The Residential Specialist, July/August 2021

B USINE S S INTE LLIG E N CE F O R THE R RC PRO FE SSIO NAL

JULY/AUG 2021

+ 3D-printed homes 12 + AR/VR touring 23 + Hot residential tech features 26 + Develop a social media plan 30 + Helpful tech tools for agents 38 + Blockchain impact on real estate 40

TECH SPARK

Shining a light on new real estate technologies to help agents outperform the competition

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July/Aug 2021

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Vol. 20, No. 4

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Cover art:  iStock.com/ipopba

FEATURES 18 Crossing the Divide: For agents who have clients who are going through a divorce, special skills are necessary to ensure a smooth experience.

By Cara Finnegan

23 Touring in the 21st Century: Advancements in technology have allowed for agents to offer virtual touring options for buyers and sellers alike.

By Donna Shryer

The Residential Real Estate Council crs.com

26 All Systems Go: Due to spending more time at home, buyers are looking for new technology features in properties they're considering purchasing.

By Andrew Conner

30 A Recipe for Success: Social media marketing has become an important and necessary tool for agents looking to max- imize their potential.

By Michelle Huffman

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July/Aug 2021

CONTENTS

Vol. 20, No. 4

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Aerial View

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igital Channel: Online classes, tools D and resources available from RRC.

Alex Milshteyn, CRS

Market Pulse

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ersonal Perspective: Jeff Wu, CRS, P Keller Williams Capitol Properties, Fairfax, Virginia

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uilding a New Baseline: Millennials B have new ideas on what they're looking for in a luxury home.

By Regina Ludes

12 A 3D Perspective: What CRS agents should know about the new trend of tech 3D-printed homes. article

By Michelle Markelz

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16 A t This Stage: Tips for agents on how to successfully juggle their job and being parents.

34 M arket Values Insights from industry data.

Specialized Knowledge 36 C ouncil Classroom: How to create and nurture an effective professional team.

37 A gent Insights: Video marketing tips to make your content stand out.

38 I nnovations: Tech tools that are proven to be both effective and simple to use tech for agents. article

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40 W ide Angle: A look at how blockchain technology is impacting the residential real estate industry.

Designation Nation 42 Your Own Council: RRC news and updates.

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

46 RRC Connect: Expand you network.

48 B alancing Act: How to improve your finanicial literacy to benefit both yourself and your clients.

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 Andrew Conner Cara Finnegan Michelle Huffman Regina Ludes Michelle Markelz Donna Shryer 2021 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 address changes to: PUBLICATION The Residential Specialist, MANAGEMENT c/o Residential Real Estate Council, 430 North Michigan Ave., 4 th Floor, Chicago, IL 60611-4092.

www.glcdelivers.com COPYRIGHT 2021 by the Publishing Manager Residential Real Estate Council. All Scott Mason rights reserved. Printed in U.S.A. Art Director Ivette Cortes

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July/Aug 2021

Aerial View

From the desk of Alex Milshteyn, CRS, 2021 RRC President

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My advice is that we have to learn how to coach for the current climate.

he effects of the COVID-19 pandemic have stretched far beyond the public health sphere, as many of our members have experienced firsthand.

Specifically relating to our industry, in my 21 years of selling real estate, I have never seen a market like this before. Prior to 2020, I would joke with my clients that I’d seen it all—I’d seen the market skyrocket in the early- to mid2000s and I saw it take a major dive in the late-2000s and early-2010s. I was pretty confident that I had experienced every curveball the market could possibly throw at us REALTORS®.

But who knew that a pandemic would cause so much change in our market?

While a bit scary at first, the market has sped up significantly. Currently, the market is at an all-time high, with sale prices soaring beyond anything we’ve seen. One big reason this is occurring is due to the limited inventory across the country.

We’re seeing a range of reasons as to why there aren’t many homes on the market at the moment. Many homeowners can’t necessarily afford to purchase a new home due to the rise in sale prices. We’re also seeing that some potential buyers can’t compete with the staggering offers currently being made, as they’d need to ensure the sale of their home before purchasing a new property. And, due to volatility in retirement communities, a segment of homeowners who normally would be selling their houses at their age to downsize and relocate feel uneasy about doing so in the current climate.

This low inventory, coupled with the lowest interest rates that I’ve seen in my career, has resulted in home prices going through the roof. With interest rates being so low, many buyers are able to afford a lot more now, which puts a different kind of stress on the market and is why we’re seeing properties with multiple offers as soon as they hit the market.

So, how can CRSs handle this pressure and be a beacon to guide our clients in the right direction? My advice is that we have to learn how to coach for the current climate. I feel like I often have to wear two hats as of late—I’m both a REALTOR® and a social worker. We’re coaching our clients about how to win these sorts of multipleoffer situations. Sometimes we’re successful, but sometimes we’re not. I had one property that had 32 offers on it—which means 31 people got a rejection. Handling people’s emotional reaction if they’re not winning an offer can be difficult.

Luckily for our members, the Council is here to help. RRC offers a variety of online courses and webinars for agents to learn new skills, brush up on old ones and further their successes. We’re also holding our Sell-a-bration® 2021 Re-connect on Aug. 17–18 in Lake Tahoe. I think this is going to be huge this year because it’s the first live conference for many of our newer members, and the first time people will be leaving their homes for such an event since the pandemic began. But maybe more importantly, Sell-a-bration 2021 Re-connect will showcase the material that we need today in order to be competitive in our market. Members can regroup, network and share advice on how to best serve our clients both during these tumultuous times and moving forward. TRS

The Residential Specialist trsmag.com

Photo: Scott Stewart

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July/Aug 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

R

RC’s best-in-class education can set you on a path of lifelong learning and professional development. Our webinars cover what you need to know about timely and relevant real estate topics in a convenient online format. The on-demand library has over 400 webinar titles, with more added every week. Best of all, RRC provides a rotating library of free webinars available to members.

Using Technology to Automate the Listing Presentation Process INSTRUCTORS

Sean Moore, CRS

Real Estate Review—The Info Homeowners Need INSTRUCTORS

Pat Zaby, CRS

Trends and Insights for 2021 INSTRUCTORS

Leigh Brown, CRS

FREE WEBINARS

with top-quality instructors

Selling Luxury Homes—What’s the Story?

Jack Cotton, CRS

Social Media and Communication— Locally and Globally Tim Hur

Selling Virtually Richard Waystack, CRS

How to Handle Virtual Negotiations INSTRUCTOR

Dale Carton, CRS

The Residential Specialist trsmag.com

iStock.com/ilyast

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July/Aug 2021

PERSONAL PERSPECTIVE Jeff Wu has an active life away from real estate. He coaches his son and daughters’ soccer teams and hosts a weekly Zoom meeting where participants can focus on mindfulness and positivity.

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Market Pulse Photo: Adam Auel

TRENDING HEADLINES AND IDEAS LUXURY HOMES

3D PRINTING

AT THIS STAGE

Millennials are changing the game in the luxury market, requiring agents to adapt accordingly.

3D-printed homes are a burgeoning trend in real estate, and agents need to be prepared.

Learning to juggle work responsibilities with parenting can be a major challenge for agents.

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MARKET PULSE

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July/Aug 2021

Personal Perspective

Profiles of people to watch

Jeff Wu, CRS

Keller Williams Capital Properties, Fairfax, Virginia

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I think all the best CRSs I’ve met, whether they're designees or instructors, are passionate about being lifelong learners.”

How did you decide to get into real estate?

It’s a basic need, and it’s easy for me to understand— everyone needs a place to live. I originally intended to create wealth through investing in real estate, and I saw tremendous opportunity in it. Also, so many wealthy people had the foundation or diversification of their wealth in real estate, and it has helped them to grow their wealth stably and steadily over time.

When did you learn about the CRS Designation?

Jeff Wu, CRS, achieved the CRS Designation in 2010.

He can be reached at Jeff@AgentKnows Homes.com or 703-436-8000.

I went to classes and got so many designations— some of those instructors mentioned that CRS was worth pursuing beyond all the others. I was impressed by the fact that it was the only designation for which you actually had to sell some houses and not just take a half day of classes. I felt that it was a more exclusive group.

Did your selling or listing tactics change after you got the designation?

Absolutely. I think all the best CRSs I’ve met, whether they're designees or instructors, are passionate about being lifelong learners.

And I think that’s huge. Real estate is such a people business, and yet, there are so many things that have an impact on it, such as technology, the economy and social factors. But I feel like being committed to learning is the one constant we can control.

And the value that CRS offers is fantastic, whether it’s through the brainstorming within your network, the events, the magazine or even taking a couple of classes every year to be among those people and in that learning environment.

What is going on in your market right now?

I’m based in Northern Virginia, and I have a heavy focus in Tyson’s Corner

in Fairfax County, Arlington County and Loudon County.

I’m licensed in Maryland and Washington, D.C., as well. When people come here, they may work in the city and not necessarily know where they want to live, so having all three licenses is beneficial. The market is very robust right now. I would say we’re lucky; I don’t feel like a lot of people here have lost their jobs. The home prices continue to rise because there’s low inventory. And it’s just fascinating to see how COVID-19 has caused people to reevaluate their lives. With this situation, buyers want a home office, a home-schooling space, a home gym and more outdoor space. Before, people were more minimalist—now, they want more space.

Has the pandemic caused you to change your marketing approaches?

We have some enhanced marketing efforts that weren’t always a part of our business, like digital pre-listing packages and digital listing presentations, as well as Facebook ads and different things on YouTube.

But we’re not letting go of the tried-andtrue components like getting faceto-face with a client to understand their needs, whether that’s on Zoom or in person, or using snail mail postcards to cut through the clutter.

How are you using digital media in your marketing now?

I like to bring attention to other businesses. I interview them on Facebook Live, or maybe we create a video for them, and they promote it to their clientele, and we become associated with that neighborhood or that city. It’s a layering effect. I had a man at my church ask me why he saw me in a video about a sushi place. And I said, “Well, I did a video about great features in the town and why people move there.” And simply the fact that he saw me helps me know it’s working.

I don’t expect the video about the sushi place to mean that he’s going to call me to buy a house. But I expect that when he thinks about that city or that town, that I’m in that thought process. TRS

The Residential Specialist trsmag.com

Real estate for millennials

Luxury Homes

July/Aug 2021

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Building a New Baseline

By Regina Ludes

iStock.com/Madmaxer

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n Cary, North Carolina, Tim Kinzie, buying preferences today. They’re quick CRS, noticed a paradigm shift in 2015 to take advantage of career opportunities when more millennials began shopand seek the best living environments ping for luxury homes in his market. Still with top-notch amenities and modern in their 20s, they came armed with entreconveniences. Most important, they see preneurial mindsets and strong financial real estate as a way to build wealth over foundations from their high-paying jobs the long term. CRS agents who underin the tech or environmental industries. stand this mindset can assist these buyers in finding the luxury home of “They realized that real estate could help them build wealth for the long term while their dreams. creating the lifestyle they want right now,” says Kinzie, a millennial and broker/ Redefining luxury homeownership owner of Montlor Luxury Realty.

Millennials’ concept of luxury is different Rather than buy the traditional starter than that of older generations. Opulence home and live there for 15 years like their is out, while sleek, modern design is parents did, these affluent young buyers in. They want good value, too—one that are purchasing luxury homes in their offers a unique user experience. “It’s like 20s and 30s. Born between 1981 and 1996, comparing Tesla and Mercedes. They according to Pew Research, millennimay both cost $100,000, but the driver als are in their prime earning years. At experience is different,” Kinzie explains.

34%, they represent the largest group of They’re looking for a similar experience homebuyers, according to the National in their home.

Association of REALTORS® (NAR).

Many of his millennial luxury buyers Having watched their families struggle have the income from high-paying tech through two global recessions in 1991 and jobs to bypass the starter home, while 2009, millennials have formed differothers purchase a starter home as an ent concepts of financial security and investment property, using the income homeownership, which influences their to finance the luxury home later. “Money The Residential Real Estate Council crs.com

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Millennials realized that real estate could help them build wealth for the long term while creating the lifestyle they want right now.” ­­—Tim Kinzie, CRS

MARKET PULSE

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July/Aug 2021

Luxury Homes

Real estate for millennials

LUXURY HOME DESIGN—MILLENNIAL STYLE Modern luxury has a different meaning to millennial buyers.

Below are the luxury amenities they seek most often.

f Smart technology— Homes that are pre-wired for highspeed internet and wireless routers, as well as smart home automation for security systems, lighting and HVAC

Check out the free recording “Tips for Marketing to Millennial Homebuyers” on CRS.com/ catalogsearch.

is cheap. With six months of reserves, they can put almost nothing down,” Kinzie says. “They’ll buy a moderately priced home, then go crazy on customization.”

Forget fixing up an older home. They’re not interested in doing renovations, says Tim Hur, CRS, a broker with Point Honors and Associates, REALTORS® in Duluth, Georgia, near Atlanta. They prefer new, custom-built homes with the latest high-tech features.

Hur says location is important to millennial luxury buyers in his Atlanta market but not in the same way it was for older buyers. Hot, trendy neighborhoods or a prestigious address appeal to them. Details like who designed the home and where to find the hottest new restaurant are important so they can present a certain image to their friends. For example, a young client Hur recently worked with eyed a particular neighborhood because he had learned that, “a certain favorite celebrity lived there. I want to live there, too.”

Amenities first

The luxury home is all about their unique lifestyle, says Amanda Howard, CRS,

f Energy efficient features—Features that protect the environment, such as solar panels, water reclamation systems and eco-friendly paint and floor coverings f Organic materials— Repurposed materials, such as reclaimed wood and reused brick

broker/owner with Sotheby’s International Realty in Huntsville, Alabama.

“They want to live near where they work, have a nice view, entertain friends, go for hikes and have dinner at five-star restaurants,” Howard says.

Howard starts by asking older buyers, “What’s your price point?” With millennials, she asks about their hobbies and interests.

“It helps me understand the way they live so I can help them find the best neighborhood for their desired lifestyle,” Howard explains. For example, someone may say they hate to cook but love to dine at restaurants. Howard knows to show them homes near fine dining establishments. It also helps determine possible layout needs, such as enclosed rooms for home offices and yoga studios versus open living spaces for entertaining.

They’re not looking for a large home, but one with better functionality. Open floor plans with spacious kitchens and an attractive outdoor space are ideal for entertaining and relaxing. Multifunctional spaces are also appealing, such as a den that can be used for exercising. While privacy and security The Residential Specialist trsmag.com

iStock.com/opulent-images/LisLud/Smitt/ChristinLola/stevecoleimages

f Outdoor living spaces—Patios, private gardens or rooftop decks that can be used for relaxation or entertaining

July/Aug 2021

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MARKET MOMENT

Home Sellers Rely on Real Estate Professionals

f Open floor plans with large kitchens— Open spaces for entertaining guests

f Ample storage— A clutter-free environment with hiding spaces to store toys, dishware and other collectibles

Home sellers turned to professionals to help market their home to potential buyers, sell within a specific timeframe and price their home competitively, according to the NAR 2021 Home Buyers and Sellers Generational Trends Report. The report also revealed that 89% of sellers listed their homes on the Multiple Listing Service, which was the No. 1 channel used by sellers to list their home.

Source: National Association of REALTORS®

are important, they’re more likely to ask whether alarms and cameras are installed than about the safety of the neighborhood, Howard says.

“They want to fit the home into their lifestyle and make sure it isn’t just a house with three bedrooms and a home office,” Howard says.

iStock.com/Bilanol/Drazen Zigic

How CRS agents can help

CRS agents who work with these go-getters should be prepared to move quickly because millennial buyers make fast, fluid decisions.

They will move at a moment’s notice to take advantage of opportunities elsewhere.

Living in a home for less than five years is common because the stigma of selling and moving the family no longer exists.

Agents may do more listening than they do with older clients. “Millennials talk a lot, but they may not be clear about what they’re looking for,” Hur says. “They may say they want one thing, but realize later that it doesn’t fit their lifestyle.” Be prepared to ask lots of questions to clarify their housing desires. “Since this may be their first home purchase, they’ll look to you as a trusted advisor,” Hur says. TRS The Residential Real Estate Council crs.com

The report also found that: 67% of all recent home sellers used a referral or the same agent they had worked with in the past. That number jumped to 75% for home sellers aged 22 to 40 years.

54% of sellers used the same agent to buy and sell their homes. As age increased, using the same agent declined.

Only 45% of those aged 74 and older used the same agent versus 67% among those aged 30 to 39 years.

36% of all sellers recommended their agent three or more times since selling their home. That number rose to 38% for sellers 74 and older.

87% of sellers said they would definitely (73%) or probably (14%) recommend their agent for future services. Sellers 74 and older were the most likely to definitely recommend their agent (83%).

MARKET PULSE

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July/Aug 2021

Technology

Home construction

A 3D Perspective

By Michelle Markelz

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hen it comes to technology, the real estate sector is not a laggard, but it’s not a leader, either.

According to research by McKinsey & Company, when looking at sectors of the U.S. economy, real estate falls right in the middle of the digitization spectrum. In other words, REALTORS® may not be the first to dip a toe in the technology pool. But one technology that the mainstream may finally be ready for is 3D printing, and new housing developments in California and Texas have some REALTORS® encouraging others to come on in—the water’s fine.

3D printing has been around longer than most people realize. The technology’s first patents were filed in the 1980s, but accessibly priced printers have only been on the market for about a decade. While the cost has come down, the utility of these machines is still being defined for many industries. In real estate, two uses are emerging: modeling and construction.

For the average REALTOR®, a 3D printer can be a novel way to produce your own promotional products, but the DIY may not be worth the time and cost. Some agents

who work with home builders are using 3D printers to translate floor plans into 3D renderings of homes so that buyers can truly visualize the finished product. The models also make a unique closing gift.

All the new construction that’s fit to print

From the construction side, venture investors are showing confidence in 3D printing as a faster, cheaper and more environmentally friendly way to build homes. Two companies have built or plan The Residential Specialist trsmag.com

iStock.com/Drypsiak(Icon) Photos: Philip Cheung/Regan Morton Photography

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HOW 3D-PRINTED HOUSES CAN HELP FIGHT AGAINST POVERTY 1. Doesn’t require skilled labor

The process is machine-led, so in areas without the skilled labor necessary to build houses, 3D printers can.

2. Can print houses using local ground material Researchers have found success creating concrete to 3D-print houses from locally-sourced materials like peat that are commonly found in the ground. This means bricks and other materials do not need to be shipped across the world.

3. Speed

Basic huts can be built extremely quickly in a matter of hours. Printers can also build multiple structures at a time.

Source: 3DSourced

to build 3D-printed-home communities in California and Texas this year. The first, ICON, has built 11 homes in Austin, Texas—seven 400-square-foot homes built in conjunction with a nonprofit to benefit people experiencing homelessness, and four single-family homes currently for sale.

The second company, Mighty Buildings, is planning a 15-home community in Rancho Mirage, California.

The two companies use slightly different methods to install the homes. While ICON uses an on-site 3D printer to build The Residential Real Estate Council crs.com

structures out of a proprietary concrete, Mighty Buildings prefabricates polymer composite panels at its production facility and assembles them on-site. Mighty Buildings’ delivery window is four to seven months. ICON claims it can print a singlefamily home’s walls in 24 hours, spread over several days. Both methods rely on some traditional construction methods to finish the homes with things like windows, plumbing and electric.

“The 3D-printed house is going to be a game changer,” says Khoi Le, CRS, with

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 ICON’s 3D printer is designed specifically to produce resilient single-story buildings faster and more affordably. The cement-based mix is designed to be pumped and extruded without slumping— bonding between layers and hardening quickly.

ICON partnered with Mobile Loaves & Fishes (MLF), the Austin nonprofit widely known for its compassionate service to the area’s homeless community.

The Welcome Center (top left) was printed in less than 27 hours across several days at the heart of Phase II of MLF’s innovative Community First! Village.

The series of 3D-printed homes (bottom left) will soon be a place for the formerly homeless to call home at Community First! Village.

MARKET PULSE

July/Aug 2021

Technology

Home construction

Hunter Chase Realty in Southern California. Le has been following 3D-printed homes for a while and has worked with some interested buyers. Though they went on to buy conventionally built homes, Le says 3D printing has the potential to serve high-end and budget-conscious buyers.

Cost and time savings

“What’s Next In the Market?” is a webinar hosted by Leigh Brown, CRS, and will keep you up to date on new market trends.

One of the biggest differentiators that 3D printing is boasting to consumers is cost competitiveness. Three elements are combining to create a particularly expensive single-family housing market right now: inventory, building materials and labor. According to the National Association of Home Builders (NAHB), available housing inventory is less than 30% of what is needed for a balanced market, causing a supply-and-demand surge in home prices.

So far in 2021, lumber prices have spiked over $1,000 per thousand board feet more than once. Those figures easily surpass the previous all-time high of $984 per thousand board feet (set in September 2020) and are more than double some of the highest prices seen over the last three decades. NAHB also reports that there is

a shortage of the skilled labor required for traditional homebuilding, further constraining inventory.

While 3D-printed homes do rely on lumber for some aspects of the construction, they require far less. What’s more, the concrete and polymer mixtures used in the printing processes don’t go to waste the way traditional materials that must be cut to size do. The number of people required to assemble the homes can be as few as three, according to ICON, and they do not have to be tradespeople.

ICON CEO Jason Ballard told CNBC that his printing method shaves 10%–30% off home construction prices. Starting at $595,000, Mighty Buildings’ Rancho Mirage houses list at about twice the median square foot cost of the area, but they promise net-zero energy profiles and smart home technology.

The verdict: TBD

While the Rancho Mirage development sold out within days of launching its presale, the East Austin development still has some models available for purchase. It’s not clear whether the houses were purchased The Residential Specialist trsmag.com

iStock.com/Drypsiak(Icon) Photos: Mighty Buildings

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July/Aug 2021

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iStock.com/Fourleaflover(Icons)

 Mighty Buildings' 3D-printing technology can produce modular houses and building components much faster than traditional construction. Its 3D printers use a thermoset composite material called Light Stone Material (LSM), which hardens when exposed to UV light, making it more robust.

as residences or investments. NAHB finds that the South and West regions are leading the way for single-family home starts, and single-family rental demand is growing as well, making these communities good proving grounds for the appetite for 3D-printed homes.

“The biggest challenge is consumer acceptability,” Le says. “3D-printed houses tend to look the same, but the difference in finishes can be glaring to some buyers.

Some folks believe that something built in a mere two days is not the same quality as the time-tested and traditional structures we all are used to. Builders will need to overcome all these psychological hurdles with buyers to be mainstream.”

If consumer demand is substantial, it may be difficult for the industry to scale up with so few printers. Also, lumber is not the only material squeezing home supply. “3D-printed houses will face the same challenges as traditional houses if there is a shortage in windows, sinks or appliances,” Le says, which can drive up cost and slow production.

Buyers will be looking to REALTORS® to educate them on these benefits and risks, and those who can offer their clients the best insight will differentiate themselves from the pack. TRS The Residential Real Estate Council crs.com

ADVANTAGES OF 3D-PRINTED HOUSES VS. TRADITIONAL HOUSEBUILDING Cheaper

A large part of the cost in building a house is the labor involved, as homes take so long to construct. A 3D-printed house only requires one person to monitor it, thereby vastly reducing costs involved in building a house—though there is the counterargument of putting people out of work.

Faster

Houses can take between four to six months to build on average, but a 3D printer can print the structure of a house in just a day.

With effective contractors to put doors, roofs and windows in, this means completed houses could be built in just a few weeks.

Better for the environment

Since 3D printing is a form of additive manufacturing, there is no waste left over. Therefore, in the building of 3D-printed houses, less concrete and other materials are used, benefiting the environment.

More options architecturally

Because 3D printing allows for accuracy far beyond what humans are capable of, complex designs can be created by 3D printers of all shapes and sizes. This is beneficial not just aesthetically, but also in the ability to create houses customized to be as efficient as possible with retaining heat, saving money and creating environments that those with disabilities can live in comfortably.

Source: 3DSourced

MARKET PULSE

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July/Aug 2021

At This Stage

Business solutions for CRSs at all stages of their careers

Juggling Work & Kids

W

e’re on a perpetual quest for balance. It’s challenging managing your career before kids come into the picture—and even more so after you start a family. Being a parent isn’t easy under any circumstances, but as a REALTOR®, things can be especially difficult with the long hours and unpredictable schedule. As many people look for nontraditional or freelance options in the pursuit of flexible working hours, the real estate industry provides numerous opportunities.

The Residential Specialist trsmag.com

July/Aug 2021 For all of you parents juggling, Sue Long, CRS, of Keller Williams Realty in Corvallis, Oregon, has been there. She shares a few pieces of advice that can make things a little easier.

Let your clients know when 1 you have other “appointments” and work your client meetings and showings around them. My children’s ball games, field trips and teacher conferences all were appointments for my family.

Know when you have the most serenity in the house (like nap time or early mornings when your kids are asleep) and focus on your “top 20%” activities during that time, or the most important things to get done to make sure you are creating income for your family.

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MARKET MOMENT

Bring It On Home Homebuyers needed the help of a real estate professional to find the right home, negotiate terms of sale and help with price negotiations, according to the NAR 2021 Home Buyers and Sellers Generational Trends Report.

Between July 2019 and June 2020, 15% of homebuyers bought new homes and 85% bought previously owned homes, according to the report. The most frequent buyers of new homes were ages 66 to 74 at 19%, followed by buyers 41 to 55 years at 18%. The typical home purchased was a detached single-family, 1,900-square-foot home with three bedrooms and two baths built in 1993.

When choosing an agent to work with, finding an agent that was honest and trustworthy was the most important factor for buyers.

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Show kids the value of hard work. I always took them to pick out a gift at the toy store if they helped me.

When they were young, they helped by doing simple chores around the house, being good with a babysitter, etc.

When they were older, they helped by telling their friends about my real estate business and creating a customer.

We even paid them by the hour when they helped deliver newsletters, stuffed envelopes, put together pop-bys and did more helpful chores around the house such as driving the younger ones to school, shopping or cooking meals. We matched any money they put into the bank for later and they had to buy all their own clothes or gifts for friends. They learned to be very resourceful and have become the best shoppers and value-finders—including finding great buys at Goodwill.

This all created very independent, confident kids who understand the value of money and their value in the family and community. All are successful: One is now a physician, another helps run my real estate team and the youngest is in charge of marketing for a cryptocurrency firm. TRS The Residential Real Estate Council crs.com

The report’s survey also found that of those who bought homes from July 2019 to June 2020: f 88% of all buyers purchased their home through an agent (91% of buyers 30 years and younger and 89% of buyers 31 to 40). f Buyers from all generations primarily wanted their agent’s help to find the right home to purchase at 51%.

Buyers were also looking for help to negotiate the terms of sale and to help with price negotiations. f Referrals remain the primary method whereby most buyers found their real estate agent. Referrals by friends, neighbors or relatives were higher among younger buyers—30 years and younger (52%) and 31 to 40 (45%)—compared to older generations. Older buyers were more likely to work with an agent they had previously used to buy or sell a home. f 34% of buyers interviewed only one real estate agent during their home search. f 9 in 10 buyers would use their agent again or recommend their agent to others, consistent across all generations. TRS

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July/Aug 2021

“

In divorce real estate, we’re dealing with people who are probably very good people, but we’re seeing them at their worst. Their lives are upside down; their financial status is often wrecked.”

DI

Crossing the

—Diallo Stevens, CRS

For more pitfalls to watch out for and tips to properly represent both clients, check out the recording of the Agent Beware – Divorce Ahead webinar on CRS. com/catalogsearch.

The Residential Specialist trsmag.com

July/Aug 2021

IDE

By Cara Finnegan

People often list their homes to embark on an exciting new chapter of life.

iStock.com/mofles/-slav-

Whether upgrading to make room for a new baby, downsizing to enjoy the freedom of retirement or migrating to a new city for a big career move, these clients are often filled with optimism, eagerness and a willingness to collaborate. But not all life changes are positive.

Divorcing couples, who may be going through one of the most financially difficult and emotionally charged times in their lives, present unique challenges to their listing agents.

“In divorce real estate, we’re dealing with people who are probably very good people, but we’re seeing them at their worst. Their lives are upside down; their financial status is often wrecked,” says Diallo Stevens, CRS, associate broker of Keller Williams Gold Coast, serving New York City and Long Island, New York.

“They’re afraid. And people in those situations do not behave the way we would expect them to under normal situations. The best way to handle problematic situations is to avoid creating a scenario where they happen in the first place.”

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July/Aug 2021

Avoiding these common pitfalls can help you and your clients through the process.

Pitfall #1: Choosing sides

In divorce real estate, perhaps the No. 1 rule of thumb is to maintain neutrality and professionalism. Giving any sense of favoritism to one side or the other could spell trouble for the transaction. “With divorce listings, you represent two clients in conflict. If one party thinks you’re favoring the other one— if there’s even a perception of bias—that opportunity can blow up in your face,” says Stevens.

How to avoid it

Avoiding this pitfall requires meticulous and carefully planned communication.

“Be very careful about the information you share amongst the parties,” says Stevens.

“If it’s material to the transaction, then you need to disclose it, but you better factor in the overall legal matter that’s going on.” For example, if spouse A’s new boyfriend moves into the house while it’s on the market, it may be of significant interest to spouse B. But it’s not material to the sale and probably should not be disclosed.

“You need to be a vault of confidential information,” says Brenda Thompson, CRS, CEO/managing broker of HomeSmart Stars in the Dallas-Fort Worth, Texas, area.

“It’s remembering, we’re here for a reason,

we’re here to be a professional and help them with a business transaction.”

For Pat Tasker, CRS, an agent for Shorewest Realtors in Wisconsin, strategies for keeping communication targeted and streamlined are imperative to conveying neutrality. “Make sure not one or the other is getting more attention or more communication. They’re already emotionally on edge going through the divorce, so you don’t need to add anything to it,” she says. “I write the same email to both parties. If they are not willing to share their emails with each other, be really careful and be sure to send blind carbon copies. The same thing goes with text messages—put everything in a group thread.”

The Residential Specialist trsmag.com

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Pitfall #2: Getting emotionally involved Maintaining this neutrality can be difficult when you’re working with people who are upset and vulnerable. “One or the other, maybe even both, spouses are going to be highly emotional,” says Thompson. “It’s OK to listen. And it’s OK to be the shoulder.

You just have to remember not to get too deeply involved in the emotions beyond being empathetic. Otherwise, you’re going to alienate one or both of them.”

How to avoid it

Kathryn Hoffman, CRS, an agent with treating them separate. “It’s sometimes Century 21 Affiliated serving the western difficult to remember how to be empasuburbs of Chicago, says avoiding emothetic without getting in the middle of it. tion comes from staying on task. “It’s very Keep your professionalism intact,” she important to not play therapist. Try to redi- says. “There’s emotion every day when rect their focus,” she says. “I try to refocus we do our jobs. But it is critical that you their attention to answering my questions. remember the goal: to get their house sold.”

It’s about saying, ‘I am so sorry to hear that, Tasker, who recently experienced an that sounds like it’s really hard on you. Are emotional outburst from a client, says, you able to have a showing on Tuesday?’”

“You have to be ready for anything. And Thompson recommends compartmental- you can’t take anything personally izing the relationship with each party and because they’re just under so much stress.”

iStock.com/filipfoto/Kativ

Pitfall #3: Counting on a windfall On paper, divorce listings can be enticing.

After all, clients are motivated to move, and the sale could result in two separate buyers. But beware of being overly eager to close the deal. “A lot of agents will say, ‘Oh, I want divorce listings because they have to sell.’ No, they don’t. They may sell, they probably should sell, but it may take a long time, and it may not work out at the end of the day,” says Stevens. “And if the agent goes in and says, ‘Hey, I’m going to get at least two commissions on this. Maybe I’ll get three when the husband’s ready to buy,’ we may be creating a situation where there’s a lack of trust, … and failure to build that trust can cause all sorts of issues.”

The Residential Real Estate Council crs.com

How to avoid it

For her part, Hoffman focuses on the sale for her clients and does not get involved in becoming their buyers’ agent. “I will bring in somebody else to help them find that next house,” she says. “I want to make sure they understand I’m working for them to get the home sold and to move forward.”

Thompson compares the toughness of divorce listings to short sales. They both require patience and the realization that the reward comes from helping people in a tough spot. “I feel the most satisfaction out of being able to take care of someone, help them through whatever might be a difficult situation and get them on to new things,” she says.

Stevens says this means focusing on what’s best for the client, even if it means losing the sale. “If they want to keep the property, if there’s a way to do that, then I want to help them do that. That might sound counterintuitive because I don’t get paid. But it’s about establishing trust and credibility, and doing the right thing.”

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Special Training for Divorce Listings “Just having gone through a divorce yourself is not training enough,” says Diallo Stevens, CRS, licensed associate broker and professional real estate consultant of KW Gold Coast, serving the New York City metro area.

He recommends training for those agents who have a passion for working with these types of listings, but it may not be the end-all, be-all.

“It’s one thing to have some awareness and some book knowledge, or go to a class or two,” he says. “But it’s about temperament and the question of, how much of your time are you willing to devote to this?”

Kathryn Hoffman, CRS, an agent with Century 21 Affiliated in the western suburbs of Chicago, says the complicated nature of the transactions makes her a proponent of specialized training. “I needed training to make sure I was handling things properly,” she says.

“Because you don’t know what you don’t know until somebody says, ‘Here’s a situation, what would you do?’ There are just some landmines that we know are coming up, and we are trained to handle them.”

July/Aug 2021

Pitfall #4: Not doing your legal homework

Failure to do proper discovery early in the process can be problematic, especially as divorcing clients could be in a precarious financial situation and may not be upfront with disclosure. In some cases, legal

LOVE IN THE TIME OF COVID

complications such as restraining orders and bankruptcies can affect progress.

“The agent needs to understand, are there orders in effect that impact how that agent can do their job?” says Stevens. “Maybe the mortgage hasn’t been paid. Maybe other creditors are putting liens against the house. You need to know if they have the equity and the legal authority to complete the sale.”

In addition, state laws around

While initial data showed that COVID-19 may have caused rising divorce rates early in the pandemic, recent findings show that rates actually fell in 2020 to a 50-year low, according to research from Bowling Green State University’s Center for Family and Demographic Research.

The pandemic has added layers of complexity to every real estate transaction, including divorce listings. “People have kids, they have jobs and maybe they’re working from home.

It’s hard enough to move, before you layer on the divorce and COVID,” says Pat Tasker, CRS, an agent for Shorewest REALTORS® in Wisconsin.

Beyond the difficulties of in-person meetings, setting up safe showings and holding open houses, the pandemic makes it harder for people in conflict to work together.

“COVID is a very easy excuse [for one party] not to cooperate,” says Diallo Stevens, CRS, licensed associate broker and professional real estate consultant of KW Gold Coast, serving the New York City metro area.

However, COVID has also created some opportunity.

“I did a divorce sale a few months ago,“Stevens says,” and because the market had such pent-up demand, I was able to sell the property for much more than it would have normally been worth.”

community property can be complicated and affect each partner’s interest in the sale. “Agents need to know whether both parties need to be involved in the listing of the current property, and the purchase of a new property.

You want to know the rules, know the laws and know how to handle that.

Because that could be a huge pitfall,” says Thompson.

Hoffman says being keenly aware

of clients’ financial situations is another key area to research, and the financial stressors of the past year, including job loss and underemployment, have complicated matters.

“I can’t say how huge this has been on divorcing. Many times, a client’s first question is, ‘How can I stay in my home?’ And it goes back to financing.

There are more in-depth questions there that you need to ask, but gently so,” she says.

How to avoid it

“I have a system and a process that is designed specifically for divorce real estate transactions, designed to get the information that I need, so that I can prevent those kinds of issues,” says Stevens.

“So if it is a restraining order, we’re going to talk about it ahead of time. I’m going to communicate with both spouses and educate them on the rules of the road. And if you do that, then these things don’t tend to escalate or explode.”

Part of the complication lies in not getting the full story from clients. Hoffman says you shouldn’t just take clients at their word and must do your homework.

“It’s trust, but verify,” she adds.

Experts recommend that agents partner with the divorce attorneys early. “If an agent doesn’t understand the legal process and how it fits into the overarching situation they’re going through, an agent can easily find themselves in big trouble,” says Stevens. “If the attorneys and agent partner early, lots of these landmines can be avoided, minimized or at least mitigated.”

Still, working with attorneys isn’t cut and dried.

“Attorneys don’t necessarily always want to partner with the agents. So developing the credibility in the eyes of the attorney is very helpful,” says Stevens.

“They’re playing a game of chess, and the house is just one piece of it. So we can’t expect they’re always going to play the game the way we would like them to play.”TRS The Residential Specialist trsmag.com

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By Donna Shryer

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For some time now, the real estate industry has been gradually embracing digital home tours.

Virtual reality, augmented reality and 360-degree 3D virtual tours are all used to create interactive home-shopping experiences. However, it was still the in-person tour that typically sealed the sale.

Then March 2020 hit. In-person home tours came to a screeching halt, and the once-gradual move to a virtual world shifted into warp speed. If the hot 2021 housing market is any indication, many homebuyers haven’t missed in-person viewings. In fact, a Redfin survey reports that 63% of those who purchased a home in 2020 made an offer after only viewing the property via digital technology.

“Before the pandemic, I thought we had maybe a five-year window of opportunity to get onboard with virtual and augmented reality. COVID-19 closed that window,” says Craig Grant, Real Estate Technology Institute CEO and NAR & CRS instructor. “Now the average homebuyer expects to complete almost the entire shopping process from the comfort of their own home. I don’t think that’s going to change.”

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63

%

of those who purchased a home in 2020 made an offer after only viewing the property via digital technology.

Source: Redfin

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July/Aug 2021  Matthew Rathbun, CRS, uses the 3D-viewing platform immoviewer to enhance virtual tours. The technology allows him to place icons over highlighted features, linking to third-party sources for additional information.

for your Augmented reality (AR) involves an interactive experience where you digitally add a new layer of virtual content on top of a real-world photograph, video or 360-degree virtual tour. “Think of AR as a way to give the home shopper additional information about an existing space,” explains Matthew Rathbun, CRS, Certified CRS Instructor and executive vice president of Coldwell Banker Elite in Virginia.

The simplest AR practice involves clicking into a free paint store app, like the ones offered by The Home Depot or Sherwin Williams, that lets you digitally paint walls any color the homebuyer desires.

Virtual staging, using apps from retailers such as IKEA or Crate & Barrel, is another AR application.

Going a step further, Rathbun creates a virtual 360-degree home tour on a 3D platform, such as Matterport or immoviewer, and then uses AR to boost the tour’s

informational value. He digitally places icons over specific elements throughout the tour, like a kitchen’s pro-style range or a bathroom’s low-flow shower head, and when the icon is clicked, a YouTube video pops up, showing off the product.

“By adding this extra layer of information, I can point out a home’s unique features or upgraded products that buyers may not recognize or understand when simply viewing the tour on a smartphone.”

As for evolving AR technology, focus on augmented reality smart glasses, says Dogu Taskiran, CEO of Stambol, a VR and AR studio that specializes in the real estate industry. “AR eyewear lets us lay multiple layers of information on top of the physical world to create a 3D environment.

I believe that almost every industry will be affected by smart glasses once they become commonplace, and I think the real estate and construction industries will be particularly impacted,” Taskiran adds.

Vuzix, a supplier of smart glasses and AR technology, is currently fine-tuning eyewear that allows real estate agents to hold open houses and tours that are partly virtual and partly in person. As explained on the Vuzix website, the agent dons a pair of smart glasses, initiates a video conference with a client, and as the agent walks through the home, the viewer sees everything the agent sees and can ask questions in real time.

The Residential Specialist trsmag.com

July/Aug 2021 With headsets less of an issue, it may be time to consider producing a VR tour—especially if a property or project doesn’t even exist yet, Taskiran says.

“We can create a visual tour that takes you to a condominium on the 24th floor or the 12th floor, with different furnishVirtual reality (VR) describes a 3D, computer- ings, adjusted window views and a genuine sense for square footage. I can generated, interactive environment that feels real but is actually 100% fabricated. By see how someone would take a VR tour and say, ‘This is home.’ It feels that real.” definition, Grant says, you need VR goggles For homes already built and ready for a to get the full immersive experience. “A new owner, Rathbun says a well-produced 360-degree 3D tour that you see on a flat VR tour can decrease days on the market computer screen or smartphone is close and quite possibly put multiple offers on to VR—and when done right, absolutely the table. “I’ve seen buyers become emoeffective—but you can’t feel depth, and tionally invested in a home after a virtual there’s no interaction with or movement walk-through. Seeing the home in person through the digital image. So, it’s not the almost feels like a formality—if an infull virtual reality experience.” person walk-through is even necessary.

Until recently, high headset costs If multiple homebuyers take the same VR precluded a robust audience for VR home tour and everyone feels that emotional tours. But that’s changing, Taskiran says. pull, offers start popping.”

For example, top-rated Oculus goggles As for what’s next for virtual reality, come in around $300, which is a price drop Rathbun feels that it’s going to be audio from where the headset started. And then there’s the minimalistic Google Cardboard, and video implanted into the virtual process. “So, when I put on the VR headwhich cost around $10, and they’re “not set for a home tour and I walk toward the bad,” Taskiran says, adding that there may even come a day when agents produce backyard, I hear the pond gurgling, and I see the koi fish swimming in the pond. It VR home tours for most of their listings really puts you there—in the home—even and handout cardboard headsets to home shoppers. “You could even print your name though the actual address may be halfway across the country,” Matthew says. and logo on a couple thousand cardboard As the U.S. reopens and flows toward goggles,” he suggests. some sort of normalcy, will homebuyers continue to want the information-rich augmented and virtual reality experiences? Taskiran says yes, and his expanding client list drives that reply.

“We first started working with real estate agents back in 2015, and our business has doubled every year since. So the interest was there—and growing—long before the pandemic. Sure, COVID-19 sped  Smart glasses or things up, but now that consumers 3D-viewing devices understand the convenience of like those from Vuzix digitally shopping for their new (left), Oculus (above) or Google (right) can home, it’s an experihelp take a virtual tour ence that, to the next level for I think, potential buyers. everyone will continue to expect.” TRS

it feels

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I believe that almost every industry will be affected by smart glasses once they become commonplace, and I think the real estate and construction industries will be particularly impacted.”

—Dogu Taskiran, CEO, Stambol

For more on virtual touring, check our the recording “The Power of Virtual Tours” on CRS. com/catalogsearch.

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From ultraviolet closets made to disinfect clothes to biometric fingerprint scanning for keyless entry, the future of residential home technology is now. While these extremely high-tech additions might only be an option for the wealthiest buyers, buyers from all walks of life are seeing technology as important, if not necessary.

“The No. 1 technology that buyers are interested in is infrastructure,” says Brian Copeland, CRS, broker and founder of Doorbell Real Estate in Nashville, Tennessee. “It goes well beyond the walls of the home. We have buyers in rural areas and in urban areas, and they’re concerned about the same thing: what tech infrastructure will give them the internet speed and convenience they need.”

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As spending more time at home becomes increasingly common for people across the country, the need for newer technology in homes increases.

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By Andrew Conner

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Internet speeds might not be part of your typical home inspection, but it is certainly a component of due diligence.”

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—Brian Copeland, CRS

Be sure to follow us on our social media channels @ThisIsRRC where we regularly post different technology tips!

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Ultraviolet (UV) light may be the next big thing with regards to keeping items in your home clean and sterile. Refresh Butler, from Frigo2000, is a standalone wardrobe that uses titanium dioxide and UV lamps to disinfect all items placed inside.

SHINING LIGHT

The coronavirus pandemic changed many aspects of the way we live.

One of the biggest trends coming out of the pandemic is making spaces—and especially residential homes—safer with regard to COVID-19 and any similar situations that could occur in the future.

One unique way some people are doing this is through the use of germicidal ultraviolet (UV) light.

This technology uses UV-C light rays to, most commonly, disinfect the air, but it can also be used for surfaces in homes. The most popular products using this technology are UV air purifiers or UV additions to an existing HVAC system, both of which clean the air you breathe by running it past a UV light. However, while still rare, there are some homeowners who have installed these types of lights in their homes to disinfect surfaces, such as a kitchen or laundry room counter, or even closets. It’s important to note that when used in the home (as opposed to in an air system), homeowners need to be careful with UV light technology because it is not safe for use on human skin.

Homebuyers are more likely to want to purchase a home with wanted technological features in place, like Google Fiber, a service that allows for easy and uninterrupted internet connection throughout the home.

With remote work being a norm for many professionals, fast, dependable internet is more than a “nice-to-have”—it’s a requirement. “Buyers are looking for things like Google Fiber or wondering if the cable and internet provider in the area has a commercial connection that they can offer to residential customers,” says Copeland. “It’s this kind of infrastructure that’s more important than anything else right now when it comes to tech.”

While internet provider contracts move with the seller, buyers still want to know

that the functionality is available. So how can you address these needs with your clients? Make internet and phone connection part of the due diligence process.

“Internet speeds might not be part of your typical home inspection, but it is certainly a component of due diligence,” says Copeland. “I don’t think it’s out of the question for a buyer to ask a seller for a speed test to be provided to them in writing. And don’t forget about outdoor living. If your buyer listens to music in the backyard, they will want to know that the WiFi will reach the farthest end of the pool.”

In addition to WiFi strength, be sure to review the mobile phone connection with your buyer. “We’ve seen dead spots even in urban cores where it’s just one small area that doesn’t have a connection,” says Copeland. “But if the buyer is going to have to go outside every time they want to talk on their phone—even if you’re in the hottest market—it’s a no-go. You should check the mobile service in every home, access other services on your phone and even get on a phone call during the inspection period.

Try staying on the line for 30 minutes, and see if the call drops. That is absolutely part of smart due diligence that we have to be doing in this marketplace.”

The Residential Specialist trsmag.com

iStock.com/Andrey Suslov/kpalimski

A STRONG CONNECTION

July/Aug 2021

ATTRACTIVE FEATURES Beyond the internet infrastructure needed is home alone, they can see who’s coming to live and get work done, there are some to the door.” tech features that may not be necessary but Although keyless entry, video doorbells which still entice buyers. For Cindy Hope, and other similar tech features such as CRS, broker at Allen Tate REALTORS® in internet-connected appliances are extremely Charlotte, North Carolina, one of the most popular with buyers, it’s important to common tech features buyers are interremember that many buyers may already ested in is keyless entry. “It’s a convenience have this technology in their current homes, factor,” says Hope. “For families with chilor the sellers may be taking their Ring dren who might lock themselves out of the doorbell or other device with them when house while playing outside, or if you have they leave. guests who are arriving when you’re not “These items are not typically dealhome, there are a lot of scenarios in which breakers, but they are things that a huge it makes life easier and more convenient.” percentage of buyers mention,” says Hope.

Most keyless entry systems provide at “And, typically, even if it’s not already minimum an electronic PIN pad for enteravailable in the home, it’s something they are planning on adding.” ing a code to unlock the door; however, the Copeland echoes Hope’s comments. “I’m sky is the limit in terms of how high-tech seeing people who, in the past, may have you can go. They can be linked to your said, ‘I need an alarm system,’ but now overall security system, whether that is a home alarm system or even internetall of those things are based on Amazon Alexa or Google Home, which they already connected applications such as a Google have,” says Copeland. “In some cases, Home. These more advanced systems can technology like prewiring for speakers is notify homeowners whenever the door a negative because Bluetooth has replaced is used, or even provide unique codes to guests who only work for a limited time. it. I’ve had buyers point at outlets that were In addition to providing convenience, wired for speakers and ask, ‘What is this?’” tech like keyless entry or video doorbells, What’s clear is that the interest in new such as Amazon Ring or the Nest doorbell, technology among homebuyers is not going add a layer of security to the home. “You away. Whether it is the online infrastruchave a lot of people at home on Zoom calls, ture that is now all-but-necessary for the and they can’t get up to go to the door every new normal of working from home, or the time it rings,” says Hope. “With a video convenience factor of an interconnected doorbell you can look at your phone and home security system, tech remains an see who’s at your door. Or if your teenager important concern for homebuyers. TRS

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“

These items are not typically dealbreakers, but they are things that a huge percentage of buyers mention.” ­—Cindy Hope, CRS

Video doorbells, such as Amazon Ring or the Nest doorbell, come with enhanced features that let you see, hear and speak to anyone remotely from your phone, tablet or computer.

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A RECIPE FOR

success!

By Michelle Huffman

Social media marketing sometimes feels like a contradiction: Anyone can use social media, but it seems like few can use it effectively.

Those who do use it swear by it, saying that it’s a lead-generation machine.

So how can you get past this inherent contradiction (and all the contradictory advice a Google search will provide) and simply get started on a simple, straightforward, effective social media marketing plan?

CRS experts shared four key pieces of advice to get started, along with all the insider pro tips you need to really get it done.

Social Media Plan

Mak e it engaging

Mak e it authentic

Mak e it cons isten t

Mak e it easy

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HELPFUL APPS AND SERVICES

The free version of this graphic design service makes posting social media graphics easier than ever with its library of images, pre-made templates and drag-and-drop functionality. For $13 a month, you can build a brand kit with your logos, fonts and colors.

One of the most common social media managers, Hootsuite allows you to schedule posts for two platforms with its free version, and up to 10 with its basic $50 version.

If you want the scheduling features of Hootsuite and the design capabilities of Canva, Plann is the scheduler for you. The free version allows up to 30 posts a month on Instagram. Paid versions expand posts, platforms and analytics (which include insights into the colors your audience prefers).

iStock.com/Sadeugra/filo/Enis Aksoy

For $30 a month, Keeping Current Matters offers a pipeline of daily blog posts, infographics, videos and visual market reports you can use to feed a personalized blog on your website and share on social media.

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July/Aug 2021

make it easy

The million-dollar social media marketing question: How can I spend as little time as possible on social and still find success? The answer is through planning and scheduling. To avoid getting tripped up overthinking how, when and what to post, sit down and schedule with software (see sidebars below and on page 31).

“There’s just no way that I could manage sharing something on all the platforms every day and have it be authentic, creative and polished,” says Tracy Jones, CRS, broker associate with RE/MAX Platinum in Sarasota, Florida.

If you don’t want to schedule posts, preplan them in a spreadsheet. Ryan Rohlf, CRS candidate with Keller Williams Legacy Group in Des Moines, Iowa, uses Google Sheets to save content, so he can easily create posts later.

make it consistent Consistency is key, so don’t set yourself up to fail by being unrealistic about what you can accomplish.

“Start with the very simple goal of one post a day,” says Mark Handlovitch, CRS, associate broker with RE/MAX Real Estate Solutions in Pittsburgh.

While you will need to determine when you want your posts to be seen (morning, noon, night) and what you’ll post (list content ideas to get you started), the most important way to create consistency is to focus on building the habit of posting, regardless of your posting cadence.

If you want to develop expertise with social media resources and sites, achieve the Digital Marketing: Social Media Certification at CRS.com/learn/ certificates.

Your weekly calendar of posts

PRO TIP

Outsource

Monique Higginson, CRS, principal broker at Market Source Real Estate in Salt Lake City, hired a local firm to create a calendar that detailed when and what to post based on the firm’s research and analysis of her metrics. After following that for a few years, Higginson hired the firm to manage her accounts. Now they pull from her Flickr account to populate posts, flag her to respond to comments and meet a few times a year to shoot videos and map out content.

This translates to little effort but big rewards.

“It’s the best marketing money I’ve ever spent in my entire career, hands down,” Higginson says.

PRO TIP

Use “habit stacking”

Rohlf sits down every week after his open houses and posts for the entire week. This type of posting habit is called “habit stacking” or “habit chaining.” It’s when you tie a new habit to one that you already do easily and consistently, like arriving at the (home) office, eating lunch or reviewing your daily schedule.

MONDAY

TUESDAY

Create a video that runs down the latest market statistics: Days on market, inventory levels, price trends, pending sales.

Post a client story or testimonial quote graphic.

WEDNESDAY Share information about what’s going on in your area. Think new construction, road work or incoming businesses.

The Residential Specialist trsmag.com

iStock.com/filo/S-S-S/Vadim Sazhniev/Sylverarts

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July/Aug 2021

make it authentic

PRO TIP

While “be yourself” is solid social media advice, the reality is that successful social media users are aware of the narrative their authentic selves are building. For example, Higginson says she wants people to see that she’s a busy, thriving agent, so when they need an agent, they know she does a lot of work in the area. There’s nothing inauthentic about this: “My life is mostly real estate,” she laughs.

Many agents rightfully want to be known as the expert on the area they work in, which means providing followers with helpful information about what’s going on around them. Bob McCranie, CRS, broker associate with Texas Pride Realty Group in Plano, Texas, owns 52 public-facing pages on various online communities and employs a parttime admin to push content across them all. His goal is not to show people houses, but to show them what they will do when they live there. To achieve this, he gets out there and enjoys these places.

“Walk the trails, bike through town, go to the balloon festival,” he says. “Find out what it really means to be part of your town.”

make it engaging

“You can’t be unsocial on social media and expect results,” Handlovitch says. “Don’t sit back and simply ‘like’ everything; it’ll do nothing for you. You have to talk to people.”

Not only is having a conversation better for developing the relationships that lead to clients, it’s also better for the algorithm. As platforms like Facebook have become more crowded, marketers must rely more heavily on the platform’s algorithm to actually show followers their content.

McCranie advises agents to create posts that encourage comments, because as more people comment, the post’s reach spreads (think about all those notifications telling you that someone replied to a post), which means more people see it over a longer period of time.

THURSDAY Feature a local business or event that your followers could enjoy this weekend.

Bonus: Arrange discounts, coupons or gift cards to give away to followers.

FRIDAY Spotlight a listing or home you think is particularly lovely, highlights a trend or has a unique feature.

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Be the champion of your town

PRO TIP

Create “velcro” posts

To achieve real traction on social, McCranie writes what he calls “velcro posts.” These are often questions that have little to do with real estate. They’ve included asking for his followers’ favorite songs from the 1980s or crafting an image with four different holiday candies and asking which one you prefer. These questions generate hundreds of comments among McCranie’s 5,000 Facebook friends.

At the end of the day, the goal is to be top of mind when someone needs to buy or sell. Jones thinks of this goal as achieving “propinquity,” which means being close to someone or something. Social media helps you stay close to what’s going on in your town, close to your friends, families and followers, and close to new clients. TRS

SATURDAY

SUNDAY

Post tips, anything from home maintenance to landscaping to buying or selling.

Share something personal, like a photo of dinner accompanied by the recipe or your kids enjoying the local frozen yogurt shop.

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34

Market Values

July/Aug 2021

Age of Home Buyers and Sellers 2021

Insights from industry data

2021 HOME BUYERS & SELLERS

Generational Tre CHARACTERISTICS OF HOME BUYERS Share of BUYERS and SELLERS

Gen Z

(22 years & younger) 1999-present

Younger Gen Y/ Millennials (23 to 31 years) 1990-1998

Older Gen Y/ Millennials (32 to 41 years) 1980-1989

Gen X

(42 to 56 years) 1965-1979

Younger Boomers

(57 to 66 years) 1955-1964

Older Boomers (67 to 75 years) 1946-1954

%

2

2

14

4

23%

18%

%

24%

FIRST-TIME BUYERS MADE UP 31% OF ALL HOMEBUYERS, THE SAME AS LAST YEAR. (% of first-time buyers by age group)

%

82%

48%

Buyers 22 to 30 years

Buyers 31 to 40 years

%

22%

14%

21%

Buyers 40 to 54 years

12%

of all homebuyers purchased a multi-generational home for these reasons:

25%

18%

22%

f To take care of aging parents f Because children over the age of 18 were moving back f For cost savings

RACE/ETHNICITY OF HOMEBUYERS (% of respondents)

AGE OF HOMEBUYER

Silent Generation (76 to 96 years) 1925-1945

5%

8%

1920

Millennials continue to make up the largest share of homebuyers at

37

%

22 to 30 31 to 40

41 to 55 56 to 65 66 to 74 75 to 95

White/ Caucasian

83%

84%

80%

77%

87%

90%

94%

Hispanic/ Latino

7%

9%

9%

10%

4%

3%

1%

Asian/ Pacific Islander

5%

6%

7%

6%

2%

2%

3%

Black/ AfricanAmerican

5%

3%

6%

8%

6%

4%

2%

Other

3%

3%

3%

3%

2%

2%

3%

Note: Respondents were permitted to select as many races and ethnicities as they felt applicable. The percentage distribution may therefore sum to more than 100%.

The Residential Specialist trsmag.com

iStock.com/ma_rish/ulimi/XiaoYun Li

All Buyers

35

July/Aug 2021

nds Report Source: NAR

CHARACTERISTICS OF HOMES PURCHASED WHY NEW AND PREVIOUSLY OWNED HOMES WERE PURCHASED (% of respondents)

AGE OF HOMEBUYER

Top 3 Reasons

All Buyers

22 to 30 31 to 40

41 to 55 56 to 65 66 to 74 75 to 95

New Home Avoid renovations or problems with plumbing or electricity

44%

61%

52%

45%

37%

36%

24%

Ability to choose and customize design features

30%

25%

31%

31%

31%

32%

29%

Amenities of new home construction communities

24%

30%

17%

23%

32%

29%

14%

35% 31% 20%

35% 50% 20%

37% 37% 22%

33% 30% 23%

34% 22% 18%

39% 20% 18%

41% 15% 13%

Previously Owned Home Better overall value Better price More charm and character

32

%

of all buyers found heating and cooling costs more important than environmental features.

THE HOME SEARCH PROCESS WHERE BUYERS FOUND THE HOME THEY PURCHASED (% of respondents)

Top 6 Resources Internet Real estate agent Yard sign/open house sign Friend, relative or neighbor Home builder or their agent Directly from sellers/knew the sellers

AGE OF HOMEBUYER All Buyers

51% 28% 7% 6% 5% 3%

22 to 30 31 to 40

61% 24% 5% 5% 2% 2%

41 to 55 56 to 65 66 to 74 75 to 95

60% 23% 5% 5% 4% 2%

54% 26% 6% 5% 6% 2%

46% 32% 8% 6% 5% 3%

40% 34% 8% 6% 8% 2%

30% 38% 11% 10% 5% 3%

VALUE OF WEBSITE FEATURES (% who ranked a feature “Very Useful” among buyers who used the internet)

Virtual tours

89% 86% 67% 63% 58%

Detailed information about recently sold properties Neighborhood information

Photos Detailed information about properties for sale Floor plans Real estate agent contact information

All Buyers

All Buyers

Virtual open houses

53% 52% 47% 46% 38%

54%

Virtual listing appointment

35%

53%

Real estate news or articles

34%

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Pending sales/contract status Interactive maps Videos Information about upcoming open houses

For more information, access the 2021 NAR Home Buyers and Sellers Generational Trends Report at NAR.realtor.

SPECIALIZED

36

Council Classroom

July/Aug 2021

KNOWLEDGE

Strategies from the industry’s top educators

When a PLAN Comes Together

By Matthew Rathbun, CRS

B

Agent PLAN is designed to help REALTORS® of all skill levels hit the ground running on their personal and professional real estate business goals. For more, go to CRS.com/ broker-solutions.

entrepreneur should do. And we go from business planning and owning to mastering listings, self-branding, marketing and negotiations.

In a nutshell, the program provides the following skills:

f How to understand the client’s budget versus the agent’s value proposition.

Agents will learn why they’re unique and valuable to consumers and how to convey that. f How to be good marketers. How agents can establish their own brand, create new client opportunities and work within their sphere of influence to continue to build their business and engage new business. f Core business skills, such as negotiations, that help the agent be a strong advocate for their consumer.

Another great aspect of the program is that it is offered with a rolling start, so agents have routine opportunities to begin the program.

By the end of the course, participants will have completed their mission and vision statements and their business plan.

And even more importantly, completion of the program fulfills the academic requirements for the CRS Designation—all that remains is for the agent to complete the production requirement.

Those who complete this course have the potential to become excellent agents and an asset to their brokerage. TRS The Residential Specialist trsmag.com

iStock.com/nazarkru

Matthew Rathbun is a veteran instructor with a unique blend of geekiness, humor and an in-depth knowledge of the practice of real estate. Rathbun is the executive vice president of a large, multi-office firm in Virginia and has served in various capacities in the local, state and National Association of REALTORS®.

rokers who have started their own companies are accustomed to success.

They have earned the respect of their peers and they have established themselves as leaders—but no one ever teaches a broker how to create an educational program for agents who need development.

RRC is offering a new course called the Agent PLAN Program. Brokers who have rookie agents—or even more seasoned agents who are looking to rebrand their practice—might want to recommend this online coaching and mentoring course designed to give agents the grounding they need to become top producers, lessening the burden on brokers who need to bring team members up to speed.

The “PLAN” in the course name stands for four important strands that will give agents a foundation for success: professionalism, leadership, achievement and networking.

In the 12-week program, agents are taught by trained coaches and expert instructors. We’re offering coursework at a very high level—brokers get quality training for their agents at a reasonable price, and the agents get a quality education.

Because it is self-paced, the program is flexible enough for a full-time agent to complete the work outside of business hours, but it is also rigorous, with one key topic offered each week.

E-learning takes students through a structured education program, where they access content online and view videos of coaches and instructors who bring life to the topic. There are recorded “micro-sessions,” during which the instructor engages with all participants. Each agent must complete certain tasks and homework, and there is one-on-one time scheduled with the instructor as well, so there is a steady stream of instruction and feedback on content and student projects.

Participants can also take advantage of a dedicated Facebook group where they can engage with one another.

We take the participants through the kind of business planning that every good

This article was provided by Quicken Loans and Rocket ProSM Agent

Insights

July/Aug 2021

37

Video Marketing Tips

T

he internet and smartphones have made video content widespread and accessible. To engage with your clients, you need to produce a lot of video content. Let’s talk about connecting with your audience, some video ideas and how to make your videos stand out.

Find your audience

You want your video to be seen by people interested in buying or selling a house.

Platforms like Facebook, Instagram and YouTube have a lot of users and can be great options for pushing video content.

Make your videos engaging by putting interesting images and hooks first. Many users will stop watching after a few seconds if they’re not interested.

For Facebook and Instagram, design your video to be viewed without audio, as many

users don't automatically use audio on these platforms. Make use of Facebook’s autocaption feature—research says users engage more with videos with captions.

For YouTube, create longer videos with title and description wording optimized for searches. For instance, many people search for informational videos with the word “beginner” in the title.

Use specific hashtags to direct people to your content.

You don’t want to just tag your posts with #realestate—make it more specific by including your city or market’s name.

Because more specific hashtags narrow down potential viewers, users who find your content are more likely to engage.

REAL ESTATE VIDEO IDEAS Good videos start with great ideas. These ideas can be approached from different angles and repurposed to get the most out of your content. Here are some great ideas to get you started making videos: 1. Introduction video—Introduce yourself to your audience.

2. FAQ video—Answer frequently asked real estate questions.

3. Neighborhood tours—Bring potential clients on a tour of a neighborhood you know well.

4. Home/property tours—Showcase a property for sale.

5. Ask me anything (AMA) videos—Go live on Facebook, YouTube or Instagram, and answer any of your followers’ questions in real time.

6. Day in the life—Create a video showing the amount of work you put in to earn your commission.

7. Testimonials—Compile videos from happy clients talking about their experience with you.

iStock.com/tolgart

MAKE YOUR VIDEOS STAND OUT With the endless amount of content online, standing out is very important. Follow these tips to get extra followers and keep them engaged.

Make a plan: Create a content calendar a month ahead with a plan for all of your video ideas. Script the content, rehearse your videos, and edit and release them.

Get the right equipment (and learn how to use it): To make your videos really stand out, you’ll need

equipment, software and the knowhow to use it. Here’s what you can consider investing in: f Tripod (with smartphone attachment) f Ring light f Editing software f Lighting kit f Microphone f DSLR camera The costs can add up, and there’s a definite learning curve. If you have someone in your network

The Residential Real Estate Council crs.com

with video experience, think about enlisting their help.

Show your personality: Use these videos as an opportunity to show who you are, showcase your real estate knowledge and build trust. Be personable and engage with viewers while being professional.

Show clients why your content matters through the value of your information, storytelling and your unique perspective and humor. TRS

Rocket ProSM Insight is an innovative tool that gives financial professionals control in each client's home loan process. To get connected, visit RocketPro.com/ RealEstate.

SPECIALIZED

38

Innovations

July/Aug 2021

KNOWLEDGE

Tech solutions for real estate

Put These Tech Tools to Work

F

or those working in residential real estate, there’s an overabundance of technology tools that can enhance your listings, client communication, productivity, graphic design, online portal, marketing and more. But the sheer number of options and complexity of some applications can lead to confusion.

To help narrow your search for the technology that best fits your needs among the many available options, here are a few tools that many agents have found to be effective and simple to use.

Electronic signatures

Agreements keep your business running, but collecting signatures can be time-consuming and inconvenient. Fortunately, the days of mailing important documents or hand-delivering them to your clients may soon be over. Electronic signature services have made the process more efficient and easier for all parties, and client signatures can be securely collected.

Accelerating the process of collecting signatures can free up valuable time and enhance productivity. f HelloSign makes it easy to collect legally binding e-signatures from clients remotely. It includes sales agreement

Video editing

RRC has two upcoming Technology and Plans for Success classes. Register today at CRS.com/ catalogsearch.

Video is currently one of the most powerful tools available to real estate agents.

Videos are a great way to create a strong connection with current and prospective clients. Listings that include videos receive more inquiries than listings without video. They can be used to showcase listings, your expertise in the field

templates and incorporates built-in integration with Dropbox and other file-sharing apps. f Dotloop is a document-sharing and e-signing tool specifically designed for real estate agents. It allows you and your clients to edit, sign, share and store documents from anywhere. f DocuSign allows agents to securely create or upload purchase agreements, real estate forms, disclosures, contracts and other documents; assign fields to be completed or signed; email the documents to each party for completion; and track progress. DocuSign notifies agents when important documents have been viewed and signed by clients. DocuSign is the official electronic signature provider for the National Association of REALTORS®, and its electronic signatures are legally binding.

of residential real estate or even your knowledge of your community. f Lumen5 is the easy way to make professional-looking explainer videos with text, stock video and more.

Lumen5 has templates for social media as well as prosumer-level tools to help you create videos that seem like they came from a movie studio. f Animoto is a drag-and-drop video editor designed for small businesses. It’s easy to use, and results in slick, professionallooking videos. You can quickly put together polished videos for property listings, testimonials, slideshows and more. Just upload your video clips and photos, and then arrange them in the storyboard. Then add text, music and other components to complete the video.

The Residential Specialist trsmag.com

iStock.com/miakievy

DocuSign is the official electronic signature provider for the National Association of REALTORS®, and its electronic signatures are legally binding.

July/Aug 2021

39

Photo enhancements

The best photo-editing software incorporates easy-to-use tools that give you control over how your images look, so you can start with a mediocre photo and transform it into something breathtaking. Regardless of your photography skills, using photo-editing software can improve your pictures before you share them with clients. The best photo-editing software can get rid of unwanted objects in your images, crop and rotate images, correct color, apply filters, make small tweaks to contrast and saturation, and more. f Canva is a must-have for agents who don’t have the time to learn more complex photo-editing programs or who just want to quickly create great visual graphics.

It includes thousands of pre-designed templates that can be customized. f Skitch is a free tool by Evernote that allows you to easily mark-up photos.

For example, you can snap a quick photo of a home feature the seller needs to address, illustrate it with circles or arrows, and send it to a contractor.

f Speaking Photo enables you to take photos and then record audio on top of them—it’s a great tool for making presentations. You can describe home features, a market analysis or other images you share with your clients. f LCA Marketing Center provides easy-to-use design tools. It’s specifically for real estate agents, so you don’t need to adapt your content to work with templates designed for businesses in other industries. The resulting designs look polished and professional.

Floor plans

Floor plans attract more attention from buyers and make it less likely they will forget your listing. Listings that include floor plans tend to be viewed more often than those without floor plans. NAR surveys reveal that after photos and the listing descriptions, floor plans are the most important aspect of an online listing.

According to Rightmove.com, more than one-third of buyers say they are less likely to inquire about a property that does not have a floor plan. Some options are fullservice providers, while others are DIY. f TruPlace adds an important element to your visual presentation of a home by providing a floor plan to include with your photos, giving buyers a better sense The Residential Real Estate Council crs.com

of the layout of a home. TruPlace provides a virtual tour setup that lets users flip through photos as they go through the various rooms. f Floorplanner enables real estate agents to present their properties with informative floor plans in both 2D and 3D. Using Floorplanner’s platform, many floor plans are created specifically for online real estate listings and brochures. f RoomSketcher provides a simple dragand-drop interface that makes drawing and updating floor plans easy. You can add flooring, wall and ceiling materials, and match existing finishes and paint colors or create your own. Then you can furnish it by selecting from a large number of brand-name and generic products, and add details such as total area, measurements, room names and sizes. Then, generate high-quality 2D and 3D real estate floor plans that are optimized for print or web. TRS

More than

1/3 of buyers say they are less likely to inquire about a property that does not have a floor plan.

Source: Rightmove.com

SPECIALIZED

Wide Angle

July/Aug 2021

Legal and financial focus

Breaking Down Blockchain

“

To get your head around blockchain, you have to open your mind to a totally new way of thinking and wean yourself off of our current system for tracking information.”

—Mark Lesswing

I

f you’ve noticed “blockchain” in the headlines recently and wondered what it means for the business of real estate, you’re not alone. Mark Lesswing, chief technology officer for T3 Sixty and co-founder of the Real Estate Blockchain Initiative, is a pioneer in this revolutionary and emerging technology, and he predicts it will play an important role in the future of real estate, making it more secure, accessible, efficient and transparent.

which has invested millions in developing flexible blockchain technology, it’s a “shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network.”

Blockchain can provide immediate, shared, transparent information that can be accessed only by permissioned network members, which makes it attractive to many industries.

Blockchain 101

In thinking about how to best apply blockchain in the industry, Lesswing looked at areas in which technology does not have existing standards, such as licensure. “Plumbers, dentists, doctors, agents and brokers all have licenses, and the licenses are controlled by the state,” he says. “Licensees need continuing credits to maintain their license, and it’s up to them to prove they’ve taken the courses. It’s not the state’s job to keep track of the credit hours.” So Lesswing and his team at the Real Estate Blockchain Initiative helped

So, what is blockchain, anyway? “It’s a place to store things,” says Lesswing, who formerly served as senior vice president and chief technology officer of the National Association of REALTORS® and has worked with companies in the industry to prepare them for blockchain.

Lesswing says to get your head around blockchain, you have to open your mind to a totally new way of thinking and wean yourself off of our current system for tracking information. According to IBM,

Tracking licenses

HOW BLOCKCHAIN WORKS

1

3

2

4

✓

✓ ✓

?

A block (a file that stores data related to the network) representing the transaction is created

A transaction is requested

?

? ?

The block is sent to all nodes (where blocks are stored, like a small server) in the network

5

✓

The nodes confirm that the transaction is valid

The block is added to the existing blockchain

6

The transaction is complete

The Residential Specialist trsmag.com

iStock.com/ilyast/Fourleaflover

40

KNOWLEDGE

July/Aug 2021

41

Homes paired with non-fungible tokens (NFTs) may be the way of the future in real estate. A property in Thousand Oaks, California, was put up for auction in April 2021 (right), and included in the deal was an exclusive NFT (left) created by award-winning artist Kii Arens.

create a way for the Real Estate Standards Organization certification system to interface with the blockchain, so the credits can always be stored in one central place. In many cases, the organization that offers the course can update the blockchain for the student. Once the information is in the blockchain, it’s unchangeable and easily validated by the state.

Homes as digital assets

Perhaps you’ve seen the news about skyhigh prices for non-fungible token (NFT) artwork, watches and sneakers? Why not a house? An NFT can transform items into unique, verifiable assets that can be traded on the blockchain. “It’s like a numbered piece of art,” Lesswing says. “You don’t need ‘Antiques Roadshow’ to tell you something is authentic, because you have the number,” he says. “With the NFT, that number represents the asset—it’s a unique identifier—and there’s no reason you can’t attach that to a house or piece of property.”

If a house were an NFT, Lesswing says, anything that happened to that property would refer to the asset number—whether it’s an insurance contract, taxes, a deed or a lien. TRS The Residential Real Estate Council crs.com

MERGING NFTs WITH RESIDENTIAL REAL ESTATE The prospect of turning homes into digital assets took a step forward in April 2021 as the first-ever residential real estate property was auctioned off, coupled with a unique non-fungible token (NFT) digital artwork of the home, in Thousand Oaks, California. The NFT is encrypted in a digital ledger called the blockchain.

The physical home consists of two units that are currently collecting about $60,000 in rent per year, along with already-approved permits for a potential

addition of a third unit should the next owner choose to do so.

By purchasing the property, the owner will also receive exclusive ownership of an NFT art piece, designed in partnership with award-winning artist Kii Arens, providing a digital representation of the home. According to Shane Dulgeroff, the listing agent for this pair of assets, “This piece of art will allow the buyer to live within the digital world’s vision of the property while also receiving a physical world asset.”

For more on Blockchain in real estate, check out the recording “Practical Applications for Blockchain in Real Estate” on CRS.com/ catalogsearch.

DESIGNATION

42

NATION

Your Own Council

July/Aug 2021

News and updates

Broker Solutions at Inman Connect

O

ver 1,800 attendees listened in at Inman Connect to a presentation about the value of education and the Council’s Broker Solutions program to help brokers set up their team for success.

“With confidence gained through timely education, the savvy agent can provide their clients and brokerage the ability to proficiently navigate through the disrupters and come out on top,” says Joshua Woodward, CRS, of McGraw REALTORS® in Owasso, Oklahoma.

Find out more on how Broker Solutions can help you at crs.com/ broker-solutions.

CRSs are loving the new Find a CRS online referral network and community.

“I like the Find a CRS app—it allows me to review the referring agent's credentials, bio and see whether or not they keep up with CRS education,” says Michelle Cecchini, CRS, of Chelle Realty Co. in Ormond Beach, Florida.

The improved Find a CRS includes live news feeds, community groups, badges that encourage and reward, message and referral management options, better ways to engage with fellow CRS Designees and more. Download the app at find.crs.com.

The Residential Specialist trsmag.com

iStock.com/Martin Barraud/Kathy Konkle

Find a CRS

July/Aug 2021

43

CELEBRATING CONTINUED SUCCESS Book your ticket to the RRC Governance Meetings at NAR® Annual Meeting in November today! Be there as the Council installs its new board and celebrates a year of continued success at the inaugural event.

Network, learn, take part in business meetings and attend the member update. The Council’s annual meetings are held in conjunction with the National Association of REALTORS® Conference & Expo Nov. 10–13, in San Diego.

Register for the RRC Governance Meetings and NAR® Conference & Expo at CRS.com/events/ annual-meetings.

DATE Aug. 17–18, 2021

It’s Not Too Late to Sell-a-brate

W

e are a few weeks away from the Council’s biggest event of the year: Sell-a-bration® Reconnect Live! It is not too late to book your ticket and make your travel plans to the beautiful Lake Tahoe—the perfect place to reconnect. Join hundreds of other agents who want to learn new skills and strategies to get ahead in this

market, and forge relationships that will last a lifetime.

New this year, the Council will offer a virtual attendance option. Attendees can join Sell-a-bration Re-connect from anywhere in the world, offering an opportunity for all to stay up to date on the latest in residential real estate. A detailed schedule and more information is available at crs.com/sell-a-bration.

The safety of everyone attending Sell-a-bration Re-connect Live in Lake Tahoe is our top priority. Please continue to visit the event page for the latest safety updates. We continue to monitor the CDC guidelines and COVID-19 safety protocols and will make any adjustments as appropriate.

The Residential Real Estate Council crs.com

LOCATION Harrah's & Harveys Lake Tahoe hotels

DESIGNATION

NATION

44

July/Aug 2021

Ask a CRS

Q

&

How can one be more competitive as a buyer’s agent in this market?

Advice from your peers

Agents have a few options: � Free occupancy � P ay for the seller’s � P ay for a house cleaner expenses � Throw in a vacation after they vacate Pat Gust Tasker, CRS, AVP of Pat Tasker – Shorewest Realtors, Germantown, Wisconsin

Give the seller the flexible time to find their next home.

Deborah Danis Estes, CRS Wilton-Berkshire Hathaway HomeServices, Wilton, Connecticut

Have a great story to share? Email social@crs.com or look for discussions happening online on our Facebook, Instagram, LinkedIn and Twitter pages.

2

Buyer offers to pay seller settlement expenses.

Pay for the seller’s commissions and seller’s closing costs. You are allowed to do that up to a certain amount—speak with a lender to get the amounts.

Fara Captain, CRS Broker/owner of Captain & Co. Real Estate LLC, Memphis, Tennessee

Ben Olsen, CRS Team Leader, The Olsen Team at Vanguard Properties, Moraga, California

Higher EMD in the form of a cashier's check and possibly nonrefundable.

3

Buyer offers seller free rent of two to four weeks.

4

Buyer offers seller a meaningful gift in the form of a moving expense or travel/vacation. If in a no-win situation, buyer offers a cash settlement to the buyer who had the winning bid, for that buyer to walk away.

Jesse Cordova, CRS Global Realtor at Beach Realty United, Virginia Beach, Virginia

Show properties listed longer than two weeks.

Find the ones that go back on the market, especially if they need a little bit of work, and get a renovation loan.

Adrian S. Price, CRS Sunset Creek Realty, LLC, Guilford, Connecticut

Monica Neubauer, CRS Host of the NAR Center for REALTOR ® Development Podcast, Franklin, Tennessee The Residential Specialist trsmag.com

iStock.com/ilyast/CSA-Archive

It comes down to price.

If someone else needs the house more than your client does, and they are willing to pay, then they will win. No amount of sweetener will overcome a $50k (or larger) gap.

1

DESIGNATION

46

July/Aug 2021

RRC Connect

NATION

Expand your network

CONNECTION PERFECTION

Heading Down South

C

hristine Wazcak, a longtime friend and three-time client of Cheryle Clunes, CRS, broker associate at Realty ONE Group Prestige in Oregon City, Oregon, decided to move to Texas after selling her home in Oregon. Making sure that Wazcak’s needs were taken care of was what made this referral story a success.

Finding a match

“Christine’s son attends college [in Texas], and a mother needs to be near her son,” Clunes says. “Her father also lives there— so even more reason for her to move

Oregon

Cheryle Clunes, CRS

Texas

Debbie Keach, CRS

SOUTH

SOUTH

from the great state of Oregon to the big state of Texas!

“Her well-being was my priority,” she continues, “and I knew I could confidently turn to the referral network, ‘Find a CRS,’ to find a great agent to help.” Clunes was able to get in touch with Debbie Keach, CRS, broker associate at The KEACH Team, RE/MAX DFW Associates in Coppell, Texas, to assist.

A happy ending

“It was a whirlwind experience that ended with the perfect fit,” Keach says. Wazcak had no idea of the current market until they were actually looking at houses and saw waiting lines at each appointment they set up.

“We chased houses from day one on the market and immediately made great offers above list prices with appraisal addendum included,” Keach continues. “You would think she would have gotten the first one, but sometimes in this crazy buying climate, we see the ‘best fit’ is later down the line. The sixth house we offered on was the winner! My tips from this experience: Have a good lender (like Christine did) and keep your spirits up when you get a no— the right house will show up.” TRS

MID-ATLANTIC

SOUTHEAST FLORIDA Weston, Pembroke Pines, Miramar, Hialeah, Miami Lakes, Hialeah Gardens, Miami Beach, Miami, Miami Springs, Doral 2021 Florida RRC President Major Investor Crystal R BA - Florida International University Fluent Spanish ~ Hablo Español

Vivian Macias, CRS, GRI, SRS Broker - REALTOR® 305-300-4425 vivian@principalproperties.com vivianmacias.realtor

33 years of Experience, Commitment, & Professionalism

The Residential Specialist trsmag.com

July/Aug 2021

WEST

WEST

47

WEST

BEN & CAROLE HEINRICH

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

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

www.TheHeinrichTeam.com 831.915.7415

925-200-8495

Team@TheHeinrichTeam.com

Ben BRE License #: 00584641

DRE# 01005829

Carole BRE License #: 01069022

WEST

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 Sotheby’s International Realty 831-236-7251 terry.mcgowan@sothebyshomes.com www.terrymcgowan.com

Ask about Lake Wildwood near Grass Valley!

RENO • NEVADA

• Reno native and trusted advisor for over three decades to thousands of buyers and sellers • RealTrends – ranked top 1% of REALTORS® in the U.S. • Top 1% in Nevada in production

THE DEES GROUP R E A L E S TAT E

Specializing in helping You reach Your Real Estate goals since 1991!

DON DEES # •24561 S

Dickson Realty 775-742-0669 dondeesgroup@dicksonrealty.com

MAUI al Estate

www.JoanneFoxxe.com

PACIFIC 808-385-2918

PACIFIC

HAWAII

jofoxxe@Maui gmail.com Director-Certified Residential Specialists

nne xxe

SRES e-pro director

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

...sharing Aloha through excellence and experience...

cell and direct line

Search all Maui properties on my website

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

Reach more than

30,000 CRS peers with your ad here.

Nancy D. Metcalf, CRS REALTOR®, Vice President

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

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

DESIGNATION

48

July/Aug 2021

Balancing Act

NATION

Practical strategies for restoring balance

Read as much as you can

Financial literacy comes down to just that—diving into as much literature on the subject as you can. Whether you’re already proficient financially or just learning the ropes, there are options galore. Many financial gurus have their own books to help people understand the world of finance, but newspapers and magazines are also great options as they provide a wide array of opinions.

Publications like The Wall Street Journal, the Financial Times and The Kiplinger Letter (the longest continually published newsletter in the United States, dating back to 1947) all provide insights into how to better manage your own personal finances, and in turn, help clients with these same decisions.

Use government resources

A Visit CRS.com/ catalogsearch to access the full suite of education courses from RRC and learn more about the financial side of being a REALTOR® today!

great REALTOR® has the ability to help guide clients through the strenuous and often confusing process of buying or selling a home. What needs to be stressed is that these aren’t just dealings related to a person’s living situation, but also major financial transactions that can shape a client’s future. This is why agents need to be up to date on current financial trends and practices to help clients make decisions that will impact their wallets moving forward. You may be great with the numbers, but there’s always room for improvement. Here are a few ways to brush up on your own financial literacy to help yourself and your clients.

Take classes

For some people, taking a class or watching a webinar is the best way to absorb information—especially for matters as important as dealing with finances.

While most agents need at least a basic understanding of the financial aspects of the buying and selling process, some of details can get complex and convoluted. There are several financial literacy courses offered by online education groups like edX and Alison. RRC also has a wide variety of online resources for you to learn how to not only keep your business financially viable and thriving, but also how to best advise your clients on some tricky or obscure financial issues. TRS The Residential Specialist trsmag.com

iStock.com/SIphotography

Improving Your Financial Literacy

The federal government is a great resource for improving your financial literacy. Financial Literacy Month takes place every April, and the government and associated organizations take time to produce programs and events to help people learn more about how to handle money. The Financial Literacy and Education Commission, an arm of the U.S. Treasury Department, helps coordinate these public-private partnerships. You can also go to MyMoney.gov to learn about a variety of personal financial topics, including buying a home, investing in a 401(k) or even balancing your checkbook.

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