B USINE S S INTE LLIG E N CE F O R THE R RC PRO FE SSIO NAL
JULY/AUG 2022
RALLYING
FOR THE INDUSTRY Transform ideas into action by investing in RPAC 30
+ Seeking a positive brokerage culture 12 + Correct bad agent behaviors 18 + Stay professional with overly friendly clients 22 + Examining iBuyers 26
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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.
July/Aug 2022
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Vol. 21, No. 4 Cover art: iStock.com/ urfinguss
18 22 26 30
FEATURES 18 A gents Behaving Badly: Bad behavior can lead to agents losing clients and money. Experts share how to avoid and correct these issues. By Scott Mason
22 H ow to Navigate Client Friendships: Learn how to establish and maintain professional boundaries when dealing clients who want to be friends. By Lisa A. Beach
The Residential Real Estate Council crs.com
26 iBuyer Beware: iBuyers are entering more markets across the country, and agents need to educate themselves on how these companies operate. By Regina Ludes
30 R PAC: Making an Impact: CRSs are able to make their voices heard in the political realm by donating and getting involved with RPAC. By Michelle Huffman
July/Aug 2022
CONTENTS
Vol. 21, No. 4
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Aerial View
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igital Channel: Online classes, tools D and resources available from RRC.
Holli Woodward, CRS
Market Pulse 8
ersonal Perspective: Ingrid Prather, P CRS, Premier Properties Realty, Athens, Tennessee
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he Personality Pivot: The ability to work T with different personality types is a skill that all agents should master. By Shaila Wunderlich
12 I n Pursuit of a Positive Culture: Agents are looking for perks and positivity when selecting a brokerage to work for.
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By Andrew Conner
16 S mart Living: A great music playlist can help motivate an agent to perform better for their clients. 34 M arket Values Insights from industry data.
Specialized Knowledge 36 C ouncil Classroom: Use new marketing techniques to rev up your business. 37 A gent Insights: How to prepare for a listing appointment.
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38 I nnovations: New technologies are paving the way for efficient smart cities across the country. 40 Issues of Importance: Learn which locations provide the best tax advantages for your clients.
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 to transition back into an office setting after working from home.
EDITOR Kimberly Cure kcure@crs.com 800.462.8841
Advertising Manager Juan Quintero 312.321.4410 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 Lisa A. Beach Andrew Conner Michelle Huffman Regina Ludes Scott Mason Shaila Wunderlich 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 Interim Chief Executive Officer Keith Tristano 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: The Residential Specialist, PUBLICATION c/o Residential Real Estate Council, MANAGEMENT 430 North Michigan Ave., 4 th Floor, Chicago, IL 60611-4092. COPYRIGHT 2022 by the Residential Real Estate Council. All rights reserved. Printed in U.S.A.
www.glcdelivers.com Publishing Manager Scott Mason Art Director Ivette Cortes crs.com
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July/Aug 2022
You, our RRC members, are ambassadors and are encouraged to bring your global contacts forward so the Council can pursue partnerships and expand our presence.”
Aerial View
From the desk of Holli Woodward, CRS, 2022 RRC President
Growth on a Global Scale
A
s members of the Residential Real Estate Council, we have a local presence and a global reach that many members may not realize or be taking advantage of. Currently, we have RRC partners in Korea, Japan, Europe, South and Central America, and Canada. I am proud to say we have significantly increased our global presence over the past few years, despite the ongoing pandemic, and we continue to expand that reach in a variety of ways. In May, the Council attended the UCI Conference in Sevilla, Spain, to share our perspective on recent trends in real
estate, as well as welcome more than 100 new CRS Designees to our growing international RRC family. The Council also attended FIABCI World Real Estate Congress in June in Paris, France, to meet with and introduce RRC to future global partners from real estate and allied industries. I am excited to announce that the Council is working diligently in collaboration with our Spanish-speaking partners to bring a Sell-a-bration® conference to Latin America in the fall. We look forward to additional growth in Southeast Asia, focusing on Cambodia, Thailand, Vietnam and the Philippines. The real estate industries in these countries need and have requested the advanced education and resources that RRC offers. You, our RRC members, are ambassadors and are encouraged to bring your global contacts forward so the Council can pursue partnerships and expand our presence. In addition, if you are seeking out a referral partner internationally, you can utilize Find a CRS to search existing global members. If you are unable to locate a global referral partner on the site or the app, reach out to crshelp@crs.com. This will not only allow the Council to help locate a professional in the area but also provide insight into areas we may pursue for future expansion. As a member of RRC, you can assist your clients with their real estate needs all over the world. Membership has its privileges.
The Residential Specialist trsmag.com
Photo: Adam Murphy
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July/Aug 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
Pass the Time With TikTok
T
ikTok is one of the fastest-growing social media platforms, and an excellent way for RRC to get its brand and offerings in front of new prospects to grow our membership. The Council posts once or twice a week and highlights upcoming events, the value of RRC and the CRS Designation, and fun, easily digestible education tips. Check out the RRC TikTok account @ThisIsRRC, and click “follow” to watch new content every week!
Check out RRC’s new TikTok account!
The Residential Specialist trsmag.com
July/Aug 2022 2022 July/Aug
PERSONAL PERSPECTIVE Ingrid Prather, CRS, belongs to several local charitable organizations to give back to her community in Athens, Tennessee.
PAGE 8
Market Pulse TRENDING HEADLINES AND IDEAS PERSONALITY TYPES
BROKERAGE CULTURE
Learn how to handle every temperament to better help clients.
Agents want positivity in the workplace when selecting a brokerage.
PAGE 9
PAGE 12
The Residential Real Estate Council crs.com
SMART LIVING With a great music playlist, agents can be more productive and live a healthier life.
PAGE 16
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July/Aug 2022
Personal Perspective
Ingrid Prather, CRS
Premier Properties Realty, Athens, Tennessee
“
I believe that the more you know, the better service you can offer your clients and customers.”
How did you become interested in real estate?
I was a communications major in college, and I reported for a couple of news channels. I figured out very quickly that I could not live on the salary, and it was such a cutthroat profession. I decided that was not for me, so I worked for a major insurance corporation for about a year. I knew that I could not deal with the monotony of going in and doing the same thing every day. A friend of mine who owned a real estate company suggested that I get my license and come work for her. I went to class every weekend for a month, took my test and passed. I knew immediately that I had found my calling.
How did you become involved with RRC?
Ingrid Prather, CRS, achieved the CRS Designation in 2021. She can be reached at premierproperties realty@comcast.net or 423-381-9087.
At the time, I was involved with several local, state and national associations, served as president for the River Counties Association of
Profiles of people to watch
and what’s trending. Education is everything to me, and I typically average about 50 hours of continuing education annually.
REALTORS® and had taken part in the NAR LeaderWhat is going on ship Academy. in your market? I was at a state event We say “all real estate and was invited is local.” Well, it’s by friends of mine global, as well. We’re to attend an RRC experiencing the luncheon, and it same trends here was absolutely with low inventory incredible. I was so and, as I like to say, impressed with how “accelerated” home involved everyone prices. I don’t say was. I had been “inflated” because a thinking that one house is worth what day I would get my a buyer is willing CRS Designation to pay for it. The but hadn’t realized community is growthe value of the ing, but the housing education, collabora- availability and tion and networking affordability is like it offered. So right anywhere else. As then and there, I a REALTOR®, I said, “Here’s my must be proactive— fee—I want to join!” shaking trees, knocking on doors, Have you taken asking people if they want to get classes since the return on their becoming a CRS home investment. Designee? I have taken so many The problem is, classes. It’s kind of where does a seller funny because I’m move to? I think this an educator. I believe is what brings out that the more you the creativity and know, the better the ingenuity of service you can offer REALTORS®. When your clients and cus- the norms are tomers. When abruptly changing, I renewed my memyou have to change bership this year, the game. It’s a chalI went all-in on the lenge, but I see it as webinars and all the an opportunity, too. courses that I could take. As a broker/ Have you had owner, it’s important any interesting for me to know how transactions? to train my team I love helping
first-time homebuyers realize their dream of owning. I had a closing recently with a young lady—it’s almost been a whole year since we started the process. Three contracts later, she got to close on her home. She’s 21 years old, but her determination and her tenacity for wanting a home drove her. That motivated me to do everything I possibly could to make that transaction easier.
What kinds of community activities are you involved in?
I am currently serving as president for Habitat for Humanity for McMinn County because I wanted to give back to the community where I was born and raised and where I live now. I serve on the board of directors for the Chamber of Commerce in my area. And I belong to an organization called Women United for Community Service that gives scholarships to graduating seniors to further their education. Being able to connect with those students and their aspirations for the future is awesome.
The Residential Specialist trsmag.com
Dealing with clients who have different personalities Personality
Types
July/Aug 2022
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The Personality Pivot By Shaila Wunderlich
INFLUENCE
STEADINESS
DOMINANCE
iStock.com/Artem Novosad/Igor Petrovic/a_mayka/Naddiya/cnythzl
CONSCIENTIOUSNESS
The four personality types described in the DiSC model.
W
ithin the first 20 minutes of meeting a client or colleague, Steve Rath, CRS, places them into one of four categories. “They’re either a driver, persuader, counselor or perfectionist,” says Rath, a broker with Better Homes Realty and 33 years of experience in the Sacramento, California, region. “And I can tell almost immediately.” Rath bases his assessments off the personality model known as DiSC, The Residential Real Estate Council crs.com
a well-known tool that tests and assigns individuals to one of four profiles. The profile monikers he uses are a slight variation of the DiSC acronym (dominance, influence, steadiness, conscientiousness), but the meanings behind each are the same. In fact, of the handful of personality models on the market today (Myers-Briggs, ABCD, Smalley-Trent, etc.) most measure individuals on a relatively universal scale. On one end, there is the independent,
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July/Aug 2022
The purpose of the tests is universal: to better understand and communicate with people.
Personality Types
Dealing with clients who have different personalities
assertive, results-oriented ‘D,’ and on the opposite end is the cooperative, collaborative, sometimes-passive ‘S.’ Many people represent a combination of two or more. The purpose of the tests is also universal: to better understand and communicate with people. In an industry like real estate, where clients hail from a limitless pool of demographics and backgrounds, it can provide a formidable edge. Susie NelsonCrowley, CRS, with Coastal Properties Group & Christie’s International Real Estate, learned about personality profiles when she entered the Tampa, Florida, real estate market 20 years ago. “I was a heavy ‘D’ on the DiSC scale, and I was astounded,” says Crowley. “To think that I could be perceived as bowling over people in my intent to simply get where I wanted to go—that was mortifying.” Crowley made a deliberate effort to soften her approach, and the results were immediate. “It was a game-changer. I wish I would have done it sooner.” Both Crowley and Rath agree the real edge comes in understanding the
personalities of their clients and associates. By his second meeting, Rath has developed a business plan and communication strategy custom-tailored to his client’s specific profile. “If they're a driver, I’m ready with an action-oriented plan laid out as briefly and succinctly as possible,” he says. “If they're a perfectionist, I come with a binder full of data to hand over, ready to discuss it in depth.” At no point will personality profiles come in handier than in times of conflict and decision-making. This is when peoples’ personalities show themselves most clearly—as well as when they are most likely to shift personalities in attempt to achieve their desired outcome. “They called this a ‘Z Pattern’ when I first learned about it,” Rath says. “When things go wrong, people will jump from their true personality to another and another. The further they get from their true personality, the more uncomfortable they are.” As REALTORS®, Rath and Crowley’s jobs are to make the client or colleague feel safe enough to return to their native personality.
Here’s a snapshot of some of the ways these veteran professionals pivot to their clients’ varying personality styles.
(also known as driver, director or lion) Sounds like:
Watch the recording “Selling Using the DISC Personality Profile” to learn more about how to communicate with different personalities, available at CRS.com/webinars.
I need to get $800,000 on this listing, and we need it wrapped up in less than three weeks.
Respond with:
I can get $750,000, and here are the listings in your area to back that up. Says Rath: “If you can’t give them what they want, be prepared to prove why—and always be brief.” The Residential Specialist trsmag.com
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DOMINANCE
July/Aug 2022
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INFLUENCE
(also known as persuader or otter) Sounds like:
I can tell you’ve been in this business a long time.
Respond with:
I like the way you think. What do you say we get you into this dream house of yours?
Says Crowley: “Chatty types typically fall into this bucket. They want this to be an enjoyable experience, not just a transaction. Give them the story of a property rather than just the factual details.”
STEADINESS
(also known as counselor, supporter or golden retriever) Sounds like:
I love this place—are you sure we can get it? I should check with my family first.
Respond with:
I know we can get it. Let’s gather the gang and get everyone on board. Says Crowley: “You’ll often have couples where one is a ‘D’ and the other an ‘S’; you have to walk the line between boosting the confidence of an ‘S’ while also including the other party.”
CONSCIENTIOUSNESS
(also known as perfectionist, contemplator or beaver) Sounds like:
I’m thinking about buying an investment property. What can you tell me about rentals in Oakland versus San Jose?
Respond with:
Here are spreadsheets showing what rentals are going for in these two areas; what their upside potential is; and year-over-year trends for the past 20 years. Says Rath: “Always be ready with tons of data at your disposal. The perfectionist doesn’t necessarily want to go to dinner and talk about it, but they want to understand it and trust it.” The Residential Real Estate Council crs.com
When things go wrong, people will jump from their true personality to another and another. The further they get from their true personality, the more uncomfortable they are.” —Steve Rath, CRS
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July/Aug 2022
Work Environment
Make your brokerage enticing to new agents
In Pursuit of a Positive Culture By Andrew Conner
W
hile the Great Resignation has had a big impact on many industries, it’s yet to be seen how it translates to real estate agents, who are often independent contractors, in the same way it has for other workers. However, the idea that workers have an opportunity to upgrade their work environment is
certainly something to consider in the real estate industry. “Just yesterday, another real estate company called me, trying to woo me away from my brokerage firm—my extended family,” says Wendy Bliss Highfill, CRS, REALTOR® with ERA Shields Real Estate in Colorado Springs, Colorado.
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July/Aug 2022
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What makes an attractive brokerage?
When agents like Bliss Highfill have options, it’s important to ensure your brokerage remains attractive to new agents. So what are agents looking for in a brokerage? The biggest item on the list is a positive culture. “ERA Shields Real Estate resonated with me because of its dynamic culture,” Bliss Highfill explains. “Everyone helps each other out. We are incredibly fortunate to have associate brokers at our company that have been here 30-plus years and have amazing wisdom to share. It’s a very collaborative environment. The perks offered to us are amazing, from the marketing support to the continuing education to our amazing broker-owners—that’s what makes the kind of culture that you want to be a part of.” She also points to the things her brokerage does outside the office. “We have monthly sales meetings, but we also do a yearly company retreat,” says Bliss Highfill. “We all feel strongly about giving back to our communities and are all involved in volunteering throughout the year. Recently, we helped military families through Operation Homefront—Star-spangled Babies by donating much-needed items to military families with newborns. Last year, as an entire company, we painted the house of a woman who was severely ill. Through a team effort, we were able to paint her home in one day.” Mia Russell, CRS, REALTOR® with MBR Realty Group in Bowie, Maryland, agrees with Highfill and emphasizes the importance of knowing your team and working closely with them to build strong relationships. “I have a small brokerage, and I spend oneon-one time with each agent,” she explains. “It’s a regular occurrence for us to touch base, especially during the pandemic. Sometimes it’s as simple as listening and encouraging your agents. I prioritize them and talk about their goals and how our network may help them achieve those goals. Especially during the pandemic, these touchpoints became increasingly important.” As Russell mentions, the pandemic has made this dynamic more difficult. Donna Bruno, CRS, REALTOR® at Coldwell Banker Residential Realty in Pleasantville, New York, suggests investing in technology and making sure agents feel connected. The Residential Real Estate Council crs.com
“It’s no secret that the industry has changed,” says Bruno. “Many modern agents are working virtually, so I believe agents today are looking for technology and support to get their business done. Agents who use our technology suite of products and engage with our education classes are twice as productive. In addition, since agents are working remotely more often, that can foster a feeling of isolation. I believe they seek more connection to their peers either remotely or in person, so recognition is more important than ever. Live or virtual events that bring the team together are key.”
Asking the right questions
When looking at improving your brokerage culture, Bruno suggests asking yourself the same question agents should ask about each transaction: Why? For agents, it’s why should a seller or buyer work with you? “On a company level, the question is, ‘Why should agents stay at the company, or why should agents join?’” says Bruno. “For me, it’s our culture. It’s one of the things I’m most proud of. Everyone at our company has the ability to be heard. The amount of support and collaboration everyone can expect in our company is amazing.
It’s important to ensure your brokerage remains attractive to new agents.
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July/Aug 2022
We are incredibly fortunate to have associate brokers at our company that have been here 30-plus years and have amazing wisdom to share.”
Work Environment
Make your brokerage enticing to new agents
The activities all align with the values sup- climate that we have,” says Bliss Highfill. ported by Coldwell Banker Realty’s vision “This is someone who’s been in the indusand mission statements.” try for 15 years. It makes me wonder—as it Creating a positive culture will only gets more competitive to win listings, and become more important as competition doubly competitive for our clients to have for listings increases, as agents may want the winning offer on a home in this sparse a brokerage that provides more support. listing market—if agents will be more “We recently had an individual move over selective with their brokerage firm, where to our brokerage from a different national they hang their license. If you’re not offercompany, and he came to us because he ing these important intangibles, an agent liked the supportive, positive and upbeat might head out the door.”
–Wendy Bliss Highfill, CRS
A positive culture starts at the top. Check out the recording “Mind, Body, Sell,” which discusses healthy habits you can implement today, available at CRS. com/webinars.
Creating a positive brokerage culture starts with people. “When people feel appreciated and valued, they are better prepared for success,” says Mia Russell, CRS, REALTOR® with MBR Realty Group in Bowie, Maryland. “That can mean different things to different people, so managers and brokers need to foster individual relationships with their agents.” One way to ensure your agents are successful is through mentorship. Whether formal or informal, mentorship gives agents a way to
connect with each other and ask questions they may not otherwise feel comfortable asking. “We have an incredible mentorship program,” says Wendy Bliss Highfill, CRS, REALTOR® with ERA Shields Real Estate in Colorado Springs, Colorado. “It’s something that was started a few years ago that I was fortunate to be a part of. The broker-owners paired each of us with mentors who are very experienced REALTORS®. Though many of us have been REALTORS® for the past few years now, we
still have recurring discussions with our mentors about the real estate we are working and strategizing on and a myriad of other things. There is a wonderful friendship that develops as our mentors see us grow and develop a deeper understanding of our industry. Some companies will charge you a coaching fee per transaction, up to 10 transactions, but thankfully that is not the case at our company—we all feel incredibly fortunate to be a part of this program.”
The Residential Specialist trsmag.com
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Smart Living
July/Aug 2022
Tactics for professional growth
Staying Pumped Up
P
iStock.com/Deagreez/Pavlo Stavnichuk
RRC members shared their favorite songs and were played at our annual Sell-a-bration® conference. Check out the playlist at spoti.fi/3xA8Awg.
rospecting. Negotiating. Marketing. Selling. The amount of thought and strategy that goes into the daily job responsibilities of a real estate agent is endless—and it can get exhausting. That’s why having a motivational playlist on hand can raise you up when the going gets tough. Music is powerful, and it can help you find the inspiration you need to get the job done. The following playlists on Spotify have the power to motivate, uplift and inspire you to be the best real estate agent you can be, no matter your mood, style or taste.
The Residential Specialist trsmag.com
July/Aug 2022
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The Rock ‘n’ Roll Agent
The Jazzy Agent
For smooth tunes that will surely get you snapping your fingers in between showings, check-out the “Jazz Vibes” playlist.
The Trendy Agent
If today’s top hits inspire you, then the “Indie Pop” playlist is the one for you. Popular with millennials, these songs are bound to raise your energy.
The Chill Agent
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In need of some focus and concentration but don’t necessarily want to deal with lyrics? The “Brain Food” playlist is filled with electronic beats curated to help you stay on task.
The Cheery Agent
They’re called classics for a reason—and the timeless tunes featured in the “Have A Great Day!” playlist are guaranteed to keep you smiling throughout your workday. The Residential Real Estate Council crs.com
Nothing gets you over that afternoon hump like a good ol’ classic rock ballad. If you’re a rock ‘n’ roll fan, the “10 Hours of Rock Classics” playlist features 600 minutes of legendary riffs from artists like Led Zeppelin and Bob Dylan.
The Focused Agent
If pop and rock ballads are a little too much during the hours of 9 to 5, try out the “Workday Lounge” playlist. Offering eight hours of calming, melodic sounds, this playlist is made to blend into the background and put your mind at ease.
The Confident Agent
Need help getting into that boss mentality? The “Walk in Like You Own the Place” playlist is the confidence booster you need to take charge of your office. Featuring popular hip-hop tracks from Drake, Kanye West, Post Malone and more, these artists provide the right beat to make you feel like you can command any stage.
Music Can Help Your Health, Too While listening to music can motivate you to be more productive and efficient at work, it also provides a number of health benefits. According to NorthShore University HealthSystem, listening to music can: f Keep your heart healthy by lowering your blood pressure and heart rate f Reduce stress by lowering levels of cortisol (the hormone that leads to stress) f Relieve symptoms of depression by elevating your mood f Stimulate your memory f Manage or ease pain, both psychological and physical
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July/Aug 2022
AGENTS BEHAVING By Scott Mason
With an estimated 1.5 million REALTORS® operating in the United States, homebuyers and sellers can afford to be picky when selecting a qualified agent.
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Although looking at an agent’s previous sales records and sphere of influence are important to those seeking help with home transactions, what may be the most critical is the way agents conduct themselves. Bad behaviors exhibited by REALTORS® can not only result in losing a current client but can also have a trickle-down effect for future clients and referrals due to building a poor reputation in their community or market—something incredibly difficult to recover from. Now, it’s not to say that all bad behaviors are inherently malicious—some agents truly don’t know that they’re turning off clients with their words and actions. Here we examine a few examples of poor agent behaviors.
The Residential Specialist trsmag.com
July/Aug 2022
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COMMUNICATION
ISSUES
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Perhaps the most egregious behavior exhibited by real estate agents is not using a client’s preferred method of communication. Mark Handlovitch, CRS, associate broker with RE/MAX Real Estate Solutions in Pittsburgh, Pennsylvania, says agents need to understand how each individual client prefers to communicate, whether by text, email or phone. “I think the only bad behavior [I exhibited] that really affected any of my clients or relationships was a failure to communicate in the way that the client wanted me to,” he says. Handlovitch says he learned from these mistakes early in his career, which has spanned three decades, and he now starts each client relationship by presenting a questionnaire, asking specifically about the best way to get in touch. Katelynn Gervais, REALTOR® with Williams and Stuart Real Estate in Cranston, Rhode Island, is newer to the real estate industry. At 27 years old, she’s noticed agents who have been in the business for a long time—particularly those decades older than her—can be stubborn when it comes to adapting to new communication styles. “Some agents don’t understand that times have changed,” she says. “Texting and email conversations are, in my opinion, the way to best communicate with clients and even other industry professionals,” Gervais continues. “By taking the time to respond in writing, this gives each party the opportunity to think before responding or potentially reacting. After all, real estate can be emotionally triggering. It’s our job to ask clients their preferred communication style initially, and agents need to be flexible and amenable to these requests.”
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July/Aug 2022
AN ETHICAL STANDARD and Standards of Practice. This comprehensive document is available to download or read online and covers a variety of scenarios to ensure real estate agents are engaging with clients
IGNORING
SCHEDULED TIMES Punctuality is a behavior expected of all real estate agents. Most REALTORS® have jam-packed schedules, and buyers and sellers have work and personal activities. This means that any agreed-upon appointment needs to be adhered to, and if adjustments need to be made, all parties need to be informed and aware. Showing up late to an appointment can have negative consequences—but showing up early can be just as detrimental. Deb Greene, CRS, sales associate at Coldwell Banker Burnet in Wayzata, Minnesota, says
and other agents in a professional and respectful manner. To access the document, visit NAR.realtor/about-nar/ governing-documents/thecode-of-ethics.
she recently dealt with an opposing agent who did not respect her seller’s time. “He showed up an hour and a half early for an appointment,” she says. “My seller specifically did not want to see any agents or the buyers. She wanted to be gone. The agent showed up way too early, and he essentially bullied his way into my client’s home.” Greene’s client was upset by the behavior of the opposing agent, but she advised her client to not penalize the potential buyers by rejecting an offer. “I told her I’d take care of addressing the agent’s behavior,” she says. “Sometimes the behavior can be attributed to the agent being under a lot of stress, like many of us are. But that’s no excuse to be rude to a homeowner or to a fellow REALTOR®—we believe in cooperative agency.” The Residential Specialist trsmag.com
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Bad agent behaviors can sometimes stem from ignorance or a lack of understanding. To avoid potential mishaps, REALTORS® should read and become familiar with NAR’s 2022 Code of Ethics
July/Aug 2022
OVERSTEPPING ROLES
Great REALTORS® know their job is to be a trusted advisor to their clients, guiding them through the homebuying or selling process. But some agents take things too far, thinking it’s their job to make decisions for the client. Greene says she recently was hired by a couple who had just fired their previous agent. The reason for the dismissal? “The clients were millennials, and the previous agent was definitely a [baby] boomer,” she explains. “This couple said their previous agent constantly treated them like they
were her children. ‘No, this house is too much for you. You’ll never be able to take care of the yard. A townhouse or condo is what’s going to be best for you.’ My clients said they were never truly heard—they wanted to be treated like adults.” Buying or selling a home is a decision that needs to be made by the clients, not the agent. “You never want to be the one who told your clients what to do and then it falls apart,” Gervais says. “That is a surefire way to lose a client’s trust and ultimately the relationship.” Sometimes, agents get caught up in “winning” the deal for their clients and forget it’s not their decision to make. Gervais overheard a phone conversation by an agent who did not understand this principle. “This agent was telling the buyer what to do,” she says. “Again, our job is to advise our clients of all of the different scenarios and potential outcomes. At the end of the day, we provide expertise and suggestions to allow the client to make an informed decision.”
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You never want to be the one who told your clients what to do and then it falls apart.” —Katelynn Gervais
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AND SUPPORTING Ridding yourself or another REALTOR® of bad behaviors can be difficult and time-consuming, but every agent should be trying to improve and grow. Agents who see their peers engaging in poor behavior can help set them straight and be a positive role model regarding client relations. “I believe in talking through these things,” Handlovitch says. “If a client has a complaint [about an agent’s behavior], in their mind, there’s a justifiable reason for the complaint. And so as experienced agents, we need to listen to that customer because they are our source of business. Listen to the client, take copious notes and then have a discussion with that agent. Find out the agent’s take on the issue and see if there’s a way to bring the two together for further discussion. If agents have discussions with their clients rather than run away from them, their problems will be minimized.” Gervais agrees and says agents should avoid being overly harsh with a fellow agent who needs behavioral correction. “You shouldn’t point the finger and say, ‘You did this wrong; you need to be better,’” she says. “That approach does not motivate an agent to be better.” Rather, Gervais advises to be supportive and collaborative to inspire agents to be better moving forward. The Residential Real Estate Council crs.com
Visit CRS.com/ resources and access CRS-branded marketing materials to inspire other agents to further their education and professional growth by achieving the CRS Designation.
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HOW TO NAVIGATE
client friendships By Lisa A. Beach
When a former college lab partner asked Raven Reed to represent him in some real estate-based transactions, she was thrilled. Reed, CRS, real estate agent with Key Realty LTD in Maumee, Ohio, enjoys helping friends and acquaintances and serving as their trusted advisor. But Reed soon sensed her new client was starting to test the boundaries of their professional relationship. “He asked, ‘What’s a great restaurant in the area where I could get lunch? Would you mind joining me?’” Reed recalls. He was seeing her as more than a real estate agent and trying to open up that window of opportunity to get friendlier. Reed’s solution to this tricky situation? She immediately changed the way she communicated with him. The Residential Real Estate Council crs.com
“Instead of carrying on any type of friendly tone, I made it strictly business,” explains Reed. “My answers were very thorough and fact-oriented— nothing more, nothing less. I needed to bring him back on task and make him realize I’m representing him as a professional.” Reed also established professional boundaries. “I just shut it down up front, telling him, ‘I’m very busy. I apologize. Here are some great restaurants. Please enjoy,’” she says. She gave him some recommendations but never took him up on those invitations. “It’s all about establishing that professional boundary.” While it’s important to create friendly relationships with clients, moving toward “the friend zone” could spell trouble—especially during a transaction. Clients hire you for your market expertise, your negotiation skills and your professionalism—not your friendship.
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How Client Friendships Can Affect Transactions
“The moment you allow yourself to get emotionally involved, you put yourself and your clients at risk of not being able to represent them to the best of your ability. If you feel like those lines are starting to blur, then you’ve got to take a step back and reel yourself in.”
Emotions can affect judgment
“Once you get emotions involved, it’s a downward spiral for everyone,” warns Retta Treanor, CRS, a broker/ owner with Big Valley Properties Real Estate Sales in Hayfork, California. “Our jobs are stressful enough. If you add emotional attachment to the transaction, you’ll elevate the stress to a level where you won’t be
as competent as you Clients might would be if you kept ask for favors it just business,” “The more clients Treanor says. view you as a friend, The possibility of the more likely they losing objectivity is are to ask for a favor, very real. “It’s not cut your commisabout you, it’s about sion and bend the the transaction— rules,” explains that’s the center of Maura Neill, CRS, your focus while real estate agent maintaining that at RE/MAX professional working Around Atlanta in relationship,” notes Alpharetta, Georgia. Diana Galavis, CRS, “That’s where the a broker-associate danger lies.” at Watson Realty Corporation in Jack- You could lose sonville, Florida. clients’ trust Reed echoes that If clients no longer sentiment, saying, trust you, you could
lose them, says Galavis. “If they somehow view you in a different light than in a professional setting, you’re putting that in jeopardy,” she says.
It could damage the transaction or the relationship
Being friends with your clients can make the transaction feel tense and uncomfortable, especially if things don’t work out. “The client could use the friendship against you and say, ‘How could you let this happen? I thought we were friends,’” Treanor says. “If the transaction goes bad, they won’t forgive you because they’ve put you in a place of some sacred friend that would never let them down—even if you have no control of the outcome of the transaction.”
Should You Be Friends After the Transaction? Once the transaction concludes, your relationship might evolve into a friendship. “I think that’s probably the comfort level for most people because after the transaction, your responsibilities are mostly over,” says Maura Neill, CRS, real estate agent at RE/MAX Around Atlanta in Alpharetta, Georgia. “Find what works for your personality to be able to keep in touch, stay top of mind and get future business without becoming intrusive in clients’ lives if they choose to keep it purely professional.” Raven Reed, CRS, real estate agent at Key Realty LTD in Maumee, Ohio, says that a friendship might develop genuinely over time. But in general, she says, “My clients are my clients. I love them and care for them, but they are my clients, not my friends.” Retta Treanor, CRS, broker/owner at Big Valley Properties Real Estate Sales in Hayfork, California, advises staying true to yourself and being the kind, considerate, trustworthy person you are. “You can be all of these things without being your client’s friend,” she says.
You work hard to build your reputation, but it could quickly disappear if clients see you as a friend. Neill warns, “If you go too far into the personal, you run the risk of no longer being thought of as their go-to professional for real estate questions and advice.”
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You could tarnish your reputation
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How to Keep Relationships Professional Set and reinforce boundaries
From the start of your relationship with clients, you should establish clear boundaries. “Make sure you’re upfront in the beginning of your working relationship about how the transaction will be handled and what your role is as a real estate professional,” advises Galavis. “Clearly outlining the expectations on both sides helps mitigate any friend/professional relationship issues.” Reed agrees, pointing out how real estate is one of the most emotional transactions. “As agents, it’s our duty to take the emotion out of it and keep our clients in alignment with the idea that this is ultimately a business transaction,” she says, noting the importance of establishing this from the beginning. “Can you have a great relationship? Absolutely. You need to; this is a relationship-based business. But you have to treat it as just that—it’s still business.”
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Tread lightly with social get-togethers
It’s not uncommon for real estate agents to receive client invitations to grab lunch, coffee or even drinks. Some agents think it’s fine to accept these invitations, while others don’t. Either way, it’s best handled by communicating in a professional tone. “It’s easier when you can subtly rebuff invitations, especially if you’re not comfortable hanging out with clients,” says Neill. There are lots of polite, subtle ways to say, “Thank you, but no thank you.” Neill acknowledges that you need to keep the rapport and the friendliness but not cross over into the friend zone. It’s a matter of doing what feels comfortable and authentic for you as an agent. Reed draws a clear line in the sand. “I’m a little unorthodox in that I don’t really ever open that floodgate,” she says, noting she meets in a professional setting to draft contracts or discuss real estate issues. “If I do have to meet clients in a public setting, I try to keep it to coffee—quick, informal, The Residential Real Estate Council crs.com
RE ALT
having an open conversation in a comfortable environment. Not lunch, not dinner and certainly not drinks. I think that’s where you start to cross into a friend zone.” And if a client wasn’t getting the message after dropping a few subtle hints, Reed advises that full transparency and disclosure is always best.
Prepare for that awkward conversation to reel it in
Knowing the potential pitfalls of trending toward the friend zone, real estate agents need to prepare. “We really have to be ready for the conversation that this is business,” Treanor emphasizes. “I’ve had to set clear boundaries with clients that business is business, even asking them, ‘Would you rather have me be a trusted advisor or a friend? We can’t have it both ways. Let me know how you would like to proceed.’” Neill says if you’re comfortable and confident in your professional abilities, experience and knowledge, you can tell clients you need to have a frank, professional conversation about this. “Remind them that your job is to represent them,” she explains. “If something is happening that you feel isn’t in their best interest, you could say, ‘I need to put my REALTOR® hat back on, and I need to explain to you why this isn’t a great idea.’” She says you must have the confidence to say, “I can’t be your friend in this moment, and I really need to shoot straight.” If you explain it that way, most consumers are going to appreciate that you’re looking out for them, Neill says.
OR
If something is happening that you feel isn’t in their best interest, you could say, ‘I need to put my REALTOR® hat back on and I need to explain to you why this isn’t a great idea.’” —Maura Neill, CRS
Aside from friendships, you can still be influential and build relationships. Watch the recording “Create and Cultivate an Impactful Personal Sphere,” hosted by Leigh Brown, CRS, at CRS.com/webinars.
July/Aug 2022
The share of homes purchased by an iBuyer reached its highest level in 2021 at
1.3 , or 70,000 homes, %
according to the “2022 iBuyer Report” by industry analyst Mike Delprete.
iBuyer
BEWARE By Regina Ludes
When she first learned about iBuyers through a webinar several years ago, Sonia Guardado, CRS, was skeptical.
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The Residential Specialist trsmag.com
The broker associate with Magnolia Realty in Round Rock, Texas, couldn’t grasp how iBuyers could help her clients or her business. “My first thought was, ‘Oh no, they’re going to come after our business.’” After working with iBuyers on eight transactions in 2021, Guardado has changed her tune. She offers iBuyers as a solution for sellers with hard-to-sell homes who may not have the time or money to make repairs or can’t show their homes. That was the case of a client who needed to sell the home of her terminally ill mother. Guardado listed the house on Opendoor, and the deal closed shortly before the mother passed away.
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“I’m here to offer solutions to my clients, and an iBuyer may be the perfect solution for them,” Guardado says. The share of homes purchased by an iBuyer reached its highest level in 2021 at 1.3%, or 70,000 homes, according to the “2022 iBuyer Report” by industry analyst Mike Delprete. That figure is likely to grow as homeowners and agents become more familiar with them. They are especially appealing to sellers who dread having to clean their home, make repairs and host showings. Agents who understand what these companies offer can advise their clients on whether an iBuyer is the best solution for their housing needs.
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With so many iBuyers in the market, homeowners are bombarded with postcards, billboards and broadcast ads promoting instant cash offers.
July/Aug 2022
As these companies evolve, they’ve become more agentfriendly and offered different services to homeowners, such as trade-ins and bridge financing.
Understand the iBuying industry by taking the eLearning course “iBuying: Work With It, Not Against It,” available at CRS.com/education.
what is an iBuyer?
iBuyers are companies that use algorithms to determine a home’s value and make an offer instantly, often without an inspection or showing. The “i” in iBuyer stands for “instant” because of the instant quotes they provide. They tout convenience for sellers who need to move quickly and don’t want the fuss of prepping the home for sale. Opendoor was the first iBuyer on the market in 2013, followed by numerous others including Offer Pad, Redfin and Knock. Zillow entered the scene briefly but shuttered its iBuying business in November 2021. Real estate companies like Keller Williams and Coldwell Banker have launched in-house versions. With so many iBuyers in the market, homeowners are bombarded with postcards, billboards and broadcast ads promoting instant cash offers. They’re confused and unsure of what to believe, says Kelli Phillips, CRS, broker owner with Kelli Phillips Realty Group in Marietta, Georgia, near Atlanta. She asks clients what they prefer—a quick sale or more money. If the answer is a quick sale, she knows she can explore the iBuyer option with them. “I always tell them, ‘Here are your options,’ and I give the pros and cons of each. Then I let them decide,” says Phillips, who has worked with iBuyers for eight years and closed 20 iBuyer transactions last year. When clients have questions, Guardado explains the iBuying process, but she recognizes that it may not be the best option for them. If the home is beautifully decorated and well-maintained, she’ll market it through traditional channels. However, if she sees that a home needs significant
repairs, or if the client must move quickly, she’ll recommend an iBuyer. She frequently works with Opendoor for those listings. If the client accepts the initial quote, she uploads photos of the property and gets a second quote. If that is accepted, an Opendoor rep visits the property to examine the exterior of the home, but not the interior, Guardado explains. The third and final offer may be adjusted by several hundred dollars, or much more if significant repairs are needed. However, quotes do not include Opendoor’s 7% fee, which isn’t added until the closing, Guardado says. She advises agents to put their name on the listing and keep checking that it’s there. Guardado recalls losing a deal because her name no longer appeared on an iBuyer listing after 60 days. “If your name isn’t there, the homeowner can go back and claim the listing, and you would lose the fees,” she says.
working with iBuyers—or not The iBuyer market in 2021 was marked with excessively high instant offers, thanks in part to Zillow’s aggressive overbidding on properties. After Zillow shut down its iBuyer program in November 2021, other iBuyers learned from Zillow and began making lower bids. These days, it’s more likely that sellers receive low-ball offers from iBuyers, and there’s little room for negotiation. Sellers must also pay iBuyer fees, usually 7% regardless if the home is already listed on the MLS or not, Guardado says. “I think clients do themselves a disservice by accepting iBuyer seller offers outright,” says Kitty Stockton, CRS, a broker with RE/MAX United in Chapel Hill, North Carolina. She recalls a longtime client who received a quote on his home from Mark Spain, a regional iBuyer in the South. Rather than accept the offer, the client opted to sell with Stockton, she says. Because there’s a severe housing shortage in the Triangle area, demand for homes is high. After several days on the market, his home received seven offers and sold at $90,000 over the quoted price from Mark Spain. The Residential Specialist trsmag.com
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July/Aug 2022 There’s no guarantee that the home being sold through an iBuyer will be in good condition either. Stockton worked with another client who found a home on Opendoor. When the inspection report determined that the home was in poor condition, the client refused to take the deal further. Stockton advised Opendoor and requested that the client’s due diligence money be returned. “I was shocked when I actually got the money back from the company,” she recalls.
advantages for CRS agents While iBuyer contracts indicate no negotiation on price, agents may find that these companies are willing to make deals. That’s because many homes sold through an iBuyer tend to be overpriced and linger for days or weeks on their sites. “They may take less due diligence and earnest money up front and will negotiate on repairs. If you’re a buyer’s agent in a market with limited supply, it’s worth it to look at these overpriced homes for your
client through an iBuyer. They represent opportunity,” Stockton says. While many agents may be hesitant to work with iBuyers, there are reasons to embrace them. They use many of the standard transaction forms plus a few of their own, which makes the iBuying process less daunting, adds Stockton. They’ve also hired licensed agents and MLS members to work for them, which should make agents more comfortable. As these companies evolve, they’ve become more agent-friendly and offer different services to homeowners, such as trade-ins and bridge financing. A few offer agent referral programs with bonuses of up to $1,000 or 1% of the sale price at closing, depending on the transaction. But Guardado cautions to read the fine print. “They’re not always clear about what they will pay you or when,” says Guardado, who participates in Opendoor’s agent referral program. “iBuyers aren’t new to us, but they are new to our clients,” says Phillips. Agents who educate themselves on what these companies offer can help clients determine if an iBuyer is the best solution. “Clients can still need us and use these platforms.”
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If you’re a buyer’s agent in a market with limited supply, it’s worth it to look at these overpriced homes for your client through an iBuyer.” —Kitty Stockton, CRS
iBUYER PROS AND CONS
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Pros
Cons
Speed – It can take a handful of days to close on a home sold to an iBuyer compared to the median time on the market of 43 days.
Lower profit – Sellers often end up paying extra fees for the convenience of a quick sale. They don’t get top dollar for their home.
Convenience – Sellers are not required to make repairs, keep the home clean or show the home. They can sell the home with minimal fuss.
Limited availability – iBuyers are not available in all markets, and some will purchase only certain types of homes in specific price ranges.
Flexibility and control – Sellers can choose their own closing date, which they can change if needed. It’s a good option for people who want to avoid having to buy and sell a home at the same time.
Lower fees for agents – iBuyers pay agents a smaller fee, averaging 2.2%. It is up to agents to recoup the difference from their clients.
Certainty – Closing is guaranteed. Selling to an iBuyer avoids the risk and uncertainty of a deal falling through because the buyer couldn’t get financing.
Inaccurate value assessments – Home values are determined by valuation algorithms, so they may not account for unique attributes of a home, such as mountain views or original hardwood flooring from the 19th century. Source: Realtor.com
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July/Aug 2022
MAKING AN IMPACT By Michelle Huffman
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“If you’re not at the table, you’re on the menu.” Members of the REALTORS® Political Action Committee (RPAC) are probably familiar with this phrase. It’s an oft-repeated and lighthearted way to highlight RPAC’s role for real estate agents. “l know firsthand that elected officials listen to their constituency, and if they aren’t listening to us, then they’re listening to somebody else,” says Maurice Taylor, CRS, with Coldwell Banker RPM Group, and a city council member in North Little Rock, Arkansas. “We want to be at that table, so they hear everything we have to say.”
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RPAC is the voice of REALTORS®
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What is RPAC, and what issues does it support?
“RPAC is the voice of REALTORS® in local, state and national political discussions and decisions that impact our industry and property rights,” says Bruce Ailion, CRS, with RE/MAX Town and Country in Alpharetta, Georgia. There are also several groups within RPAC, which denote different levels of means of involvement. f Major Investor: An elite and passionate group of REALTORS® who invest at least $1,000 annually. They are entitled to certain benefits and accolades. f President’s Circle: A group of REALTORS® who contribute directly to RPACidentified REALTOR®-friendly candidates at the federal level. Members of this group are invited to an exclusive threeday conference where most expenses are covered. f Hall of Fame: Dedicated members who have donated an aggregate lifetime amount of at least $25,000. They receive a plaque on the National Association of REALTORS® Washington, D.C. building,
RPAC Investment Levels Each state may have K slightly different $ 25 contribution R thresholds den l o and sub-levels G than those lR sta depicted y r C here. R ing l r Ste R den Gol R t al s y Cr R li n g r e St
I
st nve
or s
Hall of Fame
$
among other benefits and accolades. There are approximately 1,605 Hall of Fame members. As a political action committee, RPAC privately raises and pools money to impact elections or legislation. Taylor, who is a Major Investor and member of the President’s Circle and Hall of Fame, compares RPAC to having a doctor or lawyer. These individuals are experts in their professional fields, and they keep abreast of the latest developments, so they can inform you when you need specialized knowledge. “I don’t keep up with new legal issues. That’s what my lawyer is for,” he says. “And while I know enough to keep myself healthy, I don’t keep track of all the advancements in medicine. That’s my doctor’s job.” Members of RPAC have specialized real estate knowledge and can use that to keep elected officials better informed of the issues. And importantly, it’s not just the real estate industry RPAC advocates for, but also homeowners and their communities. The issues RPAC has undertaken are wide-ranging and highly impactful.
25,000 Cumulative Lifetime Investment
President’s Circle
Golden R — $ 4,000 to join, $1,000 annually to sustain Crystal R — $2,000 to join, $1,000 annually to sustain Sterling R — $1,000 to join, $1,000 annually to sustain
Major Investors
Golden R — $5,000 to join, $2,000 annually to sustain Crystal R — $2,500 to join, $1,500 annually to sustain Sterling R — $1,000 to join
Investors
Contributors — $20– $999
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July/Aug 2022 Some of the issues RPAC works on include federal flood insurance, mortgage interest deduction, capital gains taxation, depreciation schedules, disaster relief and fair housing, says Ailion, who is a Major Investor and member of the President’s Circle and Hall of Fame. Paul Yorkis, CRS, with Patriot Real Estate in Medway, Massachusetts, Major Investor and member of the Hall of Fame, says being able to advocate for legislation that helps facilitate first-time homeownership is also a major point of pride. “Most recently, we’ve been working as an association with members of Congress to ensure they understand the importance of housing for that missing middle class, the blue-collar worker, the first-time homebuyer,” he says. “We’ve also been very strong advocates for reform as it relates to federal financial aid policy. We want Congress to understand the impact of student loans on individuals’ and families’ ability to purchase a home.” Recently, as the COVID-19 pandemic unfolded in 2020, RPAC members were talking with elected officials at the state and local levels to ensure real estate was considered an essential business, and that 1099 workers could apply for unemployment and qualify for PPP loans, Taylor says. “All that was huge,” he says. “If that wouldn’t have happened, the number of people that would not be in this business right now is unimaginable.”
What are the benefits of being involved in RPAC?
There are multiple benefits to donating to RPAC and to becoming a Major Investor, members say. For starters: “I was impressed with the level of access REALTORS® have to meet face-to-face with legislators. This is what RPAC does,” Ailion says. Taylor, for instance, says he’s become the go-to information source for all things real estate for his state representative. When she needs to understand a real estaterelated issue, she calls or sends him an email. The ability to inform legislators face-to-face and build relationships with them is something Yorkis really enjoys. The Residential Real Estate Council crs.com
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RRC IS AN RPAC POWERHOUSE Of NAR’s institutes, societies and councils, RRC has the:
� Most money raised by members at $ 4.5 million � Most Major Investors with 2,404 � Most President’s Circle members with 620 � Largest percentage of RPAC members at 58 % , tied with the Women’s Council of Realtors � Second-highest average annual donation at $ 330 “I am fortunate—and I mean this very seriously—to be friends with several members of Congress,” he says. “They know when I am advocating for something that it is not a personal ask. It is a professional ask for my community or my profession or my state or my country.” Morris Lyles, CRS, with ERA Wilder Realty in Columbia, South Carolina, is also appreciative of being in the know on what’s happening, and how he can use that to inform his business and his clients. “We’re on the forefront of what’s happening—if a new industry is coming in or new regulations are proposed, we know about it,” says Lyles, who is a Major Investor, President’s Circle member and past chair of South Carolina Association’s RPAC Trustees. And then, of course, there’s the networking opportunities. “Members support members who understand the value of RPAC,” Ailion says. “For example, I refer to RPAC Major Investors, and in 2022, I have already closed two referrals from RPAC members.” RPAC Major Investor status is so important to so many CRSs, it’s also denoted on CRS Designees’ online profiles and is a filter CRSs can use when making referrals through the Find a CRS platform. Lyles says it’s no wonder that so many CRSs are also involved with RPAC. “I was at the President’s Circle conference in the Bahamas, and a lot of other CRSs were there,” he says. “That just shows how if they understand enough about the industry to become a CRS, they understand how important it is to contribute to RPAC.”
I was impressed with the level of access REALTORS® have to meet face-to-face with legislators. This is what RPAC does.” —Bruce Ailion, CRS
For more information and to get involved, visit NAR.realtor/rpac.
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Market Values
July/Aug 2022
Insights from industry data
Spring 2022
home sellers report
Source: Realtor.com
EXPERIENCES OF RECENT HOME SELLERS Actions Taken to List a Home
Prep Time Before Listing
Publicly listing the home for sale (add to MLS)
9
84% 77%
Having listing photos taken
%
12%
■ 6 months or more ■ Between 3 months and less than 6 months ■ Between a month and less than 3 months ■ Between 2 weeks and less than a month ■ L ess than 2 weeks
Cleaning and decluttering
67%
Creating a virtual/3D tour
66%
Making repairs/updates to the home Finding an agent to represent the seller
20% 26
%
33
%
59% 58%
Staging
55%
Creating marketing materials like flyers, etc.
53%
Didn't do any of these actions
7% 0
Home Updates/Repairs Completed Minor cosmetic updates (replacing light fixtures or faucets)
88%
Replacing major systems (HVAC, hot water)
87 %
Touch-up paint
85% 81%
Replacing grout Caulking
76%
Full painting of interior
75%
20%
Replacing appliances (kitchen or laundry)
64%
Carpet/floor replacement or refinishing
63%
60%
80%
100%
■ I sold below my original asking price ■ I sold for my original asking price ■ I sold for above my original asking price
32%
% 80 of homeowners sold at
68%
Replacing the roof
40%
Final Sale Price vs. Asking Price 94%
Landscaping (mulch, vegetation, etc.)
20%
48%
or above their original asking price.
58%
Full painting of exterior 0
20%
40%
60%
80%
100%
The Residential Specialist trsmag.com
July/Aug 2022
35
HOMEOWNERS PLANNING TO SELL Expected Prep and Listing Time 12%
■ More than 6 months
25%
■ 1–2 months
Current Market’s Impact on Expected Terms 11% 18%
■ 3–6 months
19
■ 2–4 weeks ■ Less than 2 weeks
31
%
27%
%
Listing Timeline
■ The market does not have an impact on my terms ■ I will ask to close and then rent back my home temporarily from the new buyer ■ I will not accept some contingencies ■ I will ask for a quick close
28% 25% 42%
7%
9% 11%
■M y house is already listed
24%
■ In 1 to 3 months
20
■ I will not pay for any repairs or improvements for things found in the inspection
%
22%
■ I will ask for more than I think my house is currently worth
11%
■ I n the next 30 days ■ In 4 to 6 months ■ In 7 to 12 months ■M ore than 1 but less than 2 years from now ■ I n 2 to 5 years from now
3%
Planned Actions Before Listing 74%
Cleaning and decluttering 65 %
Making repairs/updates to my house Talking with family/friends about real estate advice
61%
Researching home values in my neighborhood
61% 58%
Researching the value of my home, specifically 50 %
Creating marketing materials like flyers, etc. 44%
Determining the right time to sell Finding an agent to represent me
42 % 0
10%
iStock.com/bortonia/cnythzl
17
%
10%
20%
30%
40%
50%
60%
70%
80%
■ Less than 2 weeks
4%
Expected Time on the Market
Over two-thirds of homeowners planning to sell in 2022 are likely to list by August.
■ Between 2 weeks and less than a month ■ Between a month and less than 3 months ■ Between 3 months and less than 6 months
51%
17%
■ 6 months or more
68%
of homes were on the market for less than a month. The Residential Real Estate Council crs.com
For more information, access the Spring 2022 Home Sellers Report at realtor.com.
SPECIALIZED
36
Council Classroom
July/Aug 2022
KNOWLEDGE
Strategies from the industry’s top educators
Rev Up Your Business By Frank Serio, CRS
T
Leveraging your database
The next “Zero to 60” course is scheduled for Aug. 17, and is hosted by James Nellis, CRS.
Real estate becomes a lot easier when you focus on tasks relevant to your consumer. If you have a database of people who know, like and trust you, you are ahead of the vast majority of agents. It’s an established rule that about 10%–12% of consumers move every year. If you consider that there are two sides to each transaction, that means as many as 20% of the people you know are potentially going to buy or sell a home. The key is staying in front of them as their REALTOR®. If you have a database of 300 people, you could turn that into 60 transactions in a year from them alone. You should also work to create a continuous stream of referrals from your sphere of influence. Becoming hyper local is a good first step. Position yourself as the REALTOR® of choice in your area by showing that you know your community better than anyone else.
Get involved with a charity that means something to you and the people you know. People will support those who have a shared passion for a particular cause; you will form a bond that other agents will not be able to break. Focus on your lead generation every day. Be visible on social media, and make calls to those in your sphere with information that will be relevant to them. This really isn’t a difficult business if you focus your efforts on those who know you.
Making good use of basic business tactics
Here are a few of the things we ask course participants, so they can get themselves in the right zone for business improvement: fAre you running your business like a business? f Do you have a written business plan and goals? f What does your online presence look like? One way to get started is to create a free Google Business Profile page. Personalize your profile with photos, offers, social media posts and more. Have a statement about who you are, what you do and how people can find you. Turn people who find you on Google into new customers with a free Business Profile for your storefront or service area. f Is your marketing strategy something that you would respond to? Would these messages turn you into a customer for life? Look at all of your marketing objectively. In other words, be relevant. After attending this informative and engaging class, you’ll walk away with the knowledge and tools you need to immediately execute an action plan to maximize your profits. TRS The Residential Specialist trsmag.com
iStock.com/erhui1979
Frank Serio, CRS, 2011 RRC national president and senior CRS instructor, has taught courses in all 50 states and internationally. He is the author of numerous courses for RRC, NAR and other affiliated groups. Serio and his wife, Audrey, are the managing partners of the Lucido Global Team for the Delaware and Maryland resorts area and actively sell real estate.
he genesis of the course “Zero to 60 Home Sales a Year (and Beyond)” came several years ago. Some agents who were new to the real estate business wanted to know what they could do to make an impact on their business in a relatively short time frame. So we began to speak with agents who had success in the early stages of their career and adapted their methods to share with others. Of course, “Zero to 60” is just a metaphor used to show that if you do the right things in a purposeful way, you can secure a great deal of business. Oddly enough, while the course was being written, a well-seasoned agent said that they were stuck at $18 million in volume for the past several years and were wondering if the course would be good for them as well. So we added “and Beyond” to include agents at every stage of their careers. Whether you are looking to grow your business or just starting out, this one-day course can teach you new marketing methods and how to bring in a continuous flow of business.
SPONSORED CONTENT
This article was provided by Rocket ProSM Agent
Insights
July/Aug 2022
37
7 Ways to Prepare for a Listing Appointment
K
nowing how to make a good first impression can take you far, especially when it comes to your career. While great marketing can pique interest, it’s your first impression that will determine whether you’ve found a new client. Making a good first impression is precisely what listing appointments are for. These introductory meetings are your opportunity to build trust, demonstrate expertise and hopefully land a client that you’re excited to work with. Like a job interview or a first date, listing appointments are also a chance to just get to know one another. You’re likely to learn about a seller’s reasons for selling, past experiences or what they’re looking for. The right approach can lay a solid foundation for an easy and successful listing appointment. Here’s our seven-step checklist to help get you started.
1. Confirm the seller The last thing you want is to walk into a listing appointment, only to find out that the person you’re meeting doesn’t have the power to sell the home. Confirming that the person you’re meeting with is the rightful owner of the property can save everyone valuable time and energy. 2. Get answers before you meet Before meeting for a listing appointment, ask the homeowner the following questions:
iStock.com/Fourleaflover
f Have there been any recent repairs and updates to the property? f Has square footage of the property changed since it was last sold? f What does the homeowner believe their home is worth? f What do they currently owe on the home? f Are there any liens on the property? f Why are they selling? f When do they need to have their home listed? 3. Research other area listings Familiarize yourself with the local market before your listing appointment. Preview other listings in the neighborhood to get an idea of what others are asking for and how they compare to your client’s home.
4. Confirm HOA guidelines If the seller’s home is part of an HOA, read the guidelines, and learn what rules and restrictions the neighborhood has. This will not only show the seller you’ve done your homework, but also ensure you have a full picture of the property throughout the selling process. 5. Do a comparative market analysis Presenting the seller with a comparative market analysis (CMA) tells them that you’re in their corner. A CMA shows that you know what you’re doing and are serious about working together while also serving as a reality check for sellers who may have unrealistic expectations. 6. Create a comprehensive listing presentation Not only can a clean and eye-catching listing presentation help you organize your thoughts for the meeting, but it’s also likely to help the seller better understand your sales process, the CMA and your recommendations. 7. Paper copies of important documents Sometimes a hard copy is the easiest way to do business. It can be extremely beneficial to walk out of a listing appointment with a signed listing agreement—or simply sending a prospective client off with a copy of your listing agreement to serve as a reminder of your interest.
Listing appointments aren’t just a chance to make a lasting first impression on a prospective client, they’re also an opportunity to build a new relationship, introduce yourself, display your knowledge and, hopefully, walk away with a new client. The Residential Real Estate Council crs.com
For more information and advice, explore the Rocket ProSM Insight Learning Center at rocket proinsight.com/ learn for the latest real estate and housing updates.
SPECIALIZED
Innovations
July/Aug 2022
Tech solutions for real estate
Using Technology to Create Smart Cities By Chao Wang, COO of Arize
G
lobal demographic trends are shifting toward urbanization. To accommodate the steadily growing world population, city planners, developers and government agencies have begun to adapt how they plan for a consistent influx of people moving to urban centers. Many are looking toward smart cities as sustainable, cost-effective and forwardthinking solutions. A key factor in the success of smart cities will be a sustainable housing model, one that can accommodate large populations in dense city centers and surrounding areas. Multi-family properties are often viewed as an ideal housing solution for densely populated areas, and transforming these properties into smart apartments will be vital in the development of smart cities. Some skeptics are worried smart cities will turn society into an over-surveilled, robot-run world. But that doesn’t have to be the final outcome. Following are two ways smart-apartment technology can help develop sustainable, human-centered smart cities that add a level of convenience to residents’ lives.
Human-centered approach
Technology is often perceived as an advancement that causes a disconnect between people. In a recent market trend report conducted by Arize, findings show that smart-apartment technology actually improves engagement within communities, leading to increased levels of satisfaction and higher occupancy rates.
Smart-apartment technology, if designed properly, can increase engagement between property managers and residents, adding a new layer of connectivity within apartment communities. For example, some providers offer technology that provides real-time alerts and notifications to residents and property managers whenever a device is triggered with abnormal information. As smart cities are beginning to spring up around the world, many cities have launched pilot programs. As the progress of these pilots begins to provide us with information on how to develop effective smart cities, it has become clear that people will need to be at the core of the development process. Instead of just haphazardly installing smart devices in properties, smart-home ecosystems will need to be customized to each person’s living situation. When choosing a smarthome provider, it is important to ensure the selection will add value to the community and meet its specific needs. While it is important to make sure the appropriate smart-home ecosystem will The Residential Specialist trsmag.com
iStock.com/DrAfter123
38
KNOWLEDGE
July/Aug 2022
be utilized for smart cities, it is also critical to factor in the impact smart-apartment tech will have on other major players in the housing market, such as real estate agents. According to Arize’s recent market survey, 65% of baby boomers and 86% of millennials would pay more for an apartment with intelligent upgrades. Smart-apartment tech will provide real estate agents with new ways to lead into an upsell. Real estate agents will have to train themselves and learn about advantages and functions of smart tech in order to fully communicate its purpose and benefits to potential renters.
39
smart-home ecosystem (as opposed to an array of devices from different brands) to streamline automation among integrated devices, allowing the home to know what the resident needs even before the resident does. Upcoming generations will look to incorporate sustainable living approaches into their everyday lifestyles. Smart technology delivers a level of automation that will help residents practice sustainability without friction, and this will be a cornerstone of future smart cities.
iStock.com/Irina_Strelnikova
The battle against climate change
Smart-property technology, such as smart thermostats, automate the home’s climate control, saving energy and delivering cost savings to both property owners and residents. In addition to only using energy and resources when needed, the automated component of smart technology improves resident comfort, convenience and satisfaction. The ultimate goal of a smart apartment is to utilize a single
The Residential Real Estate Council crs.com
For more smart home tech solutions and resources, visit arizehub.com.
SPECIALIZED
40
Issues of Importance
July/Aug 2022
KNOWLEDGE
Highlighting timely industry updates
Best Destinations for Tax Advantage Buying By Victoria Cohen
77%
from prepandemic levels in December 2021. Source: Redfin
A
ccording to a new report from Redfin, demand for second homes in December 2021 was up 77% from pre-pandemic levels. When helping your buyers find their next opportunity or investment property, local taxes—and tax benefits, particularly—are important factors to consider. Buying a house can be expensive, so understanding the tax laws of the region is imperative when purchasing a property. Knowing where your clients will get the best advantages when it comes to taxes can help guide them in the right direction.
Nevada
Nevada is the ultimate low-tax locale, as there is no state income tax. Nevada’s property tax rates are also among the lowest in the U.S. The state’s average effective property tax rate is just 0.69%, which is below the national average of just over 1%. Homeowners are protected from steep increases in property taxes by Nevada’s property tax abatement law, limiting annual increases in property tax to a maximum of 3%. Tahoe is a unique destination, a lake bisected by the state line. Beyond its natural beauty, Nevada is one of the handful of states that does not impose a state income tax, business tax or inheritance tax, offering residents considerable advantages when purchasing a property. In addition, Douglas County features the lowest real estate taxes of any county in Northern Nevada. For buyers seeking year-round amenities and considerable tax advantages, a Nevada address is a great choice.
Turks and Caicos
A legal tax haven, Turks and Caicos is often seen as the best place in the Caribbean to invest your money due to the British Rule of Law, where the British monarchy guarantees title to your property, and the U.S. dollar is denominated. There is no income tax, capital gains tax, property tax, inheritance tax or corporation tax in the Turks and Caicos Islands. Buyers purchasing homes in luxury communities can qualify to obtain permanent residency status. Stamp duty is a one-time fee of 10% of the purchase price of a property. Once it is paid, there are no further taxes associated with ownership. The Residential Specialist trsmag.com
iStock.com/Symbol Systems/Rainer Lesniewski/Pabletex/Rainer Lesniewski
Demand for second homes was up
July/Aug 2022 Buyers investing over $750,000 USD in Bahamas real estate are eligible to apply for permanent residency.
The Bahamas
The stunning beaches, turquoise ocean and exquisite properties have attracted a very wide range of property investors to the Bahamas. The Bahamas has no income tax, capital gains taxes or inheritance taxes. Buyers at some resorts can benefit from the Bahamas’ Hotel Encouragement Act by enlisting their homes in their resort’s rental program on the property, saving in property taxes.
Homes and condos that are occupied by the owner have no property tax on the first $250,000; for the next $250,000,
41
the rate is 0.75%, and the value over $500,000 is taxed at 1%, with a $50,000 ceiling.
For more popular tax topics, visit NAR.realtor/taxes.
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DESIGNATION
42
NATION
Your Own Council
July/Aug 2022
News and updates
What Can Find a CRS Do for You?
Build a new relationship and get matched today at CRS.com/ membership/ mentor-program.
Are You a Mentor? Don’t Miss Out!
I
f you are not taking advantage of the Council’s Mentor Program, you’re missing out. The Mentor Program provides members with: Network building: A mentee can introduce you to new contacts and potential buyers who can become excellent sources for referrals. Mutually beneficial growth: Mentoring is as good for the mentor as it is for the mentee. It offers the mentor a new perspective on the industry and ideas for their sales strategy that may now be stale.
A friend and partner: The best mentor situations often result in lifelong friendships. You’ll gain a bond between two professionals who listen to one another, share advice and act as sounding boards as needed. Hundreds of members are taking advantage of this exciting program for real connections on certain topics of interest. Each informal mentor-mentee partnership is matched based on a multitude of criteria, including career development goals, areas of interest and overcoming challenges. The Residential Specialist trsmag.com
iStock.com/3D_generator/rambo182
From profile updates to accessing news to maximizing referral opportunities, find out how you can make the Find a CRS platform work for you! RRC staff hosted an information session breaking down all of the exciting features and opportunities within the platform and answered questions from members. Watch the recording on RRC’s YouTube channel: youtube. com/Residential RealEstateCouncil.
July/Aug 2022
NOVEMBER GOVERNANCE MEETINGS
43
Join the Council at the upcoming November Governance Meetings, November 9–12, in Orlando, Florida. Take part in education sessions, committee meetings, member updates and the annual installation and awards ceremony that always promises to be a good time. More information can be found at CRS.com/events/NGM.
DIGITAL MARKETING TO STAY TOP OF MIND With technology changing faster than we can download an app, you may be wondering what platforms have the most impact for potential clients. How do you stay top of mind when there are so many options?
iStock.com/rabbit75_ist
Join Matthew Rathbun, CRS, and a panel of experts this September as they discuss digital trends, how to assess what tools are right for you and how to engage your market without taking too many risks for your business.
The Residential Real Estate Council crs.com
Visit CRS.com/ events/virtualsummits for more information.
DESIGNATION
NATION
44
July/Aug 2022
Ask a CRS
Q
&
What is your closing gift of choice?
Advice from your peers
I give a nice cutting board with my logo burned into it and a loaf of bread from a local bakery. Lestel Meade, CRS, Century 21 Humpal Inc., Fort Collins, Colorado
Brian Copeland, CRS, Doorbell Real Estate, Nashville, Tennessee
Flowers to plant in the yard— they come back every year.
I had clients who were looking at houses in early spring when all the trees were in bloom. They kept pointing out all the beautiful pink ones. For their closing gift, I bought them a small weeping cherry tree ($89), and they thought that was the most beautiful gift!
Karrina Taylor Brown, CRS, RE/MAX Gateway, Alexandria, Virginia
Kelli Greentree Hillmar, CRS, Long and Foster Columbia, Columbia, Maryland
GIFT
Have a great story to share? Email social@crs.com or look for discussions happening online on our Facebook, Instagram, LinkedIn and Twitter pages.
CARD
Amazingclubs.com—lots of choices, consumable, doesn’t add to the “stuff” (which people always realize they have too much of when moving), and shows up quarterly over a year.
Home Depot cards for buyers, and dinner at a supper club with me for sellers staying in the area.
Stacie Duffie, CRS, Novella Real Estate, Greenwood Village, Colorado
Eric Reusch, CRS, Bunbury & Associates, Madison, Wisconsin The Residential Specialist trsmag.com
iStock.com/mludzen/AQtaro_neo/AlexRaths/Hengki Lestio
Blink internet cameras. Everyone loves them. They are plug and play and within a decent budget where it feels like a nice gift—but it’s affordable.
RRC Connect
July/Aug 2022
Expand your network
CONNECTION PERFECTION
Finding a Personality Match
M
y clients were originally referred to me from a family member three years ago, and I sold them a home here in Arlington, Virginia. They are required to move every three years by the federal government, and the time has come for another transfer—this time to Houston. They are a great family of three, and the head of household is a very serious type of person. I found that out when I referred them to a lender for their current home. The lender was too flippant to suit my client, and even though he stayed with him, I learned from that not to refer him to anyone that would not present a very professional attitude. He needs a no-nonsense person to deal with, someone who won’t waste his time. I went to my CRS counterparts by way of our We Are CRS Facebook group. The name Ray Wade, CRS, came up multiple times when I specified the type of personality I would need for my client. Wade knows both areas that were suggested to my client very well. I gave him background on my clients and could immediately tell he would be a very good fit.
VA
Ray Wade, CRS
Jackie Lewis, CRS
TX
The sale of the home here is underway, and Wade has connected with my client. I know he will take very good care of them. I have the trust of my clients and depend on my CRS referral to add to that.
Jackie Lewis, CRS, RE/MAX Executives, Fairfax, Virginia
MAUI Real Estate MID-ATLANTIC
www.JoanneFoxxe.com
PACIFIC 808-385-2918
jofoxxe@gmail.comMAUI
Joanne Foxxe
PACIFIC
Joanne Foxxe 808-385-2918 CRS, GRI, SRES, e-Pro, RSPS
CRS, GRI, SRES e-pro Maui CRS director
cell and direct line
Search all Maui properties on my website
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
The Residential Real Estate Council crs.com
Celebrating 30 years assisting clients!
45
DESIGNATION
46
July/Aug 2022
RRC Connect
WEST
NATION
Expand your network
WEST
WEST Denver Colorado & Suburbs 30+ years full time Realtor® Your Referrals are in good hands!
Jerry Readle
Selling Lake Tahoe Since 1989 Over $1 BILLION in closed sales
720-220-7225
Craig Zager • The Zager Group
775.901.4663
jerryreadle@remax.net
Northwest
www.LakeTahoeAgent.com
SOUTH
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Ann Skiera Broker, ABR, CRS, e-PRO, RENE, GRI, C2EX, AHWD, SRS
Serving: Daytona Beach Daytona Beach Shores New Smyrna Beach Flagler Beach Ormond Beach
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pilkerton.com/agents/ann-skiera
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386-848-2823 mary marysmithsells.com @
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904-613-4480
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The Residential Specialist trsmag.com
July/Aug 2022
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Neighborhood expert with 30 years of experience. Melodee buys and sells as an investor and understands the Denver Market! First time buyers, move up sellers, and investors small and big are her specialty!
A trusted name for nearly 50 years! Terry McGowan CRS, GRI, ABR, SRS, e-Pro, SRES Cal DRE# 01126129 Sotheby’s International Realty 831-236-7251 terry.mcgowan@sothebyshomes.com www.terrymcgowan.com
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The Residential Real Estate Council crs.com
47
DESIGNATION
48
July/Aug 2022
Balancing Act
NATION
Practical strategies for restoring balance
Transitioning Back into the Office Setting
F
or many people, the beginning of the COVID-19 pandemic was the first time that they had the opportunity to work from home. It was an abrupt transition that presented some challenges, but now it’s something that many have gotten used to and grown to enjoy. However, with the number of COVID cases decreasing in some areas, it may finally be time for you to return to the office, and you may be uneasy about it. With these tips, your transition back into the office setting can be as stressfree as possible.
■ Revamp your morning routine — Having a structured morning routine will help set the foundation of a more productive workday. Try waking up at the same time every day, make sure you have time for a healthy breakfast and set your intentions for the day ahead before you leave home.
■ Meal prep for the work week — Using your Sunday to prepare healthy meals for the week will save you a lot of time and money. If you don’t have the time, you may want to consider a meal-prep service that will do all the hard work for you.
■ Be realistic with your expectations — Don’t be too hard on yourself if you aren’t as productive as you once were in the office. It may take some time for you to find a new workflow that’s best for you. Also be considerate and flexible when engaging with coworkers who are also going through the same transition.
■ Set healthy professional boundaries — If you took on extra tasks while you were working from home, you may want to reassess. Are there any tasks that you could delegate to others on your team? Any areas where you may need some extra support? Try not to overwork yourself, as this will lead to a quick burnout. The Residential Specialist trsmag.com
iStock.com/Paul Bradbury/artvea/bsd555
Tips for a stress-free transition
■ Incorporate self-care into your daily routine — Having a chance to spend more time at home gave people more time to care for themselves holistically. Don’t let going back into the office offset this. Try including a 10-minute meditation in your day, or maybe take a lunchtime walk to get some fresh air each day.
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Region 5 of the Residential Real Estate Council Region 5 of the Residential Real Estate Council
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262.424.3138 Tonya Thomsen, CRS or 248.376.0938 Mary Anne Kennedy, CRS 262.424.3138 Thomsen, or or 248.376.0938 248.376.0938 Mary Mary Anne Anne Kennedy, Kennedy, CRS CRS 262.424.3138 Tonya Tonya Thomsen, CRS CRS Sponsorships Available Sponsorships Available Sponsorships Available
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