Salt Lake Realtor – September 2016

Salt Lake

REALTOR

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September 2016

Affiliates Invest in RPAC p. 28

Disrupt or Be Disrupted p. 14 Using Snapchat for Your Business p. 24

CLOSE ON CITY CREEK LIVING AND CLOSE IN ON AN IPAD PRO. City Creek Living offers an unparalleled living experience. Beautifully designed spaces, stunning views, world-class shopping and fine dining all await your clients. And for you? City Creek Living is giving an $800 12.9-inch iPad Pro* and a $100 City Creek gift card to RealtorsÂŽ whose clients go under contract between September 1 and December 31, 2016. So start showing your clients the magic of City Creek Living today.

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SALES CENTER 99 West South Temple, Suite 100.

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Saturdays & evenings by appointment

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*Awarded in the form of an Apple gift card

Coalville

Park City

Windermere is proud to announce our new Layton Office IT’S ABOUT RELATIONSHIPS In 1972, Windermere set out to change the real estate industry by putting relationships before sales quotas, with an emphasis on service to our clients and our community.

While the real estate industry has changed substantially over the years, our core values of relationships, community, collaboration, and professionalism have remained central to how we do business, and will continue to do so for years to come.

Windermere Utah is proud to announce the opening of our newest office in Layton! We are thrilled to welcome Mark Shepherd as Branch Broker and his agents to Windermere. Located at: 2244 North University Park Blvd, Layton UT 84041.

W I N D E R M E R E . CO M S U G A R H O U S E | U N I O N P A R K | L AY T O N P A R K C I T Y | C O A LV I L L E For more information, contact Grady Kohler, our Principal Broker, at 801.815.4663

Parade of Homes preview draws hundreds of Realtors®

Table of Contents

p. 12

12 Parade of Homes Party

Features 14 Disrupt or Be Disrupted

Victor Franz Paul Weber

20 Hardware Floor Refinishes and

Insulation Upgrades Yield Biggest Financial Results on House Resale National Association of Realtors®

24 How to Use Snapchat for Your Business

Meghan Brozanic Columns 7 Gold Medal Service …

and Then Some!

Cheryl Acker – President’s Message

Departments 8 Happenings 8 In the News 26 Housing Watch 28 Realtor® Connections 28 On the Move

On the Cover: Photo: Dave Anderton Photo left: Dave Anderton

This Magazine is Self-Supporting Salt Lake Realtor® Magazine is self-supporting.

The advertisers in this magazine pay for all production and distribution costs. Help support this magazine by advertising. For advertising rates, please contact Mills Publishing at 801.467.9419.

The paper used in Salt Lake Realtor® Magazine comes from trees in managed timberlands.

These trees are planted and grown specifically to make paper and do not come from parks or wilderness areas. In addition, a portion of this magazine is printed from recycled paper.

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September 2016 volume 76 number 9 The Salt Lake REALTOR® (ISSN 2153 2141) is published monthly by Mills Publishing, located at 772 E. 3300 South, Suite 200 Salt Lake City, Utah 84106. Periodicals Postage Paid at Salt Lake City, UT. POSTMASTER: Send address changes to: The Salt Lake REALTOR,® 772 E. 3300 South, Suite 200 Salt Lake City, Utah 84106-4618.

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The Darla

TOUR OUR NEW COMMUNITIES OPENING ALONG THE WASATCH FRONT!

Richmond American offers Salt Lake area buyers a variety of inspired ranch and two-story floor plans, plus a wealth of ways to personalize. Bring your clients by any of our Sales Centers for a tour today.

SALT LAKE COUNTY ROYAL FARMS IN RIVERTON From the low $400s Approx. 1,950 – 5,550 sq. ft.

3 to 7 bedrooms

THREE FORKS IN WEST JORDAN From the low $300s Approx. 1,650 – 4,550 sq. ft.

3 to 6 bedrooms

THE MAPLES AT HOMESTEAD IN VINEYARD From the upper $200s Approx. 1,350 – 3,550 sq. ft.

3 to 7 bedrooms

UTAH COUNTY

TOOELE COUNTY

ANTHEM ACADIA PARK IN HERRIMAN From the upper $200s Approx. 1,500 – 4,200 sq. ft.

3 to 7 bedrooms

FOX HOLLOW IN SARATOGA SPRINGS From the upper $200s Approx. 1,650 – 4,050 sq. ft.

3 to 7 bedrooms

PICKET LANE IN STANSBURY PARK From the mid $200s Approx. 1,350 – 4,400 sq. ft.

3 to 7 bedrooms

ANTHEM ARCHES PARK IN HERRIMAN From the low $300s Approx. 1,500 – 4,200 sq. ft.

3 to 7 bedrooms

IRONWOOD IN SARATOGA SPRINGS Now selling—from the mid $300s Approx. 1,950 – 5,450 sq. ft.

3 to 7 bedrooms

ANTHEM YUKON PARK IN HERRIMAN From the upper $300s Approx. 2,250 – 4,950 sq. ft.

3 to 6 bedrooms

NEWMAN RANCH IN LEHI Now selling—from the low $300s Approx. 1,650 – 4,400 sq. ft.

3 to 7 bedrooms

For more information, visit RichmondAmerican.com or call 801-545-5165.

Prices, specifications and availability are subject to change without notice. Square footage is approximate. Actual homes as constructed may not contain the features and layouts depicted and may vary from image(s). Dates and times are subject to change without notice. ©2016 Richmond American Homes, Richmond American Homes of Utah, Inc. (866-400-4131).

Salt Lake

REALTOR

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President Cheryl Acker Utah Key Real Estate

Directors

First Vice President Troy Peterson Equity Real Estate Second Vice President Adam Kirkham Summit Sotheby’s International Treasurer Jared Booth CBC Intermountain Past President Dave Robison goBE Realty CEO Curtis A. Bullock

M. Brock Andersen Berkshire Hathaway J. Scott Colemere Colemere Realty Associates Kimberly Farber-Bowen Equity Real Estate Kevin Larsen Coldwell Banker Residential Mike Morgan Realtypath Jodie Osofsky Select Group Realty Steve A. Perry Realtypath Scott Robbins Coldwell Banker Residential Michael Rowe Berkshire Hathaway Randal Smith Equity Real Estate Matthew Ulrich Ulrich Realtors®

Advertising information may be obtained by calling (801) 467-9419 or by visiting www.millspub.com

Managing Editor Dave Anderton Publisher Mills Publishing, Inc. www.millspub.com President Dan Miller Art Director Jackie Medina Graphic Design Leslie Hanna Ken Magleby Patrick Witmer

Office Administrator Cynthia Bell Snow

Sales Staff Paula Bell Karen Malan Paul Nicholas

Administrative Assistant Ruth Gainey

Office Assistant Jessica Snow

Salt Lake Board: (801) 542-8840 e-mail: dave@saltlakeboard.com Web Site: www.slrealtors.com The Salt Lake Board of REALTORS® is pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support the affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.

The Salt Lake REALTOR® is the monthly magazine of the Salt Lake Board of REALTORS®. Opinions expressed by writers and persons quoted in articles are their own and do not necessarily reflect positions of the Salt Lake Board of REALTORS®.

Permission will be granted in most cases, upon written request, to reprint or reproduce articles and photographs in this issue, provided proper credit is given to The Salt Lake REALTOR®, as well as to any writers and photographers whose names appear with the articles and photographs.

While unsolicited original manuscripts and photographs related to the real estate profession are welcome, no payment is made for their use in the publication.

Views and opinions expressed in the editorial and advertising content of the The Salt Lake REALTOR® are not necessarily endorsed by the Salt Lake Board of REALTORS®. However, advertisers do make publication of this magazine possible, so consideration of products and services listed is greatly appreciated.

OFFICIAL PUBLICATION OF THE SALT LAKE BOARD OF REALTORS ® REALTOR® is a registered mark which identifies a professional in real estate who subscribes to a strict Code of Ethics as a member of the NATIONAL ASSOCIATION OF REALTORS®.

October 2005

Gold Medal Service … and Then Some!

I

n August, we were able to watch many athletes from around the world to compete for Gold Medals. I was impressed with their abilities, dedication and determination, team work and love of the events that they participated in.

In reading some of their stories and seeing their training schedule, I was impressed with their intensive training routines. Usian Bolt, works out six days a week which includes weight training, running, footwork and flexibility exercises. Michael Phelps swims an average of eight miles a day during his six hours of swimming. He begins at 6:30 a.m. with sets between 50 to 800 meters.

He practices the backstroke, butterfly and freestyle and individual medley. Simone Biles trains 32 hours a week over 6 days.

She focuses on basics and skills and breaks everything down to get perfect each part. She said, “I work on basics for about 15 minutes and then a combination of everything from skills to routines.”

I know real estate is not the Olympics, but we have many similarities. Practice, or as known in the real estate industry “role playing or prospecting using scripts,” helps perfect your skills and allows you to feel comfortable when working with clients and answering their many questions. Role playing and perfecting scripts are ways to gain confidence. I am not suggesting that you “practice” scripts for six hours a day. But, what if you brushed up on your skills for just 15 minutes a day . . . you improve and perfect your skills to give “gold medal” service to your clients.

The Olympic athletes are involved in their “event” and dedicated to always improving their own abilities. I could not picture Usian Bolt doing the butterfly stroke or Michael Phelps doing a balance beam routine. I have seen Realtors® try to do different aspects of real estate without the proper expertise or training (such as trying to represent a land developer as a newly licensed agent). Does our dedication to the real estate industry and the clients we serve show our knowledge or are we just going through the motions?

I challenge each of us to look at our skill sets and the service we provide to our clients and our peers and see if our “gold medal” performance can be improved. I love the picture posted on Facebook of Michael Phelps and Chad Le Clos. Michael was focused on the finish line and his own abilities. Le Clos was focused more on Michael. It’s important for each of us to focus on improving ourselves and our service. Each one of us is at a different place in our careers but I believe that there is always room for improvement. Be the best you can and that’s all that matters!

Remember, we are what we repeatedly do. If you develop good habits in fine tuning your skills, you will be able to swim harder and longer while the rest of the competition is drowning. Think of the habits as lifeguards on duty. If they are fit and ready when needed, they will help you out of the icy water to save your business.

Lastly, we know of the devastation in Louisiana. Some of our Realtors® are helping to gathering donations together and trying to help others with the losses in their communities. If you would like to make a difference in someone’s life to go volunteerlouisiana.gov. If you need more information, please contact Brandy Tilo, 801-709-4038.

Realtors® . . . and then some!

Cheryl Acker 2016 President September 2016 | Salt Lake Realtor ® | 7

Happenings

In the News Home Prices Rise; Affordability Declines

H

Alicia Holdaway

Mike Morgan

Mary Olsen

Three Realtors® Elected to Positions on Board of Directors

Congratulations to Alicia Holdaway, Mike Morgan, and Mary Olsen!

These three Realtors® received the most votes in the Board of Directors election and will each begin serving a four-year term starting on Jan. 1.

The Salt Lake Board of Realtors® thanks the six candidates who took the time to run this year. Nearly 20 percent of the association’s Realtors® and Brokers voted. The 16-member Board of Directors establishes the policy and direction of the association. The four-part mission of the Board is advocacy, communication, knowledge and service.

And the Winners Are…

Six Realtors® won free keyboxes and MLS dues after they each invested $15 or more to RPAC. Pictured: David Nguyen, left, Impact Realty; Carrie Browder, KW SLC; Adrienne Abbatiello, The Tollstrup Group; and Gissa Clayton, The Bringhurst Group. Not pictured: Tamra Rieper, KW SLC; and Justin Udy, Century 21 Everest Group. Invest $20 in RPAC today and receive a free Code of Ethics class (a $30 value). Go to www.slrealtors.com.

8 | Salt Lake Realtor ® | September 2016

ome prices maintained their robust, upward trajectory in a vast majority of metro areas during the second quarter, causing affordability to slightly decline despite mortgage rates hovering at lows not seen in over three years, according to the latest quarterly report by the National Association of Realtors®. The report also revealed that for the first time ever, a metro area – San Jose, California – had a median single-family home price above $1 million.

The median existing singlefamily home price increased in 83 percent of measured markets, with 148 out of 178 metropolitan statistical areas (MSAs) showing gains based on closed sales in the second quarter compared with the second quarter of 2015. Twenty-nine areas (16 percent) recorded lower median prices from a year earlier. Salt Lake City’s median home price in the second quarter increased to $276,900, up 5.7 percent from a year ago.

Lawrence Yun, NAR chief economist, said a faster pace of home sales amidst languishing inventory levels pushed home prices higher in most metro areas during the second quarter. “Steadily improving local job markets and mortgage rates teetering close to all-time lows brought buyers out in force in many large and middle-tier cities,” he said. “However, with homebuilding activity still failing to keep up with demand and not enough current homeowners putting their home up for sale, prices continued their strong ascent – and in many markets at a rate well above income growth.”

The national median existing single-family home price in the second quarter was $240,700, up 4.9 percent from the second quarter of 2015 ($229,400), which was previously the peak quarterly median sales price.

The median price during the first quarter of this year increased 6.1 percent from the first quarter of 2015.

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D.R. Horton Sells a New Home Every 14 Minutes Visit drhorton.com/utah for more information. *D.R. Horton is America’s #1 Homebuilder per Builder Magazine. Calculation of homes sold based on the number of homes that closed escrow from 10/1/25 – 6/30/16. Photos are representational only. Furnishings not included.

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D.R. Horton provides a wide range of beautiful floor plans from townhomes to luxury homes meticulously crafted with superior design and innovation.

Parade of Homes Party H

undreds of members of the Salt Lake Board of Realtors® recently enjoyed two Salt Lake Parade of Homes preview events. The first event, Parade Preview Brunch, was held at Daybreak’s SoDa Row in South Jordan. The second event, Summer Beach Party was held in Herriman. Realtors® enjoyed free food, purchased discounted Parade of Homes tickets, and pre-toured several Parade homes in each location. The Salt Lake Board offers a big thanks to Barbara Breen of Daybreak Communities, Kellie Little of Edge Homes, Brendon Tingey of Momentum Development Group, and the Salt Lake Home Builders Association for hosting the events.

12 | Salt Lake Realtor ® | September 2016

Photos: Dave Anderton

September 2016 | Salt Lake Realtor ÂŽ | 13

Photo: © iStockphoto.com/alexsalcedo

Disrupt or Be Disrupted The implications of big data, drones, and augmented reality for real estate agents and brokers cannot be ignored. In fact, real estate can even profit from these potentially disruptive innovations if they have the right tools.

By Victor Franz Paul Weber

I

n the wake of rapidly evolving technologies, many industries are at risk. Carl Frey and Michael Osborn, two researchers from the University of Oxford, have published a paper about the future of employment that states with 97 percent certainty that real estate brokers will vanish during the next decades.

As a researcher and founder of the Future Real Estate Institute, I think this is pretty unlikely, since the real estate transaction process is very emotional and buyers and sellers still crave human interaction. However, I do believe the industry will be cleansed of many competitors that don’t believe in technological innovation. Based on the fact that you are reading this article, I’m willing to guess you don’t belong to this group.

Historically, real estate brokers and creative entrepreneurs in related fields have been at the forefront of real estate innovation, while many large corporate players in the commercial sphere have lagged behind. In fact, the combined

14 | Salt Lake Realtor ® | September 2016

impact of social media, mobile applications, and digitalization on the industry is nothing compared to the potential disruptions of today.

Disruptive Technologies of Our Age

Artificial intelligence, sensors, synthetic biology, and robotics are all major sources of disruption in our age. These innovations are bringing us technologies like the Internet of Things, smart applications, blockchain databases that make digital economies and “cryptocurrencies” such as Bitcoin possible, and much more that will impact how we research, work, and live.

Adaptive and creative real estate brokerages don’t have to invent a new disruption in order to remain relevant; they just need to make use of them. Apple didn’t invent the smartphone and Amazon didn’t invent the internet; they just created a disruptive business case on top of those existing innovations.

In the first article of this series, I wanted to

show you how you can profit from the more basic innovations, such as big data, drones, and augmented and virtual reality.

Real Estate Open Data

According to IBM, we produce 2.5 quintillion bytes of data every day, which means 90 percent of the entire global stock of data has been produced during the last two years. Perhaps more exciting than the quantity is the fact that much of this data is open source and available to anyone.

To capitalize on this, agents and brokers should form data alliances, preferably under the supervision of the National Association of Realtors® and other trusted industry partners.

Though it’s not an NAR initiative, Project Upstream is a great early example of a platform that could one day automatically sync a wealth of data beyond the listing (among them: macroeconomic, social, and environmental, along with tracking consumer and business sentiment). And MLS platforms with enhanced data aggregation and usability could fulfill the same purpose on a regional or state level.

The challenge is to aggregate adequate data

points, store them in a distributed and resilient network, construct user-friendly interfaces, and create pre-coded analytical models to draw reasonable inferences from the data using standard queries.

Another way the industry can profit from the data is by reducing market research and marketing costs, increasing the efficiency of personalized targeting and making trend forecasts on a regional as well as national level. We might see new real estate data brokerages, specializing in marketing and big data in a software-as-a-service (SaaS) package, as well as new jobs opening up for real estate data scientists.

In order to stay on top of this trend, solo entrepreneurs and small brokerages should be especially focused on forming strategic alliances to share the costs for big data workshops and seminars. Larger players should hire CTOs and data scientists to help foster open innovation with cross-functional teams.

Video Marketing & Image Database

In June, the Federal Aviation Administration finally announced its legal stance on small

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At David Weekley Homes, we love taking care of you and your Clients by: • Encouraging you to register your Clients with us – we promise it will be easy • Paying you complete commissions based on a home’s full sales price, not just the base price • Making you look good by guiding your Clients through the building process and beyond

years

See a David Weekley Homes Sales Consultant for details. Prices, plans, dimensions, features, specifications, materials, and availability of homes or communities are subject to change without notice or obligation.

Illustrations are artist’s depictions only and may differ from completed improvements. Copyright © 2016 David Weekley Homes - All Rights Reserved. Salt Lake City, UT (SLCA79343)

September 2016 | Salt Lake Realtor ® | 15

Lots That

M VE

You!

a

We have released LOT of Lots this summer.

Check them out at ivoryhomes.com or bring your buyers by one of our models for more info.

• • • •

• • • •

From the $840’s 5500 S. Highland Drive, Holladay Gated community in an unbeatable Holladay location 801-821-3641

From the $340’s 7423 S. 5680 W., West Jordan Beautiful mountain views 801-662-0408

• • • •

• • • •

• • • •

From the $400’s 3600 W. 12125 S., Riverton Large lots 801-446-1114

From the $270’s 9464 S. Michael Robert Ln., West Jordan Exclusive California Collection floor plans 801-280-9100

from the $280’s 7088 W Harding Drive, West Valley Fantastic location complete with community park 801-282-6298

Image licensed by Ingram Image

unmanned aircraft systems. This means that from Aug. 29 on, real estate brokers can use small drones that weigh less than 55 pounds for aerial photo shoots, if they hold the necessary certificate and comply with the operational and safety requirements of the Small Unmanned Aircraft Rule.

Drones, actually belonging to the innovation category of robotics, are a great tool for video marketing, providing high-resolution images of properties and their surroundings.

On the individual level, this is a rather simple example of technological innovation that can be used without a very steep investment. But an exciting new business case could be the creation of a free stock aerial image and video platform, accessible to NAR members, which could have greater use cases as artificial intelligence programs learn to label and analyze imagery and video data.

Next-Level Marketing

Augmented reality is one of those buzzwords that didn’t mean much to most, yet with the success of the mobile app Pokémon Go, we have seen how the combination of offline and online worlds can transform everything. Agents can profit from this technology by providing augmented reality services during open houses.

By creating an app that can be downloaded during or before an open house, brokers can include digital maps of the listing’s surroundings.

Data could consist of detailed geo-information regarding schools, doctors’ offices, hospitals, supermarkets, and restaurants, along with weather information, macroeconomic data for the region, and much more. In-depth information about the house itself could also be displayed, such as floor plans, building materials, and HVAC systems.

Potential buyers could obtain the information via their smartphone, tablet, or other device linked

18 | Salt Lake Realtor ® | September 2016

to natural language processing software. Potential buyers could then walk through a property and use the system to get more detailed descriptions.

This could make open houses more private and intimate. The data dissemination could be triggered by beacons, near-field communication, Bluetooth, or Wi-Fi. Reality — One Step Further

Real estate professionals who want to take it beyond augmentation can do so by using virtual reality. It can be used for virtual staging or to add value for buyers if they can design the interior as well as exterior of the property. This technology could be integrated with the 3D Home Designer package for AutoDesk’s Homestyler or other alternatives, or associations might consider creating a SaaS tool for members.

One further advantage would be the offering of remote open houses, which could accelerate transactions and enhance services for those who cannot visit listings in person. The agent could accompany the VR tour through the property within the VR session or via the internet or phone.

Potential buyers from other states or countries could thus assess a property before they come or even buy it based on a VR tour.

If you really want to get your head around these and other technologies, I suggest taking advantage of free courses on Coursera, EdX, or Future Learn.

Viktor Franz Paul Weber is the founder and director of the Future Real Estate Institute and a Global Shaper at the World Economic Forum in Munich, Germany.

He has a track record as serial entrepreneur, author, speaker and top-of-class graduate from the Oxford Brookes University. Reprinted from Realtor® Magazine Online, August 2016, with permission of the National Association of Realtors®. Copyright 2016. All rights reserved.

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The 14 day trigger begins when the borrower’s initial application package is complete and the borrower has authorized credit card payment for the appraisal. If New American Funding fails to perform otherwise, a credit of $250 will be applied toward closing costs. Licensed by the Utah Department of Commerce Division of Real Estate Lic# 6076868-MLCO 7. NMLS ID#6606. © New American Funding. New American and New American Funding are registered trademarks of Broker Solutions Inc. dba New American Funding. All Rights Reserved. Corporate Office is located at 14511 Myford Road, Suite 100, Tustin CA 92780. Phone (800) 450-2010. 08/2016

© Adobe Stock /iofoto

Hardware Floor Refinishes and Insulation Upgrades Yield Biggest Financial Results on House Resale Realtors® named kitchen upgrades, complete kitchen renovations, bathroom renovations and new wood flooring as the interior projects that most appeal to potential buyers.

By The National Association of Realtors®

H

omeowners preparing to sell often make improvements, both big and small, to their homes that can help yield positive results and garner top dollar from buyers. According to a report from the National Association of Realtors®,

20 | Salt Lake Realtor ® | September 2016

remodeling projects can also bring major benefits to homeowners who choose to remain in their homes.

“Realtors® know that certain home upgrades and remodels can be beneficial to get more buyer

eyes on a property, potentially bring in more offers or gain more equity from a home,” said NAR President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida.

“But remodeling projects are just as valuable to homeowners who simply want to get more joy out of their dwellings. Regardless of the situation, Realtors® know what remodeling projects bring the biggest bang for the buck and what projects are most likely to improve a homeowner’s impression of their current place.”

According to NAR’s 2015 Remodeling Impact Report, which uncovers the reasons homeowners choose a remodel and the increased happiness certain projects bring once completed, 64 percent have experienced increased enjoyment in their home after completing a remodeling project.

Additionally, 75 percent of respondents said they felt a major sense of accomplishment when thinking of their completed project. Fifty-four percent of respondents felt happy about the changes to their home, and 40 percent felt satisfied.

As for their reasons to complete a remodeling project, 38 percent of homeowners said they wanted to upgrade worn-out surfaces, finishes and materials; 17 percent wanted to add features and improve livability; and 13 percent believed it was time for a change.

Realtors® named kitchen upgrades, complete kitchen renovations, bathroom renovations and new wood flooring as the interior projects that most appeal to potential buyers. Similarly, Realtors® also ranked projects based on expected value at resale (without accounting for project price); the projects that ranked the highest in this category were complete kitchen renovations, kitchen upgrades, bathroom renovations and the addition of a bathroom.

When looking at the interior projects that yield the biggest financial results upon resale, Realtors® ranked hardwood flooring refinishes (100 percent of project cost recovered upon resale), insulation upgrades (95 percent recovered), new wood flooring (91 percent recovered), and converting a basement to a living area (69 percent recovered) as projects to consider.

Exterior projects are also important for both sellers and homeowners looking to increase satisfaction with their current home. Realtors® said new roofing, new vinyl windows, new garage doors and new vinyl siding are most appealing to potential buyers and are highly valued upon resale (both considering project price and disregarding project price). Upon resale, Realtors® said new roofing would recover 105 percent of its project cost, a new garage door would recover 87 percent, new vinyl siding would recover 83 percent, and new vinyl windows would bring back 80 percent of their cost. As for exterior projects that bring

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September 2016 | Salt Lake Realtor ® | 21

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the most happiness for those not necessarily intending to sell, homeowners said new fibercement siding, new fiberglass or steel front doors, new roofing, and new garage doors brought the most satisfaction.

The 2015 Remodeling Impact Report, the first of its kind from NAR that examines personal satisfaction from remodeling projects, surveyed Realtors®, consumers who have completed their own remodeling projects, and members of the National Association of the Remodeling Industry.

“Remodeling projects can greatly improve both the value of and satisfaction with one’s home, which are great things no matter the reason for a project,” said Judy Mozen, president of the National Association of the Remodeling Industry.

“This report highlights the best projects to consider in either situation and showcases just how much of a difference a good and professional remodel can make in real numbers.”

Salomone said the report not only assists homeowners who are preparing to sell in choosing the best projects to attract buyers, but

22 | Salt Lake Realtor ® | September 2016

it also helps those looking to get more personal satisfaction out of their homes. “Realtors® know that remodeling projects aren’t just done to get more money for a home once it’s time to sell - a home is your sanctuary, the place you raise your family and where you make lifelong memories, which is why the report can also help consumers decide which projects could enhance their current quality of life and happiness,” he said.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

The National Association of the Remodeling Industry is the medium for business development, a platform for advocacy and the principal source for industry intelligence. NARI connects homeowners with its professional members and provides tips and tricks so that the consumer has a positive remodeling experience.

Reprinted from Realtor® Magazine Online, December 2015, with permission of the National Association of Realtors®. Copyright 2015. All rights reserved.

THE SALT LAKE BOARD OF REALTORS®

Thank You to These Christmas in July Donors Apollo Burger Academy Mortgage Heather Nelson Leo Perez Chris McPherson Amy Atkinson Gordon Rupp (Snowie) Recreation Outlet Normandie Cafe and Bakery Matt Oviatt Foundation Holdings Corp.

Elaine Zambos Cheryl Acker Equity Real Estate Black Turtle Services General Dynamics Elevate Home Warranty Lisa Radke Mountain America Credit Union Prime Lending St. Anna’s Greek Orthodox Church Women’s Ministry

Miller and Company Bendon Publishing Dawn Houghton Paula Chapman Amy Atkinson Ann and Joe Sasich Tom and Carolyn Leitko Chuck and Goldie Karpakis Unified Fire Department: (Dave Ulibarri, Taylor Sandstrom, David Mau, Matt Ascarte, Eric Holmes, Mike Jemmett) Santa Claus (Fred Bobo) Mrs. Claus (Darlene Whitney) Monster Bubbles (Arnie Berg) All Points Inspections Fun Loving Women of Bonko Saturday Morning Men’s Breakfast Club Mary and John Feotis Klea and Gerard Gallegos Barbara and Harry Hillas

© Adobe Stock /Eugenio Marongiu

How to Use Snapchat for Your Business Millions are using the app to connect with their favorite brands, and that means there are plenty of potential clients you could reach if you use it right.

By Meghan Brozanic

T

he Snapchat generation is growing up. What started as an app for teens to get updates from their friends has blossomed into a social platform boasting 100 million users who watch 10 billion videos a day, according to Advertising Age. It’s now a source for news updates and consuming content from brands such as MTV, Buzzfeed, and The Wall Street Journal.

Snapchat users are part of the next big wave

24 | Salt Lake Realtor ® | September 2016

of home buyers, and real estate professionals would be wise to get comfortable engaging with prospects on this channel. That’s why Danielle Riley, e-PRO, associate broker at Nothnagle REALTORS®, in Rochester, N.Y., has used Snapchat for the last three years to stay in touch with her sphere. It’s a personal approach that resonates with younger clients, she says. “Two or

(continued on page 30)

Housing Watch July Home Sales in Salt Lake County Down 12%; Davis Sales Down 17%

H

ome sales in Salt Lake County took a sudden drop in July. Tight inventories and soaring home prices are partly to blame. During the month 1,597 housing units (all housing types) were sold, a 12 percent decline compared to 1,817 units sold in July 2015. It was the biggest one-month decline this year and the second consecutive monthly decrease year-over-year. So far this year there have been four months of falling home sales. However, in the first seven months of 2016, the number of homes sold was roughly the same as the same seven-month period in 2015 (10,261 units sold in 2016 compared to 10,252 sales in 2015).

Davis County witnessed a steeper drop. Home sales there in July fell 17 percent to 464 units sold, down from 558 sales a year earlier. Across the fivecounty area (Salt Lake, Davis, Utah, Tooele and Weber counties) that makes up the Wasatch Front, home sales in July were down 12 percent.

Nationally, home sales fell nearly 2 percent in July, according to the National Association of Realtors®.

“Severely restrained inventory and the tightening grip it’s putting on affordability is the primary culprit for the considerable sales slump throughout much of the country last month,” said Lawrence Yun, NAR chief economist. “Realtors® are reporting diminished buyer traffic because of the scarce number of affordable homes on the market,

6

3

Salt Lake County Sales (all housing types) Year-Over-Year (Down 12%)

1,817 26 | Salt Lake Realtor ® | September 2016

1,594

and the lack of supply is stifling the efforts of many prospective buyers attempting to purchase while mortgage rates hover at historical lows.”

The bright spot in July for Salt Lake County was the number of homes that went under contract.

Pending sales for the month increased to 1,701 contracts, up 5 percent from 1,626 contracts in July 2015.

The median home price in Salt Lake County in July climbed to $273,900, up 7 percent from a median price of $257,000 a year ago. In Davis County, the median home price increased to $248,800, up 6 percent from $235,250 in July 2015.

Salt Lake’s home absorption rate or “months supply of inventory” is currently less than four months, based on sales trends over the past year. The “months of supply” is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. A normal housing market is typically characterized by a five- to sixmonth supply of housing inventory. Levels below five months represent a seller’s market. Home buyers gain the advantage when levels start rising above six months.

The cumulative median days on the market for a listing in Salt Lake County in July fell to 10 days, down from 16 days a year ago.

Salt Lake County Median Price (all housing types) Year-Over-Year (Up 7%)

$257,000

$273,900

2 - C OLOR

1 Salt Lake County Days on Market (all housing types) Year-Over-Year (Down 38%)

2

Salt Lake County

Pending Sales (Up 5%)

10

16

1,626

Sales $

5 Davis County $248,800 4 Median Price (all housing types) Year-Over-Year (Up 6%)

$235,250

1,701

Sales

Davis County Sales (all housing types) Year-Over-Year (Down 17%)

464

558

September 2016 | Salt Lake Realtor ® | 27

REALTOR® Connections

Affiliates Investing in RPAC

Members of the Affiliates Advisory Board this year each made a fair share investment in the Realtors® Political Action Committee (RPAC).

Pictured Front Row: Allison Call, left, Julie Krushensky, Lynn Long, Braundie Kump, Pattie DeNunzio. Back Row: Barbara Breen (chair of the Affiliates Advisory Board), left, Fred Larsen, Diane Mouser, Mike Morgan, Terrie Lund, and Chris MacPherson. The Salt Lake Board of Realtors® is one of the nation’s top contributors to RPAC, surpassing the donations of many state associations. RPAC funds are voluntary and help elect candidates who understand and support Realtor® interests.

“Every year, our affiliate members are critical to success of our Government Affairs Committee objectives,” said Justin Allen, government affairs director of the Salt Lake Board of Realtors®. “Affiliate members are RPAC major investors and key volunteers at RPAC fundraising events.

Our RPAC events are underwritten by those affiliates who do annual government affairs event sponsorships. Affiliate members also help with our candidate interviews. We definitely would not be as effective as an advocacy organization without the involvement of our affiliates.”

On the Move Impower Real Estate is excited to announce Cristina Silva has opened the Impower 801 Branch and Amy Horton has opened up Amy Horton Impower Real Estate– Dream. Both brokers bring a wealth of experience, knowledge and enthusiasm to the team! Impower also welcomes the following agents: Marissa Tulin, Chris and Maile Lynch, Shaun Eaton, Lolita Lamm, Steve Deustachio, Branny Pena, Shontelle Corral, Laticia Elizondo, Ryan Sobieski and Kevin Lawrence.

Heather Nelson, principal broker with Utah Key Real Estate, welcomes the following new Realtors®: Elaine Zambos, Becky Grubel, Heather Nelson Cheryl Acker, Theresa Carlson, Celeste Rosquist, Elaine Zambos, Marley Orton, Elaine Barrus, Michelle West, Jennifer Gilchrist, Robyn Buckwalter, Dennis Pennington, Kay Kenyon, Susan K. Russell, Tamara Anaderson, James Frandsen, Jolene Breinholt, Robin Brown, Martha Charnetzky, Ashley Corpron, Penni Crowther, Laurie Esquivel, Veronica Gill, Kimberly Jessing, Priscilla Jones, Margo Lewis, Barbara Newman, Sarah Nuttall, Karilee Olsen, Anna Parker, Nicole Quealy, Kevin Robison, Javier Rodriquez, Daniel Sly, Karina Barba, and Amy Wimber.

Keller Williams Salt Lake City proudly welcomes the following new agents: Jason Sills, Ashlee English, Geneva Stair, Marnie Erkelens, Greg Simpson, Heather Russo, and Natasha Alves.

Pictured: Brendon Tingey, Momentum Development Group; Kellie Little, Edge Homes; Victor Rothaar, Vanessa Rothaar, Isabella Rothaar, Michelle Byrge, Oakwood Homes; and Alicia Ackerman, Salt Lake Home Builders Association.

Victor Rothaar, a Realtor® with Ultimate Homes of Utah, was the lucky winner of a free cruise courtesy of Edge Homes, Oakwood Homes, and Momentum Development Group. The contest was part of the Parade of Homes Summer Beach Party in July at Rosecrest and the Herriman Towne Center. Hundreds of Realtors® got a first look at several of this year’s Parade homes and were able to buy discounted Parade tickets.

28 | Salt Lake Realtor ® | September 2016

Realtypath welcomes the following new agents: Nancy Coccimiglio, Iliana Tapia, Jill Griffiths, Brogan Hammer, Jacob Willis, Brianna Midas, Bryant Widdison, Rand Kunz, Tirin Byland, Angelina Mertlich, Brenda Prieto, Christian Vargas De la Rosa, Mardica Henderson, Barton Tippetts, Joel Guerrero, Norm Crowther, Jill Rawstone, Bryant Mangum, Jay Rasmussen, and Deyon Trujillo.

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Snapchat (continued from page 24)

three people have messaged me to buy a house just from connecting with them on Snapchat. All of a sudden, I started getting leads.”

Here are three things Riley says to keep in mind when connecting on Snapchat: It’s all about the “story.”

Rather than reaching out to individual contacts, Riley focuses on the Snapchat “story” feature, which enables users to send a timeline of photos or videos to all of their contacts. “I’m not doing a lot of one-on-one contacting on Snapchat,” she says. To connect with her sphere, “I usually just post what I’m eating or give a personal look at my day. If I’m at a listing, I might post a view of the property,” Riley adds. The story feature is also a good way to get in front of a new audience. She’s had past clients include her in their Snapchat story so she becomes known in their circles as well.

30 | Salt Lake Realtor ® | September 2016

Keep tabs on contacts.

Riley has about 100 friends on Snapchat. Most of her contacts are in their late-20s and early-30s, and about 15 of them are past clients. She says that roughly 20 of her Snapchat contacts are prospects that aren’t quite ready to buy, and the app is a good way for her to keep her name in front of them.

Know who’s watching.

Snapchat shows you exactly which users watch your stories, so make sure to keep track of who they are, Riley says. If you notice someone new watching you, reach out to them and ask them what they thought of your story, and invite them to join your circle. Many of Riley’s stories are viewed by 75 to 80 people. And who knows— one of them could be her next client.

Reprinted from Realtor® Magazine Online, July 2016, with permission of the National Association of Realtors®. Copyright 2016. All rights reserved.

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