Colorado REALTOR eMagazine January 2013

colorado

® REALTOR WORKING TO PROTECT YOUR BUSINESS

IN THIS ISSUE...

HOME SALES & PRICES IMPROVED IN 2012 A quick look at the 4th Quarter of sales in Colorado IMPORTANT CHANGES TO CODE OF ETHICS Article 12 of the code has some changes - stay up to date and know your code!

CONSUMERS’ CONFIDENCE GROWS WITH JOB MARKET See how consumer confidence will affect the real estate market

69TH GENERAL ASSEMBLY BEGINS IN COLORADO We have officially begun the 69th General Assembly here in Colorado, and we wanted to share with you a few of the issues we will be monitoring and tackling throughout these next 120 days. We are encouraged by the Legislature’s support on many of these topics, and we are hopeful to reach positive outcomes by the end of session.

Seller Financing- In 2011, CAR ran legislation allowing sellers

engaging in owner-carry transactions to be permitted to do three in a twelve-month period without having to be licensed as a mortgage loan originator (MLO). It appears that the law is a bit unclear, so we plan to introduce a bill to clarify that such a seller not only does not have to be licensed as a MLO nor do they need to follow the federal SAFE Act or TILA lending requirements (fully amortized loan and ability to repay, etc.). continued on pages 3-4

A PUBLICATION OF THE COLORADO ASSOCIATION OF REALTORS®

JANUARY 2013

colorado

REALTOR® ABOUT The COLORADO REALTOR® is published by the Colorado Association of REALTORS® 309 Inverness Way South Englewood, CO 80112 (303) 790-7099 or 1-800-944-6550 FAX (303) 790-7299 or 1-800-317-3689 EDITOR: Tyrone Adams tadams@coloradorealtors.com DESIGN: Monica Panczer Creative, LLC. panczers@gmail.com The Colorado Association of REALTORS® assumes no responsibility for return of unsolicited manuscripts, photographs or art. The acceptance of advertising by the Colorado REALTOR® does not indicate approval or endorsement of the advertiser or his product by the Colorado Association of REALTORS®. The Colorado Association of REALTORS® makes no warranties and assumes no responsibility for the accuracy or completeness of the information contained herein. The opinions expressed in articles are not necessarily the opinions of the Colorado Association of REALTORS®.

This is a copyrighted issue. Permission to reprint or quote any material from this issue is hereby granted provided the Colorado REALTOR® is given proper credit in all articles or commentaries, and the Colorado Association of REALTORS® is given proper credit with two copies of any reprints.

The term “REALTOR®” is a national registered trademark for members of the National Association of REALTORS®.

The term denotes both business competence and a pledge to observe and abide by a strict Code of Ethics. To reach a CAR director who represents you, call your local association/board.

In This Issue...

3 ......................RPAC – Your Best Investment in Real Estate 4 ......................Nationwide Open House 6-7 ..................Home Sales & Prices Improved in 2012 8 ......................REALTOR® Day at the Capitol 9 ......................Market Overview 9 ......................CAR Calendar of Events 10-11 ...........Changes Keep on Coming 11 ....................Become a Leader of CAR 13 ...................CAR Partners with FirstBank 15-17 ...........Go Social 19 ...................Change to Article 12 Code of Ethics 20-21.............What to do When the Phone Stops Ringing 21 ...................Foreclosure Hotline Announces PR Campaign 22 ...................A Look Ahead at Housing Regulations 23 ...................Could Homebuyers Get Priced out of the Market in 2013?

23 ....................Consumers’ Confidence Grows with Job Market 24 ....................Live Webcast Schedule

Become a CAR Convention EXHIBITOR/SPONSOR October 13-15, 2013 Sheraton Denver Downtown 1,600+ REALTORS® Attend

Connect POWER UP &

www.regonline.com/sponsorsexhibitors 2

RPAC – Your Best Investment in Real Estate Assembly continued from page 1 Also, we think that we can now raise the threshold to five in a twelve-month period.

We are working with NAR on this and our ability to clarify this will largely depend on what the Consumer Financial Protection Bureau’s (CFPB) final rule states. At a minimum, any legislative proposal we pass will be subject to CFPB’s final rule. The final piece will be to clarify that a real estate broker working on such a transaction doesn’t have to be a licensed MLO either. There is a position statement from the MLO board that makes it appear that they think real estate brokers should be MLOs if they work on a seller financing deal. The bill will be carried by Senator Mary Hodge.

Foreclosure – During the interim we have been meeting with industry stakeholders to discuss what problems/issues persist with the foreclosure process. This is a carryover issue from two bills last year: one, dealing with dual tracking, loan modifications, and mediation, and the other dealing with process. Since the AG settlement on loan servicers has been completed, a lot of pain has been eliminated by the infusion of money. The foreclosure hotline is fully funded, so even in lower population places (like the mountains) distressed borrowers should have access to the foreclosure counselors. Keep in mind, the Hotline has an 80% success rate – so if you know people in this predicament – refer them to the hotline.

Representative Beth McCann has convened a few meetings of stakeholders from all sides to discuss her plans. She is drafting a bill that would modify the Rule 120 hearing in the foreclosure process making it more robust.

The hope is that the homeowner in default will have a better chance of challenging that the proper party is foreclosing. If the wrong entity forecloses, the homeowner and third parties may sue for actual costs and punitive damages

without limit and the offending party cannot file another foreclosure within twelve months on the same property. If a property goes to auction, a lender will no longer have the ability to collect the deficiency. Further, any homeowner that requests a loan modification is afforded the opportunity but a modification is not guaranteed. At this time, the Legislative Policy Committee has not taken a position on the bill.

Representative Lebsock plans to introduce legislation about homeowners who are in the trial period of the loan modification, but during the trial their loan is sold and the new note holder is unaware and/or won’t grant such a loan modification. His plan is to ensure that if the loan is sold the new holder of the debt will be aware of the plan, and requires that any trial modification accepted by the borrower be honored by the new holder.

Sunrise/Sunset Reviews – We are keeping our eye on sunrise or sunset reviews on industries such as Appraisers, Mortgage Loan Originators, Homeowners Association Managers, and Home Inspectors.

Appraisers are required to be continued according to the federal government, or they will assume control of our licensing program.

MLOs, similar to the appraisers, must be continued as well.

HOA Managers – The sunrise application does recommend licensing. The report does note that this won’t control costs or abusive HOAs, but it hopes that it will add a bit more professionalism to these quasi-volunteer governments. The idea is that if a HOA manager is accountable to his or her license, then the behavior of the HOA Boards they work for will be “regulated”. continued on next page

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The REALTOR® Political Action Committee (RPAC) consists of invested funds from REALTOR® members who are interested in protecting real estate interests and property rights. RPAC investments help support candidates and issues on all levels of government.

Investing in RPAC is one of the smartest investments you can make in your real estate career.

By investing in RPAC, you are helping to: Protect your income and maintain your commissions Educate and elect policy makers who support REALTOR® issues and Improve the quality of life in your community and the marketability of property in your neighborhood.

The REALTOR® Political Action Committee is nonpartisan, supporting above all else REALTOR® interests.

Click Here to Donate Today!

Assembly continued from page 3 „ Home Inspectors – We know that a Senator from Aurora plans to introduce legislation to put in a sunrise application for the licensing of home inspectors.

district court case, the judge revoked a large scale development’s approval citing the 2008 legislation as the reason for doing so. CAR, along with others, believes that the judge inappropriately applied the law and believes that his interpretation is completely opposite of the legislative intent. If the motion to reconsider and/or appeal is not successful, stakeholders are poised to run legislation to fix the problem. If the court’s decision remains, it will be highly unlikely that another large scale development will ever be able to be approved. Instead, developments will likely be random, and local governments will be on the hook for trying to establish thoughtful growth, infrastructure and proper management of our natural resources.

Title Company Issues – We have made some headway with the Division of Insurance to make sure these out-of-area title company issues are at least squarely on their radar. We will be reconvening our industry group to figure how we should proceed from here.

Oil & Gas –We have submitted Setback Rules to NAR for legal review on the impacts of property rights and cost implications to the consumer. We are still waiting on a response.

Adequate Water Supplies for Large Developments: In 2008, CAR worked closely to overhaul an anti-growth bill meant to prevent new developments by requiring that water for the project, through build-out, be available at the time of the development’s approval by the local governing body. CAR successfully modified the bill to simply codify existing practice among counties and municipalities which requires adequate water supplies be proven before any dirt is turned. Unfortunately, in a recent

We hope you all receive the weekly Capitol Connection email newsletter for current updates about these issues and more.

We are gearing up for a beneficial and productive session, and we look forward to sharing our progress with you along the way.

Contact Jaclyn Dearien at jdearien@ColoradoREALTORS.com if you don’t receive the Capitol Connection and would like to receive it.

Nationwide Open House Weekend

Make sure to hold an open house on one of these days!

Saturday, April 20 and Sunday, April 21, 2013

Nationwide Open House Weekend will be held on Saturday, April 20 and Sunday, April 21 this year. Our goal is to invite the public to come out and look at what homes are available to purchase across the state. t "U CFTU XF IPQF UIJT FWFOU MFBET UP TFWFSBM DMPTJOHT BSPVOE UIF TUBUF GPS ZPV t "U UIF WFSZ MFBTU XF IPQF UIJT XJMM FOBCMF ZPV UP NFFU XJUI JOEJWJEVBMT XIP DPNF UP WJFX your listing so that they may be added to your contact database and potentially become future clients.

We encourage you to: t *EFOUJGZ MJTUJOHT JO XIJDI UP IPME BO PQFO IPVTF PO FJUIFS PS CPUI EBZT PG UIF FWFOU weekend. t 1PTU ZPVS PQFO IPVTF MJTUJOH T PO ZPVS MPDBM .-4 BOE XXX 3FBMUPS DPN i0QFO )PVTFw portals. t 1SPNPUF /0) UISPVHI ZPVS DPOUBDU EBUBCBTF o 8FC TJUF OFXTMFUUFST TPDJBM OFUXPSLT blogs, etc. t *G ZPV SFHVMBSMZ QVSDIBTF BET JO QSJOU PS FMFDUSPOJD NFEJB NFOUJPO ZPVS 0QFO )PVTF JO UIF ads you run in the week prior to the event, complete with location details. t $SFBUF B ESBXJOH UIBU WJTJUPST DBO FOUFS XIFO UIFZ WJTJU t 3FWJFX UJQT GPS IPMEJOH B TVDDFTTGVM PQFO IPVTF BT XFMM BT TBGFUZ UJQT EVSJOH PQFO IPVTFT

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Stay up to date with the 2013 Annual Commission Update

Home Sales and Prices Improved Throughout 2012 Statewide Fourth Quarter 2012 Housing Statistics www.ColoradoREALTORS.com/HousingStatistics

Live Webcast February 20, 2013 8:30am-12:30pm 4 CE $30 Fulfill your Annual Update requirement now and be better prepared for the buying season! All active real estate brokers are required to complete the 4 hour Colorado Real Estate Commission Annual Update Course.

This live webcast presentation will cover important industry updates and regulatory changes enacted in 2013.

Register online at www.

CARBusinessServices.com

of active listings was 29,669, representing a 4.2-month inventory supply.

The median sales price for single family homes, condominiums and town homes sold during the fourth quarter of 2012 increased in all areas of Colorado compared to the same time period in 2011, according to Quarterly Market Statistical Reports released by the Colorado Association of REALTORS® (CAR). The number of homes sold during the fourth quarter increased in all areas of the state over the previous year, as well, while in most areas the number of new listings available for purchase decreased.

“These figures are very encouraging and suggest that Colorado’s place as a leader in the recovery of our country’s housing markets is continuing,” said CAR spokesperson, Duane Duggan.

“Higher sales and increasing median pricing, combined with fewer days on the market, are all positive signs of good things to come. As the economy continues to recover, overall housing affordability will stay strong and we should expect to see more people entering the market in 2013.”

For the state as a whole, sales of single-family, condominium and town homes (taken together) increased nearly 16 percent to 20,229 units during the fourth quarter of 2012 compared to the fourth quarter of 2011. New listings dropped slightly more than 2 percent statewide, though some of the more rural areas of our state saw modest (3-8 percent) increases.

The Colorado Association of REALTORS® Quarterly Market Statistical Reports are prepared by 10K Research and Marketing, a Minneapolis-based real estate technology company, and are based on data provided by Multiple Listing Services (MLS) in Colorado.

The current Q4 2012 reports represent approximately 90 percent of all MLSlisted residential real estate transactions in the state. The metrics do not include “For Sale by Owner” transactions

Home prices continued to rally, increasing about 12 percent to a median price of $223,500. Days on the market continued its downward trend dropping nearly 22 percent to 89 days on average. The statewide number

or all new construction.

Sales of lender-mediated properties (properties owned by banks and other mortgage lenders, along with short sales) dropped significantly in most areas of the state. Overall, such sales represented about 20 percent of all transactions in the fourth quarter of 2012 and were down 30 percent over the same period a year earlier.

The CAR Housing Affordability Index, a new statistical measure for Colorado’s housing market, dropped about 3 percent to 167 for the state, a similar drop occurred in the third quarter of 2012 compared to 2011. An index of 120 means the median household income was 120 percent of what is necessary to qualify for the medianpriced home under prevailing interest rates. A higher number means greater housing affordability.

In addition to cumulative statewide statistics, CAR has prepared six regional reports, using the same measures, whose content is summarized below along with local expert contacts. continued on next page

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Conclusion Overall, the data indicates that Colorado continues to see a recovery from its low point four years ago with some areas of the state doing somewhat better than others.

Spokespersons throughout Colorado are available for interviews or to answer specific regional questions. The reports cited in this press release are available online at www.

ColoradoREALTORS.com/HousingStatistics.

Housing Reports By Region Metro Denver Region (Denver, Jefferson, Adams, Arapahoe, Broomfield, Douglas) Contact: Michael Welk –303-263-3217 Results for the six counties in the Denver Metro Region were slightly higher when compared with the overall statewide results. The number of sales rose 17 percent and median sales prices increased almost 13 percent. Days on the market dropped more substantially in Metro Denver (-32 percent) than any other area of the state while new listings of available housing were down 6 percent. As of the end of the quarter there were approximately 11,000 active listings representing only a 2.8- month inventory.

Northeast Region (Boulder, Larimer, Logan, Morgan, Weld) Contact: Duane Duggan – 303-449-7000 This region of Colorado is one of three in the study which showed an increase in the number of new listings (8 percent). Sales increased 21 percent, the highest quarter-to-quarter increase in the state. The median sales price grew 7 percent and days on the market decreased by more than 14 percent. The CAR Affordability Index increased slightly but stayed slightly below the state average of 167.

Southeast Region (Baca, Chaffee, Crowley, Custer, El Paso, Freemont, Huerfano, Las Animas, Otero, Pueblo, Teller) Contact: Jay Gupta – 719-785-4114 Southeast Colorado saw sales of homes increase by nearly 8 percent to 3,283 during the fourth quarter of 2012. Median sales price increased more than 10 percent and days on the market declined by nearly 16 percent, among the largest declines in the state. While the CAR Affordability Index showed a slight decline (-1.5 percent) the area’s score of 200 is the second strongest in the state. At the end of the year, this region had nearly 7,000 active listings which represent an inventory that would last about six months.

Northwest Region (Delta, Hinsdale, Mesa, Moffat, Montrose, Pitkin, Rio Blanca) Contact: Sandy Borman – 970-256-9100 This region of our state saw a second consecutive quarter of increased new listings, up 2.9 percent compared to the fourth quarter of 2011. Sales improved nearly 17 percent, median prices increased just over 10 percent and days on the market dropped 7 percent. This area of the state had the largest proportion of lender-mediated sales (36 percent) but also saw one of the largest drops in such sales compared to 2011 (-32 percent).

Southwest Region (Alamosa, Archuleta, Conejos, Costilla, Dolores, Hinsdale, La Plata, Mineral, Montezuma, Saguache, San Juan) Contact: Don Ricedorff-970-375-7014 Median sales prices in this region increased approximately 13 percent, one of the larger increases in the state. Number of sales increased modestly (6 percent) and days on the market dropped slightly (-1.6 percent). The Affordability Index in this area dropped (-3 percent) but still remains strong at 170. New listings were down 15 percent compared to the fourth quarter of 2011.

Mountain Region (Garfield, Grand, Gunnison, Jackson, Pitkin, Routt, San Miguel, Summit) – Contact: George Harvey – 970-729-0111 Sales increased 20 percent in this region, which includes Colorado’s ski resort communities, while days on the market declined nearly 10 percent.

With 2,400 active listings, this region has more than a one year supply of inventory which, in these areas of the state, is not unusual. New listings of available properties declined substantially (-25 percent) while the median sales price rose by just under 3 percent.

see market overview on page 9

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Watch Video

Event Details Wed., Feb. 13, 2013 9:30 AM - 7:00 PM $55 (includes lunch & reception) Lunch/Reception History Colorado Center (Mountain View Room, 4th floor) 1200 Broadway Denver, CO 80203 Afternoon Program State Capitol Old Supreme Court Chambers (2nd Floor) 200 East Colfax Avenue Denver, CO 80203

REALTOR® DAY AT THE CAPITOL FEBRUARY 13, 2013 Don’t miss this electric event! The 2013 REALTOR® Day at the Capitol is on Wednesday, February 13 at the History Colorado Center and the State Capitol. This is a great opportunity for you to learn and discuss important policy issues affecting the real estate industry this upcoming year.

Pre-registration is $55 and includes lunch, afternoon program and reception. Pre-registration ends on Thursday, January 31. Starting Friday, February 1, the fee increases to $65. We have limited space so register early to secure your spot. Legislators are invited to attend the reception as well.

REALTOR® Day at the Capitol is a great opportunity for you to: See our state legislature in action Get up to date on the important issues impacting your business and your industry Network with legislators Hear from key leaders in the House and Senate Advocate for your industry!

MY REALTOR® PARTY WORKSHOP Come join NAR REALTOR® Party representative Nick Bokone and CAR staff at 9:30 AM on Wednesday, February 13, 2013, prior to our REALTOR® Day luncheon for a REALTOR® Party update and workshop.

sponsored by:

This workshop will allow plenty of time for Q and A while covering what’s new with the program in 2013, deadlines for applying for NAR tools and resources, as well as a discussion about plans for your local elections in 2013. This session is designed for all Presidents, President Elects, AEs, GADS, and local government affairs committee chairs but is open to anyone else who might be interested in accessing the NAR program for local public affairs activities.

The workshop will be held in the Martin Room on the 4th floor at the History Colorado Center.

Learn more and register at http://www.regonline.com/builder/site/default.aspx?eventid=1165136

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Market Overview Key metrics by reported quarter and for year-to-date (YTD) starting from the first of the year.

Key Metrics

Historical Sparkbars

Q4-2011

Q4-2012

Percent Change

23,235

22,681

- 2.4%

144,225

137,963

- 4.3%

15,587

17,528

+ 12.5%

74,837

86,943

+ 16.2%

--

--

--

--

--

--

17,465

20,229

+ 15.8%

73,739

85,069

+ 15.4%

$199,000

$223,500

+ 12.3%

$199,900

$220,000

+ 10.1%

$255,165

$280,783

+ 10.0%

$255,059

$274,755

+ 7.7%

96.7%

97.8%

+ 1.1%

96.7%

97.7%

+ 1.0%

114

89

- 21.9%

114

92

- 19.3%

172

167

- 2.9%

171

170

- 0.6%

New Listings Q3-2010

Q3-2011

Q3-2012

Q3-2010

Q3-2011

Q3-2012

Pending/Under Contract

Under Contract Activity

Not enough historical data for chart

Sold Listings Q3-2010

Q3-2011

Q3-2012

Q3-2010

Q3-2011

Q3-2012

Q3-2010

Q3-2011

Q3-2012

Q3-2010

Q3-2011

Q3-2012

Q3-2010

Q3-2011

Q3-2012

Q3-2010

Q3-2011

Q3-2012

Median Sales Price

Average Sales Price

Pct. of List Price Received

Days on Market

Affordability Index

YTD 2011 YTD 2012

Percent Change

Active Listings

Not enough historical data for chart

--

29,669

--

--

--

--

Months Supply

Not enough historical data for chart

--

4.2

--

--

--

--

Current as of January 10, 2013. All data from the multiple listing services in the state of Colorado. Powered by 10K Research and Marketing. | Click for Cover Page | 2

CAR Calendar of Events

FEBRUARY 13 REALTOR速 Day at the Capitol, Denver 27-1 Region 11 Conference, Santa Fe, NM

AUGUST 15 Broker Connections, Boulder 14-16 CAR Leadership Retreat, Snowmass

MARCH 5 REALTOR速 Rally, Denver 15-19 AE Institute, San Diego, CA

OCTOBER 13-15 CAR Convention, Denver 13-16 CAR Fall Business Meetings, Denver 14 Broker Connections, Denver

APRIL 9-11 CAR Spring Business Meetings, Vail MAY 13-18 NAR Midyear Legislative & Governance, Washington D.C. JUNE 3-6 CAR Leadership Elections 20 Broker Connections, Breckenridge

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NOVEMBER 8-11 REALTOR速 Conference & Expo, San Francisco, CA

2013: CHANGES KEEP ON COMING! New Rules and Regs You Need to Know.

By: Dick Clark, Rothgerber, Johnson & Lyons

several months. My initial concern is that the process to get loans approved may take longer until lenders are trained and become more familiar with the process.

Following the New Year one of our REALTOR® clients stated that he thought 2013 would be a slow year for new laws and regulations affecting real estate brokers. I asked him if he was kidding. There will always be new laws and regulations...that is how lawyers keep everyone confused so they all need legal advice!

COLORADO REAL ESTATE FORMS For several years some REALTORS have complained there are too many new and revised mandatory forms from the Forms Committee and the Real Estate Commission, some mandated by the Colorado legislature and others the result of ad-hoc suggestions from lawyers, educators, brokers and the public.

FEDERAL ABILITY-TO-PAY RULE As this article was being published the Consumer Financial Protection Bureau issued a new “Ability-to-Pay” Rule on January 10, 2013. The concept, originally recognized by the 2010 Dodd-Frank Act and sometimes called the “Qualified Mortgage Rule” is that before a mortgage loan is extended the lender must ensure that home buyer/borrower can actually repay the mortgage. This is to be accomplished by requiring lenders to obtain and verify information pertaining to eight underwriting factors to determine whether the consumer can afford to repay the mortgage. The rule will take effect on January 10, 2014.

Recognizing that a more organized approach to the revision and creation of forms would benefit the industry, and in response to Colorado’s LEAN Program affecting all state agencies, the Real Estate Commission developed a Forms Priorities List for 2013 which directs the Forms Committee to consider only a limited number of items in seven (7) of the mandatory forms. That List of Priorities has been forwarded to the Forms Committee with the caveat that it may become necessary to revise other forms or create new ones in 2013 if the current legislative session enacts laws which so require.

At the time of writing this article I have not had an opportunity to review the new 804 page rule; however, I understand that some lenders are pleased that the new rule will include a safe harbor which will limit civil actions against lenders who extend “Qualified Mortgages” assuming such lenders document the borrower’s ability-to-pay based on general underwriting criteria set forth in the rule. “Qualified Mortgages” do not include loans with negative amortization, interest only payments, balloon payments, terms exceeding 30-years; no-doc loans; and loans where the points and fees paid by the consumer exceed 3% of the total loan amount. .

DIVISION OF REAL ESTATE A task force was created to provide guidance on expectations and guidance for property management brokers since property management continues to be a key generator of consumer complaints. The Division and the task force are in the process of revising Commission Position 27 ”Performance of Property Management Functions” and it will be issued in 2013.

In addition, the Division is working on a supervisory update CE course for employing, managing and other supervising brokers which will probably be announced this year.

As with any new law or rule in the real estate industry there will be mixed reviews and some initial uncertainty as new forms and procedures are developed and implemented over the next

continued on next page

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Become a Leader of CAR Officer and NAR Director applications are due no later than 5:00 PM on Friday, February 8, 2013.

INVESTIGATIVE FILES AT THE DIVISION OF REAL ESTATE The Colorado Supreme Court has denied certiorari in a case which was vigorously contested by the Colorado Attorney General on behalf of the Colorado Division of Real Estate. Thus, the opinion of the Colorado Court of Appeals in Land Owners United, LLC et al v.Marcia Waters, Director of the Colorado Division of Real Estate and the Colorado Board of Real Estate Appraisers, Colorado Court of Appeals, 2011 WL 3616176, certiorari denied, September 6, 2012 is now final.

CAR is now accepting applications for the following 2013/2014 Officers and NAR Directors positions. We encourage you to apply your skills to help shape the future of your association!

The Court of Appeals held that the exemptions in the Colorado Open Records Act (CORA), CRS 24-72-200.1 and the deliberative process privilege do not preclude the public’s access to investigative files in civil law enforcement proceedings against appraisers who were sanctioned for questionable appraisals of conservation easements. In other words, a member of the public or press may gain access to the Division’s investigative files if they file an appropriate CORA request.

Although this case dealt with an investigative file regarding an appraiser, arguments can be made that similar rationale may apply to files regarding investigations of real estate brokers by the Division of Real Estate for the Colorado Real Estate Commission. The State of Colorado at the urging of the Attorney General successfully passed amendments to CORA in the last legislative session which may provide the State better grounds to argue that such files are not open to the public or press even if they file an appropriate CORA request.

Regardless, the possibility that a file pertaining to an investigation of a real estate broker by the Division of Real Estate could be made available to the public or press is an additional reason for REALTORS to avoid violating Colorado’s rules and laws regulating real estate brokers.

Interviews for these positions will take place the 3rd week of February at the CAR offices. (Click to learn more about each volunteer position.)

Credentials Manual CAR President-Elect CAR Treasurer NAR Directors positions open (one 1-year depending on membership count) District Vice President-Elect positions (Metro District, Mountain District, Northeast District, Northwest District, Southeast District, Southwest District) NAR Director Term Chart CAR Director Term Chart Divisional Vice Presidents Position Description Travel Reimbursement Policy When you apply CAR will provide you additional information on the process, specific timelines, etc. For further information please contact Pamela Carpenter at pcarpenter@ColoradoREALTORS.com.

Review the criteria and the basic outline of the process before you apply: 1. Once you apply online CAR staff member Pamela Carpenter will contact you to schedule an interview with the CAR Credentials Committee.

2. The Credentials Committee will be meeting the 3rd week of February to interview all candidates and qualify those that meet the criteria.

3. Once a candidate is qualified they will be included on the ballot for the annual CAR elections in June.

Apply today – The future of CAR will be determined by the leadership of the future.

Dick Clark rclark@rothgerber.com or 303-628-9531 (direct) is a partner at Rothgerber Johnson & Lyons LLP. This Article is published for general information purposes only. The content should not be construed as legal advice or opinion. You are urged to contact a lawyer concerning your specific legal situation. Determination of the need for legal services and the choice of a lawyer are extremely important decisions and should not be based solely upon advertisements or self-proclaimed expertise.

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Colorado Association of REALTORS® Partners with FirstBank Providing Mortgage and Financial Services The Colorado Association of REALTORS® and FirstBank, has forged an alliance to help Colorado REALTORS® and their customers with their mortgage and financial needs. As of January 1, 2013, FirstBank is the official bank sponsor of the Colorado Association of REALTORS® as part of the three year sponsorship agreement.

“Our association and members are excited about our new partnership with FirstBank,” said Keith Kanemoto, president of the Colorado Association of REALTORS®. “They share our goals of cultivating safe and vibrant communities and helping make the American Dream of home and property ownership a great experience for consumers.”

FirstBank is the largest locally owned banking organization in Colorado and offers straightforward competitive mortgage options with low rates, fees and closing

costs. FirstBank also provides professional, exceptional customer service and takes pride in listening to its customers so they can help them feel confident as they go through the process of making one of the biggest investments in their life. In fact, FirstBank customers avoid being passed from professional to professional, instead working with just one banker throughout the entire mortgage process – from application and underwriting to approval and closing.

“We’re extremely honored to partner with the premier realtor association in Colorado,” said John Ikard, CEO of FirstBank Holding Company. “This relationship provides FirstBank with the opportunity to support education programs and networking opportunities for some of the men and women who make this state thrive. One of FirstBank’s primary goals is to help support our communities, a value shared by Colorado

Association of REALTORS® that makes this partnership a natural fit.”

ABOUT FIRSTBANK FirstBank operates more than 115 locations in Colorado, Arizona and California.

FirstBank is the largest locally owned banking organization in Colorado, serving more than 600,000 customers.

Since 2000, FirstBank has contributed more than $40 million and thousands of volunteer hours to charitable organizations. FirstBank is unique in that a majority of its stock is owned by management and employees. For more information, go to www.efirstbank.com.

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CONTACT THE CAR LEADERSHIP TEAM – ANYTIME! Keith Kanemoto, President Prudential Rocky Mountain Phone: (303) 772-2222 keith@kanemoto.com Jolon Ruch, President-Elect Keller Williams Realty Pro. Phone: (303) 420-2121 JolonRuch@MyMainStreet Group.com Larry McGee, Treasurer The Berkshire Group Phone: (303) 350-5838 larry@tbgdenver.com Don Flynn, CEO /CFO Phone: (303)790-7099 dflynn@ColoradoREALTORS.com Scott Matthias, Immediate Past President RE/MAX Professionals Phone: (303) 268-8800 scott@coloradorealestate.com

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Go Social

Intro to RE | Social

BY: MOLLY HIGHNAM, CAR COMMUNICATION AND SERVICES COORDINATOR

By now, you probably realize that social media is here to stay.

Social media has taken center stage in communication and relationship building across all groups of the population. Social networking is the most popular online activity worldwide, while still reflecting regional differences of users. As a real estate professional, your business is driven by relationships and local understanding, and you likely understand that social media platforms are opportunities to build relationships with both current and prospective clients, as well as gain information on the local market.

content to share on CAR’s social “Have media pages? Members may send news to

It’s not enough to market properties on syndication sites, or maintain an individual or company website. You also need to maintain an online social presence as a part of your business marketing plan. As an industry, we need to learn how to promote connection, how to promote interaction and how to promote conversations around real estate transactions using new methods of communication. Social media is going to adapt and change, and so are you! Even if you try to stay the same, change will occur anyway. The more you understand how to adapt to the changing communication methods and new technologies, the better you’re going to be at making decisions to move your businesses forward.

This understanding of social adaptation has, maybe, caused you to dive into one or more social media platforms and utilize its communication functions as a part of your business marketing strategy. Or, maybe you’re hesitant to jump into social media

be featured on the CAR social media pages to mhighnam@ColoradoREALTORS.com. marketing for lack of understanding of how and when to use each platform.

”

As an Association, we want to educate our members on social media usage, each platform’s marketing capabilities, and encourage our members to connect and interact with the Association, peers, and product and service providers within the real estate industry. To appeal to members who are already using social media, or have interest in social media, CAR has created social media pages to not only stay in touch with our membership, but also share member’s accomplishments and give members another avenue to communicate feedback to the Association.

CAR frequently posts industry news, education opportunities, exclusive discounts offered to Colorado REALTORS®, networking opportunities at meetings and events, and other updates from the Association on each of our social media platforms.

In future editions of the Colorado REALTOR® e-Magazine, you’ll see a social spotlight column titled “RE|Social”. Stay tuned for tips on best practices and increasing traffic and engagement on your social media pages!

CO Assoc. REALTORS® @COREALTORS The Coloraod Association of REALTORS® is the state’s largest professional, voluntary, non-profit, real estate trade association.

TWITTER

According to Twitter.com, “Twitter is a real-time information network that connects you to the latest stories, ideas, opinions and news about what you find interesting… users can see photos, videos and conversations directly in tweets.” Twitter has one characteristic that sets it apart from other social media platforms: Users are only allowed to use 140 characters per message/tweet.

Through Twitter, people can view a feed of real-time posts from people or businesses that they have opted to receive updates from. They interact with the feeds they have followed by using their Twitter handles in posts, as well as “retweeting” messages of others to their own followers. CAR’s Twitter handle is @COREALTORS. Twitter also uses hashtags in tweets to highlight a specific topic in the tweet by making it a searchable field across the platform. For example, CAR’s tweets contain hashtags such as #CARConvention.

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FACEBOOK Before there was Twitter, there was Facebook. Facebook was originally created in 2004 for college students, but has since grown tremendously. In October 2012, Facebook announced that the site now hosts 1 billion users worldwide. Just like Twitter, people have the opportunity to connect to other people, businesses, ideas, and causes on Facebook. Through Facebook, people can comment and â&#x20AC;&#x153;likeâ&#x20AC;? posts and share others content (including photos and videos). People can also create event pages and install applications to play games, take quizzes, display content, etc.

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Stay Connected

FACEBOOK CONT.

REALTORS® are connected across various social media platforms at the local, state, and national levels.

Click here to see the list of pages on Facebook utilitized by NAR.

Looking for your Local Facebook page?

Local associations/boards with Facebook pages are listed below. Please click on the name to be redirected to their page.

Aspen Board Aurora Association Boulder Area Association Cortez Area Association Denver Metro Commercial Association Douglas Elbert Association Estes Park Board

Fort Collins Board Grand Junction Area Association Greeley Area Association Longmont Association Loveland Berthoud Association Montrose Association Mountain Metro Association

Pikes Peak Association Pueblo Association South Metro Denver Association Steamboat Springs Summit Association Telluride Association Vail Association

LINKEDIN As of Sept. 30, 2012, LinkedIn operates the world’s largest professional network on the Internet with more than 187 million members in more than 200 countries and territories,” reports LinkedIn.com.

While Facebook and Twitter are great for socializing and making personal connections to clients, LinkedIn is best used as a way to network with others specifically within the real estate industry. Your profile can also serve as an online resume, complete with written recommendations of your client service or real estate knowledge!

The first thing to do in LinkedIn is to create a profile that highlights your career experience, education level, skills and areas of expertise. Then connect with others, ask others to recommend your services, join groups, or send messages

YOUTUBE

From YouTube.com, “YouTube allows billions of people to discover, watch and share originally-created videos.”

YouTube acts as a distribution platform for CAR’s promotional and information videos.

For more information on Social Media: mhighnam@ColoradoREALTORS.com

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Change to Article 12 of the Code of Ethics The Code & Social Media Always present a true picture in your advertising, marketing, and other representations. This mandate applies not just to traditional marketing but also to Facebook, Google+, Twitter, texts, and other social media. Check out Standard of Practice 12-5 for guidance on the right way to present your identity as a real estate professional in social media venues.

REALTORSÂŽ shall be honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing, and other representations.

REALTORSÂŽ shall ensure that their status as real estate professionals is readily apparent in their advertising, marketing, and other representations, and that the recipients of all real estate communications are, or have been, notified that those communications are from a real estate professional. (Amended 1/08) t 4UBOEBSE PG 1SBDUJDF REALTORSÂŽâ&#x20AC;&#x2122; obligation to present a true picture in their advertising and representations to the public includes Internet content posted, and the URLs and domain names they use, and prohibits REALTORSÂŽ from: 1. engaging in deceptive or unauthorized framing of real estate brokerage websites; 2. manipulating (e.g., presenting content developed by others) listing and other content in any way that produces a deceptive or misleading result; 3. deceptively using metatags, keywords or other devices/methods to direct, drive, or divert Internet traffic; or 4. presenting content developed by others without either attribution or without permission, or 5. to otherwise mislead consumers. (Adopted 1/07, Amended 1/13)

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What To Do When The Phone Stops Ringing!

Steps For REALTORS® To Create Business Rather Than Wait For It!

REALTORS® understand all too well the cycles of their businesses. The upside cycle occurs for a few years and its good times for all. Then sooner or later, a downturn occurs. It’s the nature of the business. We only hope that the good years outnumber the not so good ones.

THE SYSTEM FUNDAMENTALS A Strategic Marketing System (SMS) is not as complicated as it might first sound. It does, however, have clear objectives.

Before the objectives, there are fundamentals that must be accepted before going any further if the system is going to pay off for you.

1. Success starts between your ears. You must internally and personally commit to create business rather than waiting for it to just land in your lap. Many REALTORS® claim they want success but they are unwilling to commit to the actions needed for it. Creating business requires a special type of stubbornness to achieve results.

The down cycles of the market usually reveal two types of REALTORS®. One type we refer to as repeaters. They are the ones that will simply wait out the rough times and just wait for the good times to return. Then they simply go back to the same cycle and wait for the phone to ring when times are good.

2. Remain optimistic and positive. You must become your own cheerleader. Professional athletes visualize their shots, writers envision their next book, architects picture the building…you must see and believe your goals. Positive thoughts create positive results.

Then there is another group, the creators. They work toward exactly what their name describes, they create their own results as much as the market will allow. The creators leverage the rough times to re-design their businesses. With each cycle, both good and bad of housing conditions, the creators keep sharpening their business models. They also create something new…

3. Accept the necessity of changes. Almost no one likes changes, especially when we are comfortable in our habits.

But changes will be required to create new business. That’s where the commitment truly begins.

A system to work when your phone stops ringing…A Strategic Marketing System! continued on next page

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STARTING YOUR OWN SMS – THE OBJECTIVES Depending on whether you are a 1) sales agent, 2) a broker or 3) a broker owner of an office team, your SMS will look respectively different. Here are a few starting suggestions.

1. A Written Plan- Emphasis on WRITTEN! REALTORS® are sales people. Most sales people typically avoid writing plans. Their common response is that ‘their plan is in their head.’ The truth is actually that their plan is only an idea…a broad, undisciplined idea with too few specifics or clear actions. They are not plans.

Written plans are documents that reflect well thought out goals, a logical order of decisions, strategies that are logical and action steps to create the measureable results. Plans keep us all focused when chaos surrounds us. Think of written plans like mental GPS systems to keep you moving steadily toward your results.

2. Thoroughly Define Goals. It is likely safe to think that all REALTORS® have some sort of goals. However, research shows that most of those goals are poorly defined.

General goals will create general efforts which will produce general results. Make goals specific.

3. Create Strategies Before You Act. Avoid the traditional temptation of being too tactical in growing your business.

Acting too quickly on every idea that you hear about from other people can be a costly bad habit. It creates reactive marketing. Strategies are well reasoned philosophies or approaches that will later turn into tactical actions. The strategies must evolve first, then tactics should follow.

5. Build a Team Approach. Case studies continuously reveal that the best sales results go to the people that can form the best functioning teams. Teaming up with other business people can mean many things in different markets. The key is to maximize whatever team opportunities you can in your given environment.

6. Upgrade Your Selling. In much the same way we upgrade phones, upgrade better selling skills. Selling talent is not congenital. It is continually honed. Being an outgoing, friendly, person or liking people does not make anyone a sales person. Skills make the salesperson.

7. Applications of Technology. In current markets, technology has entered a whole new chapter. In a strange sort of way, while technology has gone to amazing applications, it has actually cycled back to what it was in historical markets. The main point to remember about technology is to avoid the learning plateau. Schedule your education on it weekly.

A customized SMS can be as dynamic as you wish. The key is to customize it and make it fit your business. A SMS is designed to create business whether your phone is already ringing or not. Think about it!

Andrew Mastroianni is a national and international strategic marketing consultant. While helping countless clients in his career in numerous industries, he’s been a valuable resource for both residential and commercial real estate organizations. He has helped them grow their sales teams and marketing results. If you have any questions for him about this article, he can be reached at 281-856-9504 or visit his website at www.visconservices.com.

4. Create a Client Service System.

REALTORS® often refer to their service quality but it usually sounds vague and more like a marketing slogan than a deliverable.

A client service system, much like a script, is an excellent exercise and tool to examine just what your quality service actually looks like.

Colorado Foreclosure Hotline Announces Campaign Striking black-and-white posters and bus signage of Coloradans stating “I Was Foreclosure” have hit the streets. They entice the viewer to check out the website of the same name for testimonials by Colorado Foreclosure Hotline clients who faced foreclosure and were helped by its services.

Four out of five homeowners who call the hotline avoid foreclosure.

These are the first elements of this year’s Colorado Foreclosure Hotline publicawareness campaign. The campaign officially launched with a presentation by Colorado Housing and Finance Authority’s Cris White and Attorney General John Suthers who noted that the Colorado Foreclosure Hotline continues to be the best resource for Colorado homeowners in danger of foreclosure.

continued on next page

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hotline from page 21 “The work of the Hotline is more important than ever if we plan to continue the trajectory of decreasing the rate of Colorado foreclosures and educating homeowners about their options early in the foreclosure process,” said Suthers. “It is important that distressed homeowners learn what relief is available to them.”

The purpose of the publicinformation campaign is to drive more homeowners at risk of foreclosure to seek the resources of the Hotline—and to do so sooner in the process when their options are greater.

Currently, only one-third of eligible homeowners take advantage of this trusted and free resource that is a source of hope to everyone affected.

The bilingual “I Was Foreclosure” campaign will reach out across Colorado using avenues that are efficient and appropriate to each region—including television spots, radio interviews, and print ads. Counseling agencies around the state will receive tools from the campaign to increase awareness about the Hotline’s services available to all homeowners.

For information about the campaign, visit: www.iwasforeclosure.com

A Look Ahead at Housing Regulations Provided by the National Association of REALTORS® (NAR) Over the past year the U.S. housing market has made significant strides. A look ahead, however, shows a number of regulatory issues left unresolved that could potentially harm the industry in 2013.

Several regulations on the horizon stemming from the Dodd-Frank Wall Street Reform and Consumer Protection Act could affect housing, mortgage finance, and homeownership.

In addition, the question of how to reform Fannie Mae and Freddie Mac still remains unclear. As the leading advocate for homeownership, Realtors® want to make sure these changes will not harm the progress already experienced in the housing market or make mortgage lending more challenging.

One regulation that stems from Dodd-Frank is Qualified Mortgage. This regulation requires that no lender make a mortgage loan without making a reasonable and good faith determination that the borrower has the ability to repay the loan. The full rule for QM has not been determined yet, but depending on the definition, this regulation could reduce many consumers’ access to credit. The National Association of Realtors® supports a definition of QM that establishes strong consumer protections, promotes mortgage liquidity, and offers lenders a safe harbor to reduce litigation.

Dodd-Frank was created to address abuses in the industry. While REALTORS® recognize the need for additional regulation, regulators must avoid adopting unrealistic requirements that will affect homeowners and potential buyers, as well as do harm to the recovering housing market.

What potentially could be another burdensome regulation is the Qualified Residential Mortgage. This requires that financial institutions retain 5 percent of the risk on loans they securitize. Exempt from the requirement are mortgages that meet the QRM definition, as well as FHA and VA mortgages. Currently, the proposed rule narrowly defines QRMs as requiring an 80 percent loan-to-value, which

22

would require a 20 percent down payment.

The rule would also limit mortgage payments to 28 percent of gross income – a very tight standard, according to REALTORS®.

The definition of QRM is important because it will determine the types of mortgages that will be available to borrowers in the future.

NAR firmly believes Congress intended to create a broad QRM exemption − strong evidence shows that responsible lending standards and ensuring a borrower’s ability to repay have the greatest impact on reducing lender risk, and not high down payments.

GSE reform is also likely to come up this year. Fannie Mae and Freddie Mac were placed under conservatorship by the Federal Housing Finance Agency in September 2008 and the debate continues over how to reform them. A number of comprehensive plans have been introduced to the public, as well as comprehensive legislation aimed at reforming the secondary mortgage market. Currently, there is no proverbial favorite, and discussion surrounding the GSEs is expected to continue through 2013.

NAR supports a comprehensive GSE reform strategy. REALTORS® must believe the new system must involve some government presence to ensure a continual flow of capital at all times and in all markets. Also, the secondary mortgage market model must ensure that mortgages are affordable and always available to creditworthy buyers, require sound underwriting standards, and provide for rigorous oversight.

Issues like affordable financing and available credit doesn’t just affect people who own a home – homeownership shapes communities and strengthens the nation’s economy.

REALTORS® need to ensure that any regulations and reforms do not jeopardize a housing recovery and ensure the dream of homeownership is available to all Americans.

So the next time you get a call to action, do your part and answer it. It only takes a moment to make a lasting impression!

Could homebuyers get priced out of the housing market in 2013?

While all of the regions in Colorado saw a home prices increase the Metro, Northwest, Southeast and Southwest districts saw double-digit increases in housing prices, making some real estate analysts wonder if the housing recovery will make it difficult for many people to afford to buy in 2013.

which survived the fiscal cliff talks so far, but may be up for grabs again when congress begins talking debt ceiling towards the end of the month.

With the uncertainty of these other factors prices may not rise as sharply and homes may remain more affordable. Not only will buyers find it easier to afford a new home, but bidding wars that many sellers are seeing now will drastically decrease.

Just last month J.P. Morgan revised its U.S. housing forecast upward, predicting an overall gain of 3% to 4% in home prices for 2013.

While Colorado’s housing industry is off to a good start, consumers and REALTORS® really won’t know what’s going to happen until we’re well into spring.

New sellers listing their homes and builders adding to the supply will also have an impact on the market. Other factors that could affect the market include, shadow inventory, the fear over cutting of the mortgage-interest tax deduction,

Consumer Corner Consumers’ Confidence Rises with Job Growth

plans to invest $9 million and lease 660,000 square feet of new office space in Douglas County to accommodate the additional hires.

According to the Federal Reserve, consumers borrowed more in November 2012 for big purchases, but shied away from credit cards.

CU economist Richard Wobbekind foresees “a very positive environment” for the state next year. “We’re seeing a wide array of jobs being added, and they’re diversifying our state economy.”

Analysts attribute the rebound in consumer spending to lower gas prices and solid job growth. Employers added 161,000 in November and 155,000 in December. Visa plans to add 406 new jobs in Douglas County over the next five years as they expand their global technology center. Visa

Wobbekind anticipates Colorado will gain 42,100 jobs in 2013, compared with a gain of about 47,900 jobs in 2012. All sectors of the Colorado economy are predicted to grow next year, with the exception of the information sector, which includes publishing and telecommunications.

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CAR LIVE WEBCAST SCHEDULE Our goal is to provide you with a convenient way to access and receive important industry updates, as well as a variety of other professional development opportunities utilizing our state-of-the-art live webcast broadcast system.

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UPCOMING WEBCASTS Successfully Selling HUD Homes, Jay Gupta FEB 06, 2013 – FREE 2013 Annual Commission Update (4 CE) FEB 20, 2013 – $30 Capitol Connection: CAR Legislative Update, Rachel Nance, VP Public Policy MAR 06, 2013 – FREE 2013 Annual Commission Update (4 CE) MAR 20, 2013 – $30 Q1 Report on Colorado Real Estate & Housing Activity, CAR Statistics Program APR 17, 2013 – FREE Property Tax, Valuations & Appeals, Teri Cox, Douglas Co Assessor MAY 01, 2013 – FREE Capitol Connection: CAR Legislative Update, Rachel Nance, VP Public Policy MAY 22, 2013 – FREE 2013 Annual Commission Update (4 CE) JUN 05, 2013 – $30 Presentation by the Colorado Energy Office JUN 26, 2013 – FREE Q2 Report on Colorado Real Estate & Housing Activity, CAR Statistics Program JUL 17, 2013 – FREE

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