SLAR Realtor Report | October 2012 by St. Louis REALTORS®

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. October 2012

The Road To Success page 4

Volume 8 - Number 10

REALTOR® Report

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President’s Message

Glenn Vatterott, 2012 President

Is it Just Me, or Does this Look like a Housing Recovery?

Continued good news in the residential real estate market: despite a challenging mortgage qualifying environment, transaction units are up year-over-year in both the national and local housing markets. Further, home prices seem to be stabilizing. The national median existing-home price for all housing types was up 9.5 % from a year ago. We have now experienced six back-to-back monthly price increases. While short sales and foreclosures still account, nationally, for 22% of sales in August, the improvement in average sales price will aid many homeowners who are currently underwater, and should serve to reduce the number of distressed properties coming into the market. Economists studying the housing market have also suggested that if there is a shadow inventory of distressed properties due to come into the market, the impact of that inventory will likely be offset by the considerable pent-up demand for housing. There are still plenty of obstacles to a vibrant housing recovery, but your St. Louis Association of REALTORS® is working behind the scenes every day

to address many of those challenges. Our Governmental Affairs Department is tackling multiple issues facing our local industry, including the recently passed St. Louis County mandatory mediation ordinance, which, although intended to offer help to underwater homeowners, is likely to ultimately cost home purchasers in the form of higher home loan fees. They are also vigorously battling proposed municipal ordinances on signage, occupancy inspections, vacant property registration, and more. Two more quick topics: I strongly encourage you to visit the recently revamped Association website, www. stlreators.com. You’ll want to bookmark it and visit it often, as a portal to the many offerings of our Association. I also hope to see you at our REALTORS® Housing Assistance Fund (RHAF) event, the “Concert For a Cause” benefit to aid the homeless on October 30th at the Sheldon Concert Hall. You’ll find more information about the event in this issue. Warm Regards, Glenn Vatterott 2012 SLAR President.

Contents 4 6 13

The Road to Success

Concert for a Cause

Legislative Report

Education

Legislative Report

13-15

SLAR Sold Stats

16-18

Law & Ethics

New members

Calendar of Events

St. Louis Association of

REALTORS

® 12777 Olive Blvd., St. Louis, MO 63141 (314) 576-0033 – main line (314) 275-7888 - education line (314) 576-7143 - fax www.stlrealtors.com

2012 Board of Directors Executive Committee Glenn Vatterott, President Donna Zerega, President-Elect Elizabeth Braznell, Vice President/ Treasurer Sue Middendorf, Secretary

REALTOR® DIRECTORS: Sandy Hancock, Member at Large Nate Johnson, Immediate Past President David Busker, Commercial DivisionPresident Dawn M. Kennedy, CEO

2012

2013

2014

Barb Keathley Bob Bax Mickey McNearney Carole Mulina Michele Sloan Mulford David Townsend L.K. Wood, III(Buddy) John D. Williams

Mike Carter Tiffany Hamilton Pat Malloy Carolyn Mantia Mike Travaglini

AFFILIATE DIRECTOR:

REALTOR® ASSOCIATE DIRECTORS:

Beale Luebben

2012

2013

2014

Mike Rouhani

LaWanda Elgin

Janet Judd

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

Membership & Finance Patty Bommarito, Executive Assistant pbommar@stlrealtors.com (314) 576-0033 ext. 318

Legislative Celeste Rueter, Governmental Affairs Director crueter@stlrealtors.com (314)590-2307

Commercial Division

Rick Capelli, Senior Vice President of Membership & Finance rcapelli@stlrealtors.com Direct line: (314) 590-2313 Kim Russell, Bookkeeper krussell@stlrealtors.com Judy Partsch, Admission/Ethics Asst. jpartsch@stlrealtors.com

Tammy Williams, Membership Assistant twilliams@stlrealtors.com Jessica Perez, Supra Adminstrator jperez@stlrealtors.com

Public Relations Connie Chartier, Vice President of Public Relations cchartier@stlrealtors.com Direct line: (314) 590-2304

Susan Wagner, Commercial Division Vice President swagner@stlrealtors.com Direct line: (314) 590-230 Tina Luehrmann, Commercial Assistant tinal@stlrealtors.com

Laura DeVries, Director of Communications and Marketing ldevries@stlrealtors.com Direct line: (314) 590-2301

Education

Mid-America Regional Information Systems (MARIS)

Karen Dunn, Education Director Monica Pingel, Assistant kdunn@stlrealtors.com mpingel@stlrealtors.com (314) 590- 2312 (314) 275-7888

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.

Communications and Marketing

1714 Deer Tracks Trail Ste. 200, St. Louis, MO 63131 Paul Prince, President pprince@marisnet.com David Price, Vice President & Systems Manager dprice@marisnet.com Denise Bielicke, Controller dbielicke@marisnet.com Pattie Elkins, Accounts Receivable Clerk paelkin@marisnet.com Tracey Yost, Membership Manager tryost@marisnet.com

Cheri Albers, Receptionist calbers@stlrealtors.com

(314) 984-9111 www.marisnet.com Jason A. Darrough, Support Manager jdarroug@marisnet.com Katie Otto, Senior Account Executive kotto@marisnet.com Robyn L. McPherson, Account Executive rmcpherson@marisnet.com Brad Whitrock, Support Specialist bwhitrock@marisnet.com Linda Kokker, Administrative Assistant lkokker@marisnet.com

Commercial Information Exchange (CIE)

301 Sovereign Ct., Suite 109, Ballwin, MO 63011 (636) 230-6243 www.stlcie.com Bonnie Devine, President/CEO Judith Jakuboski, Executive Assistant bonnie@stlcie.com judith@stlcie.com

REALTOR® Report

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The Road to Success by Dawn M. Kennedy

How can you know where you are going if you don’t know what road you are on? Every REALTOR® needs a plan; a business map if you will. Several years ago I wrote the following article but it bears republication with a few tweaks. I had called it Back to Basics, yet these very fundamental tenets of business success are often forgotten as we focus on technology and media. Following is a review of the steps on the road to success:

STEP 1 ] Develop a career and business plan. To view free templates NAR’s REALTOR® magazine recommends Business Plan Pro, (http://www.paloalto.com/business_plan_software). Although this is preached by many a broker, when is the last time the plan was pulled off the shelf and reviewed? Essential steps of the business plan should be posted in a

prominent place in the REALTOR®’s work space to ensure that one is on track for success. At minimum the business plan should include annual sales needed to hit target income, professional development schedule and exit strategy. Plan for your business expenses! Keep an at-a glance association and MLS billing schedules posted, with dates, in your workspace. Your plan should also include a development strategy and the means by which it will be measured. Determine what percentage of your week will be spent prospecting, direct working with clients (typically 30%) administrative work (typically another 30%) and marketing. The remaining 40% of time should be dedicated to specific activity. At minimum 10% of time should be spent on professional development. The more knowledgeable you become the more successful you

will become. Track your marketing activity and measure it to sales. For example, if you are spending 20% of your work-week in social media but cannot track that prospecting expense (yes, time is an expense too) to any sales you may want to rethink your strategies and focus effort on areas that are bringing you clients/customers. Association membership and MLS services are absolute musts for your success- plan for these expenses. These two blocks of the successful real estate career should be at the top of the list in business expenditures to ensure access to the most valuable resources available.

STEP 2 ] Use the resources available to you! The association is here to serve you. Have you ever noticed that the most successful REALTORS® tend

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REALTOR® Report to serve on association committees and board of directors? This is not an accident. These REALTORS® gained success by fully utilizing their boards’ offerings and in turn became leaders in their boards. Read the REALTOR® Report thoroughly, read the SLAR e-blasts sent, review the board and NAR website at least monthly. Attend every SLAR event that is feasible (meet mentors, ask questions, develop relationships with vendors and those other realestate affiliated service providers, develop your referral network by meeting fellow REALTORS®). Look beyond what is required for CE and attend the free webinars and classes that are not CE but assist in building a business.

STEP 3 ] Maximize efforts. The most productive REALTORS® have two things in common: assistants and systems. As a single person, efforts and income are limited to what one person can produce. According to NAR Key note speaker, sales coach Terry Watson, “These practitioners are multiplying their efforts and increasing their output through people and technology. According to the NATIONAL ASSOCIATION OF REALTORS® Member Profile, real estate practitioners who used at least one personal assistant had a significantly higher sales volume than those who didn’t. You may erroneously think that you can’t afford a personal assistant. But think again. If you can significantly increase your income by increasing your efficiency and the number of transactions you can close in a year, you can’t afford not to get a personal assistant.” SLAR and MARIS provide REALTORS® with many systems to increase personal productivity: Supra, website statistics, REALIST, online forms and Showing Assist, just to name a few. Utilize these sys-

tems to manage your volume and increase productivity.

STEP 4 ] Earn REALTOR® Designations. Designations aren’t just initials to put behind the name on the business card. Designations are specifically designed programs to increase skill sets that in turn assist the member in earning more money. The career business plan should include target dates for achieving designations specific to the niche market the member is serving.

STEP 5 ] Communicate effectively with the client or customer. The most often heard complaint and professional standards inquiry heard by association staff from disgruntled members of the public is that their REALTOR® does not return their phone calls. Return calls or have an assistant return calls. Even better is to develop a proactive strategy of communication. Use Showing Assist to send detailed showing reports to sellers that are created by the system. Use auto-emails in MARIS to automatically send properties via email to your buyers.

STEP 6 ] Brand yourself! Define your marketing strategy (see step 1) and then work the strategy. Everyone is different; everyone has a unique set of talent and skills. Determine what you love to do and are very good at and tie that in to your real estate practice. Your website should reflect your personal brand and the market you are seeking to attract. Stating that your market is buyers and sellers is a moving target. Define your static tar-

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get, “I sell to…”. Develop the characteristics of the market segment you desire to serve on paper. Next, make sure your website speaks specifically to those characteristics.

STEP 7 ] Protect your small business. Make sure you have E&O insurance and plan for that expense. Successful practitioners have an emergency reserve of 3-6 months income or a means to access 3-6 month’s of income. Check with your financial institution to determine if establishing a business line of credit is available to you. Develop a passive income through investment strategies. Terry Watson recommends, “You also need passive income — or income coming in from investment property so that you don’t have to be desperate to close a deal. When that check finally arrives, don’t forget to put some money aside for your nest egg.” SLAR is committed to empowering its members to succeed. For more information about services available to you in developing or maintaining your career building blocks visit the board website, www. stlrealtors.com.

REALTOR Housing Assistance Fund's 速

St. Louis Association of

REALTORS速

2nd Concert For

Annual

A Cause

t r a t S s t ! e 5 k 1 c Ti Just $ At

Featuring avier im J K & endoza assie M M Tuesday October 30th

Sheldon Concert Hall Doors 6pm - Concert 7pm

Tickets Call 314-590-2304 or 314-402-6626

REALTOR速 Report

Want an extra $34,000 in 2013?

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NAR statistics show that members who hold REALTOR速 designations and certifications out earn their peers by at least 100% and in Missouri earn an average of $34,000 annually MORE than those without a designation or certification Short Sales & Foreclosure Resource Certification

SLAR empowers its members to succeed! Join us for the certification that offers more than just letters behind your name. Check out these benefits of the SFR Certification: * Access to electronic toolkit with practical forms and worksheets * Free webinars that you can download anytime and anywhere * SFR logo and marketing materials to promote your certification * Differentiation as an SFR at REALTOR.com and REALTOR.org

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REALTOR® Report

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What Really Goes Viral Through Social Media? It’s NOT Your Listings! By Janelle Odishoo

A viral message is shared from one person to another and another… like old-fashioned word of mouth advertising but online. If you think of social media like a 24-hour constant cocktail party, engaging online is not rocket science. Simply take what we know from our interactions at a party and apply them on to social media. But why do some Realtors have success engaging through social media while others struggle to see any results from their social media posts? It’s simple. You have to know the “Art of Posting”. Here are some things to consider when making your next social media post:

Is your post relevant to your contacts? Ever wonder why no one is commenting, liking, or sharing your listings. The only people interested in your listings, the next open house, what mortgage rates are doing, or your market updates are people looking to buy or sell. Everyone else may not be interested…hence no response. Try posting hyper-local news, community or charity events, legislative alerts that effect homeowners, your favorite recipe, health & fitness tips that work for you, or a parenting article. Then compare the responses you get to these posts versus your business content.

Are you being the authentic you in your posts?

Sharing content that shows your passion & interests, your original thoughts, proposing a question or making people stop and think are more likely to get a response than a canned post created by a company or person you hired to post for you.

Content has to be seen to get a response or go viral… sound simple enough? Make sure you are posting throughout the day. Not everyone is on social media at the same time. Interact regularly with your key contacts otherwise your posts may fall onto their ticker and not in their main newsfeed. Be sure that you have a complimenting email and blog strategy to distribute that message – it boosts the viral

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REALTOR® Report

affect of your message exponentially!

Posts with photos and video are more likely to be seen than plain text…and get shared!

When your post goes viral, make sure you STAY THE SOURCE of the information. That’s why bloggers are having so much success. They are posting content on their blog and sharing it from there. The link on their social media site then draws people over to their blog where they track views, share their contact information, capture

leads, and stay the source of the information when the post goes viral. You may be overwhelmed with social media, but don’t give up on social marketing yet! You just need a simple tool to ensure your posts go viral. AnnounceMyNews will be launched for all St. Louis Association of REALTORS® members in November just in time for the holidays and to get your social marketing on the right track for 2013!! It’s the ultimate social marketing tool for you to easily share news, events, and other PR.

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Engaging your clients or fan base electronically is becoming vital to any small business. AnnounceMyNews makes it simple to build brand awareness through personalized announcements that get passed on (...and on...) through your contacts. And, it offers a social media, blog, and email strategy all in one. For more information go to www. AnnounceMyNews.com/slar and check it out. Janelle Odishoo is the co-founder of the product AnnounceMyNews and can be reached at jodishoo@announcemymove.com.

.org NAR is The Voice for Real Estate®

Have you visited us lately?

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From around the industry…. Mortgage Foreclosure Intervention Code: Despite tremendous effort on the part of the Missouri Bankers Association (MBA), the Mortgage Bankers Association of Missouri (MBAM) and the St. Louis Association of REALTORS® (SLAR) to convince the St. Louis County Council that the “Mortgage Foreclosure Intervention Code” (Bill #174 introduced by Hazel Erby, District 1) could have damaging effects on the housing industry in St. Louis, the St. Louis County Council passed the bill on August 28, 2012. The Bill was signed by County Executive Charlie Dooley on August 29th and goes into effect on September 28, 2012. Cathy Vogt, President of the St. Louis Mortgage Bankers Association, expressed to the forum our reasons and the association’s concern about this new ordinance, which includes the concern that adding more regulation and red-tape to an already over-regulated industry could result in lenders increasing the cost of loans in St. Louis County to offset the additional costs they will incur as a result of Bill #174. Just last week, another member of our industry forum, Wendy Cromer (Missouri Land Title Association), shared with us the news that Lewis Reed, President of the St. Louis Board of Aldermen, introduced Board Bill #160 which is nearly a carbon copy of the St. Louis County Bill #174.

Mold: The Dreaded Villain of Real Estate? At our last industry forum meeting I brought up the issue of mold and the fact that it is one of those things that many in our industry don’t know a lot about and yet are facing problems that arise as a result of it on a

regular basis. I asked Aaron Mayer, President of the St. Louis ASHI Chapter, to share his knowledge on the topic with our members. Mr. Mayer shares his insight and how to best tackle the mold issues on your next transaction. Aaron Mayer: “Anyone in the industry knows enough about mold to know that it is a potential health problem. This mysterious enigma does not wear a skull and crossbones, but some see it as a “deal killer” just the same. Today we’ll share some facts about dealing with potential mold problems in the middle of a real estate transaction. Why it is a health concern? Mold can trigger allergic reactions, asthma, and other respiratory issues. Some people are more sensitive to molds. For these people, exposure to molds can cause nasal stuffiness, eye irritation, wheezing, or skin irritation. Some people, such as those with serious allergies to molds, may have more severe reactions. The presence of mold does not always spell disaster. Some types of molds are dangerous and some are not. We cannot tell which ones are dangerous by a visual examination. Areas of greater concern include unventilated spots such as damp crawl spaces, leaky finished basements, and attics with little or no airflow. Contact a trusted professional home inspector to see if mold is a potential concern and find out what to do about it. Small areas with mold issues might be curable by the homeowner. Proper cleaning and/or removal of damaged materials can help eliminate mold concerns, but only if the source of moisture is cut off. If the problem is more serious, it should be handled by a professional mold remediation contractor. The HVAC system and ductwork can harbor mold spores and is usually included in the remediation plan.

by Dennis Norman St. Louis Industry Forum Chairman and Past SLAR President MORE, REALTORS® Mold is dependent upon moisture to continue to grow, reproduce and survive. Ventilation can be added to crawl spaces and attics to promote airflow. There are plenty of methods of eliminating basement moisture issues. Some methods are easy and others are complicated and expensive. The decreased health risk to you and your family easily outweighs financial considerations. Dehumidifiers can also help reduce moisture. If there is a potential mold problem affecting the indoor environmental health of the property, you may wish to consider hiring an indoor environmental professional for inspection, testing, lab evaluations and appropriate remediation plans, procedures and protocols. Since tiny particles of mold are everywhere, testing for mold is not about the mere presence of it, but rather a process to determine the species of molds and the quantity of molds that may make it a health risk. Hardware store test kits are not considered trustworthy. Testing can only be done by a qualified lab through a trained professional. You may find qualified mold inspection professionals throughout the entire United States at http://www.acac.org The presence of mold does not have to end a transaction. We shouldn’t feel the need to chase the kids out to the minivan with a broom and head for the desert. It is an issue that can be dealt with through education and understanding sensible solutions.”

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CEO Corner The Race for Relevance By Dawn M. Kennedy, SLAR CEO

Make no mistake we are all in a race for relevance. The real estate industry is changing rather radically when one looks from a bird’s eye view. As association leaders the charge is to keep the association relevant to the members but as practitioners we are in a battle with technology and third party vendors for relevance to buyers and sellers. Zillow and Trulia both have made access to comparable data a free self-service feature of their sites. “Make an Offer” buttons on site syndicators complete with online real estate forms with intuitive features similar to Turbo Tax are in development stages. Every day there is an infringement upon what used to be the sole domain of the REALTOR®. What REALTORS® do have is the gold of accurate MLS data and a solid set of systems and technologies but SLAR members are so much more than data and tools. The REALTOR® is the heart, explicit, and intrinsic knowledge of the industry. No one or no technology knows the local market and the local neighborhood in the way the local REALTOR® does. The role of the REALTOR®

is changing from salesperson to professional real estate investment and lifestyle consultants. As the association CEO I face a challenge of ensuring that SLAR members will succeed in this changing world. Together, with leadership, we are exploring where this new world will take us and our industry. What new skills will the member need, how can we assure the value of the knowledge the member retains is upheld, how do we monetize the interpersonal skills and local intuition of the membership? We can no longer do things as we have always done them. The practices that have grounded us may now act as a weight to prevent us from winning the race. And race we must. This month we featured the announcement of Announce My News. This tool is a step towards developing a platform for preparing the agent for the changing role as neighborhood specialist, lifestyle consultant and real property expert. There are many steps ahead and I look forward to achieving them together with the SLAR leadership and membership.

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Raking in some extra time Do you often find that you spend more time organizing your time management tools than actually performing the work that they contain? I found a great, and free for individuals, time management tool on the web that integrates all those tools together in one easy to access place. It is called Producteev. Producteev is a central place to house all the things on your To Do list but its real benefit is that it interfaces with your smartphone and

email. If you wish to use the software as a team interface there is a small monthly fee. Here is just a short list of what Producteev can do: Add custom labels to a task, filter tasks by date, label or priority, assign tasks to others (paid version), add due dates, reminders and notifications, write notes on tasks, upload files related to a task, crowdsource through social media, turn email into a task, and update via instant messaging, you can even get daily

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Legislative Report by Celeste Rueter, Senior Vice President Governmental and Legislative Affairs

Thank You to our 2012 RPAC Investors! For the first time since 2008, SLAR has surpassed its RPAC Goal set by NAR! Thank you to all our members who supported RPAC this year and helped to raise over $105,000 for the cause! If you made a pledge to contribute and still need to make a payment, OR, if you have given directly to candidates this election season, and want to learn more about how those contributions may count toward your RPAC investment--contact Governmental Affairs Director Celeste Rueter TODAY!!

SLAR has been working to convince local legislators that imposing additional lending regulations in St. Louis City and County will have a detrimental effect on future home mortgage lending in our area. This ordinance increases risk to lenders. Increased risk = increased loan costs to consumers. Whether in the form of higher application fees, higher interest rates or more stringent lending standards, SLAR’s opinion is that fees and fines imposed on lenders by the city or county will be passed along to consumers, resulting in a smaller buyer pool, and hurting the recovery of the housing market. County Councilmember Hazel Erby has already filed a new bill which will amend the one just passed in August due to ongoing concerns from the lending industry.

It is more crucial now than ever that we elect leaders who understand the role of the real estate industry in our economic recovery. The REALTORS® Political Action Committee is dedicated to doing just that. Please remember RPAC in your 2013 business plan and say to legislators: I am the REALTOR® Party and I Vote, Act and Invest!

Recently, the Federal Housing Finance Agency (FHFA) which oversees the 12 national home loan banks, including Freddie Mac and Fannie Mae, proposed increased guarantee fees (up-front costs) on loans in states where laws or regulations prolong the foreclosure process. This action supports SLAR’s argument that lawmakers will be increasing the price of loans by passing ordinances such as these.

Foreclosure Mediation Code Introduced in St. Louis City…and already being revised in St. Louis County

In addition, three lawsuits have already been filed against St. Louis County, one a class-action suit on behalf of state-chartered banks, one filed on behalf of the Missouri Bankers Association and its members, and another filed by a law firm which handles foreclosures. A temporary restraining order has been placed on St. Louis County in the Missouri Bankers Association suit. This prevents the ordinance from going into effect until

On September 14, just two weeks after mandatory offering of foreclosure mediation passed in St. Louis County, the St. Louis City Board of Aldermen introduced a bill of their own to impose these additional regulations on lenders and servicers when they have foreclosures within the city limits. The entire bill is available here.

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Legistrative Report continued from page 13

a hearing on October 15 which will determine whether a preliminary injunction will be granted. One of the main arguments in the lawsuits is that local jurisdictions are violating state law by passing “an ordinance which is not consistent with or more restrictive than state law and regulations governing lending or deposit-taking entities” (RsMO 362.109).

TOP AGENT

To summarize, servicers will be required to send a Notice ADVERTISER: of Mediation along with any Intent to Foreclose letter. At SALESPERSON: that time, lendersChristine would pay Schaerer $150 for a mediator to contact the homeowner 3 times in the 15 days following the PUBLICATION: SJ-Spec chooses Ads mediation, the lender Notice. If the homeowner would then be required to pay an additional $350 for the PROOF DUE: mediation itself, which must take place within 60 days of the original Intent to Foreclose. If the lender ignores the ordinance and forecloses without offering mediation, the City will fine the lender $500. The fine in the County is $1000. The St. Louis Association of REALTORS®, the Missouri Bankers Association, the Mortgage Bankers Association of

Missouri, the Missouri Land Title Association and the Home Builders Association of St. Louis have all voiced their concerns with the bills. Stay tuned for further updates on the legislative and legal aspects of these ordinances…

SLAR Continues to Work to Retain Commercial Signage in Creve Coeur AD# 090412_TOPAGENT

Following the success of SLAR and the Creve CoeurNEXT RUN: on 12/30/12

Olivette Chamber of Commerce (CCOC) in restoring temporary open house signs and commercial leasing signs to the SIZE: 8.5X5.5 Creve Coeur sign code, public testimony by SLAR member Tom Ray, and CCOC legalPM Counsel Steve Kling conPROOF TIME:CBRE 9/5/2012 12:33:29 vinced Creve Coeur’s Planning and Zoning Commissioners that multi-floor office buildings which sit on a corner should be allowed to have one sign for each side of the building facing street frontage. While this is currently

t n a w u Do yo p o T ’ s i u o L . t S e to b

continued on page 15

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Reader’s Choice e t a t s E l Rea ional Top AgenT Award s s e f Pro choice s r e d a e r ENT

2012

G d TOP Aw ar

Contact your real estate specialist to take advantage of this exclusive advertising opportunity! 314.744.5739

REALTOR® Report allowed in Creve Coeur, revisions to the sign code would have eliminated this valuable leasing commodity. In addition, more flexible variances were obtained for low monument signage within the city. Thank you to our members! Your voices were heard! The new sign code will go before the Creve Coeur City Council this month.

MAR Approves Legislative and Regulatory Policy Agenda During the Missouri Association of REALTORS® September Business Conference, the Board of Directors approved the Legislative and Regulatory Policy Agenda for the upcoming session of the Missouri Legislature. The Agenda outlines issues which MAR has determined to be of significance when it comes to protecting real property rights and the ability to freely practice real estate. MAR supports: • Historic Preservation Tax Credits and Low-Income Housing Tax Credits • Licensing laws that provide appropriate protections for consumers and real estate professionals

You’re Invited

• Licensing of Home Inspectors • Legislation that assists property owners in recovering property following lease-end or tenant default • Changes in state law that will allow on-line license renewal, transfer and credit card payments through the MREC MAR Opposes: • Financing state government through replacement of the state income tax with an expanded sales tax on goods and services • State or local legislation that would impose new burdens solely on Missouri Lenders • State-wide Certificate of Value or sales price disclosure • Increases in recording fees which are unrelated to services provided in the transaction • Attempts to limit access to public records relating to real property • Requirements by local jurisdictions that owners/agents apply for occupancy inspection as a condition of listing or keeping a property on the market or fines for failure to do so. MAR believes that if inspection is required, it should only be done at change of occupancy

to the Installation of the St. Louis Association of REALTORS® 2013 President Donna Zerega Officers & Directors ~~ 2012 REALTOR® Awards Presentation

Officers of the Women’s Council of REALTORS®

Thursday, October 18, 2012 Social Hour - 11:00 a.m. | Lunch & Program - 12:00 p.m. $45 per person (includes 1 drink & valet or self-parking) Chase Park Plaza Hotel– St. Louis Starlight Ballroom Association of 212 North Kingshighway, St. Louis

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Hurry space is limited. For questions contact Laura DeVries at ldevries@stlrealtors.com or call 314-576-0033 ext. 304 Event may sell out prior to the deadline

REALTORS®

Marketwatch Report August 2012

St. Louis City Market Activity KEY METRICS Median Sales Price Average Sales Price Pct. of Orig. Price Recâ&#x20AC;&#x2122;d Homes for Sale Closed Sales Months Supply Days on Market

August-12 $94,500 $122,667 91.20% 1679 276 6 105

3000

1-Yr Chg 15.63% 11.30% 2.59% 20.39% 17.45% 33.33% 16.00%

2250 1500 750 0

Homes for Sale

2011

Closed Sales

2012

Historical Median Sales Price for St. Louis City $120,000 $90,000 $60,000 $30,000 $0

2008

2009

Five Year Data

2010

2011

2012

Marketwatch Report August 2012

St. Louis County KEY METRICS

August-12

Median Sales Price Average Sales Price Pct. of Orig. Price Recâ&#x20AC;&#x2122;d Homes for Sale Closed Sales Months Supply Days on Market

$145,000 $202,517 93% 6445 1246 5 102

Market Activity

1-Yr Chg

8000

2.47% 1.97% 2.76% 15.75% 11.55% 28.57% 12.82%

6000 4000 2000 0

Homes for Sale

2011

Closed Sales

2012

Historical Median Sales Price for St. Louis County $160,000 $155,000 $150,000 $145,000 $140,000

2008

2009

Five Year Data

2010

2011

2012

SLAR Sold Stats

RESALE (EXISTING) HOME SALES St. Louis City/County August Under 29999 30000 - 39999 40000 - 49999 50000 - 59999 60000 - 69999 70000 - 79999 80000 - 89999 90000 - 99999 100000 - 119999 120000 - 139999 140000 - 159999 160000 - 179999 180000 - 199999 200000 - 249999 250000 - 299999 300000 - 349999 350000 - 399999 400000 - 449999 450000 - 499999 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 Totals

Single-Family Units

Condominium/Cooperatives

Active Listings (includes unsold homes) Sales Pending (Under Contract)

Number of Bedrooms

2 or less

Total

2 or less

Total

Single-Family Listings

Condo/Co-op Listings

Single-Family Listings

Condo/Co-op Listings

End of Month

104 13 15 17 13 15 12 10 19 23 16 6 2 5 5 2 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 278

64 44 31 15 22 18 29 22 40 50 54 42 33 49 30 13 10 8 4 4 1 2 0 0 0 0 0 0 0 0 0 1 0 0 0 586

18 6 6 6 4 4 6 6 25 13 17 15 22 56 41 29 36 26 19 21 12 11 10 1 2 4 5 3 1 3 4 3 1 0 1 437

186 63 52 38 39 37 47 38 84 86 87 63 57 110 76 44 46 34 24 25 13 13 10 1 2 4 5 3 1 3 4 4 1 0 1 1301

9 6 6 11 7 9 6 11 19 18 7 10 10 9 2 4 6 2 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 155

2 0 1 2 0 0 1 1 4 2 5 2 1 8 8 3 5 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 48

2 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 2 2 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 11

13 6 7 13 7 9 7 12 24 20 13 12 11 17 11 7 13 5 3 0 1 2 0 1 0 0 0 0 0 0 0 0 0 0 0 214

126 44 47 37 48 56 52 51 86 97 89 70 54 87 70 42 32 21 12 12 10 15 11 4 6 3 6 3 2 2 7 3 3 6 0 1214

2 6 5 4 13 9 10 19 22 29 15 19 13 14 10 7 4 3 1 3 1 3 5 2 2 1 1 0 0 0 0 0 0 0 0 223

100 29 44 28 25 28 23 22 37 45 41 35 31 49 45 23 20 10 11 8 4 3 6 2 1 0 1 1 0 1 1 1 1 0 0 676

3 2 6 3 0 9 12 7 6 6 8 2 2 6 4 2 1 1 2 1 0 0 0 0 2 0 0 1

2010 - 2012 Average Price and Homes Sold | 2010 Month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year TTL

2011 Average Price Homes Sold Median Price Month $161,133 702 $115,000 Jan $161,133 867 $109,000 Feb $161,133 1354 $132,000 Mar $161,133 1484 $134,950 Apr $161,133 1741 $145,000 May $161,133 1511 $165,000 Jun $197,225 1035 $145,000 Jul $182,918 1045 $135,000 Aug $183,892 1057 $127,500 Sep $180,930 976 $117,325 Oct $175,938 913 $123,625 Nov $181,462 1005 $128,900 Dec $172,430 13690 $130,450

Area 1-349 Residential, condo/cluster Coop

2012 Average Price Homes Sold Median Price Month $162,201 696 $106,000 Jan $173,312 746 $119,000 Feb $156,720 1086 $110,000 Mar $180,359 1058 $129,450 Apr $183,562 1243 $133,600 May $194,131 1538 $137,250 Jun $192,528 1202 $142,125 Jul $188,043 1327 $134,000 Aug $168,959 1207 $119,000 Sep $161,781 1041 $115,000 Oct $168,596 1059 $114,900 Nov $167,796 1068 $110,250 Dec $174,832 13271 $119,000 YTD

Average Price $152,816 $149,274 $163,878 $178,169 $182,197 $201,712 $210,677 $188,095

Homes Sold 827 966 1194 1242 1521 1652 1508 1515

Median Price $90,000 $100,000 $110,000 $125,000 $140,000 $143,000 $134,700 $135,000

$178,352

10425

$129,850

Pending 513 551 699 725 920 829 835 762

REALTOR® Report

Law & Ethics Reap what you Sow… “It’s not the squirrel who gathers the nut but the squirrel that shakes the tree” was a statement that has stuck with me over the years. I was sitting in a PS Code of Ethics Course being taught by Bruce Aydt, of SLAR, in Oklahoma City when I first heard those words. Article 17 of the Code of Ethics addresses the duty to arbitrate but also clarifies the concept of procuring cause. Tracy Rucka, attorney with the Wisconsin REALTORS® Association and professional standards expert equated procuring cause as the professional standard that sits above and beyond the requirements of law. When a licensee becomes a REALTOR® he/she enters into a contract with the REALTOR® association to abide by the Code of Ethics which includes agreeing to be held to the higher standard of procuring cause in an arbitration dispute. Procuring cause is a murky subject because there are no pre-determined set of rules. Each hearing panel must weigh the evidence to determine who was the squirrel that ultimately shook the tree, or in REALTOR®-speak, “Procuring cause is in fact the interplay of factors which together demonstrate that the unbroken efforts of a specific broker were responsible for the buyer making the decision to consummate the sale on terms which the seller found acceptable. In other words, a broker who is the procuring cause of a sale is a sine qua non of the sale -- the sale would not have occurred but for the broker’s efforts” (National Assn of REALTORS, 2012). The National Association of REALTORS® has a wonderful article that explains all the various factors that come into play and then supports those with real case examples. This quick read article is a must for anyone considering filing an arbitration claim but even more so for those who wish to avoid an arbitration claim. Access the article here http://www.realtor.org/law-and-ethics/ complying-with-federal-regulations/procuringcause-factors. Commission is the end result of a harvest from one’s efforts. The “sowing” is the actions put forward to facilitate the sale. Make sure that your efforts towards procuring cause are well documented. Documented phone contacts, texts and emails help establish an unbroken chain of events when coupled with show-

ings and contractual documents. Remember that using Supra and Showing Assist can also help in creating a case record for a hearing. Sometimes even if the REALTOR® has consistent contact it may not be enough to determine procuring cause. Abandonment and estrangement fall under factor #4 (Communication and Contact) in a procuring cause determination. These terms are somewhat similar however a REALTOR® may be estranged without losing reasonable contact with the client. According to Kalodner of REALTOR® magazine (1999) “Estrangement is more difficult to define. Often it’s a feeling, a loss of trust or confidence, a change of heart. But the change must also be viewed as reasonable under the circumstances and must be caused by something you actually did or said, or didn’t do or say (but should have). Words and actions are the key: It’s not enough for a buyer just to say, “I didn’t like REALTOR® A anymore,” or, “I liked REALTOR® B better.” “There must be demonstrable actions or words--or lack of actions or words--on the part of REALTOR® A that caused estrangement.”

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By Dawn M. Kennedy, SLAR CEO

REALTOR® Report

Calendar of Events October

November

December

4 WCR Luncheon Maggiano’s Little Italy

1 WCR Luncheon Maggiano’s Little Italy

6 WCR Luncheon Maggiano’s Little Italy

9-12 NAR Conference Orlando, FL

An Affair to Remember – Roundtable Event

24-25 Christmas Holiday SLAR Closed

RE BarCamp – Networking and Open Workshop

22-23 SLAR Closed Thanksgiving Holiday

11 17

SLAR Closed Columbus Day SLAR Office

The Columns Banquet Center

SLAR Installation Chase Park Plaza

RHAF Concert for a Cause Sheldon Theater

SLAR Closed Veterans Day

Holiday Open House SLAR Office

Welcome New Members

DESIGNATED REALTOR®

AFFILIATE

COMPANY NAME CHANGE

Joseph M. Naert, Francis Realty LLC Dwayne A. Perry, New Option Realty Robert W. Sayre, Robert W. Sayre, Broker Lester G. Hauri, Peregrine Appraisal Group, Inc.

Rick Coffman, The Sewer Pros Debra Hacke Cotton, Office Depot Cindy Ely, The Crack Team Nathan Goff, Extreme Electrical Contractors, LLC Donald C. MacPherson, Donald C. MacPherson, Attorney At Law Vivian McBride, Legacy Law Firm, LLC Donna McCallister, First Bank Mortgage Joan Taylor, Title Partners Agency Christarus Yates, Centrue Bank Robert L. Devereux, Gateway Title Company, Inc.

Michael B. McCabe, Michael B. McCabe (Previously Mike McCabe Realty) Gina Breitenfeld, Niche Realty (Previously Cityscapes) Christopher Rosenthal, Rosenthal Realty (Previously Rosenthal Rentals) Ellen J. Sandweiss, Ellen J. Sandweiss (Previously Sandweiss Realty) Al Walker, Legends Realty Inc (Previously Walker & Associates REALTORS® Inc)

DESIGNATED REALTOR® STATE CERTIFIED APPRAISER Sharon Siefert, Bliss Associates, LLC John Walters, Avco Appraisal Company, LLC

REALTOR® DUAL MEMBER T. Gail Welsch, RE/MAX Results (Primary membership is under JC Welsch & Associates, Inc.)

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