make a choice – a choice to be actively engaged in removing the barriers that impede our leadership and growth. It is my hope, and expectation, that you will help us develop policies and programs to increase our participation in all economic sectors and ensure the progress of the women’s business community. We will succeed because we work together, because we know that for each one of us individually to succeed, we all must succeed. We have a long journey before us, a journey that requires a clear focus, resolve and a strong, collaborative approach. I truly believe that, as far as we have come, and as much success as we have had, that the best lies before us. As long as we keep our eyes on the prize, and remember what our end goals really are, we will continue to go from strength to strength until we take our rightful place as equals — and leaders — in our world. I urge each and every one of you to join us in this effort in the months and years ahead.
First and foremost, be informed — pay attention to the issues and pay attention to where you are seeking your information. There is a lot of biased information, so seek reputable, independent sources. Second, build alliances in your community. Join groups that focus on economic issues so that you can become part of the discussion. You will be a respected leader. Third, participate and get active in the business community. It’s not only important to show up, it is important to take responsibility. Fourth, lead. Use your networks and connections, your local media and social media to comment on and take positions. Be in the forefront, helping to negotiate and facilitate resolutions of issues.
• Our management and our approach to problem solving are a model for leadership in our government. • While women are dominant in many university programs, the results do not speak of our economic or political success. • There are still ongoing questions relative to access to capital, C-Suite growth, the number of women in Congress, pay parity and access to markets. • Women’s leadership and participation is a global dream that transcends borders and creates opportunities — for when women succeed, nations succeed relationships.
Women’s leadership and participation is a global dream that transcends borders and creates opportunities – for when women Barbara Kasoff President & Co-Founder of Women Impacting Public Policy, Inc. (WIPP). bkasoff@wipp.org.
N Magazine | 27
ceo cENTER(fold) 28 | N Magazine
“As a womAn in the title industry, it has been encouraging to gain the confidence of many male professionals in the real estate market who trust in my abilities and expertise.�
SANDRA COPE Vice President/Escrow Officer Inwest Title Services www.inwestitle.com 2037 W Commerce Way, West Haven, UT 84401 801.399.3544
Growing The Family Farm
Sandra Cope runs the certified, woman-owned Inwest Title Services with her firm foundation and help from her family.
S
andra Cope, Vice President of Utah-based Inwest Title Services, began her career in real estate packaging, selling loans to Fannie Mae and Freddie Mac and working in accounting. Today, Sandra and her husband own one of the largest independent title insurance companies in the state of Utah. Starting the business in 1990 with her husband in a small office in Salt Lake City, Utah, it was important to the Copes to create a company that would allow them to grow, where they could involve family members and give their children an opportunity to be involved. “ Currently, our son Scott is the president of our company and past president of the Utah Land Title Association. We often refer to Inwest as our family farm,” Cope explained. In today’s ever-evolving economic environment, Cope approaches business with a keen eye for new market trends and embraces innovation. “The technology we use sets us apart from other title companies. We welcome new technology and advances that make doing business with us more user-friendly than our competitors,” she said. “We partner with a software company which allows us to make constant improvements which in turn increases our efficiency and improves customer interaction with our company. We have been involved in writing numerous software programs and apps that make our services appealing to real estate agents, lenders, and other consumers that utilize our services.” Inwest has more title plants for the counties within Utah than any other independently-owned title company. This allows faster reaction times for problems that may arise in a transaction and the search is more accurate because of knowledge of the idiosyncrasies of counties and individual cities within the state. “Something that Inwest does to create relationships that often leads to new business deals and lifelong business relationships is to provide licensing classes for the realtors in our area. This classroom setting provides crucial hours of education for agents,” explained Cope. Right now, the company is also launching a new app for portable electronic devices which allows customers easy access to place and monitor their orders. “We post weekly real estate data on our website. We maintain a blog with updated and pertinent information that affects our customers.” “Our area of expertise is key to the real estate industry, because the title insurance industry takes on the liability for the closing transaction and issuance of title policies. Therefore, we must have a
thorough knowledge of real estate law, both locally and nationally,” stated Cope. Another vital component to her career is she must stay abreast of the constantly changing rules and regulations that affect the title industry. This can be a difficult feat when it comes to managing a business and family, though Cope manages to pull it off without a hitch. “As the business has grown over the years, I’ve found that it’s necessary to set boundaries on when business conversation is appropriate and to make time to nurture marriage and family,” Cope said. Contributing to society in a positive way is another role Cope focuses on both personally and as a company. Cope and other women at Inwest support and are heavily involved in the American Heart Association’s “Go Red for Women” campaign — which supports heart disease and other related risks to cardiovascular health in women. “It’s been rewarding to involve everyone in our company with a go red casual Friday to create awareness and reward participating employees with the chance to wear jeans and a red shirt along with an American Heart Association pin,” she said. The company also supports local food banks and food drives and involve their clients. They support many causes including the American Cancer Society, Special Olympics, Cops for kids, and numerous other organizations. Cope revealed the secret to any successful business is to stay active in your industry, hiring top-notch people on your teams and nurturing their careers. “I believe in giving the best training, tools and encouragement that I can possibly give them and then allowing them to blossom in their careers. This provides me with the time I need to further my career, create time for family, friends and worthwhile community causes,” she sad. Her caring nature and dedicated attitude are just some of the many attributes she possesses as a woman business owner. “If I were to give advice to other women starting out in the industry, I would say learn all you can, ask questions and don’t be intimidated,” said Cope. “Surround yourself with knowledgeable people and do earnest research on the type of business you are interested in. Once you decide, be passionate about what you’ve decided and hopefully love to do.” “As a woman in the title industry, it has been encouraging to gain the confidence of many male professionals in the real estate market who trust in my abilities and expertise. This is gratifying in this regard as most title companies are male-owned.” N Magazine Magazine | 29
AGENT EDUCATION
Agent Reform: Is it a Necessity? The definition of being an agent/broker in today’s industry has transformed beyond marketing a home for sale.
O
ver the past few decades, we have seen agents transform from acting as a catalyst of finding or selling client properties within their social network, to requiring extensive knowledge on financial options. These options can result in how or if their client should transfer or sell the property deed. Not
being adequately prepared, knowledgeable or accurately watching trends can cost their clients losing homeownership or thousands of dollars in chasing the market. With the structure of how an agent conducts business in today’s environment – and at the speed of the industry changes in which they occur – one must ask, “Is the education that is required to become an agent or broker and maintain their license in the real estate profession adequate?” Not all things are created equal, yet more precisely, not all real estate agents are educated and/or provide service equally. If we are the licensed professionals to assist homeowners and investors in one of the most important decisions in their life, we need to reevaluate if current protocols and systems in place are adequate in today’s market. More than 22 years ago, I received my California real estate license and was required to take two courses and pass a state exam to receive my 18-month provisional license. I was allowed to substitute a portion of my college courses to satisfy the remainder of the requirements for my license to be valid for the four years from issuance. Today, agents need to take two specific classes, a third class coming from a predetermined list and pass the state exam to
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receive a real estate license that will remain valid for four years. As a veteran in the real estate industry, I believe that the state exam I was given didn’t reflect or test my skill set of practical and applicable real estate laws and practices. The Department of Real Estate was looking for the “best” answers to partial questions that had multiple “correct” answers due to providing limited information for the test. The questions were too subjective and not based on practical or “real” cases. The range of questions covered a few topics and sometimes those subjects would not be applicable to a majority of the real estate licensees. Most of my practical knowledge and expertise came from learning on the job, attending educational classes and reading new legislatives and business updates. There was no need to know in-depth financial issues or be the go-to person for complex questions. In fact, I was sternly taught that I wasn’t an attorney, CPA or contractor, and I couldn’t give advice in those areas. I was directed to give three references to recommend any service as to not “steer” a client. In today’s market, the same still holds true – yet – individuals are required to be knowledgeable in numerous trades and know most of – if not all – the financial options. Today, there are several certifications and designations that are offered by various
AGENT EDUCATION
organizations to try and set real estate professionals and businesses apart that have received additional training or classifications. How can an agent, business owner or person seeking to do business in the real estate market know if one certification, designation or classification is better – or more beneficial – than another? Are they just fluff certificates or are they really going to benefit the real estate professional, business owner or client seeking to do business with them? Is the designation part of a greater cause? How will I leverage or engage my certification? These are serious
and accepted products in the direct service market. How is an industry professional affected when dealing with an inexperienced agent? Does your client reflect badly on you in dealing with these issues? Are all agents acting in good faith following the regulations put in place by the new Bureau of Real Estate? Or are they driven out of necessity or greed? All parties involved with the transaction are now held to a greater accountability for several years after closing, and the cost involved to defend oneself – regardless of no wrongdoing – is expensive. Without agent reform, we are not doing our part in the housing recovery. As agents, we must be educated in several areas, not just in the marketing of real estate. We are viewed as the go-to person in an intricate and changing economy. We must bring our industry standards as professionals to a higher level with adequate pre-licensing training, continuing education requirements and surrounding ourselves with a network of professionals to extend the quality of service and information to and for our clients.
• Without agent reform – as the professional licensee for real estate transactions – we are not doing our part in the housing recovery. • There are several certifications and designations offered by various organizations to try and set real estate professionals and businesses apart. • The best way to help one succeed as a credible real estate provider is to look at their target audience and select the most comprehensive and accepted products in the direct service market.
questions in this complex housing economy. I am a firm believer in having designations and certifications within every industry. The overall amount of time required to get certified or receive a designation can vary greatly. What do they cover? Is it for advancement of education or systems we use? How will it improve my ability to serve my clients? Is it practical? Who acknowledges the certification or designation? What support mechanisms are in place? Will or can I utilize the technology? These are questions that can be used to catalyst discussions to do our part for the housing economy. The best answers to help one succeed as a credible, knowledgeable and performance-driven real estate provider is to look at their target audience and select the most comprehensive
N Magazine | 31 31
RESEARCH & TRENDS
the generational gap Generation Y Poised to Fuel Growth to the Housing Market
D
ue to the size and spending power Generation Y yields, they have the ability to change the way developments are structured, as well with their desire to live in communities where everything is within walking distance. As the Housing market continues to recover from a down economy, the next generation that has the potential to bring growth to this industry segment is Generation Y. As both Generation X and Baby Boomers provided an housing boom previously, for the first time since the recession the housing market is poised to make significant gains with the aid of these up and coming buyers. Pew Research Center for the People and
32 | N Magazine
the Press define Generation Y otherwise known as Millennials, as individuals born between 1981 and 1993. A 2009 Oracle Financial report states that Generation Y comprised 14% of North America’s population. As they continue to increase their spending power, Oracle predicts that their annual spending will reach $2.45 trillion by 2015, and by 2018 this generation has the potential to overtake the Baby Boomer generation with their spending power rising to $3.39 trillion. Oracle outlines key characteristics of Generation Y as being independently dependent, practically motivated, tech savvy, socially mindful and financial freshmen. With this target demographic being the first to have had access to technology, internet and
social media this group navigates the housing market differently than what has been seen in the past. However, this generation differs not only in the opportunities to source technology, but also their diverse dynamic. Generation Y is culturally diverse in their make-up with 40 percent being either Latin or African American, and are drawn to transient and urban lifestyles as reported by the National Association of Realtors. In order to connect with this new brand of potential home owners it is imperative for the real estate industry to rethink current strategies in order to satisfy this generations needs. The 2013 ULI Survey on Housing and Transportation sheds light on how this generation differs from previous generations, such as the Baby Boomers, in regards to their
RESEARCH & TRENDS geographic preferences. Generation Y shows a preference to living in an urban environment, whereas their older counterparts favor the suburbs. Due to the size and spending power Generation Y yields, they have the ability to change the way developments are structured as well, with their desire to live in communities where everything is within walking distance. From shops, restaurants, mix-use spaces, offices and housing all located together in a master planned type community a new trend is emerging to accommodate this new type of buyer. This generation is motivated to live in locations with easy access to public transportation. According to the study, this request is important to 55% of this population, predominately as it is their main source of transportation from one location to another.
home. Unlike Generation X and the Baby Boomer generations who traditionally look for a new home with updated finishes and modern conveniences, Generation Y is not interested in obtaining a traditional home with a traditional layout. According to a Better Homes and Gardens report, they are a Do-It-Yourself generation that prefers to purchase a home with the ability to make their own improvements, instead of one that is perfect right out of the box. This is due to a desire to make their home as unique and individual as they are, as well as provide the best value for their money.
The National Association of Realtors Buyer and Seller Generational Trends highlights that for buyers of all generations their first step to purchasing a new home is visiting housing websites and reviewing properties for sale. As access to a large amount of inventory is accessible easily and from the comfort of home, the majority of younger buyers have reported to finding the home they purchase online. It is also noted that there was a direct correlation in using the internet in the home buying process and the users age. Therefore in order to be competitive it is imperative that a realtor understand the level of research this demographic will conduct on each property and the amount of inventory a prospective buyer of this generation will need to see before making a final decision. The National Association of Realtors reports that these well researched buyers will visit between 15 and 30 homes before an offer is drafted. This is due to Generation Y’s need to find something that will fit their lifestyle as well as be a good value for their money. In a survey produced by Pulte in January more than 500 adults from the ages of 18 - 34 were asked what features were a priority for them when looking to purchase a home. An overwhelming 84 percent looked for an efficient use of space, and more than two-third desired an open concept to enable entertaining in their home. Perhaps what is most unique about this generations buying patterns, however, is their interest to put their own stamp on their
transient and more diverse than previous generations, they are poised to create a major impact on the housing market. According to the 2013 ULI Survey of Housing and Transportation, roughly 54 percent of this subset is currently living in rental housing, and more than 69 percent are anticipating purchasing a home within the next five years. Expansion is on the horizon for this generation, and it may just be the infusion the housing market needs to fuel new growth.
According to the National Association of Realtors Home Buyers and Seller Generational Trends
• Among the generations, Generation X comprises the largest group of recent home buyers, followed by Generation Y. • Among buyers uner 32 years of age, 79 percent are first-time home buyers, compared to only 5 percent among buyers aged 67 to 87.
The recession affected all generations, although each subset was faced with their own challenges in the past five years. The Baby Boomers struggled to sell their homes for market value as they downsized, and Generation X had to deal with their homes decrease in value as well as an underwater mortgage. Generation Y, was delayed in progressing into the housing market due to unemployment and living with their parents longer in an effort to be fiscally responsible. This has increased Generation Y’s need for frugality when it comes to their own home purchase. Home and Garden notes that this demographic is concerned about value, and it is important that they receive the best price per square foot possible.
• For younger generations of buyers, convenience to jobs, affordability, and quality of the school district play a big factor in their decision to purchase. • Younger generations of buyers placed a high importance on commuting costs, older buyers placed higher importance on landscaping for energy conservation and environmentally friendly community features.relationships. • Buyers gain many benefits from working with a real estate agent. Among age groups, younger buyers are more likely to want the agent to help them understand the process as they are more likely to have never purchased a home before.
While Generation Y may be less settled, more N Magazine | 33
WOMEN
The Definition of Success
Can women entrepreneurs really have it all?
T
he business world has continually evolved as an increasing amount of women have taken corporate America by storm, dominating their male counterparts to rise to positions of power. However, as more women begin to feel restricted by the trappings of a high pressured all consuming position as a corporate employee, women in increasing numbers are seizing the opportunity to start their own business. According to the National Association of Woman Business Owners (NAWBO), as of 2008 there were 10.1 million firms owned by women, and women-owned firms accounted for 40 percent of all privately held firms. In addition to the increase of women-owned businesses, there has also been an increase in the growth of these businesses which contributes to workforce. A report produced by American Express titled, The 2013 State of Women-Owned Business Report shows the years during the recession from 2007 to 2013, the businesses that have generated a significant increase in employment are large, publicly traded corporations as well as majority-owned companies. In all other privately held firms, 34 | N Magazine
employment has dropped.
overall job satisfaction.
While women who choose to start their own companies do so for a myriad of reasons, their motivations are distinctly different than those of their male counterparts. Men traditionally cite a desire to increase their income as the
As women-owned businesses are on the rise, trends are being found within this demographic that emphasizes a woman’s desire to live a complete life. Dr. Erin Albert’s book Single. Women. Entrepreneurs interviewed 30 successful women from corporate America that in turn went on to start their own successful enterprises. The underlying theme to these first-hand accounts is their desire to have more flexibility in their lives as well as create a lifestyle that would allow them to be multi-dimensional and not just focused on their career.
primary reason for creating their own business, whereas the majority of women are focused on finding happiness and feeling self fulfilled within their chosen career path. This sentiment is echoed in a recent study produced by the Society for Human Resource Management that found an increase of employees who stated having a work-life balance was essential to their
In conjunction to this trend, Albert found during her research that there was no link between women who worked longer hours versus women who brought in more business. In fact she found the reverse to be true. Women who were not predominately focused on their career 80 hours a week were more productive, and tuned-in
to their businesses the hours they did work. Albert cites one case study of an entrepreneur that reduced her work load to 32 hours a week and increased her business by 100 percent in the course of a calendar year. However, while many focus on a work-life balance, it is imperative to define this term as it means different things to different women. Traditionally having a work-life balance meant focusing on work during the day and spending time with your family in the evening. This definition is not inclusive of today’s female entrepreneur who takes this concept and interprets in her own way as it pertains to her lifestyle. This shift in the meaning of work-life balance creates the need to see past this limiting term and instead focus on what will be fulfilling and satisfying to each woman individually. As women entrepreneurs began their business to define their careers on their own terms, it seems only fitting that they be allowed to do the same for their personal lives. Therefore the question should not be can women have it all, but what priorities are important on a personal level, as having it all is defined differently by each and every woman.
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RISE to NEW HEIGHTS Make your way to the bay!
Take your real estate business to a higher level by registering right now for the 2013 REALTORS® Conference & Expo, November 8-11, in San Francisco. • Elevate your expertise. 100 education sessions and 400 expo exhibits will give you the tools you need to succeed in today’s market. • Make new connections. Join 22,000 REALTORS® and guests from around the country and world at the biggest networking event of the year. • Experience a world-class city. From Napa to nightlife, enjoy San Francisco through exclusive member tours.
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N Magazine | 35
FIVE STAR CONFERENCE & EXPO REVIEW
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A first- class event By Ashley Harris, Editor, MReport and Corry Schiermeyer, Chief of Staff, the Five Star Institute
Ed Delgado, President and CEO of the Five Star Institute, opens the Honors Evening event at the 2013 Five Star Conference with a riveting speech on the state of the mortgage industry.
T
he 10th Annual Five Star Conference and Expo was a huge success and much of that came from the generous support from NAWRB and other sponsors, particularly those at the inaugural Women in Housing Leadership Luncheon. “I truly enjoyed seeing so many members from NAWRB in Dallas for our tenth Five Star, along with other leaders in our industry, networking and enjoying all of the events,” said Ed Delgado, President and CEO of the Five Star Institute. “I am so thankful to all who participate and attend the conference, and make each Five Star such a great success and I look forward to building on our 10 years and making the eleventh annual Five Star even better.”
“I truly enjoyed seeing so many members from NAWRB in Dallas for our tenth Five Star, along with other leaders in our industry, networking and enjoying all of the events.” -Ed Delgado, President and CEO, Five Star Institute This year, the Five Star was honored to have two very distinguished women featured. Dr. Condoleezza Rice capped the first full day of the conference with a thoughtful and informative speech to all attendees. The Honors Evening with Dr. Rice also featured the presentation of the 2013 Five Star Lifetime Achievement Award to Anthony T. Meola, servicing executive at Bank of America, and a home donation ceremony. This was the third year the Five Star partnered with the Military Warriors Support Foundation to deliver mortgage-free homes to veterans and their families living with unique or severe circumstances sustained while serving our country. In collaboration with event sponsors Matt Martin Real Estate Management, Mortgage Contracting Services and the National Firm, with the support of Bank of America, Chase, U.S. Bank, and Wells Fargo, they made history, presenting 10 homes to wounded veterans and Gold Star families whose loved ones gave the ultimate sacrifice while on a tour of duty. It was the largest home donation in the history of the Military Warriors Support Foundation.
36 | N Magazine
On the final day of the 2013 Five Star Conference and Expo, Mrs.
The 2013 Five Star Conference & Expo in Dallas, Texas, was a success for the mortgage servicing industry with academics, events, keynotes and business-building opportunities. Mrs. Laura Bush delivers the keynote address at the inaugural Women In Housing Leadership Luncheon at the 2013 Five Star Conference and Expo.
Laura Bush was the guest of honor. With more than 1,000 people at the Luncheon, women leaders in housing delivered inspiring speeches, followed by eloquent remarks by the former First Lady. Speaking from personal experience, Caroline Reaves, CEO of Mortgage Contracting Services; Lisa Foradori, SVP and chief marketing officer for Chase; and Kathryn Madison, EVP and chief servicing officer of consumer and mortgage lending at HSBC Finance Corporation, all discussed the struggles of work–life balance and why it is vitally important to find equilibrium when in a position of leadership. They discussed the importance of being a true leader, supporting the work team, and guiding colleagues through challenges for company and personal success. They also discussed some of the unique challenges women face in the workplace, especially when in senior-level roles. In addition to the inaugural Women in Housing Leadership Luncheon, the Five Star Conference introduced a few other new, featured events with the Compliance Caucus, featuring a keynote address and Q&A session with former Rep. Barney Frank; and the Investment Symposium, with a keynote address by James
Dr. Condoleezza Rice delivers remarks at the Honors Evening ceremony at the 2013 Five Star Conference and Expo.
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| B. Lockhart III. Both events were well attended by NAWRB members who — true to form — soaked up as much information as possible from all 10 academic tracks, procuring the insight and intelligence needed to stay ahead of the curve and push the industry forward. The conference kicked off with a standing-room-only crowd at the annual FORCE Rally, featuring Mike Krein of RIO Genesis, Noel Christopher of Century 21 Affiliated, and Rochelle Jones of Keller Williams in Houston. And after a packed schedule of learning and networking, attendees closed the conference by celebrating the industry with a concert by Cheap Trick. Planning is already underway for the 2014 Five Star Conference, and it too will be a huge success, especially with the continued support of NAWRB and its members. Attendees enjoyed a closing concert by Cheap Trick at the 2013 Five Star Conference and Expo.
N Magazine | 37
Photography by Marcus Kaiser
CEO, Desirée Patno with NAWRB Board of Directors and members: Justine Jimenez-Garcia, Renee Marie Smith, Angela Powell, Barb Schlinker, Heidi Elder, Heidi Robinson, Jane Nathan, Ivy Melton, Tina Harbin, and Teresa Ryan.
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AWRB’s CEO and Founder, Desirée Patno, was especially thrilled to attend to this years’ Five Star Conference and Expo as a participant of the Women in Housing Leadership Luncheon to celebrate the success and strength of women professionals in the industry. As in years past, she was on a speaking panel and had several corporate meetings scheduled throughout the conference. NAWRB had their own personal photographer providing professional headshots and group photos for its members celebrating their fifth appearance at Five Star. Within the mortgage servicing and real estate industries is a community of remarkable women. The Five Star’s inaugural luncheon was designed to recognize the leadership of these professionals by providing a platform for advancement through open dialogue. Featuring honorary keynote speaker, Mrs. Laura Bush, the Leadership Luncheon 38 | N Magazine
served to inspire, promote, encourage and recognize the successful women in the housing economy —encompassing NAWRB’s passion and commitment.
grown themselves, their family and how they included them in their work environment,” said Patno.“The speakers candidly spoke in an informal manner so you could really relate to them.”
Several NAWRB members were able to attend the historic event including Board of Directors, Elizabeth Goodchild, Renee Smith and Heidi Robinson. The distinguished industry experts spoke on issues of both professional and personal achievement. The engagement was designed for women professionals at all levels in the industry and proved to be a powerful and insightful experience for NAWRB and all women in the housing economy. It was significant to have NAWRB’s name in lights as a contributor.
Prior to the luncheon, Patno was a panelist in the “Bridging the Gap” session which was moderated by Bill Carr, Vice President, Chase, and the other panelists included: Matt Slonaker, Senior Vice President, Institutional Business Channel, Carrington Real Estate Services; John Thibaudeau, Director - Short Sales, Fannie Mae; and Federico Moran, Vice President of Short Sales at Citibank. As there is an increasing need in the marketplace for mortgage servicers and real estate professionals to come together and expedite short sales as a tactical preventative solution to foreclosure, the discussion was designed to build the bridge of success in pursuit of short sales between mortgage servicers and real estate professionals.
With the long standing relationship between NAWRB and the Five Star Institute, to see the event filled with exceptional women was extremely satisfying. “It wasn’t about the women balancing their personal or professional lives, it was about how they have
FIVE STAR CONFERENCE & EXPO REVIEW As the only broker on the panel and CEO attending executive meetings, Patno was able to provide insight on both sides of the equation. The issues were addressed to better understand the process from both sides to help expedite through the challenges. Some of the panelist gave out their personal cell phone numbers to relay that they were not unreachable and truly had the passion and commitment for each and every homeowner. NAWRB thanks the Five Star Institute for the incredible opportunity. NAWRB is dedicated to the access and advocacy of professional women and women business owners Specializing in the Housing Economy, SHE is Changing Real Estate™.
"I especially enjoyed attending the Women in Housing Leadership Luncheon. It was great to see women acknowledged for their contributions to our industry in such a significant way. Perhaps the best feature of the conference for me was the networking opportunities. In our ever changing industry it is incredibly valuable to be able to mastermind with top agents around the country to share business ideas and best practices. I have been implementing many of the strategies into my business and have already seen a return on my investment!" -Heidi Robinson, Realtor, Thunderbird Real Estate NAWRB Board Chair 2013
"2013 Five Star had some wonderful key note speakers. Condolezza Rice was insightful and Kathryn Madison CEO of HSBC was the best speaker with helpful tips and entertaining stories. ‘Expediting Short Sale’ panel was excellent and I compliment them on their presentation. Lastly, the Women in Leadership luncheon was a good conclusion to Five Star's last day. So successful that the room was overflowing and 10 percent of the audience was men. Well done Five Star Conference." -Renee Marie Smith, Esq., President, Smith & Associates Title Services, Inc. NAWRB Board Chair 2013
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| |||||||||||||||||||||||||||||||| "This was my first year at the Five Star Conference! I found it to be everything it was hyped up to be. My group thoroughly enjoyed Ms. Laura Bush’s luncheon, as well as the many breakout session on the default housing industry. I will go back again!" -Tina Harbin, Managing Broker/Owner, Real Estate West, Inc. NAWRB Member N Magazine | 39
Enterprising Women is incredible. It leads the way for our growth and success – Barbara Kasoff, president and cofounder, Women Impacting Public Policy (WIPP) Enterprising Women is inspirational. It touches my heart and my spirit – Sherri Orlowitz, first recipient of the Enterprising Women of the Year Award Enterprising Women has significantly contributed to improving the women’s business community and provided a strong network for women business owners to help one another succeed —Lynne Marie Finn, Superior Staff Resources, Inc. Thank you, Enterprising Women, for ten wonderful years of reaching, teaching and promoting women entrepreneurs – Janice Hamilton, JMH Education Marketing Enterprising Women’s vision is bold and courageous —brave enough to take on the “big boys” Susan Solovic, CEO/Co-Founder, SBTV.com Enterprising Women is making a difference in the world. All of us who are a part of it have grown into a strong community – Pat Laus, The Atlantic Club, Inc. Thank you, Enterprising Women, for your commitment to “going green” and sustainability. Working together, we are taking better care of our planet – Nancy Goshow, Goshow Architects
I’ve belonged to numerous organizations throughout my 20 years in business, but none has matched the experience of being a part of the Enterprising Women community – Harriet Diamond, author and management consultant Enterprising Women’s unwavering support has contributed to the success of numerous organizations, such as the Women’s Business Development Center, that have worked so hard to see to it that women thrive in their businesses. – Hedy Ratner and S. Carol Dougal, WBDC, Chicago Kudos to Enterprising Women for all it has done for women business owners in the United States and around the world! – Julie Weeks, Womeable Thank you to Enterprising Women for bringing together different organizations, ideas and avenues to strengthen the network of support for female entrepreneurs – Patricia May, Tembua: The Precision Language Solution
I look forward to many more years of reading Enterprising Women and taking part in this wonderful community the magazine has nurtured and developed – Karen Kerrigan, Women Entrepreneurs, Inc. Women writing articles for women—what a great concept! —Nicolina Stewart, Capital Management Advisors, Inc. Thank you, Enterprising Women, for your commitment to educating women in business on their road to success – Rosalie Edson, Meadows Office Furniture Company Enterprising Women has been integral to transforming the credibility of women business owners and their enterprises. It has brought together the community that supports women’s entrepreneurship in a collaborative and supportive environment and captured the attention of business leaders worldwide – Sharon Hadary, Sharon Hadary & Company
Enterprising Women is a community of business owners that learn together, succeed together, and grow together. At a time when most women’s publications have failed, Enterprising Women has been a stable and influential force for women’s business enterprises. – Marsha Firestone, PhD, president and founder, Women Presidents’ Organization (WPO) Enterprising Women provides a tremendous network of support to women all over the world – Monique Honaman, ISHR Group Enterprising Women is the heartbeat of economic, social and political news for the women business owner community. This magazine leads the way! – Terry Neese, founder and president, the Institute for Economic Empowerment of Women (IEEW) Enterprising Women is a vital source of targeted information for women entrepreneurs, helping them grow and manage their businesses – Linda Denny, president, Women’s Business Enterprise National Council (WBENC)
The community of women business owners reads
Enterprising Women has supported women business owners around the globe – Leslie Grossman and Andrea March, Women’s Leadership Exchange Thank you for elevating the status of women in the business and world community. Enterprising Women is an inspiration to me – Elaine Buxton, Confero
I used to say that American women entrepreneurs were the luckiest women in the world because they had their own magazine. Now we in Latin America can read Enterprising Women online! – Yaeko de Hiraoka, Lima, Peru
Enterprising Women Enterprising Women is a global treasure. We mark up every issue as we learn about new people and new areas of interest – Edie Fraser, Diversified Search Odgers Berndtson
Connect today Don’t miss a single issue!
Enterprising Women has forged partnerships, recognized excellence, and brought much-needed visibility to women who are running amazing businesses – Jean Gianfagna, Gianfagna Strategic Marketing
We’ve circulated Enterprising Women at our events around the globe. Women entrepreneurs everywhere find it inspiring. There is nothing else like it! —Irene Natividad, president and founder, Global Summit of Women Enterprising Women has been integral to transforming the credibility of women business owners and their enterprises. It has brought together the community that supports women’s entrepreneurship in a collaborative and supportive environment and captured the attention of business leaders worldwide – Sharon Hadary, Sharon Hadary & Company
Enterprising Women is a strong voice and a champion for women business owners –Sherri Macko, Enterprising Women has made a American Airlines difference in the lives of thousands Enterprising Women is a wonderof business owners across the Thank you for giving a voice to ful magazine—every issue has country, including one small busiand putting a face on successful relevant content! ness owner in Cincinnati women business owners –Diane DiResta, DiResta CommuSubscribe today at www.enterprisingwomen.com. For advertising and marketing partnerships, – Patti Massey, Myca Multimedia & – Beverly Holmes, Center for nications contact Monica Smiley, Publisher/CEO at msmiley@enterprisingwomen.com or call 919-362Training Solutions Women’s Business Research I used to say that American women 1551. Enterprising Women is a women-owned and managed publishing company, celebrating I encourage my clients to not only entrepreneurs were the luckiest our 13th year helping to inspire and grow women-owned enterprises. Being a part of the Enterprising We applaud Enterprising Women’s read Enterprising Women, but women in the world because they Women community has opened up spectacular accomplishments. contribute to its pages and share had their own magazine. Now we in an immense network of women to What the magazine has done is their expertise with colleagues all Latin America can read Enterprisme. I am proud to be a member of akin to ‘going to the moon and over the world ing Women online! the Enterprising Women commuback.’ Bravo! – Patty Briguglio, MMI Public – Yaeko de Hiraoka, Lima, Peru nity – Amy Millman, Springboard Relations 40 | N Magazine —Mary Ardapple, Apple’s Bakery, Enterprises Inc.
PROPERTYTOURS: PERIOD LIVING Homes with a history have been restored to enhance signature styles without abandoning their charm.
GLASGOW
4 Bedrooms & 3 reception rooms
The detached Edwardian house, built in 1908, with its slightly secluded air situated in an elevated position, needed much work by the owners. The original wooden floors, some of which were covered by carpet, were also revealed, stripped back and varnished. Before it could be installed though, there was an extension to build. As a former structural engineer, the owner designed the space to her specifications working alongside architect Maurice Hickie (inkdesign.co.uk) and Queens Park Builders (queensparkbuilders.com).
St Brides Netherwent, Monmouthshire
A semi-detached farmhouse with two bedrooms and two bathrooms, the owners hired a builder to do the basic building work, such as fitting the central heating system, installing plumbing and electrics and knocking down a couple of walls, but the rest they did themselves. The result is utterly charming: a country abode with a fresh approach to interior decor that is relaxed but stylish — a lived-in family home with a distinctive, individual style. Natural materials, such as stone floor flags and quarry tiles, define the look of the house. Upstairs, two bedrooms, one with an en suite, and a bathroom have been decorated in historical paint shades and embellished with country-style A semi-detached, early fabrics and accessories.
victorian farmhouse with two bedrooms and two bathrooms
Built in 1748 and Grade II listed
Cambridgeshire
10 bedrooms, 1.5 acres formal garden, plus two-acre island in the Great Ouse River. During the renovation years, the owners repaired all of the damaged Georgian paneling and replaced the original, fire-damaged staircase. Fireplaces were painstakingly restored by French polishers and original Georgian wall colors were discovered under thick layers of lining paper.
N Magazine | 41
CROWD
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What is your favorite thing about fall?
RENEE SMITH, Esq. President Smith & Associates Title Services
CHRISTINE HANSEN
Quantane Higginbotham
CEO/Founder South Florida Home Sales
Realtor Keller Williams Capital Properties
“Fall is the time to pull out the loved sweaters, shop for the perfect pumpkin to turn into the porch Halloween Jack-O-Lantern and shop at the farm stands for fresh canned fruits to make holiday pies. Fall to me is simply about relaxation and comfort.”
“Fall has always been my favorite time of the year! The things I love most about the fall are football, the cooler weather, pumpkin spice lattes, Halloween candy, apple pie, jogging outdoors, the Harvest Moon and Thanksgiving dinner with family.”
“My favorite thing about Fall is my birthday in October. I also love the weather and I use this time to reflect on the current year and work on my goals for the next year.”
JOAN PATTERSON Realtor Keller Williams Realty, Inc.
LISA RISTOW Broker/Owner The Ristow Group
DenisE MOORE Realtor Prudential Gallo, REALTORS
“I love showing homes in the Fall as it’s not so hot that everyone is melting. Buyers and sellers alike would rather do business when the weather is cooler too! I think homes show really well in the Fall with the smells of cinnamon and apples baking in an oven while showing homes, to the sipping of hot cocoa at an open house. I love the cooler weather myself!”
“In Fall when the weather starts getting cool in the mornings, before the holiday hustle and bustle I like to sit by the river reflecting on the year’s successes & learning experiences, goals within reach to accomplish in the last few months or carry over to next year in a fresh new business plan.”
“The new momentum of sales, cooler weather and colors of Fall.”
42 | N Magazine
To be considered for publication in the N Crowd, please respond with creative solutions you’ve used to better manage your businesses, families, and selves. To find out the next issue’s question, E-mail info@NAWRB.com.
Q+A
Dear Desirée Questions from our readers
“New agents need to look for a niche they want to specialize in. You can’t be all things to all people.” Elizabeth (Naples, FL) What is your go-to outfit for a conference/meeting?
Questions were submitted by individuals working in the industry. You can submit your questions to Dear.Desiree@nawrb.com Brian (Phoenix, AZ) How does selling luxury real estate differ from selling average homes? Depending on who you ask, the luxury market can have no difference to an extreme difference. I believe the main issue is how you handle yourself with confidence, your construction knowledge and really knowing the needs and how to interact with luxury clients. Recently, a colleague went on an $8 million listing presentation with comps in tow, and once he pulled them out, the seller politely escorted him to the front door. He said, “You are the fourth agent I have escorted out today. Do you know how much I paid for this Italian imported fireplace, chandelier, or statues? You can’t compare square footage, thank you for your time.”
My go-to outfit for a conference is normally a thicker material suit or skirt or wearing multiple fitted layers. It is extremely rare I have attended a conference that didn’t have a lot of cold air blowing and would end up miserable without appropriate warm clothing. I like to keep them strong, make a statement to brand myself always looking sharp and professional. At local meetings, I have a little more flexibility with having access to my complete wardrobe and accessories to be a little bit more fashion-driven. Always dress appropriate yet make a statement. Unless it is a dress-specific event — how are you going to stand out with a black suit when everyone else is in a dark colored suit? A simple way to lead is to always have beautiful accessories regardless of gender. Mary (Victorville, CA) My boss brings her dog to work and I think its unprofessional. Do you have any advice how I should approach her? There are a couple of ways to look at this. Ask yourself, “Does the dog interfere with you completing your work? Are you jealous you have to leave your dog at home or you don’t like pets? Are you allergic to them?” Depending on your response, ask to have a meeting with her to discuss some concerns you may have. Let her know that you feel the dog is a distraction to the work environment as not all clients might like dogs. Some employers feel a dog can have a calming affect in high stress jobs. Taking the dog for a walk when you need to cool down or clear the air is very relaxing and rewarding. Ultimately, having a dog can affect the bottom line in either direction.
Nathan (Midland, MI) What can new agents do to educate themselves better in the industry? New agents need to look for a niche they want to specialize in. You can’t be all things to all people. Look at several different companies, successful agents or teams and their specialties. Take a moment to reflect what interests you and how do you want to serve the real estate community. Find someone that you want to look up to as a role model. By partnering, being part of a team, working as an assistant depending on your ambition level are all excellent ways of learning valuable experience on a more efficient timetable. Also look at trade associations that have support mechanisms and same beliefs as you do to get additional support to create yourself and your own brand. Susan (Greensborough, NC) If the VA loan requires no down payment, would you need mortgage insurance? No. The Department of Veterans Affairs does not charge a private mortgage insurance premium on VA loans. This is true regardless of the size of the down payment made on the VA loan. The Department of Veterans Affairs prohibits the lender from charging private mortgage insurance premiums. The Department of Veterans Affairs does require a funding fee for VA mortgages that ranges from 1.25 percent to 3.3 percent. The percentage for a particular loan is determined based on whether it is the first VA loan the person is taking out, the time in service and the amount of the down payment, if any.
N Magazine | 43
what women want: HEALTH
A
mother, sister, daughter, aunt, or friend — chances are one of these women in your life have been affected or diagnosed with breast cancer. In 2013, it is estimated that among U.S. women there will be 232,340 new cases of invasive breast cancer. Breast cancer is the second leading cause of cancer death in women, exceeded only by lung cancer. The chance that breast cancer will be responsible for a woman’s death is about 1 in 36 (about 3 percent). Death rates from breast cancer have been declining since about 1989, with larger decreases in women younger than 50. These decreases are believed to be the result of earlier detection through screening and increased awareness, as well as improved treatment. Most doctors feel that early detection tests for breast cancer save thousands of lives each year, and that many more lives could be saved if more women and their health care providers took advantage of these tests. Following the American Cancer Society’s guidelines for the early detection of breast cancer improves the chances that breast cancer can be diagnosed at an early stage and treated successfully. So ladies, be proactive and get your screening with a healthcare professional or practice regular self exams.
Information provided by BreastCancer.org.
Steps to Self-Exam 1. Begin by looking at your breasts in the mirror with your shoulders straight and your arms on your hips and check for any changes in size, shape or color. 44 | N Magazine
2. Now, raise your arms and look for the same changes.
3. Look for signs of fluid coming out.
4. Next, feel your breasts while laying down, using your right hand for your left breast and your left hand for your right breast.
5. Finally, feel your breasts while standing or sitting.
FASHION: what women want
FALL INTO LIGHT LAYERS
When the hot streak of the summer season loses its steam and you can feel the crispness of the fall season creeping around the corner, it is time to bring on the layers.
For businesswomen, never underestimate the power of a light sweater or blazer as these can be paired with a button-up or sheer top. Stick with colors in the same color group when you dress in layers. In fact, dark colors and neutrals work best for most people. Mix up textures when wearing layers, such as combining leather with silk, cashmere with wool or ruffles with tweed. You can layer up on accessories, too. One or even two scarves worn in a tiered fashion can add dimension to the look, especially when you add a shawl or cardigan sweater. Don’t forget gloves and an oversized handbag. Always remember to balance your figure when you wear layers. For instance, a wide skirt or pants should be offset N Magazine | 45 with form fitting tops and sweaters, while snug pants should be accompanied with oversized or free flowing tops.
What women want: Recipe
It's a great grab-and-go breakfast or the perfect afternoon treat to power up your day.
Ingredients • 1/2 Cup pumpkin (organic canned or freshly cooked) • 1 fresh or frozen banana • 3/4 Cup organic low-sugar almond milk (room temperature) • 1 Teaspoon cinnamon • 1/4 Teaspoon organic pure vanilla extract
Directions 1. Pour in the almond milk first, then add all the ingredients to the blender. Blend until smooth. Enjoy the deliciousness. 2. It’s like liquid pumpkin pie without all the fat — and loaded with antioxidant beta-carotene and vitamin A which promotes healthy eyes, skin and more!
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Please submit your favorite recipe to info@nawrb.com.
REVIEWS: what women want
READ IT & WATCH IT BOOKS Basic Black: The Essential Guide for Getting Ahead at Work (and in Life)
By Cathie Black
This story does a great job of telling the story of how Black deftly navigated the challenges of the workplace and the media business, while also trying to balance the demands of a busy life. In Basic Black, Cathie Black shares some of the crazier things people have done to get her attention when she was the president of Hearst. She also talks about the importance of hard work. As an editor, writer or just newspaper enthusiast, this is a must-read if you are interested in the business side of publishing, or just want to learn about what it was like to convince Oprah to make a magazine.
How Remarkable Women Lead
By Joanna Barsh and Susie Cranston
This is a book you can definitely learn a lot from. Joanna is a senior director at McKinsey & Company and has access to some of the most influential businesswomen in the world. In this book, she works to understand how these women became successful and how they get after it each and every day. If you want to be inspired and learn about the key factors women leaders have in common, read this book. Hint: Optimism is one of them.
Ask for It: How Women Can Use the Power of Negotiation to Get What They Really Want
By Linda Babcock and Sara Laschever
Women just don’t ask for what they want enough these days and this book tackles these challenges in an upbeat and realistic manner. This is the book for you if you are interested in why you may not be asking, and how to overcome your fears of asking for more. The writing is clear and concise just as the topic. Professor Babcock gives practical steps to get you comfortable with asking for what you want this year.
Have you read or watched something lately that impacted you? Share your thoughts with N Magazine’s editorial staff and readers. Send reviews to info@nawrb.com
films Runner Runner
Starring Justin Timberlake and Ben Affleck
With an intriguing cast and an impressive premise, this movie does not live up to the hype but is still a decent see. A Princeton grad student finds himself caught between the FBI and a malevolent online gambling tycoon in this thriller from The Lincoln Lawyer director Brad Furman. A whiz at the virtual-poker table, bright young Ivy Leaguer Richie ( Justin Timberlake) had nearly raised enough cash to pay his tuition when he lost it all in the blink of an eye.
Gravity
Starring Sandra Bullock and George Clooney This movie will leave you on the edge of your seat and wanting more. In the jawdropping spectacle, Gravity, Sandra Bullock plays Dr. Ryan Stone, a civilian engineer who joins the crew of the space shuttle on a mission to test an experimental scanning device. But after a cloud of debris destroys the shuttle, its scattered crew — including cucumber-cool commander Matt Kowalsky (George Clooney) — is forced to band together to avoid drifting off into space. The overwhelming physical experience is more than a movie experience. It is a must-see this season.
Carrie
Directed by Kimberly Peirce Perfect for this Halloween night, a reimagining of the classic horror tale about Carrie White (Chloë Grace Moretz), a shy girl outcast by her peers and sheltered by her deeply religious mother ( Julianne Moore), who unleashes telekinetic terror on her small town after being pushed too far at her senior prom. Based on the best-selling novel by Stephen King, it is the perfect Halloween scare feature film to see (maybe leave the little ones at home). For the most part, this movie carries (see what we did there?) its own and is strengthened by the passage of time. N Magazine | 47
SPEAK WRITE, ATTEND NETWORK
CALL Five Star Conference & Expo Sept. 10, 2013
NAWRB Call4All
Dallas, TX
Desirée Patno & Ingrid Beckles Discuss Women-Owned Business Certification
NAWRB CEO, Desirée Patno, spoke on the “Bridging the Gap” panel at the Five Star Conference & Expo in Dallas, Texas. The panelists included: Kamara McMullen, Assistant Vice President of Short Sales at Citi; Desirée Patno, CEO/Founder, NAWRB; John Thibaudeau, Director - Short Sales, Fannie Mae; Matt Slonaker, Senior Vice President – Institutional Business Channel and Carrington Real Estate Services; and Bill Carr, Vice President, Chase.
Sept. 27, 2013 NAWRB CEO, Desirée Patno, and Ingrid Beckles, CEO of The Beckles Collective, LLC, host a panel-style Call4All with fellow NAWRB members, Justine Jimenez-Garcia and Janet Farley discussing women-owned business certification and its benefits.
EXIT Realty Michigan Sept. 13, 2013
The Ristow Group – Riverfront Video
Denise LeHeup on WESH 2 News
Traverse City, MI
Sept. 23, 2013
Sept. 30, 2013
Bullhead City, AZ
Orlando, FL
EXIT Realty CEO and NAWRB member, Tami Bonnell, speaks to her Michigan team in Traverse City on what to expect in the near future for EXIT Realty.
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Lisa Ristow, Owner, The Ristow Group, discusses her abilities as a “Riverfront Specialist” as a top listing agent for the Colorado River region and her capability to utilize key factors in marketing her clients’ homes.
NAWRB member and broker at Keller Williams Realty At the Parks was featured on WESH 2 News speaking on the recent FHA news.
SPEAK
WRITE ATTEND NETWORK
“NAWRB Announces New Name” August 28, 2013 DSNews spread the word of NAWRB’s acronym change to the National Association of Women in Real Estate Businesses.
“As Market Shifts, NAWRB Changes Its Name” August 28, 2013 HousingWire illustrated the reasons behind NAWRB’s acronym change to the National Association of Women in Real Estate Businesses.
“On Hold” Ingrid Beckles September 4, 2013 Ingrid Beckles explores the U.S. District Court of Massachusetts case regarding the Bank of America Home Affordable Modification Program contract litigation and the employee testimonies that seemed to manifest itself in the reality of their workplace experience.
“Living Room to Boardroom” Renee Marie Smith September 12, 2013 Renee Marie Smith explores and answers frequently asked questions she receives on how she was able to start her own company during The Great Recession – and become the success she is today.
“California REALTOR® Expo 2013” Desirée Patno September 13, 2013 Desirée Patno discusses her participation in this year’s California Association of REALTOR®’s (CAR) Expo in Long Beach, Calif. Not only will she be boothing all three days, but she will be speaking on two “Agent Reboot” sessions on Tuesday, Oct. 8th themed, “Taking Care of Business” and “Smart Marketing for Less Money.”
"Desirée Patno Named to WIPP Advisory Board" Desirée Patno September 30, 2013 Desirée Patno, NAWRB Founder and CEO, has been added to the Executive Advisory Board of Directors of the Women in Public Policy (WIPP) organization. Her arrival is expected to strengthen the organization’s advocacy efforts.
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WRITE SPEAK
ATTEND NETWORK
1. Janet Farley, NAWRB member, being named as part of the 2014 Leadership Team for the San Diego Chapter of the Women’s Council of REALTORS®. 2. Barbara Kasoff, President and CEO of Women Impacting Public Policy (WIPP) attends a Small Business Administration hearing in Washington, D.C. 3. NAWRB members: Tina Harbin, Heidi Robinson, Heidi Elder, Desirée Patno, Renee Smith, Liz Goodchild, Angela Powell, Teresa Ryan, and Ivy Melton attend the Women in Housing Leadership Luncheon at the Five Star Conference & Expo in Dallas, Texas. 4. Desirée Patno, Carrie Watt, and Liz Goodchild from NAWRB gather with NAWRB and AREAA associates at the AREAA National Convention. 5. Tina Harbin and Heidi Elder, attend the Women in Housing Leadership Luncheon featuring Laura Bush at Five Star with fellow NAWRB members. 6. NAWRB member, Lisa Ristow, posing for a photo op with Tim Brown at the Five Star Conference in Dallas, Texas.
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7. Desirée Patno, CEO and Founder of NAWRB, mingles with Ivan Choi, the 2014 Chairman and National Board Director for AREAA at the AREAA National Convention in Los Angeles.
4
8. NAWRB member and CEO of EXIT Realty, Tami Bonnell, poses with colleague, Melinda Harris, at the Master Broker Summit in Orlando, Fla.
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9. NAWRB member, Ivy Melton, attending the brand new Women in Housing Leadership Luncheon at the Five Star Conference & Expo.
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SPEAK WRITE ATTEND
NETWORK October 9-10 // WIPP Annual Leadership Meeting
November 21 // Annual Inland Valley WCR Wreath Auction & Installation of 2014 Officers
Washington, D.C.
Riverside, CA
Engage in briefings with high level policymakers; meet and network with key hill staffers, agency decision-makers and WIPP leaders at the Capital Connections Reception. Attend a special Congressional Roundtable and Luncheon and visit the offices of your Senators and Representative. www.wipp.org
Evening includes the installation of 2014 Officers, food, beverages and the Annual Holiday Wreath Auction. Join this free networking event for all realtors, affiliates, guests, WCR members and those interested in becoming a WCR member. Take part by donating a creative wreath, centerpiece or tabletop tree for auction and make bids on others. http://www.wcr.org
October 27-30 // MBA Annual Convention & Expo Washington, DC MBA’s 100th Annual Convention Expo gives attendees access to leading companies that provide products and services that you can use to take your business to the next level. Meet with your peers and discuss solutions to some of our industry’s most pressing issues. Cast your vote for our industry’s future and join for what could be the single most important event for the industry this year. www.mortgagebankers.org
November 6-10 // WCR National Annual Conference San Francisco, CA Take your business to new heights with Women’s Council National Conference. This exciting conference packed with top-notch education plus opportunities to connect with your peers from around the country will take place at the Women’s Council headquarter hotel, the Westin San Francis. www.wcr.org
November 8-12 // National Association of Realtors Conference and Expo
December 3-6 // Crowdfunding World Summit 2013 Web Summits, LLC, creates tools for companies to build their own crowd to sell products or raise funds. It’s purpose is to educate the public about their options and give small business actionable information all while remaining completely free and online. Each day, Web Summits will broadcast five interviews of the more than 65 CrowdFunding experts and expect over 20,000 attendees. www.crowdfundingworldsummit.com
December 5 // REOMAC Dinner Meeting Los Angeles, CA REOMAC® is dedicated to advancing the careers of professionals in the default industry through education, networking and teambuilding. Attend this informative session with Leslie AppletonYoung (C.A.R.’s Chief Economist) and discover the outlook and trends for California’s real estate market in 2014. The overview will look into the real estate market as a whole, as well as dive into the question of REO inventory and what we can expect. http://www.reomac.org
December 10-11 // RealShare HEALTHCARE REAL ESTATE Scottsdale, AZ Join more than 300 of the leading executives in healthcare real estate – including players in the brokerage world, REITs, investment and finance, developers, healthcare real estate and hospital system leaders. Find out what the most significant drivers in healthcare that are impacting healthcare real estate today. www.globest.com
December 4 // WIRE San Francisco San Francisco, CA Women in Real Estate (WIRE) is an organization dedicated to providing a networking venue for women in the private equity real estate business. It can be difficult to make time to forge beneficial connections with other professional women, so WIRE was created to facilitate this essential building of strong networks among female professionals. www.womeninrealestatenetwork.com
December 4-6 // REO-to-Rental Forum
San Francisco, CA
Phoenix, AZ
The expo is the largest trade show floor in real estate, where 400 exhibitors will be on-hand with innovations and ideas. Solutions showcased at the expo include: Tech tools; real estate software; Internet advertising; mobile devices and applications; mortgage and financial services; home protection and warranties; professional development and training; Franchises and referral services; office products; “green” innovations and Real estate properties and developer referral programs. www.realtor.org
Information Management Network (IMN) will be hosting the second Annual Single Family Aggregation Strategies: The REO-to-Rental Forum next month in Scottsdale, Ariz. This forum will again promise to discuss the latest strategies and management intricacies of Institutional-level Investment in the $17 billion, single-family, buy-torental market as well as how banks, home builders and other owners are dealing with their portfolio of foreclosed and vacant properties. www.imn.org
January 9 // Women of Strength: Cultivating Leadership in Real Estate Scottsdale, AZ This event will focus on the power of inner strength. Positively impact others and make a difference, as a woman of strength. This community is about like-minded women in the real estate industry coming together, regardless of affiliations to initiate change. The group of women who support these ideals are passionate about cultivating leadership in the real estate industry and other areas in need.
January 15-17 // Real Estate Connect® New York, NY
Produced by Inman News®, Real Estate Connect® is the pre-eminent event for everyone who cares about the real estate industry and where it is going. Each year, thousands of influential real estate leaders gather at Real Estate Connect to network, make deals, explore current trends and technology, and to learn how to embrace and leverage the change that surrounds our industry. www.realestateconnect.com N Magazine | 51
INDEX
ADVERTISERS C Chrimata, Inc. ..............................................24
D Desirée Patno Enterprises, Inc. ...................15 DS News......................................................54
E Enterprising Women.....................................40
H Harmony Escrow, Inc. ...................................7
N National Association of Realtors (NAR)........35 No Paws Left Behind....................................25
S
Cerreta Realty Group....................................10 Chase..........................................19, 23, 36-38 CitiBank..................................................38, 48 Consumer Financial Protection Bureau (CFPB).....................................................17-19 Cops for Kids...............................................29 CoreLogic.....................................................21 County Line Realty........................................11 Craigslist......................................................33
D Department of Housing and Urban Development (HUD).....................................22 Departement of Real Estate.........................30 Divine Realty.................................................11 Dreams Realty..............................................10 DSNews.......................................................49
Safeguard Properties...................................15
U US Best Repair Service, Inc. .......................56
COMPANIES A AARP.............................................................27 ALL Vegas Valley Realty................................11 American Bankers Association (ABA)...........17 American Cancer Society.......................29, 44 American Express.........................................34 American Heart Association.........................29 AREAA..........................................................50 Asset Management Specialists....................20
B Bank of America......................................36-37 Bloomberg....................................................17 Blue & Gold Realty........................................10 Bureau of Real Estate (BRE).........................31
C CA Calnan Real Estate.................................11 California Association of Realtors..........49, 51 Carrington Real Estate...........................38, 48 CARES – Consumer Advantage Real Estate, LLC...............................................................10 Center for American Progress......................17 Century 21 Affiliated.....................................37
52 | N Magazine
E Equity Group Real Estate.............................11 Essex & Harvey.............................................11 EXIT Realty.............................................48, 50 EXIT Realty – Michigan.................................48
F Fannie Mae.......................................29, 38, 48 Federal Housing Administration (FHA)............. ...............................................................23, 48 Federal Housing Financial Agency (FHFA)....... .....................................................................17 Federal Reserve Board (FRB)...........16-19, 48 Federal Reserve System (FRS).....................17 Federal Trade Commission (FTC)...........16-18 Financial Finesse..........................................33 Five Star Institute......................4, 9, 18, 36-39 Forbes..........................................................34 Freddie Mac.................................................29
Inman News.................................................51 Inwest Title Services...............................28-29 Irvine Chamber of Commerce......................51
J JPMorgan Chase & Co. ...............................23
K Keller Williams Capital Properties................42 Keller Williams – Houston.............................37 Keller Williams Realty at the Parks...............48 Keller Williams Realty, Inc. ..........................42
L Lusk Center for Real Estate.........................33
M Matt Martin Real Estate Management.........36 Military Warriors Support Foundation..........36 Mortgage Bankers Association (MBA).........51 Mortgage Contracting Services..............36-37
N National Firm................................................36 NAWBO........................................................51 National Association of Realtors (NAR)............ ...............................................................33, 51 NAWRB.......................9, 11, 33, 36-39, 48-50 Nikko Estates, Inc. ......................................11 Nina Hale, Inc. .............................................34
O Option First Realty, Inc. ...............................11
P PackingPro...................................................14 Prudential Gallo, REALTORS........................42
G
Q
Goodchild Homes........................................10 Google Maps...............................................23
Quality Real Estate Services, Inc. ...............11 Queens Park Builders...................................15 QuestSoft.....................................................17
H House Financial Services Committee..........17 HousingWire.................................................49 HSBC Finance Corporation...................37, 39
I Information Management Network (IMN).....51 Institutional Business Channel...............38, 48
R RealDirect.....................................................33 RealShare.....................................................51 Realtor.com..................................................33 Realty Today, Inc. ........................................11 Redfin...........................................................33 REOMAC......................................................51
INDEX
RIO Genesis..................................................37
Bush, Laura...................................9, 36-38, 50
L
S
C
SeatGuru......................................................14 Sellstate Island Properties............................11 Small Business Administration (SBA)...........50 Smith & Associates Title Services, Inc...20, 42 South Florida Home Sales.....................10, 42 Special Olympics..........................................29
Calnan, Colleen.............................................11 Carr, Bill..................................................38, 48 Cerreta, Marlene...........................................10 Choi, Ivan.....................................................50 Christopher, Noel.........................................37 Clinton, Hillary...............................................27 Cope, Sandra......................................4, 28-29 Cordray, Richard...........................................17
Langston, Dianne..........................................11 LeHeup, Denise............................................48 Lockhart, James B. III..................................37
T TaxiMagic.....................................................14 Teresa Smith, Inc. ........................................10 The Beckles Collective, LLC..................19, 48 The Ristow Group............................11, 42, 48 TripAdvisor...................................................14 Tripit.............................................................14
U Urban Land Institute (ULI)............................39 University of Southern California.................33 U.S. Bank.....................................................36 U.S. Census Bureau.....................................22 Utah Land Title Association.........................29
M
D
Madison, Kathryn...................................37, 39 McMullen, Kamara.......................................48 Melton, Ivy..............................................38, 50 Meola, Anthony T. .......................................36 Molony, Walter..............................................33 Moore, Denise...............................................42 Moran, Federico.....................................38, 48
DeAngelo, Cameron.....................................11 Delgado, Ed..................................................36
N
E Elder, Heidi.............................................38, 50 Evasius, Nicole.............................................11
F Farley, Janet...........................................48, 50 Foradori, Lisa................................4, 22-23, 37 Frank, Barney................................................37
Nathan, Jane................................................38
P Painter, Gary............................................33-33 Patno, Desirée.......................38-39, 43, 48-50 Patterson, Joan............................................42 Perlson, Doug...............................................33 Powell, Angela..............................................38
R
W
G
Web Summits, LLC......................................51 Wells Fargo...................................................36 WESH 2 News..............................................48 WIRE............................................................51 Women Impacting Public Policy (WIPP)........... ......................................................9, 27, 49-51 Women’s Council of Realtors.......................51 Women’s Council of Realtors – San Diego............................................................50
Garcia-Mangogna, Debra.............................11 Goodchild, Elizabeth........................11, 38, 50 Gomez, Alma..................................................1 Gordon, Julia................................................17 Gregus, Barbara...........................................10
Rasner, Terry.................................................10 Reaves, Caroline.....................................36-37 Rice, Condoleezza.................................36, 39 Ristow, Lisa................................11, 42, 48, 50 Robinson, Heidi..................................9, 38-39 Ryan, Tersa.............................................38, 50
H
S
Hale, Nina.....................................................34 Hansen, Christine...................................10, 42 Harbin, Tina.......................................38-39, 50 Harris, Melinda..............................................50 Harvey, Joyce Essex.....................................11 Hickie, Maurice.............................................15 Higginbotham, Quantane.............................42
Schlinker, Barb.............................................38 Spann, Scott.................................................33 Simova, Donka.............................................11 Slonaker, Matt........................................38, 48 Smith, Renee Marie....................38-39, 42, 49 Smith, Teresa................................................10 Sommer, Renee............................................11 Stewart, Willie...............................................11
Y YouTube.......................................................27
Z Zillow............................................................33
J
PEOPLE
Jimenez-Garcia, Justine.........................38, 48 Jones, Rochelle............................................37
T
B
K
Beckles, Ingrid...............4, 9, 16-17, 19, 48-49 Boesel, Molly.......................................4, 20-21 Bonnell, Tami..........................................48, 50 Brown, Tim...................................................50
W
Kasoff, Barbara.............................4, 26-27, 50 Kramer, Melody.............................................10 Krein, Mike...................................................37
Wagner, Melva..............................................11 Watt, Carrie...................................................50
Thibaudeau, John..................................38, 48
Y Young, Lisa Appleton....................................51 N Magazine | 53
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2 .20 IS THE R 13 ECOVER Thin Y THE R with gs are lo okin mos EAL DE g up t ec towar for th A d reco onomic L? e coun indi very cato try , bu of w t are they rs pointin ishful g thinki legit or is it ng?
N C O N C L U S I O N
“Think like a queen. A queen is not afraid to fail. Failure is another steppingstone to greatness.� Oprah Winfrey
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