residential B US I N E S S I N TELL IGE N CE FOR THE CR S PROFE S S IONA L
nov + dec
2017
THE
SPECIALIST ALSO IN THIS
ISSUE
Take control of your inbox Set goals for the coming year When to go it alone—or not
How to use targeted ads Do you have E&O insurance? Saving an imperiled sale
THE
EXTRA
MILE The Council is celebrating CRSs who go beyond the call of duty every day.
WINNER
Tim Burroughs, CRS, won our cover contest with his story of the sale.
It’s all in the details. HomeTeam applies a systematic approach to home inspections and provides detailed reports utilizing our advanced cloud-based software. Homebuyers receive a fully written report, complete with photos of the home. And with our team approach, our comprehensive home inspections take about half the time. This means you get all of the info you need when you need it.
That’s the HomeTeam promise.
888-539-9306 | hometeam.com/certifiedresidentialspecialist Each office is independently owned and operated. ©2017 The HomeTeam Inspection Service, Inc. All rights reserved. Franchise opportunities available: HomeTeamFranchise.com
contents
Nov 20 Dec 17 vol. 16, no. 6
features 18
THE STORY OF THE SALE
Generosity and persistence help secure a home for a CRS client.
ON THE COVER Tim Burroughs, CRS, photographed for The Residential Specialist by Chad Case
30
MASTERING THE INBOX LABYRINTH
Use these 7 steps to finally take control of your email—and take back your time. By Gwen Moran
ARE YOU A PACK HUNTER OR A LONE WOLF?
Business model differences between a real estate franchise and an independent agency are less dramatic than you might think.
26
By Donna Shryer
LOOKING BACK TO PLAN AHEAD
22
Top agents look ahead to 2018, focused on setting goals, priorities and strategies. By Mary Beth Klatt
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The Council of Residential Specialists
crs.com
1
Nov Dec
contents
Nov 20 Dec 17
4 VANTAGE POINT
16
vol. 16, no. 6
departments By Leigh Brown, CRS
5 SHORT LIST
Green home features; home price recovery; Zillow’s Zestimates lawsuit; home inspection myths.
9
34
9 COOL STUFF
Kitchen gadgets for easier cooking.
10 SMART SOLUTIONS
Targeted advertising isn’t just for the internet anymore. By Megan Craig
12 INSIDE TRACK
E&O insurance delivers vital risk management. By Daniel Rome Levine
12
14 WINDOW OF OPPORTUNITY
5 tips to flip scenarios that could derail a sale. By Donna Shryer
16 PEER TO PEER
37 NEWS FROM THE COUNCIL
Heather Ozur, CRS, of The Ozur Group, La Quinta, California
A sneak peek at the new CRS website.
34 WORK + LIFE
Hustle: The Power to Charge Your Life with Money, Meaning, and Momentum, by Neil Patel, Patrick Vlaskovits and Jonas Koffler Reviewed by Allan Fallow
+
Pairs That Can’t Be Beat Go-to wine and food pairings.
inside CRS
36
40 LEARN FROM THE BEST
The foundation of success and happiness has always been built on trust. By Mark Given, CRS
41 CRS CONNECT 48 ASK A CRS
Which is worse: Limited inventory or showing 50+ homes?
ON LY A T TR S MAG. C OM THE RESIDENTIAL SPECIALIST ONLINE Visit the website at trsmag.com to access the digital edition of The Residential Specialist.
Visit trsmag.com to view a video Q&A with Tim Burroughs, CRS, winner of this year’s #storyofthesale cover contest, and to read all the stories submitted for this year’s contest. We were blown away by the amazing response, and loved reading about the passion and dedication our members have to good service. Look for next year’s contest in July 2018!
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Coming Next Issue ... B US I N E S S I N TE L L I GE N C E F OR TH E CR S PR OFE S S I O NA L
Meet the New CRS President The Residential Specialist introduces the new CRS president, Gary Williams, CRS, who has held several leadership positions with CRS. Are We in a Housing Bubble—Again? The word “bubble” can trigger strong emotions in real estate agents. Are you worried about another bubble forming or bursting in your market?
EDITOR Michelle Huffman mhuffman@crs.com 800.462.8841 CONTRIBUTING WRITERS Megan Craig Mary Beth Klatt Daniel Rome Levine Gwen Moran Donna Shryer BOARD OF DIRECTORS 2017 President Leigh Brown, CRS 2017 President-Elect Gary Williams, CRS 2017 First Vice President Michael Burkhard, CRS 2017 Immediate Past President Janelle Pfleiger, CRS At-Large Member Shawn Cunningham, CRS At-Large Member Michael Selvaggio, CRS At-Large Member Mark Shepherd, CRS At-Large Member Stephen Stewart, CRS At-Large Member Vinnie Tracey Chief Executive Officer Lana Vukovljak Staff Liaison Patricia Stodolny PUBLICATION MANAGEMENT
ADVERTISING MANAGER Chuck Gekas Director of Business Development, CRS 312.321.4443 cgekas@crs.com The Residential Specialist is published for Certified Residential Specialists, General Members and Subscribers by the Council of Residential Specialists. The magazine’s mission is: To be a superior educational resource for CRS Designees and Members, providing the information and tools they need to be exceptionally successful in selling residential real estate. The Residential Specialist is published bimonthly by the Council of Residential Specialists, 430 North Michigan Ave., Suite 300, Chicago, IL 60611-4092. Periodicals postage paid at Chicago, IL, and additional mailing offices. Change of address? Email requests to crshelp@crs.com, call Customer Service at 800.462.8841 or mail to CRS at the above address. The Residential Specialist (USPS-0021699, ISSN 1539-7572) is distributed to members of the Council as part of their membership dues. Non-members may purchase subscriptions for $29.95 per year in the U.S., $44.95 in Canada and $89.95 in other international countries. All articles and paid advertising represent the opinions of the authors and advertisers, not the Council. POSTMASTER: Please send address changes to: The Residential Specialist, c/o Council of Residential Specialists, 430 North Michigan Ave., Suite 300, Chicago, IL 60611-4092. COPYRIGHT 2017 by the Council of Residential Specialists. All rights reserved. Printed in U.S.A.
www.glcdelivers.com
Unique Marketing and Branding Ideas There are a lot of real estate agents out there. How do you stand out in your market? How do you grab the attention of buyers and sellers?
PLUS:
When clients or other agents ask you to lower your commission, what do you say? How do you handle this awkward question? Would you like to be a source for a future story in The Residential Specialist? Send an email to mhuffman@crs.com to be added to our potential source list. To see a list of the topics we’ll be covering, check out the magazine’s 2018 editorial calendar online at crs.com.
WHO ON YOUR
TEAM could benefit by receiving a personal copy of The Residential Specialist?
STAY INFORMED
Publishing Manager Phil Malkinson Art Directors Scott Oldham Ivette Cortes
Selling Smart Homes Smart homes are increasingly part of the buying and selling landscape. Agents who prepare themselves to speak knowledgeably about these homes set themselves up for success.
The Council of Residential Specialists provides superior education, exceptional networking opportunities and critical resources. The Council’s
crs.com
flagship magazine, The Residential Specialist, delivers the latest industry trends, success stories and proven strategies to grow your business. To subscribe for yourself or a colleague, call 800.462.8841. Note: Members of the Council of Residential Specialists receive the magazine as part of their member benefits.
[vantage point]
from the desk of Leigh Brown CRS, ABR, CIPS, SRES 2017 president
WHAT’S NEXT IN
your story?
Photo: Mike Anderson
MY STORY MOVED FORWARD BECAUSE OF THIS OPPORTUNITY AND BECAUSE OF EACH OF YOU.
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My grandma always said: “The older we get, the faster time flies.” Every passing year proves her more and more right— wouldn’t you agree? I think it’s particularly true in real estate, where we live through several lifetimes in a single transaction! The most successful CRS REALTORS® know that every transaction has its own story, whether it’s heart-rending or crazy or chaotic! That’s what makes the best the best—they know how to ask questions, and more importantly, listen to the answers. As you consider the real estate transaction stories in which you have played a part, I know you’ll be considering how you can improve for the future. It’s just what you do. It’s also a great time to ask yourself, “What’s next in MY story?” Is your story shifting into a different real estate gear? Transforming the client experience and selling more houses? Is your story related to your bigger goals of changing the world at home? Transforming your community by showcasing all that REALTORS® do when they are #MoreThanHouses? Is your story related to your professional service life? Transforming professionalism and the entire real estate world through education and reaching out to your fellows in camaraderie and support? This being my last issue of The Residential Specialist, I have to tell you that I almost didn’t have the opportunity to represent you in this leadership position. It was a leap of faith for the nominating committee to select me when I was certainly the most unconventional candidate for president ever. My story moved forward because of this opportunity and because of each of you. For some, leadership is a rung on a ladder. For me, leadership has been the chance to meet and learn about so many of you, the often-unsung heroes of real estate who are getting it right, one client at a time. Your story has more chapters. I’m honored to have been a part of this one and excited to see what we can write together in the future.
GO GREEN,
[short list]
get green
+ industry headlines + statistics + trends
Source: National Association of REALTORS® 2017 Sustainability Report
Homebuyers are interested in green features—and REALTORS® who play up these features are finding listing success. While the green label has been popular for some time now, its actual efficacy as a marketing tactic isn’t always clear. This year, NAR surveyed its members to get a pulse on whether playing up the energy-efficient, sustainable aspects of a listing works. They found that most of the time, going green garners interest when it’s framed the right way. ÄA Ä large portion of REALTORS®—71 percent—say that energy efficiency promotion in listings is very or somewhat valuable. Only 5 percent felt it wasn’t very valuable or not valuable at all. ÄÄSeventy-nine percent of agents ranked a home’s utility bills/operation costs as somewhat or very important to clients. Fifty percent say the efficient use of lighting is important, 37 percent say a green community is important and 23 percent say renewable energy systems are important.
ÄÄFifty-six percent say that clients are at least somewhat interested in sustainability. ÄÄSolar panels were the most recognized green feature among agents, and 80 percent say they are available in their markets. While 80 percent similarly say it’s unclear or irrelevant if a home sells faster or slower because of the solar panels, 15 percent say it takes more time to sell a home with solar panels, and 7 percent say it takes less time. ÄThe Ä number of homes that have green features remains relatively low: 70 percent of agents were not involved with any properties with green features, and 27 percent of agents were involved with one to five homes with green features. ÄÄMarket issues and considerations that agents and brokers listed include understanding lending options for energy upgrades or solar panels (44 percent), improving energy efficiency of existing housing stock (40 percent) and lack of MLS data about home performance and/or solar panel installation (34 percent).
VALUE OF ENERGY EFFICIENCY PROMOTION IN LISTINGS 27 %
Very valuable Somewhat valuable Neutral Not very valuable Not at all valuable Depends on the listing
1
% 4 %
44%
20%
3%
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The Council of Residential Specialists
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Nov Dec
[short list]
+ industry headlines + statistics + trends
10 METRO AREAS THAT HAVE RECOVERED THE MOST SINCE THE GREAT RECESSION Percentage over peak value Source: Home price recovery index, HSH.com
San Francisco, CA
Nashville, TN
San Antonio, TX
Pittsburgh, PA
31
%
37 %
Buffalo, NY
45 %
41 %
33%
CITIES IN THE clouds
While property values across the nation have been steadily growing, in some places, they’ve actually grown too much.
Property information and analytics provider CoreLogic estimates that more than one-third of U.S. top cities are now overvalued. CoreLogic president and CEO Frank Martell says
Zillow’s Zestimates survived a legal challenge—for now. A judge dismissed a lawsuit alleging the Zestimate constitutes an illegal appraisal and violates consumer protection laws. The lawsuit was brought by a Chicago-area homeowner who teamed up with a group of builders to sue the company. Homeowner and real estate attorney Barbara Andersen argued that the Zestimate was seriously undermining her ability to sell her home
caze dizmizzed Nov Dec
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for full market value. Three of the four counts in the complaint were dismissed without prejudice, which means the group has the right to amend their complaints and refile. Andersen plans to do so. The complaint that Zestimates are illegal appraisals, however, was dismissed with prejudice, meaning the court has made a final determination on the merits of the case. Zillow argued that its Zestimates are similar to stock forecasts, search engine rankings and editorial reviews and are therefore constitutionally protected as free speech. The company also argued that the Zestimate is an automated valuation model, which is exempted from appraisal licensing law in the state. The judge
Denver, CO
70% Austin, TX
Dallas, TX
61 %
57 % Houston, TX
Fort Worth, TX
47
%
48 %
that affordability cracks are emerging, despite mortgage interest rates remaining relatively low. CoreLogic’s Market Conditions Indicators data compares current home prices to their long-run sustainable levels, which are supported by market fundamentals, such as disposable income, to derive their overvalued, undervalued and at-value ranking. The usual suspects, such as Seattle, Portland and Denver, are overvalued, but some lesser-known markets qualify too: Bismarck, North Dakota; Eau Claire, Wisconsin; Nashville, Tennessee; and much of the southeast coast and most of Florida.
Surprisingly, the report says that San Francisco, which has seen explosive growth, doesn’t meet the threshold for being considered overvalued thanks to its equally explosive job market and income growth. It’s not just CoreLogic’s data drawing this conclusion. Similarly, in mortgage resource HSH’s “Home price recovery index,” 62 of the top 100 metros are at new highs, and 16 additional markets are now within 10 percent of previous peaks—a level the organization predicts they can achieve within a year.
agreed with this point. She also said that “Zestimates are not false, misleading or likely to confuse,” when dismissing counts that Zestimates violate state laws against deceptive practices and consumer fraud. She felt the claim that a low Zestimate compared to listing price would cause buyers to lose interest was too speculative. Andersen initially filed the lawsuit on her own and asked for no monetary damages, only that Zillow take down or amend their Zestimate of her property. Later, she teamed up with a group of builders who felt Zestimates on some of their for-sale properties similarly shortchanged their market value. The culminating class-action lawsuit did seek damages.
Buying a home is expensive—but it’s not just the home that racks up the expenses. Buyers typically spend between $10,922 and $12,023 on appliances, alterations and furniture in the first year, according to an analysis by the National Association of Home Builders. While those buying an older home typically spend less overall in that first year, most of their money goes toward property repairs or alterations— to the tune of $6,103. New homeowners spend less on repairs, $4,740, but more on furnishing and appliances. That number drops over time, as non-moving homeowners spend about $7,400 each year on their homes, with repairs and alterations taking up at least half that figure.
NOT EVEN PENNIES CAN ESCAPE
The Council of Residential Specialists
crs.com
7
Nov Dec
6 HOME INSPECTION
[short list]
myths
+ industry headlines + statistics + trends
Many real estate deals are dependent on a home inspection, so it’s understandable that there can be a lot of nerves surrounding an inspection, especially for the potential buyer. Many of your clients may not know exactly what a home inspection entails or what to expect. Here are some top myths that may help them adjust their expectations:
1
Having a license ensures a good home inspection.
Not all states require licenses to be a home inspector and many of the standards vary widely. Make sure to verify other components of an inspector’s credentials, including past clients, years of experience and customer reviews. ^
^o
s
^o
2
s
You can use a home inspection to identify problems that might be used as a tool ^ to renegotiate the purchase price.
BY THE NUMBER S It is recommended that a home be inspected every
10
years, regardless of whether a sale is taking place. Source: The American Society of Home Inspectors
Nov Dec
8
An appraisal is intended to do this. An inspection also does not make any recommendations about whether or not to buy or sell the home—that is solely up to the client.
^o
s
4
All home inspection certifications and professional education are created equal.
^
Some programs even offer certification online, without the requirement
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Home inspections are not needed for newly built homes or condos.
Newly built homes or condos are just as much in need of an inspection as an older home. No home is perfectly built, and it’s best to have an inspector pinpoint potential issues or future repairs. Most inspectors can ^ also give inspections during each construction “phase” of the property at various stages of development.
s
A home inspection tells you what your home is worth.
The Residential Specialist trsmag.com
5
^o
This is not the primary objective of a home inspection. The inspector’s professional service is one of unbiased, third-party education. They want to arm buyers and sellers with a good understanding of the physical condition of the home so they can make the best decision for themselves at that time.
3
to ever step foot inside a house and produce a real-time inspection. The best certification offers both in-class and hands-on training, as well as examination requirements. When choosing your home inspector, you want your clients to verify the reputation of the certificating organization.
^o
s
^
6
Home inspections are solely used on the buyer’s side.
Although most inspections are performed for potential buyers, there are many advantages to a pre-listing inspection for sellers. These include knowing about major issues before the house goes up for sale, increased negoti^ ating power and garnering the best sale price. The American Society of Home Inspectors also recommends that a home be inspected every 10 years, regardless of whether a sale is taking place.
^o
s
This article was provided by Pillar To Post home inspectors. For more information, go to pillartopost.com.
toying
[cool stuff]
WITH DINNER
acquisitions on a theme
SHOOT FIRST, EAT LATER $
45.
00
Eating healthy is important, but there’s nothing more tedious than slicing carrots, radishes, cucumbers and tomatoes to make a salad. Luckily, the Presto Professional Salad Shooter does all that for you. All you have to do is drop in your vegetable of choice and watch it come out in perfect slices. Add lettuce and your favorite protein for an impressive meal on the go.
gopresto.com
If you’re like most CRSs, you’re particularly busy. Between showings, closings and all the paperwork in between, you don’t have a lot of extra time to spend in the kitchen. Here are a few small appliances to make your kitchen chores a little less daunting.
THE BOT AT THE BAR
Skip the bartender and easily entertain clients (and your own house guests) with relatively mess-free cocktails. Offering standard bar favorites like margaritas, Appletinis and rum punch, the Bibo Barmaid is one of several “smart” cocktail machines that standardize drink-making. Just add one Bibo drink pouch and 1.7 ounces of alcohol to the machine and prepare to sip a perfect cocktail in about 20 seconds.
199.99
$
bibobarmaid.com
POT POSSESSION
A BRAINIER BREWER
Make dinner preparation easier (and cleaner) with The Instant Pot. Like an old-fashioned pressure cooker but with more capabilities, this handy device caters $ to the “fast-paced, health79.99 oriented and green-conscious lifestyle,” according to its website. It’s like an old-fashioned slow cooker, pressure cooker, rice cooker and sauté pan in one, with some added capabilities including multiple sensors and a micro-processor to ensure safe and efficient cooking.
Smarter Coffee is a WiFi appcontrolled coffee machine that lets you start your day before you’re even fully awake. Saving time with its in-unit bean grinder, size and temperature controls, it does everything except bring the steaming brew to your bedroom. (Note: Because this product is made in Europe, it fits a UK outlet. You’ll need a converter for your American kitchen.)
instantpot.com
smarter.am/coffee
232.00
$
BE A SMART COOKIE Like a futuristic Easy Bake Oven, the CHiP Smart Cookie Oven allows you to bake cookies to perfection in about 10 minutes without actually having to do any baking. Just scan a bar code on a pre-made cookie dough “pod,” drop the pod in the oven, press start and wait for perfectly round, delicious cookies (available in several flavors). Take it with you to make cookies for showings without having to use the home’s oven, or use it in your own house to prove you’re the highest-tech homemaker around.
129.00
$
chipcookieoven.com
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The Council of Residential Specialists
crs.com
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Nov Dec
[smart
solutions]
streamlining your business through technology
Targeted advertising isn’t just for the internet anymore.
THE POWER TO
predict
Targeted advertising is a well-known tactic for online shoppers: Search for specific keywords, and you’ll be bombarded with ads for similar items. So it is By Megan Craig with home shopping. According to a National Association of REALTORS® report, 95 percent of potential homebuyers reported using the internet when looking to buy or sell a home in 2016. Because of the large internet audience, agents can use services like Zillow Premier Agent to advertise to potential homebuyers in specific ZIP codes. The ability to target those online home shoppers and potential sellers may make direct mail seem less useful, but agents want name recognition even before a person starts looking in earnest to buy or sell. Unfortunately, an agent using the United States Postal Service to send a direct mail campaign could spend thousands of dollars every month to reach all the homes in a ZIP code, depending on the number of homes. Enter the latest form of targeted advertising: Direct marketing filtered via predictive data analytics.
The What and How of Predictive Analytics
Although several levels of predictive analytics for real estate agents exist, it basically works like this: Analytics companies gather data from several sources about potential homebuyers and sellers. The data collected includes ages of homeowners, turnover rates in a specific
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neighborhood or ZIP code, lifestyle events of public record, when a home was last sold and other factors known to play into making someone more or less likely to buy or sell a home. The company then gives the agent in a certain area information on specifically who they should target with direct marketing materials, using a formula to determine the top 20 or 25 percent of people in the area who are likely to buy or sell in the near future. These lists are updated regularly. “Real estate agents already target the market using intuitive predictive models,” says Joel Shapiro, a professor and executive director of the program on data analytics at Kellogg School of Management at Northwestern University. “They use their own knowledge and expertise to predict who is likely to buy a given listing. Since agents are already using these ‘intuitive’ predictive models, it absolutely makes sense to try to build more accurate predictions with more rigorous models. This may yield insights that intuition would miss.” Some analytics companies also take it to the next level, not only providing predictive data for REALTORS®, but also following through with direct mail, email and social media campaigns (based on the data, of course) on behalf of the agent. Once an agent signs on, “within the course of a week or two, this entire side of their business can be on autopilot,” says Mark Dickson, CEO and co-founder of predictive analytics and automated marketing company Offrs.com. “We can use all the marketing options—direct mail, voicemail, emails, texts, digital ads and even handwritten notes—all that’s out there to optimize the number of touches to ensure that particular agent is top of mind and the one who’s ultimately going to secure the business.”
Cost and Effectiveness
More than 25,000 agents use at least one of Offrs.com’s various platforms and products, Dickson says. But how many are using any of the many available analytics tools—and how well those tools work for the agents who do use them—isn’t known. “Even for those agents who do it, there’s no guarantee that formal models will do a better job at prediction than good agents’ intuition,” Shapiro says. Carl Medford, CRS, The Medford Team, sells in Fremont, California, and says he’s always looking for ways to build market share. His team tried using a predictive analytics company to aid his direct marketing for about a year, paying $12,000 for a geographic zone in which the team already had some market presence. “While we had queries and responded appropriately and in a timely fashion, and consistently followed up, we did not see one single sale originate from ‘smart’ marketing in the year we tried the program,” Medford says. “Sometimes we can be too smart for our own good.” Although he thinks he may have seen more success had he continued the program, he called the pricing “ridiculous” and was disappointed to find that many people who weren’t being targeted moved and most who were being targeted did not. He switched to a direct mailing company to mail to the entire area rather than the few chosen by predictive analytics. But Terry Naber, CRS, with REMAX Properties, Inc. in Colorado Springs, Colorado, had the opposite experience with predictive analytics. In fact, in an area where she’d previously had no luck selling through traditional farming practices, Naber closed two sales this year. She also heard from one man who was so pleased she had reached out, he said he would use her
PUTTING THE WORK IN
Whether predictive analytics may help your marketing game depends on several factors, not least of which is how much effort you put into the process, says Terry Naber, CRS, an agent in Colorado Springs, Colorado. Naber says she hasn’t perfected her follow-up system, leading to fewer sales than she could be generating thanks to the more targeted mailings offered through analytics. “You still need that personal touch,” Naber says. “That is absolutely imperative because you can knock yourself out sending impressive pieces, but if you never get in touch with them to set yourself apart, they’re not necessarily going to use you.” And decision-making about best marketing practices also can’t be outsourced. Joel Shapiro, a professor and executive director of the program on data analytics at Kellogg School of Management at Northwestern University, warns agents to understand the limits of prediction. “Predictions merely predict—they don’t tell you how best to allocate your marketing resources,” he says.
as his agent whenever he was ready to sell some of his $2 million in rental properties. “Predictive analytics give you an edge,” she says.
Offrs.com will be on hand at the Elite Pro Summit and Top of Mind Awareness courses at the Annual Meeting to answer questions.
Megan Craig is a freelance writer based in Chicago.
GADGET INSPECTOR
BETTER STREAMING WITH CHROMECAST AUDIO Playing your favorite tunes over the speaker just got a lot easier with Google Chromecast Audio. The tiny device’s unique capability to stream music through WiFi rather than Bluetooth allows for enhanced, high-resolution sound with zero disruptions from phone notifications. Plus, it doesn’t drain your device’s battery. Chromecast Audio is simple to set up and allows you to enjoy over 30 million songs from music services like Pandora, Google Play Music, Spotify and iHeartRadio on any Android device and select iOS devices. For more information, visit google.com/chromecast/audio. Price: $35
RAYZ RALLY’S POCKET-SIZED CONFERENCE CALL The Pioneer Rayz Rally turns your iPhone into a conference system in one step. Simply plug the pocket-sized speaker into your iOS device, and you’re set up to make clearer calls anytime, anywhere. No batteries or charging are required, and everything is controlled with one master button. It’s perfect when you need to hold a conference call on the road, but it also works well as a speaker for music and other audio. For more information, visit pioneerrayz.com/ conferencespeaker. Price: $99.95
THE NEW WIFI FROM EERO
The eero Home WiFi System makes your home internet simple. Its TrueMesh™ technology ensures that multiple access points connect wirelessly to provide fast, reliable WiFi with no dead spots and no buffering throughout your house. Setup is a breeze and you For more information, visit can check network stats, connection, security, eero.com/shop. Prices start at $149. parental controls, etc., with the eero app.
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The Council of Residential Specialists
crs.com
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Nov Dec
[inside track]
what’s trending in real estate
SECRETS OF
self-defense E&O insurance delivers vital risk management. BY THE NUMBER S What is the source of REALTORS®’ E&O insurance? Pays for out of pocket 44% Provided by firm 40% Do not receive 15 % Provided by partner/spouse/family 1% Source: 2017 NAR Member Profile
Nov Dec
12
By Daniel Rome Levine
Errors and omissions (E&O) insurance is critical to protecting yourself from the inevitable legal issues that arise in real estate transactions. Here are four key points to keep in mind when it comes to E&O.
1
Purchase this indispensable insurance. In 2015, Emily Link, CRS, was watching a webinar by a real estate attorney stressing the importance of E&O insurance for REALTORS®. “It’s not a matter of if you will be sued, it’s when you will be sued,” he warned. Link, who has nearly 40 years’ experience and prides herself on her painstaking
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attention to detail, thought to herself, “Oh, there’s no way.” Six months later, Link, broker/owner with NextHome Team Link REALTORS® in Simi Valley, California, found herself ensnared in a lawsuit. One of her agents was being sued by the buyer of a property who claimed the disclosure agreement omitted stating that improvements made to the property were done without permits. Link ended up having to pay the $1,000 deductible on her E&O insurance policy to settle the case and her premium went up as a result. Nonetheless, she was happy to have the insurance when she needed it. “A broker would be crazy to not have E&O,” says Link. “Everything we do as REALTORS® creates liability. You cannot afford to go it alone and self-fund a lawsuit.”
2
Don’t let it lapse. Most REALTORS® carry a type of E&O insurance policy known as Claims Made. This means coverage is triggered when a claim is made. But this type of coverage will not respond if the policy is not active at the time the claim surfaces, says David Brauner, founder and senior broker of the Organization of Real Estate Professionals Insurance Services, LLC, that has been providing E&O insurance to real estate professionals for over 15 years and is partnered with CRS. “Make sure your policy stays in force by renewing your coverage before it lapses,” Brauner says. “If you let it lapse, then all of the coverage for the work you did in the past ends. If you wish to retire, ask your agent about ‘tail coverage.’ Without coverage, you will have to pay defense costs and any judgment out of your own pocket.” Most states have statutes of limitation that restrict the time in which someone can file a claim after a negligent act, with some allowing as long as 15 years in which to do so, says Eric Myers, vice president and real estate E&O program manager at Victor O. Schinnerer & Co. Inc., an insurance underwriting manager and NAR partner that provides E&O insurance at special pricing to members. Typical annual premiums for E&O coverage run around $500.
3
Check out the policy rules relating to settlements. Some REALTORS® say their E&O insurance carriers are too quick to settle claims. Joy Carter, CRS, with Keller Williams in Coral Springs/Parkland, Florida, is still fuming over an incident from four years ago. One of her team members listed a condominium unit for a client that included a parking space. The seller also happened to own another parking space in the same condo development, which was not included in the sale. The MLS listing and disclosure form clearly stated that only the one parking space came with the condo, says Carter. However, a real estate aggregator incorrectly entered the information on its website as “one or more” parking spaces. When the buyer saw this, she filed a lawsuit claiming she was entitled to that space, too. Carter and her team member tried to convince their E&O carrier that they had an
“ Make sure your policy stays in force by renewing your coverage before it lapses. If you let it lapse, then all of the coverage for the work you did in the past ends.” —David Brauner, founder and senior broker of the Organization of Real Estate Professionals Insurance Services, LLC
ironclad case and the documentation to prove it, but the insurance company would not be swayed. They settled the claim to avoid a protracted fight and told Carter and her partner to each pay $1,250 to meet their deductibles so a settlement check could be cut. “It was ridiculous,” Carter says. “The MLS clearly indicated it was just one space and they would not fight for what was right.” All real estate E&O policies vary depending on how they’re written, Myers says, with some allowing the insurance carrier to settle claims without the insured’s consent and others requiring permission before reaching a settlement.
4
Avoid high liability risks. Incorrectly filling out disclosure forms, dual agent/dual agency transactions and home inspections are among the highest liability risk areas for REALTORS®. Link, who has served as an expert witness in court cases involving real estate agents, says she frequently has to send disclosure forms back to other agents and transaction coordinators, sometimes multiple times, to fix errors. “They say to me, ‘Why are you so picky?’ and I answer, ‘Because this is what lawsuits are made of.’” Having the same agent or different agents within the same brokerage represent both sides of a transaction is asking for trouble, Myers says. “It is impossible to retain an agent’s fiduciary duty to a client when the agent represents both sides of a transaction,” he says. Home inspections can also be legal land mines. “Coverage protects you for what you do and also any suit you may be drawn into, like over a home inspection,” Brauner says.
You can find competitively priced E&O insurance through CRS at USIAffinity. com/CRS.
Daniel Rome Levine is a freelance writer based in Chicago.
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strategies to grow your business
TURN THAT FROWN
upside down
5 tips to flip scenarios that could derail a sale.
By Donna Shryer
Every REALTOR® has been face-to-face with a situation that threatens to take down a sale. Sometimes it’s a troublemaker, sometimes it’s competition and other times it’s plain fate, but the reaction is always the same. “Really? Are you kidding me?” According to our experts, there’s almost always a workaround that can flip a difficult situation into a profitable transaction.
1❘
Work the Math with a Stubborn Buyer
Who hasn’t dealt with a stubborn buyer stuck on a lowball offer? There are infinite reasons for such obstinacy, but regardless of the cause, Mike Selvaggio, CRS,
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broker-owner, Delaware Homes Real Estate, has a tool that usually leads the buyer to reality. “I break a fair market price down into per month value. For example, if the seller wants $5,000 more and the buyer says no way, here’s how I put it. Each additional $1,000 financed comes to $5.07 a month over 30 years at 4.5 percent interest. For $5,000, we’re talking about an extra $25.30 a month.”
Grant Clients 2❘ Permission to Vent
“Every REALTOR® knows how emotional selling or buying a home can be, but a lot of us never officially give the client permission to express those emotions. That can trigger some seriously challenging situations,” says Rebecca Straley, CRS, principle broker, Go Straley
Group of eXp Realty, serving Virginia and Washington, D.C. So, to help clients jump emotional hurdles and reach the finish line, she periodically asks every client two questions throughout the selling or buying process: 1. How do you feel right now? 2. What would you like me to do? “It’s like opening a pressure cooker valve,” Straley says. “Once I give clients permission to release
their emotions, things go a lot smoother.” Straley recalls standing on a seller’s porch, sensing her client was rethinking the sale. “I said, ‘You must feel like you’re leaving a good friend.’ My client admitted that selling her home was painful—and as she released those emotions, she also released the home. We closed two days later.”
the 3❘ Follow Client’s Lead
“I’ve been in this business for 39 years, closed more than 5,100 transactions and thought I’d seen it all. But people can still shock me! When that happens, no matter how hard it is, it’s the REALTOR®’s job to focus on the client’s goal.” That’s how Alexis Bolin describes her reaction when a recent transaction nearly went south after the home appraiser sexually harassed her client, the seller. Bolin, a CRS Emeritus with Keller Williams Realty Gulf Coast, serving Pensacola, Florida, learned about the situation immediately after the appraiser left her client’s home. “First, I made sure she was physically okay, which she was. The appraiser had harassed her verbally, suggesting she ‘play ball’ if she wanted the house appraised fairly. But she was emotionally hurt.” And since the seller rebuked advances, the appraisal did in fact come in far lower than expected.
Bolin recalls her first impulse: to nail the appraiser. However, she decided that her best strategy was to first get the house sold. “I had an obligation to follow my client’s wishes, which meant working calmly toward closing,” she says. After finalizing the sale, Bolin would make sure no other REALTOR® ever worked with that appraiser again. “Miraculously, the appraisal was changed and we closed on the house. Then we called the lender, reported what happened and the lender called the appraisal company. We sent comps to the lender to support the value, and they got the appraisal changed,” Bolin says. In addition, the client filed a report with the Florida Department of Business and Professional Regulation.
sound like you really have your hands full here. I know how you feel. I’ve felt that way myself. But what’s important here is that we have to help our clients come to an agreement. Don’t you agree?’” That almost always does the trick, Nickel adds. “Show a little empathy, remain professional and respect others. Every REALTOR® knows this, but it doesn’t hurt to remind yourself once in a while. It’s so tempting— even natural—to get down in the gutter with a combative agent.”
the 5❘ Address Nitpicking Inspector
Nickel admits that she has a big issue with inspectors who overstep their job description. “It’s not the home inspector’s job to conduct a structural inspection unless they’re a licensed structural engineer. Nor is it their job to pick a home to pieces, writing up every loose doorknob.” To help the buyer interpret an overachieving home inspector’s long-winded report, Nickel goes to her client with a pre-emptive strike. “I tell the buyers up-front that they’ve selected a world-class inspector—but also a world-class nitpicker. I explain that there’s no such thing as a perfect house, so it’s their job to take Empathy Wins that inspection and determine what’s Over Ornery Agents substantive and what’s just stuff.” “In my market, and I’m sure in Nickel finds this discussion a every market, there are agents so valuable part of up front buyer councombative that there’s hardly room seling to help prevent problems in the transaction for the buyers that might derail a transaction. and sellers. You have to find a way Whether looking at a small to work around that to successfully annoyance or a downright unlawget to closing,” says Sandra Nickel, ful act, the workarounds share CRS, Broker/Owner of Sandra a common equation: Want more Nickel Hat Team, REALTORS® step back, stay calm, tips like this? in Montgomery, Alabama. assess the situation Register for Nickel’s solution is to address the and then respectfully the Sell-abration® 2018 quarrelsome agent with empathy address it with the clipre-conference rather than the frustration—or ent’s goals uppermost course “Transforming Difficult even anger—she feels. “When on the list. Situations into the agent on the other side of the Profitable Deals” at CRS.com/ transaction gets into a tug-of-war Donna Shryer is a freelance sell-a-bration. over every issue, I say, ‘Wow, you writer based in Chicago.
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The Ozur Group, La Quinta, California
HEATHER OZUR, CRS
What do you like about being a CRS? I earned my designation early in my career because I believed there had to be more to success than just a real estate license. The education has made me a stronger and more educated REALTOR®, which is better for my buyer and seller clients. Unfortunately, some REALTORS® have more of a ‘used car salesperson’ mentality. That’s not what we do; we do a lot more than that—the ethical foundation, understanding the components of the transaction, staying current on market volatility and being aware of regulatory issues. A dedicated REALTOR® really needs that deeper education. You’re heavily involved in volunteer leadership positions locally and nationally. What drives you to commit to these positions? I first got involved with the Women’s Council of REALTORS® Palm SpringsDesert Cities in 2003. At a meeting, I just put my hand up, and the next thing I knew, I was president-elect for the next year. My passion for serving the real estate community snowballed from there and I now serve as a director for
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the California Association of REALTORS® and the National Association of REALTORS®; and I will be national president of the Women’s Council in 2019. I love being able to stand up, volunteer an idea or suggestion, and see how the collaboration benefits both REALTORS® and consumers. I’m a better REALTOR® at the end of the day because of my involvement. When I come home and sit in front of clients, I know I’m doing something proactive to protect their homeownership rights. It’s a ripple effect that goes far beyond me. What lessons have you learned that you would pass on to anyone starting on that path? Get involved—that is key to being more than a salesperson and showing that you are ‘more than houses.’ If someone sees something in you and taps you on the shoulder to get involved, give it a try. Perhaps they see something in you that you haven’t yet seen. We all understand that you have a life outside of real estate. The so-called work/ life balance can be a real challenge, but giving even a little bit back will make you a better REALTOR® and a stronger member of your community and family.
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What’s your home life like and what are you passionate about outside of work? I have two sons, Ethan, 11, and Jordan, 13. They definitely keep me busy and grounded, and they’re very supportive of what I do. I’m really passionate about teaching my children the importance of volunteering and giving back to the community, while also showing them that moms can do anything. I’m also an avid runner and passionate about fitness. And I love reading, as it helps fulfill my desire to always learn.
You’re a champion that manager, and have a seat of the Women’s at the table no matter what Council of level—and our profession REALTORS® as needs more mentors in roles first vice president. to help make that happen. What issues are With the Women’s Council of facing female REALTORS®, we continue to REALTORS® in the work with our members to industry today? provide mentoring and educaWhat’s interesting is that tion to develop and advance just this year, the California them as professionals and Association of REALTORS® leaders in their business, did a women’s initiative, their community and the real WomenUp™, focused on estate industry. bringing to light the fact that the gap between women How do you see the who are broker-owners or industry changing running real estate firms in the next few You describe compared to men is signifyears and how can yourself on Twitter icant. Through interviews CRSs be prepared? as a tech geek. What we learned that women I think the industry is conis a tech product were faced with challenges, stantly changing in ways we that you simply culture clashes or fewer haven’t even imagined. New can’t live without? opportunities, and therefore regulation is constantly being Can I have two? Genius they stepped out to build proposed from government Scan+ and Adobe Spark Post. their own companies. I actuon all levels. As REALTORS®, Typically, I do everything ally had one woman tell me as CRSs, we must be on top paperless so I can use Genius when I was president-elect of what’s going on so we can Scan+ to take a picture of of my local Women’s Council be prepared to fight for our something, convert it to a network that I should step clients and private property PDF, manipulate it and put down because I was pregnant. rights. Getting involved in it into my Dropbox or Google I’ll never forget that. areas such as RPAC is vital. Drive. With Adobe Spark Post, You must build a support This is your livelihood, and if I can create great graphics on system in all aspects of your you want it to continue, you my phone for free, which is life and delegate, so you must step up and get involved perfect for creating engaging can move forward doing the by volunteering your time and presentations or social things about which you’re writing that check. media posts. passionate. I rely on my Heather Ozur, CRS, achieved her CRS “tribe.’’ More women need to designation in 2005. She can be reached at heather@heatherozur.com or know that they can step up 760-537-0774. and be that broker-owner, be
Photo: Steve Anderson
[peer to peer]
profiles of people to watch
Heather Ozur, CRS, serves as a director for the California Association of REALTORS® and the National Association of REALTORS®. In 2019, she will be national president of the Women’s Council of REALTORS®, which provides mentoring and education to its members.
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#
The
Story of the Sale
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Generosity and persistence help secure a home for a CRS client.
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As a CRS, one of the reasons you are among the best in the field is because you go the extra mile for your clients. The Council wanted to celebrate the work you do every day—continually delivering the superior service that helps make your clients’ dreams come true. So we asked you to tell us a #storyofthesale about when you went above and beyond for a client, and then share it on social media. We received hundreds of
amazing stories from CRS agents and we want to thank everyone who posted. We are truly impressed with how dedicated, caring, hardworking and passionate you are about providing your clients with the best service in the industry. You are all winners and we wish we could choose all of you, but we could only pick one to be on the cover, and that CRS is...
Tim Burroughs, CRS
A LIFE-CHANGING SALE
We tried a Rural Development loan and they also turned it down because of the house’s condition. So I asked the CRS Designee Since 2000 lender to have the appraiser tell us all that needed to Tim@TimBurroughs.com | 208-409-7653 be done to allow the house to be financed with an FHA loan. I had a builder come out, who quoted the work One day, Tim received a call from for $13,000, which was ironically the a buyer… difference between what my client was “She started off slowly. She was approved for and the purchase price. going through a divorce, but it was My lender and I both wrote letters to not yet final. She had two children of the bank owner and let them know different gender and needed at least the house could not be financed, and a three-bedroom house. She had to if they sold to anyone besides us, they live in the county where she worked would need to sell it wholesale to and her budget was only $65,000. I am allow someone to come in and rehab sure other people she had called just the house, and then resell it to make a dropped her when she said the amount profit. I told them if they would let us she was qualified for. I simply said, let’s raise our price to $65,000 and give us see what is available. $13,000 to pay the builder, we could get There was only one house in the it financed with an FHA loan and close entire county within her budget and it on the house. Two days later they wrote was bank-owned. She was willing to go back that it would work for them. see this three-bedroom, one-bath house Then, a week later, the builder dropped that fit her budget that was listed for out. I took over as the general contrac$53,900. With this house, you needed tor and hired my own sub-contractors. This house was in dire need of repair to have some imagination—which I Every one of them knew the buyer was and the buyer needed a mortgage loan, had and she didn’t. There was cat urine but Tim Burroughs, CRS, had the low-income and barely able to afford this sprayed up the wall and on the floors. house at $65,000, and they all gave me persistence and vision to secure the Appliances were older, and the furnace home for a buyer and her two children. more than they had bid their part. In and air conditioning were not funcaddition, the $4,000 profit the builder tional. One window was broken and the roof needed was going to take all went back into the house instead of repair. But I was able to tell her what I imagined, and me taking a salary when I became the general contractor. she made an offer for $52,000 that was accepted. When the buyer’s two children came out and looked at We tried to purchase it with a conventional loan, the finished house, they exclaimed, “Mama, I didn’t know but couldn’t get one due to the house’s condition. you were so rich!”
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Photo: Chad Case
eXp Realty Idaho, Boise, Idaho
[feature]
field notes
other great stories We also wanted to honor these CRSs, whose stories touched our hearts (and made us laugh):
Kay Hunt, CRS
THE START OF A BEAUTIFUL FRIENDSHIP insurance and retireImagine Homes Realty, LLC, Vancouver, Washington CRS Designee Since 2004 Kay@KayHunt4Homes.com | 360-798-6718
After helping an older couple purchase their home, Kay Hunt, CRS, went above and beyond, and continued to help them with anything they needed for the next 20 years.
I helped an older couple purchase about 20 years ago. They knew no one here in the Vancouver, Washington, area and arrived in town with their entire life savings in three cashier’s checks that they were carrying around with them. I took them
to a bank near the home they wanted to purchase and waited while they opened their accounts there. They had no children or close relatives, so for the next 16 years, anytime they needed something, I got a call. I helped them with everything
from figuring out the thermostat on their heater to taking them to a travel agency to arrange for a trip abroad. When the husband died recently, I was one of just two people who attended his funeral. I helped the widow with all of her
ment benefits and filing her taxes with her accountant. She purchased another home soon after that, and I helped her pack, made the arrangements for the moving company and even instructed them on where to place the furniture. This was a relationship that was far more than real estate duties and transactions.
Patti O’Reilly, CRS
COMMUNITY ORGANIZER Northside Realty, Raleigh, North Carolina CRS Designee Since 2003 pattioreilly1@gmail.com | 919-601-0709
I began my real estate career in 1997. I was a retired international flight attendant. Going the “extra mile” was second nature to me. I loved helping my buyers and sellers. I staged their homes before we had a name for it. I found jobs for family members, and even helped a client get his green card. I revisited 10 homes one day to find a lost Barbie doll. One winter day, I got a call from a former client and friend. Her husband had been diagnosed with multiple myeloma and they would not be able to pay their mortgage. He could not work and was applying for disability, which is a long process. The home was in need of repairs, but there was no money to make them.
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When a client had a medical crisis, Patti O'Reilly, CRS, responded by organizing a fundraiser, including a radio station interview and visits to churches to raise funds.
I was working on getting the home ready when overnight he was hospitalized. I spent the next afternoon with the family in the hospital. It was clear to me that they could not sell at this time. I called a mutual friend that afternoon and asked her thoughts on doing a fundraiser for him. Soon there were 11 of us on a committee. We called it “Standing in the Gap!” I was on a local radio station and the donations started coming in. We attended different churches, but all came together: One church was in charge of the dinner and the other an auction. A local jeweler donated a diamond ring! It was a wonderful evening. Tears of joy! Blessings beyond anything we could imagine. We raised over $50,000! He could pay the mortgage until his disability was approved. He went on for treatment and continues to live today. What sweet memories!
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Judy Barrett, CRS
MONK BUSINESS REALTOR®, Kailua, Hawaii CRS Designee Since 2001 JudyB@JudyBarrett.com | 808-263-0250
Past clients referred a brother and sister to me who needed to sell their father’s home. Dad, a doctor, had died unexpectedly while undergoing surgery. The daughter lives in Portland, the son in San Diego, and the property is in Honolulu. Neither had ever sold a house before and they only had a few days in Hawaii to make arrangements. As soon as the legal paperwork was in order, my favorite handyman and I cleaned, painted, made small repairs, packed up and stored an enormous number of boxes for the planned estate sale, hacked back some aggressive vines, made six dump runs and arranged for a failed pool pump and water heater to be replaced. On a Wednesday, I had the whole house staged and almost ready for the photographer, who was due on Friday. That evening, vacationers were supposed to check in to a very limited part of the property. When I returned Thursday, the vacationers had helped themselves to the entire property. Furniture was rearranged and food and appliances were all over my immaculately cleaned kitchen. There were suitcases, clothing and snacks in every room. My meticulously staged beds had been slept in!
I contacted the son and daughter, who contacted the booking agency, who made arrangements for the tenants to return by 3 p.m. to remove their things and vacate, as they’d violated the terms of the rental agreement. By 5 p.m., they had not returned. The son and I agreed that I’d lock the gate, leaving a note instructing them to call me for access. They finally called at 8:30 p.m. and I headed over, calling Honolulu Police on the way to ask for an officer to accompany me, as I had no idea who or how many I was meeting, or just how hostile they might be. I waited a few doors away from the house until police arrived. Four tall, handsome officers (straight from Central Casting) accompanied me to the gate, where we found a group of about a dozen saffron-robed female monks and one male spokesperson. The police were dismissed, and after some discussion, the monks seemed sympathetic to my plight and agreed to depart. Within 40 minutes the monks had almost everything packed up. There was much bowing and smiling. On their way out, one monk asked if she could hug me. She said the house would sell for a good price in an honorable transaction because they had all blessed it—and she was right. The house sold to a very nice doctor, over list, in just five days. Thirty-six years in this business and it never gets boring, but I’ll never forget the night I evicted the monks!
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After meticulously staging an empty home to prepare for a photographer, Judy Barrett, CRS, discovered that a dozen female monks vacationing on the property had made themselves at home, sleeping in the beds and leaving items everywhere. They apologized, packed up and promised the house would sell for a good price, which it did.
To read more of the entries, go to TRSmag. com/story-ofthe-sale.
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Use these 7 steps to finally take control of your email— and take back your time. By Gwen Moran
f you’re like most professionals, simply managing your email messages every day is a considerable task. A 2015 survey from Adobe Campaign, an email marketing solutions provider, found that U.S. workers spend more than 30 hours each week checking, responding to and otherwise dealing with email. That’s the equivalent of a substantial part-time job. “It’s a huge issue with time management and customer service,” says Becky Ivins, CRS, owner of Oklahoma City, Oklahoma-based Movers Real Estate Company. “As my business has grown, so has my inbox.” The good news is that smart email management strategies can help you recoup some of that time—and devote it to working on your business instead of plowing through your inbox. And, don’t worry—you don’t even have to promise to get to “inbox zero.” Use these seven tips instead.
1 ➤
Limit your review times
When Adobe Campaigns did a follow-up survey in 2017, they found that people were “constantly” checking email. The ubiquitous nature of smartphones makes it easy to take a peek anytime and anywhere—and we do. Nearly 80 percent admit to checking work email on vacation, nearly 70 percent check email while watching TV and 45 percent even admitted to checking email while in the bathroom. Instead, try checking your email at specific times. A 2014 study from the University of British Columbia found that limiting email check-ins to three times a day reduced stress—and had no other negative effects on communication or business relationships. If three times per day doesn’t work for you, adapt to what does. But the key is limiting check-ins to specific times so email monitoring isn’t a constant habit.
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Have a Plan of Attack
Leaving emails to pile up in your inbox is a recipe for something to get overlooked. Joshua Ives, CRS, a licensed REALTOR® with Edina Realty in Chanhassen, Minnesota, has a strict plan of attack when he reviews his email messages. “I’m rigid with how long emails are allowed to stay in my inbox,” he says. Every email message is answered, forwarded, filed or deleted as soon as possible.
★
Create a Filing System
Just like a paper filing system, an email filing system can help you organize your email messages by subject, client and other indicators. Lilli Schipper, CRS, a REALTOR® with Island and Resort Realty in Fort Lauderdale, Florida, uses Microsoft Exchange, which is cloud-based, and allows her to access her email from any connected device, and send files
As part of a large broker network, he says he doesn’t get that much spam because the company’s system typically catches it. He deletes redundant email chains or messages on which he didn’t need to be copied. He tries to respond immediately when he can or forward the email to the appropriate person. On a rare occasion when he can’t, he’ll leave the message in his inbox—but that starts an internal clock of sorts. “If a message is still there after 24 hours, it means the sender needs a response from me and the message is flagged for follow up,” he says. This system lets him stay on top of his email and ensure each message is treated appropriately.
and messages from her phone. “As a REALTOR®, we have a lot of customers at one time, and it can be hard to keep everything organized. I create folders and subfolders for everything. So, I have a folder in my cloud-based email that is for sellers, and subfolders for each seller I’m working with at the time. Then I have a folder for buyers, with subfolders for each buyer I’m working with at the time,” she says.
EMAIL TOOLS YOU CAN USE
Email overload is a common problem. The good news is that there are a number of useful apps and services to help you manage it.
Unroll.me: Streamline your inbox. This app scans for subscription emails, then allows you to easily unsubscribe and receive the rest in once-a-day digest form. Available for iOS. Free.
SaneBox: This service works with a variety of platforms and will sort your email into those it thinks are a priority, as well as those that can wait. The app
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has a number of other handy features, such as automatically saving attachments to the cloud and allowing you to schedule reminders. It works with multiple email platforms. Tiered pricing starts at $7 per month with discounts for a 12-month purchase.
Organizer by Otherinbox: Another service that works across email platforms, Organizer files your email messages for you and sends you an organized daily digest. It works with multiple email platforms. Free.
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★ Target Zero Messages in Your Inbox
Ives’ goal is to minimize messages in his inbox as quickly and often as possible. “I don’t know how other agents refer back to emails when they have thousands of them unorganized. Some agents in my office have up to 20,000 emails in their inbox. This just wouldn’t work for me,” he says. But some are not as comfortable with the email minimalist approach. Laurie Drucker, CRS, a REALTOR® with Kensington Real Estate Brokerage in Attleboro, Massachusetts, says keeping useful email messages in her inbox gives her a historical—and searchable—record of her correspondence, which comes in handy when she needs to track down correspondence, documentation and other details. “I’m terrified of losing things. I have contacts in my email. I have it all backed up. I use it for source generation. It’s a wealth of information,” she says. Drucker uses Folio, a platform that helps REALTORS® manage their deal-related communication and automatically files incoming email messages based on the deal with which it’s associated. When something important lands in her email box, she’ll mark it “unread” even after she has read it. That’s a note to herself that she needs to follow up on it. “I’m not a ‘zero-inbox’ person. I’m a ‘zero inbox unread’ person,” she says. Choose the right approach for your personal style.
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★ ➤
Clear the Clutter
Drucker regularly takes time to unsubscribe from unwanted email lists to cut down on volume. Then, she uses Unroll.me, which manages all of her subscribed emails. She indicates which recurring messages she wants to stop receiving and which she wants included in a digest. The app then consolidates merchant ads, newsletters, Twitter notifications and other non-urgent email messages and delivers them in a single daily email digest.
★Use Separate Accounts
Ivins uses separate email accounts for personal and business matters. “It takes some time to ‘train’ family and friends that personal matters, purchases, vacation travel plans, etc., all go to personal email,” she says. According to the Adobe Campaign study, that approach can cut email time at work by roughly half. Similarly, you can use separate email accounts for various clients and purposes, especially if you’re working with a team. For example, have different email addresses for buyers and sellers that can be automatically routed to the appropriate team members.
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“AS MY BUSINESS HAS GROWN, SO HAS MY INBOX.” —Becky Ivins, CRS
Tap Your Staff
Ivins’ transaction manager opens her business email messages and forwards all personal email to her private account. She takes action on the business emails she can handle and files those into email folders. Any messages that are “must-reads” for Ivins are marked with the email platform’s “mark as important” function— in some, that’s a star or other symbol. Because Oklahoma requires that REALTOR® records be kept for five years, Ivins prefers an elaborate folder system that allows her to keep large volumes of email organized. On weekends, Ivins has a virtual assistant who opens her email and alerts her to anything urgent, such as an offer that has come in by email or a client who has an issue that needs an immediate response. “Having staff with good judgment skills is a must.” By creating an approach and system that works for you, managing email doesn’t have to be a constant frenzy. Use these tips to take back your time and spend it in a way that’s most important to you.
Meet your Designation Maintenance Requirement today! Read this article and “Looking Back to Plan Ahead” on p. 26, take a 10-question quiz and earn 2 credits. Go to goo.gl/hnfPZu or scan the QR code for the quiz.
Gwen Moran is a freelance writer based in Wall Township, New Jersey.
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Top agents look ahead to 2018, focused on setting goals, priorities and strategies. By Mary Beth Klatt
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For the last two years, Deborah Carson, CRS, has joined four colleagues from her office to review their business plans and set new goals. The first year, the group met at a member’s nearby home. They spent two full days goal setting and business planning and created vision boards to hang in their office so they can see their goals each day. Last year, the group (they call themselves the Fab Five) went to a Tennessee mountain retreat and repeated their two-day routine, adding a half-day of putting together systems. This hard work has paid off for Carson, a broker associate with Caroline One Real Estate in Charleston, South Carolina: Her business
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WORK WITH A COACH
While some REALTORS® focus on fine-tuning their business plans for the following year, others like Marty Haines, CRS with ReMax Alliance Group in Venice, Florida, work closely with a coach for business success. “I know for me, it has been life-changing,” Haines says. “I’ve got an incredible business (I survived the recession) and I live the good life with my family. I’ve been blessed.” Haines decided to hire a coach after hearing real estate coach Brian Buffini speak in 2001 about the importance of working by referral. This includes asking past clients, friends and family to refer you. Consequently, Haines knew how to grow her business. She has adopted the following practices: � Participate in one-on-one coaching calls twice a month. � Write annual goals for all aspects of her life (spiritual, business, financial, family and personal). ÄÄ Create and fine-tune personal and business budgets every year. ÄÄ Attend three to four Buffini seminars nationwide to stay focused on the process. The seminars help Haines focus on what she needs to do. Following Buffini’s approach, Haines has developed a strong referral network in the U.S. and Canada. People know their referrals will be treated like family and receive quality service from a knowledgeable source, she says.
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2019 2018 2017
has soared for the past two years. She’s not alone. She and other agents have found that the end of the year is the perfect time to evaluate the past year and make plans to grow. Alyce Dailey, CRS, with the Dailey Group in Baltimore, also sets up a business plan with goals as the year winds down. Her group’s marketing calendar drives all lead-generation activities for the year, she says. The marketing calendar dictates the number of client touches via calls, video, Slybroadcast, face-to-face-meetings, etc. She and her team focus on generating leads from October through March, and cultivating leads from March through September. “Each year, it’s ‘rinse and repeat,’” she says. “We have an overall goal for the year, backed up by three strategies and five priorities for each of the strategies.”
DEVELOP A 6-POINT BUSINESS PLAN Planning the year is a multi-step process for Gigi Trujillo, CRS, REALTOR®-ASSOCIATE with Coldwell Banker in Miami, who works with her team to develop a business plan. They review and analyze the past year for future goals. Here are six points that Trujillo’s team uses to create and re-evaluate their business plan annually. They focus on each of these categories to meet goals. BY THE NUMBER S
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Market Conditions
“We need to look at the market conditions in the areas we serve,” she says. “What has affected our goals?” How can they compensate for unfavorable conditions? What adjustments need to be made?
of REALTORS® are very certain they will remain active as a real estate professional for two more years. Source: National Association of REALTORS® Member Profile 2016
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Review and Analysis
As each calendar year comes to an end, the team reviews performance and goals. If our goals were not met, “we begin to discuss the possible reasons why and whether it is within our control,” she says, including market conditions, interest rates and inventory.”
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Budgeted Funds
“We allocate funds to specific areas, such as listings, marketing, education and networking/community events, etc.,” she says. Allocations need to be periodically reviewed based on new information.
mind your business
Others focus on reviewing past accomplishments. Kristy Hairston, CRS, a broker with the Village Real Estate in Nashville, Tennessee, simply completes a Y.E.S. (year-end summary) form. “It’s very helpful for managing ROI on leads and other activities so you can decide where to invest more time or money in the coming year,” she says. “I set up a marketing budget based on findings from the report.” Jeannie Anderson, CRS, a REALTOR® with Pacific Union International Real Estate in San Francisco, blends five different systems to set goals and track progress. She has a marketing plan for each listing and month. She reaches out and mails gifts for her sphere of influence twice a year. She sends out a consumer magazine every month to clients based on their interests and holds one to two parties for clients, friends and family. She reviews not only the past year, but the last five years to examine where business comes from and how income is generated. She performs monthly, quarterly and semiannual business reviews to determine what she needs to accomplish. Finally, she reviews her
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personal budget to see how much income she needs to generate. This year has been exceptionally tough with no inventory and frustrated buyers. “Losing six transactions to rentals instead of the client buying a home has been a major hit incomewise,” she says. However, with careful planning, she’ll come up with other income options. Even with this past year’s challenges, she will aim for a certain number of closings and exceed an income goal, which she has normally surpassed. As for the Fab Five, Carson and her team constantly check in with each other. “Throughout the year, we bounce ideas off each other,” she says. “We are accountable to each other.” Buoyed by their past successes, the group met this past October in Beaufort, South Carolina. “We enjoyed our trip to Beaufort and look forward to seeing our goals, business plan and vision board work for us in 2018,” Carson says. Mary Beth Klatt is a freelance writer based in the Chicago area.
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Expansion
“It is essential for us to evaluate how our earnings were derived and look for additional sources to grow our future earnings,” she says. “Analyzing our local market, we focus on strategies that will increase our market share.”
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“WE HAVE AN OVERALL GOAL FOR THE YEAR, BACKED UP BY THREE STRATEGIES AND FIVE PRIORITIES FOR EACH OF THE STRATEGIES.” —Alyce Dailey, CRS, Dailey Group
Client Relations
Trust and knowledge are key to developing relationships with each client. “Giving them factual information and providing them with honest opinions makes a difference,” Trujillo says. “Part of our strategy is to get feedback from our clients so that we can improve our business.”
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Meet your Designation Maintenance Requirement today! Read this article and “Mastering The Inbox Labyrinth” on p. 23, take a 10-question quiz and earn 2 credits. Go to goo.gl/hnfpZu or scan the QR code for the quiz.
Education
“It is imperative to our team’s growth that our members continue to expand their knowledge of our industry. This allows us to better serve our clients—one of our primary goals. Designations, such as CRS, allow our team members to remain competitive in the marketplace. We schedule different courses for each member throughout the year to accomplish this goal.”
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trade
winds
[feature]
are you a
PACK
HUNTER
Business model differences between a real estate franchise and an independent agency are less dramatic than you might think. By Donna Shryer
You know the difference between a franchise real estate agency and an independent agency. Or do you? With the internet’s rapid growth, America’s post-Great Recession emphasis on entrepreneurship, franchise models loosening up, and independent brokers facing fewer challenges, yesteryear’s pros
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and cons for each respective path have changed. In other words, franchise and independent agency attributes are in many cases no longer black vs. white, good vs. bad or right vs. wrong. Here are several traditional pros and cons for each path— along with counterpoints.
OFFICE CULTURE AND SUPPORT Culture
There are no categorical pros or cons when it comes to office culture. Whether you choose to play with the “big boys” (such as Century 21, Keller Williams Realty, Inc., or Coldwell Banker) or go the independent route, office attitudes and behavior characteristics have nothing to do with agency
category and everything to do with an office’s unique environment. To this point, it’s essential that you become familiar with an agency’s culture before signing on, emphasizes Edward Hru, CRS, broker/ owner of Century 21 Roo Realty, in Orlando, Florida. “Is it a happy group that gets along? Do you think you’ll
fit in? Every office culture is unique,” Hru says.
Management Support
Another area where agency category is irrelevant pertains to management style. Prominent, nationally franchised real estate companies and small, independent boutique agencies are
equally capable of exemplary mentoring. “Some franchises are better with organized training programs, but one-on-one mentoring and general management support is an attitude that’s specific to an agency,” says Merlin J. Weaver, CRS, REALTOR®, Berkshire Hathaway, in Wyomissing, Pennsylvania.
LONEWOLF?
a
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BRAND FRANCHISE PRO According to an Inman Select Special Report, The Shift Toward Independent Brokers, brand awareness is considered a big franchise advantage. “Being part of a franchise gives you immediate company recognition, and there will always be clients who only want the names they recognize,” Hru says. “I feel that brand recognition also gives me the power to recruit a higher level of new and experienced agents.” FRANCHISE CON Weaver agrees, but just so far: “Eventually you’re paying a lot of money for nothing, because a seasoned, savvy REALTOR® has a client base that comes to him or her,” he says. “The REALTOR® is the brand—and it doesn’t matter what it says on the office door.”
INDEPENDENT PRO Tracy Shaffer, CRS, REALTOR® with Denverbased Your Castle Real Estate, LLC, feels that being smaller and localized gives her team the ability to steer branding efforts into specific developing niche markets, which eclipses national visibility. “Because we’re independent, we were able to quickly bring our brand into a unique creative community here in Denver and change the neighborhood’s paradigm from ‘starving artists’ to ‘thriving artists.’ We put a lot of people into their first home and helped some residents buy multiple properties, which gave them a steady income based on rental properties. ” Shaffer says. “This kind of flexibility to focus on one community gives independent real estate agencies a competitive advantage.”
Perhaps it’s this “competitive advantage” that explains why more than 8 in 10 U.S. brokerages today are independents. It may also explain why 97 percent of indie brokers say they aren’t considering joining a franchise brand and 71 percent of affiliated brokers report they’ve at least thought about going indie. INDEPENDENT CON Flying solo, Weaver feels, may not be the best decision for a newer agent. “I realized early on that without your own personal brand—meaning your reputation—it’s tough to build a business as a non-franchise,” Weaver says. “You’re facing a massive financial outlay to create a brand, website presence, marketing materials and a listing presentation—and all the while trying to keep everything fresh.”
EDUCATION AND TRAINING RESOURCES FRANCHISE PRO Bill Kuhlman, CRS, group leader with the Kuhlman Residential Group at Keller Williams Boston South West, went solo for 24 years and then moved to a franchise, where he finds having access to high-level education and other resources is a big plus. At the same time, Kuhlman says, “I’m not locked into a template. If I choose to do things a little differently, KW supports me. It’s the best of both worlds.” FRANCHISE CON While REALTORS® generally agree that franchise companies have a deep pool of educational and training resources, Erica Ramus, CRS, broker/owner of the Ramus Realty Group, an independent boutique agency in Pottsville, Pennsylvania, feels that once a REALTOR® reaches a certain level of business savvy, the franchise company’s education tends to be too basic.
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INDEPENDENT PRO To beef up educational opportunities for her team, Ramus keeps a close watch on CRS and NAR classes. “CRS offers free and for-a-fee classes and webinars,” she says. “There’s a whole library of tools! If you know where to find the best education, I feel that independents can match every franchise opportunity.” INDEPENDENT CON With experience on both sides of the fence, Kuhlman not only feels that the education and training resources are less plentiful and harder to find for independent brokers, but so is the office support to back up resources. “With a franchise, I now have access to managerial and administrative support, which allows me to work with more clients while giving me more time for my personal life,” Kuhlman says.
trade winds
THE INTERNET For the franchise, internet pros largely circle around robust corporate digital marketing budgets as well as the fact that buyers and sellers’ often click first into websites associated with familiar power names. For smaller independent agencies, the internet pros of note include a world of connections to marketing tools, analytics, trend analyses, relocation referrals, client leads, educational and training tools, and a host of additional resources once considered nearly insurmountable challenges for smaller, independent agencies. At one point, David F. Joslin, Jr., CRS, managing partner with Century 21 Advantage Gold in Newtown Square, Pennsylvania, went the indie route, and he recalls finding it difficult to weave his way through service providers. However, as the internet took off, so did his access to reputable providers. “I found an organization called BreakthroughBroker. com —an online
business consulting tool that was helpful to me as an independent broker,” Joslin says. “Seeking out
these organizations takes time—but the resources are there.” The internet took Ramus to Leading Real Estate Companies of the World® (leadingre.com). “It’s similar to a franchise system for independents. I can download education modules and join networking groups—which is a huge benefit for relocations and referrals,” Ramus says. “They offer resources and support that make it easy to find information on marketing issues and day-to-day operations.” Turning to a savvy online presence, once considered an enormous advantage reserved for the franchisee, Gabe Caporale, CRS, managing broker, Caporale Realty Group, in Elmwood Park, Illinois, has these words of wisdom for his fellow independents: “When you’re not paying out franchise fees, you have a bigger budget to hire tech experts, like a webmaster, social media specialist and online content developer.” There are also free digital solutions that can be easily found at realtor.org and inman.com.
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ENTREPRENEURIAL SPIRIT FRANCHISE PRO As America continues to move through the age of entrepreneurship, franchises have loosened up their business models. However, Kuhlman feels a certain amount of freedom always existed: “Most real estate agents have an independent streak, and if you try to box us in, we’ll resist,” he says. “Franchisers know that. Sure, they have policies and procedures, but there’s often a lot of latitude between the lines.” FRANCHISE CON The major franchisers have some work to do as far as communicating their openness to individuality. Some REALTORS®, Ramus says, still see “the franchise as an office in a box.” That opinion may account for the fact that 27 million working-age Americans are starting or running their own business. That, according to a report from the Global Entrepreneurship Monitor (GEM), is a record high. INDEPENDENT PRO Ask any REALTOR® for the one word that best describes owning or working for an independent agency and that word is usually “freedom.” It’s also a word often associated with entrepreneurship. The creative freedom is obvious, but here’s something else to consider. “Without having to pay franchise fees, I have the freedom to invest in localized marketing, regional associations that promote my business community, and I can support regional charities and functions,” Caporale says. “I would much rather donate time and money to my community than to a franchise.” INDEPENDENT CON All that freedom requires a fiercely independent personality and work style—as well as time to make everything flow, since corporate resources are not within reach. Joslin, for example, left the independent world for a franchise because he didn’t relish quite so much autonomy. “I spent a lot of time pounding my head against the wall and constantly asking myself, ‘What resources are available to me as an independent broker to guide me along in business?’” Joslin says. “On the other hand, with a franchise, I still have flexibility to effectively run my business with the added bonus of unlimited resources at the ready.” Donna Shryer is a freelance writer based in Chicago.
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resources for learning & leisure
GOOD READS
DO THE
hustle
The word “hustle” has gone from being a synonym for “con” to an inspirational catchall meaning “decisive movement toward a goal.” By Allan Fallow
Modern life demands an entirely new style of career self-management, say the trio of entrepreneurs and consultants who wrote Hustle. WarnHUSTLE ing the reader that The Power to Charge the upcoming pages Your Life with Money, will sting—“and that Meaning, and Momentum is by design”—the by Neil Patel, three authors urge Patrick Vlaskovits, us to “put on your and Jonas Koffler big boy pants” and Rodale, 246 pages heed their expla$ 26.99 nation of how to respond to our current state of affairs: Place our trust in today’s system? Please. It’s a rigged game designed
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to snare us from the onset of our adult lives with student loans, credit cards, bloated mortgages, unfulfilling work that quickly gets outsourced to the lowest bidder, overpriced health care and quickly commoditized McJobs. According to polling by Gallup, Inc.—where, coincidentally, Hustle co-author Jonas Koffler once worked, and “hated his job”— almost 9 employees in 10 feel “emotionally disconnected” from their profession. Nor are they toughing it out because they’re raking it in: “In the United States today,” the authors claim, “40 million of us are chained to onerous student loans that clip our wings, and more than 20 million of us are confined to our parents’ nests.” So, what’s a trapped-in-the-maze wage slave to do? Don’t overdream, the authors exhort us; rather, discover the power of doing, even if it’s only a tweak in your routine: We must find the courage to put ourselves in motion. We owe it to ourselves to steal back control of our lives from a broken system.
We must move toward our dreams, and as we chase better outcomes, we get to choose our own adventure. In a word, we must hustle.
Take Bite-size Risks
Appealing directly to the disaffected—those of us who know, deep down, that we should be devoting time to a pursuit much closer to our hearts—the authors ask us to ferret out the sources of our discontent: Why do we struggle so to articulate our lack of fulfillment? Why do we resist acknowledging “the holes in our hearts? Why do we feel so stifled?” Rather than striving to avoid failure—a form of “self-sabotage,” according to the authors—we should aim for success by taking “bite-size risks.” And even when we are plagued by fear and selfdoubt—when, as the authors put it, “life’s washing machine has us going round and round in a ‘Cycle of Suck’”—we must recognize the roles that “learned helplessness” and even willful blindness play in our lives. The antidote? “Hustling is about shaking things up and beginning
4. Perform small acts that support others in their quest to move forward. You lead by giving first, then receiving in response. 5. Advancement often occurs indirectly, so don’t lose faith if you find yourself on an oblique path from valley floor to mountaintop. Instead, embrace the zigzags and rebounds. 6. For 10 minutes, do something that moves you without evaluating it. This is a stealth way of optimizing your energy and sidestepping the trap of overthinking. It’s all noble if not exactly novel advice, but then Hustle commits Stretch the Rules Having made the case that we must the unpardonable sin of making the reader feel, well, hustled. The shift for ourselves in a “jobless authors hawk their talents so economy … pounded by the forces of globalization,” the authors lay shamelessly that I sometimes out a hardworking strategy—and couldn’t tell if I was reading a book tactics—for getting ahead in a or an ad. Lead author Neil Patel world of new rules: seems especially desperate for 1. Rather than attempting to culour approval, identifying himself tivate an ability you will likely as an “internet icon” twice in the never develop, learn to surface first six pages. Neil’s conference your innate creative talents. (If keynotes get “rousing applause” you’ve ever wanted to see Malfrom “enthused marketers,” we colm Gladwell’s “10,000 Hour learn. Neil’s blog is “wildly popular.” Rule to Mastery” thoroughly Neil owns a condo in the Las Vegas debunked, read the section titled Mandarin Oriental. Neil wears a “10,000 Mistakes” on pages 30 $3,000 sweatshirt that is the envy to 32.) of NBA players. And, in case we 2. Repeatedly expose yourself to haven’t gotten the message, Neil is small doses of pain and risk; “approachable, authentic, disarming, through a process known as funny, and immediately likable.” “hormesis,” these episodes will It’s an embarrassing and near make you stronger. mission-scuttling misstep by once3. Manufacture your own luck. To proud publisher Rodale—one that do this, indulge your own quirks, could have been easily remedied with a few wise flicks of the curwhich the authors characterize sor. So as you read Hustle, don’t let as “noticeable differentiators the tone deafness undermine the in how you present yourself book’s worthy message: Hustling, [that] can be quite attractive to after all, “is intended to enable employers and lovers, so you you to bring your best work into must take them very seriously.” the world.” And because opportunity abounds in your every daily Allan Fallow is a freelance writer and book editor interaction, strike up conversain Alexandria, Virginia. Follow him on Twitter tions in elevators (there’s that @thefallow. “sting by design” again!). anew,” the authors declare. To rekindle our ambitions, what if we trained ourselves to recognize the “oceans of opportunity” for creative expression and do-it-yourself entrepreneurship rampant in the world? “Nineteen-year-old millennials are starting successful businesses with global footprints before they finish college,” the authors gush. “So are 50-somethings and boomers who have put off meaningful pursuits for too long. There are more ‘side hustle’ opportunities available to us than ever before.”
YO U M I G H T A L S O L I K E …
THE 5 SECOND RULE by Mel Robbins [Savio Republic] 240 pages $ 16.99/hardcover Mel Robbins, one of the most sought-after keynote speakers in America, explains how a simple tool can change your life in five seconds. THE HACKING OF THE AMERICAN MIND by Robert H. Lustig [Avery] 352 pages $ 16.50/hardcover A look at how our pursuit of happiness is being subverted by a culture of addiction and depression due to corporate schemes. BORED AND BRILLIANT by Manoush Zomorodi [St. Martin’s Press] 208 pages $ 18.35/hardcover What does our brain do when we’re doing nothing? A lesson in how to unplug and rethink our gadget use to live better and smarter. THE LITTLE BOOK OF COMMON SENSE INVESTING by John C. Bogle [Wiley] 272 pages $ 16.48/hardcover The classic guide to better investing with two new chapters on asset allocation and retirement investing.
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FOODIE BAG
resources for learning & leisure
Ø
PAIRS THAT CAN’T
be beat
When you’re constantly on the go, it can be difficult to stop and smell the rosé. But knowing which foods pair best with which wines is a must, both when dining out with clients and when entertaining in your own home. Here are several go-to pairings:
Ham Croissants and Rosé
Start it off light with a delicate pink wine. A dry rosé pairs particularly well with the buttery taste of the crescent rolls and saltiness of the ham.
Turkey Dinner and Zinfandel
Zinfandel brings out the spices in a traditional turkey dinner—clove, cinnamon and allspice—so it works well as a holiday wine. Bolder and richer than the turkey, it will complement the smokiness of the meal without overwhelming the pallet.
Prime Rib and Cabernet Sauvignon
The taste of the wine should always be bolder than the taste of the food, so a strong beef flavor calls for a strong, bold red like cabernet. The higher tannin
content of this wine will cleanse your palate, always leaving you ready for the next savory bite.
Smoked Ham and Pinot Noir
When eating a salty, fatty, flavorful ham (and particularly if it’s accompanied by other rich, salty side dishes), opt for a berry-forward pinot noir. The subtle spiciness will offset the fatty flavors nicely.
Primavera Pasta and Sauvignon Blanc
When pairing wines with pasta dishes, pair based on the sauce rather than the pasta. With a vegetable-based pasta dish in a light sauce, you don’t want to overwhelm the dish with a bold wine. Instead, serve sauvignon blanc to bring out the freshness of the food.
Apple Pie and Riesling
Apple pie is undeniably America’s standing favorite sweet treat, especially for family gatherings. Pair with a sweet Riesling to complement its flavors. Remember, the wine should be sweeter than the dessert.
Dessert
Bold red
Medium red
Rosé
Rich white
Sweet white
When deciding which wine to pair with your next meal, keep it simple to get the best results.
Dry white
3 TIPS FOR PAIRING FOOD AND WINE
Sparkling
THE OENO FILE
1
IF YOU DON’T LIKE IT, DON’T DRINK IT. Just because a
wine together so neither overwhelms the other. Acidity, sweetness and wine is considered the best body of both the food to pair with a certain food and the wine should be doesn’t mean you must considered. drink it. If you hate merlot, don’t pair it with anything! FOCUS ON THE If you love a good rosé, pair MAIN FOOD. it with more than just the Match the wine to the lightest of fare. most prominent food on the plate, rather than FIND BALANCE. trying to find something Weigh the that goes well with all richness of the food and the dishes.
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Vegetables Roasted vegetables
Bread
Soft cheese
Rich seafood
Fish
Poultry
Red meat
Cured meat
Sweets
inside
CRS news from the council
TURNING
a new page
Welcome to the new CRS.com
The Council is launching a new website. Starting in November, you will see this page instead of the usual CRS.com. The Council’s goal is to provide all visitors with an easier, more interactive navigation that will provide faster access to the important information they need. Here’s what’s new: ÄA Ä cleaner, more modern design and new navigation. ÄÄFind a Course and Find-a-CRS are now front-and-center. ÄAll Ä news, tools and other resources are collected in one spot. ÄA Ä page designated for buyers and sellers, which you can share. ÄA Ä section highlighting what’s new with the Council’s educational offerings. ÄA Ä new booking portal for states and associations that want to hold courses locally. For security purposes, you will need to log in and create a new password to navigate certain parts of the site. You will receive an email with instructions.
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CRS news from the council
PICTURE perfect New keynoter added to Sell-a-bration® line-up
The Council’s annual conference, Sell-abration®, continues to grow as more CRSs make the trek to connect with their peers, learn from the top educators in the field and get inspired by the nation’s thought leaders. Sell-a-bration® 2018 takes place Feb. 5–6 at the Gaylord Texan Resort & Convention Center in Grapevine, Texas, outside Dallas. The Council recently added Platon as the second keynote speaker, following Mel Robbins. Platon is a renowned photographer who has taken portraits for a range of international publications, including Rolling Stone, The New York Times Magazine, Vanity Fair, Esquire, GQ and The Sunday Times Magazine. Producing
more than 20 covers for TIME magazine, he photographed Russian Premier Vladimir Putin for its “Person of the Year” cover in 2007—an image that was awarded first prize at the World Press Photo Contest. As staff photographer for The New Yorker, he produced several large-scale photo essays, two of which won ASME Awards in 2009 and 2010. In 2009, Platon teamed with Human Rights Watch to celebrate those who fight for equality and justice in countries suppressed by political forces. In 2011, Platon was honored with a Peabody Award for collaboration on the topic of Russia’s Civil Society with The New Yorker and Human Rights Watch.
POWER PLAN As 2018 begins, the Council launches a new three-year plan that focuses on three core areas.
Education: To be the premier education resource for the lifecycle of the real estate agent. Direction: Provide compelling education and career path trajectory for REALTORS® to raise the level of professionalism, attract top producers and those who aspire to be top producers to pursue a CRS Designation by offering content, instructors and delivery models that reflect the changing market needs. Goal #1
Goal #2
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Membership: To attract new members and grow membership.
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Platon (pictured directly above) has photographed many world leaders. His work has been exhibited in galleries and museums domestically and abroad. He founded a non-profit foundation that aspires to create a visual language that fights discrimination and enlists the public to support human rights around the world.
Register for SAB by Nov. 15 to save $100. After Nov. 15, attendees will pay full price at $679.
Direction: Increase our member base by using clear call to actions that communicate the value of education, CRS Designation and business services provided by the Council. Goal #3
Networking: To create and maintain an effective, engaging network of likeminded
professionals. Direction: Expand, grow and deepen networking and referral opportunities through business, peer-to-peer and volunteer engagement.
WHAT’S IN A name?
The Council of Residential Specialists is changing its name.
The Board recently approved a name change for the Council to minimize the confusion between the organization’s name and the designation, and to be more in line with our strategic vision to build value for all of our members now and into the future. The designation will not change—you will still be a CRS or a CRS Designee—but the Council will no longer share that name. Along with this change, the Council will be updating the CRS Designation logo, which has not changed in many years, to provide Designees with a new, fresh look and feel that will help push CRS forward and signal to consumers and the REALTOR® community that CRSs are forward-looking, forward-moving real estate agents.
g c o m in
Quarter Page Ad 717.pdf
STATEMENT OF OWNERSHIP, MANAGEMENT AND CIRCULATION
The Residential Specialist (USPS# 021-699, ISSN# 1539-7572) is published (bi-monthly) six times a year by the Council of Residential Specialists. The annual subscription price is $29.95. The mailing address of both the publication and the publisher is Council of Residential Specialists, 430 N. Michigan Avenue, Suite 300, Chicago, IL 60611-4092. The publisher is the Council of Residential Specialists, and the Editor is Michelle Huffman. The owner of the publication is the Council of Residential Specialists. There were 30,813 copies of The Residential Specialist published in September/ October 2017; the average for the preceding 12 months was 31,243. The paid/ requested outside-county mail subscriptions for the September/October issue were 30,238; the average for the preceding 12 months was 30,230. 103 free copies were distributed by mail in September/October, and the average number of free copies distributed during the preceding 12 months was 542. 222 copies of the September/October issue were distributed outside the mail (to classes, membership kits, etc.), and the average number of free copies distributed outside the mail for the preceding 12 months was 241. 250 copies of the magazine were not distributed in September/October (office use, leftovers), and an average of 230 copies were not distributed from issues in the preceding 12 months. The percent paid/requested circulation in September/October 2016 was 98.9 percent, and for the preceding 12 months it was 97.4 percent.
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learn
from the
BEST strategies from the industry’s top educators
creating
TRUST The foundation of success and happiness has always been built on trust. By Mark Given
CRS INSTRUCTOR
Mark Given, CRS, is a certified instructor, bestselling author and speaker. He is founder of the Trust Based Philosophy. His new books, Trust Based Leadership: Proven Ways to Stop Managing and Start Leading, Trust Based Selling: Proven Ways to Stop Selling and Start Attracting, and Trust Based Success: Proven Ways to Stop Stressing and Start Living, are arriving now through 2018.
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The concept of trust has been taught by many well-respected and admired authors, philosophers, psychiatrists and business experts for years. They speak extensively about the importance of having trust within your relationships. But what’s lacking in their reports is the actual practice of establishing, building and maintaining trust. I have discovered, in nearly four decades of research, that creating a life and business filled with trust is not just a concept, but rather a four-step process: 1. The Introduction Stage, or grand opening phase 2. The Building Rapport Stage, or the question and listening phase 3. The Maintenance Stage, or the giving, not taking phase 4. The Repair Stage, or the sincere apology phase A Harvard University study showed that if adults assume that their ability to discern trustworthiness in strangers is a skill honed over a lifetime, they’re wrong. Even children ages 5 and 6 made nearly the same judgments about the trustworthiness of adults; and children ages 3 to 4 were only off by a few percentage points. People make inferences (right or wrong) about a stranger’s character within 55 milliseconds of viewing them. We call that profiling, and you do it, too!
Stage 1Introduction In the Introduction Stage, you can fix this dilemma by making your initial introduction more about the other person than yourself.
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Rapport Stage 2Building In the Building Rapport stage, a smart person will learn to ask more questions and really listen to the answers. My friend Jack Canfield, the author of the Chicken Soup for the Soul series, recently said in an interview with me about my new books, “You focus on becoming more interested than interesting.” Jack is exactly right. The benefit is that you learn massive amounts about the other person, which always gives you a reason to stay in touch (assuming they are a good match for you personally and professionally).
Stage 3Maintenance To succeed in the Maintenance Stage, you must become more of a giver than a taker. Read the wonderful book The Go-Giver by my friends Bob Burg and John David Mann, and you’ll understand the importance, relevance and success that comes from being a giver. Building trust is maintained over a lifetime. It’s a marathon, not a sprint.
Stage 4Repair And finally, we all make mistakes. We say and do foolish things. Understanding the proper art and science of the Repair Stage is life- and business-changing. You already know how hard it can be to effectively and successfully apologize, and yet how important it is to your happiness and profitability. Selling real estate is hard. Maintaining successful relationships is difficult. The result of understanding, creating and maintaining fulfilling relationships is what will bring you the joy and success we each are seeking. Become a master of “The TRUST Based Philosophy” and life will be your oyster.
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CLASSROOM CRS CRS COURSES connect
CRS classroom courses earn either eight credits (for 100-level, one-day courses) or 16 credits (for 200-level, two-day courses) toward the CRS Designation. At press time, the CRS courses listed below were scheduled for 2017. For more up-to-date listings, visit crs.com.
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CRS 103—Mastering Your Time to Achieve Your Goals Nov. 17—Nassau, Bahamas [Bahamas Real Estate Association]
CRS 120—Converting Leads Into Closings Nov. 30—Memphis, Tennessee [Memphis Area Association of REALTORS® & Tennessee CRS]
242-356-4578
901-818-2421
Nov. 27—Denver, Colorado [Denver Metro Association of REALTORS®]
CRS 121—Win-Win Negotiation Techniques Nov. 16—Nassau, Bahamas [Bahamas Real Estate Association]
Instructor: Monica Neubauer, CRS
CRS 125—Zero to 60 Home Sales a Year (and Beyond) Dec. 4—Atlantic City, New Jersey [Pennsylvania Association of REALTORS®] 800-555-3390
Instructor: Frank Serio, CRS
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Instructor: Lee Barrett, CRS
303-756-0553
Instructor: Rich Sands, CRS
242-356-4578
Instructor: Monica Neubauer, CRS
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510-418-3007
Thom Butts CRS, ABR, e-Pro Real Estate Broker Cell/Text
Carole, CRS, CFP® Ben, CRS & CRB RSPS & SRES CRS NorCal chapter past president
deloresdjohnson.com
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Service with a Smile
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www.JoanneFoxxe.com
808-385-2918 jofoxxe@gmail.com
702-315-6100
dmiyano@yahoo.com 4604 W. Sahara Ave. #3 Las Vegas, NV 89102
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Joanne Foxxe CRS, GRI, SRES e-pro
CasaLasVegas.com
Maui CRS director
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I specialize in making your home sale or purchase the easiest and most stress-free that I can!
www.thombutts.com
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DEREK MIYANO
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Team@TheHeinrichTeam.com
BRE # 01351847
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MARK COOPER ABR, CRB, CRS, e-PRO, MRE
Former Denver Bronco No. 63 25+ Years Real Estate Experience
303-843-1545 afccoop63@gmail.com
www.come2colorado.com
CRS 127—Succession Planning: Building, Valuing and Selling Your Business Nov. 15—Nashville, Tennessee [Tennessee CRS]
Nov. 16—Knoxville, Tennessee [Tennessee CRS]
CRS 130—How Technology Can Ruin Your Business Nov. 30—Omaha, Nebraska [Nebraska CRS]
615-321-1477
865-584-8647
800-777-5231
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Instructor: Mark Given, CRS
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Instructor: Mark Given, CRS
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Instructor: Craig Grant, CRS
COLORADO Joan M. Pratt
MS, CRS, CLHMS, CDPE, CARI
Dedicated to delivering exceptional service to you and your clients. Lori Lane, CRS, Owner (503) 703-7544 lori@lanerealtyworks.com Serving the Portland Metro Area
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“Elevate Your Expectations” « « « « « Voted Five Star Agent for Overall Satisfaction for 5 Straight Years!
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Charlee Gowin 2012 President, Virginia CRS 2010 Virginia CRS of the Year
Craig Zager
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Selling Lake Tahoe since 1989
Charlee@CharleeGowin.com www.CharleeGowin.com
Over 700 million in Tahoe sales
Proudly Serving the Largest Military Market in the World!
Sell Sell phone: phone: 775.901.4663 craig@CraigZager.com
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2301 Urchin Road, Virginia Beach, VA 23451
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DebraPitell-Hauge@michaelsaunders.com SarasotaHomes4Sale.com
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440 Gulf of Mexico Dr | Longboat Key, FL 34228 941.383.7591 | michaelsaunders.com
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Direct: 703-999-6535 Office: 571-207-7010
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CRS CLASSROOM COURSES
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CRS 200—Business Planning & Marketing for the Residential Specialist Nov. 16—Woodridge, Virginia [REALTOR® Association of Prince William] 703-565-0033
Instructor: James Nellis, CRS CRS 201—Listing Strategies for the Residential Specialist Nov. 16—Fairfax, Virginia [Northern Virginia Association of REALTORS®] 703-207-3244
Instructor: Jackie Leavenworth, CRS
CRS 204—Buying and Selling Income Properties Nov. 29—Brentwood, Tennessee [Williamson County of Association of REALTORS®] 615-771-6845
Instructor: Chris Bird, CFP CRS 206—Technologies to Advance Your Business Nov. 15—Bellevue, Washington [Washington CRS] 360-901-0307
Instructor: Pat Zaby, CRS
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KENT REDDING
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BROKER, GRI, CRS, ABR
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Leave YOUR HOME as is, or personalize the newsletter by adding your photo, logo, address and phone number to the mailing panel.* You can also substitute any article in the newsletter with one of your own. Edit the newsletter e lectronically by downloading the Microsoft Word version at crs.com/ yourhomenewsletter. PLEASE NOTE: The images featured in the YOUR HOME newsletter may only be used within the PDF version of the newsletter. These images may not be reproduced or republished elsewhere outside of this newsletter format. CRS members are free to re-use the text of the articles contained in the newsletter, however.
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MAIL. If you photocopy YOUR HOME or use it “as is,” please note that it is designed to be folded in a trifold with the mailing panel facing outward. Postal regulations require that trifolds have two closures (tabs or tape) on top. For your convenience, we have placed asterisks (*) where the closures should be. Be sure to check with your local mailer or post office to make sure you have prepared your mailings properly. ELECTRONIC FILE. Attach the customized newsletter file to an email to your clients or create a web link to the file on your website. Consult your webmaster or technician to make sure the file is prepared correctly for these purposes, since these basic instructions will vary by person and system. * This newsletter is for the exclusive use of CRS members.
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your *
home N O V/ D E C 2 017
Tips and tre nd s for homeow ners, buyers and sellers
FOUR HOME CARE MISTAKES YOU DON’T EVEN KNOW YOU’RE MAKING
Using glass cleaners on mirrors Spraying can lead to “black edge,” when liquid seeps beneath the reflective backing and stains your mirror. Instead, use a lint-free microfiber cloth dampened with warm water. the wrong 2 Using caulk There are as many caulks as there are glues, and you wouldn’t use a glue stick to fix broken pottery, according to HouseLogic. Similarly, you wouldn’t use silicone caulk on bricks because it’s made for non-porous surfaces. Check online or at a home improvement store to ensure you’re using the right caulk. Over-mulching Mulch 3 is great for your home, but don’t pile it on too thick. No more than 3 inches should do the trick. Otherwise, you may prevent water from reaching roots and suffocate plants. Piling firewood 4 against your exterior wall Firewood against the exterior wall of a house is an invitation for termites. Stack your wood at least 20 feet from your home.
1
HANDY
Undertaking a home renovation is stressful, even with the best contractors. Unfortunately, not all are trustworthy and many homeowners are scammed. In 2016, more than 32,000 scams were reported to the Better Business Bureau (BBB). On average, homeowners lost $1,400 from shady contractors, painters and repairmen, according to the BBB. 1. Verify the contractor’s license, insurance and at least three references. Make sure you ask for the contractor’s license number upfront. With this information, you can verify the license with your state. Also, ask for at least three references. Even a scammer may have had a couple projects go well in the past, so getting many references reduces the likelihood you’re dealing with one.
scam
2. Ensure the contractor is an active member of a reputable industry organization. Vendors who are part of the National Association of the Remodeling Industry (NARI) and/or the National Kitchen and Bath Association (NKBA) must undergo a certain level of scrutiny to join, plus they pledge to uphold a code of ethics. This also demonstrates a level of commitment to their business and the industry as a whole. 3. Check the contractor’s reputation online. Even if you check a contractor out online, don’t be satisfied with a quick Google search. Make sure you look for news articles, read reviews and ask neighbors on sites like Nextdoor.com. Also, search the name of the company, the address, the owner and any other employees you meet.
BROUGH T T O Y OU B Y Y OUR A GEN T, A MEMBER OF T HE C OUNCIL OF RE SIDEN T I A L SPECI A L IS T S
IL
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EFER R
A
LS!
ER OV
EQUAL HOUSING
DO YOU KNOW SOMEONE WHO IS THINKING ABOUT BUYING OR SELLING A HOME? PLEASE MENTION MY NAME. This newsletter is for informational purposes only and should not be substituted for legal or financial advice. If you are currently working with another real estate agent or broker, it is not a solicitation for business.
OPPORTUNITY
Tips and trends for homeowners, buyers and sellers
PRE-LISTING checklist
There’s a lot that needs to be done when you sell your home, from repairs to cleaning to staging. Before you talk to a REALTOR® and prep for your first open house, do these three things on your own and set yourself up for a successful sale.
❏
❏
Research your home online. Most buyers start their home search online, so know that information about your home is already out there before you officially list. Google your home and see what comes up, what it looks like and if it has an estimated value. Now is the time to fix any errors. You can contest estimated values you see on your home on sites like Zillow.
SAY YES TO CRS
List every repair and improvement you made, no matter how small. Walk through your house and write down everything you can think of. Did you buy a new fridge? Install a new hot water heater? Rebuild your deck? Replace the roof? You also want to list any problems you have addressed, and then talk to a professional about what and how to disclose.
❏ Note the obvious flaws. Maybe there’s a ding in the wall from moving a piece of furniture. Or perhaps your landscaping needs a major refresh. Note the obvious, fixable problems that could affect the sale of your home in order to have an idea of what you’ll need to do to get it market-ready. This information will also be helpful when speaking with a qualified REALTOR®.
Buying or selling a home can seem like an overwhelming task. But the right REALTOR® can make the process easier—and more profitable. A Certified Residential Specialist (CRS), with years of experience and success, will help you make smart decisions in a fast-paced, complex and competitive marketplace. To earn the CRS Designation, REALTORS® must demonstrate outstanding professional achievements—including high-volume sales—and pursue advanced training in areas such as finance, marketing and technology. They must also maintain membership in the National Association of REALTORS® and abide by its Code of Ethics. Work with a REALTOR® who belongs in the top 3 percent in the nation. Contact a CRS today.
OPEN FOR BUSINESS With more than 60 approved merchants like the ones below, the CRS Vendor Marketplace offers great deals on products and services that can help improve your business and enhance your personal life. Whether you are looking for a new CRM system, a tablet device or car rental, you will find something to help you save time, enhance client relationships, and build your personal brand or future sales as well as referrals.
Available exclusively for CRS members, explore product categories such as education, travel, marketing and more. Or search for a specific product or service by name like HotelStorm which has arrangements with over 700,000 worldwide properties that can save you 10 - 55% over other travel sites.
Even add your own reviews and ratings. To find out more, just visit crs.com and click on the Vendor Marketplace link at the top of the home page.
ask a
CRS advice from your peers
Q:
from M I C H E L L E G O R D O N , C R S , J H R E A LT Y PA R T N E R S – T H E G O R D O N G R O U P
Market conditions change, and I feel we are on the tip of the shift once again. Which is worse: Limited inventory or showing 50+ homes?
Limited inventory
Showing 50+ homes I have never shown 50+ homes, but I can imagine how awful that must be. There’s a point at which you realize they’re wasting your time! I’ve been in real estate for 33 years, so I’ve been in every type of market.
Limited inventory is way worse for me since I have a passion for helping others, so I want to work as much as possible to feed that passion! I do want to add that no one should be showing 50 homes to one buyer. I learned the hard way by doing it too many times. It’s hard to let clients go, but if they are not fully motivated to sell or buy after three months, it’s best to refer them to someone else.
—Sharon Bodnar Briskman, Greystone & Co., Briarcliff Manor, New York
We have way too much inventory. I’ll take limited inventory any day. —Jeanne Gregory, RE/MAX Southwest, Sugar Land, Texas
—Pamela Shea, Andrew Mitchell & Co., Concord, Massachusetts Limited inventory. I think we are finally at the beginning of an economic recovery. Low prices, low interest rates and low inflation is not a combo we’ve seen before. So many more people can afford to buy, it’s wonderful! —Katherine Morrison, Team Realty Group, Atlanta, Georgia
Sellers love limited inventory, but as a seller’s agent, it’s not fun, especially when receiving multiple offers. Our area in North Texas is beginning to see a slight slowdown of multiple offers, but it has been crazy here for the last several years. Listings have been selling for way over list price. —Jeanette Edwards, Keller Williams Realty Plano, Plano, Texas
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In my market, we are in the normal cycle of summer, then the market picks up the second week of September. Honestly, with market knowledge, experience and consultation of your clients, I don’t think you should be showing 50 homes. —David Phillips, The Real Estate Group, Virginia Beach, Virginia
Showing 50+ homes
—Christopher Tenggren, RE/MAX All Pro, Saint Charles, Illinois —Kris Johnson, Keller Williams Legacy Partner, Shawnee, Kansas
Too many homes. It confuses the buyer and they don’t know what to do. —Virginia Cleven, ERA Four Feathers Realty, L.C., Sierra Vista, Arizona Have a great story to share? Email social@crs.com or look for discussions happening online at our Facebook, Instagram, LinkedIn and Twitter pages.
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