The Residential Specialist, March-April 2022 by The Residential Specialist

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

MAR/APR 2022

FIND NG THE RIGHT MOMENT

Learn strategies to convert hesitant shoppers into happy buyers

+ Working with international clients 22 + Marketing renovation properties 26 + Post-closing relationships 30

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Industry news made simple. www.crs.com/realtalk

The Real Estate Real Talk podcast is hosted by leading agents that can help you cut through the noise and grow your knowledge and expertise.

Mar/Apr 2022

Vol. 21, No. 2 Cover art:  iStock.com: Bulat Silvia

18 22 26 30

FEATURES 18 The Waiting Game: You may receive leads from buyers who just aren't quite ready to make a deal. But with patience, you can convert them into sales. By Regina Ludes

22 G lobalize Your Business: Dealing with international clients comes with challenges, but can open your business to a brand new customer base. By Andrew Conner

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26 F rom a Dream to a Plan of Action: Not all properties are move-in ready. Our experts share how to handle renovation properties to get the best results. By Jenna Grundtner

30 T he End Is Just the Beginning: When a deal is complete, the relationship doesn't end there. Learn about strategies to keep clients in the fold long term. By Michelle Huffman

Mar/Apr 2022

CONTENTS

Vol. 21, No. 2

Aerial View

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

Holli Woodward, CRS

Market Pulse 8

ersonal Perspective: Dallison Veach, P CRS, Veach Realty Group, Springfield, Virginia

hort, Sweet and Powerful: TikTok has S become one of the largest social media platforms, and agents can join the trend. By Myrna Traylor

12 G oing Once, Going Virtual: Learn how to navigate the exciting world of online auctions. By Michelle Markelz

16 S mart Living: With agents often on the road, they should always keep these useful items with them in their cars. 34 M arket Values Insights from industry data.

Specialized Knowledge 36 C ouncil Classroom: How to create the perfect listing for your property. 38 I nnovations: Airbnb will continue to impact the real estate industry in 2022. 40 I ssues of Importance: Legal topics for agents to be aware of in 2022.

Designation Nation 42 Your Own Council: RRC news and updates.

44 Ask a CRS: Advice from the country’s top agents. 45 RRC Connect: Expand your network. 48 B alancing Act: How redecorating can help improve your mental health.

From the Editor: In the November/December 2021 issue of The Residential Specialist, a contributor was quoted saying that making multiple all-cash offers on homes is illegal. This is not universally the case, as laws and legal responsibilities that apply to this tactic may vary between jurisdictions. REALTORS® should become familiar with the laws that are in place in their market. We apologize for any confusion this may have caused.

EDITOR Kimberly Cure kcure@crs.com 800.462.8841

Advertising Manager Jim Beckwith 312.321.4447 bd@crs.com The Residential Specialist is

ASSISTANT EDITOR published for Certified Residential Amelia Garza Specialists, general members and agarza@crs.com subscribers by the Residential Real CONTRIBUTING WRITERS Andrew Conner Jenna Grundtner Michelle Huffman Regina Ludes Michelle Markelz Myrna Traylor 2022 BOARD OF DIRECTORS President Holli Woodward, CRS President-Elect Pam Ruggeroli, CRS First Vice President Tricia Nekota, CRS Immediate Past President Alex Milshteyn, CRS Members Sandy McRae, CRS Bruce Myers Addie Owens, CRS Kurt Thompson, CRS John Young, CRS Chief Executive Officer Lana Vukovljak Staff Liaison Patricia Stodolny

Estate Council. The magazine’s mission is: To be a superior educational resource for CRS Designees and members, providing the information and tools they need to be exceptionally successful in buying and selling residential real estate. 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 advertising represent the opinions of the authors and advertisers, not the Council.

POSTMASTER: Please send address changes to: PUBLICATION The Residential Specialist, MANAGEMENT c/o Residential Real Estate Council, 430 North Michigan Ave., 4 th Floor, Chicago, IL 60611-4092.

Publishing Manager Scott Mason Art Director Ivette Cortes crs.com

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7 2

Negotiator Strategist Media Expert

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Mar/Apr 2022

The RRC board and I love engaging with you and look forward to even more quality time at the numerous upcoming events on our 2022 calendar.

Aerial View

From the desk of Holli Woodward, CRS, 2022 RRC President

Face-to-face in the Future

love the option to search for colleagues using the Find a CRS app. But my absolute favorite thing is to sit across the table over a cup of coffee or breaking bread with other top-tier professionals in this industry to find out why we would work well together. In fact, that’s how some of my most cherished friendships over the past 11 years began. The RRC Board and I love engaging with you and look forward to even more quality time at the numerous upcoming events on our 2022 calendar. We all agree there is nothing that compares to having the opportunity to network and build

connections face-to-face. The majority of my real estate transactions over the past few years were a result of relationships built either in the RRC/CRS classroom or at local, state or national events. There is much to be said about the power of connections, and I encourage members to participate in person (respecting your comfort level) at our upcoming events. The May Governance Meetings are a three-day in-person event in Washington D.C. with a can’t-miss RRC Night Out scheduled. In November, we will have our RRC annual meetings in conjunction with NAR in Orlando, Florida. There will also be countless state classes, CRS week and regional meetings happening across the country, where you will be able to socialize and build priceless relationships. These events will no doubt assist you to build a top-tier referral network. The Council will continue to host virtual events, as well, to accommodate those who are unable or uncomfortable attending in person. Please check the website and your state RRC pages for the latest information on the new Virtual Summits event series this year, taking place each quarter. Each session will be dedicated to a specific topic, including luxury, listings, digital marketing and investments. More information on all these events can be found at CRS.com. As you can see, we understand the value of education and networking, and the 2022 calendar reflects that. Please remember to invite a friend or colleague to join you who may not be aware of the benefits of RRC membership. This is how we grow RRC and ensure that our future transactions are with CRS’s or RRC members working to get their designation. The entire #RRCTeam22 is excited that we have begun transitioning back to more in-person events, and we are looking forward to seeing you soon! TRS

The Residential Specialist trsmag.com

Photo: Adam Murphy

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Mar/Apr 2022

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

Useful Engagements

onnect with the Council on social media, where you can engage with other members, find useful information, receive special promotions and discover content that is shareable to your sphere of influence—like these weekly infographics. Follow RRC on social media to access more amazing content!

f Facebook: facebook.com/ThisIsRRC f Instagram: @ThisIsRRC f Twitter: @ThisIsRRC

Buying a home is never easy, but knowing what to look for makes you all-the-wiser. Be aware of these red flags at an open house to ensure you’re not wasting your time or money on a home that’s not the one for you.

What are the tax benefits of owning a home? Plenty of homeowners are asking themselves this right now as they prepare to file their taxes. Make sure you aren’t missing anything that can save you money!

In today’s seller’s market, it might be tempting to list your house on your own. But the truth is, you can save both time and money when you work with a real estate professional. Don’t leave your sale up to chance—reach out to your local CRS today.

The Residential Specialist trsmag.com

Mar/Apr 2022 2022 Mar/Apr

PERSONAL PERSPECTIVE Dallison Veach, CRS, enjoys spending time with her dogs when not helping her clients buy and sell homes.

PAGE 8

Market Pulse Photo: Aaron Clampage

TRENDING HEADLINES AND IDEAS TIKTOK MARKETING

ONLINE AUCTIONS

SMART LIVING

Learn the ins and outs of this popular—and sometimes confusing— social media platform.

Advice for agents who may be new to online auction transactions in real estate.

Find out what items you’ll need to be both prepared and successful while traveling in your car.

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MARKET PULSE

Mar/Apr 2022

Personal Perspective

Profiles of people to watch

Dallison Veach, CRS

Veach Realty Group, Springfield, Virginia

“

I try to keep challenging myself and staying on top of the industry.

Dallison Veach, CRS, achieved the CRS Designation in 2016. She can be reached at VeachRealty@ gmail.com or 703-477-7920.

How did you get involved in real estate?

When he returned from World War II, my grandfather became a developer. He and my grandmother started buying land in south and central Florida, and using skills that he learned in the Army, he started developing it. My mom grew up observing my grandfather’s business, and in the mid-1970s, she got started selling real estate and stayed in the business for about 35 years along with my stepfather. About the time that she was thinking about retiring, I was a young mom working in corporate governance and government relations. I absolutely loved what I was doing, but it was not conducive to raising children. So, my stepfather said, “You should go get your real estate license.” I got my license thinking that I could help them. I’ve never looked back once I got started on my own.

When did you decide to pursue your CRS Designation?

I had been in the business for a while, and I had always tried to learn something new. I didn’t like taking the same courses over and over again. I got hooked on the CRS courses; the classes and instructors were great. So, I started looking into the Designation, fulfilling the education requirements and completing enough transactions to apply for membership. The courses made sense and I enjoyed everything that I was learning. I liked sampling different styles and techniques. I try to keep challenging myself and staying on top of the industry.

How have you taken advantage of RRC’s educational offerings?

Five or six years ago, I went to my first Sell-a-bration® in Arizona, and I thought, “Oh, I have found my people!” I picked up some great nuggets of information from that very first

Sell-a-bration. I came back and, little by little, implemented some of the things that I learned. Each year, I’ve gone back to Sell-a-bration and I haven’t missed one—except during the pandemic—but each year I bring back something from the event, even if it’s just one little nugget that I can implement.

What kinds of tips have you been able to use in your business?

One of the first instructors I really connected with was Debbie Yost, CRS. But one of the very first things that resonated with me was helping clients celebrate the homeownership process. She planted the seed for an idea of doing a bow and ribbon or ribbon-cutting ceremony. I adapted it so that any buyer who closes on a house gets a red ribbon ceremony when we do the final walkthrough. I have this gigantic ribbon that I put across the doorframe with a big red bow, and I bought these huge scissors to cut it. We take a video and post it on social media, and then every year, I send them a postcard with “Happy

Home-iversary.” The clients love it.

Do you take part in any community service projects?

Right now, I am the president of the Brain Foundation. It was founded by REALTOR® Trudy Harsh to help her daughter and others who suffer from brain disease or injury make sure they have access to a decent and affordable place to live independently, with supportive services. Many of them are on disability income because they can’t work, so they don’t have a lot of money. Harsh started working with HUD and different agencies within the state, and the Foundation bought nine houses over several years. We run them as group homes, and we help find support for the individuals in each house. We rent the residents a furnished room well below market price and we pay the utilities. We charge 35% of their income for the rent. We don’t provide services, but we partner with agencies that do and make sure they have support from Fairfax County to live independently. TRS

The Residential Specialist trsmag.com

Ways to utilize the popular social media app TikTok

Short, Sweet and Powerful By Myrna Traylor

iStock.com/mapodile

f you don’t have a social media aficionado in your life, you may be surprised to learn that TikTok has not only taken off for its diverting dance and sliceof-life videos, but as a potentially useful marketing tool for REALTORS®. Typically, TikTok videos run from a dozen seconds to a few minutes in length (apart from TikTok live streams) and can be an ideal format to promote messages about your brand and your business.

The Residential Real Estate Council crs.com

REALTORS® have had both small and large successes on TikTok. Agents in luxury markets have posted flythroughs of their fabulous home listings, going viral in the process. Others are gathering tidy groups of followers with lifestyle and business tips. Whatever way you use the platform, having another medium that can help keep your name top of mind with colleagues or potential clients is a very good thing.

Mar/Apr 2022

MARKET PULSE

Mar/Apr 2022

“

It’s such a unique opportunity to connect with people who do the same thing you do.”

TikTok Ways to utilize the popular social media app was familiar with the informal groups that coalesce around common interests. “It’s such a unique opportunity to connect Madeline Balgavy, with people who do the same thing you real estate associate at RE/MAX Elite in do,” she says. “They have similar experiLittle Rock, Arkansas, ences; you have inside jokes and relate to has only been in real the same things. When I was teaching, I estate since February was in ‘teacher TikTok.’ When I [became 2021, but she has a REALTOR®], I thought, there must be already started to use TikTok. “I was a a group of real estate agents on here, too.” teacher, so I have a very social background,” By searching for and following peoBalgavy says. “And I’ve always been active ple who are using tags (equivalent to on social media. I knew going into real hashtags) related to real estate, Balgavy estate that I wanted to make the most of was able to find her new affinity group. my sphere of influence. I really wanted my The platform’s algorithm tracks what business to come from people who already a viewer is watching and then offers know me, like me and trust me. And if it up similar content. Liking, sharing wasn’t them, it was someone from their or commenting on those posts boosts sphere that they’re referring to me.” the likelihood of getting even more of Balgavy explains that she had been on that type of content, saving each user TikTok before she stopped teaching and precious time.

Finding your audience

—Madeline Balgavy

OTHER TIKTOK CONSIDERATIONS f DIY or hire a pro? It is fairly easy to create a video with a smartphone, but if you are putting together a series or shooting a large home/ property, you may want to engage a videographer to get a more polished product.

f Cross-post to Instagram and Pinterest. TikTok’s algorithm responds positively when you post on other platforms, as well, where you might have longer or broader content. f Use TikTok’s tools to add titles and labels to your video.

f Don’t forget to tag! Use those hashtags to draw in interested viewers and nudge the algorithm. The most popular include: #realtor #realestate #realestateagent #realtorlife #home #househunting #forsale

In the webinar recording “Everything About TikTok,” you can find more information on how to get started and maximize this platform for your business. Visit CRS.com/webinars for more.

Balgavy shows off hotspots and landmarks in her market, letting viewers see where she lives and works.

Balgavy took advantage of the Christmas season to provide timely advice for fellow agents who follow her.

She also gets more personal with a post featuring her dog— not all content needs to be industry focused.

The Residential Specialist trsmag.com

iStock.com/Esra Sen Kula

Here are some examples of creative posts from Balgavy:

Mar/Apr 2022

What to post

Once you’re familiar with TikTok as a viewer, it’s just a short jump to creating your own content. In broad brushstrokes, there are three types of content that agents might want to post: real estate tips, home views and lifestyle/ brand content. 1. The short video format is ideal for sharing quick business tips. These don’t have to be too drawn out—you want to have a single idea that you can get across quickly and succinctly. You might want to turn some bigger ideas into a series, such as: f What’s going on in your market f How to prep a home for sale f How to pick an agent f How to plan a first home purchase 2. When a home is clear or beautifully staged, it might be a good candidate for a video presentation. The listing agent doesn’t necessarily have to use this as an ad for the specific home, but more as “see the lovely homes we have here in Anytown, USA” content. No narration is needed— give your video a boost by selecting a trending song as the only soundtrack.

iStock.com/Maria Shapilova

3. Lifestyle and brand content runs the gamut. Dancing or lip-syncing to a trending song, preparing a batch of cookies at home or introducing viewers to a favorite neighborhood park or animal shelter are all ways to help potential clients see a more relaxed side of you. Don’t be discouraged if you have a small number of likes or followers. Your ideal client may not be on TikTok, but their nephew or daughter-in-law might be. Building an approachable TikTok presence can be yet another part of your overall marketing plan. The Residential Real Estate Council crs.com

Madeline Balgavy (TikTok: madelinesellsarkansas) created a quick post announcing her first sale of 2022.

So far, Balgavy has a posting strategy that is working for her. “I’m not necessarily on TikTok to try to create leads or have an actual buyer message me or something,” she says. “I’m more about connecting with REALTORS® because we have lots of people relocating to Arkansas right now from all different parts of the country. A REALTOR® in California reached out to me with a referral, but I had to refer it out because it was Northwest Arkansas, not in Central Arkansas, where I am. So, the opportunity is there—I just tell people that this is something that’s creative. You can have fun with it.” TRS

MARKET PULSE

Mar/Apr 2022

Online Auctions

Navigating the world of virtual bidding

Going Once, Going Virtual

“

With online auctions, you can bid on your phone from the comfort of your home.” —Verna Littleton, CRS

By Michelle Markelz

s the pandemic revealed, many things that once took place in person can be accomplished online—and auctions are no different. But those seasoned in online real estate auctions know that just because you can bid on a house online, doesn’t always mean you should. Verna Littleton, CRS, broker with KAIZEN Realty, LLC, serving the Memphis, Tennessee, market, has been involved in online auctions for about five years and has participated in about 40. We sat down with Littleton to learn the ins and outs of online auctions and how to avoid some of the biggest pitfalls.

Q: What are some of the benefits of online auctions?

A: When you’re bidding online, you feel more confident. It’s not like a live auction where you’re in the same room with the people you’re bidding against. Before I was experienced at bidding, it was intimidating to bid at a live auction. With online auctions, you can bid on your phone from the comfort of your home.

Q: Low inventory must make bidding very competitive. How should buyers think about their budget when bidding in an online auction?

A: It’s good to have a budget, but just know you’ll probably go over it— especially with low inventory and more people bidding. Most people try to estimate their repair budget and what they’ll be

Q: Have online auctions been on the rise? How did the pandemic affect their popularity?

A: Since the pandemic, auctions have really taken a hit—both live and online. Normally, there would be a good number of properties for purchase, but moratoriums and forbearances have really decreased inventory. The government and a lot of mortgage companies have been working out payment plans or put foreclosures on hold, which has kept inventory low.

The Residential Specialist trsmag.com

Mar/Apr 2022

iStock.com/Natali_Mis/rambo182

able to sell the home for after repairs, but that’s hard to do when you haven’t seen the property. Usually, there are two types of buyers: those who’ll renovate and those who’ll rent it out. The buyer planning to rent the property may not do a rehab and may be able to make more return over the longterm, so they may have a higher budget.

The Residential Real Estate Council crs.com

MARKET PULSE

Online Auctions

Mar/Apr 2022

Navigating the world of virtual bidding

ONLINE AUCTION DUE DILIGENCE CHECKLIST 1. Visit the property. Even if you can’t officially inspect the property, go there and visually inspect what you can or have an agent go on your behalf. Try to determine how well the house has been maintained from the exterior. You can identify some big-ticket items, such as the quality of the roof. 2. Check for tax liability. If there are delinquent taxes on the property, you inherit those when you buy it at auction. 3. Determine if the property is vacant or occupied. If it’s occupied, you’ll have to evict the occupants. If it’s vacant, and utilities have been off for a long time, you may need to have the utility providers come out and inspect, which may uncover code violations.

A: Yes. It’s just too much for a regular homebuyer to absorb. They need to buy a property in good condition. With foreclosures, there are a lot of unanswered questions. If something goes wrong, they’re going to be looking for someone to blame—and it’s likely going to be their agent. Even if I get a buyer who is adamant and wants to pay cash, I advise against it. I specialize in working with investors who may have more financial reserves and are accustomed to taking chances.

For more quick takeaways on online auctions, visit NAR.realtor/ auctions.

Q: You noted that it’s hard to determine a rehab budget without seeing the property. What other blind spots do online auctions have?

A: I tell people considering online auctions, “Buyer beware,” because they most likely will not be able to inspect the properties. That means you won’t know what repairs

are needed. The bank doesn’t have to make disclosures like a regular seller because they don’t know about them either. Whenever you can get into a property, I encourage buyers to do their due diligence. In some instances where the warranty deed is issued, the buyer is able to do a title search, but in some online auctions, you have to do your own research and determine if taxes are current. You could be inheriting delinquent taxes or liens on the property. I strongly recommend that anyone interested in online auctions work with an agent to help them do this due diligence.

Q: How do you recommend staying calm during an online auction?

A: There’s nothing like the thrill of being in the middle of that auction. It’s almost like a pride thing—you’re always thinking, “I don’t want to lose this over $500.” My advice is, whatever budget that you set, stick with it. Don’t get caught up in the hype. When that adrenaline starts flowing, have a mental stopping point. TRS The Residential Specialist trsmag.com

iStock.com/Natali_Mis

Q: It sounds like there is a lot of risk with the unknowns of online auctions. Would you say the average homebuyer is better off purchasing traditionally?

Mar/Apr 2022

MARKET MOMENT

Converting Commercial Real Estate to Residential The pandemic has caused turmoil in the commercial real estate market. Many companies have transitioned from office work to working from home, resulting in lost revenue for building owners from lack of tenants. But there may be a profitable solution for these vacant office buildings: converting them to residential units. To better understand this real estate pivot, the National Association of REALTORS® (NAR) commissioned a study, “Analysis and Case Studies on Office-to-Housing Conversions,” published in November 2021. Here are a few of the key findings from that report: f To determine if a conversion is economically feasible, the apartment revenue generated (Class A) must be higher than current Office Class B/C rents. The report concluded that “22 out of 27 metros heavily impacted by the pandemic have market conditions that make office-to-housing conversions feasible.”

f Using data collected, NAR estimates that 43,500 housing units can be created if 20% of all vacant office building square footage is converted into housing. The result is an average size of 1,000 square feet per unit. (This number was determined using information from the U.S. Census Bureau, which stated that in 2020, the median family-rented residential unit is approximately 1,075 square feet).

Metro areas with the potential to create at least 2,000 housing units from office building conversions are:

New York City 7,484

Boston 2,808

Chicago 5,688

Atlanta 2,799

Philadelphia 2,733

Los Angeles 4,200

Minneapolis 2,081

To read the report in full, along with several successful case studies regarding this practice of commercial-to-residential real estate conversion, visit NAR.realtor/research-and-statistics. The Residential Real Estate Council crs.com

Orange County, CA 3,065

Denver 2,009

TRS

MARKET PULSE

Mar/Apr 2022

Smart Living

Tactics for professional growth

Must-have Items on the Road

any real estate agents find that their car or other method of transportation turns out to be more of an office than their actual office. Much of the real estate business occurs on the road: on the way to showings, open houses and meetings with clients. Having items in your car that make your life easier is a must. From personal hygiene items to backup attire—there’s a lot you’ll need to be ready for a smooth day and to be prepared for any issues that arise.

For other REALTOR® lifestyle content, check out "This REALTOR® Life" written by RRC members at CRS.com/resources/ this-realtor-life-blog.

The Residential Specialist trsmag.com

Mar/Apr 2022

Flat shoes

High heels or Oxfords may look great but walking in them all day can cause immense pain. When you’re in between appointments, toss on a pair of flats or sneakers to give your feet a break.

Toothbrush, toothpaste and mouthwash

If you work on the go, you likely eat on the go. Always have a dental hygiene kit in your car so you can freshen up before meeting with leads and clients.

Air freshener

USB charger You probably drive clients Keep your cell around from phones, tablets and listing to listing— computers powered don’t rub them the up and ready to go wrong way with any with a USB charger, “off” smells, especially which most modern cars have plug-ins for. if you eat in your car. Air fresheners are just a few dollars, and Healthy you’ll thank yourself snacks for having one. Having granola bars, fruit or your Dog preferred snack treats nearby can prevent Some prospective you from missing out buyers bring along on nutrition through- their dogs on their out frantic workdays. home search, or Having healthy occupied listings snacks handy will may have one at the prevent you from house. Having dog making a less-healthy treats on-hand will food decision, like surely impress fast food. fur parents!

Screenshots of website/listings

Not everywhere you go has good service or WiFi, and you don’t want to miss out on business because of it. By taking screenshots of your website and listing pages, you’ll have a solid backup plan to show prospective clients listings that might interest them. TRS

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Here is what some CRSs say help them survive while on the go:

“I have a pair of flip-flops for the drive home, a hair scrunchie and cell phone chargers. Also, I always travel with an umbrella. I live in Florida, and if it is not raining now, wait 30 minutes and it will be.” —Tiffany DeVaux Spence, CRS

“A hammer, because you never know when you’ll need one. And in the summer, a silicone oven mitt—lockboxes will burn you when it hits 110 degrees out here in Arizona.” —Jan Leighton, CRS

“I have a real estate box in the trunk of my car that contains these essential items: a flashlight; AA batteries; measuring tape; light bulbs; a receptacle tester; masking tape; pliers; a screwdriver; a small water wrench; a small umbrella; work gloves; and the ever-important roll of toilet tissue.” —Jesse Cordova, CRS

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WAITING GAME

Mar/Apr 2022

THE

By Regina Ludes

Jeremy Caleb Johnson, CRS, recalls working with a couple who had difficulty making a decision on a home purchase because they had something specific in mind. “They were empty nesters who were downsizing from an 1,800-square-foot home to a smaller property near the water,” he recalls. “Whenever I found a property that I thought they would like, they made excuses why it wasn’t right.” He finally showed the couple a house that seemed perfect. “What prompted them to pull the trigger on this property was that there was a deeded boat slip across the street,” Johnson says. When the deal finally closed— nearly five years after they began their search—the couple told Johnson, “It isn’t perfect, but it’s the right home for us right now.” Hesitant buyers present a unique challenge to today’s real

estate professionals, especially in hot sellers’ markets. These buyers may show interest at the start, but when it comes time to make a serious offer, they make assorted excuses for not buying, from not getting involved in a bidding war to a fear of moving to an unfamiliar location. It’s a life-changing decision that can paralyze some buyers into indecision, sometimes indefinitely. By practicing patience, understanding buyers’ motivations and providing sound advice, agents can ease buyers’ fears and convert them into satisfied homeowners.

Determine buyers’ readiness

According to the National Association of REALTORS®, 51% of all homebuyers purchased their home because the timing was right to move. Only 2% said they wished they had waited to buy. Determining a buyer’s readiness can be tricky business. Before showing

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Some homebuyers can make snappy decisions, while others are slow to make an offer— even when the perfect home is right in front of them.

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Mar/Apr 2022

By practicing patience, understanding buyers’ motivations and providing sound advice, agents can ease buyers’ fears and convert them into satisfied homeowners.

For a deeper dive, check out the numerous webinars geared toward homebuyer strategies on CRS.com/webinars.

a single home, agents need to sit down with buyers, educate them about the current housing market and discover their motivation for buying, says Monica Neubauer, CRS, with Benchmark Realty in Franklin, Tennessee, and RRC instructor who teaches “Effective Buyer Sales Strategies.” This consultative approach can help agents recognize signs of hesitancy before the search process begins. “Agents need to get a full picture of what buyers are looking for. They may realize that some hesitant buyers aren’t ready to buy,” says Neubauer. Further, some buyers may not articulate their concerns, so it’s up to agents to recognize non-verbal cues. Neubauer says hesitant buyers may avoid answering your questions, make excuses or delay decisions indefinitely. Johnson notices a closing off of their body language, crossing of arms and a lack of emotion in the buyer’s demeanor. That’s when he asks some questions, like “How do you feel about this house?” or “What are you thinking?” “Sometimes, they don’t know the answer,” Johnson says. “Sometimes, it’s about the warm, fuzzy feeling they expect to get when they’ve found the right home, and they’re not getting it.” Sometimes, agents need to give clients a nudge. If, after losing out on several offers, buyers are still waffling on making another offer, Neubauer suggests asking a simple question to determine how serious they are: Do you want to make an offer, or do you want to buy a house? “If they’ve made five offers that haven’t been accepted, and they’re not willing to make a more serious offer, it might be time to let them go,” Neubauer says.

COUNTER FEARS WITH FACTS

Several common issues can stop buyers in their tracks, such as not wanting to get involved in bidding wars, being too comfortable in their current home and fear of moving to a new location. By focusing on facts, agents can ease buyers’ concerns.

Fear of competition

In markets characterized by low inventory, high demand and bidding wars, many buyers decide to back off from the competition. This is especially true of younger buyers who may not have the financial wherewithal to outbid someone else. “People find the process discouraging, especially firsttime buyers,” says Michael Marcus, CRS, broker-associate with Coldwell Banker in Denver, Colorado. “After losing out on several bidding wars, some decide to continue renting, hoping that the heated market will slow down.” To counter this concern, Marcus educates young clients on market realities. He explains that the market may not change much a year from now. Properties may be 20% higher then, historically-low mortgage rates may rise and there may still be low inventory. Even with his explanation, first-time shoppers may still decide to continue to rent, delaying the purchase decision further. It can take another year before these buyers decide to search again. So in the meantime, Marcus signs them up to receive MLS alerts and contacts them monthly until they feel ready to buy. By then, they’ve learned more about the housing market and feel more confident about bidding against other buyers, Marcus says.

Too comfortable where they live now

Existing homeowners looking to downsize or upsize may also experience hesitancy. They may want to move, but may not have a strong incentive to move right now. Since they’re already established in their home, they can take their time looking until they find something that meets their criteria, and that process can take up to a year—or longer. The Residential Specialist trsmag.com

Mar/Apr 2022

Just as he does for first-time buyers, Marcus keeps these clients in the pipeline by setting up MLS alerts, which inform prospects about properties that have come on the market. Marcus receives the alerts, too, and follows up with buyers to see if they want to visit the property, which they usually do. The follow-up process may seem tedious, Marcus says, but his patience is usually rewarded. “There’s no hurrying these buyers or pushing them to make a decision. You have to wait for them to want the home before they’ll pull the trigger,” Marcus says.

Fear of moving to an unfamiliar location

While Virginia Beach is a destination and military market with 450,000 residents, Johnson says many people outside the growing city aren’t familiar with all it has to offer. He adds that some buyers feel overwhelmed by the prospect of moving to the area, which contributes to their hesitancy. Adding to their confusion is the advice they get from friends and colleagues about where to live in Virginia Beach, some of which isn’t practical.

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Advice for agents

As some buyers contemplate their purchase decision, agents must be patient and lend support when they need it. “You can’t push buyers into a decision before they’re ready. You can’t want to make that purchase more than they do,” Marcus says. Agents should keep an eye on the long The Residential Real Estate Council crs.com

To counter these concerns, Johnson coaches out-oftown buyers about the different neighborhoods, explains the characteristics and culture of each community along with the amenities they expect to find. “Whether it’s about economics, the school district or safety concerns, I’ll find the right resources, check school websites or contact the local police to get them the information they need to make an informed decision,” says Johnson.

Primary Reason for the Timing of a Home Purchase Common reasons It was the right time for them/buyer was ready to buy Did not have much choice, had to purchase when they did Availability of homes for sale Available mortgage financing options Improved affordability of homes Wish they had waited

term. “They may not buy now, but they might in the future,” Marcus adds. Johnson concurs. “Staying focused on the buyer’s needs and goals will drive the search process. Remind them of their end goal, dangle it like a carrot stick. Sooner or later, they’ll find their own motivation and move themselves off the fence,” he says. TRS

Among all buyers 51% 15% 12% 5% 4% 2%

Mar/Apr 2022

GLOBA

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LIZE your business

Mar/Apr 2022

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By Andrew Conner

Taking great care of any real estate client means building a trusting relationship and communicating clearly. While this doesn’t change when your client happens to be halfway across the globe, there are challenges presented when you represent an international client. Whether it’s understanding the customs and the way business is done in a different country, or simply adjusting to the time difference, here is some advice from agents about how to successfully work with international clients.

The culture connection

Building a working relationship with an international client can have many intricacies. However, the first issues you will likely run into are the most obvious: cultural and time zone differences. “That is probably going to be your first breakdown, if you can’t all get on at the same time,” says Diana Galavis, CRS, broker-associate with Watson Realty Corp. in Jacksonville, Florida. Galavis explains that the pandemic actually made this aspect of working with foreign clients easier, with Zoom making the world smaller and enabling more face-to-face interactions. But she says you must be prepared to talk on camera. “Make sure you dress professionally when your camera is The Residential Real Estate Council crs.com

on,” she says. “And do research, so you understand what may be customary in their neck of the woods.” Galavis points to the book “Kiss, Bow, or Shake Hands” as a great resource for learning about business customs in other countries. Mark Kitabayashi, CRS, managing broker at Windermere Real Estate Puyallup Inc. in Puyallup, Washington, also recommends the book, and explains how important understanding customs can be. “A good example is negotiating,” he says. “Usually in the U.S., we submit a purchase and sales agreement as an offer and then that is signed and becomes a contract—and we don’t negotiate from there. In many countries, you don’t sign the final purchase and sales agreement until the closing table. And if you don’t educate your clients about that difference, they can get frustrated when they want to keep negotiating.” Kitabayashi also points to the concept of low context vs. high context cultures as being a helpful shorthand for how to engage with international clients. “Low-context cultures are like the U.S.,” he explains. “Once you have a contract or agreement, that’s the law. In high-context cultures, it’s more about the relationship, and the contract is just part of that relationship.” Knowing what is more common in your client’s country will help you better identify which topics and customs might need more explanation.

The book “Kiss, Bow, or Shake Hands” is a great resource for learning about business customs in other countries.

Mar/Apr 2022

With foreign investment in U.S. real estate booming, there has never been a better time to brush up on your international business skills.

For more information on dealing with international clients, check out “Understanding Cultures to Help Your International Business” on CRS.com/webinars.

Building a team

Just as your clients rely on you to be an expert in real estate, you need to rely on experts in other fields to help support transactions. And this is even more important when working with international clients. “You definitely need to vet the people you’re working with,” says Galavis. “You don’t want your client to be the first international client they’ve worked with.” For attorneys, accountants, consultants or even interpreters you may be working with, Galavis recommends looking at their experience: “You want to know if they have knowledge of the specific country you’re working with, you want to know how much international business they do and you want to make sure they can work the same hours you’ll be working because of the time difference. You also want to make sure they understand that sometimes international clients might need special attention.” Kitabayashi suggests working with REALTORS® in your company or in your area who have experience in the country you’re working with—if they’re available. “Rather than a translator, I’d find a REALTOR® who knows the country and does business in that country, and then you know they will have resources that will help. [For example,] a good friend of mine is a top producer in the area who deals with foreign buyers. She deals with a lot of Chinese buyers, so if I needed help with a Chinese transaction, I would go to her.” Both Galavis and Kitabayashi agree that you should always choose the right person for a specific transaction. Neither have a dedicated “team” of international experts that they always work with. “You might

have five different attorneys with whom you work regularly, and each specializes in a different country or region,” says Galavis.

Navigating legal waters

As agents are well aware, many legal and tax issues can crop up during real estate transactions. Naturally, these issues can be amplified when dealing with international clients because you now have to be cognizant of the law in another country. While there is not a lot of general advice on tax and legal issues for foreign clients—it varies from jurisdiction to jurisdiction—there is one accounting concern that all agents dealing with international clients should be aware of: the Foreign Investment in Real Property Tax Act (FIRPTA). Under FIRPTA, foreign persons selling U.S. property are required to withhold a certain percentage of the amount of the sale—usually 10%–15%—to ensure that taxes are paid in the U.S. For agents, the most important action to take regarding FIRPTA is informing your clients about it. “FIRPTA doesn’t affect the international buyer on the front end, but if they are ever interested in selling the property, it can be a big concern because taxes will have to be withheld,” says Galavis. “If you’re the agent working with them, and you don’t let them know and they find out when they’re going to sell the property, they may not be happy about that.” Galavis adds that being aware of exchange rates can be helpful, not just when selling property and FIRPTA comes into play, but also to ensure your buyers aren’t hit with a larger cost than they anticipated due to fluctuations in currency. The Residential Specialist trsmag.com

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Mar/Apr 2022

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A foundation of education

If you have international clients or are thinking of representing them, a great way to get started is to educate yourself. Look no further than the resources RRC has available—the Council offers numerous recordings on its Education Catalog for those REALTORS® who’d like to sharpen their skills for dealing with international buyers and sellers. For example, Kitabayashi presented a course that’s featured on the CRS website, “Understanding Culture to Help Your International Business,” which will help you avoid cultural faux pas and keep international clients happy. There are other educational options beyond the Council, as well. Galavis, Kitabayashi and Hollie Himmelman, CRS, broker with @properties in Chicago, Illinois, are all Certified International Property Specialists, or CIPS. Himmelman explains that taking the course has

helped her be better prepared for foreign clients. “I’m a huge believer in continuing education,” she says. “I like to keep learning. The CIPS course is a great overview and very immersive. I think if you want to get involved, it is a great starting point to leap off from.” After that initial overview, Himmelman recommends getting involved in local real estate organizations and leaning on your company or brokerage, if you have one. “Via my brokerage, I have global connections. And if you want to learn and participate, there is an opportunity.” As Himmelman notes, CIPS is just a starting point. Once you get your foot in the door for international business, you’ll only gain more experience and be able to provide more value to your clients. With foreign investment in U.S. real estate booming, there has never been a better time to brush up on your international business skills. TRS

Network and Enjoy Other Benefits By earning your CIPS designation, you will gain access to the CIPS Network, which is composed of over 3,500 real estate professionals in 45 countries. This members-only group is specifically for real estate practitioners of the National Association of REALTORS® who have earned the CIPS designation. REALTORS® who have earned this designation are consumers’ best and most trusted resource for navigating the global market. Source: NAR

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RRC has many online education opportunities available to CRSs who have questions about dealing with international clients.

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Mar/Apr 2022

FROM A DREAM TO A By Jenna Grundtner

Every home on the market is not going to be a picture-perfect, immediate sale.

You have to put the home in a narrative that uses the negatives as a positive.” —Christopher Adams, CRS

Pricing as-is Matthew Plummer, CRS, CEO and designated broker at MVP Realty Group in Olympia, Washington, says pricing these types of homes is not as simple as adding or subtracting what renovations/repairs may cost; it’s not black and white. “Buyers often have no concept of what it’s going to cost, so they will, in their minds, likely have an inflated idea of what it will cost to perform the work that needs to be done,” he says. “The other aspect of it is buying a home is an emotional thing, and people have a very difficult time having an emotional attachment to a property they can’t envision yet.”

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“

Some homes require extensive updates prior to selling, while others must be marketed as purely renovation projects or complete tear-down opportunities. Each house, seller and buyer is unique, and it’s the REALTOR®’s job to guide the sale—from pricing to marketing to finding value when it isn’t always obvious.

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“

In the end, an as-is sale of a property that is less desirable in its viewing is ultimately going to sell for less than what it would actually cost to renovate and bring it to its fullest potential.”

He says that intangible, emotional attachstructure, and then providing solutions ment equates as value in the buyer’s mind. for minor renovations, expansions or even “In the end, an as-is sale of a property that scrapping the property completely. is less desirable in its viewing is ultimately “If you price the property solely based going to sell for less than what it would on land value—disregarding the existing actually cost to renovate and bring it to its structure (regardless of what that is)— fullest potential,” Plummer says. you’re going to remove a lot of potential Peggy Witt, CRS, owner and broker at profits for the seller,” he warns. Witt & Associates in Atlanta, says that “as Pam Powers, CRS, owner and broker all CRSs know, it’s the market that ultiat Powers Properties in Greenwood, Mismately determines the price of the property.” sissippi, specializes in selling historical She utilizes comparisons and her past properties, and she utilizes appraisals to experience in interior design to give clients help sellers list at the prices they want. “In a way, I’m selling a person’s antique, a good idea of what things will cost. Timothy Kinzie, CRS, founder of Montlor so I really do take into account what the Luxury Realty in Cary, North Carolina, seller wants to sell at,” she says. “And of course, I compare prices in other towns suggests considering both the value of the with historical properties.” land itself and the value of the existing

—Matthew Plummer, CRS

Sometimes, it can be a struggle to convince sellers that NOT making renovations prior to selling is the right move, and agents need to be prepared to give advice. “To go through this expense, right before you sell, and you’re not going to get to enjoy it … why do it?” Witt asks. “Let’s just price it accordingly.” Christopher Adams, CRS, owner at Montlor Luxury Realty’s Denver office, agrees. “There’s a certain invisible line for the definitive return because if you spend so much money, that doesn’t necessarily mean you’re going to get it back. That’s the

most complicated part of selling homes in disrepair,” he says. Alternatively, Plummer typically advises sellers to make any and all renovations they can, if its within reasonable bounds. “My advice is that if they are at all feasible from a financial and logistical standpoint to do it, you do it now,” he says. “That’s always the best move you can make.” For those who don’t see it as financially feasible, some companies offer investment funds to get renovations done prior to going on the market. The seller then pays the costs at the close of sale. The Residential Specialist trsmag.com

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Mar/Apr 2022

HOW TO MARKET RENOVATION PROPERTIES When it comes to marketing antique properties, Powers says “putting your bait everywhere” is key.

Size and location

“I’ve realized the importance of out-of-state marketing— California, Colorado, out West” she says. “What they pay for a ‘box’ out there could be a mansion in my market. And then when there’s interest, I have to sell them on where the house is—location, town and people, historical significance, etc.” She also emphasizes the importance of free advertising, like contributing articles in newspapers and community magazines. For showings, Plummer, Witt and Powers have not entirely bought into the idea of virtual staging, dubbing it a “thin line” between being helpful and being fake or disproportionate and, ultimately, an obstacle to the sale. Instead, they rely on a combination of creative salesmanship and realistic perspectives.

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Make it your own

“I tell them, ‘First, we’re going to get a deal on this property.’ If there’s any opportunity in this very tight market to get a deal, it’s going to be on one where the seller did not have the opportunity to do the work necessary to bring it up to par,” Plummer says. “And second, I say, ‘Now you get the opportunity to make it your own—and you won’t have to rip out perfectly good materials that just aren’t your style.’” Witt creates hand-drawn mockups of potential renovations and has even restaged rooms to be used in ways not originally intended. The Residential Real Estate Council crs.com

Turn negatives into positives

Powers often creates videos walking through the homes to send to potential out-ofstate buyers and share via YouTube. “You have to put the home in a narrative that uses the negatives as a positive,” Adams says. “You basically reverse-engineer the marketing and build the program to fit the home.”

Cost analysis

Many REALTORS® bring in experts in trades, like flooring and painting, to give the client accurate bids and quotes, giving them a full understanding of what this investment looks like. Kinzie also provides actual blueprints, architectural models and material samples in addition to realistic timelines and rough cost estimates for these types of renovations. “When you’re selling these types of properties, you’re really selling potential, and you have to paint a vision for what’s possible,” he says. “You have to find a balance between being honest about the property’s current state and what it could become.” Doing this allows for a buyer to understand the true potential of the purchase. “Having all of these things together allows a home to go from a dream to a plan of action,” Kinzie says. TRS

For more on how remodeling can maximize your return on investment, visit NAR.realtor/ remodeling.

Mar/Apr 2022

THE END

is just

By Michelle Huffman

You’ve signed the papers. The deal is done. But the relationship isn’t over. “I always walk out of the title company office and tell my clients, ‘The relationship doesn’t end here. It’s just beginning. Even if you have a problem in 10 or 20 years, call me and I can help you with it,’” says Rick Baker, CRS candidate, of Coldwell Banker in Dallas, Texas. At this point, it’s up to the agent to foster that relationship, ensuring that this past client

becomes a repeat client and refers other potential clients. While you can put your clients on a list so they start receiving the standard touches everyone in your database receives, some CRSs prefer to put them on a personalized plan starting from closing day.

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Mar/Apr 2022

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THE

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Mar/Apr 2022 Ricky Cain, CRS, with the Cain Realty Group-Keller Williams in Austin, Texas, developed a Client Concierge program to help homeowners through the early weeks after purchase, as well as years afterward. He also has a club program that rewards clients who engage in certain activities. After closing, Jeff Wu, CRS, with Keller Williams Capital Properties in Fairfax, Virginia, makes great use of the pop-in by delivering practical home gifts to his clients, from a fire extinguisher to measuring cups.

the first six months after closing

Check out “Don’t Play the Same Game with Repeat Buyer Business” at CRS.com/webinars.

These kinds of relationship-building activities are no small feat, but they are worth the effort, agents say. Cain’s overall program resulted in a 30% increase in referrals and repeat client transactions, he says. Meanwhile, Baker says he’s only spent $3,000 on marketing over the 10 years he’s been in Texas because his investment in relationship-building brings in the vast majority of his clients. Take a look at what populates these agents’ post-closing touchpoint plans and see what might work for your clients.

Create a timed check-in touchpoint checklist

Wu has a simple 1-1-1 method: He plans to have personal follow-ups with his clients 1 day, 1 week and 1 month after closing. These are calls he places to personally check in. He also follows up at 30 days with a thank you card and any other new closings in the client’s area. Joy Carter, CRS, with Keller Williams Realty in Coral Springs, Florida, sets up her plan as 10 days/90 days/ 6 months. She also offers a Starbucks gift card at the six-month mark.

Help clients take care of business

Cain’s concierge service stays in touch with clients extensively during the six weeks after closing, and even years after that. They check in on items like ensuring the sign and lockbox are gone, helping clients change their mailing address if they haven’t already and letting their clients know about the company’s Cain’s Club, which offers rewards like gift cards, books, airline credits, etc. after they do things like make referrals, attend Cain’s events or volunteer in the community.

Remind clients of your vendor list

Most agents have some kind of vendor list with recommendations from painters, remodelers, landscapers and more. Cain plays on Angie’s List with his Cain’s List, which he offers to clients as part of his postclosing touches.

Offer practical tools that help homeowners

Wu wants to ensure that all his touches after closing are useful, so his pop-ins always offer “practical gifts that we line up to continue to add value in a way that’s not too much.” These include a first-aid kit, fire extinguisher, plunger, measuring cups, tool kit and a framed photo of clients in front of the home. “All are well received and super useful,” he says. The Residential Specialist trsmag.com

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Mar/Apr 2022

1. Help with taxes

YEAR P

Sometime within the first year, make sure you send the prior year’s final settlement statement for tax purposes, around January, says Jeff Dowler, CRS, with eXp Realty in Carlsbad, California. Baker takes this a step further and coaches clients through how to argue their property tax assessment and potentially achieve lower taxes.

2. Home-iversary cards

T- C LO

At the one-year mark, send out a homeiversary card. Some agents like to offer a pop-in with a gift at this point. Baker likes to use this opportunity to let clients know that after a year of paying their mortgage, they may have better credit and may qualify for better rates on loans like their mortgage, auto loans or even auto insurance rates.

3. Home valuation postcards or emails These follow-up messages are popular with clients and can be sent quarterly, semi-annually or annually. But if you want to elevate these messages and add more value, personalize the message. Baker reminds clients to use this opportunity to reassess

their mortgage and/or their homeowners’ insurance. As home prices in his Dallas market continue to grow, many homeowners gain enough equity to get out of paying PMI or may have a significantly more valuable home than they are insured for.

ORGANIZATION

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is key to follow-through All of these touchpoints are driven by a spreadsheet, database or CRM. “I live and die by my database,” Carter says. “You can’t run a system without a database, and you have to religiously check in to it every day.” Managing all the touchpoints, specifically when a client is on a personalized timeline counting back from their close date, can get tricky without one. “I have stayed in touch with past clients in a number of ways but did not have a formal The Residential Real Estate Council crs.com

system for tracking what I was doing until a few years ago,” Dowler says. “My spreadsheet helps me keep track of all the client touchpoints during the year (right now there are a total of 26 items I track), so I know from month to month what I am supposed to do and can mark it done when completed.” Ensuring that clients are well taken care of during the transaction is every agent’s job. But ensuring they know they are well taken care of far beyond that transaction is a sign of a truly stellar agent. TRS

Other Touches Throughout the Year There are also unique ways to handle monthly check-ins that may bring greater value to clients or help you stand out.

Jeff Wu, CRS, Joy Carter, CRS, and Jeff Dowler, CRS, use a service called Happy Grasshopper, which creates off-thebeaten-path emails that skip the sales pitch (an example email on the company’s website talks about the conversion of a Blockbuster video store into an Airbnb).

Rick Baker, CRS, uses a service called From Your Friends, which sends a monthly free offer for something in the homeowner’s community, typically a free meal at a local restaurant. Many agents host events throughout the year, whether it’s a Thanksgiving pie pick-up, a meet Santa event or an afternoon bowling party. New clients get added to the invite lists for these events, which may offer multiple touchpoints to promote, remind and follow up about the event.

Market Values

Mar/Apr 2022

Insights from industry data

Who’s buying a

Home at Auction Source: ServiceLink, a provider of tech-enabled mortgage services

A survey of 3,000+ consumers

AWARENESS

50% 40% 30%

28 % of U.S. consumers were unaware they could buy a home at auction.

62 of U.S. consumers would consider buying a home at auction.

30%

Millennials (ages 25-40)

Gen Xers (ages 41-56)

10%

21%

0 Gen Zers (ages 18-24)

Baby boomers (ages 57-75)

CONSIDERATION %

% THAT WOULD CONSIDER BUYING A HOME AT AUCTION

70% 60% 50%

42%

20%

% THAT WERE UNAWARE THEY COULD BUY A HOME AT AUCTION

66%

75%

65%

40%

54%

30% 20% 10% 0 Gen Zers (ages 18-24)

Millennials (ages 25-40)

Gen Xers (ages 41-56)

Baby boomers (ages 57-75)

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Mar/Apr 2022

MOTIVATION Factors that would motivate more than half of U.S. consumers to buy a home at auction include: FASTER HOMEBUYING PROCESS

POTENTIAL COST-SAVINGS

70%

57%

% of millennials who said the ability to bid remotely (online) would motivate them to buy a home at auction

42%

55%

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% of U.S. consumers who said the ability to bid remotely (online) would motivate them to buy a home at auction

The motivation number jumps 13 % among millennials.

To read the full results of the ServiceLink survey, visit bit.ly/ Home-Auctions.

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SPECIALIZED

Council Classroom

Mar/Apr 2022

KNOWLEDGE

Strategies from the industry’s top educators

What You Really Need to Know About Listings By Kim Knapp

Kim Knapp started her real estate career in 2000 after moving to Florida from upstate New York. She has closed almost $500 million in volume by helping more than 2,000 buyers and sellers achieve their goals. Knapp is a CRS and Florida REALTOR® Instructor, and a two-time NAR speaker. She was awarded REALTOR® of the Year and Educator of the Year by her local board and is the founder of one of the largest RE-BAR Camps in the country. Today, Knapp manages the Coldwell Banker Vanguard office in Fleming Island, Florida, teaches and serves on her local MLS Board. She loves real estate and the people in it.

iven that most markets are seller’s markets these days, it’s in a REALTOR®’s best interest to have as many listings as possible. After all, if there are 15 offers on a house, 14 buyers and their agents are going to have to start over again. The person who has listings gets a sale each time. The class “Leads and Listings: Become a Power Lister” takes you through the foundational tools that will prepare agents to convert leads into sellers and make sure that you can form a successful team with them.

The basics

The course will go through some nuts-and-bolts basics, such as: What questions should you have prepared prior to taking the call? What’s your intake form? How are you planting seeds for future referrals, and how are you converting them and getting them to say “yes” during the first phone call? What questions do you ask when you get to the house and what should you bring? If you’re doing a prelisting package, we provide forms in an easy-to-edit format that you can personalize immediately. You can retain or edit out the sections of the documents that serve you best and get right to work. The Residential Specialist trsmag.com

Mar/Apr 2022

A sellable listing

It’s not just about winning a listing. It’s about winning a sellable listing. Key parts of the course teach you how to build a partnership with the seller. You create that by having a plan. Don’t just go in and say, “Yeah, I sell houses. Sign these papers, and I’ll put you in the MLS. We’ll throw it up against the wall and see what sticks.” That’s not going to get you very far. To take on listings and be successful, you need to know how to have the seller on the team, so they cooperate with showings, properly position the property on the market and keep the property ready to show. If you just take the listing and it’s overpriced, it doesn’t show well and the seller doesn’t cooperate with showings, then you’re like a doctor who asks a patient, “What do you want to do?” And they tell you about what the neighbor said or what they read in a magazine, then the doctor says, “We’ll do what your neighbor said.” You have to learn how to be the doctor who can say, “I understand what you read in the magazine. But let me show

Establishing a goal

iStock.com/Visual Generation iStock.com/

The course gives you dialogue and tools to help the seller define their goal—for example, getting the best price for the property. Once the goal is established, you

The Residential Real Estate Council crs.com

what will get you to your goal,” and then explain it to them. When you’re confronted with sellers who say, “Well, Zillow said this and my neighbor said that,” you must have the skills to help navigate the seller toward what’s true without baldly telling them, “You’re wrong.”

can get behind it. It’s important information you will need to mention when objections arise, like smoking outside or doing some small repairs or refurbishment. Just ask, “Would it be worth it to you to do this if it meant getting the best price?” So now the discussion is not confrontational; you’re explaining to them that to meet their goal, this is what would be required. Now it’s their decision: Do they want to meet their goal or change it? With course objectives that take you through the steps of lead generation, prelisting and listing presentations, and coping with common objections, this course will set you up to be a power lister in no time. The agents, both experienced and new, who have already attended this four-hour course say it was worth every second. Is it time to sharpen your listing game? TRS

“

To take on listings and be successful, you need to know how to have the seller on the team.”

Be sure to check the education catalog regularly at CRS.com to see when new classes like “Leads and Listings” are scheduled throughout the year.

SPECIALIZED

Innovations

Mar/Apr 2022

“

The pandemic has suddenly untethered tens of millions of people from the need to go into an office.” —Brian Chesky

Tech solutions for real estate

Airbnb to Have a Continued Impact in 2022

ome-sharing platform Airbnb saw a massive rebound in 2021 as the travel industry’s recovery from the pandemic scaled rapidly. This upward trajectory is expected to continue throughout 2022. According to Airbnb’s CEO and co-founder, Brian Chesky, the strong showing reflects broader trends. In a quarterly-earnings call this winter, Chesky said: “Something bigger than a travel rebound is happening. The world is undergoing a revolution in how we live and work. The pandemic has suddenly untethered tens of millions of people from the need to go into an office. Technologies like Zoom make it possible to work from home. Airbnb makes it possible to work from any home, and this newfound flexibility is bringing about a revolution in how we travel.” Chris Linsell, senior real estate writer for TheClose.com, spoke at the 2021 REALTORS® Conference & Expo on trends in the industry. He said that analysts predict that Airbnb will increase its inventory by 25% in 2022, and that many of those housing units are going to come from the residential real estate market.

“Airbnb is not just selling [its] product to consumers, [it is] selling to the providers of the product,” Linsell said. “[It is] selling twice without holding [its] own inventory. This unique model opens an incredible level of scalability.” Linsell explained that converting more inventory to short-term rentals will likely have a net-negative impact on housing availability and affordability unless developers work to bring new options to the market to specifically meet these needs. TRS

WHAT CAN REALTORS® DO TO PREPARE?

For more trends in the real estate industry, subscribe to updates from Residential RealtyToday.com.

Become a zoning law expert in your market

Advocate for sensible zoning law changes at the local level

ZONE

Adjust your comparative market analyses to account for potential market value via short-term vacation rental income

Seek out investor relationships with buyers

Explore getting into property management

The Residential Specialist trsmag.com

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KNOWLEDGE

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SPECIALIZED

Mar/Apr 2022

It would be prudent to have some type of written disclosure for the buyer to sign when an agent discusses the positives and negatives of these creative offers.

Issues of Importance

Highlighting timely industry updates

Legal Issues Impacting You in 2022

ith so many changes happening throughout 2020–2021, people seem to be more sensitive to those things that may impact their life. Real estate agents are often taught to be extremely careful about providing information regarding legal issues to avoid the unauthorized practice of law. However, as the real estate professional representing another person, there are also obligations to provide information to avoid problems that may lead to legal issues. Therefore, every agent should be diligent in communicating the information around a legal issue, while recommending a client speak with an attorney for actual legal advice. Clients count on their real estate professional to give them the information to help them make the best decision in their real estate purchases. A few of the areas to pay attention to include the proper handling of offers in competitive markets, copyright infringement and disclosure of defects.

Offers in competitive markets

Check out the “Window to the Law” monthly video series at NAR.realtor/legal for tips on how to navigate timely legal issues.

In competitive markets, real estate agents have been extremely creative in helping their buyers identify ways to make their offer shine above others. Things like appraisal-gap clauses, waiving of inspections and non-refundable deposits have become more common, but provide less protection for a buyer in the purchase of a home. (However, these practices provide

more protection for a seller who has the only home for sale in the area.) For the real estate agent, it is important to communicate the disadvantages and potential harms when using some of these negotiation tactics. Yes, the strategies will further the opportunity to purchase the home, but the agent should make sure they also know at what price they have paid. It would be prudent to have some type of written disclosure for the buyer to sign when an agent discusses the positives and negatives of these creative offers. The Residential Specialist trsmag.com

iStock.com/DNY59/bsd555

KNOWLEDGE

Mar/Apr 2022

Copyright infringement is nothing new to the real estate industry, but the complete adoption of online technology and the genius of search engines have allowed people to better track the unauthorized use of their copyrighted property. Image usage is one of the bigger issues agents face. Real estate agents often hire a professional to take photos of a property. When a professional is used, pay close attention to the agreement entered into for the photos. Is the photographer providing all rights to the photos to the agent, some limited rights or just a license to use once? Do the rights provided allow the publication online (syndication websites)? Is there a time limit to the right of use? Did the photographer retain rights to use the photos themselves, and can thus sell to another agent? Be sure and have a written agreement and discuss what is being

purchased from the photographer upfront before any photos are taken.

Disclosure of defects

Finally, there are still disclosure issues during the sale of real estate. Each state has different laws regarding disclosure, and it is important for everyone to understand their specific state’s rules and regulations. One of the bigger issues in many states is the non-disclosure of a known latent defect. A latent defect is one that would require a special inspection or investigation to discover (something that is not obvious). In many of the lawsuits we see, sellers are not disclosing known latent defects and the buyers (or new owners) bring suit when the defects are discovered after the purchase. In many cases the courts are ruling in favor of the buyers, and are communicating that known latent defects should be disclosed. TRS

DESIGNATION

NATION

Your Own Council

Mar/Apr 2022

News and updates

RRC FVP and Board of Directors Candidates

RC is happy to announce the slate of candidates for First Vice President and Board of Directors for 2023. For more information about each candidate please visit CRS.com/election. Voting opens on May 2, 2022, and will be open for one week. RRC members will receive an email invitation from Survey & Ballot Systems (SBS) when voting opens. Please add the following email address as an approved sender to ensure delivery: noreply@directvote.net.

First Vice President Nominees Mark Gordon, CRS

Vivian Macias, CRS

Broker/Owner at Christiania Realty, Inc. Vail, Colorado markgordonvail@gmail.com

Broker/Owner at Principal Properties, Inc. Hialeah, Florida vivian@principalproperties.com

Mark Gordon, CRS, is the current president of Colorado RRC. He started his real estate career in 2008, and joined Christiania Realty, one of the first real estate companies of Vail, Colorado, in 2013. Gordon is a long-time Vail community leader, sitting on numerous nonprofit boards and town commissions. He brings experience and strategic thinking to all projects. He says the most rewarding part of being a leader is the ability to impact people’s lives in a positive way.

Vivian Macias, CRS, is a third generation REALTOR® and started her career in real estate in 1988. She currently serves as a regional vice president for region 4 of the Council, and the co-chair for RRC Regional Mastermind. She earned her CRS in 2002, and was the Florida RRC state president in 2021. Macias shows passion for everything she does, and you will feel the love she has for the real estate profession.

Board of Directors Nominees Debra Beagle, CRS

Sandra Fernandez, CRS

Debra Beagle, CRS, has been a multimillion dollar producer every year since receiving her residential license. She had over $30 million in sales and 225 transactions over the last four years as a single agent in Nashville, Tennessee. She earned her CRS Designation within the first 20 months of holding her residential license. Beagle is also a member of the Women’s Council of REALTORS® and several other committees in Tennessee.

Sandra Fernandez, CRS, is a native Cuban living in Miami, Florida. Real estate is Fernandez’s pride and joy. She has held several leadership positions, most recently a 2022 co-chair of the RRC Outreach Mastermind Group and the 2022 global ambassador for the Women’s Council of REALTORS® and AMPSI. She is a former state president of Florida RRC and was the 2021 chair for the Florida RRC Global committee.

Managing Broker at LifeStyle International Realty Miami, Florida sandra@fernandezhomes.com

The Residential Specialist trsmag.com

iStock.com/3dfoto

Broker/Owner at RE/MAX Advantage Nashville, Tennessee debra@debrabeagle.com

Mar/Apr 2022

Board of Directors Nominees (cont.) Bonnie Metviner, CRS

Tonya Thomsen, CRS

Bonnie Metviner, CRS, is a passionate and caring CRS Designee, and currently serves as the regional vice president for region 2 at the Council. She believes in going above and beyond to help her clients. Metviner obtained her real estate license in 2004 and achieved the CRS Designation after being an agent for only two years. She has served in many leadership positions on her local Board, including treasurer, vice president and president-elect.

Tonya Thomsen, CRS, is currently the regional vice president of region 5 at the Council. She served as Wisconsin RRC president, was named Wisconsin CRS of the Year in 2015 and received the prestigious RRC President’s Award in 2021. In 2003, she left her career in corporate America and became a full-time REALTOR®. Thomsen has grown her business from a solo agent to one of the top teams in her market. She believes in remastering skills to stay relevant in the industry.

Sales Agent at Coldwell Banker Heron Bay Coral Springs, Florida bonnie.metviner@floridamoves.com

Sales Agent at Realty Executives – Integrity Brookfield, Wisconsin tthomsen@realtyexecutives.com

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DESIGNATION

Mar/Apr 2022

I’m the president of a nonprofit organization that provides housing to those with mental health issues who would otherwise be homeless. It’s an organization created by a fellow REALTOR®. Dallison Veach, CRS, Veach Realty Group, Springfield, Virginia

Ask a CRS

NATION

Advice from your peers

Has anyone actively participated in initiatives helping those experiencing homelessness? I chaired our REALTOR® Association’s Community Development Committee in 2019. Our committee spent the day volunteering with the Homeless Alliance—Project Connect. Once a year, the city of Memphis hosts an event where those experiencing homelessness can get connected with any service they need—from haircuts to flu shots to eye exams, and so on. It was an amazing opportunity to serve. Brenda Hampton, CRS, Crye-Leike REALTORS ®, Memphis, Tennessee

We partnered with FBLA and a local car dealer to help with a clothing drive. We held it every fall for about 10 years. I also volunteered with Habitat for Humanity with Buffini & Co. We built a house in New Britain, Connecticut, for a needy family. We completed it in seven days due to great teamwork. Frances Rokicki, CRS, Fran Rokicki Realty LLC, Bolton, Connecticut

I am on the executive committee for the Hope Partnership, which is focused on providing housing for the homeless in Osceola County. Sue Vasquez, CRS, BHHS Result Realty, Kissimmee, Florida

My wife and I walked across Cape Cod for four years raising funds and awareness for homelessness prevention. In addition, we have continued to support a few essential homeless organizations. We both feel a responsibility to give back, without judgment, to those unable to assist themselves, especially since our livelihood is derived from the housing industry.

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

Yes! The Broward, Palm Beach & St. Broward, Palm Beach & St. Lucie REALTORS® charitable foundation serves on the board at the Broward Homeless shelter. We helped build an outdoor playground, among other initiatives. Bonnie Metviner, CRS, Coldwell Banker Heron Bay, Coral Springs, Florida The Residential Specialist trsmag.com

iStock.com/Art illustration/Punnarong

Richard Waystack, CRS, Jack Conway REALTOR ®, Harwich Port, Massachusetts

RRC Connect

Mar/Apr 2022

Expand your network

CONNECTION PERFECTION

Taking Care of Family

was the listing agent on an estate property in southwestern Michigan. Three elderly sisters, now spread across the Midwest, had grown up in the house. Losing their father and their family home in the same year was emotional for everyone. One of the sisters lived in Wisconsin and had been in a nursing facility after receiving chemotherapy. Shortly before closing, she was released and had a caretaker helping her. At 3:30 p.m. on the Wednesday before closing, I received a call that the Wisconsin sister’s caretaker did not show up and she had no way to get to the bank to have documents notarized. These women, in their fragile emotional states, had become like family. I needed a notary, one caring enough to go to this woman’s home. I called Beth Jaworski, CRS, in Milwaukee, Wisconsin, to see if she could help. Beth suggested I call Rose Bogosian, CRS, in Kenosha, Wisconsin. She said if Rose can’t help, she will know who can. Rose was more than happy to help. She is a notary and went to my client’s house late Wednesday night. She dropped off the package at UPS on Thursday and

SOUTHWEST

they were received in time for closing. My client told Rose she was nervous about getting such a large check overnighted to her home, so Rose volunteered to have the check delivered to her office and she would hand deliver it. Rose treated her like family, as I knew a CRS would. TRS Maureen Culp, CRS, RE/MAX Harbor Country, Sawyer, Michigan

Maureen Culp, CRS

Beth Jaworski, CRS

WI MI Rose Bogosian, CRS

MID-ATLANTIC

MIDWEST Your Columbus Ohio Real Estate Connection

I PAY 25% REFERRAL FEE FOR AZ REFERRALS OVER 29 YEARS OF REAL ESTATE EXPERIENCE

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Bachelor of Science in Real Estate & Business Arizona State University

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The Residential Real Estate Council crs.com

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Rick Wright 614-327-8081 RickWright@REMAX.net

DESIGNATION

Mar/Apr 2022

RRC Connect

NATION

MAUI Real Estate

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World-Class Education JFoanne oxxe

www.JoanneFoxxe.com

PACIFIC 808-385-2918

jofoxxe@gmail.comMAUI

GRI, SRES e-pro The Residential Real Estate Council offers life cycle, CRS, Maui CRS director 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.

Joanne Foxxe 808-385-2918 CRS, GRI, SRES, e-Pro, RSPS

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www.JoanneFoxxe.com Quality isn’t expensive, it is priceless. Top 100 Hawaii Realtors 2017.

Oh by the way, I am never too busy for your referrals. Keller Williams Maui Luxury Real Estate Kapalua  Lahaina, HI 96761

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The Residential Specialist trsmag.com

Mar/Apr 2022

SOUTH

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Denver Colorado & Suburbs 30+ years full time Realtor® Your Referrals are in good hands!

Jerry Readle

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Northwest The Residential Real Estate Council crs.com

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DESIGNATION

Mar/Apr 2022

Balancing Act

Practical strategies for restoring balance

Redecorate to Improve Your Mental Health

id you know that your home’s decor has a heavy influence on your mental health? Recently, people have been spending more time at home than ever before. Sitting in the same place every day, looking at the same furniture and decor can get boring and take its toll on your mental well-being. Redecorating your home gives you a chance to not only refresh your physical space, but to refresh your mental health as well. Here are some changes you can make and things you can add to you space that will have some positive impacts on your overall wellness.

Add greenery to your environment

Bringing plants into your space is an easy way to bring life and happiness into your home. These live plants will purify the air while also being aesthetically pleasing. Some plants will even make your home smell amazing.

Reduce clutter

Being surrounded by mess and clutter can cause you to experience stress and anxiety. You’ll find much better focus when your home is clean and organized. Toss any unnecessary items and only keep what you deem to be necessary.

Choose a new paint color

Some general color rules that many people agree with are that red translates to passion, yellow to happiness, green to calm, purple to luxury and white to cleanliness. Colors carry meaning, and they resonate differently with each person. While you’re looking for a new paint color, be sure to pick a color that matches the tone you wish to set for the room.

Get better lighting solutions

Incorporate more natural light into your space where you can. You need the vitamin D from sunlight to maintain your mental health. Get rid of those black-out curtains and opt for something sheer or light-filtering. If natural light is not an option, evenly dispersing artificial light is also a great alternative.

Get rid of emotional baggage

Have you been holding on to items that take you back to a bad memory or remind you of someone you no longer wish to think about? Throw those things out or donate them to your local thrift store. No longer having these triggers in eyesight will do wonders for your mental well-being.

Upgrade your bedding

The average person spends nearly one-third of their lifetime sleeping in bed. It’s only right that the time be spent in high-quality bedding. Invest in sheets that have a high thread count, replace your old duvet or comforter and add some accent pillows.

The Residential Specialist trsmag.com

iStock.com/RgStudio/bsd555

NATION

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The Residential Specialist, March-April 2022

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