ELEVATE Magazine - RASM - July 2020 Issue

July 2020

Moving Forward: Resources During a Pandemic 6

Sanitation 101 12

Congress Widens PPP Loans 16

RASM Recognizes Humanitarians in Quarter 2 24

In with the new DELIVERY 4TH QUARTER 2020

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Sandhill Lake | 941.234.0432 From the $400,000s SandhillLakeSarasota.com

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Northwest Bradenton Palma Sola Bay Club | 941.761.7349 From the $300,000s PalmaSolaBayClub.com

· Virtual home tours · OnDemand local experts · Interactive site and floorplans

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Downtown Sarasota Mark Sarasota | 941.234.4323 $949,000 MarkSarasota.com

WATERFRONT HOMES & HOMESITES

Bradenton Riverfront Riverside Point | 941.201.8505 Home sites from $229,900 | Homes from the mid $400,000s RiversidePointFlorida.com

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Ellenton EXIT 224

Palmetto

1

Anna Maria Island

Condominiums

The Lifestyle You Deserve

EXIT 220

MANATEE AVE.

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Bradenton CORTEZ RD.

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3

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Lakewood Ranch 4

UNIVERSITY PKWY.

Longboat Key

4

5

5 6 7 8

FRUITVILLE RD.

EXIT 213

EXIT 210

Sarasota

9

Lido Key

6 *

BEE RIDGE RD.

EXIT 207

10 11

7

CLARK RD.

EXIT 205

13

Siesta Key

Register

9

10 *

12 Osprey

EXIT 200

Casey Key

Get in touch

11 *

EXIT

Venice

JAC A

Contact us at 844.591.4333 or InWithTheNew@michaelsaunders.com

Nokomis

DA

Remember to register yourself by completing the broker participation guideline to make sure you receive your commission check!

To see all of the properties, visit michaelsaunders.com/new-homes

RAN

8

12

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*These communities are powered by Michael Saunders & Company.

MICHAELSAUNDERS.COM/NEW-HOMES | 844.591.4333 100 SOUTH WASHINGTON BOULEVARD | SARASOTA, FLORIDA July 2020. ©Michael Saunders & Company, Licensed Real Estate Broker

Manasota Key

Contents JULY 2020

6

COVER STORY

12

Property Management Council

14

Realtor® Attorney Joint Committee

16 17 22

Government Affairs

12

Sanitation 101

Feeling a little foggy over the gray area in the state’s new approved sanitation protocol for vacation rentals in Sarasota and Manatee counties? Look no further for tips and advice.

4 | ELEVATE [ JULY 2020 ]

16

Congress Widens PPP Loan

In June, Congress gave the Paycheck Protection Program (PPP) more flexibility for borrowers in how they can use the loan.

Commercial Real Estate Alliance

26

Young Professionals Network

27

Global Business Council

29

Neighborhood Spotlight

30 32

Calendar of Events

MOVING FORWARD: RESOURCES DURING A PANDEMIC

The COVID-19 pandemic has changed nearly every aspect of our day-today life in unprecedented ways. As our state and country slowly reopen, we are all adjusting to a new state of normalcy. And even though the coronavirus isn’t behind us, the real estate industry is still healthy and moving forward. Yes, our industry has changed, but the needs have remained the same. Realtors® today must be equipped and prepared to meet those needs in this new climate. RASM wants to answer your questions and empower members to successfully navigate your real estate businesses during these challenging, but hopeful times.

Market Analysis

34

Professional Development Membership News

24

Humanitarians in Quarter 2

In the heart of the COVID-19 pandemic, with businesses closed and emergency rooms packed, two local Realtors® had an idea. It was a vision really, to step up and make a difference.

PRESIDENT UPDATE

RASM South - 2320 Cattlemen Road Sarasota, Florida 34232 RASM North - (Temporary Location) 417 12th Street West, Suite 106 Bradenton, FL 34205 Phone: 941-952-3400 FAX: 941-952-3401 www.MyRASM.com

STAFF CONTRIBUTORS: Member Services Manager: Jessica Montague Director of Information Technology: Jesse Sunday Professional Development Manager: Denise Ricciotti Government Affairs Director: Maxwell Brandow Communications & Marketing Director: Gina White Magazine Editor: Beth Sunday Production: Coastal Printing, Inc.

2020 ASSOCIATION OFFICERS: President: David Clapp, RE/MAX Alliance Group President-Elect: Adam Chicoine, RE/MAX Alliance Group Treasurer: Georgina Clamage, Michael Saunders & Company Secretary: Alex Krumm, NextHome Excellence Immediate Past President: Amy Worth, RE/MAX Platinum Realty Chief Executive Officer: Jeff Arakelian

MISSION STATEMENT: We are an innovative and relevant association that elevates the standards of professional excellence, and are critical to our members’ success, while providing value to our community.

SUBSCRIPTIONS: The annual dues of every member of the REALTOR® Association of Sarasota and Manatee, Inc., includes a one-year subscription to ELEVATE Magazine. Editorial ideas and manuscripts are welcome.

Byline articles and columns express the opinions of the writers and do not necessarily reflect the policies or sentiments of the REALTOR® Association of Sarasota and Manatee, Inc. All submitted copy is subject to editing. 2020 Copyright© by the REALTOR® Association of Sarasota and Manatee, Inc. All rights reserved. Reproduction in whole or in part without written permission is prohibited.

For information on advertising rates, artwork, and deadlines, contact Beth Sunday, Magazine Editor, at 941-952-3417 or email Beth@MyRASM.com.

Welcome To The Brave New World!

By: David Clapp, RASM President

Who would have thought in March 2020 when I wrote the last article that so much would have changed in just three months! We were off to a great start with our 2020 Strategic Plan and had great expectations for all that we would accomplish in 2020.

Then in mid-March, COVID-19 became the new reality that changed so many things in the way we live life and do our business, ways that none of us even knew were possible. Still not out of the pandemic, we are impacted by a new movement focused on tackling racial injustice, which will challenge us all. To be sure, this will also change the way we do life in the future.

For those of us who live in Florida, we are now faced with the upcoming hurricane season, which could prove to be an active one in that we’ve had three named storms prior to the official start of the hurricane season. This trifecta has and will continue to cause emotional and financial stress for most of our members, and it is sure to continue to change the way we do business and life in the future.

But, Realtors® are strong and resilient people, because That’s Who We R®. With change comes opportunities, something we have seen many times in the past. We learned how to Zoom, and many of us have become “Zoomed out!” We’ve participated in “Pitch and Drink” virtual marketing sessions. We’ve attended a multitude of virtual classes, including designation classes. The way we show properties and conduct open houses has changed dramatically.

Meetings of the future will mostly be hybrids, in person, as well as virtual.

This I know for sure, we will not quit! We will continue to be the best at what we do, even if we do it differently! While we currently live in a world that will continue to change, I am confident that we will emerge stronger, and be better as a result of the challenges we face.

Our Association will continue to work toward holding in-person meetings starting in July with GRI classes, and more to follow. Our Annual Meeting, with the full day of educational meetings originally scheduled for September, will most likely be changed to November.

Everything is subject to change as necessary. This I know, we will continue to serve our members in the best ways possible and continue to look for new ways to do so.

Stay safe, stay healthy, and let me know if you have any suggestions or ways that we can better serve you, our members. •

myRASM.com | 5

COVER STORY

Moving Forward: Resources During a Pandemic

T

he COVID-19 pandemic has changed nearly every aspect of our day-to-day life in unprecedented ways. As our state and country slowly reopen, we are all adjusting to a new state of normalcy. And even though the coronavirus isn’t behind us, the real estate industry is still healthy and moving forward. Yes, our industry has changed, but the needs have remained the same.

Realtors® today must be equipped and prepared to meet those needs in this new climate. There are programs, advice, and assistance available. RASM wants to answer your questions and empower members to successfully navigate your real estate businesses during these challenging, but hopeful times.

BETTER TIMES AHEAD Each week, the NAR leadership team shares tips and updates on the real estate industry with their Pivot in Place, NAR’s Guide to Navigating the COVID-19 Crisis, video series. In the video entitled “The Economy & Housing Market Through COVID-19,” Lawrence Yun, Chief Economist and Senior Vice President of Research for the National Association of REALTORS® (NAR), addresses the economic and housing market through the COVID-19 crisis.

In this video, Yun shares some of his professional advice for navigating home buying and selling during these uncertain times.

6 | ELEVATE [ JULY 2020 ]

SOME OF HIS KEY POINTS INCLUDE:

Retail sales are down, but we are seeing an increase in home improvement sales, an indication that homeowners are preparing their homes for market.

There is a strong demand for single-family homes in the low to mid-priced range. Given the shortage of inventory, we could see bidding offers made on homes priced in this range, so this is a great time to list.

We are experiencing historically low mortgage rates, so for homeowners, it’s a great time to lock in those rates. Moving forward, with so much stimulus monies in our economy, could lead to higher inflation in years to come.

Realtors® need to be well-aware of the latest housing market trends as well as the economy to guide their buyers to the best possible price point, as well as to help the home sellers to price the home accordingly so that their property doesn’t linger on the market for too long.

We can expect a significant increase in both listings and buyer activities in the coming months.

Yun also predicts that the worst is over, and we are in a nationwide recovery phase. We see trends indicating that consumers have been saving during the quarantine months. Once the markets reopen completely, we could see an unleashing of consumer spending. Yun also believes that mortgage rates will

remain low, home sales will rise by 10 to 15 percent, and home sales will grow 3 to 5 percent.1 To watch this video and others focused around COVID-19 concerns, visit www.nar.realtor/pivot-in-place.

OPEN HOUSE DURING A PANDEMIC? More positive news is on the horizon. The research company Engagious conducted a survey entitled the “Back to Normal Barometer,” which measured consumer interest in a variety of industries and activities during the ongoing COVID-19 pandemic.

The company presented their findings to NAR in late May. According to the survey, 65 percent of consumers claim that despite the continuing COVID-19 pandemic, they would attend an open house or take a home tour.

However, 61 percent did say that they are concerned about the overall public health crisis and the U.S. economy, a sign that consumers are still prioritizing safety measures as we attempt to get back to normal.2 Although it is exciting to hear that consumers are becoming more willing to attend an open house, both RASM and NAR continue to encourage members to use virtual showings and limit in-person activity in all other aspects of the transaction as much as possible during the crisis, even where in-person showings are allowable by state or local order.3 It should be noted that these are guidelines only from NAR. Each Realtor® needs to assess their personal situation and the needs of their client and proceed safely and accordingly. However, we are living in unprecedented times. Realtors® need to be aware that any in-person activity could make them vulnerable, should something go awry. NAR does provide several guidelines for an in-person open house. A few key suggestions include:

Adhere to social distancing recommendations and maintain a minimum of six feet of space between persons at all times.

Avoid shaking hands with clients.

Limit the number of persons who may attend a showing, such as only four people total.

NAR’s complete list of recommended procedures for before, during and after an in-person open house is quite extensive as the risk for COVID-19 exposure still remains.4 To view the list in its entirety, visit www.nar. realtor/coronavirus-a-guide-for-realtors.

SAFER ALTERNATIVES There are several alternatives to traditional open houses, which allow buyers a chance to see inside a home while keeping their distance. These are great options for selling to out of state buyers even when social distancing protocols aren’t in effect.

Private Showings: Private showings are a great way for interested buyers to get a feel for your home. Realtors® need to share what COVID-19 safety precautions they are taking during home showings and where the homeowner should be during them, since typically homeowners would not be home.

Host a Virtual Open House: Using FaceTime, Facebook Live or similar platforms, a Realtor® can host a virtual open house at a predetermined time highlighting all of the home’s best features while leaving it germ-free.

Offer Showings on Demand: An off-shoot of the virtual open house, a showing on demand, would allow a Realtor® to accept requests for private virtual showings by potential buyers.5

ENTICING MORTGAGE RATES Low mortgage rates continue to be a silver lining in the road to recovery. Mortgage application indexes are viewed as a gauge for future home-buying activity. Mortgage rates again fell to an all-time low at the beginning of June and home buyers are taking advantage. The MBA reported from its seasonally adjusted index that Mortgage applications to purchase a home rose 5 percent last week, putting applications for home purchases 18 percent higher than a year ago.

This marks a strong rebound in applications. At the beginning of the COVID-19 outbreak, the pandemic brought mortgage applications down 35 percent compared to the same time last year.6 According to the MBA, buyers are taking out larger mortgages, indicating confidence in the market is returning, and refinance applications have dropped slightly, but are still up 176 percent over a year ago.

“The low mortgage rates, without a doubt, are helping to entice buyers back into the market,” said Yun. 7 [ Continued on page 8 ] myRASM.com | 7

COVER STORY CONTINUED NAR CONSUMER GUIDES

SCAMS TO AVOID

As encouraging as this news is, it’s important to realize that we will still feel the effects of the COVID-19 pandemic for months and years to come.

NAR created two extremely helpful guides to assist Realtors®, and consumers facing financial challenges due to the coronavirus pandemic.

Protect Your Credit: explains the provisions implemented by the Coronavirus Aid, Relief, and Economic Security (CARES) Act to protect consumers’ credit scores. The guide outlines consumers’ rights under the CARES Act, explains how to obtain a free credit report, and offers guidance on how to dispute inaccurate credit information. Protecting your credit is one of the single most important things you can do to ensure your financial well-being. The coronavirus will come and go, but poor credit can have a negative, lingering effect for years to come.

Protect Your Investment: helps homeowners who are struggling to meet their loan obligations due to COVID-19. The guide offers advice about working with trusted professionals like Realtors® and housing counselors at HUD-approved agencies. The guide also provides information about payment options offered by lenders and tips for avoiding scams. It’s imperative for homeowners to know and understand exactly what they are signing. Some forbearance programs have hidden fees and terms that can spell financial ruin for the homeowner.8

Sounds too easy. “Guaranteed approval” or “no income verification” regardless of borrower’s current employment, credit history, and assets.

Large future costs. High-risk adjustable rate mortgages where the payment rises a lot after the “teaser rate” period is seldom appropriate for families who already have had problems repaying other loans.

Barriers to refinancing. Prepayment penalties that make it hard for a borrower to refinance in order to pay off a high-cost loan by taking advantage of a low-cost loan.

No down payment loans. These loans may be split into two mortgages, with one having a much higher cost. Home buyers should be sure they can afford the payments.

Unethical document management. Ethical lenders and brokers never ask you to sign a blank document or a document dated before the date you sign.9

ADDITIONAL RESOURCES NAR has continual, up-to-date information and guidance to help respond to the COVID-19 pandemic and its impact on the real estate industry including federal programs affecting Realtors®. In our road to recovery, we all must take the cautionary steps to protect ourselves and our clients while providing the most professional and responsible services. For the most accurate and trustworthy information, visit the NAR coronavirus help center at www.nar.realtor/ coronavirus.

SOURCES: 1 | www.nar.realtor/pivot-in-place 2 | https://magazine.realtor/daily-news/2020/05/26/

3| 4| 5| 6| 7|

8| 9|

8 | ELEVATE [ JULY 2020 ]

most-consumers-aren-t-afraid-to-return-to-themarket?AdobeAnalytics=ed_rid%3D4410417%26om_ mid%3D2605%7CRealtorMagNews_2020_06_01%26om_ nytpe%3DREALTOR%20MAG%20NEWS www.nar.realtor/coronavirus-a-guide-for-realtors) www.nar.realtor/coronavirus-a-guide-for-realtors. https://homeownershipmatters.realtor/issues/selling-your-houseresponsibly-during-the-coronavirus/ (https://magazine.realtor/daily-news/2020/06/04/mortgageapplications-jump-18-amid-record-low-rates) (https://magazine.realtor/daily-news/2020/05/28/ mortgage-applications-defy-forecasts-up-54-sinceapril?AdobeAnalytics=ed_rid%3D4410417%26om_ mid%3D2605%7CRealtorMagNews_2020_06_01%26om_ nytpe%3DREALTOR%20MAG%20NEWS https://homeownershipmatters.realtor/issues/new-resources-forhomeowners-facing-financial-hardship/ https://resources.homeownershipmatters.realtor/wp-content/ uploads/sites/5/2020/05/Protect-Your-Investment-Booklet_051520. pdf

BUSINESS PARTNER SPOTLIGHT

Properties Title, LLC By: Maury Azerad, Esq., Attorney-at-Law, Properties Titler

M

aury Azerad, Esq. is a Sarasota native with strong ties to the area.

Admitted to the Florida Bar in 2010, Maury has focused on real estate law his entire career.

Maury has been known to donate professional time to the Legal Aid of Manasota and also serves as Chair of the Board for the non-profit organization Gulf Coast Hillel.

Nicole Brickhouse is a closing and title veteran with 30 years in the business. Her vast experience comes from owning and operating various title

1342 N. Lime Ave., Sarasota, FL 34237 (941) 953-3773 • (941) 713-4348 www.sarasotalockandkey.com Bonded and Insured Safes • Locks • Keys • High-Security Locks • Mul-T-Lock • Medeco Largest Selection of Key Blanks in the Area Chamber Member since 1964 Associated Locksmiths of America Safe & Vault Technicians Association

companies, a mortgage company, and an insurance agency in the Tampa Bay area. She has extensive experience in business management, sales, marketing, and multimedia marketing.

Together with their partner Shaun Peens, Maury and Nicole began operating Properties Title in 2019.

In a little over a year of operation together, the three of them have grown the company along with their exceptional staff.

Properties Title seeks to offer the highest level of service for agents and customers, employing a focus on professionalism, flexibility, and technology to rise above their competition. Properties Title is mastering the art of the closing.

For more information, visit www.propertiestitle. com. •

941-556-8895 Sharonb@CoastalPrint.com

CoastalPrint.com 4391 Independence Court Sarasota, FL 34234

myRASM.com | 9

PROFESSIONAL STANDARDS

Fidelity to Client’s Interests By: National Association of REALTORS® Interpretations of the Code of Ethics Case #1-6 (Originally Case #7-7. Reaffirmed May, 1988.

Transferred to Article 1 November, 1994. Revised November, 2001.)

R

ealtor® A managed an apartment building owned by Client B. In his capacity as property manager, Realtor® A received a written offer to purchase the building from Buyer C. Realtor® A responded that the building was not for sale. A few days later Buyer C met Client B and told him that he thought he had made an attractive offer through his agent, and indicated that he would be interested in knowing what price would interest Client B. Client B answered that he had received no offer through Realtor® A and asked for the details.

Client B then filed a complaint against Realtor® A with the local Board of Realtor® charging failure to represent and promote his interests. His complaint specified that while Realtor® A had been engaged as a property manager, he had at no time told him not to submit any offers to buy, and that in the absence of any discussion whatever on this point, he felt that Realtor® A should have recognized a professional obligation to acquaint him with Buyer C’s offer which, he stated in the complaint, was definitely attractive to him.

Realtor® A was notified of the complaint and directed to appear before a panel of the Board’s Professional Standards Committee. In his defense, Realtor® A stated that his only relationship with Client B was a property manager under the terms of a management contract; that he had not been engaged as a broker; that at no time had the client ever indicated

10 | ELEVATE [ JULY 2020 ]

an interest in selling the building; that in advising Buyer C that the property was not on the market, he felt that he was protecting his client against an attempt to take his time in discussing a transaction which he felt sure would not interest him.

It was the conclusion of the Hearing Panel that Realtor® A was in violation of Article 1; that in the absence of any instructions not to submit offers, he should have recognized that fidelity to his client’s interest, as required under Article 1 of the Code of Ethics, obligated him to acquaint his client with a definite offer to buy the property; and that any real estate investor would obviously wish to know of such an offer. • Published with the consent of the NATIONAL ASSOCIATION OF REALTORS®.

Copyright NATIONAL ASSOCIATION OF REALTORS®-All Rights Reserved.

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All rights reserved. Content may not be reproduced, copied, altered, distributed, stored or transferred in any form or by any means without express written permission. One Particular Harbour and the One Particular Harbour logo are trademarks of Margaritaville Enterprises, LLC and are used under license. Minto and the Minto logo are trademarks of Minto Communities, LLC and/or its affiliates. 2020. CGC 1519880.

RASM NEWS YOU CAN USECOUNCIL PROPERTY MANAGEMENT

Sanitation 101 By: Liz Berry, Associate Advisor, SVN | Commercial Advisory Group

F

eeling a little foggy over the gray area in the state’s new approved sanitation protocol for vacation rentals in Sarasota and Manatee counties? Look no further for tips and advice on how to traverse a great guest check-out or check-in to a fully sanitized unit. The best place to start is by referring to local associations, municipalities, county, and state policies for their minimum guidelines.

The minimum guidelines can be used to create a sanitation handbook that can be shared with all property managers, employees, vendors, and guests to make clear the sanitation policy implemented in all rental properties. Further, define the provided requirements in the manual such as setting a clear time period between one guest departing and another checking in. A good rule of thumb is 24-48 hours. For service providers who are unclear on what cleaning products to use, it is suggested to follow the EPA’s list of disinfectants approved for use against COVID-19.

Many common cleaning products are successful at eliminating coronaviruses when used properly.

These include hydrogen peroxide and isopropyl alcohol. The EPA explains how to correctly use and apply these sanitizers to rid living environments of germs. Employees and cleaners who are uncomfortable disinfecting can turn to many local businesses that are providing virus-specific sanitation services.

Multiple community businesses in Sarasota and Manatee are currently available to completely sanitize vacation rental units upon guest check-out and prior to guest check-in. Some of these same local businesses are additionally offering training classes for employees, managers, and cleaners on the proper sanitation practices per county and state guidelines. Make sure to inform vacation rental guests of all company sanitation procedures and denote in the property that is has been sanitized.

Guests should be informed ahead of time of all sanitation procedures and upon arrival know what sanitation methods were used in the cleaning of their rental unit to assure their comfort. Remember this is new territory for everyone and modify procedures to be more stringent as needed. When in doubt, do not hesitate to contact the CDC or the EPA for further instruction.

REOPENING GUIDELINES & RESOURCES Manatee County Guidelines: https://www.

mymanatee.org/UserFiles/Servers/Server_7588306/File/ Departments/Public%20Safety/Coronavirus/Manatee%20 County%20Vacation%20Rentals%20Plan.pdf

Sarasota County Guidelines: https://www.scgov.net/ Home/ShowDocument?id=45481

CDC Guidelines: https://www.cdc.gov/coronavirus/2019ncov/community/reopen-guidance.html

EPA Approved Cleaning Products: https://www.epa. gov/pesticide-registration/list-n-disinfectants-use-againstsars-cov-2-covid-19 • 12 | ELEVATE [ JULY 2020 ]

Genoa

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These estate-size homesites offer wonderful lake views. Come see what everyone’s talking about at Genoa!

Come experience Genoa at The Lake Club, with the most coveted lifestyle of any village in Lakewood Ranch, including a 20,000-square-foot Grande Clubhouse, spa and fitness, fabulous dining and much more.

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REALTOR® ATTORNEY JOINT COMMITTEE

Forbearance is Still a Thing By: Lisa Gonzalez Moore, Attorney, LGM Law, PLLC

T

he $2 trillion Coronavirus Aid, Relief and Economic Security, or CARES, Act, passed in March in response to the global pandemic caused by the coronavirus, included special aid for homeowners in the form of foreclosure relief and forbearance.

Forbearance is an intentional delay in collecting a debt or demanding performance on a contract, usually for a specific period of time, and can save your home from foreclosure without as much negative affect on your credit when negotiated properly.

FORBEARANCE OPTIONS Through the CARES Act, homeowners with federally backed mortgages have the right to request forbearance for up to 180 days, with the possibility of another 180 days if they are still under financial distress. As part of the relief program, eligible homeowners will also be given a mortgage payment reduction option, where future make-up payments will be spread out over 12 months or added to your mortgage payment once the reduction period is over.

The process to request and document a request for forbearance has been streamlined, and to safeguard borrower credit scores, Congress temporarily amended the Fair Credit Reporting Act (FCRA) to protect borrowers’ credit from circumstances beyond their control. Under the new rule, direct servicers of mortgages, the companies that bill you, must report accounts that receive relief such as a forbearance, as “current” to the main credit reporting bureaus.

However, there are important factors to consider when negotiating the terms of the forbearance of a loan secured by a mortgage on your home.

TERMS & OBLIGATIONS It is crucial to understand that forbearance is not forgiveness of the obligation to repay the loan.

The borrower is still obligated to repay the full loan amount; however, forbearance agreements pause the borrower’s obligation to make payments. Borrowers should indicate to their servicers that their hardship is due to COVID-19 and inquire about their options: how 14 | ELEVATE [ JULY 2020 ]

long of a forbearance do they qualify for, and what are their options at the end of that forbearance period.

These terms are negotiable, and the service lender could face up to thousands of dollars for failure to respond to eligible borrowers.

Consider honestly whether you will be financially able to pay a balloon payment of the amount of the payments deferred, or whether you need to more steadfastly demand that the deferred amount be amortized over the life of the loan or that the deferred payments tack on at the end of the loan period.

REVIEW THE AGREEMENT Once the terms of the forbearance have been agreed upon, the borrower should demand that the forbearance agreement be reduced in writing. This not only allows the borrower to review the terms to make sure they understand it completely, but also provides protection for the borrower in the event that any missed payments are negatively reported contrary to the recently enacted relief legislation and the borrower needs to request the restoration of their credit score.

While the pandemic may be causing financial and emotional distress, there continues to be options for relief. Taking advantage of those options requires understanding your legal rights and remaining focused on a hopeful future.

This article is meant as a guide for educational purposes only. It is not intended to serve as legal advise and should not be used as a substitute for consultation with an attorney.

Reach Further™ and go beyond.

Ground control to REALTOR® Rose.

Take your real estate career into orbit with RASM. Education + Networking + Advocacy Professionalism + Resources

GOVERNMENT AFFAIRS

Congress Widens PPP Loan By: Max Brandow, RASM Government Affairs Director

I

n June, Congress gave the Paycheck Protection Program (PPP) more flexibility for borrowers in how they can use the loan.

These new relaxed guidelines also change some eligibility requirements for the loan.

ELIGIBILITY REQUIREMENTS Borrowers now have 24 weeks, rather than eight weeks, to disperse their loan funds after receiving them in order to qualify for forgiveness.

The mandatory amount of the loan to be spent on maintaining payroll costs has decreased from 75 percent to 60 percent. The remaining 40 percent must be used for eligible expenses, such as utility payments, rent or mortgage interest, or other payroll costs.

The borrower must maintain the same number of full time–equivalent employees during the 24-week period of the loan as before the pandemic.

NEW FORMS AND DEADLINES Although the Small Business Administration (SBA) and Treasury Department released forgiveness applications last month, new forms and guidance must now be issued. As of this writing, there is not a hard and fast timeline for these updates, but NAR expects this to be dealt with expeditiously at the federal level.

It is still true that PPP loan recipients must reduce the amount of their loan qualifying for forgiveness by any proportionate percent drop in employee numbers, but they now have an extended deadline of December 31st to rehire or fill those positions.

Loans for independent contractors and the selfemployed will be automatically forgiven in an amount equal to a 24-week portion of their 2019 net earnings, capped at $15,385, and based on their 2019 Form 1040 Schedule C, Line 31.

However, those borrowers must not use any portion of the remaining loan for payroll costs. The borrowers must certify the 40 percent portion of the loan that was not required to go to payroll, goes to an eligible use, and verify with documentation verifying both payroll and non-payroll costs as well as the average number of full-time equivalent (FTE) employees before and during the coverage period of 24 months. • 1 | Source: National Association of REALTORS® (NAR), www.nar.

realtor.

16 | ELEVATE [ JULY 2020 ]

MARKET ANALYSIS

Housing Market Begins to Bounce Back in May, But Still Down from Last Year By: Gina White, RASM Communications and Marketing Director

H

ousing data for May 2020 confirms another month of slowed market activity due to the coronavirus pandemic. According to the reports compiled

by Florida REALTORS® and provided by the REALTOR® Association of Sarasota and Manatee, the two counties saw a decline in sales and supply, causing median prices to rise again. Pending sales and new listings decreased from last year but month-over-month improvements point to a positive return to pre-pandemic conditions.

Closed sales declined year-over-year in May of 2020, a 43.5 percent decrease to 1,399 closed sales in the two-county area. In Sarasota, single-family home sales decreased by 41.4 percent to 562 and condo sales decreased by 47 percent to 242 sales. Manatee singlefamily sales decreased by 38.7 percent to 445 sales while condo sales decreased by 49.2 percent to 150 sales.

“Year-over-year numbers are unimpressive for the month of May, but we expected it,” said David Clapp, 2020 President of the Realtor® Association of Sarasota and Manatee. “Our sales are typically highest during April and May. Comparing year-over-year highs to a hit from the pandemic creates a less than positive perspective on the market. The good news is that this ‘hit’ should just be reflective of these past two months.

Since late April, pending sales have been rising each week, with one week in early June exceeding the best week of 2020 prior to the pandemic.”

When compared to last month, the combined pending sales in both counties increased by 80.9 percent for condos and by 60 percent for single-family homes.

Year-over-year, pending sales decreased for condos but showed slight improvements in singlefamily homes. For single-family homes, pending sales increased by 10.9 percent in Manatee and made no change from last year in Sarasota. The condo market showed a 5.7 percent decrease in pending sales in Sarasota and an 8 percent decrease in Manatee.

Median sales prices for Sarasota and Manatee counties increased overall from May of 2019. Singlefamily home prices in Manatee County increased by 1.6 percent to $325,000 but decreased by 2.4 percent to $297,995 in Sarasota. Median prices for the condo market increased by 9.5 percent to $229,950 in Manatee and by 1.6 percent to $241,750 in Sarasota.

The number of properties added to the market this month decreased overall from last year but showed improvement from last month. Combined for both markets in both counties, new listings increased by 35.8 percent from April of 2020.

Condo new listings increased year-over-year in Manatee County by 7.8 percent. However, Sarasota condo new listings decreased by 15 percent from last year. For single-family homes, new listings fell by 11.7 percent in Manatee and decreased by 6.6 percent in Sarasota from May 2019.

“Our biggest challenge is low supply. New listings have declined weekly and active listings are down as much as 25 percent in one area of the market,” added Clapp. “If you are a property owner and are considering selling, now is the time to talk to a local Realtor® about putting your home on the market.

Prices are holding strong, there is high buyer demand right now, and the low inventory of homes provides the perfect opportunity to sell.”

Year-over-year, the combined inventory in both counties decreased by 19.3 percent. Condo inventory in Manatee County showed some improvement with a 0.6 percent increase. Sarasota County condo inventory decreased by 18.6 percent. The supply of single-family homes decreased by 20.8 percent in Manatee and by 25.1 percent in Sarasota.

The months’ supply of inventory is at or below 4.5 months across all markets in Sarasota and Manatee counties. For Manatee condos, the month’s supply increased by 4.8 percent to 4.4-months. Sarasota condos decreased by 21.1 percent to a 4.5-months’ supply. Sarasota single-family homes decreased by 28.9 percent to a 3.2-months’ supply and Manatee singlefamily homes fell to 3-months, a 21.1 percent decrease from last year.

Monthly reports are provided by Florida REALTORS® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics. • myRASM.com | 17

Monthly Market Summary - May 2020 Single Family Homes Sarasota County May 2020

May 2019

Percent Change Year-over-Year

562

959

-41.4%

174

340

-48.8%

Median Sale Price

$297,995

$305,305

-2.4%

Average Sale Price

$392,471

$411,499

-4.6%

$220.6 Million

$394.6 Million

-44.1%

96.0%

94.5%

1.6%

Median Time to Contract

32 Days

56 Days

-42.9%

Median Time to Sale

81 Days

101 Days

-19.8%

New Pending Sales

859

859

0.0%

New Listings

761

815

-6.6%

Pending Inventory

1,152

1,208

-4.6%

Inventory (Active Listings)

2,253

3,007

-25.1%

Months Supply of Inventory

3.2

4.5

-28.9%

Closed Sales Paid in Cash

Dollar Volume Med. Pct. of Orig. List Price Received

1,200

2016

2017

2018

2019

Closed Sales

1,000 800 600 400 200 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

Median Sale Price

$350K $300K $250K

$200K $150K $100K $50K $0K

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

4,000

Inventory

3,500

3,000 2,500

2,000 1,500 1,000 500 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

2016

2017

2018

2019

18 | ELEVATE [ JULY 2020 ] ”‘†—…‡† „› Ž‘”‹†ƒ Ěş ™‹–Š †ƒ–ƒ ’”‘˜‹†‡† „› ÂŽÂ‘Â”Â‹Â†ÂƒĚľÂ• Â?—Ž–‹’Ž‡ Ž‹•–‹Â?‰ •‡”˜‹…‡•Ǥ –ƒ–‹•–‹…• ˆ‘” ‡ƒ…Š Â?‘Â?–Š …‘Â?’‹Ž‡† ˆ”‘Â? ˆ‡‡†• ‘Â? –Š‡ ͳ͡–Š †ƒ› ‘ˆ –Š‡ ˆ‘ŽŽ‘™‹Â?‰ Â?‘Â?–ŠǤ ƒ–ƒ ”‡Ž‡ƒ•‡† ‘Â? ‘Â?Â†ÂƒÂ›ÇĄ —Â?‡ Í´Í´ÇĄ ʹͲʹͲǤ ‡š– †ƒ–ƒ ”‡Ž‡ƒ•‡ ‹• ‡†Â?Â‡Â•Â†ÂƒÂ›ÇĄ —Ž› Í´Í´ÇĄ ʹͲʹͲǤ

Monthly Market Summary - May 2020 Single Family Homes Manatee County May 2020

May 2019

Percent Change Year-over-Year

445

726

-38.7%

90

195

-53.8%

Median Sale Price

$325,000

$319,995

1.6%

Average Sale Price

$409,038

$388,672

5.2%

$182.0 Million

$282.2 Million

-35.5%

96.8%

95.8%

1.0%

Median Time to Contract

39 Days

50 Days

-22.0%

Median Time to Sale

84 Days

97 Days

-13.4%

New Pending Sales

715

645

10.9%

New Listings

603

683

-11.7%

Pending Inventory

954

944

1.1%

Inventory (Active Listings)

1,635

2,065

-20.8%

Months Supply of Inventory

3.0

3.8

-21.1%

Closed Sales Paid in Cash

Dollar Volume

Median Sale Price

Closed Sales

Med. Pct. of Orig. List Price Received

800 700 600 500 400 300 200 100 0 $400K $350K $300K $250K $200K $150K $100K $50K $0K

2016

2017

2018

2019

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

Inventory

3,000 2,500 2,000

1,500 1,000 500 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

2016

2017

2018

2019

myRASM.com | 19

”‘†—…‡† „› Ž‘”‹†ƒ Ěş ™‹–Š †ƒ–ƒ ’”‘˜‹†‡† „› ÂŽÂ‘Â”Â‹Â†ÂƒĚľÂ• Â?—Ž–‹’Ž‡ Ž‹•–‹Â?‰ •‡”˜‹…‡•Ǥ –ƒ–‹•–‹…• ˆ‘” ‡ƒ…Š Â?‘Â?–Š …‘Â?’‹Ž‡† ˆ”‘Â? ˆ‡‡†• ‘Â? –Š‡ ͳ͡–Š †ƒ› ‘ˆ –Š‡ ˆ‘ŽŽ‘™‹Â?‰ Â?‘Â?–ŠǤ ƒ–ƒ ”‡Ž‡ƒ•‡† ‘Â? ‘Â?Â†ÂƒÂ›ÇĄ —Â?‡ Í´Í´ÇĄ ʹͲʹͲǤ ‡š– †ƒ–ƒ ”‡Ž‡ƒ•‡ ‹• ‡†Â?Â‡Â•Â†ÂƒÂ›ÇĄ —Ž› Í´Í´ÇĄ ʹͲʹͲǤ

Monthly Market Summary - May 2020 Townhouses and Condos Sarasota County May 2020

May 2019

Percent Change Year-over-Year

242

457

-47.0%

125

251

-50.2%

Median Sale Price

$241,750

$238,000

1.6%

Average Sale Price

$311,718

$361,732

-13.8%

$75.4 Million

$165.3 Million

-54.4%

95.2%

93.4%

1.9%

Median Time to Contract

43 Days

65 Days

-33.8%

Median Time to Sale

91 Days

114 Days

-20.2%

New Pending Sales

363

385

-5.7%

New Listings

317

373

-15.0%

Pending Inventory

573

614

-6.7%

Inventory (Active Listings)

1,519

1,867

-18.6%

Months Supply of Inventory

4.5

5.7

-21.1%

Closed Sales Paid in Cash

Dollar Volume Med. Pct. of Orig. List Price Received

600

2016

2017

2018

2019

Closed Sales

500 400 300 200 100 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

Median Sale Price

$300K $250K $200K $150K $100K $50K $0K

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

Inventory

2,500 2,000 1,500 1,000 500 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

2016

20 | ELEVATE [ JULY 2020 ]

2017

2018

2019

”‘†—…‡† „› Ž‘”‹†ƒ Ěş ™‹–Š †ƒ–ƒ ’”‘˜‹†‡† „› ÂŽÂ‘Â”Â‹Â†ÂƒĚľÂ• Â?—Ž–‹’Ž‡ Ž‹•–‹Â?‰ •‡”˜‹…‡•Ǥ –ƒ–‹•–‹…• ˆ‘” ‡ƒ…Š Â?‘Â?–Š …‘Â?’‹Ž‡† ˆ”‘Â? ˆ‡‡†• ‘Â? –Š‡ ͳ͡–Š †ƒ› ‘ˆ –Š‡ ˆ‘ŽŽ‘™‹Â?‰ Â?‘Â?–ŠǤ ƒ–ƒ ”‡Ž‡ƒ•‡† ‘Â? ‘Â?Â†ÂƒÂ›ÇĄ —Â?‡ Í´Í´ÇĄ ʹͲʹͲǤ ‡š– †ƒ–ƒ ”‡Ž‡ƒ•‡ ‹• ‡†Â?Â‡Â•Â†ÂƒÂ›ÇĄ —Ž› Í´Í´ÇĄ ʹͲʹͲǤ

Monthly Market Summary - May 2020 Townhouses and Condos Manatee County May 2020

May 2019

Percent Change Year-over-Year

150

295

-49.2%

56

147

-61.9%

Median Sale Price

$229,950

$210,000

9.5%

Average Sale Price

$261,466

$246,381

6.1%

$39.2 Million

$72.7 Million

-46.0%

95.1%

95.0%

0.1%

Median Time to Contract

41 Days

64 Days

-35.9%

Median Time to Sale

96 Days

107 Days

-10.3%

New Pending Sales

252

274

-8.0%

New Listings

289

268

7.8%

Pending Inventory

311

370

-15.9%

Inventory (Active Listings)

961

955

0.6%

Months Supply of Inventory

4.4

4.2

4.8%

Closed Sales Paid in Cash

Dollar Volume Med. Pct. of Orig. List Price Received

350

2016

2017

2018

2019

Closed Sales

300 250 200 150 100 50 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

Median Sale Price

$250K $200K

$150K $100K $50K $0K

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

Inventory

1,200 1,000 800

600 400 200 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

2016

2017

2018

2019

myRASM.com | 21

”‘†—…‡† „› Ž‘”‹†ƒ Ěş ™‹–Š †ƒ–ƒ ’”‘˜‹†‡† „› ÂŽÂ‘Â”Â‹Â†ÂƒĚľÂ• Â?—Ž–‹’Ž‡ Ž‹•–‹Â?‰ •‡”˜‹…‡•Ǥ –ƒ–‹•–‹…• ˆ‘” ‡ƒ…Š Â?‘Â?–Š …‘Â?’‹Ž‡† ˆ”‘Â? ˆ‡‡†• ‘Â? –Š‡ ͳ͡–Š †ƒ› ‘ˆ –Š‡ ˆ‘ŽŽ‘™‹Â?‰ Â?‘Â?–ŠǤ ƒ–ƒ ”‡Ž‡ƒ•‡† ‘Â? ‘Â?Â†ÂƒÂ›ÇĄ —Â?‡ Í´Í´ÇĄ ʹͲʹͲǤ ‡š– †ƒ–ƒ ”‡Ž‡ƒ•‡ ‹• ‡†Â?Â‡Â•Â†ÂƒÂ›ÇĄ —Ž› Í´Í´ÇĄ ʹͲʹͲǤ

COMMERCIAL REAL ESTATE ALLIANCE

Commercial Lending During a Pandemic By: John Hanlon, SBA Lending Specialist

C

learly, our vision of the future today is much different than what we were dreaming of even back in January of this year.

The global COVID-19 pandemic is rapidly causing us to change our habits and our thinking in everyday life.

“The future ain’t what it used to be,” Yogi Berra.

The work from home environment for traditional white-collar jobs could change the need for office space in the future as companies might feel the benefits outweigh the negatives. While there may be a need for an office space maybe that space will be smaller, and shared with other workers on a come in as-needed basis. Traditional brick and mortar retail stores, already under pressure from online sales, will have to adjust as well to draw customers back into their locations or increase their online selling ability.

At the moment, most lending is either on hold until things improve or the funding completed for the Paycheck Protection Program loans. As of May 30th, the SBA, through the lending institutions, has issued 4.4 million loans in excess of $510 billion. In 14 days, the SBA processed 14 years worth of loans.

Meanwhile, some conventional sources of funding are taking a wait-and-see approach while the SBA 7a and 504 loan programs are still active.

In an effort to help small businesses obtain loans through the SBA, the Federal Government is stepping in to make the first six months of payments on new loans approved now until the end of September. That is a great start for anyone on the fence about buying a property for their business, refinancing debt, or buying a business. The SBA loans also offer a low down payment option, typically between 10-15 percent, depending on property type and loan purpose. This combination of a lower down payment and historically low-interest rates can help turn your prospects into buyers.

“Change is the law of life and those who look only to the past or present are certain to miss the future,” John F. Kennedy During past economic disruptions, people still started businesses, purchased property, expanded their existing business. While it may take a while to get back to previous growth levels, there are still opportunities to be had. We just have to get creative on how we can make it a win-win for our clients. We have to change how we have done business in the past and embrace new opportunities in the future.

If you have any questions, on how SBA lending can help you or your clients, reach out to your local SBA Lending Specialist. •

22 | ELEVATE [ JULY 2020 ]

NEWS YOU CAN USE

REALTORS® to Watch Under 40

T

he RASM Young Professionals Network is excited to announce the “REALTORS® To Watch” awards for the Sarasota and Manatee area. A select group of agents will be recognized as the rising stars in our local real estate community.

This award recognizes a group of Realtors® who represent excellence in leadership, community involvement, and everything else that makes a wellrounded young professional succeed in real estate. Any active Realtor® member of the REALTOR® Association of Sarasota and Manatee under the age of 40 as of August 1, 2020, can apply for this award.

AWARD WINNERS WILL RECEIVE Recognition in RASM’s ELEVATE magazine and on RASM social media channels.

Inclusion on the county-wide distribution of press releases.

HOW TO APPLY Applications are due before midnight on July 31, 2020. No late entries will be accepted. For a list of

FAQs and an application to apply, visit www.myrasm. com/specialty-groups/ypn/ypnaward. If you know someone who meets the criteria for this award, you can nominate them here as well. Your nominee will be responsible for completing the application prior to the deadline. •

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myRASM.com | 23

NEWS YOU CAN USE

RASM Recognizes ‘Humanitarians’ in Quarter 2 Humanitarians of the Quarter: Brian Loebker, Michael Saunders & Company, and Brandy Coffey, Keller Williams Island Life Real Estate

R

ASM has established a Humanitarian Award to be bestowed quarterly, designed to recognize the Realtors® who are doing great things in our community. We want to show our members and the two-county area that Realtors® make up a large part of our community’s success.

In the heart of the COVID-19 pandemic, with businesses closed and emergency rooms packed, two local Realtors® had an idea. It was a vision really, a heartfelt inspiration to step up and make a difference, to step out of their comfort zone, to put their own businesses on hold, and do everything in their power to support their struggling community.

Brian Loebker, a Realtor® with Michael Saunders & Company, and Brandy Coffey, a Realtor® with Keller Williams Island Life Real Estate, created the program “Feed a Healthcare Hero,” a community-wide outreach program designed to bring meals to healthcare workers and first responders, while providing much needed financial support to local restaurants. The program started in mid-March, during the start of the pandemic, and remained operational for nearly 40 days, ending at the end of May. The Feed a Healthcare Hero campaign started with a simple GoFundMe page and skyrocketed in ways no one anticipated. The program raised 364 cash donations from fellow Realtors® and other members of the community, totaling over $30,000.

These funds were used to patron restaurants, buying 1,800 meals from 93 different local restaurants that were then donated and delivered by Realtor® volunteers to area hospitals. During the program, 167 volunteers made a total of 118 deliveries to 63 separate healthcare facilities and first responder

24 | ELEVATE [ JULY 2020 ]

agencies including Sarasota Memorial Hospital, Doctors Hospital, Lakewood Ranch Medical Center, Blake Medical, Manatee Memorial, and Venice Regional Hospital.

The two-part program provided much-needed support for local businesses and their employees while also providing a warm meal and a special thank you to our strained healthcare workers.

MEETING A GREAT NEED “We were watching three separate industries go through a massive shift at the same time,” said Brian. “The local restaurants were completely shut down, shutting down all their revenue. The real estate industry, even though deemed essential, was experiencing a major slow down in activity. And then at the same time, our healthcare workers had their workload quadrupled overnight. So, the idea came from a desire to help all three industries and rally our Realtor® family and the community to make a difference,” said Brian.

“It was so nice to see the smiles on the faces of our healthcare workers,” said Brandy. “Knowing how hard they are working, exhausted and scared, and often times quarantined from their own families, and yet they still had a smile. Everyone was just so appreciative, the restaurants, the healthcare workers, and even the volunteers. It felt so great to be active again and to be able to do something helpful.”

COMING TOGETHER The logistics of such an undertaking were significant, and the team was soon blown away by the overwhelming show of support from the community.

“We raised the capital money first, and then about five days later we started the field operations,” said Brian.

“Oh, I remember very vividly, about only 24-48 hours after the initial capital raise, I thought, ‘Oh boy, we’re going to need a war room!’ We brought in massive white boards into my dining room and we quickly came up with a detailed system of organization because we knew we had hit the beehive. There was a lot to coordinate and manage to run this project successfully. The program triggered such an amazing response from the community, we were so grateful to everyone who made it happen,” said Brian.

“The need all around was so intense – from those that needed the funds and the meals, to those who needed and truly wanted to help out. It was a humbling experience all around,” added Brandy.

The program also received bags of food donated

by Publix and Detwiler’s, and received various donations in addition to dollars raised from the community. Michael Saunders & Company helped produce and distribute flyers. RASM’s Community Outreach Committee partnered with the program, offering support with the financial logistics, as well as assisting to promote the program in general.

GRAND FINALE Once the state started to re-open again, the Feed a Healthcare Hero initiative came to a close with a grand finale in which the group brought meals to National Guard Troops, members of the CDC, and State Health Department workers at a COVID-19 testing site in Sarasota. But with the closing of the program, so

much was gained, including a deep appreciation from the community at large. In times of such hardship and division, seeing people come together in a truly altruistic manor, donating countless volunteer hours and showing love for one another, is something to be celebrated.

“The program triggered such an amazing response from the community, we were so grateful to everyone who made it happen,” Brian Loebker.

Like so many others during this difficult time, Brian and Brandy felt overwhelmed by the impact that COVID-19 has had on our community. But this dynamic duo decided to do something about it, and for that, they are BOTH recognized as our Quarter 2 Humanitarians of the Quarter.

“In such a difficult time of uncertainty, our community came together,” said Brandy. “We are all competitors. We work professionally together, but we are all Realtors® competing in the same market.

But when this program launched, we had agents from almost every brokerage and every firm you could imagine, come together overnight. There were no more individual brokerages, we were just acting like one, cohesive group. The walls were immediately broken down. We have forged friendships that won’t be broken. We are so thankful for everyone who had a part in making this happen. In the most challenging times I’ve ever known, we pulled our resources and we came together to make a positive difference. I’m so very proud of that.” •

myRASM.com | 25

YOUNG PROFESSIONALS NETWORK

We Aren’t Done With You, 2020!

By: Derek Patti, Realtor® NextHome Excellence, 2020 YPN Chair

T

o the year of 2020, we are not done with you yet! What a halfyear it has been! As we all know, 2020 has been the most unconventional and challenging year that many (or rather all) of us have ever encountered.

CHALLENGING TIMES Being in such unfamiliar territory, it has challenged our YPN Committee to put on our thinking hats to come up with new ways to engage with our membership. This hasn’t been the easiest process, though. We encounter the same issues of other committees in terms of keeping topics relevant, time and date concerns, high attendance rate, type of overall event, etc. On the other hand, the YPN always strives to the best we can be, so these are always concerns of ours, with or without COVID-19.

But, what COVID-19 has done is forced our group to drill down on every aspect of our schedule and determine what is most important, what is essential and what is not. We’ve had to focus on what is going to have the most engagement, and most importantly, what events and/or ideas will be safe for our membership.

MEMBER ENGAGEMENT The YPN’s goal every year is to empower and engage our Realtor® community with education,

26 | ELEVATE [ JULY 2020 ]

services, and experiences that elevate member success and professionalism through these vehicles. We have tried to do just that amid the national lockdown we all witnessed through various Zoom events regarding the SBA’s PPP Program, changes in Lending and Closing processes, as well as how to market during the lockdown.

We have also recently implemented a “YPNLovesLocal” campaign that features a local small business that we promote to our membership and personal sphere in hopes of showing support for our important community partners.

UPCOMING EVENTS Although many of us are ready to do so, YPN is not giving up on 2020. We have a 2nd half schedule that we plan to execute, even if it requires a little reconfiguring.

A few of the things we have in the pipeline:

July 23: “Legends & Rookies” Agent Panel (via Zoom) August 5: “Coffee Talk” August 20: “Trolley Tour” August date TBD: 6th Anniversary Party Celebration 2020 has forced us all to grow, and it’s done so in ways we didn’t think of before. Now it’s time to push forward and finish this year off on a positive note, and we look forward to you participating with us along the way! •

GLOBAL BUSINESS COUNCIL

Responding to SW Florida Foreign Buyers in an Unusual Market By: Karen Sweat PLLC, Realtor®, Michael Saunders and Company, Licensed Real Estate Broker

A

large portion of South West Florida’s housing economy is from investments made by international buyers.

At the end of 2019, Florida’s top five foreign buyers were from the following countries, with sales in the billions:

1 | Canada ($3.3 B) 2 | Brazil ($1.6 B) 3 | Argentina ($1.3 B) 4 | Venezuela ($0.9 B) 5 | Colombia ($0.8 B) 1

WILL THE FIRPTA WITHHOLDING APPLY? In May, Florida REALTORS® hosted its first Virtual Inbound Trade Mission to Canada to discuss the current state of the Canada-Florida market, future expectations, and current challenges.

The consensus: foreign buyers are still in the market. And, as we find them their perfect home, we need to gather more information to provide for a smooth transaction and long-term customer satisfaction.

HOW CAN WE BETTER PREPARE OUR FOREIGN BUYERS? Aside from an awareness of the Foreign Investment in Real Property Tax Act (FIRPTA), we should consider their country of origin before a property is purchased.

It’s also helpful to know how the property will be used, as there are likely different tax implications in their home country than when owning property here.

TYPES OF PROFESSIONALS THAT FOREIGN BUYERS MAY WANT TO CONSULT: Tax specialists Legal experts Estate planners Immigration agents Property Managers

These buyers will decide whether to own the property personally or through an entity. They might have to apply for an Individual Tax Identification Number (ITIN), which can allow non-resident aliens to address income tax obligations in the U.S. SOME IMPORTANT DETAILS THESE PROFESSIONALS CAN BEST HELP SORT OUT: Owning a second home may have home country filing requirements. Canadians disclose second home property ownership with informational reporting.

Aging foreign buyers should consult with cross border tax and legal professionals because of the significant impact on estate tax.

“International investors” are subject to U.S. “source income” tax on rental income and gains from real estate sales in the United States.

Once your foreign buyer is ready to sell, they need to be reminded of FIRPTA, as it applies to any foreign seller. They might need to get an IRS tax ID. Potentially, 15 percent of sales can be withheld and sent to the IRS pending future filings.

The secret to success in working with foreign buyers as the Realtor® is knowing when to bring in your partners to advise your foreign buyer(s) to ensure their purchase and subsequent sale goes as smoothly as possible. • Source: UPDATED ON DECEMBER 3, 2019 © 2020 Florida REALTORS® What International Buyers are Looking for in the Florida Market.

myRASM.com | 27

RASM NEWS

Nominations Now Open for 2020 RASM Awards

T

he REALTOR® Association of Sarasota and Manatee will honor six members for their service to the REALTOR® organization, service in the community, business accomplishments, etc. We need your help to identify the recipients for 2020.

If you know a member whom you feel is deserving of such recognition, please submit a nomination for them, or urge them to submit their own. You can also selfnominate! The deadline is Monday, September 30.

The Newcomer Award recognizes a new

Realtor® who joined RASM on or after June 1, 2017.

The Humanitarian Award honors the lifetime contributions of a member who embodies the spirit of community service.

The REALTOR® of the Year Award recognizes a member’s contributions to the profession, community, and fellow Realtors® during the past three years.

The Distinguished Service Award honors

the lifetime contributions of a Realtor® to the profession and the community.

The Business Partner of the Year Award recognizes a Business Partner member for outstanding contributions to RASM, the real estate industry, and community service.

The YPN Member of the Year Award recognizes a YPN Member for outstanding contributions to RASM, the real estate industry, and community service.

Visit myrasm.com/awards to submit your nominations. Nominations are due by Monday, September 30, 2020. The Nominating Committee will meet soon to select this year’s recipients, who will be featured in our December magazine and honored at our Installation & Awards Banquet. •

OWN YOUR PRESENT. EMPOWER YOUR FUTURE. You can lead the way. Commitment to Excellence empowers you to enhance and showcase your high level of professionalism. It gives you an advantage in an increasingly competitive market and shows consumers you’re committed to conducting business at the highest standard. Be committed to excellence.

Get started today at C2EX.realtor.

28 | ELEVATE [ JULY 2020 ]

COMMITMENT TO E XC E L L E N C E

C2EX.realtor

NEIGHBORHOOD SPOTLIGHT

Palma Sola Harbour Condominium By: Tanya McCormick, Realtor® Sales Associate with An Island Place Realty, Inc

L

ooking for a waterfront property where you walk out your back door to your own private dock, jump on your boat, and within minutes be in the Intracoastal Waterway?

Then look no further than Palma Sola Harbour Condominium, a gated, waterfront community located on the banks of Palma Sola Harbour in Bradenton.

It is a boater’s dream with easy to navigate access points to Sarasota Bay and Tampa Bay with no fixed bridges. The community offers one, two, and threebedroom floor plans ranging from 798 square feet to 1,578 square feet. Prices range anywhere from the mid $100’s to the mid $400’s offering one and two-story condo homes, some with a private two-car garage.

Many canal front homes already have their own private dock and lift, and bayfront homes have incredible private views of Palma Sola Bay. It’s common to see the dolphins play and jump in the open waters!

The community amenities are endless offering two heated pools, two tennis courts, shuffleboard courts, two Swedish style saunas, a fitness center, a community clubhouse, a library with a computer and internet access, a billiards room with darts, and a ping pong table, a putting green, and a workshop with tons of tools. Palma Sola Harbour is an active community with monthly planned activities. And large pets are allowed!

Palma Sola Harbour is located less than 4 miles from the world-renowned beaches of Anna Maria Island and conveniently located near shopping, restaurants, entertainment, and IMG Academy. Since this is not a 55 plus community, this maintenance-free lifestyle is inviting to everyone.

PSHCondos.com offers a vast amount of information about the community along with the contact information for the on-site community manager.

“A hidden gem” is what owners say when describing Palma Sola Harbour, and it really is! •

myRASM.com | 29

JULY 2020

CALENDAR OF EVENTS WEDNESDAY, JULY 1 7:30 a.m.

Toastmasters [ Online ]

9:00 a.m.

At Home With Diversity (Day 1) [ Online ]

3:00 p.m.

Prospecting for New Clients on Social Media [ Online ]

TUESDAY, JULY 14 8:00 a.m.

FRIDAY, JULY 24

GRI 301 (Day 2) [ South ]

9:00 a.m.

WEDNESDAY, JULY 15 7:30 a.m.

MONDAY, JULY 27

Toastmasters [ Online ]

8:00 a.m.

THURSDAY, JULY 2 9:00 a.m.

At Home With Diversity (Day 2) [ Online ]

FRIDAY, JULY 3 All Day

RASM Offices Closed

WEDNESDAY, JULY 8 9:00 a.m.

Intro to Contracts [ Online ]

3:00 p.m.

Dominate Your Database [ Online ]

4:00 p.m.

Pitch & Drink [ Online ]

THURSDAY, JULY 9 1:00 p.m.

Introduction to International Real Estate [ Online]

FRIDAY, JULY 10 9:00 a.m.

CREA Marketplace [ Online]

MONDAY, JULY 13 8:00 a.m.

GRI 301 (Day 1) [ South ]

Advanced registration is requested.

See the latest event calendar at: myrasm.com/calendar

CREA Marketplace [ Online ]

GRI 302 (Day 1) [ South ]

TUESDAY, JULY 28 THURSDAY, JULY 16

8:00 a.m.

11:00 a.m. How COVID-19 has Affected the U.S. Tax Status of Foreign Nationals [ Online ]

THURSDAY, JULY 30 9:30 a.m.

FRIDAY, JULY 17 9:00 a.m.

CREA Marketplace [ Online ]

9:00 a.m.

10:30 a.m. Currency Exchange Rates and Coronavirus [ Online ] 11:30 a.m. CREA Member Meeting [ Online ]

WEDNESDAY, JULY 22 Pitch & Drink [ Online ]

THURSDAY, JULY 23 2:00 p.m.

CREA Marketplace [ Online ]

New Member Orientation [ Online ]

TUESDAY, JULY 21

9:30 a.m.

What the Flood? (Sarasota) [ Online ]

FRIDAY, JULY 31

MONDAY, JULY 20 9:00 a.m.

GRI 302 (Day 2) [ South ]

YPN Legends & Rookies Panel [ Online ]

EVENT TIMES & LOCATIONS SUBJECT TO CHANGE During these challenging times, all calendar event times, dates, and locations are subject to change. The events on this calendar are set to take place either virtually or in-person at a RASM location. We will continue to monitor this situation and the safe return of in-person classes and events.

For the most accurate and up-todate information, please continue to check the RASM calendar at: myrasm. com/calendar. Thank you for your understanding.

Back to Basics with BOOST 4 CLASSES PER CYCLE | 4 CYCLES PER YEAR Running Your Business as a Business • Building Your CRM • The Art of Comps • Marketing Yourself & Open Houses

30 | ELEVATE [ JULY 2020 ]

UPCOMING CLASSES UPCOMING CLASSES

MLS REQUIRED CLASSES

Learn more at myrasm.com/calendar to register.

AT HOME WITH DIVERSITY Wed, July 1 - Thurs, July 2 9:00 a.m. – noon

[ Online ]

At Home With Diversity is an NAR certification program designed to present a picture of the changing face of the real estate industry, preparing Realtors® to work effectively with and within today’s increasingly diverse pool of home buyers. Members $15. 6 CE HRS.

PROSPECTING FOR NEW CLIENTS ON SOCIAL MEDIA Wednesday, July 1

3:00 – 4:00 p.m.

[ Online ]

In this session, social media expert Amy Smythe-Harris will show you proven techniques to help you generate new clients that will help your business flourish now and beyond through social media. Members Free.

DOMINATE YOUR DATABASE Wednesday, July 8

3:00 – 4:00 p.m.

[ Online ]

Successful Realtors® throughout the country tend to have one thing in common; they use a database to determine their daily contacts and follow-ups. If you’re not using a CRM currently or not sure you’re using it to its fullest capacity, you will find this session very informative.

Members Free.

In-person training classes have been canceled at this time. Live webinars are available for required and elective classes. If you prefer to complete your required education by taking a self-paced online class visit learn. stellarmls.com.

PITCH & DRINK Wednesday July 8

4:00 – 5:00 p.m.

[ Online ]

Grab a drink, set up your at-home laptop and join us for a virtual session of Pitch & Drink. REALTORS® can pitch their properties while Business Partners connect with members! Feel free to join in on the meeting to connect with your peers. Members Free.

PITCH & DRINK Wednesday July 22

9:30 – 10:30 a.m.

[ Online ]

Set up your at-home laptop and join us for a virtual session of Pitch & Drink. REALTORS® can pitch their properties while Business Partners connect with members! Feel free to join in on the meeting to connect with your peers.

Members Free. Members Free. •

GRI 301 Mon, July 13- Tues, July 14

8:00 a.m. – 5:30 p.m. [ South ]

It’s More than Just Sales is a 2-day course that covers appraising, property management and common ownership, and exchanging. Members $30. 8 CE HRS.

GRI 302 Mon, July 27- Tues, July 28

8:00 a.m. – 5:30 p.m

[ South ]

GRI 302 Series includes: An Introduction to Single-Family Residential Construction; Land, Environment and Private Property Rights; Brokerage Management; and International Real Estate. Members $30. 8 CE HRS.

Designation or Certification Courses [South Office ] 2320 Cattlemen Road, Sarasota, FL 34239

[ Goodwill Manasota ] 2705 51st Ave E, Bradenton, FL 34203

myRASM.com | 31

PROFESSIONAL DEVELOPMENT

Looking for More Online Education?

By: Denise Ricciotti, RASM Professional Development Manager

P

rofessional development is a must for all Realtors® to ensure they keep up with the rapidly changing industry and technologies, but also to improve and grow their business.

As RASM works on safety measures within state guidelines to get back to in person learning, online learning options are on the rise and have never been more affordable.

ONLINE COURSES Online courses give members the opportunity to study and work at their convenience and can fit them around their existing responsibilities and commitments. They are easily accessible and students don’t have to travel anywhere to study; they can simply log in from the comfort and safety of their own home or office.

In light of the challenges presented by COVID-19, and its impact on the real estate industry, the National Association of REALTORS® has taken steps to support members through these uncertain times.

At discounted prices, The Right Tools, Right Now initiative offers a variety of online learning tools including, webinars, education courses and market reports.

Discounted and free online courses can be found at www.onlinelearning.realtor.

32 | ELEVATE [ JULY 2020 ]

NEW DESIGNATIONS & CERTIFICATIONS Accredited Buyer’s Representative (ABR®) Sherry C. Adams, Coldwell Banker Realty Veronica Alves Machado, Key Solutions Real Estate Group Alexis Kim, Premier Sothebys Intl Realty Rosa Payson, Keller Williams On The Water Jill Christine French, EXP Realty LLC Brenda L Garland, Select Properties LLC Timothy Meek, Coldwell Banker Residential E. Lynn Rigby, Fine Properties Kelly A Christie PA, Charles Rutenberg Realty Inc Robert D Paul, RE/MAX Platinum Realty Elizabeth Beckert, Sarasota Global Realty At Home With Diversity (AHWD) Lawrence Brzostek, RE/MAX Alliance Group Sherry C. Adams, Coldwell Banker Realty C2EX Linda S. Dooley, Premier Sothebys Intl Realty Certified International Property Specialist (CIPS) Edward Francis Busch, Coldwell Banker Realty Nadia Vizza, Orquera Florida Investments Pamela M. Nadalini, Nadalini & Company Inc. Christina Lynn Minnick, Coldwell Banker Realty Rose Payson, Keller Williams On The Water Geraldine Kuster, Michael Saunders & Company Deborah J. Shoup, Bright Realty Lorna Michelle Yankee, Fine Properties Sherry C. Adams, Coldwell Banker Realty Jo Ellyn Yturraspe, Michael Saunders & Company Certified Residential Specialist (CRS) Jessica Bow, RE/MAX Platinum Realty William A. Garrison, RE/MAX Platinum Realty e-PRO® Sharadan Michelle Edmonds, Allison James Estates & Homes Rita B Smith, Coldwell Banker Realty Stephen Michael Sneller, Wagner Realty Nicolas Frujani Mora, Florida Life Team LLC Charlotte Ann Burke, Coldwell Banker Realty Shelley Elaine Panas, Century 21 Beggins Enterprises Pamela Bailey, Coldwell Banker Realty Frank Pachinger, RE/MAX Tropical Sands Cheryl L. Carson, Wagner Realty Kelly K. Murphy, Coldwell Banker Realty

Stephen David Smith Jr., Fine Properties Karolina Moscicka, Keller Williams Classic Group Judith G Durant, Bayshore Realty Inc Bruce L. Sheetz, Wagner Realty Karen M. MacKinnon, Coldwell Banker Realty Graduate, REALTOR® Institute (GRI) Margaret James Beshore, SRQ Properties Midge C. McCarthy, RE/MAX Platinum Realty Mary Colleen Waldoch, Gulf Shores Realty Military Relocation Professional Sharadan Michelle Edmonds, Allison James Estates & Homes Diane Marie Ragsdale, Coldwell Banker Realty Alan Paul Lee, Keller Williams Realty Select Deborah Sorrels, Coldwell Banker Sunstar Realty Charlotte Ann Burke, Coldwell Banker Realty Seller Representative Specialist (SRS) Pamela M. Nadalini, Nadalini & Company Inc. Short Sale & Foreclosure Resource William Christopher Bailey, Dalton Wade Inc Marielisa Font, Keller Williams On The Water Alexis Kim, Premier Sothebys Intl Realty Linda Viktoria Von Wowern, Coldwell Banker Realty Lorna Michelle Yankee, Fine Properties Veronica Alves Machado, Key Solutions Real Estate Group Anne D Thomas PA, RE/MAX Tropical Sands Cathy Winski, RE/MAX Tropical Sands Stephen Michael Sneller, Wagner Realty Sherry C Adams, Coldwell Banker Realty Elizabeth Beckert, Sarasota Global Realty Sharadan Michelle Edmonds, Allison James Estates & Homes Grace De Castro Rafi, KW Suncoast Seniors Real Estate Specialist® (SRES®) Nancy A Allen, Wagner Realty Veronica Alves Machado, Key Solutions Real Estate Group Nancy Joan Barden, Coldwell Banker Realty Linda Kay Baril, KW Suncoast Jalina Beck, Michael Saunders & Company Neriman Berry, Coldwell Banker Realty Jay Brinegar, Keller Williams Realty Select Charlotte Ann Burke, Coldwell Banker Realty Helen Y. Carlsen, RE/MAX Alliance Group Veronica R. Caron, Caron Realty Inc Cheryl L Carson, Wagner Realty Charina Anne Cox, Keller Williams On The Water Rebecca J. Culp, RoseBay International, Inc Edward T. Curry, Better Homes & Gardens Real Estate Atchley Properties Michael Scott Doyle, Berkshire Hathaway HomeServices Florida Realty

Susan L. Dworsky PA, Berkshire Hathaway

HomeServices Florida Realty Lynn Mason English, Century 21 Beggins Enterprises Connie Farmer, Florida SunCoast Real Estate Marielisa Font, Keller Williams On The Water Jill Christine French, EXP Realty LLC Christine C. Glassburn, Medway Realty Ann Glaves, Keller Williams Classic Group Thomas P. Gretz, Preferred Shore Nadia D. Gross, Turner Real Estate Network Mary Ann Hartmann, Premier Sothebys Intl Realty Charlotte F. Hedge, Premier Sothebys Intl Realty Paul Richard Holbrook, Realty By Design LLC Sabrina Hurt, Robert Slack LLC Laura P. Jaret, Michael Saunders & Company Rory Thomas Jaret, Michael Saunders & Company Roberta Ann Karas, Berkshire Hathaway HomeServices Florida Realty Debra Lee Kelly, Sarabay Real Estate Inc Jennifer J. Kendzior, Berkshire Hathaway HomeServices Florida Realty Geri R. Kenyon, Kenyon Real Estate, Inc. James LeMert, Century 21 Beggins Enterprises Andrew Martell, Keller Williams On The Water Tom J. McClellan, Berkshire Hathaway HomeServices Florida Realty Joseph James McDonald, Wagner Realty Kimberly Mills, RE/MAX Alliance Group Carol Bienenfeld Mitchell, Coldwell Banker Realty Frank Motz, Coldwell Banker Realty Randi Motz, Coldwell Banker Realty Kelly K. Murphy, Coldwell Banker Realty Pamela M. Nadalini, Nadalini & Company Inc. Robert D. Paul, RE/MAX Platinum Realty Susan Lynn Pelton, Michael Saunders & Company Carla B. Rayman Kidd, Coldwell Banker Realty E. Lynn Rigby, Fine Properties Nanette Louise Riggs, Coldwell Banker Realty Liz Nason, Premier Sothebys Intl Realty Tessa J. Robbins, PA, Keller Williams Realty Select Gail Lynn Robinson, Bayshore Realty Inc Myrna Kay Ryan, Wagner Realty Mark T. Segreto, RMS Elite Properties Joann Shakon, Coldwell Banker Realty Jo Ann Solari, KW Suncoast Roxane Frangie Solowey, Berkshire Hathaway HomeServices Florida Realty Calys M. Stewart, Coldwell Banker Realty Patricia A. Tan, Coldwell Banker Realty Kristin K. Triolo, RE/MAX Platinum Realty Ana Varone, Michael Saunders & Company Patricia A. Wilkerson, Florida Home Team LLC Lorna Michelle Yankee, Fine Properties • myRASM.com | 33

MEMBERSHIP NEWS

RASM Welcomes New Members By: Jessica Montague, Member Services Manager

NEW DESIGNATED REALTORS®

Linda B. Amos, Priority Property Advisors LLC Deeana Atkinson, Coldwell Banker Sunstar Realty Brianne Bender, BRG Suncoast Jeffrey R Cullen, Premier Agent Network Inc. Matthew S. Englett, Reliance Realty Services LLC John Louis Ferrari, Ferrari Realty LLC Dawn M. Grummel, Christopher Alan Realty, LLC Shelley R. Hanrahan, Mid-FL Real Estate Agency Donald Ray Haywood, Donald Haywood, Appraiser Stephen Duff Ihrig, SDI Appraisal Brian Kiczula, NextShore Realty PLLC Georgia G. Pizzarelli, Arista Realty Group, LLC Linda W. Richie, Sarasota Bradenton Properties LLC Craig Marvin Wilker, Craig Wilker Appraiser

NEW REALTORS®

An, Brock, Turner Real Estate Network Alessandro Antezza, Yorkshire International R.E. Victoria Beckham, Michael Saunders & Company Randi Beckingham, Sarabay Real Estate Inc Kimberly Bednash, Berkshire Hathaway HomeService Kathleen Benham Dorothy, Premier Plus Realty Bolesta A. Carter, Palm Oasis Realty and Mgmt Inc. Sally Margaret Brindley, Exit King Realty Edith Ann Brissette, Properties SRQ LLC George W. Brusco, Ian Black Real Estate LLC Misty Bures, Florida Realty Investments Nadine Siebra Cahalan, Keller Williams Realty Select Jason M. Caller, Bright Realty Kristina Camano, Trend Realty Galina Campanella, Key Solutions Real Estate Grp Toni L. Carrico, Ascendia Real Estate Gem Casanova Pescinski, Living Vogue LLC Margaret Mary Cassidy, Michael Saunders & Company Tina L Clements, RE/MAX Alliance Group Kevin Barry Clyne, Zachos Realty George H. Confoey, Keller Williams Classic Group Terry Cordle, Keller Williams On The Water Debra Ann Crawford, Catalist Realty LLC Heide Piper Crino, BlueSRQ Real Estate INC Gregory Dalglish, Coldwell Banker Realty Amber Forrest Davies, Allison James Estates & Homes Caren Elizabeth De Ath, Coldwell Banker Realty Elizabeth S. DeArmond, Charles Rutenberg Realty Inc. Elizabeth E. DeLauro, Wagner Realty Courtney Devine Bolema, Living Vogue LLC Ivelisse M. Diaz, Exit King Realty Rachel Didier, Real Suzanne Downing, Exit King Realty Aleksandr F. Filipskiy, EXP Realty LLC Sheri Fiset, Trend Realty Heather Melissa Flaws, Florida VIP Realty Inc Christine E. Flynn, McConnell and Associates Donald McKnight Fox, Weichert Realtors® Hallmark Pro 34 | ELEVATE [ JULY 2020 ]

Jeffrey Gaudette, Coldwell Banker Realty Valarie Lynn Gerbus, Mangrove Bay Realty LLC David V. Giampietri, Realty One Group Skyline James S. Gibson, Exit King Realty Beth Gillingham, Shirley International Realty Irina Yevgenivna Grissom, Re/Max Premium Josef Taylor Guarino, Florida VIP Realty Inc Tiffiany Harford, Keller Williams On The Water Dillon Patrick Hegarty, Coastal Luxury Partners, Inc. Gretel Betancourt Hernandez, Like It Realty Celeste Hickok, Alliance Group Limited Molly Elizabeth Higdon, Kingston Realty Nancy C Howle, Duncan Real Estate, Inc. Katie Sue Huss, Turner Real Estate Network Joseph Hutchinson, Duncan Real Estate, Inc. Salezky Izquierdo, Transamerican Realty Group, Co Rory Thomas Jaret, Michael Saunders & Company Yvette Jimenez, Coldwell Banker Realty Ellen Louise Jones, Realty One Group Skyline Laura Marie Josephson, Michael Saunders & Company Deborah Kiblin, Turner Real Estate Network Jacklyn D. Killian, Fathom Realty FL LLC Merryl Koven, Sarabay Real Estate Inc Jason Kranz, NextHome KD Premier Realty Lindsay Nicole Kutz, Coldwell Banker Realty Marie E. Larsen, Trend Realty Alan Paul Lee, Keller Williams Realty Select Chia Hsuan Lee, Keller Williams Classic Group Katia Linzalone, EXP Realty LLC Debra Carol Mack, Keller Williams Realty Select Larissa Maffetore, Coldwell Banker Realty Felicia Rose Martinez, Keller Williams On The Water Tyler Ward Mathews, EXP Realty LLC Ewa Matys, Charles Rutenberg Realty Inc Derrick McCarrell, Weichert Realtors® Hallmark Pro Suzan Faye McCarrell, Weichert Realtors® Hallmark Pro David Milton McCord JR, Irongate Realty Inc. Jill McCormack, Keller Williams Realty Select Kyle McCormack, Keller Williams Realty Select Robert B. Merila, Yorkshire International R.E. James G. Meyer, Inhabit Bria Miller, Keller Williams On The Water Nicolas Frujani Mora, Florida Life Team LLC Renee Siegel Nadiv, Coldwell Banker Realty Warren Nightingale, Align Right Realty LLC Anthony Neil Noble, Exit King Realty Amanda Norman, Coldwell Banker Realty Chelsea Ann Oelker, Michael Saunders & Company Deaven Palm, RE/MAX Alliance Group Larysa Peaugh, Exit King Realty Carissa Lyn Pelczynski, Preferred Shore Mary S. Peterson, Coastal Luxury Partners, Inc. Mario Petitti, Keller Williams On The Water Darlene D. Phillips, Wagner Realty Carol Pollard, EXP Realty LLC

Adam Rabb, Keller Williams Realty Select Diane Marie Ragsdale, Coldwell Banker Realty Amy Reinke, Bright Realty Randa Lee Roberts, Premiere Plus Realty Co. Charles Dana Rollings, CDR4 EXP Realty LLC Mary Romac, Preferred Shore Rhianna Rosko, Keller Williams On The Water Thomas Patrick Ryan, Tamiami Realty LLC Sandra S. Sanders, Coldwell Banker Realty Lewis Sauppe, Premier Sothebys Intl Realty Emily B. Schechter, Amerivest Realty Bonita L. Schiavone, Align Right Realty LLC Karen Sergison, Fine Properties Robin Alana Smith, Re/Max Premium Stephen Michael Sneller, Wagner Realty Alberto J Stapleton, Align Right Realty LLC Elena Stefanoski, KW Suncoast Bonnie L Stright, Coldwell Banker Realty Joseph M Suarez, Berkshire Hathaway HomeServices FR James Sweat, RE/MAX Alliance Group Nikki N. Tamm, Real RE Group LLC Priscilla Tsantilas, Weichert RealtorsÂŽ Hallmark Pro Angela Valderrama, New Door Real Estate LLC Maria Valentin, Thomas Associates Realty Inc. Marian Walsh, Medway Realty Kimberly Diane Weaver, Century 21 All Aces Realty Barry Jay Wolk, Bright Realty Nicholas Blane Yoder, Keller Williams On The Water Shawnta Zackery, Horizon Realty International

NEW BUSINESS PARTNERS 1ST HOME BANK 2033 Main Street #101 Sarasota, Florida 34237 Representative: Vanessa Grimaldi Email: vanessa.grimaldi@firsthomebank.com Ranking as a Top 10 SBA lender in the nation, First Home Bank has a team of more than 100 professionals.

AIRBNB 34 NW 1st Ave Portland, Oregon 97209 Representative: Chris Carlantonio Email: chris.Carlantonio@airbnb.com With frontline stays, Airbnb is partnering with our hosts to connect healthcare providers with places to stay.

APEX TREE AND LANDSCAPE 12925 River Road Myakka City, Florida 34251 Representative: Rebecca Pendergast Email: ApexSRQ@gmail.com Apex Tree and Landscape is a tree service company providing maintenance for trees, shrubs, and bushes.

CENTERSTATE BANK 1100 S. Tamiami Trail Sarasota, Florida 34236 Representative: Will Cromie Email: will.cromie@centerstatebank.com

Our business structure is designed to value the unique character of the communities we serve and to encourage decision making by the banker.

DAVI VALENTI MOVERS LLC 3125 Lakewood Ranch Blvd Lakewood Ranch, Florida 34211 Representative: John Savage Email: John.Savage@davivalenti.com Our team of experienced relocation professionals focuses on every detail of your move.

FIRST CENTENNIAL MORTGAGE 1662 Main Street Sarasota, Florida 34236 Representative: Savvas Kesgiropoulos Email: savvas@goFCM.com Savvas Kesgiropoulos is a Mortgage Loan Officer at First Centennial Mortgage, with over 20 years of experience.

GEORGE MASON MORTGAGE, LLC 1317 51st Ave Dr W Palmetto, Florida 34221 Representative: Mike Coleman Email: mcoleman@gmmllc.com Our staff understands the importance of homeownership. We have a superior team of lending professionals.

HEALTHCARE SOLUTIONS TEAM 3924 Candia Ave North Port, Florida 34286 Representative: Tyler Collier Email: T.Collier.Insurance@gmail.com We offer coverage for all situations: individual, family, small business and large group.

KOLTER HOMES 8900 Bernini Ave Sarasota, Florida 34240 Representative: Marguerite Campagna Email: MLCampagna777@gmail.com The Kolter Group is among the most experienced real estate investors in the Southeast, executing investments across major asset classes and all stages of the development cycle.

LARGO CAPITAL 1605 Main Street Sarasota, Florida 34236 Representative: Kevin Coscia Email: KCoscia@largocapital.com The Largo Group of Companies arranges, closes and services commercial mortgages for developers throughout the United States and Canada.

LIGHTNING RESTORATION OF SARASOTA 6337 17th Street Cir E Sarasota, Florida 34243 Representative: John Rutherford Email: Claims@lightning941.com For more than 5 years Sarasota and Bradenton homeowners have called on Lightning Restoration of Sarasota for complete water removal, water damage and restoration services. • myRASM.com | 35

PLATINUM 2020 ANNUAL SPONSORS PLATINUM

SILVER

BRONZE Peace of Mind Home Inspections Ruoff Home Mortgage Housing Finance Authority Barnes Walker Title Bert Rodgers Schools Cross Country Mortgage

RASM Members Now With Michelle Suzett Acuna, Keller Williams On The Water Wendy Ann Albrecht, Community Realty Services Jacob Michael Allen, EXP Realty LLC William H. Burns, Suncoast Luxury Properties Etta Yvonne Carter, RE/MAX Alliance Group Judith Chandler, Fine Properties Theresa A Davidson PLLC, Preferred Shore Richard Eaton, Dalton Wade Inc Ann Nicole Edwards, KW Suncoast John Michael Ferguson, Better Homes and Gardens Real Estate Atchley Properties Orlando Gerardo Fernandez, Wyman and Sons Realtors® Gregory Freden, Robert Slack, LLC Gaylyn Genovesi, Berkshire Hathaway HomeServices Florida Realty Nikki Goslin, KW Suncoast Kimberly A. Gregory, Ascendia Real Estate Heidi Haber, Robert Slack LLC Kathleen Huddleston, Fine Properties Dena Rae James, Preferred Shore Joseph Patrick Killmeyer, Suncoast Realty Group LLC Teresa M. Klenner, Premier Agent Network Inc. Robin Kollar, Coldwell Banker Realty John Kushner, Coldwell Banker Realty Wilson Berdine Lavoy, Fine Properties Candi Marie Malburg, Fine Properties Jennifer Lynae Mocherman, Good Choice Realty Inc. Alejandro Nantes, EXP Realty LLC Artab Aparecida Pangallo, RE/MAX Alliance Group Isabel Pinheiro, Berkshire Hathaway HomeServices Florida Realty Charles Popovic, List N Sell Realty LLC Mary Jo Pribe, Madison Allied LLC Jodi Lynn Rice, Allison James Estates & Homes Mary Romac, Preferred Shore Joseph Anthony Russo, Sarasota Trust Realty Company Barbara C. Sanon, Century 21 Beggins Enterprises Michelle Schmotzer, Fine Properties Susanna Marie Scott, Century 21 All Aces Realty Kari Jo Sellers Jensen, New Door Real Estate LLC Patricia A. Sielski, Future Home Realty Inc. Thomas Ryan Sons, Keller Williams Island Life Re Werner Spycher, 342 Vacation Rentals

Max B -Tauber, 1st Premier Intl Properties Rumen G. Tchorbadjiev, Florida Homes Realty & Mortgage Andrew Vac, RE/MAX Alliance Group Stephen D. Weeks, New Door Real Estate LLC Kathleen A. White, Icon Premium Realty LLC Rebecca Lynn White, Fine Properties John Wilcher, Fine Properties William David Williams, G & E Realty Group, Inc. Vanessa Irena Miss Wisnowski, Keller Williams Realty Select

5 THINGS TO DO IF YOU’RE SELLING YOUR HOUSE DURING THE PANDEMIC

1

2 3 4 5

Sources: Forbes, USA Today

Clean a nd thoroug disinfect you r home hly. Fin ish up and wo an rk on y our hom y DIY jobs e’s curb appeal.

Resche dule an y in ask you r Realto ® -person open r ho and sch edule a to create a vid uses, n online e open h o tour ouse.

Use tele confere nc program s to ne ing and e-sign gotiate contrac ing ts.

Be flex ible. Kn ow that dates c you ou accoun ld shift, so be r closing t for po tential sure to delays.

Don’t p anic. P eople h now to ave ho needs a use-hunt, and more time everyon place to e the sta y-at-hom call home. W hen e order you’ll b is lifted e ready . ,

myRASM.com | 37

PRSRT STD U.S. POSTAGE PAID MANASOTA, FL PERMIT NO. 451

It’s easy to grow your business with us.

888–KB–HOMES | kbhome.com

3%

Second & Third Closings

3.5%

Fourth + Closing

4%

At KB Home, get 3% commission on your first closing.

For your second and third closings, earn 3.5%.

Four or more, 4%. When you close more, you’ll earn more.

Avaunce in Bradenton • From the high $200s • 1,286–3,016 sq. ft., 3–6 bdrms., 2–3.5 baths • No CDD fees • Gated community with planned pool and cabana • Commuter friendly; just minutes from I-75, Hwy. 70 and Hwy. 64 14222 59th Cir. E., Bradenton, FL 34211 • 813-387-9682

Broker Cooperation Welcome. ©2020 KB Home (KBH). Payment of up to 4% Broker Co-op requires Broker or agent to accompany and register buyer on first visit to community and comply with Broker Co-op Agreement. Commission offer is valid on each eligible sale of select new KB homes in the Tampa and Southwest Florida areas and on contracts for full list price only. For Broker to receive commission, buyer must sign purchase agreement between 1/1/20 and 12/31/20, and close escrow in time required under contract. Commission not transferable or exchangeable and cannot be combined with any other offers. Once client has closed escrow, Broker will receive commission by mail. Commission awarded only on non-contingent contracts. Cancelled sales are not eligible. Sales of model homes excluded. Broker must be legal U.S. resident and 18 or older, and an active, licensed real estate agent in Florida. Other exclusions, qualifications, restrictions and limitations may apply. Plans, pricing, financing, terms, availability and specifications subject to change/prior sale without notice and may vary by neighborhood, lot location and home series. Buyer responsible for all taxes, insurance and other fees. Sq. footage is approximate. HOA applies. Future development of planned amenities is subject to change and not guaranteed. Photo may display decorator items/furnishings not available for purchase and may not represent lowest-priced homes. Photo does not depict racial preference. See sales counselor for details. CGC047286 TAM-272602

REALTOR® Association of Sarasota and Manatee, Inc. 2320 Cattlemen Road Sarasota, FL 34232

First Closing

Looking for bigger commissions?

PHONE: (941) 952-3400 FAX: (941) 952-3401

www.MyRASM.com

EXPANDED REPORTS Sarasota and Manatee Counties

May 2020 Reach Further With The Market.

For more detailed reports, visit myrasm.com/statistics

Monthly Distressed Market - May 2020 Single Family Homes Sarasota County

Closed Sales

May 2020

May 2019

Percent Change Year-over-Year

546

937

-41.7%

$300,000

$307,603

-2.5%

15

19

-21.1%

$188,500

$180,000

4.7%

1

3

-66.7%

$220,000

$148,200

48.4%

Traditional Median Sale Price Closed Sales Foreclosure/REO Median Sale Price Closed Sales Short Sale Median Sale Price

2016

2017

Traditional

2018

Foreclosure/REO

2019

Short Sale

100% 98%

Closed Sales

96%

94% 92% 90% 88% 86% 84% 82%

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

$500K $450K

Median Sale Price

$400K $350K $300K $250K $200K $150K $100K $50K $0K

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

2016

2017

2018

2019

”‘†—…‡† „› Ž‘”‹†ƒ Ěş ™‹–Š †ƒ–ƒ ’”‘˜‹†‡† „› ÂŽÂ‘Â”Â‹Â†ÂƒĚľÂ• Â?—Ž–‹’Ž‡ Ž‹•–‹Â?‰ •‡”˜‹…‡•Ǥ –ƒ–‹•–‹…• ˆ‘” ‡ƒ…Š Â?‘Â?–Š …‘Â?’‹Ž‡† ˆ”‘Â? ˆ‡‡†• ‘Â? –Š‡ ͳ͡–Š †ƒ› ‘ˆ –Š‡ ˆ‘ŽŽ‘™‹Â?‰ Â?‘Â?–ŠǤ

Monthly Distressed Market - May 2020 Single Family Homes Manatee County

Closed Sales

May 2020

May 2019

Percent Change Year-over-Year

439

705

-37.7%

$327,010

$322,000

1.6%

6

16

-62.5%

$199,000

$208,000

-4.3%

0

5

-100.0%

(No Sales)

$225,000

N/A

Traditional Median Sale Price Closed Sales Foreclosure/REO Median Sale Price Closed Sales Short Sale Median Sale Price

2016

2017

Traditional

2018

Foreclosure/REO

2019

Short Sale

100%

98%

Closed Sales

96% 94% 92% 90% 88% 86% 84% 82% 80%

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

$700K

Median Sale Price

$600K $500K $400K $300K $200K $100K $0K

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

2016

2017

2018

2019

”‘†—…‡† „› Ž‘”‹†ƒ Ěş ™‹–Š †ƒ–ƒ ’”‘˜‹†‡† „› ÂŽÂ‘Â”Â‹Â†ÂƒĚľÂ• Â?—Ž–‹’Ž‡ Ž‹•–‹Â?‰ •‡”˜‹…‡•Ǥ –ƒ–‹•–‹…• ˆ‘” ‡ƒ…Š Â?‘Â?–Š …‘Â?’‹Ž‡† ˆ”‘Â? ˆ‡‡†• ‘Â? –Š‡ ͳ͡–Š †ƒ› ‘ˆ –Š‡ ˆ‘ŽŽ‘™‹Â?‰ Â?‘Â?–ŠǤ ƒ–ƒ ”‡Ž‡ƒ•‡† ‘Â? ‘Â?Â†ÂƒÂ›ÇĄ —Â?‡ Í´Í´ÇĄ ʹͲʹͲǤ ‡š– †ƒ–ƒ ”‡Ž‡ƒ•‡ ‹• ‡†Â?Â‡Â•Â†ÂƒÂ›ÇĄ —Ž› Í´Í´ÇĄ ʹͲʹͲǤ

Monthly Distressed Market - May 2020 Townhouses and Condos Sarasota County

Closed Sales

May 2020

May 2019

Percent Change Year-over-Year

235

455

-48.4%

$245,000

$239,000

2.5%

7

2

250.0%

$177,000

$121,389

45.8%

0

0

N/A

(No Sales)

(No Sales)

N/A

Traditional Median Sale Price Closed Sales Foreclosure/REO Median Sale Price Closed Sales Short Sale Median Sale Price

2016

2017

Traditional

2018

Foreclosure/REO

2019

Short Sale

100%

99%

Closed Sales

98% 97% 96% 95% 94% 93% 92% 91% 90%

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

$1200K

Median Sale Price

$1000K

$800K

$600K

$400K

$200K

$0K

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

2016

2017

2018

2019

”‘†—…‡† „› Ž‘”‹†ƒ Ěş ™‹–Š †ƒ–ƒ ’”‘˜‹†‡† „› ÂŽÂ‘Â”Â‹Â†ÂƒĚľÂ• Â?—Ž–‹’Ž‡ Ž‹•–‹Â?‰ •‡”˜‹…‡•Ǥ –ƒ–‹•–‹…• ˆ‘” ‡ƒ…Š Â?‘Â?–Š …‘Â?’‹Ž‡† ˆ”‘Â? ˆ‡‡†• ‘Â? –Š‡ ͳ͡–Š †ƒ› ‘ˆ –Š‡ ˆ‘ŽŽ‘™‹Â?‰ Â?‘Â?–ŠǤ

Monthly Distressed Market - May 2020 Townhouses and Condos Manatee County

Closed Sales

May 2020

May 2019

Percent Change Year-over-Year

148

294

-49.7%

$229,999

$210,000

9.5%

2

1

100.0%

$142,950

$250,000

-42.8%

0

0

N/A

(No Sales)

(No Sales)

N/A

Traditional Median Sale Price Closed Sales Foreclosure/REO Median Sale Price Closed Sales Short Sale Median Sale Price

2016

2017

Traditional

2018

Foreclosure/REO

2019

Short Sale

100%

98%

Closed Sales

96% 94% 92% 90%

88% 86% 84%

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

$1000K $900K

Median Sale Price

$800K $700K $600K $500K $400K $300K $200K $100K $0K

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

2016

2017

2018

2019

”‘†—…‡† „› Ž‘”‹†ƒ Ěş ™‹–Š †ƒ–ƒ ’”‘˜‹†‡† „› ÂŽÂ‘Â”Â‹Â†ÂƒĚľÂ• Â?—Ž–‹’Ž‡ Ž‹•–‹Â?‰ •‡”˜‹…‡•Ǥ –ƒ–‹•–‹…• ˆ‘” ‡ƒ…Š Â?‘Â?–Š …‘Â?’‹Ž‡† ˆ”‘Â? ˆ‡‡†• ‘Â? –Š‡ ͳ͡–Š †ƒ› ‘ˆ –Š‡ ˆ‘ŽŽ‘™‹Â?‰ Â?‘Â?–ŠǤ