The Residential Specialist, November/December 2023 by The Residential Specialist

NOV/DEC 2023

PREMIER PROPERTIES

Learn how luxury real estate agents operate and keep their clients satisfied

+ Advice on co-listing 9 + 2024 market predictions 18 + Handling historic homes 22 + The ins and outs of probate 26

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Nov/Dec 2023

Vol. 22, No. 6 Cover art:  iStock.com/ Astronaut Images

18 22 26 30

FEATURES 18 Forecasting the Future:

22 It’s Not Old— It’s Historic:

26 Probate Starting Gate:

30 Isn’t It Grand?:

Experts share their thoughts and opinions about what’s in store for the real estate industry in 2024.

Historic homes aren’t for everyone, and agents involved in these transactions should be prepared for quirks.

Probate transactions are notoriously difficult but can be mastered with the right education and experience.

The luxury home market, while tricky to infiltrate, can result in lucrative opportunities for motivated and patient agents.

By Jason Henninger

By Myrna Traylor

By Annika Tourlas

By Myrna Traylor

Residential Real Estate Council crs.com

Nov/Dec 2023

CONTENTS

Vol. 22, No. 6

4 Aerial View Jeff Hornberger, RRC CEO

6 Real Talk Recap: What you missed from recent RRC podcast episodes.

Market Pulse 8 Personal Perspective: Connie Mahan, CRS, Connie Mahan Real Estate Group, Bushnell, Florida 9 The Pros and Cons of Co-listing: Listing a property with a fellow agent can have its benefits and challenges. By Rebecca Lubecki

12 Knock, Knock: A tried and true prospecting strategy, door knocking can help establish you in your community. By Ellie Stimmel

16 Smart Living: Tips to help craft a business plan for the new year. 34 Market Values Insights from industry data.

Specialized Knowledge 36 Council Classroom: Establishing a set of systems can help increase productivity. 38 Marketing Matters: Ways to give back to your community this holiday season.

EDITOR Cheré LaRose clarose@crs.com 800.462.8841 ASSISTANT EDITOR Amelia Garza apgarza@crs.com CONTRIBUTING WRITERS Jason Henninger Rebecca Lubecki Ellie Stimmel Annika Tourlas Myrna Traylor

Advertising Inquiries 312.321.4410 bd@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 pubBOARD OF lished bimonthly by the Residential DIRECTORS Real Estate Council, 430 North President Michigan Ave., Suite 300, Chicago, IL 60611-4092. Periodicals Tricia Nekota, CRS postage paid at Chicago, IL, and First Vice President additional mailing offices.

Vivian Macias, CRS

Change of address? Email requests

Immediate to crshelp@crs.com, call Customer Past President Service at 800.462.8841 or mail to Holli Woodward, CRS RRC at the above address. Members The Residential Specialist (USPSDebra Beagle, CRS 0021-699, ISSN 1539-7572) is Bryan Hughes distributed to members of the Addie Owens, CRS Council as part of their membership Kurt Thompson, CRS dues. Nonmembers may purchase Tonya Thomsen, CRS subscriptions for $29.95 per year in the U.S., $44.95 in Canada

Chief Executive Officer and $89.95 in other international Jeff Hornberger countries. All articles and paid Staff Liaison advertising represent the opinions Patricia Stodolny of the authors and advertisers, not the Council.

Designation Nation

PUBLICATION POSTMASTER: Please send MANAGEMENT address changes to: The Residential Specialist, c/o Residential Real Estate Council, 430 North Michigan Ave., 4 th Floor, Chicago, IL 60611-4092.

40 Your Own Council: RRC news and updates.

42 Ask a CRS: Advice from the country’s top agents.

43 RRC Connect: Expand your network.

Publishing Manager rights reserved. Printed in U.S.A. Scott Mason

46 Balancing Act: Invest in yourself by boosting your digital skill set. 48 Taste of RRC: A recipe shared by an RRC member.

Residential Real Estate Council. All

Art Director Ivette Cortes

crs.com

SCAN TO REGISTER The Probate Specialist Certification’s curriculum is designed to equip agents with the knowledge and skills necessary to navigate the complex probate process with confidence, empowering them to excel in this specialized niche.

CRS Designation: Earn 8 hours of credit! Check if this course qualifies for continuing education credit in your state.

“Great course!! The instructors were informative and entertaining. I gained a lot of useful info! 5 STARS!” ~ Rachel Bruner, TN

LEARN SKILLS GAINED AT CRS.COM/PROBATE

Nov/Dec 2023

Aerial View From the desk of Jeff Hornberger, RRC CEO

Investing in Excellence

n the constantly evolving and challenging landscape of residential real estate, having a competitive edge is paramount. At the Residential Real Estate Council (RRC), we commit to offering not just an edge but a significant leap forward. How, you ask? Through the unparalleled benefits of the CRS (Certified Residential Specialist) Designation. Let’s delve deep into the multifaceted world of your CRS benefits and why you have made the best investment for your career.

RRC membership is not an expense. It’s an investment in excellence, growth and unmatched professional development.”

Investing in credentials For the annual dues investment, you, CRS Designees, uphold your earned and globally recognized CRS Designation. This isn’t just a title; it’s a career milestone and a testament to excellence and ability that sets you apart. The numbers speak for themselves: CRS Designees outperform the average real estate agent, earning over 50% more per year. They also average 58% more in gross sales. And CRSs engage in more than double the transactions of the average agent. Networking at a global level Access to the CRS global referral network is one of the standout benefits. Whether tapping into the community and referrals via the ‘Find a CRS’ app (always handy on your mobile device) or exploring the print CRS Referral Directory, members are well-connected. This isn’t a mere digital interaction but a human touch that defies the constraints of a digital age. With over 40 state and six international networks, you have unrivaled access to a community of top-performing peers. Tools that drive success In an industry that demands constant marketing and self-promotion, RRC offers tools that simplify this process. From Photofy to the custom monthly “Your Home” newsletter, your marketing needs are considered and catered to. With the added convenience of the RRC Connect weekly email, members are always updated on the latest news, courses and relevant media links. Education and more CRS Designees and candidates are lifelong learners. Members enjoy up to 50% discounts on education and professional development courses. For those who prefer online, the no-cost webinar library brings 12 new complimentary webinars every year, valued at $325.

Add to this the discounted rates to the flagship education and networking Sell-a-bration® event, savings on RRC certificates and certifications, and complimentary subscriptions to industry-standard publications like The Residential Specialist magazine and “The Bottom Line,” you receive unrivaled value for your dues. Beyond business—building a community RRC is not just about transactions and sales—it’s a community. The “Real Estate Real Talk” podcast supplies timely discussions on relevant industry issues. The Career Center offers tools for self-assessment, aiding both you and your growing team. The Mentor Program offers a unique opportunity to help others grow their careers and encourage them along the pathway to CRS. The future of RRC and the residential real estate industry is in your hands. We have a myriad of volunteer opportunities to channel your passions and skills. A financially smart decision Every dollar invested in RRC and your CRS Designation yields multifaceted returns. From savings up to 75% on products and services, including at giants like Office Depot, Home Depot and Ace Hardware, to tangible benefits like a complimentary subscription to Inman Select News (a $249 value) and $100 off Inman event registration, the value proposition is clear and supplies a dues ROI many times over. RRC membership is not an expense. It’s an investment in excellence, growth and unmatched professional development. RRC is primarily a membership organization. You, our members, are at its heart. As you renew, rest assured that RRC is committed to ensuring your benefits and opportunities grow richer with time.

The Residential Specialist trsmag.com

Give back, become a better leader, and refine your own skills and networks.

Make a 3-month commitment. Mentors help grow mentees network.

Virtual, telephone or in-person.

Matches made using the Mentee profiles.

HOW THE MENTOR PROGRAM WORKS:

Mentors share knowledge and insights.

Mentors share resources to enhance the mentorship.

No obligation to maintain the relationship.

Nov/Dec 2023

Real Talk Recap Thoughts and opinions from our podcast hosts

What You Missed on “Real Estate Real Talk” Season 2, Episode 15 Have you been listening to RRC’s “Real Estate Real Talk” podcast? If you’re late to the party or forgot to tune in, here’s a peek at what our expert CRS hosts have been discussing in recent episodes.

“The State of the Market Pt. 1”

Even though the business may not be plentiful, your job right now is to follow your business plan, and more importantly, your job right now is to time block. Fill up your schedule. That means between 9 and 10 in the morning, you do prospecting. And that’s the one thing that a lot of people are forgetting to do right now because they really didn’t have to prospect—business just came our way. We didn’t really have to work all that hard to gain the business. My phone was just ringing nonstop. I started looking and thinking, “Oh my, I haven’t done any of the time blocking. I haven’t reached out and talked to my past clients.” I need to go back to the basics and get them on my calendar.

Season 2, Episode 17 “Staying Safe in the Field”

Online safety is huge for us, not only from an agent safety standpoint but from a broker brand standpoint. We’re seeing right now a ton of artificial intelligence bots that are sending messages out to people trying to get a response. You’ll get these texts that say things like, “Hey, so and so, are we still on for this time?” These are all tests to see if you’ll respond. You’ve got to be smarter online than the scammers are. So my advice, especially for agents who are trying to keep their businesses going, is to be very cautious of every email you get. If it looks suspicious, don’t be responding to it.

Brian Copeland, CRS

Alex Milshteyn, CRS

Season 2, Episode 16 “The State of the Market Pt. 2”

Listen to new episodes and access the entire archive of “Real Estate Real Talk” episodes at CRS.com/realtalk or wherever your favorite podcasts are found.

Season 2, Episode 18 “Ask a CRS!”

Don’t sit there and go through social media—or as a friend terms, “scroll-iosis.” You’re also going to have “Amazon-esia,” with packages just showing up. You could be using that time and money to invest in yourself and take courses that will change the trajectory of your career and give you the tools that you need to get through this market. You could be going to the in-person classes happening all over the country and around the world. Some of my best relationships are from getting involved, not just in RRC, but within my local association, my state association and NAR.

If setting a time limit on offers, make sure that you’ve discussed that with your seller. It comes back to consultation with your client. It’s not the same for every seller or every buyer. I discuss those time limits with my seller, and I have them sign off on it on our multiple-offer notification (that we will give to buyers’ agents with interested clients). And if they want the freedom and the option to accept an offer early, then I put that in writing, so everyone’s on the same page. Will we likely wait until Sunday at 8:00? Sure. But if an offer comes in that they just can’t pass up, they reserve the right to accept that offer early.

Holli Woodward, CRS

Maura Neill, CRS The Residential Specialist trsmag.com

Nov/Dec 2023

PERSONAL PERSPECTIVE Connie Mahan, CRS, enjoys engaging with her community in Sumter County, Florida.

PAGE 8

Market Pulse Photo: Brian Carlson

TRENDING HEADLINES AND IDEAS

CO-LISTING

DOOR KNOCKING

SMART LIVING

For particular transactions and circumstances, agents may find value in co-listing a property.

Door knocking is one prospecting strategy that can familiarize you with your community.

Creating and following a detailed business plan can result in a very successful year.

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Residential Real Estate Council crs.com

MARKET PULSE

Nov/Dec 2023

Personal Perspective Profiles of people to watch

Connie Mahan, CRS

Connie Mahan Real Estate Group, Bushnell, Florida How did you get involved in real estate?

I’d like to consider myself a little bit of an education nerd, and once I was exposed to the Council’s educational opportunities, the profession became even more exciting.”

Connie Mahan, CRS, achieved the CRS Designation in 2015. She can be reached at conniemahan@ aol.com or 352-569-0233.

What market are you working in?

or the PTO was having bingo, it didn’t matter—I was there. Through the years, I just looked for all the ways possible to be of service, and the rest is history. Of course, our company has social media and video, but that is secondary to the main pillar of our marketing: being present in our community.

education opportunity and then getting my designation, it was like somebody relit the pilot light. I’d like to consider myself a little bit of an education nerd, and once I was exposed to the Council's educational opportunities, the profession became even more exciting. I’ve been promoting the designation in my area since then.

I started and have I got involved in real stayed in the south estate completely end of Sumter by accident. Let’s go County, Florida. back to 2001: I was We’re very rural. We stocking shelves at were really rural 20 a local warehouse, years ago, but there’s and a good friend a retirement comHow did you get wanted to take a munity close to us involved with CRS? real estate class, but called The Villages. About five years it was only offered It’s the largest retire- ago, I attended a Are you active in in person, in the ment community in power negotiating RRC activities? evenings and about the nation. The ecoclass offered the day Yes. I am currently an hour’s drive away. nomic development before the CRS state area director for She didn’t like to of that community conference. In that RRC for the state. drive at night, so has spurred growth class, they described I go to Sell-a-bration® in my community. she asked me if what you had to do to every year. And she could pay me earn the CRS Desigwhenever there is an to drive her. I said, What kind nation, and I thought education opportu“Instead of paying there was no way nity available, I take of marketing me to drive you, how do you use? I could qualify since it. I also subscribe about you pay for In other places, so my market was so to the Council’s edume to take the class much marketing is much smaller than cation passport. with you, and we’ll done through social Orlando, Tampa just go together.” I media. But that’s rel- or Miami. But when Are you or your thought I’d rather sit atively new for our I looked at the list, team involved in a classroom than I was stunned. I had in community market. This place sit in my car, bored. is very grassroots, been working so activities? (This was before and it was tough for hard for the last Oh, gosh—are we smartphones.) me initially because number of years, and ever. I couldn’t even I realized, “Hey, Honestly, the rest I was not born and begin to list all the I qualify for this.” is history. I had zero raised here, and things we support: Until then, I intention of getting my family does not sports, academics, thought designainto real estate and go back five genband and other comtions weren’t critical, munity activities. We erations. It’s a very did not know the especially in my solid, generational personally sponsor first thing about it. area. It was more a community, so the a live music and food But the instructor, only way for me to matter of, “Did you truck event every Nina Pappasbreak in was to get go to school with year—this will be Qualters, was absoBobby? Do you go to our third year—and lutely amazing. And involved in everything I could. If the church with Susie? all that money goes that class changed Kiwanis Club was Are you Mary’s to benefit our local the trajectory of having a breakfast, grandson?” So, I had youth center. We are my life. I know it Relay for Life was heavily involved in never heard of CRS. sounds crazy, but having a yard sale our community. But after that one it was a blessing. The Residential Specialist trsmag.com

Partnering with other agents Co-listing

The Pros and Cons of Co-listing By Rebecca Lubecki

iStock.com/ipopba

ichael Marcus, CRS, broker associate at Coldwell Banker Realty in Englewood, Colorado, recalls a time he co-listed with two other agents because the seller of the home had trouble picking a REALTOR® and decided to go with all three agents. Marcus thought a third of a commission was better than no commission, so he agreed to participate. However, he would chalk that experience up as a learning opportunity. “It’s nice in theory,” he says. “We’re going to divide the work, triple the outreach and Residential Real Estate Council crs.com

the contacts because both co-listing agents will market it, etc. But, in practice, it can be more difficult.” Marcus says he quickly learned that while co-listing had its benefits, there was also more back-and-forth, and the process can ultimately become more cumbersome—especially with different working styles coming into the mix. That’s why he suggests REALTORS® who are considering co-listing have a strategy in place to make sure the positives outweigh the negatives.

Nov/Dec 2023

What I love is that when we work together, it’s the best way to serve the client.” —Hollie Himmelman, CRS

MARKET PULSE

Nov/Dec 2023

Co-listing Partnering with other agents

Most of the time, [commission] is split 50/50; no one wants to feel like they’re getting less pay for more work, so upfront communication is crucial.

Work together to expand options

Interested in co-listings? Discover an agent with our Find a CRS app or by visiting find.CRS.com.

Whether or not to co-list a property comes down to many factors, and the reasons for doing so vary for REALTORS® of all experience levels and life stages. A newer REALTOR® may co-list with a more experienced agent as they learn or vice versa if an experienced agent wants more mentorship or networking opportunities. It’s also an option for agents looking to reduce their hours to balance other jobs or their personal life. Hollie Himmelman, a broker at @Properties|Christie’s International Real Estate, in Chicago, Illinois, has been brought on to co-list for a few situations: 1. A colleague was out of town but knew they could rely on Himmelman to be responsive and help with coverage. 2. Himmelman knew a broker based in the suburbs with a property in the city, so she needed to co-list with someone in the area to help her sell it. 3. Someone wanted to sell a property in an area Himmelman knows very well.

“Sometimes, bringing in the other person provides huge benefits,” says Himmelman. “What I love is that when we work together, it’s the best way to serve the client,” she adds. While you may not always agree on strategy throughout the process, Himmelman says discussing as much as possible in advance helps prevent the challenges that can arise when working with someone new. “When I’ve co-listed, it has been smooth and without any difficulties,” she says. “The most important part is to define each agent’s role and have a leading position chosen prior to inputting the listing. For example, if each agent knows whether they are the problem solver/negotiator or will have more of an administrative role, the process will go much smoother.” Himmelman also says co-listing can be a great way to network and recommends maintaining the relationship after the transaction. She keeps in touch with The Residential Specialist trsmag.com

Nov/Dec 2023

Establishing clear roles can help mitigate the downsides that can potentially come with splitting the commission. Most of the time, it is split 50/50; no one wants to feel like they’re getting less pay for more work, so upfront communication is crucial. And if something doesn’t go according to plan? Marcus says to remember that cooperating—not competing—with other REALTORS® is what ultimately benefits the clients. “We’re supposed to be putting our client’s needs ahead of our own. If it works out well for them, who are we to say: ‘No, I won’t do that,’ or ‘I shouldn’t do that,’” Marcus says. “That’s a business decision that we can make. But to categorically refuse to do it, I don’t think necessarily is always going to be in your client’s best interest.”

SHOULD I CO-LIST WITH THIS PERSON? REALTORS® she has co-listed with in the past, and they’ll send referrals to one another and continue to help each other out.

iStock.com/iRichVintage/popba/LumiNola

Splitting duties alongside payment

Pamela Bradshaw Coskey, CRS, broker and owner at Premium Properties Shop in Celebration, Florida, agrees on delegating and setting clear duties ahead of the transaction to keep the co-listing process running smoothly. “If I’m brought in to assist the lead agent, or I’m bringing in another broker to co-list with me, it’s very important to discuss your plans in advance,” Bradshaw Coskey says. “How will you be marketing the property? Who will be doing showings? Think about all that you do when listing a property, and discuss these things in advance. Co-listing can be great, as two of us can share in the showings, open houses, etc.” Bradshaw Coskey learned this when co-listing with other agents who had clients relocating to a different market. Residential Real Estate Council crs.com

Any REALTOR® who has co-listed a property before would agree: Make sure you are compatible with the other agent before sharing a listing. “It’s a question of: Do you know the other REALTOR®? Do you trust them, and do they trust you?” says Michael Marcus, CRS, broker associate at Coldwell Banker Realty in Englewood, Colorado. “And the one thing you need to agree on is who’s in charge.” When Hollie Himmelman, a broker at @Properties|Christie’s International Real Estate, in Chicago, Illinois, knows she needs to co-list a property, she asks other agents she trusts for referrals and will meet with potential co-listers in person first to see if they work well together. Pamela Bradshaw Coskey, CRS, broker and owner at Premium Properties Shop in Celebration, Florida, says she needs to establish a friendly relationship, as well as a business relationship, before committing. “I would look for somebody a lot like myself: easygoing, somebody of that nature. I want someone that’s not going to harp on me if I don’t do things their way,” she says. “You don’t want to lose not only a transaction but also a friendship.”

MARKET PULSE

Door Knocking Face-to-face prospecting

Nov/Dec 2023

Knock, Knock By Ellie Stimmel

ven as the real estate industry evolves with changing technology, some REALTORS® continue to use traditional prospecting strategies to connect with homeowners. Door knocking is one strategy that has withstood the test of time. But is it worth the time and effort? We spoke with two CRS experts with extensive experience to learn more about successful door-knocking techniques. Steve Rath, CRS, owner and broker at Rath Real Estate in Roseville, California, and Marilyn Burke, CRS, a sales agent at

Keller Williams Realty Boston Southwest in Westwood, Massachusetts, both learned door-knocking strategies early on from their mentors in the industry. Now, decades later, they still swear by this tried-and-true prospecting strategy. “I’ve been doing this for 35 years. In my very first class, they told us you must door knock and get to know your neighborhood,” Rath says. Burke emphasized the importance of this strategy early in her career, “I listed 55 houses in my first year by knocking on doors because I thought that’s what you did,” she says. While some agents may find this approach outdated and even intimidating, there is plenty of success to be found door knocking, especially with a warm approach. The Residential Specialist trsmag.com

Nov/Dec 2023

Advantages and challenges of door knocking

Door knocking has plenty of advantages that come through face-to-face communication. Some benefits of door knocking include:

1. Immediate feedback “When you go to their door, they receive your marketing more readily, and they enjoy it and give feedback,” Rath says.

I’ve been doing this for 35 years. In my very first class, they told us you must door knock and get to know your neighborhood.” —Steve Rath, CRS

iStock.com/sturti/JDawnInk

Warm vs. cold door knocking

When approaching neighborhoods, residents may not know you. But, if you are strategic, you can find ways to “touch” your audience multiple times beforehand. By distributing mailers, hosting open houses and building your social media presence, you can combine old and new real estate techniques to ensure homeowners in the area know you before they open their front door to you. Burke and Rath began their careers cold door knocking but have both shifted to a warmer approach, becoming more familiar with neighborhood communities beforehand. “It’s about touching people X number of times to ask them to do business with you, and it’s many different touches. It’s texting, it’s calling, it’s writing, it’s door knocking. It’s not one thing,” Burke says. Residential Real Estate Council crs.com

2. Creating a face-to-face connection With a saturated market of agents, it is important to stand out among the crowd. By door knocking, you remind homeowners in your community that you are engaged and actively working alongside people in their own neighborhoods. This builds trust and can lead to a vast network of clients. As Burke says, “Face-to-face wins the race.” While door knocking allows for an immediate in-person connection, there can be some challenges when undertaking this approach, including hostile homeowners and pets. It is important to trust your intuition in these encounters and leave the situation if it grows hostile. Agents may also have difficulty approaching someone’s home. Whether you are more extroverted or introverted, if you are confident and kind, you can find success in this technique.

MARKET PULSE

Nov/Dec 2023

Door Knocking Face-to-face prospecting

How to find success door knocking

1. Provide value Burke hosts themed open houses to entice homeowners and create community comradery, including ice cream socials and cheeseburger grill-outs. If you want to build relationships within the community, provide them with something of value first rather than an “ask.” This can also include door hangers and pamphlets that provide the homeowner with a way to check their home value.

Stand out amongst the competition with our CRS marketing materials at CRS.com/ resources/marketyourself.

2. Start small Start small in one neighborhood to ensure that you don’t get overwhelmed and can efficiently follow up with anyone you connected with. Door knocking in a neighborhood where you are hosting an open house is a great place to start.

3. Dress for success Dressing for success can mean different things to different people. In this case, Burke prefers to dress formally “down to the shoes.” She wears a branded jacket, name tag and recommends minimal perfume and jewelry to her team. On the other hand, a more casual style may be more suited to your door-knocking approach. Rath felt that people were made to feel uneasy when he approached them in a suit on the weekend. Now, he chooses to sport a “country club casual” look, which he says has been received well by homeowners in his community. Door knocking is an extremely helpful prospecting tool for real estate agents and can be catered to your specific personality and community. Find an approach that works best for you, and you are sure to find success door knocking.

The Residential Specialist trsmag.com

iStock.com/Olivier Le Moal/JDawnInk

Any agent can find success door knocking by creating their own unique approach. These tips are helpful for an agent just getting started on their prospecting process or looking to build new clientele.

Nov/Dec 2023

MARKET MOMENT

Fixing up the Great Outdoors Curb appeal is one of the foundational concepts in real estate. Visual appeal is especially important these days when having attractive photos online can increase interest. For a given home, increasing curb appeal may depend on successful outdoor remodeling projects.

According to “Remodeling Impact Report: Outdoor Features,” a recent research report from the National Association of REALTORS®, homeowners make outdoor improvements primarily for their own enjoyment. At the same time, 92% of REALTORS®

of installing an outdoor kitchen even though it garnered a joy score of 9 out of 10 (the lowest listed ranking). This winter, as you work with sellers, prompt them to think about tackling some outdoor improvements in the spring. They could help boost the home’s value.

recommend increasing curb appeal before listing a home for sale. The research showed interesting differences between the “joy score” for improvements and how much of the cost was recouped in a home sale. For example, sellers recovered 100% of the cost

Joy score for outdoor remodeling projects (on a scale of 10) In-ground pool addition

Landscape lighting

10 9.9

New patio

9.8

New wood deck Fire feature

9.7

Overall landscape upgrade

9.7 9.6

Landscape maintenance Irrigation system installation

9.4

Standard lawn care service

9.4 9.3

Tree care

Outdoor kitchen

Cost recovery on outdoor remodeling projects 217%

Standard lawn care service Landscape maintenance

104%

Overall landscape upgrade

100%

Outdoor kitchen

100% 95%

iStock.com/Jular Seesulai

New patio New wood deck

89%

Tree care

87%

Irrigation system installation

83%

Landscape lighting

59%

Fire feature

56%

In-ground pool addition

56%

Residential Real Estate Council crs.com

MARKET PULSE

Smart Living Tactics for professional growth

Nov/Dec 2023

Crafting a Winning Business Plan for the New Year

he real estate industry is ever-evolving, and staying ahead of the game requires careful planning and strategy. A well-crafted business plan is a compass that guides real estate agents toward their goals, and the start of a new year is the perfect time to reassess and recalibrate. Discover how you can create an effective business plan to navigate the challenges of the real estate industry and seize the opportunities that lie ahead.

Set clear and achievable goals

Conduct a SWOT analysis

Begin by defining your objectives for the upcoming year. Consider both short-term and long-term goals, such as the number of properties to sell, target revenue or expanding your network. Ensure these goals are specific, measurable, achievable, relevant and time-bound (SMART). Having clear goals will help you stay focused and motivated throughout the year.

A SWOT analysis (strengths, weaknesses, opportunities and threats) is a valuable tool for assessing your current position in the real estate market. Identify your strengths and weaknesses as an agent, along with the opportunities and threats in your market. This analysis will help you make informed decisions and strategies to leverage your strengths and address your weaknesses.

The Residential Specialist trsmag.com

iStock.com/Pict Rider

Nov/Dec 2023

Develop a marketing strategy

Invest in professional development

Your business plan should include a comprehensive marketing strategy. Determine your target audience, create a budget for marketing activities and plan for both online and offline promotion. Consider using social media, email marketing, content marketing and traditional advertising to reach potential clients.

Continual learning is key in a competitive industry like real estate. Plan for professional development activities such as RRC webinars, eLearnings and certifications, and in-person events like Sell-a-bration®. Expanding your knowledge and skills will make you a more valuable and trusted agent.

Set a financial plan

Embrace technology

Financial planning is crucial for your success as a real estate agent. Estimate your expenses, including marketing, office space and licensing fees. Calculate your expected income based on your sales projections to help you track your financial progress throughout the year and ensure that you are on the right path.

Technology is a game-changer in the real estate world. Incorporate technology tools and software into your business plan to streamline processes, enhance customer experiences and stay ahead of the competition.

Stay updated on industry trends

Monitor and adjust your plan

The real estate market is dynamic, and staying updated on industry trends is essential. Include a section in your business plan dedicated to market research involving monitoring local and national real estate trends, mortgage rate changes and consumer preference shifts. Being informed will help you adapt your strategies accordingly.

A business plan is not set in stone. Regularly review your plan to assess your progress and make necessary adjustments. If you notice that certain strategies are not yielding results, be flexible enough to pivot and try new approaches.

Network and build relationships

Seek mentorship and guidance

Networking is a fundamental aspect of the real estate business. Allocate time in your plan for attending industry events, joining local real estate associations and nurturing existing relationships. Building a robust network can lead to referrals and new opportunities.

Don’t hesitate to seek mentorship from experienced real estate professionals. RRC’s Mentor Program can match you with an established CRS Designee based on your career goals, areas of interest and particular challenges. Their insight and guidance can provide valuable support and help you refine your business plan for success.

Residential Real Estate Council crs.com

Nov/Dec 2023

G N I T E S H A T E C E R R U O T F U

The Residential Specialist trsmag.com

Nov/Dec 2023

By Jason Henninger

If predicting residential real estate trends were a simple matter, anyone would be able to succeed in the marketplace.

iStock.com/ferrantraite/-VICTOR-

But it’s not that easy. Interest rates change, inventory fluctuates, agents come and go and new technology is always on the horizon. To help forecast the direction of residential real estate in 2024, we spoke with Jared McFarland, CRS, sales agent for Century 21 Beutler and Associates in Coeur d’Alene, Idaho, (where he also serves as president of his local REALTOR® association) and Mark Handlovitch, CRS, associate broker for RE/MAX Real Estate Solutions in Pittsburgh, Pennsylvania, who have been in real estate for 18 and 26 years, respectively. The tone of their outlook is one of cautious and patient optimism, while looking frankly at the challenges the current market faces.

IDENTIFYING CURRENT TRENDS Handlovitch and McFarland agree that many of the current trends are likely to continue. They each voiced concern over the issue of low inventory, interest rates and the especially high number of REALTORS® leaving the business. “We’ve had more than 60,000 agents get out of the business, and our inventories are at an all-time low dating back to 1999,” Handlovitch shares. “You’re going to see even more people get out of this business, specifically those who got into it from 2020–2023 and thought this was easy. That’s when you really saw an uptick in the market, with increased prices, multiple offers and everybody was an Instagram rock star,” he continues. “All some agents had to do is put a sign in the yard, and they’d get multiple offers and make easy money.”

Residential Real Estate Council crs.com

You’re going to see even more people get out of this business, specifically those who got into it from 2020–2023 and thought this was easy.” —Mark Handlovitch, CRS

Nov/Dec 2023 Obviously, that has changed. And many who got into the business, however talented or fortunate, didn’t necessarily have the experience to remain solvent during leaner times. Inventory and interest rates have played a big part in making the market more challenging. “Demand dropped off dramatically last year, with the interest rates going up with the news of a potential recession and inflation,” McFarland says. “The inventory has stayed historically low. Many people are in a situation where they don’t have to sell. They have a great interest rate and don’t want to trade it.”

In early 2024, I think prices will be about % % to less than today.”

“Look at the situation with rental properties,” Handlovitch says. “Many owners aren’t willing to sell off the 3% mortgage rate they paid on that property. They would rather keep it. They’re sitting on that property and renting it out, maybe paying cash for another or a new home. I see these issues continuing into 2024, even 2025.” Handlovitch feels that without some intervention from the government, along the lines of the Obama administration’s program for firsttime homebuyers, this will continue, but “even if they lower the interest rates, we still don’t have inventory. That’s our problem that we're dealing with.”

3 5

ADDITIONAL INSIGHTS

Both experts see 2024 facing the same inventory challenges as this year but with small room for hope. “We’ve seen inventory come up just a tad, and demand still seems to stay pretty low. Right now, we’re starting to see prices creep down slightly. I think if demand picks up at all, we’re going to see prices go up. Interest rates are just below 7% [at the time of this interview], and I think if they bump up anymore, that will, unfortunately, lower the demand. In early 2024, I think prices will be about 3% to 5% less than today,” McFarland says. On the tech front, the focus from McFarland and Handlovitch is all about the increasing usage of artificial intelligence (AI) and machine learning. AI has advanced rapidly in the last few years and shows no sign of slowing down, affecting every industry from publishing to

healthcare—and real estate is no exception. Algorithms are becoming increasingly accurate in predicting purchasing behavior, and AI can potentially utilize this to create marketing material targeting a specific audience. At the very least, it can save time when creating ad copy. For agents who excel in selling face-to-face but struggle with marketing, this can be a boon. “I know a lot of people using it for marketing ad copy,” says McFarland. “It’ll be interesting to see how that affects the real estate business.” “There are many ways a REALTOR® can use AI,” Handlovitch says, but warns that you can’t let it do all the work. “You could be violating some laws. ChatGPT and other AI programs don’t know each state’s rules and regulations when it comes to real estate advertising. REALTORS® know those rules, so you must be careful there.” The Residential Specialist trsmag.com

iStock.com/art-4-art/SERSOL

—Jared McFarland, CRS

Nov/Dec 2023

iStock.com/Niall/zhuweiyi49

BACK TO BASICS Looking ahead to a year that may show a little growth but will still face the difficulty of reduced inventory, Handlovitch and McFarland advise caution and taking a measured approach. “Educate yourself,” Handlovitch says. “I’ve been in his business for 26 years and continually take courses and classes. Learn what’s going on out there. Understand what’s happening in the market. And look at it from different perspectives. Talk to mortgage brokers, not just your favorite mortgage broker. Talk to somebody on the other side of the country, and pay attention to what’s happening not just in your hyper-local city. And the big thing

is to go back to your base. If you work with your base—your previous clients, your current clients, your sphere—you’ll be successful. Understand there’s an ebb and flow to the real estate market. It happens all the time.” McFarland agrees. “My advice would be just stick with the basics,” he says. “Get back to the fundamentals. Stay in touch with your sphere of influence, and work your past clients. They want to hear from you as an agent. Everyone’s wondering what’s going on in the market, and everyone wants an update. I think the agents who stick with fundamentals and keep working hard are going to do just fine.”

ADVANCEMENTS IN AI In the real estate industry, artificial intelligence (AI) is rapidly becoming invaluable in helping agents assess their clients’ needs, generate accurate and timely leads and provide efficient service. AI in real estate has been instrumental in creating more effective marketing strategies that target potential buyers, ultimately providing a higher-quality experience for all involved. AI can create short pieces for social media or longer text for blog posts. The time-saving generation of copy is currently the most common application of AI in the real estate business, but AI can also create 3D virtual tours, algorithms can help prioritize leads, and chatbots are becoming a bigger part of the customer service experience. All of this means more time to focus on sales in 2024. Residential Real Estate Council crs.com

Stay educated on the latest real estate trends by enrolling in our newest certifications at CRS.com/learn/ certificates.

Nov/Dec 2023

it’s not old— it’s

The Residential Specialist trsmag.com

Nov/Dec 2023

By Myrna Traylor

For some people, having a home means more than living in a nice collection of boxes.

For them, a home is part of a legacy. It might be a legacy that the homeowner will pay forward to their heirs, or the home itself has a legacy in the community or region they are now stewards of. When a home has historic significance or is part of a historic district, the mechanics of the transaction are the same as for any home sale. It gets tricky when other entities, such as an historic preservation board or national registry, are involved in setting rules for how the home must be maintained— forever (or the nearest thing to it).

ISTORIC iStock.com/Trifonov_Evgeniy/muhammad nasihin

is it significant? The first thing a REALTOR® should be aware of when a particularly old or architecturally unique home is coming on the market is whether it has been deemed significant and by whom. The National Register of Historic Places, a part of the National Park Service, recognizes “places worthy of preservation” and can include individual homes, buildings, structures or

Residential Real Estate Council crs.com

even sections of neighborhoods with cultural importance. The current list includes more than 96,000 properties. Places on the National Register usually also come under the purview of a state office of preservation and perhaps a local historical society. The state and local groups usually uphold the rules about what can be altered on the exterior of a listed home.

REALTORS® should be aware of the differences between homes with a specific historical or architectural designation and those that are just wonderfully vintage.

Nov/Dec 2023 Steve Epstein, CRS, senior partner, The Epstein Partners, Keller Williams Realty in Montecito and Santa Barbara, California, lives in a very old community and has been selling real estate there for 35 years. “Santa Barbara and Montecito date back over 200 years,” he says. The city of Santa Barbara held its bicentennial shortly after the U.S. bicentennial, celebrating its status as an incorporated city under Spanish control. “People don’t think of Southern California as having a lot of history, but I’ve sold quite a few homes that were built without indoor plumbing.”

challenges abound

Homeowners with historic homes face challenges, even when it comes to regular upkeep, says Epstein. “I jokingly refer to them as ‘hysterical landmarks’ because the people in the committees can get so riled up,” he says. “I had a client who tried to match the trim color on their property, and somebody walked by and noticed it was a shade off and reported them. They had to repaint the trim.” REALTORS® should be aware of the differences between homes with a specific

PRACTICAL MAGIC

Carl Medford, CRS, owns an historic home in Tacoma, Washington, pictured here.

Carl Medford, CRS, CEO of the Medford Real Estate Team of Keller Williams Advisors in Fremont, California, is also a licensed general contractor, so he had a distinct advantage when he and his wife purchased their 1926 home in Tacoma, Washington. They knew the moment the home appeared on the MLS that this was the type of home they had been seeking for years. Knowing that significant repairs would be needed, they still bought it on the spot, feeling that it was a once-in-a-lifetime opportunity. To help other buyers of vintage homes, Medford wrote an article for Inman.com, “14 Keys to Buying a Historic Property,” detailing the challenges he faced. Here are a few areas that REALTORS® should keep in mind if they are working with a buyer or seller of an historic home; any of these can cost thousands to repair:

Foundation

Electrical

Plumbing

Insulation

Windows

The foundation may not be up to modern code requirements. Check for sloping floors, cracked or nonfunctioning windows and walls out of plumb.

Electrical systems may not be up to modern code requirements and have too few outlets for today’s user.

Older materials, such as cast-iron waste pipes, may be failing. Any lead connections need to be replaced for the health and safety of the home’s occupants.

Insulation may be nonexistent beyond some recent upgrades to the attic. Adding insulation could be extremely difficult when the exterior walls are adobe, stucco or brick and the interior walls are lath and plaster.

Single-pane glass is a very poor insulator, so replacing windows is a priority. In very old homes, however, windows were often made on-site, and sizes were not standard, which makes replacing them very expensive, even if choosing modern vinyl-clad frames over custom remakes.

The Residential Specialist trsmag.com

iStock.com/Yesim Sahin/Susan Vineyard/scholes1/diane39/cerro_photography

Photos courtesy of Renee Adelmann/Eichler For Sale

Nov/Dec 2023

historical or architectural designation and those that are just wonderfully vintage. For example, Carl Medford, CRS, CEO of the Medford Real Estate Team of Keller Williams Advisors in Fremont, California, who works in the Bay Area, says that owners of “important” homes have different attitudes and needs when it comes to renovations. “We have a lot of [midcentury developer Joseph] Eichler homes in the Bay Area,” Medford says, “and their owners fall into two categories: the Eichler owners who have tried to maintain the integrity of the way the house was built—which can be a bit of a problem because some of those come with some severe design flaws, like leaky radiant heating pipes in a concrete slab that you really can’t repair unless you tear up the floors—and others who just don’t care, and they modernize the whole thing.” Although they are “historical,” because these homes are not governed by any historical society per se, their fate is up to the whims of the current owners.

strategies for sales

When it comes time to sell a historic home, REALTORS® can help sellers by making sure to highlight the features that give an older home its charm. “Oakland has many properties that are in the 70- to Residential Real Estate Council crs.com

100-year-old range and have a lot of character— because they just don’t feel like that anymore,” Medford says. “So, smart sellers will try to maintain the home’s charm but upgrade it because they know that buyers looking in those neighborhoods will want updated kitchens, bathrooms and so on.” Agents working with buyers interested in a historic home must be prepared to educate them on what they are getting themselves into. An official historic designation usually means there will be strict limitations on altering the home’s exterior, including paint color, window configuration and roofing (and sometimes landscaping). Some properties or neighborhoods will have CC&Rs—conditions, covenants and restrictions—managed by a homeowners’ association or other group. Buyers will have to sign disclosure documentation committing them to maintaining the home according to those guidelines. While this may seem onerous, there is a flip side: The buyer of a historic home might be able to take advantage of tax credits or incentives from their state or the federal government if the home is producing income, according to REALTOR® Magazine. As with any home purchase, buying a historic home comes down to love. “People take great pride in these homes, and they consider them to be museum pieces. They consider themselves to be the stewards of something worthy of preservation in perpetuity,” Epstein says.

 Joseph Eichler’s company designed thousands of homes in California, which constitute some of the most beloved examples of midcentury architecture.

Unlock top-notch listing strategies at CRS.com/ catalogsearch.

Nov/Dec 2023

STARTING GATE

REALTORS® are often faced with the delicate task of navigating property transactions after an owner’s passing.

While this situation can be daunting and emotionally difficult for families, as a REALTOR®, you have an essential role in ensuring this transaction takes place properly. Knowing what to expect during a probate sale helps both parties approach the process confidently and find success. “I find it the most rewarding when people need us the most,” says Michele Chiles-Hickman, CRS, sales agent at Berkshire Hathaway HomeService in Montclair, New Jersey. “So, the more complicated it is, the more rewarding it’s going to be because people really feel like they couldn’t have done it without you.”

The Residential Specialist trsmag.com

iStock.com/isma wati/DNY59/filo/ozcan yalaz

By Annika Tourlas

Nov/Dec 2023

What is a probate transaction? Before a person passes away, their property, cash, investments and more are typically divided among their heirs or beneficiaries as detailed in their will. However, there are times when a will is not present and dividing assets falls into the hands of surviving loved ones or a court. These assets must be transferred or sold—and this procedure is called probate. Real estate probate is the process of managing the deceased’s property. Depending on the wishes of the heirs, a REALTOR® assists in a probate sale. The preparation for the sale differs from an average property sale as the REALTOR® must consider the death and the legal processes that come with this type of transaction. “It can get complicated because you have other parties that are involved in the transaction,” says Tyanne Whitworth, CRS, sales agent at REMAX Elite Realty in

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Lexington, Kentucky. “The more parties you have involved, the more difficult it is for decisions to be made.” The legal process for a real estate probate sale varies from state to state. However, a probate court helps oversee the sale, which may extend the timeline as heirs and estate administrators are involved in every step of the process. A probate sale could take a year or more to complete.

Did you know that a probate court must approve the entire probate process? This means there are several external parties involved that aren’t involved in a traditional sales process.

Nov/Dec 2023

On average, a real estate probate sale can take

6 9 to

months for a typical estate. Source: American Bar Association

Interested in learning more about probate? Enroll for our Probate Specialist Certification today at CRS.com/ learn/certificates.

Handling a real estate probate transaction is no easy feat. It requires an understanding of applicable state laws, the intricacies of the probate process and a thorough knowledge of the real estate market. Probate homes are typically sold in the condition they were left, minus the cleaning and removal of the deceased owner’s items. That means the future buyer can encounter hefty repair costs if the home is left in disarray. Therefore, the REALTOR® must understand the home’s true value when listing it for sale and evaluating offers. However, one of the most important things to consider in a probate transaction is the emotional state of the surviving loved ones. Communicating with grieving family or friends requires a delicate hand. The mourning process takes time, and handling things like the sale of a house adds stress to the grieving parties. A REALTOR® must understand that it is their job to make the process easier on those close to the deceased so they can continue to mourn in a calm environment. “The emotions always come into play,” Whitworth says. “But I have found that when they have reached out to me to be their agent, they really rest in knowing that I’m going to take care of them and walk them through that process.” Other circumstances to watch for are complicated relationships among the heirs or beneficiaries. It’s helpful when the heirs maintain a united front. Yet, differences of opinion frequently complicate and prolong the process. A REALTOR® must carefully manage

the situation to achieve the best outcome for all parties involved. “It’s generally taking better care of the family that is going through the probate process, and on the buyer side, helping that buyer understand the situation,” says Heidi Hilzendeger, CRS, REALTOR® at Next Home Legendary Properties in Bismarck, North Dakota. “The buyer may not be prepared when there are disagreements among the beneficiaries, which can cause delays.” With so many details to consider, it’s crucial for any REALTOR® looking to work with executors or heirs navigating a probate sale to be prepared for such a transaction.

The Residential Specialist trsmag.com

iStock.com/isma wati/DNY59/filo/ozcan yalaz

Probate preparation

Nov/Dec 2023

Conducting the transaction Many steps go into selling a house in probate. Various parties handle these steps: a probate court, attorney, executor, real estate agent and more. “When I started my career about 20 years ago, I handled my first probate session,” says Jose Fernandez, CRS, broker associate at Keller Williams Realty in Pembroke Pines, Florida. “I had no clue what to do.

Request documentation to ensure you have the right to sell

This process is notoriously more complicated than your average sale. Crossing your t’s and dotting your i’s is essential to minimize any potential bumps in the road. A part of that is ensuring you have the right to sell the property. This involves requesting documentation from both the personal representative and the attorney.

But since, I have dealt with many of these transactions.” First, an executor is appointed by a probate court. The executor will obtain an appraisal for the property and contact a real estate agent with expertise. Then the selling process begins. The REALTOR® will go through steps both similar to and different from a traditional sale:

Continue with normal transaction procedures

The process unfolds like any other sale after you have the right to sell the property. It’s the REALTOR®’s responsibility to analyze comparable homes in the area and review the home appraisal to find a reasonable price. Despite similar procedures, probate requires delicate handling of every matter to avoid further stress for those involved.

Hold inspections and conduct possible repairs

Probate homes typically are sold as is. Nevertheless, the heirs may want to make home improvements to boost the sale price and pass inspections. REALTORS® should communicate with the heirs regarding the home’s needs before listing and allowing potential buyers to view the property.

Finally, a REALTOR® lists the home. This follows a similar path as a typical sale but can take longer to complete since the heirs have to approve all matters before agreeing to an offer. REALTORS® need to communicate with potential buyers regarding the potentially lengthy sales process to reduce frustration.

Get familiar with probate Becoming familiar with probate transactions takes practice and time. The best way to learn is from experience. Luckily, resources are available to help train REALTORS® to become experts in this complex process. The Residential Real Estate Council offers a Probate Specialist Certification

Residential Real Estate Council crs.com

List the home

that can add to a REALTOR®’s resume. The program is designed to assist agents in learning the fundamentals of probate so they can communicate and help clients. “I think knowledge is power,” Fernandez says. “I think in transactions like this that are specialized, there has to be additional knowledge and education.”

Nov/Dec 2023

iStock.com/Nikada/vectorwin

The Residential Specialist trsmag.com

Nov/Dec 2023

By Myrna Traylor

Luxurious properties, whether primary residences or vacation homes, can be awe-inspiring even for REALTORS® who are used to seeing nice homes. These homes—and their owners and potential buyers—can seem out of reach. But you might want to rethink that notion. What classifies as a luxury home? The CRS Designees we spoke to for this article agree that there is no specific price point that denotes “luxury.” Rather it is a property that is valued in the top 10% of its market, or as Tim Kinzie, CRS, CEO of Montlor Luxury Realty in Cary, North Carolina, defines it, the top 1% of price categories in an area. Beyond that, says Jack Cotton, CRS, an agent with Sotheby’s International in Osterville, Massachusetts, key qualities luxury homes share are location, quality and, most important, privacy. Even in densely populated cities like New York and San Francisco that have astronomical home prices in general, the truly luxurious homes will meet those criteria. “They have privacy in their own way,” Cotton says. “They have a private elevator, a door person or a big balcony overlooking Central Park, for example. They only see their neighbors from a distance.” Kinzie and Cotton both entered the luxury real estate industry when they were just starting in the field. “I quickly learned that someone who’s 21 wasn’t going to connect with anyone, let alone affluent people,” Cotton says. “Because I couldn’t compete with those who had years of experience, I had to compete by developing expertise. I got a lot of expertise in the valuation area of real estate because that’s what people care about most—what is the property worth. And so, back then, nobody was really doing competitive market analysis, but I was doing a full narrative appraisal.

Residential Real Estate Council crs.com

Nov/Dec 2023 That caught the eye of gatekeepers, and gatekeepers referred me to their clients. “Anyone in the high end has experts for everything,” Cotton continues, “whether it’s medical, tax or legal, and they like to brag about their experts. You need to be seen as an expert.” Kinzie started in real estate at age 27 and took a similar approach to cultivating high-end clients. “I have always thrived on building friendships and connections,” he says. “I was bold enough at 27 to get

into luxury. I didn’t come from a luxury background, but I knew what I wanted. My first instinct was to develop relationships with people who actually have those things. Through osmosis over time, you start to understand the value proposition—what they care about and how to articulate ways you can support that.” However, both Cotton and Kinzie are quick to say that anyone who wants to add luxury clients to the mix can do so at any time in their career.

COME AT ’EM SIDEWAYS

Tim Kinzie, CRS, CEO of Montlor Luxury Realty in Cary, North Carolina, says he is not a fan of traditional marketing techniques. In fact, he says, high-net-worth individuals can “feel your hand in their pocket” if you are too brazen about being a real estate pro. So, Kinzie develops his clientele in a completely different way. “I built a multimedia film production company because I wanted to create video assets and different types of content related to listing properties that you couldn’t hire somebody for. So, we would shoot short films,” he says. “For instance, if we had a lake house, we weren’t just promoting the home or the lake or the amenities, we were interviewing

residents and time-lapsing bike rides on trails nearby, going to boutique restaurants or shopping; making full-blown films and disseminating that to all our contacts throughout the country.” As that production business expanded, Kinzie started shooting concerts, festivals and even music videos for people in Nashville, and some of those contacts became real estate clients. Now he even offers to shoot wedding videos for well-to-do couples—for free. “Let’s say I’m working with a high-end couple planning a $200,000 wedding. What is one of the first things a newly engaged couple contemplates buying?” (Hint: A house.) “When I show up for the meeting, I answer the most common small talk question in the world, ‘How did you get into this?’ And I just wave my hand and say, ‘Oh, you know, I built a luxury real estate company. It’s national now, so I get to do what I want.’ So, of course, the response is, ‘Hold on? What do you mean?’ They don’t want to talk about the wedding anymore. They want to talk about real estate. “In the end, it’s a massive win for everyone," he says. “The client gets a beautiful wedding film for free, and we get to help them find their dream home in the process.” The Residential Specialist trsmag.com

iStock.com/sergeyryzhov/ASphotowed

Nov/Dec 2023

Building experience

Many agents are hesitant about approaching a high-end client when they’ve never sold a luxury home before. But there are ways to overcome that. “Get on a co-listing agreement with another agent,” says Kinzie. “If a person in your office has a good reputation, simply ask them if you could assist them on a deal, and make it very clear it will be worth their time. Do it for free. Do whatever it takes. That way, you have a credit to your name, and you can legitimately tell people, ‘I’ve done this before,’ and you’re not lying, which I think is really important to be sincere and not skip steps or deceive people.”

iStock.com/VioletaStoimenova/Terminator3D

Top-tier management Kinzie admits that establishing rapport with a high-end client can be different— and difficult. “The filter to get into business in the high-end market is finer,” he says. “It’s harder to get hired because they have more intelligent questions, and the things they care about are more nuanced. They’re going to do their due diligence to ensure you can do this right. But once you’re over that threshold, it instantaneously shifts from you being continually evaluated to being trusted. Because what they’re looking for is an adviser. “Often, these people are at the pinnacle of their industry and are used to having advisers. So, what they really want is Residential Real Estate Council crs.com

the ‘them’ of real estate—to hire a clone of themselves. The second they think you’re that, they’re not going to question you,” Kinzie says. “They’re going to ask for clarifications and so on. But it’s so different when you’re working with people where price is the main concern; trust is harder to establish because money is always the greater issue.” Cotton says that the right client, especially one whose wealth is self-made, may be more likely to take you on with no experience because they enjoy seeing a bit of themselves in you. But then, you must deliver. “Let them know you’re going to give them one-of-a-kind personal attention and not do anything except focus on that one property until it’s sold,” Cotton says. “Imagine if you were my first million-dollar seller, and I said to you, ‘I’m not going to take any more listings in your neighborhood or take any more million-dollar listings until we have an accepted offer on your house. I’m going to think about your house constantly. It’ll be the last thing I think about before I fall asleep at night and the first thing I think about when I wake up in the morning. I will be 100% focused because I want your house sold, so you’ll be so thrilled and happy that you cannot wait to refer me to your friends.’ How would you feel if I said I’d be that driven to get your house sold?”

Let them know you’re going to give them one-of-akind personal attention and not do anything except focus on that one property until it’s sold.” —Jack Cotton, CRS

Uncover our complete luxury education offerings by visiting CRS.com/ catalogsearch and searching “luxury.”

Market Values Insights from industry data

Nov/Dec 2023

THE LUXURY MARKET report

Source: Institute for Luxury Home Marketing

13-MONTH MARKET TRENDS FOR THE LUXURY NORTH AMERICAN MARKET

35 25

DAYS ON MARKET

20 15

 Single-family Homes  Attached Homes

35 32 29

17 23

5 0 Jul. ’22 Aug. ’22 Sep. ’22 Oct. ’22 Nov. ’22 Dec. ’22 Jan. ’23 Feb. ’23 Mar. ’23 Apr. ’23 May ’23 Jun. ’23 Jul. ’23

496 $

411 $

491 $

409 $

489 $

423 $

402 $

408

478

498 $

492 410 $

385

401 $

488

500 $

410 $

414 $

422 $

417

500 $

523 $

517

535 $

300

400

427

200

100 0

Jul. ’22 Aug. ’22 Sep. ’22 Oct. ’22 Nov. ’22 Dec. ’22 Jan. ’23 Feb. ’23 Mar. ’23 Apr. ’23 May ’23 Jun. ’23 Jul. ’23 The Residential Specialist trsmag.com

iStock.com/ithinksky

PRICE PER SQUARE FOOT

500

600

505

All data is based off median values. Median prices represent properties priced above respective city benchmark prices.

Nov/Dec 2023

LUXURY MONTHLY MARKET REVIEW A Review of Key Market Differences Year over Year: July 2022–July 2023 Median prices represent properties priced above respective city benchmark prices.

SINGLE-FAMILY HOMES

JULY 2022

JULY 2023

1,548,500

1,309,000

Median List Price (LP)

Median Sale Price (SP)

1,649,500 1,331,389

Median SP/LP Ratio

100.00

99.43%

34.14%

30.13%

Markets with the Highest Sales Ratio:

Markets with the Highest Median Sales Price:

Total Sales Ratio

East Bay, CA — 119

Aspen, CO — 10,635,000

Total Inventory

54,919

57,289

New Listings

20,330

18,704

Total Sold

18,751

17,263

Median Days on Market

Average Home Size (Sq. Ft.)

3,222

3,248

JULY 2022

JULY 2023

Howard County, MD — 100%

Vail, CO — $6,490,000

Hamilton County, IN — 90%

Telluride, CO — $6,100,000

St. Louis, MO — 89%

Whistler, CO — $4,500,000

1,626 New Listings

1,488

Median Price per Sq. Ft.

Total Sold

22,389 Med. Sale Price

Markets with the Highest Sales Ratio:

Markets with the Highest Median Sales Price:

Howard County, MD — 140%

Vail, CO — $2,525,000

Montgomery County, MD — 113%

Palm Beach Towns, CA — $2,506,000

Fairfax County, VA — 107%

San Francisco, CA — $2,400,000

Anne Arundel County, MD — 89%

Telluride, CO — $2,400,000

267

New Listings

199 Total Sold

49,500

Residential Real Estate Council crs.com

Med. Sale Price

Days on Market

411

Sales Ratio

935,000

995,000

828,750

878,250

Median List Price (LP)

Median Sale Price (SP)

Median SP/LP Ratio

100.00

99.96%

Total Sales Ratio

29.50%

25.23%

Median Price per Sq. Ft.

427

4.01%

Days on Market

ATTACHED HOMES

535

496

Total Inventory

16,073

18,003

New Listings

5,900

6,167

Total Sold

4,742

4,543

Median Days on Market

Average Home Size (Sq. Ft.)

1,811

1,893

4.27% Sales Ratio

For more monthly data on the luxury home market, visit luxuryhome marketing.com.

SPECIALIZED

KNOWLEDGE

Council Classroom Strategies from the industry’s top educators

Nov/Dec 2023

Are You Truly Productive? By Matthew Rathbun, CRS

N Matthew Rathbun, CRS, is an active agent, the executive vice president of a large firm and serves as a licensed broker in Virginia, Maryland and the District of Columbia. He is a veteran instructor who describes his teaching style as “a unique blend of geekiness, humor and an in-depth knowledge of the practices of real estate.” Rathbun has been the honored recipient of many awards, including the Virginia REALTORS® Instructor of the Year award, the REBI National Instructor of the Year and the CRS National Instructor of the Year.

early every agent I speak to these days defines their current mental state as “overwhelmed.” It is a common feeling among most agents, but it does not need to be that way. The highest income earning REALTORS® understand the significant role systems and productivity tools play in enhancing their business performance, streamlining their processes and increasing their bottom line. I have worked with hundreds of agents over the years, and one of the things that has always been a differentiator between a successful agent and a struggling agent was the marriage between hard work and the right systems. Sustainable careers require the organized execution of the right tools and systems.

The impact of systems on your business

The beauty of systems lies in their ability to provide structure and order to an otherwise chaotic world. In real estate, this could mean a systematic approach to handling client inquiries, scheduling property visits, managing contracts or executing your marketing strategy. Effective systems eliminate waste, reduce repetitive tasks and prevent crucial items from slipping through the cracks. They provide a consistent, repeatable process that can be scaled up as your business grows, allowing for efficient and streamlined operations and improving the overall business. And, more than anything, the right systems and productivity tools will help you enjoy your family life and sleep better.

Harnessing the power of technology

We live in a world of technological advancements, and the realm of real estate is not immune to these innovations. Emerging technologies,

particularly artificial intelligence (AI), offer unprecedented opportunities to refine and enhance your systems. AI can help analyze data, predict market trends, streamline transactions and personalize customer interactions. Popular tools like NAR’s Realtors Property Resource and Canva have recently integrated AI resources that can make any agent look like a rockstar. By integrating AI into your systems, you can harness the power of technology to take your business to the next level. Technology is no longer an optional tool for the REALTOR® who wants to remain competitive in our current and future world. Every day, a new tool or resource emerges that could empower the agent to have a more productive career without the overhead or stress of additional staff.

Course updates and refreshers

If you’ve taken our previous productivity courses or even the RRC Systems The Residential Specialist trsmag.com

iStock.com/jittawit.21/ VacharapongW/champpixs/ipuwadol

Nov/Dec 2023

Will Set You Free course, you may wonder if it’s worth investing your time in the newly updated version. The answer is an unequivocal yes. Things change all the time, and thus we update our courses routinely. The updated course is more than just using checklists—the class is designed to help you understand, create and implement a productivity system that is unique to you and solves problems that you are having. We have revamped the course to include the latest advancements Residential Real Estate Council crs.com

in technology, specifically focusing on how to leverage AI in your systems for maximized productivity. Now, more than ever, education is a critical part of our lives as agents. We are knowledge workers, and knowing how to help our clients is how we show value to them. Knowing how to help manage our business while reducing stress and liability is how we value ourselves and make sure we’re the best agents we can be for our clients.

Enroll in our updated RRC course, Systems Will Set You Free, at CRS.com/ catalogsearch.

SPECIALIZED

KNOWLEDGE

Marketing Matters Timely advice to promote your business

Nov/Dec 2023

7 Ways to Give Back During the Holidays

he holiday season is a time of joy, generosity and spreading goodwill. Real estate agents are often deeply rooted in their communities, and finding a cause to support during the holidays can be a stepping stone to making an impact

year-round. Beyond helping clients find their dream homes, agents frequently find ways to give back to their communities. Here are seven heartwarming ways real estate agents can make a difference during the holidays and provide for those in need.

The Residential Specialist trsmag.com

Nov/Dec 2023

Holiday toy drives

Collaborate with local charities or schools to organize toy drives. This act can bring the magic of the holidays to underprivileged children. You can set up collection points in your office, encouraging clients and community members to donate toys, ensuring every child experiences the joy of receiving a gift.

iStock.com/fotostorm/studiostockart

Food drives

The holiday season often revolves around feasting and celebration, but not everyone

has access to a festive meal. Try to partner with food banks or shelters to host food drives, gathering nonperishable items and holiday treats to help families in need enjoy a festive and hearty meal.

Adopt-a-family program

Did you know you can personally adopt a family in need, providing them with essentials and gifts for the holiday season? This personalized approach allows agents to directly impact a family’s life and witness the immediate effects of their generosity.

6 4 Home decoration contests

Organizing a communitywide holiday decoration contest can foster a sense of unity and excitement. You can encourage participants to donate a small entry fee or canned goods for charity, turning a fun event into a meaningful contribution to the community.

Volunteer at local shelters

Spending time at local shelters, soup kitchens or community centers is a hands-on way to give back. By volunteering your time and energy, you can directly impact the lives of those less fortunate, spreading the holiday spirit through meaningful interactions.

Supporting military families

The holidays can be particularly challenging for military families who may have a loved one deployed overseas. Think about teaming up with organizations that support these families, offering services or donations that make their holidays a little brighter.

7 Fundraising events

Hosting fundraising events such as holiday-themed runs, charity auctions or benefit concerts can bring the community together while raising funds for local causes. Consider leveraging your network to gather support, turning holiday festivities into opportunities for positive change.

The ways real estate agents can give back during the holidays are as diverse as the communities they serve. When you use your skills, network and resources, you can make a lasting impact on the lives of your neighbors, creating a stronger, more compassionate community for everyone. Residential Real Estate Council crs.com

How do you give back to your community? Share your story and photos to social@crs.com for a chance to be featured in future issues of TRS!

Your Own Council News and updates

Nov/Dec Mar/Apr 2023

RRC/CRS Membership Benefits and Value Proposition

ursuing the CRS Designation and joining the Residential Real Estate Council (RRC) is a strategic step for your professional growth. The varied benefits and opportunities that come with earning the CRS and being part of RRC show the true worth of your investment. There may even be perks you haven't explored yet!

BENEFITS

RRC Member/ CRS Candidate

Globally recognized CRS Designation earned and maintained through RRC membership

CRS Designee

VALUE

✔

f CRS Designees earn more—over 50 % more per year than the average real estate agent

✔

f CRS Designees sell more—58 % more in gross sales than the average real estate agent f CRS Designees do more—more than twice the number of transactions of the average real estate agent

Find a CRS — Referral Directory

✔

f Everywhere you go, the Find a CRS app is with you in the palm of your hand f Online profile listing you control

Listing in CRS print referral directory

✔

f In a digital world, you still provide a human touch

✔

f Photofy social content f Find a CRS ads f Print directory ads f“Your Home” newsletter (customize for your clients monthly) f CRS brand guidelines and marketing materials

✔

f RRC representatives on NAR Committees f Regional Vice Presidents f Board of Directors f National Committees f Mastermind Divisions

Access to CRS global referral network

Access to marketing tools and referral opportunities

CRS-eligible volunteer opportunities

Find a CRS — Community

✔

f The latest news from RRC and state networks

Weekly email newsletter RRC Connect

✔

f The latest news from RRC, upcoming courses and curated media links every Tuesday

✔

f More than 40 state networks f 2,000 international members f 6 international networks

✔

f 20 % savings over nonmember rate f Event delivers $1,500 in value for a registration rate less than half that amount

Access to diverse global, state and local RRC Networks Member rate for Sell-a-Bration ®

The Residential Specialist trsmag.com

Mar/Apr 2023 Nov/Dec 2023

RRC Member/ CRS Candidate

CRS Designee

Complimentary subscription to The Residential Specialist magazine (print and online)

✔

� $ 29.99 subscription price for 6 issues/year

Complimentary subscription to Inman Select News and discounts to Inman events

✔

� $ 249 value Inman Select News � $100 off Inman event registration

Complimentary subscription to “The Bottom Line”

✔

f Themed email brief sent every other month with curated content by members, for members

BENEFITS

VALUE

Discount on CRS education courses (in-person and virtual)

✔

f Up to 50 % discounts f Coursework to educate and enable better and more profitable outcomes

Discount on professional development including Certifications and Certificates (in-person and virtual)

✔

f Up to 50 % discounts monthly f Designed to keep pace with current and future trends

No-cost webinar library

✔

� $ 325 value f 12 new complimentary webinars each year

Savings Center

✔

f Save on products and services you use every day f Exclusive discounts on the most recognized brands in your community

Career Center

✔

f Online self-assessment tools for you and your team

Mentor Program

✔

f Provides enhanced matching and support for successful mentor partnerships

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. Five issues were mailed in 2023. 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 Cheré LaRose. The owner of the publication is the Residential Real Estate Council. There were 22,307 copies of The Residential Specialist published in September/October 2023; the average for the preceding 12 months was 23,667. The paid/requested outside-county mail subscriptions for the September/October issue were 22,242 [domestic + Canada + foreign]; the average for the preceding 12 months was 23,560. Ten free copies were distributed by mail in September/October and the average number of free copies distributed during the preceding 12 months was 10. Twenty 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 60. Thirty-five copies of the magazine were not distributed in September/October (office use, leftovers), and an average of 36 copies were not distributed from issues in the preceding 12 months. The percent paid/requested circulation in September/ October 2023 was 99.7 percent, and for the preceding 12 months it was 99.5 percent.

Residential Real Estate Council crs.com

DESIGNATION

Nov/Dec 2023

To me, CRS stands for:

C Competent R Respected S Successful We are recognized, reputable, relatable, respected and revolutionary. Alexis Bolin, CRS, KW Gulf Coast-Keller Williams, Pensacola, Florida

Ask a CRS Advice from your peers

What do you love most about the CRS Designation, and what advice do you have for new designees? Networking with so many amazing people from all over the country! Maria Dargan, CRS, RE/MAX Revolution, Lanoka Harbor, New Jersey

The CRSs you meet through volunteering with RRC are awesome! Liz Smith, CRS, RE/MAX Results, St. Louis, Missouri

Amazing connections all over the world. Sue Vasquez, CRS, BHHS Results Realty, Kissimmee, Florida

The trust that your referral will be well taken care of. Barbara Wilson, CRS, Realty ONE Group, Goodyear, Arizona

The amazing people and what they bring to this organization is what makes it great: sharing, networking, encouraging and genuinely caring! Corinne Geiger, CRS, RE/MAX at Barnegat Bay, Manahawkin, New Jersey

The amazing people and how willing everyone is to share and help boost your goals. Fran Bixler, CRS, RE/MAX of Naperville, Naperville, Illinois

Go to as many events out of your area to build a referral network, and never miss Sell-a-bration®. Barbara DuDeck, CRS, RE/MAX Connections, San Diego, California

Learn about CRS leadership in your area—and try to go to Sell-a-bration®! Have a great story to share? Email social@crs.com or look for discussions happening online on our Facebook, Instagram, LinkedIn and X pages.

Margie McIntyre, CRS, Coldwell Banker Select Real Estate, Reno, Nevada

Be involved. Take advantage of the education. Go to Sell-a-bration®. Reach out— we all want you to be even more successful than you already are. Jerry Moscowitz, CRS, RE/MAX Results, Brooklyn Park, Minnesota The Residential Specialist trsmag.com

iStock.com/Yesim Sahin/Susan Vineyard/scholes1/diane39/cerro_photography

NATION

DESIGNATION

NATION

RRC Connect Expand your network

Nov/Dec 2023

Gulf Breeze, FL CONNECTION PERFECTION

Old Friends, New Business

iStock.com/ hagencd

received a call at the end of July from Pamela Piraux, who worked as my assistant more than 20 years ago before her husband, who’s a chef, was relocated for work. We had remained in touch over the years—they were now living in Little Rock, Arkansas, but wanted to get back to Florida. She had friends who moved to Gulf Breeze, Florida, and she was starting to look at homes online. She wanted to know if I had an agent who was a gogetter who worked in that area. My first thought was my friend and CRS, Alexis Bolin. Alexis spoke to Pam and her husband on the phone, found

Debra Duvall, CRS

Alexis Bolin, CRS

the perfect home for them, and in less than 24 hours had scheduled to take them through the home on FaceTime. She had the home under contract in less than three days, winning out in a multiple-offer situation and getting them the perfect home they wanted. About four weeks later, Pam flew to Florida, and Alexis picked her up at the airport to do a walk-through and see the house for the first time. Then they drove to the closing— another successful closing by one of the industry’s pros.

Stuart, FL

Debra Duvall, CRS, Water Pointe Realty Group, Stuart, Florida

MAUI al Estate

www.JoanneFoxxe.com

PACIFIC 808-385-2918

jofoxxe@gmail.comMAUI

nne xxe

SRES e-pro

S director

PACIFIC

PACIFIC To learn more about me and the range of services I provide, scan the QR code.

Joanne Foxxe 808-385-2918 CRS, GRI, SRES, e-Pro, RSPS

John J. Climaldi

cell and direct line

Search all Maui properties on my website

REALTOR-BROKER, CRS, MRP

www.JoanneFoxxe.com

808.687.1890 JohnClimaldi@HawaiiLife.com HawaiiLife.com/JohnJClimaldi

Quality isn’t expensive, it is priceless. Top 100 Hawaii Realtors 2017.

Oh by the way, I am never too busy for your referrals. Keller Williams Maui Luxury Real Estate Kapalua  Lahaina, HI 96761

Residential Real Estate Council crs.com

Celebrating 30 years assisting clients!

We are Hawaii’s #1 state-wide independent brokerage. HawaiiLife.com RB-19928

DESIGNATION

NATION

RRC Connect Expand your network

Nov/Dec 2023

PACIFIC NORTHWEST

MID-ATLANTIC

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YOUR ALASKAN REAL ESTATE SOLUTION IN ONE PLACE.

Terry Young

JOIN OUR FACEBOOK.

Accomplished REALTOR® representing buyers and sellers in Chicago and surrounding areas for 20+ years.

LEVEL UP YOUR NETWORK. SCAN HERE AND JOIN FOR FREE.

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terryyoung@remaxnext.com www.terryyoungproperties.com

SHARLI ARNTZEN Associate Broker, REALTOR, CRS Professionally Licensed In The State Of Alaska #18137

ROCKY MOUNTAINS

SOUTH

WEST BEN & CAROLE HEINRICH

Local real estate experts in Carmel, Carmel Valley, Pebble Beach, Big Sur, Monterey & Pacific Grove for over 30 years.

Carole, CRS, CFP® Ben, CRS & CRB RSPS & SRES CRS NorCal chapter past president

www.TheHeinrichTeam.com 831.915.7415 Team@TheHeinrichTeam.com

Ben BRE License #: 00584641

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Reach more than

30,000

Gary Glenn, Associate Broker

CRS peers with your ad here.

Contact Joe Stella: joe.stella@glcdelivers.com or 847-205-3127

Carole BRE License #: 01069022

CRS, RS PS, S RS OV ER 35 Y EARS OF EXPERI EN CE 303. 909. 2299 GARY@GARYGLEN N . N ET

Exceeding expectations since 1985. Licensed in Idaho & Wyoming SERVICING THESE AREAS

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The Residential Specialist trsmag.com

VISIT THE

FIND A CRS

LOOKING FOR MORE WAYS TO EXPAND YOUR NETWORK AND GROW YOUR REFERRALS? Connect with the best, and download the enhanced Find a CRS*

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DESIGNATION

Nov/Dec 2023

NATION

Balancing Act Practical strategies for restoring balance

Invest in Yourself by Boosting Your Digital Skill Set

ll REALTORS® have skills they are particularly good at or enjoy. Maybe it’s time to think about rounding out your digital skill set with courses that can either deepen your existing knowledge or expand your abilities in something that is not your forte.

Tech for tech’s sake

Because so many potential clients are techsavvy themselves, they expect their agent to understand the ins and outs of using technology to benefit them. Proficiency in real estate listing platforms like Zillow,

Trulia and Realtor.com is a must. These are the go-to resources for many house hunters, and being adept at using them can significantly enhance an agent’s efficiency. Familiarizing oneself with virtual tour software, such as Matterport, can provide an edge in today’s market where virtual property viewing is becoming increasingly prevalent. And learning the basics of search engine optimization (SEO) can dramatically increase the visibility of an agent’s listings on search engines like Google, making it easier for potential buyers to discover them. The Residential Specialist trsmag.com

Nov/Dec 2023

Skills for marketing your business

Videos

With platforms like YouTube becoming popular among homebuyers for property walkthroughs and virtual tours, it’s becoming increasingly important for agents to know how to create and edit high-quality videos. Tools like Adobe Premiere Pro and iMovie are powerful video editing software that can help you produce professional-grade videos. You can find video editing tips, as well as full courses on developing your own YouTube channel, on sites like Skillshare.com and on YouTube itself—as you can imagine, the latter has scores of videos directed specifically to real estate pros.

iStock.com/andresr/Visual Generation

Be strategic

When it comes to investing time and money in courses to enhance tech skills, you should be selective and strategic. Udemy offers a comprehensive Google Ads course for beginners, providing an in-depth understanding of how to set up and manage Google Ad campaigns. For those interested in mastering Facebook Advertising, the Meta Social Media Marketing Professional Certificate has a full-blown training program that covers everything from the basics to advanced strategies.

Residential Real Estate Council crs.com

Consider other platforms

While a strong command of Google Ads or Facebook Advertising is important, REALTORS® should also consider exploring other digital marketing platforms such as Instagram and LinkedIn. With its focus on visual content, Instagram is an ideal platform for showcasing properties through high-resolution photos and videos. Meanwhile, LinkedIn can be a valuable tool for networking with other real estate professionals and prospective clients. Email marketing tools like Mailchimp or Constant Contact can also be effective for distributing newsletters or updates to a list of potential leads.

Targeted Googling

Don’t be afraid to do some targeted Googling on your own. You might find a good introduction for a specific task like blogging or designing an e-newsletter that can lead you to a course or training website that suits your needs, style and level of interest.

When it comes to investing time and money in courses to enhance tech skills, you should be selective and strategic.

Nov/Dec 2023

Taste of RRC Delicious recipes from RRC members

Bucatini Amatriciana By Pat Zaby, CRS, broker/owner at Pat Zaby, Inc., Dallas, Texas

ucatini Amatriciana is one of the classic pastas of Rome and one of my favorites. It doesn’t require making an all-day spaghetti sauce and will have your guests thinking it took a whole lot longer than it actually does! Makes 4–6 servings

Helpful Tips

If you can’t find bucatini, regular spaghetti or your favorite pasta will do.

If you like your pasta with a bit more spice, double the amount of red pepper flakes.

Instructions:

Ingredients 1 lb. bucatini pasta ½ lb. pancetta or guanciale, diced into ½-inch cubes 1 can San Marzano tomatoes ½ glass white wine Salt and pepper

Extra-virgin olive oil Fresh basil, chopped or chiffonade ½ teaspoon red pepper flakes 1 cup Pecorino Romano cheese, freshly grated

1. Start with your pasta water; add salt after the water is boiling. 2. Cut the pancetta or guanciale in 1/2-inch cubes and slowly cook in a large frying pan with a little of the olive oil. Cook until it is just crispy but still tender inside. 3. Add 1/2 glass of white wine and cook until liquid is reduced. Put the tomatoes into a bowl where you can gently crush them with a fork. 4. Add the black pepper, red pepper flakes and cheese to the tomatoes. 5. Add the tomato mixture to the sauce in the pan when it has been properly reduced. Turn the mixture to low and cook for 15–20 minutes. 6. When the sauce has eight minutes left to cook, put the pasta in the boiling water and cook until done. 7. Add the drained pasta to the sauce and allow them to marry. 8. Transfer the Bucatini Amatriciana to a serving platter and garnish with basil and freshly grated Pecorino Romano cheese.

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A podcast produced by RRC

Industry news made simple. www.crs.com/realtalk

The Real Estate Real Talk podcast is hosted by leading agents that can help you cut through the noise and grow your knowledge and expertise.

FEBRUARY 29 - MARCH 2, 2024 CAESARS PALACE LAS VEGAS

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