B USINE S S INTE LLIG E N CE F O R THE R RC PRO FE SSIO NAL
JAN/FEB 2021
2 0 2 1 R K M A E T
G IN
See marketing articles on pages 9 & 22
A SHARED VISION New RRC President Alex Milshteyn shares his journey in real estate and advice for members
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+ Spice up your business plan with seasonal marketing 22 + Staying professional when working with inexperienced agents 26 + Provide expertise in this seller’s market 30
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Vol. 20, No. 1
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ď‚ Cover art: Scott Stewart
FEATURES 18 The Future Looks Bright: 2021 RRC President Alex Milshteyn discusses his journey in real estate and how he plans to take the Council to new heights this year.
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22 Seasoning Your Marketing Plan: Agents discuss how you can take more traditional seasonal marketing plans to the next level with strategic execution. By Michelle Huffman
26 Rising Above: CRSs can find themselves in positions where their expertise in real estate far outweighs that of the agent across the table. By Kathleen Hagan
30 Bidding Wars: The pandemic has caused a surge in the housing market, and agents must guide clients through the stress of buying and selling homes. By Megan Kramer * Marketing Article
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Jan/Feb 2021
CONTENTS
Vol. 20, No. 1
4 Aerial View Alex Milshteyn, CRS
7 9
6 Digital Channel: Online classes, tools and resources available from RRC.
Market Pulse 8
*
ersonal Perspective: Gerald Mack, CRS, P The Virtual Realty Group, Durham, North Carolina
9 C lient Communication: Agents alter their strategies to adapt to COVID-19. By Chasity Cooper
12 B uying Trends: Several home real estate trends emerge in 2021. By Myrna Traylor
16 A t This Stage: As you approach retirement, proper planning is necessary. By Duane Duggan, CRS
34 Market Values Insights from industry data.
Specialized Knowledge
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48
36 C ouncil Classroom: How to take your negotiation skills to the next level. 38 I nnovations: The hottest technology trends emerging in 2021.
EDITOR Kimberly Cure kcure@crs.com 800.462.8841
Advertising Manager Jim Beckwith 312.321.4447 bd@crs.com The Residential Specialist is
ASSISTANT EDITOR published for Certified Residential Amelia Garza Specialists, general members and agarza@crs.com subscribers by the Residential Real CONTRIBUTING WRITERS Chasity Cooper Kathleen Hagan Michelle Huffman Megan Kramer Myrna Traylor 2020 BOARD OF DIRECTORS President Alex Milshteyn, CRS President-Elect Holli Woodward, CRS First Vice President Pam Ruggeroli, CRS Immediate Past President Richard Waystack, CRS Members Kim Cameron, CRS Sandy McRae, CRS Bruce Myers Greg Waldhour, CRS John Young, CRS Chief Executive Officer Lana Vukovljak Staff Liaison Patricia Stodolny
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 (USPS0021-699, 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
Designation Nation 42 Your Own Council: RRC news and updates. 44 A sk a CRS: Advice from the country’s top agents. 45 RRC Connect: Expand you network.
PUBLICATION address changes to: MANAGEMENT The Residential Specialist,
c/o Residential Real Estate Council, 430 North Michigan Ave., Suite www.glcdelivers.com 300, Chicago, IL 60611-4092.
Publishing Manager COPYRIGHT 2021 by the Phil Malkinson Residential Real Estate Council. All Art Director rights reserved. Printed in U.S.A. Ivette Cortes
48 B alancing Act: Caring for indoor plants can provide some surprising benefits. crs.com * Marketing Article
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Jan/Feb 2021
Aerial View
From the desk of Alex Milshteyn, CRS, 2021 RRC President
Amid Challenges, We’re Growing Stronger Together
“
We’re in a time that lends itself to shining a brighter light on the significance of the CRS Designation.”
Sales Force is centered around growing membership, and supporting and promoting the Independent Broker Initiative, which helps to provide much-needed resources to independent brokers. The Council is investing staff and financial resources to implement these initiatives and to ultimately offer more services to our members. We are not limited by ideas, but only by our capacity to realize them, and as we execute the goals within each program, greater opportunities for growth will present themselves. The majority of brokers in the U.S. are independent brokers, and they don’t have easy access to the resources they need for continuous growth and success in their businesses. Our Independent Broker Initiative will provide those vital resources to independent brokers. The Marketing and Engagement Sales Force will help support, encourage and connect real estate agents to services and solutions RRC provides. The Sales Force will work closely with all aspects of the organization to ensure successful deployment of projects, initiatives and more. Today, we can be proud of our achievements and our hopes, aspirations and visions for the future. In 2021, we will utilize our passion. We will contribute to the development of new ideas, energize and engage our members, and continue to create educational programs and business tools to better meet the needs of our members, so that you can better meet the needs of your clients. TRS Photo: Scott Stewart
T
his is a unique time to serve as the Council’s new president—it’s a period filled with opportunities and challenges, and it’s a privilege to be given the chance to serve in this role. As the pandemic lingers on, how we work with homebuyers and sellers has required ongoing adjustments. At the same time, low interest rates, coupled with housing demand that outpaces supply, have pushed home sales into high gear. Through it all, we continue to demonstrate our resilience as well as our commitment to attain greater heights— both individually and as an organization. We’re in a time that lends itself to shining a brighter light on the significance of the CRS Designation, as well as the educational programs and resources the Council provides to its members. Amid a set of challenges that none of us could have predicted, we have grown stronger together, and we are continuing to progress and elevate our careers in so many ways. As the 2021 RRC president, my primary focus this year is on our strategic initiatives. The Council’s Marketing and Engagement
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Jan/Feb 2021
RRC strives to provide value to members in the digital space. Each issue of The Residential Specialist highlights classes, tools and other member resources available online.
Digital Channel
Online resources for RRC members
3 Ways to Market Yourself
M
embers can access a variety of resources at CRS.com that explain the benefits of working with someone who has a CRS Designation. Videos, fact sheets and other materials explain that a CRS is a professional with unique training and know-how who can make the homebuying or selling experience an unqualified success.
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Video Materials CRS Promotional Videos
f These fun, short videos explain the value of working with a CRS. The videos can be downloaded and saved as an MP4 file. f This video series explains the value of hiring a CRS agent over other agents. There is a general overview video, as well as one tailored for buyers and one tailored for sellers. They can be embedded on your website, in emails, shared on social media and sent directly to your clients.
To access the CRS Designee Marketing Materials, visit CRS.com/resources/marketyourself/crs-designee-marketing-materials.
2
Work with a CRS
Help your clients understand the value of working with a Certified Residential Specialist ÂŽ with these simple-to-customize marketing materials.
3
Consumer Fact Sheets
These fact sheets can be shared with clients to help them with their homebuying or selling process, and also reinforce the value of hiring a CRS agent.
The Residential Specialist trsmag.com
Jan/Feb 2021
PERSONAL PERSPECTIVE Gerald Mack, CRS, donates time and money to American Athletic Union basketball teams, and teaches the kids about real estate.
PAGE 8
Market Pulse TRENDING HEADLINES AND IDEAS
Photo: Natalia Weedy
NAVIGATING THROUGH A PANDEMIC Tips for keeping homebuyers safe and at ease.
PAGE 9
The Residential Real Estate Council crs.com
BRING IT ON, 2021! After a tumultuous 2020, here are the real estate trends emerging for 2021.
PAGE 12
TRANSITIONING TO RETIREMENT Three ways to make enough money to retire comfortably.
PAGE 16
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MARKET PULSE
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Jan/Feb 2021
Personal Perspective
Profiles of people to watch
Gerald Mack, CRS
The Virtual Realty Group, Durham, North Carolina
“
I wanted my brand of real estate to be associated with excellence, so I sought out the most prestigious designation.”
How did you become interested in the Council and the CRS Designation?
First, I wanted my brand of real estate to be associated with excellence, so I sought out the most prestigious designation. Second, at the time I got into real estate, I looked somewhat younger— I looked like a kid. I wanted to combat that by getting the highest designation available. I researched all of the designations, and I found the CRS. The other reason I decided to get the CRS Designation is because I operate in a smaller firm. So, I use my designations to grow my expertise the way others would use formal training from the bigger firms.
What area of CRS coursework was most valuable?
Gerald Mack, CRS, achieved the CRS Designation in 2016. He can be reached at gerald@gerald mackrealty.com or 919.672.4138.
I had a great instructor, Mark Given, CRS; I took a few courses with him in different states. He taught a course on technology, which featured a section on databases that I found
extremely valuable. To me, it was one of those pivotal moments where I can look back and feel like what I learned was such a game changer. I had experience with databases from my previous career, but I didn’t have experience with databases for residential sales.
How do you use your knowledge of databases?
I use it for both housing inventory and my customer database. I have a background in databases, so I’m able to pull reports from different sources, analyze them and come up with my own spin on things. For instance, in a buyer’s consultation, I’ll export some data and show my client the market, why the home might sell for a certain price or why it’s important for them to buy now. I do a trend analysis. Also, I use the CRM database every day.
What are the challenges in the Durham market?
One challenge is the lack of inventory. We have one of the
hottest markets in the country, and the inventory is lower than ever. That presents challenges, so now I educate buyers on multiple offers from the beginning. When I have my initial consultation with a buyer, I will share an example of a house that I listed that had 100 showings, and we received 25 offers in three days. I put all the offers in a spreadsheet, including the terms of each offer—redacting all the personal information. I use that to show clients the offer that won and why it did. That buyer had substantial due diligence and earnest money, they were willing to accept appraisal deficiencies and they went X amount of dollars over the sales price. So, when we start looking at homes in their price point, I can demonstrate how I can give them a competitive advantage based on the offer that won when I was representing the seller.
During the pandemic, are you still involved in RRC activities?
I went to a meetand-greet last year in Raleigh, at North Hills. I try to do as
much as I can, and once we open back up, I definitely plan to pick up where I left off because those events help my business. For example, you meet listing agents—good ones, too. You meet the best of the best. That’s important, because then they’re going to remember your name. If yours is one of 30 offers they get, that person is going to say, “Oh, this is Gerald Mack, a fellow CRS.”
What community activities are you involved in?
I sponsor a couple of American Athletic Union basketball teams. I donate money and time, teaching the kids about real estate. I take them to see homes; these kids are enamored when they walk into some of the model homes. And I see the light bulb go on, the seed planted and they ask what it takes to have a house like this. Then I explain to them: school and doing homework. Then, I’ve opened the door to the concept of credit in their minds at a young age. You would be surprised how much they understand when it comes to credit and how the world works. TRS
The Residential Specialist trsmag.com
Staying connected
Client Communication
Jan/Feb 2021
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Navigating Through a Pandemic By Chasity Cooper
Housing Implications for the Future
iStock.com/treety/fonikum
A
s the coronavirus pandemic lingers on, professionals across various industries have adjusted their normal business practices to deliver products and services in the safest way possible. In real estate, REALTORS® nationwide have pivoted their marketing strategies to keep potential homebuyers at ease and feeling secure. With the option to show homes in person being limited since last March, CRSs have relied heavily on tools like Zoom and consistent communication to remain connected with their clients. According to NAR’s “Real Estate in a Digital Age” report, “The typical buyer used a mobile device to search for properties
The Residential Real Estate Council crs.com
online, looking at websites with photos, home listings and information about the homebuying process.” As many buyers first turn to the internet to find their dream home, REALTORS® are expanding their digital toolkit to reach more buyers. We spoke with a few CRSs who have developed their own unique marketing plans that are flexible, factual and creative.
Deliver facts without fear
Since the pandemic began, Michael Soon Lee, CRS, a broker-associate for RE/MAX Gold in the San Francisco Bay Area, has remained very cognizant of his messaging to keep clients calm. “I stay away from
The severity and length of the coronavirus pandemic has brought unprecedented changes to the U.S. economy and real estate markets. The main challenge for the real estate markets over the shortto-medium term remains the shortage of available inventory. Source: Realtor.com
MARKET PULSE
Jan/Feb 2021
“
Every day is an opportunity to retool your marketing plan to attract clients.” —Kelly Catallo, CRS
For the latest on COVID-19's impact on the industry, please follow our notifications page at crs.com/ notifications.
Client Communication
Staying connected
words like ‘virus’ and ‘contagious,’ or Real Estate Inc. in Medford, Massachusetts, anything that reminds people of the panbelieves that every day is an opportunity demic,” he says. “I let them know that I take to retool your marketing plan to attract every precaution and follow all the CDC clients. “We’ve used Matterport 3D tours recommendations.” Lee says that at a time for the last five years in our marketing like this, it is very important to know your plans for rentals and sales. In addition, market, and with many people looking to we create lively YouTube videos from the downsize, many renters are now transition- virtual tours and advertise with retargeting into homebuyers. “I tell potential clients ing,” she says. “Our clients and buyers are to stop paying their landlords’ mortgage,” he assured we are creative, and we’re going says. “I also do a rent versus buy analysis to to get the job done.” Additionally, Catallo illustrate, based on their budget, how much says that when buyers are looking for their home they can afford.” next home online, they should be equipped But even when altering messaging techwith everything they need to make a sound niques, agents have faced challenges when decision prior to walking in the home. communicating with potential clients and “A staged property with a 3D tour, floor buyers. “Combating conspiracy theories plans and high-resolution photos should be that were letting negative news dictate available,” she says. “It should be so easy clients’ actions has been a chalfor people that by the time they lenge,” says Thomas Nelson, step into the home, they are visCRS, at Big Block Realty in San iting only the short list of homes Diego. “I’ve brought in a lot of that check all their boxes.” factual information from NAR, Lee also encourages real Following are a specifically from NAR chief estate professionals to be active handful of the tools economist Dr. Lawrence Yun. on social media, but don’t be ® have REALTORS And if that wasn’t enough, salesy—share valuable inforbeen using during I sourced additional information mation. “For example, in March, the pandemic. from two non-industry econwhen COVID-19 really hit, I omists to reassure people that posted places to get toilet paper the market isn’t going to crash and paper towels, and special and to overcome any doom and hours for senior citizens to get BombBomb Video gloom they might be feeling.” into stores early,” he says. “SharEmail—A messaging To communicate with his clients, service that allows ing that information generated a Nelson has also used Bombtremendous response. And when users to send a perBomb Video Email to share you’re doing a service for people, sonalized video email. personalized messages. “It’s been they really appreciate that.” a great way to directly checkFunctioning in the in, see how they’re doing and provide timely updates.” new normal Boomtown!—A leadNow more than ever, it’s vital generation software Get social to be adaptable to buyers’ and product, this technology The use of video conferencsellers’ schedules and decisions. allows real estate ing and social media have Most importantly, practicing professionals to manage undoubtedly increased as a patience will remain critical as listings, promotions and means to remain connected to we continue to navigate our other plans. family members and friends. new normal. “Be patient with For real estate professionals, buyers, sellers and other profesthese tools—and others like sionals,” advises Margaret Rome, Matterport—A 3D Boomtown!, a lead-generation broker/owner of HomeRome platform that captures software product—have Realty in Baltimore. “Stress real-life spaces and enhanced the homebuying levels are high, and real estate turns them into interexperience for potential cusprofessionals must continue to active model spaces tomers. Kelly Catallo, CRS, and emphasize how to safely buy and to be viewed online. broker/owner of Cosmopolitan sell real estate.” TRS
TECH SUPPORT
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Jan/Feb 2021
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MARKET MOMENT
For Sale, But Stale? Days on market (DOM)—the amount of time a home has been listed for sale on the MLS—is one of the most important numbers for buyers to consider. It provides a general idea of how other buyers are responding to the property and its price. Homes that have been sitting on the market for an extended period, about three to five weeks, are considered “stale listings.” Are they repelling buyers due to flaws, or should buyers view them as potential bargains? Agents often have to explain to sellers that the best opportunity for getting the highest price and a fast sale is in the first week or two after the house is listed, when potential buyers flock to see the home. Once this peak interest wears off, the home may have lost some of its sparkle in the eyes of buyers, and fewer buyers may be interested in taking a closer look at the home. According to real estate site Inman, here are three suggestions agents can give buyers:
1. Take a realistic look at the buyer’s ability to write a winning offer in the face of intense competition. With offers being made over the asking price, as-is and with no contingencies, buyers who can’t compete with these terms are at a disadvantage. They should focus on other properties.
iStock.com/Gearstd/RapidEye/pressureUA
2. Take a serious look at homes that have been on the market for some time. These homes may not have significant flaws and may have a high DOM number for a variety of other reasons. These properties might be available at a lower price because sellers might be more motivated to sell. 3. Monitor properties coming back on the market. Agents should set up auto-feeds to be notified when a transaction fails and the listing is restored—before the general pool of buyers becomes aware that the home is available again.
According to Forbes, patience can pay off. “Homes that have been languishing on the market can present excellent buying opportunities. Sellers are more likely to negotiate on price, especially if they’ve already bought another house and are The Residential Real Estate Council crs.com
paying two mortgages. Many sellers pulled their homes off the market in March and April when the pandemic precipitated strict stay-at-home orders. Over the next few months, a number of sellers will likely relist their properties.” TRS
Agents often have to explain to sellers that the best opportunity for getting the highest price and a fast sale is in the first week or two after the house is listed.
MARKET PULSE
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Jan/Feb 2021
Buying Trends
Real estate 2021
The Residential Specialist trsmag.com
Jan/Feb 2021
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By Myrna Traylor
E
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veryone is looking forward to leaving the tumultuous year of 2020 behind. The COVID-19 pandemic and the associated quarantines, lockdowns and changes in how life is being lived from home have thrown what would have been a fairly normal year for REALTORS® into a frenzy. It doesn’t look as if the wild ride will be over any time soon, however. Data reported in September from the National Association of REALTORS® (NAR) indicates that the median home purchase price rose almost 15% year over year, while sales of existing homes increased by more than 9%. Some of this heat is no doubt due to historically low interest rates, which allow affluent buyers to act on a decision to buy when they might otherwise have waited. Renters who bought homes represented 36% of buyers prior to the first wave of the pandemic, but increased to 45% of buyers since April 2020. It is reasonable to assume that people are looking for the traditional financial hedge that homeownership provides when so many sectors of the economy are in turmoil. As always, lifestyle factors are playing a huge role in the decision to buy, but the pandemic has presented a new twist. For people lucky enough to be able to work from home, being at home nearly 24/7 for months has made deficiencies in their current homes more stark. Buyers want more space—indoors and out—to accommodate work, school and leisure activities that are all taking place from home. The 42nd annual report from the Urban Land Institute and PwC, “Emerging Trends in Real Estate 2021,” says single-family homes and new construction in the suburbs will continue to be in high demand. This record demand is reflected in home sales statistics reported at the end of 2020. REALTOR® Magazine cites sales of 6 million existing homes and 1 million newly built homes over the preceding year. The number of pending contracts is at record-setting levels, and prices have hit unprecedented highs. Jim Paulson, CRS, owner/broker at Progressive Realty Corp.
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“
I’ve seen some really wonderful memes about the lack of inventory everywhere, and the best way to explain it is, ‘Did you try to buy any toilet paper in March or April? Trying to buy houses is kind of like that.’” —Jim Paulson, CRS
MARKET PULSE
Jan/Feb 2021
To align business planning to 2021 trends, check out Business Planning for Next Year–Know Your Numbers at CRS.com/catalog search.
100%
80%
60%
40%
20%
0%
Buying Trends
Real estate 2021
in Boise, Idaho, believes this trend will continue into 2021. “I see absolutely no slowdown at all. It will still be a seller’s market; we’re seeing bidding wars nationwide.” The buying frenzy is evident in Phoenix as well, says Linda Rehwalt, CRS, with RE/MAX Professionals. “These mortgage rates have really fueled the buyer pool. Inventory in the country is down 44%, and in my market, we’ve had a 13% increase in value this year. But the scary part for me is that we don’t know the full effects of COVID-19 on our market, because the housing values lag.” Both Paulson and Rehwalt have tried to caution buyers about overpaying. “Some of the buyers are just being stupid, buying anything that’s available and not thinking past [the current moment],” says Paulson. “You don’t have to buy the one available choice at the moment; you could wait for the next one, even if it’s a couple of months down the road.” Rehwalt mentions that in her market, banks are waiving appraisals at contract signing for people who are putting down substantial down payments, and some buyers who have won a multipleoffer bidding war are having to come up
with the difference between appraised value and the selling price at closing, either by financing it or in cash.
What will buyers be looking for?
Fixr’s “Single-Family Home Construction and Remodeling Trends” study reports that 90% of people are looking for open floor plans, and families with children want to be able to monitor schoolwork as kids conduct their classes online. On the flip side, adults and older students want a certain amount of privacy. “With more people working at home, builders might design multiple Zoom rooms instead of a single office,” Paulson offers. Judy Hogue Wooten, CRS, with Crye-Leike in Rogers, Arkansas, has a suggestion for builders: “If builders will listen to their agents, I hope to see more house plans for multigenerational living. This optional ground-level living space (optional game room) will have a private bath and exterior door with outside sitting areas, and preferably a walled or fenced space for privacy and/or security.” Paulson concurs: “I have three different clients who are looking to build multigenerational homes here in the Boise area.” TRS
Select buyer preferences as of August 2020
90%
Remodeling to add accessibility features:
■ Open floor plan ■ Two-story home ■ Smart homes ■ Outdoor kitchens ■ Single-story home
77
%
49
■ Future personal use ■ Current personal use
54%
%
41% 29% 11% Source: Fixr’s 2020 Single-Family Home Construction and Remodeling Trends
The Residential Specialist trsmag.com
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Jan/Feb 2021
MARKET MOMENT
5 Predictions for 2021 In 2021, home prices will continue rising in most U.S. cities, and mortgage rates could stay around 3%, according to the Home Buying Institute (HBI). HBI anticipates that low inventory will remain a challenge for many homebuyers. A recent report from Freddie Mac sums up the 2020 housing market: “Even though the overall economic recovery is uneven, the housing market has made a remarkable comeback. This surge in home sales has put pressure on housing inventory and resulted in an acceleration in house price growth.”
HERE ARE FIVE KEY PREDICTIONS FOR THE U.S. HOUSING MARKET IN 2021.
1
Home prices will continue rising in most U.S. cities. A recent housing market report from Realtor.com® showed that the median listing price for homes in SOLD the U.S. rose by 12.9% in the first week of October, compared to a year earlier. As of Oct. 31, Zillow predicts that U.S. home values will rise 7.9% during the next year.
2
Housing market inventory will remain tight. According to Realtor.com®, SOLD as of October 2020, total inventory remains down 38% year over year. But the report %also states 3 the balance between supply and demand is stabilizing. HBI forecasts a continuation of these trends at least into the first part of 2021. iStock.com/GeorgePeters/bsd555
SOLD
3
Home %sales will 3 remain steady. After an initial slowdown due to the coronavirus, SOLD home sales activity increased. According to Freddie Mac: “In August, new home sales surpassed 1 million units at an annualized rate, the highest since Q2 2006.” The Residential Real Estate Council crs.com
HBI predicts that home sales will continue 3% at a strong pace in 2021.
4
Mortgage rates will hover around 3% in 2021. The U.S. weekly average 30-year fixed mortgage rate hit an all-time low of 2.86% in the second week of September. According to Freddie Mac, “Given weakness in the broader economy, the Federal Reserve’s signal that its 3% policy rate will remain low until inflation picks up, and with no signs of inflation, we forecast mortgage rates to remain flat over the next year.” The report forecasts mortgage rates will remain unchanged at 3% in 2021. 3% SOLD
5
It will be another good year for refinancing. According to HBI, there are still millions of homeowners in the U.S. who could benefit from refinancing, thanks to low mortgage rates. HBI anticipates: “In most local real estate markets across the U.S., sellers will continue to have the upper hand in 2021, due to tight inventory conditions. Home prices will keep climbing in most parts of the U.S., and borrowers will continue to enjoy low mortgage rates throughout next year.” TRS
Total inventory remains down
38
%
year over year. Although the total number of homes available for sale continues to shrink, the market has seen five consecutive weeks of steady or improving decline—another factor signaling that the balance between supply and demand is stabilizing. Source: Realtor.com®
MARKET PULSE
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At This Stage
Jan/Feb 2021
Business solutions for CRSs at all stages of their careers
Transitioning to Retirement By Duane Duggan, CRS
I Silverbacks, the wise ones of the real estate jungle, are ready to retire.
n the wild, the silverback gorilla is the wise member that rules the troop. According to NAR, the average age of active real estate agents is 55 years old. That means there are many “silverbacks” in our industry who have been around a day or two, and retirement age is rapidly approaching for many of them. However, we find that the typical REALTOR® has made no real plans for retirement. Warren Buffett says, “If you don’t find a way to make money while you sleep, you will work until you die.” REALTORS® need to figure out a plan to do just that. But they don’t just have to walk away from a business that they’ve spent their professional life building; they can now embrace new roles that match their current stage in life.
So what is your definition of being able to retire? Mine was to have enough cash flow to easily meet monthly necessities, comforts and a few luxury items. Meanwhile, I have created an estate that continues to grow rather than being depleted, and I have covered potential long-term care needs that could arise toward the end of life. There are three basic ways a REALTOR® can work toward making money while they sleep and retire comfortably.
The Residential Specialist trsmag.com
Jan/Feb 2021
1. Invest in what you know: real estate.
I see so many REALTORS® who have no real estate investments. That would be like a stockbroker not owning any stock. As REALTORS® it should be easy to figure out a plan to retire on real estate investments. It could be a simple plan—figure how much net rental income you would like to retire on, and then figure out how many houses you would need to have free and clear by the desired retirement date. Then execute that plan.
2. Invest in real estate using your IRA funds.
real estate in your IRA. It just has to be a nonrecourse loan and not a typical FNMA product. In my area, a commercial bank has finely tuned the process. If you’re thinking more about retirement— or just about getting an excellent tax break—look at the solo 401(k). It might be the best retirement option for one-person businesses because of how quickly you can accumulate money in the plan. Visit crs.com/ membership/ benefits/solok to learn more.
3. Embrace new roles.
When most REALTORS® are ready to stop actively listing and selling homes, they just walk away. Why not build your business into something that has value after retirement, like a doctor, dentist, attorney or accountant? Those professionals have been doing it for years. The key here is building a strong database—a list of relationships— that can carry over into a new person or team taking over your business and paying residuals. Also, consider embracing a new role as a mentor, speaker or paid consultant and supplement your retirement income from a variety of sources. The earlier you start planning for retirement, the more time will be on your side. Start planning now and then work that plan. TRS
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Most people don’t know you can own houses in your IRA. It has been OK to do that since 1978. Following through on “investing in what you know,” owning real estate in your IRA has many benefits for long-term retirement growth. If you have a Roth IRA, you can grow your investment tax-free and disburse it during retirement tax-free. It is even possible to get a loan for buying
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Jan/Feb 2021
ď‚ As the 2021 RRC president, Alex Milshteyn, CRS, is implementing important initiatives to grow RRC membership and to deliver more resources to independent brokers.
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The Future Looks
BRIGHT “
Alex Milshteyn’s relationship with real estate started at the age of 10.
It was two years after his family had immigrated to the U.S. from Ukraine. His parents bought their first home and included him in the process. Going to every open house and attending every meeting with their REALTOR® grew Milshteyn's appreciation for the business. “My parents said every Sunday when everybody would grab the sections of the newspaper, I would always grab the real estate section,” says Milshteyn. “I remember that was my favorite section, and every Sunday I waited for it.”
One of the resources we want to provide is to bring a referral network to independent brokers, and that referral network is ultimately going to include members who hold a CRS Designation.”
Photo: Scott Stewart
—Alex Milshteyn, CRS
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Q
Alex moved to the U.S. from Ukraine in 1991 with his parents, brother and grandmother.
How did you get started in the Council?
What drew me in was that in my local market there were many top-producing REALTORS®, but I wondered how they built their businesses. There wasn’t anybody who could coach me, so I started looking further out and saying, “What organization can help me take my business to the next level?” In 2012, I was introduced to some members of the Council. They tapped me on the shoulder and said, “Hey, come with us!” And that’s how I got in. I met the right people and I really liked the idea that I was among a group of top-performing REALTORS® throughout the country. I attended my first Sell-a-bration, and from there my involvement has grown.
Q Jump ahead 28 years, and with nearly two decades in the business, Milshteyn is now RRC president for 2021. What’s first on his agenda? Supporting the implementation of the Council’s Engagement Sales Force Initiative and Independent Broker Initiative. The Engagement Sales Force Initiative is centered around growing membership, while the Independent Broker Initiative helps provide muchneeded resources to independent brokers. “The majority of brokers in the U.S. are independent, and [they] don’t have easy access to resources,” says Milshteyn. These resources include business planning, financial planning, human resources and marketing—all essential tools needed for brokerages to thrive. “Now, some members may ask, ‘How does this benefit me?’ Well, the simplest answer is that it expands our current member referral network as it will ultimately increase the number of members that hold the CRS Designation,” says Milshteyn. Members will not only benefit from referrals, but also from services and tools that might be of assistance to them. Whether they are independent brokers or not, they can rely on RRC to help them get started on the right path.
What have you found to be the strongest benefit of RRC?
The No. 1 benefit is the referrals. It helps every single day—not only with regard to getting business, but also being able to network with other top REALTORS® across the country, share ideas and implement things in my business that I would’ve never had the ability to do without the network of other CRSs.
Q
ave you seen any significant H change to your market over the last year due to COVID-19?
I have. When the pandemic hit, I never imagined that real estate would be shut down. In Michigan, REALTORS® were not considered essential workers, so I was shut down for almost eight weeks. I didn’t know what I was going to do, but I knew I had to do something. I started spending a lot of time on the phone talking to REALTORS® across the country, my clients and my business acquaintances. In May, we were able to get back and then everything just blew up. Everybody wanted to move, and the real estate market really took off. This will be my best year ever. The reason I was able to be so successful this year is because of those eight weeks I was at home dialing people, talking, texting and doing what I could to be in touch. The Residential Specialist trsmag.com
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Jan/Feb 2021 It definitely feels different. People are a lot more cautious, people are a lot more emotional, but if you keep doing your same old job of being there for your clients and offering them good, solid, honest advice and feedback, your business will propel to the next level.
Q
hat is the best professional W or personal advice you’ve received that’s helped you grow in this business?
I got this advice many years ago. It was when I was a younger agent, and I assumed that working in your client’s best interest meant that you beat up the other side. I got an education from a CRS Designee who said to me, “Alex, it doesn’t have to be this way.” She said, “Our clients come and go, but we stay. So, the next time I do a deal, I might not want to do one with you.” And that’s what I keep reminding myself. That’s what I keep reminding other agents in the business. Our clients come and go, but we as agents stay, and that means we have to cooperate, work together and build trust among ourselves.
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hat do you think real estate W agents need to do to stay relevant in today’s climate?
Be involved. Being seen in the community [as] somebody who is there is so important. I work with several nonprofits, I attend a lot of nonprofit fundraisers, I serve on the planning commission for the city of Ann Arbor—it is a lot of work, but it’s something that I enjoy and it also gets me into the community. Get out of your comfort zone and do other things outside of real estate that help the community, because in the end it pays off so much more than what you put into it.
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ow do you see COVID-19 H impacting the future of real estate? What do you hope stays the same?
One thing that’s happened is we’ve become very efficient, and I hope that stays in the business. At the end of the day, what we did learn through this is that most buyers The Residential Real Estate Council crs.com
are not going to buy a house from looking at it online or in a video. They need to see it, feel it, touch it, smell it in order to make that purchase, and that’s the one thing that I don’t think is going to change. Here we are in the middle of a pandemic and it hasn’t changed. We didn’t all just become virtual agents selling houses from our house—we still have to be out there. So, the future of the real estate business is a bright future because we’re not going anywhere. Our clients need us more than they’ve ever needed us before. We can’t do it all virtually.
Q
astly, what motivates L you to succeed and to push through all the hard times?
I always think about my parents in that they moved here when they were my age—I’m almost 38. They moved here and they completely disrupted their entire life, their circle of friends—everything—to bring my brother and me here to the U.S. for a better life. So that motivates me every single day to know that they did that for my brother and me. I want to make sure they’re proud of everything that I do and that they know it was completely worth it for them to turn their life upside down to ensure their kids had a better life. TRS
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5 things Alex can’t live without: My cellphone
My Apple watch
My mask
My laptop
My internet connection
Jan/Feb 2021
SEASONING Your Marketing Plan By Michelle Huffman
Seasonal marketing isn’t new—most agents have a seasonal event or activity on their calendars.
They may deliver pies to clients at Thanksgiving or tie a card-mailing campaign to Valentine’s Day. But there’s a secret behind these tactics: The value isn’t in the activity, it’s in the connection. In fact, according to CRS Kim Cameron, who calls seasonal marketing to her database “the bread and butter of my business,” the activity hardly matters at all. “The activity is just an excuse to get past call reluctance and connect with the clients you care about, and that’s what matters,” says Cameron, CEO of the Kim Cameron Group with Better Homes & Gardens Real Estate. Waltham, Massachusetts-based CRS Gary Rogers, broker/owner of RE/MAX On The Charles, agrees: “Not all events are super exciting; it’s the consistency that usually does it.”
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Seasonal tactics can range from a card campaign tied to a holiday, to an elaborate excursion to an apple orchard. Regardless, they should all have communication plans built around them. Take sending out closing statements to your past-year clients, for example. Cameron turns this single-touch activity into four client contacts: She sends a postcard ahead of time that explains the forthcoming document, mails the copy of the statement, then sends a digital version over email and follows up with a phone call. “It’s important that we actually connect with all of them, rather than just popping it in the mail, to stay top of mind when someone they know needs our services, too.” Cameron says.
Choose your clients wisely. These kinds of seasonal activities can be expensive and time-consuming, so the pros recommend being selective with your list. Whether you have a Top 50 or A/B/C lists, dividing your clients based on their value as referral sources will maximize your ROI, Cameron says, recommending more frequent contact with fewer people.
Rogers’ biggest event of the year is a movie premiere. His team rents out a theater for a Saturday matinee and invites clients. Rogers never relies on email to fill the seats; He calls everyone he invites, reserving email for RSVPs and reminders. The goal: personal invites and connections. He once invited a client he didn’t have a strong relationship with, but the client was so wowed by the invite, he referred Rogers to friends. This scored him $2 million in transactions— and the referring client didn’t even attend the event. Besides the communication plan (see sidebar on page 24), there are other recommendations for making the most of these seasonal marketing tactics.
Develop and practice a script until it feels natural. Seasonal events or activities not only give you an excuse to call, they can help you fill out the script. Call a client to let her know you’ll be dropping off Halloween candy, ask her how it’s going, share a particularly festive home nearby and ask what the kids’ costumes are this year. Without the drop-off, that same easy conversation might feel awkward.
Consider the timing. When deciding how to integrate seasonal marketing tactics into your calendar, consider not only the timing of the event (i.e., don’t schedule it when you’re typically swamped with transactions), but also consider the timing of the results. “Whatever activity I do today impacts our business in 90 days,” Cameron says. “So it’s crucial in October and November, before we get into the holiday season, that we’re doing our calls, marketing and handwritten notes because that affects our first-quarter business.”
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For CRS customizable marketing materials, check out the “Market Yourself” page on CRS.com under Resources.
When the COVID-19 pandemic forced Sissy Sosner, CRS, to rethink her seasonal marketing tactics, she opted to make a contactless delivery of a plant to her clients along with this note and planting instructions.
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EVENT COMMUNICATIONS PLAN
8 weeks out Finalize Secure vendors to help offset plans costs (title (location, company, activity) stager, Determine insurance broker, etc.) guest list/ audience
6 weeks out Save the Date Call clients to postcard share the news
4 weeks out Event email for RSVP
2 weeks out
Call everyone who hasn’t RSVP’d
1 week out Email reminder
Morning of Email reminder
Afterward
Follow up with Send thank-you notes no-shows in a Share event photos friendly way on social media Source: Kim Cameron, CRS
Maximize the social connection. Seasonal activities are perfect fodder for social feeds. Katherine Waters Clark, RRC member with Compass in Winchester, Massachusetts, also uses social media to tease out the prep for an event. Because she’s connected to 95% of her client base there, her behind-the-scenes glimpses get people excited about attending and offer her a chance to engage before and after the event. You don’t need an event to leverage seasonal marketing on social media. Look up all those random national holidays and share a retro pic on National Siblings Day or a favorite sandwich recipe on National Sandwich Day. Shift your plans for proper social distancing. Right now, we are in a “weird space” with seasonal activities, Cameron says. Even drop-off/ pop-bys aren’t necessarily welcome. To address this, Sissy Sosner, CRS, with Coldwell Banker Realty in Honolulu, shifted some of her seasonal budget to mailings. She popped sidewalk chalk in the mail to all her clients with kids; sent out basil seed leaf paper with a card that said, “the pesto is yet to come;” and delivered a plant to her clients. Bob McCranie, CRS, owner of Texas Pride Realty Group in Plano, Texas, opted for a virtual trick-ortreat, donating $5 to his local food pantry for every person that showed up in costume. The bottom line is that creating a connection is king, so use these activities for every opportunity to connect and build relationships. “Be patient, be consistent and add personal notes and touches when you can. More than ever, people need encouragement and connection,” Sosner says. TRS The Residential Specialist trsmag.com
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2021 CALENDAR January
f Send out HUD closing statements f Deliver personalized ice scrapers
April f Deliver sidewalk chalk or bubbles to families f Host a shred day and remind clients of how this combats identity theft
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July f Sponsor booths at local festivals; LE use raffles/ FF ET A R CK giveaways to TI gather contact information f Organize a group volunteer activity and invite clients to join
October f Get a giant pumpkin at your office and have people guess the weight of the pumpkin f Hand out candy bags with reflective tape for clients with trick-or-treaters
February
f Have a virtual meetup to celebrate National Margarita Day f Send out community calendars with major events
March
f Prepare for Arbor Day by having clients order trees you can deliver to their door f Purchase season tickets to a local sports team; send to clients throughout the year
May
June
f Send out Mother’s Day cards and $5 gift cards to Starbucks f Host a landscaping seminar or help landscape a local park; invite potential sellers and new homeowners
f Send out Father’s Day cards and $5 gift cards to Jamba Juice f Send out doughnut gift cards for National Doughnut Day
August
September
f Rent an ice cream or food truck f Start a volunteer and host a socially distant or MeetUp group outdoor drop-in event f Host a school supply f Celebrate Pet Adoption Day and drive (offer to ask clients to drop off donations safely pick up bags at clients’ homes)
November
December
f Pick up/send a Thanksgiving pie f Real/virtual Christmas f Host a food drive performance featuring local artists singing the classics f Deliver calendars to past clients
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35 Touches a Week Kim Cameron takes her relationship building further, systemizing 35 weekly touches like this:
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handwritten notes
phone calls to her database
face-to-face/ virtual meetings
random act of kindness for a stranger
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Jan/Feb 2021
RIS The Certified Residential Specialist (CRS) Designation is awarded to top-producing agents who meet the strict requirements necessary for achieving the designation.
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above By Kathleen Hagan
With advanced education, training and experience, CRSs have earned the reputation of being the best of the best— they are consummate professionals. So it may come as no surprise that more often than not, the agent on the other side of the deal is not a CRS. Additionally, with the high agent turnover rate and a growing number of REALTORS® in the business, there’s a good chance the person on the other side might be fairly new to the real estate profession, too. When emotions, ego and inexperience are brought into the mix, unprofessional behavior can ensue. The stakes are high according to plan is going in real estate, and often there to worry people. No one are unforeseen bumps in the likes surprises—they road when closing a sale. But create friction. So we do CRSs are problem-solvers Is there a particular part of who must act in the best everything we can to try the real estate transaction interest of their clients, mainto eliminate them based when things seem to break tain their professionalism at on our past experiences.” down time and time again? all times and rise above any To head off potential For Tim Kinzie, CRS, founder unseemly behavior from other headaches due to a delayed of Montlor Luxury Realty parties. They must remain appraisal, Kinzie takes a in Cary, North Carolina, it’s calm, cool and collected. proactive approach and tells the appraisal not being “Our clients recognize the other agent to order the completed on time. excellence and professionalappraisal at the earliest “Real estate transactions ism,” says Tim Kinzie, CRS, date possible instead of are stressful, so you want founder of Montlor Luxury waiting until after the to avoid extensions in Realty in Cary, North Caroinspection takes place. lina. “If you conduct yourself the 11th hour,” he says. as a professional, hold yourself “We tell them to explicitly “Anything that doesn’t go accountable and work as hard as you can to get the right results for your clients, that speaks volumes and will drive referrals and result in success over time.” Here are seven strategies (see pages 28–29) for CRSs to maintain their professionalism and get the job done when the agent on the other side of the deal isn’t playing nice.
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Overcoming the Sticking Points
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tell the lender and appraisal company that they don’t want it to occur before the inspection resolution deadline, but to have it happen as soon as possible afterward,” he says. Completing the appraisal on time results in a much smoother sale. And if for some reason the appraisal is no longer needed after the inspection takes place, there’s only a $50 cancellation risk. “It’s well worth it to avoid any potential drama around it,” Kinzie says.
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Take the lead.
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If you’re warm and welcoming, other agents might be more inclined to work with you and your clients.” —Sarah Malarkey, CRS
Kill them with kindness.
Robert O’Meara, It’s more difficult to be mean to someone CRS, of O’Meara who is acting extremely nice to you. Real Estate Group When reaching out to another agent for with Keller Williams the first time, Sarah Malarkey, broker with Realty in West HartNextHome Realty Connection in Portland, Oregon, ford, Connecticut, goes into each starts by introducing herself and complimenting transaction with the mindset the other agent and their listing. This positivity and that he might need to manage warmth helps foster a collaborative and productive both sides of the process. relationship from the get-go. He’s not just consulting “I like to treat people as if his own client—he’s they’re an old friend,” she ready to advise everysays. “Many REALTORS® one involved in the deal feel the need to be aggressive if necessary, including from moment one, but I’ve the other agent, lenders, learned that it’s all about relaattorneys and so on. tionship building and treating “I’ve worked with others the way you want to other real estate agents be treated.” who didn’t know how to handle Lilli Schipper, CRS, broker associate at LoKation Real certain parts of the transacEstate in Hollywood, Florida, agrees. “Being aggressive tion, and I’ve had to help them doesn’t help,” she says. “You always want to be friendly through the process,” O’Meara and positive to everyone, since we are all working says. “Sometimes, they’re not toward the same goal. You want to have everyone worktrying to be unprofessional— ing together so you can get what’s best for your client.” they just might not know Being kind can be especially fruitful in multiple enough [about real estate] yet. offer situations or in smaller markets where you’re So instead of getting angry bound to work with the same agents again and again. when something goes wrong, “If you’re warm and welcoming, other agents might I try to help them along and be more inclined to work with you and your clients,” Malarkey adds. keep them on track.”
De-escalation Tactics When tempers flare and emotions run high, keep your cool and de-escalate the situation. f Take a step back and remove yourself from the equation. It’s not about you—it’s about your client’s best interest. This mindset will help you remove your emotions and ego.
f Show respect for the other party. Listen to what they’re saying so you can fully understand the issue at hand. Be kind and communicate empathy. Ask questions if you don’t understand exactly what’s wrong.
f Isolate the problem and figure out a solution. If you’re focused on the client’s interests, it’s easier to jump into problem- solving mode. f Collaborate if you can. After all, everyone is working toward the same goal: a successful sale. If you’re able to come up with a solution together, it can help the rest of the transaction go better.
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Make no assumptions.
Just because someone yells, swears, hangs up the phone or walks away doesn’t necessarily mean a working relationship is doomed. “Maybe there’s something going on in their life, like illness or financial trouble, that has nothing to do with the transaction. Don’t try to judge somebody based on one event,” O’Meara says. “Recognize they could be having a rough day.”
Isolate the issues.
“One of the primary things we can do to fix problems is contain them,” Kinzie says. “As we’ve learned with COVID-19, if you don’t contain or isolate issues and you just let them proliferate, it results in a worse outcome.” O’Meara agrees. “It’s one of our biggest jobs as REALTORS® to isolate the problem and find a solution,” he says. “Problems come up every day in every transaction, and it’s our job to solve them.”
Communicate clearly and often.
Schipper is a huge proponent of documenting everything important via email. “I average around 400 to 500 emails per client because it’s the best way to hold everyone accountable,” she says. Kinzie likes to send frequent emails with the next steps laid out to every single person involved in the sale. “My intention isn’t to babysit, but to make sure we’re operating ahead of schedule,” he says.
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Remove your emotion and ego.
There are times when emotions can run high, but keeping the client in mind can help you remain professional when your first instinct is to react. “When emotions get out of control, the No. 1 ingredient that’s often missing is one party’s belief that there is a lack of empathy and understanding of the issue at hand,” Kinzie says. “So rather than mirroring the behavior, CRSs should communicate empathy and understanding and hold themselves accountable for correcting the situation.”
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But for situations that require tact and setting the right tone, don’t be afraid to pick up the phone. “I’ve always found the best way to resolve differences is to talk things through,” says Linda Pilmer, CRS, designated managing broker at Pilmer Real Estate, Inc., in Aurora, Illinois. “Email and text are extremely convenient, but they can throw information out of context,” she warns. After a phone conversation, send a follow-up email to ensure the communication was clear.
Get some perspective.
If a situation starts to get heated, O’Meara recommends typing out an email with your thoughts but not sending it right away. “Give it at least an hour,” he advises. “It feels good to fight back in the moment, but I’ve written a lot of emails that I’m really glad I didn’t send because they ultimately weren’t in the client’s best interest.” At Montlor Luxury Realty, Kinzie has a weekly all-staff meeting where everyone shares an issue they’ve encountered that week, and the rest of the group listens and provides advice. “Oftentimes, the closer a person is to an issue, the more blind spots they have,” he says. “By talking things out, we are able to leverage the experience and perspective of other agents and we are held more accountable for our actions. In turn, that makes us more professional.” TRS
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Perfecting negotiation skills can aid your professionalism in dealing with other agents. Check out Win-Win Negotiation Techniques for more strategies at CRS.com/ catalogsearch.
Jan/Feb 2021
Bidding
WARS By Megan Kramer
COVID-19 has changed the way all Americans work, live and connect with one another.
Many of these changes will be long-term rather than short-lived. For this reason, and because interest rates are low across the country, real estate markets everywhere are seeing a big shift. People want to move—and they want to move quickly. They’re working from home more and are no longer as tethered to their job locations. With many restaurants, stores and other businesses closed, people also aren’t going out as much and realize they want more from their homes, whether it’s an updated kitchen or space to spend time outside. “People want to love where they live,” says Ricky Cain, CRS, founder and president of Cain Realty Group, with Keller Williams Realty, in Austin, who has seen the market in central Texas
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shift since spring from relatively balanced to an extreme sellers’ market. “We’re seeing people who had been renting apartments or renting/owning condos now wanting to rent or own a house because they want more space and more distance from others. And people who own houses are wanting to make a move, too, because they’re home more often and need a space that better suits them.” Sellers are reaping the benefits from this shift in demand—it’s likely they’ll receive multiple offers on their homes and that they will sell for more than they may have preCOVID. But while receiving multiple offers seems like a dream scenario for a seller, the actual situation can be quite stressful for sellers, buyers and agents alike. Here are some tips for making the process as smooth as possible.
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We find that deadlines really help drive offers and get an auction-type environment going.” —Carl Medford, CRS
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Jan/Feb 2021
When you’re communicating in a multipleoffer situation, do it with respect, do it with professionalism and be the agent that someone wants to work with.” —Ricky Cain, CRS
When communicating with an agent, do it with a high level of professionalism. To read more about professionalism, see Rising Above on page 26.
Buyers can get personal Love isn’t the only battlefield when a real estate market is ripe with multiple offers, and sometimes you need to add a more personal touch to a bid in order to win. When putting in an offer on a home, have your clients write the sellers a “love note”—a short letter where potential buyers introduce themselves and let the sellers know what they love about their home, and why it’s perfect for them. Of course, not every situation calls for this level of familiarity, so use your best judgment.
to set and communicate an offer deadline Prepare your sellers Dealing with multiple offers can overwhelm to all parties involved. sellers, who are already going through “A majority of showings happen on a an emotional and challenging journey Friday, Saturday and Sunday,” Cain says. by selling their homes. Make sure you “With this market, we want to make sure we inform them about market conditions list the house late Thursday or Friday mornand expectations ahead of time, including ing so that we can then set the expectation the possibility of getting strong offers as with the client and with the agents that soon as their home is listed, because even we’re going to have the house on the market smaller markets are seeing a boom. for those three days, and we’ll review offers For example, Ana Joyner, CRS, owner/ on Monday.” broker of Market Leader Realty in Nashville, Carl Medford, CRS, CEO of Medford Real North Carolina, works a market with a popEstate Team Inc. in Fremont, California, ulation of about 55,000 people and has seen also has a formula for showings and deadit become very busy for the last six months. lines. His team typically places a home She and her co-owner/broker, Renee Silk, on the market on Wednesdays, schedules recently dealt with the biggest multipleshowings over weekends and places the offer situation in their 27-year history: offer deadline on the following Tuesday. 16 showings and 10 offers on a modest “We find that deadlines really help drive brick ranch house within 24 hours. offers and get an auction-type environment With multiple offers becoming more com- going,” says Medford. mon, Joyner and Silk now inform sellers at He adds that sites like Redfin help you listing appointments what they might need easily post offer deadlines on homes that to do to prepare for this type of situation. are listed and are receiving multiple offers, “We tell them, with the way the market is so anyone looking at the home on those right now, they may get multiple offers and sites will be informed. to expect lots of showings initially,” Joyner says. “Basically, get a hotel room and sit Make offers easily digestible there, because you can’t get into your house!” Many REALTORS® have agreed: SpreadCain also recommends his sellers leave sheets are a great tool for sorting and their homes—if possible, for the weekend, comparing offers. They are also customor at least between 8 a.m. and 8 p.m. on izable, so you have as little or as much showing days. information as you need in order to present clients with their best options. Set a deadline “As offers come in, someone on my team is There’s nothing more frustrating for compiling them into a multiple-offers Excel buyers and their agents than missing a spreadsheet,” says Medford. “It includes chance to put in an offer, so it’s important information such as price, amount of money The Residential Specialist trsmag.com
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Jan/Feb 2021 down, percent and type of financing—all the key, fundamental points that we need. But it also has one other component that’s important: an appraisal calculator built into it. This helps us see instantly if a given offer is viable.” Medford’s team insists that buyers provide full verification of funds for their deposit and down payment along with their preapproval letter. This amount gets factored into the appraisal calculator to ensure they have enough cash on hand to make up the difference if it appraises low. Spreadsheets are also where you can include information about the people you’re working with, says Cain, because communication, agent capability and other factors can be just as important to an offer as the numbers. “We have a notes section where we include information pertaining to our conversations with the lender or the bank, as well as the agent,” he says. Cain’s team notes things like whether they were able to get hold of the lender, bank or agent in a timely manner, if questions were answered to their satisfaction and if they’ve worked with an agent previously.
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Be the expert your clients need
While sellers are the final decision-makers, they will be looking to you to recommend the best offers. It’s up to you to know all of the facts and to interpret them to help clients understand the offers that will best meet their needs. “The highest price is not always the best offer,” Joyner says. “You have to look at all the terms before you respond to an offer. Every page of that contract has to be looked at and examined to make sure it works.” And when you’re representing buyers, Cain recommends keeping a cool head. “When you’re having communication with an agent, you should be doing it with the utmost level of professionalism so that your clients have the best opportunity to have their offer accepted,” he says. “Agents [and sellers] don’t want to work with someone they think isn't going to get to the finish line. So, when you’re communicating in a multiple-offer situation, do it with respect, do it with professionalism and be the agent that someone wants to work with.” TRS The Residential Real Estate Council crs.com
BACKUP OFFERS When working with buyers, particularly when you know you may be heading into a multiple-offer situation, it’s important to discuss backup offers with them. Backup offers are helpful when a buyer’s initial offer isn’t accepted—in case the offer the seller did accept falls through, your client’s backup offer could now have them first in line for the home,
avoiding even more competing bids. Be sure to discuss the details of the backup offer with your clients, including how long the offer should remain in play, and keep in contact with the selling agent, so you’re not waiting around longer than necessary. And, of course, keep showing your client's home until the backup offer is accepted!
33
Jan/Feb 2021
Market Values
Insights from industry data
2020 PROFILE OF
Home Buyers Characteristics of Homebuyers First-time buyers made up 31% of all homebuyers, a dip from last year’s 33%. The typical buyer was 47 years old this year, and the median household income for 2019 rose again this year to $96,500.
12% of homebuyers purchased a multigenerational home, to take care of aging parents, because of children over the age of 18 moving back home and for cost-savings.
18% of recent homebuyers were veterans and 2% were active-duty service members.
Characteristics of Homes Purchased Heating and cooling costs were the most important environmental features for recent homebuyers, with 83% ďŹ nding these features at least somewhat important.
44
%
83%
Many recent buyers who purchased new homes were looking to avoid renovations and problems with plumbing or electricity.
The Residential Specialist trsmag.com
iStock.com/DigtialStorm/Trifonenko mysondanube
34
35
Jan/Feb Jan/Feb 2021 2021
and Sellers Home Sellers and Their Selling Experience 100% 80
sellers worked with a real estate agent to sell their home.
60% 40% 20%
offered incentives to attract buyers.
Homebuyers
Home Sellers
BEFORE COVID-19
DURING COVID-19
BEFORE COVID-19
DURING COVID-19
(Jan–Mar)
(April or later)
(Jan–Mar)
(April or later)
Buyers who purchased a multigenerational home
11
15
%
%
15 years
Their home was too small
39%
46%
Sellers who used virtual tours
57%
16%
27%
Typical transaction price
270,000
$
339,400
$
270,000
$
300,000
Source: 2020 NAR Profile of Home Buyers and Sellers
The Residential Real Estate Council crs.com
or more.
Sellers who said their need to sell their home was somewhat urgent
Purchased in a suburban location
$
500,000
They wanted to be closer to friends and family
10 years
50%
$
The top reasons for sellers
Time expected to own their home
iStock.com/scyther5
of buyers who purchased after March purchased a home that was
46% of all sellers
0
23
%
For recently sold homes, the final sales price was a median of 99% of the final listing price.
89% of home
%
To read highlights from the NAR 2020 Profile of Home Buyers and Sellers, visit NAR.realtor.
SPECIALIZED
36
Council Classroom
Jan/Feb 2021
KNOWLEDGE
Strategies from the industry’s top educators
Taking Negotiations to the Next Level Dale Carlton, CRS Dale Carlton has been a REALTORÂŽ for over 20 years, and as a broker during that time, he generated sales of more than $3 billion, and personally sold over $250 million. Carlton honed his negotiation knowledge not only as a real estate agent, but as an attorney in highly emotional conflicts. As the 2015 national president of the Residential Real Estate Council and a national instructor, Carlton has borrowed a wealth of knowledge from the top agents in the United States to develop this negotiation course.
Dale Carlton’s new class on negotiations is called Next Level Negotiations. For more information, visit CRS.com and click on Education.
to each individual client, opposing party and transaction type.
Negotiation tactics
Although the end result of a real estate transaction may be for all parties to feel they had a winning experience, an agent usually has a fiduciary duty to represent one party to the transaction. Therefore, it's important for an agent to understand what issues to identify as negotiation points and be aware of how others might use negotiation tactics in opposition. To accomplish this, an agent must understand a variety of negotiation tactics, the psychological impact of certain actions and how to respond to any negotiation in a way that maximizes the opportunity for a positive outcome for their client. A highly interesting part of the course includes psychological tactics used in negotiations. It is important to recognize The Residential Specialist trsmag.com
iStock.com/ilyaliren
O
ne of the most overlooked aspects of a real estate transaction is one that often has the biggest impact on the success of the transaction: proper negotiations. Real estate education and sales focus primarily on marketing, ethics and risk reduction, but how to negotiate is often overlooked. Negotiation is a skill; even the best agents need a lot of knowledge and practice to negotiate at the next level. The focus of the Next-Level Negotiations course goes beyond the Win-Win Negotiations course that RRC currently offers. It is designed to focus on agents at any level, and takes a professional and ethical approach to helping any client make the best negotiation decisions during a real estate transaction. Each attendee of the course will leave with a negotiation plan (similar to a marketing plan) that they may adapt
Jan/Feb 2021
the influences not only to be a better negotiator, but also to protect one’s client from those influences being used against them. There are emotional influences such as mimicking, schmoozing and yielding a “win” on a minor point that grant one a slight upper hand. There are power influences, such as sitting a little higher than the opposition, positioning, showing anger or frustration, and conducting business face to face vs. via email or phone. There are also collaborative influences, external influences and other categories that require practice so you know the best way to apply them or to deflect them when they are deployed against you.
Negotiation styles
The entire course builds on existing knowledge and skills, and focuses on outcomes that are immediately applicable to an active real estate agent. By learning to
differentiate negotiation styles, such as data-driven vs. relationship-driven vs. control-driven styles, an agent can establish a plan and script to effectively handle the next encounter. Any agent who feels they are a great negotiator or wants to improve can take something away from the course. Who couldn’t benefit from enhancing skills, developing a working negotiation plan or cracking the code on different styles of negotiations? TRS
Even the best agents need a lot of knowledge and practice to negotiate at the next level.
37
SPECIALIZED
38
Innovations
Jan/Feb 2021
KNOWLEDGE
Tech solutions for real estate
2021 Hottest Tech Trends By Matthew Rathbun, CRS
Matthew Rathbun, CRS. Matthew Rathbun is a Virginia licensed broker and executive vice president of Coldwell Banker Elite. He has served as an association director of education and president of Four Pillars Education. He has opened and managed real estate firms as well as coached and mentored agents. As a residential REALTOR ®, Rathbun is a perennial high producer.
Matterport has released an app on the Oculus VR headset to allow prospective buyers to virtually tour homes.
A new webinar from Matthew Rathbun, CRS, called iOS Apps for Mobile Marketing Warriors, is coming up Feb. 9, 2021, at 1 p.m. CST. Learn a new suite of tools to manage your creative time and execute on your brand marketing. Visit CRS.com/ catalogsearch.
I
think there are a few things that agents should keep an eye on as emerging technologies.
1. VR and AR
The first is virtual and augmented reality (VR and AR). These technologies have been on the radar for a while, but with the need to remain at home and limit interacting with people due to COVID-19, homebuyers are looking at homes through
virtual reality more than ever. Matterport has an app on Oculus, which is now a huge seller for gaming and VR systems. Matterport has released a few homes, but as the technology increases in popularity, more people will put on their VR headsets to check out houses. Of course, consumers can also use their phones and computers for less immersive experiences. Augmented reality will help consumers and agents interact with their The Residential Specialist trsmag.com
SPECIALIZED
40
Jan/Feb 2021
Innovations
KNOWLEDGE
Tech solutions for real estate
Here’s the Line-up iScapeFree: iscapeit.com/ homeowner Ikea Place: Available in the iOS App Store Google Cardboard: arvr.google.com/ cardboard Matterport: matterport.com QR Code Monkey: qrcode-monkey.com Dot: dot.direct Planoly: planoly.com Analytics Pro: sas.com MindMup: mindmup.com Descript: descript.com Lumen5: lumen5.com
Dot provides digital business card services, allowing quick information sharing at the touch of a button.
iScape lets you virtually design landscaping projects before breaking ground.
environment and see the potential for a property more clearly. Everything from placing new furniture to repainting walls can be done through augmented reality. A few apps to check out would be iScapeFree, Ikea Place, Google Cardboard and Matterport, which now has a free version that you can record using your iPhone.
2. Touchless tech
Also, as we move into touchless tech, it’ll be time to brush off those old QR codes again to give clients the ability to scan homes and p QR Code Monkey download digital home books to their mobile phones instead of touching anything at the home they are seeing. QR Code Monkey is a free QR code creation site that is easy to use. Another tool in touchless tech is the Dot digital business card. Using a credit card-sized device or “dot” affixed to your own phone, you can tap any mobile device with your Dot card and the phone will take the user right to your contact page containing all of your contact information. This is a great way to quickly give your client your contact and social links without having to touch business cards or take the time to manually enter the information.
p Planoly allows users to easily manage, plan and schedule Instagram posts.
3. Time Management
As the world is seemingly harder to control than it used to be, I am hearing from a lot of agents that time management and organizing their life is becoming a bigger priority. I love Notion for this. It’s great for managing your marketing, life, clients and business. Some good apps for managing an agent’s marketing are Planoly, Analytics Pro, MindMup for mind mapping and Hootsuite.
4. Video and Content Creation
I have two new favorite tools that are centered around video and content creation. Descript for video creation and editing, and Lumen5 for creating quick videos for social media marketing. TRS The Residential Specialist trsmag.com
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DESIGNATION
42
Jan/Feb Jan/Feb 2021 2021
NATION
Your Own Council
News and updates
INDEPENDENT BROKER
Initiative W
e are excited to be moving forward with our Independent Broker Initiative (IBI). This year has been full of growth and planning for a program set to provide consulting services, team-focused platforms and support, career enrichment programs, and events geared towards the independent broker. Looking forward to the new year, the Council plans to partner with different industry technology leaders to bring benefits of their platforms to IBI. Ultimately, we aim to improve the quality of the operations and management for independent brokerages through these offerings and more so you can do more of what you love and what drives your business to be successful. For more information about the IBI, look for the next Residential Specialist Magazine and stay subscribed to our weekly Connect newsletter.
CRS Designation Awareness Week is September 20–24.
RRC is pleased to offer a variety of new education opportunities for our members in 2021: f New certifications focused on Mobile/ Virtual Agents, Investment Properties and Systems f New courses debuting this winter such as Be A Power Lister, Negotiations 2.0 and Pricing is Paramount f eLearning catalog updates, including Management Skills to Improve Team Performance and Fair Housing: More than Just the Law
f RRC Now podcasts and other complimentary short lessons and tips continue to grow monthly in popularity with thousands following the Council. Listen today at rrcnow.libsyn.com . f Over 100 new webinars, including: 1. Getting Found Online—Enhance Your Online Presence 2. Successfully Flipping Houses 3. 8 Tips for Compelling Facebook Ads 4. Becoming a Community Guide 5. How to Hire an Assistant (and When) The Residential Specialist trsmag.com
iStock.com/LaylaBird
EDUCATION OPPORTUNITIES
Jan/Feb 2021
43
WHAT LIES AHEAD IN 2021?
Residential Realty Today
Sell-a-bration® Virtual One-Day Event and Reconnect in Lake Tahoe
Residential Realty Today brings together the widest set of expert content from hundreds of leading sources. Powered by Aggregage technology, Residential Realty Today uses machine intelligence, smart algorithms, social media and audiencedriven data to deliver the most relevant, custom-curated content to each and every reader. Be sure to subscribe to stay current with news and trends at residentialrealty today.com .
Sell-a-bration, the Council’s annual conference, will look a little different in 2021, but it still promises to maintain the same world-class education, networking and activities. There will be a one-day virtual Sell-a-bration event Thursday, Feb. 11 , and a Sell-a-bration Re-connect (in-person) event at Harrah’s Lake Tahoe Hotel Aug. 17–18 . More details will be made available on the website, but registration for both is currently open! Visit crs.com/events/ sell-a-bration to learn more. The Sell-a-bration Re-connect event will be held at Harrah’s Lake Tahoe Hotel & Casino.
HR Solutions Summit As part of the Council’s IBI, the HRSolutions Summit, held Dec. 3–4, was the Council’s first event focused exclusively on the essential role human resources plays in preparing brokerages for the future, and helping agents rise up to be extraordinary at a time when competition for talent is high and the industry is engrossed in technology. The virtual summit was a success, with top-of-the-line speakers focused on recruitment and retention, onboarding, tools and systems, and the benefits of education and compliance. The experts shared tools and resources for how to manage teams and offices more efficiently, to lead to stronger connections and optimal team positivity. The Residential Real Estate Council crs.com
Find a CRS Designees can expect to see new features: f Live news feed f Better engagement with other Designees f Recommendations f Skill endorsements f And a community platform for states We can’t wait to show you the upgraded Find a CRS platform. Don't miss out—download the app today at find.crs.com/#/crs .
Virtual Pro 2021 Please note that the schedule is subject to change so please be sure to check the education catalog for the latest updates on our virtual pro selections. Register today at crs. com/catalogsearch.
DESIGNATION
Jan/Feb 2021
Q
&
Part of my 2021 plan is to have a consistent follow-up plan with my SOI and past clients using CRM, a drip campaign and postcards. Kevin Kalyan, CRS
Kevin Kalyan Realty, Inc., Richmond Hill, New York
Ask a CRS
Advice from your peers
What are you doing to successfully stay top of mind? I use InTouch to do exactly what you are focusing on. It has worked for 23 years, so if it ain’t broke, don’t fix it. Bill Wittig, CRS, Elite First Realty Iowa City, Inc., Coralville, Iowa
Monthly postcards with a coupon for local restaurants/services/events created by From Your Friends Relationship Marketing (Boomerang has similar programs). Beth Avery, CRS, RE/MAX Northwest, Kirkland, Washington
I do Boomerang for my “A group” monthly. “B group” gets bi-monthly postcards mailed. “A group” gets Outbound Engine newsletter (which is very popular). Anniversary cards sent every six months for the first five years. And I send a hand-signed holiday/New Year’s card to all, including vendors. I will be adding a bi-monthly shot (less than two minutes) video this year. Alice Downie, CRS, Coldwell Banker Residential Brokerage-Denver, Denver, Colorado
Have a great story to share? Email social@crs.com or look for discussions happening online on our Facebook, Instagram, LinkedIn and Twitter pages.
I hold a customer appreciation party with a theme, and send everyone home with a simple gift. For my last one in 2019, I did a Cinco de Mayo party. I made blackened seasoning as party favors. It was so much fun! Joanne Montgomery, CRS RE/MAX Associated Realty, Vero Beach, Florida
Monthly mailer, two client events per year, quarterly pop-bys, birthday cards, house anniversary cards and misc. touches (cards for baby births, wedding anniversaries, deaths in the family, etc.), and calls.
Personal marketing every other month. Valentine cards and some gift cards on V-day. Birthday DQ cakes (occasionally), flowers for their special events, pumpkins at Halloween, pumpkin pies or trifles at Thanksgiving, and poinsettias or gift cards at Christmas. I alternate and not everyone gets something each time, but my base gets touched twice a year.
Michelle Reid Wylie, CRS
Sharon Howie Lunski, CRS
Top Hat Realty Group, LP, Keller, Texas
BHHS Family Realty, Grand Forks, North Dakota
The Residential Specialist trsmag.com
iStock.com/lattesmile/bluestocking
44
NATION
RRC Connect
Jan/Feb 2021
Expand your network
CONNECTION PERFECTION
Problem Solved
“
I
was put in contact with Erika Ameri, CRS, with Compass in Los Altos, California, by a fellow CRS friend of mine, Joanne Fraser, also with Compass. Erika sent me her lifelong friends, Laurie and Carl Barnett, who moved from Ojai, California, so I could help them find a home in Grass Valley. For several months, their house in Ojai went in and out of escrow. Once sold, they started their search, wanting a home with a unique look and ambiance. Often a home came on the market and was sold before Laurie could travel to see it. They made offers and lost in multiple-offer situations. We finally saw a home new to the market. It had everything they needed, including space for a pool. We made an offer above the asking price, and it was accepted. It was a long and stressful period, both selling their home in Ojai and getting one in Grass Valley. It was rewarding to help them work through their problems and find the perfect home. TRS
Grass Valley
Los Altos
—John Daly, CRS, Grass Valley, California
MAUI Real Estate
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PACIFIC
HAWAII
PACIFIC 808-385-2918
jofoxxe@Maui gmail.com Director-Certified Residential Specialists
Joanne Foxxe
Joanne Foxxe 808-385-2918 CRS, GRI, SRES, e-Pro, RSPS
...sharing Aloha through excellence and experience...
CRS, GRI, SRES e-pro Maui CRS director
Luxury Property Specialist RB-16599
Hawaii CRS of of Year, 2003® Hawaii Association REALTORS REALTOR® of the Year 2018 Direct: (808) 223-9246 nmetcalf@cbpacific.com www.nancymetcalf.com Celebrating 27 years yearsassisting assistingclients! clients! Celebrating 25
30,000 CRS peers with your ad here.
cell and direct line
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Reach more than
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www.JoanneFoxxe.com 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
The Residential Real Estate Council crs.com
Contact Joe Stella: jstella@glcdelivers.com or 847-205-3127
45
DESIGNATION
46
Jan/Feb 2021
RRC Connect
NATION
Expand your network
World-Class Education The Residential Real Estate Council offers life cycle, agent-to-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.
Check out all of the RRC learning opportunities at crs.com/learn.
The Residential Specialist trsmag.com
Jan/Feb 2021
WEST
WEST
CALIFORNIA’S MONTEREY PENINSULA A trusted name for nearly 50 years! Terry McGowan CRS, GRI, ABR, SRS, e-Pro, SRES Cal DRE# 01126129
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Local real estate experts in Carmel, Carmel Valley, Pebble Beach, Big Sur, Monterey & Pacific Grove for over 30 years.
Sotheby’s International Realty 831-236-7251 terry.mcgowan@sothebyshomes.com www.terrymcgowan.com
Ask about Lake Wildwood near Grass Valley!
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Carole, CRS, CFP® Ben, CRS & CRB RSPS & SRES CRS NorCal chapter past president
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Specializing in helping You reach Your Real Estate goals since 1991! Ben BRE License #: 00584641
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Direct: (504) 452-6439 carmenlduncan9@gmail.com RE/MAX N.O. PROPERTIES 8001 Maple Street New Orleans, Louisiana 70118 (504) 866-7733
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The Residential Real Estate Council crs.com
DESIGNATION
48
Jan/Feb 2021
Balancing Act
NATION
Practical strategies for restoring balance
Indoor Botanical Boost
D
Are you a newbie who wants to learn how to care for indoor plants? Here are some varieties that are inexpensive and easy to care for:
Aloe
Snake Plant
Bromeliads
ZZ Plant
Jade
Pothos
Philodendron
Cactus
plant during the workday lowered both psychological and physiological stress levels in participants. If you’re stressing out about a big deal or an important open house coming up, taking in the natural beauty of an indoor plant can put you at ease. Satisfied employees—Having buy-in from your team is an extremely important part of any real estate operation. It’s a difficult task, as you’re dealing with a wide variety of personalities. However, an easy fix could be to give your staff a plant to care for. Research from PLOS One showed that workers who were exposed to natural elements (indoor plants, window views, nature photography) often had a higher job satisfaction than those without these elements present while they’re on the job. Increased productivity—Wish you were able to shut out distractions and get more done during the day? Having a plant in your immediate workspace may help with productivity. Another study from ASHS showed that not only did respondents claim to be more productive with a plant at their desk, but they took fewer sick days. While many REALTORS® don’t spend a lot of time stationary at a desk, having a plant for the time you do spend at your workstation can subconsciously motivate you to reach for new or greater goals. A sense of accomplishment— Everyone strives for that feeling of a job well done. As a REALTOR®, that means closing a deal, getting positive feedback from clients or having a superb showing. But caring for another living thing Chinese can’t be overlooked as a major Evergreen accomplishment! Now’s your chance to prove to yourself that you do have a green thumb and can successfully keep a plant alive. Having that sense of accomplishment can raise your spirits and improve your overall quality of life, which can in turn give you a brighter outlook on your Peace Lily work tasks ahead. TRS The Residential Specialist trsmag.com
iStock.com/a_serg/Meriennah/PCH-Vector/muzzza/EkaterinaKu
No Skill Needed
ue to social distancing recommendations, people across the country have had to find new hobbies. One activity that is growing in popularity is horticulture and gardening. According to the U.S. Census Bureau’s Advance Monthly Retail Trade Survey, more consumers are shopping at building material stores, gardening stores and nurseries, with this industry seeing a sales increase of 19.1% from September 2019 to September 2020. While Americans are heading back to their roots with gardening, winter provides a different opportunity for those who still want to enjoy the greenery. Caring for indoor plants during colder weather can be a great way to pass the time, but can also provide some surprising benefits. Research has shown that they can help with work habits while providing mental and physical health benefits. Here are a few reasons to start keeping some indoor plants this season. Reducing stress levels—Studies have shown that working with and around plants can reduce daily stress levels. One specific study from the American Society for Horticultural Science (ASHS) showed that taking just three minutes to look at an indoor
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