Commonwealth The magazine for Virginia’s real estate professionals
Spring 2017
virginiarealtors.org
adding up your benefits PAGE 12
INSIDE Association Update 6 Market Notes 10 Annual Convention 34
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Looking for a change? Ready to take your career to new heights? Join our team. Call your local Weichert® office today or 800-301-3000, or visit jobs.weichert.com. © 2017 Weichert Real Estate Affiliates, Inc. Weichert® is a federally registered trademark of Weichert Co. All other trademarks are the property of their respective owners. REALTORS® is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics. Each WEICHERT® franchised office is independently owned and operated.
PRESIDENT’S MESSAGE
This issue focuses on the resources, old and new, that we offer for the greatest member benefit. Claire Forcier-Rowe 2017 President Virginia REALTORS®
Can you believe spring has sprung already? The real estate market all across Virginia is active and very exciting. Now is the time for you to be even more engaged in your business. This magazine is a great way for me to update our members and provide an inside glance at what your association and your representatives are doing on behalf of all Virginia REALTORS®. Earlier this spring, the Virginia REALTORS® Board of Directors took a road trip to the National Association of REALTORS® (NAR) building in Washington, D.C. We had the opportunity to hear from national experts on the issues and concerns that our industry is facing. To name a few: the renewal of the flood insurance policy, the continuation of 1031 exchanges and the potential impact to our business, allowable deductions on our taxes, and the implications of tax modifications. What you should know is that your Virginia REALTORS® team and NAR staff are working hard on these issues and so much more. Our association is vigilant and ready to react if and when we need to. The first half of 2017 has been busy, to say the least! For one thing, you may have noticed that we’ve rebranded ourselves as the ‘Virginia REALTORS®.” This title is simpler for consumers to understand and more approachable for both our member audience and lawmakers. We’ve
also made changes to our logo and tagline, Shaping the Future of Real Estate, streamlining both to reflect more contemporary style and to align with the identity of our membership. Many hours went into these changes, and I thank the REALTOR® members who stewarded this rebranding. Their final recommendation rose to the top because it captured our core strengths – modern efficiency and advancement – and because it represents the entirety of our membership; residential, property management and commercial. In June, the Virginia REALTORS® will roll out the Legal Hotline to all members. But that’s not all; we are also now offering a FREE Tech Helpline. Any Virginia REALTOR® member is able to call for any legal or tech assistance! I love this business. I enjoy the opportunities that this industry has allowed me and I want to be able to continue for many years – and I know I’m not alone! I challenge you to Be The One to join me in using these new assets to our advantage – to elevating the Virginia REALTOR® brand with our clients and business peers, to welcoming the involvement of new members, and to shaping the future of real estate in the Commonwealth.
COMMONWEALTH | SPRING 2017
3
34
Annual Convention in Roanoke Come Early. Stay Late.
contents 3 6 10 12 4
President’s Letter Association Update Market Notes Adding up your Benefits
COMMONWEALTH | SPRING 2017
17 20 24 26
Advocacy in Action New Laws Legal Lines Forms Factor
28 34 40 41
Lessons Learned Annual Convention Servant Leadership CEO’s Letter
CommonWealth Published by the Virginia REALTORS® Shaping the future of real estate. Virginia REALTORS® 10231 Telegraph Road Glen Allen, Virginia 23059 General Office Hours: 8:30 a.m. to 5:00 p.m. Telephone: 804.264.5033 The mission of the Virginia REALTORS® is to enhance members’ ability to achieve business success. Commonwealth Magazine (ISSN#10888721) is published by the Virginia REALTORS®, 10231 Telegraph Road, Glen Allen, VA 23059-4578; (804) 264-5033. Virginia REALTORS® members’ annual dues include a subscription to Commonwealth Magazine. Periodicals postage paid at the Glen Allen, Virginia, post office and additional mailing offices USPS Per. #9604. Postmaster: send address changes to: Commonwealth magazine, 10231 Telegraph Road, Glen Allen, Virginia 23059 Custom design services provided by Polychrome Collective Commonwealth magazine by the Virginia REALTORS® is licensed under a Creative Commons Attribution-Non Commercial-No Derivs 3.0 Unported License.
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Request to join our member group for access to business news and event updates.
COMMONWEALTH | SPRING 2017
5
ASSOCIATION UPDATE
Brand NEW T
o say that rebranding is easy would be like saying that being a REALTOR® is easy. Of course, being a REALTOR® is a fun privilege, and so is being a committee chair. But, just like the business of being a REALTOR® takes skill, patience, and the ability to navigate tricky compromise, so does rebranding. Adaptability is a must.
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Having come to real estate from a career in advertising sales, I was honored to take on this project and honored to work through every step with talented committee members, expert consultants, and dedicated staff. My background helped me approach this project with a different perspective. Different perspective is exactly what we kept in mind throughout the long process of examining our brand and recommending changes. Our members and consultants put a lot of thought into how we are seen by various groups. Is it as easy for a new Virginia resident, fresh across the state line and looking for housing resources, to know what an association offers, or to turn simply to ‘Virginia REALTORS®’ for information? Is it easy for elected officials to remember that we are ‘shaping the future of real estate?’ Our own perspectives are just as important and incredibly diverse. Is it easy for new members to embrace and use a simple, universal logo that depicts a real estate icon? Is it easy for our members of all practices to identify with a logo that pivots between residential and commercial and isn’t typecast by any one part of our diverse landscape? These are just a few of the questions that we asked ourselves as we went through the rebranding process. There’s no counting the number of questions we asked over the course of many months, or the number of answers we explored, but I can assure you, the number one question at each point was ‘Can this make our business better?’ Our answer, clearly, is yes. With a simpler name, a forward-thinking tagline, and a representative logo, we are defining ourselves with more clarity. Our new brand is easier to see, easier to use, and easier to understand. That’s good for our clients, good for our staff, and good for all of us, too. Inside and out, it’s better for business. - Deborah Crigger, 2017 Chair of the Member Communications Committee
“The new Virginia REALTORS® identity highlights the strength, diversity and professionalism of REALTORS.® It is a great keystone to represent our association and our members throughout the Commonwealth and across the nation.” - Kemper Funkhouser “Virginia REALTORS® continue to be leaders both within the communities we serve, as well as the industry nationwide. This new branding initiative helps us continue to put homeownership rights, and REALTORS®, at the forefront of the public’s awareness.” - Jeremy Hart “The new name and logo for Virginia REALTORS® is great… it’s simple, yet it conveys the numerous areas our members cover – residential, commercial, and property management. It will allow those who are not familiar with the association, and even those who are, to gain a better understanding on the work we do and how we are truly shaping the future of real estate in Virginia.” - Whitney Minnich
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welcome to the new online home of Virginia REALTORS
®
by Jenny Wortham
W
e’ve recently wrapped up a major project for member benefit and consumer outreach. The online home of Virginia REALTORS® is a completely redesigned and streamlined portal to information and resources that serve your business needs. The Virginia REALTORS® team worked for months with a leading web design firm to analyze traffic and usability of the old site and to incorporate member feedback into customizing an all-new online hub. The project was synchronized with the rebranding led by members of the Member Communications Committee so that digital assets would be updated to reflect the new design and style of the Virginia REALTORS®. Navigation of the new site is much simpler, and you’ll find a wealth of opportunity at your fingertips. Use the site to
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access and download forms, register for events, explore market reports, and find professional peers around the state. For member-only access to these resources and more, log in through the top bar. You can also verify your profile and registrations and even print event receipts for your business records. Need risk management resources? Visit the ‘Legal Resources’ center for archived videos, webinars, and articles that offer essential clarification. Want to share market intel with your clients? Download the Virginia Home Sales report directly from the ‘For Buyers & Sellers’ section, and make sure to check out the pages there on why clients should use REALTORS®. Curious about the Virginia REALTORS® positions on real estate policy and who the elected champions of the industry are? Visit ‘Advocacy’ for insight on current events and getting involved. Shape your future in real estate with the great business tools now online at virginiarealtors.org.
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MARKET NOTES
pump up the
volume
by Jenny Wortham
Virginia’s market has made impressive gains, but will limited inventory put a cap on 2017 performance?
38 BILLION. That’s the sum of Virginia’s home sales on an annual basis (ending in 2016, at least). If 2017 maintains the growth rate we’ve seen over the last 4 years, we could top 40 billion this year. Here’s a little context: there are 32,000 of you Virginia REALTORS®, so at 40 billion in sales, there is an average sales volume of $1,250,000 for every member. Some of you (lots of you) already eclipse that. Whether you do or not, it’s an amazing glance at the scope of our industry and an inspiring reminder of performance potential if you are brand new to the business or hitting a production rough patch. Will Virginia’s market continue to shine? Signs say yes – we are a highly desirable state for residents of all ages, our communities our frequently featured in ‘best places’ lists, and we combine growing employment opportunities with a favorable cost of living. USA Today recently named Virginia the sixth-best state for retirees, citing assets that work for all generations – good weather, low crime, cultural vitality, tax considerations, and more. With so much to brag about, Virginia REALTORS® can show buyers even greater value for closing on a home, and that’s what we’re seeing. Buyers are so eager to move on new listings that the average number of days on the market is plummeting and median price is going up and up. The hitch in this year’s market is an affliction that’s hitting the whole nation – limited inventory. There’s gridlock in the marketplace, with buyers soaking up available inventory while their consumer confidence is high and financing rates are still relatively low. The anticipation of rates rising has
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created even greater motivation for eager buyers. There are a quite a few answers to what’s suppressing inventory. For one thing, prospective sellers aren’t sure they’ll have inventory to choose from. Of course, real estate is LOCAL, so the story varies by Virginia region. In less densely populated areas and rural areas, there are different challenges than in our urban cores. Throughout Virginia, REALTORS® and our associations work to address market conditions like affordability, the quality of existing housing stock, and creating fair housing opportunity for all residents. Overall, the 2017 market conditions add up to a good opportunity for REALTORS® to share value with both home seekers and home sellers. Letting prospective listing clients know that current supply-demand conditions could command a premium may get them past hesitation, especially with your guidance on the staging and upkeep efforts that multiply the return on investment of prepping a property for sale. Buyers, too, are in critical need of your expertise. With so little on the market, REALTORS® are key in getting buyers (especially the first-time crowd) prepared for quick action when something desirable pops up, and in advising wise purchases that maintain good equity potential when the passionate reactions to a hot market may overcome buyer rationale. No matter what market conditions are, REALTOR® expertise and the commitment to putting clients first are the ultimate value propositions for consumers.
THE NUMBERS GAME
$38 BILLION
the sum of Virginia’s home sales on an annual basis.
More than
118,000
homes were sold in Virginia last year…
that’s a sale EVERY FIVE MINUTES Are you maximizing your piece of the action?
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MEMBER BENEFITS
Adding up your Benefits If you ever ask just what your dues dollars do for you, you’re not alone. by Jenny Wortham We know it’s a mystery to a lot of our members, so we are taking a few pages in this issue to break down the benefits math. And, there’s even more to your membership than what you read here. You can find more information and resources on our brand new website, and we hope you’ll visit often to check for updates on discounts for events, special offers with our partners, and content that you can put to use in impressing your clients. Did you know that your 2017 membership gets you FREE access to a tech helpline that you
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can call at any time for help with any device for business or personal conundrums? Did you know that an Inman Select subscription is wrapped into your dues, so you get a constant stream of top-level industry news AND discounts to Inman events? Speaking of discounts, did you know that as a Virginia REALTOR® you have access to special pricing on education, insurance, and tax planning, just to name a few of our partner benefits? Did you know that the Virginia REALTORS® association offers member-only education designed to help maximize your profit potential?
TECH HELPLINE: 1-800-276-4216 support@techhelpline.com chat.techhelpline.com
REGISTRATIONS: events@virginiarealtors.org
LEGAL HOTLINE: www.virginiarealtors.org
fo r
Ke e ea p th sy is re pa fe ge re nc e
INMAN SELECT: www.inman.com
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MEMBERSHIP BENEFITS
tools Standard Forms – a full library of free forms to help you write contracts and transact business. Tech Helpline – access to a tool that reduces your frustrations and your business costs. Call the dedicated Virginia REALTORS® number to get troubleshooting and indepth assistance on device, hardware, and software issues. Legal Hotline – available now to brokers and rolling out on June 1 to ALL members, the Legal Hotline helps you resolve concerns and limit risk. Enter your questions through the website portal for rapid follow up on advertising, agency, contract, property management and many other categories. Website – our brand new online reference for all things Virginia REALTOR®… whether you need to download forms, search for specific education, or point your clients to resources that underscore your value, the new www. virginiarealtors.org should be in your bookmarks.
research Home Sales Report – market intelligence that keeps you in the know about Virginia’s performance. The report is also the top reason that the press visits our pages, and it lands the REALTOR® brand in statewide news every month. That’s an opportunity for us to make sure your impact gets attention and to make sure consumers know who the industry experts are. Joint Projects – did you know we work with research partners to explore what’s going on in the economy and with consumers? We’re constantly seeking out the information that’s valuable in narrating our impact AND tailoring programs to meet your needs. 14
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events and education Governor Candidates Town Hall – exclusive access to hear the next Virginia governor talk about the issues that impact your business. June 21 in Richmond. Annual Convention (see the special feature on p. 34!) – this can’t miss event every year for Virginia REALTORS® is the perfect hybrid of work and play. October 3-5 in Roanoke. Extraordinary Educators – member-only professional development opportunity to enhance your skills and marketability as a real estate instructor. Boost your reputation and reach as a sought-after expert. REALTOR® Institute (GRI) – graduate to a new level in your career with courses that hone your expertise and offer you continuing education credit along the way. Graduate, REALTOR® Institute (GRI) members earn more annually and get increased referrals in the first year of achieving the designation.
discounts Special Rates – on insurance, planning services, packing and shipping, computer equipment, education… our partners include TaxBot, Pearl Insurance, Liberty Insurance, RPR, and more. Visit the Partners on our website to access discounts that you can use in business AND personal life.
This list isn’t exhaustive and it doesn’t even touch on the value of our number one purpose – advocating for your business. Your dues help support a team of professionals who work constantly to keep laws and regulations from getting in the way of good business and to create protections for both you and consumers. Plus, being a REALTOR® means access to all of the benefits of your local association and the National Association… more discounts, expert education, and using one of the most globally recognized logos in your own business. To sum it up (pun intended), we want to make sure that you know being a Virginia REALTOR® is worth every penny. If you call a hotline once, watch an educational video, read a report that gives you intel to share with a client, sign up for an event where you get credit for education, buy an insurance policy with our industry discount, attend a conference where you build a referral network, or
close a sale with a client who benefits from the protections we safeguard (that’s all Virginians!), then that $120 in annual state dues is working hard for you. We want you to make the most of your membership. Bookmark our site and visit often – it’s your almanac for business resources. And reach out to us! Our departments are all ready to respond with the information you need, point you to the resources we have, and take your ideas to the drawing board for continued updates that serve you better.
“The creative, forward-looking events and programs of the Virginia REALTORS® and the resources available to members are the best assets for me and for my business. Virginia REALTORS® benefits have opened doors for new opportunities, referrals and relationships.” - Karen Hall
COMMONWEALTH | SPRING 2017
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LAWS AND LEGISLATION
Advocacy in action
by Anthony Reedy
The Virginia REALTORS® government affairs team and the Public Policy Committee (PPC) sifted through all of the bills and budget amendments to scope out what may have an impact on our members and your clients.
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LAWS AND LEGISLATION
W
hen the 2017 Virginia General Assembly convened in Richmond on January 11th, legislators had the heavy task of considering thousands of pieces of legislation and, significantly, fixing a budget gap of $1.26 billion. After 46 days and countless deliberations, they adjourned, passing nearly 1,800 bills and resolutions and amending the $107 billion biennial budget. The Virginia REALTORS® government affairs team and the Public Policy Committee (PPC) sifted through all of the bills and budget amendments to scope out what may have an impact on our members and your clients. Ultimately the PPC concentrated the attention on about 200 pieces of legislation, either monitoring or recommending a position
of support, opposition, or amendment. The committee held meetings every week, where staff updated members on the progress of legislation and the political dynamics of the General Assembly. This year’s Virginia REALTORS® Legislative Agenda recommendations included nine bills touching on issues pertaining to property management, homeowner associations, and the Residential Disclosure Act. Fortunately, all nine pieces of legislation passed the General Assembly and were signed into law by Governor Terry McAuliffe. The following are summaries of the nine successful bills of the Virginia REALTORS® Legislative Agenda.
Engagement in advocacy from REALTOR® members is vital to our success in the legislature. This year, nearly 700 of you attended our Day-on-the Hill activities and sent more than 1,300 emails to legislators in support of our initiatives. The strength of the collective REALTOR® voice continues to ensure that we are a powerful advocate for your business, your clients, and our communities.
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PROPERTY MANAGEMENT House Bill 1623 (Delegate David Yancey) Senate Bill 991 (Senator Roslyn Dance) • Allows for an easier process for a property
manager to transfer a security deposit to the owner and puts the common law in statute that a lease after foreclosure continues on a month-to-month basis House Bill 2281 (Delegate Jay Leftwich) Senate Bill 966 (Senator Mark Obenshain) • Allows for a smoother transition for an
existing tenant and a new owner following a foreclosure of a rental property.
• This legislation does not change Virginia
• Adds that failure to deliver the association
Code Section 55-248.15:1 that places the responsibility on the landlord at the lease termination to make disposition of the tenant’s security deposit, regardless of whether that landlord received the tenant’s security deposit from a prior landlord.
disclosure packet within the 14-day requirement subjects the association to up to $1,000 fine imposed by the Common Interest Community Board.
PROPERTY AND CONDO OWNERS ASSOCIATIONS
House Bill 2034 (Delegate Jackson Miller)
House Bill 2045 (Delegate Jackson Miller) House Bill 2271 (Delegate Danny Marshall) Senate Bill 1231 (Senator Bill Stanley) Senate Bill 1255 (Senator Bill DeSteph)
statement the “buyer to beware” statement.
to the: (i) new landlord, (ii) the property manager at the time of the foreclosure, or (iii) the courts, through an escrow account. • Allows for the written property
management agreement to continue in place following a foreclosure on a monthto-month basis until terminated by either the property manager or the new owner, unless a shorter period is provided for in the property management agreement.
• Renames the “red-flag” disclosure
• Adds the following buyer to beware
prohibit for sale signs other than limiting signs to those that are in compliance with the VREB regulations.
statements: > Owner makes no representations with respect to underlying conservation or other easements. > Owner makes no representations with respect to an underlying community development authority.
• Associations cannot require a formal
• Allows for electronic delivery of the form to
power of attorney from a real estate licensee to represent their clients before the association and are required to accept a document from the real estate licensee signed by the owner that confirms representation.
the potential purchaser
• Associations cannot condition, limit or • Allows the tenant to continue to pay rent
RESIDENTIAL DISCLOSURE ACT
Another bill of importance to REALTORS® was one focused on short-term rental regulations (Senate Bill 1578, introduced by Senator Tommy Norment). With the prevalence of online home-sharing platforms like Airbnb and HomeAway, there has been growing interest amongst issue stakeholders over the impact - positive and negative - that the activity has on local communities. Some supporters see the practice as a property rights issue and as another cog in the wheel of the new “sharing” or “gig” economy. Local governments and travel industry advocates raise concerns over the proper collection of taxes and appropriate regulatory schemes to keep short-term rentals through home-sharing platforms on a level playing field with conventional services. Our particular concern was the potential increase of regulation on REALTORS® who do short-term rentals as part of their business. As real estate licensees under the Virginia Real Estate Board, you are already regulated by the state and operate under business licenses within localities. To protect you from additional regulation, the Virginia REALTORS® successfully worked with stakeholders and legislators on consensus language to exempt those entities already licensed by the state or locality from some of the new rules. This means, as a REALTOR® who manages short-term rentals, you will be exempt from some of the new regulations being placed on nonreal estate licensees who enter the short-term rental market.
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NEW LAWS
New laws
by Laura Farley
In addition to the bills that were part of the Virginia REALTORS® 2017 Legislative Agenda, there were a number of other bills introduced this year that impact real estate transactions and homeownership in Virginia. Here’s a summary of a few new laws that will have broad impacts.
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PROPERTY MANAGEMENT HOUSE BILL 1811 clarifies procedures related to unlawful detainer actions. Courts must allow amendment of the amount requested in accordance with the evidence presented and with the terms of the lease. Courts may issue a writ of possession at the initial hearing, and, at the request of the plaintiff, bifurcate the process with a hearing on the final rent and damages no more than 120 days later. On the subsequent hearing date, the court must allow an amendment of the amount requested in the initial filing. Additionally, if the court permits an immediate processing of a writ of possession to schedule an eviction, the eviction cannot occur before the end of the tenant’s 10-day appeal period, or at all if the tenant perfects an appeal.
HOUSE BILL 1869 adds a requirement to the tenant obligations section of the VRLTA (Virginia Residential Landlord Tenant Act) that if the tenant unreasonably delays in reporting the existence of any insects or pests, the tenant is financially responsible for the added cost of treatment or extermination, and if the tenant fails to prevent infestation of insects or pests in the area he occupies, he is financially responsible for the cost of treatment or extermination. HOUSE BILL 2033 is the omnibus Landlord-Tenant bill that changes existing landlord-tenant law. The common law has been restructured to more closely mirror the VRLTA and now contains many of the same provisions. Watch for a change from the Code Commission in Virginia Code § 55, Chapters 13 and 13.2. Another change is that VRLTA now applies to all occupancy in any single-family residence and any multifamily dwelling unit located in Virginia unless exempted. There are
two exemptions: landlords that own no more than two single-family residential units in their own name subject to a rental agreement (the existing threshold) where the rental agreement includes a provision opting out; and where occupancy is under a contract of sale if the occupant is the purchaser. This means that rather than the VRLTA being an “opt in” for landlords that own fewer properties than the trigger number, it is now an “opt out” law. For presettlement occupancies, the provisions of the VRLTA do not apply, but the provisions of the common law do. Check out additional Virginia REALTORS® resources on the new virginiarealtors.org site. SENATE BILL 1189 restructures the provisions regarding water and sewer services provided to tenants from services provided to owners. Localities can no longer waive a required written authorization by an owner for water or sewer services provided to a tenant, but a copy of the lease is acceptable authorization. Localities cannot place a lien on the property when a tenant has delinquent fees for water or sewer charges until the locality has made reasonable collection efforts, spelling out what those reasonable efforts are. If the locality does not require a security deposit from a tenant to obtain water or sewer, it waives its lien rights against the property owner. SENATE BILL 1228 creates definitions of assistance animal, major life activities, and physical or mental impairment. It also establishes the rights and responsibilities of individuals with assistance animals in dwelling units. The law now clearly lays out the interactive process for requesting and responding to reasonable accommodations, as well as what documentation may be requested and who the documentation should come from. Check out the Virginia REALTORS® Legal Video on Assistance Animals.
PROPERTY AND CONDO OWNERS ASSOCIATIONS HOUSE BILL 1475 adds language to the required one-page form that must accompany the disclosure packet stating that the purchase contract for a lot within an association is a legally binding document once it is signed by the purchaser where the purchaser has not elected to cancel the contract in accordance with the law. HOUSE BILL 1554 clarifies that if the declaration is silent on how it can be amended, it may be amended by a two-thirds vote of the owners. RESIDENTIAL SALES SENATE BILL 1037 adds language to the historic district portion of the Residential Property Disclosure Act to tell buyers to review any materials available from the locality that explain any requirements to alter, reconstruct, renovate, restore, or demolish buildings or signs in the historic district, and the necessity of any local review board or governing body approvals prior to doing any work. HOUSE BILL 2035 AND SENATE BILL 870 change the law that allows clerks of court to charge $5 per document for documents electronically recorded in the land records, switching to charging the fee for documents filed by paper. This law originally charged $5 per electronic filing to cover the costs of setting up the electronic systems. Now that the systems are established and a majority of transactions have electronic recording of documents, the fee has been shifted to paper filings to cover the human resource costs of digitizing these documents.
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What’s the area like … Any similar businesses? New permits? What’s nearby? Looking now ... Check your email Sent property report PLUS market analysis ALREADY? You rock! When can I see it? Does 10 am work? I’ll bring coffee
RPR’s app now includes Commercial data
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COMMONWEALTH | SPRING 2017 © 2017 Copyright. All Rights Reserved. Realtors Property Resource, LLC® is a member benefit of the National Association of REALTORS®.
COULD RADON IMPACT YOUR SALES? The Virginia Department of Health (VDH) can answer all your questions. In addition, our staff can provide free radon training courses specifically designed for Realtors. The courses are VAR approved and available in one hour (1 CE) and two hour (2 CE) versions. Classes will be scheduled on a first come-first served basis and a minimum of 15 students per class is required. Trained VDH staff will teach the courses on-site at any location within the Commonwealth. Please be aware that class starting times may be dependent upon travel and traffic considerations. If you are unable to arrange for a full class, a 40 minute VDH radon webinar is available for download on the VAR website.
For more information on radon, please contact: Ryan Paris - Radon Coordinator Virginia Department of Health - Office of Radiological Health Phone: 804-864-8150 E-mail: ryan.paris@vdh.virginia.gov Toll-free in VA: 800-468-0138 Visit the Indoor Radon Program web page at www.vdh.virginia.gov
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LEGAL LINES
Marketing Service Agreements by Erin Barton
The Real Estate Settlement Procedures Act (RESPA) (12 U.S.C. § 2601, et seq.) was enacted in 1974 to prevent kickbacks and other unearned fees between real estate settlement service providers and to set forth rules for consumer disclosures. Section 8(c)(2) of RESPA provides that “[n]othing in this section shall be construed as prohibiting... the payment to any person of a bona fide salary or compensation or other payment for goods or facilities actually furnished or for services actually performed.”
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The Department of Housing and Urban Development (HUD) had interpreted Section 8(c)(2) as a possible affirmative defense to a RESPA violation if the service was actually provided and the price reflected the actual cost of the service. However, in 2013, the Consumer Finance Protection Bureau (CFPB or “Bureau”) took over administration and enforcement of RESPA from HUD and put forth a conflicting two-part interpretation of Section 8(c)(2). In a 2015 decision, the CFPB stated that Section 8(c)(2) did not automatically shield fair market value payments to other settlement service providers. Instead, payments had to be (1) fair market value for services provided; but also (2) bona fide, in that they were not tied in any way to a referral of business. This decision resulted in great uncertainty as to the legality of using Marketing Service Agreements (MSAs) in the real estate industry. Soon after the 2015 decision, the CFPB released a compliance bulletin in which they warned that the routine real estate industry practice of entering into MSAs could trigger RESPA’s prohibition on kickbacks or referral fees. The CFPB noted, again, that “independently established market-rate compensation for marketing services, alone, does not suffice to ensure the legality of an MSA.” It should be noted that the CFPB did not declare MSAs as per se illegal. However, in response to growing confusion, the National Association of REALTORS® stated that any brokerage entering into an MSA should proceed with extreme caution. More recently, in January 2017, the CFPB issued a consent order in an enforcement action targeting joint marketing and advertising agreements between mortgage lenders and real estate brokerages. Previous guidance from HUD had indicated that settlement service providers could lawfully co-market so long as expenses were split proportionately. However, the CFPB found that the MSAs at issue were framed as payments for advertising or promotional services,
but were really vehicles to disguise illegal payments for referrals. The CFPB ultimately fined the mortgage lender and two real estate brokerages almost four million dollars in civil penalties. Noting that determining whether an MSA violated RESPA required a fact-intensive inquiry into the circumstances surrounding the creation of the agreement and its implementation, the CFPB highlighted the fact that the mortgage lender tracked referral numbers from brokerages and adjusted the fees paid accordingly and provided payments to brokers for requiring customers to pre-qualify with the mortgage lender, even if a valid prequalification had already been obtained elsewhere. These recent enforcement actions and continued silence on behalf of the CFPB in response to numerous requests for clarification have left the real estate industry without any clear guidance on whether co-marketing agreements with other real estate settlement service providers is legal. The Bureau’s recent actions suggest that almost any agreement will be determined to be an improper referral fee. The risks involved in entering into an MSA before clear guidance is obtained are numerous and any agent that is considering one of these agreements, or is already a party to one, should seek legal advice from an attorney familiar with the intricacies of RESPA compliance. Best practices in the meantime, if an agent should choose to enter into an MSA, include the following: • memorializing the MSA in writing with services and compensation structures clearly specified; • ensuring that bona fide services are provided; • providing compensation on the value of services provided instead of the volume of business; • disclosing the relationship to the consumer; • avoiding exclusivity agreements; • obtaining independent valuations of the marketing and advertising services; and • avoiding preferential language (i.e. preferred lender)
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FORMS FACTOR
Smile!
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15. RECORDINGS WITHIN THE PROPERTY: (a) ...In the event Owner has a recording system in the Property which records or transmits audio, Owner understands that recording or transmitting of audio may result in violation of state and/or federal wiretapping laws. Owner hereby releases and indemnifies Broker, Broker’s designated agents, sub-agents, sales associates and employees from any liability which may result from any recording or transmitting in the Property. (b) Seller understands that while potential purchasers viewing the Property should not engage in photography, videography or videotelephony in the Property without prior written permission, such recordings or transmissions may occur. Seller should remove any items of a personal nature Seller does not wish to have recorded or transmitted. Owner hereby releases Broker, listing sales associates and employees from any liability which may result from any recording or transmission in the Property.
You’re on Camera. by Laura Farley Federal and state wiretapping laws prohibit individuals from listening to a conversation to which they are not a party. In the context of listed properties, this means that a seller, who is not in the house, cannot listen to a conversation held between a buyer and a buyer agent without potentially running afoul of the law. To help educate sellers, and reduce risk for listing agents, Virginia REALTORS® added both a warning and indemnification language to the listing agreements. The intent of the new language is to call the seller’s attention to the fact that they are not a party to the conversations between buyers and their agents – which could lead to
liability if a buyer is damaged by a seller who listens in on a conversation that contains negotiation strategies. In addition to addressing a seller having a recording system in the listed property, the listing agreements now contain language alerting sellers to the possibility that buyers may record the interior of the property, even without the seller’s permission. While many attorneys argue that a buyer recording the interior of the property without the seller’s permission is impermissible, a cause of action and damages may be hard to prove. Sellers are now warned that they should remove any items of a personal nature they do not wish to have photographed, such as pictures of children, as these may appear online.
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LESSONS LEARNED
Earnest Money Deposits
By Cate Oroszlan
CASE STUDY 1: ORDINARY CARE
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THE SITUATION Mia Harrison, a REALTOR® with Mountainside, REALTORS®, represented Rick Smith while he searched for a house. He entered into a purchase contract for a property in Williamsburg, Virginia, on January 15, 2016. The sellers had executed a Power of Attorney Agreement with Jennifer Malone. Under the Power of Attorney Agreement, Ms. Malone had the right to execute sales contracts and other agreements as needed. Ms. Malone signed the purchase contract on behalf of the sellers. Mr. Smith and the sellers signed a Short Sale Addendum to the purchase contract on January 15, 2016. The Short Sale Addendum required the earnest money deposit be placed in the escrow account within five business banking days after the date on which the purchase contract was fully ratified. Mr. Smith timely provided the earnest money deposit to Ms. Harrison on January 16, 2016. Ms. Harrison requested a copy of the Power of Attorney Agreement on January 15, 2016 from the listing agent, Esther Wells, but did not receive it. Ms. Harrison did not turn in the purchase contract or earnest money deposit to her firm. The property went to settlement on December 19, 2016. The earnest money deposit was deposited into the escrow account on December 21, 2016, two business days later.
Investigators also learned that Ms. Harrison told Mr. Smith that she did not consider the contract fully ratified until she had proof of Ms. Malone’s authority to accept the offer. She had asked whether he wanted to move forward with the transaction and Mr. Smith confirmed that he did. Ms. Harrison told investigators, “I have to practice real estate law when I’m dealing with legally binding contracts.” She further stated that her actions were to protect her client’s interests. She deposited the earnest money deposit in the escrow account on December 21, 2016. THE RESULT The Board determined that Ms. Harrison failed to exercise ordinary care in accordance with section 54.1-2132.A.4 of the Virginia Code. They found this for two reasons. First, she made a legal determination that the sales agreement was not ratified. Second, she did not inform her broker about the transaction or turn in the earnest money deposit to her broker in a timely manner, which could have jeopardized the transaction. The Board placed Ms. Harrison on probation, issued a fine of $500, and required her to complete three hours of continuing education.
THE INVESTIGATION Investigators learned that Ms. Harrison did not discuss the transaction with her broker. She stated, “I do not talk to my broker about any of the contracts I have unless I have a problem.” Ms. Harrison reported that in her opinion the contract was not fully ratified by the sellers until the closing date on December 19, 2016, when the sellers signed the Settlement Statement. Because her broker did not accept unratified contracts, Ms. Harrison believed that she was following the rules of Mountainside, REALTORS®. Ms. Harrison reported that she did not advise Mr. Smith or Ms. Wells that she did not deposit the earnest money deposit.
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LESSONS LEARNED
CASE STUDY 2: INTERESTS OF THE PUBLIC
Lessons L 30
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THE SITUATION Mary Boleman, a REALTOR® with Rock and Associates, Inc., represented Rose Shannon for the purchase of a property. Pursuant to the Purchase Agreement, ratified on March 22, 2016, Ms. Shannon was responsible for paying an earnest money deposit of $1,000. Ms. Boleman collected the earnest money deposit on March 23, 2016 and gave it to the office manager, Doug Burke. Mr. Burke timely deposited the earnest money into the firm’s escrow account. On April 7, 2016, Ms. Shannon signed an Amendment to the purchase agreement which changed the purchase price and required that she provide a second $2,000 non-refundable earnest money deposit due on May 2, 2016. On May 2, 2016, Ms. Boleman collected the second earnest money deposit check and gave it to Mr. Burke. She told Mr. Burke that it was an additional earnest money deposit. On May 11, 2016, Ms. Boleman asked Mr. Burke why the earnest money had not been deposited. Mr. Burke then notified the firm’s managing broker, James Calloway, that he had not processed the Amendment or the second earnest money deposit check. On May 12, 2016, the managing broker notified the principal broker of Rock and Associates, Inc., Ellen Bodes, that the second earnest money deposit had not been deposited to the firm’s escrow account. On May 13, 2016, Mr. Burke deposited the second earnest money deposit check into the firm’s escrow account. On June 1, 2016, the transaction settled.
THE INVESTIGATION Ms. Bodes advised Mr. Calloway to self-report the matter to the Board. Investigators learned that Mr. Burke misunderstood the instructions from Ms. Boleman. He believed that the second earnest money deposit was for a non-ratified contract and needed to be held pending ratification. Mr. Burke stated that he did not read the Amendment and then forgot about the earnest money deposit until Ms. Boleman asked him about it on May 11, 2016. Mr. Calloway had not seen the second earnest money deposit until Mr. Burke told him about it on May 11, 2016. THE RESULT The Board determined that Ms. Bodes, as the principal broker for the firm, failed to safeguard the interests of the public by not having procedures in place to monitor transactions and to ensure that earnest money deposits are timely deposited into the firm’s escrow account. The Board required Ms. Bodes to complete three classroom hours of continuing education pertaining to Escrow Management and issued a fine of $1,500.
Look for additional resources at virginiarealtors.org
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KELLER WILLIAMS LOCKS DOWN LARGEST NUMBER OF FIRMS ON TOP BROKERAGE LISTS ... AGAIN! For the second year in a row, Keller Williams had the most firms on the REAL Trends 500, according to the annual ranking and reporting published by REAL Trends, Inc. We had 161 brokerages featured on the Real Trends 500.
KELLER WILLIAMS IS For the second year in a row, Keller Williams, had the most firmsOUTPACING on the REAL Trends 500, according to the annual ranking and reporting published by REAL Trends, The company had THE Inc. INDUSTRY Keller Williams is leading the way 161 brokerages featured on the Real Trends 500. on the REAL Trends 500 and the RISMedia Power Broker 500 with more representatives than any other real estate company.
Keller Williams is leading the way on the REAL Trends 500 and the *This percentage represents the growth in the number of KW market centers mentioned on RISMedia Power Broker 500 from 2015 to 2016.
RISMedia Power Broker 500 with more representatives than any other real estate company.
Contact us at the Virginia Region and find out if Keller Williams is right for you as an agent or as an owner. CALL OR EMAIL YOUR CONFINDENTIAL INQUIRY TODAY!
(703) 335-8000 region12@kellervillamsva.com
Alexandria/Kingstowne, Alexandria/Old Town, Arlington, Chantilly, Charlottesville, Chesapeake/Greenbrier, Chesapeake/Western Branch, Dulles, Fairfax Capital Properties, Fairfax Gateway, Falls Church, Fredericksburg, Great Falls, Lake Ridge, Leesburg, Loudoun Gateway, Lynchburg, Manassas, Martinsburg, McLean, Midlothian, Newport News, Reston/Herndon, Richmond West, Springfield, Stafford, Tysons/Vienna, Virginia Beach/ Hilltop, Virginia Beach/Town Center, Winchester Each Keller WilliamsÂŽ Realty office is independently owned and operated. | If you are currently a franchise owner, please disregard as this is not intended as a solicitation.
MAJOR EVENTS
ANNUAL CONVENTION… come early, stay late. A scenic drive gets you closer to being a star in Virginia real estate. Mark your calendar for October 3-5, 2017 for the best conference in Virginia REALTORS® history. This event is always a great time and filled with education and networking opportunities. This year, it’s an especially big deal.
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We’ve got Brad Inman (THE Brad Inman) lined up to speak, Joe Niego of Buffini fame, national motivators like Terry Watson, Rob Hahn and Marki Lemons. A featured product expo will give you demo opportunities with cutting edge tools and technologies. And don’t forget the continuing education and leadership meetings that connect you with vital information about industry and association updates. The event is highlighted by a black-tie-optional gala to install our new President and commence the new board year. It is a limited-capacity special event, so get your ticket early and get ready to dress up for a night of premium fun with the best in the business. Social and professional networking will mix throughout the entire conference and you can expect to come away with new business allies as well as new friendships. Come early and state late.
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Why attend? The premier event on the Virginia REALTORS® calendar, convention is a must-attend opportunity to grow your business through powerful education from the nation’s real estate stars. Why should you attend? To mix with industry leaders and elevate your career. To find professional innovation, strengthen your referral network, and build relationships with the state’s most successful REALTORS®.
The Speakers BRAD INMAN
MARKI LEMONS
Award winning journalist and publisher, innovative leader, and majorly successful entrepreneur, Brad Inman is the founder and sole proprietor of the real estate industry’s top news source. He’s brought thousands of thought leaders together through his business and technology conferences, sparking the success of real estate professionals, companies, and products. Inman parlayed his knowledge of the housing market into digital entrepreneurship at the beginning of the Internet era, devising and investing in online marketing platforms, video, and e-publishing programs. His name is synonymous with real estate success. Don’t miss the opportunity to learn directly from an industry titan.
With 25 years of marketing experience, Marki Lemons-Ryhal is an award winning ‘infopreneur’ and social media expert. Her tips have been featured in Forbes Magazine, The Chicago Tribune, and CNBC. She’s coming to Roanoke to offer Virginia REALTORS® simple strategies for increasing sales through smarter social media.
JOE NIEGO Alongside Brian Buffini, Joe Niego has channeled his expertise into a number of the real estate industry’s most sought after training programs: 100 Days to Greatness, Peak Producers, The Blitz, The Turning Point, The Peak Experience, Mastermind and more. The collective impact of these training programs has allowed thousands of agents to earn more than 7 times the average national income level. As a top -producing agent himself, Joe speaks from years of experience, bringing money-making solutions to real-world challenges. Expect to learn valuable, real advice on upping your referrals and your income.
TERRY WATSON One of the most entertaining speakers in the business, Terry Watson is known for the raw honesty and straightforward advice that gets pros to stop sabotaging themselves. He’ll motivate you to ‘get out of your own way’ and focus on the elements of success rather than distraction. ROBERT HAHN Robert Hahn manages a marketing, technology and strategy consultancy focusing on the real estate industry. He’s a longtime veteran of the online world who got into the real estate industry at Realogy, overseeing all interactive marketing and technology for the commercial brand. He’ll offer guidance on an integrated, evidence-driven approach to real estate, combining strategy, marketing, operations, and technology. AND MORE...JARED JAMES, SEAN CARPENTER, MATTHEW FERRARA, ASHTON GUSTAFSON, JUDY LADEUR
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The Setting A midsized mountain city and a Virginia gem… Roanoke is renowned for its walkability and the beauty of its surroundings. The region offers a unique blend of tech-forward economic development and natural wonders. A thriving craft brewery culture adds to local cultural amenities, including the Taubman Museum of Art, Center in the Square, and the very site of this event, the historic Hotel Roanoke. Explore the scenic journey and the region’s beauty and vibrant culture during your trip to Annual Convention. The Hotel Roanoke is an exquisite property that mixes modern amenity with historic charm. Book early to get the event rate and guarantee your stay close to the action. The property provides hospitality amenities throughout the day, so you won’t have to spend extra cash or time on finding coffee and refreshments.
The Extras READY FOR YOUR CLOSE UP… You may recognize them from Salvage Dawgs, the hit show on the DIY Network! Black Dog Salvage specializes in the reclamation, repurposing and resale of architectural, commercial, and industrial elements and fixtures. Virginia REALTORS®, renovators, dealers, and the generally curious are encouraged to visit their eccentric warehouse. (902 13th Street SW, Roanoke 24016). CUTTING EDGE... Internationally acclaimed architecture encases eleven galleries of fine art. Directly across from the Hotel Roanoke, the Taubman Museum is a stunning element of the downtown landscape. Explore the exhibits, ranging from American Impressionism to avant garde fashion. THE HOT SPOTS... Center in the Square is the hub of Roanoke’s restaurant and boutique scene. Just a few steps from the Hotel Roanoke, enjoy the shops and eateries that show off the local flair of the Star City. One of the oldest city markets in Virginia, this spot blends old world charm with modern energy.
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#VirginiaREALTORS
COMMUNITY MATTERS
Servant Leadership...
always part of Virginia REALTORS® culture Tons of furniture (literally), dozens of house cleaning kits, a small fleet of U-Hauls, and twelve Virginia REALTORS® made for an energetic scene at headquarters in April. The Virginia Leadership Academy (VLA) convened for its first retreat, but the class had already been hard at work before arriving in Richmond. Around the state, the VLA Class of 2017 spent weeks gathering supplies to benefit CARITAS in order to make an incredible delivery. CARITAS works in and beyond central Virginia to break the cycle of homelessness and housing vulnerability with effective and permanent solutions. Their mission is centered around the same principle that is at the core of this year’s VLA curriculum and at the heart of Virginia REALTORS® – servant leadership. It’s a principle that’s natural to REALTORS®, as constant guardians of clients’ interests and ambassadors to communities. With the support of local associations and fellow members, an astonishing volume of collections came in from every classmate. CARITAS was on hand to fill an entire truck in addition to the donations that had already arrived directly at their warehouse. The truckloads of furniture, housewares, linens, appliances, and cleaning supplies equip families and individuals in need and enable their permanent housing stability. Thanks, Class of 2017, for modeling generosity to our neighbors and creating greater housing opportunity for Virginians.
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You’re Invited...
to hear Virginia’s next governor As the preeminent advocacy organization in the Commonwealth, the Virginia REALTORS® is offering our members a chance to be the first to hear directly from the official Democratic and Republican nominees for governor on the issues of real estate, homeownership, and property rights…the issues that impact your daily business. Virginia will be in the national political spotlight this year as one of only two states that have statewide general elections in 2017. Our races for governor, lieutenant governor and attorney general will be analyzed as the most important races to watch since the 2016 presidential election and judged as a precursor to the 2018 congressional mid-term elections. As the preeminent advocacy organization in the Commonwealth, the Virginia REALTORS® is offering our members a chance to be the first to hear directly from the official Democratic and Republican nominees for governor on the issues of real estate, homeownership, and property rights… the issues that impact your daily business.
This premier political event, hosted by the Virginia REALTORS® and Richmond Association of REALTORS®, with support from local associations around the state, will kick off the 2017 fall election season and is an opportunity exclusive to our members. This is your chance to hear the major party candidates for governor share their vision for Virginia and answer membersubmitted questions specific to the real estate industry. Don’t miss out on this major event that could shape the future of real estate policy in Virginia. The event is free, but space is limited. Advance registration is required. Reserve your spot online at virginiarealtors.org.
Join hundreds of your fellow REALTORS® at The Westin Richmond on June 21st for the Virginia REALTORS® 2017 Governor Candidates Town Hall.
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HEADQUARTERS
From the CEO’s Desk You read in our President’s letter at the front of this magazine that the beginning of this year has been about change. Just as the spring season brings fresh energy and new growth – both in our beautiful Virginia landscape and in our industry – this season has kicked off a new culture for Virginia REALTORS®. Don’t get me wrong. Our history of being the most effective business advocate in Virginia, facilitating and honoring the practices of our members, and promoting your successes at the state, local, and national levels hasn’t changed and won’t. What’s new at our headquarters is A BIGGER AND BETTER CAPACITY to adapt to your needs as they change with an ever-evolving industry. We recognize the escalating influence of technology, shifting consumer engagement, fluctuating expectations between generations of buyers, sellers, and renters, and the constant kaleidoscope of new obstacles and opportunities that you face day in and day out. The changes emerging at our headquarters are about positioning us for even more rapid response on your behalf to changes in the real estate business conditions, offering you immediate education on critical issues, and bringing you the closest access to resources and experts that empower your greatest business success.
YOUR BUSINESS IS OUR BUSINESS and we are proud to join you in shaping the future of real estate.
Terrie Suit CEO Virginia REALTORS®
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Contact the Virginia REALTORS
ÂŽ
2017 Leadership Team Claire Forcier-Rowe ABR, ABRM, CRB, CRS, GRI, SRS, SRES, MRP President Long and Foster Real Estate, Yorktown & Bay River Offices claire.forcier.rowe@gmail.com | 540.903.1003 Jay Mitchell ABR, ASP, CRB, CRS, e-PRO, GRI, MRP, RSPS, SFR, SRES President-Elect Berkshire Hathaway Home Services Towne Realty, Virginia Beach jay.mitchell@BHHSTowne.com | 757.422.2200 Beckwith Bolle Vice President Carter Braxton Preferred Properties, Leesburg beckwith151@aol.com | 703.777.7772 Pat Sury CRB, CRS, GRI, SRES Treasurer Montague Miller & Co., Westfield, Charlottesville sury@ntelos.net | 434.227.4444 Bill White Immediate Past President Joyner Fine Properties, Richmond bill.white@joynerfineproperties.com 804.270.9440
Find us online (www.virginiarealtors.org) or touch base with a department directly: For membership, site log-in, and dues questions: Amy Hafer, Director of Business Systems ahafer@virginiarealtors.org | 804.249.5725 For professional standards and Code of Ethics questions: Legal Department ProStandards@virginiarealtors.org | 804.622.7955 To request a staff speaker for your association or brokerage: Lynne Wherry, Director of Association Relations lwherry@virginiarealtors.org | 804.249.5711 For comments or questions about print or web communications: Marketing and Communications Department Outreach@virginiarealtors.org | 804.262.3755 For conference, seminar, and professional education questions and registration: Lili Paulk, Director of Conference Education lpaulk@virginiarealtors.org | 804.249.5710 For RPAC questions or to make a contribution: Kathy Felton, Director of RPAC Development kfelton@virginiarealtors.org | 804.622.7950
Terrie Suit Chief Executive Officer Virginia REALTORSÂŽ tsuit@virginiarealtors.org | 804.249.5705
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Annual Convention in Roanoke Come Early. Stay Late.