Colorado REALTOR Magazine - April 2019

c o lo r a d o

APRIL 2019

REALTOR Official Magazine of the Colorado Association of REALTORS®

THE YEAR OF THE DOG (And Other Assorted Creatures) Page 6

PLUS Mid-Year Legislative Review Page 10

First Quarter Market Trends Page 12

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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

APRIL 2019

c o lo r a d o

REALTOR

MAGAZINE

IN THIS ISSUE:

EDITOR: Lisa Dryer-Hansmeier, V.P. of Member Services lhansmeier@coloradorealtors.com DESIGNER: Monica Panczer, Creative Marketing Specialist monica@coloradorealtors.com The Colorado Association of REALTORS® assumes no responsibility for return of unsolicited manu­ scripts, 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®.

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6

Focus on Leadership The Year of the Dog, And Other Assorted Creatures

10 Mid-Year Legislative Review 12 Market Trends

19 March Real Estate Snapshot 21 We Hear You! 30 UNDER 30 SIÂN MURPHY

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22 Making the Dream of Affordable Housing a Reality

24 NREC Summit 26 30 Under 30

28 VRBO and Home Away Effects on

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.

Real Estate

31 Do You Struggle to Communicate Effectively

34 Mix and Match Design Style 39 CAR Economic Summit and

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.

REALTOR® Day at the Capitol

41 CAR Foundation REALTOR® Appreciation Day

42 More Private Flood Insurance Competition?

HOW TO MIX AND MATCH DESIGN STYLES

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44 RPAC Investors

47 RPAC Newsletter

FOCUS ON LEADERSHIP It’s hard to believe that Spring is already here! And there’s nothing that I love more. With baseball season in full swing (pun intended), and the weather warming up, there is one thing I know for sure: Spring Summit is almost here.

FROM THE CHAIR

Justin Knoll 2019 Chair of the Colorado Association of REALTORS®

This year’s Spring Summit is predominantly exciting to me because of the focus on leadership with an emphasis in developing Colorado REALTORS® into leaders. Each day will include valuable content, education, and networking opportunities that are elevating for your business.

It’s safe to say that Vail is the place to be this April 23-25, 2019 for the CAR Spring Summit at the Four Seasons Resort.

New this year is a Global Panel. CAR leadership is exploring the potential of starting a global network at the statewide association level. The purpose of this panel is to engage membership and leadership in a broader discussion about global networks and their potential impact on REALTOR® business and the broader business community. Please join us for this panel where global speakers will discuss what is currently being done in other states and across the nation, and why REALTORS® should be embracing global networks for the future of their business.

This year, the Summit features five continuing education credit opportunities: The 5th annual “10 Things – Legal Session,” from our very own talented Scott Peterson for two continuing education credits and the “REALTOR® Leadership Program 300” workshop offering three continuing education credits.

The first day, CAR’s General Counsel Scott Peterson returns for his “10 Things for REALTORS®” class for 2019. Each year, Scott educates us with an overview of 10 topical legal/risk management considerations currently impacting real estate licensees in Colorado. This fun, fast-paced course delivers best practice tips/advice for real estate licensees to manage commonly-encountered brokerage and property management situations.

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Also included with your registration is the Opening Reception hosted by Realtor.com and several opportunities to network and engage with your peers from across the state.

for this event. CAR is able to bring these quality events to our members at an affordable price only through the help of our sponsors. If you have a chance, please thank them yourself or by giving them your business. Our sponsors this year are: FirstBank, CTMe Contracts - an MRI Software, Realtor.com, Alpine Association Benefits, Stewart Title, Williams Underwriting Group, Heritage Title Company, HomeLight, HomeSmart from Xcel Energy, Exodus Moving and Storage, FirstBank 1031 Exchange, Kaplan Real Estate Education, and REcolorado.

The following day, everyone is invited to attend the REALTOR® Leadership Program 300. This class is an advanced workshop for leaders who are interested in strengthening their leadership skills. Through group activities and case study analysis, the workshop fosters decisionmaking and conflict resolution skills in duties of directors, strategic planning, meeting management, and communication. Doors will close 10 minutes after the class starts, so make sure to plan accordingly!

I can’t wait to see you all there! For more information about the Spring Summit and to view the agenda, please visit www.coloradorealtors.com/car-spring-summit/.

How many of you have work-related questions you’d like to ask an attorney? The Risk Management Forum will be able to assist you with that. Facilitated by Scott Peterson, you’ll have the opportunity to increase your legal knowledge in real estate through topical presentations from Damian Cox and Noah Klug, two prominent Colorado real estate attorneys. You’ll want to start writing down your questions today to bring with you as they will open the floor for a Q&A session at the end of their presentations.

On Wednesday evening, I encourage you to attend RPAC’s 50th Anniversary Celebration, “Diamonds are Forever.”

There will be a drawing for a diamond as well (diamond generously donated by Gary Bauer). To enter the diamond drawing, a $99 investment that evening is required. The investment includes reception entry, drink ticket, and entry into the drawing. There is no limit to the number of entries you can make! Event is $25 to attend if you are not entering the Diamond Drawing. Join us as we celebrate RPAC and network with one another!

Watch the Inside the "R" video from NAR.

Our summit ends on Thursday morning with our District Forums followed by the Board of Directors meeting at 9:30am.

We have several topics on the agenda this year and we encourage you to attend.

Watch the April "One Thing" with Justin Knoll.

Last but not least, CAR would like to thank our sponsors

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THE YEAR OF THE DOG

(and Other Assorted Creatures)

LEGAL UPDATE

Let me begin by saying very clearly: I LOVE DOGS! At the risk of offending my wife, they are often the very best companions. They happily do anything - or nothing at all - with their owners and love us unconditionally. My father was a veterinarian for 35 years and built a very successful career out of people’s willingness to go to any expense to reciprocate their pet’s unconditional love. People’s love affair with animals is so strong that we are beginning to see them (particularly dogs) in more places than ever before! Unfortunately, people’s willingness to do anything to accommodate their pets has led to problems for REALTORS® as they look to balance property rights and laws. While the primary source of frustration and confusion for REALTORS® comes out of the Fair Housing Act, I want to also address the other areas of federal law impacting the emergence of animals in our society.

Scott Peterson Legal Counsel, Colorado Association of REALTORS®

SERVICE ANIMAL VS. EMOTIONAL SUPPORT ANIMAL Under federal law, there are generally two classifications of animals that may be exerted by individuals looking for protection under state or federal law: Emotional Support Animals (ESAs), sometimes called "companion" "comfort," or "therapy" animals, and Service Animals (SAs). A service animal is only a dog or, in certain limited exceptions, a miniature pony (not joking). But it is not any other animal. The basic definition of a SA is that it is a dog that is trained to perform a specific task on behalf of a person who cannot, based on a physical disability, perform that task on their own behalf. The most common example of

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a SA is a seeing eye dog who is specifically trained to assist a sight-impaired individual. Based on this definition, if an animal is anything other than a dog or miniature pony, it CANNOT be considered a “service animal.” A service animal is acknowledged and protected by all applicable bodies of federal law and is permitted (as they should be) anywhere. Stores, housing, restaurants, bars, taxis, Ubers, airplanes...literally anywhere. They are truly amazing dogs and their handlers and trainers are amazing people.

(ADA), the Fair Housing Act (FHA), and the Air Carrier Access Act (ACAA). The ADA provides the most sweeping and broad protections for individuals with disabilities “any place of public accommodation,” but it ONLY acknowledges service animals. The ADA does not define or acknowledge emotional support animals and provides no protections for individuals with ESAs. If you see a dog in a store, restaurant, office building, etc., the dog should only be a “service animal” and the dog should be specifically trained to perform a specific task on behalf of the person with the dog. An ESA should not be acAn emotional support animal, on the other hand, is gencompanying its owner in a public facilerally defined under federal law as ity that does not otherwise allow ALL Based on this definition, any “animal” (any species) that proanimals in the facility. vides emotional support alleviating

if an animal is anything

one or more symptoms of the indiother than a dog or vidual’s mental or emotional disThe FHA and ACAA are two other bodminiature pony, it ability. No training is required, and ies of federal law that prohibit disCANNOT be considered it can literally be exerted for any crimination against certain protected species of animal. Obviously, the a “service animal.” classes (including disabilities). As all broad definition of an ESA makes REALTORS® know, the FHA prohibits them difficult to quantify and – in discrimination in providing housing the realm of real estate and other to individuals based on their presence areas – that makes them ripe for potential abuse and in a protected class. The ACAA is a body of federal law frustration. that prohibits commercial airlines from discriminating against passengers with disabilities. Obviously, like the ADA, the FHA and the ACAA acknowledge the broad protections that are afforded a “service animal” in all public spaces and housing. Unlike the ADA, the FHA and the

FEDERAL LAW There are essentially three bodies of federal law that cover SAs and ESAs: the Americans with Disabilities Act

continued on next page

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ACAA also acknowledges and protect emotional support animals. As such, an ESA is permitted in places where the ACAA applies (airports/airplanes) and with occupants of residential dwellings where the FHA applies. So, in residential housing and airports/airplanes, a dog MAY be either a SA or an ESA. Any other species of animal could ONLY be an ESA, not a service animal. Sufficiently confused?

community. Once a tenant makes a request for accommodation and provides some evidence of the need for the ESA, it is very difficult (and potentially risky) for a property owner or REALTOR® to deny accommodation without risking a Fair Housing complaint.

Fair Housing laws are overseen by the Department of Housing and Urban Development (HUD). HUD has promised additional guidance and clarity on emotional support animals and how they are defined. Specifically, there is some speculation that HUD will do something to better define the role of the “health professional” in an individual’s treatment prior to issuing a letter qualifying an individual for an ESA. This may eliminate the cheap “online” certificates that are easily available to those willing to exploit the process. Ideally, there would also be additional definition around what species of animals qualify as ESAs and, potentially, specify some basic training requirements. Until then, we may be seeing more peacocks on planes and rats under roofs! Be careful out there…

FAIR HOUSING AND REAL ESTATE Emotional support animals are often a source of frustration and confusion for REALTORS®, property managers, and investors due to the applicability of the Fair Housing Act and its recognition of broadly defined ESAs. Under the FHA, a property owner (and REALTORS®) are required to provide "reasonable accommodation" to an individual requesting such accommodation for their ESA. A property owner may request that the tenant provide a writing from their "health professional" confirming that the tenant's emotional or mental disability benefits from the presence of the animal. At that point, the property owner is required to make such "reasonable accommodation" to the individual or risk discriminating against a tenant based on their membership in a "protected class" under Fair Housing.

Obviously, the problems with ESAs are that the definition is generally based on very broad standards (any "animal," "reasonable accommodation," "health professional," etc.). For $80, a tenant can get an ESA certificate from a "health professional" online in about 10 minutes. This leads to all kinds of misuse by people who are willing to abuse the process. I often receive shocked responses to Legal Hotline questions from Colorado REALTORS® who can’t believe how easy it is for their client’s tenant to be accommodated for an ESA, regardless of any “no pet” policies within the lease or housing

SCOTT PETERSON'S DOG, ROSCOE.

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MKT-011879

MID-YEAR LEGISLATIVE SESSION REVIEW As we enter the last weeks of April, the Legislature is starting to round the corner heading into the final stretch as we race to May 3rd. The legislature just took up the state budget pursuant to our constitutional requirement to pass a balanced budget in Colorado. So while the legislature winds down, let’s take stock of what’s transpired over the last three months and take a peek at what we expect to see in the final few days.

LEGISLATIVE

Elizabeth Peetz Vice President of Government Affairs, Colorado Association of REALTORS®

The mood in the Capitol this session without a doubt is highly emotional as over 600 bills have been introduced and many of those major pieces of legislation are keeping the midnight oil burning for legislators, staff, and advocacy groups alike as committee hearings stretch into the nights and long Fridays. CAR has been there every step of the way working hard to enact legislation that improves the ability to transact real estate and ward off any public policy that threatens the real estate industry.

I am happy to report that CAR successfully drafted legislation that was signed by Governor Jared Polis on March 7th that fixes a longstanding problem concerning the authority to draft deeds conveying real property in a real estate transaction. Before this new law, only a licensed real estate broker was authorized to prepare a deed; however, the broker could delegate this limited authority to prepare the deed to a title company which then completed the deed under the direction and review of the broker.

CAR is proud to be a part the solution. Upon adoption of this change, the industry can expect reduced confusion, lessened disputes arising from the current contract form to transfer real property, and ensure the final product is a clear public record of the real estate transaction. CAR is working on educational materials to ensure members have the resources they need to adhere to the new law, so stay tuned for those materials.

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This initial success has not deterred the hardworking members of the legislative policy committee (LPC) from deliberating on over 81 current bills with major pieces of legislation forthcoming in the next few days. And trust me, your LPC has been very busy this cycle with their legislative review.

whose property was damaged by a natural disaster or low-income affordable housing projects.

However, in the remaining final days of the General Assembly this year, there are several important pieces of legislation coming soon that will make the final sprint a heavy lift for CAR. We have some significant opportunities to engage in discussions to about bringing Firstin-the-nation legislation forward, such as expanding the first time homebuyer savings account program. We also have some highly interesting issues to work on with stakeholders to either address concerns or help policymakers to understand the implications of their legislation. We expect to see affordable housing legislation including a) doubling the size of the affordable housing tax credit, b) the FHSA expansion, c) a developer bill, d) an affordable housing funding bill, and e) an executive order from the Governor focusing on defining our affordable housing strategy. We also impatiently anticipate the arrival of the following topics (some of which could be introduced as this article is drafted): arbitration, telecommunications broadband land use regulations, changes to the homestead exemption program, and local rent control.

First, CAR is watching the new technology legislation very closely. Several cryptocurrency bills are considered for a variety of business uses and we also continue to fight to protect consumers in remote notarizations against the sharing of their consumer data without meaningful consent, pursuant to the NAR data privacy policies. Second, CAR was engaged in the controversial oil and gas legislation, working to amend some problematic sections of the bill on behalf of the real estate industry in hopes of keeping Colorado competitive. This regulation could have a significant impact on a major economic driver of Colorado’s future prosperity.

Next, CAR is working to provide continued funding for homeowner mitigation of property to prevent wildfires and support property owner voices on commissions that prioritize important concepts such as defensible space in our wildland urban interface. Additionally, CAR is dedicated to modifying landlord tenant legislation to ensure that our property managers and single family homes that are used as rental properties can reasonably comply with any potential new regulations and our community association manager licensing program can be reinstated.

As you can see, our volunteers on the legislative policy committee are truly dedicated to ensuring that we have a strong business climate and ensure your livelihood in the real estate industry as we preserve, enhance, and protect the American dream of homeownership for all Coloradans. The next time you see your local LPC representative, don’t forget to thank them for all their hard work and dedication and wish them a successful final stretch. Remember, your engagement with our Government Affairs division gives us a strong voice at the Capitol and we simply couldn’t do it without all of you.

Finally, two bills were recently introduced, giving Colorado voters an opportunity to vote on TABOR-debrucing and allocation of future revenue in November. An additional bill modifies the vendor fee to redirect sales and use tax revenue to develop a housing development grant fund that prioritizes funding for property owners

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MARKET TRENDS

REALTORS® OPTIMISTIC SPRING MARKETS WILL BLOOM

Epic winter snowfall, bomb cyclone create ripple effect on statewide housing markets - Spring season beginning to emerge after slow first quarter.

An historic mid-March “bomb cyclone” weather event, coupled with epic Colorado snow totals, tempered the typical fast start to the spring housing market in Denver and across the state, according to the latest monthly market trends data from the Colorado Association of REALTORS®.

3.2%

$393,088 MED. SALES PRICE - MAR 2019 - SINGLE FAMILY HOME CO.

1.8%

$290,000 MED. SALES PRICE - MAR 2019 - CONDO/TOWNHOME CO.

• Year-over-year sold listings were also down in March, -3.4 percent for single family and 4 percent for condo/ townhomes.

• Despite weather and other seasonal factors, the median sales price of a single-family home in the Denver metro area rose 3.5 percent from February to March and is nearly 2 percent higher than this time last year.

The median price of a Denver-metro area condo/ townhome rose about a half a percent over the past month and is 1.7 percent higher than this time last year at $299,900.

Despite the March moguls, median prices continued to rise across the state and REALTORS® remain optimistic that warmer weather will help markets fully bloom in the weeks ahead. Looking at the seven-county Denver metro region and statewide market, here are a few highlights from the month of March:

• Sellers of single-family homes and condo/townhomes continue to receive more than 99 percent of the list price while days on market has once again begun to fall – 36 days for single-family, 32 days for condo/ townhomes.

DENVER METRO REGION OVERVIEW: • New listings for single-family homes, as well as condo/ townhomes, rose 23 percent from February to March; however, the new single-family listings are down more than 2 percent from March 2018. New condo/townhome listings are up nearly 11 percent year-over-year.

STATEWIDE OVERVIEW: • New listings for single-family homes rose more than 22 percent from February to March but remain down nearly 11 percent from March 2018. Condo/townhome new listings also rose 23 percent for the month and are 3.4 percent above where we stood at this time last year.

•Total active listings dipped for both single-family homes and condo/townhomes over the past month, 6 percent and 7.2 percent, respectively. However, there were nearly 21 percent more condo/townhomes on the market in March 2019 over the prior year.

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• The overall statewide inventory of active listings fell 6.5 percent from February to March with just shy of 13,200 single-family homes and more than 4,500 townhome/ condos. Those numbers reflect a nearly 7 percent decline for single-family homes compared to this time last year while the condo/townhome inventory is up nearly the same 7 percent.

March 2018 and pricing is up 8.7 percent as well while the number of sold properties dipped slightly from last year. Our snowy March did not help with spring sales for condos or single-family homes and our current conditions provide a few more choices for buyers and the need for sellers to be priced appropriately.

“Taking a look at Centennial, the month of March saw inventory rise 47 percent for single-family homes with prices up about 1 percent to a median home price of $483,500. Sold listings are lagging behind the March 2018 numbers. Again, this could be due to the crazy March weather. The condo/townhome inventory in Centennial was also up 63 percent with prices ticking up slightly. Despite those figures, the number of sold condos in Centennial was up 117 percent over last year.

Our market continues to be strong. Buyers are getting more choices and more opportunities to take advantage of the great interest rates,” said Aurora-area REALTOR® Sunny Banka.

• Single family home sales were down nearly 6 percent from March 2018, while condo/townhome sales slipped almost 3 percent from a year prior.

• Pending/Under Contract properties were up for both single-family homes and condo/townhomes, 2.4 percent and 13.7 percent, respectively.

• The median price of a home ticked up 2.1 percent from February to March 2019 to $393,088 and is up 3.2 percent over last year. For condo/townhomes, the median price remained flat month-over-month but is up 1.8 percent from March 2018 at just over $275,000.

BOULDER/BROOMFIELD

• Single-family homes did start to move a little faster in March across the state remaining on the market an average of just 52 days. Condo/townhomes came in at 47 days on market for March, a more than 20 percent improvement over this time last yearr.

“From a boots-on-the-ground perspective, the spring market has heated up and the action has started.

However, the sales statistics show a sluggish - even boring - market. In Boulder county, new listings are slightly up but prices are about even with what they were at this time last year, or even a bit lower. For sellers who expected appreciation over the past year, education on the real numbers is imperative for those homeowners who need to sell this year. Even the more affordable townhome market is showing losses in appreciation from this time last year. Inventory is still low and days on the market remain under 55 days, indicating a strong market, but only for those properties that are priced properly.

Taking a closer look at some of the state’s local market conditions, here are some perspectives from several of the Colorado Association of REALTORS® market trends spokespersons across the state: AURORA/CENTENNIAL “Finally, it is looking like the spring selling season is here.

Looking across most Aurora zip codes, inventory is down slightly, and prices are up about 4 percent over March 2018. Interestingly, the sold listings are down about 7 percent from this time last year. Our median home price is $380,000 for single-family residential. Taking a look at the condo/townhome market, inventory is up over

“Broomfield County homes show a bit more activity with new listings up 35 percent and prices holding just at, or continued on next page

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MARKET TRENDS CONT. a little above what they were last year. The townhome/ condo market remains the shining star with more sales and actual appreciation of about 6 percent since last year. Quick sales – under 41 days for houses and 21 days for townhomes – are in line with a more typical spring market. Proper pricing and position in the market is key for those homeowners who are hoping to sell this year,” said Boulder-area REALTOR® Kelly Moye.

days, the sales price to list price ratio was 99.6 percent, and the average sales price was $351,000 with a median sales price of $315,000. Last month, 75 percent of the single-family/patio homes sold were priced under $400,000, 14 percent between $400,000 and $500,000, 10 percent between $500,000 and $800,000, and under 2 percent were priced over $800,000. Pathetically low inventory – just 1.2 months’ supply – and ever-soaring prices continue to be the most challenging aspect of our housing market,” said Colorado Springs-area REALTOR® Jay Gupta.

BRIGHTON and the I-76 CORRIDOR “It looks like the Spring market has finally decided to take off. It was a slow start at the beginning of the 2019 season for Brighton and the I-76 corridor, but the March market shows promise with the average price up 4.6 percent from the beginning of the year. Brighton and the surrounding areas are still showing prices lower than the rest of the metro area. If Spring fever has hit and you have an itch to move, our area may be one that you want to check out with inventory up 21.8 percent from a year ago,” said Brighton-area REALTOR® Jody Malone.

“The Pikes Peak Region continues to be a strong seller’s market in the early part of 2019 as we experienced a decrease in new listings in both the single family and townhome/condo markets this past month. This scenario led to prices pushing up as inventory remains tight throughout the first quarter. Buyers will continue to feel a pinch on their pocket books as higher prices and the challenge of competing offers can wear you down.

“Keeping an eye on the national economy, we watched auto sales drop for the ‘Big 3’ and Tesla. Worldwide freight has also experienced a drop and several countries approach recession type numbers. These factors have stalled any potential interest rate hikes that the Fed had been discussing for the remainder of 2019. All of this is an added bonus for the housing markets, as well as the large amount of consumer debt that is out there. At this moment in time, housing appears to be on a strong path for at least the next quarter. But there are many global economic indicators that have people nervous. It’s going to be an interesting year,” said Colorado Springsarea REALTOR® Patrick Muldoon.

COLORADO SPRINGS/PIKES PEAK AREA “The Colorado Springs area housing market is still remarkably strong. The month of March 2019 had the highest year-to-date single-family/patio home sales volume, the second highest number of year-to-date sales, the third highest number of monthly sales, and the highest monthly average and median sales prices compared to any month of March, ever. Month-overmonth, single-family/patio home sales were up 33 percent, new listings were up 26 percent, and we saw a 34 percent increase in the sales of homes priced between $200,000 and $600,000.

“In the month of March, the days on the market were 36

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DENVER

across the state giving homebuyers and investors more choices and, with appreciation slowing down, helping with affordability. The months’ supply of inventory and days on market have both increased, contributing to the appreciation slowdown. Sellers beware when pricing your properties, don't get too greedy. Being too aggressive in your initial pricing you’ll likely find yourself still owning that property 30 to 60 days later but, if you take a more conservative approach and enter at the current market value or slightly below, you should experience a quick sale at or over your list price,” said Denver-area REALTOR® Karen Levine.

“Spring is here and neither like a lion or a lamb, evidence mounts that we have experienced our peak already.

Denver’s median price remains in a statistical tie to that of last March with less than a half of a percent difference and a significantly higher amount of days on market.

With 50 percent more days on market than March 2018, according to new data by the Colorado Association of REALTORS®, homes are beginning to rest on the market a little longer, giving the long-bewildered buyer an opportunity to shop around. It’s not time to call in the panic patrol just yet though as the median price remains 16 percent higher than March 2016,” said Denver-area REALTOR® Matthew Leprino.

DURANGO “March was very similar to our first two months of the year with lots of snow and reduced activity. Listings continue to be down over 25 percent from the previous year, again due to the adverse weather conditions when compared to the year before. March closings for singlefamily homes were down about 13 percent, which is about what we expected. Prices remain stable with the median price sitting up about 4 percent compared to last year. The townhome/condo market experienced about the same as single family with a decrease in overall March activity, new listings were down 13 percent from last year. The 8 percent increase in median price can be attributed to a few high-end sales on the river and at Purgatory Resort.

“The housing market data for the state and Denvermetro region would suggest that our market was a bit sluggish to start 2019. Inventory is seeing some increases and days on market are up. The metro region shows new listings up 8.8 percent compared to last year and total active listings up 6.6 percent. Statewide, we’re experiencing a slightly different environment with new listings up just a half of a percent (0.5) and active listings are down 3.8 percent. Days on market increased to 51 days compared to 46 days last March for the Denvermetro region. The most exciting number might just be the pending/under contract, both for the metro area and state, up 10.8 percent and 5.1 percent, respectively compared to last March. I believe that this scenario suggests that sold listings will recover in the next couple of months, after being down in March, both for the state and metro Denver.

“Spring is beginning to show itself, and with warming temperatures, real estate activity is increasing daily.

We’ve had 87 new listings hit the market in the last seven days. Durango has a lot of pent-up demand both on the buyer and seller sides due to the 416 Fire last summer and the epic winter we experienced. April is off to a great start with increased inventory and a good amount of

The bright star in the market is for that first-time homebuyer or investor who has wanted to get into the condo/townhome marketplace. Active listings are up

continued on next page

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MARKET TRENDS CONT. buyer activity. Durango had a very active spring break our epic snow has consequentially brought high tourist counts to town, which we are hoping will result in second home purchases later this year. With the reservoirs filling and our mountains greening, we are gearing up for a very busy tourist and selling season this summer,” said Durango-area REALTOR® Jarrod Nixon.

nearly unchanged over 2018. Average sales prices are impressive with the average single-family home fetching $535,000, a 17.6 percent boost over last year.

While the Estes Valley is awaiting ‘the thaw,’ the market is buzzing with anticipation and energy,” said Estes Parkarea REALTOR® Abbey Pontius.

FORT COLLINS

ESTES PARK

“The Opening Day of Major League Baseball season along with shouts of ‘Play ball!’ conjure up all sorts of emotions; senses of optimism, renewal, hope, and anticipation of the coming spring and subsequent summer. For the last decade, Opening Day in this sense has also marked the beginning of the peak selling season in real estate.

Buyers and sellers wake from the sleepy hibernation of winter and find themselves in need of a change and often it is a change in housing.

“The Estes Park single-family market is hoping for a defrost from our long, frozen winter. New listings are at a frigid 27.6 percent below this time last year. Closed sales have slowed, and the average sale price has followed suit with a 6.3 percent dip compared to March 2018. Days on the market have reduced slightly (-4.4 percent) indicating a warm up is on the horizon with less inventory aiding a desirable market.

“The townhome/condo market seems to be capitalizing on the low inventory of single-family residences with higher prices coming in. Townhome/condo new listings are up 21.6 percent from March 2018. Closed sales are on the rise (15.8 percent) over last year and the average sales price climbed 17.4 percent. Days on the market remains competitive at 79 versus 109 for single-family residences. Drake is also seeing a dip in new listings, and closed sales dropped 25 percent over last year.

“The numbers for March are certainly edging toward what may be another robust spring selling season across the Front Range. In Fort Collins, active inventory continues to increase providing greater choice for buyers. Demand for housing remains strong and with the recent drop in 30-year fixed rate mortgage rates, buyers are seeing an increase in their buying power. With the announcement by the Federal Reserve that there won’t be any further increases in 2019, we may see mortgage rates stabilize as a result. A renewed optimism can be felt in the market that lagged a bit during the winter months.

“Being a small community with just 4 total listings in March 2018 and 3 in March 2019, the percentages are easily changed. Average sales price is on the rise to $302,500, an 18 percent increase from last year. Days on the market was comparable to Estes Park at 108.

Glen Haven is generating heat with an increase in new listings, closed sales going up and days on the market

“That being said, demand is still high and median prices continue to climb. Fort Collins has seen the median price climb to $425,000 (up 3.7 percent from this time last year). Even with a double-digit decline in the number of sales year-over-year (-11.1 percent), we

16

are seeing substantial increases in the number of units sold in the $500,000-and-up price points – as much as 18 percent increase in sales year-over-year between $500,000-$700,000! Fluctuations in interest rates have a less drastic effect on buyers in these price points and so we’ve seen gains all across this sector as move up buyers trade-in the equity in their homes to address that need for a change in housing.

“As for Golden, prices are coming down as well, and for most townhome/condos, they are sitting longer on the market unless they are priced to move,” said Jefferson County/Golden-area REALTOR® Barb Ecker.

PAGOSA SPRINGS “The first signs of spring for Pagosa Springs are here melting snow replaced by greening grass. The 32 homes sold in March brought signs of green and totaled nearly the same number of home sales in January and February combined. Most of those contracts were written in February and outside of the March Spring Break traffic.

Sellers who kept on top of snow removal reaped the benefits of an under-contract home, and helped achieve a 14 percent increase in March sales, year-over-year.

“In the sub-median price market, sellers are going to need to exercise prudence in their pricing strategies to entice owner occupants to make the leap to owning their own home. Competitive offers are still common in homes that have been nicely maintained and prepared for sale in combination with aggressive list prices. In many cases, we are seeing list prices flat to just slightly above the initial list prices of comparable homes from last spring,” said Fort Collins-area REALTOR® Chris Hardy.

“For buyers, inventory is still a challenge, down 12.5 percent. Over half of sales closed in March were between the $200,000 - $300,000 range, a typical price point for the high number of second home purchases in Pagosa Springs. New inventory of homes under $500,000 were nearly even with February listings, while inventory increased in homes priced above $500,000. Currently, over half of the 200-home inventory of is priced at $500,000 and higher, leaving a huge void in affordable housing for first-time buyers and retirees. Those sellers in the higher range home prices are finding the importance of competitive pricing to get their homes sold. Typical high listing months are yet to come in May and June.

The expectation is more homes will enter the market price well beyond the historical average median price of $310,000. As more and more people discover Pagosa Springs and its beauty, both buyers and sellers (local or otherwise) will need a savvy pricing education and strategy to achieve their selling and buying desires,” said Pagosa Springs-area REALTOR® Wen Saunders.

JEFFERSON COUNTY/GOLDEN “The Jefferson County market flattened a bit with new listings down by 9.2 percent and the number of sold properties down 13.6 percent. While the median sales price increased 3 percent in March to $529,059, we’re starting to see buyers be just a little more cautious over the past two weeks and that could drive our numbers down for the month of April. As always, updated homes in a good location are the ones that are selling, as other inventory is having to come down in price and staying on the market a bit longer. Looking at the townhome/ condo market, new listings have increased by nearly 13 percent, with days on market up just shy of 16 percent.

The median sales price rose to $292,500 and these properties are staying on the market three days longer than a month ago.

continued on next page

17

MARKET TRENDS CONT. PUEBLO/PUEBLO WEST

stable over the last two months and the community is prepared to usher in the strengths of the spring season,” said Royal Gorge-area REALTOR® David Madone.

“The first quarter of the Pueblo market is still on the down side. Listings are down 8.2 percent from 2018 YTD. Buyers are having trouble finding homes they want.

Pending sales are up 5 percent March 2018 to March 2019, but down Q1 2019 from Q1 2018. All of this is affecting sales, down 16.9 percent from the first quarter of 2018. Prices are going up by 11.1 percent YTD. Percent of list price received still at 98.1 percent. Median price is at $200,000 and average at $207,278. Days-on-market is just short of three months. Buyers need to act fast if they see a home they want or risk being in a bidding situation,” said Pueblo-West REALTOR® David Anderson.

VAIL “It was a fantastic month for snowfall that resulted in some of the best powder skiing in years! The real estate market, however, was a bit less exuberant. Closed sales, compared to March 2018, for single family/duplex units were down 21.4 percent and condo/townhomes declined just over 2 percent. The year-to-date numbers on single family/duplex units were a little less dramatic, down 12.8 percent and -2.1 percent for condo/ townhomes. March dollar volume for all product types versus 2018 is negative 7 percent and year-to-date all products are negative by 2 percent. The combination of product mix and appreciation kept the decline in dollars to a lower level than transactions.

ROYAL GORGE AREA – FREMONT AND CUSTER COUNTIES “It’s springtime in the Sangre de Cristo mountains; temperatures are rising, the grass is turning green and new residential home sales popped up to a four-month high. While new listings remained stable over the past month, the median sale price increased from February to March to $247,500. Current inventory is 12 percent less than last year at this same time and year-to-date sales are down slightly from last year as well. As the temperatures rise, inventory and sales will soon follow as sales typically double from May through August.

“Our overall property inventory is down 10 percent versus a year ago, which brings the months supply of all product types to approximately 6.25 months – a low level going into the off season. We should see an historic increase in inventory beginning in late May and building for the summer sales season.

“In summary, the market has been trending this way for the past year and we would project the current drop in interest rates should be a stimulus for activity in the coming months. Some of the golf courses in the valley are opening and we’re beginning to get out to enjoy the non-snow activities the valley offers,” said Vail-area REALTOR® Mike Budd.

“Fremont County’s median sale price for March is at a seven-month high and shows an increase of nearly 30 percent over March 2018. New listings were down nearly 20 percent in March compared to a year prior and -5.6 percent year-to-date, but sales were up 1.5 percent for March and just over 4 percent year-to-date. We’re showing 2.7 months of inventory which has remained

18

Real Estate SnapShot S TAT E O F C O L O R A D O - M A R C H 2 0 1 9 PERCENT OF LIST PRICE RECEIVED

99.0

Historical Median Sales Price

%

-0.9%

AVERAGE DAYS ON MARKET

51

10.9%

YTD 2019= 55 2018= 51

$500000

$400000

$300000

$200000 Dec 2016

MONTHS SUPPLY

0.0%

1.9

MAR 2018= 1.9

Single Family Condo

State of Colorado

Mar 2017

June 2017

Sept 2017

Dec 2017

Mar 2018

June 2018

Sep 2018

Median Sales Price

3.2%

$385,000 $375,000

$290,000$295,175

1.8%

2.7%

Mar 2019

Single Family Condo

State of Colorado - MAR $393,088 $381,000

Dec 2018

$295,000 $287,900

2.5%

-7.7% 2019

MAR 2019= 11,886 MAR 2018= 12,884 YTD 2019= 31,234 YTD 2018= 31,069

5.1% MAR 2019= 11,217 MAR 2018= 10,675 YTD 2019= 27,767 YTD 2018= 26,756

2018

2019

2018

Inventory of Active Listings 17,928 18,645

-3.8%

2019

-6.8%

2018

8,608

14,161

6.8%

2019

Sold Listings 9,065

13,198

2018

6,520 6,929

-5.0%

-5.9%

4,563 4,273

2.8% 2,055 2,115

2019 2018

2019 2018

2019 2018

2019 2018

2019 2018

2019 2018

Total Market MAR

Single Family MAR

Condo MAR

Total Market MAR

Single Family MAR

Condo MAR

Percent changes calculated using year-over-year comparisons. All data from the multiple listing services in the state of Colorado. Powered by 10K Research and Marketing.

For more data visit ColoradoREALTORS.com 19

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20

We Hear You! Here's what you have been sharing @coloradorealtors

Find us @

@COREALTORS

ColoradoRealtors

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@ColoradoREALTORS

@coloradorealtors

HOUSING

Making the Dream of Affordable Housing a Reality How REALTORS® Can Help Alleviate the Housing Market’s Biggest Burden As we move f u r t h e r away from the housing market’s tumultuous late 2000s, m e d i a n home prices Daisy Perez, Director of Mortgage continue to rise at a meOriginations teoric rate.

FirstBank While this is good for some (sellers, current home owners, large household incomes, investors), the market is on the verge of overheating, which, unfortunately has created an affordable housing crisis.

At the center of the affordable housing issue is a disconnect

between rent and home prices increasing, and wages stagnating. According to ATTOM Data Solutions’ 2019 Rental Affordability Report, rent growth outpaced wage growth in 52 percent of 755 major markets across the nation, and home prices rose faster than wages in 80 percent of markets.

Denver’s rapidly growing population is a contributing factor to the affordable housing issue, with roughly 100,000 people entering the market over the past decade, and 100,000 expected to relocate here in the next decade. As population continues to rise, housing stock is not keeping pace with demand, leading to a spike in home values which is pricing many out of the market.

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Fixing this problem is imperative for a few reasons. The first being that shelter is a basic human necessity for all individuals. Additionally, a lack of affordable housing can lead to a bevy of socioeconomic issues such as homelessness, job loss, poverty, hunger, social isolation and cultural inequality. At the end of the day, people want to live where they work, and deserve that convenience.

In Colorado and especially Denver metro, a lot is being done on the macro-level to mitigate the affordable housing shortage.

However, most solutions take time, whether it’s tenant-based rental assistance programs, onetime credits for first-time buyers,

or closing the gap between affordable housing developers and bank financing. The point is that sweeping change comes from lawmakers and doesn’t happen overnight.

That is where real estate agents enter the equation. Professionals in the real estate industry have a unique ‘boots on the ground’ perspective, and can make a bigger difference in the affordable housing issue than they think. Here’s how: WORK WITH HOPEFUL BUYERS. No two buyers are alike, and in some cases, deep pockets are easier to deal with than tight budgets. But working with hopeful buyers who have less spending power is important to keep your source of referrals coming, ensure the wheels of real estate are churning, and create a more stable housing market.

A major issue hindering low-income households is the inability to save money, as most income is being allocated toward rent, and putting together an adequate down payment for a home is often unreasonable. Adding to that is the struggle to secure financing. Low income means a high

Debt-to-Income ratio, which is a significant factor in qualifying for a home loan.

Most of the time, these challenges stem from a lack of consumer knowledge. Know what organizations and programs are in place to help lessen these burdens, and be prepared to connect buyers to the necessary resources. Here are just a few: • FHA and Affordable Mortgages: Can be secured with as little as 3.0-3.5 percent down, and minimum credit score requirements.

•Impact Development Down Payment Assistance: A FirstBank partner that provides up to $20,000 in down payment assistance.

• Landed: An organization that provides up to 15 percent of the sales price as down payment assistance for teachers and employees of selected K-12 school networks in the Denver metro area.

• Metro Denver Impact Facility: A lending program established to provide low-interest financing for property acquisitions, dedicated to creating and preserving affordable housing.

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Take the time to learn the challenges of a buyer with low to moderate income, understand how they fit into the market, and find optimal opportunities for homeownership with the tools listed above.

NEW TO THE GAME, NEEDS AREN’T THE SAME. A large and underappreciated segment of the market are those looking to find their starter home, or folks ready to lay down roots after long periods of renting. For them, the process of purchasing a home will seem more intimidating than it needs to be. Educate potential buyers by directing them to online resources such as Readynest and the Colorado Housing and Finance Authority, both of which break down the home buying process, from the buyer’s agreement, to the inspection resolution, and what to expect at closing.

Before that whole process occurs, understand that an expected hurdle for a first-time home buyer is financing. Be prepared to connect them with credit repair agencies, and lenders like FirstBank that offer affordable housing programs designed for those with low to moderate incomes.

Don’t be afraid to explore nontraditional dwellings, such as tiny homes and micro-apartments.

What was once a trendy ‘fad’ that seemed only real on HGTV shows, is now a practical solution to the affordable housing crisis. Developments like “Ride” in Denver’s RiNo district, are popping up all over the Front Range, offering small and affordable units that are within close proximity to public transportation and an abundance of job opportunities.

such as a lack of affordable housing. Get involved with policy makers and advocacy groups to support change, which in turn can create new economic opportunities for residents in those communities.

Support community organizations that back new affordable housing or revitalization of neighborhoods. Below are a few examples, among many more working to be a part of the solution:

NO ONE CAN WHISTLE A SYMPHONY. IT TAKES AN ORCHESTRA.

•Hope Communities: Building Denver communities through supportive and affordable housing.

As a real estate agent, you understand what factors contribute to the overall health of the market, and what can combat hazards

•CHFA: Strengthening Colorado by investment in affordable housing.

•Habitat for Humanity of Denver Metro: Building and selling homes to people in need.

Remember that affordable housing plays a major role in a functioning economy. Even though it’s not a problem that can be solved overnight, persistence will ultimately win the war.

Daisy Perez is the Director of Mortgage Originations for FirstBank, one of the nation’s largest privately held banks and Colorado’s largest locally owned bank, responsible for producing nearly $5.8 billion in real estate loans in 2018. If you have any questions about this article or would like to contact Daisy (NMLS # 1049914), she can be reached at Daisy.Perez@efirstbank.com or 303-239-5135.

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REALTOR® NEWS

30 UNDER 30 Colorado’s Siân Murphy Honored as one of Realtor Magazine's 30 Under 30 For 2019 Siân Murphy

S

uccess is the result of hard work, perseverance, and loving what you do. REALTOR® Magazine makes it their mission to recognize the top 30 Under 30 across the country each year. This group of young professionals illustrate their love for the job and the dedication they hold for their clients and in the quality of business they conduct daily. The Colorado Association of REALTORS® would like to recognize and congratulate Colorado REALTOR® Siân Murphy for being an honoree of 2019’s 30 Under 30! Siân took some time to answer a few questions about her career as a REALTOR®.

experienced success through this daily practice.

How do you push through tough moments in your career?

Challenges are a part of life and we are all faced with an opportunity to work hard and push through. My best advice in those moments is to take things on one bite at a time.

I always take time to break things down when presented with a problem and by looking at each situation from all angles. For example, if I’m representing the buyer, I also try to look at things from the seller’s perspective. This helps us to find a successful solution on both ends leading to a win-win situation.

WHAT ARE YOUR SUCCESS HABITS? It has always been important for me to look at things from the “big picture.” I chose this career for the purpose of building quality relationships with people and finding ways to make people happy. I always strive to add a “personal touch” by sending handwritten cards, meeting people face-to-face, and really making it more of a personal transaction. It’s all about the relationships.

What is the best career decision you’ve ever made?

Honestly, the answer to this question is getting into real estate. I graduated from CU and immediately took off to Park City, Utah where I worked for the U.S. Ski and Snowboard team as an intern. I came back after six months and had a conversation with my parents about what I felt like I wanted in life. Based on that conversation, they directed me to speak to those in real estate. And that’s how this career began for me. And it’s the best career decision I have ever made!

Another important element is not looking at other REALTORS® as competition but as teammates. It’s important to get to know them on transactions and at networking events.

I take on each day with the attitude and mentality of what I call “FAWTSY” – “Find a way to say yes.” By remaining ethical, being a problem solver, and finding solutions, I have

>> WATCH A VIDEO ABOUT SIÂN 26

What is one tool, website, or service that you utilize that makes your job smoother or life less stressful?

not get discouraged and continue to work hard going through my routine day after day until I did.

What do you attribute your success to?

My number one marketing tools are social media sites, Instagram and Facebook. I still send handwritten notes and mailers, but these sites provide me with opportunities to reach out to a lot of different people, where in the past, we haven’t had this kind of opportunity. Now we can find ways we can keep up with and help individuals and families through different seasons of life.

I grew up in a very sports-oriented family and wanted to live by something that embodied my characteristics and daily practices – that’s where my lifelong motto of “Hustle and Heart Right From the Start” comes from. It has stayed with me through many seasons of my life and I attribute success in my career to this mentality and practice. I try to work hard with genuine heart each day.

It’s easy to “like” things on social media, but I make sure to take time to check in with people asking these questions: “How can I help?” or “What can I do for you?”

Sometimes, that is a message on social media and other times it turns into a phone call. It’s all about being supportive of one another. I stand by that belief in my life, relationships, and real estate transactions.

Other important factors are being surrounded by such a strong support system in all areas of my life, being part of a community, and getting involved. It has been important for me to continue being who I am and to do the things that I enjoy doing (skiing, running, rec sports), as well. I also strive to excel and align myself with like-minded people.

What are three pieces of advice you could give to those just starting out in their real estate career?

Concluding Remarks During this process of 30 Under 30, it really amazed me the support that I received, not only from friends and family, but also from my company, BARA, other companies in Boulder, and colleagues in Denver. I am so appreciative of the support from offices and associations across the state.

The first thing I tell others is that this career is about “staying power” and to stick with it. This involves celebrating little successes and the big ones. Work hard and it will build.

Second, I always tell those starting out is to treat every deal the same. No matter how large or small it may seem, each transaction is equally as important because it is a huge life decision.

It has been such a “unified feeling,” even though we are ships in the night passing in different directions. Thank you to the REALTOR® community for consistently coming together to support one another. It has been amazing to witness.

Third, I would say to get involved in your REALTOR® community. Getting involved at the local and state level has been one of the biggest benefits as I have had the opportunity to build relationships with REALTORS®.

What has been the biggest challenge of your career so far?

Living in a world where we are so used to clicking a button and having results or answers instantly has skewed our perspective on reality. When I started working in real estate six years ago, I found myself struggling with patience. I had to learn to be patient and to know that if I wasn’t getting the result as quickly as I wanted, to 27

INDUSTRY NEWS

Short-Term Rentals: Not a Short-Term Debate Websites such as Airbnb, HomeAway, VRBO, and FlipKey have made short-term rentals - or rentals for stays of less than 30 days - more accessible, more common, and more of an economic driver in certain areas of the state.

According to data from AirDNA, the number of listings in the metro area on Airbnb soared from approximately 1,700 in December 2014 to more than 8,300 in December of 2018. In Colorado, Airbnb listings shot up from nearly 6,000 four years ago to just over 36,000 in December 2018.

any rapid change comes increased regulation, and the Airbnb business is no different. From large cities like Denver to mountain towns like Estes Park, there isn’t a “one size fits all” solution, keeping municipalities, town boards, and HOAs busy trying to mitigate the friction between citizen landlords, neighbors, and local governments. Rules and regulations surrounding short-term rentals vary and continue to evolve, making this an important topic of research and discussion with your clients. Communities continue to grapple with how to ensure people can profit from their property without negatively impacting communities and neighbor’s quality of life.

With the rising popularity and profits from STRs, you’ve likely talked with clients who are interested in investing in property (or even renting out a portion of their own private pad) to generate income as a vacation listing.

LOCAL REGULATION OF THE SHORT-TERM MARKET According to the Denver Post, “the short-term rental revolution is on a mad tear in Colorado: Last year nearly 2 million Airbnb tenants generated more than $300 million for host property owners in the state.” The pros for any investor, of course, is a piece of the $300 million-dollar pie being generated in the STR market in Colorado.

This tension between hopeful investors and full-time residents won’t end anytime soon. Despite protest, Colorado Springs recently imposed fees and tighter rules for short-term rentals. Summit County’s draft of STR regulations faced opposition from resort residents and included increased fees, hotly contested occupancy limits, health and safety limits, and a “Good Neighbor” agreement. Lakewood, Wheat Ridge, Northglenn, Thornton, and Englewood all plan to increase regulations on STR’s this year.

Depending on where a short-term rental is listed, there is potential that it could actually bring in more money than a long-term rental. The appeal is clear to any investor.

Denver has increased regulation on rules first enacted

But as we have seen many times in Colorado, with

28

For more information on short-term rental regulations in Colorado’s largest cities:

in 2017. Starting April 10, Denver is tightening up the rules for short-term rental licensees. They must notify their insurance providers and their HOA of their plans to turn dwellings into a short-term rental. Denver will have the authority to revoke or deny a license if a rental property adversely affects public health, safety, or welfare of the immediate neighborhood. Denver recently revoked its first short-term rental license after neighbors complained of rowdy parties at a $5 million dollar country club mansion, citing that the owner was found to not be living on site.

The future of STRs seem to be leaning more towards regulation based on “primary residency”, or a stipulation that requires the host to live on site. Denver, Aurora, and Golden have already started to enforce this rule. Golden requires the primary resident to live there for at least 10 months of every year.

BE A HYPERLOCAL EXPERT IN ALL THINGS REAL ESTATE The adage “real estate is local” continues to ring true, and for clients pursuing STR investments, being educated on local regulations will go a long way while helping a client navigate the tumultuous and ever-changing waters of short-term rental regulations.

DENVER

GOLDEN

LOVELAND

COLORADO SPRINGS

CASTLE ROCK

FORT COLLINS

ENGLEWOOD

ARVADA

NORTHGLENN

WESTMINSTER

WHEAT RIDGE

PUEBLO

VAIL

AVON

GRAND JUNCTION

PAGOSA SPRINGS

AURORA

LAKEWOOD

LITTLETON

CENTENNIAL

BOULDER

LYONS

LONGMONT

BROOMFIELD

LAFAYETTE

BRECKENRIDGE

DILLON

FRISCO

FOUNTAIN

MONTROSE

STEAMBOAT SPRINGS

SUMMIT COUNTY

ASPEN

GLENWOOD SPRINGS

RIFLE

BRIGHTON

CANON CITY

DURANGO

TELLURIDE

OURAY

BUENA VISTA

FRASER

SALIDA

CRESTED BUTTE

IDAHO SPRINGS/ GEORGETOWN

WINTER PARK (GRAND COUNTY)

*Note, this list is not a complete list of Colorado cities/towns with shortterm rental regulations.

29

About Stewart

>5K

125

Associates

Years Old

450

Offices

80

Countries

125

YEARS

A-

Financial Rating*

A-

*rating from A.M. BEST July 26, 2018

Offices Across the State to Better Serve You! ASPEN 620 E. Hopkins Ave. Aspen, CO 81611 (970) 925-3577 main (866) 277-9353 fax

COLORADO SPRINGS 2060 Briargate Pkwy., Ste. 170 Colorado Springs, CO 80920 (719) 531-0222 main (719) 531-7867 fax

GREELEY 1801 59th Ave., Ste. 203 Greeley, CO 80634 (970) 356-5573 main (970) 356-7058 fax

PUEBLO 1307 Fortino Blvd., Ste. C Pueblo, CO 81008 (719) 544-2323 main (877) 801-3844 fax

BASALT 207 Basalt Center Circle. Ste 202 Basalt, CO 81621 (970) 927-7644 main (866) 277-9353 fax

COLORADO SPRINGS 111 South Tejon St., Ste. 111 Colorado Springs, CO 80903 (719) 578-1100 main (719) 531-7867

HIGHLANDS RANCH 200 Plaza Dr., Ste. 160 Highlands Ranch, CO 80129 (303) 334-3060 main (866) 593-9504 fax

STERLING 314 Main St. Sterling, CO 80751 (970) 522-5900 main (970) 522-1645 fax

BOULDER 3100 Arapahoe Ave. Ste. 303 Boulder, CO 80303 (303) 214-7337 main (720) 548-9004 fax

DTC – DENVER TECH CENTER 8390 E.Crescent Pkwy., Ste. 230 Greenwood Village, CO 80111 (303) 221-5747 main (303) 221-5751 fax

LEADVILLE 1017 Poplar St., Ste. C Leadville, CO 80461 (719) 486-2688 main (719) 486-8352 fax

VAIL VILLAGE 292 E. Meadow Dr., Ste.105 Vail, CO 81657 (970) 479-6010 main (970) 926-0235 fax

BRECKENRIDGE 130 Ski Hill Rd., Ste. 225 Breckenridge, CO 80424 (970) 453-1258 main (970) 453-1956 fax

FORT COLLINS 3711 John F. Kennedy Pkwy., Ste. 210 Fort Collins, CO 80525 (970) 226-4399 main (970) 226-4499 fax

LONGMONT 2020 Terry St., Ste. B Longmont, CO 80501 (303) 651-1401 main (303) 651-1501 fax

VAIL – EDWARDS 97 Main St., Ste. W-201 Edwards, CO 81632 (970) 926-0230 main (970) 926-0235 fax

CANON CITY 113 Latigo Ln., Ste. C Canon City, CO 81212 (719) 269-3775 main (888) 398-6540 fax

FRISCO 720 North Summit Blvd., Ste. 103 Frisco, CO 80443 (970) 668-3558 main (970) 668-3585 fax

LOVELAND 150 E. 29th St., Ste. 200 Loveland, CO 80538 (970) 669-4071 main (970) 669-4078 fax

WESTMINSTER 12110 N. Pecos St., Ste.150 Westminster, CO 80234 (303) 301-7222 main (303) 301-7227 fax

CHERRY CREEK 55 Madison St., Ste. 400 Denver, CO 80206 (303) 331-0333 main (303) 331-0220 fax

stewart.com 30

WESTCLIFFE 8 Bassick Pl #D Westcliffe, CO 81252 (719) 783-3253 Main

MARKETING

DO YOU STRUGGLE TO COMMUNICATE EFFECTIVELY? It’s time to put in place a strategic communications system.

By David Siroty

Real estate brokerages are filled with people-people—a group of leaders, staff, and agents who love connecting. That’s why you would think it’s a place where strong communicators would run rampant. Instead, almost all of the real estate brokerages I’ve come across struggle to communicate for a variety of reasons.

The first is the breakneck pace of the real estate environment.

There’s so much going on—so many deals, offices, and agents— that having a strategic communications system is challenging to set and maintain.

The second reason is the entrepreneurial nature of the industry.

Each office tends to have its own culture and each manager his/her style. Most leaders are fearful that any effort to infringe on a manager’s work would hinder their spirit.

The third is the agent-led system.

While most leaders would love to have their agents tethered to the company, the reality is that most would rather have them selling and producing.

THE TIME IS NOW If we believe challenges are to be met and overcome, I believe it’s time for brokerages to adopt better systems of communications. I can’t tell you how many brokerowners I’ve spoken to who feel they’re continually showcasing and defending what they offer.

They’ll say, “We have X, and we

have Y, but the agents don’t come to our meetings and don’t pay attention.” The agents have left the barn. The more they disconnect, the harder it is to share what you offer.

Unfortunately, this has led many to have fewer sales meetings hoping that the exclusivity of these events will be a draw. I’ve seen that many have drastically cut back on emails and newsletters.

The problem is not how often you’re trying to communicate, it’s what you’re sharing that has gone astray.

When communicating, no matter if you do it through emails, texts, newsletters, video or meetings, continued on next page

31

you have to understand the audience and what they want and need to hear. They come first.

Once you hook them, then you can weave in your messaging in a way that will engage them. Of course, you also need to understand the underlying themes you want to get across.

Here are some ideas that may help you better communicate with your teams: 1. Your intranet site is not a communications vehicle. It’s a holding cell. You still have to get them there.

2. Newsletters work. You should have a healthy mix between what the agents want to see and what you want to tell them. As a simple example, if your agents love celebrating birthdays, include a list of birthdays for that week. Write concise, scannable chunks of copy along with bold graphics so that agents can read it on the go. I’m a fan of the weekly newsletter rather than a monthly dump of information.

3. Emails work as long as you’re not overusing them.

Only major items should be shared in a company-wide email. Consider a targeted approach where agents interested in a specific topic get those appropriate messages.

4. Facebook groups work.

Your firm should have a closed Facebook group where you can communicate, share, congratulate, etc. The group also allows for an environment where agents see energy, learn and engage. Keep it updated with only current agents and staff, and never allow it to become a listings bazaar.

5. Sales meetings work. You must have them. And the broker-owner should be scripting them with the manager’s input. Every office—and every agent—should hear the same thing. The meetings should ooze company culture, energy, and vibrancy with time set aside for hardcore real estate along with traditional pieces that agents love (i.e., new listings).

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6. Managers must be in the know. As leaders, we want to equip managers to tell the company story. If they’re not on the same page and have trouble articulating the firm’s value, that has to be fixed immediately.

Then, get buy-in on the importance of consistency and the tools that the company will use to share the message.

What challenges do you have communicating?

David Siroty has spent 30-plus years in marketing and communications, the last 15 in real estate. He launched Imagine Productions, a marketing and communications consultancy focused on assisting real estate brokerages, in December 2016 after 13 years leading global communications for Coldwell Banker. He can be reached at david@imagineprstrategy. com.

This article originally appeared in the April 2019 issue of the REAL Trends Newsletter is reprinted with permission of REAL Trends, Inc. Copyright 2019

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HOW TO MIX AND MATCH DESIGN STYLES A great way to create a look for your home that is uniquely yours is by mixing design styles. This gives you more freedom and flexibility when decorating your home, and the end result is a curated, collected reflection of your personal taste. While you can’t mix Rachel Sellers, American Furniture Warehouse

different styles willy-nilly with good results, creating an eclectic look doesn’t have to be difficult if you have a little basic style knowledge and some simple design tips.

MAIN DESIGN STYLE CATEGORIES It helps to have a little background on the three general categories that styles typically fall into so that when you see a piece, you recognize the style.

MODERN/CONTEMPORARY Modern/contemporary style embraces clean lines and minimal ornamentation, creating a look that focuses on function and simple silhouettes without unnecessary details. Tables and bedroom furniture typically have either thin, tapered legs or thick, squared-off legs and may incorporate materials like metal and glass. Upholstered pieces frequently have geometric track arms and thin legs. Modern/contemporary style tends to use more bold colors, lighter wood finishes, and has a fresh, urban, or possibly retro feel.

TRADITIONAL Traditional style is based on historical designs—think fancy silhouettes and plenty of ornamentation. Wood pieces like dining tables, chairs, and bedroom furniture typically have stacked molding and carving. Upholstered pieces like sofas, loveseats, and chairs typically have rolled or set-back arms, button tufting, and are more likely to have a shaped back or wings. Traditional style typically uses more subdued colors, darker wood finishes, and has a formal, elegant feel.

®

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TRANSITIONAL Like the name suggests, transitional style is a happy medium between traditional and modern/contemporary style. It has some of the same silhouettes as traditional furniture, but pieces aren’t as ornamented for a less formal, updated look. Dining tables, chairs, and bedroom furniture may have basic molding, and upholstered pieces may have simplified versions of details found on their traditional cousins, like rolled arms. Transitional style tends to use more warm neutral colors and has an inviting, timeless feel.

HOW TO MIX AND MATCH DIFFERENT STYLES

1. 80/20 RULE One simple way to keep your room feeling cohesive is using 80% of one dominant style and sprinkling in 20% of a secondary style. In practice, use the dominant style to guide your decisions about your color palette, larger furniture, and flooring, and your secondary style to choose accessories like accent furniture and wall art. For example, in this living room we use a traditional sofa, loveseat, and chairs with set-back rolled arms and bun feet, but we’ve paired them with more a more contemporary rug, artwork, decor, and tables for contrast.

2.COLOR A solid color scheme is one of the keys to good design and goes a long way towards unifying any room, especially one with a mix of different styles. If you need a starting point, choose colors from a rug or artwork for an easy shortcut to colors that work well together. Another simple way to create a harmonious color palette is to choose furniture and accessories in the same color family, like browns or blues. Whatever your color scheme, repeat the same colors throughout the room to bring your different styles together. Here, we used the blues, oranges, and yellows from the rug in the chairs, accent pillow, vases, and other accessories.

3. SCALE AND SHAPE Another key detail to pay attention to when choosing pieces is their scale and shape. Keeping items in the same scale makes them look like they belong with each other and ensures that they will function together. If you have a sprawling, low-to-the-ground sectional and a tiny cocktail table, the difference in scale will make them look mismatched and may make them uncomfortable to use together. The overall shape of a piece can have a similar effect. If you have a contemporary sofa with a strong geometric look, a cocktail table with a shaped top and curved continued on next page

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cabriole legs may look out of place, but a similarly geometric table would work well. For this room, we took a transitional sofa, loveseat, and ottoman with a traditional brown leather application and squared-off arms and paired them with geometric modern/contemporary tables, lamps with geometric bases and shades, and an angular bookshelf.

5. COMMIT TO A MOOD Think about the overall feel you want to create for your space. If you want a living room that feels warm and inviting, mixing in a very formal sofa or a super-modern mirrored cocktail table would go against that vibe, while a simpler cocktail table with a painted or weathered finish would enhance that feeling. In this room we paired a traditional-leaning brown leather sofa, loveseat, and recliner with a neutral-toned oriental carpet, transitional tables with weathered grey tops, lamps with washed white bases, and simple artwork for a feel that has a little traditional elegance but is overall cozy and lived-in.

4. REPEATED ELEMENTS Just like color, other design elements can bring your space together. Repeating things like texture, pattern, and material throughout the room makes it feel like your different pieces were chosen intentionally instead of randomly selected. In this room we focused on texture, choosing a sofa, loveseat, and ottoman with a more textured fabric and pairing them with washed wood tables, fuzzy blankets, and woven baskets. We also incorporated hints of metal throughout the room with the tables, the basket that’s holding the blanket, and in the lamps.

When you know the hallmarks of the three basic design styles and how to effectively combine them, it’s easy to create an eclectic space that looks great. Simply follow the 80/20 rule, repeat colors and other design elements throughout the room, pay attention to scale and shape, commit to a mood for your space, then enjoy a home that reflects your unique personal taste.

Rachel Sellers is a Content Writer for American Furniture Warehouse, one of the nation’s top furniture retailers with a large selection of affordable furniture and home decor. American Furniture Warehouse has more interior design tips, how-to guides, inspiring looks, and other design and lifestyle topics on the American Furniture Warehouse blog.

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CAR Economic Summit AND REALTOR® DAY AT THE CAPITOL 2019 The CAR Economic Summit and REALTOR® Day at the Capitol was definitely one for the books! The Economic Summit kicked off with “the Bowtie Economist,” Dr. Elliot Eisenberg, Ph.D., bringing in an uproar of laughs, while also sharing invaluable education about the current state of the economy. The afternoon concluded with the “Housing for All – Demographics of Homeownership” panel including Lisa Nguyen (AREAA), Derek Camunez (NAHREP), Muriel Williams (NAREB), Michael Lunden (NAGLREP), and Elliot Eisenberg (Economist), moderated by Matthew Leprino. We want to extend a ‘thank you’ for all speakers and panelists for making this day a success.

The event concluded with REALTOR® Day at the Capitol discussing important policy issues affecting real estate for this upcoming year. The luncheon featured Chris Brown, Director of Policy and Research with the Com-

mon Sense Policy Roundtable (CSPR). We are incredibly thankful for the insightful and actionable information on the implications of public policy issues throughout the state that he shared with us.

We couldn’t have asked for a better two-day event of education, networking, and fun! Click here to watch the recap video.

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Let your spirits soar as we celebrate our REALTORS® and introduce world record setting Hope One to the Wings Museum! Join us for hors d’oeuvres, drinks, silent auction and try your hand at the simulators!

Also featuring special guest speaker Michael Combs. Please visit www.forthehumanspirit.com.

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41 For questions contact Stacey Brown at sbrown@coloradorealtors.com or 303-785-7126.

INDUSTRY NEWS

MORE PRIVATE FLOOD INSURANCE COMPETITION?

By Sue Johnson, Strategic Alliance Consultant

As Congress continues to debate comprehensive reform of the National Flood Insurance Program (NFIP), federal banking regulators have published a final joint regulation allowing for broader acceptance of private flood insurance policies.

The National Flood Insurance Act of 1968 made federally subsidized flood insurance available through the National Flood Insurance Program (NFIP) to cover gaps left by the withdrawal by private insurers from the flood insurance market.

The Flood Disaster Protection Act of 1973 required property owners in Special Flood Hazard Areas to purchase flood insurance when purchasing a mortgage originated, guaranteed, or purchased by

a federal agency, federally-regulated lender, or Fannie Mae/Freddie Mac. RENEWED INTEREST BY PRIVATE INSURERS In recent years, private insurers have expressed renewed interest in providing flood coverage, due to advances in flood risk quantification and increases in capital market capacities. However, few private insurers can compete with the NFIP, which offers cheap subsidized rates but has had to borrow $30 billion from the government to pay for its claims from flood disasters like Katrina, Sandy, and Harvey. Private insurers currently are estimated to issue only 3.5 percent to 4.5 percent of all U.S. residential flood policies.

In an effort to enhance private flood insurance competition, Congress passed the 2012 Biggert-Waters Act, which require that federally regulated lenders accept private flood insurance as defined in the Act. On February 12, federal banking regulators (the OCC, the Federal Reserve Board, the FDIC, the Farm Credit Administration, and the National Credit Union Administration) published a joint proposed rule to implement this law.

HERE ARE SOME OF THE RULE’S HIGHLIGHTS: WHICH PRIVATE FLOOD INSURANCE POLICIES MUST BE ACCEPTED Federally regulated lenders must accept private flood insurance policies providing coverage that is “at least as broad” as the coverage provided under a Standard Flood Insurance policy (SFIP) issued under the NFIP for the same type of property, including when considering deductibles, exclusions, and conditions offered by the insurer.

Some commenters on the proposed rule asked whether policies with anti-concurrent causation clauses would be considered “at

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least as broad” as an SFIP, meaning that they qualify as “private flood insurance” that must be accepted by lenders. Anticoncurrent causation clauses provide that if a loss is caused by two perils (such as wind and flooding), one of which is excluded and one of which is covered, the loss is not covered.

The regulators responded that the SFIP includes what is effectively an anti-concurrent clause and that as long as the private policy’s anti-concurrent causation clause excludes losses to not a greater degree than an SFIP that it qualifies as a private insurance policy.

A STREAMLINED PROCESS To assist smaller lenders that often were confused by the statutory definition of private flood insurance, the Rule provides for a “streamlined compliance aid provision” that allows lenders to determine, without further review, that a policy meets the definition if the policy (or an endorsement) contains the following language: “This policy meets the definition of private flood insurance contained in 42 U.S.C. 4012a(b)(7) and the corresponding regulation.”

DISCRETIONARY ACCEPTANCE OF PRIVATE INSURANCE OUTSIDE THE STATUTORY DEFINITION Significantly, the Rule has a discretionary acceptance provision that allows lenders to accept policies that don’t meet the strict statutory definition of private flood insurance, so long as they provide sufficient protection for a designated loan, are consistent with general safety and soundness principles, and the lender documents its conclusion regarding the sufficiency of the protection in writing.

MUTUAL AID SOCIETY PLANS The Rule also allows lenders to accept, under certain conditions, private flood coverage issued by mutual aid societies, under which members share a common religious, charitable, education or fraternal bond.

CONTINUOUS COVERAGE STILL A CONCERN The Rule does not address the issue of continuous coverage, which the NFIP considers when determining flood insurance rates. Since the NFIP does not officially recognize private 43

flood policies, it considers anyone who leaves the program to purchase a private policy to have had a gap in coverage, which could affect their rates if the homeowner later decides to return to the NFIP. The National Association of REALTORS® (NAR) states on its website that it will be following up with the regulators on this and other issues, such as whether surplus lines residential coverage is included.

Enhanced private competition could provide more flexible flood policies, lower costs for some homeowners, and reduce the NFIB’s financial risk after major disasters. This Rule—which takes effect July 1, 2019—is a first step towards expanded lender acceptance of private flood insurance policies, which should be a boost to the growing private flood insurance market.

Sue Johnson is the former executive director of RESPRO, the Real Estate Services Providers Council Inc. She retired in 2015 and is now a strategic alliance consultant for Real Trends. This article originally appeared in the April 2019 issue of the REAL Trends Newsletter is reprinted with permission of REAL Trends, Inc. Copyright 2019.

COLORADO ASSOCIATION OF REALTORS®

2019 RPAC MAJOR INVESTORS

2019 NAR President’s Circle ($1,000 Minimum to RPAC and $2,000 to Na onal Poli cal Par es or NAR-Selected Federal Candidates) John Lucero, Denver Metro Association of REALTORS® Melissa Maldonado, South Metro Denver REALTOR® Assoc.

Michael Marcus, South Metro Denver REALTOR® Assoc.

Scott Matthias, South Metro Denver REALTOR® Assoc.

Chris McElroy, Fort Collins Board of REALTORS® Ron Myles, Denver Metro Commercial Assoc of REALTORS® Todd Schuster, South Metro Denver REALTOR® Assoc.

Bonnie Smith, Summit Association of REALTORS® Linda Romer Todd, Grand Junction Area REALTOR® Assoc.

Kay Watson, South Metro Denver REALTOR® Assoc.

Tyrone Adams, Colorado Association of REALTORS® David J. Barber, Aurora Association of REALTORS® Gary Bauer, Denver Metro Association of REALTORS® Michael Burkhard, Grand Junction Area REALTOR® Assoc.

Joseph DiVito, Denver Metro Assoc. of REALTORS®

Amy Dorsey, Vail Board of REALTORS® George Harvey, Telluride Association of REALTORS® Ann Hayes, Grand Junction Area REALTOR® Assoc.

Jay Kalinski, Boulder Area REALTOR® Association Keith Kanemoto, Longmont Assoc. of REALTORS® Piper Knoll, Denver Metro Association of REALTORS® Michael Labout, Pikes Peak Assoc. of REALTORS®

NAR Corporate Ally Program (Multiple Listing Services voluntarily investing in RPAC) IRES Pikes Peak REALTOR® Service Corp

Platinum R - Annual Investment of $10,000+ Gary Bauer, Denver Metro Association of REALTORS® Linda Romer Todd, Grand Junction Area REALTOR® Association

Golden R - Annual Investment of $5,000+ Amy Dorsey, Vail Board of REALTORS® George Harvey, Telluride Association of REALTORS® Keith Kanemoto, Longmont Association of REALTORS® Michael Labout, Pikes Peak Association of REALTORS® John Lucero, Denver Metro Association of REALTORS® Michael Marcus, South Metro Denver REALTOR® Assoc.

Scott Matthias, South Metro Denver REALTOR® Assoc.

Chris McElroy, Fort Collins Board of REALTORS® Ron Myles, Denver Metro Comm. Assoc. of REALTORS® Todd Schuster, South Metro Denver REALTOR® Assoc.

Bonnie Smith, Summit Association of REALTORS® Kay Watson, South Metro Denver REALTOR® Association

Crystal R - Annual Investment of $2,500+ David Barber, Aurora Association of REALTORS® John Mitchell, Aurora Association of REALTORS®

{as of April 1, 2019)

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COLORADO Assoc. OF REALTORS®

2019 RPAC MAJOR INVESTORS

Sterling R - Annual Investment of $1,000+ Tyrone Adams, Colorado Assoc. of REALTORS® David Anderson, Pueblo Assoc. of REALTORS® Barbara Asbury, Pikes Peak Assoc. of REALTORS® Richard Averill, Denver Metro Assoc. of REALTORS® Ann Bagwell, Aurora Assoc. of REALTORS® Sunny Banka, Aurora Assoc. of REALTORS® Brandon Brennick, Denver Metro Assoc. of REALTORS® Michael Burkard, Grand Junction Area REALTOR® Assoc.

Vicki Burns, Craig Assoc. of REALTORS® Janna Burton, Montrose Assoc. of REALTORS® Amy Cesario, Denver Metro Assoc. of REALTORS® Kathy Christina, Summit Assoc. of REALTORS® Carol Click, Four Corners Board of REALTORS® Shane Dawson, Durango Area Assoc. of REALTORS® Natalie Davis, Fort Collins Board of REALTORS® David DeElena, Aurora Assoc. of REALTORS® Amanda DiVito Parle, Denver Metro Assoc. of REALTORS® Joseph DiVito, Denver Metro Assoc. of REALTORS® Barbara Ecker, Denver Metro Assoc. of REALTORS® Molly Eldridge, Gunnison Country Assoc. of REALTORS® Dan Fitchett, Vail Board of REALTORS® Micah George, Grand Junction Area REALTOR® Assoc.

Heather Hankins, South Metro Denver REALTOR® Assoc.

Lauren Hansen, Colorado Assoc. of REALTORS® Steve Harder, South Metro Denver REALTOR® Assoc.

Ed Hardey, Aurora Assoc. of REALTORS® Chris Hardy, Fort Collins Board of REALTORS® Ann Hayes, Grand Junction Area REALTOR® Assoc.

Toni Heiden, Grand Junction Area REALTOR® Assoc.

Susan Hendricks, Grand Junction Area REALTOR® Assoc.

Mary Ann Hinrichsen, South Metro Denver REALTOR® Assoc.

Ken Hotard, Boulder Area REALTOR® Assoc.

Deborah Howes, Pikes Peak Assoc. of REALTORS®

Terry Hutchison, Durango Area Assoc. of REALTORS® Janene Johnson, Grand County Board of REALTORS® Dennis Johnson, Summit Assoc. of REALTORS® Justin Knoll, Denver Metro Assoc. of REALTORS® Piper Knoll, Denver Metro Assoc. of REALTORS® Cynthia Kruse, Vail Board of REALTORS® Betsy Laughlin, Vail Board of REALTORS® Bob LeGare, Aurora Assoc. of REALTORS® Matthew Leprino, Denver Metro Assoc. of REALTORS® Karen Levine, Denver Metro Assoc. of REALTORS® Libby Levinson, Denver Metro Assoc. of REALTORS® Cheri Long, Aurora Assoc. of REALTORS® Alan Lovitt, Pikes Peak Assoc. of REALTORS® Kevan Lyons, REALTORS® of Central Colorado Melissa Maldonado, South Metro Denver REALTOR® Assoc.

John McComas, South Metro Denver REALTOR® Assoc.

Stew Meagher, South Metro Denver REALTOR® Assoc.

Kelly Moye, Boulder Area REALTOR® Assoc.

George Nehme, Pikes Peak Assoc. of REALTORS® Karen Nichols, Denver Metro Assoc. of REALTORS® Jarrod Nixon, Durango Area Assoc. of REALTORS® Chad Oschner, Denver Metro Assoc. of REALTORS® Mike Papantonakis, Denver Metro Assoc. of REALTORS® Al Parker, Denver Metro Assoc. of REALTORS® Scott Peterson, Colorado Assoc. of REALTORS® Linda Philpott, Aurora Assoc. of REALTORS® Hank Poburka, Pikes Peak Assoc. of REALTORS® Amy Reid, Pikes Peak Assoc. of REALTORS®

Gretchen Rosenberg, Denver Metro Assoc. of REALTORS® Laura Ruch, Denver Metro Assoc. of REALTORS® Crissy Rumford, Vail Board of REALTORS® Ulrich Salzgeber, Steamboat Springs Board of REALTORS® Christine Serwe, Durango Area Assoc. of REALTORS® Richard Sly, South Metro Denver REALTOR® Assoc.

Tami Spaulding, Fort Collins Board of REALTORS® LaDawn Sperling, Denver Metro Assoc. of REALTORS® Ron Thorne, Mountain Metro Assoc. of REALTORS® Mark Trenka, Denver Metro Assoc. of REALTORS® Joseph Tripoli, Grand Junction Area REALTOR® Assoc.

Ann Turner, Denver Metro Assoc. of REALTORS®

Robert Walkowicz, Loveland-Berthoud Association of REALTORS®

Peter Wall, Denver Metro Assoc. of REALTORS® Bret Weinstein, Denver Metro Assoc. of REALTORS® Dean Weissman, Pikes Peak Assoc. of REALTORS® Anne Whipple, South Metro Denver REALTOR® Assoc.

Brenda Wild, Aspen Board of REALTORS® Jim Wotkyns, Durango Area Assoc. of REALTORS® Greg Zadel, Denver Metro Assoc. of REALTORS® Sandi Zimmerman, Denver Metro Assoc. of REALTORS® Sabrina Zunker, Denver Metro Assoc. of REALTORS® Durango Area Assoc. of REALTORS® Durango Land and Homes

{as of April 1, 2019)

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COLORADO RPAC

APRIL 2019

NEWSLETTER

YOUR BEST INVESTMENT IN REAL ESTATE!

THERE ARE MANY REASONS TO SUPPORT RPAC AND EACH MEMBER HAS THEIR OWN STORY

The REALTORS® Political Action Committee (RPAC) is one of the strongest bipartisan advocacy organizations in the nation thanks to the support of our members. Your voluntary RPAC investment ensures the voice of real estate is present on important issues at the local, state, and national levels by supporting REALTOR® champions. RPAC -- the best investment in your business.

• Golden Anniversary: In 2019, we are celebrating 50 years of RPAC. Since 1969, RPAC has advanced the American dream of homeownership.

From 300 investors and $28,000 in contributions raised to more than 400,000 investors and over $45 million raised in 2018, RPAC is making a difference. With your continued support, we can accomplish even more in the next 50 years for our clients and the real estate industry because we build vibrant and inclusive communities for everyone.

Major Investor Spotlight: Krista Klees Palladium Properties Major Investors invest at least $1,000 in RPAC annually.

For more information click here.

Krista Klees is the 2019 Aspen Board of REALTORS® President and the founding principal and owner of Palladium Properties in the Roaring Fork Valley. Palladium serves clients throughout the Valley all the way from Rifle and Silt to Aspen and Snowmass. Krista has been in the real estate business for 30 years. She is a Sterling R Major Investor and has supported RPAC for many years. We spoke to Krista about why RPAC is important to her:

• Bipartisan: RPAC provides the resources necessary to elect candidates who understand and support REALTOR Party® issues. In 2018, RPAC was named the most bipartisan major PAC in the country contributing 51% to Republicans and 49% to Democrats.

What does RPAC mean to you?

Krista: To me, RPAC is the one true “Guardian,” if you will, that stands strong for the protection of our industry. RPAC protects us from the challenges we face as a whole every day in our industry and the many challenges to private property rights we regularly face. Whether it’s keeping banks out of our industry, preserving the deductibility of mortgage interest, or watching over the way our industry is regulated, RPAC is our best investment in the industry’s political future.

• 2019 Progress: This year so far, CAR has successfully championed legislation to provide a common sense solution to deed preparation that reduces Broker liability and we have fought to protect data privacy for consumers in remote notary transactions. We are preparing to launch a campaign to expand First-Time Homebuyer Savings Accounts, giving employers an opportunity to match employee contributions and allowing Coloradoans to save faster to purchase their first home. These successes are entirely made possible by your RPAC investments.

How long have you been contributing to RPAC? Krista: Honestly, as long as I can remember! Before Palladium, I was involved with a company where we believed very strongly that RPAC “wasn’t an option”. If you were in the company, you were contributing. And now, I’ve chosen to be an RPAC Major Investor each of the last four years. I believe in

2019 RPAC RECOGNITION DEADLINES: In order to be recognized as a Major Investor at each of the following events, CAR must receive funds by: CAR Fall Business Meetings: October 4, 2019 NAR Annual: October 11, 2019 CAR Year-End Deadline: December 13, 2019

continued on next page

47

Krista from page 48 RPAC and what it means for our business.

their part to protect your business, your clients, and your property rights by contributing to RPAC. It’s impossible to say that politics and the government do not affect your business and that RPAC doesn’t help you. That would be like saying the weather doesn’t affect you. My fellow REALTORS®, please join me and do what’s right – protect our business. Contribute to RPAC today. Thank you!

What message would you like to give to other REALTORS® about why they should contribute to RPAC? Krista: Each day, there are new challenges to our business… how it is conducted, how it is governed, how it is regulated.

Without RPAC, it would be impossible for us to rally together to address these challenges. I believe everyone should be doing

WHAT HAS RPAC DONE FOR ME LATELY?

estate professionals develop with their clients is paramount for good business and an integral part of the code of ethics that makes REALTORS® different than other licensees.

DEED REFORM – HOUSE BILL 19-1098 The Colorado Association of REALTORS® (CAR) celebrated a big win for the real estate industry when Governor Polis signed HB19-1098 into law on March 7th. HB191098 is a common-sense public policy solution that fixes a longstanding problem concerning the authority to draft deeds conveying real property in a real estate transaction.

Before this new law, only a licensed real estate broker was authorized to prepare a deed; however, the broker could delegate this limited authority to prepare the deed to a title company which then completed the deed under the direction and review of the broker.

CAR is working for you to pass a bill that will utilize these technological advancements in the notary process and protect consumer data in a meaningful way. We will continue to update you on this important legislation.

TAX RELIEF FOR REALTORS® As Americans were beginning preparations for the 2019 tax filing season, many in our industry were unsure how they would be impacted by the new 20 percent deduction on qualified business income. Since the details surrounding the ambiguous language of the law emerged in the summer 2018, the National Association of REALTORS® (NAR) waged a comprehensive advocacy campaign in Washington, D.C. Those advocacy efforts led to guidelines that enabled real estate professionals to benefit from the Section 199A 20 percent pass-through deduction. With this change, REALTORS® are empowered to expand their business operations and provide improved services to consumers and potential homebuyers and sellers.

CAR is proud to be a part the solution. Upon adoption of this change, the industry can expect reduced confusion, lessened disputes arising from the current contract form to transfer real property, and a clear public record of the real estate transaction.

RPAC DATES TO REMEMBER • April 24th – Diamonds Are Forever Reception: Join us on April 24th at the Vail Four Seasons for a special RPAC Reception. $25 RPAC Investment to attend and $99 per entry in the Grand Prize Diamond Drawing.

The theme is James Bond chic, and there will be games, photo ops, and more! Click here for Spring Summit information and to register.

PROTECTING DATA PRIVACY – HOUSE BILL 19-1167 CAR is dedicated to protecting you and your clients’ data privacy at all points of a real estate transaction. This year, CAR is championing legislation we drafted that would authorize remote notarization through the use of audio-visual communication that also maintains consumer data privacy.

If passed, this bill would limit the use of personal information collected for the purpose of completing the notarial act or processing the transaction for which the information was originally provided. In today’s digital economy, as information is more easily available and wide-spread, the trust that real

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Start Spring with a clean slate.

CAR members save more with 75% off Best Value Items, and thousands of additional discounts!

Visit our website to in-store discount card, or to create an account and browse our already-discounted products—no discount code needed.

Visit us online at officediscounts.org/car to access this benefit today!

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