The Residential Specialist, March/April 2020 by The Residential Specialist

residential

mar + apr

B US I N E S S I N TELL IGE N CE FOR THE R RC PROFE S S IONA L

2020

THE

SPECIALIST ALSO IN THIS

ISSUE

Did NAR kill pocket listings? Educate first-time buyers Create engaging listings

HOME

WORK Nail down the projects with the highest ROI

CRS-049

VR sets the stage for a sale Features buyers want today Words that sell homes faster

contents

Mar 20 Apr 20 vol. 19, no. 2

features

Designation Maintenance Article

ARE POCKET LISTINGS DEAD?

NAR policy may encourage compliant pre-market and coming soon listings. By Michelle Huffman

PRESENTATION PERFECT

Several CRS Designees share their tips for creating winning listing presentations. By Regina Ludes

FIRST TIMEâ&#x20AC;&#x2122;S THE CHARM

Working with first-time homebuyers requires extra effort to educate, but may offer the biggest rewards for agents.

Designation Maintenance Article

HOME PREP WITH BUYER APPEAL

Guide sellers to home improvement projects for which buyers pay top dollar. By Donna Shryer

By Megan Craig

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The Residential Real Estate Council

crs.com

Mar Apr

contents

departments

Mar 20 Apr 20 vol. 19, no. 2

6 VANTAGE POINT

By Richard Waystack, CRS

7 ENTRY POINTS

Industry Headlines, Business Technology, Ideas & Trends 8 SMART SOLUTIONS: The Reality of VR

Is virtual reality a boon for real estate or just more bells and whistles? It depends who you ask.

By Michelle Markelz

12 WINDOW OF OPPORTUNITY: What Buyers Want Today

The features and amenities that turn heads vary based on location and type of buyer.

By Gwen Moran

15 INSIDE TRACK: Words Matter

Well-written listings can sell houses faster.

By Michael Chazin

18 PEER TO PEER: Thuy Tran, CRS Ferrar-Lund Real Estate, Reno, Nevada

41 WORK + LIFE Food for Thought Meal planning can save time, money and waste

inside RRC 38 NEWS FROM THE COUNCIL

Informative education sessions, inspiring keynoters and CRS prize winners highlight Sell-a-bration 2020, making it a resounding success!

42 LEARN FROM THE BEST

A CRS Instructor explains how to educate buyers on the importance of submitting a competitive offer.

44 COACHES CORNER

Spring-clean your database to optimize your time and resources.

45 RRC CONNECT 48 ASK A CRS

Advice from the country’s top agents.

ON L I N E R E S O UR CE S CRS.com

is your portal to news, education, referral and membership information. Read the magazine online at TRSMag.com.

TAKE TRS QUIZZES ONLINE

Meet your designation maintenance requirements today! Go to CRS.com/trs-quiz to take quizzes from previous issues of The Residential Specialist. In this issue, read “Presentation Perfect” on page 24 and “Home Prep with Buyer Appeal” on page 32, take a 10-question quiz and earn two credits.

Put family time first.

Laura Marske REALTOR®

Your success is our focus. Our team of dedicated Agent Relationship Managers provides updates every step of the way, giving you more time to spend with the ones you love.

RealEstate.QuickenLoans.com

Quicken Loans Inc.; NMLS #3030; www.NMLSConsumerAccess.org. Equal Housing Lender. Licensed in 50 states. AL License No. MC 20979, Control No. 100152352. AR, TX: 1050 Woodward Ave., Detroit, MI 48226-1906, (888) 474-0404; AZ: 1 N. Central Ave., Ste. 2000, Phoenix, AZ 85004, Mortgage Banker License #BK-0902939; CA: Licensed by Dept. of Business Oversight, under the CA Residential Mortgage Lending Act and Finance Lenders Law; CO: Regulated by the Division of Real Estate; GA: Residential Mortgage Licensee #11704; IL: Residential Mortgage Licensee #4127 – Dept. of Financial and Professional Regulation; KS: Licensed Mortgage Company MC.0025309; MA: Mortgage Lender License #ML 3030; ME: Supervised Lender License; MN: Not an offer for a rate lock agreement; MS: Licensed by the MS Dept. of Banking and Consumer Finance; NH: Licensed by the NH Banking Dept., #6743MB; NV: License #626; NJ: New Jersey – Quicken Loans Inc., 1050 Woodward Ave., Detroit, MI 48226, (888) 474-0404, Licensed by the N.J. Department of Banking and Insurance.; NY: Licensed Mortgage Banker – NYS Banking Dept.; OH: MB 850076; OR: License #ML-1387; PA: Licensed by the Dept. of Banking – License #21430; RI: Licensed Lender; WA: Consumer Loan Company License CL-3030. Conditions may apply. Quicken Loans, 1050 Woodward Ave., Detroit, MI 48226-1906 ©2000 – 2020 Quicken Loans Inc. All rights reserved. Lending services provided by Quicken Loans Inc., a subsidiary of Rock Holdings Inc. “Quicken Loans” is a registered service mark of Intuit Inc., used under license.

B US I N E S S I N TE L L I GE N C E F OR TH E R R C PR OFE S S I O NA L

EDITOR Kimberly Cure kcure@crs.com 800.462.8841 CONTRIBUTING WRITERS Michael Chazin Megan Craig Michelle Huffman Regina Ludes Michelle Markelz Gwen Moran Donna Shryer 2020 BOARD OF DIRECTORS President Richard Waystack, CRS President-Elect Alex Milshteyn, CRS First Vice President Holli Woodward, CRS Immediate Past President Michael Burkhard, CRS Members Kim Cameron, CRS Maura Neill, CRS Dan Steward Greg Waldhour, CRS Jen Ward, CRS Chief Executive Officer Lana Vukovljak Staff Liaison Patricia Stodolny PUBLICATION MANAGEMENT www.glcdelivers.com

ADVERTISING MANAGER Chuck Gekas Director of Business Development 312.321.4443 cgekas@crs.com The Residential Specialist is published for Certified Residential Specialists, general members and subscribers by the Residential Real Estate Council. 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 buying and selling residential real estate. The Residential Specialist is published bimonthly by the Residential Real Estate Council, 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 RRC 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. Nonmembers 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 Residential Real Estate Council, 430 North Michigan Ave., Suite 300, Chicago, IL 60611-4092. COPYRIGHT 2020 by the Residential Real Estate Council. All rights reserved. Printed in U.S.A.

Publishing Manager Phil Malkinson Art Directors Ivette Cortes Eliane Mangoubi

Coming Next Issue ...

Unique ways to bring in leads Learn about unique ways CRSs have captured leads. Lead generation is constantly evolving—approaches that brought in leads at an affordable rate might not be as effective today. The career path of a real estate agent The qualifications required to be a REALTOR® open up a wealth of career opportunities that go beyond property sales. As CRSs achieve greater success, other doors have opened on their career path. What does it take to be a vacation home expert? What do buyers look for in a second home that is different than a primary residence? Here’s how agents in vacation home hot spots are working with buyers and sellers. Home features can spark bickering for some couples Couples can bicker over specifics when trying to decide on a home to purchase. A certain level of compromise is usually required in finding the right home.

PLUS:

Blogging can be a cornerstone of SEO strategy for agents’ websites. Learn why you need your own blog and what it should include. Would you like to be a source for a future story in The Residential Specialist? Send an email to KCure@crs.com to be added to our potential source list.

WHO ON YOUR

TEAM could benefit from receiving a personal copy of The Residential Specialist?

STAY INFORMED The Residential Real Estate Council provides superior education, exceptional networking

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opportunities and critical resources. The Council’s 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.

Mar Apr

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Note: Members of the Residential Real Estate Council receive the magazine as part of their member benefits.

Define Your Own Success! Sign up for a complimentary business consultation at buffiniandcompany.com/bc

*Based on annual income. Buffini & Company is the only business coaching company that tracks and verifies its numbers.

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BUILDING

[vantage point]

from the desk of Richard Waystack, CRS 2020 RRC President

relationships 

Photo: Chris Cook

THE RRC COMMUNITY REINFORCES ITS DEDICATION TO CREATING REMARKABLE PROFESSIONAL OPPORTUNITIES.

Sell-a-bration® 2020 may be over, but everyone who attended will enjoy the benefits of stronger relationships for a long time to come. Building relationships is an RRC cornerstone, and it’s what the annual Sell-a-bration conference is all about. The best and brightest, regardless of years as a REALTOR®, come together to share insightful education, unique networking opportunities and boundless possibilities for professional growth. I met one attendee who was only seven days into our industry. One week! He got to know some of our top-producing agents and industry leaders, and he returned home with a support network that usually takes years to build. A day later, I spotted a longtime friend who’s been in our business for four decades. She sat in a session’s front row, taking copious notes. I saw a teacher/student relationship evolving, and if desired, that veteran REALTOR® now has a connection that promotes picking up the phone, contacting this instructor and continuing the discussion. These kinds of career-changing opportunities abound at Sell-a-bration. The common thread here is that there’s always something new and inspiring to learn as a REALTOR®. And we need to take advantage of every opportunity for growth—from actively seeking longer-term, committed, mentor-mentee relationships to mingling with peers at a premier RRC event to enrolling in an RRC educational course. It’s a philosophy that tied right into one of Sell-a-bration’s keynote speakers, Scott Stratten, author of five best-selling business books and an international speaker dedicated to helping audiences intelligently bridge the business gap between the virtual and real-worlds. His session, Unmarketing: Stop Marketing, Start Engaging, took education to a personal level. With his comfortable speaking style, Stratten drove home the continued importance of establishing relationships person-to-person instead of text-to-text. It’s the theme you’ll hear me emphasizing throughout 2020 as RRC President: We are all about relationships, communication and trust! I think the session was a wakeup call for many of us in the audience. It was a reminder that developing a brand is an essential business strategy, but at the end of the day, our clients and co-workers expect to engage with us as people. We can’t lose sight of who we are and what we have to offer, as a team leader in the office or an expert resource for our clients. There’s another—and maybe less discussed—reason to build relationships with educators, leaders, peers and mentors in our industry. As you keep learning, you hear about new business strategies, but you also hear welcome validation for what you’re already doing. You don’t have to doubt yourself, wondering if you’re following best practices. You know you are. That’s a nice place to be. And when you share what you know about best practices with others on your team back home, everyone is in a better place.

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[entry points] + industry headlines + business technology + ideas & trends

GUEST EDITOR

LEIGH BROWN, CRS

Photo: Scott Lowden

Doing so much more— together

My 13-year-old son, Timmy, (I mean “Tim”—this mama is dying over that requested change), recently auditioned for the All-District Band and was ranked as the first-chair bassoon (I’m busting with pride, yes!). The group was together for a day and a half, brought together from schools across six counties, and played to a full house of parents/ grandparents/fellow band geeks. They were SO good! It was amazing to hear what they created together after such a short time. I asked Tim what he thought of the experience. He said, “We can do so much more when it’s only the kids who care.” Think about that for a hot minute. You are the best REALTORS® in the profession. You’re a CRS—you spent the money, invested the time, closed the transactions—you earned those three letters! Just you, though? It’s hard to move the needle by yourself. Consider the power of this network. These 30,000 REALTORS® who have made an active decision to be at the top of the game comprise an insanely strong network. However, that network is only as powerful as the ones who show up and care. When YOU participate, we’re all better. We can work together to improve the entire real estate profession. We can share marketing ideas—conversion ideas and client experience ideas—so many tidbits that change our clients’ lives and communities. Look at what you can implement just from this issue: Words Matter is a great creativity starter for getting a new perspective for your clients as you head into another busy spring market, particularly when you’re ready for a new marketing edge to win that next client. And frankly, it’s critical to have read that article first, before you dig into the featured listing presentation article! How much more powerful could your presentation be if you add fresh wording, particularly if you add the kind of lists suggested by Pam Gebhardt, CRS? At this point, you’ve got to keep going into the home improvement article because you *know* you’re going to be asked about the right upgrades and return amounts. (Your new listing presentation practically writes itself just from this edition!) But wait—there’s more! The neighborhood trends article gives you the info you need to drive home why your clients want a professional CRS on their side—because you are looking at current and future data to put together the best marketing possible for their specific home! You’ll have the listing signed, in triplicate, on the spot. Let’s go do “so much more” together. This network is unparalleled— because of YOU. By the way, make sure you respond next time you get the email looking for expert opinions and anecdotes—the next TRS may feature YOU and bring ALL of us a great new idea!

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The Residential Real Estate Council

Leigh Brown, CRS, broker/owner, One Community Real Estate, Concord, North Carolina, is a third-generation REALTOR® who has worked in residential real estate for 20 years. She is a past president of the Residential Real Estate Council.

crs.com

Mar Apr

[entry points]

the reality OF VR Is virtual reality a boon for real estate or just more bells and whistles? It depends who you ask.

Solutions streamlining your business through technology

Mar Apr



Virtual reality is becoming more accessible, but not all REALTORS® are convinced it works. Real estate is not immune from the e-commerce evolution and the changes in consumer behavior it With the Asteroom Pano Kit, has brought. These days, 87% of shoppers a tripod and a smartphone, begin their product search on digital chana 3D home tour can be created in nels, according to research from Salesforce just a few minutes. and Publicists, and homebuyers share the sentiment. The National Association of REALTORS® found that 44% of homebuyers start their property search on the internet. Virtual adds value in Facing this reality, real estate professionals fast-moving markets must find ways to make the digital homebuyLike most new technology, VR has its early ing and home selling experience as satisfying adopters and those who’d rather wait and see— and comprehensive as the shopping experiences its champions and its skeptics. One broker/ consumers appreciate from their favorite owner who’s all-in with VR is Nick Solis, CRS, retailers. That means incorporating elements of One80 Realty in Brentwood, California. Solis like 360-degree images, customization and has been using VR for about six years and says immersive viewing—all made possible with it is a great value to his clients looking to leave virtual reality. the high-priced San Francisco Bay Area for Once relegated to entertainment, virtual more affordable homes away from the city. The reality (VR) is now commonplace in a host of drive time to showings can be an hour each way, industries from healthcare and hospitality to but with VR, buyers can get a real glimpse of retail and, yes, real estate. Though the term VR the home and its features and fall in love with may conjure up images of bulky goggles unlock- it without the commute. ing computer-generated fantasy worlds, the “Traffic is fierce in the Bay Area,” Solis says. technology has many more applications aimed “A lot of buyers don’t feel it’s a good use of at replicating reality, rather than creating an their time to drive an hour to view a property alternative one. In real estate, VR can generate that they’ve only seen in photos. [Virtual tours] a home tour with such detail that viewers feel create the same opportunity for a buyer as they can almost achieve the same perspective a home visit. As a professional, it’s powerful as if they were to kneel on the floor to examine because I’m showing great respect for their time and allowing the client to see the house on their the grain of the hardwood in-person or float own terms.” above the roof for a “dollhouse” view.

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iStock.com: Richman21/Andrey Shevchuk

Smart

By Michelle Markelz

“A LOT OF BUYERS DON’T FEEL IT’S A GOOD USE OF THEIR TIME TO DRIVE AN HOUR TO VIEW A PROPERTY THAT THEY’VE ONLY SEEN IN PHOTOS.“ —Nick Solis, CRS

Solis’ first VR tool was Matterport, a highend provider of high-resolution virtual tours, but recently he’s been using a nimble competitor called Asteroom. According to Solis, both products generate 3D virtual home tours, but Matterport is more cost-prohibitive and requires longer production lead time. Whereas a Matterport tour takes about two hours to film and a business day to render, Asteroom tours can be generated in about half an hour with little sacrifice in quality, Solis says. “If you have a newer iPhone, the resolution on those cameras is incredible, so there’s no discernible difference in quality [between Asteroom and Matterport tours]—they both create similar outcomes,” Solis says. Matterport has announced plans to increase accessibility by launching its own smartphonecompatible solution in 2020. Nicole Readdick, CRS, associate broker at Coldwell Banker Platinum Partners serves Kingsland, Georgia, and has used Matterport as well. She says that while the technology is flashy, the return on investment isn’t there for most properties. “In our market, I do not feel that virtual tours are the key to houses that sell,” Readdick says. She recalls one property that

was uncommonly large, and the virtual tour was a nice visual aid, but she does not believe it contributed to the buyer’s decision.

Set the stage

Another way real estate professionals are using VR is virtual staging, enhancing real photographs of properties with digitally inserted décor from furniture to art to fire. PlanOmatic is the photography and virtual staging service preferred by Geena Becker, CRS, agent and team leader at William Raveis Real Estate serving the West Hartford, Connecticut, area. Virtual fire is a hot commodity, and PlanOmatic’s Pro Photo Package guarantees a fire in every fireplace. Becker has been using virtual staging for eight years and says the houses that benefit most from the technology are those with spacious rooms that can be hard to fill with a traditional furniture arrangement or those with too much of the homeowner’s character that could be off-putting for a buyer. “I had a lake house with a giant living room off of an open kitchen,” Becker says. “I had them stage it as a living room with an eat-in kitchen. That sold in two days. On the houses continued on page 11 

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The Residential Real Estate Council

crs.com

Mar Apr

[entry points]

Industrial interior design is the most popular style in the U.S.

INTERIOR DESIGN

THE INDUSTRIAL REVOLUTION If it seems Edison bulbs, exposed brick and echoes of the industrial age are showing up everywhere from homes to restaurants, it’s because they are. Industrial interior design is the most popular style in the U.S., according to internet searches studied by furniture company Joybird. Across the country, Joybird found 18 unique styles dominated design searches. In 12 states, industrial was the most-searched style. The second-most-searched style, vintage, only topped six states’ searches.

The 9 most popular interior design styles and the number of states in which each was the most frequently searched style. 12

Industrial Vintage Shabby Chic Mid-century Modern Minimalist Rustic Urban Modern Art Deco Coastal

6 5 4 4 4 3 2 2

The least popular styles each claimed one state as the place they were most searched. They were: 1 1 1 1

TOP SEARCHED INTERIOR DESIGN STYLES ■ Industrial Industrial & Minimalist ■ Vintage ■ Shabby Chic

1 1 1 1 iStock.com: vicnt

Asian Zen Bohemian Eclectic French Country Hollywood Regency Modern Country Traditional Transitional Victorian

1 Source: Joybird

Mar Apr

Some states, such as Florida and California, showed higher interest in styles that could be associated with them: coastal and Hollywood regency, respectively. And yet others, such as Colorado and Louisiana, seemed to buck expectations, with the former being the lone champion of Asian Zen style and the latter showing little interest in French country style, despite its deep French roots. While the popularity of each style differed across state lines, when grouped by region, the Midwest and Northwest were industrial strongholds while the Northeast favored vintage, the South preferred shabby chic and the Southwest leaned toward minimalism. For sellers looking to court local tastes, knowing the research trends of buyers in the area can help guide staging decisions. Industrial design’s dominance reflects some trends that transcend specific design styles or aesthetics, which may explain its popularity. Industrial spaces are known for their unfinished look, which can mean an absence of walls, appealing to the shift toward open-concept floor plans. Industrial style also incorporates elements of other popular styles, helping it net lovers of vintage and modern design alike.

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the reality OF VR

deceptive. “In my opinion, it totally misrepresented how the house appeared,” Brophy says.  continued from page 9 “You may get a lot of showing appointments, but that may be tough to sell visually, it is a tremen- you’re walking a fine line of upsetting buyers.” dous tool.” The average cost to stage a house with physBecker has heard from naysayers, like a stager ical furniture can start at $800 to $1,000 and she worked with in the past who warned her accrue an additional $500 to $600 per month. that buyers may be let down when they visit PlanOmatic charges by the bundle of photos, a virtually staged house and find it empty or but can be retained for a one-time fee as low filled with the occupant’s furniture. But thus as $149 per home. far, she has not encountered that issue. “I’ll put While the barrier to entry is coming down, the virtual stage and the [empty room] next VR is an additional cost that agents and broto it in the MLS, so the buyer will see what it kers must consider fitting into their marketing could look like,” she says, which helps manage budgets. Whether it makes the difference in a buyer expectations. sale or is just nice to have available is still up Janet Brophy, CRS, broker/owner of Home and for debate. Those looking to test the water may opt for solutions that require less investment Income Realty, serves the Tampa, Florida, area in hardware, such as 3D cameras, and allow for and prefers to show homebuyers undoctored flexible subscriptions that can be canceled at photos of the properties that interest them. One of her clients, a personal injury attorney, any time, rather than annual contracts. saw a home that was virtually staged and upon visiting in-person described the experience as Michelle Markelz is an editor and writer based in the Chicago area.

Learn more! Take the webinar “Virtual and Augmented Reality in Real Estate.”

VIRTUAL REALITY TOOLKIT

Matterport Type: 3D virtual tour Price: Compatible cameras start at $ 330 and can run as high as $ 18,500 . Cameras must be paired with a subscription plan. Subscription tiers begin at the free level and increase in cost and capability at the starter ($ 9.99 /month), professional ($ 69 / month) and business ($ 309 /month) levels. Matterport announced plans to offer 3D capture capability for smartphones in 2020, which may bring down the financial barrier to entry. Description: Matterport is a suite of software that creates 3D virtual tours, schematic floorplans and guided tours. URL: matterport.com

Asteroom Type: 3D virtual tour Price: Users can buy either a 360-degree camera (starting at $ 330 ) or panoramic camera smartphone attachment ($ 59.99 ). Asteroom offers a free trial and subscriptions at two tiers, professional ($ 19.90 /month for one user) and enterprise ($ 59 /month for up to 10 users), as well as discounted rates for full-year subscriptions. Description: Asteroom is a 360-degree virtual tour software that uses a smartphone camera (iOS11 or Android 6 or later) to capture images. It also has virtual decorating features. URL: asteroom.com

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PlanOmatic Type: Photography and virtual staging Price: Prices start at $ 149 for 15 images Description: PlanOmatic offers a range of photography services, interactive floorplan generation and virtual staging. URL: planomatic.com

The Residential Real Estate Council

crs.com

Mar Apr

[entry points]

what buyers want

TODAY

The features and amenities that turn heads vary based on location and type of buyer

Window

ofOpportunity

strategies to grow your business

Mar Apr



As you’re evaluating a home’s selling potential, you’ll likely check out the neighborhood, schools, and home features and condition. But you might also want to look at the local grocery chain. Research by ATTOM Data Solutions found that homes near a Trader Joe’s grocery store appreciated faster (67%) than those near Whole Foods (52%) or Aldi (51%) and also had higher levels of equity. But for buyers who intend to flip their home purchases, the research found that flipping a home near an Aldi yielded a bigger average return (69%) than those near a Whole Foods (41%) or Trader Joe’s (36%). Of course, neighborhood features like this are part of a bigger picture when it comes to home valuation, but certain trends and preferences are affecting buyer preferences, and they may be willing to pay more for certain home details or nearby amenities. Some trends, such as a neighborhood’s “walkability,” have been affecting home sales in many communities, especially among certain buyer segments.

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“We have a city here called Dunedin, and it has exploded over the past three years because of its walkability,” says Darlene Sheets, CRS, a REALTOR® with Future Home Realty in Seminole, Florida. Within steps, residents can find a yoga studio, craft beer joint or stunning water views, making it a popular place to buy. Paying attention to the trends and priorities of various buyer segments can help you highlight the features that buyers want most.

First-timers

Young professionals buying their first homes may be single or coupled, but they often have a few common features in mind, says Katherine Waters-Clark, CRS, a REALTOR® with Compass Cambridge in Cambridge, Massachusetts. They may have been renting and want more control over their surroundings—but they still want proximity to their favorite night spots, gyms and other amenities. “They are ready for a transition, which includes more peace and

iStock.com: Si-Gal

By Gwen Moran

quiet, but they don’t want to be as suburban as their parents,” she says. Be sure to highlight: Dog parks, walkability, green spaces, gym access, easy access to work centers and commute time (if under 45 minutes), mass transit options, trendy local eateries and shops, and highway access for getaways.

Young families

Buyers who have young children, or are planning to have them in the near future, are focused on the kids. “They are looking for proximity to the schools, parks, community centers and similar kinds of neighborhood features,” says Raymond Vasquez, CRS, broker associate with Truman & Co. in Key West, Florida. In his area, young families want to be on the water. In areas like Waters-Clark’s, homebuyers are looking for community, lifestyle and options for their children. If one or both parents commute, highlight public transportation options. A recent National Association of REALTORS® report found that homes near public transportation commanded prices 4% to 24% higher than those without such

options, depending on the region. Be sure to highlight: High-quality daycare centers, walking-distance or easy-to-access places to meet friends for coffee, backyards, well-lit parks and green spaces, public transportation, and extra bedrooms or bonus rooms that can be used for play areas.

Up-and-comers

Affluent buyers who can afford their “dream house” are searching for homes. They typically want homes that are move-in ready, says WatersClark. With higher-priced houses moving slower in her markets, buyers can be fussier. Affluent buyers do not have time for or interest in a big renovation. They want updated kitchens and bathrooms—and definitely an en suite option in the master bedroom, she adds. The features these buyers want may vary by location. For example, for those with older continued on page 14 

L E I G H ’ S TA K E Attracting buyers to specific areas is one of those tasks that starts off easy, but can put you into harms’ way quickly! Be aware of Federal Fair Housing laws when describing amenities and areas, and don’t run afoul of language that is not inclusive! We know from the Fair Housing report done in the Long Island, New York, board that we’re not all operating in the best capacity with all neighbors, and fixing it starts with each of us. I highly recommend reading the report. Awareness and active improvement start with the best in each market—the CRSs!

[entry points]

what buyers want TODAY 

ENERGY LEVELS

FIGHT THE PHANTOMS

STORES & HOME VALUE

Price appreciation rate of homes near grocery stores.

1 Power up—and down—with power strips. Plugging devices into a power strip allows homeowners to turn off the power to all of them with one switch. However, because turning off all connected devices may not always be practical, consider using a “smart” power strip, which senses when a monitor or TV, for example, has gone into standby mode and then cuts the power to that device completely. Some smart power strips have one or more always-on outlets, which are perfect for a cordless phone base or other items that need power at all times. Using smart power strips is the most convenient way to minimize phantom loads almost anywhere in the house. 2 Unplug those chargers. Plug-in chargers continue to draw power even when they are not working to charge a device. Though the amount of energy they use in this state is small, it will still show up on every utility bill. 3 Think Energy Star. For appliances that need to stay plugged in at all times or that would be impractical to turn off, such as refrigerators, freezers, microwaves, washers and dryers, Energy Star-approved models will help reduce overall energy consumption in the home. Limiting phantom loads saves energy resources and can help extend the life of electronic devices—and will leave homeowners with more money in their wallets at the end of the month. This article was provided by Pillar To Post Home Inspectors. For more information, go to pillartopost.com.

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Store Appreciation (Ave.) Home Value $ 67 % 595,288 Trader Joe’s

Whole Foods

52 %

531,103

Aldi

51 %

211,855

Source: ATTOM Data Solutions

children, good schools and summer activity options are important. In her Boston area, a swimming pool isn’t a high-demand item, while it may be sought-after in Florida or California. In Vasquez’s Florida Keys area, where driveways are scarce, simply having an on-property place to park a car could add as much as $200,000 to a home’s value. Be sure to highlight: Recent renovations, luxe touches like upgraded countertops, popular options in the area, highly rated schools and youth sports programs, and summer camps.

Downsizers

Once the kids are out of the house, many buyers want to simplify and downsize. They are searching for smaller, maintenance-free options, says Waters-Clark. Also, if the buyers are a little older, they may want to find built-in communities and live in the heart of bustling areas where there is activity and a chance to make friends and connect with others, Vasquez says. Be sure to highlight: Local community centers, eateries, social clubs, places to socialize and make friends, walkable shopping and entertainment options, and maintenance-free features. Of course, every REALTOR® should tailor their home presentations to a buyer’s particular needs, but understanding some of the larger trends and preferences that buyer segments reflect can spark ideas that might just make the sale. Gwen Moran is a freelance writer in Wall Township, New Jersey. For more information on market trends, go to attomdata.com, and click on news/market trends.

iStock.com: Svetlana Kachurovskaia Lanpochka/Si-Gal

While you may not have heard of “phantom loads,” they’re almost certainly lurking in every home. Also known as “vampire loads,” phantom loads occur when electronic devices continue to draw power even when they’re turned off, but still plugged in. Televisions, cable boxes, computers, game consoles, routers, printers, microwaves and rechargeable power tools are common culprits. Even though they may be turned off, their systems stay in standby mode— using power unnecessarily and wasting money. By some estimates, phantom loads comprise up to 10% of residential electricity consumption in the U.S. According to the U.S. Department of Energy, household electronics in the average home consume 75% of their power while they are turned off. That’s a lot of waste, but it is easily avoidable.

Mar Apr

continued from page 13

WORDS matter

Well-written listings can sell houses faster By Michael Chazin

iStock.com: Michail_Petrov-96

Inside Track



“I was wondering why the baseball was getting bigger. Then it hit me.” Words can capture the reader’s attention and what’s trending in real estate evoke a range of emotions. And that applies to the words used in real estate listings. A “must-see” home that “has it all” and “is priced to sell” contains examples of overused and vague descriptions that should be avoided when constructing a listing. A written real estate listing is the first salvo in a marketing campaign. A well-crafted listing provides a solid first strike in any effort to sell a residential property, while a hastily penned description misses the mark. “You only get one chance to make a first impression,” says Kathy Arents, CRS, The Group Inc., Fort Collins, Colorado. That’s why it matters which words get used in a listing. The best words in a listing generate sales quickly, while less-well-crafted descriptions just sit there as properties languish. To sell any residential property, agents must

understand the market. “Try to figure out who your buyer is, and then find that word picture to fit that buyer,” says Danny Thomas, CRS, M. Stagers Realty Partners, San Antonio. “Sometimes we miss opportunities by not making good use of what I consider a narrative space,” adds Thomas. He advises new agents that a listing should try to set a scene. “Take the opportunity to explore features of the property by giving a benefit-oriented description.” Thomas sits back and walks through the property in his mind to create a word picture. “Every property has unique characteristics, so I try to craft these individually.” Any number of words and phrases have become cliché and don’t really add important information to a listing. “Phrases such as ‘price reduced,’ ‘price improved’ or ‘motivated seller’ aren’t really useful,” says Arents. “The biggest issue is not sticking to the facts, such as saying it’s totally remodeled when it’s not.”

The best descriptions

From the get-go, Arents tries to invoke feelings; she gives buyers an idea of what it feels like to be in the house instead continued on page 17 

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[entry points]

IN COMM0N

GADGET INSPECTOR

The Perfect Bake PRO makes baking tasty treats easy, even for an amateur pastry chef. With a smart scale that knows how much of each ingredient you’re adding, the Perfect Bake PRO will let out a “ding!” when the right amount of water, sugar or flour has been poured into your mixing bowl. It pairs with a recipe app with over 500 baking recipes. $ 99.99 makeitperfectly.com

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THE SMALL SPACE NICHE Housing affordability has been a persistent issue in the U.S. for decades as the cost of homes has increased at four times the rate of household incomes, according to data gathered by Clever. This disparity has put affordable housing in high demand and created a market ripe for a new offering, especially in urban areas where real estate costs have ballooned. Co-living is the residential manifestation of the sharing economy. In places like New York City; San Jose, California; and Chicago, new developments and conversion projects are creating a new residential option for the budget-conscious and the community-oriented buyer. Most co-living spaces include a small private bedroom—usually furnished—and shared common spaces, such as a kitchen and living area. They tend to be located in urban hubs, where the tenant community is enhanced by the local culture and commerce. Flexibility is a key amenity. Some operators offer month-to-month rentals, while others allow residents to move freely about their properties after an initial commitment. With an emphasis on experience, co-living developments address a shift in young Americans’ attitudes about homeownership. Bankrate polled millennial homeowners and found that more than 60% of them have regrets about their purchase, ranging from the costs of maintenance to the compromises they may have made on location to secure affordability. Well-appointed and well-positioned, co-living spaces give renters the ability to trade up in amenities, location and cost when they don’t mind foregoing square footage. Operators leading the co-living market include Quarters, Ollie and Common. They’re partnering with developers, investors and brokers to get the word out about this new type of housing stock. Common co-founder Brad Hargreaves told Inman that he welcomes brokers to pitch him new projects. In Chicago, Caton Commercial Real Estate Group co-owner Steve Caton has been courting operators to expand on his work with Quarters. As an emerging market, co-living presents plenty of room for brokers to expand their portfolios.

CO-LIVING’S MOMENT IS NOW

Indicators point to the rapid expansion of the sector Deal Size

The Residential Specialist trsmag.com

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AVG BED COUNT 2014-2018

AVG BED COUNT 2019-2021

Deal Over 52 % Volume PERCENTAGE OF TOTAL CO-LIVING

BEDS DELIVERED IN THE PAST YEAR

74.00 | ruggie.co

Mar Apr

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Global Funding $

0.2B

FINANCING SECURED 2017 $

2.2B

FINANCING SECURED 2018 Source: U.S. Census Bureau, Realpage, CoStar, Cushman & Wakefield

WORDS matter

most about living there and what features led L E I G H ’ S TA K E them to buy originally. “Time and again they Remember, your listing will give you these amazing descriptions and  continued from page 15 their words often go into the marketing we use,” descriptions are potentially being syndicated she says. One woman was adamant there was of offering descriptions of features. Maybe it across hundreds of real nothing special about her house, but on a tour has started to be overused, but she still likes estate platforms, so those words can have an the phrase “from the moment you walk in you’ll she described how when the sun hit the brick SEO benefit, which can accent wall, it looked like a painting. “So I used notice ...” This can be followed by any number increase the visibility of those words to paint a picture that came from of statements, such as: the view, the craftsmanyour listings. Use a webthe person who loved that home the most.” ship or the natural light. “Let them know how site such as WordStream. Hall has seen how words make a difference they’ll feel in the house,” she says. com to research the best words for any listing in Often listings embellish too much, which can many times. She reworked the listing for a your marketplace. Also, house that wouldn’t sell, kept the same price give prospective buyers a distorted view of the remember that words and suddenly it became popular. “All I changed property, suggests Lilli Schipper, CRS, Douglas matter outside of listings were the remarks and that created a revised Elliman Real Estate, Fort Lauderdale, Florida. as well. Think about image, and a buyer submitted a full-priced offer,” phrases like “housing The problem is when a listing makes a stateavailability” instead of she says. So many agents focus on picture ment such as “lush landscaping” or “amazing “affordable housing” quality and forget the importance of words. view,” and neither one is evident. “You want to when discussing this “I tell everyone, words have meaning. You have create excitement, but it has to be realistic, so hot topic, and how to to choose them carefully.” it’s a fine line,” she says. get people to hear your Sellers need to remember that often buyers viewpoint in a more open way. REALTORS®, Michael Chazin is a freelance writer in the Chicago area. are attracted to specific features and expeespecially CRSs, have riences. “You want to give them information a responsibility to be For more popular home description words, that hits on, ‘Oh! That’s what I am looking for,’” the professional voice go to point2homes.com/news and says Schipper. One current buyer, for example, locate the Real Estate Keywords article in our communities, (Feb. 17, 2020). wants a house with a pool or room for a pool. for all neighbors! “Sometimes you can’t tell from the photos, so for us in Florida, you need to say ‘large backyard; room for a pool.’” Once a listing is written, it’s always good to have someone else review it. “Get a second opinion,” says Schipper. “What you thought was a really good feature might confuse someone else.” She also goes back to property owners to According to a Zillow study, the word “luxurious” added 8.2% to the sales get their approval when the property first lists price of homes for sale, while the word “captivating” added 6.5%. Here are and asks if anything might be missing or could a few words to use in listings, according to the same Zillow research, along be said better. with some words to avoid:

BEST AND WORST WORDS

iStock.com: svetikd/ hh5800/ Floortje

Specific benefits pay off

Anyone who pays attention will notice that listings continually use the same words, suggests Karen Hall, CRS, At Home Real Estate, Alexandria, Virginia. “I try to paint a picture of the experience that you can only get by living there,” she says. When a listing points out a specific benefit, often a higher price can follow. “Everyone says ‘walk to Metro,’ but the moment you offer a $100 Metro card, people flock to those houses,” says Hall. Buyers figure it must indeed be walking distance or a monetary offer wouldn’t be made. To begin listing development, Hall always ask sellers the same questions. What do they love

Words to use include:

Words to avoid include:

ÄÄ Captivating ÄÄ Impeccable ÄÄ Stainless ÄÄ Landscaped ÄÄ Granite

ÄÄ Fixer ÄÄ Investment/ investor ÄÄ Cosmetic ÄÄ Potential

ÄÄ Luxurious ÄÄ Remodel ÄÄ Upgraded ÄÄ Updated ÄÄ Beautiful

ÄÄ Nice ÄÄ Opportunity ÄÄ Bargain ÄÄ TLC ÄÄ Must-see

Keep in mind, possibly the worst approach is to list an adjective that doesn’t apply. Saying the house is luxurious when nothing supports that assertion practically guarantees disaster.

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[entry points]

Ferrar-Lund Real Estate, Reno, Nevada

THUY TRAN, CRS

Peer to Peer

Thuy Tran, CRS, overcame obstacles in her life, including escaping from Vietnam. Remembering those who helped her in the past, she gives back by volunteering in the community, including as a cook at Ronald McDonald House.

profiles of people to watch

How did you get interested in becoming a CRS? I was going to the CRS Fashion Shows [an annual charity event held by the Northern Nevada RRC] for years, and in 2014, I won a grand prize of a boat ride with Fred McElroy [Reno CRS, former CRS of the Year and REALTOR® of the Year]! During the boat ride, he said, “If you want to be in the fashion show, you can—but you have to be a member first.” It was great marketing and recruitment from past leaders that swayed me. Having the CRS Designation helps with other members of the industry. When I go to AREAA [Asian Real Estate Association of America] conventions, it’s nice to share that I am a CRS with my peers.

Mar Apr

of getting the property ready and working with people. I love it when the client listens to your advice about what to do to get top dollar for their home. I like to make my listings shine. I have a few personal items that I can bring in to style the home, if it is needed. I feel like this is my inventory and my name is behind it, so I don’t want to sell a naked house. I just want to put a little “jewelry” in it.

What marketing tips would you share with other REALTORS®? Just be real with people. It’s nice if you have a connection with them—if you and they are both parents, or are involved in the community, for example. And make them feel important. I really appreciate all my clients. When I meet someone, I send them a thank-you note. Or if someone decides to list with me, I send them flowers. Those little personal touches show that I know they didn’t have to sign with me. I treat them the way I would want to be treated.

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Between these personal contacts and social media, how do you attract more clients? You have to use diverse ways. I notice that my competitors who are under 40 are using lots of video now. I have done a bit of that in the past, but I need to get that on my business plan for 2020. One thing I do is post pictures of my time cooking at Ronald McDonald House, which I volunteer for once a month. I also held a fundraiser for them, and we raised about $2,000. It’s nice to get out in the community and see how I can help.

What prompts you to be so involved in the community? I was one of those boat children from the Vietnam War. We escaped in 1981—I was 8 years old. My family and I tried to escape so many times to come to the United States for a better life. One time we were caught [by the Vietnamese government] and I was in prison for two weeks, so that was a negative experience in my life. But what I get out of it is that I’m a survivor. I’m going to keep going on and try to excel at whatever I do. When I look back at my personal tragedies, I think about the people who helped me. So I want to help other women in need. I want people to know that we are human, not just REALTORS®. I had to overcome these obstacles and now I’m running a business with my husband and another team member. I’m making a contribution to society.

Thuy Tran, CRS, achieved CRS Designation in 2019. She can be reached at ThuyTran@ ferrari-lund.com or 775-250-1417.

Photo: Shea Evans

How did you get involved with real estate? In 2004, I was working as a nurse, but I became a loan officer when I started working at a property management company that has a mortgage division and a real estate department. When the market started to decline, I decided to get my license in 2007, because I figured I was already in the industry and I enjoyed it.

“When I look back at my personal tragedies, I think about the people who helped me. So I want What is the sweet spot in your to help other women in business? need. I want people to I enjoy working with sellers. I love going on listing appoint- know that we are human, ments and the whole process not just REALTORS®.”

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Are Pocket Listings

DEAD

NAR policy may encourage compliant pre-market and coming soon listings

iStock.com: Sitthiphong/bagi1998

By Michelle Huffman

Mar Apr

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mind your

business

[feature]



Agents must pull listings out of their pockets. The National Association of REALTORS® passed its Clear Cooperation policy in November, and immediately thereafter headlines declared so-called pocket listings dead. The Real Deal wrote: “NAR approves pocket listings killer.” But the policy is more nuanced than the headlines suggest and still leaves interpretation and implementation up to the local MLSs, particularly whether or not they will allow “coming soon” or premarket listings within the structure of the MLS itself. Here’s what the policy says: Within one business day of marketing a property to the public, the listing broker must submit the listing to the MLS for cooperation with other MLS participants. According to the policy, public marketing includes, but is not limited to: ÄÄFlyers displayed in windows ÄYard Ä signs ÄÄDigital marketing on publicfacing websites ÄÄBrokerage website displays (including IDX and VOW) ÄÄDigital communications marketing (email blasts) ÄÄMultibrokerage listing sharing networks ÄApplications Ä available to the general public

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mind your business

[feature]

“NAR IS MICROMANAGING DETAILS OF OUR EVERYDAY OPERATION THAT SHOULD BE LEFT TO THE LOCAL ASSOCIATIONS, AND I AM DEFINITELY NOT IN FAVOR OF IT.”

Rene Galicia, NAR’s Director of MLS Engagement, says “the policy reinforces that the distribution of listing information and cooperation among MLS participants is pro-competitive and pro-consumer,” and increases transparency and efficiency. The rationale behind it: When an MLSparticipating agent publicly markets a listing, that indicates the agent has concluded that cooperation with other MLS participants is in their client’s best interest, Galicia says. Agents can still hold private listings that are not publicly marketed, but they may require sign-off from the sellers. “The Clear Cooperation policy is really getting back to that original concept of the MLS. Basically, we’re here to cooperate with each other

and do the best we can for our clients,” says Greg Zadel, CRS, broker/owner of Zadel Realty in Firestone, Colorado, and the Chair of the MLS Committee in 2019. The policy took effect on Jan. 1, but MLSs have until May 1 to implement their policies, which may still evolve over time.

Adjust your marketing plans

For most CRSs and agents in general, the largest change may fall on their marketing strategy, Zadel says. With the policy in place, the way an agent builds buzz about a property may change. For example, you can’t sign a listing agreement, quickly throw a listing photo on a Facebook page and then wait a week to actually put the listing in the MLS.

is that a fact?

Mar Apr

The policy bars off-MLS listings entirely.

A celebrity, divorcing couple or ill homeowner may not want public marketing of the property, so an agent may keep the listing off the MLS and work its sale through word of mouth and in-office advertising.

All listings must be submitted to the MLS within 24 hours of public advertising.

Agents have one business day to submit the listing. This was updated from 24 hours in response to complaints from agents who may have someone else build out their listings.

A gents who do not comply with this policy will be fined.

Compliance is left up to individual local MLSs. Check with your local board or MLS for how consequences will be established for violating the rule.

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iStock.com: AndreyPopov

—Martha Gentry, CRS

mind your business

Martha Gentry, CRS with REMAX Prime Properties in Pinehurst, North Carolina, will have to retool her marketing strategy. She typically asks her sellers to delay putting properties into the MLS by up to two weeks, depending on the weather and photographer’s schedule, to have the property professionally photographed, floorplan drawn and virtual tour done. She does allow agents to tour the home during this time. “The purpose for the delay in putting the property in MLS is not to give my team members an unfair advantage or to have a ‘pocket listing’—it is to make sure that when we do put it into the system, we have all the marketing in place and the home has been inspected,” she says. “Obviously, this is very advantageous to the sellers and I have never had a seller who did not appreciate the wisdom of this approach.” Under the current rules of her MLS, Mid Carolina Regional Association of REALTORS®, Gentry is still allowed to delay the listing, but the marketing she does during this time— putting up a sign, placing the property on her website as “coming soon” and doing an email blast to agents—is no longer permitted. “NAR is micromanaging details of our everyday operation that should be left to the local associations, and I am definitely not in favor of it,” she says.

‘Coming soon’ could be coming soon

When the Clear Cooperation policy passed, some news outlets also reported that it was the death knell of the coming soon listing, but from an MLS perspective, coming soon listings could actually become much more widespread. “A lot of MLSs don’t yet have a pre-marketing status or coming soon status,” Zadel says. “So what you’ve seen is ‘coming soon’ meaning all kinds of different things. Now it’s up to the local MLSs to put those into place if they choose so that it gets everybody on the same playing field.” In Chicago, MRED, which was influential in the creation of the Clear Cooperation policy, has a Private Listing Network, where agents may upload a property listing into the MLS so agents can see it without putting it onto the Standard Listing Network, where the public can see it online.

[feature]

3 VARIETIES OF PRE-MARKET LISTINGS 1. MRED

MRED’s Private Listing Network allows agents to submit “minidrafts” of limited property information to share with other brokers and agents prior to submitting the listing to the Standard Listing Network. The PLN listing is kept off the internet and away from the public, and no market time accrues.

2. NorthStarMLS

NorthStarMLS allows agents to enter new properties as coming soon listings. They must include an availability date within three weeks of listing entry. Agents may not show the property until the availability date or face a fine.

3. NTREIS

NTREIS also includes the coming soon listing status. Listings are allowed to stay in this status for up to 14 days and are kept off the internet during that time, but unlike NorthStarMLS, agents are allowed to show the homes and they can change the status to active at any time.

Chicago and surrounding counties

Minnesota and western Wisconsin

Dallas/Fort Worth area of Texas

Other MLSs offer a coming soon listing status, where agents can hold their listing while they work toward a go-live day and build interest before it becomes active. These rules allow for a marketing plan like Gentry’s. However, not all MLSs are offering this feature, despite rolling out new rules that correspond with NAR’s new policy. BrightMLS on the East Coast recently enacted the NAR rule without offering a coming soon option. Because different MLSs can enact different rules as a result of this policy, Zadel is encouraging agents to participate in the process at their local level—and, in fact, thinks it’s vital they do so. Michelle Huffman is a freelance writer based in Milwaukee. To read the complete Clear Cooperation policy, visit nar.realtor/about-nar/ policies/mls-clear-cooperation-policy.

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A T T I N O E N S E R P

perfe

Whew! Great advice in this article! One challenge mentioned by many CRS Designees is that of getting the end consumer to understand the difference. I learned a GREAT tip from Amanda Divito Parle, CRS, in Colorado, who tells her sellers that what CRS really does is alert fellow REALTORSÂŽ that they are dealing with a pro. I immediately changed up my presentation to explain this because in a low-inventory, competitive environment, the transaction will go far more smoothly with professionals involved!

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iStock.com: RossHelen

L E I G H â&#x20AC;&#x2122; S TA K E

super

marketing

[feature]

Designation Maintenance Article Several CRS Designees share their tips for creating winning listing presentations By Regina Ludes



When Wally Melte, CRS, began his real estate career, a formal listing presentation was not in his marketing arsenal. He eventually changed his tune. “I realized that if I wanted to compete in my market, I had to have a listing presentation,” says Melte, a salesperson with Platinum Realty in Overland Park, Kansas. While Melte tweaks the presentation occasionally, it remains comparatively simple by today’s standards—a binder containing local market data and a letter outlining the sales process. When low inventory began having a det- “By asking the right questions rimental effect on home sales, up front, I can find the Melte realized he needed to address this issue with clients. client,s sore subjects and alter So he altered his presentation my presentation accordingly.” by discussing basic economic —Brian Ladd, CRS concepts, such as the law of supply and demand and the law of scarcity, which have prepared his clients for the possibility of multiple offers at close to or above the asking price. He also started offering prepaid home inspections. Melte says these moves have been a game changer for his business. “I pay more for inspection services than other agents, but it has resulted in repeat business,” says Melte, who estimates that 95% of his presentations result in listings and referrals. According to the 2018 REALTOR® State of the Listing Presentation by REALTORS® Property Resource®, a subsidiary of the National Association of REALTORS®, nearly half of agents surveyed said listing presentations result in a signed contract 76% to 100% of the time. To reach that goal, it may be necessary to dump outdated methods and embrace 21st century marketing strategies, technology tools and even basic talking points for more engaging and customized presentations. Today’s successful agents understand that a customized presentation that addresses the client’s concerns will ultimately earn their trust—and their listing.

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[feature]

super marketing

TALK LESS, listen more While declining listings could be a sure sign that your listing presentation is stale and ineffective, agents should be aware of other signs. “If you are reading your slides to clients rather than conversing with them, that’s a problem,” says Rich Sands, CRS, with Rich Sands Seminars in Aurora, Colorado, who teaches the Council’s one-day course Creating Listing Abundance. Constantly using “I” and “me” rather than “you” shows an agent’s focus on his accomplishments rather than the client’s goals. Sands says it’s helpful to review your presentation before every appointment to prevent these miscues and create a better client-focused presentation. Early in his career, Brian Ladd, CRS, with The Ladd Group/Cascade Sotheby’s International in Bend, Oregon, often rushed through presentations without pausing to ask questions. He has since learned to slow down, talk less about himself and listen more carefully to clients’ responses to his questions. “By asking the right questions up front, I can find the client’s sore subjects and alter my presentation accordingly. It also saves me the trouble of talking about services that aren’t relevant to my client,” says Ladd.

CUSTOMIZE

LEARN MORE ABOUT LISTING PRESENTATIONS

If you want to bring your presentation to the next level, customization is essential, says Sands. Customization involves two things: 1. The methods of presentation delivery that work best with individual clients. 2. The market data that is unique for their neighborhood and property type. Gebhardt uses both print and digital tools for her listing presentations, but she customizes how they are used, depending on the seller. For a young, tech-savvy client, she uses her laptop to show housing data and sample virtual tours, while for older clients she keeps to a verbal conversation. The type of property also dictates which approach Gebhardt uses. “In my market, I have to customize each presentation because I can be selling a milliondollar house for one client and a $200,000 condo for someone else. They have to be marketed differently,” she says.

RRC webinar recordings: ÄÄ 3 W’s of Attracting New Listings ÄÄ 7 Steps to the Perfect Listing Presentation ÄÄ Put More Show and Less Tell in Your Next Listing Presentation, Parts 1 and 2 ÄÄ The Art of the Listing Presentation ÄÄ The Pre-Listing Presentation Rich Sands, CRS, recommends: ÄÄ Presentation Zen by Gar Reynolds

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iStock.com: excentric_01/ipopba/AlexSecret

your presentation

RRC education courses: ÄÄ“Listing Strategies for the Residential Specialist,” a two-day classroom course ÄÄ“Creating Listing Abundance,” a one-day classroom course

Mar Apr

There are other tactics agents can use to uncover a client’s motivations, such as the worksheets that Pam Gebhardt, CRS, RE/MAX Around Atlanta in Atlanta, includes in her prelisting package. For example, one called “The Most Important Things My REALTOR® Needs to Know” asks about the client’s timeline for selling the home and the bottom-line offer they’re willing to accept. Then she discusses the responses with the client during the meeting. “By the end of the appointment, I have a clear idea how to approach the sale of their home. If I know they want a quick sale, for example, then I know I need to have an aggressive marketing plan,” Gebhardt says.

super marketing

80 %

of survey respondents believe it’s important to provide an accurate home valuation in the listing presentation.

93 %

of REALTORS® hold their listing presentations face-to-face.

21 %

Nearly

50 %

of respondents said a listing presentation results in a signed contract 76% to 100% of the time.

[feature]

of respondents report that the top questions sellers ask during a presentation are questions about home value.

State of the Listing Presentation

19 %

of respondents said the top questions are about how much the home will sell for or the listing price.

Source: 2018 State of the Listing Presentation, REALTORS® Property Resource, a wholly-owned subsidiary of the National Association of REALTORS®.

Spice things up

TOUT

DIGITALLY

For a serious shake-up or to bring your presentation into the 21st century, consider adding video or other digital elements. Ladd added home video tours to his business eight years ago, and he shows samples of them in his listing presentation. In each home video, Ladd does a personal walk-through of a seller’s house, both inside and out, and he hires a videographer with professional editing capabilities. “The result is a higherAgents can use the listing meeting to describe quality product than other virtual tour companies provide,” says Ladd. what they do best, whether that is technology Remember to thank the client afterward, whether with a handwritten note, expertise, innovative marketing strategies a floral arrangement or something more impactful. Ladd sends short video or top-notch client service. Avoid bragging messages to clients via text message, which he records in the driveway of the about professional accomplishments, however. client’s home when leaving after the listing appointment. He avoids asking Instead, frame your capabilities in ways that for clients’ business outright. Instead, he invites them to contact him with demonstrate how clients will benefit from your questions. He uploads the video to the platform Designation expertise. Melte shows his dedication to client BombBomb, which sends the message to the cliMaintenance service by offering prepaid inspections and ent’s cell phone that evening or the following day. Meet your staging services. “Rather than a lengthy conversation, the video is a Designation Maintenance Gebhardt emphasizes her marketing experpersonalized message that encourages clients to requirements tise and the advanced training and networking give me feedback right away,” Ladd says. today! Read she receives with her CRS Designation. As she While there are many tools available to this article and “Home Prep with shows clients the CRS brochure, she explains make a listing presentation more robust and Buyer Appeal” how the designation puts her in a stronger posi- engaging, agents who customize their presentaon p. 32, take a 10-question quiz tion with the client’s needs in mind are sure to tion to assist them. “I tell clients that I’m part of and earn 2 creda network of professionals who share marketing win the client’s trust—and their business. its. Go to CRS. com/trs-quiz to tips and property information, which can help get started. me sell their home faster.” Regina Ludes is a freelance writer based in Chicago.

your unique capabilities

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FIRST TIME’S THE CHARM By Megan Craig

Mar Apr

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iStock.com: Bulat Silvia

With spring in the air, agents are gearing up for their busy season. For some, this means working with first-time homebuyers, preparing them to make the leap into homeownership. But working with first-time buyers isn’t exactly like working with seasoned buyers—newbies to the real estate scene require more education to help them through the process, says Rich Sands, CRS, REALTOR® and president of Rich Sands Seminars in Aurora, Colorado. “That’s what makes this a bigger challenge for the agent: The agent comes with a wealth of knowledge, and they’re dealing with people who don’t have a lot of experience,” Sands says. “Agents who work this niche will be ones who like putting the pieces of the puzzle together to give the buyer the best experience they can have.”

listen

closely

[feature]

Working with first-time homebuyers requires extra effort to educate, but may offer the biggest rewards for agents

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listen closely

Know them and nurture them

When teaching other REALTORS® about working with first-time homebuyers, Sands focuses on a mantra: “They’ve never done this before.” “Leadership skills are pivotal because as much as a first-time homebuyer needs a real estate agent, they also need a leader,” Sands says. “And that’s because they’ve never done this before.” That means it’s up to the agent to make the experience informative and enjoyable. Agents should spend a considerable amount of time putting together a profile of a first-time homebuyer based on all the information available about what’s typical of this specific subgroup, Sands says. You have to know what makes

them different. “That’s the big question: What do they want and need?” he says. “And more importantly, how can we help them get it?” Agents also need to do plenty of self-reflection to see if they’re the kind of agent who will match up well with most first-time homebuyers, since newer buyers almost always need more direction than seasoned buyers. And trust is the key to getting these often-younger clients to take your suggestions seriously, Sands says.

Newer buyers almost always need more direction than seasoned buyers.

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“In general, they’re young enough to have access to a lot of information and savvy enough to find it, and that makes them susceptible to believing information about the process that may not be true or completely accurate,” Sands says. “That’s why trust is more important than ever in today’s world.”

Help manage their expectations

Because so much information is available to them, new buyers sometimes come into the process with misconceptions, says Melissa Zavala, CRS, REALTOR® and broker with Broadpoint Properties in the San Diego, California, area. “Usually, it’s because they’ve talked to somebody unlicensed— a relative or friend—who gives them just one perspective on what happened when they bought,” Zavala says. “It’s up to you [the agent] to clear up misconceptions.” Shows like those on HGTV have made it harder to bridge the gap between what first-time buyers have come to expect and what they should expect from the process and the experience, says Mark Given, CRS, REALTOR® and author, in Roanoke Rapids, North Carolina. “People often have a misinterpretation of what buying real property is because they have that TV perspective of how easy it is to buy or upgrade—but in reality, it’s not a 30-minute-episode situation,” Given says. “It’s not that there can’t be a lot of joy in the process, it’s just not the HGTV scenario.” So, how can agents help set expectations for people who have no idea what to really expect? It comes down to preparation and (again) trust. “Know your market well enough, and you’ll be able to prepare them for the least stressful process possible,” Given says.

iStock.com: ismagilov

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It’s all about education

A STEP-BY-STEP GUIDE TO EDUCATING FIRST-TIMERS

New buyers often don’t know what to expect from the process, but the right agent can take what might be a scary experience and make it exciting, Given says. All it takes is the extra effort to educate the buyer along the way. This is especially important when it comes to qualifying for a loan. Since this is likely the largest single purchase a new buyer has ever made, they may not fully understand the financial needs for homeownership. “Many buyers don’t qualify and don’t realize they won’t qualify,” Zavala says. “Both parties would be wasting their time if the transaction couldn’t come to fruition in the end.” But they won’t just be unprepared financially, Given says: “You’re not just selling to them, you’re really counseling them through this experience.” He suggests asking the buyers what scares them most about buying a home, then taking time to thoughtfully answer every concern. The big difference in working with a first-time buyer and a repeat buyer is that the repeat buyer will tell you exactly the things that didn’t go right the first time, so it’s easier to address issues directly. “But with new buyers, it’s about asking a lot of questions and doing a lot of listening,” Given says. “You can’t solve their problem until you know what their problem is.”

With first-time buyers, it’s all about education. The homebuying process is new to them and can be overwhelming. “You have to go back to basics in your explanations for these buyers,” says Melissa Zavala, CRS, and broker with Broadpoint Properties in the San Diego, California, area. “You need to step back and make sure you’re clearly describing the process.” Zavala, who teaches several classes for other CRS Designees, says she finds explaining every step to new buyers right at the beginning of the process intimidates them. Instead, she recommends “careful, measured and deliberate” dissemination of information throughout the buying process.

1 2 3 4

I dentify what they’re looking to buy. As with many buyers, first-time buyers usually have some idea about what kind of home they’d like. Find out more to help them (and you) decide whether you’re the right agent for them.

E xplain prequalification or preapproval. That way, when the right house comes along, they’ll be ready. T ie them in with a lender. You want to be sure the buyer is working with a lender you’re willing to work with, particularly one who closes on time. It’s helpful to explain all the documents needed for this part of the process as well. H elp them identify neighborhoods. While they’re getting prequalified, do a few drive-by viewings with the buyers, but don’t take them to showings until you’re sure how much house they qualify to buy. Still, you can maintain their interest during the sometimes-long qualification process by discussing where you think they may like to live.

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S et realistic expectations. Because they’re new to the process, first-time buyers may not know what kinds of houses will be within their budget—they sometimes expect a perfectly maintained, remodeled, move-in-ready home for very little money. It’s up to the agent to explain what they’ll actually find within their price range. Go shopping. Follow the same process in this step that you would with any buyer, being extra careful to show only homes that fit within the buyer’s budget.

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E xplain the contract. Take your time explaining the contract process, since it can seem particularly complicated to new buyers. Contracts differ from state to state, but in general, be sure to define and explain each part, including arbitration, mediation, closing (who pays what), contingencies, loan terms and appraisals. The buyer may not know which parts of the sometimes-confusing legal document are important.

Megan Craig is a freelance writer based in Syracuse, New York. Ready to go in-depth on working with first-time homebuyers? Take RRC’s course, “First Time Home Buyer Specialist: A Blueprint for Success,” in person or online to learn more and earn credit toward your CRS Designation. For more information, go to CRS.com/learn.

M ake the closing special. Buying a first home is a huge life accomplishment. Consider giving your first-time buyers a small gift—and maybe one that will help them transition to homeownership, like a home repair service.

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home prep with

BUYER

Guide sellers to home improvement projects for which buyers pay top dollar By Donna Shryer

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WHAT ATTRACTS BUYERS?

(highest to lowest) 1 Complete Kitchen Renovation 2 Kitchen Upgrade 3 HVAC Replacement 4 New Wood Flooring 5 Bathroom Renovation 6 Hardwood Flooring Refinish

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7 New Master Suite/ Owners’ Suite 8 Add New Bathroom 9 Basement Conversion to Living Area 10 Attic Conversion to Living Area 11 Closet Renovation

Source: 2019 Remodeling Impact Report

iStock.com: Eoneren

The decision to sell one’s home is often fraught with emotion—but it’s the next decision that usually packs the biggest wallop. Refresh and repair? Remodel? Renovate? What needs to be done and how much does it cost to prep a home for sale? More importantly, which home improvement projects deliver the highest return on investment? Conversely, which home improvement projects will have buyers saying, “Are you nuts? I’m not paying an additional $15,000 for that!” Fortunately, your sharp market insight combined with the 2019 Remodeling Impact Report, a joint study from the National Association of the Remodeling Industry (NARI) and the National Association of REALTORS® (NAR), makes for a perfect duo to help guide sellers toward projects that make the most sense relative to cost. The study analyzes 12 interior and 10 exterior home improvement projects, crunches the data and delivers average project costs, likely buyer appeal and estimated return on investment (ROI) when homeowners sell their home.

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practice

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APPEAL BY THE NUMBER S

Leading the 2019 Remodeling Impact Report list is a new roof, with a %

107 ROI,

followed by a new garage door at %

95 ROI,

new fiber-cement siding at % , and a new front door at % %

76 ROI 74 â&#x20AC;&#x201C;75 ROI.

Designation Maintenance Article

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perfect practice

AND THE WINNERS ARE... According to the 2019 Remodeling Impact Report, here are the projects that came in with at least 75% ROI at resale. Exterior Winners New roofing: NARI Remodelers’ cost estimate: $7,500 REALTORS® estimated cost recovered: $8,000 Estimated ROI: 107 % New garage door: NARI Remodelers’ cost estimate: $2,100 REALTORS® estimated cost recovered: $2,000 Estimated ROI: 95 % New fiber-cement siding: NARI Remodelers’ cost estimate: $19,700 REALTORS® estimated cost recovered: $15,000 Estimated ROI: 76 % New steel or fiberglass front door: NARI Remodelers’ cost estimate: Steel: $2,000; Fiberglass: $2,700 REALTORS® estimated cost recovered: Steel: $1,500; Fiberglass: $2,000

iStock.com: Lubushka

Estimated ROI: Steel: 75 %; Fiberglass: 74 %

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Changing with the times and numbers

Interior Winners New wood flooring: NARI Remodelers’ cost estimate: $4,700 REALTORS® estimated cost recovered: $5,000 Estimated ROI: 106 % Hardwood flooring refinish: NARI Remodelers’ cost estimate: $2,600 REALTORS® estimated cost recovered: $2,600 Estimated ROI: 100 % HVAC replacement: NARI Remodelers’ cost estimate: $8,200 REALTORS® estimated cost recovered: $7,000 Estimated ROI: 85 % Insulation upgrade: NARI Remodelers’ cost estimate: $2,400 REALTORS® estimated cost recovered: $2,000 Estimated ROI: 83 %

Source: 2019 Remodeling Impact Report—a joint study from the National Association of the Remodeling Industry (NARI) and the National Association of REALTORS® (NAR).

REALTORS® who command up-to-date data on average home improvement project costs, buyer appeal and estimated ROI are part of the trending multidisciplinary approach to real estate. The trend to blend capabilities goes as far as you want it to. With a remember-when grin, Wheaton, Illinois-based Karen Parent, CRS, REALTOR®, RE/MAX Suburban, says, “Once upon a time, prepping a home for sale meant putting a lockbox on the front door. Now I’m involved long before the home is listed. Sellers rely on my experience to help choose home improvements that buyers want, so the home sells quickly—and that buyers will pay for, so the seller recoups that prep money.” Serving the greater Seattle market, Gordy Marks, CRS, managing broker, Gordy Marks Real Estate RE/MAX Northwest REALTORS®, recommends and foots the bill for certain essential home improvement projects. “In our area—technology central—buyers often have more money than time, so turnkey homes sell for the highest dollar per square foot. That means it’s important that we take on what needs to be done—to ensure everything is done right,” Marks explains. Projects he and his team schedule, oversee and finance include landscaping, pressure washing, window washing and professional house cleaning. For bigger-ticket improvements that still fall within high-ROI territory, it’s the seller’s choice, although Marks simplifies the project process by having a list of vetted tradespeople at the ready. Pointing to how far and wide a CRS’s multidisciplinary approach to real estate can go, there’s Mark Green, CRS, broker associate with Real Living Real Estate Professionals, serving the Northern California market. In addition to having been a broker since 1993, Green is also a licensed contractor. “Having both licenses helps me understand what a seller can do with the least amount of hassle and highest return on their investment. My experience as a contractor also gives me a unique list of resources—tradespeople I know can get a job done right at the right cost.”

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L E I G H ’ S TA K E If we look at the list of things our neighbors want when selecting a professional REALTOR®, one of the top 10 is access to your vendor list! The best CRS Designees have a carefully curated list of pros who provide great service, and you can be a walking-talking-helpfullocal version of Angie’s List for one-stop assistance! For those clients who fuss about not having the resources to make the improvements? Check out Curbio, a new company that I was introduced to by the REACH program with NAR. (They’re not available in all markets yet, but they are growing.) Curbio helps with gap funding to get your listings sold. Want to know more about up and coming companies like Curbio? Let’s get you signed up to help evaluate new companies! It’s a fun volunteer job and CRS Designees bring a ton of market experience, which is great!

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perfect practice

A few take-home points

Walking the fine line

Let’s examine the 2019 Remodeling Impact Report, less as a list and more as a compass. Here are several overarching directions that will help you interpret the report’s data and guide sellers toward home improvement projects that buyers will pay for.

Think outside the box

Whether you call it curb appeal or an exterior project, the 2019 Remodeling Impact Report says it all: ROI averages for exterior replacements and improvements outperformed larger discretionary interior remodeling projects. Leading the list is a new roof, with a 107% ROI, followed by a new garage door at 95% ROI, new fiber-cement siding at 76% ROI, and a new front door at 74% to 75% ROI. Remodeling magazine’s 2019 Cost vs. Value Report confirms curb appeal’s continued worth. The report, which compares the country’s most popular remodeling projects’ costs vs. how much the investment will improve a home’s resale value, ranks garage door replacement first, with an average 100% ROI at resale. Next up is a manufactured stone veneer project, averaging a 95% ROI. In fact, 9 of the top 10 high-return projects detailed in this report happen outside. “That old saying, ‘You can’t judge a book by its cover,’ doesn’t translate to real estate,” Marks says. “So our role is to guide sellers toward important home modifications that begin in the front yard.”

Everything shipshape

BY THE NUMBER S

of buyers 29–38 years old, aka older millennials, bought new homes specifically to avoid renovations and problems with things like plumbing or electricity.

Mar Apr

“THAT OLD SAYING, ‘YOU CAN’T JUDGE A BOOK BY ITS COVER,’ DOESN’T TRANSLATE TO REAL ESTATE.” —Gordy Marks, CRS

Remember the interior and exterior projects with top ROI? Flooring, HVAC, insulation, roofing, garage door, fiber-cement siding and front door. The modifications are about as unsexy and plain-vanilla as it gets. But it’s what millennials want, and according to the NAR 2019 Home Buyers and Sellers Generational Report, sellers would be wise to cater to these buyers—since they made up the largest share of homebuyers in 2019, at 37%. The report goes on to say that 51% of buyers who were 29–38 years old, aka older millennials, bought new homes specifically to avoid renovations and problems with things like plumbing or electricity.

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An ongoing discussion between REALTORS® and sellers concerns interior design trends and how much to acknowledge them when prepping a home for sale. One school of thought is to give homebuyers an HGTV-approved presentation. “We’ve seen homebuyers’ expectations change. They want homes to look like the TV shows they binge watch,” says Jessica Lautz, doctor of real estate. “But those glamorous projects have a low ROI. So here’s where the listing agent plays an essential role.” Dr. Lautz is referring to REALTORS® with professional stagers on speed dial—experts who create on-trend design masterpieces. According to NAR’s 2019 Profile of Home Staging report, this is a project with a big ROI. ÄÄ40% of buyers’ agents cited that home staging had an effect on most buyers’ view of the home. ÄÄ83% of buyers’ agents said staging a home made it easier for a buyer to visualize the property as their future home. ÄThe Ä rooms most commonly staged included the living room (93%), kitchen (84%), master bedroom (78%) and the dining room (72%).

“The generation coming up isn’t interested in expensive maintenance repairs. If the home inspector says something’s not going to work in five years, they want it replaced now,” Parent says. Focusing on the roof, she adds, “More than anything else, I’ve had more buyers walk away from a home because it may need a new one.” Even if that new roof or HVAC system jacks up a home’s price, more buyers than ever are okay with that. “People don’t want to take on these projects. They’re messy, loud and expensive. So sellers get a lot of bang for their buck if they take on these kinds of projects,” says Jessica Lautz, doctor of real estate and NAR vice president of demographics and behavioral insight.

iStock.com: ilyaliren/Brandon Laufenberg/chrisbrignell

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Refresher course

If you want to shine brighter than a stainless steel Sub-Zero Pro 48 refrigerator, tell your sellers that complex, expensive and timeconsuming renovations are so yesterday. Today’s buyers are willing to pay for less luxury, providing everything works as it should, will continue to work for a reasonable amount of time and looks good. To zoom in on an example, let’s look at the kitchen. The 2019 Remodeling Impact Report puts a complete kitchen renovation at $60,000, with a cost return of $40,000 and an ROI of 59%. A kitchen upgrade, still costing a pretty penny, comes in with an even lower 52% ROI. Here’s where things get interesting. The 2019 Cost vs. Value Report offers a third kitchen improvement option, the “Minor Kitchen Remodel/Midrange,” with a $22,507 cost average and an estimated 80.5% ROI. Geared to a functional but dated kitchen, improvements include replacing cabinet box fronts and hardware, countertops and flooring, and installing a new cooktop/oven range, slide-in refrigerator and mid-priced sink and faucet.

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“Minor remodels, regardless of the room, are preferred. Anything more complex throws the budget, timeframe, ROI and emotions out of control.” —Shelley Watkins, CRS

“Minor remodels, regardless of the room, are preferred,” says Shelley Watkins, CRS, associate broker-REALTOR® with LAH Real Estate in Birmingham, Alabama. “Anything more complex throws the budget, timeframe, ROI and emotions out of control,” she says. By emotions, Watkins means that sellers often slip into creating their dream kitchen, bathroom or master suite—forgetting that the project is to help them leave the home faster and with more cash in their pocket. “That $500 light fixture may be beautiful and something they’ve always wanted, but buyers won’t pay for it. It’s my role to make it clear that the $100 fixture will do just fine for a refresh, it looks great and the return will be higher,” Watkins says.

Designation Maintenance

Meet your Designation maintenance requirements today! Read this article and “Presentation Perfect” on p. 24, take a 10-question quiz and earn 2 credits. Go to CRS.com/ trs-quiz to get started.

Donna Shryer is a freelance writer based in Chicago.

BRUSH UP ON THE FACTS Individual room and full interior paint projects are both featured in the 2019 Remodeling Impact Report—but there’s no ROI. “We don’t have a cost recovery because painting is often DIY. However, a fresh coat of paint is always a good place for a seller to start,” says Jessica Lautz, doctor of real estate. In full agreement, Watkins goes a step further. “We’re hearing about a strong trend toward vivid colors and deep tones, but it’s a neutral palette that sells houses.” If your seller insists on going with coral walls and ochre flooring because Chip and Joanna Gaines say so, don’t stress it. Green has a tip. “Take your seller to see the top three comps in their neighborhood. Let them see for themselves the freshly painted, neutral-colored walls.” Checking comparables is a strategy Green uses to support any home modification he recommends—whether it’s painting, plumbing, light fixtures or flooring. Regardless of which reports you read, the truest ROI of any project depends on

your market. It’s a fact that strongly supports the REALTOR®’s trending multidisciplinary role in real estate—even when it means asking the seller to make tough choices. “When prepping a home for sale, either do it all the way or not at all. If the seller is only willing to pay for and go halfway, I think you just amplify what’s not yet done,” Marks says. “So sometimes I need to tell people that the smartest choice is to work with the asking price, maybe market the home as a fixer-upper, because putting new slab counters on old, worn-out cabinets is a waste of money. The next owner will only rip everything off to replace the cabinets—and the buyer’s REALTOR® will use that to negotiate a lower asking price. I certainly would.”

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RRC news from the council

success! SELL-A-BRATION® 2020

Informative education sessions and inspiring keynoters highlight Sell-a-bration 2020

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Another Sell-a-bration® has come and gone, but the memories, connections and knowledge gained will last a lifetime. Sell-a-bration 2020 brought nearly 1,000 attendees consisting of CRS Designees, RRC Members and guests to the Omni ChampionsGate in Orlando, Florida Feb. 14–16, 2020, to participate in the premier annual conference in residential real estate. The theme of this year’s event was We Are More, celebrating the growth that CRS Designees achieve with superior education and networking. The theme was interwoven throughout the event with the symbolism of trees—the ultimate symbol of growth and rising to new heights. As Richard Waystack quoted, “A tree can only be as strong as the forest that surrounds it.” When CRSs grow, they grow together—and a little more each time they connect at events like Sell-a-bration. What attendees said when asked to describe their favorite part of Sell-a-bration 2020:

“My favorite part was introducing first-time attendees to new connections, and watching their eyes grow as big as saucers.” —Anna Meczyeor, CRS

, “It s always great connecting with the best in the industry! , That s what makes Sell-abration the best conference in the biz!” —Jennifer Teske, CRS

“Networking with similarminded people who want to keep learning.” —Donna Schneider, CRS

MUSIC CITY, HERE WE COME!

Missed this year’s Sell-a-bration? Well, there’s always next year! Make plans now to attend Sell-a-bration 2021 in Music City, which promises to be even bigger and better. Sell-a-bration 2021 will be held Feb. 1–2, 2021, at the Omni Nashville Hotel in Nashville, Tennessee. In addition to the world-class residential real estate education that is expected at Sell-a-bration, the Council is adding even more networking activities and ways to engage with other attendees. Think referrals!

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“All the rockstar agents I met and connected with. I will be in Nashville!” —Leslie Floyd

Participants had the opportunity to attend nearly 30 informative education sessions. Pre-conference courses were also held, enabling attendees to gain valuable knowledge and

earn credit toward the CRS Designation. The four general sessions featured a lively DJ and dancing from members. It also brought two powerful keynote speakers to the stage—Scott Stratten and Daniel Levine—who left the audience with key takeaways that were both applicable and inspiring. Special breakfasts, welcome receptions and a happy hour brought people together to enjoy food and drinks as they networked with other professionals. In addition to those events, over 150 guests attended the Valentine’s Day-themed CRS Night Out. These and other event photos appeared on an event social media wall. The photos highlighted attendee perspectives using event hashtag #SAB2020 across various social channels. Professional photographers and videographers also captured key moments of the event. Register now for Sell-a-bration 2021 and take advantage of early pricing. Go to crs.com/sell-a-bration to register.

Four general sessions that included a DJ and dancing, along with valuable education sessions, an abundance of networking opportunities, as well as game prizes and other contests made for a lively experience at Sell-a-bration 2020.

WINNERS

The following attendees were winners of various prizes awarded at Sell-a-bration 2020 based on the passport to prizes game and the social media photo contest. Congratulations! SELL-A-BRATION® 2021 REGISTRATION AND HOTEL ACCOMMODATIONS ÄTamara Ä Fox, CRS, Owens Cross Road, Alabama, RE/MAX Unlimited #SAB2020 SOCIAL WINNERS ÄTorrie Ä Vann, CRS Enid, Oklahoma, Coldwell Banker ÄKelli Ä Hillmar, CRS, Columbia, Maryland, Long and Foster Columbia

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500 CUTCO ÄPamela Ä Roberts, CRS, Lenox, Massachusetts, Roberts & Assoc Realty, Inc. ÄChristel Ä Silver, CRS, Delray Beach, Florida, Silver International Realty $ 100 AMAZON ÄSandra Ä Lettie, CRS, Mason, Ohio, RE/MAX Preferred Group BIOMEDICAL PRODUCTS ÄDorothy Ä Rhone, CRS, Bloomsburg, Pennsylvania, C/21 Covered Bridges Realty $

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RRC news from the council

2021

NATIONAL LEADERSHIP

Election to take place in May

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For more information on the candidates, head to CRS. com/election.

The Residential Real Estate Council will conduct a full membership vote to elect its national leaders for 2021. The election will begin at the close of the Member Update on May 12, 2020, and will be open for two weeks.

First Vice President Pam Ruggeroli

Kim Cameron

“I believe in my community and in giving back. I believe if you have something to contribute and you can help make a difference, you should get involved! My heart and passion for the Members of RRC/CRS are what is most important to me.”

“I have a passion for engaging future leaders and mentoring volunteers in the REALTOR® community. You can count on me to serve the REALTOR® community with honesty, integrity and a focus on members above myself.”

Kim has been a CRS Designee since 2008 and is a member of the Board of Directors.

Pam has been a CRS Designee since 2005 and has served in numerous leadership roles with Arizona RRC. She served on the Outreach Mastermind Division in 2019.

Board of Directors

Dawn Stevens

“To me, serving on your Board of Directors is about integrity, service, leadership and professional growth. If we are always working towards becoming the next best version of ourselves, then we are in a natural position to help create change in the industry that we serve.”

Dawn has been a CRS Designee since 2016 and currently serves as Regional Vice President for Region 9.

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Sandy McRae

“CRS is my passion, and serving others is what fulfills me. It is my honor and privilege to be selected as a candidate for the RRC Board of Directors.”

Sandy has been a CRS Designee since 2009 and is currently the RVP Committee Chair.

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Anne Meczywor John Young

“I want to help every “I am ready to bring single outstanding profes- creative ideas, energy sional agent achieve all and a fresh perspective they possibly can be. My to the board. My goal job as a director will be is to build on the sucto help those members cesses of the past while stand out. It helps our moving the Council consumers. It raises the toward greater heights bar and challenges us to as the premier organizaalways be the absolutely tion within our industry.” best professional possible.”

Anne has been a CRS Designee since 2015 and currently serves as the Co-Chair for Outreach Marketing Mastermind Division.

John has been a CRS Designee since 2016 and currently is the Maryland/D.C. RRC President.

W H AT ’ S F O R B R E A K FA S T, L U N C H A N D D I N N E R ?

food FOR

resources for learning & leisure

THOUGHT

Meal planning can save time, money and waste

iStock.com: bonchan/Floortje/juststock

Meal planning has a variety of benefits. It can save you money and decrease food waste because you buy exactly what you need at the grocery store. It can also help you avoid takeout or fast food and add a variety of healthy meals to your routine. Most importantly, though, meal planning saves you time, which can be a lifesaver for busy REALTORS®. Here are some tips to get started.

Figure out what you need from meal planning. Are you scrambling to cook breakfast in the morning, or does dinner cause you the most stress? Do you find yourself frequenting the drive-thru for lunch? Planning three meals per day, seven days per week can be daunting in the beginning. Instead, try to figure out where meal planning will help you the most, and set a goal to improve that part of your routine first.

Buy in bulk. Finding time to get groceries isn’t always easy. So when you do make it to the store, stock up on things like meats and vegetables that can go in the freezer, canned goods, rice and pasta, and broths. This is especially helpful when there’s a last-minute change in your meal plan; odds are, you’ll already have the ingredients you need.

Plan your meals with intention. Consider the week ahead before you assign meals. For example, on nights when you know you’ll be busy or working late, choose a pre-assembled freezer meal or slowcooker dish that can be ready quickly.

Utilize technology. You don’t have to do it alone—there are many apps designed to help you plan meals, create shopping lists, save recipes and more. Even apps you already use, such as Evernote or the basic notes app on your phone, can allow you to store meal information in one place.

Prepare the ingredients. Prepping ingredients can be a major help during the week, especially on nights when you’re tired or feel less motivated to cook. Anything from chopping vegetables to boiling eggs and cooking chicken at the beginning of the week (or whenever you can) will save you time and energy later.

MEAL PLAN

Mar Apr

learn

from the

BEST strategies from the industry’s top educators

CREATING A

listing mindset As a listing agent, your frame of reference must revolve around sellers

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Rich Sands is an international presenter, instructor and keynote specialist. He is president of Rich Sands Seminars and works closely with international real estate franchises, independent brokerages and companies that want to bring out the best in their people. As an NAR/REBAC and Certified CRS Instructor, he conducts courses for NAR and RRC. Recently, he was a catalyst in creating the Council’s new one-day listing class: “Creating Listing Abundance.”

Mar Apr

Responding to sellers’ needs

To be a fabulous listing agent, you need a disproportionately high amount of emotional intelligence (EQ) to go with your informational intelligence (IQ). Emotional intelligence is two-fold: there is the intrapersonal part—how well we know ourselves (having self-awareness, self-management, understanding your strengths, and self-motivation), and the interpersonal

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part—how well we do with others (displaying empathy and managing relationships). The great listing agents understand themselves, others and the relationship between the two. If you plan to connect with your potential clients, understand how they feel and how you can best help them, you have to be self-aware and empathetic. The relationship between these two traits allows the truly great listing agent to anticipate and then respond to the seller’s needs.

Why a seller should work with you

Employing your informational intelligence will then help you successfully provide solutions to meet the seller’s needs. Author and motivational speaker Simon Sinek said, “People don’t buy what you do, they buy WHY you do it.” You need to deliver information in a way that allows people to understand the benefit of working with you. You also have to show a potential seller how the process works and what’s in it for them. Once you are prepped and possess the proper mindset, you have to deliver. The most effective presentations are visual as well as verbal. Each point should be anchored with a visual. The visual elements will enhance the connection you are forging with your client, as well as being the most effective way to transmit your message. All of this is a preview of how you will list—and ultimately sell—their home.

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RRC INSTRUCTOR

My first broker told me 27 years ago that “you have to list to last,” and it’s still true today. One of the best things an agent can do to ensure their business will prosper in any market is to become a better listing agent. The best place to begin that process is with your mindset. The mindset of the listing agent is different from that of a buyer’s agent. To be a top-notch listing agent, you have to think like one, believe like one and prepare like one. It’s important to visualize yourself as a listing agent. Visualization is the systematic practice of creating and strengthening strong, positive mental pictures. As a standout listing agent, your entire frame of reference should revolve around sellers. Buyers are nice, but sellers rule. Listing agents think about finding sellers. Asked the big question (How’s the market?), listing agents answer in terms to which sellers can relate. Take that mindset and drop it into your marketing and branding. The listing agents market themselves as such. By creating that focus with the recipients of your marketing, you will reinforce it in yourself. There is a plethora of places to share your information, strengths and expertise to position yourself to get the call from that potential seller. Some traditional methods of positioning might be postcards or newsletters, while 2020-type methods like blogging, video and podcasting connect with a different audience.

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coaches CORNER Leverage your skills

QUALIFY YOUR

database

Spring-clean your database to optimize your time and resources that end up in our database. However, those names add up, filling your real estate CRM with people you don’t actually know. By rolling up your sleeves and weeding out the folks who aren’t a good fit, you will maximize your time, effort and money, and work with people you actually enjoy.

Sorting and qualifying

Getting started

When you sort and qualify your database, you take your list of contacts and narrow it down to your best people. As real estate agents, we make a lot of connections each day

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Reach Out Run through your contact list and call each person. Check in and see if you are still the agent they would refer to friends and family. If they have someone else, by all means you can keep the friendship, but you’ll know to channel your marketing efforts elsewhere. Oh, by the way, if you see a name on the list that you absolutely dread calling, remove them! The goal of this process is to only keep people you enjoy being around. If you had a difficult or disrespectful client, you can decide to stop working with them—it’s the beauty of working by referral!

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Sort and Qualify Once you’ve checked in with everyone, it’s time to rank the relationships. This process helps you streamline your marketing efforts to see which relationships require the most attention and care. Buffini & Company real estate coaches recommend ranking A+ through D: A+ people are those who have sent you multiple referrals and will continue to do so, while D clients have sent none and do not plan on it. The D’s should be deleted to save you time and energy.

No matter how large or small your database may be, real estate coaches walk agents through these three steps when narrowing it down to the best of the best.

Provide Value This is how you engage the folks in your database. Provide items of value to your relationships, starting from the top. The A+ clients will get the most love, while the C’s will get the least. You can deliver pop-by gifts, send handwritten notes, mail informative monthly marketing pieces or even throw a party for your best people to give thanks for their referrals! All of these acts demonstrate your care for these individuals while keeping you top of mind for all their real estate needs.

As you begin sorting and qualifying your own people, consider getting a real estate coach by your side. They will walk you through the process step by step, providing clarity, encouragement and accountability. Get a free business consultation and see how Buffini & Company real estate coaches will boost your business this year. Buffini & Company tools include the Referral Maker CRM—a robust real estate CRM for generating high-quality leads. For more information, visit buffiniandcompany.com.

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Spring is the time of year when real estate coaches will advise you to do a little cleaning—of your database, that is! Taking time twice a year to sort and qualify your database is one of the most valuable things you can do for your business. So, what does this mean, and how do we do it?



I met Steve Stewart, CONNECTION PERFECTION REALTOR® with Edina Realty in Minnesota, in 2015 when he was the regional vice president for Hawaii, and I was the incoming president for Hawaii. Steve contacted me in September 2018 because his close friends were considering a purchase on Oahu, where their son lives. Steve asked me if I would be interested in working with them. I called them to establish what they were looking for and to get an idea of their knowledge of the different neighborhoods on Oahu. We then communicated via email as I helped them to understand communities, complexes, market prices, style of properties, etc. In November, I took them to several properties, and we were able to narrow it down to a neighborhood they liked, but they were not planning to move for another two years. They still needed to get their Minnesota home on the market and take care of their affairs there. Needless to say, the excitement of moving to Oahu escalated and they were sending me more properties they were interested in via email. They came back to Oahu in February 2019, and saw a property they loved. I connected them with a local lender with whom they were able to get all their financials squared away, and they put in an offer—but unfortunately it fell through. After sending them videos of properties I had recorded for them since they were back in Minnesota, they settled on one they liked, and our offer was accepted. They closed without being on the island—I handled everything, and they were so pleased with the outcome. Through all this, I am most pleased and happy for my clients. —Tricia Nekota, Vesta Hawaii Real Estate, Honolulu, Hawaii

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RRC connect expand your network

WORLD-CLASS EDUCATION The Residential Real Estate Council offers lifecycle, agentto-agent learning, spanning the career of the residential real estate agent. The Council’s education is recognized as the best in the industry and includes live classroom courses, self-paced eLearning, live and on-demand webinars, videos and articles.

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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 Residential Real Estate Council. The annual subscription price is $29.95. The mailing address of both the publication and the publisher is Residential Real Estate Council, 430 N. Michigan Avenue, Suite 300, Chicago, IL 60611-4092. The publisher is the Residential Real Estate Council, and the Editor is Kimberly Cure. The owner of the publication is the Residential Real Estate Council. There were 26,130 copies of The Residential Specialist published in September/ October 2019; the average for the preceding 12 months was 28,653. The paid/ requested outside-county mail subscriptions for the September/October issue

were 25,963; the average for the preceding 12 months was 28,267. 10 free copies were distributed by mail in September/October, and the average number of free copies distributed during the preceding 12 months was 130. 10 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 100. 50 copies of the magazine were not distributed in September/October (office use, leftovers), and an average of 150 copies were not distributed from issues in the preceding 12 months. The percent paid/requested circulation in September/October 2019 was 99.3 percent, and for the preceding 12 months it was 98.7 percent.

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ask a

CRS advice from your peers

TO TELL THE TRUTH

You have a listing that is getting showings, and agents call (or text) to ask if you have any offers. But you don’t. How do you respond? Tell the truth as long as you have the seller’s permission. —Stephen Heartsill, CRS, Associated REALTORS® LLC, Elizabethtown, Kentucky

I haven’t been given permission from the client to discuss that. —Anne Meczywor, CRS, Roberts & Associates Realty, Lenox, Massachusetts

We have had a lot of interest, so I would suggest if your buyer is serious, to put in an offer right away. —Gina Duncan, CRS, Fine Island Properties, Kahului, Hawaii

I say, ‘It’s only you in the running right now,’ or something to that effect. And I think that helps to create some urgency. —David Mattes, CRS, RE/MAX of Reading, Wyomissing, Pennsylvania

, I don t, yet, but have had several showings recently and sounds like I might see something coming in soon.

As markets change, we do also ... our market is taking longer, and we have to make our clients understand. — Lawana Smith, CRS, ERA Freeman and Associates, Gresham, Oregon 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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—Lori A. Todd, CRS, Choice Realty & Management, Bloomington, Indiana

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