2008_03-04_Commonwealth

March/April 2008

A journal for real estate professionals published by the Virginia Association of REALTORS® • www.VARealtor.com

Eggs, bacon and rookies’ revelations: ‘We know more than you think we do’ (and some things you may have forgotten!)

Bonnie Field

Willam Kimsey

Karen Newins

Curtis Butterworth

Karen Carpenter

Also Inside: Technology Supplement

THIS JUST IN

Mortgage bankers are wrong about legislation, say professors CONTRARY TO ASSERTIONS made by the Mortgage Bankers Association (MBA), there would be “no or little” impact on home mortgage interest rates if Congress moves ahead with pending legislation – H.R. 3609, The Emergency Home Ownership and Mortgage Equity Protection Act of 2007 and in the Senate, S.2136, The Helping Families Save Their Homes in Bankruptcy Act of 2007 – designed to ease the U.S. mortgage foreclosure crisis by allowing modifications in bankruptcy proceedings, according to the findings of a major new study.

The analysis by Georgetown University associate law professor Adam Levitin and Columbia University economics doctoral candidate Joshua Goodman concludes: “Neither strip-down or other forms of modification of principal home mortgage loans in bankruptcy would have more than a minor impact on mortgage interest rates or on home ownership rates. There is significant evidence that mortgage interest rate markets are indifferent to bankruptcy modification risk…”

Both bills would impose a variety of limitations on modification and eligibility requirements and also limit relief to subprime and non-traditional mortgage products.

NAEBA tells consumers to be careful working with buyer agents THE NATIONAL ASSOCIATION of Exclusive Buyer Agents is urging buyers to make sure they understand what “their” agent will do for them in a transaction.

“A buyer’s agent should always provide and discuss relevant valuation information with a buyer client,” said NAEBA President Barry Nystedt.

“This certainly includes comparable sales data.”

Nystedt’s remarks were in response to a lawsuit filed by Marty and Vernon Ummel against their real estate agent. The Ummels claim the agent knew the home they were buying was overpriced compared to the neighborhood but concealed that knowledge.

VOLUME 15 ● ISSUE 2

Real estate low on FTC complaint list THE FEDERAL TRADE Commission says fewer than one percent of complaints it receives involve real estate brokers (not including timeshares), putting it down at number 14 on its list of problem industries.

Number one on the list was identify theft, which the FTC said accounted for 32 percent of complaints it received last year, followed by shop-at-home catalog sales at eight percent, internet service providers at five percent, foreign money offers at four percent and fraudulent lottery/sweepstakes prizes at four percent.

The fewest number of complaints investigated came from the charitable solicitation business.

Homeowners don’t believe values have dropped A NEW ZILLOW.COM poll indicates that despite the headlines and being the number one news topic on broadcasts nationwide, 77 percent of Americans believe the value of their home has gone up or stayed the same.

Perhaps more surprising, about 34 percent of respondents said they plan to sell their homes this year – adding to those already on the market.

The Zillow poll showed 82 percent plan to engage in some home improvement projects in 2008, and 67 percent say they plan a major project, such as roof replacement or kitchen remodel.

About 35 percent say they plan to take out a home equity loan this year, and 36 percent indicate they plan to refinance or take out a second mortgage. ●

MARCH/APRIL 2008

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MARCH/APRIL 2008 • Volume 15 Issue 2

12 Eggs, bacon and rookies’ revelations: ‘We know more than you think we do’ (and some things you may have forgotten!)

Being the new guy is never easy. No one knows this better than rookie real estate professionals. So toss in a rocky economy and a real estate market so daunting it’s got even seasoned REALTORS® quaking in their boots, and you’d think the newbies would just want to hide under the covers or at least find some good, steady work elsewhere.

We decided to coax a few out for breakfast recently to find out just how hard it really is and were more than a little surprised by what the latest to join the REALTOR® ranks had to say about their new careers.

Turns out these hearty souls have an inside track on how to carve out a successful real estate career that brings together some traditional tactics with a few fresh techniques that we bet some of you old-timers might find useful.

16 …and the awards go to: VAR’s best and brightest take home top honors

REALTORS® who demonstrated outstanding leadership, accomplishment and professionalism won the awards to prove it during VAR’s 2008 Legislative & Education Conference February 12-15 in Richmond.

The conference brought together more than 600 Virginia REALTORS® who met with legislators to lobby for REALTOR® interests and maximized a record-setting array of opportunities to learn about trends and issues affecting your business. The four-day event included top-notch continuing education classes and unlimited chances to boost referrals by networking with top producers from across Virginia.

DEPARTMENTS 1 This Just In 4 Legal Lines 10 Risk Reduction 18 Specialties Update

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RPAC Report Housing Opportunity Contracts, Up Close VAR Staff Directory The Last Word

This month’s Blogspotting column appears at VARbuzz.com/blogspotting0803.

Virtually speaking Technologies with the power to transform your bottom line VAR’s technology supplement. It’s digital gold.

Want fresh marketing ideas to boost your bottom line? We’ve got it.

Looking for a way to jump start your business? Think digitally. We’ve mined a few tech-savvy sources to come up with a bounty of new ways to connect with clients and successfully navigate today’s challenging real estate market.

Opportunity isn’t knocking … it’s really more of a clicking sound…

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MARCH/APRIL 2008

PUBLISHED BY THE VIRGINIA ASSOCIATION OF REALTORS® The Business Advocate for Virginia Real Estate Professionals Pat Jensen, ABR, CRB, CRS, GRI VAR President John Powell, GRI, ABR, CRB, CRS VAR President-Elect Cindy Stackhouse, GRI VAR Vice President R. Scott Brunner, CAE Chief Executive Officer scott@VARealtor.com Lisa G. Noon, ABC, CAE Vice President, Marketing & Communications lgnoon@VARealtor.com Ben Martin, CAE Director of Communications & New Media bmartin@VARealtor.com Valerie Hubbard, Editor Information Manager/Writer valerieh@VARealtor.com For advertising information, Jeff Rhodes at (410) 584-1968 or email var@networkpub.com The mission of The Virginia Association of REALTORS® is to enhance its membership’s ability to achieve business success.

Commonwealth magazine (ISSN#10681388) is published bi-monthly by the Virginia Association of REALTORS®, 10231 Telegraph Road, Glen Allen, VA 23059-4578; (804) 264-5033.

Virginia Association of REALTORS® members pay annual dues with a one-year subscription included within their dues. Periodicals postage paid at the Glen Allen, VA post office and additional mailing offices. USPS Per. # 9604.

Postmaster: Send address changes to: Commonwealth magazine, 10231 Telegraph Rd., Glen Allen, VA 23059-4578.

Custom Publishing Services provided by Network Publications, Inc. Executive Plaza 1, Suite 900, 11350 McCormick Road Hunt Valley, MD 21031

VARbuzz.com. Your virtual café for real estate news, views, and issues. Read the perspectives of your fellow Virginia REALTORS®. Join the conversation at VARbuzz.com today.

Get it? Got it? Good!

In addition to the print version of Commonwealth, VAR publishes these electronic newsletters at regular intervals. Among them:

The online version of our print mag, published every month.

What’s happening at the General Assembly that affects your business.

If you’re not receiving these newsletters via e-mail from time to time, it may be that we don’t have your correct email address. Contact your local association of REALTORS® to enter your address in the database. Also, check the spam filter on your computer and authorize any email from VARealtor.com.

legal lines

by Lawrence E. “Lem” Marshall, Esq.

Clearing up some messy situations: lease terminations, commissions to former agents, foreclosures, and fraud WE’RE TAKING ON simple, routine, non-controversial topics this time, involving the Attorney General, the Real Estate and Appraiser boards, foreclosures, fraud – things like that.

support the troops

Q.

Have you heard from the Attorney General lately?

A. I got a nice call a couple of weeks ago, thanks. Actually, an attorney from the Coast Guard called and asked me to remind all REALTORS® that regardless of what your landlord’s lease provides, a landlord subject to the Residential Landlord Tenant Act may not charge members of the military for early termination of their leases, if termination is done in accordance with the Act. Mitigation is no longer permitted, even if the lease so provides.

(The Act was amended a year or two ago, but old leases may still be in effect.) According to the Coast Guard, the AG is watching Virginia property managers and landlords closely, so remember that whatever your lease says, mitigation is no longer permitted, and you may not charge active duty tenants for early termination. Please be sure that all new leases are consistent with the Act as amended.

no licensed agent? no open house

Q.

May my unlicensed assistant conduct open houses if she merely permits access and hands out general information about the property and does not answer any questions about the house or give advice to the visitors?

A. There are two theories about how unlicensed assistants can legally do open houses in Virginia.

Unfortunately, neither works.

The Real Estate Board (REB) has long considered holding open houses to be the practice of real estate, and thus appropriate only for licensees, regardless of whatever is said or done at the open house. When the subject was raised again recently, I asked REB to revisit the issue and let us know whether its position had changed. The board confirmed its long-standing position that only licensees may hold houses open. I realize there has been quite a bit of information disseminated lately to the opposite effect, in articles, on blogs, in continuing education courses 4

MARCH/APRIL 2008

VaR legal Hotline: ( 00) 755- 271 is it risky? Quick! To the Hotline…

The VAR Legal Hotline is a free, members-only risk management tool that is among the top-rated services offered by the Virginia Association of REALTORS®. Through the Legal Hotline, you can receive timely legal information on the issues you confront day-in and day-out in your real estate practice. The VAR Legal Hotline has one major objective: to increase REALTOR® professionalism and decrease professional liability.

Guidelines for Legal Hotline calls: All principal brokers are eligible to use the Hotline. In addition, the supervising broker and one other designated person from each office (for example, an associate broker or office manager) may register as designees of the principal broker.

Before you call: Please note that many of the questions the Hotline receives have already been answered in Commonwealth articles; check the indexed Hotline archives at VARealtor.com before calling.

How to sign up: Registration is easy. Complete the form found under Member Services at VARealtor.com. You must register before you call the Hotline.

Hours of operation: Monday through Friday (except holidays) from 10 a.m. to 4 p.m.

How to contact the Hotline:

By phone: (800) 755-8271 or (804) 264-5033.

By e-mail: hotline@VARealtor.com

Call handling process: When you call, please have your NRDS number ready, and put it on any e-mailed questions. Most calls and emails will be handled by VAR Special Counsel Lem Marshall.

Questions?

If you have questions about the Hotline, contact Anita Bean at (800) 755-8271 or (804) 264-5033, or by email at anita@varealtor.com The VAR Legal Hotline should not replace your own legal counsel.

No questions will be answered on matters that are unrelated to real estate, real estate brokerage, or pending arbitrations.

www.VAReALtoR.CoM

legal lines and elsewhere. In many cases, this information deals with the law in other states where the law may be different. In Virginia, however, at least in the opinion of the REB, this practice requires a license.

Pay up…dead or alive (or retired)

Q.

An agent left my firm with several deals pending, but was not affiliated with another firm by the time the deals closed. If the agent’s license is inactive, may I legally pay him the commission he is owed on these deals as they close? If he has affiliated with a new firm, must I pay the commission to his new broker?

A. There is a great deal of confusion on this matter, so let’s

MARCH/APRIL 2008

“

The only relevant issue is whether the agent was actively licensed at the time he performed the act for which the commission is due.” clear it up once and for all. The only relevant issue is whether the agent was actively licensed at the time he performed the act for which the commission is due (obtaining the listing or buyer agency relationship, obtaining a purchase contract or lease, or whatever it is that gives rise to the entitlement to a commission). His license status at the time of payment is irrelevant. So if, for example, he obtains a listing, and it goes under contract while he is at your firm, you

may pay him at closing whatever his status. The verity of this can best be illustrated with the following example. Suppose a commercial agent obtains a ten-year lease with a ten-year renewal, on which the firm is to be paid its commission monthly as rent is received from the tenant.

Can we really require the agent to remain actively licensed for the next 20 years to receive his monthly commission split? What if he died during the term of the lease? Obviously, we can’t outlaw retirement or death for this fellow, but may pay him, or his estate, or his designee, whatever his license status at the time of payment.

It is license status at the time of his actions giving rise to the entitlement that matters, not what he decides to do thereafter. He can go to Tahiti and paint the natives while basking like a lizard on a rock, or he can keep working. You can pay him either way.

By the way, if he joins another firm, you pay him, not his new broker. Your debt is to him, and the new firm has no entitlement to any of his fee. The broker of the firm receiving the commission on the deal is the broker the REB regulations are speaking of when they require all fees to be received through the firm’s broker.

www.VARealtor.com

legal lines An exemption…with exception

Q.

Do foreclosing lenders have to provide disclosure statements, Property Owners Association (POA) packets or condominium resale certificates to buyers who buy at the foreclosure?

A. No. The relevant statutes exempt foreclosing lenders and their trustees from these requirements. As to REO, the lender is likewise exempt from the requirements of the Residential Property Disclosure Act, and thus does not have to provide a disclosure statement. Lenders selling REO must provide the POA packet and the condominium resale certificate, but buyers may waive the right to receive the condominium resale certificate, although they may not waive the right to receive the POA packet. Got that?

I knew you would.

Be very careful about language in REO contracts attempting to affect a waiver as to these documents.

These provisions often say something like “to the fullest

Live the Code.

Lead the Industry.

extent allowed by law” buyer waives the right to receive the information, but Virginia law is clear that contract waiver language is unenforceable against buyers of POA property. The Condominium Act has no such prohibition against waiver, so I assume the right to receive the resale certificate can be waived by contract. l Legal Lines is written by VAR Special Counsel Lem Marshall. Please note that answers to Legal Hotline questions are informational only. Consult your own legal counsel if your situation requires legal advice. More Legal Hotline questions and answers are indexed at VARealtor.com for your reference.

Read and comment on this article at VARbuzz.com/LegalLines0803.

“If you question the value of a good reputation, try building a business without one.”

Suzy Stone REALTOR ®, Fredericksburg, Virginia

Your reputation is your most valuable asset. Without a good reputation, you cannot hope to advance your career. Of course, you build your reputation by your actions, so understanding and living the REALTOR® Code of Ethics is the surest way to be successful in this business. Open the Code and you really will close more deals.

To see how the Code can improve your business, visit www.codeisgoodbusiness.com Earn more business and CE credits to boot. Find out how at www.codeisgoodbusiness.com/va/lessons

MARCH/APRIL 2008

www.VARealtor.com

RISK REDUCTION

by Clara Miles

Real estate marketing in an on-demand world IN TODAY’S TECHNOLOGICALLY advanced society, homebuyers rarely rely solely on the Sunday paper classifieds for help finding a home. Accustomed to obtaining information whenever they want, most now explore their housing options online. In fact, the 2007 NAR Profile of Home Buyers and Sellers report revealed that 84 percent of recent home buyers used the internet in their search.

As a real estate professional, it is essential that you remain up-to-date in this era of instant information to remain competitive. However, it’s just as important to understand the risks of internet marketing and how you can avoid them. Some of the issues you should keep in mind include: Tell them who you are. You must disclose who you are and that you are a real estate practitioner in every online advertisement. This requirement includes providing

your name and/or firm’s legal name, office location, and license jurisdiction(s). If you advertise on several pages within the same site, you should publish your information on each page displaying your advertisements.

If you discover another agent’s listing that you would like to add to your own site, you should first obtain his or her consent to do so. Any such advertising should include the name of the property’s actual listing broker and details of where and when you obtained the property data displayed on your site. You may not alter any of the information you post about another’s listing, which is why it is important to divulge the source of the listing.

Keep it real. Some of the benefits of marketing real estate online, such as full-color images and virtual tours, are also potential pitfalls. Sellers may be able to exaggerate property features or conceal defects that would be apparent in a physical visit. To help avoid these issues and possible misrepresentation claims, you should personally visit the property and urge all prospective buyers to complete an in-person walk-through before making an offer. They should also hire a professional home inspector and other qualified experts. It is equally important that you verify that all facts listed on your website (i.e. square footage, acreage, taxes, etc.) are accurate. Even one simple typo could have potentially devastating consequences.

Change happens. If you learn of any changes to a property, you must update your listings accordingly. The Association of Real Estate License Law Officials guidelines state, “any changes…should be updated online within 72 hours of the change.” Additionally, NAR requires that you review the real estate marketing and advertising information on your own site “no less than every 31 days.” It is also advisable that you provide the date and time of the original posting or last update and always remember to remove any listings as soon as practical.

By extending your advertising efforts to the virtual world, you could dramatically increase your marketing results. ● Clara Miles is a representative of Pearl Insurance, which has been the sponsored E&O provider of the Virginia Association of REALTORS® since 1984. For more information about Pearl’s programs, contact Debbie Bindeman at (800) 289-8170.

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WWW.VAREALTOR.COM

Eggs, bacon and rookies’ revelations: ‘We know more than you think we do’ (and some things you may have forgotten!)

Sure, it’s not easy being the new kid on the block. First of all, everyone else seems to know a lot more than you do about pretty much everything. And finding your own way can be really tough.

Just ask any new REALTOR®. Getting a real estate career started under the best circumstances is not for the faint of heart. There are all of those regulations, trying to find clients, and then the awesome responsibility of all that money hanging in the balance between a client’s dreams and the harsh market realities.

Market challenges being what they are, we decided to find out from a few of our own new kids on the block – REALTORS® with fewer than three years’ experience under their belts – what it’s like being fresh on the scene of Virginia’s real estate profession.

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With hundreds of fair-weather agents hanging up their spurs, we honestly expected to hear a lot about how hard life can be and maybe a little of what starvation feels like.

So, imagine our surprise when five hearty souls gathered around a breakfast table recently to talk about their short experience in Virginia real estate, and nary a complaint was heard. In fact, these whippersnappers seem to have a few insights into carving out a successful real estate career that we think could help more than a few old-timers.

The latest to join the REALTOR® ranks are combining tried-and-true, traditional tactics with novel twists that come from having a fresh perspective on the business.

So, grab your own plate of scrambled eggs or bowl of oatmeal and see what these newbies had to say. We bet you’ll be surprised, too… www.VARealtor.com

First things first: why did you become a REALTOR®?

Is this your first career…or second, third or fourth?

Karen Newins, ABR, William E. Wood & Associates, Chesapeake I became a REALTOR® because I have a friend who is probably one of the top agents from our area. I had been in the medical field for 15 years. It seemed like real estate would be a good fit for me, and my friend really encouraged me to get into it.

Karen Carpenter, 1st Choice GMAC Real Estate, Staunton My mom has been a REALTOR® for two

THE ROO

KIES Bonnie Field Real Estate III Crossroads Charlottesville

decades, and I thought it would be a great way to subsidize my family income. I got my license in June 2007.

Bonnie Field, Real Estate III Crossroads, Charlottesville I retired from the medical field after 35 years. So I was looking for something I could do for myself. After working with patients for that length of time…working with people all the time, this is a good way to continue doing that in a different way.

William Kimsey GRI, ABR ERA Kline & May Realty Harrisonburg

Curtis Butterworth, Parr & Abernathy, Hopewell This is my third career. I practiced law for 19 years and then began to preach ten years ago. I am assistant pastor at Joy Fellowship Church in Hopewell. I received my real estate license in May 2006 and established a team, TheButterworthTeam, with my son, Brandon.

Willam Kimsey, GRI, ABR, ERA Kline & May Realty, Harrisonburg I became a REALTOR® in the spring of 2006. I had been interested in real estate for more than 10 years. Real estate is about helping buyers and sellers come together in a transaction that, ideally, allows both sides to get what they want by helping each other.

In negotiation language this is called a win-win outcome.

My background as a teacher and trainer in communication and conflict resolution has prepared me well to serve as a VAR ethics instructor and a communication consultant for REALTORS® and brokers. In addition to completing my GRI and ABR, I am now working towards a broker’s license.

Butterworth Negotiating a legal contract as a lawyer too often winds up being a “blood sport.” Working with a client to obtain a ratified real estate contract is more of an exercise in creating an end product, which is mutually beneficial to all the parties.

VoLuMe 15 ● Issue 2

Karen Newins ABR William E. Wood & Associates Chesapeake

Curtis Butterworth Parr & Abernathy Hopewell

Karen Carpenter 1st Choice GMAC Real Estate Staunton MARCH/APRIL 2008 13

What was the market like when you became a REALTOR®?

Newins When I started two and a half years ago, it wasn’t

What is the biggest challenge you face as a REALTOR®?

Newins I think the biggest challenge out there right now

that slow. Last year was a phenomenal year, and this year is going very well so far, as well. So I think the market is wonderful right now. You know you just have to stay positive, take one day at a time and move forward and work hard. A lot of it is about referrals, and I’ve found if you do a good job, people will pass your name along. I think that I have worked with an entire church because of that, which is phenomenal. You just have to treat people the way you want to be treated. It does come back to you.

I’m a firm believer in that.

is there are so many agents out there who think that it’s easy money, and they don’t want to take the time to really do the work for clients. They just want to say, ‘OK, that’s your house and move on.’ You can’t do that. You need to make them part of the process and understand that this is the most exciting time of their life and go to bat for them.

The challenge is to make everyone feel just as special as the first person you ever worked with. It’s a matter of doing the best job you can for them.

I have been very blessed to have a lot of friends and a good network of people who will call me and refer their friends and family members to me. I really have not experienced a market slowdown. I do have to say I’m a member of a team, which really helps when you’re new.

Butterworth When I began two years ago it was the tail-end of the hot market, and we participated a little bit in that. Last year was slow, however, since November, activity has picked up. Brandon and I have been blessed in that we actually have been busier than the market overall. When I started to take classes, beginning classes up to CRS classes, I kept hearing the same things: ‘It’s a good thing you are starting out in a tough market. You will have to learn to do the things that historically make you successful. Work the market, create your databases, do your mailings, hold open houses, etc. Be very targeted on how you spend your advertising dollars. Stay with your sphere of influence. Do what you do well and follow up. Look to the future and remember you are creating not just a client for now but a business.’ It is very easy to be so overly concerned about not having enough listings that you don’t take care of the people who have already entrusted you with taking care of their transaction. Follow up is crucial to maintaining your business.

“

Carpenter My greatest challenge is being able to be confident of the processes and legalities required to be an agent. Working with other agents in the office and gaining knowledge to be able to do the best job possible is how I spent the first couple of months after licensure. I have had a great mentor and leader in my mom. That’s been a great blessing. I advertise with her and she gets a lot of listings, so this presents opportunities to show her listed properties.

Kimsey I think the biggest challenge has been moving from a seller’s market to a buyer’s market. It is important to identify what is right about the market regardless of any present difficulties. The more anyone can learn about the market and the way it behaves, the better prepared you can be to anticipate and plan.

Stay with your sphere of influence. Do what you do well and follow up. Look to the future and remember you are creating not just a client for now but a business.”

Kimsey When I was licensed the market had just started

Field I just got started in September, and I’m not in a

to turn from a seller’s market to a buyer’s market. I realized that the market shift could present challenges that I had not anticipated. I listened carefully when more experienced REALTORS® expressed concern about the national media’s negative portrayal of the real estate market and the possible fallout on our local market. I figured the market could possibly present some challenges that required digging deeper into real estate education and thinking outside the box.

team, so it’s all a challenge for me right now. I’m just getting into my first contracts. The biggest challenge is just getting your name out there. I know the business will pick up. Right now, it’s great to have my broker behind me – to give me answers to all of my questions. That’s so important. That’s a big thing. But I’ve been in the area for 20 years, so my sphere of influence is pretty good. In my community, they all know me, and that helps. And if you’re nice to people, it will come back to you.

I do think that the market is back where it should be

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now. Younger generations don’t understand, but some of us remember when you had to have 20 percent down to buy a house, and you paid 13 percent interest on your mortgage loan.

Butterworth I think my biggest challenge is to take the technology I have learned about in classes and try to put it into practice. It’s easy to get excited and say, ‘I want one of those and one of those and one of those,’ when you are looking at all of the options and things you can do with those options. It’s hard to narrow it down to the tools that can benefit you. You have to try something, and if it works, great. If it does not work, and it is not profitable then get rid of it. Do not become burdened with business practices which do not work. This is a people business.

However, it is a business, and the bottom line gives us the information we may not want, but it is there nonetheless.

Our two brokers at Parr and Abernathy Realty, Don Parr and Elizabeth Abernathy, are really helpful to us when Brandon and I are thinking about trying new ideas and marketing techniques.

What is your chief marketing tool? There are a lot of new communications tools out there now, like Facebook and Linkedin and blogs. Are you all using them, and are you finding that they are useful?

Newins We do a lot of marketing on Craigslist.org. We find that we get a good response from that. We put our listings in Zillow.com. We also have the Virginian Pilot’s real estate website, and with the younger generation – that’s how they shop and get their information now.

That’s how they read the newspaper now – online. They don’t buy the rag paper. Our younger buyers almost all come from Craigslist.org or the Virginian Pilot online. We also run ads in the Clipper, which is a weekend publication. We are creating a website now and trying to get that up and running, but we haven’t used any of the other things that you mentioned.

Carpenter I have only used the Top Producer software for marketing so far to do mailings. I’m taking a seminar on driving prospects to your website.

Kimsey My marketing focuses on using online, virtual platforms. The idea is that you have to stay up-to-date, and you have to make your technical applications userfriendly. Some of the marketing tools I use include having an updated webpage with multiple domains. It has been an excellent source for leads ending in closings. I opened my Facebook account last week for the purpose of setting Volume 15 ● Issue 2

up a site. Also, I am using the book Blogging for Dummies for the purpose of starting blogs. In addition, I use a survey company for generating mailing lists for specific areas targeted with specific messages; this has resulted in leads ending in closings.

The bottom line is that you have to connect with people, and it’s still important to have that face-to-face contact, although, 16- to 22-year-olds are constantly instant messaging. Stay in touch with your clients the way they are most familiar.

Field Real Estate III has a website, and all of our agents have a website of their own on this website. I do want to learn about the other things. I want to learn about blogging and Facebook. I’m just going to have to go back to the last issue of Commonwealth magazine and re-read about those things. That’s where I’m headed. It’s good to have a really nice webpage to sell properties, but everyone has that. I do still send out cards. I sent out my announcement on a postcard, Christmas cards, and I send out something of value every quarter.

Newins You know Chick-fil-A will do a coupon to redeem for something, and that is great to send out to clients. They get something of value that they can use. You know, just to say, ‘Hello and have a Chick-fil-A on us.’

Carpenter My mom sent out a card with $10 off a massage from a local day spa, which gives something of value to the receiver and helps a local business at the same time.

Butterworth The classes I have attended have made me take a look at Craigslist, Facebook, and blogs. I have to approach them slowly because I did not grow up with these things as second nature. I believe blogs are very effective, and I hope to move in that direction shortly. However, I still like the personal touch. Before Christmas I ordered Crane stationery and cards. I use the cards a lot because they give me room to say what I want without having to fill up a whole letter-size piece of paper. I never realized cards were a male preference over letter-sized stationery.

The responses I have received have been very good. Some of the younger people have never even seen engraved stationery with return address information. It is an ‘old/new’ cutting edge technology to some who have never seen it. l Read more from our Rookie breakfast at VARbuzz.com/RookieRoundtable and add your two cents.

MARCH/APRIL 2008 15

…and the awards go to: VAR’s best and brightest take home top honors VAR PRESENTS SEVERAL awards during the annual awards banquet to recognize outstanding leadership, accomplishment or professionalism in the real estate industry.

Three members were inducted into the Virginia REALTOR® Hall of Fame at the annual awards banquet held on February 14 during VAR’s Legislative & Education Conference at the Omni Hotel in Richmond.

The Virginia REALTOR Hall of Fame recognizes extraordinary and distinguished contributions to the the real estate profession over a 25 year period. New inductees are: ®

Ann Palmateer GSH Real Estate Virginia Beach

G. Otis Mead III Mead Associates, Inc., Lexington

Fred Hetzel Coldwell Banker Leesburg

2007 VAR Sales Associate of the Year Rives Bailey

Montague Miller and Company Charlottesville

2007 CRS of the Year George Creed RE/MAX Xecutex Oakton

2007 Women’s Council of REALTORS® Virginia State Member of the Year Phyllis Shrader-Robinson RE/MAX Olympic Realty Haymarket 2007 Appraiser of the Year Pat Turner P.E. Turner and Company Richmond

Others recognized at the banquet for outstanding service to their communities and the real estate profession included: 2007 VAR Manager of the Year Kurt Negaard Napier REALTORS® ERA Richmond

2007 RLI Land REALTOR® of the Year Bill Burruss W.H. Burruss Incorporated Lynchburg

2007 VAR Code of Ethics Leadership Award Ann Randolph Long & Foster Real Estate Virginia Beach

2007 VAR Ann Swearingen Property Manager of the Year Don Mathias GSH Real Estate Virginia Beach

Awards continued on page 24 16 MARCH/APRIL 2008

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SPECIALTIES UPDATE

Brokers: A risk management opportunity you can’t risk missing VAR’S RISK MANAGEMENT Advocacy Group and the Virginia Managers Council are teaming up with local associations to give Virginia brokers and managers local access to the risk management training and CE credits they need. Starting this spring, VAR Special Counsel Lem Marshall and real estate brokerage efficiency expert Drexanne Evers will conduct essential risk management training around the state.

Course topics range from office policy and low-risk brokerage management to RESPA compliance and the details of short sales and foreclosures. Different courses will be offered at locations around the state.

Visit VARealtor.com/VMC or call VAR’s specialties department at (804) 264-5033 for course details and registration information.

Date

Location

April 2 May 8

Northern Virginia Association of REALTORS® (Alexandria office) Blue Ridge Association of REALTORS®

September 4

Roanoke Valley Association of REALTORS®

September 17

Fredericksburg Area Association of REALTORS®

October 28 November 20

Sweet Briar College Northern Virginia Association of REALTORS® (Herndon office)

How well do you know the new Landlord-Tenant Act? Are you sure you’re up to speed on the recent changes to the Virginia Residential Landlord and Tenant Act (VRLTA)? Get the information you need at the updated VRLTA Course coming April 23 in Alexandria, April 29 in Hampton, and May 6 in Glen Allen.

Designed for both real estate brokers and agents, this course offers: • a detailed review of lease applications, • a “how to” guide for broker and agent compliance, and • the information you need to protect your business.

Chip Dicks, president of FutureLaw and VAR’s legislative counsel, will teach the course. Dicks served as a member of Virginia’s House of Delegates from 1983 to 1989.

Sign up today to attend the VRLTA course at a location near you – for Alexandria go to NVAR.com; for Hampton go to VPAR.com; and for Glen Allen go to VARealtor.com/VRLTA08. It’s your chance to fulfill your continuing education or post-licensure requirements while reducing risks in your business. ●

18 MARCH/APRIL 2008

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CALENDAR

Opportunities to learn and network!

APR. 30–MAY 1

JUNE 16–17

JUNE 18–19

Hampton Inn & Suites, Glen Allen, VA Instructor: Rick Hood Register for this course online at www.VirginiaRLI.com

Northern Virginia Association of REALTORS® (Herndon Campus) Instructor: Chris Bird Register for this course online at www.nvar.com

Dulles Area Association of REALTORS® Instructor: Ned Massie, ALC Register for this course online at www.VirginiaRLI.com

Practical GPS/GIS Navigation

This course will provide the tools REALTORS® need to understand land navigation and associated practical skills with map, compass, GPS, and mapping software. It will also provide relevant navigational knowledge insights and skills to locate, traverse, list, and market land parcels.

VOLUME 15 ● ISSUE 2

Tax Implications of Real Estate

Learn the key tax implications of real estate transactions and strategies to help your clients plan and consider the tax implications. Knowing the issues helps you meet client needs, and enables you to become a more trusted advisor.

Understanding the tax code will help existing clients and attract new ones as well.

Land 101: Introduction Land Brokerage

In this introduction to the specialty, REALTORS® learn the basics of land brokerage, such as: the various types of land; the land brokerage process; the importance of the 1031 taxdeferred exchange and how to use it; how to determine market value; what property rights and restrictions are involved, subdivisions and assemblage. The environmental and regulatory issues that land brokers must know and be ready to deal with are also included. This course is required to attain the ALC designation.

MARCH/APRIL 2008 19

2008 RPAC Report

GOLDEN R INVESTORS ($5,000)

As of March 1, 2008, the following REALTORS® and local associations have joined RPAC of Virginia as Major Investors. For more information on the value of RPAC and how your investment works to protect your business, contact Meredith Cox at mcox@VARealtor.com or (804) 264-5033. Or, if you want to get invested today, please visit rpacofva.com.

GOLDEN R ASSOCIATION ($5,000)

William Chorey Suffolk

Dennis Cronk Roanoke

Joseph Funkhouser, II Harrisonburg

Dorcas HelfantBrowning Virginia Beach

Steve Hoover Roanoke

Thomas Jefferson, III Richmond

Tom Jewell Leesburg

John McEnearney Alexandria

Stanley Palivoda Dahlgren

Tom Stevens Vienna

Melanie Thompson Fredericksburg

Jack Torza Mechanicsville

CRYSTAL R INVESTORS ($2,500)

Fredericksburg Area Association of REALTORS® Richmond Association of REALTORS® Roanoke Valley Association of REALTORS® Contributions are not deductible for income tax purposes.

Contributions to RPAC are voluntary and are used for political purposes. The amount suggested is merely a guideline and you may contribute more or less than the suggested amount. You may refuse to contribute without reprisal and the National Association of Realtors or any of its state associations or local boards will not favor or disfavor any member because of the amount contributed. 70% of each contribution is used by your state PAC to support state and local political candidates. Until your state PAC reaches its RPAC goal 30% is sent to National RPAC to support federal candidates and is charger against your limits.

20 MARCH/APRIL 2008

Angela Dougherty Williamsburg

Patricia Jensen Charlottesville

Michael Minnery Woodbridge

STERLING R INVESTORS ($1,000–$2,499)

Mary Ann Bendinelli Manassas

Patricia Billheimer Sterling

R. Scott Brunner Glen Allen

Florence Chittenden Nokesville

Karen Bohlke Hampton

www.VARealtor.com

STERLING R INVESTORS ($1,000–$2,499)

Beth Dalton Blacksburg

Barbara Jean LeFon Montross

John Dickinson Union Hall

Susan Mekenney Fairfax

Sandee Ferebee Virginia Beach

Kit Hale Roanoke

Margaret Handley McLean

Rita Huggins-Halstead Sterling

Lilian Jorgenson Vienna

Kayvan Mehrbakhsh Vienna

Vinh Nguyen Fairfax

Kathy Nunnally Roanoke

Gwen Pangle Woodbridge

Jane Quill Fairfax

STERLING R ASSOCIATION ($1,000–$2,499) Greater Augusta Association of REALTORS®, Staunton New River Valley Association of REALTORS®, Christiansburg Peter Rickert Alexandria

Gene Sampson Fairfax

Volume 15 ● Issue 2

Thomas “Mack” Strickland, Jr. Chester

Christine Todd Fairfax

Drake Van de Castle Charlottesville

Southside Virginia Association of REALTORS®, Colonial Heights

MARCH/APRIL 2008 21

HOUSING OPPORTUNITY

by Ann Brown

REALTOR®-to-REALTOR®

VHDA announces loan program modifications THE RECENT TURMOIL in the housing and mortgage lending industry is posing significant challenges for the Virginia Housing Development Authority’s single family homeownership loan programs. The demise of sub-prime lending, along with a tightening of guidelines in other financing programs, has resulted in increased demand for VHDA products. At the same time, it has become very difficult for the authority to sell its bonds in the capital markets that VHDA’s programs rely on for funding.

“VHDA’s ability to raise capital for its lending programs is severely limited despite the fact that it remains financially strong,” said Janice Burgess, VHDA Loan Programs Manager. Single family homeownership loans will see program modifications implemented with new reservations beginning April 1, 2008. These modifications include: Flexible Alternative loan programs All VHDA Flexible Alternative Loan programs will be suspended and no new reservations accepted after March 31, 2008.

VHDA will consider its reactivation when long term resources are again available.

Step Rate program VHDA’s Step Rate Program (including FHA, VA, RHS, and Conventional) are suspended effective April 1. This change applies to VHDA SPARC Step Rate loans also.

The Step Rate program represents only a small portion of VHDA’s overall loan production, however, the increasing payment structure presents a greater risk to borrowers and VHDA in this uncertain market.

Conventional insured loans VHDA Conventional Insured loans will now be limited to a maximum 97 percent loan-to-value.

All reservations made prior to April 1 will be honored with VHDA’s standard reservation and commitment lock-in policy.

All VHDA government insured fixed rate loan programs—FHA, VA, RHS and FHA Plus—remain unchanged. ● 22 MARCH/APRIL 2008

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CONTRACTS, UP CLOSE

Acceptance provisions in purchase agreements VAR Standard Forms are expertly crafted and time-tested to best serve REALTOR® needs throughout the Commonwealth. They are protection for your business. Beginning with this issue, we’ve asked our special counsel Lem Marshall to regularly take a close-up look at specific portions of VAR’s Standard Forms.

Acceptance provisions in purchase agreements can cause more angst than warranted, so it’s worth a moment to remind ourselves of a few important things.

When a buyer wants to goad a seller to prompt action on an offer, he will sometimes include a provision such as that found in the VAR Form 600 purchase contract: “This…offer shall remain in effect unless earlier withdrawn until ______. If not accepted by such time, this offer shall be null and void.” The first point to note is that this provision does not obligate the offeror (typically, the buyer) to keep the offer open until the stated date and time. Any offer may be withdrawn at any time until it is

accepted. Second, if the stated date and time arrive with no acceptance having occurred, the offeree has nothing to accept, and the offeror who wants to keep the deal open will need to reauthorize the offer, usually by changing the effective date and time or re-executing the contract.

In some parts of the state it’s becoming common for buyers to add, after acceptance language like that set out above, the words “at the option of the buyer.” I guess this means that the offer dies at a certain time and date if the buyer decides it does. But how does the buyer manifest this intent? How does seller know if the offer is still there to accept? Nothing but confusion and ambiguity can arise from such language, and I hope brokers will educate their agents about the danger of such provisions, and that listing agents will be alert to such silliness.

Acceptance provisions can be useful, but we need to remember that once the time comes and goes without acceptance, complications can arise. Unless you’re sure about how to use them, it might be best to leave the offer open. ● Read and comment on this article at VARbuzz.com/Acceptance.

Recognition Awards continued from page 16

New Omega Tau Rho inductees are:

2007 George Rink Outstanding Real Estate Educator of the Year Matthew Rathbun formerly of Century 21 Classic, Ruther Glen (now Education Director for Fredericksburg Area Association of REALTORS®) Virginia Housing Development Authority (VHDA) REALTOR® Service Award JoAnne Johnson Westgate Realty Group Falls Church

2007 Outstanding Local Association Education Program Williamsburg Area Association of REALTORS® 24 MARCH/APRIL 2008

Southside Virginia Association of REALTORS®: Elizabeth Abernathy Hampton Roads REALTORS® Association: Roberta J. Adams, Benjamin Altschul, Judy Andrassy, John Cassada, Mary Curry, Joan Cuthriell, Albert Estes, Dan Godfrey, Nicholas Gretakis, Alexander Grice, Elizabeth Harris, Ruby LaDell, Harvey Lindsay, Michael McCartney, Edward Meise, Rosemarie Morgan, Robert Ripley, Jim Rose, Samuel B. Segar, Adelaide Snyder, Lucile Sykes, Irving Truitt, William C. Tucker, Eugene Worley, Sr., and David Yeatts, Jr. Northern Virginia Association of REALTORS®: Gail Belt, Mary Beth Coya, Annie Lauler, and Jane Quill Dulles Area Association of REALTORS®: Rick Cockrill Omega Tau Rho was created by NAR in 1950 and is an honorary fraternity recognizing exemplary dedication and service to the REALTOR® organization.

The conference was sponsored by Liberty Mutual, Bank of America, eNeighborhoods, Imaginative Solutions, The Virginia Housing Development Authority, Virginia Press Association, Pearl Insurance, and the Virginia Real Estate Educational Foundation. ● WWW.VAREALTOR.COM

VAR Staff Directory VAR 2008 LEADERSHIP TEAM Pat Jensen, ABR, CBR, CRS, GRI President Real Estate III - North Charlottesville, VA (434) 817-9200 re3@esinet.net John Powell, GRI, ABR, CRB, CRS President-Elect Long and Foster Real Estate Colonial Heights, VA (804) 520-5600 john.powell@longandfoster.com Cindy Stackhouse, GRI Vice President Century 21 Stackhouse and Associates Prince William, VA (703) 580-0880 c21cindys@aol.com John Dickinson Treasurer Hall Associates, Inc. Roanoke, VA (540) 982-0011 jrdickinson@cs.com Melanie Thompson, GRI Immediate Past President Century 21 AdVenture Realty Fredericksburg, VA (540) 898-2900 mqc21adv@aol.com R. Scott Brunner, CAE Chief Executive Officer (804) 264-5033 scott@VARealtor.com VAR MEMBER SERVICE PARTNERS PossibleNOW – DNC Solutions (770) 255-1020 (Security Code SC1795VR) www.VARealtor.com/DNCsolution Advanced Access (800) 335-1563 www.VARealtor.com/AdvancedAccess Cultivate – Professional Development www.VARealtor.com/InternalAudio Pearl Insurance (800) 289-8170 www.VARealtor.com/Pearl Liberty Mutual Insurance (800) 468-6634 ext. 245 (group number 4624) www.VARealtor.com/LibertyMutual Broadwing, Inc. (866) 564-6279 www.VARealtor.com/Broadwing UPS (800) 325-7000 www.VARealtor.com/UPS MBNA AmericaSM Bank, MasterCard (866) 438-6262 (priority code K22V) www.VARealtor.com/BankofAmerica FBRDirect (888) 200-4350, Option 2 www.VARealtor.com/FBRdirect Office Depot (301) 943-4762, Account 44618691 www.VARealtor.com/OfficeDepot Outstaffing (888)-OUTSTAFF (888-688-7823) www.VARealtor.com/Outstaffing NAR Store (800) 874-6500 (Promotional Code VAR2) www.VARealtor.com/REALTORstore

EXECUTIVE R. Scott Brunner, CAE Chief Executive Officer (804) 264-5033 sbrunner@VARealtor.com • Strategic Direction • Governance (including Leadership Team, Policy Board and Delegate Body) • Virginia REALTOR® Leadership Academy (VLA) • NAR Activities • Member Outreach Anne B. Taylor Executive Assistant ataylor@VARealtor.com • Governing Documents • Policy Board, Delegate Body, NAR Director & VLA Logistics • Leadership Team Support • Travel Planning ADMINISTRATION Debbie Talley, CPA Vice President for Administration dtalley@VARealtor.com • Financial Management & Budgeting • Local Association Liaison • Investment Management Committee • Facility Management • Special Projects Mike Shepherd Information Systems Manager mshepherd@VARealtor.com • Technology Systems • Website Management Anita Bean Member Services Specialist abean@VARealtor.com • Receptionist and Concierge • Information Central Robbie Martin Mailroom Specialist robbie@VARealtor.com • Mailroom • Copying Accounting/Member Records Ann Kelly Controller vwashington@VARealtor.com • Accounting • Budgeting • Financial Records and Reporting Kim Martin Member Records Specialist kmartin@VARealtor.com • Membership Records (NRDS) • Receivables MARKETING AND COMMUNICATIONS Lisa G. Noon, ABC, CAE Vice President for Marketing & Communications lgnoon@VARealtor.com • Media Relations • Communication/Marketing Strategy • Virginia Home Sales Report • ‘The Code is Good Business’ Program • Research

Ben Martin, CAE Director of Communications & New Media bmartin@VARealtor.com • Member Outreach • Social Media • Publications • Information Management Advocacy Group Valerie Hubbard Information Manager valerieh@VARealtor.com • Staff Writer • Publications • Marketing Communication Jovan Hackley Marketing Manager jovan@VARealtor.com • Marketing Communication • Publications Amanda Arwood Sales Manager aarwood@VARealtor.com • Sponsorship Opportunities • Affiliate Memberships • Trade Expo Management • Member Service Partners Career Development Tracey R. Floridia, CMP Director Professional Development tfloridia@VARealtor.com • Conference Management • Education Program Development • Professional Development Advocacy Group • Instructor Training Lili Paulk Professional Development Manager lpaulk@VARealtor.com • Education Program Management • Continuing & Post-License Education • In-house Systems Trainer • Conference Services Glenda Puryear Conferences Specialist gpuryear@VARealtor.com • Graduate, REALTOR® Institute (GRI) Administration • Conference Services Amy Hafer Professional Development Specialist ahafer@VARealtor.com • Education Program Implementation Carole Umbel, RCE Director of Member Services cumbel@VARealtor.com • Membership Policies (Rules and Regulations) • Specialty Education • Special Interest Group Liason • Membership Services and Recognition Lynne Wherry Specialties Manager lwherry@VARealtor.com • Specialty Affiliate Records & Dues • Special Interest Group Liason • Specialty Education and Event Management

Scottie Bosworth Professional Standards & Member Policy Manager sbosworth@VARealtor.com • Professional Standards Education & Administration • NAR Member Policy • VAR Standard Forms Logistics LAW & POLICY John Broadway Vice President/Law & Policy jbroadway@VARealtor.com • Public Policy Development and Outreach • General Counsel • Broker Relations • Regulatory Relations • Coalition Building Martin Johnson Director of Government Relations/Chief Lobbyist mjohnson@VARealtor.com • Legislative Representation / Lobbying • Political Strategy • Public Policy Advocacy Group • RPAC Trustees Lawrence “Lem” E. Marshall Special Counsel lmarshall@VARealtor.com • Legal Hotline, Principal • Risk Management Education • Virginia Real Estate Board Liaison Meredith Cox Political Communications Manager mcox@VARealtor.com • RPAC Fundraising and Administration • Public Policy Communications • Federal Political Coordinator Program Blake Hegeman Associate Counsel bhegeman@VARealtor.com • Policy Analysis • Local Issues Resources & Management • Legal Hotline, Secondary • Risk Management Advocacy Group • Standard Forms Working Group

THE LAST WORD

Grown-ups playing air guitar

The trouble with air guitar is that no matter how well you can fake it, you’re still only faking it.

PEOPLE DO PECULIAR things at the gym.

Well, at my gym, anyway.

There’s the matron who moans erotically through her half-hour of stretching each morning. The gymrat who drips sweat on each weight bench he uses, like a Doberman marking his territory. The paunchy, world-weary types who park themselves on the very weight machine I need and commence to doze between sets. And the chatters, voluble (or perhaps hard-of-hearing) sorts who feel inclined to carry-on indelicate conversations with their buddies clear across the weight room: “Mornin’, Roy. How’s that prostate doin’?”

Which is to say, I’ve seen it all – or rather, I thought I had…until the musician.

I discovered him one morning, hovering near the leg press, eyes half-closed, mouth set in customary overbite, and swaying euphorically to the wicked sounds of his…air guitar.

I did a double-take.

“Dude,” I thought, “You’re at least 40 years old and 40 pounds overweight, and you’re standing in the middle of a crowded YMCA, playing air guitar like you’re the coolest thing this side of the lap pool. Stop it before you embarrass yourself!”

It was too late for that, of course.

No doubt he was aiming for casual nonchalance, as if a grown man playing air guitar in a weight room was somehow cool, commonplace, normal. And had he been 15, I might have given him a pass. As it was though, it was unsettling, pitiful even.

Here was the ridiculously self-con28 MARCH/APRIL 2008

scious attempting to look unself-conscious and failing spectacularly.

“I don’t care if you have Guitar Hero™ at home, and you’re perfecting your technique,” I wanted to say. “I don’t care if your first cousin was Leonard Skynard. There is no band at the Y. There’s no tour bus, no albums, no agents, no groupies.

There’s not even a guitar, for Pete’s sake, and the last thing people want to see this early in the morning is a bare-legged Boss Hogg jamming to the sound of…silence.”

But I didn’t say that. Because the thing is…he was OK at it. I mean, as OK as one can be, if you can get past his age and physical condition and the venue and complete, embarrassing inappropriateness of it all. I could practically hear the opening riff of Sweet Home Alabama in my head.

And that’s when it occurred to me: The real trouble with air guitar is not that it’s juvenile or better strummed in private. It’s that no matter how well you can fake it, you’re still only, well…faking it.

These days air guitarists abound, metaphorically speaking. It’s easy to find artifice parading as art, even in real estate.

When you do only three transactions a year while you dabble in a half dozen other “businesses” on the side and still think you’re contributing to the credibility of the real estate profession: Dude, you’re playing air guitar.

When, as broker, you default on your duty to supervise and mentor your agents because, “They never listen anyway.” Dude, that’s air guitar.

When you tell clients what they want to hear rather than what they need to know: That’s air guitar.

When you prostitute your professionalism with clownish advertising gimmicks: Air guitar.

When you accept an overpriced listing just to get a listing: Definitely air guitar.

Ditto failing to reply to emails or embrace new technologies, generally considering your own interests before those of your clients, and treating real estate as a pastime rather than a profession.

What I’m talking about is pretending at professionalism rather than practicing it – the difference between hanging out at the gym and working out at the gym; between miming Santana with empty hands and making real music; and yes, between having a real estate license…and having a career.

Sadly, some folks still do peculiar things in real estate, too. ● VAR’s CEO Scott Brunner is rumored to be half-decent air-trombonist.

E-mail him at scott@VARealtor.com.

Read and comment on this article at VARbuzz.com/ LastWordMar08.

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