LETTER FROM THE EDITOR
Remembering Bob
This issue of our magazine is dedicated to the memory of our dear colleague and friend, Bob Adamson, who recently passed away. Bob was more than just a team member; he was a cherished member of our work family whose presence, warmth, and contributions profoundly impacted all of us.
For many years, Bob brought passion, dedication, and an unyielding spirit to our team. His work was marked by an unwavering commitment to excellence and a genuine love for what he did. But beyond his professional achievements, it was his kindness, generosity, and infectious enthusiasm that truly set him apart. He was always the first to offer a helping hand, share a kind word, or bring a smile to our faces with one of his many many jokes or stories.
As we navigated this challenging time, we found solace in the memories we shared with Bob. His legacy lives on through the countless lives he touched, the laughter he inspired, and the lessons he imparted. He taught us not only to work hard but also to cherish each moment and appreciate the people around us.
With this edition, we honor Bob and the indelible mark he left on our hearts.
Thank you, Bob, for everything. You will be deeply missed, but your spirit will continue to inspire and guide us in all that we do.
With heartfelt gratitude and remembrance,
Joe Holmes and Heather Pederson
The Holmes Group
Joe Holmes REALTOR
Team Lead / Listing Specialist
651-491-2151
joeholmes@kw.com holmesgroup holmesgroupmn
Aimee Granheim Marketing Manager
holmesgroupmn.com
Heather Pederson REALTOR Team Manager / Buyer Specialist
612-964-2524 hlpederson@kw.com heatherpedersonrealtor heatherpederson
Kristy Kasper Professional Stager
https://withbuyerseyes.com/
Dan Flaherty Professional Photographer
www.brightspacesphoto.com
651-253-6380
dan@brightspacesphotography.com
facebook.com/holmesgroup @holmesgroupmn
FAST. SIMPLE .
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With industr y chan g es alread y comin g , w e prepared an d built a bette r model . It works , you need t o know how !
SHARING A WIN-WIN SALES MODEL.
We are not all cut from th e same cloth. With a fe w skills, and an adjustmen t in your beliefs. Characte r can make you the bes t agent in the marke t
The NAR settlement and what it means for realtors, buyers and sellers
In this edition of Holmes on Homes we’ll dive into the implications of the NAR (National Association of Realtors) settlement and what it means for real estate in Minnesota.
For anybody that didn’t notice, there were some major shakeups in real estate this year. Most notably is the settlement from the National Associ -
ation of Realtors which resulted in changes in how we work with buyers and how we advertise commission being paid in a transaction.
The big question is why was there a lawsuit in the first place and what were they trying to change? The lawsuit was based on the practice of combining the commission we
generally charge in real estate to the seller and then in-turn paying a portion to the buyer’s broker. In Minnesota we’ve been ahead of that issue for decades. Our Minnesota forms and commission splits weren’t an issue compared to other states. On that tangent... I can’t speak to other states and what specifically was done in Missouri (home of the lawsuit) but I can say that MN has been buttoned up for quite some time.
The issue was based on not giving a seller a choice or not disclosing properly the commission concept to the seller. The basic idea is this.. if we charge let’s say for example a 6% commission; the idea is that we pay almost half of that to the buyer’s broker. The reason we do this is to create an easy package for the buyers out there. The more buyers there are for your home.. the more it’ll sell for. That’s the basic idea behind that. However, in some states and for some offices, they didn’t allow the seller a choice. That’s where the trouble occurs, by not allowing choices or other options.
For years in Minnesota, our forms were updated to make sure sellers are aware of that commission split to the buyer’s side of the transaction. At our Keller Williams office (and many other brokerages as well) there are additional supplemental forms that sellers sign that acknowledge what we pay to the buyer’s side. So again, for our state, we’ve been doing things correctly for decades. Thanks Missouri.. way to screw it up for the rest of us!
Why would a seller want to take on
that commission and pay it to the other realtor? Again, the idea is to create a package concept that’s easy for the buyer. The buyer has a lot of dollars flying out the door when buying a home. Mortgage closing costs, rate buy-downs, insurance, inspections, appraisals, down payment, moving expenses – oh and don’t forget – THEY OWE THEIR REALTOR A COMMISSION. Yes, you read that correctly. The buyer is the one that’s on the hook to pay for their realtor. This hasn’t changed and has always been, however, really nice when the seller takes that off the buyer’s plate. This happens with other costs by the way. Depending on the market conditions, buyers ask sellers to pay for closing costs. So the concept of packaging costs for a buyer is not new or ground breaking in any way.
A seller has a choice though and they always have. So at a minimum this is creating better conversations about those other choices. A seller can say no; they don’t have to create a package deal to entice buyers. Do I endorse that practice? No.. I don’t. I think that will reflect in the sales price of the home. I’m an advocate of creating the commission package to make it easier for the buyer. More buyers equal a higher sales price. I think it really is as simple as that, but we always allow our clients choices, talk through the outcomes of each choice and choose a plan together.
That’s the background on that lawsuit and explanation of commissions. So the next big question: what changed? This is where I’d like to insert an “eye roll” or a “shake
my head” emoji. All the big hoopla and what was the change – we just can’t advertise the commission to the buyer’s broker in our MLS. That’s it.. no other changes for the sellers. We simply can’t put commission info in the MLS but we can advertise that on our website, our marketing materials, flyers, open house signs, front yard sign, social media and ANYWHERE WE WANT.. just not in the MLS. Kind of underwhelming for all the hype, wouldn’t you agree?
But what about the buyer? What’s changed for the buyer through the NAR settlement? This is where I think you’re going to see more of an impact and I’m not sure that’s all going to be in a good way but only time will tell.
Talk about inserting an “eye roll” or “shake my head” emoji.. want to hear the actual change for the buyer side? Ok.. here goes: in order to go out on showings with a realtor, you have to complete a Buyer Representation Agreement. But wait.. weren’t we always supposed to have that completed before going on showings? Yes.. yes we were. But some realtors, including myself, have a more casual approach – to our own detriment by the way. Every realtor has a story of a friend or client that they’ve shown homes to for weeks or months. Only to hear they wrote an offer with their sister’s, neighbor’s, cousin’s best friend who just got their real estate license. Well, if that happened to you as a realtor, it’s your fault for not having a contract with your client in the first place!
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AIRBNB VS VRBO FOR OWNERS
A COMPREHENSIVE COMPARISON
Without a doubt, the two uncontested titans of the short-term rental industry in the U.S. are Airbnb and Vrbo. If you’re a host or property owner, you’ve probably come across these two OTAs (online travel agencies).
What’s the difference between them, and which one will help you snag more bookings and maximize revenue?
There are pros and cons to each listing platform. In this blog, we’ll talk about similarities and differences between each one, and help you settle the age-old dispute of Airbnb vs Vrbo for owners.
BRIEF HISTORY
OF AIRBNB AND VRBO
Although Airbnb is arguably the most well-known name in shortterm rentals (STR), Vrbo was actually first on the scene. Founded in 1995, Vrbo offers vacation home and STR booking, and has grown to include over 2 million listings worldwide.
Airbnb came along about a decade later, offering alternative rental options such as couch space and spare bedrooms. Once it expanded to include entire homes, Airbnb quickly surpassed Vrbo in users and brand recognition.
When AirDNA began collecting Airbnb performance data back in 2014, there were just over 100,000 total US listings. Today, that number sits at around 1.4 million. Aside from the COVID-related hiccups during 2020 and 2021, the platform has seen consistent double-digit listing growth year-over-year.
Airbnb is the clear frontrunner when it comes to listings. Their monthly active listings rose from about 887,000 in March 2020 to an average of 1.37M through 2023.
Meanwhile, Vrbo listings increased from 430,000 to 629,000 over the same period.
AIRBNB OVERVIEW
Airbnb is a cornerstone of the STR industry. This dynamic booking platform capitalizes on the growing demand for unique travel experiences.
While Airbnb has become more professional over the years, most of its hosts are still small operators. In 2023, 70% of US Airbnb listings were operated by hosts with five or fewer properties.
Only 18% of properties were operated by professional managers with more than 21 properties.
Most Airbnb properties are concentrated in cities. In 2023, 46% of US Airbnb properties were located in large and midsized cities, with only 25% of Vrbo listings found in
KEY TAKEAWAYS
• Airbnb attracts diverse travelers seeking unique stays, while Vrbo is preferred by families and groups wanting larger accommodations.
• Airbnb’s interface is more user-friendly and community-driven, with more flexible cancellation policies and higher booking volume than Vrbo.
• Vrbo offers robust property protection but generally sees fewer bookings and has a more complex platform than Airbnb.
those same areas.
This trend toward urban centers means that Airbnb listings tend to be smaller, usually including 1-3 bedrooms and possibly some shared living space. In 2023, for example, Airbnb listed about 146,000 private rooms and shared spaces. This is a notable difference from Vrbo, which doesn’t offer shared living spaces on its platform.
Continued on page 10
Continued from page 9
Due to the higher number of smaller properties on Airbnb, vacation rentals on this platform also tend to be cheaper to rent. 16% of US Airbnb properties are listed for under $100 a night compared to only 4% of Vrbo listings.
The brand’s popularity and relative affordability make it a natural choice for property owners looking to book solo travelers or small groups of short-term renters.
AIRBNB PROS FOR OWNERS
Extensive Reach
Airbnb’s network is made up of travelers from around the globe, giving property owners unparalleled exposure to a diverse audience looking for unique and personalized accommodations.
User-Friendly Interface
Navigating Airbnb is a breeze. The platform’s intuitive listing tools and support resources help property owners streamline the listing process. On the guest side, renters can easily find what they’re looking for by filtering their search by unique listing categories.
Flexible Pricing
Property owners can connect their Airbnb listing to AirDNA’s vacation rental pricing tool, getting access to automatic pricing adjustments that can match demand fluctuations and seasonal trends.
Community Engagement
Airbnb is a tight-knit community of hosts and guests. This makes for a better overall guest experience and leads to more positive ratings.
In 2023, for example, the average
review score for Airbnb properties was 4.78, while the average score for properties listed exclusively on Vrbo was 4.71.
Vrbo’s lower average review score is likely due to their larger percentage of professionally managed properties. Individually operated properties allow hosts to be more attentive to guests’ needs. Professionally managed properties tend to have lower review scores.
AIRBNB CONS FOR OWNERS Service Fees
While Airbnb offers valuable exposure to hosts, it comes at the cost of service fees that impact your profitability. The split-fee option divides the cost of Airbnb services between host and guest, with the STR owner paying around 3% of the booking subtotal, on average.
If you have a traditional hospitality listing, such as a hotel or serviced apartment, you’re required to pay a host-only fee that typically falls between 14-16%.
Competition
Millions of properties are listed on
Airbnb, which makes it harder to capture travelers’ attention. Standing out requires thoughtful positioning and marketing, and the market is sure to see more competition over time.
VRBO OVERVIEW
Airbnb may have the most STR listings, but the properties listed on Vrbo may be the most scenic. 63% of Vrbo properties in 2023 were located in mountain and coastal destinations, compared to only 40% of Airbnb properties.
Vrbo also caters to larger groups of travelers by offering fewer properties with 1-3 bedrooms. As mentioned earlier, their platform does not offer shared living spaces and therefore sees fewer solo travelers.
VRBO PROS FOR OWNERS
Higher Average Daily Rates (ADR) Vrbo typically has higher priced properties than those listed on Airbnb due to the following factors:
• More Vrbo listings in expensive coastal and mountain destination markets
• No shared rooms
• Greater bedroom counts
Vrbo is renowned for specializing in entire-home vacation rentals in destinations around the world. This focus lets property owners narrow their target audience down to vacationers with bigger budgets who want a memorable stay.
Property Protection
Vrbo provides comprehensive property protection options to offer peace of mind to property owners. Their robust insurance coverage and support resources help property managers manage risk by safeguarding their investments.
OneKey Rewards
Vrbo rentals count toward OneKey rewards, which can be used to pay for future travel on Vrbo, Expedia, and Hotels.com. This is a big benefit for guests and a motivating factor to choose Vrbo over Airbnb.
VRBO CONS FOR OWNERS
Lower Booking Volumes
Compared to Airbnb, Vrbo sees lower booking volumes due to its focus on a narrower audience seeking entire-home vacation rentals.
Stricter Policies
Hosts have less flexibility due to Vrbo’s stringent cancellation policies. This can result in revenue loss if you have to cancel or change a guest reservation that results in a full refund to your renter. Airbnb’s strictest policy is equivalent to Vrbo’s most flexible.
Listing Visibility
On one hand, there are fewer listings on Vrbo than on Airbnb which means less competition. On the other hand, standing out on Vrbo requires data-driven insights to target the right guest demographic with your listing.
DIFFERENCES BETWEEN AIRBNB VS VRBO FOR OWNERS
The vacation vibes aren’t the only difference between Airbnb and Vrbo. There are functional differences as well. Understanding them can impact your decision of where to list a property.
HOST COMMISSIONS AND FEES
Airbnb
Airbnb fees for hosts range from 3-5% per booking under the Split Fee model, which divides the cost of services between host and guest.
Hosts must take on the full cost of Airbnb service fees (known as the Host-Only fee), if they have a traditional hospitality listing like a hotel or serviced apartment. Owners that use a property management software must also pay a Host-Only fee, unless most of their listings are in the USA, Canada, the Bahamas, Mexico, Argentina, Taiwan, or Uruguay.
Your Host-Only fee may vary from the 14-16% average if the booked reservation:
• Has Super Strict cancellation policies (higher fee)
• Is 28 nights or more (lower fee)
Vrbo
Vrbo offers two service fee models.
Pay-per-booking fees come to a total of 8% of the total reservation amount. The 3% payment processing fee applies to the total including taxes and any refundable damage deposits. The processing fee related to the deposit will be reimbursed once you refund it to the guest. The 5% commission fee is charged on the rental amount and any additional fees you charge the
traveler (e.g. cleaning fees, pet fees, and boat fees).
If you use a property management software (PMS) system, you’re charged a 5% booking fee for reservations made through a Vrbo-affiliated site. If the booking is not made through the Vrbo’s check-out, the charge goes up to 10%.
Vrbo’s subscription option amounts to a flat $699 annual fee. The annual fee covers all service charges and provides subscribing hosts with access to other membership benefits.
PRICING
Airbnb
Airbnb offers hosts flexibility in pricing by letting them set rates based on demand, seasonality, property amenities, and other factors. Dynamic pricing tools help hosts optimize their rates and obtain maximum occupancy and revenue.
Vrbo
Vrbo also offers pricing control, letting hosts establish rates and adjust pricing as needed. Hosts can implement dynamic pricing strategies or offer discounts for extended stays to attract guests and increase guest satisfaction.
While Vrbo and Airbnb offer their own pricing recommendation tools, using a third-party product like AirDNA’s Smart Rates™ can offer you the most revenue gains. Online booking agencies like Airbnb and Vrbo are balancing host satisfaction with that of guests, and their pricing recommendations may not always prioritize your earning potential.
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Continued from page 11
LISTING PROCESS
Airbnb
Airbnb’s listing process is simple and user-friendly, with intuitive tools and step-by-step guidance to help you create compelling Airbnb listings. Hosts can customize property listings using detailed descriptions, high-quality photos, and amenity lists. Listing features unique to Airbnb include:
• Allowing hosts to list local experiences in addition to stays.
• Pre-approval feature that allows hosts to confirm a booking right away if it’s for certain dates.
• Nuanced Instant Book settings that require certain host requirements to be met before booking
Vrbo
Vrbo vacation rentals can also be listed easily, and hosts can cus-
tomize listings to showcase their properties. Similar to Airbnb, Vrbo has an Instant Book and a 24-hour confirmation option for hosts.
CANCELLATION POLICIES
Airbnb
Cancellation policies on Airbnb range from super strict to flexible. Under the flexible option, guests can cancel up to 24 hours before check-in and receive a full refund excluding the service fee. On the other end of the spectrum, super strict policies restrict cancellation to 30 or 60 days before check-in for a 50% refund.
Your cancellation policy depends on your preferences and risk tolerance. Hosts can adjust cancellation policies to align with their booking strategy and revenue goals.
Vrbo
Vrbo also lets hosts set different cancellation policies based on their
needs and preferences. Under Vrbo’s relaxed cancellation policy, its most flexible tier, guests can cancel up to 14 days before check-in and receive a full refund. Vrbo also has a no refund option.
Vrbo’s policies reflect its market focus on larger properties and longer stays.
AUDIENCE AND REACH
Airbnb
Airbnb’s vast global network of travelers offers exposure to a diverse audience of Airbnb users from around the world.
Airbnb offers more affordable stays, which tends to attract younger travelers vacationing on a budget.
Airbnb’s emphasis on experiences appeals to guests that seek to “live like a local.”
Airbnb operates in over 220 countries
and regions, making it one of the most globally widespread shortterm rental platforms.
Vrbo
Vrbo specializes in traditional vacation rentals, resulting in a slightly smaller audience of vacationers more interested in memorable stays than affordable lodgings.
Vrbo primarily targets families and larger groups looking for entire homes.
Vrbo’s focus on whole-home rentals with upgraded amenities aligns with the preferences of an older demographic.
Vrbo is strongest in the United States, where it originated, but doesn’t operate as globally as Airbnb.
Vrbo’s transition into the larger Expedia ecosystem in the last year will bring the platform more exposure.
PROPERTY TYPES
Airbnb
Airbnb accommodates property types such as apartments, houses, and condos. It also promotes unique and eco-friendly accommodations like treehouses and yurts. Hosts can showcase their diverse properties to attract guests of all preferences.
Airbnb allows private and shared rooms, while Vrbo does not.
Vrbo
Vrbo focuses primarily on vacation rentals and property types like beach houses, cabins, and villas. The platform targets travelers who want spacious accommodations in destination locations, with amenities that cater to longer-term stays.
REVIEWS
Airbnb
Airbnb’s robust review system lets guests leave feedback and ratings following their stay. Hosts can use reviews to build credibility, attract future guests, and improve their hosting experience.
Guests can share their feedback publicly or provide private comments that go directly to the host, which allows renters to provide constructive criticism without affecting the host’s public reputation. The private feedback feature is unique to Airbnb.
Airbnb allows guests and hosts to submit reviews within 14 days after check-out. Neither party can see the other’s review until both responses have been submitted or the review period ends, whichever comes first. This double-blind system ensures that the reviews are honest and not influenced by the other party’s feedback.
Vrbo
Vrbo also offers a review system for guests and hosts to leave feedback and ratings based on their experience. Reviews help to shape each property’s reputation and influence future bookings.
Vrbo has a much longer window for submitting a review, allowing both parties to provide feedback up to a year after their stay. Once either the host or guest submits a review, however, the other party has only 14 days to provide their feedback before the reviews go live on the website.
The shortened review window preserves a double-blind system,
forcing host or guest to give their ratings before getting access to the other party’s feedback.
In the case of both Airbnb and Vrbo, host reviews are public and guest ratings are private. Guests can access their own rating through their account and short-term rental owners can see guest ratings through their host account.
HOST SUPPORT AND RESOURCES
Airbnb
Airbnb offers a range of support resources for hosts, including customer service assistance and educational materials.
Airbnb contrasts with Vrbo in its greater focus on peer-to-peer engagement, with robust forums and a more extensive array of community-driven resources.
Vrbo
From customer service assistance to educational resources and best practices guides, Vrbo offers the tools and knowledge hosts need to succeed in the short-term rental market. Vrbo’s unique Boost program allows hosts to earn and use Boost credits to position their listings higher in search results at crucial booking times.
CONTROL AND FLEXIBILITY
Airbnb
Airbnb gives hosts a high level of control and flexibility over listings, letting you manage pricing, availability, and booking settings according to your preferences. Hosts can make real-time adjustments to listings and respond to guest inquiries right away.
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Continued from page 13
Airbnb puts a greater emphasis on communication, encouraging hosts to interact with guests and tying Superhost eligibility and Guest Favorite designations to responsiveness.
Vrbo
Vrbo also gives hosts control and flexibility over their rental properties, letting them set pricing, availability, and booking rules based on their preferences.
Vrbo’s focus on whole homes and longer stays encourages hosts to focus on managing fewer, but longer, bookings. Hosts that prefer less frequent guest turnover and interaction may prefer Vrbo as a platform.
HOW TO LIST YOUR PROPERTY ON BOTH AIRBNB AND VRBO
Cross-listing properties on Airbnb and Vrbo has become more popular in recent years. In 2019, only 14% of available properties were listed on both Airbnb and Vrbo, whereas today, 35% are cross-listed.
Publishing listings across multiple vacation rental sites eliminates the whole Airbnb vs Vrbo for owners problem. Showcasing your property in more than one place expands your potential audience and increases the likelihood of guests booking a stay. It’s win-win.
Hosts who list their properties on multiple OTAs have higher occupancy rates. In 2023, average occupancy for properties listed on both Vrbo and Airbnb was 58.3%—
over 4% higher than Airbnb alone and over 6% higher than Vrbo alone—regardless of property size, bedroom count, or price tier.
AirDNA can help you find out what percentage of properties in your market or submarket are listed on Airbnb, Vrbo, or cross-listed.
DETERMINING WHETHER TO CROSS-LIST ON AIRBNB AND VRBO
When deciding whether or not to cross-list your property, consider where your local competitors are listing.
For example, if 65% of properties in your market are cross-listed, it likely means that most hosts are finding it beneficial to cross-list— so you might consider doing the same.
In contrast, if the majority of properties in your market only list on Airbnb or Vrbo, weigh the time or costs associated with hosting your property on multiple OTAs before cross-listing your property.
MAKE THE RIGHT CHOICE FOR YOUR SHORT-TERM RENTAL BUSINESS
Your choice between Vrbo vs Airbnb can impact your hosting experience and success. Factors like service fees, audience reach, and overall control are important in making an informed decision that suits your specific situation.
Airbnb may offer lower fees for some hosts, but Vrbo’s host-only fee model provides greater transparency and control over pricing.
Airbnb guests tend to be diverse travelers looking for unique experiences in urban or trendy locations, while Vrbo guests tend to be families and groups looking for spacious accommodations in destination locations.
Listing on both platforms may be the way to get the best of both worlds.
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Now, you really really really really need to have the Buyer Representation Agreement completed prior to. Did you notice the extra “really’s” in there.. they mean it this time! Again, nothing different than before except for enforcement and I’m sure fines if we don’t get it done.
So if you call up a random listing agent and want to go see their listing, you’ll need to sign something first. If you want to get out with our team and look at homes, you’ll need to sign something first. What you’re signing in most cases is a contract to represent you and that’s a good thing to get done up front so the working relationship is established and out of the way. This is a good thing! It’s more paperwork up front and far less able to “wing it” on showings and calling realtors randomly for showings, but we don’t really like that randomness anyway. So this is good for the consumer AND the realtors!
So that’s it for the buyer side of things everybody. We need to have a Buyer Representation Contract signed prior to going out to see homes. How is that going to impact the buyer community and realtors? This is where I think we’ll see some changes and that’s already been brewing.
When a random buyer calls us to see our listing, they’re not used to hearing “we’ll send that over for a signature first”. And that’s quite liter-
HOLMES ON HOMES
ally where we’re at. It’s the “signing” of a document that creates some apprehension for the consumer. So the consumer will have to get used to that.. we can’t just wing it anymore and show homes to random people. The business relationship needs to be executed first and that’s slowing down some buyers from going out and looking at homes. That will catch back up though and won’t take long at all for us to adapt to.
The larger change is going to be the continued downward pressure we see on the buyer’s realtor commission. For years this has been degrading more and more and this will continue that trend.
For more on that, let’s go back to the original structure where the listing agent and seller decide on a 6% commission. More times than not, the listing realtor would then keep 3.3% and the buyer’s realtor would be paid 2.7%. Keep in mind it’s up to the listing & seller side to determine what, if any, is paid to the buyer’s realtor. So when a commission gets lower than 6%, it usually gets taken from the buyer side first and then to the listing side if needed. That’s not always the case but we’re speaking in general terms here.
Commission certainly has gotten tighter over the years and that has hit the buyer’s realtor more than anybody. Due to the NAR settlement, we’re seeing more conversations
with sellers about their choices and more sellers are testing the theory of not paying the buyer’s realtor. In those cases, a buyer would have to pay their realtor directly and this is where we see realtors struggling as not every buyer has that ability. We’re seeing buyer realtors conceding their commission in whole or part simply to help their client’s costs. Not in all cases, but it’s happening and will continue to do so.
In the end, more conversations and better forms are a good thing. I appreciate the spirit of the change as it pushes us to have more defined relationships with buyers and better conversations with our sellers. What I don’t appreciate about it is that in Minnesota, nothing was broken and there wasn’t much, if anything, to fix. There is a huge range of options within real estate to sell a home, who to work with, how to pay for them and so on. From full-service listings to discount brokers and simple MLS access companies – sellers have choices and always have. I guess the old adage still applies.. know what you’re paying for and ask questions if you don’t. Seems simple enough to me.
If you have questions on the recent changes in real estate, how it affects you or your future transaction, let us know.
For more market trends and pricing about your home, neighborhood or city – call us anytime!
S’mores Icebox Cake
Active Time: 35 mins Freeze Time: 8 hrs Total Time: 9 hrs Servings: 8 (or 4 if you let your kids cut the cake!)
Make ahead
The cake can be made through step 4 up to three days in advance and stored in the freezer. Hot fudge can be stored in an airtight container in the refrigerator for up to two weeks.
Ingredients
Cooking spray
12-14 graham cracker sheets, divided
14 oz sweetened condensed milk
1 cup bittersweet chocolate chips
1/8 tsp kosher salt
2 Tbsp unsalted butter
1/2 teaspoon vanilla extract
2 cups marshmallows (about 4 ounces)
3 cups vanilla bean ice cream (preferably Tillamook)
Whipped cream, chocolate chunks and curls, toasted marshmallows, and graham cracker pieces, for garnish
Scan the QR code to watch the boys make this S'mores Dessert!
Directions
Step 1: Line bottom and sides of an 8 1/2- x 4 1/2-inch loaf pan with plastic wrap, leaving a 3-inch overhang on long sides; coat plastic wrap with cooking spray. Arrange 2 to 3 graham cracker sheets in a single layer in bottom of pan, trimming crackers as needed to fit. Set aside.
Step 2: Combine sweetened condensed milk, chocolate chips, and salt in a small saucepan. Cook over medium-low, stirring often, until chocolate is melted and smooth, 3 to 5 minutes. Remove from heat. Stir in butter and vanilla extract. Spread about 1/3 cup hot fudge evenly over graham crackers in loaf pan. Freeze, uncovered, while preparing ice cream.
Step 3: Preheat oven to broil with rack 5 inches from heat. Arrange marshmallows standing upright on an aluminum foil–lined baking sheet. Broil marshmallows until golden brown, 1 to 2 minutes, flipping halfway though cook time. Remove from oven. Immediately stir together ice cream and hot marshmallows in a large bowl until just combined and ice cream is slightly softened, but not melted. (Do not let ice cream melt completely.) Spread one-third of ice cream mixture (about 1 cup) in an even layer over hot fudge in pan. Freeze pan and remaining ice cream mixture in bowl, uncovered, until firm, 15 to 25 minutes.
Step 4: Repeat layering process with graham crackers, hot fudge, and ice cream mixture 2 more times, freezing pan and ice cream mixture between layers as needed to prevent cake from becoming too soft. (Rewarm hot fudge over low heat, stirring often, until just melted if it becomes too thick to spread when layering.) Top with a layer of graham crackers. Fold plastic wrap overhang over cake. Freeze until cake is firm, about 8 hours. Reserve remaining hot fudge for another use.
Step 5: Uncover cake; invert onto a rimmed platter. Remove and discard plastic wrap. Garnish as desired. Slice and serve immediately.
CURRENT LISTINGS
1908 133rd Lane NE
Ham Lake, MN 55304
$524,900
Holmes Group
Keller Williams Premier Realty
Fantastic home built in 2019 with custom finishes and details throughout. Enjoy the open floor plan, gourmet kitchen, private primary suite, finished lower level and more. The home opens with main floor vaulted ceilings, tons of natural light and amenities all around. The gourmet kitchen features quartz tops, center island, stainless appliances, custom cabinets, pendant lighting and walk-in pantry. Your primary suite is absolutely perfect with a separate laundry room, sitting area, walk-in closet and private bath with tile surround shower, jetted tub and double vanity. Don’t miss the finished lower level with wet bar, wine fridge, butcher block tops, open shelves and entertainment area with surround sound. This home has a thoughtful design and luxury finishes. Skip the cost of new construction and come take a look!
2455 Londin Lane E #115
Maplewood, MN 55119
$199,900
Market Pass
Keller Williams Premier Realty
Amazing two-bedroom condo that blends comfort & convenience with updates throughout. Enjoy the open floor plan with updates to impress including new carpet & paint throughout, new lighting fixtures, window treatments, washer & dryer, storage components and more. The primary suite features a walk-through closet and private ¾ bathroom. Conveniently located on the first floor with easy access to the community room & garage access. Don’t miss the storage locker and dedicated parking space, outdoor pool, lounges and more. With easy access to many shopping and restaurants – this condo is a must see!
4046 Scheuneman Road
Gem Lake, MN 55110
$839,900
Steve Carrigan
Keller Williams Premier Realty
Designed to delight, built to endure! Custom walkout rambler, wonderful location across from golf course, 5+ car garage,4 + bedrooms, 5 baths. 1900 sq of garage and 900 sq ft shop! Main floor: hardwood floors-10’ ceilings-laundry room-welcoming foyer-3 bedrooms & 3 bathsmud room- primary bedroom suite-fantastic kitchen great room is vaulted, w stone wall fireplace(gas)-deck- private living room-classy office. LOWER LEVEL: family room w space for pool table & big screen TV-Party hearty at the new & fabulous wet bar w granite bar/counter tops, full fridge - a 4 season porch set up for a hot tub - 4th BR, 2 baths-2 storage rooms-TV/game room -AND...Step into an amazing room: 32 x 28 clean & bright “shop room” ideal for hobbyists / collectors / wood workers / mechanics & fitness buffs Adjacent is attached 2nd garage, heated & can store an RV ( 19 x 42 w a 13 ft high door). Masonry construction is efficient, safe & more soundproof. Beautiful lot w a back drop of trees. A Gem Lk GEM!!!
9532 Dakota Road
Bloomington, MN 55438
$479,000
Holmes Group
Keller Williams Premier Realty
What an opportunity with over 4,000 sq ft & private rear views. This home screams potential with so many possibilities. You can enjoy this home as it is or renovate and remodel top to bottom – the possibilities are endless. Undisturbed rear views of Hyland Lake Park Preserve with city maintained land to the south – this location provides privacy and convenience! The main living area features an open floor plan, tons of natural light and so much square footage to work with. The lower-level features a brick surround woodburning fireplace, separate laundry room & garage entrance and so much space!! Let your imagination run as you tour this home!
9908 246th Street N
Scandia, MN 55073
$550,000
Hames-McDonough Real Estate Group
Keller Williams Premier Realty
Level Living at its
Enjoy this spacious, open concept home built in 2015. Situated on nearly an acre lot in a lovely neighborhood, you can enjoy country living in picturesque Scandia! The home is designed with accessibility in mind; zero steps to enter from garage or front door, wide doorways and hall, large room sizes, roll in tiled showers and a walk in Cal Spa jetted tub! Heated floors in 3 zones, including the garage! HUGE laundry room plus the 3rd bedroom / BONUS ROOM accessed from the laundry room and the garage with its own egress exterior door - this could be a bedroom, shop, fitness room, craft room and more. The lawn is like a golf course with a private back yard, patio and large 14x16 shed. Wide plank wood floors, huge closets in every room, chef’s kitchen with SO MUCH STORAGE, granite countertops and SS appliances.
35717 Oasis Road
Chisago Lake Twp, MN 55045
$749,900
Debbie Wiome
Keller Williams Premier Realty
Welcome to your dream oasis on Oasis Rd! Nestled on 20 acres of serene countryside, this exquisite one-level home offers unparalleled tranquility. This spacious retreat provides ample relaxation and an abundance of wildlife. As you enter this meticulously maintained home you are greeted with a spacious and open great room with hickory hardwood floors, large open kitchen with newer SS appliances, and quartz counters. 3 bedrooms on the main level including a spacious owner’s suite with a large walk-in closet and updated 3/4 bath. The walkout lower-level features in-floor heat, a wet bar, and a wideopen family room perfect for anything your heart desires. This home also features a new efficient hybrid water heater, new roof, gutters, Pella windows, exterior doors and so much more! All this just outside of the adorable town of Lindstrom, small-town feel but close enough to commute to the cities. Also close to several parks, miles of trails, and the Chisago chain lakes!
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FINEST!
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Q A
Joe answers questions he received from clients. Feel free to submit your own question.
Email us: joeholmes@kw.com
I recently had a great conversation with a client about the NAR (National Association of Realtors) lawsuit and how that affects their listing and real estate in general. Here’s an excerpt of that conversation with answers modified to fit a larger audience:
What’s the scoop with the NAR (National Association of Realtors) lawsuit and does that mean as a seller I don’t have to pay a commission anymore?
Ah.. loaded question and a good one. As a seller, the commission you choose to pay has always been up to you and your realtor; and it still remains that way. Oftentimes, we suggest building in the buyer’s commission into the sale to create an easy package for them. The difference for us on the seller's side is that we’re no longer able to advertise what we’re paying the buyer’s broker in the MLS.. That’s all.. No other changes. We simply can’t advertise it in the MLS but we can advertise it anywhere and everywhere else - on our website, on commercial sites, on the sign out front, in our marketing materials and TBD on ancillary sites like our showing system. The simplest solution to this would be a line item added to our purchase agreements that shows what, if any, commission the seller side is including for the buyer’s broker. New forms in MN come out in August and assume MN will get their shit straight and make it easy, but we’ll see.
If the only change is where you advertise the commission, what’s the big deal all about?
The big deal is better conversations about how the commission is divided between Realtors and quite frankly, should already have good conversations about this. When working with The Holmes Group as an example, we suggest building in the commission for the buyer’s Realtor as well. In doing so, we pay a portion of the commission to the buyer’s realtor.
What happens if there is no buyer’s Realtor involved and it’s just you or a single Realtor? Do you keep the entire commission even though you were planning on splitting that with somebody?
Now we’re talking! Way to connect the dots on how to make better conversations! You’d have to talk to your Realtor as this is handled differently in our industry. As for our team - we don’t keep the buyer’s portion in the event there isn’t a buyer’s Realtor. Our structure for this is called a variable rate. If we charge 6% as an example, oftentimes we would keep 3.3% and pay out 2.7% to the buyer’s Realtor. However, if there is no buyer’s Realtor or it’s me, then we simply charge 3.3%. No need to pay us twice to do the same job.
What
about other Realtors? Would they keep the entire commission?
That’s a great question and part of having better conversations in real estate. I’d encourage anybody that’s selling a home and paying a commission to ask those questions. I would say that yes, most Realtors do keep the entire commission regardless if there’s another Realtor involved or if they represent the buyer as well. If that’s something that bothers you or is off-putting, you can continue to shop around for a Realtor that works best for you.
Are there any changes for the buyer side?
Yes, in fact I feel most changes will affect the buyer but oddly enough, not much has changed except the commission info in the above questions. The change for the buyer is that a “Buyer Representation Agreement” must be in place and signed before we can go out on showings.
Wasn’t that supposed to be the case anyway?
Yes.. this is why the news is overblown. You know that emoji with the palm of your hand to your forehead.. Insert that right here! Yes, we’re supposed to have “Buyer Representation Agreements” signed and in place prior to going out on showings or acting as representation for a buyer. However, that isn’t always the case. If you could imagine, sometimes life moves pretty quickly or you work with friends, family or a past client and this paperwork comes along later than it should. But now… we’re really really really supposed to have
that done ahead of going on showings. Not sure if you read into my sarcasm with how many “really’s” I added.
Is there any oversight to ensure that will be done or issues if you don’t?
Again, insert the emoji with the palm into the forehead. That said, no, there is no oversight or otherwise to ensure this is done. At least I should say by a governing body, real estate association, department of commerce or anybody that I’m aware of. There will be office policies in place that cover a specific office. Our Keller Williams office for example has a policy in place for this but again, not sure how this will be handled state-wide. It’s not very likely there is anything to ensure this is happening.
So what other changes will take place for the buyer?
This is the loaded question of all questions. There are many of us that feel this entire thing will hurt the buyer more than anything. And how that happens takes a few layers of thought. Layer 1 - a buyer’s representation contract will be in place and those dictate how much a buyer will pay their realtor. That’s right.. A buyer is actually supposed to be the one to pay their realtor. HOWEVER, that amount can be offset from what the seller is willing to pay. Layer 2 - Seller’s choosing not to add a commission for the buyer’s agent in the sale. Again.. All good. That’s a choice to make but that would then make it more difficult for the buyer. They have closing costs, downpayment, moving expenses and Realtors fees to manage. If they can’t bundle that somehow, they may choose to not work with a Realtor and therefore not have representation. And in the end, that’s not a good thing. Making a bundled package is convenient and effective for both parties. It’ll definitely be interesting to see what happens to this structure in the months ahead. The simplest way to address this is by adding a line item in the purchase agreement for any seller-paid real estate commissions. BOOM.. mic drop. Yes, it is that easy.
CROSSWORD SUDOKU
Down
1. Chick's sound
2. Roof overhang
3. Headliner
4. Recipe units (abbr.)
5. Antoinette
6. Separate
7. Parking timer
8. Cutting tool
9. Make
10. Rock's partner
11. Cars
12. Small porch
13. Hair dye
18. TV's Winfrey
21. African desert
23. Mimic
25. Warbled
26. Water (Sp.)
27. Young fellows
28. Stairs
30. Inferior
32. Wide street
33. Pub order
35. Witnesses
36. Dryer residue
37. Atop
40. Ampersands
45. Divided
47. Writer Hemingway
49. Endures
2
Pitches
Bank (on)
Civil disturbance
Perspire
Was a copycat
Stately trees
50. Let
51. Backbone
53. Prepare tea
54. National bird
55. Andrew Webber
57. Inspiration
59. Male parent
60. Send
61. Molecule part
62. New Jersey team
64. Shooter's group (abbr.)
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