Official Publication of the St. Louis Association of REALTORS速
速
St. Louis Association of
REALTORS速
The Voice for Real Estate in St. Louis7,000 members strong. September / October 2014
Volume 10 - Number 5
Fall Back to Basics
REALTOR® Report
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President’s Message another successful closing. Happy ending? In most cases, yes. But not always.
Beth Braznell, 2014 President There have been a number of interesting cases coming through the Grievance Committee that touch on members’ lack of knowledge of the basics. That lack of understanding puts you, your clients, and your clients’ property at risk. Many of these cases are centered around lockboxes. Say you have a buyer client. It’s time for closing and you take the keys out of the Supra box so that you can hand them ceremoniously to your client after signing. You take a photo of them holding the keys to their new home, post it on social media and they jump in their car and head off to their new home. You plan how you’re going to spend the commission as your broker congratulates you on
The first mistake was anticipating a successful closing. Closing is not when the papers are signed, it is the exchange of the deed for the money. That means not that the loan is funded, but that the seller has his or her proceeds. Once the escrow agent (title company) disburses to the seller, the transaction is closed. However, the buyer’s agent in the scenario listed above anticipated that and gave means of entry before the title changed hands. Many buyer’s agents will ask the listing agent if they may take the keys at final walkthrough. Many listing agents will agree to that. Sometimes, the buyer’s agent doesn’t even ask— they just take the keys. This is in violation of Article 3 of the Code of Ethics, as illustrated by Standard of Practice 3-9: “REALTORS® shall not provide access to listed property on terms other than those established by the owner or the listing broker.” Most owners do not want the buyer to have access prior to closing. Keys should not be removed from the lockbox until closing.
Contents 6
CEO Corner
Legislative Report
SLAR Stats
If the nightmare comes true and the transaction doesn’t close, the buyer is in possession of a property they don’t own. That’s a sack of trouble! This issue of the REALTOR® Report features lots of basics to help you protect yourself and your clients. Even if you have been in the business as long as I have, there is something here that will provide an extra layer of protection. So take a few minutes and read a couple of articles. You never know—you might save yourself some grief!
4
It’s a Big, Big World
6
From Around the Industry
9
It’s a BIg, Big Law & World Ethics 18 FRIDAY
14-17
The issue is complicated by the seller’s homeowners’ insurance, which may or may not cover the property in case of damage by unauthorized occupants. The buyer’s insurance doesn’t take effect until the transaction closes.
in partnership with:
It’s a Big, Big World
12-13
If the buyer’s agent gives the keys to the buyers at signing and, for some reason, there is a hold-up in funding or in disbursement, the buyer’s agent could be responsible to the seller for any damages, liability, or rent compensation. If the listing agent gave permission to the selling agent to take the keys without the owner’s consent, the listing agent could be similarly liable.
22 AUG 2014 10 AM - 4 PM
St. Louis Association of
REALTORS®
10:00 aM - 12:00 PM
Welcome to the Neighborhood A PANEL DISCUSSION
20-21
ON OPENINg DOORs aND WORKINg WItH MULtICULtURaL REaL EstatE CLIENts Panelists include:
Calendar of Events
» Betsy Cohen | st. Louis Mosaic Project, Project Coordinator » reena Hajat Carroll, MSW | Diversity awareness Partnership, Executive Director
» Suzanne lelaurin, lCSW | International Institute, IISTL Senior Vice-President for Programs, IICDC President » Anthony Bartlett | st. Louis transplants, Founder » Alejandro Cornejo | Monsanto, Diversity & Inclusion External Partnership Liaison
REALTOR® Store Special
Following the Panel, Second Annual
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REALTOR® Report
St. Louis Association of
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12777 Olive Blvd., St. Louis, MO 63141 (314) 576-0033 – main line (314) 275-7888 - education line (314) 576-7143 - fax www.stlrealtors.com
REALTORS®
2014 Board of Directors EXECUTIVE COMMITTEE Beth Braznell, President Janet Judd, President Elect Sandy Hancock, Vice President/Treasurer Mickey McNearney, Secretary
REALTOR® DIRECTORS: Marc Levinson, Member at Large Donna Zerega, Immediate Past President Doug Dolan, Commercial Division President Dawn Kennedy, CEO
Term Ends 2014
Term Ends 2015
Term Ends 2016
Bob Bax* Gail Brown Kimberly Cameron Jan Thomas
Tom Kennedy Mickey McNearney David Townsend Glenn Vatterott
Vivian McBride
Mike Carter Eric Friedman Tiffany Hamilton Pat Malloy Mike Travaglini
National Association of REALTORS® Directors:
REALTOR® ASSOCIATE DIRECTORS:
AFFILIATE DIRECTOR:
Beth Braznell (Board President) Janet Judd (Board President-Elect) Nate Johnson (Director)
Glenn Vatterott (Large Firm Representative) Bruce Aydt (Distinguished Service Award)
Jill Butler
Marc Levinson
Sharon Hutson
*Sandy Hancock (Bob Bax filling 2014 year)
St. Louis Association of REALTORS® Staff Chief Executive Officer Dawn M. Kennedy, CEO- MSPM, RCE, e-PRO, GREEN dkennedy@stlrealtors.com Direct Line: (314) 590-2319
Education Kim Russell, Executive Assistant krussell@stlrealtors.com (314) 576-0033 ext. 318
Monica Wilson, Assistant mwilson@stlrealtors.com Direct Line: (314) 275-7888
Membership & Finance
Legislative Maureen McDonnell, Director of Governmental and Public Affairs mmcdonnell@stlrealtors.com Direct Line: (314) 590-2307
Karen Dunn, Director of Professional Development kdunn@stlrealtors.com Direct Line: (314) 590- 2312
Martina Johnson, Public Affairs Fundraising Coordinator mjohnson@stlrealtors.com (314) 576-0033 ext. 309
Commercial Division Susan Wagner, Vice President, Professional Specialties & Standards swagner@stlrealtors.com Direct line: (314) 590-230 Tina Luehrmann, Commercial Specialist tinal@stlrealtors.com
Rick Capelli, Senior Vice President of Membership & Finance Tammy Williams, Membership Specialist rcapelli@stlrealtors.com Direct line: (314) 590-2313 twilliams@stlrealtors.com Judy Partsch, Membership Specialist / REALTOR® Shoppe Jessica Perez, Finance & Member Services Assistant jpartsch@stlrealtors.com jperez@stlrealtors.com
Communications, Marketing & Public Relations Lauren Smith, Interim Director of Marketing & Communications lsmith@stlrealtors.com Glenda Strong, Receptionist Becca Grober, Communications Coordinator gstrong@stlrealtors.com bgrober@stlrealtors.com
Mid-America Regional Information Systems (MARIS) 1714 Deer Tracks Trail Ste. 200, St. Louis, MO 63131
REALTOR® Shoppe Hours of Operation Monday - Friday 8:30 a.m. – 5:00 p.m. For advertising information, please contact Foley Publications at 1-800-628-6983 or visit www.foleypub.com To submit articles for consideration in the REALTOR® Report, email Editor-in-chief Dawn Kennedy at dkennedy@stlrealtors.com.
(314) 984-9111
Paul Prince, President pprince@marisnet.com Denise Bielicke, Vice President of Operations dbielicke@marisnet.com Tracey Yost, Membership Manager tryost@marisnet.com Brad Whitrock, Support Specialist bwhitrock@marisnet.com Olivia Yarbrough, Marketing & Communications Specialist oyarbrough@marisnet.com David Price, Senior Vice President & Systems Manager dprice@marisnet.com
www.marisnet.com
Katie Otto, Vice President of Member Services kotto@marisnet.com Jason A. Darrough, Support Manager jdarroug@marisnet.com Carol Morrow, Accounting Coordinator cmorrow@marisnet.com MARIS Support, MLS Issues support@marisnet.com
REALTOR® Report
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CEO Corner
By Dawn M. Kennedy, SLAR CEO
This issue of the REALTOR® Report is aptly titled Fall Back to Basics. Often members become so enamored with technology and social media that it easy to forget that this has, and always will be a peopleto-people business. Perhaps this human connection is the one thing that will save our industry from the dismal path of travel agencies and tax preparers. I recently spoke with one of the brokers of First Weber in Northern Wisconsin and we discussed First Weber’s rather brave move in pulling the company’s listings from Zillow and Trulia. We talked about how, in many ways, associations and MLS’s have perpetuated the value of the data. When the only value in REALTOR® services is the data we provide it is natural that at some point technology would overcome human efforts. Why use a REALTOR® when the data is readily available on the web? We discussed the value of data and I likened it to the Denzel Washington film The Book of Eli. For those who have not seen the movie (and yes this is a spoiler alert because I am giving you the end of the plot) here is a brief synopsis: It is a postapocalyptic world of chaos. Eli has a sole mission of getting a book to a safe state that is rebuilding America. The entire movie revolved around how important this book is – that its words give hope and societal rules (now lacking in post-apocalyptic USA). The leader of the plains terrorizes what is left of humanity. He needs that book to ensure it does not get in the hands of the remaining masses. After much bloodshed and drama, the antagonist finally gets the book. Unfortunately, all the data is written in Braille and no one can interpret it. Finally, Eli who has read this book for decades in a lonely desolate journey reaches the free state. He has memorized the entire book and translates it before he dies. The moral of this story is that data alone is meaningless. It is the interpretation and
analysis of the data that is valuable. That is what a professional, educated /trained REALTOR® does – interpret and analyze the data. The REALTOR® also enhances the data with its missing pieces such as the knowledge of school districts, when a highway is scheduled to be erected next to the property, when a floor plan is obsolete, and the community life of the surrounding residents. I remind you of your value. Do not let corporate conglomerates undermine your value with the consumer. This is a peopleto-people business. Remember that basic and always set yourself apart and above the data you provide. A good rule of thumb that I have heard over and over is to reserve 10% of your income and 10% of your time in learning and enhancing your knowledge of the trade. For goodness sake, wear your REALTOR® pin everywhere you go! If you don’t have one any longer just contact communications@stlrealtors.com and we will mail you one. People will recognize the R and will often ask you about the market. Don’t let postcards, emails and Facebook do all of your marketing for you. This is a people business and real live dialogue with a person has a much greater impact. Remember that a simple handsigned birthday or anniversary card can help your past buyers and sellers remember you. Spend time each day on the phone checking on past clients, whether it is to say Happy Birthday or “it’s been nine months since you purchased your home, do you have any questions?” “It’s been six months since I sold your home, how are you adjusting to downsizing?” The point here is to initiate LIVE dialogue. A computer can send a thank you email, only you can express true gratitude – always leverage the human connection.
Congratulations to Our:
Newly Elected Officers & Directors for the 2015 Board of Directors 2015 SLAR President Janet Judd, RE/MAX Select Janet Judd and the Newly Elected Officers & Directors will be Installed at the 2015 Installation on Saturday, November 15th. More information and tickets available for purchase at www.stlrealtors.com/2015Installation. President-Elect
Vice President/Treasurer
Sandy Hancock
Barry Upchurch
National Director
REALTOR® Director
Bob Bax
Jeff Bosch
REALTOR® Director
REALTOR® Director
Jill Butler
Angie Ignatowski
RE/MAX Results
Berkshire Hathaway Alliance
Red Key Realty Leaders St. Louis
REALTOR Director ®
Suzi Mattus
Coldwell Banker Gundaker
Barry Upchurch Realty
Coldwell Banker Gundaker
Berkshire Hathaway Select REALTOR®- Associate Director
Katherine Berry
Coldwell Banker Premier Group
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Shiloh, IL 3940 Green Mount Crossing Shiloh, IL 62269 618-632-2600 www.wfhm.com/wellsfargobranchil
This information is for real estate and building professionals only and is not intended for consumer distribution. Information is accurate as of date of printing and is subject to change without notice. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2012 Wells Fargo Bank, N.A. All rights reserved. NMSLR ID 399801. AS1030515 Expires 8/2014
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From around the industry…. by Dennis Norman
Home Inspectors Getting Busier-Quiet On the Licensing Front…
St. Louis Industry Forum Chairman and Past SLAR President MORE, REALTORS®
At our August Industry Forum meeting, John Wessling, of Home Inspections Services, Inc. representing ASHII, reported business is picking up for building inspectors and all is quiet on the licensing front with nothing happening at this time. Efforts to require home inspectors to be licensed has been the primary legislative issue for home inspectors over the past few years, however, this agenda has fizzled as of late. The state of Kansas passed legislation to license home inspectors with a sunset clause to kill the legislation after 5 years. Subsequently, a bill was passed to eliminate the sunset provision of the law but the Kansas Governor vetoed it citing that he was eliminating “unneeded regulation”.
Our forum then entered into a very interesting dialogue led by Dave about the exodus from St. Louis City. Homeowners wanting to leave the city fueled demand for new construction in St. Louis County, St. Charles County, and beyond. Now, due to the increased cost of new homes and the increased fuel costs, the city of St. Louis is ripe for redevelopment.
Amendment 7 (Transportation Funding)… Anthony Lancia, representing the Associated General Contractors (AGC), shared with our forum why his group felt it was important that amendment 7 passed citing all of the major work that needs to be done to highways and bridges throughout the state. Anthony said if the Amendment didn’t pass that all the state would be able to do is maintenance to those roads and bridges as funds would not be available for replacement.
Mike Hejna, President of Gundaker Commercial Group, had a different take on the amendment and suggested that, instead of the amendment, the state should look to reallocate other funds in the budget. UPDATE: Amendment 7 did not pass. We will continue conversations in our future forum meetings.
New Home Starts Up 30% Building Codes Losing Their Focus… Dave Forrest, owner of Maple Park Development Corp and representing the HBA along with Emily Wineland, the HBA’s Staff Vice President for Public Policy, reported new home construction was up 30% in July from the year before and rehab on over 800 existing multifamily units started in July in the city of St. Louis. On another note, Dave shared with our forum how, over the years, building codes have moved away from safety issues and now include several social concerns including energy. Dave said the industry is running into significant changes related to energy efficiency requirements and this could “add five-figure increases” to the cost of a basic home.
Eat Mor Chikin? Not in Creve Coeur… Maureen McDonnell, Director of Government and Public Affairs for SLAR, updated our forum on the battle over restrictive rules in the city of Creve Coeur. Currently these rules are keeping fast food restaurants with drive-thru’s out of the city. Creve Coeur requires a minimum site area of 3 acres for a drive-thru, when, from a practical standpoint, not more than 1 acre is needed. Maureen said the city is talking about reducing the requirement to 1.5 to 2 acres. Apparently, this was prompted in 2011 when Chick-fil-A proposed a new restaurant of a 1.9 acre site formerly occupied by a Walgreens. At the time, they were turned down due to the lot size requirements.
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Feature Article I haven’t done that in a while? There are fundamental building blocks to success in this business. However, over time, as your book of business grows, it is easy to slip into bad habits or complacency. Business is ALWAYS changing and those that cannot change with it often fall into the bottom of the success spectrum or go away entirely. I remind you of some big names that no longer have a lion’s share of their market: 1. The US Postal Service pretty much gave away its lucrative shipping business to FEDEX and UPS because it could not change fast enough mired in the red tape of bureaucracy.
By Dawn M Kennedy, SLAR CEO
2. Smith Corona refused to see its value proposition changing believing that regardless of technology there would always be a need for typewriters. 3. Sears Roebuck could not let go of its tried and true marketing programs only to find itself at the bottom of large department stores. 4. Blockbuster video at its height had 60,000 employees and 9,000 stores; they filed for bankruptcy in 2010, they never saw Redbox and Netflix coming. By the
continued on page 11
REALTOR® Report
I haven’t done that in a while?
time Blockbuster released its digital Blockbuster on demand, no one was interested. Perhaps it was consumer mistrust as they charged ridiculous late fees and made it difficult for the consumer to comply with their tight time frame. Yet the other side to that coin is the sheer staying power of the Association (over 100 years), the tenacity of Macy’s, the genius of Microsoft, and the rapid innovation of Apple. So what made the difference? My answer might surprise you. It is consumer touch. The association’s consumers are its members. While at the leadership level we may lament the lack of engagement, the fact is that there are members that SLAR touches every day. Although members may not engage very often with staff, when they do we try to make the experience pleasant and productive. Macy’s has been going direct to consumers for years in a myriad of ways, making their core consumer a priority. Microsoft, when encroached on by other internet web browsers leveraged its position as first on the market and its reputation continues to be the most used browser in the US. Apple, although it operates on Safari, found its niche in appealing to the consumers’ need to interact and continues to innovate with its voiceactivated (human-like) SIRI program. As a REALTOR®, several basics involve human interaction that you may not have done in a while and might want to consider trying. 1. Attend a live class – not CE, but a class where the subject matter is new, there is no credit for it, and it may even cost a few dollars. You will learn from the human interaction and from the questions of others. Learning expands your mind and enhances your creativity. 2. Attend an association networking event. Remember that your network must include other professionals who are willing to work with you and recommend you.
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continued from page 10
3. When you see a past client in the paper for some achievement – cut out the article, attach a personal note and send it to them. 4. Wear your REALTOR® pin. 5. If your neighborhood or religious organization has a newsletter or bulletin advertise in it – strengthen your neighborhood ties and remind them that you are a REALTOR®. 6. Call (not email or Facebook) your best clients just to check in. 7. Sit in or attend an institute affiliate class or event – here in St Louis we have a WCR chapter, CCIM, SIOR, IREM, and CRS offerings statewide (Often these specialty groups have targeted information that affects their business and probably indirectly or directly affect yours). 8. Start working on a REALTOR® Designation – pick one that appeals to you and begin the process. Designees tend to trust other designees with their clients who may have needs out of their state or out of their specialty 9. Rethink your “items of value”. Most people now use their phones as their primary calendar – many real estate calendars may end up in the garbage unless there is added value. Consider including recipes or pictures that are worth keeping on the fridge. You could also include an internet tip or an inspirational quote, anything other than your advertising and the days of the month. 10. If Facebook is your primary source of marketing and human interaction, consider purchasing Facebook ads.
Legislative Report
REALTOR® Report
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by Maureen McDonnell, Director of Governmental and Public Affairs
RPAC Refresher As the theme of this issue is back to basics, I thought an RPAC refresher would be a good idea. I hope that most of you who are reading this article are familiar with RPAC, but for those of you who are not, RPAC stands for the REALTOR® Political Action Committee. In St. Louis, we have our own PAC so this entity exists on three levels, national (NAR), state (MR), and local (SLAR). Now when most people hear the term “PAC” they think of an entity that is shady and opaque. I can assure you that RPAC is anything but. Instead, this is the mechanism that we use to promote homeownership, protect your business, and spur on economic development. We have no agenda other than what is good for REALTORS® and what is good for property owners, both residential and commercial. Now that you know what RPAC is, let’s talk about investing. You may have had someone recently ask you for an RPAC investment of $15. How does so little money help? Because we get to show strength in numbers! Legislators need to know that when the St. Louis Association of REALTORS® takes a stance, there are over 6,000 people standing behind that cause. With every $15 investment we receive, we demonstrate our strength to legislators and to the National Association of REALTORS®. There are many opportunities to invest such as SLARPAC Trivia Night, which will be held on September 26th, and many different levels of investment. That leaves the big question, where does the money go and what is it used for? Every amount collected for RPAC is divided in the following manner: 30% to NAR, 35% to MR, and 35% to SLAR. From there the money is used to support candidates who believe in issues that are important to REALTORS®. There is nothing partisan about our choice – we are not partial to the Democratic Party or the Republican Party. We stand for the REALTOR® Party! RPAC money goes to campaigns for candidates who are deemed to be REALTOR® champions and issue campaigns like keeping the mortgage interest deduction, historic and low income tax credits, and removing burdensome sign ordinances.
With just a $15 investment, you are protecting your business and supporting the team of lobbyists who work for you every day at all levels of government. RPAC is watching your back every step of the way! Contributions are not deductible for Federal income tax purposes. RPAC contributions are voluntary and used for political purposes. You may refuse to contribute without reprisal or otherwise affecting your membership rights. Seventy percent of your contribution goes to your State and Local PACs to support state and local political candidates. Thirty percent is sent to National RPAC to support Federal candidates against your limits under 2 U.S.C. 441a; after the state PAC reaches its RPAC goal it may elect to retain your entire contribution for use in supporting state and local candidates.
RHAF Pays Tribute to Founder at 25th Anniversary Quarter Auction More than 100 SLAR members gathered to celebrate the founding of the REALTORS® Housing Assistance Fund (RHAF) on August 7, 2014 – exactly 25 years to the day that the charitable foundation was incorporated. For the past 25 years, RHAF has given the gift of housing to those in need by awarding more than $750,000 in grants to local charities that combat homelessness and provide transitional housing. RHAF celebrated turning a quarter of a century with a Quarter Auction fundraiser. This new event gave attendees the opportunity to shop with party product vendors and win items for as little as 25 cents. The event raised over $3,500 for the foundation, helping the fund surpass last year’s monetary allocation. “We were thrilled to have such a great turnout,” said Maureen McDonnell, St. Louis Association of REALTORS® Director of Government and Public Affairs. “No one understands the importance of having a place to call home more than REALTORS® do and they demonstrated their deep compassion and generosity by donating to the fight to end homelessness.” RHAF founder and SLAR past president Ellen O’Brien
Legislative Report
REALTOR® Report continued from page 10
was recognized for her devotion and extensive volunteer work for the area homeless during the Quarter Auction. Coldwell Banker Gundaker President, Jim Dohr, presented Ellen with a plaque to commemorate her years of service and the legacy of giving she created through RHAF. Thanks so much to all who made this event possible, including sponsors Scott Credit Union, USA Mortgage, and First National Bank of St. Louis. Thank you also to the large item donors of Paramount Mortgage and Cornerstone Mortgage, and to all the vendors
who participated in the Quarter Auction. It is with the generous support of SLAR members and the real estate community that RHAF strives to help every St. Louisan to have a safe, warm place to call home. The remainder of RHAF’s 25th Anniversary Campaign will be focused on the foundation’s Hockey for the Homeless raffle. The prize is 4 all-inclusive front row St. Louis Blues tickets and a four hour limo ride, provided by Paramount Mortgage and Red Key Realty. Tickets are available to purchase online at www.stlrealtors.com/ hockeyraffle.
Every REALTOR® Should Have: 1. A good contact management system 2. A real estate calculator 3. Professional attire 4. A personal website 5. Professional business cards with your picture, note cards, and letterhead 6. A clean, professional, reliable car 7. A headset for your phone 8. A numbers-based business plan 9. Sales scripts 10. A support system
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REALTOR速 Report
SLAR Sold Stats
JULY 2014
MARIS - NAR Report Sold Statistics
Residential Totals
Active,Contingent and Pending
Bedrooms
Price Class
2 or Less
3
4 or More
Total
Active
$29,999 and under $30,000 - $39,999 $40,000 - $49,999 $50,000 - $59,999 $60,000 - $69,999 $70,000 - $79,999 $80,000 - $89,999 $90,000 - $99,999 $100,000 - $119,999 $120,000 - $139,999 $140,000 - $159,999 $160,000 - $179,999 $180,000 - $199,999 $200,000 - $249,999 $250,000 - $299,999 $300,000 - $349,999 $350,000 - $399,999 $400,000 - $449,999 $450,000 - $499,999 $500,000 - $549,999 $550,000 - $599,999 $600,000 - $649,999 $650,000 - $699,999 $700,000 - $749,999 $750,000 - $799,999 $800,000 - $849,999 $850,000 - $899,999 $900,000 - $949,999 $950,000 - $999,999 $1,000,000 - $1,249,999 $1,250,000 - $1,499,999 $1,500,000 - $1,749,999 $1,750,000 - $1,999,999 $2,000,000 - $2,999,999
43 22 12 20 19 16 7 10 44 40 19 17 8 11 5 1 0 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0
43 20 12 22 13 22 26 16 41 54 62 64 39 83 57 24 15 12 4 4 4 0 2 1 0 0 0 1 0 0 0 0 0 0
8 1 4 2 0 5 7 3 8 16 16 14 20 62 71 53 51 42 17 25 19 11 9 12 10 5 0 3 4 9 5 5 1 0
94 43 28 44 32 43 40 29 93 110 97 95 67 156 133 78 66 55 22 29 23 11 11 13 10 5 0 4 5 9 5 5 1 0
Count
297
641
518
1,456
1,392
Average Price
$102,154
$172,115
$384,576
$233,431
$226,712
Median Price
$99,000
$156,000
$319,500
$175,000
$158,400
Total Amount
$30,339,860
$110,325,562
$199,210,320
$339,875,741
$315,582,934
Contingent
94 47 34 46 48 57 48 60 85 95 100 91 67 126 90 67 54 24 31 29 18 9 17 3 9 6 8 0 7 7 6 4 3 2
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Pending
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Days on Market Statistics 1 - 30 Days:
593
Total Units Sold:
31 - 60 Days: 383
1,455
61 - 90 Days: 208 Avg Market Time:
91 - 120 Days: 114
60
121 - 180 Days: Avg Sold Price:
79
180 + Days: 78
$233,431
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REALTOR速 Report
SLAR Sold Stats
AUGUST 2014
MARIS - NAR Report Sold Statistics
Residential Totals
Active,Contingent and Pending
Bedrooms
Price Class
2 or Less
3
4 or More
Total
Active
$29,999 and under $30,000 - $39,999 $40,000 - $49,999 $50,000 - $59,999 $60,000 - $69,999 $70,000 - $79,999 $80,000 - $89,999 $90,000 - $99,999 $100,000 - $119,999 $120,000 - $139,999 $140,000 - $159,999 $160,000 - $179,999 $180,000 - $199,999 $200,000 - $249,999 $250,000 - $299,999 $300,000 - $349,999 $350,000 - $399,999 $400,000 - $449,999 $450,000 - $499,999 $500,000 - $549,999 $550,000 - $599,999 $600,000 - $649,999 $650,000 - $699,999 $700,000 - $749,999 $750,000 - $799,999 $800,000 - $849,999 $850,000 - $899,999 $900,000 - $949,999 $950,000 - $999,999 $1,000,000 - $1,249,999 $1,250,000 - $1,499,999 $1,500,000 - $1,749,999 $1,750,000 - $1,999,999 $2,000,000 - $2,999,999 $3,000,000 or over
59 18 17 17 17 11 21 17 34 23 21 15 10 10 2 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
28 17 17 12 23 27 20 27 52 53 44 48 46 60 38 21 10 4 6 2 1 2 1 0 0 0 0 0 1 1 1 0 0 0 0
8 5 3 1 2 7 7 7 5 16 20 15 14 58 55 51 43 24 17 15 21 19 8 12 2 2 11 4 1 11 8 3 2 4 0
95 40 37 30 42 45 48 51 91 92 85 78 70 128 95 73 53 28 23 17 22 21 9 12 2 2 11 4 2 12 9 3 2 4 0
Count
293
562
481
1,336
1,183
Average Price
$88,358
$163,177
$405,419
$233,983
$227,186
Median Price
$83,000
$142,950
$318,000
$162,500
$145,000
Total Amount
$25,888,792
$91,705,666
$195,006,469
$312,600,927
$268,760,927
Contingent
78 32 53 41 49 39 56 47 92 87 84 60 52 103 69 47 42 22 19 16 13 12 11 7 10 4 6 2 6 8 5 3 3 4 1
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Pending
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Days on Market Statistics 1 - 30 Days:
568
Total Units Sold:
31 - 60 Days: 322
1,336
61 - 90 Days: 176 Avg Market Time:
91 - 120 Days: 115
59
121 - 180 Days: Avg Sold Price:
87
180 + Days: 68
$233,983
| 15 |
REALTOR速 Report
| 16 |
July 2014
MarketTrends Report: St. Louis City
Active Inventory as of July 31, 2014 = 1,410 Comparative Metrics by Status
July 2013
2014
Year to Date +/-
2013
2014
12 Months: Jul-Jul +/-
Previous
Last
+/-
Closed Sales
305
294
-3.6%
1,899
1,899
0.0%
3,129
3,153
+0.8%
Pending Sales
258
243
-5.8%
1,988
1,962
-1.3%
3,139
3,086
-1.7%
Available Listings
1,960
1,600
-18.4%
4,746
4,728
-0.4%
6,952
6,749
-2.9%
Expired Listings
185
155
-16.2%
1,113
913
-18.0%
2,011
1,825
-9.2%
474
464
-2.1%
3,477
3,350
-3.7%
5,338
5,208
-2.4%
15.56
18.38
+18.1
40.01
40.16
+0.4%
45.01
46.72
+3.8%
Available Listings vs. Expired Listings
9.44
9.69
+2.6%
23.45
19.31
-17.7%
28.93
27.04
-6.5%
+/-
2013
August 2014
New Listings Available Listings vs. Closed Sales
Active Inventory as of Aug 31, 2014 = 1,405 Comparative Metrics by Status
August 2013
2014
Year to Date 2014
12 Months: Aug - Aug +/-
Previous
Last
+/-
Closed Sales
312
263
-15.7%
2,211
2,171
-1.8%
3,167
3,092
-2.4%
Pending Sales
273
236
-13.6%
2,261
2,218
-1.9%
3,159
3,064
-3.0%
Available Listings
1,948
1,379
-29.2%
5,214
4,786
-8.2%
6,949
6,285
-9.6%
Expired Listings
193
53
-72.5%
1,273
959
-24.7%
1,988
1,713
-13.8%
New Listings
468
453
-3.2%
3,945
3,803
-3.6%
5,389
5,182
-3.8%
Available Listings vs. Closed Sales
16.02
19.07
+19.1%
42.41
45.36
+7.0%
45.57
49.20
+7.9%
Available Listings vs. Expired Listings
9.91
3.84
-61.2%
24.42
20.04
-17.9%
28.61
27.26
-4.7%
Data is inclusive of residential properties and condo/coop/villa. All data provided from
REALTOR速 Report
| 17 |
MarketTrends Report: St. Louis County
July 2014
Active Inventory as of July 31, 2014 = 4,296 Comparative Metrics by Status
July 2013
2014
Year to Date +/-
2013
2014
12 Months: Jul - Jul +/-
Previous
Last
+/-
Closed Sales
1,452
1,377
-5.2%
8,361
7,530
-9.9%
13,864
13,356
-3.7%
Pending Sales
1,283
1,168
-9.0%
8,772
7,887
-10.1%
13,917
13,060
-6.2%
Available Listings
6,406
5,336
-16.7%
17,113
16,788
-1.9%
25,901
24,095
-7.0%
Expired Listings
506
512
+1.2%
3,350
2,743
-18.1%
6,460
5,115
-20.8%
New Listings
1,900
1,968
+3.6%
12,927
12,423
-3.9%
19,953
19,379
-2.9%
Available Listings vs. Closed Sales
22.26
25.81
+13.9%
48.86
44.85
-8.2%
53.53
55.43
+3.6%
Available Listings vs. Expired Listings
7.90
9.60
+21.5%
19.58
16.34
-16.5%
24.94
21.23
-14.9%
August 2014
Active Inventory as of August 31, 2014 = 4,317 Comparative Metrics by Status
August 2013
2014
Year to Date +/-
2013
2014
12 Months: Aug - Aug +/-
Previous
Last
+/-
Closed Sales
1,496
1,275
-14.8%
9,857
8,867
-10.0%
14,074
13,083
-7.0%
Pending Sales
1,240
1,078
-13.1%
10,011
9,137
-8.7%
14,015
13,026
-7.1%
Available Listings
6,232
4,278
-31.4%
18,889
17,007
-10.0%
25,821
22,328
-13.5%
Expired Listings
468
154
-67.1%
3,755
2,878
-23.4%
6,323
4,842
-23.4%
New Listings
1,775
1,674
-5.7%
14,702
14,095
-4.1%
20,033
19,206
-4.1%
Available Listings vs. Closed Sales
24.01
29.80
+24.2%
52.18
52.14
-0.1%
54.51
58.59
+7.5%
Available Listings vs. Expired Listings
7.51
3.60
-52.1%
19.88
16.92
-14.9%
24.49
21.69
-11.4%
Mid America Regional Information Systems. Powered by 10K Research and Marketing.
REALTOR® Report
| 18 |
Law & Ethics Back to the Basics of Professional Standards
By Dawn M Kennedy, SLAR CEO
Professionalism does not start with Professional Standards and the Code of Ethics. Professionalism starts with common courtesies. To remind you what is expected of you from your fellow agents, here is NAR’s Pathways to Professionalism. Please note: These professional courtesies are intended to be used by REALTORS® on a voluntary basis, and cannot form the basis for a professional standards complaint.
12. Present a professional appearance at all times; dress appropriately and drive a clean car.
15. Communicate clearly; don’t use jargon or slang that may not be readily understood.
1. Identify your REALTOR® and professional status in all contacts with other REALTORS®.
Respect for the Public
16. Be aware of and respect cultural differences.
2. Respond to other agents’ calls, faxes, and e-mails promptly and courteously.
1. Follow the “Golden Rule”: Do unto other as you would have them do unto you. 2. Respond promptly to inquiries and requests for information. 3. Schedule appointments and showings as far in advance as possible. 4. Call if you are delayed or must cancel an appointment or showing. 5. If a prospective buyer decides not to view an occupied home, promptly explain the situation to the listing broker or the occupant. 6. Communicate with all parties in a timely fashion. 7. When entering a property ensure that unexpected situations, such as pets, are handled appropriately. 8. Leave your business card if not prohibited by local rules. 9. Never criticize property in the presence of the occupant. 10. Inform occupants that you are leaving after showings. 11. When showing an occupied home, always ring the doorbell or knock—and announce yourself loudly before entering. Knock and announce yourself loudly before entering any closed room.
13. If occupants are home during showings, ask their permission before using the telephone or bathroom. 14. Encourage the clients of other brokers to direct questions to their agent or representative.
17. Show courtesy and respect to everyone. 18. Be aware of—and meet—all deadlines. 19. Promise only what you can deliver—and keep your promises. 20. Identify your REALTOR® and your professional status in contacts with the public. 21. Do not tell people what you think—tell them what you know.
Respect for Property 1. Be responsible for everyone you allow to enter listed property. 2. Never allow buyers to enter listed property unaccompanied. 3. When showing property, keep all members of the group together. 4. Never allow unaccompanied access to property without permission. 5. Enter property only with permission even if you have a lockbox key or combination. 6. When the occupant is absent, leave the property as you found it (lights, heating, cooling, drapes, etc.) If you think something is amiss (e.g. vandalism), contact the listing broker immediately. 7. Be considerate of the seller’s property. Do not allow anyone to eat, drink, smoke, dispose of trash, use bathing or sleeping facilities, or
bring pets. Leave the house as you found it unless instructed otherwise. 8. Use sidewalks; if weather is bad, take off shoes and boots inside property. 9. Respect sellers’ instructions about photographing or videographing their properties’ interiors or exteriors.
Respect for Peers
3. Be aware that large electronic files with attachments or lengthy faxes may be a burden on recipients. 4. Notify the listing broker if there appears to be inaccurate information on the listing. 5. Share important information about a property, including the presence of pets, security systems, and whether sellers will be present during the showing. 6. Show courtesy, trust, and respect to other real estate professionals. 7. Avoid the inappropriate use of endearments or other denigrating language. 8. Do not prospect at other REALTORS®’ open houses or similar events. 9. Return keys promptly. 10. Carefully replace keys in the lockbox after showings. 11. To be successful in the business, mutual respect is essential. 12. Real estate is a reputation business. What you do today may affect your reputation— and business—for years to come. (used with permission from the National Assn of REALTORS®)
REALTOR® Report
®
REALTOR Awards
| 19 |
2014
Call for Nominations REALTOR® of the Year This award is designated for Principal Brokers who have displayed exemplary business practices and outstanding service to SLAR and their communities, as well as exhibiting REALTOR® spirit, which is defined as high principles of integrity, adherence to the REALTOR® Code of Ethics, and furtherance of the principles of professional real estate practice amongst brokers, agents, and the general public.
REALTOR®-Associate of the Year Nominations Open
September 9th | 9:00am
Nominations Close
September 25th | 5:00pm
Award Categories ◊ REALTOR® of the Year
This award is designated for sales associates who have displayed outstanding service to SLAR, their local communities, and exemplify the term REALTOR® through their REALTOR® spirit and their business accomplishments which can be defined as high levels of transactions or volume, imaginative and creative advertising programs, rehabilitation work, land utilization, etc.
Manager of the Year This award is designated for managers who have inspired their associates to excel in the industry, as represented by training programs, specialty education, creative business models, or other forms of member support, as well as encouraging associates to support and engage with SLAR and their communities.
◊ REALTOR®-Associate of the Year ◊ Manager of the Year
Affiliate of the Year
◊ Affiliate of the Year
This award is designated for affiliates who have displayed outstanding service and support to SLAR in the past 12 months.
◊ The Ellen O’Brien Award ◊ The Jack Goldman Award
The Ellen O’Brien Award
◊ The Charles H. Eyermann, Jr. Award
This award is designated for REALTOR® and REALTOR®-Associate members who have given their time, talent, and treasure to their communities or civic organizations related to the real estate industry with outstanding dedication.
Questions? Contact Lauren Smith at 314.576.0033 or lsmith@stlrealtors.com.
The 2015 Installation of Officers and Directors will be held on Saturday, November 15th. Awards will be presented to award winners during the Installation program. Nominations will be evaluated and recognition shall be based on the guidelines above. Deadline to submit is Thursday, September 25th at 5:00pm.
The Jack Goldman Award This award may be presented to one individual whose body of work or service and focus efforts, over an extended period of time, significantly enhanced the St. Louis area real estate industry.
The Charles H. Eyermann, Jr. Award This award may be presented to an active member of SLAR who has performed some outstanding task or provided some distinguished service to the real estate industry in the past 12 months.
Nominate yourself or a fellow SLAR member at: www.stlrealtors.com/RealtorAwards
Welcome to the
The
Image Credit: Wikipedia
Image Credit: Adriel Hampton
Image Credit: Wikipedia
A Culturally Stron
T
he Hill neighborhood, nestled between Kingshighway and Hampton Ave., is known as the city’s traditional Italian American Neighborhood. The Hill also features a bevy of authentic Italian restaurants, grocers, and bakeries, making it a frequently visited neighborhood by tourists and locals alike. Established in the late 19th century, Italians immigrated to the area due to job opportunities available at nearby plants. As the Italian population grew, so did the influence of the Roman Catholic Church. Soon after, St. Ambrose Roman Catholic Church was founded. It sits in the epicenter of the neighborhood along with an Italian restaurant and a bocce garden.
Which Of My Clients Will Like The Hill Neighborhood? According to REALTORS® Property Resource, a database you receive free access to as a member of SLAR and MARIS, the characteristics of the average Hill resident are as follows:
» 13% of residents hold a Bachelor’s Degree.
» The median household income is $43,174.
» 48% of residents are between the ages of 25-54
» 28% of residents work within health care, social assistance, or manufacturing industry.
» 70% of married households do not have children.
e Neighborhood:
Hill
Image Credit: Wikipedia
Image Credit: Paul Sableman
Image Credit: Wikipedia
ng Neighborhood The Wine Walk
I
f you have clients that enjoy wine and fine
By The Numbers
53
Columbus Day Parade and Festa Sunday, October 12th, 2014 Noon
Number of New Listings in the Last 12 Months
dining, the Annual Wine Walk on The Hill will be
perfect for them. This annual event, usually held
$132,924
in late spring, allows guests to wine taste at several participating locations and also features
Average Sale Price for Properties in the Area
activity hubs with music, live art, and entertainment. To stay up-to-date on the next event, visit the neighborhood’s website at www.thehillstlouis.com. Last year’s cost to
organized by the Fratellanza Society in 1867.
attend was $25 per person and also included a
This year, the parade will begin at the corner of
souvenir sampling cup and festival cabs that will
Macklind and Botanical and end in Berra Park.
take guests where they need to go. Participating locations usually include: Bartolino’s, Charlie Gitto’s, Lorenzo’s, Modesto, and more!
63%
The very first Columbus Day Parade was
Of residents own their property.
The parade serves as a celebration of Columbus’
<30 Min.
voyage to the New World. Although the parade is the highlight of the celebration, surrounding businesses and cultural organizations also promote their heritage at the Festa that takes place after the parade. The Festa
Average commute time for more than 73% of residents.
will also include Italian food and entertainment.
Places to Be in The Hill List of Sources and Additional Resources Italian American Heritage MARIS Corporation www.marisnet.com www.stlcolumbusday.com REALTORS® Property The Hill St. Louis Resource www.thehillstlouis.com https://www.narrpr.com
Girasole Gifts & Imports
Vitale’s Bakery
Milo’s Bocce Garden
Zia’s
2103 Marconi Ave. — Boutique offering Italian themed merchandise including ceramics, jewelry, handbags, beauty products, and books . 5201 Wilson Ave. — Bocce Garden and neighborhood tavern. Enjoy a game of bocce ball followed by a menu of appetizes, sandwiches, and pizzas.
2130 Marconi Ave. — Popular Italian bakery offering fresh bread, pizza shells, and Italian desserts. Most known for its famous cannoli. 5256 Wilson Ave. — Classic gourmet Italian dishes with generous portions. Affordable prices attract local residents and out-of-town visitors.
REALTOR® Report
®
25 Tips for Your Safety
| 22 |
24 / HRS
7 / WK
365 / YR
Many REALTORS® have fallen victim to crimes such as robbery, identity theft, and more. Every September, the National Association of REALTORS® holds REALTOR® Safety Month to shine light on tools and tips available to keep you safe in your business. Take a look at the 25 tips listed below, provided by the National Association of REALTORS®, for simple ways to keep you and your clients safe during the home buying or selling process.
Tip #4 Open house: it ain’t over till it’s over
Tip #8 Bring up the rear
Don’t assume that everyone has left the premises at the end of an open house. Check all of the rooms and the backyard prior to locking the doors. Be prepared to defend yourself, if necessary.
When showing a home, always have your prospect walk in front of you. Don’t lead them, but rather, direct them from a position slightly behind them. You can gesture for them to go ahead of you and say, for example, “The master suite is in the back of the house.”
Tip #1 Keep it light
Tell your clients not to show their home by themselves. Alert them that not all agents, buyers and sellers are who they say they are. Predators come in all shapes and sizes. We tell our children not to talk to strangers. Tell your sellers not to talk to other agents or buyers, and to refer all inquiries to you.
Show properties before dark. If you are going to be working after hours, advise your associate or first-line supervisor of your schedule. If you must show a property after dark, turn on all lights as you go through, and don’t lower any shades or draw curtains or blinds.
Tip #2 Checking in When you have a new client, ask him/ her to stop by your office and complete a Prospect Identification Form (Find a copy online at www.REALTOR.org/ Safety). Also, photocopy their driver’s license and retain this information at your office. Be certain to properly discard this personal information when you no longer need it.
Tip #3 Touch base Always let someone know where you are going and when you will be back; leave the name and phone number of the client you are meeting and schedule a time for your office to call you to check in.
Tip #5 Stranger danger
Tip #6 Block identity theft Contact the fraud department of any of the three consumer reporting companies— Equifax®, ExperianSM and Trans Union®—to place a fraud alert on your credit report. The fraud alert automatically lets credit card companies and other creditors know they must contact you before opening any new accounts or making any changes to your existing accounts.
Tip #7 Wear your REALTOR® ID Always wear visible company identification such as a badge. It is also best to drive a vehicle clearly marked with your company name. These will be invaluable for identification if you need to get assistance.
Tip #9 You take the wheel Whenever possible, take your own car to a showing. When you leave your car, lock it.
Tip #10 “Who’s calling?” Install caller I.D. on your telephone, which should automatically reject calls from numbers that have been blocked. This will provide you with immediate information about the source of the call.
Tip #11 Agree on an office distress code Create a voice distress code, a secret word or phrase that is not commonly used but can be worked into any conversation for cases where you feel that you are in danger. Use this if the person you are with can overhear the conversation, but you don’t want to alarm them. Example: “Hi, this is Jennifer. I’m with Mr. Henderson at the Elm Street listing. Could you e-mail me the RED FILE?”
Tip #12 Have your excuse ready Part of being prepared to deal with
REALTOR® Report
a threatening situation is having “an out.” Prepare a scenario in advance so that you can leave—or you can encourage someone who makes you uncomfortable to leave. Examples: Your cell phone or pager went off and you have to call your office, you left some important information in your car, or another agent with buyers is on his way.
Tip #13 Careful with cash deposits! If you periodically carry large deposits to the bank, be especially aware of any strangers lurking around the office parking lot. If you must transport cash deposits, use the buddy system or arrange for a security service or police escort.
Tip #14 Be careful with keys Don’t hand out house keys to friends, even if they are trustworthy. Know the location of all your house keys all the time. Never use hide-a-keys or leave the key under the doormat, above the door, in a flowerpot, or anywhere outside the house. You may think you’re being clever, but experienced thieves know all the tricks. Also, keep your car keys and house keys on a different ring if you ever use valet parking or leave your keys with parking lot attendants or even at a repair garage.
Tip #15 Thwart thieves Remind your clients that strangers will be walking through their home during showings or open houses. Tell them to hide any valuables in a safe place. For security’s sake, remember to remove keys, credit cards, jewelry, crystal, furs and other valuables from the home or lock them away during showings. Also remove prescription drugs. Some seemingly honest people wouldn’t mind getting their hands on a bottle of Viagra, uppers or downers.
| 23 |
Tip #16 Long-term thinking
Tip #21 Plan ahead with escape routes
If you think it may be some time before a property sells (and you may, therefore, be showing it often), get acquainted with a few of the immediate neighbors. You will feel better knowing they know your vehicle, and they will feel better about the stranger (you) who frequently visits their neighborhood.
Upon entering an open house property for the first time, check each room and determine at least two “escape” routes. Make sure all deadbolt locks are unlocked for easy access to the outside.
Tip #17 Don’t dial and drive!
Tip #22 Keep it professional
Using a cell phone while driving can cause an accident. For driving safety, purchase a hands-free phone kit for your vehicle. And never attempt to take notes while driving – pull over and stop in a safe place first.
All of your marketing materials should be polished and professional. Don’t use alluring or provocative photography in advertising, on the Web or on your business cards. There are many documented cases of criminals actually circling photographs of their would-be victims in newspaper advertisements.
Tip #18 Carry less
Tip #23 Be prepared: pre-program!
If you carry a purse, lock it in your car trunk before arriving at an appointment. Carry only non-valuable business items (except for your cell phone), and do not wear expensive jewelry or watches, or appear to be carrying large sums of money.
To best prepare for an emergency, pre-program important numbers into your cell phone. These may include your office, your roadside assistance service or garage, and 9-1-1.
Tip #19 Don’t get parked in When showing property or meeting someone, park your car in front of the property rather than in the driveway. You will avoid having your car blocked in, you’ll have an easier time escaping in your vehicle, and you will attract lots of attention running and screaming to your car at the curb area.
Tip #20 Monitor your financial accounts Open your credit card bills and bank statements right away. Check for any unauthorized charges or withdrawals and report them immediately. Call if bills don’t arrive on time. It may mean that someone has changed contact information to hide fraudulent charges.
®
Tip #24 Scam alert! At an open house, be alert to visitors’ comings and goings, especially near the end of showing hours. Police have reported groups of criminals that target open houses, showing up en masse near the end of the afternoon. While several “clients” distract the agent, others go through the house and steal anything they can quickly take.
Tip #25 Check suspicious e-mails Before you act on an e-mail request, check a list of the latest e-mail scams on the Federal Trade Commission’s website at http://www.ftc.gov/bcp/ menuinternet.htm.
REALTOR® Report
| 24 |
Feature Article Fall Back to a Basic There is nothing as basic in the real estate profession as conducting an open house. However, many members, especially SLAR’s newer members may not know how to use this building block basic as a means to generate consumer client loyalty. It is important to also ask if they are working with another REALTOR®. The following Rich Levin article is reprinted with permission from REALTOR magazine: Open houses can serve a dual purpose. The first is obvious — to market a property to potential buyers. The second is a bit more subtle. Open houses also can be an opportunity to promote your services to consumers. First Things First The majority of open house guests are buyers. (Some are also neighbors, friends, and so forth, but you’ll quickly spot them.) The buyers who come through the door might already be loyal to another practitioner, and you should respect that relationship.
Furthermore, a listing agent has a fiduciary responsibility to the seller. Practitioners participating in an open house that isn’t for their own listing don’t have that fiduciary responsibility. Either way, to be fair to the seller, the agent must first determine whether the buyer is interested in the house before they begin to take attention away from the house. This is as simple as asking, “Does this house interest you?” Or, “I promised the sellers to ask each guest whether you are interested in the house. Are you?” Give Them What They Want The guests want to be comfortable, and they want information. Start by greeting each guest with a gracious smile. Welcome them to the house. Then, offer to answer all their questions. Provide them with more information than they were expecting. On the dining room table or kitchen counter, provide information on the community and the neighborhood,
a fully filled out sample purchase offer and addendums, financing recommendations with advantages of each, and detailed closing cost estimates. Be ready to show alternative properties that are in the area, in the same price and size range, and in the same style — that is, properties that guests are likely to be interested in if they showed up at this open house. Ask Questions That Interest Them There are only a few reasons buyers would choose to attend any open house: location, price, size, or a particular feature. So, ask questions along the lines of: • “This house is in Brighton. Are you looking exclusively in Brighton, or also in Penfield, Pittsford, and the other eastern suburbs?” • “This one is $279,900. Is that your price range, or are you looking higher or lower than that?” • “ This one is 2,500 square feet with
continued on page 25
REALTOR® Report
Fall Back to a Basic
| 25 |
continued from page 24
four bedrooms and three baths. Is that the size you were looking for or did you want something larger or smaller than that?” • “ This one is adjacent to the golf course. Were you looking for a property on a golf course or did you just like this location?” You will immediately discover whether buyers are loyal to other practitioners. The available ones will enthusiastically and openly answer you. They’ll begin to like you and trust you, because you’re asking questions that interest them. This also implies you know about other properties that have similar characteristics, which means you can help them. Show Sincere Interest Then say, “Tell me all the things you would like in your house and I’ll take notes.” Once they’ve answered the questions about location, price, and size, they’ll answer this question. The trust toward you deepens. Loyalty is yours, as long as you continue to
show sincere interest in them and what they want to accomplish. Offer Education and Information Ask if they have reviewed the current paperwork used to buy a home in the area. “Has anyone given you a copy of the contract that you would sign to purchase a home? It’s good to be familiar with this paperwork before making a $200,000 decision.” Then ask them follow-up questions: “Are you familiar with the variety of inspections available for homes in this area and with the roles of attorneys and other professionals involved in making sure the transaction goes well?” Finally, try to schedule a follow-up meeting: “May I suggest that we get together? I can go over all of these things with you and provide you with copies and other information that will protect your interests and make the process enjoyable. No obligation: If we hit it off, and it looks like we will, I’ll help you find
a great house. If we don’t, you’ll just be better prepared. Would you be able to meet sometime this week or next?” The words “contract,” “sign,” and “decision” are used purposefully, in a way that will make buyers realize that they need someone that they can trust to protect them. Go All the Way, or Don’t Go at All Many real estate professionals have said to me, “Rich, I do something similar to that, and it doesn’t work.” Then there are practitioners who build loyalty through this exact approach and say to me, “That is so easy. It makes so much sense to them. The ones who begin to answer these questions just naturally evolve into clients.” So if you go with this tactic, go all the way. Work with it until you have it all down.
REALTOR® Report
Staff Spotlight Judy Partsch has been an employee with SLAR for 11 years and has served the association in many capacities. Starting as the receptionist, she advanced to other departments within the association, including membership, education, and admissions. Currently serving as the REALTOR® Shoppe/Member Services Specialist allows her to serve the members and assist them with all their REALTOR® needs. If you have any questions relating to the REALTOR® Shoppe, Membership or SUPRA, please contact Judy at (314) 576-0033 or jpartsch@stlrealtors.com. Some of Judy’s interests outside of work include rehabbing homes, traveling, golfing, skiing, sewing and spending time with her family and four cats.
Join us for the 2015 Installation of SLAR President:
Janet Judd
New Board of Directors, and the Celebration of the 2014 REALTOR® AwardWinners
November 15th | 6:00pm | $60 per ticket Purchase Tickets Today at: www.stlrealtors.com/2015installation
Dinner || Drinks || Raffle || Dancing || Surprise Entertainment
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REALTOR速 Report
| 28 30 |
REALTOR® Report
| 29 |
Calendar of Events
September September 24 – Past President’s Breakfast Meeting - SLAR
September 26 – RPAC Trivia Night – SLAR
September 24 – Board of Directors Meeting - SLAR
September 30 – Deadline for License Renewal for Salespersons
September 25 – REALTOR® Awards Nominations Close September 25 – Affiliate Council Meeting - SLAR
October October 2 – Women’s Council of REALTORS® Business Resource Meeting – Maggiano’s
October 16 – 2015 Market Trends Forecast: To Syndicate or Not to Syndicate, That is the Question – SLAR
October 6 – Industry Forum – SLAR October 9 – Urban Affairs Forum – Missouri Athletic Club October 15 – Executive Committee Meeting – SLAR
November November 6 – Women’s Council of REALTORS® Business Resource Meeting – Maggiano’s
November 15 – Dine & Dance 2015 Installation – Maryville Marriott in Town & Country
November 7 – November 10 – REALTORS® Conference & Expo in New Orleans
November 19 – Board of Directors Meeting - SLAR
November 12 – Executive Committee Meeting – SLAR November 13 – Affiliate Council Meeting – SLAR
REALTOR® Report
Welcome New Members
DESIGNATED REALTOR® James Buck, Jr. Elite Properties John M. Burns John M. Burns, Broker Sandra Dew New Day Realty Kenneth Domash Kenneth N. Domash, Broker Thomas Glosier Site Realty LLC Monica Ryland ReCon Realty Plus LLC
DESIGNATED REALTOR® Previously REALTOR® James M. Morgan Cornerstone Commercial Realty
DESIGNATED REALTOR®
REALTOR®
Previously REALTOR-ASSOCIATE® Tricia Delashmet Phase 1 Realty LLC Douglas Loveall Loveall Properties LLC Lynette Peoples American Realty Solutions Group Kathleen Shreves Signature Properties Brokerage Kimberly Shreves Signature Properties III LLC
Previously REALTOR-ASSOCIATE® Jillian Butler Red Key Realty Leaders St. Louis Kathleen Schmiedeskamp Berkshire Hathaway Home Services – Select Properties Christina Vescovo Equity Missouri Clayton John Powell Walsh Equity Missouri Confluence
DESIGNATED REALTOR® DUAL MEMBER
Gregory Childers American Eagle Credit Union Erika Flynn John Jackson Neighborhood R.E. Richard Haas WIN Home Inspections
James A Dohr HFS.com Real Estate LLC (Primary Membership – Coldwell Banker Gundaker)
SEPTEMBER IS
AFFILIATE
Dawn Hinds Love At First Sight/R.E. Photography Cotton Hunter AMF Electric Mark Mayfield Guaranteed Rate Paul Smith General Inspections LLC Janet Tharp Tharp Sewer & Drains LLC
COMPANY NAME CHANGE Kathryn Garmon Red Door Realty (Previously STL Property Source)
MONTH
Like many other jobs that require interaction with the public, selling real estate involves some risk. SLAR and the National Association of REALTORS® are committed to protecting our members and maintaining their personal safety. By educating REALTORS® about potential threats and providing them with resources to protect themselves we can help you stay safe.
To celebrate REALTOR® Safety Month all Self-Defense and Safety Merchandise is 30% off regular price at the REALTOR® Shop!
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