Sarasota Realtor Magazine - April 2009

APRIL 2009

Stay Positive!

By focusing on the future, Realtors® can overcome today’s challenges Page 6

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Contents

Sarasota Realtor® Volume 6, Issue 4 APRIL 2009

Sarasota Association of Realtors®, Inc. 3590 South Tuttle Avenue Sarasota, Florida 34239 Phone: 941/923-2315 FAX: 941/923-0191 www.sarasotarealtors.com

2009 Officers

6

Attitude Is Everything

The current economic doom and gloom has brought incredible opportunity to the local real estate market - so stay positive!

10 Making Housing Affordable

The Obama administration has released guidelines for a new program that offers federal support for the housing industry through mortgage relief.

12 Portability Explained

Beginning in 2008, homesteaders were no longer trapped

in their homes for fear of losing their Save Our Homes cap.

15 Three Year High

Pending sales reported by SAR members reached a three year high in February 2009, which should be a harbinger for a higher number of closings in the coming months.

Volume 6 • Issue 4 • APRIL 2009

31 Paris in the Spring

4

President-Elect Erick Shumway RE/MAX Alliance Group Secretary David Clapp RE/MAX Alliance Group Treasurer Michael Bruno Coldwell Banker Residential Real Estate, Inc. Immediate Past President Helen Sosso Prudential Palms Realty Chief Executive Officer Kathy Roberts Mission Statement The mission of the Sarasota Association of Realtors® is to advance members’ professionalism through delivery of education and resources while upholding the Realtors® Code of Ethics.

We are committed to be the leading advocate of real estate in the communities we serve by protecting private property rights and expanding relationships with individuals and organizations both locally and worldwide.

Sarasota Realtor® is published monthly by the Sarasota Association of Realtors® Inc. Editorial Staff

A contingent of local members of SAR traveled to Paris in March to promote Sarasota at FNAIM.

In every issue

Director of Communications Ray Porter Director of Member Services Dan Andrews Director of MLS Information Systems Jesse Sunday

10- Governmental Affairs 12- Property Appraiser 14- Ethics in Action 16- Sales and Listing Statistics 18- CID Update 20- Education Programs 24- Affiliate Focus 25- Broker Corner 28- WCR News 30- Membership News 31- International Real Estate 32- Calendar of Education/Events

APRIL 2009

President William Geller Suncoast International Realty

Director of Professional Development Catherine McCaskill Governmental Affairs Director Marc Mansfield Production Coastal Printing, Inc. Sarasota Realtor® Advertising: For information on advertising rates and deadlines, contact Ray Porter at 941/328-1168 or ray@sarasotarealtors.com.

Subscriptions: The annual dues of every member of the Sarasota Association of Realtors®, Inc., includes a one-year subscription to Sarasota Realtor® magazine.

A yearly subscription for Sarasota Realtor® magazine is available to non-members for $25, plus Florida sales tax.

Editorial ideas and manuscripts are welcomed. Byline articles and columns express the opinions of the writers and do not necessarily reflect the policies or sentiments of the Sarasota Association of Realtors®, Inc. All submitted copy is subject to editing.

2009 Copyright© by the Sarasota Association of Realtors®, Inc. All rights reserved. Reproduction in whole or in part without written permission is prohibited.

Sarasota Realtor® Magazine

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The Community Outreach Committee of the Sarasota Association of Realtors® organized the painting of a local home on Saturday, March 21, plus the painting of the interior of the nearby Head Start pre-school, in cooperation with the Friendship Volunteer Center.

The goal for Community Outreach is six home painting projects during 2009, and all SAR members and their families and friends are encouraged to participate. The next project is set for Saturday, May 16th, so watch your weekly e-mails and next month’s magazine for details!

SAR seeks prospective Association leaders for 2010 In just a few months, SAR members will vote to elect the Officers and five new Directors to represent them in 2010, along with the Directors whose terms carry over.

Through our new leadership program and other efforts, SAR has been striving to identify and train new leaders that reflect the diversity of the SAR membership. Our business model is constantly evolving, adapting to new paradigms and anticipating what we need to do next in order to not only survive, but thrive, and remain a strong, viable organization and the Board of Choice for our members.

Would you, or someone you know, consider a nomination to one of the elected positions? During the three-year term,

beginning January 1, 2010, one of your most important responsibilities as a Director would be to participate in the development of policy and major decision-making at monthly Board meetings. Service on a committee or task force as well as participation in Association events are also key to being an effective leader.

We have posted information on our website to help guide you in this process. Visit our website at www.sarasotarealtors. com and look for Leadership Nominations under Hot Topics on the front page of our website. If you wish to be considered as a candidate for the Board of Directors, or an officer, please send in the nomination form located there. If you have questions, contact Kathy Roberts, CEO, at 328-1170.

Lisa Rotolo, Diamond Title, Affiliate of Month The April 2009 Affiliate of the Month is Diamond Title of Sarasota, Inc., and Lisa Rotolo, President. Congratulations!

Lisa has been an SAR member for the past seven years, and is an active Affiliate, involved in various committees and events over the past few years.

The Affiliate Committee has become much more engaged this year, and sponsors regular monthly socials at Esca Restaurant, 1888 Main Street (2nd Floor) in Sarasota, across the street from Hollywood 20 Movie Theatre at the west end of the block. The socials are held on the fourth Tuesday of each month.

www.sarasotarealtors.com

Phone (941) 927-2800 Fax (941) 927-2855 Cell (941) 928-2836

Lisa Rotolo

President lisa@diamondtitlesrq.com

Sarasota Realtor® Magazine

2816 Proctor Road Sarasota, Florida 34231

APRIL 2009

5

Cover Story 6

Stay Positive!

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The current crisis is just a prelude to brighter days ahead On Bruce Springsteen’s new CD, “Working On A Dream,” the iconic singer relates in the title song, “I’m working on a dream, though sometimes it feels so far away. I’m working on a dream, and I know it will be mine someday.” There is a good analogy there to the local real estate professionals, currently beset by historic obstacles, but working hard to achieve their dreams.

The Sarasota Association of Realtors® shares this dream with our thousands of members, and we are working hard to help them succeed and achieve it.

SAR is a trade association, typically defined as “an organization founded and funded by businesses that operate in a specific industry.” SAR was founded in 1923 for the purpose of furthering the interests of local real estate professionals.

As an industry association, SAR offers many member services, such as producing educational seminars and classes, organizing networking and charitable events, offering access to discounts on services and materials, and a host of others.

SAR also participates in public relations activities, essentially telling the story of our members to the community through our web site, our monthly magazine, informational campaigns, and through various media contacts.

Of the 7,600 national trade associations in North America, the National Association of Realtors® is the largest, representing more than 1.2 million members (as reported November 2008), including NAR’s institutes, societies, and councils. Founded a century ago on May 12, 1908, NAR is involved in all aspects of the residential and commercial real estate industries.

SAR, the local presence of NAR, has survived and thrived during times of economic depression and recession, the exhilaration of boom years, and the frustration of difficult days. Through it all, SAR has been a strong, reliable friend of the individual local real estate practitioners and brokerages.

In historic tough times like these, trade associations like SAR take on far more importance. As a supportive friend, SAR acts to guide its members through troubled waters. Maintaining a hopeful, positive outlook toward the future is one of the primary missions of SAR as our national real estate industry emerges from these difficult days.

2009 SAR President-Elect Erick Shumway, who

APRIL 2009

assumes office as President in 2010, starts and ends every SAR Leadership meeting this year with the admonition, “Find something positive that’s happening in your office or your business, and let people know about it! Our voices are the key to the local real estate recovery, and we have to make sure everyone realizes that it’s not all doom and gloom out there.”

In historic tough times like these, trade associations like SAR take on far more importance. As a supportive friend, SAR acts to guide its members through troubled waters.

Everyone understands and appreciates the gravity of the current economic situation – no industry more so than the real estate industry. Those who help clients buy and sell real estate have seen the market turn from the boom days of 2003 to 2005, to a period of general malaise, and then to a discouraging time of historic price depreciation and a trend toward lower sales.

But the current state of the local real estate economy appears to be a picture of a recovering industry, with pending sales at a three year high, activity and showings at a much greater level, and shining optimism beginning to break through the dark clouds.

The future is where we are focused, and it starts with affordable, quality educational offerings and informative, authoritative support materials.

In this regard, SAR is heavily promoting the National Association of Realtors®’ new program, “Right Tools, Right Now”. The program, launched in late February, is designed to provide Realtor® members with a wide assortment of publications, educational classes, services, resources and tools for FREE or at cost, or with significantly reduced pricing.

“NAR is working to support you, our members right

Sarasota Realtor® Magazine

Continued on P. 8, See POSITIVE

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Sarasota Realtor速 Magazine

APRIL 2009

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POSITIVE From Page 6

now during this challenging time,” said 2009 NAR President Charles McMillan “Take advantage of these valuable tools that will help you in your daily efforts – today!”

NAR has recognized that the association’s “rainy day fund” was intended to be utilized during these kinds of situations.

SAR has provided a link from the front page of the association web site – www.sarasotarealtors.com – to the NAR site, which provides links to download the various materials now available to Realtors® for free, or at a fraction of the former price.

There is reason for optimism!

As we move into the next phase of the economic recovery, which normally begins with real estate, NAR has released a survey which shows nearly 25 percent of adults say they plan to purchase a home in the next five years. Half of those (53.5 percent) will be first-time home buyers, according to the survey commissioned by Move Inc., operator of Realtor.com.

More than 18 percent cite the $8,000 tax credit as a motivating factor. Potential home buyers with higher incomes are more interested in the tax credit than those in lower income brackets, with 43.4 percent of potential first-time buyers who earn $50,000 or more saying they plan to use the tax credit.

According to the survey, half of all Americans (49.6 percent)

are paying more attention to home values today than they were a year ago, especially those ages 25 to 34 (61.9 percent).

The median age of first-time home buyers is 30 years old.

The Move survey uncovered changing attitudes toward owning a home. About two-thirds (62.5 percent) now consider their home primarily a place to live as opposed to an investment. Adults earning up to $20,000 and between $30,000 and $39,900 annually are significantly more likely to feel most strongly that a home is more of a place to live than an investment as compared to those earning $50,000 or more.

When presented with a list of amenities, home owners wanted it all–with more space leading the list (about 10 percent chose that option). Other amenities that were high on many shoppers’ lists included energy saving features (6.8 percent), bigger or nicer yard (6.1 percent), a better location (4.2 percent), or updated amenities (3.4 percent).

The Move survey also found that 18 percent plan to take advantage of the Obama administrations program to prevent foreclosures.

But even for those who are not in foreclosure, they reported the following: • 21 percent of all home owners with a mortgage contacted a lender in the last 12 months to restructure their loans.

• 10.6 percent received help; 5 percent are still waiting for an answer.

• 27 percent know someone who is likely to face foreclosure.

• 25.6 percent know someone whose mortgage is underwater.

How to handle short sales and foreclosures The terms “short sale” and “foreclosure” have become daily fixtures in our market, and SAR has recognized this fact and attacked the problem by presenting several informative, enlightening classes on these subjects.

As the target is constantly moving, with federal legislative changes coming down on an almost daily basis, this task has not been easy. But we are committed to providing our members with this cutting edge information so you can stay ahead of the curve and survive in these challenging times.

For this reason, we have scheduled a series of seminars designed to keep our members on the cutting edge of this issue. The next one will be held on April 29th and is entitled “Bank Owned Property Sales”. See Page 23 for all the details.

Another seminar is set for May 13th, and is entitled “The Impact of Government Intervention,” and is also designed to provide the latest information on the impacts of various government programs and initiatives intended to bolster the economy and the real estate industry.

Remember - information is gold! STAY POSITIVE!

8

APRIL 2009

Sarasota Realtor® Magazine

www.sarasotarealtors.com

SAR ‘Chill and Grill’: Good times!

SAR Professional Development Director Catherine McCaskill and her assistant, Carolyn Steirer, handle the dessert table.

SAR Membership Director Dan Andrews serves up hot dogs to the members.

Dan Andrews mans the food table with SAR Accountant Mallory Miller and Peggy Beiling, SAR Executive Assistant and Professional Standards Administrator.

The SAR “Chill and Grill” Member Appreciation Day event on March 13th was a big success, with about 130 Realtors® and Affiliates on hand for grilled hot dogs, upbeat music, friendship, and service with a smile from the SAR staff.

The atmosphere was uplifting and inspirational, and offered a glimpse at the positive attitude and undefeatable spirit of the local real estate community.

More such events will be held in the future, so stay tuned!

SAR receptionist Jackie Deemer dances with Hugo Lintner, Affiliate member. www.sarasotarealtors.com

David Groom, SAR member, sports an unusual hairstyle at the event.

Sarasota Realtor® Magazine

APRIL 2009

9

Governmental Affairs

Making Home Affordable - the Obama Housing Plan is explained

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Editor’s Note: The following article was provided by the National Association of Realtors and replaces the normal monthly column from Marc Mansfield, Governmental Affairs Director.

On February 18, 2009, President Barack Obama announced his plan designed to help up to 7 to 9 million families avoid foreclosure by restructuring or refinancing their mortgages.

The plan also strengthens the federal commitment to Fannie Mae and Freddie Mac (the government sponsored enterprises, or GSEs). On March 4, 2009, the Treasury Department released detailed guidance on the Making Home Affordable Program.

The Obama plan has three main elements.

1. The Home Affordable Refinance Program: GSE Refinancing for 4 to 5 Million Responsible Homeowners Suffering from Falling Home Prices.

Under this program, eligible borrowers may refinance loans that the GSEs own or guarantee (about half of all outstanding mortgages). The program can help homeowner-occupants who are current in making loan payments, have loan-to-value ratios (LTVs) above 80 percent but not more than 105 percent, have sufficient stable income, and meet other requirements.

Borrowers should contact their loan servicers to see if they qualify.

• Borrowers will pay the current low mortgage interest rates, plus lender points and fees.

• Prepayment penalties, balloon payments, and cashout refinancings are not permitted.

• Borrowers may refinance using a 30 or 15 year fixed rate loan. The new payments may be lower than today’s or lock in affordable payments today to avoid future increases (such as payment jumps typical with interest-only and teaser rate loans).

• The program ends in June 2010.

Borrowers may check with the GSEs to learn whether they have a GSE loan: • For Fannie Mae - 1-800-7FANNIE (8am to 8pm, EST) - www.fanniemae.com/homeaffordable

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APRIL 2009

• For Freddie Mac - 1-800-FREDDIE (8am to 8pm EST) - www.freddiemac.com/avoidforeclosure 2. Home Affordable Modification Program: $75 Billion Initiative to Reach up to 3 to 4 Million At-Risk Homeowners This $75 billion program provides for loan modifications for homeowner-occupants who are at risk of default or already in default, are experiencing a hardship, and have loans at or below the maximum GSE conforming loan limit of $729,750 (or higher for 2-, 3-, and 4-unit properties).

• Servicers may use a broker price opinion (BPO), a GSE automated valuation model, or other specified means to determine the value of a property.

• To facilitate short sales or deeds-in-lieu of foreclosure, where borrowers do not qualify or default under the program, the program will compensate servicers and borrowers.

• Servicers will decide whether a borrower is at imminent risk of default, such as due to upcoming jumps in mortgage payments or significant reductions in income.

• Servicers must consider refinancing a borrower into the Hope for Homeowners program when feasible.

• The program shares the cost of reducing mortgage payments from 38 percent of gross monthly income to 31 percent (lenders cover the full cost of reductions down to 38 percent). First, the rate is reduced as low as 2 percent for 5 years. If that is not sufficient to reduce the payment to 31 percent, the servicer will extend the term to up to 40 years. On top of that, if necessary, the servicer will then forebear principal. Principal forgiveness is permitted, but not required.

• Borrowers must show they can meet the new payments for 3 months before a permanent modification agreement goes into effect. The interest rate increases after 5 years, but no more than one percentage point a year, until the market rate on the date of the

Sarasota Realtor® Magazine

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modification is reached.

• There is no cost to borrowers for the program.

• Borrowers are warned to avoid foreclosure rescue schemes and other housing organizations that charge fees for counseling or loan modifications.

• Incentives: - As an incentive to loan servicers, they will receive $1,000 up front for each qualified loan modification. For borrowers who stay current on the modified loan, servicers will receive monthly “pay for success” fees up to $1,000 a year for 3 years.

- As an incentive to borrowers to stay current, borrowers may receive a monthly reduction in their mortgage balance, up to $1,000 a year for 5 years.

- As an additional incentive to help borrowers avoid going into delinquency, servicers will receive $500 and mortgage holders will receive $1,500, if they modify at-risk mortgages before the borrower becomes delinquent.

- As an incentive for lenders to modify more mortgages, the Obama plan—together with the FDIC—has developed a partial guarantee initiative. The Treasury Department will establish an insurance fund of up to $10 billion to discourage lenders from foreclosing on mortgages, by limiting their loss if home prices decline more than expected. Mortgage holders of modified mortgages could receive a payment on each modified loan, linked to home price index declines.

• Loan modifications under the program may be made until December 31, 2012.

• The plan includes other elements, including: - Strong oversight.

- “Allowing Judicial Modifications of Home Mortgages During Bankruptcy for Borrowers Who Have Run Out of Options.” Homeowners must first seek a loan modification.

Legislation is needed. The plan also anticipates legislation to

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give FHA and VA authority to pay partial claims if there is a bankruptcy or voluntary loan modification so holders of FHA and VA guaranteed loans are not hurt.

- Funding for displaced renters and neighborhood stabilization.

- Improving Hope for Homeowners and other FHA programs.

3. Supporting Low Mortgage Rates by Strengthening Confidence in Fannie Mae and Freddie Mac. The Obama Plan beefs up the current support for the GSEs. • The Treasury Department is doubling, from $100 billion to $200 billion for each GSE, its pledge to invest money to make sure that the GSEs maintain a positive net worth. This will further assure that the federal government is committed to maintaining the mission of the GSEs. In a statement, Director Lockhart described this mission as “providing much-needed liquidity, stability and affordability to the housing market at this time.” He went on to say that doubling the commitment “should remove any possible concerns debt and mortgage-backed securities investors have about the strong commitment of the U.S. Government to support Fannie Mae and Freddie Mac.” Lockhart expects the increased commitment to help keep interest rates low, which will help both current and future homeowners. The additional $200 billion is from HERA in connection with the conservatorship, not from the Financial Stability Plan or TARP. • Treasury will continue to buy GSE MBSs, as announced when the GSEs were placed into conservatorship.

• The GSEs will be able to increase their portfolios by $50 billion to $900 billion, and increase their outstanding debt.

• The Administration will work with the GSEs to support state housing finance agencies.

Sarasota Realtor® Magazine

APRIL 2009

11

Property Appraiser For more information, contact the Property Appraiser’s office at 941.861.8200.

12

Portability: You are now free to move anywhere in Florida!

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By Bill Furst, GRI, CRS, CIPS Sarasota County Property Appraiser

In November 1992, Amendment 10 to the Florida Constitution, commonly known as the Save Our Homes Amendment, was approved by the people of Florida.

The amendment was designed to prevent homeowners from being forced out of their homes due to rapidly rising real estate values.

It works on the premise of limiting annual increases in the assessed value of homestead property to keep real estate taxes relatively constant from year to year.

The benefits of this provision begin on the year after a homestead exemption is first granted; starting that year the property’s assessed value increase is limited to no more than 3% or the annual change in the Consumer Price Index (CPI) whichever is lower.

Homesteaders began to realize this benefit in 1995 and since then the Assessed Value increase has been 3 percent five times and never lower than 1.6 percent.

However, the CPI for 2009 is 0.1 percent, the lowest Assessed Value increase limitation in Amendment 10’s fifteen year history!

During the real estate boom, many homesteaders saw the market value of their home increase significantly each year while their home’s assessed value experienced modest increases.

The difference between their home’s market value and assessed value, the so called Save Our Homes Cap, remained sheltered from taxation and kept growing for as long as the homesteaders remained in their home.

Unfortunately, this kept many homesteaders from moving to another home for fear of losing their tax sheltered value.

That changed on January 28, 2008 when Florida voters passed Amendment 1 to the State Constitution.

Beginning in 2008, homesteaders were no longer trapped in their homes for fear of losing their Save Our Homes Cap. They could now transfer up to $500,000 to another home anywhere in Florida; what we call PORTABILITY. To take advantage of this benefit you must be approved for a new Homestead exemption on another property within two years of your last homestead.

Keep in mind Homestead exemptions are granted as of January 1 of any year, thus the two year window does

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not start on the day you sell or abandon your former home. If you had a homestead exemption granted as of January 1, 2008 and subsequently moved, in order to qualify to transfer your Save Our Homes Cap you must have a new homestead exemption approved as of January 1, 2009 or January 1, 2010.

Next month we’ll be answering frequently asked questions about Portability.

To see your accumulated value resulting from the Save Our Homes Cap, (it changes every year), go to www.SarasotaProperty.org and click on Property Record Search. Locate your property by: 1. Entering your Property ID number or your name or address.

2. Clicking Submit.

3. Selecting Click Here for Prior Year’s Values.

4. Clicking on the “Save Our Homes” Cap button which brings up a screen showing the following data Valuation Date 1/1/08 Just (Market) Value: $X Assessed Value: $X Save Our Homes Cap: + $X Assessed/Market Ratio: XX% If your market and Assessed values are the same, the Save Our Homes Cap would be zero and you have no value to transfer to a new homestead.

If the Market Value of your new homestead is the same as or greater than the Market Value of your previous homestead you can transfer all of your Save Our Homes Cap, up to $500,000. This is often referred to as “upsizing”.

If the Market Value of your new homestead is less than the Market Value of your previous homestead you are “downsizing”. In that case you can multiply the Market Value of your new homestead by the Assessed/Market Ratio, (XX%), to determine your new homestead’s Assessed Value. The difference between your new home’s Market and Assessed Values is your new Save Our Homes Cap.

Sarasota Realtor® Magazine

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Great American Realtor® Days coming April 14-15 Many local Realtors® are eager to attend the 39th annual Great American Realtor® Days, sponsored by the Florida Association of Realtors® and set for April 14-15, 2009, in Tallahassee.

This event brings together key contacts and FAR members who want Florida Legislators to hear the collective voice of Florida’s diverse Realtor® community. Legislators meet nearly 1,000 Realtors® once every year at the Capitol and discuss current issues affecting the real estate industry.

This year’s two-day event also includes three informationpacked Legislative briefing sessions, a block party on Adams Street with fabulous food and entertainment, and finally, a luncheon held on the Capitol grounds featuring prominent political speakers.

The legislative briefings for Great American Realtor® Days will not be held in the Tallahassee Civic Center this year.

Why? FAR was looking for a way to save money and make the briefings easier to get to. The solution was the Challenger Learning Center (CLC).

For details, including registration options and event happenings, visit the FAR web site at www.floridarealtors. org.

Briefing location and schedule FAR will be using both theaters at the Challenger Learning Center. The live presentation will take place in the IMAX theater (287 seats). The amphitheater (128 seats) will serve as an overflow venue. You’ll hear the briefings in the amphitheater and see all the Power Point slides on the big screen. No matter which theater you’re in, you’ll get all the key information so you’ll be ready to meet with your legislators.

Tuesday, April 14 1 p.m . and 3:45 p.m.

Wednesday, April 15 10 a.m.

If you have any questions, or need assistance, please contact Suzanne Hughes in the Tallahassee office of Public Policy at 850-224-1400, or suzanneh@far.org.

Sarasota Young Realtors® plan 2009 schedule The following is the current 2009 schedule of events for the Sarasota Young Realtors®, subject to change.

Meetings begin at 4:00 P.M. at SAR Socials begin at 5:30 P.M. (2nd Quarter at Clayton’s Siesta Grill, 1256 Old Stickney Point Rd., Sarasota); Luncheons begin at Noon at SAR April Meeting April 14, 2009 Social April 15, 2009 SAR Luncheon April 3, 2009* *Co-sponsor of SAR quarterly membership meeting at Pine Shores

May Meeting Social Luncheon June Meeting Social Luncheon July Meeting Social Luncheon August Meeting Social Luncheon

May 12, 2009 May 20, 2009 May 29, 2009 June 9, 2009 June 17, 2009 June26, 2009 July 14, 2009 July 15, 2009 July 24, 2009 August 11, 2009 August 19, 2009 August 28, 2009

September Meeting Social Luncheon October Meeting Social Luncheon November Meeting Social Luncheon December Meeting Social

September 8, 2009 September 16, 2009 September 25, 2009 October 13, 2009 October 21, 2009 October 30, 2009 November 10, 2009 November 18, 2009 TBD December 8, 2009 December 16, 2009

John Kiernan Phone

CERTIFIED GRADUATE REMODELER AGING-IN-PLACE SPECIALIST SELECTED TOP 50 IN AMERICA State Lic. # CBC040759

4007 39th Street East, Bradenton, FL 34208

941 748-1219 Cell

941 726-2318 Fax

941 745-2558

www.kiernanremodeling.com

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Sarasota Realtor® Magazine

APRIL 2009

13

Ethics in Action 14

Agent should have recommended consultation with an attorney

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Realtor® A was the listing broker for 25 acres of land owned by Client B. Shortly after Realtor® A’s sign was placed upon the property, Customer C called Realtor® A and expressed interest in purchasing the property.

After inspecting the property, Customer C made a full price offer. Surprised, Client B prepared a counteroffer at a higher price. Realtor® A realized that he might have a legal claim for commission from Client B, but not wishing to jeopardize their relationship, agreed that he would go back to Customer C and attempt to negotiate a higher price.

Upon being informed of the property owner’s change of mind and his requested higher price for the property, Customer C became upset and indicated his intent to consult his attorney to determine if he could force the seller to go through with the sales transaction at the price for which it had been originally offered.

At this point Realtor® A advised Customer C that, in his opinion, litigation would be lengthy and expensive and that in the final analysis the sale could not be enforced.

On the basis of Realtor® A’s advice Customer C agreed to the higher price, and the transaction was consummated. Shortly after, Customer C complained to the Board of Realtors® that Realtor® A had provided bad advice to him.

The secretary referred the complaint to the Grievance Committee which determined that a hearing should be held and referred the matter back to the Secretary to arrange such a hearing.

At the hearing, Customer C outlined his complaint to the Hearing Panel of the Professional Standards Committee. He indicated that he had intended to consult his attorney, however, because of the persuasive personality of Realtor® A and Realtor® A’s assurance that legal action would be an exercise in futility, he had not done so.

Realtor® A advised the panel that he had told Customer C that he could consult his attorney, but that, in his opinion, it would be a waste of time. He defended what he had told Customer C stating that it was only his opinion, not intended as a conclusive statement of law, and, in fact, was a correct statement under the law of the state. The panel concluded that

APRIL 2009

Realtor® A, in pointing out the fact that legal action was likely to be time consuming and expensive, was stating a practical circumstance which Customer C should consider and was proper. The panel further concluded that the expression of an opinion as to the probable outcome of the case was not an “unauthorized practice of law” within the meaning of Article 13.

However, the panel noted that a Realtor® is obligated to “recommend that legal counsel be obtained when

Upon being informed of the property owner’s change of mind and his requested higher price for the property, Customer C became upset and indicated his intent to consult his attorney to determine if he could force the seller to go through with the sales transaction at the price for which it had been originally offered. the interest of any party to the transaction requires it.”

In this case, Realtor® A was aware that the interest of Customer C required a legal opinion as to whether Customer C could compel Client B to convey title to the property and did not intend his personal opinion to represent a “statement of law” upon which Customer C could rely.

Accordingly, Realtor® A was obligated to affirmatively recommend that Customer C consult his attorney to definitively establish the legal rights in question.

Having failed to make such a recommendation, Realtor® A was in violation of Article 13. - Case #133: Realtor®’s Obligation to Recommend Counsel When Needed (Reaffirmed Case #17-3 May, 1988.

Transferred to Article 13 November, 1994.)

Sarasota Realtor® Magazine

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Pending sales rise to highest level in three years SAR statistics graphics, charts appear on Pages 16-17 in this issue Pending sales in the Sarasota real estate market once again rose in February 2009, hitting 782 – the highest level since April 2006, a three year period. According to statistics from the Mid-Florida Regional MLS for members of the Sarasota Association of Realtors®, 611 single family homes and 171 condominiums were reported under contract in February, almost 100 more than the 683 pending sales reported in January 2009, and 19 percent higher than the 654 pendings reported in February 2008.

Pending sales have now exceeded the 500 level for the 14th consecutive month, and the statistic bodes well for the next two or three months, when many of these pendings will become closed sales. Pending sales reflect contracts executed by buyers and sellers. The report continues to reflect a steady, strong pattern, and indicates buyers are more active in the Sarasota market even in the face of difficult economic times.

“We are encouraged by this statistic, and the word of mouth reports indicating an uptick in showings and offers,” said 2009 SAR President Bill Geller. “Buyers are becoming even more aware of the many opportunities in the Sarasota market and are making offers and executing contracts. Local Realtors® are continuing to educate the public on our market, and this excellent chance to purchase a great home at a very attractive price, with interest rates at historic lows.”

Overall, there were 354 sales closed in February, compared to 319 in January, for a 10 percent increase. The figure was lower than February 2008, when 418 properties changed hands. The breakdown was 260 single family homes sold, and 94 condominiums sold.

The recently enacted first-time homebuyers’ tax credit of $8,000 should help spur sales to higher levels, Geller noted.

Those who meet eligibility requirements and purchase a home this year prior to Dec. 1 are eligible for a tax credit of up to $8,000, and unlike the 2008 tax credit, this one does not

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have to be repaid. This credit, combined with historically low interest rates should help encourage more homes sales, experts agree.

“Particularly for the first time homebuyer trying to purchase in the Sarasota market, this is an amazing time to realize the dream of home ownership,” said Geller. “Affordable prices, combined with very low interest rates, plus the tax credit – you really haven’t seen a better time to buy for decades.”

The median sale price for single family homes declined to $142,000 in February 2009 from $149,950 in January 2009 – a 5.3 percent decline.

The median sales price for condominiums fell to $198,000 in February 2009 from $220,000 in January 2009, for a 10 percent drop.

These statistics appear to indicate a growing number of short sales and foreclosure sales in the market, which tend to impact the median sales prices more dramatically than the normal price trends.

Another important market tracker – the absorption rate of properties on the market – continues to track lower than last year at this time for both single family homes and condominiums, as inventories have declined. Absorption rate is the number of months it would take to sell the entire remaining listed inventory in a particular category, based upon the sales for that particular month.

For February 2009, the absorption rate for single family homes stood at 24.1 months, compared to 25.3 months in January 2009, and compared to 29.6 months in February 2008. For condominiums, the absorption rate was at 28.5 months, compared to 38.4 months in January 2009, and much lower than the 44.0 months reported in February 2008.

Sarasota Realtor® Magazine

APRIL 2009

15

Sarasota MLSSM Statistics February 2009 Single Family Condo

Unit Sales 450 400 350 300 250 200 150 100 50 0 Feb‐08

Mar‐08

Apr‐08

May‐08

Jun‐08

Jul‐08

Aug‐08

Sep‐08

Oct‐08

Nov‐08

Dec‐08

Jan‐09

Feb‐09

Jan‐09

Feb‐09

Single Family Condo

Median Sale Price $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Feb‐08 Mar‐08

Apr‐08 May‐08 Jun‐08

Jul‐08

Aug‐08

Sep‐08

Oct‐08

Nov‐08 Dec‐08

Single Family

#Active

#Sold

%Sold

Average DOM

Median Sale Prices

Median Last 12 Months

Months Inventory

Pending Reported

%Pending

# New Listings

# Off Market

This Month

6266

260

4.1

166

$142,000

$225,000

24.1

611

9.7

837

218

This Month Last Year

8600

291

3.4

160

$285,000

$300,000

29.6

438

5.1

1397

412

6319

250

3.9

152

$149,950

$235,000

25.3

536

8.5

1018

236

‐

602

‐

159

$145,000

‐

‐

1147

‐

1917

‐

Oct 93.1 ‐

Nov 92.0 ‐

Dec 93.0 ‐

Last Month YTD

2008 2009

Jan 92.0 93.0

Single Family – Sale Price Vs. List Price % Rates Feb 92.0 93.1

Mar 93.2 ‐

Apr 93.3 ‐

May 92.0 ‐

Jun 93.0 ‐

Jul 93.0 ‐

Aug 92.0 ‐

Sept 93.1 ‐

Statistics were compiled on properties listed in the MLS by members of the Sarasota Association of Realtors® as of March 10th, including some listings in Manatee, Englewood, Venice, and other areas. Single-family statistics are tabulated using property styles of single-family, half duplex, and manufactured. Condo statistics include condo, co-op, townhouse, and villa. Sarasota Association of Realtors® Source: 16

APRIL 2009

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Sarasota MLSSM Statistics February 2009 Single Family Condo

Inventory 12,000 10,000 8,000 6,000 4,000 2,000 0 Feb‐08

Mar‐08

Apr‐08

May‐08

Jun‐08

Jul‐08

Aug‐08

Sep‐08

Oct‐08

Nov‐08

Dec‐08

Jan‐09

Feb‐09

Single Family

Pending Sales

Condo

700 600 500 400 300 200 100 0 Feb‐08

Mar‐08

Apr‐08

May‐08

Jun‐08

Jul‐08

Aug‐08

Sep‐08

Oct‐08

Nov‐08

Dec‐08

Jan‐09

Feb‐09

Condo

#Active

#Sold

%Sold

Average DOM

Median Sale Prices

Median Last 12 Months

Months of Inventory

Pending Reported

%Pending

# New Listings

# Off Market

2675

94

3.5

154

$198,000

$295,000

28.5

171

6.4

386

148

5588

127

2.3

219

$230,500

$425,000

44.0

216

2.4

618

225

2647

69

2.6

177

$220,000

$310,000

38.4

147

5.6

415

145

‐

168

‐

162

$217,500

‐

‐

320

‐

816

‐

Oct 91.0 ‐

Nov 91.0 ‐

Dec 91.0 ‐

This Month This Month Last Year Last Month YTD

Condo – Sale Price Vs. List Price % Rates

2008 2009

Jan 91.0 91.0

Feb 91.1 90.2

Mar 91.0 ‐

Apr 91.0 ‐

May 92.0 ‐

Jun 92.0 ‐

Jul 93.0 ‐

Aug 90.0 ‐

Sept 90.0 ‐

Median sales price is the middle value, where half of the homes sold for more, and half sold for less. Listings sold were closed transactions during the month, while pending sales account for contracts executed by buyers and sellers during the month, that may not have closed yet. DOM indicates the average number of days that sold properties were on the market before a contract was executed.

Sarasota Association of Realtors® MLS www.sarasotarealtors.com

Sarasota Realtor® Magazine

APRIL 2009

17

Commercial Investment Division 18

Toughing it out in 2009

Any way you look at it, 2009 will be a difficult year, but multi-family is looking up Since commercial property performance usually tracks economic conditions, it will come as no surprise that 2009 looks like a challenging year for commercial real estate owners, brokers, and managers.

“The weak economy has shifted the fundamentals in commercial real estate,” says NAR Chief Economist Lawrence Yun. Office, industrial, and especially retail can expect rising vacancies, stagnant or falling rent growth, and flattening cap rates.

Even multifamily, which you might expect would benefit from tumbling residential sales, will just hold its own. Rents will stagnate at around 3 percent in 2009 and absorption will not keep pace with even the slowing level of new product coming online.

“For now, at least, more people are doubling up or moving back home rather than renting,” notes Yun.

Housing Must Lead the Way Out

If commercial’s nose dive grew out of the fall in residential home sales and the ensuing financial meltdown, recovery for commercial sectors will likewise depend in large part on housing’s recovery, says Yun. Housing typically leads

the economic recovery, so when home prices firm up, the economy will start expanding. Increasingly confident households will renew spending, and businesses will ramp up hiring.

“We need to jump start this virtuous cycle,” says Yun. But whether this recovery will come in 2009 is still questionable.

Housing’s recovery still rests, in large part, on the availability of credit. Credit started to loosen in late 2008, thanks in part to the massive injection of federal funds into financial services companies in September and the Fed’s decision in late November to purchase mortgage-backed securities. But it will take considerable time before credit availability returns to normal.

NAR has been calling for an additional stimulus—interest-rate buydowns and help for troubled borrowers—to provide the economic boost that can get sales rolling again. (See our residential market outlook.)

“Only by getting buyers back into the marketplace will there be home price stabilization,” says Yun. “And only then will mortgage-backed securities start trading on Wall Street again, helping to thaw out the frozen credit market.”

The good news for commercial borrowers is that commercial mortgage-backed securities may come back fast once credit eases because investors won’t have the same trouble pricing assets that they’ve had in the residential sector, says Doug Duncan, chief economist for Fannie Mae. “Because the ratings of CMBS are based more on individual property performance, there’s a greater likelihood that these securities will produce the returns anticipated,” Duncan says.

If credit does ease by mid-2009, it won’t come a moment too soon for the many commercial property owners whose loans are due to roll over in 2009. Bob Bach, chief economist of commercial brokerage giant Grubb & Ellis, said in an Investment News report that close to $40 billion in commercial debt is set to expire in 2009.

A good portion of lenders will balk at refinancing this debt because of falling commercial property prices and tighter lending standards.

That means that some properties will be sold at severely reduced prices. Retail and office properties will be hardest hit, he says. Cashrich buyers, especially those from offshore, might find the biggest commercial property bargains since the early 1990s.

CID programs and events for 2009

Tuesday, April 21, 2009 Sarasota County Property Appraiser Bill Furst Sponsor: Insignia Bank

Tuesday, May 19, 2009 Industrial Development Authority (Offsite Meeting) Sponsor: Hembree and Associates APRIL 2009

Tuesday, June 16, 2009 TBD Tuesday, July 21, 2009 TBD Tuesday, Aug. 18, 2009 TBD

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For owners who don’t have to sell, sitting tight and managing for better cash flow remains the best strategy for 2009. That’s why transaction volumes, which declined by 70 percent between the second quarter of 2007 and the second quarter of 2008, will almost certainly fall further in 2009.

Commercial real estate prices could fall by 15 percent to 20 percent from mid-2007 highs, according to the 2009 Emerging Trends in Real Estate, developed by the Urban Land Institute and PricewaterhouseCoopers.

But 2010 should be much better. Yun is forecasting a U.S. economic recovery in 2010, which should help drive up prices, rent growth, transactions, absorptions, and investment returns.

The big question is the health of other economies. If they’re not growing too, the demand for U.S. assets and asset-backed securities will remain dampened, which could soften financing availability for commercial property.

U.S. economy in 2008, but uncertainty in world economies and a recovering dollar could weaken overseas demand.

Still, American goods remain attractive to overseas buyers so warehouse space should remain relatively stable, especially in coastal ports.

• Vacancy rates in the industrial sector are forecast to rise to 10.8 percent in the second quarter of 2009 from 9.9 percent in the second quarter of 2008.

• Annual rent growth will probably be 1.1 percent in 2008 and 1.0 percent in 2009. It rose 3.6 percent in 2007.

• Net absorption of industrial space will be a negative 16.7 million square feet in 2008, then reversing to grow to 35.3 million in 2009. Net absorption totaled 120.3 million in 2007. Developers may find some business in build-to-suit properties, leaving many obsolete structures unoccupied.

RETAIL Consumer spending, already falling to levels unseen since NAR’s Projections for 2009 the 2001 attacks, will continue to tighten for the foreseeable future.

OFFICE • Vacancy rates in the retail sector should be 10.4 percent in Job losses, especially in the professional business sector the second quarter of 2009, up from 9.7 percent in the second that uses much of the country’s office space, are reducing the quarter of 2008. Average retail rent is projected to grow 1.2 demand for office space. In the last four recessions, job losses percent in 2008 before contracting 0.9 percent in 2009. continued an average of 17 months after the employment • Retail rents grew 3.2 percent in 2007. peak, says Mark G. Dotzour, chief economist at the Real • Net absorption of retail space in 53 tracked markets is Estate Center at Texas A&M University. If that benchmark holds true, employment should pick up by May 2009, he likely to shrink by 2.6 million square feet this year before increasing by 2.8 million in 2009. In 2007, 11.1 million says.

• Office vacancy rates are projected to rise to 14.4 percent square feet of retail space were absorbed. in the second quarter of 2009 from 12.9 percent in the second quarter of this year. Annual rent growth in the office sector is MULTIFAMILY likely to be 3.2 percent this year, but it should decline to 0.4 The outlook for the apartment rental market remains fairly percent in 2009. positive as many potential first-time home buyers remain on the sidelines.

• Rent grew 8 percent last year.

• Multifamily vacancy rates are expected to rise to 5.9 • Net absorption of office space in the 57 markets tracked, which includes the leasing of new space coming on the percent in the second quarter of 2009 from 5.4 percent in the market as well as space in existing properties, is expected to second quarter of 2008. be 14.7 million square feet in 2008 and 10.9 million in 2009, • Average rent is forecast to grow 3.9 percent in 2008 and contrasted with 57.3 million square feet in 2007. An increase 4.0 percent in 2009, compared with a 3.1 percent gain in in the amount of new office space coming online in 2009 2007. contributes to this significant drop.

• Multifamily net absorption is estimated at 61,400 units in 2008 in 59 tracked metro areas and 188,200 in 2009, in contrast with 234,400 in 2007. Unsold condos in many INDUSTRIAL Healthy exports had been one of the bright spots in the markets may add to the inventories and weaken overall absorption. www.sarasotarealtors.com

Sarasota Realtor® Magazine

APRIL 2009

19

Education Programs

Get ‘Green’ in 2009 with NAR designation National Association of Realtors® Green Designation Core Course April 22-23 8:30 a.m. to 4 p.m.

Cost: $295 (by April 8, 2009) After April 8: $325 Instructor: Lynn Nilssen Location: Sarasota Association of Realtors® “Green building is fundamentally altering real estate dynamics. The NAR Green designation is not part of a current fad. Two thirds of consumers are in tune to green building and understand that there is a link between green homes, cost savings and healthy living.” - McGraw Hill Smart Market Report 2007, Green Homeowner Issue In order to earn the NAR Green designation, the student must successfully complete the Core Course and one of three elective courses: • Green Residential Real Estate • Green Commercial Real Estate • Green Property Management Students who complete the Core Course receive a oneyear membership in the NAR Green Resource Council.

After taking this course, you will be able to:

International Marketing on a Shoestring

Dates: April 20 Times: Beginner & Advanced Sessions, Times TBA Instructor: Janet Choynowski, Immobel Location: SAR Auditorium Cost: SAR Members: $10 (each session)

ePRO Workshop

Date: April 14 1 to 2:30 p.m.

Instructor: Tony Martinez Location: SAR Auditorium Cost: Free to SAR Members Consumers are catching on to the value of an e-PRO certification! Join the dynamic group of Realtors who are flourishing in the e-PRO community. This workshop offers tips and tricks for reaching customers online, but basically gives you a snapshot of the technology certification which is taken online. Attendance at the workshop gives you a $25 discount on the online course.

Check out the designation which is being promoted on the #1 consumer real estate website, www.realtor.com!

Registration requested at http://ePROworkshop.

InternetCrusade.com or call toll free 1-866-377-6627.

20

• Recognize the features that make a home or building green and resource efficient in construction or remodeling, use and operation • Inform customers and clients of the significance of LEED, Energy Star, and other rating systems • Discuss the cost-benefit of resource-efficient building and home systems, materials and land usage • Recognize, validate and respond to concerns and priorities of the green consumer, seller, buyer, tenant, builder, developer • Make the appropriate disclosures consistent with the NAR Code of Ethics and state regulations • Describe the interrelationships of sustainable communities, Smart Growth, natural habitat conservation, New Urbanism and land planning

APRIL 2009

Your SAR dues provide a very valuable tool for marketing properties internationally. The Sarasota Association of Realtors® has contracted with Immobel. com to offer members the ability to provide MLS listing data to their customers in 13 languages.

The broker’s authorization is no longer needed to make this practical and innovative tool available for the agents in their office. Learn how you can get your site set up.

Also, Immobel will debut a tremendous new tool coming out in May that will transfer your written English listing information into a video with audio in a foreign language.

How is this done? Sign up and see how you can use this tool to offer international exposure to your customer’s properties.

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Make MLXchange work for you!

Pre-registration is required for all MLXchange classes at www.mfrmls. com. All classes are hands-on in the SAR Technology Center (except for Entering and Updating). Registration is limited to 18. Please be sure that you will attend if you reserve a spot!

MLXchange Basic April 6, 9 a.m. to Noon April 21, 9 a.m. to Noon Learn the basic tools of MLXchange.

It does the work for you, emailing the listings that match your client’s criteria automatically through auto notification.

Learn the quick way to find a listing or view your inventory with one click right from the home page or create a professional CMA in less time than it takes to drive to work. This is a mandatory session for all new users.

- Review the home page features - Add a new client from the search module, saving a search and setting prospecting notification features - Searching and viewing listings, using the map, showing road, aerial, hybrid, and locator features - Adding additional search criteria - Viewing/printing/emailing reports, images, virtual tours, tax, map, driving directions and MLS listing history - Customizing hotsheet configurations - Search Tax - Creating a professional CMA - Personalize user contact information Entering and Updating Listings in MLXchange April 6, 1:30 to 3:30 p.m.

April 21, 1:30 to 3:30 p.m.

This class is mandatory if you will be entering and updating your own listings. You will be taught how to input and modify listings, enter photos, and add attachments along with valuable tips and techniques.

- Listing maintenance authorization forms - Explain the importance of accurate data - Rules and Regulations www.sarasotarealtors.com

- Review the profile sheet - Entering a new listing, using tax auto pop, reviewing the fields that have specific entries in the Rules and Regulations - Adding images, attachments, open house information, Supra Key and ShowingTime - Inventory watch - easiest way to modify the listings

Creating Custom Reports April 8, 1:30 to 3:30 p.m.

This course is designed to give you the ability to personalize your own reports within MLXchange. You will learn the necessary skills to create and customize reports that help you succeed in your business.

- Report Manager: Add, modify and copy reports using Report Manager.

- Designer Tool: How to download and log in - Copy, save and customize a report, adding or removing fields, changing font style and color.

- Selecting multiple fields for customizing font, moving or deleting fields.

- Adding photos, map, date, time or additional fields.

Design Web Pages, Capture Leads April 9, 9 a.m. to Noon One of the most crucial components in today’s real estate professional’s day-today business is capturing and handling leads along with time management. This course will teach you how to set up your personal agent and client web pages, contact management and scheduling features that go hand-in-hand with a Sarasota Realtor® Magazine

successful real estate business.

MLXchange Advanced April 20, 1:30 to 3:30 p.m.

Take MLXchange to the next level!

In this session you will learn how to customize a search & display screens, personal website links and setup & save advanced searches.

- Creating a custom template, adding fields, changing the display order - Foreclosure, fixer upper, and vacant listings with lockbox access - Customizing columns, adding/ removing fields, changing the column headers and changing the field sort order - Edit favorite reports, personalize home page resource link and setting defaults Creating a Professional CMA April 20, 9 a.m. to Noon One of the most crucial components in today’s real estate professional’s day-today business is capturing and handling leads along with time management. This course will teach you how to set up your personal agent and client web pages, contact management and scheduling features that go hand-in-hand with a successful real estate business. iMapp - Interactive Tax and Mailing Labels April 18, 9 a.m. to Noon In this class you will learn how to use the tax search features of MLXchange, access iMapp’s interactive maps, tax data, comparables, auto-valuations, and easily create mailing labels for your favorite area.

APRIL 2009

21

SAR offers REO certification series in May REO Certification

Dates: May 20-21 Times: 8:30 a.m. to 5 p.m.

Instructor: Cathy McDaniel, RES, RETS Location: SAR Auditorium Cost: SAR Members: $149 Non-Members: $179 (After May 12, add $25) To obtain the designation of “REO”, receive your “REO” pin, “Helpful Tools” CD, and a list of 130 BPO Companies, 64 REO Asset Management Companies, 14 REO Organizations to register with, you must complete all four REO series and pass a 40 question test.

This course was offered at SAR in November and has been brought back by popular demand. The course fee includes continental breakfast both days, manual, CD with forms and over 50 Bank contacts, Exam, Pin and Certification.

“REO - Real Estate Opportunities” Enhance your real estate business by learning how to connect with banks, lenders and REO 3rd party outsource companies. Attend the REO series provided by American Real Estate University and taught by Cathy McDaniel, a 16 year REO and mortgage lending expert, to learn about BPOs, listing and managing REO properties.

The course will cover job descriptions, theory and fundamentals required to participate in the REO industry today. Hurry seating is limited.

REO 1 - BPOs and REO Listings Completing this course will provide you an overview of a BPO (Broker Price Opinion) format and review all the opinion questions that you may be asked by a lender or mortgage servicer regarding a pre-foreclosure or short sale property. You will also learn the job description of an REO (Real Estate Owned) listing agent and what requirements are needed to apply for the job. Everything about the REO

business is time sensitive.

REO 2 - Managing Your REO Listing This manual will cover listing and marketing instructions required by an REO client in managing their asset/property.

REO sellers provide over 30 management forms for reimbursement, property maintenance, vandalism, pre and post closing procedures.

REO 3 - Working With The Buyer Purchasing an REO Property Working with a buyer interested in purchasing an REO property is different from working with a local seller. REO sellers are not local. They have specific policies, procedures, addendums and timeline schedule to submit offers and complete a sales transaction on their property. These instructions vary in the REO arena. Nothing is standard.

Buyers must read, understand and agree to these various requirements prior to submitting an offer. You will learn what these requirements are in this manual.

REO 4 - Financing Your REO Property and Technology It is a great day to buy! Some interest rates are below 5 percent, and there’s a great selection of inventory and sellers are willing to roll out the carpet in buyer concessions to entice them to visit their property. There were many changes in the mortgage arena last year and more to come.

Financing an REO “as is” property today can be challenging. During this course study you will learn many new laws and regulations, qualifications and various “buy and repair” finance programs to purchase a home that needs “TLC” or the heating and AC unit is missing. We will discuss market conditions, future forecast regarding market value, declining area, over supply, and absorption rate, provisions of Regulation Z, IRS rules regarding “deficiencies” new regulations for appraisers plus the “Making Home Affordable” plan that the Obama Administration announced Wednesday, March 4th and much more.

Mark your calendars for more classes in 2009 GRI 2 May 27-29 and June 2-3, 2009 30 hours broker post-license, 11 hours Continuing Education GRI 3 July 27-29 and Aug. 4-5 30 hours broker post-license, 11 hours Continuing Education 14 Hours Continuing Education Aug. 11-12, 2009 22

APRIL 2009

Sarasota Realtor® Magazine

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Thirteen Michael Saunders & Company real estate agents attended the Certified Residential Specialist (CRS 202) class “Sales Strategies” on March 10-11, 2009. Total class attendance was 31. The class was so well received that another CRS class, Listing Strategies, will be offered at SAR before the end of the year.

Bank Owned Property Sales: “What’s Up with this Addendum?”

The Impact of Government Intervention May 13

April 29 9 a.m. to Noon Cost: $10 (members) $20 (non-members) Instructors: Attorneys on Realtor®-Attorney Joint Committee Location: Sarasota Association of Realtors® This seminar is the second in a series of distressed property seminars brought to you by the Realtor®-Attorney Joint Committee of SAR and the Sarasota County Bar Association.

These seminars spotlight local market conditions as well as bringing you up-to-speed on statewide and national requirements.

Panelists will be attorneys on the Realtor®-Attorney Joint Committee.

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9 a.m. to Noon 3 hours “specialty” CE Cost: $20 (members) $30 (non-members) Instructor: Jason Kotar, President of Kotar & Associates Location: Sarasota Association of Realtors® Recent changes from Fannie Mae have forced lenders to implement “Declining Market Policies.” These new policies have significant implications on Realtors® when developing a CMA and require appraisers to meet minimum standards when establishing the market value of a property.

Failure to meet any of the lenders’ established guidelines could negatively impact getting the mortgage approved in a timely manner; result in higher costs; or, outright rejection on the loan!

Learn the various changes being implemented by lenders, what factors you need to consider when developing a CMA and how to choose an appraiser.

Sarasota Realtor® Magazine

APRIL 2009

23

Affiliate Focus 24

Why use a real estate attorney? Answer: Banks!

By Kenneth Chapman Jr. SAR Affiliate In years past, generally speaking, it used to be that buying and selling real estate fell into two categories, 1) straight-forward negotiations, a clean record title of ownership and a nice smooth closing; and 2) those transactions which had “issues” – quite often, they were very ugly and convoluted issues. Fortunately, the second category was usually the exception.

However, as the daily headlines remind us, we now must navigate through the complexities of a market that consist as much of traditional sales as it does of bankowned properties and short sales.

In today’s market, negotiating and closing transactions are as likely to be fraught with issues and hidden liabilities as they are to be clean and uneventful.

Simple and straight-forward transactions with banks are rare.

Where the property is owned by the bank, negotiating the agreement may involve a basic “AsIs” agreement, however, sorting through the property’s “Toxic Title” to ensure marketability and proper transfer is very complicated.

And should the property be a short sale, banks are both the first and last obstacles in negotiating the contract and closing the sale; not to mention the possibility that the mortgage insurance company enters the equation and insists upon a promissory note from the seller for some percentage of the “short” payoff.

Buying and selling real estate is the single most important transaction that occurs for many people in their lifetime, and over the past two years, it just became far more difficult to realize and far more complex in light of potential hidden risks and liabilities.

Now more than any time in the past, a real estate attorney is a vital member to your team that will help the client understand the legal consequences of these risks and liabilities. A real estate attorney on the team plays the very important role to: 1. Provide legal advice on the contract and ensure that provisions and contingencies related to the bank are in order.

2. Review the “Toxic Title” and require appropriate

APRIL 2009

legal remedies to ensure marketability.

3. Provide legal advice on what the title policy does not protect against, emphasizing marketability of the title when the client sells.

4. Negotiate with the bank and the mortgage insurance company the terms and provisions of appropriate releases and waivers.

5. Prepare, review and provide legal advice about the documents necessary to close – i.e. deeds, mortgages, satisfactions, releases/waivers (in short sales) and closing statements.

6. Assume the liability related to providing the above services; liability which other members of the team should not have to bear.

So, the question of whether to refer a client to a real estate attorney is not one of economics, for most attorneys will perform the closing services at virtually the same costs. The real question is who best can: - Advise the client on legal rights, obligations, consequences arising from the purchase contract and related agreements with the banks, and ensure the client’s interests are fully protected; - Recognize legal issues and title problems; and - Promptly address these problems and quickly find solutions in order to make sure the deal closes.

The costs of not using a real estate attorney or engaging an attorney too late in the process (i.e. in the middle of a transaction to resolve an unanticipated problem), may be losing the sale altogether and the parties having to engage in expensive litigation.

– Kenneth D. Chapman, Jr., SAR Affiliate member, is president of the Sarasota-Bradenton Attorneys Real Estate Counsel (“SBAREC”), and Partner in the law firm of Chapman, Chapman & Chapman, P.A. (www.chapmanpa.com). His phone number is 366-1600. The SBAREC (www.sarasotarec.com) is an organization which promotes the use of experienced real estate attorneys who are dedicated to providing prompt legal advice and sound solutions on real estate matters and working closely with other real estate professionals to accomplish this goal.

Sarasota Realtor® Magazine

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Online leads to consumers are easy to come by, but is your office handling them the most effective way?

By G.M. Filisko REALTOR® Magazine Consumers can be an impatient lot. They want your attention and they want it now. Even if they don’t plan to actually start looking at homes, they expect a nearimmediate response to their online inquiries.

That can be tough for a sales force hungry for sales now. You don’t want associates spending an inordinate amount of time responding to anonymous e-mails from consumers who aren’t ready to buy. But you also don’t want to squander a prime opportunity to build loyalty and cultivate new clients.

The solution: Create a brokeragewide protocol for responding promptly and professionally to leads that come in through your Web site. Without a system, all the money you spend to draw consumers to your Web site will swirl down the drain.

Here’s advice from brokers who are having success with systems that turn those leads into clients.

The First Response Any good online lead response strategy starts with the person or team that processes online leads.

While staffing models vary greatly from company to company, the core priorities tend to be the same: Respond quickly, assign promising leads to associates, and build loyalty among customers who are still in the information-gathering phase.

Many national franchise companies use sophisticated software-based systems for propelling online leads directly to associates using precalculated criteria. At some smaller companies, a staff person will personally sift through the online leads and assign them to associates. Between those two extremes is a range of models. www.sarasotarealtors.com

At John L. Scott Real Estate in Bellevue, Wash., eBusiness Director Barry Matheny heads a staff of five licensed sales associates who review companywide leads, gather more information from the consumer, and alert a sales associate who is approved to receive online leads. “We contact at least 99 percent of the leads and uncover the clients’ needs,” says Matheny. “We’ll ask more questions to determine whether they’re ready to talk to someone or if they’re looking for information about property but not yet ready to make that commitment to be assigned to a sales associate. With about 30 percent of the leads, we’ve nailed it down enough that clients have told us they’re ready to talk to a sales associate.”

Just one licensed associate handles all online leads for the 75-person brokerage Liz Moore & Associates in Newport News, Va., says company president Liz Moore, CRB, GRI. The so-called “concierge” is responsible for providing an immediate e-mail response and forwarding leads to sales associates.

At the 450-associate Guarantee Real Estate in Fresno, Calif., the marketing department oversees an automated system for capturing online leads. “We have a tracking system that routes inquiries to sales associates,” says president and CEO J. Scott Leonard, CRB. The software generates reports that include the time the inquiry came in and how quickly the company responded. Leonard estimates the total cost of his online-lead processing efforts at less than $25,000 per year.

Sarasota Realtor® Magazine

Broker Corner

Capture and Convert

Continued on P. 27, See BROKER

APRIL 2009

25

Time2Buy campaign officially ends April 30th This month, the Sarasota Association of Realtors® will officially end the Time2Buy campaign and all use of the Time2Buy “slogo” (see image in article). The date of April 30, 2009 is the last official date that the slogo can be used, per a legal agreement reached with the Assist 2 Sell company.

The campaign, launched in January 2007, was designed to educate SAR members and the public on the tremendous housing opportunities available in the Sarasota area. The campaign include billboards, airport signage, magazine, television, radio and newspaper advertisements, buttons, press releases, videos, and a wide assortment of other content.

Baskerville, Swirles & Ward, a Sarasota marketing firm, was contracted to

handle much of the campaign.

If you are using the slogo in your marketing materials, please discontinue using the Time2Buy image after April 30th. The Time2Buy web site will also go dormant this month, but much of the informational material will

continue to be used on a page within the www.sarasotarealtors.com web site.

The SAR web site page URL will be announced in the Weekly Update e-newsletter in early May. In addition, the SAR Public Information Committee will continue to promote the basic tennets of the campaign.

The PIC will promote the perennial message that the Sarasota area is always a great place to buy real estate, because of this area’s incredible climate, natural beauty, cultural resources, topnotch educational system, bountiful amenities, diverse lifestyle choices, and tremendous family and business communities.

Celebrate ‘Fair Housing Month’ in April This April marks the 41st Anniversary of the 1968 Fair Housing Act. SAR, FAR and NAR embrace our country’s racial and ethnic diversity and strive to make the benefits of real property ownership available to all.

The 2009 edition of the NAR Fair Housing FOCUS publication (available online at www.sarasotarealtors. com) features a lead article on Diversity and Schools; and information on diversity course specials, community outreach grants, fair housing DVDs, as well as new products like the FHA Toolkit and other ideas you can implement at your office to recognize Fair Housing Month.

“Our industry, like our nation, has come a long way in the past 60 years,” said 2009 NAR President Charles McMillian. “NAR is committed to helping Realtors® from all backgrounds work together more closely to ensure the value of homeownership remains steadfast for all people and a cornerstone of our great nation.”

Visit the NAR Fair Housing web pages, in the Government Affairs section of realtor.org, under “Diversity” to learn more about how the NAR is working to educate the public on the importance of fair housing issues.

City of Sarasota provides flood plain information Current flood plain information may be obtained from the City of Sarasota Building, Zoning and Code Enforcement Department. They can provide the following information: • Community Number • Panel Number • FIRM Suffix • Date of the FIRM’s Index • The FIRM Zone (e.g. “A,” “C,” “V,” etc.)

• Base Flood Elevation (BFE) • Copies of Elevation Certificates for those structures that

26

APRIL 2009

have been required to provide them.

Federal law requires that a flood insurance policy be obtained as a condition of a federally backed mortgage or loan on properties in special flood hazard areas (SFHA).

There is a 30-day waiting period before a flood insurance policy takes effect.

City of Sarasota officials are prepared to meet and discuss any flood plain related questions or problems you may encounter. You can reach the department by calling 9544127 or by writing to: City of Sarasota, Attention: Zoning Division, P.O. Box 1058, Sarasota, FL 34230-1058. Also, visit www.sarasotagov.com for more information.

Sarasota Realtor® Magazine

www.sarasotarealtors.com

BROKER From Page 25

Who Gets the Lead?

With online inquiries, the biggest question many brokerages face is: Who gets the lead? If a consumer sends an e-mail that asks specifically about a property listed by a sales associate at the company, there’s no dispute that the listing associate gets the lead. But the answer is less straightforward with leads that aren’t related to an associate’s listing.

At the 200-associate Village Real Estate Services in Nashville, a broker reviews general requests to determine if they fit a particular sales associate’s skills. “We want to find a match to serve that client best,” says Mark Deutschmann, CRS®, GRI, the company’s broker-owner. “If consumers are interested in a downtown condo, we have sales associates who focus on that market.” When leads aren’t specific enough to be matched to any sales associate’s expertise, the broker passes it onto the sales associate who’s handling floor duty.

At other companies, online leads go only to sales associates who are approved to receive them. Special training is often required. “About two years ago, we created a rapid response team,” says Guarantee’s Leonard. “About 10 percent of our sales associates have been trained and are qualified to be on the team. They’re trained in how to effectively use e-mail and Internet communications to respond, and they must have with them at all times a PDA or a smart phone so that they have connectivity.”

The process is similar at John L. Scott. “We have criteria that identify the best sales associates to fit this team,” explains Matheny. “They need to have a smart phone, a certain level of transactions, and the ability to respond seven days a week.”

Because online consumers will go elsewhere if their inquiries are ignored, most brokerages determine a tight time frame in which the associates must respond. “During regular work hours, we get to clients within five minutes. If it’s after hours, it’s 5 to 15 minutes. Within 30 minutes, we have the lead in the hands of a sales associate, and the sales associate is required to make contact again within 30 minutes to an hour.”

Guarantee’s associates must respond within 20 minutes.

“They’re held accountable,” says Leonard. “If a response isn’t generated in 20 minutes, we have the right to move that lead. But most of our associates do respond within that time frame.”

Many, but not all, brokers charge a referral fee, due at closing, for the general leads they pass on to sales associates.

“We do a 30 percent referral fee taken off the top of the transaction, and then sales associates receive their split,” says Deutschmann.

Leonard, however, takes a different tack. “We don’t charge our sales associates referral or transaction fees to be a part of the team,” he says. “We felt it was important that our sales www.sarasotarealtors.com

associates know we’re in this together.”

Incubation Strategies Even when online consumers aren’t ready to buy or sell, they’re still highly valuable prospects, Leonard says. “Sales associates start to develop a relationship with consumers by providing specific information in response to their request.

We also encourage consumers to become part of our instant notification program by registering and receiving automatic e-mail notification when a property similar to their criteria comes on the market. We have hundreds of people on that system. It’s a constant contact system, and consumers can opt out at any time.”

Liz Moore & Associates sends a standard e-mail in response to all online inquiries, with the understanding that many consumers who use the Web are in the information-gathering stage and wish to remain anonymous. The message thanks consumers for using the brokerage site, acknowledges that they may not be ready to divulge personal information, and states that the company will fully respect their online privacy.

Finally, the message informs consumers that they will receive a complimentary copy of a monthly newsletter, which they can opt out of at any time.

Consumers who’ve contacted John L. Scott but aren’t yet ready to take action—and haven’t been put in touch with a specific sales associate—go into the company’s drip marketing campaign and are personally contacted at least once a month

by Matheny’s staff. “If clients aren’t ready to go, we want to stay connected as long as they allow us to,” explains Matheny.

“They can opt out any time they want.”

What’s the Payoff?

Despite their extensive efforts to convert promising online leads and build loyalty with prospects, some brokers say it’s hard to quantify their results. In some cases, off-the-shelf software doesn’t offer all the tracking tools they need, and customized software is simply too expensive.

Matheny, however, has his numbers down to a decimal point, thanks in part to his company’s substantial investment in staffing his department and its technology, in addition to the firm’s work customizing the lead-management software it uses, LeadTrax from Williamsville, N.Y.-based LanTrax Inc. “From referrals that go to sales associates, 16.2 percent result in a closed sale,” he says. “That’s gone up in the last three years from 9 percent to 14 percent to 16 percent. I’d like to see that number improve down the road to one in four or one in five closed sales.”

Even with the best technology, a broker’s success rate with online leads depends largely on commitment and knowledge of the sales force. “If you’ve got professional sales associates on the team who are interested in working with Internet clients and understanding how they think, you have a better opportunity to increase those numbers,” he says.

Sarasota Realtor® Magazine

APRIL 2009

27

Accelerate your career with the Sarasota Chapter of Women’s Council of Realtors®

i

By Janice Litke 2009 WCR President

In today’s real estate market, you’re working hard to get business and develop your career. The idea of getting involved in an industry organization might seem lofty, but totally impractical.

After all, finances are tight, there’s no time, and such roles would cut into your ability to actually work!

While that sounds reasonable, the exact opposite is true, according to many successful leaders, who say that industry involvement gives you the competitive edge to build your business.

Maybe that’s why so many outgoing, successful real estate professionals turn to Women’s Council of Realtors®. Only WCR gives you the real-world tools, training and on-going peer interaction you need to get your business in the fast lane.

Our regularly scheduled events and speakers, Performance Management Network courses, and timely, information-packed communications can make all the difference. Our huge referral network, which nets hundreds of thousands of dollars for our members each year, is essential to the success of our members.

WCR is more than an organization that accelerates professional success. It is a group of strong people who are willing to try new challenges and cheer each other on. At Women’s Council, you’ll experience a support system like no other.

You’ll belong to a network of motivated real estate professionals who understand that you’re never too experienced to learn something new or too successful to provide sound advice to your peers.

Stay in front of the market, remain on the cutting

edge of industry trends, step out and lead the way.

Be a part of the best and brightest professionals in the business.

The best way to maximize your WCR membership potential is to get involved, make new connections and friends and attend our many educational and networking opportunities.

WCR - Building relationships! Getting together is a start, remaining together is advancement, working together is achievement.

Don’t miss our upcoming events: April 1 - Comedy Club Fun Night, McCurdy’s Comedy Club, 7 p.m., $12.

May 7 - WCR Boat Float, LeBarge Cruise, 5:30 p.m., $25.

TBA - Extreme Makeover, Saks Fifth Avenue We welcome our newest members: Linda Page, Prudential Palms Realty MaryBeth Hudson, Prudential Palms Realty Eileen Rice, Preferred Mortgage Lending Services Karen Ottewell, Prudential Palms Realty Heidi Webber, Rossi & Company Larry Wright, Accutech Restoration & Remodeling Stephanie Reinicke, Esq, Dunlop & Moran, PA

2009 Line Officers

28

Janice Litke President Prudential Palms Cell: 727-403-1814 JaniceLitke@hotmail.com

Cindi Jackson Vice President of Membership Exit Realty Signature Properties Phone: 941-907-7730 cindi_title@yahoo.com

Dave Swenson Recording Secretary EXIT Creative Realty Cell: 941-544-4366 daves@exitcreativerealty.com

Karen Grant President-Elect RE/MAX Tropical Sands 941-349-3460 karenlgrant@comcast.net

Mary Conklin Treasurer RE/MAX Alliance Group Cell: 941-504-4292 mcconklin@comcast.net

Mary Mastro Corresponding Secretary Keller Williams Lakewood Ranch Cell: 586-2402 marypmastro@gmail.com

APRIL 2009

Sarasota Realtor® Magazine

www.sarasotarealtors.com

Programs Calendar 2009

April 14-15 - Realtor® Legislative Days Tallahassee April 17 - Sandee Rains – Consumer Credit – Buyers Credit Issues and Identity Theft May 9 - Programs Meeting – Honoring Past Presidents and State Presidents Joint Meeting SAR/ MAR May 11-16 - WCR/NAR Mid-Year Washington, DC June 24 - Joint Meeting with SAR July 10 - Program Meeting – Mary Wolf – Path to Success

Aug. 14 - Jack Wolf – “It’s Never To Late To Learn To Relate” and Elections Aug. 18-23 - WCR/FAR Annual Conference – Orlando Sept. 11 - Annual Fashion Show Oct. 9 - District Forum Nov. 12 - Emily Sperling, Community Relations Manager, EDC Nov. 11-16 - WCR/NAR Annual Conference – San Diego Dec. 10 - Installation and Farewell

Scholarship deadline May 1st

The SAR is once again offering local students an opportunity to earn $2,000 scholarships to help toward their continuing education.Two scholarships will be awarded in 2009 to non-SAR members and their children, and two will be awarded to SAR members or a member’s immediate family. The scholarships are for a full academic year, and applicants must be either currently enrolled or accepted as a student at an accredited public or private university, college, community or junior college in the U.S. The scholarships will be sent directly to the college or university in the recipient’s name.

All local private and public high schools will receive SAR Scholarship application packets, and the applications can also be downloaded from the Association web site at www.sarasotarealtors.com.

Application deadline is May 1, 2009.

Applicants are responsible for seeing that all supporting documents are submitted.

The Sarasota Association of Realtors’ Scholarship Committee reserves the right not to process applications found to be incomplete as of the application postmark deadline.

This application becomes valid only when: 1) It is filled out in its entirety and 2) the following have been submitted: a. The application b. 2008 IRX Tax Return (family) b. Official high school transcript (4 years) c. Official acceptance letter from college or vocational school if available d. SAT and/or ACT scores if they don’t appear on official transcript (Xerox copy acceptable) e. Two letters of reference www.sarasotarealtors.com

Sarasota Realtor® Magazine

APRIL 2009

29

Membership News 30

The Association is pleased to welcome new members!

Designated Realtors®

Now With

Duggan, Katherine, Katherine Ann Duggan RE Broker Florian, Angela, Sandals Realty Hatin, James, Chapman & Associates Inc. Hollingsworth, Ryan, Forsythe Appraisals Kling, Renee, RKW The Richardson Group LLC Lawyer, Sandy, Lawyer Realty Wanting, Walter, Walter Dale Wanting, RE Broker

New Members Balogh, Szilvia, RE/MAX Excellence Bill, Edgar, Signature Sothebys Internat’l Box, David, Exit Realty Signature Prop Boyle, Michael, Coldwell Banker Res R E Brazelton, John, RealtyOne Alliance Bright, Paul, ELITE Properties LLC Cleland, Cherie, Prudential Palms Realty Denicoff, David, MDM Realty Services LLC Duggan, Kevin, Century 21 Advantage Elliott, Katie, RoseBay Real Estate Inc. Fox, Jean, Prudential Palms Realty Fulwider, Laura, DiVosta Homes Marketing Inc. Gonzales, Valeri, First Option Properties Inc. Hoyle, Roger, Michael Saunders & Company Julien, Shirley, Hunt Florida Real Estate Kelley, Thomas, Coldwell Banker Res R E Mahoney, Mary, Signature Sothebys Internat’l Malloy, Carolyn, RE/MAX Alliance Group Massey, Cynthia, Prudential Palms Realty Moses, Milene, RE/MAX Alliance Group Murphy, Allison, Argus Realty Group Inc. Peterson, Andrew, RE/MAX Alliance Group Regal, Maryann, Michael Saunders & Company Roemer, Jennifer, Ken Brand Lic R E Broker Shafer, Jennifer, RKW The Richardson Group LLC Snyder, Robert, Prudential Palms Realty Travers, William, Prudential Florida WCI Realty Witte, John, Beckmann Properties Woodworth, Woody, Wagner Realty Young, Karl, Prudential Palms Realty

APRIL 2009

Alday, Jenny, Exit Realty Signature Prop Allaman, John, Michael Saunders & Company Alstrom, Rose, Horizon Realty Amerine, Michael, Barry D Edwards & Assoc Andruzzi, Karen, Coldwell Banker Res R E Best, Garry, WEICHERT Realtors On The Circle Bostic, Charing, Keller Williams Lakewood Ranch Bowen, Beverly, RE/MAX Alliance Group Brazelton, John, RealtyOne Alliance Cipullo, Michael, Allison James Estates & Homes Corso, Ellen, Cityscapes Int’l Realty Grp Couche, Donald, Exit Realty Signature Prop Crichton Gold, Peter, Horizon Realty Cummings, Alberta, Keller Williams Lakewood Ranch Denicoff, David, MDM Realty Services LLC Elliott, Katie, RoseBay Real Estate Inc. Farmer, Tracy, Keller Williams Lakewood Ranch Forrester, Alan, Cityscapes Int’l Realty Grp Johns, Jill, Prudential Palms Realty Joseph, Perry, Prudential Palms Realty Justus, Michael, Atchley International Realty Kayser, Bradley, RE/MAX Premier Services Kiesewetter, Ken, Prudential Palms Realty Malloy, Daniel, RE/MAX Alliance Group Malloy, Carolyn, RE/MAX Alliance Group McRae, Julia, Coldwell Banker Res R E Mercier, John, Ilene Mirman Realty Inc. Murphy, Allison, Argus Realty Group Inc. Nimptsch, Mary, Rosebay Real Estate Int’l LLC Odato, Alfredda, Cityscapes Int’l Realty Grp Pelletz, Marc, Hook & Ladder Realty Inc Penzotti PA, Gina, Prudential Palms Realty Peterson, Andrew, RE/MAX Alliance Group Pitchford, Christina, Allen Real Estate Services Inc. Rackey PA, Sally, RealtyOne Alliance Rutherford, Jesse, Listing Services Direct Silverberg, Gigi, Coldwell Banker Res R E Timney, Jan, Michael Saunders & Company Travers, William, Prudential Florida WCI Realty Untrieser, Werner, Cityscapes Int’l Realty Grp Weber, Susan, Keller Williams Lakewood Ranch Yoder, John, Exit Realty Signature Prop

Sarasota Realtor® Magazine

www.sarasotarealtors.com

FNAIM in Paris exposes Sarasota to big market Sarasota was reintroduced to a large international audience at the 2009 Salon National de l’Immobilier, held in Paris, France on March 19-22.

A local contingent of SAR members made the trip, including: Kathy Roberts, SAR CEO; Carla Rayman, Prudential Palms Realty; Helen Sosso, Prudential Palms Realty; Daniel Kijner, Suncoast International Realty; Helene Vollmer, Prudential Palms Realty; Claude Pierre, Coldwell Banker Residential Real Estate; and Grace Glavin, an attorney from Orlando.

This year, SAR members participated in three seminars during the conference, as well as staffing a colorful booth designed to educate and inform potential buyers and investors of the opportunities available in Sarasota.

One of the seminars was put on by FNAIM, the Paris equivalent of the SAR. The seminar dealt with the current real estate crisis in France, and how they intend to deal with the issues. The SAR group presented two seminars, one to European real estate professionals, and the other to the public, explaining the current opportunities in Sarasota.

www.sarasotarealtors.com

The conference was once again very well attended, according to the local SAR contingent, and the responses to the presentations were very positive.

With the Euro continuing to hover at historic highs versus the dollar, and Sarasota median home prices at the lowest level in many years, local real estate investment has become a very attractive option to overseas investors.

Potential buyers contacted by SAR members seemed to be interested in purchasing investment properties in the under $300,000 range.

The next major overseas conference will be the Global Real Estate Congress (SIMA 2009), slated May 27-29 in Madrid, Spain.

The Congress, which attracted more than 600 professionals last year, will analyze the current global crisis and propose strategies and solutions.

Sarasota RealtorÂŽ Magazine

APRIL 2009

International Real Estate

Helene Vollmer and Carla Rayman of Prudential Palms Realty staff the SAR booth at the FNASIM show in Paris, France, held March 19-22 and attended by seven members of SAR.

31

S ARASOTA A SSOCIATION OF R EALTORS ® E DUCATION /E VENTS C ALENDAR Monday

Tuesday

Wednesday

Thursday

Friday

30

31

April 1

2

3

6

7

8

13 9 a.m.– 4 p.m.

New Member Orientation & Code of Ethics

7:30 a.m.

Toastmasters

8 a.m.

Power Marketing (University Park CC)

8:30 a.m.

SAR Membership Meeting Pine Shores CC 9 a.m.

CID Deal Making

9 a.m. iMAPP 1:30 p.m.

MLXchange Creating Custom Reports

9

8 a.m.

Power Marketing, (Knights of Columbus) 9 a.m.

MLXchange Design Web Pages 1:30 p.m.

MFR Tools

10

14

15

16

17

20

21

8 a.m.

CID General Membership 9 a.m.

MLXchange Basic 1:30 p.m.

MLXchange E & U

22

8:30 a.m.

SAR Board of Directors Meeting 8:30 a.m.

Green Designation Core Course

23

8 a.m.

Power Marketing (Knights of Columbus) 8:30 a.m.

Green Designation Core Course

24

27

28

29

30

May 1

9 a.m.

MLXchange Basic 1:30 p.m.

MLXchange E & U

9 a.m.

International Marketing Seminar 9 a.m.

Creating a CMA 1:30 p.m.

MLXchange Advanced

1 p.m. ePRO Workshop

7:30 a.m.

Toastmasters

9 a.m.

Bank Owned Property Sales

8 a.m.

Power Marketing (Knights of Columbus)

8 a.m.

Power Marketing (Knights of Columbus)

9 a.m.

CID Deal Making

9 a.m.

CID Deal Making (Offsite)

9 a.m.

CID Deal Making

Note: All events/classes are at SAR, except where noted

Mid-Florida Regional MLS Training

PRSRT STD U.S. POSTAGE PAID MANASOTA, FL PERMIT NO. 451

2009

The classes E & U (Entering & Updating), Tools, Design Web Pages, MLX Intro, MLX Advanced, iMAPP, Custom Reports and CMA are all Mid-Florida Regional MLS training classes offered at no cost to MLS participants. All classes (except E & U) are HANDS-ON in the SAR Tech Center. Please register for all MLS classes at the MFRMLS website: http://mfrmls.com. Click on “Training,” then “Quick Class Registration” and follow prompts.

Sarasota Association of Realtors®, Inc. 3590 S. Tuttle Ave. Sarasota, FL 34239

APRIL