Listed Magazine Sept 2015

2 0 1 5 , i s s u e 2

LISTED

a magazine of the richmond association of REALTORS® rarealtors.com

RICHMOND REAL ESTATE TRENDS OCTOBER 21, 2015

+ Home Buyer & Seller Generational Trends + Renovation Tax Abatement Programs + RPAC Competition Results

FPO ADDRESS LABEL Photography by Bilyana-Dimitrova. © Virginia Museum of Fine Arts

FROM THE PRESIDENT John S. Finn, Jr.

WHERE THE PUCK IS GOING In my first column for Listed, I indicated that one of the reasons I’m a proud member of RAR—and even prouder to serve as your president—is that RAR is a highly responsive and relevant organization. RAR listens to its members; and what they do for us matters, greatly.

For this column, I want to focus on another characteristic of RAR that I believe sets it apart and makes it the tremendous organization that it is: our orientation towards the future. Hockey great Wayne Gretzky once said: “I skate to where the puck is going to be, not where it has been.” That’s our model at RAR. We don’t look back. To the best of our ability, we seek to discern what the future holds for the real estate market, for our members, for the MLS industry, and thus for our association. And as we look to the future, we do so without fear. We view the challenges on the horizon as opportunities for innovation, for leadership, and for exemplary service to our members.

Let me give you some concrete examples of this. On October 21 we will hold TRENDS. This year’s future focused seminar will feature NAR’s Chief Economist Lawrence Yun and a panel discussion with the school superintendents of Chesterfield, Hanover, Henrico and the City of Richmond. The purpose of this half day event is to equip our members with knowledge about where the real estate market is headed as well as provide them with updates on educational innovations being driven by the superintendents.

Another example of our leadership’s willingness to envision what the future should hold is the Commonwealth MLS CoOp. Later this fall both the RAREALTORS.COM

Chesapeake Bay & Rivers Association as well as the Williamsburg Association of Realtors® will convert to the Matrix MLS system. When that occurs they will share one MLS system with CVR MLS. For many of our members, this means they will save time and money, no longer needing to belong to multiple MLSs with multiple fees and multiple data entry tasks. For all of our MLS members, it will mean the opportunity to work in a much broader geographic footprint with over 1,000 more agents viewing their listings. Making it easier to work in a larger area with more Realtors® is a recognition of how real estate is changing; and it is precisely the kind of innovative response we’ve come to expect from RAR and CVR MLS. One final example I will offer up is RAR’s commitment to train future leaders through our Leadership Development Academy. I was fortunate enough to be selected for RAR’s inaugural Leadership Academy. And I’m thrilled that before this year is out, we will introduce a new class of participants. I cannot overstate how much I valued that experience—from the lessons learned and the friends gained to the interactions with leaders from other walks of life to coaching sessions to discern my own leadership skills. RAR’s Leadership Development Academy has proven beneficial time and time again —not only in my Realtor® volunteer capacity but also in many other volunteer roles as well as my efforts to lead my own firm. I encourage each of you to consider making participation in RAR’s Leadership Development Academy part of your future. Because as we all know, where the puck is going holds far more excitement than where it’s been.

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LISTED m a g a z i n e

Association News Upcoming Events

Listed Magazine is published triannually by: Richmond Association of REALTORS® 8975 Three Chopt Road Richmond, VA 23229

Feature Richmond Real Estate Trends

Biographies

Advertising & Sponsorship Kellie Whitlow 804-422-5009 kwhitlow@RARealtors.com

Class Offerings

Office: 804-422-5000 Fax: 804-422-5088 Web: RARealtors.com Copyright © 2015. Richmond Association of REALTORS®. All Rights Reserved. Articles of information from the magazine may not be reprinted without the permission of the Richmond Association of REALTORS®.

The publisher does not endorse advertised products unless specifically stated, and reserves the right to reject any advertisements at any time.

6

Meet RAR’s Newest Staff Members

Editor-in-Chief Kate Landis Marketing & Public Relations Manager

Printing & Production Carter Printing Company

4

11

Education 12

Professional Development 2016 Leadership Development Academy 18 New RESPA/Truth in Lending (TILA) Disclosure Requirements 20

NAR Executive Summary Home Buyer and Seller Generational Trends

22

Government Affairs Renovation Tax Abatement Programs New Virginia Real Estate Board Regulations RPAC Competition Results

24 26 28

REALTOR® members pay annual dues with a one-year subscription included within their dues. Sponsor and affiliate members receive a subscription to the magazine as part of their member dues. Annual subscription rate for non-members is $25.

Postmaster: Please send change of address to: Listed Magazine Richmond Association of REALTORS® 8975 Three Chopt Road Richmond, VA 23229

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2015, ISSUE 2

LISTED MAGAZINE

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ASSOCIATION

NEWS

SAVE THE DATE: INSTALLATION RECEPTION

RAR Trends Conference

Save the Date

Wednesday | October 21, 2015

Installation Reception and Annual RAR Membership Meeting Tuesday | December 8, 2015 The Jefferson Hotel

Virginia Museum of Fine Arts Join us for a look at current trends in the economic climate and housing markets with Keynote Speaker, Dr. Lawrence Yun, National Association of REALTORS® Chief Economist and Senior Vice President of Research.

A panel of local school superintendents will also present their thoughts on the intersection of schools and housing. A networking cocktail reception will conclude the evening.

Join RAR and CVR MLS in welcoming incoming 2016 RAR President Dawn Bradley, and all 2016 officers.

All 2015 committee volunteers and sponsors will receive free admission.

Registration is $15 for all other members.

For complimentary registrations, please email kburke@RARealtors.com.

For all other registrations, visit RARealtors.com or call 804.422.5000.

1pm Registration Opens (Leslie Cheek Theater) 1:30pm – 2:45pm Update on New VREB Real Estate Regulations (Michael Lafayette)

RAR and CVR MLS Holiday Office Closings

3pm – 4pm The Intersection of Housing and Schools: Local School Superintendent Panel Discussion

Thanksgiving

November 26-27

Christmas

December 24-25

4pm – 5pm Housing and Economic Forecast with Dr. Lawrence Yun 5pm – 7pm Networking Cocktail Reception (Marble Hall)

Upcoming Dues Billing Dates Item

Billing Date

Due Date

CE: 2 hrs Real Estate Related

2016 Annual Association Dues

October 1

before 5pm October 30

Registration: $25

Q1 2016 MLS Fees

December 1

before 5pm December 31

RPAC donors of $250+ have reserved VIP seating. Register online at RARealtors.com or call 804.422.5000.

See pages 6-9 for more details.

4

LISTED MAGAZINE

2015, ISSUE 2

RAREALTORS.COM

2015

RAR LEADERSHIP

2015

DIRECTORS Don Carnesi Nancy Cheely Carol Haley David Hamil Mike Hogan Tom Innes Cindy Jez

John S. Finn, Jr. 2015 President

Curt Reichstetter Christina Royal Boyd Y. Smith Karen Smith Keith Smith Susan Swink

Mark Joyner 2015 Immediate Past President

USEFUL

URLS Dawn Bradley 2015 President-Elect

RAREALTORS.COM

John O’Reilly 2015 Vice President

RAR Website RARealtors.com

Grassroots Action Center RealtorActionCenter.com

RAR Blog Blog.RARealtors.com

RAR Education RARealtors.com/education

Bill Pay Site IMS.CentralVARealtors.com

Virginia Real Estate Board DPOR.Virginia.gov/boards/real-estate

CVR MLS Rules & Regulations resourcecenter.cvrmls.com

Virginia Association of REALTORS® VARealtor.com

RAR Government Affairs RARealtors.com/government-affairs

Consumer Website WeAreTheR.com

2015, ISSUE 2

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FE ATURE

RICHMOND REAL ESTATE TRENDS

Richmond Real Estate Trends is back; and this year RAR will welcome Dr. Lawrence Yun, Chief Economist of the National Association of REALTORS®, at the VMFA for an insightful look into the current economic climate and a glimpse into how these developments will likely shape the near future of the national and local housing industries. Prior to the forecast, a panel of local school board superintendents will discuss current issues related to the region’s public schools. A networking cocktail reception in the Marble Hall will follow these presentations.

REALTORS® are viewed as trusted advisors on local market conditions. Don’t miss this opportunity to hear from a highly esteemed expert on recent trends and the predicted trajectory of the housing industry.

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RAREALTORS.COM

View at night. Photo: Travis Fullerton. © Virginia Museum of Fine Arts

WHEN WHERE 1:00PM 1:30PM – 2:45PM 3:00PM – 4:00PM 4:00PM – 5:00PM 5:00PM – 7:00PM

WEDNESDAY

|

OCTOBER 21, 2015

VIRGINIA MUSEUM OF FINE ARTS

Registration Opens (Leslie Cheek Theater) Update on New VREB Real Estate Regulations (Michael Lafayette) The Intersection of Housing and Schools: Local School Superintendent Panel Discussion Housing and Economic Forecast with Dr. Lawrence Yun Networking Cocktail Reception (Marble Hall)

Register online at RARealtors.com or call (804) 422-5000.

Registration Fee: $25

RAREALTORS.COM

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FE ATURE

KEYNOTE SPEAKER Dr. Lawrence Yun National Association of REALTORS® Chief Economist and Senior Vice President of Research Lawrence Yun is Chief Economist and Senior Vice President of Research at the NATIONAL ASSOCIATION OF REALTORS®. He oversees and is responsible for a wide range of research activity for the association including NAR’s Existing Home Sales statistics, Affordability Index, and Home Buyers and Sellers Profile Report.

He regularly provides commentary on real estate market trends for the National Association of REALTORS’® one million members.

Dr. Yun creates NAR’s forecasts and participates in many economic forecasting panels, among them the Blue Chip Council and the Harvard University Industrial Economist Council. He appears regularly on financial news outlets, is a frequent speaker at real estate conferences throughout the United States, and has testified before Congress. He has been named among the Most Influential Real Estate Leaders by INMAN News over the past several years.

SCHOOL SUPERINTENDENT PANEL Dr. Dana Bedden With over twenty years of experience in educational leadership, Dr. Bedden has developed a results-oriented reputation for improving academic achievement, working with diverse groups, increasing parent/community involvement, implementing systems-thinking, and providing a positive school and work environment. He has demonstrated effective leadership skills in standards and performance-based practices, human resource management, fiscal management and school/community partnerships.

On January 13, 2014, Dr. Bedden was appointed superintendent of Richmond Public Schools (RPS). During the past eighteen months, Dr. Bedden has reorganized the district’s central office and assembled a talented team of senior leaders to serve the citizens of Richmond. Currently, the team is working to establish a multiyear academic improvement plan as well as a facilities modernization plan. Efforts are currently underway to implement a systems-thinking approach and performance metrics to guide improvements within the school district.

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RAREALTORS.COM

Carrie Coyner Carrie Coyner was elected to the Chesterfield County School Board in November 2011 and currently serves as Chair. She is the owner and founder of RudyCoyner, Attorneys at Law, located in Chesterfield County. Coyner practices in the fields of real estate, construction, land use, estate matters, and corporate entity structuring.

Carrie Coyner has served on the Board of Management for the Chester YMCA, the Comprehensive Plan Steering Committee for Chesterfield County (2010-2011), the Board of Directors for the Chesterfield County Chamber of Commerce, and the Elizabeth Scott Elementary School PTA Board, as well as numerous other boards and committees. Ms. Coyner was a 2013 finalist for the NAWBO Community Leader Award for her efforts to develop partnerships in her community to support lower socioeconomic students. She was the recipient of the 2013 VSBA All Virginia School Board Award, and the entire Chesterfield County School Board was recognized as a VSBA Board of Distinction in 2013.

Dr. Patrick C. Kinlaw Dr. Kinlaw was appointed superintendent of Henrico County Public Schools on January 10, 2014; but he is no stranger to the school division, having served in HCPS leadership since 1997.

Dr. Kinlaw began his career in HCPS as the director of Staff Development. In 2004 he became the assistant superintendent for Administrative Services, and in 2010 he was named deputy superintendent. Over time, he accumulated a variety of additional responsibilities including Policy, Elementary Education, Leadership Development and Special Projects. As superintendent, Dr. Kinlaw oversees the Division Leadership Team, which is comprised of the departments of Instruction, Instructional Support, Finance, Operations, Human Resources, and Communications and Public Relations.

Prior to joining HCPS, Dr. Kinlaw spent 12 years with Wake County Public Schools in North Carolina. He also spent time early in his career at Longwood University and East Carolina University A representative from Hanover County Schools (TBD) will also participate in the panel.

RAREALTORS.COM

2015, ISSUE 2

LISTED MAGAZINE

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MEET RAR’s

NEWEST STAFF MEMBERS Kelsey is RAR’s Digital Communications Specialist. She is responsible for managing the websites, social media, weekly eNews, and CVR MLS Matrix News. She graduated from Virginia Tech and has lived in Richmond since 2012. If you have met her in person, she has likely asked you to visit, like, or follow one of these pages: RARealtors.com Facebook.com/RARealtors Twitter.com/RARealtors Instagram.com/rarealtors Linkedin.com/company/richmond-association-of-realtors Youtube.com/user/RARealtors WeAretheR.com Facebook.com/WeAretheR PartnershipAffordableHousing.com AffordableHousingRichmond.com

Kelsey Rideout

Random Facts About Kelsey:

» She loves volunteering for the annual Hokies vs. ‘Hoos Food Fight that benefits FeedMore each winter.

» Her fiancé is currently trying to convert her to be a Cowboys fan. » She really wants you to visit, like, or follow all of those pages above.

Kate Mahan is Professional Development Project Manager in the Education Department. She handles marketing for RAR classes, writes articles, blogs and creates course materials. Kate grew up in upstate New York and graduated from St. John Fisher College in Rochester with a BA in Communications/English Literature. In her life before RAR, Kate was a newspaper reporter, acquisitions editor and project manager with a local Fortune 500 Company. Outside of work, Kate is an active volunteer at her children’s schools. She enjoys spending time at the beach, reading and doing hot yoga. Kate lives in Henrico with her husband, Chris; their daughters, Neiley and Hannah; and English Bulldog, Prim.

Kate Mahan

Random Facts about Kate:

» She is an HGTV and DIY network junkie. She wants to be a Rehab Addict in her next life.

» She ran the Richmond Marathon (some time ago) and aspires to do it again (someday).

» Her favorite quote is:

RAREALTORS.COM

“The journey of a thousand miles begins with one step.” – Lao Tzu

2015, ISSUE 2

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FOR MORE INFORMATION OR TO REGISTER

E DUCATI ON

(p) 804-422-5000 (e) edu@RARealtors.com (w) RARealtors.com/education

CONTINUING EDUCATION C E

CLASS OFFERINGS

SEPTEMBER

SEPTEMBER

WED 02

FRI 25

1pm – 3pm

THU 03

10am – 12pm

THU 10

9am – 5pm

The Reverse Mortgage Solution CVRMLS Road Rules

Free to CVR MLS Users

Senior Real Estate Specialist Designation – Day 1 of 2

9am – 12:30pm

Pre-Licensing Broker Law Day 3 of 5

1pm – 4pm 9am – 12pm

MON 28

9am – 12:30pm

FRI 11

9am – 5pm

TUE 15

Senior Real Estate Specialist Designation – Day 2 of 2

1pm – 2pm

9am – 11:30am

Basic Matrix/New Member CVRMLS Training

12:30pm – 4:30pm

Discovering Commercial Real Estate

9am – 12:30pm

WED 16

9am – 5pm

THU 17

9am – 5pm

FRI 18

9am – 11am

CE Mandatory Credits 8 hours CE Electives Credits 8 hours Fair Housing & the Practice of Real Estate Free to RAR Members

MON 21

9am – 5pm

Pre-Licensing Broker Law Day 1 of 5

10am – 11:30am Broker Town Hall Meeting

“New VREB Regulation Changes: Get the Facts”

Pending 1 hour Legal Updates

10am – 12pm

RE Stats

TUE 22

1pm – 4:30pm

WED 23

9am – 5pm

THU 24

9am – 12pm

12

Pre-Licensing Broker Law Day 2 of 5 Broker Management Continuing Education CMA: Peak Performance Pricing

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2015, ISSUE 2

(continued)

WED 30

1pm – 2pm

MON 05

TUE 13

(continued)

9am – 11:30am

Basic Matrix CVRMLS Training @ SVAR

REALTORS® Guide to Risk Management

1pm – 4:30pm

Pre-Licensing Broker Finance – Day 2 of 5

Show Me the Money: Earnest Money & Escrow Management

WED 14

Pre-Licensing Broker Law Day 4 of 5 Membership Meeting “New VREB Regulation Changes: Get the Facts”

Pending 1 hour Legal Updates

9am – 5pm

THU 15

9am – 5pm

FRI 16

9am – 12:30pm

MON 19 Pre-Licensing Broker Law Day 5 of 5

OCTOBER FRI 02

OCTOBER

Pending 1 hour Legal Updates

CE Electives Credits 8 hours Pre-Licensing Broker Finance – Day 3 of 5

1pm – 4:30pm

Pre-Licensing Broker Finance – Day 4 of 5

10am – 12pm

CVRMLS Road Rules

TUE 20

9am – 12pm

Membership Meeting “New VREB Regulations Changes: Get the Facts”

CE Mandatory Credits 8 hours

FRI 23

9am – 12:30pm

THU 29

Free to CVR MLS Users

Advanced Contract Writing Workshop Pre-Licensing Broker Finance – Day 5 of 5

9am – 12pm

Anatomy of the Residential Contract

8am – 12pm

Broker Office Policy Workshop

1pm – 4pm

Contract Drafting Workshop

1pm – 3pm

Fair Housing & the Practice of Real Estate

THU 08

1pm – 3pm

FRI 09

11am – 12pm

1pm – 2:30pm

MON 12

9am – 5pm

Free to RAR Members

The E-Deal: Instanet Transaction Management Membership Meeting “New VREB Regulations Changes: Get the Facts” 1 hour Legal Updates

Broker Town Hall Meeting “New VREB Regulation Changes: Get the Facts” 1 hour Legal Updates

Pre-Licensing Broker Finance – Day 1 of 5

RAREALTORS.COM

S E P T E M B E R – D E C E M B E R NOVEMBER

DECEMBER

MON 02

TUE 01

9am – 5pm

TUE 03

9am – 11am

WED 04

1pm – 4:30pm

THU 05

Pre-Licensing Real Estate Brokerage – Day 1 of 5 Contract Writing: Know Your Forms Pre-Licensing Real Estate Brokerage – Day 2 of 5 CVRMLS Road Rules

1pm – 4:30pm

Pre-Licensing Real Estate Brokerage – Day 3 of 5

MON 09

9am – 5pm

9am – 12:30pm

TUE 10

9am – 5pm

THU 12

1pm – 3pm

FRI 13

9am – 12:30pm

TUE 17

9am – 11:30am

WED 18

9am – 5pm

THU 19

9am – 5pm

MON 30

9am – 5pm

WED 02

Free to CVR MLS Users

e-Pro Designation Classroom Day 1 Pre-Licensing Real Estate Brokerage – Day 4 of 5

CMA: Peak Performance Pricing

10am – 12pm

The E-Deal: Instanet Transaction Management

THU 03

FRI 04

10am – 12pm

MON 07

1pm – 4:30pm

TUE 08

1pm – 4:30pm

Broker Management Continuing Education

FRI 11

Pre-Licensing Broker Appraisal – Day 3 of 5

Pre-Licensing Broker Appraisal – Day 5 of 5

8hrs

Show Me the Money: Earnest Money & Escrow Management

Pre-Licensing Real Estate Brokerage – Day 5 of 5

MON 14

Basic Matrix CVRMLS Training

TUE 15

CE Mandatory Credits 8 hours

WED 16

CE Electives Credits 8 hours

THU 17

Pre-Licensing Broker Appraisal – Day 1 of 5

9am – 5pm

9am – 5pm

9am – 5pm

FRI 18

9am – 11am

2hrs

3hrs

1pm – 4pm

9am – 5pm

Complete the following curriculum at RAR to satisfy all 30 credit hours by your first anniversary of licensure:

Pre-Licensing Broker Appraisal – Day 4 of 5

Basic Instanet & Authentisign

New Salespersons can complete all eight PLE courses (30 required credit hours) right here at the Richmond Association of REALTORS®.

3hrs

REALTORS® Guide to Risk Management

DID YOU KNOW?

Free to CVR MLS Users

CVRMLS Road Rules

9am – 12pm

RAREALTORS.COM

Pre-Licensing Broker Appraisal – Day 2 of 5

1pm – 4pm

1pm – 4:30pm

10am – 12pm

1pm – 4:30pm

2 0 1 5

Pre-Licensing Broker National Prep Pre-Licensing Broker State Prep CE Mandatory Credits 8 hours CE Electives Credits 8 hours Fair Housing & the Practice of Real Estate Free to RAR Members

Fair Housing

Take: Fair Housing (9/18, 10/29, 12/18)

Escrow Management

Take: Show Me the Money (9/25, 12/11)

New Member Orientation (9/14, 10/12, 11/16, 12/14)

Take: Fundamentals of Real Estate Law (9/17, 10/15, 11/19, 12/17)

3hrs

Ethics

Real Estate Law

Agency

Take: New Member Orientation

(9/14, 10/12, 11/16, 12/14)

6hrs

Contracts

Take: Contractually Speaking (10/5)

Take: Realtors® Guide to Risk Management (9/25, 12/11)

3hrs 2hrs

Risk Management

Current Industry Trends Take: MLS Road Rules (10/19, 11/5, 12/4)

If you have any questions about PLE requirements or would like to register for one of these classes, please visit www.RARealtors.com or call 804.422.5000.

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E DUCATI ON

ATTENTION ALL CVR MLS USERS DID YOU KNOW? If you attend a FREE CVR MLS Road Rules class, you will receive two (2) hours of CE credit AND a fine waiver (worth $250) good for one year (from the date you complete the class). Classes are held monthly.

CVR MLS users receive the class for free, but registration is required. Fine waivers can only be applied to fines incurred after you attend the class.

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Call 422-5000 or visit www.RARealtors.com with any questions about the fine waiver process or to register for a class.

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2015, ISSUE 2

RAREALTORS.COM

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E DUCATI ON

(p) 804-422-5000 (e) edu@RARealtors.com (w) RARealtors.com/education

POST LICENSE EDUCATION P L E

CLASS OFFERINGS

SEPTEMBER

OCTOBER

NOVEMBER

WED 02

MON 05

TUE 03

1pm – 3pm

The Reverse Mortgage Solution

(2 hours Current Industry Trends PLE – pending)

THU 03

10am – 12pm

THU 10

9am – 5pm

9am – 5pm

TUE 15

CVRMLS Road Rules

(2 hours Current Industry Trends PLE) Free to CVR MLS Users

Senior Real Estate Specialist Designation – Day 1 of 2

Senior Real Estate Specialist Designation – Day 2 of 2 Basic Matrix Training

12:30pm – 4:30pm

Discovering Commercial Real Estate

9am – 5pm

FRI 18

9am – 11am

(2 hours Current Industry Trends PLE)

(2 hours Current Industry Trends PLE)

THU 24

9am – 12pm

9am – 12pm

TUE 13

THU 15

9am – 5pm

MON 19

10am – 12pm

THU 29

1pm – 3pm

(8 hours Law PLE)

Fair Housing & the Practice of Real Estate

CMA: Peak Performance Pricing

(6 hours Contract Writing PLE)

The E-Deal: Instanet Transaction Management (2 hours Current Industry Trends PLE)

Basic Matrix CVRMLS Training @ SVAR

(2 hours Current Industry Trends PLE)

Foundations of RE Law (8 hours Law PLE)

CVRMLS Road Rules

(2 hours Current Industry Trends PLE) Free to CVR MLS Users

Fair Housing & the Practice of Real Estate

(2 hours Fair Housing PLE) Free to RAR Members

REALTORS® Guide

to Risk Management (3 hours Risk Management PLE)

1pm – 4pm

WED 02

2015, ISSUE 2

THU 05

10am – 12pm

MON 09

9am – 5pm

THU 12

1pm – 3pm

TUE 17

9am – 11:30am

THU 19

9am – 5pm

Contract Writing: Know Your Forms

(2 hours Current Industry Trends PLE)

CVRMLS Road Rules

(2 hours Current Industry Trends PLE) Free to CVR MLS Users

e-Pro Designation Classroom Day 1

(2 hours Current Industry Trends PLE)

Basic Instanet & Authentisign

(2 hours Current Industry Trends PLE)

Basic Matrix CVRMLS Training

(2 hours Current Industry Trends PLE)

Foundations of RE Law (8 hours Law PLE)

1pm – 4pm

CMA: Peak Performance Pricing (2 hours Current Industry Trends PLE)

10am – 12pm

The E-Deal: Instanet Transaction Management

FRI 04

10am – 12pm

(2 hours Current Industry Trends PLE)

CVRMLS Road Rules (2 hours Current Industry Trends PLE) Free to CVR MLS Users

9am – 12pm

REALTORS® Guide to Risk Management (3 hours Risk Management PLE)

1pm – 4pm

Show Me the Money: Earnest Money & Escrow Management

THU 17

9am – 5pm

FRI 18

9am – 11am

LISTED MAGAZINE

9am – 11am

DECEMBER

FRI 11 Show Me the Money: Earnest Money & Escrow Management (3 hours Escrow Requirements PLE)

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Contractually Speaking

Foundations of RE Law

(2 hours Current Industry Trends PLE)

FRI 25

(2 hours Fair Housing PLE) Free to RAR Members

9am – 11:30am

9am – 11:30am

THU 17

THU 08

1pm – 3pm

no credit

FRI 11

9am – 4pm

(3 hours Escrow Requirements PLE)

Foundations of RE Law (8 hours Law PLE) Fair Housing & the Practice of Real Estate (2 hours Fair Housing PLE) Free to RAR Members

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Broker Pre-Licensure Fast Track Finish your Broker License Classes in 2015!

P R OF E S S I O N A L DEV ELOPMENT

2016

LEADERSHIP DEVELOPMENT ACADEMY The Richmond Association of REALTORS announces the formation of the 2016 Leadership Development Academy.

This unique, six-month program identifies and mentors emerging REALTOR® leaders. Participants are exposed to a variety of important, relevant topics through lectures, seminars and leadership exercises. RAR provides selected participants with the instruction, means and resources to affect change and make a difference in their respective professional, personal and civic areas of interest.

Goals of the Leadership Development Academy

» Identify strong, dynamic leaders from among our membership. » Develop and promote an appreciation for the relevance and value of RAR and CVR MLS. » Cultivate a pool of emerging REALTOR® leaders to serve as future Task Force/Committee Chairs and Board Members. » Enhance the knowledge and skills of participants and provide member firms with qualified prospects for leadership roles within their organizations.

» Infuse our membership and community with individuals who will serve as Association advocates and ambassadors.

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What graduates of the RAR Leadership Development Academy have to say:

“

By participating in the LDA, I had the opportunity to work with some of the brightest and most committed people in the business. From getting to know the incredible staff at RAR to exchanging ideas with Association leaders, it was an experience that I would wish for any member dedicated to this community and the advancement of our association.

”

– John Fin Jr. Current RAR President, LDA Class of 2010

“

It has been an honor to be part of the Leadership Development Academy.

The opportunities to participate in discussions about management and leadership philosophy have been like participating in a mini MBA program.

The one-on-one coaching was an enriching experience.

– Nancy Cheely RAR Board of Directors, LDA Class of 2010

”

The 2016 Leadership Development Academy class is limited to fifteen qualified participants, chosen by the RAR Nominating Committee. Brokers are encouraged to nominate members of their firms who exhibit strong leadership potential.

SCHEDULE OF SESSIONS

RAR will begin accepting applications for the 2016 class on October 1, 2015. All RAR REALTOR® members are eligible to apply for the program. Applicants will complete an application that includes questions about their professional careers, civic involvement and leadership aspirations. Attendance at all sessions is a requirement for participation.

DECEMBER 2015

Actual dates will be determined by Instructor/Speaker availability.

Orientation/ Group Leadership Coaching Session

J ANUARY 19, 2016 Ethical Decision Making

FEBRUARY 16, 2016 Legislative Conference: REALTOR® Day on The Hill

If you would like more information about the RAR Leadership Development Academy, please contact Peggy Lynch at 422-5006 or email plynch@rarealtors.com

MARCH 2016

Group Leadership Coaching Session

APRIL 2016

Group Leadership Coaching Session AHAW volunteer project

MAY 6, 2016

Architects Of Tomorrow: 2016 Leadercast Seminar

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P R OF E S S I O N A L DEV ELOPMENT

NEW RESPA/TRUTH IN LENDING (TILA) DISCLOSURE REQUIREMENTS EFFECTIVE OCTOBER 3, 2015 Peggy Lynch, Vice President, Professional Development and Compliance

The new integrated Loan Estimate Form and Closing Disclosure Form, called “Know Before You Owe,” will go into effect October 3, 2015.

These new forms replace the current HUD-1 and Good Faith Estimate (GFE). The disclosure requirements accompanying the implementation of these new forms could, under certain circumstances, result in settlement delays.

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Below are a few of the salient bullet points concerning the new forms and requirements:

» The Closing Disclosure which replaces the HUD-1 must be received by the borrower at least three business days before closing the loan.

» Changes to the Closing Disclosure at closing are permitted without another three-business-day waiting period, EXCEPT if the lender changes the APR above one-eighth of 1 percent for most loans, changes the loan product, or adds a prepayment penalty to the loan.

» Both the Loan Estimate and Closing Disclosure include the word “optional” after Owner’s Title Policy.

» The final rule will be effective for all mortgage applications received by the lender on and after October 3, 2015.

One other change of note. Currently, lenders must quote the cost of title insurance on the GFE, but there is no specific guidance as to the type of coverage selected – standard coverage vs. enhanced coverage title insurance.

Lenders will often quote the standard coverage rates

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(thereby minimizing the closing costs) unless directed by the parties in a real estate contract to quote the enhanced rates. In the Central Virginia market area, many brokerage firms and closing attorneys encourage a purchaser to obtain an enhanced policy to better protect themselves from adverse title issues. A notice has been added to Section 22B of the Standard Provisions in the CVRMLS Purchase Agreement that alerts the lender to quote the enhanced coverage rate, but does not obligate the purchaser to purchase it.

MARK YOUR CALENDARS RAR will be offering FREE one hour informational sessions on these changes on September 21st and 28th.

Seating is limited and registration is required.

To register for a session visit RARealtors.com or call 422-5000.

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We Make It Easy To Keep Your Home Systems and Appliances Working. HMS gives your clients more coverage and more peace of mind with our 180-day workmanship guarantee - the longest in the industry.

To learn more, contact our local HMS Account Executive: Katy Richards P: 804.614.7104 E: krichards@hmsnational.com www.hmsnational.com The HMS Home Warranty is marketed through HMS National, Inc. HMS is a service mark of HMS National, Inc., Fort Lauderdale, FL 33355. Please see contract for actual terms and conditions; benefits may vary by state. Š2014 HMS National, Inc. All Rights Reserved.

2015, ISSUE 2

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N A R E X E C U TI V E SUMM A RY

NATIONAL ASSOCIATION OF REALTORS: HOME BUYER AND SELLER GENERATIONAL TRENDS Executive Summary Kate Mahan, Professional Development Administrator

Understanding buyers and sellers is paramount to having a successful career in real estate. A 2015 report, compiled by the NATIONAL ASSOCIATION OF REALTORS®, evaluates the generational differences of recent home buyers and sellers. The report provides critical information about home buyers and sellers: the types of homes they’re buying and selling, as well as how they conduct their searches and finance their purchases.

Buyers and sellers were sorted into five generational groups: Millennials/Gen Y (35 and younger)

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Gen X (35 to 49)

Younger Boomers (50 to 59)

Older Boomers (60 to 68)

Silent Generation (69 to 89)

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Report Highlights:

»

The Millennial Generation represents the largest share of recent buyers at 32 percent; more than Younger and Older Boomer Generations combined. Generation X is a close second, making up 27 percent of recent buyers. The Silent Generation has the smallest share of home buyers at only 10 percent.

»

Not surprisingly, the number of first-time buyers declines as age increases. The Millennial Generation tops the list of first-time buyers, making up 68 percent of the market. Among the Silent Generation, only three percent are first time buyers.

»

Thirteen percent of recent buyers purchased multi-generational homes (adult children over 18 and/or grandparents residing in the home). The Younger Boomer Generation is most prevalent in this category, making up 21 percent. The most common reason for this living arrangement among Younger Boomers was children over 18 moving back into the house (37 percent), followed by health/caretaking of aging parents (21 percent).

»

Younger buyers tend to buy older homes, and are more likely to buy previously owned homes.

Reasons include better pricing and more value. Older Boomers and the Silent Generation are more likely to purchase a new home, avoiding renovations or maintenance while receiving the amenities of new communities.

»

Regardless of their age, buyers use a wide variety of resources when searching for a home. According to the report, eighty-eight percent of buyers use the Internet and 87 percent use real estate agents.

Millennials were the most likely to use a real estate agent, mobile or tablet applications and search engines during their search. Generation X buyers were the most likely to use an open house.

»

Overall, 88 percent of all buyers in the past year financed their purchase. The Millennial Generation tops the list with 97 percent using financing. Generation X is a close second with 96 percent. Younger buyers who financed their home purchase most often relied on savings for their downpayment, whereas older buyers were more likely to use proceeds from the sale of a primary residence.

»

Generation X homeowners represented 27 percent of sellers in the past year, followed by Older Boomers making up 23 percent and Younger Boomers at 20 percent.

»

Of all groups, Generation X sellers were the most likely to put off selling their homes due to owing more than the current value of their home.

»

Overall, 60 percent of sellers found a real estate agent through a referral by a friend, relative or neighbor, or used their agent from a previous transaction. Eighty-three percent of those sellers are likely to use the agent again or recommend to others.

To learn more, the entire Generational Trends report can be downloaded from the NAR website: http://www.realtor.org/reports/home-buyer-and-seller-generational-trends

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G OV E R N MENT A F FA I R S

RENOVATION TAX ABATEMENT PROGRAMS

Jo Gehlbach, Government Affairs Coordinator

A few of the best kept secrets in the Richmond Metropolitan Area are the tax abatement programs offered by Chesterfield, Hanover, and Henrico counties, as well as the city of Richmond. Each locality offers a partial exemption from real estate taxes when a property owner renovates their house or, in some areas, commercial or industrial property.

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During a presentation at the Richmond Association of REALTORS® in June, Chesterfield Deputy County Administrator Bill Dupler lamented the fact that property owners in Chesterfield haven’t taken full advantage of the program. And rightly so, the renovation/rehabilitation programs are a win-win for the property owner, the neighborhood, and for the locality.

For example, Chesterfield’s program offers an 8-year partial real estate tax exemption for residential properties that are 25 years or older and have undergone improvements that increase the assessed value by more than 10%. The owner wins because abatement provides them with the opportunity to recover from their upfront investment, while simultaneously creating more equity in the property. The neighbors adjacent to the improved property win, because their property values also increase, especially if the improved property was in disrepair. And finally, the county wins because improved properties equal enhanced land values—which equal increased real estate tax revenue.

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In Richmond, programs exist for single family homes, multi-family residences, commercial, and industrial properties. The property must be over 20 years old; and depending on the type of property, the renovations must improve the value between 20%-40%. The increase in market value caused by the renovation will be deducted from the taxable assessment for up to ten years.

Hanover offers a similar program for residential, commercial, and industrial real estate; however, the property must be over 25 years of age.

And finally, in Henrico, the program is a bit more restrictive; however, they will not tax any additional value gained from the improvement for seven years. Properties must be over 40 years old and assessed at no more than $250,000.

So don’t let your clients miss out on these opportunities in Chesterfield, Hanover, Henrico, and in Richmond.

Go to www.rarealtors.com/local-government-tax-abatement-programs to learn about the specifics of each program and how you or your clients can apply. Please note that there are certain eligibility limitations to each program, so be sure to fully investigate the each program before applying.

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G OV E R N MENT A F FA I R S

NEW VIRGINIA REAL ESTATE BOARD REGULATIONS

GO INTO EFFECT NOVEMBER 1, 2015 – UNDERSTAND HOW THEY AFFECT YOU. Peggy Lynch, Vice President, Professional Development and Compliance

On August 3rd, Governor McAuliffe signed off on a number of new and revised VREB regulations. The changes include: Advertising

Escrow

Signage: For Sale and For Lease signs placed on a property must include the Firm Name and the Firm’s primary or branch office telephone number. The agent’s contact numbers may also be on the sign, but the Firm office number is now required.

Disbursement of Funds from Escrow Account: If a real estate transaction is terminated and all principals to the transaction have a written agreement that specifies how to distribute the earnest money deposit, the escrowed funds must be returned to the agreed-upon party within twenty (20) days of the signed agreement.

Electronic Media Advertising: All electronic media advertising, including Firm and Licensee websites and email, is required to include the Firm’s license name and the city and state in which the Firm’s main office or branch office is located. This disclosure information must be clearly and legibly displayed on all emails and on the homepage of the Firm’s and the licensee’s website.

Owner Agent Disclosure: There is a significant change to this disclosure requirement. Effective November 1, 2015 Licensees must include a notice in all advertising if the licensee owns or has an ownership interest in an advertised property. Advertising includes real estate signage. All yard signs, flyers, brochures, web sites and other electronic and print advertising must include the Owner/Agent disclosure regardless of whether the property is listed with a real estate firm or not.

This same disclosure will continue to be required in the contract of purchase.

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Lease Application Deposits: Lease application deposits must be deposited to the Firm’s escrow account within five (5) business banking days following approval of the rental application.

Broker Supervision Licensed Activities: The amended regulations clarify that only real estate licensees are permitted to undertake activities requiring a license. Activities include: showing property; holding an open house; answering questions concerning listings, contracts, brokerage agreements and legal documents; and discussing or negotiating a contract, listing, lease agreement or property management agreement.

Unlicensed Assistants: The amended regulations provide clarification concerning activities that may be performed by unlicensed employees or assistants and the broker’s responsibility to supervise permitted activities.

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BROKER TOWN HALL

Open to RAR Principal/Managing Brokers

MONDAY | SEPTEMBER 21 10:00am – 11:30am

FRIDAY | OCTOBER 9 1:00pm – 2:30pm

MEMBERSHIP MEETING Open To All RAR Members

MONDAY | SEPTEMBER 28 1:00pm – 2:00pm

FRIDAY | OCTOBER 2 1:00pm – 2:00pm

FRIDAY | OCTOBER 9 11:00am – 12:00pm

Record Keeping Requirments The Principal or Supervising Broker must maintain the following brokerage and transaction-related documents for three years.

Three (3) Years from Date of Execution » Listing Agreements » Brokerage Agreements » Disclosure and consent to dual agency/representation » Disclosure and consent to designated agency/representation Three (3) Years from the date provided to the party » Disclosure of brokerage relationship

to an unrepresented party

Three (3) Years from Date of Closing or Ratification if Transaction Fails to Close » Complete and legible copy each contract of sale » Executed releases of contract » Executed lease agreements » Executed property management agreements » Each settlement statement related to a real estate transaction

RAR is hosting several one hour Broker Town Hall and Member Meetings, where RAR/CVR MLS legal Counsel Michael Lafayette will review all of the changes in detail.

The sessions are free to RAR members, but registration is required.

To register for one of these sessions, visit www.RARrealtors.com or call 422-5000.

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G OV E R N MENT A F FA I R S

RPAC COMPETITION RESULTS ARE IN: DID YOUR OFFICE MAKE THE CUT? Thank you to all the offices that participated. The following offices had the highest participation numbers in each of their respective categories. Congratulations to our winners:

+

1 PERSON OFFICE

2-5 PERSON OFFICE

6-10 PERSON OFFICE

11-19 PERSON OFFICE

20 PERSON OFFICE

Regina Randolph of Landmark Realty & Relocation

Pearl Group Realty LLC

Plentura Realty LLC

RE/Max Commonwealth West Main Street Office

Long & Foster REALTORS® Grove Avenue Office

If you haven’t already, don’t forget to invest in RPAC. To donate, visit www.rarealtors.com/government-affairs/rpac.

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TOGETHER, WE HELP EACH OTHER DO MORE. Nationwide® is proud to partner with the Richmond Association of REALTORS®.

You wouldn’t be involved with the Richmond Association of REALTORS®, if you weren’t passionate about your profession but that’s not the only reason you’re a proud member.

The Richmond Association of REALTORS® believes in the importance of philanthropy and in playing an active role in your community. Nationwide shares these values, too, and that’s why our partnership works.

To learn more about what our partnership can do for you, call Kim Rice at (804)767-1471.

Nationwide may make a financial contribution to this organization in return for the opportunity to market products and services to its members or customers. Products Underwritten by Nationwide Mutual Insurance Company and Affiliated Companies, Columbus, OH 43215. Not all Nationwide affiliated companies are mutual companies, and not all Nationwide members are insured by a mutual company. Subject to underwriting guidelines, review, and approval. Nationwide and the Nationwide N and Eagle design are service marks of Nationwide Mutual Insurance Company. ©2015 Nationwide Mutual Insurance Company. AF0-0575AO.1 (3/15)

A Team You Can Trust.

Experienced. Dedicated. Responsive.

From left to right: Paralegal Susan Hale, attorney Chris Petersen, real estate section chair and attorney Ashley Harris, paralegal Tina Murray, attorney Aubrey Brown, paralegal Shana White.

Count on the real estate team at Parker, Pollard, Wilton & Peaden for you next real estate closing.

Our knowledgeable, experienced professionals will work closely with you and your clients throughout the entire closing process and will provide the highest level of service.

We understand real estate, and we want to assist you with all of your real estate needs.

Feel free to contact us any time, day, evening or weekends.

Call us for counsel on the changes coming August 1, 2015!

Aubrey Brown abrown@parkerpollard.com or 804.261.7325 | Ashley Harris aharris@parkerpollard.com or 804.261.7307 | Chris Petersen cpetersen@parkerpollard.com 804.261.7303 or cell 804.441.5635

WWW.PARKERPOLLARD.COM Since 1972 • Near Glenside and Broad at 6802 Paragon Place, Suite 300