Kentucky
FALL 2020
A PUBLICATION OF KENTUCKY REALTORS®
HINDSIGHT
2020
kyrealtors.com
KENTUCKY REALTORS® BOARD OF DIRECTORS Lester Sanders President Charles Hinckley President-elect Robin Roseberry Treasurer Elizabeth Monarch Treasurer-elect Rip Phillips Immed. Past Pres. Pamela Featherstone Senior V.P. Barbara Flannery Senior V.P. Mike Spicer Senior V.P. Earleene Woods Region 1 Director Cindy Payne Region 2 Director AnnElizabeth Delahanty Region 3 Director Barbara Curtis Region 4 Director Sue Ann Collins Region 5 Director Brenda Gooslin Region 6 Director Angela Clark Director-at-Large Helen Fardo Director-at-Large Karen Gross Director-at-Large Mike Inman Director-at-Large Brenda Loyal Director-at-Large Dave Parks, Jr. Director-at-Large Art Reed Director-at-Large Greg Crase Director-at-Large Donna Gordon-Willoughby Director-at-Large
01/20 – 12/20 01/20 – 12/20 01/20 – 12/20 01/20 – 12/20 01/20 – 12/20 01/19 – 12/21 01/19 – 12/20 01/20 – 12/20 01/20 – 12/20 02/20 – 12/20 01/20 – 12/21 01/19 – 12/20 01/20 – 12/21 01/19 – 12/20 01/20 – 12/22 01/19 – 12/21 01/19 – 12/21 01/18 – 12/20 01/18 – 12/20 01/20 – 12/22 01/18 – 12/20 01/20 – 12/22 01/19 – 12/21
Louisville Radcliff Crescent Springs Louisville Louisville Elizabethtown London Crestview Hills Murray Bowling Green Louisville Georgetown Florence Pikeville Owensboro Richmond Owensboro Salvisa Owensboro Louisville Florence Florence Louisville
502 - 420 - 5000 lsanders@semonin.com 270 - 401 - 7473 charles@networkrealtyky.com 859 - 393 - 8537 gorobinroseberry@gmail.com 502 - 459 - 5509 elizabeth@elizabethmonarchgroup.com 502 - 459 - 5509 Rip@RipPhillips.com 270 - 766 - 1201 pamfst@gmail.com 606 - 521 - 0671 barbflannery@yahoo.com 859 - 341 - 9000 Mike.Spicer@cbws.com 270 - 752 - 0077 earleene@murraykyhomes.com 270 - 535 - 4862 TheExitExperience@gmail.com 502 - 459 - 5509 AESellsHouses@gmail.com 502 - 867 - 4900 barb@bacurtis.com 859 - 283 - 0323 teamworkssac@gmail.com 606 - 433 - 9700 bgooslin@listwithaaa.com 270 - 926 - 0055 angela@TonyClark.com 859 - 625 - 0500 helenfardo@bellsouth.net 270 - 684 - 2100 kgross@century21partners.com 859 - 351 - 9929 mike.inman@coldwellbanker.com 270 - 993 - 5233 bloyal001@gmail.com 502 - 897 - 3321 dparks@bhhspw.com 859 - 525 - 7900 areed@huff.com 859 - 372 - 6000 gregcrase@remax.net 505 - 558 - 5637 lucydonna@aol.com
REALTOR® POLITICAL ACTION COMMITTEE (RPAC) Becky Murphy
Chair
01/20 – 12/20
Lexington
859 - 971 - 2222
becky@charliemurphyrealtors.com
Florence
859 - 525 - 7900
areed@huff.com
859 - 498 - 0208 502 - 451 - 4107 606 - 433 - 1444 502 - 897 - 3321 502 - 420 - 5000 502 - 554 - 9500
alblevins@bellsouth.net lb@brelandgroup.com norm@bigsandyrealty.com Jarks@bhhspw.com lsanders@semonin.com kathryn@athomeinlouisville.com
KENTUCKY REALTOR® INSTITUTE (KRI) Art Reed
President
01/20 – 12/20
NATIONAL ASSOCIATION OF REALTORS® DIRECTORS Alfred R Blevins Lamont Breland Norman Jones Judie Parks Lester Sanders Kathryn Sotelo
Large Board Rep State Director State Director Large Board Rep State President Large Board Rep
11/30/2020 11/30/2021 11/30/2022 11/30/2020 11/30/2020 11/30/2020
Lexington Louisville Pikeville Louisville Louisville Louisville
DELEGATE BODY Steven Bagby Larry Baker Rick Baumgardner Michael Becker E. Billingsley Thomas Black Alfred Blevins William Bramble C. Lamont Breland Jim Broadwater Ron Brossart Tyrone Brown Greggery W Buchanan Bonnie Byerly J Don Cecil Linda Gibson Cecil Angela Clark Tony Clark Steve Cline
Monti Collins Sue Ann Collins Catherine Corbett Crystal Corrigan Jayne Cox Linzie Craig Greg Crase Barbara Curtis John Davis AnnElizabeth Delahanty Renee DeWitt Laura Disney Tara Dixon David Earls Marcie Estepp Helen Fardo Pamela Featherstone Stacey Fergerson William Fischer
W D Sha Fister Barbara Flannery Cindy Flynn Donna Foster Christopher Fox Logan Germann Doug Gibson Brenda Gooslin Donna Gordon-Willoughby Donna Gregorich John Groft Karen Gross Joe Guy Hagan Holly Hampton Susan Hatton Charles Hinckley Ashlie Hogan Alicia M Huff Ronald Hughes
Bobby Hunton Todd Hyatt Michael T Inman Cheryl Johnson Martin Jones Norman Jones Tanya Kaup Cheryl Lary Brenda Loyal Robert Massey John May Thomas S McCallie Ann McDonald Elizabeth Monarch Christie Moore Linda Moore Christine Morgan Becky Murphy Charlie Murphy
Joy Murphy Douglas Myers Kelley Nisbet Rosemary Nobles Paul Ogden Diane Palmer Dave Parks R.Rip Phillips Lisa Presley Arthur Reed Donnie Roberts Robin Roseberry Lester Sanders Claire Schenk Sandra Schennberg Jim Sewell Mary Anne Simmons James Simpson Jeffrey Smith
John Smither Kathryn Sotelo Mike Spicer David Stagner Karen Story Jennifer Swendiman Carl Tackett Devin Taylor Libbi Taylor Glenn Thomas Tom Thomas Angela Turner Tom Waldrop Kenneth Warden Nelson Weaver John Weikel Kathy Wolfe Earleene Woods
CONTENTS Volume 13, Number 1, FALL 2020
A publication of Kentucky REALTORS® President | Lester Sanders Greater Louisville Association Semonin REALTORS®, Louisville President-elect | Charles Hinckley Heart of Kentucky Association Network Realty, Elizabethtown Treasurer | Robin Roseberry Northern Kentucky Association KY Local, Foster Treasurer-elect | Elizabeth Monarch Greater Louisville Association ExP Realty, L.L.C., Prospect CEO | Steve Stevens, CCE sstevens@kyrealtors.com Kentucky REALTORS® members should always send address changes to their local board/association first. Subscription rates: $10 per year (included in dues) for members, $25 per year for non-members. All articles represent the opinions of the authors and do not necessarily represent the opinions of Kentucky REALTORS® and should not be construed as a recommendation for any course of action regarding financial, legal or accounting matters by Kentucky REALTORS® and its authors. Reproduction prohibited without permission. Copyright©2020. Kentucky REALTORS®, Inc. All rights reserved.
Address letters and inquiries to: Kentucky REALTORS® 2708 Old Rosebud Road, Suite 200 Lexington, KY 40509 TF 800.264.2185 T 859.263.7377 F 859.263.7565 www.kyrealtors.com email: kyrealtors@kyrealtors.com
IN THIS
ISSUE
6 Hindsight 2020
10 Do you know who you are calling? 18 Reasons why every real estate agent should embrace podcasting
20 Reciprocity with Ohio 24 The top cyber security threats
to real estate companies
REGULAR FEATURES
4 14 16 21 22
President’s Message RPAC Update Education CEO Message Housing Stats
Follow KYR on Social Media KYR has posted its social media links on the home page of its website so members and consumers can follow all the things going on with the Association. Keep up with KYR on a real time basis – legislative updates, industry news, business tips and much more – visit www.kyrealtors.com. Kentucky REALTORS® | 3
PRESIDENT'S MESSAGE
Looking to lead
Y
our National Association of REALTORS® recently installed Charlie Oppler as its 2021 President. President Oppler is a great leader and is committed to the membership and our association. Kentucky's local associations have and are installing their new leaders across the state.
worked in the industry. Judy said he never changed. Once Judy joined the business, she would occasionally run into him. Mr. Hagan always asked how she was doing and how her mom and dad were. Judy said, “It was never small talk, always with sincerity, and making you feel that he cared.” KYR Past-president Jeff Smith first met Joe Guy Hagan at a Lake Barkley KYR summer meeting. He described Joe Guy LESTER SANDERS as “a true professional and gentleman". PRESIDENT – KENTUCKY REALTORS "I never met a person that did not like him", he said. "Joe Guy was the type of person you would meet and want to emulate.” Always impeccably dressed and a consummate professional.
I was recently honored to install the MurrayCalloway County Board of Directors and the incoming president, Gale Sharp, and acknowledge the work of outgoing president Janette DeWitt. All of these members are leaders that have stepped up to make a difference during these unprecedented times. What do great leaders have in common? What are the characteristics of great leaders that we admire? I find a wonderful example in one of Kentucky REALTORS®' past leaders. He was a "real estate great" that recently passed away, Joseph Guy Hagan. Many knew him as "Joe Guy". Others knew him as the man behind Century 21, Joe Guy Hagan. I'd like to talk about Joe Guy the leader. Lisa Stephenson, CEO of Greater Louisville Association of REALTORS®, called him simply iconic. Seeing his name at an early age she knew of him as Century 21, Joe Guy Hagan. He was real estate. He was the brand when it came to real estate in Bardstown well before she met Joe Guy Hagan the man. He could even seem a bit mythical until you met him. He was a man that served his clients until he passed. Judy Parks, president of GLAR, remembers meeting this caring leader. She describes him as “the perfect southern gentleman". At the age of nine or ten, she remembers meeting Joe Guy while visiting his Home-a-rama home with her parents who both
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Joe Guy gave his life to the industry. He was an NAR Director, Past-president of Kentucky REALTORS®, Past-president of Greater Louisville Association of REALTORS® (GLAR), KYR and GLAR REALTOR® of the Year, and a REALTOR® Emeritus. Perhaps more importantly Joe Guy Hagan, the family patriarch, was a caring father, grandfather, and uncle. He was a loving husband to his wife, Merwyn, for 62 years! A calm visionary, he was an encourager until the end. He believed in lifting as he climbed, and he set an example for all our leaders that will follow. We are living in a time when chaos seems to be a normal part of life. Though in-person meetings may be few and far between, and apparent opportunities to lead seem just as rare, I want to encourage you to find creative ways to make an impact in your circle of influence. We can take a lesson from our calm, caring, professional, iconic, visionary, dedicated, supportive, and encouraging leader, Joe Guy Hagan. Keep calm during tumultuous times. Set goals and work to achieve them. Discover ways to invest yourself in your business, your colleagues, your family, and your friends. Dedicate time to improving things in your community and volunteering. Understand that making a difference is what inspires others and creates a legacy. These are the things that make great leaders. Perhaps one day we will be remembered as fondly as Joe Guy Hagan if we just keep lifting as we climb!
Kentucky REALTORS® | 5
HINDSIGHT
D
oes it seem like 2020 flew by in a flash or that it dragged on forever? Does it sometimes it seems like both? It’s hard to believe that it was 12 months ago when the first mention of the Coronavirus (COVID-19) appeared in the media. It was a blip on our radar and nobody really knew what it might mean for citizens of the United States or Kentucky. What a difference a year makes! REALTORS® have adapted and changed, persevered and overcome, and there might even have been some bobbing and weaving! Through it all, your state association has been fighting for your real estate profession and continued to serve its membership, all while trying to figure out what might come next. Let’s take a quick look back at what happened this year.
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The Beginning It remains under debate exactly when and truly where the COVID-19 pandemic came onto U.S. soil. It infiltrated through travel into the states from overseas. What is not up for debate, however, is how quickly it became a reality for Americans. After a record period of economic expansion, February saw the beginning of stay-at-home orders and business closures across the nation. As states began to respond in their own way and with their own guidelines, the economy (consumer spending) took a massive hit. It was the executive order on March 25th by Governor Beshear that deemed real estate (and Realtors®) an essential industry and that allowed us to continue to serve Kentucky homeowners. KYR CEO, Steve Stevens said that a letter sent to the governor earlier that month was instrumental in securing that. “We expressed to Governor Beshear just how essential Real Estate is to our citizens and the economy”, he said. “We conveyed that real estate transactions rely on an 'ecosystem' of allied services that are necessary to their completion. A failure to have the ability to deliver any of these services is to create a situation where someone might find themselves ‘technically homeless’ if they are unable to move from an existing home to a new residence.” Some states were far more restrictive. In Pennsylvania, for example, Gov. Tom Wolf ordered non-life-sustaining businesses to shut down in mid-March. Real estate agents were barred from conducting in-person business at all. This meant that inspections, and in some cases, title insurance transfers, couldn’t take place either. Thankfully, REALTORS® in Kentucky we’re allowed to adapt and change the way we
do business so that the citizens of the Commonwealth could do theirs.
Effect on the Housing Market When the effects of the shutdowns and business limitations started becoming apparent, no one really knew what to expect from the housing market. After all, we have never been through anything like this before. Would it last months or years? Would economic recovery take months or years? Was a recession on the horizon? The questions were growing as were the reports of new infections. 2020 was a year like no other we had seen before. It didn’t take long for the housing market to bounce back, however. Whether people had more time to think about relocation or downsizing (or upsizing), or whether people’s needs had changed because the workplace had changed so much, more and more buyers flooded the market. Potential sellers saw the upturn in demand as an opportunity, and REALTORS® were on standby ready to help. As you look at the sales numbers for 2020, you can see a very short-lived dip in activity during April and May. Sales dropped between 10% and 20% for those months. And then, just like that, the fire was lit. June sales roared back and the summer and fall numbers have been outperforming last year’s record figures. With inventory numbers already low, available homes began to grow scarcer. Of course, this demand means inflated home prices which also broke records. Sales volume numbers since the summer have been up an average of over 20% each month. September 2020 saw sales volume up 34%! Kentucky REALTORS® | 7
“We are a REALTOR® family and KYR will continue to seek out ways to support our members in a challenging year.” — Lester Sanders, KYR President
A New Normal REALTORS® began to settle into a new routine of using personal protective equipment and keeping detailed lists of clients and meeting attendees to help with contact tracing if needed. In-person meetings gave way to virtual meetings and Zoom® became the newest vocabulary word in our vernacular. KYR began to rely on Zoom® to keep the association staff connected to each other and with the dedicated volunteer leaders on our board of directors and various committees. KYR President Lester Sanders created what he dubbed the ”Now and Next” Presidential Advisory Group. This PAG quickly determined that regular virtual town hall meetings should be conducted to convey essential information and offer support. “To date, we have conducted 18 town halls that dealt with topics ranging from COVID-19 real estate guidelines, to race relations in the industry, to how to handle stress and seek help if its needed”, he said. “We are a REALTOR® family and KYR will continue to seek out ways to support our members in a challenging year.” County Clerk offices modified their operational hours and in-person services which slowed some aspects of the transaction down. A flurry of information came from KYR to help REALTORS® conduct business. Whether it was evictions, 8 | kyrealtors.com
contract addendums, Paycheck Protection assistance, Open House Guidance, protocols for showings, or even unemployment filings, it could be (and still can be) found on the KYR website. It didn’t take long to see that with care, REALTORS® could persevere and, in some cases, weather the storm better than they thought they would.
Leading the Way Make no mistake, the economic impact was real. There are many small businesses, and some large, that closed their doors for good. The effect on the economy and some individuals will be felt for a long time. The damage, however, was not as bad as it could have been thanks to a huge segment of the economy that persevered and did business during a very challenging time. Real estate and its ancillary services make up over 15% of the gross state product of Kentucky. There is no doubt that the housing market’s performance in the Bluegrass served to do some heavy lifting this year. REALTORS® deserve gratitude for that. President Lester Sanders' theme for 2020 was "Lifting As We Climb." Kentucky's REALTORS® did just that. After all, That's Who We R.
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10 | kyrealtors.com
Do You Know Who You Are Calling? Your phone marketing strategy could land you in legal trouble
A
By Jonathan Waclawski
s a real estate professional, you’re constantly looking to grow your business. While picking up the phone to call potential clients and solicit new business may seem outdated in today’s digitized world, the reality is that the telephone still plays an important role in marketing. In fact, using your phone to send text messages to potential clients is more common than ever. But also becoming more popular are class-action lawsuits alleging violations of the Telephone Consumer Protection Act. The TCPA is a federal statute, premised on protecting residential and personal telephone numbers from telemarketing and autodialed calls. Two primary restrictions are at the heart of the law. The first prohibits telemarketing calls to numbers registered with the national Do Not Call Registry. The second requires a caller to obtain written consent before using an autodialer to send telemarketing text messages or calls, even when the number called is not on the DNC registry.
In the 17 months after the Federal Communications Commission’s July 2015 order clarifying TCPA rules, 3,121 lawsuits were filed, targeting U.S. businesses of all kinds, a 46 percent increase from the 17 months prior to the clarification. And aggressive plaintiffs’ attorneys are increasingly focused on real estate in class-action TCPA litigation. In April, a consumer sued a California brokerage alleging the brokerage violated the TCPA by making unsolicited autodialed calls to consumers without their consent, including to consumers registered on the Do Not Call list. These lawsuits can be expensive, as the TCPA provides for statutory damages ranging from $500 to $1,500 per violation. While plaintiffs more often target deep-pocketed brokerages, individual agents are not inherently protected.
HOW TO AVOID BEING SUED Protect yourself by ensuring the numbers you text or call are not included on the DNC list. Adopt a written policy that includes these requirements: • Check your call lists every 30 days against the Do Not Call list (available at telemarketing.donotcall.gov). • Record consumer removal requests, and add removed numbers to an internal company do-not-call list. • Honor do-not-call requests promptly (no later than 30 days from date of request) and for a minimum of five years. While many states have elected to use the national Do Not Call list as their statewide registry, 12 states maintain separate registries. Therefore, if you make telemarketing calls or send text messages in Colorado, Florida, Indiana, Louisiana, Massachusetts, Mississippi, Missouri, Oklahoma, Pennsylvania, Tennessee, Texas, or Wyoming, make certain you are aware of any state-specific do-not-call restrictions, and scrub call lists against the state lists in addition to the national registry. Next, before texting or calling people with marketing messages, get their written consent. Consent is best achieved through a written agreement that is signed by the consumer (an electronic signature is sufficient). The agreement should include the consumer’s phone number and state that the consumer authorizes you to place telemarketing calls to the consumer. It should also disclose that the consumer is not required to sign the agreement as a condition of purchasing any property, goods, or services. Practically speaking, this consent can be incorporated into existing methods of acquiring potential client contact information, such as open house sign-in sheets. But you must let consumers revoke their consent and opt out of receiving future texts or calls. Review your telemarketing text and call methods to ensure you’re in full compliance with the TCPA. It’s never too late to protect yourself and your business against the growing threat of costly litigation. Jonathan Waclawski is political compliance counsel at NAR. You can reach him at jwaclawski@realtors.org. Kentucky REALTORS® | 11
RPAC UPDATE RPAC Three-Peat! President’s Cup recognizes the hard work state and local REALTOR® leaders and association staff perform to advance the REALTOR® Party. For the state Association to win the prestigious President’s Cup, 9 goals must be met or exceeded. These goals include Calls for Action participation, REALTOR® Party Mobile Alerts participation, RPAC participation, and RPAC fundraising goal. For the THRID year in a row, KYR has achieved the President’s Cup from NAR. Kentucky joined nineteen other state Associations in winning the President’s Cup for 2019. Can you say four-peat?!
2019 Local Association President’s Cup Winners Eastern Kentucky Association of REALTORS® Greater Louisville Association of REALTORS® Inc Henderson Audubon Board of REALTORS® Hopkinsville Christian County Board of REALTORS® Murray Calloway County Board of REALTORS® Inc Northern Kentucky Association of REALTORS® Old Kentucky Home Board of REALTORS® Owensboro Board of REALTORS® Paducah Board of REALTORS® Pennyrile Board of REALTORS® REALTOR® Association of Southern Kentucky Inc Somerset-Lake Cumberland Board of REALTORS® South Central Kentucky Association of REALTORS® Inc The Heart of Kentucky Association of REALTORS®
A special thank you goes to our RPAC Investors! Kentucky REALTORS® is a member driven organization. Luckily, this association not only sees the value in investing in RPAC, but also the value of the American dream of homeownership and real property rights. We wanted to recognize those members that went above and beyond with their contributions to RPAC in 2019.
30644
The number to text the word REALTOR to 30644 to sign up for the REALTOR® Party Mobile Alerts. By signing up, REALTORS® have a way to stay connected directly from their cell phone or tablet. Get information on finding your polling locations, election and primary voting day reminders and participate in Calls for Action.
2019 RPAC Major Investors PLATINUM R Mike Inman*
GOLDEN R Al Blevins*** Tony Clark*** David Earls*
Charles Hinckley* Justin Landon* Ann McDonald**
Guy Montgomery*** Charlie Murphy*** John Weikel***
CRYSTAL R Greg Buchanan*
STERLING R Ben Allen Nancy Allison Dennis Anderson Greg Back Rick Barker Joshua Barrett Michael Becker Thomas Black James Bramblett Lamont Breland Bonnie Byerly Daniel Carmack Linda Gibson Cecil Don Cecil Steve Cline* Angi Cline Sue Ann Collins Catherine Corbett* Anne Hart Cornett Jayne Cox Greg Crase Barbara Curtis Sallie Davidson Gary Denton Angel Denton Brad DeVries Lois Ann Disponett* Myrna Downing Paula Elder Helen Fardo Barbara Flannery Stephanie Gilezan Kristy Gooch Brenda Gooslin John Groft
Karen Gross Rip Phillips Deni Hamilton Nita Phillips-Allen Jeff Harrison Rick Pulliam Joseph Hayden Charlene Rabold Stephen Heartsill Arthur Reed Daryl Hibbs Laura Rice Ashlie Hogan Nancy Robertson Mary Ann Hollon Robin Roseberry Kimberly Holtegel Lester Sanders Ronald Hughes Kae Schennberg Todd Hyatt* Kurt Schuler Norman Jones Jason Scolf Rhonda Karageorge Jim Sewell Tanya Kaup Mary Anne Simmons Brenda Loyal Joseph Simms Scott Lyons James Simpson Amanda Marcum Tim Smith Bonnie Mays Mike Spicer Rue Mc Farland Steve Stevens Trey McCallie Jennifer Swendiman James McKee Carl Tackett*** Jonah Mitchell Libbi Taylor Elizabeth Monarch Tom Thomas Brenda Morgan Michael Thomas Deborah Morgan James Tinsley Penny Morris Rusty Underwood Joy Murphy John Vince Becky Murphy Ken Warden Randy Newsome Matt Weaver Kelley Nisbet Millie Weaver Scott Panella Nelson Weaver Mike Parker* Debbie Williams Dave Parks Danny Willis Judie Parks Janie Wilson Janet Perkins Kathy Wolfe
*President’s Circle **Hall of Fame ***President’s Circle and Hall of Fame 12 | kyrealtors.com
2019 RPAC Hall of Fame Inductees The Hall of Fame recognizes dedicated members who have made a significant commitment to RPAC over the years by investing an aggregate lifetime amount of $25,000 or more. Joining the Class of 2019 National Association of REALTORS® RPAC Hall of Fame is Mike Inman. Hall of Fame Induction Ceremony will occur during the May 2020 REALTORS® Legislative Meetings & Trade Expo, held in Washington, D.C. As a Hall of Fame member, a plaque bearing Mike’s name will be displayed on the rooftop of the NAR building in Washington, D.C.
Jess and Carolyn Kinman Award – Rep. David Meade
$50K Level NAR RPAC Hall of Fame Achieved Guy Montgomery is KYR’s newest $50,000 level RPAC Major Investor. Congratulations on joining an elite group of individuals that believe so strongly in RPAC and the REALTOR® Party. As we look back on the 50th anniversary celebration of RPAC in 2019, your commitment is appreciated more than ever before!
2019 President’s Circle Investors Finally, we’d like to recognize our President’s Circle participants. The President’s Circle is a special group of REALTORS® who contribute directly to REALTOR®-friendly candidates at the federal level. The President’s Circle Program supports REALTOR® Champions—members of Congress who have made significant achievements in advancing the REALTOR® public policy agenda. The President’s Circle Program allows REALTORS® to contribute beyond RPAC dollars and increase the strength of the REALTOR® voice on Capitol Hill. Our President’s Circle Members are: Al Blevins Tony Clark Steve Cline Lois Ann Disponett David Earls
Charles Hinckley Mike Inman Guy Montgomery Charlie Murphy Paul Ogden
Mike Parker Carl Tackett John Weikel
The Jess Kinman Award is the highest legislative honor presented by Kentucky REALTORS®. The award is named in honor of Jess Kinman, a former Kentucky REALTORS® president and REALTOR® of the Year, who passed away in 2007, and his wife Carolyn, who worked for many years at the Legislative Research Commission and General Assembly. The Kinman Award is presented to a member of the General Assembly, whose involvement in the legislative and political arenas has left an indelible mark on all those who have known or worked with him or her. This award recognizes REALTOR® Champions who go above and beyond the normal call of duty to support the American Dream of Homeownership. In 2018, Mead was instrumental in authoring comprehensive legislation reorganizing much of the Public Protection Cabinet, working with KYR on modifications offered by our association. Additionally in 2019, he worked closely with Rep. Randy Bridges to get HB 436 – a bill that changed real estate licensing and renewal, reduced professional liability for licensees an put additional consumer protection in place – to get the bill across the finish line during last year’s legislative session. Most importantly, Speaker Meade has a 100% voting record with Kentucky REALTORS! Kentucky REALTORS® | 13
LEGISLATIVE UPDATE Legislative Update As the voice of real estate and private property rights, Kentucky REALTORS® knows the impact homeownership has on neighborhoods, communities, and the overall vibrancy of the Kentucky economy. Kentucky REALTORS® advocates for policies that increase access to the American Dream of homeownership by promoting growth, attracting new jobs and talent, and encouraging positive community development. Kentucky REALTORS® serves as the voice and the champion of its 11,800 members that live, work, and invest in every corner of the Commonwealth. Throughout this legislative session, Kentucky REALTORS® Quick Response Team (QRT) was hard at work deliberating on which bills KYR should get involved with during this session. Overall, the QRT voted to support 12 pieces of legislation that the QRT felt advanced KYR’s Legislative Priorities: Protect the Real Estate Profession, Growth and Economic Prosperity, Tax Reform, Community Development.
• Protect the Real Estate Profession KYR will work with the new administration and legislators to ensure the highest level of consumer protection, education standards, and professionalism among licensees. Also, KYR fights to eliminate regulations that affect housing affordability and burden small businesses and independent contractors in real estate professions.
• Growth and Economic Prosperity Kentucky REALTORS ® supports legislative efforts that promote economic development initiatives that bring new jobs to Kentucky. Additionally, KYR supports market-driven approaches that foster a wide-range of urban, suburban, and rural housing choices.
• Tax Reform Opposing Sales Tax on Services has been a mainstay on our legislative priorities – and will continue to be. It is important that undue burdens not be placed on homeowners and other consumers of real estate services. We work tirelessly to prevent legislation that would prevent a negative effect on the affordability of real estate.
• Community Development Many families in Kentucky have been affected by the opioid epidemic. We want to encourage and support legislative efforts that help combat the opioid abuse epidemic here in Kentucky. Supporting the expanded access to fast and reliable internet services across the Commonwealth is another top priority.
LEGISLATIVE ALERT The recent spike in COVID-19 cases has prompted Governor Andy Beshear to issue executive order 2020969. Real estate retains its status as an essential business, however new guidelines released by the Kentucky Real Estate Commission outlines certain restrictions and precautions that real estate agents should observe. To view these guidelines and access the latest industry related information as a pertains to the pandemic, visit kyrealtors.com/COVID
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Budget and (supported) Bills: Yes, 2020 was a budget year or “long session” that was cut short by COVID-19. The Kentucky General Assembly is required by the State Constitution to pass a balanced biennial budget every other year. These budgets set the maximum sum of public funds that state agencies can spend during a given fiscal year. In Kentucky, the fiscal year begins on July 1 and ends the following June 30. There are two separate categories for the budget: the operating budget and the capital budget. The operating budget provides funding for the everyday programs and services of the Kentucky state government, and the capital budget provides financing for expenditures tied to the expansion rather than day-to-day operations. Here are a few of the supported bills the Legislative Quick Response Team voted to support during the 2020 Legislative Session:
SB 11 (Schickel, J) Rental Property Criminal Damage:
This bill will provide rental property owners the ability to pursue legal action against tenants who purposefully deface, destroy, or damage residential rental property. Currently, property owners have no recourse to pursue criminal charges against tenants who damage rental property.
HB 98 (Massey, C) Attorney’s Fees:
This bill would all a court award to include attorney’s fees if a certificate of occupancy has not been issued.
HB 308 (Webber, R) Selling Farmers Tax Credit:
This legislation would allow for a farmer that is selling is property to apply for a farmer’s tax credit. In many instances around the state, a new farmer has access to capital, but no access to farmland to purchase. This would bill would give current farmers an incentive to sell to prospective farms.
HB 345 (Huff, T) Land Surveyors:
This bill would require land surveyors to carry errors and omissions insurance. Additionally, this bill would require the Kentucky Board of Engineers and Land Surveyors to make insurance available under a group policy, but allow land surveyors to obtain insurance independently.
HB 367 (McCoy, C) Fees for Services Provided by Elected Officials:
This important bill would establish that a statutory fee amount for services performed by elected officials or their offices be considered the maximum fee amount. Additionally, this bill would allow the elected official to charge a lower fee amount when the maximum fee amount is not necessary for funding purposes.
HB 371 (Bridges, R) Tax Credits:
This bill would establish the nonrefundable Kentucky affordable housing credit by allowing the credit to be applied to the income and insurance taxes, in an amount equal to the amount of the federal lowincome housing tax credit.
HCR 124 (Bridges, R) Property Valuation Administrator’s Office Task Force:
This Resolution would create the Property Valuation Administrator’s Office Task Force to study the operations and funding of the property valuation administrator’s offices and the property valuation administrator’s job requirements, property valuation methods, and timeframe in relation to the ad valorem tax process. Additionally, the QRT voted to oppose 4 bills and monitor 34 bills this legislative session.
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EDUCATION Kentucky REALTOR® Institute Prelicensing Program
Graduate Realtor Institute (GRI) Designation
www.kyrealtorinstitute.com > Pre-licensing
www.kyrealtorinstitute.com > GRI
In order to meet the needs of today’s student, KRI is offering the entire 96-hour pre-licensing program online. This newly revised course is available 24/7 and can be taken at your own pace. All the materials and resources needed to get started in real estate are included in the $679 price
Online Courses www.kyrealtorinstitute.com > Courses > Online Education KRI offers a wide selection of online education, with both local and national instructors. You will find courses covering both law and elective CE, PLE Hours, and Ethics. The newer courses are video-based putting the instructor right in front of you – it’s just like being face to face. Courses are available to you 24/7 and can be taken at your pace – all you need is a computer and internet access. The deadline for receiving credit is December 31 so sign up now and complete before the end of the year!
REALTOR® Code of Ethics NAR's Board of Directors approved a change to the Code of Ethics training requirement, extending it from every two years to every three years. This extends the current cycle deadline from Dec. 31, 2020, to Dec. 31, 2021. REALTORS® are required to complete ethics training of not less than 2 hours, 30 minutes of instructional time. The training must meet specific learning objectives and criteria established by the National Association of REALTORS®. View all courses below. Training may be completed through local REALTOR® associations or through another method, such as home study, correspondence, classroom courses, or online courses. Additionally, KRI offers multiple online courses that can satisfy your CE, as well as your Code of Ethics requirement.
Post-Licensing Education (PLE) www.kyrealtorinstitute.com > Post-License Post-licensing Education (PLE) law went into effect on January 1, 2016, which requires all new licensees to take 48 hours of approved PLE courses within two years of license activation. KRI has you covered as all 6 GRI courses (GRI 100-600) satisfy the 48 hours of PLE requirements and can be taken in classroom or live webinar. KRI also offers a variety of traditional online PLE courses, including our very popular 48 Hour Online PLE Packages. Our PLE packages offer a variety of courses for different types of learning styles. Keeping you on your toes!
The GRI program has been redesigned to meet the needs of today’s real estate professional including one-day courses and a full year’s worth of CE per course. The courses also count for broker and PLE credit. With GRI, you can build your business and expand your knowledge through courses that offer specific training in key areas of real estate. And, you will increase your network of real estate professionals that can assist in generating leads and referrals from across the state. Get started now on the most popular national designation in real estate. GRI is available in the classroom and live webinar.
2019 GRI Recipients: Valerie Threlkeld Angela Yearry Steven Briner Kane Johnston Dawn Long Noemi Bonham Joan Theiss Nancy Becker Tammy Pulley Michelle Wiesman Kathy Crowe Lisa Williams Jennifer Todd
Marilyn Brown Jerry Dempsey Keith Cooper Adam Gullett Mary Ann Anderson Jennifer Stallings Diane Wagers Missy Brown Rebecca Snyder Scott Edberg Tara Dixon Bertie Shea Kathleen Walls
Karen Gross Jacob Mercier Epp Walls Dustin Gilbert Drew Martin Jason Bellamy Melanie Scott Jones Cullen Wainscott Catherine Corbett Kenny Cravens Renee South James Johnson Teresa Perkins
KRI Scholarships Recipients! www.kyrealtorinstitute.com > Scholarships The KRI Trustees award scholarships on an annual basis as a way to meet its mission – to enhance real estate professionalism and knowledge by providing quality educational services and programs for the real estate industry and the public. KRI makes scholarships available to members who want to obtain the GRI designation, as well as provide scholarships to Kentucky residents who wish to pursue a career in real estate. Scholarship winners for 2020 were:
GRI Scholarship Winners Kim Whalen John Kopperud
Jen Swendiman Charles Robert Hammonds
Pre-License Scholarship Winners
Kentucky License Law Manual Order Your Copy Today
16 | kyrealtors.com
bit.ly/krilawbook
Ashley Himes Jeremy Slone
Leslie Banados Valerie Lynne Curry
College Scholarship Winners Alicia Soldat
Mediation Scholarship Winners
REMINDER
www.kyrealtors.com > professional-standards-scholarships KRI is pleased to announce the 2020 recipients of the Mediation Scholarships are Pam Featherstone, a member of the THE HEART OF KENTUCKY ASSOCIATION OF REALTORS®, and Susannah Stevenson, a member of THE GREATER LOUISVILLE ASSOCIATION OF REALTORS®. They were selected to attending the NAR Mediator/Mediation Training in Chicago, IL. As part of the scholarship, each winner receives up to $2,100 to cover expenses. Given the ongoing health and safety concerns related to the COVID-19 pandemic, the planned September 9-11, 2020 Mediator/Mediation in-person training in Chicago will not be held. NAR plans to announce the rescheduled dates in November during the all-virtual 2020 REALTORS® Conference & Expo, and will open registration for the training on nar.realtor in mid-January, 2021
Former Madison County Board members are eligible for GRI course reimbursement. As part of the dissolution agreement, funds are available on a first-come first served basis for GRI course rebates. Any former Madison County association member that has not yet earned the GRI designation is eligible. Email kri@kyrealtors.com to begin the process.
New & Upcoming NEW
Post-licensing
Ohio Reciprocity Course (Online)
COMING SOON Fundamentals of Real Estate Appraisal (Online) Property Management (Online) Real Estate Safety & Beyond Certification Program Day 1 & Day 2 (Online) Online CE Packages (Online)
CURRENT OFFERINGS Pre-licensing (Online)
96 Hour Program (NEW: Fully Revamped w/NewRegulations)
Broker Education (Online)
Broker Management (48 Broker Hours) - NEW Essentials of Finance (48 Broker Hours) - NEW Commercial & Investment (20 Broker Hours) - NEW Principles of Home Inspection (96 Broker Hours) - NOW 96 HOURS NAR Designation Courses
Available with GRI 100-600 Classroom Education Live Webinars Online Education & 48 Hour PLE Packages KREC Compliance - Newly Updated
Continuing Education & Ethics Available with GRI 100-600 Live Webinars Classroom Education Online Education Kentucky CORE Online - NEW
Professional Standards
Professional Standards Training - Classroom Mediator & Ombudsman Training - Classroom/Webinar
The Graduate Realtor Institute Designation (GRI)
Available in Classrooms Throughout Kentucky Webinar Classes
Check out our calendar on the KRI website to find what classes are available.
The Kentucky REALTOR® Institute is licensed by the Kentucky Commission on Proprietary Education. SPRING 2020 | Kentucky REALTORS® | 17
5
reasons why every real estate agent should embrace podcasting
And some reasons why you should look into advertising on a podcast
R
eal estate agents are always looking for that competitive edge, that unique way to stand out and be found, known, and remembered in their local market. But how?
No doubt, podcasts are hot right now. It seems like everyone and their dog has a podcast. Hell, some of those dogs actually do have their own show! New podcasts launch every day. Stats show that now more than half of the U.S. population listen, or have listened, to podcasts. Furthermore, the vast majority of those listeners listen to more than one podcast, and an overwhelming majority listen to each episode of their favorite shows. So it’s safe to say that podcasting is hot.
While there are many great ways to dominate the mindshare in your local market, today I believe that podcasting very well could be the best, most powerful, and easiest to start. Do not underestimate the power of being the host of a show in your town.
But what if I told you there were still less than 1 million podcasts total? On Apple Podcasts 800,000 podcasts total? That’s right. As much as it feels like podcasts are everywhere, and everyone has one, there are still a shockingly low number of podcasts.
18 | kyrealtors.com
This is fantastic news for real estate agents, especially at a local level. I don’t care which city or market you live in, there aren’t hundreds of podcasts that serve your community. Maybe a few? Maybe a few dozen even in bigger cities? When I launched the Massive Agent Podcast in January 2018, I had no idea what it would lead to, how life-changing it would be and how many doors would open along the way. We just published episode 113 yesterday, and we’ll hit 200,000 downloads within the next two weeks. I can honestly say that of all the things I’ve done in my career, nothing has been more powerful or “performed better” than my podcast. The Massive Agent Podcast is for real estate agents and loan officers, anywhere in the world. It’s not even a local show! But I’ve absolutely sold more homes in Salt Lake City because of it. So imagine the power of your own local podcast, with all the focus on one geographical area. There’s some real opportunity to grab big chunks of market share for local podcasts. Because of the very low barrier to entry for starting a podcast and the power of voice, podcasting very well could be “the thing” you’ve been looking for. Here are just a few benefits of podcasting for real estate agents: 1. Local celebrity: Podcast hosts build a ton of influence and credibility in the community over time. The same way local news anchors or local radio show hosts are seen as local celebrities, podcast hosts can be too. Hosting your own show is one of the quickest ways to build credibility in the eyes of others. 2. Referrals from other agents: when you become known as the local real estate expert in your market, it’s not just consumers who notice. Other agents do too, inside and outside your market. Podcasts often show up in Google search results, so agents in other markets can find you and send deals your way. That credibility you built as a show host isn’t just consumers. 3. Networking: If you interview guests for your podcast (which you absolutely should!), you’re growing your network with each new guest. Especially when interviewing more prominent, well-known community leaders. Once you’ve done a bunch of interviews, you naturally become one of those prominent local leaders. Let’s call it, “guilt by association” in the most awesome way possible. Now you are the one that influential, prominent local people come to. 4. Extra Income: If you want to create new revenue streams, you can directly monetize your podcast. Like any other popular podcast you listen to, you can have sponsors of your show too. A vendor can sponsor the whole podcast, or sponsor individual episodes. I’ve done it both ways for my podcast (Shameless plug alert: I’m actually looking for a new sponsor or two, so holler if you know anyone wanting to get in front of real estate agents). Podcast advertising is actually one of the most effective forms of advertising these days. Think about it, you have
an audience that mostly listens to every episode, and they listen to 75% or so of each episode. They obviously trust or respect the host. So when the host recommends and/or endorses a product or service, most within that audience are much more receptive to that product, brand or service than if they just saw a random Facebook Ad or tv commercial. If you choose your sponsors wisely, they become partners that will help to promote the show. Often, just having a sponsor gives your show more credibility in the eyes of some. 5. Advertise on other podcasts: Real estate agents should absolutely sponsor other local podcasts in their markets! You can usually sponsor an episode for as little as $50$250, and that reaches thousands of people in the exact area you want to be known in. Even larger shows with large audiences can still be a great value to advertise with. When you break down the cost of each impression (or listen), it’s cheap! For example, if you’re paying $250 to sponsor an episode that will get on average, say 2,000 listens, that comes out to only 12¢ per listener! This is amazing considering that most listeners listen to an average of 65-75% of each and every episode! One final tip though about advertising on other podcasts: You have to give it time. Don’t even think about ROI right now. This is branding, not direct conversion or sales. Don’t expect to sponsor one or two episodes and close three listing transactions from them. The “ROI” doesn’t work like that with podcast advertising, although you can absolutely get some direct conversion if you’re doing smart calls to action. I recommend sponsoring a podcast consistently for a minimum of three months, otherwise, you’re not giving it enough time to work. But when it works, boy does it pay off. Just ask Zip Recruiter, Squarespace, Wix, Audible or any of the countless companies that built their brand off podcast advertising. If it works for them, it can absolutely work you and your real estate business. Just make sure the podcast is a good fit, that they actually have some influence, and then commit to doing it long enough for it to pay off. As I said earlier, podcasting has absolutely changed my life and my career in more ways than I can count. It’s inexpensive and fairly simple to do once you learn a few things in the beginning. It just takes the dedication to learn something new and the stubbornness to do it long enough to be successful. As with anything, if you commit to doing it consistently every single week, and improve every time you do a new episode, eventually you become a master.
Content provided by HousingWire Dustin Brohm, Columnist To learn more, visit www.housingwire.com Kentucky REALTORS® | 19
RECIPROCITY WITH OHIO
A
bout ten years ago, at the recommendation of the Association of Real Estate License Law Officials (ARELLO), Kentucky switched from real estate license reciprocity to license recognition. None of Kentucky’s bordering states followed suit, creating a condition where Kentucky’s real estate licensees were disadvantaged in that they were no longer able to reciprocate with those other states. To do business in the other states, Kentucky licensees had to complete the full education course requirements specified by those other states in order to obtain a license in those states. On March 2nd of this year, the licensing entities in Ohio and Kentucky formalized a reciprocity agreement. Working hand-in-hand with the Northern Kentucky Association of Realtors®, their President Mike Spicer and C.E.O, Janie Wilson where the problem has been most acutely felt, the Kentucky REALTORS® made the case to the Kentucky Real Estate Commission to work with Ohio to create a cooperative agreement. The Commission was proactive and found Ohio favorable to working out such an agreement. A license reciprocity agreement means that the holder of a real estate license in one state can fast track the process of getting a license in another state, often bypassing the prelicense requirements and moving straight to the licensing exam. Licensing law may vary from state to state and the reciprocal state may require additional law classes to ensure real estate licensees become familiar with its local issues, but those education requirements may not exceed 40 hours. NKAR 2020 President Mike Spicer thinks this agreement is a game changer for the agents in the Northern Kentucky market in particular. “This now makes acquiring an Ohio license less burdensome and allows REALTORS® to focus on their clients, customers, and their business as a whole.” In the past, the barrier was far greater for Kentucky real estate agents to practice in Ohio, while their Ohio counterparts had a much easier path. This had the effect of creating a competitive disadvantage for Northern Kentucky REALTORS®. NKAR C.E.O. Janie Wilson is relieved this issue has finally been corrected. “This particular issue was one that I heard from REALTORS® about on a monthly basis”, she said. “This is a much-needed change and certainly lessens the burden dramatically for our members who want to obtain an Ohio license.” KYR President Lester Sanders and the association’s leaders give high praise to the focus and relatively quick work put onto this issue by the KREC. “We applaud the diligent work 20 | kyrealtors.com
of the Commission to bring this issue full circle in a very short amount of time”, he said. “That’s government efficiency and what the private sector appreciates most out of its state agencies.” Since the announcement of the KREC and Ohio Department’s actions, CEO Steve Stevens has received contact from two other states hoping to follow the same path. “I’m excited to see the interest”, he said. “I know that KREC will help us bring about more cooperation with neighboring states that will create even more opportunity for our Kentucky REALTORS®”.
CEO'S MESSAGE
REALTORS® Stay Focused and Resilient Even in Challenging Times….
R
she walked me through a nice home that EALTORS® have shown had caught our eye using Skype and she amazing adaptability showed and talked me through every and perseverance in room. Her comment was “this home meets 90% of your criteria and if we like the midst of the pandemic. this home, I’ll need to purchase it TODAY Frankly, you had to do because it will be gone tomorrow!” it. Whether dictated by Well, I liked the home and location a lot, trusted her and our REALTOR Linda governmental order, public STEVE STEVENS, CCE, IOM Moore. We made an offer that day and policy or just your own drive CEO – KENTUCKY REALTORS the transaction went very smoothly. We to keep your business going, did the whole transaction without me ever stepping foot in the house until we traveled back you found ways to protect from the West and were preparing to move in. I had yourself and others, reassure potential purchased a house without ever physically seeing it for buyers and sellers through new methods the first time in 32 years of marriage and it didn’t hurt and practices that they can still do a real at all! estate transaction safely. For those of you The challenge of the pandemic has not been viewed who adapted and stuck with it, there have entirely as a negative by REALTORS®. To the contrary, in many cases what we are now experiencing has been been the rewards of real estate activity a tremendous opportunity to step back and look at all that is again rivaling some of our best of the ways in which we do business, make necessary markets in the past couple of years. adjustments to our circumstances and achieve notable The virtual world was always here for real estate and helping folks buy and sell real estate the way you are doing now could have been done for years. The reason it hasn’t is that real estate has been traditionally a bellyto-belly “people business” and most REALTORS® simply enjoy the face-to-face interaction they have with clients. When we returned to Kentucky after I was hired for this position more than four and half years ago, my own experience buying a home was all virtual. After my wife and I planned a trip here to look at a list of properties, I could not come with her to see them with our REALTOR®. The market in Central Kentucky had heated up and houses were literally “flying off the shelves”. Within the three to four days after choosing a dozen or more homes and travelling here to see them, Marilyn found upon arriving that almost half of these properties had already come under pending contracts! Luckily,
improvements. Many of the changes in business practices we’ve seen take place will assuredly last long after the pandemic is over. We will see real estate professionals working smarter, safer and with new perspectives on the real estate business. Throughout the past year we have offered virtual Town Halls for our members to hear best practices, staying focused on their businesses and keeping themselves healthy. We will work to continue to be the resource members need to support their business. The business of real estate was deemed “essential” at the start of the pandemic and our members never stopped working – it always was essential and always will be. As businesses, our members were not only “survivors” during these challenges, but in many cases they have been “thrivers”, succeeding when so many other types of businesses failed.
Kentucky REALTORS® | 21
HOUSING STATS
Despite the Pandemic, Kentucky’s Real Estate Market is Shattering Records Sales volume was also up for the fourth consecutive month. A 33% surge saw that figure top out at $1.22 billion (up from $914 million in September 2019). 2020 Year-to-date sales volume at the end of the third quarter stands at $9 billion. Last year’s volume through Q3 was $7.9 billion.
Home sales were up for the fourth consecutive month in September. The market continued its high-performance recovery from the COVID-19 slump, reaching 5,202 units. This was up 16% over September 2019 (4,489). Year-to-date sales are once again in record territory as they now stand at 41,083 up over 6% from last year’s mark. The median sale price of homes in Kentucky dipped only slightly in September, holding at $199,000. This is up from $175,000 in September 2019. The statewide average home price was up nearly 15% at $233,836. “These higher home prices continue to be mitigated by record-low interest rates”, said Lester T. Sanders, President of Kentucky REALTORS®. “However, I’m afraid we may be at the ceiling for that relief. Those that are able to Closed Sales thru Q3 January February March April borrow are definitely2019 going to encounter a market with higher 2661 3108 4048 prices and more competition. Furthermore, diminishing housing 2020 3153 3384 4194 affordability could cause others to encounter a more difficult Closed Sales thru Q3 April market to enter.” 2019 January 2661 February 3108 March 4048 2020
3153
3384
4194
The elevated sales activity means the number of homes available on the market remains at critically low levels. At the current pace, it would take just 1.8 months to sell all of the homes on the market right now. September of last year saw that number at 3.9 months. The pending sales figure of 8,672 bears this out as that figure is up 33% over last year’s level. The V-shaped dip in the numbers reflect the effect of the May July August September pandemic on the June housing market. An essential service like real estate 4281 5051 4809 5219 5122 4489 was expected3894 to recovery, though nobody5997 really knew what 3748 5436 5475 that 5202 bounce-back might look like. We are now experiencing a recovery May has some REALTORS® June July August September that churning through their best year yet!
4281 3748
5051 3894
4809 5436
5219 5997
5122 5475
4489 5202
Closed Sales through Q3(2019 vs. 2020) 6000
4000
2000
0
January
1500000000
February March May May June July August August September September January February March April April June July 2019 ($ 510,883,389) ($ 579,739,827) ($ 773,947,245) ($ 839,050,739) ($ 1,045,554,585) ($ 1,045,303,660) $1,113,064,059) ($ 1,075,830,523) ($ 913,992,671) ($ 2019 2020 2020 ($ 620,658,454) ($ 667,465,855) ($ 884,674,559) ($ 795,929,140) ($ 837,936,625) ($ 1,218,721,865) $1,385,381,398) ($ 1,293,023,324) ($ 1,216,413,296) ($
January February March April throughMay July August September Sales Volume Q3(2019 vs. June 2020) 2019 ($ 510,883,389) ($ 579,739,827) ($ 773,947,245) ($ 839,050,739) ($ 1,045,554,585) ($ 1,045,303,660) $1,113,064,059) ($ 1,075,830,523) ($ 913,992,671) ($ 2020 ($ 620,658,454) ($ 667,465,855) ($ 884,674,559) ($ 795,929,140) ($ 837,936,625) ($ 1,218,721,865) $1,385,381,398) ($ 1,293,023,324) ($ 1,216,413,296) ($
1000000000
500000000
0
January
February
March
April
May 2019
22 | kyrealtors.com
2020
June
July
August
September
7,8 8,9
7,897,3 8,920,2
CALENDAR
KYR Meetings Update The COVID-19 pandemic has caused many organizations to revisit, re-plan, and modify the way that they have come together to get business done in 2020. Kentucky realtors is no different. We wanted to take a minute to update you on what has happened this year and what the plan for the near future is in 2021. The summer meeting which was to be held in Pikeville during July was almost completely cancelled. The only meetings which took place were the committee meetings that were already scheduled to happen. These were conducted via Zoom and are archived and available to watch at kyrealtors.com/members/ committees-0. KYR staff and leadership are constantly monitoring pandemic infection rates, hotel requirements, and cost impact to determine whether scheduled meetings should be modified or cancelled. The Leadership meeting scheduled for Dec. 7-9 became a virtual event. In 2021, the current meeting schedule includes the following:
Legislative Meeting
Embassy Suites (Lexington, KY) February
Summer Retreat
Lake Barkley State Resort Park June 14-18, 2021
Annual Convention
Northern Kentucky Convention Center/Cincinnati Marriott at RiverCenter (Covington, KY) September 27-30, 2021
Leadership Meeting Lexington, KY TBD
At this time, these meetings will be evaluated on a case-bycase basis to decide whether or not it is in the best interest of KYR staff and membership to hold the meetings in-person as planned, on a limited capacity basis, in a virtual setting, or to cancel them completely. It is our mission to serve our membership as best we can, and that means keeping connected and focusing the membership on our shared goals. As necessary, we will make changes to the way we accomplish that mission. As always, we appreciate your understanding as we navigate these unpredictable waters!
Kentucky REALTORSÂŽ | 23
AN AFFORDABLE ACA QUALIFIED AND ERISA COMPLIANT HEALTH PLAN SOLUTION
SERVICE - FLEXIBLITY - INTEGRITY A MESSAGE FROM THE PRESIDENT OF KENTUCKY REALTORS® Kentucky REALTOR® Family, It’s with great pleasure that I share with you this new healthcare option presented by Kentucky REALTORS® and the Small Business Agency Cooperative (SB/A CoOp). KYR has been searching for several years for a health insurance solution that would be a great fit for our members. This option is the culmination of the work of many leaders serving your state association. I am grateful for their foresight and leadership on this issue. As you know, REALTORS® represent a large segment of independent contractors that struggle with obtaining affordable healthcare coverage – for both themselves and their families. KYR made a commitment to finding solutions. This self-funded plan is a solid and affordable option that offers several levels of basic coverage and can also protect you from unforeseen catastrophic medical expenses. We want you to be able to serve your industry and the citizens of Kentucky with the peace of mind that this important detail has been planned for and is in place for you and your family. Sincerely, Lester T. Sanders
CONTACT To learn more about the Co-Op, PHCS Network, Serve2U Pharmacy, or Plan Compliance contact
844-KYR-REAL
24 | kyrealtors.com KYR Ad.indd 1
SB/A FREEDOM PLANS An Affordable Health Care Coverage Program saving 35% or more over traditional insurance plans. SB/A Freedom Plans are 1st dollar coverage and do not have deductibles. Maximizing savings and providing cutting-edge solutions to help you effectively manage your health care costs. The SB/A CoOp is a Non-Profit “Agency” Cooperative Corporation that does not buy or sell products or services but acts as the “Legal Collective Agent” of all the Cooperative Members to facilitate advantageous contractual relationships for and between the members.
9/10/20 12:09 PM
OUR ACA QUALIFIED AND ERISA COMPLIANT HEALTH PLANS Healthcare Plan Options
FOR QUESTIONS REGARDING YOUR PLAN OPTIONS AND SPECIFIC INSURANCE COVERAGE CALL 844-KYR-REAL OR VISIT WWW.1ENROLLMENT.COM/KENTUCKYREALTORS
KYR Ad.indd 2
Kentucky REALTORS® | 25 9/10/20 12:09 PM
BY THE NUMBERS
KYR Legal Hotline a substitute for consultation with your own attorney.
The KYR Legal Hotline is designed for members (brokers and/ or broker designees) to have direct access to a qualified attorney who can provide information on real estate law and related matters. Further, the program is intended to provide legal preventative maintenance to all KYR members and, through them, the public they serve.
Access to the Hotline is open to KYR member brokers and/or broker designees. Individual agents of brokerages will need to submit questions through their broker. Questions to the Hotline are submitted electronically in writing through the KYR website. The attorney will call you to discuss the issue, usually within 24 hours.
The KYR Legal Hotline is offered through the law offices of Vaughn & Smith, PLLC. It is not intended to replace your own legal counsel. It is intended to provide member brokers and/or their designee access to a qualified attorney who can provide information on real estate matters. This service is not
Legal Hotline By The Numbers
Questions can be submitted at https://kyrealtors.com/legalhotline-request. 1/1/2015-11/3/20
Total Cases 2015-Present: 896
Rejected: 62 Five Year Reject Rate: 6%
Net Total Cases: 834
Total 2020: 185
Rejected: 40
Net: 145
Total 2019: 128
Rejected: 7
Net: 121
Total 2018: 174
Rejected: 6
Net: 168
Total 2017: 143
Rejected: 2
Net: 141
Total 2016: 166
Rejected: 4
Net: 162
Total 2015: 100
Rejected: 3
Net: 97
2020 Response Times
Most Commonly Asked Subjects
Average Cases Submitted per Day: 1.58 Average Acceptance Time: 2 hours Average Attorney Response Time: 7 hours Average Total Processing Time: 5 days
Contracts Commissions Earnest Money Disclosures
Legal Hotline Video Series Videos by Jason Vaughn, KYR Legal Counsel, which focus on a legal topic submitted by a Broker. 1. 2. 3. 4. 5.
Introduction to the Legal Hotline Escalation Clauses Trimming trees growing over your property What should you say when your client asks for legal advice? Six documents you should have before your client signs a contract with a builder 6. How one sentence can potentially save a client from being sued over a repair request 7. When a seller refuses to sign the Seller Disclosure Form 8. Three types of fraud to know about in real estate transactions 9. How does Kentucky law deal with "risk of loss"? 10. How does a written request of affirmation of offer submission work? 11. What a contract release does and what you should know about it. 26 | kyrealtors.com
Broker/Salesperson Listing Contract
STAY CONNECTED KYR's public facing platforms promote industry news and information. Follow us there to share content and stay in the know! Kentucky REALTORS® - facebook.com/kentuckyrealtors Kentucky REALTOR® Institute - facebook.com/krinews Twitter - @kyrealtors LinkedIn - kentuckyrealtors YouTube – kentuckyrealtors (training videos, playlists, virtual town halls, guest speakers, MORE!)
Our closed facebook groups will help you stay connected! Easily find our virtual town hall events, facebook live streams, and association announcements. Kentucky REALTORS® facebook.com/groups/kyrealtors YPN Group (open to all REALTORS®) facebook.com/groups/kentuckyrealtorsypn
Stay connected with important industry information, survey results, housing data, and association news! Kentucky REALTORS® | 27
Your KYR Health Plan Option is now available A health plan option designed just for Kentucky REALTORSÂŽ is up and running. A variety of coverages and pricing plans are available. The KYR SBA Freedom Plan is an Affordable Health Care Coverage Program saving 35% or more over traditional insurance plans. SB/A Freedom Plans are 1st dollar coverage and do not have deductibles. See the ad/summary on pages 24-25. Open enrollment lasts through December 25th.
