The Residential Specialist, November/December 2020 by The Residential Specialist

B USINE S S INTE LLIG E N CE F O R THE R RC PRO FE SSIO NAL

2020 CONTEST WINNER

 Fara Captain, CRS, is this year’s cover contest winner— read more on page 18.

NOV/DEC 2020

MAKING A DIFFERENCE CRS contest winners share stories of serving their clients, communities and industry

+ Race and homeownership 12 + The art and science of home pricing 22 + What buyers really want now 26 + 5 tips for boosting SEO 30

CRS-053

Nov/Dec 2020

Vol. 19, No. 6

18 22 26 30

Cover art: ď&#x201A; Elizabeth Looney Photography

FEATURES 18 Making a Difference Every year, we honor CRSs who submit stories about how they've helped their community and industry.

22 The Psychology of Pricing Home pricing is a science and an art that takes into account a multitude of factors. By Michelle Markelz

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26 Seeking Space and Opportunity As the pandemic forges on, here are some popular home features that are luring homebuyers. By Chasity Cooper

30 Tips for Boosting Your SEO SEO can be a powerful tool for magnifying your local online presenceâ&#x20AC;&#x201D;but only if you're dedicated to it. By Andrew Conner

7 2

Nov/Dec 2020

CONTENTS

Vol. 19, No. 6

Aerial View

igital Channel: Online classes, tools D and resources available from RRC.

Richard Waystack, CRS

Market Pulse

ersonal Perspective: Wendy Kunash, P CRS, Keller Williams Realty of Greater Cleveland, Willoughby, Ohio

Virtual Brokerage: The virtual office and other approaches that address the challenges of the current times. By Rene Ryan

12 R ealty and Race: Examining systemic racism and its effect on the arena of homeownership. By Myrna Traylor

16 A t This Stage: The pros and cons of going with a franchise versus staying independent.

34 M arket Values Insights from industry data.

Specialized Knowledge 36 C ouncil Classroom: Be proficient in these five areas to work the luxury market. 38 I nnovations: Technology can make a CRS's day easier and more seamless. 40 Coaches Corner: Channel your 2020 takeaways toward a plan for success in 2021.

Designation Nation 42 Y our Own Council: RRC news and updates. 44 Ask a CRS: Advice from the countryâ&#x20AC;&#x2122;s top agents. 45 RRC Connect: Expand you network.

48 B alancing Act: During the pandemic, sharpen your real estate skills through online courses from the comfort and safety of your home.

EDITOR Kimberly Cure kcure@crs.com 800.462.8841

Advertising Manager Jim Beckwith 312.321.4447 bd@crs.com

The Residential Specialist is published for Certified Residential Specialists, general members and subscribers by the Residential Real Estate Council. The magazineâ&#x20AC;&#x2122;s mission is: To be a superior educational resource for CRS Designees and members, providing the information and 2020 BOARD OF tools they need to be exceptionally DIRECTORS successful in buying and selling President residential real estate.

CONTRIBUTING WRITERS Andrew Conner Chasity Cooper Michelle Markelz Rene Ryan Myrna Traylor

Richard Waystack, CRS President-Elect Alex Milshteyn, CRS First Vice President Holli Woodward, CRS Immediate Past President Michael Burkhard, CRS Members Kim Cameron, CRS Maura Neill, CRS Dan Steward Greg Waldhour, CRS Jen Ward, CRS Chief Executive Officer Lana Vukovljak Staff Liaison Patricia Stodolny

The Residential Specialist is published bimonthly by the Residential Real Estate Council, 430 North Michigan Ave., Suite 300, Chicago, IL 60611-4092. Periodicals postage paid at Chicago, IL, and additional mailing offices.

Change of address? Email requests to crshelp@crs.com, call Customer Service at 800.462.8841 or mail to RRC at the above address. The Residential Specialist (USPS0021-699, ISSN 1539-7572) is distributed to members of the Council as part of their membership dues. Nonmembers may purchase subscriptions for $29.95 per year in the U.S., $44.95 in Canada and $89.95 in other international countries. All articles and paid PUBLICATION advertising represent the opinions MANAGEMENT of the authors and advertisers, not the Council.

www.glcdelivers.com Publishing Manager Phil Malkinson Art Director Ivette Cortes

POSTMASTER: Please send address changes to: The Residential Specialist, c/o Residential Real Estate Council, 430 North Michigan Ave., Suite 300, Chicago, IL 60611-4092. COPYRIGHT 2020 by the Residential Real Estate Council. All rights reserved. Printed in U.S.A.

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Nov/Dec 2020

Aerial View

From the desk of Richard Waystack, CRS 2020 RRC President

Rising to the Challenge

Richard Waystack, CRS, on a hike up Monument Mountain, which peaks at 1,642 feet.

“

As an organization, we have not only survived this pandemic, but we have actually thrived this year.”

As an organization, we have not only survived this pandemic, but we have actually thrived this year. And it’s due to so many wonderful staff and volunteers—none of whom expected their year would turn out this way. I am so proud of these people, and I just love this organization. It’s truly been an honor and privilege to lead it, and I look forward to where we’re going from here. On a vacation in western Massachusetts this summer, my wife, Bernadette, discovered a moderate hike at Monument Mountain. I have a fear of heights, and as we ascended, that began to cross my mind as the trail got steeper and higher. We made our way up rock formations past the peak at 1,624 feet towards Devil’s Pulpit. Then we came upon a young man who greeted me with a hearty, “How are you doing?” My response was quick and succinct: “Just trying to overcome my irrational fear of heights.” His response was priceless, and summed up our trip as well as what this year has been about: “Dude, always have to be growing!” He was absolutely right! I was working on one of my weaknesses. It was then that we saw three young falcons circling overhead, riding the updraft thermals off the cliffs. It was a magical moment. Not knowing what we were getting into, we began on the most strenuous approach to the peak, highlighted by steep cliffs. During the last 15 minutes, I thought about the incredible fear I felt walking the narrow passages to the top to experience the views and the grandeur of the mountain. This year started very tough with the initial shutdown during the pandemic. We had to adapt and change course to see the view through the uncertainty. And then we realized that we could take a deep breath, secure in the knowledge that we would get through this—and we did. TRS Photo: Chris Cook

e started 2020 working on our strategic plan, and holding Sell-a-bration, our premier annual event, for 1,200 attendees who participated in great education and networking. Two weeks later we were in a pandemic and had to quickly pivot and adapt. Everyone became well-versed in using Zoom, and we changed our focus and our strategic plan. Our education quickly went online and our staff did an amazing job working remotely. How we lived our life changed immediately, but we faced some of our fears, made the adjustments and moved forward. In May, our annual meetings with NAR took place online. With all of my trips canceled, I’ll be known as the first virtual president of RRC. I reached out to members by phone and Zoom. My job this year has been to let our members and volunteers know that we care about them. Our organization has been doing a great job disseminating information to our members to keep them informed. The RRC social media sites have enabled thousands of members to interact. It’s not what I anticipated at the start of the year, but it’s been a great joy being in touch with our members. This year has enabled us to reach out to more people than we would in a normal year. There are some folks who don’t travel to meetings, but who attended our virtual meetings. Now they can be a part of what we’re doing. While it’s been a virtual year, we still accomplished so much that I need to recognize our staff for stepping up so quickly, taking our entire platform of information and making it readily available to our members. The members have been able to take classes online to fulfill their designation requirements.

The Residential Specialist trsmag.com

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Nov/Dec 2020

RRC strives to provide value to members in the digital space. Each issue of The Residential Specialist highlights classes, tools and other member resources available online.

Digital Channel

Online resources for RRC members

RRC YouTube channel

his is the official YouTube channel for The Residential Real Estate Council. RRC is the largest not-for-profit affiliate of the National Association of REALTORS®. With a network of over 29,000 residential real estate professionals in the U.S. and overseas, RRC provides real estate agents with the tools, resources and strategies they need to help them guide buyers and sellers through the residential sales process. RRC offers a host of educational programs to

Learn...

Attend...

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help members stay ahead in this competitive and changing environment and awards the prestigious CRS Designation to experienced REALTORS® who have completed advanced professional training and demonstrated outstanding professional achievement in residential real estate.

Info, Tech and Tips for Real Estate Professionals: Check out our Sound Bites videos for tips from experts that will help you solve problems, increase your success and stay relevant in the industry. Find more info at CRS.com/soundbites.

RRC Sell-a-bration 2021: The Council has canceled the Sell-a-bration 2021 conference event originally scheduled for Feb. 1–2. In its place, RRC will host a one-day virtual Sell-a-bration event on Thursday, Feb. 11.

Expert Guidance: Marki Lemons-Ryhal, CRS, a social media guru, discusses the robust network of RRC and its vital importance in her real estate business. Join Tom Blake as he dives into how to adapt to working in a new industry.

The Residential Specialist trsmag.com

Nov/Dec 2020 July/August 2020

PERSONAL PERSPECTIVE Wendy Kunash, CRS, was named Humanitarian of the Year by her local board. She helps youth through a variety of programs.

PAGE 8

Market Pulse Photo: Angela D Photography

TRENDING HEADLINES AND IDEAS VIRTUAL BROKERAGE

REALTY AND RACE

AT THIS STAGE

CRSs adopt new methods to conduct business and address the challenges of COVID-19.

There's an increased awareness of racial inequities and the arena of homeownership.

Which path should you choose: join a franchise or become an independent agent?

PAGE 9

PAGE 12

PAGE 16

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MARKET PULSE

Nov/Dec 2020

Personal Perspective

Profiles of people to watch

Wendy Kunash, CRS

Keller Williams Realty of Greater Cleveland

“

After almost 16 years in the business now, I’ve educated both buyers and sellers.”

 Wendy Kunash, CRS, runs vision board workshops where children create dream boards and build their confidence.

Wendy Kunash, CRS, achieved CRS Designation in 2011. She can be reached at wkunash@gmail.com or 440-231-8530.

Where are you based?

I reside in Lake County, Ohio, in a suburb of Cleveland. I work primarily in Lake and Cuyahoga counties, but due to COVID-19, many of our buyers move farther south or east for more land.

What is your market like now?

We have a lot of people who are relocating with major employers like the Cleveland Clinic, the University Hospitals, Lincoln Electric and Sherwin Williams. It’s been very trying for our buyers right now because we have a very low inventory. As a result, a lot of our agents are putting houses into “coming soon” status up to two weeks ahead of time. We have all the information about the house out there, including the photos of the home, and a lot of agents withhold the interior photos to build up that anticipation. We let the public know about the house coming on the market and the price. There might only be six hours

of actual showing time the day it goes live. So as the agent, you have to be quick to make sure you’re one of the first ones scheduled for showings on the first day because the houses aren’t making it to the second day.

How do you set expectations with buyers?

You hit the nail on the head. I’ve always been an educator in my business. I love the education process, and I’m a lifelong learner myself. After almost 16 years in the business now, I’ve educated both buyers and sellers. At our first meeting, I try to tell them, “This is what to expect. This is how we handle all situations if they arise.” I’m a realist, and I believe that the more information I give to you now, the fewer questions you’re going to have later. And then when something actually happens in the transaction, you’re going to know how to respond to it—because it’s the unknown that causes the fear,

which causes people to walk away. I want to help everyone avoid a lot of emotion that doesn’t need to be there. I’d rather handle it from the start.

month—before the pandemic—we’ve partnered with Cleveland Clinic and University Hospitals to take sick children to Builda-Bear Workshop. We make sure the Beyond your mall is closed so it own RRC courses, can be sanitized and cleaned, because the how do you kids all have some interact with form of immune RRC education? I would like to deficiency. The kids apply to be an RRC and their families educator or trainer. get to enjoy being a Years ago, when I kid for a while. It’s was taking my CRS sad because some of coursework with these children have Michael Subasio, it maybe a year left, stuck in my mind but it brings you that I wanted to do joy to see a child what he’s doing— smiling at Build-aand at his level. Bear Workshop. It’s Once I had my CRS one of those things designation and I that just makes you started receiving feel grounded. information about being on a commitAre there other tee, I signed up to be activities you part of one. Michael pursue outside and I were on the of work? same committee I do leadership for two years, and it summits for youth was fun because we about empowerment were reviewing and and self-love. I also approving courserun vision board work written by workshops; I help other RRC instrucchildren create their tors for their courses. dream boards so they can build up Are you active in their confidence. your community? I run these as free Yes, my sister and I events at local actually run a nonlibraries or college profit organization in campuses. It’s great honor of my nephew to mentor them and who passed away at to open up their eyes age 15 from cancer. a bit more to what All the fundraising social media bullythat we do goes back ing looks like and into Cuyahoga and how to stand up for Lake counties. Every themselves. TRS The Residential Specialist trsmag.com

The new normal Virtual

Brokerage

Nov/Dec 2020

Adapting Safely

iStock.com/filadendron/appleuzr

By Rene Ryan

people dropping off paperwork. And once hen COVID-19 sent millions of a week, at least before COVID-19, she and workers home in a flash to set up remote offices, Judy Poitevent, her staff would meet at a local restaurant CRS, broker/owner of WATER Street Realty for dinner and some face-to-face time. LLC, didn’t miss a beat. “I’ve been working “That allows us to support brick-and-mortar from home since 1999 and even started my businesses in our community without havown full-service, boutique virtual brokerage ing our own physical space,” she says. in 2015,” she says. “So when the pandemic Working remotely also allows for more hit, it didn’t change much for me. I knew flexibility. “Real estate agents can work 24/7,” Poitevent says. “So being at home customers didn’t really need to come to an has allowed me to schedule my day in the office—and I didn’t need to go to one.” most productive way. Plus, I can take breaks Poitevent realized that working from when I need to. I’ll tend to my garden, walk home meant she could work smarter. “I my dog or row from my home gym.” was spending so much time driving into Years ago, there were moments Poitevent the office to get files and then backtracking. questioned whether a virtual office was the I don’t do that at all anymore,” she says. Her right move. But given the current global home office is in her living room. She has pandemic, she knows it was. “I couldn’t be a private business mailbox on her driveway happier,” she says. “I don’t have a lease to for real estate transactions. Security campay or a space people are afraid to visit.” eras monitor the comings and goings of

The Residential Real Estate Council crs.com

of office workers in the U.S. became regular telecommuters at the onset of the COVID-19 pandemic. Source: Virtual Vocations August 2020 Remote Jobs Report

MARKET PULSE

Virtual Brokerage

Nov/Dec 2020

A June 2020 PWC survey found that 89 % of executives expect more than

of employees will continue to work remotely at least one day a week postCOVID-19; 55 % expect more than

The new normal

Going 100% virtual also made sense for Angela Cutter, CRS, Overland Park, Kansas, who recently joined eXp, an online brokerage, as a broker associate. Cutter pays eXp a monthly cloud brokerage fee. “I don’t want to offend any people who work in commercial real estate, but the expense of having an office for big brokerage firms just doesn’t seem necessary anymore.” Cutter’s monthly fee at eXp allows her to access listings, trainings, brokerage meetings and presentations. “Today’s technology makes it all possible,” she says. “I can’t imagine going back to a physical office. This is a great, safe model, and it also reduces our environmental footprint.”

Before the first known case of COVID-19 was identified in Virginia, the 300 employees and independent contractors working at Coldwell Banker Elite—across nine offices—were notified that they should begin working from home immediately. “It seemed daunting, but we’d been preparing for this for years with cloud-based technology solutions,” says Matthew Rathbun, CRS, broker/executive vice president. “But as the months went on and we began to bring people back into the office, especially financial staff, we needed to think through the physical safety of what that experience would look like.” Everything was on the table, from facial recognition cameras and temperature monitoring, to keyless doors and touchless lights. The touchless office But the virtual office isn’t for everyone—and “These considerations are costly, but the cost of shutting down repeatedly every time when it’s not, alternative safety measures someone is sick is much more expensive,” need to be considered.

to do so.

6 TIPS FOR REMOTE SUCCESS Melissa Hailey, CRS, broker/owner, North Texas Top Team REALTORS®, serving the Dallas-Fort Worth area, has worked remotely for 15 years. “All of our REALTORS® and employees work from home,” she says. “We usually meet clients at coffee shops and houses. That’s the beauty of being a REALTOR®.” Hailey offers the following tips for productivity based on years of success. Set your alarm Just because you work from home doesn’t mean you don’t have to get up. Don’t try to roll out of bed 10 minutes before you are supposed to “be at work.”

For more tips on productivity, visit northtexastopteam. com/blog/tipsworking-home.

Follow your normal morning routine Keep doing what you did when you went to the office. If you got up and showered, ate breakfast, had coffee, got dressed and got the kids ready, then you need to do all of those things before you go to work at home, too.

Get dressed Do not go to work in your pajamas. Especially if you might be on a video conference call. Even if you don’t actually need to see anyone, you will be more productive just by getting dressed.

Set up your office space If you don’t have a dedicated home office space, then it’s time to get one. It doesn’t have to be a separate room. Even if you just move your dining table into a corner and use a cardboard box for your file cabinet—just find some separate space. The Residential Specialist trsmag.com

iStock.com/blackred/Akirastock/monkeybusinessimages/bob_bosewell

Nov/Dec 2020 says Rathbun. “Historically, pandemics have only been healed when the majority of people are willing to take actions. We’re convinced that investing in changes now will help us in the long run.” Rathbun’s team is also looking at limiting the amount of in-office touch points by following these best practices: f All meetings and trainings are virtual. f All closings are done remotely. f All TVs and monitors are smart and work with employees’ devices, thereby avoiding the need to touch remote controls, share pens or enter passwords. f All mail—unless it is personalized, firstclass mail—goes into recycling to avoid multiple people handling it. “We believe that being thoughtful about these changes, and how they will affect business in the future, gives us a competitive edge,” Rathbun says. TRS

iStock.com/Petri Oeschger/playb/artvea

Set your work hours It’s very easy to work all day, work through lunch and also work into the evening. Make sure to set boundaries.

Get some exercise If your Fitbit usually says you get 10,000 steps walking around at your office, to/from your car and to/from kids’ activities, keep a goal of still getting those steps in. You will be sorely surprised to see how few steps you take from the bedroom to the study. The Residential Real Estate Council crs.com

MARKET MOMENT

Get the Picture? Many prospective homebuyers start their search online. To engage them, you need highquality photos and videos. Data show that, in general, homes listed with professional real estate property photography sell faster than those with amateur images. As smartphone cameras continue to evolve, some REALTORS® are relying more on their mobile devices for their real estate photography instead of using professional photographers with sophisticated digital cameras. So are professional photographers losing their grip on real estate photography? The cameras used by professional real estate photographers are technically superior to smartphone cameras. Professionals can also provide better angles, lighting and composition, as well as skilled color correction and post-processing adjustments, virtual staging and more. However, with ongoing technical improvements in smartphone cameras and editing tools, professional photographers in the real estate industry could soon be an endangered species. For real estate photography, the recent addition of ultra-wide-angle lenses on smartphones can help agents capture an image of a small room. And the current resolution of photos from high-end phones is sufficient for capturing highquality real estate images. Professional photography can be more easily justified with high-end properties, but some agents who are proficient with the use of a smartphone camera and editing tools can produce images that are convenient to grab with the device they have easily available. TRS

9 in 10

homebuyers under the age of 63 said that the photography was the most important feature of a real estate website. Source: NAR 2019 Home Buyers and Sellers Generational Trends Report

MARKET PULSE

Realty and Race

Nov/Dec 2020

Fair housing practices

No Steering Allowed By Myrna Traylor

iStock.com/ilyaliren/SaulHerrera/filo

The NAR Code of Ethics prohibits REALTORS® from discriminating against people for reasons of race, color, religion, national or ethnic origin, disability, gender or sexual orientation.

he summer of 2020 has seen widespread protest about racial inequities. Many people are newly examining the underpinnings of systemic racism, which has frequently played out in the arena of homeownership. The National Association of REALTORS® (NAR) has urged its membership to make itself aware of potential pitfalls that could raise questions among buyers or sellers about equal treatment, which could be seen as a violation of the Fair Housing Act. Moreover, the NAR Code of Ethics also prohibits REALTORS® from discriminating against people for reasons of race, color, religion, national or ethnic origin, disability, gender or sexual orientation. It is hard to imagine a REALTOR® being blatantly racist and refusing to work with a client who is Black, Hispanic or Asian. However, certain practices, such as steering, are still open to challenges of unfair treatment. “Steering” occurs when buyers are—subtly or otherwise—encouraged by a REALTOR® or even a mortgage lender to change which neighborhood they are looking at because of some perceived incompatibility due to race. Gary Rossignol, with RE/MAX Preferred Group in West Chester near Cincinnati, Ohio, related the story of an African American couple who came to interview him. “They started telling me a story about how they had been trying to buy a house, and they had been with a couple of different REALTORS® and mortgage companies. They said, ‘They kept wanting us to buy in this particular neighborhood, [saying] “This is the right kind of neighborhood for you.” And we didn’t want to live there. We thought, is that right? Should we feel that way?’ I said, ‘No, if you feel awkward and insulted, you’re definitely not being treated fairly.’” Other aspects of the client relationship might also be questioned, such as requiring an ID or proof of loan qualification for The Residential Specialist trsmag.com

Nov/Dec 2020

Maximum civil penalties for violation of the Fair Housing Act as of 2020 First occurrence: $

21,410

Repeat violation within 5 years: $

53,524

Two or more violations in 7 years: $

107,050

Source: Federal Register, March 6, 2020. â&#x20AC;&#x153;Department of Housing and Urban Development, Adjustments of Civil Monetary Penalty Amounts for 2020.â&#x20AC;?

To learn more, visit the Department of Housing and Urban Development at hud.gov.

The Residential Real Estate Council crs.com

MARKET PULSE

Nov/Dec 2020

Realty and Race

Fair housing practices

buyers of color when the same standards are not applied to white buyers. Sher Powers, owner/broker of Urbane Residential Specialists in Nashville, has launched a series of courses on race, diversity and inclusion that is geared toward helping REALTORS® recognize unconscious bias and “grow more comfortable with the uncomfortable conversation.”

She advises REALTORS® to “treat every single client the same way. Have a written process. If you ask one person for ID, then ask every single person who walks in the door. From a safety standpoint it makes sense that you know who you’re actually working with, but from a discrimination standpoint, if you ask one person for qualifying documentation, ask them all. The same

The mortgage purchase denial rate for Black homebuyers is higher than the denial rate for the overall population of homebuyers in each of the nation’s 50 largest metros. On average, Black homebuyers are denied mortgages

12.64%

of the time. This is

6.49%

Source: Lendingtree

ARE SPECIAL LENDING PROGRAMS HELPING? Various mortgage lending programs designed to help minority homebuyers have cropped up over the years. But are they effective? Steve Rath, broker with Better Homes Realty in Granite Bay, California, near Sacramento, has seen some of these programs over his 30-plus years in the business. “There were several programs that were geared toward buyers of color and helping out that population, just to get into first-time housing, and those programs seem to come and go,” Rath says. “It sounds like a good idea, like something that would be positive for the population, but then they fail, fall by the wayside or they don’t perform. And one of the reasons is that when you present that in an offer—especially if there are multiple offers or it’s a really good area—a lot of REALTORS® know, ‘If I accept that offer, it may cost more, I have to do these things, jump through those hoops.’ So that’s not as good an offer as just a typical FHA or conventional loan. It’s looked at in a negative light.” Maurice Taylor of Coldwell Banker RPM Group in North Little Rock, Arkansas sees a different problem. “As an agent, you know that there are several special programs out there that will help people of color or people with lower credit scores. But when a buyer tells you the lender rejected them, you ask yourself, why didn’t they tell them about the program?” The Residential Specialist trsmag.com

iStock.com/Rudzhan Nagiev

higher than the overall denial rate of 6.15%.

Nov/Dec 2020

thing applies when a client comes in and says they want to see properties in a specific price point, within a certain radius of a particular address or community. Show them every single listing that is available within the parameters they’ve requested. Do not decide for them what neighborhood will be comfortable for them; let them lead the conversation—you gather the information.”

Facing reality

Owners of color can face difficulties when it comes time to sell. A recent story out of Jacksonville, Florida, described how a couple’s home was appraised at $130,000 lower than comparable homes in the neighborhood. When the owners removed photos

of Black family members and persons of note and had the home re-appraised, the value went from $330,000 to $465,000— a 40% increase. Maurice Taylor, a REALTOR® with the Coldwell Banker RPM Group in North Little Rock, Arkansas, understands that these kinds of things happen and prepares sellers for them. “We as agents—especially Black agents—have to be cognizant of that type of stuff. When I represent a Black family [selling], the first thing I tell them is take all your ethnic stuff down. They might not want to, but I tell them, ‘This is business, and you don’t want some appraiser to come in here and automatically devalue your property because you’re Black.’” TRS

MARKET MOMENT

More Housing Options According to a new research study by Freddie Mac, as the nation’s affordable housing crisis intensifies, there is a growing movement in high-cost areas for the legalization and expansion of accessory dwelling units (ADUs)—also referred to as granny flats, garage apartments and in-law suites. The growth of ADUs in the U.S. has been substantial—especially in high-cost areas with significant population growth. “The nation’s affordable housing crisis has intensified in this turbulent economic environment, and ADUs are increasingly providing

a viable affordable housing option for people of all ages,” said Sam Khater, Freddie Mac’s chief economist. “Portland, Dallas, Seattle, Los Angeles and Miami metro areas have led the remarkable growth in ADUs.” The study concluded that, “While accessory dwellings have existed in highcost areas of the country long before cities began to relax zoning laws, research shows first-time ADU listings increased more rapidly from 2009 to 2019, growing at an average annual rate of 8.6%. Over this 10-year period, ADU listings as a percentage of

The Residential Real Estate Council crs.com

Data from the study reveals that:

70,000 properties with ADUs were sold in 2019, representing %

8,000 ADU rentals were leased in 2019, representing %

Between 2009 and 2018, the number of ADUs listed for the first time, including of total homes of total homes for-sale and for-rent units, sold on MLS. leased on By comparison, MLS. By com- grew by an average of only 8,000 parison, less % properties with than 1,000 ADUs, or 1.1%, ADU rentals, year over year. were sold or 1.2%, in 2000. were leased in 2000.

4.2

2.9

8.6

total active listings rose from 3.5% to 6.6%. In 2019, 78,000 accessory units were either sold or rented, up from 36,000 units in 2009. ADUs help fill the gaps in long-term affordable rentals.” TRS

Demand for Portland, ADUs is highest Dallas, in the fastest- Seattle, Los growing regions Angeles and of the country. Miami are the California, metro areas Florida, Texas leading the and Georgia growth in account for ADUs, each half of the with doubledigit million growth ADUs identified. since 2015.

1.4

Studio Shed™provides endto-end design, manufacturing and installation of ADUs.

MARKET PULSE

At This Stage

Nov/Dec 2020

Business solutions for CRSs at all stages of their careers

Choose a Path

Recruiting younger agents and retaining agents are among the top challenges independent brokerages believe will impact their business in the upcoming years.

ou’ve done a lot of soul searching about which path to take, and at the end of the day, you see more value in your own name and brand than with a franchise, and you believe it’s time to go independent. If this is you, you would be joining the vast majority of REALTORS® who operate under an independent brokerage. When it comes to franchise vs. independent, there is no general right and wrong way—it’s an individual business decision. Agents with franchises value the systems, tools and support they receive to help them succeed and believe the brand name helps with obtaining business. Independent agents place more emphasis on the freedom and flexibility to run their own business, develop their own voice and grant their agents a different type of autonomy. Independent brokerages may represent a large portion of the market, but they are facing all the same industry challenges without the same resources or structure as some of the franchises. If going independent is the best decision for you, then based on the current times, there are key areas that you will need to zero in on for success and growth.

The Residential Specialist trsmag.com

Nov/Dec 2020

The right tech tools

According to NAR's Profile of Real Estate Firms, 48% of residential firms are concerned about competition from nontraditional market participants. This competition places pressure on independent brokerages to keep up with technology. The pressure on brokers and their teams is further exacerbated by the variety of software, tools and services available and the need to effectively achieve adoption of the tools by their teams. In some cases, the tools themselves require vastly different knowledge areas and can be difficult to master. Some tech tools considered must-haves for many

modern real estate offices include: f Comparative market analysis f Multiple listings f E-signature/e-contracts f CRM f Social media tools f Marketing/marketing automation

Talent acquisition and retention

About 47% of residential real estate firms report they are actively recruiting new agents, primarily because of growth plans. Other reasons for actively recruiting agents include expansion to new markets, desire for younger agents and replacement of agents leaving the firm. Recruiting younger/new agents and retaining agents are among the top challenges independent brokerages believe will impact their business in the upcoming years. Many consider outsourcing human resource help for dedicated assistance on recruitment, retention and professional development.

of residential firms are concerned about competition from nontraditional market participants. Source: NAR

iStock.com/tolgart/Yuri_Arcurs/Enis Aksoy

Elevating professional level of agents

Most residential firms actively encourage their agents to pursue a certification or designation, as well as educational opportunities. Designations and certifications help the best and the most dedicated REALTORS® in the industry distinguish and brand themselves through specialized niche markets and nearly double their earning potential. RRC prides itself on being of service to agents no matter where they are in their careers. Whether you’re an experienced agent striking out on your own for the first time, The Residential Real Estate Council crs.com

or you’ve been the broker of your boutique firm for years, you can take advantage of our services, products and tools geared toward independent brokers. TRS

Find more information about services and tools for independent brokers at CRS.com.

Nov/Dec 2020

2020 WINNER

ď&#x201A; Fara Captain, CRS, says giving back through volunteering is an essential part of her company culture. (Top photo) Captain repels down the Autozone building as part of a fundraiser for Kindred Place. (Bottom photo) Her daughter, Sofia Captain Claude, with newborn baby brother, Cayden Michael Captain Claude, and their dog, Baxter Captain.

The Residential Specialist trsmag.com

Nov/Dec 2020

making a

DIFFERENCE CRS Designees are special, not only as REALTORS®, but as community and industry leaders. Here we spotlight our Young Professionals Network (YPN) —members under 40— who are making a difference.

Elizabeth Looney Photography

Fara Captain, CRS

Fara Captain is broker/owner of Captain & Co. Real Estate LLC in Memphis, Tennessee. Prior to starting her own brokerage, she was the leading agent at the Crye-Leike Midtown Office for three consecutive years. She is passionate about being a quality REALTOR® and believes in providing outstanding customer service to all her clients—clients like the Gregory family. Captain met the Gregory family over a year ago while they were in and out of the NICU visiting their son, Houston. In their initial meeting, they expressed wanting to refinance their home. Houston’s medical diagnosis had a lot of unknowns at the time and was going to financially impact them. The refinance didn’t work, so the next option was to sell. Bad news hit when the appraisal came back low. Their home was in an up-and-coming neighborhood, and although it was a newer build with several thousand dollars of upgrades, the appraiser’s perception of the area The Residential Real Estate Council crs.com

didn’t bode well. “I asked if I could speak to their lender and see if we could ask for a ‘second look,’” says Captain. After a long discussion, they agreed to a second appraisal and that Captain would be the point of contact. After detailing the work that the Gregorys put into the home and comparing their lot to other homes in the area, Captain was able to get their home appraised for a fair price. A year later in May 2020, Captain received a text from the mother, Larissa. She said that Houston was now visually and mobility impaired and they wanted to find a house that would suit his needs. The Gregorys were able to move into their dream home in July. Captain recently received a text from Larissa expressing how much they love their house. She included videos of her sons playing on their trampoline, as well as photos of their renovations. “As a CRS, it’s not always about compensation,” says Captain. “It’s moments like [these] that are priceless. It’s moments and stories like these that continue to bring life into what we do because that’s who we ‘R.’” Whether there was or wasn’t a bias on the original appraisal will always be unknown, says Captain. Her passion to be vocal on racial bias was ignited in 2015 when she met with an organization leader who shared with her how she “turned the local school around.” “When I asked her what impacted the change, her response was, ‘We

These YPN member stories were selected based on their responses to the following questions: f A story about a time you went above and beyond as an agent f The unique ways you serve your community f How you make an impact on the industry

Nov/Dec 2020

“

As REALTORS®, our role is much bigger than just selling houses.”

—Mary Lane Sloan, CRS

Captain recently taught her second webinar for RRC, titled “How to be an inclusive REALTOR®.” “Although our Code of Ethics indicated that we should not ‘discriminate against a person or persons on the basis of race, color, religion, sex, handicap, familial status, national origin, sexual orientation or gender identity,’ these words sometimes get lost by some agents in the process,” says Captain, who serves on the Diversity and Inclusion Committee for the Tennessee REALTORS® Association. “I hope to continue my work to promote inclusivity within our industry and within Memphis.”

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P -U

 (Below) Mary Lane Sloan, CRS, with husband, David, and daughters Emmaline and Anna. (Below right) Sloan, after winning Woman of the Year, with Boy of the Year, Brandon.

kicked all the Black kids out,’” says Captain. “My inspiration to make change started then.” In 2019, she completed the certification at the National Civil Rights Museum for “Unpacking Racism” and was honored as the class of 2019’s Chamber of Commerce Young Memphian for her desire to bring about systematic change within the city. Last year, her company made 200 care packages for Memphis Homeless. This year, they contributed 10% of their June and July profits to the National Civil Rights Museum. In 2021, she hopes to create a sister branch that will invest in affordable housing opportunities.

Mary Lane Sloan, CRS

From the early stages of her career, Mary Lane Sloan, CRS, with The ART of Real Estate, Columbia, South Carolina, knew one of the best ways she could impact this industry was to continue her passion for lifelong learning and mentorship. “If I don’t get a listing, I want to know what I could have done better. If I see another agent doing something innovative, I want to learn how to incorporate it into my repertoire. If I feel like something is needed to improve the process for my clients, I will go out and find it or create it,” says Sloan. She adds that the best way to serve her clients and this profession is to never stop learning and mentoring. “Once you’ve mastered a skill, teach the REALTOR® next to you. Once you have found a breakthrough technology, share it with the REALTOR®

next to you. Once you have learned a hard lesson, coach the REALTOR® next to you,” says Sloan. “The only way to truly better this profession is to be the best versions of ourselves we can be, and then turn around and pull the next person up with you.” Sloan is passionate about community service and involvement. “As REALTORS®, our role is bigger than just selling houses,” says Sloan. “We truly are community builders.” Her company hosts Pumpkin Picking in the fall and outdoor movie nights, where admission is a can of food for Harvest Hope Food Bank. They’ve partnered with local nurseries and the Holiday Home Tour, and donate to local schools, animal shelters, Historic Columbia and Oliver Gospel Mission. Sloan takes great pride in her relationship with her clients as well. Recently, she helped a family move across the country from Colorado to Columbia amid the pandemic. Three weeks before closing, their deal fell apart. Having to act fast, Sloan called every agent she knew and was able to find five houses that met their criteria. They found one they loved and made an offer. Sloan not only won the deal for the family, but was also able to find an Airbnb for them to rent as they awaited closing. “From sending flowers to clients on listing day to talking to buyers at 10 p.m. about [their] offer, I’m always trying to do the very best for my clients,” says Sloan. The Residential Specialist trsmag.com

 Khoi Le, CRS, at a canned food drive for homeless children in Albuquerque, which raised over $1,500 and thousands of pounds of food.

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Nov/Dec 2020

Khoi Le, CRS

Khoi Le, CRS, Hunter Chase Realty, When they finally got an offer, Le paid for Albuquerque, New Mexico, struggled a new thermostat and heater installation. with homelessness and poverty for most In the end, he sold her house for more than of his childhood and has worked since the asking price. he was 6 years old. Because his family “[Panee] moved into a quaint four-plex emigrated from an oppressive regime in with amazing neighbors who watch out for Vietnam when he was young, his mother her,” says Le. “She is finally able to save was forced to rely on others for her real money to go back to her home country, estate needs. After seeing her cry out of where she wants to own a restaurant frustration because an agent was neither and donate all profits to the needy.” listening nor explaining the paperwork to Le’s selflessness does not end there. her understanding, he picked up a purchase One holiday season, he brought his agreement for the first time. Since then, he Albuquerque team together to donate has vowed to always do the right thing for to the Barret House, a nonprofit for his community. Being able to help families battered women and children. find and buy homes is his dream come true. “This is a cause very dear to my Panee is just one example of someone heart [as] I was raised by a single who Le has helped. Panee was a special, mother of five,” says Le. hardworking woman who was left with Le and his team drove from a crippling mortgage, worked late hours house to house gathering donaas a caretaker and could barely afford tions. They even called their necessities. “It was a tragic story,” says Le, clients, friends and family who took on Panee’s case. “[She was] an members seeking contributions. immigrant woman who was left by the man “The day came, and we had so who brought her here and taken advantage many donations we had to get of by her previous agent.” a moving truck!” says Le. Le learned that Panee was afraid of her This year, Le got the unique previous agent and had not signed with opportunity to speak at Sell-aanyone else in fear that he would retaliate. bration 2020. He is now teaching After comforting her, Le went over his classes across the nation (via Zoom) sales process. “She had my promise that and sharing his perspective on current everything was going to work out,” says Le. trends and where the industry is going. “She revealed to me that she was praying “I make an impact on the industry every for a way to move back to her home country, day by honoring my word and doing Thailand, when I called her expired listing.” what I say I will do,” says Le. “I encourage Scheduling showings was difficult, as my brokers to do the same so that we Panee worked nights and overtime, and can create a sterling image of our great didn’t have a cellphone or email address. industry, one client at a time.” TRS The Residential Real Estate Council crs.com

“

I make an impact on the industry every day by honoring my word and doing what I say I will do.” —Khoi Le, CRS

Nov/Dec 2020

The Psychology of

PRICING By Michelle Markelz

According to Maslow’s hierarchy of needs, shelter, warmth and repose are all foundational to human contentedness. “Because housing checks off so many physiological needs in the human psyche, homebuyers have been known to act irrationally,” says Khoi Le, CRS, broker and co-owner of Hunter Chase Realty in Albuquerque, New Mexico, who studied psychology. Home pricing is both a science and an art that takes not just buyer psychology into account, but a spectrum of other factors, some of them subjective. So what’s the best pricing strategy? It depends who you ask.

Maslow's hierarchy of needs describes the pattern through which human behavioral motivations move.

Self-actualization Selffulfillment

achieving one's full potential, including creative activities

Esteem Needs

prestige, feeling of accomplishment

Psychological needs

Belongingness & Love Needs

intimate relationships, friends

Safety Needs

security, safety

Basic needs

Physiological Needs food, water, warmth, rest

N E E D S

What’s in a nine?

Popular psychology says that prices ending in 999 make priceconscious buyers feel like they’re getting a deal, but the amount of consideration and risk that goes into a home purchase is vastly different from that of an as-seen-on-TV gadget or everyday consumer good. “I haven’t met a buyer who looks at a price that ends in 999 and doesn’t round up,” says Francine Viola, CRS, an agent with Coldwell Banker Evergreen Olympic Realty Inc. in Olympia, Washington. “My clients don’t fall for it.” Rather than try to soften a price by knocking off $1, Viola suggests that round numbers are both more reassuring for buyers and beneficial for visibility in internet searches. Zillow’s search tool allows users to set price floors by $100,000 increments. Trulia provides brackets that are $50,000 apart, and Redfin uses even smaller $25,000 ranges. Pricing should always start with appraisal and comparable data, but when optimizing a list price for internet tools, it’s probably better to nudge the price closer to a standard benchmark. Buyers looking for homes between $350,000 and $400,000 may miss a home dropped to $349,999, even though they may be much better prospects than buyers whose budget caps at $350,000. Le says $50,000 increments are the sweet spot to aim for because they can allow the seller to reach two markets. In the example of the $350,000 home, a seller using Le’s method could reach buyers whose price ceiling is $350,000 and buyers whose price floor is $350,000. The Residential Specialist trsmag.com

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It’s said that money can’t buy happiness or love, but it can buy some things that are even more important to humans.

Nov/Dec 2020

The Residential Real Estate Council crs.com

Nov/Dec 2020

Pricing Strategy Playbook

Adopting these effective pricing strategies and perspectives can help your clients optimize their selling price and distinguish between a strong offer and one with too many contingencies.

To uncover more pricing strategies, visit CRS.com/ catalogsearch.

There are other theories that avoid common price points altogether. Where some look at pricing brackets and see the edges, Mark Handlovitch, CRS, associate broker RE/MAX Real Estate Solutions in Pittsburgh, sees the space in between. In a sea of listings ending in 000 or 999, he believes his listings stand out. “I might price a home at $478,787 because it’s eye-catching,” he says. Not everyone agrees with Handlovich’s theory. “The only way a seller can communicate with a buyer is through the price,” which makes the first impression critical, says Viola. “Buyers don’t trust out-of-the-ordinary prices that aren’t round numbers. It sends a signal that the seller will be difficult to work with. When we’re talking six or seven figures, and the seller’s going to put a little number at the end, what’s the point?” Handlovitch would argue that the point is to generate uncommon interest. He

recently sold a house for which the homeowner wanted to get over $200,000. Handlovitch suggested listing just below that amount with a nontraditional number. “I brought it down below what everyone expected the price to be and had over 30 showings and 11 offers, and it sold well over the price the seller had wanted to get for it,” he says. “We enticed people to come in, and then we created a feeding frenzy.”

Emphasize flexibility

Molly Wendt, CRS, an agent with Century 21 Randall Morris & Associates in Central Texas, likes to frame prices the way her father did when he was a broker. “When inventory was high, and a reasonable offer came in and the seller would not entertain it, Dad would say, ‘You just bought it back.’ It gets people to realize that they may be sitting on a property for The Residential Specialist trsmag.com

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Standing out—for better or worse

Nov/Dec 2020

Double-dip pricing

Bidding war

Price skimming

Agents will usually take a buyer’s target price and broaden their search above and below it, says Khoi Le, CRS, broker and co-owner of Hunter Chase Realty in Albuquerque, New Mexico. He suggests rounding a list price to the nearest interval of $50,000 so that it falls within two budgetary ranges ($200,000–$250,000 and $250,000–$300,000, for example). If a home is worth $249,000, it may be wise to price it at $250,000.

Triggering a bidding war may be a good way to maximize selling price. Mark Handlovitch, CRS, associate broker with RE/MAX Real Estate Solutions in Pittsburgh, has used this technique and suggests that in addition to setting the price below what the seller hopes to make, agents can create interest and urgency by marketing a home without showings for a period. This creates interested buyers who feel encouraged to compete for the house.

When sellers want to overcome the influence of the other properties in their neighborhood, they may begin with a high price and gradually lower it over time. Le uses this strategy to test new markets and says it’s common for new construction in resale markets. As the price comes down, it attracts more pricesensitive buyers and maximizes the seller’s potential return.

some time if they don’t even try to work an offer or, better yet, price it right to begin with,” she says. When buyers come into a house listed with Scott Furman, CRS, he tells the owners they’ll do one of two things: “Buy or not buy. Almost doesn’t count.” Sellers who have unrealistic expectations or become attached to a certain price can sabotage themselves by refusing to work a good offer. Furman, broker-owner of RE/MAX Classic outside Philadelphia, manages client expectations by defining a range, not a specific number, when pricing a property. “To talk about specific prices with clients can be dangerous,” Furman says. “You can be working with a buyer, and they can lose the property because you spoke about a specific number, and someone else was willing to pay more. You need to be able to look at a price range.” In a fast-moving market, which many agents are operating in during the pandemic, home values can change quickly, The Residential Real Estate Council crs.com

making price a tricky thing to pin down. “When we look at data on what properties have sold for, we’re looking in the rearview mirror,” says Furman. That’s why he advocates for multiple appraisals. That way, the seller can get a low, medium and high point for their property and aim for the one that best meets their circumstances. If they’re looking to maximize profit, they may aim high, but if getting out of the house fast is a priority, they may aim lower.

The market prevails

The only truism that seems to transcend geographies and strategies is that the market is the ultimate price fixer. No amount of mindbending or marketing is likely to sell a home that is priced too far from its appraised value. Sellers want to work with agents who have a track record of selling houses at a fair value quickly, not agents who have made a few unicorn sales. TRS

Don’t let perfect be the enemy of the good Sellers can become myopic when fielding offers and fail to consider factors beyond the dollar amount. A buyer willing to overlook certain details may be a better choice than one whose offer is higher but who wants concessions or accommodations. Molly Wendt, CRS, an agent with Century 21 Randall Morris & Associates in Central Texas, counsels sellers, “You can wait. You can counter back if you like. But if it’s a really strong offer without negotiations, take it.”

Nov/Dec 2020

Seeking space and

OPPORTUNITY

The Residential Specialist trsmag.com

Nov/Dec 2020

By Chasity Cooper

iStock.com/Marco_Piunti/RonFullHD

Undoubtedly, 2020 will be the year that turned many (if not all) industries on their heads.

Since March, the world has embraced the new normal of sheltering-in-place, wearing masks when around others in public and attending countless Zoom calls. For CRSs, the coronavirus pandemic has created opportunities to connect with buyers in new ways and close deals quicker than they ever could have imagined. Although a “mass exodus” from bustling city centers to open suburban areas has been a reported trend over the last several months, a recent Zillow report shows that, in fact, “suburban housing markets have not strengthened at a disproportionately rapid pace compared to urban markets.” In June 2020, home value growth was 4.3% in urban areas and 4.1% in suburban areas. In other words, the appetite for property in both markets is strong among buyers—which makes it a challenge for supply to keep up with demand. “Home prices are up at unprecedented levels, and the age-old economic law of supply and demand is only one of the main reasons why,” says Richard Borelli, CRS, with Howard Hanna Real Estate Services in Lakewood, Ohio. “Successful agents have had to learn how to prepare their listings to meet buyers’ needs, and many people have realized that with the COVID-19 quarantine, they want and need something different than before.” With interest rates being recorded at historic lows, first-time homebuyers and millennials are also the main drivers in the current real estate market. “These historically low rates are helping buyers and sellers. Buyers can pay more because they can afford more. There has never been a better time to buy,” Borelli says. “It’s also a great time to sell. Low interest rates are providing sellers with more equity than they have seen before because lower rates equate to higher prices paid for homes.” With an ideal marketplace, what specifically is attracting buyers who are looking for a new place to call home as the pandemic forges on? For starters, buyers want to be able to distinguish where they get work done and where they play.

The Residential Real Estate Council crs.com

In June 2020, home value growth was

4.3

in urban areas and

4.1 in suburban areas. Source: Zillow

Nov/Dec 2020

“

A s families are continuing to attend work and school remotely, they want to have a home office, or areas dedicated specifically to each activity.” —Jeff Wu, CRS

“Buyers are definitely looking for more space,” says Jeff Wu, CRS, real estate agent for Keller Williams Capital Properties in Northern Virginia. “As families are continuing to attend work and school remotely, they want to have a home office, or areas dedicated specifically to each activity.” As a father of four, Wu can understand buyers’ need for more space for work and leisure activities. “It can be hard in our homes when the same space is used for multiple things,” says Wu. “It’s kind of crazy to think

that the same dining room table that’s used for school is also used for eating dinner, hanging out or playing video games. In contrast, when you go to school, you’re in that building and get into a school mindset. I want my kids to be able to switch gears and be able to focus in the realm that they’re in.” Aside from more interior space, buyers are also looking for outdoor amenities that give them room to breathe. From homes in the suburbs with big yards for the kids and pets to condominiums

in urban centers with terraces, decks and rooftops, the desire for access to the great outdoors is essential for buyers. “I recently put a listing on the market, and within a day we had over 25 viewings scheduled, and we already have four offers,” Wu said. “As a CRS, I can sometimes take that for granted because every listing we’ve had this year has been either full price or multiple offer, and really fast.” But Wu has noticed that some condos are moving slowly because some buyers are reluctant to be in

such dense environments. Because of social distancing, amenities like pools, fitness centers and clubhouses that are often found in luxury condominiums aren’t as appealing to buyers because they’re unable to use them at this time. For those who do live in urban centers, Wu has also noticed that people are less dependent on cars. “Since many have transitioned to working at home, many two-car families have now become one-car families because there isn’t much of a need to commute.”

The Residential Specialist trsmag.com

iStock.com/MartinPrescott/PC Photography/Dencake

MORE THAN A LITTLE ELBOWROOM

Nov/Dec 2020

MOVE-IN READY Janine Gershon, CRS, real estate agent at Douglas Elliman in Los Angeles, has noticed that while many buyers are looking to leave the city’s center, they are looking for properties that don’t require a lot of work to be done. “At the very beginning of the pandemic, I would say the market slowed tremendously. Now, the supply is lower than the demand,” she said. “If someone wants to buy a property, they aren’t necessarily willing to wait. Buyers are also not wanting to do much work to a property, so updated bathrooms and kitchens are catching their eye.” Because social distancing is still widely enforced across the country, Gershon and other real estate agents have had to heavily rely on social media to showcase listings. “Open houses are no longer a thing, so agents are using tools like Zoom to speak

with interested buyers, and sending electronic documents to close deals,” she said. Thanks to social media, the general public has access to listings almost instantaneously— some of them are even going viral. Earlier this year, two homes in Fayette, Missouri, and Felton, California, went viral because of their unique features. Borelli has taken advantage of social media marketing in the Ohio market as well. “CRSs are staying in touch with their sphere of influence, existing clients and potential new clients through Zoom and other similar virtual platforms—as well as using video to give 3D virtual tours.”

What happens next?

While there’s no end to the pandemic in clear view, CRSs agree that it will continue to shape how buyers and sellers motivate the real estate market. “I think this is an intense moment in time that is causing a lot of people to rethink the home features they most want,” Wu says. “But at the same time, it’s also important for agents to understand our clients, their needs and how to keep ourselves informed as the market continues to change.” In a recent article for The New York Times, Sterling Professor of Economics at Yale Robert J. Shiller reflected on how the housing market has seen a similar influx in years past, and all parties involved in the market—from the homebuyer to the mortgage lender—must be aware of the risks and the rise and fall that could happen again. “Listing inventory is relatively low and will remain low, and demand will continue, especially if interest rates remain low,” Borelli says. “There will continue to be first-time homebuyers as well as sellers wanting or needing to sell. No one has a crystal ball; however, homeownership will continue to be the American dream—even in these uncertain and challenging times.” TRS The Residential Real Estate Council crs.com

Impact of Lower Mortgage Rates on Home Search

indicated that they could “look for a more expensive home, decrease my monthly mortgage budget and consider homes that are move-in ready.” Source: Realtor.com

With 2021 approaching, it’s important to stay up to date on future housing trends. Visit CRS.com to stay informed.

Nov/Dec 2020

Tips for boosting your...

By Andrew Conner

THE RIGHT FIT

The coronavirus pandemic has increased the importance of online lead generation for many real estate agents.

However, the truth is that online marketing strategies like search engine optimization (SEO) have been a huge factor for a while. “I don’t think coronavirus changed SEO or SEO strategy at all,” says Craig Grant, a CRS Certified Instructor and CEO of The Real Estate Technology Institute in Stuart, Florida. “But are consumers more apt now to look at properties virtually? Without a doubt.” Most agents have experience with online marketing, and SEO is often a term they are familiar with, but they may not be entirely sure how it works and how it can help them. SEO can be a powerful tool for boosting your local online presence, but only if you are committed to it. Here are some tips for getting the most out of SEO.

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One important aspect of SEO that many agents don’t initially understand is that it takes time. Not only can it take a few months for Google, Bing or other search engines to process a new website, but staying at the top of organic search rankings means continually updating your website with new content. “You’ve got to seriously weigh your input,” says Alex Camelio, a CRS Certified Instructor and CEO of Agent Inner Circle in Burlington, Vermont. “How much time and energy can you put into this? If you’ve already been developing content but haven’t focused on SEO, that is a great time to do it.” On the other hand, if you’re approaching SEO from a beginner’s standpoint with no

The Residential Specialist trsmag.com

Nov/Dec 2020

KEYWORDS ARE KING

content, it can be an uphill battle if you’re not committed. “SEO is a continuous, neverending project for which you’re constantly adding new content—blogging, creating videos, etc.,” says Grant. He recommends agents think about this point before they get involved with SEO. Sometimes it makes sense for agents to use payper-click advertising because it produces results instantly and doesn’t require constant content creation. “The downside of pay-per-click is that it’s like a faucet,” he explains. “The second you stop spending money, it shuts off.”

When it comes to building more business from SEO, original, fresh and engaging content is the key, and the more targeted that content is, the better. Grant points to the long-tail theory of keyword generation, which says that the more local and niche you make your keyword phrase choices, the better chance they will have to succeed. “For most agents, global keyword choices that have too much competition will get you next to nothing,” he says. “That space is owned by big corporations. I advise

The Residential Real Estate Council crs.com

agents to do keyword research and find low competition keyword phrases that are winnable and match their business model. Then you start creating as much content as possible on your website, social media, blogging, video, etc., around those keyword phrases.” To find these phrases, Camelio recommends first determining your audience and what you want to say to them. A good way to do this is thinking about your potential customers’ pain points and desires.

That is what is on their minds and what they’re going to be searching for. From there, you can use a keyword tool such as SEMrush or moz.com to refine the specific keywords that speak to your audience and the content they find engaging.

Nov/Dec 2020

CONTENT CREATION

“

SEO is a continuous, never-ending project for which you’re constantly adding new content.”

—Craig Grant, CRS

SEO doesn’t work unless you are continually updating your website with content. Whether you do this yourself or pay someone else to do it, it’s important that the content is meaningful to your audience. “Sometimes people tell me they struggle to come up with content, but there is more than enough material if you pay attention,” says Mark Porter, CRS, Broker at Castle Hills Real Estate in Lewisville, Texas. “Your content should come from the questions buyers and sellers are asking you. Look to your interactions with consumers and what they ask about. Social media is also a good option for sourcing questions. If they’re asking, that means they can’t find the answer on Google.”

Echoing Grant and Camelio’s points about keywords, Porter also emphasizes the importance of using the language your potential customers use: “One critical aspect is listening to the words they use,” he says. “Some REALTORS® use industry vernacular and don’t speak like humans. When you read people’s questions, make sure your answers use those same words and that those words are a part of the keywords, metatags and descriptions on your content.” Camelio adds that you can look at your own passions to help make content production easier. Are you a foodie? Document your local dining or takeout experiences with short videos or blog posts. Animal lover? Do a livestream walking your dog through a beautiful local park. He has also seen agents be very successful with “spin-off” websites that focus solely on a topic like local food or nightlife, and that link back to the agent’s main website.

TAKE A SHOT For Porter, video has been an important way to engage potential buyers and sellers and boost his SEO ranking. “Live video is hot for us right now,” says Porter. “When we’re out in the community, we try to show that with fresh, in-the-moment video.” He believes social distancing is driving even more people to his livestreams because

they can experience something going on in their community, even if they choose to stay home. As an example, he points to a recent video he did at a sociallydistanced “Fun Run.” Additionally, Porter notes that YouTube [because YouTube is now they own it], and the second largest search engine on then we embed the video on our site, the internet after in email messages, Google. “The video goes to YouTube, share it in a Faceand Google likes book post, use it on

Instagram—even if it’s just one video, everyone has their preferred platform and we want to be sure we reach them,” he explains.

The Residential Specialist trsmag.com

Nov/Dec 2020

iStock.com/hanibaram/SrdjanPav/GOCMEN

STAY ON BRAND

If your brand and content isn’t consistent across your website(s) and social media platforms, it not only can be confusing for potential customers, but it also hurts your SEO ranking. Grant explains that in Google’s case, about half of the ranking score now comes from off-site optimization. “Inbound links, especially from authoritative sites, are getting a lot of weight, so it is wise to add yourself to as many online directories as you can, such as Google My Business, Yelp and Zillow Agents,” he says. “Social media activity is also tied into SEO scores now, as are online reviews and the speed of your response with customers. So it doesn’t matter how great a website you have—if you’re never on social media or have poor ratings online, Google will assume you are not paying attention and you aren’t a great website owner anyway.” As Porter explained, posting your content across all of your channels will improve your SEO visibility, but it’s not an easy task. He suggests offloading more technical work to freelancers if you can. “You should have unique branding that appears on your website and all of your social media platforms so it’s consistent—from logo to phone number to addresses,” he says. “But you don’t have to be an expert. Once my brand was settled, I thought of my website as the core and having a consistent look on other platforms was the goal. I paid about $50 on Fiverr to have alternate images created for all of my social media sites. That would have taken me weeks to do on my own. And I had it done well in only two days.” If you’re committed to SEO, you can make it work for you. Climbing the search engine ranks means more consumers will see your site and be more likely to click on it, without any pay-per-click advertising dollars spent. Learn from these tips and, most importantly, stay committed and your efforts could pay long-term dividends. TRS

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KEY TAKEAWAYS

If you’re interested in SEO, there are a few things you should know before you start your search engine journey: Make sure you’re committed to doing it right. Without proper support, your SEO plans are more likely to fail. Create content on your website. Whether you do it yourself or pay others, new and evergreen content that people are interested in will improve your search rankings.

40 + %

of revenue is captured through organic search traffic. Social only accounts for 10% of web traffic, and paid search just 10%. Source: BrightEdge

Investigate the most effective keywords for your market. Keywords will help you tailor your marketing to the audience you’re looking for. Keep your online branding consistent. Consumers might find your website, your social media or even your profile on a site like Zillow or Yelp. Make sure they see the same information no matter where they find you.

To connect with Craig Grant, follow him @RETechGuru on Twitter.

Market Values

Nov/Dec 2020

Insights from industry data

EYE ON HOME PRICE

Acceleration Home Price Index (HPIÂŽ) Trends Across the Country

Home prices are forecast to slow to a modest

5.5%

0.6 %

increase from July 2020 to July 2021.

1.2%

Month-to-month

Year-to-year

7.1%

7.0%

West Virginia

7.1%

Tennessee

7.7%

Montana

8.1%

Utah

8.3%

Indiana

8.5%

Missouri

9.0%

Arizona

9.1%

New Hampshire

9.8%

Maine

Top 10 States with the Highest Increases in 2020

Home prices nationwide, including distressed sales, increased yearover-year by 5.5% in July 2020 compared with July 2019, and increased month over month by 1.2% in July 2020 compared with June 2020.

Idaho

No states posted an annual decline in home prices in 2020.

Current National Home Prices

The Residential Specialist trsmag.com

Nov/Dec 2020

HPI Top 10 Metros Change in July 2020 These large cities continue to experience price increases in July, with Washington, D.C., leading the way at 5.3 % year-over-year.

Washington

5.3%

San Francisco

0.6%

San Diego

Chicago

5.2%

1.4%

Boston

2.9%

Las Vegas

3.4

Los Angeles

For more information about the CoreLogic Home Price Index, go to corelogic.com.

4.7%

Miami

3.6%

Denver

Houston

4.6%

3.9

MARKETS TO WATCH HPI Forecast and Home Price Disparity Las Vegas by July 2021

iStock.com/chutarat sae-khow/DNY59/andrejco/filo/Greens87/Pavlo Stavnichuk

7.8%

5.8%

COVID-19 Impact on Home Prices The CoreLogic Market Risk Indicator (MRI), a monthly update of the overall health of housing markets across the country, predicts that metro areas with an elevated resurgence of COVID-19 casesâ&#x20AC;&#x201D;like Prescott, Arizona, and Miami, Floridaâ&#x20AC;&#x201D; are at the greatest risk (above 70% ) of a decline in home prices over the next 12 months.

San Diego by July 2021 Despite the rapid acceleration of national home price growth, local markets continue to fluctuate. The HPI Forecast reveals the disparity of home prices across metros. In Las Vegas, where the local tourism economy and job market continue

to struggle in wake of the pandemic, home prices are expected to decline 7.8% by July 2021. Meanwhile, in San Diego, home prices are forecasted to increase 5.8% over the next 12 months as low inventory continues to push prices up.

Top Markets at Risk of Home Decline Risk Rank

Metropolitan Ares

Level of Risk of Price Drop

Confidence Score

Las Vegas-HendersonParadise, NV

VERY HIGH

70%+

Prescott, AZ

VERY HIGH

70%+

Lake Charles, LA

VERY HIGH

70%+

Miami-Miami Beach-Kendall, FL

VERY HIGH

70%+

Huntington-Ashland, WV-KY-OH

VERY HIGH

70%+ Source: CoreLogic

The Residential Real Estate Council crs.com

SPECIALIZED

Council Classroom

Nov/Dec 2020

KNOWLEDGE

Strategies from the industry’s top educators

A Luxury State of Mind By Jack Cotton, CRS

A Jack Cotton, CRS, started a real estate company in his college dorm room 46 years ago. Since 2005, when his company was acquired by an international luxury brand, Jack has been involved in nearly every record-breaking luxury home sale on Cape Cod. He has authored several Amazon best-selling real estate books. Through speaking engagements and workshops, he coaches agents around the United States.

lot of people stay on the sidelines of luxury real estate, thinking that they had to be born rich and wellconnected to interact and work with people at the high end of the market. That’s really all in your head. Basically, the only difference about these homes is an extra zero or two on the price of the properties. Agents might feel intimidated or they don’t know where to start. And since they don’t have experience dealing with this type of client, they wonder, “How am I going to get that experience?” When an agent approaches a new client, often the first questions they are asked are: “How many wealthy homes have you sold? How many million-dollar homes have you sold?” And the answer is zero. Agents tend not to put themselves into a situation where we would have to answer that question. So, it takes a leap of faith and some confidence. And you can gain that by building some competence. Wealthy people are used to dealing with experts in all areas of their lives, whether it’s for medicine, law, or tax and estate planning; you name it, they want an expert. So, you need to be perceived as an expert in your luxury marketplace if you want to succeed. And there are five areas of expertise in which you need to be proficient.

1 | You need to be an expert in markets and value.

For more information on Jack Cotton, CRS, and how you can break into luxury real estate, visit CRS.com/ learn/instructors/ jack-cotton.

You need to know all of the luxury markets that you want to work in. What are properties selling for per square foot, per front foot? Who are the people who live there now? If it’s a second-home market, which a lot of highend markets are, what is the predominant geographic area where buyers are coming from? What does it cost to build there per square foot and who are the prominent builders? You need to be an expert on market value, sales price ratios, the ratios of selling price to property tax assessment, and so on.

2 | You want to be seen as an expert in pricing.

Take your market-value expertise and apply it to pricing one particular property. Now, you can’t go into a home and just say, “$3 million.” You need to have a process for determining that

price, whether it’s three steps, seven steps or 10 steps, it doesn’t matter, as long as you have a process, because people equate process with expertise.

3 | Be the expert on preparing homes for sale.

The higher you go in the price range, the fewer people there are who can afford the property and the fewer showings you’re going to have. So every showing has to count. Some people call this staging; I call it market preparation. You need to be able to demonstrate your expertise in getting homes ready for sale, based upon your experience of watching people go

The Residential Specialist trsmag.com

Nov/Dec 2020 through properties, and noticing what makes their eyes light up and what makes them glaze over. So, if I hire a stager, then I’m abdicating expertise to somebody else. In the luxury market, you can hire a stager, but that person should work under your personal control and direction.

4 | Develop your expertise in marketing.

iStock.com/sqback/Maria Voronovich/ Enis Aksoy

Make sure you find people with the best skills in photography, copywriting and editing so your pieces have impeccable polish. Your

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company may have a luxury division, but also think about placing ads on WallStreet Journal.com, NewYorkTimes.com, Forbes. com, the InternationalHeraldTribune.com and—I hate to say it—Zillow. (I have dealt with a lot of Fortune 500 CEOs, and they are all on Zillow.) Your expertise comes in when you can art direct the photography to get the best shot that will attract the right buyer in 1.5 seconds on Zillow. That’s how you differentiate.

5 | Become a master negotiator.

People in the high end of the market want to deal with experts. You might be crafting a big deal for $10 million or $19 million or even $5 million, but understand that the people you would be dealing with are often doing transactions in their business in the hundreds of millions, if not billions, of dollars. How do I equalize the playing field between myself and them? By developing expertise in negotiating. Take classes. RRC has great negotiating training. Once you have these skills, you might still be worried, thinking, “Oh, I can’t talk to a really rich person. What would I say?” Well, frankly, most rich people fall into two categories: the ones who made their money and the ones who didn’t. In my experience, the ones who did are very downto-earth and very easy to deal with. And if you play your cards right, they will see a little bit of themselves in you. TRS

You need to be perceived as an expert in your luxury marketplace if you want to succeed.

SPECIALIZED

Innovations

Nov/Dec 2020

KNOWLEDGE

Tech solutions for real estate

Technology 2020 Round-Up

TIP: Personalize your DocuSign profile. As a real estate agent, your brand is your DocuSign offers eSignature services business. With Docu- that enable you to remotely send and Sign, it’s easy to add sign contracts and agreements with your professional branding clients. As a real estate professional, you into digital documents can close more transactions faster and you send. These simple with better results. Tamara Towns-Pozorski, CRS, covers touches make it easy a large area in southeast Wisconsin and for clients to find and sometimes has clients who are a 45-minute sign critical documents, while also keeping your brand front and center during interactions with prospective customers.

iStock.com/bubaone

To stay up to date on technology trends, visit RRC's education catalog at CRS. com/catalogsearch.

aving the right tech gadgets for your business can make all the difference. Whether you’re navigating to the next home showing or hosting a virtual tour, it’s no secret that technology can make a REALTOR®’s day easier and more seamless. What has become a choice in the past has now become a necessity. After speaking with several CRS agents, it was a mix of new and older technology that helped them survive 2020. Ahead, we rounded up five tech gadgets that RRC members say they couldn’t have survived 2020 without.

drive away. Using DocuSign to get client signatures is a huge time saver. “It allows me to send docs to a client when it is convenient for me, and allows the client to sign the documents when it is convenient for them," she says. It also allows me more time with my family because I don’t have to spend as much time meeting with clients in the evenings to get in-person signatures on paperwork.” Clients can also fill out their Real Estate Condition Report electronically using DocuSign, which allows for more clarity in their additional comments/ explanations on that form, versus sometimes messy handwriting.

The Residential Specialist trsmag.com

Nov/Dec 2020

“

iStock.com/hocus-focus

2. REALTORS® are constantly on the go: they can benefit tremendously from having access to their files from any device. Dropbox has been called the “hard drive in the sky”—as you can access it from any device you own. So, if you have a closing file on a property stored on Dropbox, then you can access that file on any of your devices. Emailing that document to escrow or your client can be done directly from the Dropbox app on your phone. “I love Dropbox. I can be taking a walk and receive a call about a current or past sale, and look up information while on the phone and answer the question,” says Jerry Moscowitz, CRS.

TIP: Dropbox is a web-based system, so all your files are in the cloud. Real estate agents should consider the plug-in that you download on your computer (or app for your phone). The plug-in automatically adds a Dropbox icon anytime you want to save or open a file on your computer. It is like having another hard drive and is a great time saver when looking for items.

3. These are examples of type treatments offered on Word Swag.

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I love Dropbox. I can be taking a walk and receive a call about a current or past sale, and look up information while on the phone and answer the question.” —Jerry Moscowitz, CRS

Have you ever thought about adding “graphic designer” to your résumé? We’ve all seen text overlays on photos where the text itself is a design element—it can be a very powerful way to make an impression and get reactions. But how can an average real estate agent with no design training easily and efficiently create beautiful designs that stand out? For Melissa Lundgren, CRS, it’s Word Swag. Custom text layouts can really make your marketing pop—from social media posts and blog graphics, to direct mail, listing descriptions, email marketing and much more. Word Swag is an amazing app that gives you access to countless custom text layouts. The tool will take your words and turn them into an attention-grabbing, professional-looking design in seconds. It even has a library of hundreds of quotes and sayings if you are on the hunt for inspiration. TRS

TIP: Simply upload your photo into the app, crop or make other minor edits, add the custom text layout of your choice and your graphic is ready to go! For real estate agents, it’s always ideal to include your photo and contact information on the graphics you create.

SPECIALIZED

Coaches Corner

Nov/Dec 2020

KNOWLEDGE

Leverage your skills

Accountability is the secret ingredient to achieving your goals, so be sure to add this into your mix in 2021.

his past year has been quite unconventional. If you had to change course on some of your goals, you weren’t alone. Take some time to reflect on this year and all of its ups and downs, but try not to get stuck in that phase. Reflection is a means of moving forward, so channel your 2020 takeaways toward a plan for success in 2021. Once you’ve reflected, the best way to create your 2021 comeback is to set rocksolid goals. Focus on moving forward and what you want to achieve in the next year. By all means, you should dream a little. Create a vision board or keep a journal with your biggest aspirations in life and where you’d like to end up. But remember that, ultimately, it’s your goals that will take you from dreaming to doing. An effective goal must be personal to you and life enhancing. It should align with what you really want in life—those dreams on your board or in your journal—instead of what you think you should accomplish. Make it bold, authentic and meaningful so you are more motivated to do the work needed to achieve it. These goals are essential to your success in life and business because they give you something to focus on. It’s a lot easier to endure the rat race when there’s a finish line in sight. Even though we know that goals are important, planning them is easier said than done. It’s easy to say you want to start your own brokerage some

day, but it’s much more difficult to know what you need to do to get there. That’s why the best approach is to break it down into bite-sized, smaller goals—start with 10-day goals, then six-month goals, then one-tothree-year goals. Determine all the things you need to accomplish before you can meet your endgoal—it might help to work backward on this one. Write those steps down and give yourself a time frame for achieving them. Decide which goals can be done in the next 10 days, six months and even next year. This is going to give you a detailed roadmap showing exactly what you need to do and when in order to achieve that goal. If this sounds overwhelming at first, take a deep breath. This is a huge process, but it isn’t one that you have to go alone. At the start of any goal-setting journey, it’s essential to seek out an accountability partner, whether that’s a colleague, a mentor or even a real estate coach. This person should not be afraid to hold your feet to the fire to keep you on the right track. They should also be the first to celebrate your wins and achievements along the way. Accountability is the secret ingredient to achieving your goals, so be sure to add this into your mix in 2021. Instead of dwelling on the past, channel your energy toward creating a better future in 2021! Start planning your goals right now so you can hit the ground running. TRS

For added accountability and goal planning assistance, Buffini & Company offers real estate coaching that keeps agents on the path to success. Sign up for a free business consultation to see what this program can do for you! Visit buffiniandcompany. com for more information.

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iStock.com/DNY59

Set and Achieve Your 2021 Goals

DESIGNATION

NATION

Your Own Council

Nov/Dec Nov/Dec 2020 2020

News and updates

BE A

Blog Star

To help kick-off this initiative, the Council will be hosting a Virtual HR Summit on Dec. 2–3, 2020. Whether you’re an experienced agent striking out on your own for the first time, or you’ve been the broker of your boutique firm for years, you don’t want to miss this event. In just two short days, we’ll help you rethink human resource management for your brokerage. Register today at CRS.com/ hrsummit2020.

RRC HUMAN RESOURCE CONSULTING The Council has a multiyear plan to bring additional resources and services to our existing members and customers, all while helping to support the niche roles of independent brokers and broker/ owners to more efficiently run their businesses. A part of this independent broker initiative is Human Resources Consulting. Our inhouse HR consultants can respond to the human resource needs that you simply don’t have the time, expertise or resources to address effec-

tively. Additionally, our solutions are highly customized based on individual client needs that are designed to deliver day-to-day efficiencies, as well as long-term strategic advantages through improved HR management. Our services can be delivered independently or as integrated bundles to give every broker/ owner the flexibility and expertise they need, when they need it. For more information: CRS.com/ careers/rrc-human-resourceconsulting. TRS The Residential Specialist trsmag.com

iStock.com/PeopleImages/marchmeena29

o you love to write and want an outlet to get your work published? At RRC, we know that “content is king” when it comes to marketing and building a sphere of influence. We are looking for blog contributors to a new lifestyle content blog called This REALTOR® Life. This is an opportunity to showcase another side of yourself as a real estate agent other than home listings and business—relating to people in new ways. Topics include but are not limited to: Family & Community, Food & Drink, Health & Fitness and Home & Garden. The content should be original and informative and the time commitment to be a contributor is at least two 500-word articles a month. For more information, please contact kcure@crs.com. TRS

Nov/Dec 2020

New Social Network Account

 Over 3,000 CRSs participated in CRS Week's free webinars, and 29 states held activities.

CRS Week Recap The Council once again had a successful CRS Week full of great webinars, useful resources and education discounts as part of bringing awareness to the CRS Designation. The theme of the week was “Leading the Way,” as no one is leading the way in the real estate industry quite like CRS Designees. There were over 3,000 registrations for the Council’s free webinars that included

relevant topics like selling virtually, succeeding in the luxury market, handling virtual negotiations, social media and communications, and looking forward to what trends agents can expect in 2021. The spirit could be felt (virtually) across the county through the various local events as well. There were 29 different state activities held, ranging from virtual gatherings to featured courses. TRS

STATEMENT OF OWNERSHIP, MANAGEMENT AND CIRCULATION The Residential Specialist (USPS# 021-699, ISSN# 1539-7572) is published (bi-monthly) six times a year by the Residential Real Estate Council. Five issues were mailed in 2020. The annual subscription price is $29.95. The mailing address of both the publication and the publisher is Residential Real Estate Council, 430 N. Michigan Avenue, Suite 300, Chicago, IL 60611-4092. The publisher is the Residential Real Estate Council, and the editor is Kimberly Cure. The owner of the publication is the Residential Real Estate Council. There were 23,894 copies of The Residential Specialist published in September/October 2020; the average for the preceding 12 months was 25,680. The paid/requested outside-county mail subscriptions for the September/October issue were 23,731 [domestic + Canada]; the average for the preceding 12 months was 25,441. 10 free copies were distributed by mail in September/October and the average number of free copies distributed during the preceding 12 months was 130. 10 copies of the September/October issue were distributed outside the mail (to classes, membership kits, etc.), and the average number of free copies distributed outside the mail for the preceding 12 months was 100. 50 copies of the magazine were not distributed in September/October (office use, leftovers), and an average of 150 copies were not distributed from issues in the preceding 12 months. The percent paid/requested circulation in September/October 2020 was 99.3 percent, and for the preceding 12 months it was 99.1 percent.

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With more than 125 million users in the U.S. alone, Pinterest is an ideal social media platform for real estate agents. It’s not just size alone that makes the channel so great, but more than 90% of active Pinterest users report using the platform to help in their purchase planning process. Knowing this, we were very interested in launching an account in order to provide our members with content that they not only find helpful and interesting, but also content they can share to reach new customers. If you are a Pinterest user, we hope that you will connect with us @Residential Real Estate Council; and if not, it may be something you consider launching in 2021 as you brainstorm new ways to market yourself. TRS

DESIGNATION

Nov/Dec 2020

I’ve learned that I can be flexible when things are flipped upside down, yet not miss a beat! Kelli Hillmar, CRS

Long and Foster Columbia, Columbia, Maryland

Ask a CRS

NATION

Advice from your peers

What have you learned about your business since the pandemic started that you will continue to use in future years? Move quickly to change business plans—adaptability is the key to success. Donna Elder, CRS RE/MAX Creative Realty, Lexington, Kentucky

How to run meetings, attend meetings and reach classes online using Zoom, StarLeaf, GoToMeeting, Webex and other platforms, as needed. Rory Dubin, CRS

EXIT Real Estate Gallery, Jacksonville, Florida

High-tech doesn’t mean low-touch; people still want individual attention. Maybe now more than ever. Kristie Tindall, CRS, Brinkoetter and Associates, Decatur, Illinois

TAKE NOTHING FOR GRANTED. Rick Wright, CRS, RE/MAX Affiliates, Dublin, Ohio

Maria Acuna, CRS Maria Acuna Real Estate LLC, Springfield, Massachusetts

Have a great story to share? Email social@crs.com or look for discussions happening online on our Facebook, Instagram, LinkedIn and Twitter pages.

Call, call, call .

Just a reaffirmation that if you build your business based on trust and relationships, you will always have business. Alexis Bolin, CRS KW Gulf Coast–Keller Williams, Pensacola, Florida

Bill Wittig, CRS Elite First Realty of Iowa City, Coralville, Iowa The Residential Specialist trsmag.com

iStock.com/jonya/AndreyPopov/jameslee1/Designer

More technology.

RRC Connect

Nov/Dec 2020

Expand your network

CONNECTION PERFECTION

Inside Track

“A

bout five years ago, I met Ron Canning, CRS, at a Sell-a-bration event. I had clients who were in the military and were being relocated to Cincinnati, and I knew that Ron was the perfect agent to assist them with their move. The experience was great. Ron took very good care of my clients and they were very happy with the whole process. That’s why I love our CRS family— I’ll always refer to a fellow CRS!” TRS

Cincinnati, OH

Albuquerque, NM

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Contact Joe Stella: jstella@glcdelivers.com or 847-205-3127

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DESIGNATION

Nov/Dec 2020

RRC Connect

NATION

Expand your network

World-Class Education The Residential Real Estate Council offers life cycle, agent-to-agent learning, spanning the career of the residential real estate agent. The Council’s education is recognized as the best in the industry and includes live classroom courses, self-paced eLearning, live and on-demand webinars, videos and articles.

Check out all of the RRC learning opportunities at crs.com/learn.

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Luxury Property Specialist RB-16599

Hawaii CRS of of Year, 2003® Hawaii Association REALTORS REALTOR® of the Year 2018

Direct: (808) 223-9246 nmetcalf@cbpacific.com www.nancymetcalf.com Celebrating 27 years yearsassisting assistingclients! clients! Celebrating 25

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Nov/Dec 2020

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Geri@GeriKenyon.com

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DESIGNATION

Nov/Dec 2020

Balancing Act

NATION

Practical strategies for restoring balance

Options for Online Courses Here are some popular online course hubs to consider when looking to improve your professional skills: coursera.org udemy.com alison.com

edx.org

linkedin.com/learning

hile warm summer weather allowed for safer, outdoor opportunities to spend time with family and friends, indoor activities with large groups should still be avoided as social distancing recommendations are expected to last into 2021. Which brings us to the question: What should you be doing with your spare time when socializing isn’t always an option? One way to spend the time productively is to take advantage of online professional development courses to help you get ahead in your career. From the comfort and safety of your own home, use this opportunity to hone your skills as a REALTOR®. f Develop Patience—We’ve all had clients who can’t pull the trigger on a deal. While you may be comfortable with negotiations you take part in day after day, as a REALTOR®, many of your clients see things differently, as this is a major event that can shape the rest of their lives. Realizing this, you need to show restraint and patience when clients need time to make a decision on whether to buy or sell a home. Analyzing when to push and when to step back can make or break a deal. And patience doesn’t necessarily need to focus on just transactions—learning how to slow things down can help reduce stress and

aid in identifying other areas of your business that may need more attention. f Learn a Language—Being multilingual is extremely beneficial for not only those in the real estate industry, but for all lines of work. Start by researching the other most commonly spoken languages in your area and determine which language allows you to communicate with the most potential customers. You don’t have to become fluent in the language, but making an effort to learn could earn goodwill with prospects. With even just an hour a day of practice, you could be well on your way to learning a new language. f Future Coding—With the world becoming more digital by the day, having at least a basic understanding of online coding can be monumental to the success of your business. From easily updating your website to learning how to program your own email blasts, being technologically literate allows you to have a more direct impact on your online presence and outreach. Plus, for those who may be involved in smaller real estate operations, being technologically self-sufficient can save you time and money by avoiding the need to hire a full-time IT professional or outsource for digital work. f Take Up Teaching—REALTORS® have a wealth of knowledge at their fingertips that can benefit both clients and colleagues—maybe you want to start an online webinar series or provide a course of your own. But how do you translate that knowledge into something useful? There are classes online that will actually teach you how to become an effective teacher. Learn how to pass on information in an engaging and valuable way, allowing for your “students” to take that information and apply it in their day-to-day lives. Who knows, maybe this training will help you become a future RRC educator. TRS The Residential Specialist trsmag.com

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Self-improvement During the Pandemic

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