September 2010 - Wisconsin Real Estate Magazine by Lauren Bizorik

Focusing on the big stuff How do we grow the Wisconsin economic pie?

SOCIAL MEDIA MARKETING A fresh new way to look at social media and generate leads.

MAGAZINE

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table of contents

september

features 8 12 17

vol.

26, no. 12

articles

The Social Media Marketing Model

Looking for a way to establish a killer social media presence and generate real leads? Try this model.

§ 203(k) Rehab Loans: When the Bargain Home Needs Some Repairs

Homes needing renovation are often great buys, but most buyers have no idea how to finance the purchase and renovations.

Best of the Legal Hotline: Internet Innovations The Internet has given brokers unprecedented professional opportunity, but it can also be used for illegal or unethical means.

Dodd-Frank Wall Street Reform and Consumer Protection Act

Wondering how the recent federal financial legislation will impact REALTORS®? Read on.

2010 |

New Wind Farm Regulations Could Decrease Property Values

Sales Tip: Sustainability How to keep building our professions while supporting the world in which we practice.

Focusing on the Big Stuff In the run-up to fall elections, candidates should prioritize improving Wisconsin’s economy.

Neumann-Walker Primary: Top Down vs. Bottom Up The two GOP candidates are running very different campaings; which approach is better suited for 2010?

Why REALTORS® should pay attention to this recently proposed legislation.

AND THE

WINNER IS... September 26

-28, 20

news.wra.org

10 REGISTRANT ONE INFORMATION:  Check here if you are an Association Executive Name __________ ____________________ _____________ Address __________ Firm Name __________ ____________________ ____________________ ____________ City __________ Phone (W) ( ____________________ ) ____________________ ___State_______ _______________ Zip _________ E-mail Address __________ (H) ( ) ____________________ ____________________ ___________________ ________ WRA member # ____________________ *TWO-FER Conventio _________________ n Special: Register WRA member at a one WRA member special introductory for one full convention price. (see details the WRA who has pass at regular price at www.wra.org/convention2 NEVER attended the and register a second Fall Convention or 010fees) Your second order. Register using has NOT attended guest must be a member this form or by visiting in the past five years. code. Give this promotion www.wra.org/convention2 of Limit one discounted code to a WRA member 010reg. After you registration per have registered you and tell that member TWO-FER: 2nd WRA will receive a promotion to visit the Web site MEMBER INFORMATI Hotel informatio to register and redeem n: ON: the discounted pricing. Name __________ ____________________ ____________ Firm Address__________ Kalahari Resort and Name________________ ____________________ Convention Center ____________________ ___________ City 1305 Kalahari Dr. Phone (W) ( ___ ____________________ | Wisconsin Dells, ) ____________________ WI __ State _____ Zip _____________ Phone: 877-253-54 E-mail Address __________ ________ (H) ( 66 or 608-254-54 ) ____________________ ____________________ 66 ___________________ _____ WRA member # ____________________ Member Room __________ Rates _____ Thru 7-31  1-Day Pass ( Sun/Mon/Tue Thru 8-23 After 8-23 Standard Room: s ) circle one ATD  Full Convention $119 $ 84 Jacuzzi Suite: Pass $ 94 $ 104 $ 124  TWO-FER: 2nd WRA $119 $ 114 Royal African Queen Member* $ 124 $ 134  Unlicensed Spouse/Sig. Suite: $ 154 $119 $ 54 Release Date: Other $ 64 $ 74 Name of Spouse or August $ 94 25, 2010 $ 35 Significant Other:______ $ 35 ____________________ $ 35 $ 55 Non-Member Included in Registrati __________________. on Fee: Thru 7-31 Thru 8-23 • Icebreaker Party  1-Day Pass ( Sun/Mon/Tue “A Night at the Awards” After 8-23 ATD s ) circle one – 9/26  Full Convention • Real Estate Continuing $ 114 Pass $ 124 $ 134 Education – Four of $ 154 Six $ 154 courses included in $ 164 $ 174 Full Convention Pass Real Estate Continu $ 194 - MUST register in advance ing Education - first come, first served! Thru 7-31 CE - Attend All 6 (4 Thru 8-23 After 8-23 FREE – You pay for • Access to Indoor ATD 2) Theme Park following (You may select up $15 per to FOUR courses for $20 per $25 per Chairman’s Dinner free included in a  Elective B – 1031 - 9/27 $45 per Full Convention Pass; Exchanges & Exchange each additional course  Elective E – Financing Opp. 8:30 – 12:00 pricing above. (9/26)  Course the Sale – 1:00 – 1 – Listing Contracts 4:30 (9/26) Event Fee – Per – 8:30 – 12:00 (9/27) Person:  Course 2 – Offer to Purchase – 1:00 – 4:30 (9/27) Golf (9/26) ....................  Course 3 – New Developments – 8:30 ........................................ Designation Classes Wild Rock Golf Club – 12:00 (9/28)  Course 4 – Buyer ...$98 Wisconsin Agency Agreements – 1:00 Dells Thru 7-31  Intro to CCIM 9/26-9/27  Member One – 4:30 (9/28) Thru 8-23 After 8-23  Member Two w/conv ATD Two-Fer Pricin  ABR Elective – $ 330 Short Sales & Forecl. g Chairman of the Board’s $ 340 $ 350 9/26 w/conv  CRS 111 – Short Dinner (9/27) .................... $ 370 $ 169  2nd WRA Member* Sales & Foreclosures  Member One .$49 $ 179 $ 189 .....$ 276  Member Two 9/27 w/conv  ABR & CRS – Short $ 209 $ 169  2nd WRA Member* Sales & Forcl. 9/26-9/27 $ 179 $ 189 .....$ 115 After Party Bowling  Ninja – Part 1 – $ 209 w/conv $ 229 Tournament (9/27)  2nd WRA Member* 9/26 $ 239 $ 249 .................. FREE .....$ 115  Member One  Ninja – Part 2 $ 269 $ 185  2nd WRA Member* – 9/27  2nd WRA Member* $ 195 $ 205 .....$ 175  Spouse/Sig. Other  Ninja Part 1 & 2 $ 225 $ 185 – 9/26-9/27 w/conv $ 195 $ 205 $ 225 $ 330 Appraisal CE Course $ 340 $ 350  8:00 - 9:00 pm s - 9/28 $ 370  2nd WRA Member*  8:00 - 9:00 pm Thru 7-31 WRA Appraisal Section .....$ 276  9:00 - 10:00 pm Thru 8-23 After 8-23 Member  9:00 - 10:00 pm ATD Two-Fer Pricin  Class Only  10:00 - 11:00 pm g  10:00 - 11:00 pm  Class w/ Convention $ 134 $ 144 $ 154 CRS Luncheon (9/28) $ 174 ........................................ $ 144 WRA REALTOR® Member $ 154 $ 164  Member One .......$22 $ 184  Member T  2nd W C

AND THE

WINNER IS... WRA 2010 CONVENTION

Tear off the back page to register for convention! See page 29 1

News

inside the wra

with bill malkasian

Top News Stories in and Around the Industry

Top News Stories in and Around the Industry United Way Stark Family to Community

funding for rental assistance, education, increase continuing his month’s of the magazine focuses on Honors theissue Wisconsin Receives Millions toSpeaking Ease of substantially education is still on the minds of families. innovation: innovationForeclosure in our marketingCrisis strategies, our particularly help of formany working for Service

Milwaukee Business (WI) boldly (09/30/08) our members as the biennium approaches. online communications, and our abilityJournal to think Remember can stillFree fulfillFHA your about The our state industry. I hope you will to take NARyouReleases Toolkit of Wisconsin is due receive nearly $39 that required courses at convention. away a lot from its pages and enjoy the read. Wisconsin REALTORS® Association (10/30/08) million in federal funds to stabilize neighborhoods United Way of Dane County recognized the Stark United Way of Dane

County but responsibly

and stave off a spate of abandoned homes. According Family with the 2008 Tocqueville Society Award for For brokers, I would liketheto WRA remind on you meet the Our feature story is by Verl Workman, and it focuses on how to use NAR and are you eagertotoput help to HUD and Gov. Jim Doyle, the funds are separate outstanding service to the Dane County community your calendar our annual management conference social media to Society developAward an effectivefrom marketing strategy. While some current challenges of the troubled economy. We approximately $9.2 million the government is and United Way. The Tocqueville on Thursday, December Thisneed is anresources importantthat timecanto help you of us are familiar withfamilies, social media tools and even use them on a the foreclosure awarding the city of Milwaukee, where celebrates and acknowledges people or know that9.you gatherthe and we would like to see a good turnout there. regular of impact us still wonder they are our is awarding rate how is currently 9.9relevant percent.inHUD such as the Starks, who havebasis, mademany a major close transactions, and you need them at little or no Using an easy-to-grasp Verl answers this funds viamodel, its Neighborhood Stabilization Program, on the quality of professional life in Dane lives. County through cost. NAR justTheo released anthe all-new On the public affairs side,has Mike writes third FHA part Toolkit in which almost $4 billion is being allocated to their exceptional service andby commitment the theunder question walking us to through top four tools—LinkedIn, Blogs, his series about using the 2010 elections to debate important online for FREE to help you get clients the financing state for the redevelopment Billcommunity. Malkasian Facebook and Twitter—and how tolocal useand them to governments build and maintain issues facing Wisconsin. he focuses on an issue of abandoned and foreclosed houses. they need This in a month, credit-strapped environment. It is WRA President business.

that addressesone nearly all the others: improving Wisconsin’s City Housing Authority Receives of the most comprehensive toolkits NAR has Not Just for Personal economy. As he points out, the elections are a great chance® more about the latest industry 100-Unit GrantOf course, a place to learn evenSites: ever produced, and it’s available to all REALTORS Milwaukee Journal Sentinel (09/25/08) Pabst, Georgia Connections Anymore to meet and ask candidates for their thoughts on how we can developments is fall convention. This year, we expect 900-1000

right now by link below. They also have Minneapolis-St. Business Journal (09/29/08) Grayson, reinvigorate and redirect thevisiting state’sthe economy. peoplehousing to attend, and we look forward to seeingPaul you among them. The city of Milwaukee’s authority is due Katharine launched a new page called “NAR Helps You Navigate Convention the best program we do, a chance for both fun and to receive $6.7 million in federalis Hope VI money In keeping with this idea, the WRA has been actively attending ® St. Paul, Minn.-based REALTOR Teresa Boardman the Current Economy” where you can find dozens of learning, as The well100 as an irreplaceable opportunity to spend time with to build 100 new housing units. units will local economic conferences in Appleton and La Crosse, and will saysa Flickr, and other social networking be constructed in a your 2.5-mile area andRemember: will include there’s colleagues. space Facebook for you there! Learn great products and resources, like the FHA Toolkit, be there sites make it easy to meet people who might for the October 5 conference in Milwaukee as well. I am 29 public housing more and about affordable rental units; what’s on offer at www.wra.org/convention2010. for free or at a steep discount. Visit www.Realtor. happy to say that we’ve had a real presence at these events, which eventually become clients. While many professionals nine affordable housing units for income-eligible ® org/NARHelpsYou for links to these great programs are using these sites to make business contacts includes a number of local REALTORS This month’s issueopen-market is also the final opportunity to hear from our former . This strong turnout allows us families; and 62 moderately priced, andJohn companies usehisthem to conduct background and interests, products. and we’ve come away with a sense of condominiums. HUD SecretaryJohn Steven chairman, Flor.C.I’dPreston like to thank again for tremendous to represent your or recruit workers, many simply want comments, “Milwaukee’s has best. checks servicehousing and wishauthority him the very I encourage you tonew read his article real solidarity and lots of useful information. to connect with people who have demonstrated it hasthisthe leadership and many Home Loans Going Strong, Albeit a month, wheretohelead discusses of the accomplishments of thesimilar interests. According to Boardman, “The hard sell isReturning dead. It to articles, Tom Larson gives us a piece this month on revitalize neighborhoods andIf you transform past year. would likelives. to personally thank John, please write him Bit Tighter, in Area doesn’t work door-to-door, and it doesn’twind workfarms, on Cities like Milwaukee change and grow and need to an issue we’ve been monitoring closely as Wisconsin at John@SixLakesRealty.com. I’m sure he would appreciate hearing Wisconsin State Journal (10/17/08) Balousek, Marv social networks.” On Flickr, Boardman connected revitalize housing to make sure many aren’t priced contemplates new energy technologies. And Joe Murray writes from you. out.” Milwaukee is one of a half-dozen housing with a fellow photographer who eventuallyabout used her the Neumann-Walker primary, and credit the different strategies Despite the ongoing national crisis, property authorities nationwide to receive new Hope VI to purchase a home. Returning to this month’s articles,services we have a piece recognizing employed by the two campaigns. As you know, September 14 is the professionals say mortgage money remains available grants. REALTOR® safety. Each year, NAR devotes a full week to helping date of the Wisconsin primaries. I hope that REALTORS® will act as throughout southern Wisconsin to home buyers Foreclosures Push Rents Higher, ®

past and get out to vote on that day. Now more understand the risks they face on the job, and how to Housing StudyREALTORS Delay Frustrates Squeezing Low Income Familiesthey have in the with solid credit. Ron Steinhofer, manager of than ever, it is important to cast your vote and have a say. take smart precautions. This year, NAR has developed an online Minnesota Public Radio (MN) (09/21/08) Olson, Dan Advocates Marshall & Ilsley Bank’s regional home lending Safety Resources Kit (available Milwaukee Journal Sentinel (10/07/08) Williams, Scott

at www.realtor.org/safety) which In Minnesota’s Twin Cities, a wave Lastly, of home the WRA hosts a political strategy meeting on September group, states, “There’s plenty of money for home includes webinars by industry experts, safety tips for both the home Two years after promising the Milwaukee metro foreclosures has pushed more people into 17 the to rental look at the final statewide races and make a decision loans out there. It is slightly more difficult to qualify and office, and lots of resources, some of which can be customized area’s first major housing study in three decades, apartment sector. The result is an intensifying on endorsements. We will include updates on this effort in and shared. I realize that you are busy, but please take a few minutes than two or three years ago, but if you have a good the Southeastern Wisconsin Regional Planning demand on Minneapolis and St. Paul’s rental housing issues; for now, know that we are working hard, doing to gather an officetoorget onthe your ownstock, and discuss important topic rate isfuture Commission (SEWRPC) is still as struggling so muchthis so that the vacancy very low credit score, a good job and a down payment, money thorough research and acting thoughtfully and with great and the tips offered. effort launched. Proponents hope the study will and rents are on the rise. This, in turn, means lowis your available.” Steinhofer that in banks deliberation with interests and the adds industry’s mind.still are serve as a catalyst for improving affordable housing income working families face higher monthly rents making loans via such programs as Fannie Mae Moving to legal and financial news, this month we have a series of opportunities throughout the city’s suburbs. But even though their income hovers at unchanging Until next time,and Freddie Mac. Furthermore, credit standards our legal team, including pieces rehab the loans, seller commissioners havearticles yet to from assemble an advisory levels. Sinceon2005, Twin Cities apartment financing and the SAFE Act and Legal Hotline questions about Internet committee to oversee the research or set a specific vacancy rate has dipped from 7 percent toBill closer to remain about the same as they were six months ago, misuse real estate activity. We also include aAverage summary of the rents most over that same timetable for conducting theinsurvey. Phil Evenson, 4 percent. monthly meaning that qualified home buyers can get loans the commission’s executive otheract issues recentdirector, financialsaid reform passed time by congress. finance span areThe up way morewe than $25, rising to more if they have the proper income verification. On the keep getting in the way. havesignificantly frustrated overthan The St. Wilder Foundation loansThe willdelays change the $850. next year, andPaul-based we will offer downside, banks have been less willing to make housing advocates more the most. Sanchez, recently income for several Twin Cities articlesBethany on this topic to help you makereviewed sense of thesedata changes vice president of theand Metropolitan Milwaukee Fair counties. The Iorganization’s loans with higher loan-to-value ratios. In addition, how they will affect you and your business. know that theresearch many found that the Housing Council, laments, “It’s been a long time of people in those conventional financing without a down payment has pages of legislation out there can benumber daunting, and I see it as markets a part ofpaying too much coming.” The Pewaukee-based commission has for their rental housing will double from around our job to anticipate your questions and help educate you on the topic. indeed disappeared. However, 100 percent financing not conducted a comprehensive review of housing patterns since the 1970s.

2 2

wisconsin real estate magazine wisconsin real estate magazine

70,000 currently to a whopping 140,000 by 2010. Some say a partial solution would be for the U.S. government to reverse course on housing policy and

september 2010 october 2009

is still available with Veterans Administration and Rural Development home loans.

news.wra.org news.wra.org

Real Estate

Wisconsin Real Estate Magazine™ is published by the WISCONSIN REALTORS® ASSOCIATION. Trademark issued pursuant to Wisconsin state statute; federal trademark is pending.

notes from the wra

John Flor, ABR, CRS, e-PRO, GRI, RRS, Chairman johnflor@sixlakesrealty.com

Congratulations to the Following Award Recipients!

John Horning, Chairman-Elect jphorning@shorewest.com

CRS Chapter Member of the Year

2010 WRA Instructor of the Year

Robert Keefe, Treasurer rkeefe@keeferealestate.com William E. Malkasian, cae, President wem@wra.org Editorial Staff:

William E. Malkasian Publisher

Patricia Dollins

Dave Sayas

CHMS, CRS, GRI

Robert Uhrina Managing Editor

WRA Member Benefit: PRoFIT Program

Vanessa Merina Publication Editor

As an independent contractor, benefits like group pension or retirement programs are not always available to you. The Wisconsin REALTORS® Association (WRA) has a member benefit program available to help you plan for your future.

Joe Leschisin Senior Designer Wisconsin Real Estate Magazine, USPS 597-850, ISSN 1548-0526, is published monthly by the WISCONSIN REALTORS® ASSOCIATION, 4801 Forest Run Road, Ste. 201, Madison, WI 53704. Periodical postage paid in Madison, WI and additional mailing offices. An annual subscription rate of $5 is included in membership dues and a copy is mailed to every paid REALTOR® and affiliate member of the association. Nonmember subscription rate: $60. POSTMASTER: please send address changes to the WISCONSIN REALTORS® ASSOCIATION, 4801 Forest Run Rd., Ste. 201, Madison WI 53704-7337.

•

As a member, there is no minimum waiting period to join, so you may participate in the program immediately.

•

Your contributions to the program are tax deductible and your earnings in the PRoFIT program grow tax deferred. In addition, your contributions are immediately 100% vested.

•

The WRA PRoFIT program offers 25 no-load mutual fund investment options allowing you the flexibility to establish and maintain a well diversified retirement portfolio.

What is PRoFIT? The WRA PRoFIT (Planned Retirement Future Investment Trust) program was developed in conjunction with M&I Institutional Trust Services. The program is an IRS-approved KEOGH Plan designed especially for REALTORS® interested in long-term financial planning.

Permission to reprint or quote any material from this issue is hereby granted, provided the Wisconsin Real Estate Magazine is given proper credit in all articles or commentaries, and the WISCONSIN REALTORS® ASSOCIATION is provided with a copy of any reprint.

What Are the Benefits of Joining? Your contributions to the program are tax deductible, and your earnings from the PRoFIT program grow tax deferred.

Advertising of third party products and services herein does not imply endorsement by the WRA unless specifically stated. Furthermore, the WRA does not endorse, approve, or otherwise warrant the accuracy or legality of any information or content contained in advertisements. Any questions regarding advertising policies should be directed toward the editor.

How Can I Learn More? To learn more or apply, contact Debbie Thacker at the WRA at dthacker@wra.org or (800) 279-1972 or go to http://www.wra.org/membership_info/ Realtor_membership/profit.htm.

New Kids Real Estate Office at Betty Brinn Children’s Museum, Milwaukee

4801 Forest Run Rd., Suite 201 Madison, WI, 53704-7337 (608) 241-2047 • (800) 279-1972 legal hotline: (608) 242-2296 • (800) 799-4468 general fax: (608) 241-2901 products/education fax: (608) 241-5168 legal hotline fax: (608) 242-2279

facebook: www.facebook.com/wisconsinrealtors twitter: www.twitter.com/wirealtors linked-in: www.wra.org/linkedin youtube: www.wra.org/youtube

3 wisconsin real estate magazine

New to the Betty Brinn Children’s Museum in Milwaukee is the Real Estate Office interactive exhibit. Debuting Saturday, July 3, the Real Estate Office gives children the opportunity to role-play as the real estate agent or the home buyer and help find the perfect “home sweet home” while building important skills. The bustling real estate office features pretend tools of the trade, including “online” home listings, a neighborhood wall map with coordinating properties for sale, sell sheets, and a working telephone and changeable answering machine to help little agents keep up with the fastpaced workplace. “I know how important real estate is to small children when parents buy and sell houses and that real estate

september 2010

has a large impact on children’s lives,” says Judy Hearst, Regional Vice President of Coldwell Banker. Kids will discover facts about home styles and design as they measure and calculate square footage using prepared floor plans, stage rooms in a miniature house and explore a flip book that lets them mix and match architectural styles and learn new terminology. The Real Estate Office will be open for business through October 3 and will return again in 2011. Check out the Real Estate Office at http:// speakingofrealestate.blogs.realtor.org/2010/08/10/ the-future-of-real-estate/.

Chairman’s Corner

John Flor

ABR, CRS, GRI, RRS, and e-PRO

t seems like it was only a short time ago that I was introducing myself to you all as your new Chairman of the Board, and now it is already time to say goodbye. I have joked with several members that just as you are getting the hang of things and comfortable with a job like this, it is time to go. I think the time has passed so quickly because it has been a great year for our organization. I understand it has continued to be a challenging market for our members, but the WRA has tried to do everything it can to be of value to you. In the past year, the WRA has excelled at doing the things we do best. In the legislative arena we had many successes, especially since we were operating in a single party controlled system. We passed or defeated many of the bills we targeted and only missed the mark on a few. In the courts, we defeated an attack on our ability to write contracts as well as participate in elections as an organization. We also participated in many real estate related cases throughout the court system, adding our expertise to protect your rights as a real estate professional. We are now turning our eyes to the elections and will do our best to support candidates that support REALTOR® issues. The statewide forms update is close to being completed on the education side of our business. We also upgraded everyone to Zipforms 6 and are currently exploring adding electronic signatures to this tremendously valuable resource. Along with these changes, the WRA is making more and more educational opportunities available “On Demand” through online education. We are also exploring the ability to interact with other students and the instructor during certain hours of the day when you are taking a class online. We had a very successful year communicating with consumers on your behalf. Our Homebuyer Tax Credit campaign reached every corner of the state through radio ads and viral marketing played a big role through our use of Facebook, Twitter, Google ads, our website www.WisconsinHomebuyer.org and much more. We also launched several other consumer websites in conjunction with NAR, including www.WisconsinForeclosureKit.org, and www.WisconsinHousingWorks.com. Our WRA.org

wisconsin real estate magazine

september 2010

website is currently being redesigned and you will all see the results of that early next year. Lastly, you will be hearing our newest consumer education piece on the Packer Radio network this fall. There are many other accomplishments I could list here, but I think you get the idea. The only way all of these things get done is through a WRA team effort. In that spirit, I want to thank our volunteer leadership team for all of their time and commitment over the past year. Our Board of Directors and Executive Committee have been extremely supportive and involved in our decision making. I also need to thank our Treasurer, Rob Keefe, who has added to the leadership of the organization this year and our Chairman Elect, John Horning, who will be taking my position at the end of the month. A big thank you and congratulations to John; he will do a fantastic job representing you in 2010 - 2011. In conjunction with the volunteer leaders, the WRA staff keeps everything moving in the right direction and they take care of implementing many of the things the leadership team determines is important to you, the members. We are lucky to have such dedicated staff here in Wisconsin. They are all devoted to you, our members, and you should feel confident knowing that they’re looking out for your best interests. Finally, I want to thank my staff at Six Lakes Realty, including my parents, for their support and understanding during the past year. I also need to thank my four children and especially my wife, Julie, for their support. Without their love and encouragement, I would not have been able to dedicate myself to serving the WRA for the past year. It has been my honor and privilege to represent the 14,500 REALTORS® from Wisconsin in the past year. The experience has enriched my life and made me a better REALTOR®. It is something I will always cherish and I want to thank you for allowing me the opportunity to be your representative. I wish you all the best and please don’t forget to show your REALTOR® Pride every day.

John R. Flor

news.wra.org

quarterly wisconsin housing report news

Wisconsin Home Sales Up, Prices Stable in Second Quarter

By David E. Clark, Economist, C3 Statistical Solutions Inc.

> WISCONSIN HOUSING STATISTICS QUARTERLY ACTIVITY - Q2 2010*

Region

Median Price Q2-2010 Q2-2009 % Change

Existing Home Sales Q2-2010 Q2-2009

% Change

Southeast South Central West Northeast Central North

$169,900 $164,900 $135,000 $125,000 $109,900 $119,000

4820 4219 2201 3282 1193 1284

16.2% 24.9% 16.1% 23.0% 26.1% 6.6%

$165,000 $169,900 $130,450 $123,300 $118,825 $119,000

3.0% -2.9% 3.5% 1.6% -7.5% 0%

or the second straight quarter, Wisconsin has seen robust growth in existing home sales combined with stable median prices, according to data for the second quarter of 2010 released by the Wisconsin REALTORS® Association (WRA). Sales of existing homes rose 19.4 percent during the second quarter of 2010 as compared to that same quarter last year. Wisconsin outperformed the nation, which increased 17.3 percent, and was only slightly lower than the Midwest region, which grew 20.9 percent during the second quarter. In addition, median sales prices were essentially unchanged, falling just 0.1 percent in the second quarter of 2010 compared to the second quarter of 2009.

strong market to the now-ended federal tax credit program and the ongoing favorable interest rates for mortgages. “There’s no doubt the federal homebuyers’ tax credit motivated buyers and accelerated sales,” said Flor, “but historically low interest rates below five percent certainly helped and will continue to spur markets across Wisconsin.”

“These sales figures are very encouraging since they represent the fourth straight quarter of growth in Wisconsin home sales,” said John Flor, Chairman of the WRA Board of Directors. Flor attributed the

WRA President Bill Malkasian cautioned that while the second quarter numbers were solid, much of that was anticipated. “We expected a bounce in the second quarter with the expiration of the federal

wisconsin real estate magazine

Flor noted that the state’s labor market is improving, but at a modest rate. “The seasonally adjusted Wisconsin unemployment rate improved to 7.9% in June, and since the beginning of the year, we have added over 32,000 jobs, including 8,700 jobs in the manufacturing sector,” said Flor. “This helps with consumer confidence.”

september 2010

4147 3378 1896 2668 946 1204

tax credit program. Looking ahead, we need to see healthy job growth continue in the second half of the year,” said Malkasian. He also pointed out that prices appear to have stabilized after several years of modest decline. “Comparing median prices in the second quarter of 2010 to second quarter 2007, we are down 12.2 percent or just over four percent a year on a compounded basis,” Malkasian said. “The good news is over the last two quarters, the median home price in Wisconsin has essentially remained constant.” Malkasian pointed out that homes are quite affordable now, especially given the ample supply across most price points and record low mortgage rates. “Interest rates will surely rise,” Malkasian said, “so now is an excellent time for families with good credit to get the home of their dreams.” For More Information Contact: David E. Clark, Economist, C3 Statistical Solutions Inc. Office phone: 414-803-6537

REALTOR NEWSWIRE ®

Top News Stories in and Around the Industry

7 Ways to Increase Your Twitter Followers

A task force has urged wind farm developers in Wisconsin to offer to make payments to homeowners who live near such projects. It is one of several proposals forwarded to the state Public Service Commission (PSC) by a wind turbine site advisory council that has been meeting since this year’s first quarter. The PSC is expected to consider the proposals by the end of this month and forward them to the Legislature for review. Commissioners’ main objective is to strike a balance between adding wind power and protecting nearby homeowners who are worried about noise and shadow flicker from towers that can rise hundreds of feet in the air. The council was created by a Wisconsin law aimed at creating uniform wind power siting standards to take the place of a hodgepodge of local regulations that have cropped up throughout the state, including outright bans adopted in several areas. In order to reduce the tension between property owners who host wind turbines and those who do not, council members have proposed that nearby property owners be given a financial stake in a project by the developer.

Inman News (08/18/10) Lance, Katie

Having engaging content on Twitter will mean little for a real estate agent or other professional who does not have a large following on the social media site. The bottom line is that the more people a practitioner follows, the more follower he or she will have as well. In order to build mutually beneficial relationships, it is best to follow people with similar interests -- industry insiders or community leaders, for example. Another effective way to cultivate a big following is to use hashtags, like REALTORS® or realestate, in searches and to add appropriate hashtags to tweets so that they appear in those Twitter streams, thus improving the odds of being re-tweeted. Having followers re-tweet their content should be an objective of the agent, as this is comparable to an endorsement. The best way to accomplish this is by re-tweeting others, ideally three to five posts daily. Repeating especially worthy content two to three times a day for two to three consecutive days is yet another strategy. Finally, agents should ensure that their Twitter profiles are part of their e-mail addresses, other social media site profiles, e-mail signature, and blog. It also should appear in a prominent place on their home pages.

‘Virtual Staging’ Raises Questions of Truth in Real-Estate Advertising Toledo Blade (OH) (08/15/10)

The practice of “virtual staging,” employed by property professionals to help market homes, is raising an ethics question within the realty community. Unlike physical staging, which occurs when a residence is decluttered then rearranged or re-furnished to maximize its appeal, the virtual version uses software to create a pristine image that may mask a home’s flaws. The debate centers around whether digitally improving a home’s appearance is tantamount to intentional misrepresentation. While the National Association of REALTORS® has not offered its members specific guidance on the issue, a past official has his own rule of thumb. Bruce Aydt, former chair of NAR’s professional standards committee, asks “is the representation of the property what it actually looks like” in real life? Just as important, he adds, is whether the site has clearly disclosed that the photos have been digitally altered. If that disclosure is missing, Aydt warns that there likely has been a violation of NAR’s code of ethics – which demands that agents and brokers “present a true picture of their advertising, marketing and other representations.”

Home Sales on the Rise Dunn County News (Wis.) (08/17/10)

For the second consecutive quarter, Wisconsin’s housing market recorded strong sales of existing homes, but little or no growth in prices. The Wisconsin REALTORS® Association (WRA) confirms that sales of existing homes climbed 19.4 percent in the Aprilthrough-June period versus the second quarter of 2009. Median prices statewide, however, saw a slight 0.1 percent decrease versus the year-ago quarter. Chippewa County was one of the best markets, with home sales there soaring 36.1 percent in the second quarter and the county’s median sales price rising 2.1 percent to $123,000. WRA officials characterized the sales figures for the state as encouraging, bolstered by the federal tax credit that has since expired. The hope now is that continued low interest rates will keep sales activity humming. John Flor, chairman of the WRA’s board of directors, remarked, “There’s no doubt the federal homebuyers’ tax credit motivated buyers and accelerated sales. But historically low interest rates below 5 percent certainly helped and will continue to spur markets across Wisconsin.” WRA President Bill Malkasian added that “healthy job growth” must continue into the third and fourth quarters of the year for the housing market to remain on solid footing.

How Can You Afford Not to Train Your Agents? RISMedia (08/04/10) Knox, David

Having motivated and well-trained agents is the quickest and easiest way for real estate firms to turn a profit. However, many brokers say they do not have a budget for training or insist that REALTORS® are unwilling to attend training sessions. Experts question why brokers would want to keep agents not open to

Panel Calls for Giving Property Owners a Stake in Wind Farms Milwaukee Journal Sentinel (08/15/10) Content, Thomas

training or neglect to train those who are willing to be trained. They note that brokers need to train all agents -- even veterans -- to ensure that they maintain their sales skills. Brokers need to work on building relationships with and among older and younger agents. Moreover, they need to hold REALTORS® accountable. Those unwilling to commit to training are a drain on the broker’s time and money and should be let go.

5 Ways to Maximize Your Website Presence RISMedia (08/04/10) Andreassen, Tricia

Because technology is evolving all the time, REALTORS® need to update their Web site presence on a regular basis. To maximize their website presence, there are five simple tasks that agents can carry out. First, they should make the site easy to navigate with links and buttons on the main page that allow visitors to easily access content in the depths of the site. They should offer three to five main areas that provide information about the towns and communities in which they specialize, and they also should provide pages with custom-written content on the various niche markets they serve. Additionally, REALTORS® should include MLS searches on each town, community, and niche page and create “engagement points,” or areas throughout the site where visitors can register to receive additional information. These prospects should be added to the drip campaigns that best meet their needs, such as first-time buyer or foreclosure buyer drips.

Top 5 in Mobile Web RISMedia (07/29/10) Kaplan, Seth

More than 69 million people were using the mobile Web in January and for more than five minutes at a time on average, according to Nielsen. Thus, real estate agents should carefully consider their mobile presence, ensuring that their mobile websites display correctly on every mobile device. Their sites should have the ability to detect mobile phones and make adjustments as necessary, with detailed mobile analytics from their providers helping in this regard. Audio, video, pictures, and other content also should be converted based on the mobile device being used. Additionally, agents should determine what features mobile users want, emphasizing property searches over detailed area information, for instance. Finally, the mobile site should be accessible from existing URLs, and agents’ mobile providers should offer SMS/text messaging and other programs to help drive traffic to their mobile sites.

REALTOR® Newswire is a monthly news service prepared exclusively for the Wisconsin REALTORS® Association by Information, Inc. Reproduction, use, or inclusion of this material in other publications, products, services or Web sites is not allowed without prior written permission from the Wisconsin REALTORS® Association.

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Knowledge. Awareness. Empowerment. These are the core components of REALTOR® Safety. And helping our members understand the risks they face can mean the difference between life and death.

Start in September with REALTOR® Safety Week… As part of NAR’s ongoing efforts to keep our members safe, we dedicate one week each September to kick off safety efforts. But this is just the start of our commitment to empowering our members. To help remind all of us to know the dangers we face everyday, to be aware of our surroundings, and empower ourselves with precautions and preparations so that we can avoid risky situations, NAR has developed an online REALTOR® Safety Resources Kit and have planned a variety of refreshers throughout the year, including: •

New webinars on REALTOR® Safety, presented by industry experts.

•

Quarterly safety messages focusing on seasonal tips for on the job and at home, sent to Associations and brokers to share with members.

•

Expansion of client safety materials and resources

...And Make a Year-Round Commitment to REALTOR® Safety. Keep safety awareness top-of-mind with these weekly tips and monthly articles, regular presentations, promotion of NAR’s new safety webinars, posting the artwork on your site, and much more. Here are some steps you can follow: STEP 1: Plan Your REALTOR® Safety Strategy Use the information and materials from www.realtor.org/safety to develop a strategy for your Association or office, or incorporate them into your current programs. The training is designed so that you can present all the information in a single session, or divide it into the following segments: Safety at the Office, Safety with Clients, Safety at Home.

Go to the “Presentation” page to find all the materials you need for a comprehensive REALTOR® Safety training course.

Select the training schedule that works best for your Association or office, and adjust it to the amount of time you have allotted for the presentation.

Choose the format for your training. You can incorporate the video with or without interactive quizzes, and/or the PowerPoint presentation.

Use the REALTOR® Safety Presentation Guidelines to prepare for each presentation.

If you like, you can order additional resources at www. REALTOR.org/Store.

STEP 3: Make a Year-Round Commitment to Safety Use the wealth of promotional materials to encourage ongoing awareness of REALTOR® Safety. Hand out copies of our handy wallet tip card, distribute the 12 safety articles every month, and invest in ongoing safety education for your home and office. NAR wants to help you, your co-workers, and REALTORS® everywhere be safe on the job. Let’s all work together to stay safe. For additional information, visit www.REALTOR.org/Safety. Copyright 2010 National Association of REALTORS®

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STEP 2: Prepare the Presentation Once you’ve decided which time frame you’ll use for presentations, take these steps to get ready:

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Committed to the future of rural communities

USDA Rural Development is an equal opportunity provider, lender and employer

The social media

Marketing Model by Verl Workman

If youâ&#x20AC;&#x2122;re new to Social Media Marketing, it can be very confusing and even overwhelming. Weâ&#x20AC;&#x2122;ve developed a simple model that helps explain the critical components of a Social Media Marketing strategy. Imagine a target with your primary objective in the center. With this in mind, your Social Media goals look like this: 1. Create new connections Networking tools. 2. Build relationships connections.

trust

using with

Social these

3. Use Conversion Activities (orchestrated conversation, webinars, landing pages, blog posts, etc.) to get these connections to subscribe to your digital content, begin to see you as their solution provider for all of their real estate needs, and become active clients and sources of referrals. 8

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The Parts of the Social Media Marketing Model Here’s a breakdown of the essential components of our model: Connecting Ring: While everything within the target area represents your sphere of influence, the outer ring circumscribes everyone with whom you have contact. These are your potential clients and sources of referrals. Prospecting Ring: The green ring consists of your contacts that have actively expressed an interest in your services as a REALTOR® or subscribed to your ezine, blog, newsletter, etc. These are your active prospects. Your goal is to get them to see you as their real estate expert. Active Clients: The green ring consists of your active clients. These are the people who have specifically chosen you to represent them. social media can keep you connected to these clients, but your main job here is to do what you do best: Be a REALTOR®! Sale Target: The sale target represents your specific goal for each connection. Your primary goal is to make sales and every activity should be geared toward helping you accomplish a specific conversion or sales goal. Conversations Pie: Using calculated conversation and conversion activities, such as webinars, landing pages and meetings, you move people toward the center of your target. Referrals Pie: Growing a real estate business depends on you continually seeking referrals. You can and must be actively seeking referrals within every ring of your Sphere of Influence.

Creating LIFT Another way to look at this model is as if the Conversations and Referrals were helicopter blades. The more frequently you can effectively spin this propeller, the more “lift” you will gain from your social media activities. However, it’s critical that you learn how to rotor your blades so they don’t spin you out of control—you want to foster connections that provide a steady flow of referrals and new business. Use the acronym LIFT to help ensure all of your blades are spinning smoothly.

Social Media Marketing Model

agents are viewing social media. We have learned that you can have a killer social media presence and generate real leads by spending only 10-30 minutes a day! Let me take you through each of the LIFT activities that agents can do each day to achieve the “lift” in their business through social media.

Let’s begin with “L.” L is for LinkedIn. The easiest way to view LinkedIn is to think of it as a business networking group, like the Chamber of Commerce or other professional groups. Many of us have joined these types of groups with the goal of building a stronger business network. LinkedIn is simply a business networking group on steroids. You can connect with people, ask to be connected to relationships that are one or two levels removed from you, and even join or start business groups. Here are a few simple steps to being successful with LinkedIn: •

Complete your profile! It should be like an executive summary or online resume.

•

Invite more people that you know or would like to get to know better.

•

Seek out recommendations of recent clients and good past customers (I call these raving fans). The best way to get recommendations is to give more recommendations.

•

Join groups and participate, be interactive in things you are passionate about (what hobbies or activities do you enjoy? Find a group on that topic and participate.)

•

Actively update your status from a business perspective. What are you currently working on?

•

Comment on updates posted by others. This is a key activity. Don’t worry about what to post about yourself—instead comment on your connections’ posts and accomplishments.

•

Be responsive. You must reply quickly to requests and messages or your clients will feel unimportant.

LinkedIn Internet Blog Facebook Twitter If you will faithfully do your LIFT assignments daily, you will soon enjoy the benefits of your social media efforts. However, if you fail to do these little things, you will lose your momentum and your efforts will be wasted. A similar analogy is brushing your teeth. You have to brush each day to avoid tooth decay. You can’t just brush 14 times on Saturday and expect it to work! Making money with social media is not rocket science. Some agents make it complicated and then use social media as their excuse for failure when their real estate practice falters. However, that is not how the most successful

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“I” is for your Internet blog. While blogging can be a time drain, the use of a blog as part of your social media strategy is not only a good idea; it is critical. Your blog allows you to move any conversation from your social networks to a place that is appropriate to have business conversation. Let me give you an example. My sister recently got married and at her wedding, my brother-in-law, a REALTOR®, decided that this would be a great event to pass out a few cards and pick up some new listings or buyers. He started working the room, introducing himself as “Randy the REALTOR®” and then used a few probing questions to see if folks were interested in buying or selling a home. Maryanne was devastated! She was blown away that Randy would use her wedding as a place to generate business. I noticed this and quickly put Randy to work on decorating the car, removing him from that social gathering because his behavior was inappropriate.

real estate and provide a link to move the interested person to your blog where you can engage them in a longer, more specific business conversation. One of the most productive things you can do every day on Facebook is to comment on posts by your friends. Simply scroll down through your message center and comment on what others think is important—this keeps you at the front of their mind and makes them feel important. Most likely, they will start making comments on your posts as well. This ties in with the concept of “you get by giving”—the more you comment, the more comments you receive and the more business you generate. Facebook does a lot more, but this is a great start to making real money with this awesome, permission-based, FREE tool.

“T” is for Twitter, the most confusing part of social media and the most underused by many agents. To understand Twitter, think of this: Have you ever been watching late-night TV and come across Access Hollywood? They Months later, my sister decided to throw a Pampered Chef party at her home. always get me by using some great little sound bite about a star or famous She invited many of the same friends and family members that were at her person that makes me want to sit and watch eight minutes of commercials so wedding, however this time she passed out order forms, provided samples I can find out what really happened to Brad or Angelina. Right before the next and sold products. The only difference between these two events was that break, they use a different sound bite to keep me engaged and wait for more. one was a socially acceptable environment in which to do business. Same I have found myself watching 30 minutes of commercials just so I could see group of friends, different environment. My sister simply “moved the who, what, why or how this famous person was caught doing something conversation” from a social environment to a business environment. In sinister. Twitter to me is just like Access Hollywood and those incredible the social media world, this would be the same as moving a sound bites. With Twitter you can post something short and conversation from LinkedIn, Facebook or Twitter to sweet that makes the reader sit up and say “what?” And One of your blog. Your blog is a perfectly acceptable place then they click on your link that drives them to your blog the most productive to hold a business conversation and people to hear the rest of the story. Twitter is being used things you can do choose to go there because your posts peak today as a marketing tool by almost every successful every day on Facebook is to their interest. Your blog can be about anything business. In real estate, it enables you to generate comment on posts by friends… you find interesting, however we are finding that followers and once again move the conversation to This ties in with the concept community blogs that highlight real estate and your blog. If used properly, Twitter fits nicely into any of “you get by giving.” lifestyle around real estate are viewed and social media strategy. revisited more often than blogs about agents and Using LinkedIn, Internet Blogs, Facebook and Twitter companies. “I” stands for Internet blog and every together as part of your Social Media Marketing strategy will successful social media strategy includes this piece. not only help you establish yourself as a technology-savvy agent, it will “F” is for Facebook. Facebook is growing rapidly and many truly help you generate LIFT in your relationships, LIFT in your interactions and agents have taken hold of this tool and spent a lot of time LIFT in your income. with it. The problem is they often don’t know what to do with Verl Workman is a leading national speaker, coach and it. They invite people, connect with many, some engage in games and consultant. Despite his busy speaking schedule and role activities that might be fun (like Farmville), but have no real value in building a as co-founder of Pinnacle Quest Consulting Group, he business. This growing entity is not to be taken lightly—millions of people go still sells real estate so that he can test and stay abreast on Facebook every day and connect with friends and comment on what of the latest tools and techniques. He uses this they’re up to. knowledge to assist individuals and companies in Most don’t understand the real value of this real estate power tool. My first building effective business strategies, implementing suggestion with Facebook is to post something every day. I know that seems powerful technology solutions, and establishing strategic competitive like a lot, but it doesn’t have to be an article or even very long. The easiest advantages through coaching, seminars and private consultations. To contact way to think of what to post is to follow the tried and true method of building Verl, visit www.verlworkman.com or www.PQPipeline.com or email him at relationships. When you meet someone new and want to get to know them AskVerl@verlworkman.com. and build a relationship, simply use the F O R D method of asking questions. Follow Verl on Twitter at http://twitter.com/verlworkman and Facebook at F is family, O is occupation, R is recreation and D is dreams. If you keep http://www.facebook.com/VerlWorkman. 25% of your posts in each of these categories, people will get to know you better and will not be bored with you or what you are doing. Verl will be teaching two workshops at the 2010 WRA Convention, “The Top

For example, in one day, you can post about someone in your family who accomplished something great or funny. Then the next time you post, mention

wisconsin real estate magazine

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Ten Money Making Tools In Real Estate” and “Poke, Buzz and Tweet: Social Networking That Pays.” Register for one or both at http://www.wra.org/ education/events/Convention2010/registration.asp.

news.wra.org

Sunday - September 26, 2010

Tuesday - September 28, 2010

COURSES

GENERAL SESSION 8:45 am

8:30 - 4:30 pm 8:30 - 4:30 pm 8:30 - 5:30 pm 8:30 - 12:00 pm 1:00 - 4:30 pm

ABR Elective & SFR Core Course: Short Sales and Foreclosures: What Real Estate Professionals Need to Know, Jonathan Sayas Ninja Selling (CRS Elective), Terri Johnson, CRS CCIM: Intro to Commercial Investment Real Estate Analysis, Brian Nelson, CCIM Real Estate CE Elective B: 1031 Exchanges and Exchange Opportunities, Michael Tobin Real Estate CE Elective E: Financing the Sale, Michael Tobin

ACTIVITIES 10:00 am Golf – Wild Rock Golf Club (shotgun start) 6:00 - 8:00 pm RPAC Reception (Invitation only) 8:30 pm - 1:00 am Icebreaker Party – “A Night at the Awards”

8:30 - 12:00 pm 1:00 - 4:30 pm

Real Estate CE Course 3: New Developments, Mel Check Real Estate CE Course 4: Buyer Agency Agreements, Mel Check

Foreclosures & Short Sales...Dilemmas and Solutions, Melanie McLane

Expanded Broker Track 9:00 – 12:00 pm Strategies in Running a Top Office

Rich Casto

WORKSHOPS

Attend a workshop to stay ahead in the industry!

10:30 – 11:45 am

Monday - September 27, 2010 OPENING SESSION 9:15 am This year’s opening session features a surprise event for all to participate in. You won’t want to miss this exciting opening session – we’ve had nothing like it before! 8:30 - 12:00 pm 8:30 - 4:30 pm 8:30 - 4:30 pm 8:30 - 5:30 pm 1:00 - 4:30 pm

COURSES

APPRAISAL CE 8:30 – 4:30 pm

We’re rolling out the red carpet for an evening of star-studded fun at the Icebreaker - A Night at the Awards. Dress like a celebrity for a chance to win prizes in the costume competition. Awards will be given for the Best “LookAlike” Female and Best “Look-Alike” Male. Show off your vocals during the Karaoke contest with awards given for Best Female & Male Vocalist, and Best Group.

COURSES

The Phoenix Factor John O’Leary As the result of a childhood fire, John O’Leary was seriously burned. This was a deeply painful trauma, and he will carry its scars for the rest of his life. The Phoenix Factor proposes that we can’t avoid tough times, but we can grow from challenges, change direction, and soar in life. $500 door prize will be awarded at this session (must be present to win)

Real Estate CE Course 1: Listing Contract, Cori Lamont Ninja Selling: Life Planning (CRS Elective), Terri Johnson, CRS CRS 111: Short Sales & Foreclosures, (CRS & SFR Core Course), Chandra Hall CCIM: Intro to Commercial Investment Real Estate Analysis, Brian Nelson, CCIM Real Estate CE Course 2: Offer to Purchase, Cori Lamont

• • • • • • •

Pro-Active Prospecting in a Do Not Call World Joe Meyer Regulatory Update…Know What Can Kill You Tom Larson & Joe Murray Short Sales & Foreclosures Steven David Taming the Mortgage Monster Julie Garton-Good Today’s Hottest Smartphone Applications Brian Copeland Yes, You Can Still Blog and Sell Real Estate! Brad Koenig ZipForm 6.0...New and Improved! Chris Dregne

1:15 – 2:30 pm

• • • • • • •

Android in Action Charlie Wills Closing Through the Power of Persuasion Joe Meyer Facebook Best Practices Joe Leschisin Making E-mail a Profit Machine Brian Copeland Super Star Panel Bob Weber Transaction Troubleshooting Julie Garton-Good 12 Strategies to Success in Today’s Market Steven David

Expanded Broker Track 1:00 – 4:00 pm Expanded Broker Track: The Manager’s Recruiting Tool Box, Rich Casto

Expanded Broker Track 1:15 – 4:15 pm

WORKSHOPS Attend a workshop to gain key skills in business and technology!

WORKSHOPS 2:45 – 3:45 pm

1:00 – 2:30 pm • E Contracts and 2K10 • iPhone: Is It Really For Real Estate? • Lights, Camera, Action • Power Selling in Any Market • Pricing in a Competitive Market • Revolutionizing the Way You Do Business • The Top 10 Money Making Tools in Real Estate • Most Creative and Effective Agent Websites

Kevin King Terry Donahue Rob Uhrina Ralph Roberts Melanie McLane Marc Davison Verl Workman Randy Eagar

2:45 – 4:00 pm • Driving Prospects to Your Website Randy Eagar • Getting to Yes Melanie McLane • iPad vs. Tablet PC Terry Donahue • Out of the Cockpit and Into the Cabin Marc Davison • Poke, Buzz and Tweet: Social Networking That Pays Verl Workman • The Social Media Revolution Bill Kessler & Carey Pierson • Understanding the World of Titles Paul Duerst • Walking Like a Giant…Selling Real Estate Ralph Roberts ACTIVITIES 5:00 - 6:00 pm Women’s Council of REALTORS® Statewide Meet and Greet 7:00 - 9:00 pm Chairman’s Dinner (ticket required) 7:00pm - 12:00 am The After Party: Use of All In-Door Theme Park

The Best Recruiting Interview • • • •

Overcome the FSBO Factor and Flourish Pump Up Your Business With Real Estate Video The Accidental Property Manager Who Moved My Mortgage?

Rich Casto Joe Meyer Brian Copeland Steven David Julie Garton-Good

ACTIVITIES

7:30 - 8:45 m Rotary Service Club Meeting 11:45 - 1:00 pm CRS Lunch and Silent Auction

For complete details on courses, workshops and events

www.wra.org/convention2010

legal

best of the legal hotline

with tracy rucka

Internet Innovations: Marketing or Mayhem? The Internet has given brokers the opportunity to communicate with potential buyers and sellers in ways never imagined decades ago. The difficulty is that with any innovation, the technology can be applied for illegal or unethical purposes. The following questions and answers from the Legal Hotline address a couple of the most frequently reported misuses of the Internet in real estate related activity.

Craigslist Scams The broker received a call from the seller who was approached by a woman who said she had rented her house. The woman had all the pertinent information about the house and was ready to move in, saying she had sent her security deposit in response to a Craigslist posting. What can the broker do about such scams? Numerous REALTORS速 have discovered that information from their listings is being used to create fake Craigslist listings. Reports include rental property listings as well as listings for sale. The falsified advertisements show up on Craigslist, with rentals sometimes being offered at lower prices, with different contact information. The wouldbe tenant contacts the person who made the post and is directed to wire money overseas. For REALTORS速 or property owners, the first call should be to Craigslist. Upon notification, Craigslist has agreed to take down the illicit postings immediately. Anyone who has been a victim of an online scam should contact the Consumer Protection Division of the Wisconsin Department of Agriculture, Trade and Consumer Protection at 1-800-

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422-7128. The DATCP advises consumers to be cautious about how and where they send money when replying to online ads. REALTORS速 may wish to monitor Craigslist to make sure their properties are not being advertised without authority. Both REALTORS速 and consumers are urged to double check their contacts when dealing with online real estate transactions - especially if the other party is asking them to wire money out of the country.

Rich International Buyers The broker received an email from a person claiming to be moving to Wisconsin and in need of housing for himself and his family. The potential buyer wanted the broker to secure housing and in some cases find furniture and furnishings to complement the house as well. The buyer asked the broker to send him an offer electronically for his signature. How should brokers respond to such inquiries? The first step is to remember the old adage: if it sounds too good to be true, it probably is. This buyer scam has been reported in various states, including Wisconsin. The foreign buyer contacts the agent, having identified a property on the Internet and ready to make an offer news.wra.org

and send funds for the earnest money and the purchase price. The buyer has a financial manager or attorney who is typically named (many have the last name “Jackson”), often is said to be in Canada, and who will forward a check for the funds. The broker, wishing all buyers were this easy to please, may unwittingly get caught in the middle of this scam. Brokers must be wary if a buyer offers to send money equal to or exceeding the amount of the purchase price to be deposited until closing. In the reported scams, the checks later turn out to be no good - but it appears that the goal is to have a check drawn on these funds and sent back to the buyer before that can be discovered. Variations of this scam may involve property rentals where the person wants to have his account manager send one or more large deposit checks to the landlord or property manager that will turn out to be too much and he will need funds returned. Brokers must always be careful when handling funds in trust accounts, property management accounts or business accounts. Confirm with the bank that deposits have cleared before writing any checks against those funds. Ask the party whether they can wire funds instead of using checks drawn on overseas banks because that is much safer.

Authority to Advertise A Milwaukee area real estate agent is advertising several listings of various other real estate agents on Craigslist. This includes several listings from the broker’s office and the listing agents had no idea this was being done. How to proceed? If the advertisement suggests to the public that the agent advertising the listing was the listing broker, then that practice is arguably misleading advertising in violation of both state license law and, if the other agent is a REALTOR®, the Code of Ethics. The advertising of another broker’s listings on a website is subject to compliance with Wis. Admin. Code § RL 24.04, Article 12 of the Code of Ethics, company policy and MLS policy including Internet Data Exchange (IDX). IDX allows for posting another company’s listing when IDX policy is followed. The broker may check with the local MLS for IDX rules. Article 12 states that REALTORS® shall be careful at all times to present a true picture in their advertising and representations to the public. If the broker believes that this practice violates § RL 24.04, the broker may file a complaint with the Department of Regulation and Licensing. If the broker believes this practice violates Article 12 of the Code of Ethics and the other agent is a REALTOR®, then the broker may file a complaint with the local board.

Expired Listings The broker has found many listings online that have been expired, sometimes even relisted, with other brokers. Isn’t this unauthorized advertising? Once a listing contract expires or is terminated, the company has no

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further rights or authority with respect to the listing, other than any listing protection or override rights with respect to properly qualified buyers. All marketing by that company must stop. Marketing includes a variety of items including, but not limited to, signage, datasheets, MLS, company websites, personal web pages and all other Internet advertisement. Agents and brokers need to be diligent in removing all of the advertising information placed out in the market after a listing contract expires or terminates. If a company continues to market a property after the listing contract expires or terminates, the company may be in violation of the following license law and Code of Ethics provisions: Wis. Admin. Code § RL 24.04(1) FALSE ADVERTISING states, “Licensees shall not advertise in a manner which is false, deceptive, or misleading.” If the company is still portraying that they have an active listing contract after the term of the contract has expired or been terminated, then the company is advertising in a manner that is false, deceptive or misleading. Wis. Admin. Code § RL 24.04(3) provides: “ADVERTISING WITHOUT AUTHORITY PROHIBITED. Brokers shall not advertise property without the consent of the owner.” If the listing company is advertising without proper authority, the listing broker risks investigation and discipline by the Department of Regulation and Licensing. Once a listing has expired, so does the listing broker’s authority to advertise the property, unless a new listing is negotiated. In addition, if the licensee is a REALTOR®, Article 12 of the Code of Ethics requires REALTORS® to be careful to present a true picture in their advertising and representations to the public. Article 12 provides that “REALTORS® shall be honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing, and other representations.” Tracy Rucka is Director of Professional Standards and Practices for the WRA.

legal

§ 203(k) Rehab Loans: When the Bargain Home Needs Some Repairs By debbi conrad

An abundance of REO homes on the market present good buying opportunities. Purchase of these homes by owner occupants helps spur community and neighborhood revitalization. Homes needing renovation are often the best buys available, but most buyers have no idea how to finance both the purchase of the home and the needed repairs. The FHA § 203(k) Renovation Loan Program offers a means for turning that “fixer-upper” into a dream home. What is the FHA § 203(k) Renovation Loan Program? The § 203k is a unique mortgage loan that offers the benefits of FHA financing along with the ability to provide funds for both the purchase and the renovation of a home – or to refinance the current home plus a needed rehab project. The loans are beneficial for low- and moderateincome persons or families, offering a long-term, fixed or adjustable rate loan that covers both the acquisition and rehabilitation of a property in a single mortgage loan. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. The value of the property is determined by either (1) the value of the property before rehabilitation plus the cost of rehabilitation, or (2) 110 percent of the appraised value of the property after rehabilitation, whichever is less. The cost of the rehabilitation must be at least $5,000, and the total improved value of the property must fall within the FHA mortgage limits for the area (see the mortgage limits tool at https://entp.hud.gov/idapp/html/hicostlook.cfm).

What are the typical loan terms and conditions? A § 203(k) loan will be either a 15- or 30-year fixed rate or adjustable rate mortgage with a dual purpose. At least the first $5,000 of the rehab funds must be devoted to eliminating building code violations, modernizing the home or the garage or performing upgrades for the health or safety of the occupants. Once the $5000 minimum threshhold is reached, minor or cosmetic repairs may be added. The funds may not be used, however, for commercial features or luxury items like gazebos or swimming pools.

Is the program just for basic single-family home repairs? The extent of the rehabilitation covered by a § 203(k) loan may

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range from relatively minor repairs ($5000 minimum) to virtual reconstruction. A home that has been demolished or will be razed is eligible if the existing foundation remains in place. § 203(k) loans can finance the rehabilitation of the residential portion of a mixeduse property that includes retail or commercial space or a one- to four-family dwelling, provided it is owner-occupied, or can cover the conversion of a property of any size to a one- to four-unit structure. An existing house (or modular unit) on another site can be moved onto the mortgaged property and then rehabilitated. A § 203(k) loan may be used for interior repairs to an individual condominium unit provided the unit is in a one-to-four-unit building. These rehab loans are offered to owneroccupants only and are not available for investors.

What kinds of repairs and improvements are eligible? The types of improvements that buyers may make using § 203(k) financing include: •

Structural alterations or reconstruction of a deteriorating property

•

Modernization and functional improvements: remodeling bathrooms or the kitchen, including new built-in appliances

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Elimination of health and safety hazards such as lead-based paint or unsafe mold

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Improving property appearance and eliminating obsolescence with, for example, new siding or a covered porch

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Upgrading plumbing, heating, air conditioning or electrical wiring

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Connecting to public water or sewer systems

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Installing a private well and/or septic system (property must be one acre minimum) news.wra.org

•

Adding or replacing roofing, gutters and downspouts

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Adding or replacing flooring

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Adding a family room, bedrooms or bathrooms

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Major landscape work and site improvements such as grading, patios, decks and porches

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Making the property accessible for a person with disabilities—for example, providing wheelchair access with wider doorways and an exterior ramp

•

wise for the buyer to talk with the lender first about § 203(k) loans before writing the offer. 5.

Energy conservation improvements such as new windows, insulation, doors or solar panels

HUD requires that properties financed under this program meet certain basic energy efficiency and structural standards and have smoke detectors. All improvements must comply with HUD’s Minimum Property Standards (HUD Handbook 4905.1) and all local codes and ordinances. A property owner may also qualify for income tax credits for some § 203(k) projects, depending upon the nature of the repairs and improvements performed.

Is a contractor required to do the work? No. However, if the buyers want to do any work or be the general contractor, they must be qualified to do the work, and do it in a timely and workmanlike manner. If a buyer or homeowner is interested in obtaining § 203(k) financing, what steps must be followed? 1.

The buyer finds a property.

The buyer works with his or her real estate agent to conduct a preliminary feasibility analysis that assesses the extent of the work needed, gives a rough cost estimate and projects the market value of the property after completion of the work.

If the repairs would be worthwhile, the buyer enters into an offer to purchase, contingent upon the buyer receiving a § 203(k) loan. The buyer finds a HUD-approved lender (use the search tool at http://www.hud. gov/ll/code/llslcrit.cfm or call the HUD Field office at 414-297-3214). It may be wisconsin real estate magazine

The lender may assign a § 203(k) consultant to assist with the buyer’s planning and cost estimates (often if the work will exceed $35,000). These consultants are typically general contractors or home inspectors. See the information about § 203(k) consultants at http://www.hud.gov/offices/hsg/ sfh/203k/203khow.cfm. The buyer prepares the work description and cost estimate, including architectural exhibits (plot plan if structural additions, proposed interior plan showing contemplated changes, etc.) (See the worksheets and forms in the HUD Handbook for § 203(k) at http:// www.hud.gov/offices/adm/hudclips/ handbooks/hsgh/4240.4/index.cfm). The property is appraised. The appraiser must provide an opinion of the “afterimproved” value and in some cases the lender may direct the appraiser to also provide the “as-is” value. If the lender decides an “as-is” appraisal is not feasible or necessary, the lender may use the sales price on a purchase transaction, or the existing debt on a refinance transaction, if this does not exceed a reasonable estimate of value. The lender issues a conditional commitment and statement of appraised value. The lender pulls a credit report on the buyer, verifies employment, confirms deposits, etc., to establish the buyer’s ability to pay.

10. The lender issues a firm loan commitment, stating the maximum mortgage amount that HUD will insure. 11. The lender prepares the Rehabilitation Loan Agreement for the lender’s and buyer’s signatures. This agreement establishes the conditions under which the lender will release funds from the Rehabilitation Escrow Account. 12. At closing, a portion of the loan proceeds is used to pay the seller, or, if a refinance, to pay off the existing mortgage, and the remaining funds are placed in the Rehabilitation Escrow september 2010

Account. Construction may then begin. The new owner has up to six months (exact timing depends on the lender) to complete the work. 13. After closing, the lender submits the mortgage documents to the HUD office for mortgage insurance endorsement. If acceptable, HUD issues a Mortgage Insurance Certificate to the lender. 14. As construction progresses, funds are released after the work is inspected by a HUD-approved inspector. Up to four draw inspections plus a final inspection are allowed. 15. When the work is done in accordance with the work plans and any change orders, the new owner provides a letter saying the work has been done satisfactorily. If the HUD inspector agrees, the final draw is released minus a required ten percent holdback.

Other FHA Repair and Rehab Loan Programs For less extensive repairs/improvements, FHA’s streamlined § 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this loan, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser. For housing rehabilitation activities that do not also require buying or refinancing the property, consider HUD’s title I home improvement loan programs described at http://www.hud.gov/offices/hsg/sfh/title/ ti_home.cfm. REALTOR® Practice Tip: Brokers working with buyers interested in properties needing basic rehab work and brokers listing properties in disrepair may be wise to have § 203(k) informational materials on hand. You never know when that may be just what is needed for a successful transaction!

Section 203(k) Resources For additional information about the HUD repair and rehabilitation loan programs, see the resources at http://www.hud.gov/offices/ hsg/sfh/203k/203kmenu.cfm. Debbi Conrad is Senior Attorney and Director of Legal Affairs for the WRA.

legal

Seller Financing and the SAFE Act By debbi conrad

n July 30, 2008, President Bush signed into law the Secure and Fair Enforcement (SAFE) Mortgage Licensing Act of 2008 as part of the Housing and Economic Recovery Act. The Act required that each state enact legislation in accordance with the SAFE Act’s nationwide standards for mortgage loan originators. Accordingly, significant changes were made to the mortgage banking laws in Wis. Stat. chapter 224 to comply with the federal mandate (see www.legis.state.wi.us/ statutes/Stat0224.pdf). The revisions to Wis. Stat. chapter 224 make several changes to the statutes regulating mortgage loan originators, mortgage brokers and mortgage bankers, effective January 1, 2010. Many key definitions were modified: •

•

“Rresidential mortgage loan” is now defined in Wis. Stat. § 224.71(14) as “any loan primarily for personal, family, or household use that is secured by a lien, mortgage, or equivalent security interest, on a dwelling or residential real property located in this state.”

transactions. The WRA posed questions concerning seller financing transactions to the Division of Banking Administrator at the Wisconsin Department of Financial Institutions and came away with the following insights:

“Dwelling” is defined in Wis. Stat 224.71(1f) by reference to the definition found in the federal Truth in Lending Act: “a residential structure or mobile home which contains one to four family housing units, or individual units of condominiums or cooperatives.”

Question: Under the revised statutory definitions, does the owner/seller of a 1-4 family dwelling providing seller financing need a mortgage loan originator license if the transaction involves another investor who will not be owner-occupying the property?

“Residential real property” is now defined in Wis. Stat. § 224.71(15) as “real property on which a dwelling is constructed or intended to be constructed.”

Answer: Based on the use of the term “investor” the answer would be no. DFI also indicated that a “residential mortgage loan” includes a purchase mortgage, a second mortgage and a land contract with regard to a “dwelling” or “residential real property” as defined above. It may include a mortgage loan on a mixed-use property with both retail space and dwelling units, depending upon the facts – it has to be a loan “primarily for personal, family or household use.”

With certain exceptions, a “mortgage loan originator” is defined in Wis. Stat. § 224.71(6)(a) as an individual who, for compensation or gain, takes a residential mortgage loan application or offers or negotiates the terms of a residential mortgage loan.

Due to the changes in the scope of regulation and the definitions applicable to mortgage bankers, mortgage brokers and mortgage loan originators, members have expressed concern about how the new legislation impacts their

wisconsin real estate magazine

When a seller provides seller financing to the purchaser of a 1-4 family property, and the financing is “primarily for personal, family or household use” (for instance, the buyer will

september 2010

owner occupy), then the seller may need a mortgage loan originator license and so may the agents negotiating the transaction. There is an exception, however, for homeowners selling their own homes. If the seller financing is for business or investment purposes, then no license is needed for seller or agent. REALTOR® Practice Tip: A real estate agent negotiating a real estate transaction: 1.

for the sale of a 1-4 family residential property or vacant land where a dwelling will be built;

where the seller will provide a land contract, a second mortgage or a purchase money mortgage loan; and

the financing provided to the buyer is for a personal, family or household purpose,

would need to be licensed as a mortgage loan originator. Sellers wanting to provide this financing should contact their attorneys to see if this is a viable option. See the DFI website at http://www.wdfi.org/ for additional information. Debbi Conrad is Senior Attorney and Director of Legal Affairs for the WRA.

news.wra.org

H.R. 4173: Dodd-Frank Wall Street Reform and Consumer Protection Act

Since the beginning of the 111th Congress in early 2009, the National Association of REALTORS® has been working closely with the Members and staffs of the House Financial Services Committee and the Senate Banking Committee to ensure that Wall Street Reform legislation did not adversely affect REALTORS®. ◦◦

Below is a summary of some of the issues of particular interest to REALTORS®.

CONSUMER FINANCIAL PROTECTION BUREAU (CFPB) •

NAR secured an exemption for real estate professionals performing traditional real estate activities from the jurisdiction of the Consumer Financial Protection Bureau except to the extent they are governed by existing laws such as the Real Estate Settlement Procedures Act (RESPA) that will now come under the bureau’s purview.

•

APPRAISAL •

•

Appraisers are to be compensated at a rate that is reasonable and customary for appraisal services in the market area of the property being appraised.

◦◦

The applicant must be notified that the appraisal is prepared for the sole use of the creditor.

It is unlawful to coerce, extort, collude, instruct, induce, bribe, or intimidate an appraiser in an attempt to influence the independent judgment of the appraiser.

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The Federal Housing Finance Agency (FHFA) and the new Consumer Financial Protection Bureau become members of ASC. The Office of Thrift Supervision is no longer a member of ASC because it is being merged into the Office of the Comptroller of the Currency.

Risk Retention Exemption

A subprime mortgage requires a written appraisal of the property to be mortgaged. The applicant is entitled to one free copy of the appraisal.

Appraisal Qualifications Board (AQB) Qualification Criteria for licensed and trainee appraisers becomes mandatory for the states (currently voluntary).

Qualified Mortgage Safe Harbor •

A safe harbor from the “ability to repay” requirement was created, which limits the total points and fees collected by lenders and their affiliates to three. This provision was included over NAR’s strenuous and repeated objection.

•

However, regulatory including amounts undefined.

•

NAR will work diligently to ensure this provision is interpreted in a manner consistent with the best interests of real estate professionals, their lender partners, and their clients and customers.

MORTGAGES

Home Valuation Code of Conduct (HVCC) sunsets when Consumer Financial Protection Bureau issues interim final regulations implementing the appraisal provisions of the Dodd-Frank Act.

◦◦

An appraiser may consider additional, appropriate property information including additional comparable sales to support an appraisal, provide further detail, or correct errors.

–

Qualified

Mortgage

•

At NAR’s request, Congress included a qualified mortgage exemption from potentially costly--for both lenders and consumers--risk retention requirements.

•

Congress gave the regulator flexibility in determining what a qualified mortgage is, however the mortgage must meet the standards laid out in the predatory lending portion of the bill. These standards include underwriting based upon full documentation, ability to repay, and limitations on fees among other things.

•

NAR will work with the regulators to ensure that the regulatory framework maximizes access to affordable mortgages for consumers.

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we believe there is some flexibility in this provision flexibility for smaller loan with “smaller” being left

Seller Financing •

NAR was successful in getting the legislation amended to allow an individual to conduct three seller financed transactions in a 12-month period without being subject to the complicated mortgage rules in the new Act. NAR has asked HUD to adopt a similar approach to exempt seller financing, up to three transactions in a 12-month period, from loan originator licensing requirements under the S.A.F.E. Act.

education Sales Pre-License October 4-7, 2010 72-hour Sales Madison To obtain a real estate license in the state of Wisconsin, you must first complete 72 hours of approved education courses such as our sales and licensing course. Second, you must pass a state-administered exam. The WRA will be offering an 8-day Accelerated 72-hour sales program on October 4-7; 11-14, 2010. Brokers can purchase a $50 discount coupon for only $10, which entitles your new recruit to a $50 discount on the registration fee. Your new recruits can be ready to take the exam as soon as they complete the class. Ask them to call and register today – 1-800-279-1972! This program is also available through self-study video (DVD), a self-study online program and just recently released On Demand Program.

Short Sales & Foreclosures: What Real Estate Professionals Need to Know September 26, 2010 Core course for SFR Certification and ABR Elective WRA Convention - Wisconsin Dells For many real estate professionals, short sales and foreclosures represent the new “traditional” real estate transaction. Knowing how to navigate the complexities of short sales as well as how to identify the distinct real estate opportunities in foreclosure are not merely good skills to have in today’s market; they are critical. This course will help you evaluate all available options for distressed homeowners and identify the components of an effective short-sale package. This course looks at how you can counsel buyer-clients in the purchase of foreclosure properties. And as a practical resource, this course shows you how consumers can avoid foreclosure in the future. For more information, visit: www.wra.org/Convention2010

Ninja Selling September 26, 2010 WRA Convention - Wisconsin Dells A powerful one-day seminar that teaches you a system of selling based on building relationships, listening to the customer and then helping them achieve their goals. It is less about selling and more about helping people buy. The goals of the course are to help you increase your income per hour, increase your customer satisfaction and improve the quality of your life. For more information, visit: www.wra.org/Convention2010 One credit toward CRS Designation.

Ninja Selling: Life Planning September 27, 2010 WRA Convention - Wisconsin Dells Builds upon the career-and-life-changing ideas from the number one real estate company nationwide in average agent production. 1 credit toward CRS Designation. For more information, visit: www.wra.org/Convention2010

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CI Intro to CCIM September 26-27, 2010 WRA Convention - Wisconsin Dells This updated introductory course provides an overview of the key aspects of commercial investment real estate. In two days you will be introduced to the many facets of the dynamic commercial investment real estate field. Course requires an HP10BII calculator. Fulfills 9 credits of the 20092010 Continuing Education (Courses 1, 2 and 4). For more information, visit: www.wra.org/Convention2010

CRS 111: Short Sales & Foreclosures September 27, 2010 WRA Convention - Wisconsin Dells This program was created to provide REALTORS® with sufficient information to provide competent counsel and service to homeowners in the challenging time of foreclosures and short sales. It will in turn create another profit center for you by increasing your potential to sell and list distressed properties and better protect client’s interests.. For more information, visit: www.wra.org/Convention2010

Appraisal CE: Foreclosures and Short Sales…Dilemmas and Solutions September 28, 2010 WRA Convention - Wisconsin Dells This session will provide you with the necessary background information to understand why foreclosures and short sales have become more prevalent in most markets. It will describe how predatory lending and fraud schemes lead to a more volatile market. For more information, visit: www.wra.org/ Convention2010 news.wra.org

Course Schedule

Visit wra.org/CourseSchedule for full schedule.

Sales & Marketing Management Date Course Location

*Fulfills core education for NAR new Short Sales September 26-27, 2010 and Foreclosure Resource (SFR) certification September 26-27, 2010 ** Early registration applies two weeks prior to September 26, 2010 the start of the course. ***Includes Convention Registration. September 27, 2010 # Appraiser section members receive a discount.

Early Reg.** $Reg.

Ninja Selling and Ninja Selling: Life Planning Wisconsin Dells ***340 CI Intro to CCIM Wisconsin Dells ***340 *1-day ABR Elective: Short Sales & Foreclosures Wisconsin Dells ***179 *CRS 111: Short Sales & Foreclosures: Protecting Wisconsin Dells ***179 Your Clients Interests (CRS Core 1-day class )

ATD

350 370 350 370 189 209 189 209

Conference and Conventions Date Event September 26-28, 2010 WRA Annual Convention Real Estate Continuing Education Classroom offerings of the 2009-2010 Approved for Minnesota Real Estate Credit.

Check out the Appraisal Continuing Modules available by DVD and Online.

Course

Location

September 8, 2010 September 8, 2010 September 9, 2010 September 15, 2010 September 15, 2010 September 16, 2010 September 16, 2010 September 22, 2010 September 22, 2010 September 23, 2010 September 23, 2010 September 26, 2010 September 27, 2010 September 27, 2010

2009-10 Courses 4 & 3 2009-10 Courses 3 & 4 2009-10 Courses 2 & 1 2009-10 Commercial 1 & 2 2009-10 Electives D & E 2009-10 Courses 4 & 3 2009-10 Course 1 & 2 2009-10 Commercial 3 & 4 2009-10 Electives A & C 2009-10 Electives D & E 2009-10 Course 3 & 4 2009-10 Electives B & E 2009-10 Course 1 &2 2009-10 Courses 3 & 4

Madison West Bend Brookfield Brookfield Madison Brookfield Lake Geneva Brookfield West Bend Brookfield Lake Geneva Wisconsin Dells Wisconsin Dells Wisconsin Dells

800-279-1972 $27/m; $35 nm 262-338-8114 800-279-1972 $27/m; $35 nm 800-279-1972 $45/m $50 nm 800-279-1972 $27/m; $35 nm 800-279-1972 $27/m; $35/nm 262-723-6851 800-279-1972 $45/m $50 nm 262-338-8114 800-279-1972 $27/m; $35 nm 262-723-6851 Register for Convention Register for Convention Register for Convention

Location

Thru 8-23/2010

Risk Reduction 1031 Exchanges and Exchange Opportunities Condominiums Landlord/Tenant and Property Management Financing the Sale

Date

Course

September 28, 2010 Foreclosures and Short Sales 8:30 â&#x20AC;&#x201C; 4:30 Challenges and Solutions (submitted for approval) Date Course Location

Pre-License * Plus books

Wisconsin Dells - Kalahari Resort To register call 800-279-1972

Date

Elective A: Elective B: Elective C: Elective D: Elective E:

Appraisal Continuing Education

Location

October 4-7;11-14, 2010 Sales Pre-License Course 8:00 - 5:00 Madison

Wisconsin Dells $144 - Section Member $154 - WRA Member $164 - Non Member Member 325*

Non-Member 325*

Available online!

QuickStart sales training program

www.wra.org/QuickStartOnDemand

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Realtor® sales tip

SUSTAINABILITY

5 Commitments to a Profitable Career

One of the new buzz words these days is sustainability. In fact, many restaurants have listed at the top of their menus the words “local, sustainable ingredients/cuisine.” It’s interesting to see how our lives have changed in the way local restaurants are returning to their roots and purchasing food from local farmers. This is a good thing. By marcus a. wally

The definition of sustainability is “the capacity to endure; the ongoing process of achieving development or redevelopment; financial viability of an activity; environmental sustainability and “green” issues.” As business professionals, we must be all of these things. Sustainability is a new way of thinking about an age-old concern: ensuring that our children and grandchildren inherit a world that is at least as good as today, and preferably better. Any business today is challenged with staying above the red line. Maintaining profitability in our highly competitive marketplace is not a walk in the park. For REALTORS®, the last few years have been challenging to say the least. However, many of us have kept swimming, paddling faster and faster, and many of us are winning. But how do we keep building our professions while supporting the world in which we practice? Here are five commitments to responsibly build a profitable career. Commit with me to:

1. Cut costs wherever possible. A few years ago, my family nickednamed me “Mr. Snipper,” as everywhere I turned, I was looking for opportunities to cut costs, reduce expenses and save a buck! It’s amazing how many companies will give you a discount, but you have to ask. They aren’t going to come right out and offer, but if you

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question a bill or price, you may just find them negotiating to keep your business. Our current climate is the perfect environment to reduce expenses. Perhaps one of the best ideas in this category is to re-commit to walking the neighborhoods. This is the very foundation of our business: meeting people face-to-face. It is very difficult to turn someone down who is standing right there in front of you smiling. Face-to-face time is when you are working at full capacity. Walking communities allows you to park the car and get some fresh air. Not only are you saving on gas, but you are getting some exercise! As you walk, look for business locations to display your business cards for free; ask each person you meet if they have the need to buy or sell real estate or know someone who does. When you return to the office, freshen up your website and notch up your email marketing; submit a column on your expertise to the local newspaper (they are always in need of good local news); consider starting a blog, as this is truly the way to differentiate yourself from the competition. These are all low-cost ways to capture customers who need our services.

2. Work Your Garden. Our contact database is our lifeblood, but we must remember the basic rules of good gardening: Work your current crop, which means stick with your sphere of influence. The customers who have bought and sold with you are the ones who love you and they should get the most water and fertilizer. Don’t waste time on buying new seeds. If you take care of your current crop, it will keep you satisfied. Always thin your rows (delete contacts that you don’t recognize) and only keep the clients/customers you communicate with on a regular basis. I would rather you have 200 people who know you than 500 strangers you may or may not remember. I’m advocating perennials, not annuals! news.wra.org

Become known as the local expert and this will

All customers and plants need sustenance. Think: water, sunshine and fertilization. To parallel this with work: keep in touch, call back in a timely manner, respond to all inquires within 3 hours, spend money on education classes to keep you current, and realize that your time is your most valuable asset.

increase your bottom line. Encourage other agents to refer to you and you can do the same with them. Stick to your specialty and become the niche expert.

5. Your time is your most valuable asset.

3. Build your personal wealth by purchasing what we sell to others.

My calendar is my life and I don’t make a move without consulting it and booking every event,

Since we are the ones that see the good deals first, it only makes sense that we should invest in them, too. I always say, you’ll never get rich selling real estate; you get rich when you invest in real estate. The current market provides loads of opportunities that we have not seen in a long time. Not only is there plenty of inventory to choose from, but the current interest rates are some of the lowest we have seen in years. If fact, these two factors have not been combined as they are today in over half a century. So the next time you see a good buy pop up in the MLS, consider purchasing it for yourself. You’ll be on your way to financial freedom.

both personal and professional. Just like doctors and lawyers do. Depending on your level of knowledge and years of experience, you are worth between $200 and $300 an hour. Time management is your biggest challenge. When you talk about offering your services, you basically have two things to offer: your time and your knowledge. Set your priorities and stick to them. Others take vacations, why don’t you? Others go home at 5pm, why don’t you? Others take a weekend off, why not you? YOU CAN!! Just make up your mind to do so and learn to say NO! Say no so that you can say YES

4. Do what you love.

to other opportunities. Don’t waste time on people who won’t commit to working only with

I went into a retail shop the other day and the young lady who waited on me told me just how much she loves her job and how she looks forward to coming into work each day. For us, that means: find your niche. You will never be able to be everything to all people, so why not work in a specific area where you have personal interest and talents? For me, this means concentrating on the downtown historic district. It’s my passion and I own these old homes; I even live in one of them! So my excitement and knowledge are the greatest in this area. There are so many areas that you could specialize in, including golf, condos, commercial, historic, waterfront, foreclosures, rural, and others.

you. Don’t waste time on anyone who won’t give

you their name and contact info. Don’t waste time on daily duties that could be better handled by hiring an assistant to support you. Don’t waste time and money on creating expensive print media pieces when the Internet and the yard sign are where it’s at. Time is the coin of your life; don’t let others spend it. For us, sustainability is the potential for long-term well-being, which in turn depends on the well-being of the natural world and the responsible use of natural resources. Help conserve. My goal is for us to live in a sustainable global society founded on respect for nature, universal human rights, economic justice, and a culture of peace. As REALTORS® we have the ability to help make this happen Marcus A. Wally, MBA, is an active Florida REALTOR® in St. Augustine, Florida. Marcus is the founder and broker of New World Realty, which also manages coaching and facilitation of education classes around the world. Marcus earned his MBA from the University of North Florida in Jacksonville. He can be reached at (904) 669-1081 or by e-mail at marcuswally@ comcast.net.

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september 2010

Focusing on the Big Stuff

Growing our Economic Pie

For the past several months, I’ve been writing about using the 2010 elections as a platform to debate the big stuff – the hard issues that face Wisconsin and the need for state legislative and gubernatorial candidates to address them head on. I’ve written about the state budget, property taxes, public employee pensions and benefits and transportation infrastructure. But the one macro issue that will address these issues – and nearly all other issues – is improving Wisconsin’s economy.

wisconsin real estate magazine

Which government policies will attract new and expand existing businesses in Wisconsin, in turn providing our families and graduates with well-paying, family-raising jobs and thus our state and local governments with the tax revenues they need to ensure quality schools, public services and infrastructure? An important and comprehensive new study provides ideas on how Wisconsin can do just that.

Be Bold, Wisconsin The independent and non-partisan white paper is called “Be Bold, Wisconsin – The Wisconsin Competitiveness Study” and was commissioned by Competitive Wisconsin, the Wisconsin Economic Development Association and the Wisconsin Counties Association – with funding from many organizations, including the Wisconsin REALTORS® Association. It was written by nationally-respected consulting firms Deloitte and Newmark Knight Frank, experts in helping businesses make expansion, location and redeployment decisions.

september 2010

The paper is written for decision makers in government, academia and industry, and compares Wisconsin to selected benchmarked states across specific industry clusters in terms of economic development strategies, capacities, operating costs and conditions. What did the study find? It found that Wisconsin needs a whole new portfolio of focused economic development strategies that create a more nimble, responsive infrastructure to attract and retain business and investment. And it found we need it now.

Goals and Recommendations The study sets achievable goals:

two

ambitious

but

Wisconsin will rank in the top 10 states for starting a business by 2016 (currently we are ranked 28th).

Wisconsin will rank in the top 10 states for expanding a business by 2016 (currently we are 29th).

news.wra.org

By michael theo

The report is replete with specific recommendations for how to accomplish these goals, identifying nine controllable and executable steps for improving Wisconsin’s economic competitiveness and positioning in three major categories (using a football analogy): 1. Change the game plan a.

Restructure the organization: Create a quasi-public entity, referred to as “Accelerate Wisconsin,” to replace the existing Department of Commerce. Accelerate Wisconsin will be charged with crafting, delivering and overseeing the state’s economic development strategy. Confidence is contagious: Reposition Wisconsin’s brand through an aggressive and targeted marketing campaign. Exploit favorable match-ups: Align state economic development efforts, educational programs, and public

wisconsin real estate magazine

and public-private leaders around select targeted industries.

Master new plays: Implement new incentives geared toward capitalintensive and startup projects.

Modernize the facilities: Apply technology to enable and underpin Wisconsin’s economic development strategy.

2. Play defense AND offense a.

Defense wins championships: Develop a structured, proactive approach to business retention.

Improve player development: Create a statewide, not-for-profit entity to centralize and streamline the state’s innovation programs (using bonding authority to create innovative $500 million financial incentives programs).

Offense sells tickets: Reinvigorate and focus Wisconsin’s business attraction capacities.

3. Win with fundamentals a.

Every (square) yard counts: Deploy a statewide “shovel-ready” sites program with expedited permitting procedures.

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Does this sound like a good game plan to you? More importantly, how does this sound to candidates for governor and the state legislature? The primary election is September 14 and the general election is November 2. Make it a point to meet and ask candidates for their thoughts on how we can reinvigorate and redirect Wisconsin’s economy. Campaigns should be about ideas and about solving our most pressing state issues. Do your part to make this election about the big stuff. Share your thoughts by emailing ideas to mtheo@ wra.org. Michael Theo is Senior Vice President of Legal and Public Affairs for the WRA.

New Wind Farm Regulations Could Decrease Property Values The Wisconsin Public Service Commission (PSC) is proposing new regulations relating to the location of wind turbines and wind farms (a large number of wind turbines located in close proximity to one another) that could have a significant impact on the value of thousands of acres of Wisconsin property. These regulations will determine, among other things, how far wind turbines can be located from neighboring homes, buildings and property lines. Given that wind turbines can be over 500 feet high and the new state regulations will override all local zoning ordinances, REALTORS速 and property owners should pay close attention to these regulations.

By tom larson

Background During the 1970s, the United States experienced an energy crisis due to a decrease oil production in the Middle East. To encourage the use of alternative energy sources, Wisconsin enacted a law prohibiting local governments (counties, cities, villages and towns) from placing any restrictions on the installation or use of solar or wind energy systems unless the restriction is necessary to protect public health or safety. For approximately 40 years, this law has not been a significant problem for property owners.

wisconsin real estate magazine

september 2010

news.wra.org

Proposed PSC Regulations

In recent years, thousands of large wind turbines have been located in Wisconsin and other states to utilize the energy from winds blowing across the landscape. While these turbines are intended to reduce dependence on fossil-based energy sources, they have generated a lot of controversy and complaints from nearby property owners. Some of the complaints from property owners include the following: •

•

In 2009, Wisconsin enacted a wind turbine siting law that directs the PSC to develop specific standards for, among other things, wind turbine setbacks from neighboring homes and property lines. The PSC formed a 15-member wind siting council, consisting of representatives from wind farm companies, local governments, environmental organizations, private property owners and REALTORS®.

Health problems. After wind turbines have been placed nearby, some residents have complained of insomnia, anxiety, headaches and nausea. They have blamed their health problems on the pulsing noise coming from spinning turbines near their homes. Destruction of natural viewscapes. Turbines can be over 500 feet tall and can be seen from miles away. (As a comparison, the Wisconsin Capitol is 284 feet tall.) Some feel that these turbines detract from the natural beauty of Wisconsin’s farms and rolling landscape. Noise. Depending on the turbine model and wind speed, wind turbines can create a constant “whooshing” or pulsating noise that can be heard both inside and outside a home (day and night), if located too close. Studies have shown that an average-size turbine (2 megawatts, 100 meters high) located 1,000 feet away can produce the same amount of noise as a suburban area during the day (51 decibels). Excessive shadows on neighboring property. Depending upon the number of clouds and angle of the sun, wind turbines can create a “shadow flicker” (a term used to describe the shadow of the turning blades as it hits a surface) on nearby property. Some property owners have described the shadow effect on their home as being like “someone turning lights on and off inside the house at a rate of 80 times a minute” and lasting for almost an hour on sunny days.

wisconsin real estate magazine

can have a negative impact on neighboring property values and sometimes that impact can be significant. According to a survey of REALTORS® working in a wind turbine area, the impact on neighboring vacant land ranges from a 43% decrease if the wind turbine is located very close (within 600 feet) to 29% if the turbine is located in near proximity (½ mile away). With respect to the impact on improved

The PSC has used this report to create new administrative rules, which are also controversial. Some of the specific concerns with the proposed rules include the following:

wind turbines can be located almost anywhere

•

While developing alternative energy sources is

•

Setbacks are too small. The proposed setback from neighboring residences and buildings is 3.1 times the maximum blade tip height of the turbine. For example, if a wind turbine is 300 feet, the setback is 930 feet from a structure. This distance was chosen for safety considerations (in case the turbine falls over) and ignores possible health risks to humans and animals and the potential impact of turbines on neighboring property values. Critics suggest that a setback of 2,640 feet is more appropriate. Noise standards are insufficient. The proposed rules allow wind turbines to create noise up to 45 decibels at night or 50 decibels during the day, as measured from the outside of a neighboring residence. Shadow flicker limits are inadequate. The proposed rules allow wind turbines to create a shadow flicker on neighboring residences up to 40 hours per year. If shadow flicker exceeds 20 hours per year, developers must offer mitigation to property owners.

Why This Is Important for REALTORS® Without question, the number one reason REALTORS® should care about the proposed wind farm regulations is the impact of wind

Numerous

studies have shown that wind turbines

After two months of regular meetings, the wind siting council recently completed a report containing various recommendations and submitted it to the PSC for approval. The report is controversial and many critics maintain that the interests of neighboring property owners are not adequately protected due to the makeup of the council, which was weighted in favor of wind energy interests.

•

Property values. A recent study of three Wisconsin wind farms showed that prospective buyers had a negative perception of nearby wind turbines. While the exact impact is difficult to quantify, the study indicated an average decrease in vacant residential property values ranging from 12% to 40%, depending on the size of the lot and the distance from the wind turbine.

turbines on property values.

september 2010

property, the impacts are believed to be similar, but slightly lower (39% and 24%, respectively). While wind turbines are often seen in more rural settings, these regulations do not prevent wind turbines from being located in more urban or suburban settings.

Because these

regulations override local zoning ordinances, there is adequate wind, including next to residential subdivisions and office parkss.

important, so too is protecting property values. Without adequate setbacks in place, property values could suffer and property owners could face tremendous uncertainty about whether the neighboring property that is used for open space or farmland today will be used for a wind farm with large wind turbines tomorrow.

What’s Next The PSC recently approved the proposed administrative rules and now the rules must be reviewed and approved by the Wisconsin Legislature. The PSC rules will likely be completed within the next several weeks, with legislative review occurring shortly thereafter. The legislature will likely hold public hearings within the next several weeks. The WRA will be meeting with key legislators in an effort to make changes to the rules to ensure that the interests of property owners are adequately protected. For more information, please contact Tom Larson (tlarson@wra.org) at (608) 240-8254. Tom Larson is Chief Lobbyist and Director of Legal and Public Affairs for the WRA.

public affairs

Neumann â&#x20AC;&#x201C; Walker Primary Top Down vs. Bottom Up Campaign

The 2010 GOP gubernatorial primary between former U.S. Representative Mark Neumann and Milwaukee County Executive Scott Walker is a classic example of two distinct campaign strategies: Top Down (Neumann) vs. Bottom Up (Walker). Neumann is running a large selffunded, paid media-driven campaign as the non-politician business man; Walker is running a very strong grassroots operation that secured the backing of the GOP establishment long before Neumann even entered the race. The question is which approach is better suited for 2010?

By joe murray

wisconsin real estate magazine

september 2010

news.wra.org

Mark Neumann

Scott Walker

n a year where “outsider” candidates have scored significant victories in other states, can Mark Neumann pull off the upset victory over the front-runner and GOP favorite Scott Walker? Insiders and political prognosticators don’t think so. If Walker wins the primary on September 14, it will be the result of a well-executed plan and a thoroughly traditional approach to modern campaigning. In short, it will be a victory for the establishment brand of politics that requires good timing, lots of money and key endorsements.

Timing Successful statewide campaigns require lots of time and staff to plan, organize and execute their strategies. Walker officially declared his candidacy on April 28, 2009, but he actually spent four years laying the groundwork for his run. Neumann openly talked about running for governor early in 2009 but waited until September 9 to enter the race. For reasons of his own, Nuemann believed he could run against Walker on a timeline that suited his schedule. This decision backfired. By the time Mark Neumann declared his candidacy, Scott Walker had spent years campaigning for other candidates, speaking to Republicans at County Lincoln Day Dinners (the “rubber chicken circuit”), and building a statewide donor base that fuels his campaign today. Neumann has struggled mightily to compete with Walker’s organizational and party-driven advantages. Neumann’s late entry into the primary allowed Walker more than enough time to outhustle him and lock up the GOP establishment across the board. Advantage, Walker.

21,000 individual contributors. Walker doesn’t have personal money to finance his race. He’s raised his $5 million the old fashioned way by hiring fundraisers, holding fundraising events and generally spending money to raise more money. There are times where campaigns that self-fund win and the true grassroots approach to fundraising does not reflect the party’s preference for one candidate over the other (think Herb Kohl). In the Neumann-Walker contest, Neumann’s lack of GOP and business community fundraising support is simply another example of his top down, late-to-get-into-the-race campaign. Walker’s efforts to build and maintain a statewide base of reliable donors has allowed him to compete with Mark Neumann’s deep pockets. Advantage, Walker.

Endorsements True grassroots campaigns usually include a healthy dose of campaign endorsements for any establishment candidate. In the Neumann-Walker race, the endorsement contest is not even close. Scott Walker has a lock on the party faithful and Neumann, almost devoid of any party endorsements, has resorted to running campaign advertising against “career politicians” and “special interests in Madison and Milwaukee.” Walker’s commanding lead with establishment endorsements has damaged Neumann’s ability to seem more credible.

Money

Walker’s endorsements include virtually all Republican state legislators (95% have endorsed Walker), 200 current or past GOP county party chairs, and 91% of delegates to the State Republican Party convention in May. Early this summer, GOP House members Petri, Sensenbrenner and Ryan endorsed Walker.

Another key ingredient for a successful statewide campaign is money. The Neumann top down campaign vs. Walker bottom up strategy shows up in the fundraising numbers in a big way.

Neumann is endorsed by former Assembly Speaker John Gard and his wife, former State Treasurer Cate Zeuske, U.S. Senator Tom Coburn (R-OK), and the Republican Liberty Caucus of Wisconsin.

The June campaign finance reports show Neumann’s total fundraising at approximately $2.7 million. This is a solid number with one caveat: most of that $2.7 million is his own money. Neumann has raised approximately $300,000 from sources other than his own checkbook. Walker has raised over $5 million from

wisconsin real estate magazine

september 2010

If endorsements are any indication of which direction GOP primary voters are headed, Scott Walker could be on his way to the November general election. Advantage, Walker. Mark your calendars and don’t forget to vote on September 14.

product showcase

ZipForm 6

Bojo

A benefit for members to help simplify forms.

Update your e-signature with a dynamic look and feel.

ZipForm is an electronic forms product available to REALTOR® and Legal Section members as a benefit of membership with the Wisconsin REALTORS® Association. It is available for download free of charge at www.wra.org/zipform. There are two software programs available – an online version and a desktop version. Both are included in your membership. To renew ZipForm, you must be a member of the WRA and follow a series of steps. The edition of the software determines the renewal steps you will follow: ZipForm 5 users – To renew your program an upgrade to ZipForm 6 is required. • If you are a ZipForm®Online user please select the “Free Upgrade to ZipForm 6” button located in the program.

Bojo According to the NATIONAL ASSOCIATION OF REALTORS®’ 2009 Member Profile, 93 percent of REALTORS® say they use e-mail daily or nearly every day, outpacing even cell phone usage, as highlighted in the March 2010 issue of REALTOR® Magazine. E-mail signatures have become the business card of the 21st century.

• If you use ZipForm®Desktop, you will upgrade via a button (REALTOR® member or Section Member) on the WRA’s Web site at www.wra.org/zipform • Once selected, – REALTOR® members will be directed to a log in page at ZipForm® where you will be prompted to enter your NRDS number and last name. The NRDS number is printed on your NAR REALTOR® Magazine mailing label and on your NAR Membership identification card. A look up option will be provided should you need further assistance in locating this number. – Section members will be directed to log into the WRA’s Web site and then will be sent to ZipForm for upgrading. • After logging in, members will select to upgrade their current ZipForm® account or create a new ZipForm® 6 account. • Next they will be asked to create a username and password. • They will verify their company information, enter any missing information and proceed to check out. • When finished, they will receive an e-mail confirmation informing them how to access ZipForm® 6 Professional (formerly ZipFormOnline) and zipForm® 6 Standard (formerly ZipFormDesktop). ZipForm 6 users – This is a summary of the renewal process for both zipForm® 6 Standard and Professional. • When you open or log into the software, you will see a message that your account is expired or expiring. • If you click on Renew Now in the application, you will be logged into your customer dashboard in order to complete your renewal. • In the customer dashboard, – REALTOR® members will click the Renew Now button and will be taken to a shopping cart to renew.

Give your e-signature a more dynamic look with a service called Bojo. Bojo allows you to create an interactive virtual business card that will drive traffic to your website, blog, or portfolio. Install the signature into your e-mail and it will show up on outgoing messages. The card includes your photo, company information, and links to your website and blog— and all of this information is updated in real-time when you make any edits to it. There are hundreds of designs to choose from, and the product is web-based so there is nothing to download. The basic service includes statistics on clicks and views, and for an additional fee you can create a custom design. Bojo’s client list includes businesses such as Coldwell Banker, Windermere Real Estate, and Progressive. >> For more information, go to www.emailideas.com.

– Section members will click the Authenticate Now button, log in to the WRA’s Web site and be returned to the customer dashboard. Clicking on the Renew Now button will take you into the shopping cart to complete your renewal. >> To learn more about zipForm® 6, please visit http://www.ziplogix.com/products. >> For assistance downloading or troubleshooting, contact Ziplogix at 800-383-9805.

wisconsin real estate magazine

september 2010

news.wra.org

and the

winner is... September 26-28, 2010

Registrant One INFORMATION:  Check here if you are an Association Executive Name_ ___________________________________________ Firm Name ________________________________________ Address_ __________________________________________ City_ _______________________State_______ Zip__________ Phone (W) (

)____________________________________ (H) (

) _______________________________________

E-mail Address_ ______________________________________ WRA member # _____________________________________

*TWO-FER Convention Special: Register one WRA member for one full convention pass at regular price and register a second WRA member at a special introductory price. (see details at www.wra.org/convention2010fees) Your second guest must be a member of the WRA who has NEVER attended the Fall Convention or has NOT attended in the past five years. Limit one discounted registration per order. Register using this form or by visiting www.wra.org/convention2010reg. After you have registered you will receive a promotion code. Give this promotion code to a WRA member and tell that member to visit the Web site to register and redeem the discounted pricing.

Two-FER: 2nd WRA Member INFORMATION: Name___________________________________________ Firm Name_______________________________________ Address__________________________________________ City ______________________ State _____ Zip ________ Phone (W) ( )_ _________________________________ (H) ( ) _______________________________________ E-mail Address_ ___________________________________ WRA member # ___________________________________ Member

Thru 7-31

Thru 8-23 After 8-23 ATD

 1-Day Pass ( Sun/Mon/Tues ) circle one $ 84 $ 94 $ 104 $ 124  Full Convention Pass $ 114 $ 124 $ 134 $ 154  TWO-FER: 2nd WRA Member* $ 54 $ 64 $ 74 $ 94  Unlicensed Spouse/Sig. Other $ 35 $ 35 $ 35 $ 55 Name of Spouse or Significant Other:____________________________________________. Non-Member

Thru 7-31

 1-Day Pass ( Sun/Mon/Tues ) circle one  Full Convention Pass

Real Estate Continuing Education

$ 114 $ 154 Thru 7-31

Thru 7-31

 Intro to CCIM 9/26-9/27 w/conv  ABR Elective – Short Sales & Forecl. 9/26 w/conv  CRS 111 – Short Sales & Foreclosures 9/27 w/conv  ABR & CRS – Short Sales & Forcl. 9/26-9/27 w/conv  Ninja – Part 1 – 9/26  Ninja – Part 2 – 9/27  Ninja Part 1 & 2 – 9/26-9/27 w/conv

$ 330 $ 169 $ 169 $ 229 $ 185 $ 185 $ 330

$ 124 $ 134 $ 154 $ 164 $ 174 $ 194

• Access to Indoor Theme Park following Chairman’s Dinner - 9/27

Thru 8-23 After 8-23 ATD

$ 340 $ 350 $ 179 $ 189 $ 179 $ 189 $ 239 $ 249 $ 195 $ 205 $ 195 $ 205 $ 340 $ 350

$ 370 $ 209 $ 209 $ 269 $ 225 $ 225 $ 370

Two-Fer Pricing

Golf (9/26) ��$98 Wild Rock Golf Club - Wisconsin Dells  Member One  Member Two Chairman of the Board’s Dinner (9/27) ��$49  Member One  Member Two After Party Bowling Tournament (9/27) �� FREE  Member One  2nd WRA Member*  Spouse/Sig. Other

 2nd WRA Member* .....$ 276

 8:00 - 9:00 pm  8:00 - 9:00 pm  9:00 - 10:00 pm  9:00 - 10:00 pm  10:00 - 11:00 pm  10:00 - 11:00 pm

$ 134 $ 144

$ 144 $ 154 $ 174 $ 154 $ 164 $ 184

 2nd WRA Member* .....$ 90

WRA REALTOR® Member  Class Only  Class w/ Convention

$ 144 $ 154

$ 154 $ 164 $ 184 $ 164 $ 174 $ 194

 2nd WRA Member* .....$ 100

Non-Member  Class Only  Class w/ Convention

$ 154 $ 164

$ 164 $ 174 $ 194 $ 174 $ 184 $ 204

Thru 8-23 After 8-23 ATD

Event Fee – Per Person:

 2nd WRA Member* .....$ 276  2nd WRA Member* .....$ 115  2nd WRA Member* .....$ 115  2nd WRA Member* .....$ 175

Appraisal CE Courses - 9/28 WRA Appraisal Section Member  Class Only  Class w/ Convention

Thru 7-31

Room Rates Standard Room: $119 Jacuzzi Suite: $119 Royal African Queen Suite: $119 Release Date: August 25, 2010

• Real Estate Continuing Education – Four of Six courses included in Full Convention Pass - MUST register in advance - first come, first served!

Thru 8-23 After 8-23 ATD

Kalahari Resort and Convention Center 1305 Kalahari Dr. | Wisconsin Dells, WI Phone: 877-253-5466 or 608-254-5466

Included in Registration Fee: • Icebreaker Party “A Night at the Awards” – 9/26

CE - Attend All 6 (4 FREE – You pay for 2) $15 per $20 per $25 per $45 per (You may select up to FOUR courses for free included in a Full Convention Pass; each additional course pricing above.  Elective B – 1031 Exchanges & Exchange Opp. 8:30 – 12:00 (9/26)  Course 1 – Listing Contracts – 8:30 – 12:00 (9/27)  Elective E – Financing the Sale – 1:00 – 4:30 (9/26)  Course 2 – Offer to Purchase – 1:00 – 4:30 (9/27)  Course 3 – New Developments – 8:30 – 12:00 (9/28)  Course 4 – Buyer Agency Agreements – 1:00 – 4:30 (9/28) Designation Classes

Hotel information:

Two-Fer Pricing

CRS Luncheon (9/28) ��$22  Member One  Member Two  Special Services: Check here if you require special needs to attend. Attach written description of needs. Cancellation Policy: The WRA reserves the right to cancel courses if not filled. Cancellations must be made in writing prior to September 26, 2010 and will be refunded, minus a $25 administration fee. Registrations cannot be transferred from person to person.

PAYMENT: Register by Mail: Wisconsin Realtors® Association 4801 Forest Run Road, Suite 201 Madison, WI 53704-7337

Total amount $__________________  Enclosed is my check made payable to the WRA  Charge my VISA / MasterCard (circle one) Card Number �� Exp. Date___________

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