Business Resources
Resources for your real estate business.
Tutorials on 20% Deduction and other Tax Law Changes
Changes to the U.S. Tax Code that potentially can save you thousands of dollars were enacted last year as part of the Tax Cuts & Jobs Act. The changes include a new deduction available to you as an independent contractor or sole proprietor for reducing your tax liability by 20 percent. How to take this deduction and apply other changes in the law are discussed in a series of video tutorials released by NAR last month.
The tutorials are timely now that the year is winding down and final 2018 tax filings need to be submitted to the IRS.
The tutorials are organized into a dozen topics that affect your taxes, both as a real estate professional and as a homeowner or renter. I encourage you to familiarize yourself with the changes and to pass along this email to your colleagues.
John Smaby
NAR President
Tax law changes, by topic:
Elimination of business entertainment deduction.
Taking the 20 percent business income deduction.
Changes to the mortgage interest deduction.
Limits on state and local tax deductions.
Curtailment of casualty deduction.
Curtailment of moving expenses deduction.
Retention of capital gains exclusion on home sale proceeds.
Increase in standard deduction.
Elimination of personal exemptions.
Access and share page that includes videos, links, slides, transcripts, and embed codes.
What happens if I fail to complete my Code of Ethics training on time?
What are the consequences of membership suspension?
What this means for a REALTOR® who is suspended for not meeting the REALTORS® Ethics Training Requirement is that all the rights, privileges and services she is entitled to receive because she is a REALTOR® are suspended until she satisfies the training requirement. If she meets the requirement the next day, then her rights, privileges and services are restored the next day. While suspended, though, her obligation to abide by the Code of Ethics continues, as does the obligation to pay dues.
At the May 2005 Midyear Meetings of the National Association of REALTORS®, the NAR Board of Directors amended policy to provide that members suspended for failing to meet the REALTORS® ethics training requirement would subsequently be automatically terminated from membership if they did not complete their training.
What are the consequences of membership suspension on MLS access?
What happens if a REALTOR® doesn’t meet the training requirement on time?
What if a REALTOR® who is a sole proprietor, partner in a partnership, or corporate officer is suspended for non-compliance?
What if the REALTOR® who is suspended is not a principal, partner or corporate officer?
How long can a member be suspended for not completing their REALTORS® ethics training?
3 Tips from the October 2018 FAAR Town Hall
If you did not attend the October Town Hall meeting, you missed great discussion on topics ranging from the coming soon status, affiliated business disclosures, EMD misconceptions, and closing nightmares. The panel of experienced and newer agents, a lender and a title company representative skillfully handled the scenarios and audience questions rounded off a lively and highly informative discussion. The following are some of the distilled nuggets of information.
EMDs — nothing in the contract requires a broker to provide a copy of an EMD
Affiliated Business Forms — DO NOT SIGN these forms if you are the buyer/seller on the other side of the transaction
Coming Soon — Listing is NOT available to be shown and lockboxes are not permitted during the Coming Soon status
Searching for Rentals that Accept Subsidized Housing or Voucher Programs in Bright MLS
1. ALL agents who have listings that will accept housing vouchers MUST put that information in the remarks section of their listing. (there is no other way at this time to search for them otherwise). IF THE AGENTS DO NOT PUT THAT INFORMATION UNDER REMARKS, YOU CANNOT DO A SEARCH)
2. If agents are looking for rentals that will accept housing vouchers, you must first go into your SEARCH dropdown and choose RESIDENTIAL LEASE
3. Scroll down below the ORANGE “Clear/Matches/Map/Results” bar to “Additional Fields Add/Remove and click on Add/Remove
4. Under Available Fields, highlight “Remarks (Public and Private)“, choose ADD so it can move to the Selected Fields and then click on the RED”Back” button.
5. Now you are ready to search for your voucher rentals. Put in your desired criteria and scroll all the way to the bottom to Remarks (Public and Private).
6. In that box is where you need to type in ANY OF THE FOLLOWING: “Sec 8“, “Section 8“, “Subsidized Housing” or “Vouchers”
7. Then listings should appear. (IF agent searches NOW, nothing is showing up because there are no ways to list them the way they were listed in MRIS)
Experiencing other issues? Submit your issues to Bright MLS at support@brightmls.com. The Bright MLS support team is prioritizing fixes based on the number of times issues are mentioned. The FAAR technology committee is also gathering issues to prioritize and elevate to the Board of Directors at the December meeting. Submit your issues using the form at faarmembers.com/mris.
Represent FAAR as delegate to Virginia REALTORS®
Want to serve as a FAAR delegate to VR? Apply today!
Members,
You are invited to apply to be FAAR’s 2019 At- Large Delegate to the Virginia REALTORS®. If selected, the Delegate must attend the two VR meetings, the Economic & Advocacy Summit, February 5-6 in Richmond and the annual convention, We’re going back!, September 17-19 in Williamsburg. FAAR covers expenses including mileage, hotel room, per diem and the convention registration. The Delegate is expected to keep abreast of the state issues he or she will be asked to vote on. Deadline for application is December 3. The application requirements are a brief resume and stating why the applicant wishes to serve. The FAAR Board selects the Delegate from the applications. The At-Large Delegate joins FAAR’s two other Delegates, the 2019 president and the president-elect, Drew Fristoe and Arlene Mason. Send the applications requirements to me, Pat Breme, at pbreme@faarmembers.com.
Deadline for Application: December 3rd
#MemberMonday | Meet REALTOR® Carol Sondrini
The Fredericksburg Area Association of REALTORS® Member Spotlight feature allows members of the community to get to know each other before working with each other in a transaction. Each member answers a series of questions to reveal more about themselves as people. It is FAAR’s hope that learning about an individual may spark connections that blossom via email, phone conversations or in-person meetings at events and classes.
Name
Carol Sondrini
Hometown
Kohler, Wisconsin
Current Location
King George, VA
Title
REALTOR® at Coldwell Banker Elite , Mom, and Noni ;0)
Number of Years in the Industry
3+
Why do you love working in real estate?
I love helping people, I love that each day brings something different and I work with so many awesome people.
What are you most proud of in your career?
I am most proud to be a Governor on the Realtors Foundation and being able to help so many in such a tangible way in our community.
Do you have a special cause or volunteer your time?
Besides the Foundation, I am also the Kitchen Coordinator for Love Thy Neighbor in King George. We are a soup kitchen and food pantry and I am in charge of providing a delicious meal at our event once a month.
Fun Fact
I have lived in 22 places, but none nearly as long as King George! My favorites, other than Virginia, are Wisconsin, Fort Lauderdale, Upstate New York and Guam!
FAAR Adds Orange County to its Jurisdiction
The Fredericksburg Area Association of REALTORS® (FAAR) added Orange County to its jurisdiction. The County was previously assigned to Greater Piedmont REALTORS® (GPR). A majority of agents who live and/or work in Orange County are already members of FAAR and participate in the activities and services of the Association. The transfer made sense to GPR, who approached FAAR with the suggestion, and FAAR’s Board of Directors agreed. The National Association of REALTORS® assigns localities to associations, approved the move. FAAR welcomes Orange County to its footprint and to agents who may join FAAR. Agents who are already members of FAAR will appreciate the Association’s outreach to the locality. FAAR will establish relationships with the County government as it has with the jurisdictions already under its umbrella- the City of Fredericksburg, and the Counties of Spotsylvania, Stafford, King George and Caroline and the Colonial Beach area of Westmoreland.
NAR’s Board of Directors passes a number of motions that impact the organization and its members
On November 5, at NAR Convention in Boston, the Board approved a five-year strategic framework to provide a more business-oriented approach to critical arenas related to real estate. The body also favors remote notarization and supports laws, regulations and standards that focus on getting the notarial act done regardless of the technology. Perhaps the most impactful is the policy that reinforces cooperation and brings MLS policy in line with the Code of Ethics. Under the rule, listing brokers will be required to provide written affirmation or notification to cooperating brokers on the disposition of their offer.
To read up on all the topics reviewed and approved by the NAR Board of Directors, view the recent press release.
Commit to Excellence with the new C2EX Program from NAR
Be an advocate for the future of our industry. Be committed to excellence.
The National Association of REALTORS® proudly introduces Commitment to Excellence (C2EX), a program that empowers REALTORS® to demonstrate their professionalism and commitment to conducting business at the highest standards.
The Commitment to Excellence Program encourages professionalism in REALTORS® by utilizing a multifaceted approach aimed at offering opportunities for continuing education and professional growth. A member’s Commitment to Excellence is a cultural mindset shift, and a lifelong commitment to becoming the best possible professional and providing superior customer service.
REALTORS® defined professionalism in this industry more than 100 years ago when they created the Code of Ethics. C2EX takes professionalism to the next level by enabling NAR members to assess their expertise in 10 (11 for brokers) elements of professionalism ranging from customer service to use of technology.
This innovative engagement tool encourages participation in all levels of the REALTOR® organization. It’s not a designation or a course. It’s not a requirement, but a benefit available to all NAR members at no additional cost.
To get started, log in to www.C2EX.realtor and take the self-assessment that measures your proficiency in each of the elements of professionalism, known as the C2EX Competencies. Based on your results, the platform will generate customized learning paths, recommend experiences, and provide tools and resources to increase your knowledge and enhance your skillsets.
Watch this video to learn more about the Commitment to Excellence program:
Realtor® Advocacy: Helping you find a home and get back there after work!
That’s why we’ve been advocating for years for increased funding for transportation infrastructure because sitting on I-95 for three hours before getting back to that perfect place makes it lose a little bit of it’s luster!
So what are we doing to keep you moving?
FAAR has engaged on many levels to move the needle on transportation.
1. Legislative Advocacy:
Each year, FAAR issues policy statements that highlight our agents’ most important issues. For the 2019 General Assembly session, FAAR has a robust transportation platform that advocates for reforms to the SmartScale process so that this region continues to receive funding on par with Northern Virginia and Hampton Roads to deal with our severely congested highway and secondary roads. In addition, FAAR advocates for legislation that would allow this region to explore the option of creating a regional transportation authority to raise local dollars to leverage infrastructure projects. Click the document below to read the full policy statements.
2. Public Outreach:
FAAR members have penned Letters to the Editor and will continue to do so each quarter to bring a greater focus to how our transportation crisis impacts our local real estate economy, our citizens, and our area’s quality of life. In addition, local Realtors® and the public need to continuously communicate with our local elected officials about the cost that the transportation crisis is inflicting on our businesses and personal lives. FAAR has launched “Gridlock Grumbles” as an outlet for personal stories that will be communicated to our elected officials.
3. Education:
FAAR partnered with VDOT to produce a video that details many of our local transportation projects. Watch the video to learn what these projects will accomplish, when they will be done, and how it will impact your drive.
Check out some testimonials….
Read some thoughts about transportation from our local Realtors® and citizens. Then pen your own in the submission box at the bottom of the page.
“Time stuck in traffic affects (1) Gasoline consumption, gas per mileage and pollution (2) Personal Productivity (2) Quality of life (3) Wear and tear on the car engine as it operates at a higher temperature.”
“Efforts should be made in VA (irrespective of MD efforts or objections) to construct the lower half of a second Beltway around Washington, DC and feeders into MD from Richmond along state road 301 which runs through Dahlgren and Bowling Green.”
“How is it possible that traffic on the weekends is actually the MOST congested from Thornburg to Stafford County and actually improves the closer you get to Washington, DC? After a fabulous trip to the Outer Banks, our fun was virtually erased by the 8-hour trip home with a good chunk of it spent on I-95 in bumper-to-bumper traffic from Richmond to Fredericksburg. This kind of congestion is soul-sucking for people, disruptive for business, and dangerous for emergency responders. Please help fix this!”
“The traffic has become an increasing problem for the daily commuters. What should be a 20 minute drive is taking upwards of an hour. Getting down Route 3 is never easy, even on light traffic days. The amount of accidents on Rt. 3 seems to keep growing daily. Friday’s have turned into even more hassle than it already is on I-95 and major exits Rt.3 & Rt. 17.”
“I-95 is horrible during the afternoon. No doubt about it. Rt. 3 from Stafford into Fxbg into Spotsy is a nightmare on most evenings around 4PM to 6PM, same with Rt. 17 coming from Geico. I try to schedule showings around it or allow for tons of extra driving time — but even then, we can be late to showings due to traffic — which negatively effects buyers, sellers, and both agents and can start a home purchase out on the wrong foot. The CD lanes on 95 (from 134 to 130) can’t come soon enough and the construction should be taking place 24 hours a day until completed. Seems to take way too long to really feel like there’s been any noticeable improvements. Sure hope we don’t get the title of “Worst Traffic in America” two years in a row! I’m sure folks will want to move elsewhere if we can’t get our traffic under control.”
Gridlock Grumbles
Sick and tired of traffic throughout the Fredericksburg region? Tell us how being stuck in congestion impacts you and your business. FAAR will share these stories with the public and with our elected officials.
Press Releases
FAAR Public Policy Director, Kim McClellan, Receives Prestigious RCE Designation from NAR
Kim McClellan, Public Policy Director of the Fredericksburg Area Association of REALTORS®, is being honored by the National Association of REALTORS® with the REALTOR® Certified Executive (RCE) designation, which recognizes exceptional efforts made by...
February Picks Up the Pace in Local Real Estate Market
While February statistics tracked fairly closely to 2018 numbers, pending sales indicate a warming in the local real estate market. Total sold dollar volume increased 2.4% in February, coming in at $106.4 million compared to nearly $103.9 million in...
FAAR Partners with Local Housing Non-Profits to Expand Affordable Housing Opportunities
On any given day, 200 adults and children are homeless in our community. Homelessness is often a root cause of many other issues such as poor health, trouble in school, and lack of employment. No one can feel stable without a place to call home. The...
January Ushers in a Sluggish Start to 2019 Real Estate Market
The 2019 real estate market kicked off with mixed results. Total sold dollar volume fell 14.5% in January, coming in at $88.961 million compared to over $104 million in January of 2018. The number of units sold decreased year-over-year over 13.7%, going...