Business Resources
Resources for your real estate business.Steve Murray and Leigh Brown Headline BROKERPLUS
October 17, 2018
HILTON RICHMOND HOTEL & SPA/ SHORT PUMP | RICHMOND , VA
REGISTER
Networking Reception
Tuesday, October 16
6:00 PM – 7:00 PM
Hilton Richmond Hotel & Spa/Short Pump– Shula’s Lounge
BROKERPLUS 2018
Wednesday, October 17
Hilton Richmond Hotel & Spa/Short Pump- Click here to view discounted room block.
Attire
Casual business attire is recommended for all meetings and events.
ADA Compliance
In order to better accommodate your needs, if you require any special assistance to fully participate, please call Virginia REALTORS®Conferences Group at (804) 249-5704 or events@virginiarealtors.org by September 1, 2017.
Please Note
Photographs may be taken of conference participants and used by Virginia REALTORS® during the course of, or following the meeting, in all of its print or online publications without payment or any other consideration.
Register for BROKERPLUS
About Steve Murray
Steve Murray, the president and owner of REAL Trends, earned his credibility by having been in the residential real estate
field since 1977. He has co-authored four books on the valuation of residential real estate brokerage firms; co-authored the 2011 book “Game Plan,” about the past and future of residential brokerage; and co-authored the 2014 book, “Game Changers: The Unfounded Fears and Future Prosperity of the Residential Real Estate Business.” Steve has served dozens of state and local REALTOR® associations and MLS organizations in a consulting capacity and has consulted with several large technology firms over the years.
About Leigh Brown
Leigh Brown is a successful REALTOR®, forward-thinking CEO, creative author, honest coach, and kickin’ keynote speaker. With over 18 years of experience in the real estate industry (she started in the biz with her Daddy), Leigh has successfully led her team to be one of the top RE/MAX teams in North Carolina as well as the country. In addition to her impressive real estate career, Leigh is focused on training folks to do better, strive to be more, and to take the reins and lead! Her inspirational speeches have been lauded by audiences around the globe. She is known for being a sassy Southern woman who is extremely popular for her no-holds barred approach. Leigh’s second book, the 7 Deadly Sins of SalesTM, will be available in the summer of this year.
FAAR Members with 2019 NAR Committee Appointments
Congratulations and thank you for representing local REALTORS® at the national level.
Suzanne Brady – Consumer Communication Committee – Member: At Large
Andrew Fristoe – Young Professionals Network Advisory Board – Member: Immediate Past Chair
Christine Singhass – Research Committee – Member: At Large
Sarah Stelmok – Data Strategies Committee – Member: At Large
Pat Breme – AEC-RCE Certification Advisory Board – Member: At Large
Barbara Castillo – Professional Development Committee – Member: Immediate Past Chair
Introducing the Center for REALTOR® Financial Wellness
The NATIONAL ASSOCIATION OF REALTORS® proudly introduces the Center for REALTOR® Financial Wellness, a new online resource designed exclusively to meet the specific financial planning needs of REALTORS®. This new, comprehensive program includes interactive, step-by-step guides to help members achieve financial security through planning and diversifying their savings, including through real estate investing.
The website offers members
• A quick and easy check-up to evaluate their current financial profile
• Customized recommendations and personalized goal tracking
• A simulation that allows members to practice financial decision-making and see the results in a risk-free way
• Calculators, budget planners, and work sheets
• Education on monetizing their book of business upon retirement
Members can visit www.FinancialWellness.realtor to take an online assessment, receive personalized financial planning goals, practice financial planning decisions in a risk-free way and explore a robust library of budgeting, retirement, and real estate investing resources.
NAR Urges Deduction for Rental Income
From NAR….
The Tax Cuts and Jobs Act includes a 20 percent deduction from the net business income of sole proprietors and owners of S corporations, partnerships, and limited liability companies. The new deduction is intended to provide roughly the same tax rate cut the Act provided to regular corporations. However, it is unclear whether owners of rental real estate will be able to claim the deduction.
NAR has asked the Treasury Department and Internal Revenue Service, in a letter, to treat all real property rental activity as eligible for the 20 percent deduction. The letter asserts that without this change, the 10 million American owners of rental real estate will be forced to wade through voluminous and confusing tax cases and conflicting IRS positions in order to determine for themselves whether their rental activity constitutes a “trade or business,” which is a requirement for the deduction. The letter also lists factors that indicate Congress intended the deduction to be available to the great majority of owners of rental property without the burden of excess complexity.
The IRS will hold a public hearing on the proposed regulations on October 16. NAR has requested that a representative of the association be allowed to testify on this issue.
NAR sent an earlier comment letter to Treasury and IRS on another issue related to the 20 percent deduction, on the question of whether real estate brokerage activities qualify for it. In a huge win for REALTORS, the proposed regulations reflected the position suggested by the letter.
A copy of the letter can be found here: narfocus.com/billdatabase/clientfiles/172/3/3247.pdf
Introducing the Icon Award—New for the Fall Awards Season
Introducing the Newest Award
The Awards Committee announces the newest award to the FAAR roster of member recognitions, the Icon Award. Do you know a Realtor® who can be described as an icon who currently is or was a member of FAAR? The award will be given at the December installation of the 2019 Leadership Team and since we are looking back into the history of FAAR, there may be several recipients who will be recognized for making a significant contribution to real estate in Fredericksburg.
The criteria states, this honor is awarded to a REALTOR® who has made a significant mark on the profession of real estate in the locality where he or she works. The Nominee’s name is recognizable to the community at large and is synonymous with exemplary ethical behavior and knowledgeable and compassionate service to clients and customers. The individual is highly respected by the REALTOR® community. The Nominee is generous with his or her time supporting community organizations/project/programs. The application requests the following information:
List examples exemplary ethical behavior:
List examples of knowledgeable and compassionate service to clients and customers:
List examples of the respect that agents in the REALTOR® community have for this individual:
List examples of the respect that community leaders have for the Nominee:
List examples of how the Nominee is generous with his/her time supporting community organizations/project/programs:
List notable activities/accomplishments/recognitions from REALTOR® organizations or civic organizations:
Additional comments/testimonials
Deadline for application submission- October 31, 2018
But wait there’s more!
Consider nominating for one of these Fall Awards
Spirit Award
The recipient motivates others, through enthusiasm and participation, to attend events. The recipient may serve on a committee or just answers the call for help. The recipient is reliable and shows up! An eligible recipient can also be a more reserved person who quietly takes on tasks, e.g. transporting props to events, participating in the set-up, tear down and clean up without fanfare.
Raising the Bar
Criteria for this award include: General interest in subject of REALTOR® professional standards; availability and willingness to counsel and advise individual REALTORS®, brokers, and sales associates on real estate problems; presentations on ethics before FAAR and other Associations; service on Grievance and/or Professional Standards Committee.
Affiliate of the Year
Criteria for this award include: Must be an Affiliate member of FAAR, provided exceptional service to FAAR, its members and the general public, exhibited unusual dedication to the real estate profession, shown a high degree of Association participation, as well as activity in civic affairs.
Good Neighbor Award
This award is intended to recognize individual who has given significant contribution of time or other resources contributions to the local community. The efforts do not have to be real estate related. Will be awarded based on a level of personal contributions, broadness of impact, and the project’s suitability as a role model for other association members.
Hall of Fame
Criteria for this award include: length of membership in FAAR; elective offices held and committees on which served; areas in which nominee served the real estate industry through involvement with NAR and VAR committees. Nominations may come from Board of Directors or Awards Committee.
Silver Circle
Automatically awarded to those REALTOR® members after 25 years of continuous membership in FAAR
REALTOR® Emeritus Award
Awarded by NAR to those REALTOR® members after 40 years of continuous membership in FAAR
Deadline for application submission- October 31, 2018. Print and electronic applications are available online at faarmembers.com/awards.
Ombudsman and What it Means to You
By Elsa Rake
FAAR Ombudsman Program
“What is the Ombudsman Program?” – you may be asking. Simply put, it is an informal phone mediation program. This program is designed to help address and solve minor complaints from the public. It can also help resolve conflicts between REALTORS.
Sometimes members of the public have complaints that are transactional or procedural in nature and not necessarily actual violations of the NAR Code of Ethics. Typically when a member of the public wants to file a complaint against a REALTOR they will be put in contact with FAAR’s Professional Standards Administrator. If the Administrator determines the case meets the criteria for the Ombudsman Program, they will explain and offer the program to the complainant.
If the complainant agrees, an Ombudsman will be assigned to the handle the complaint. The Ombudsman will contact the complainant and will explain the procedure. The Ombudsman is not a true mediator but more of a go-between the parties. They will listen and try to understand the situation so they can determine the outcome the complainant is looking for. Sometimes it can be a simple apology, or they may need clarification on the situation. With permission from the complainant the Ombudsman will contact the other party so that a resolution may be reached. The Ombudsman program provides a venue for the complainant to have their story heard, sometimes that’s all that is needed and situations are diffused so that no formal complaints are filed and positive relationships are restored between the parties.
If the parties cannot come to a satisfactory agreement, the complainant can move forward with Mediation or a formal complaint. The negotiations or discussions that take place through the Ombudsman Program will have no bearing on the complaint moving forward.
If you have a complaint against another REALTOR®, keep this program in mind. Sometimes misunderstandings or lack of communication are what lead agents to want to file a complaint. An Ombudsman might just be the answer to get the communication going and for understanding to clear up an unpleasant situation.
Meet Byron Smith, Sr., CCIM, Esq., CCIM Instructor
Byron Smith, Sr., CCIM, Esq. visits Fredericksburg on October 5th to teach the Fundamentals of the HP10BII financial calculator and Secrets and Tactics of a Skilled Commercial Negotiator. Learn more about Byron in his bio below!
Byron Smith, Sr., CCIM, Esq., is President at Metropolitan Realty Group, Inc. in Vienna, VA. He has over 43 years of commercial real estate experience and has been a real estate investor, attorney and real estate broker in the Washington, D.C. and Northern Virginia real estate markets. He has served as an attorney for the U.S. Department of Housing and Urban Development as well as a real estate attorney for the law firm of Melrod, Redman & Gartlan in Washington D.C
Smith has been a CCIM Institute instructor since 1994 and has also educated commercial practitioners throughout the world including China, Russia, Japan, Taiwan, Germany, the U.K., Canada and Poland.
He has been highly involved in the institute and has served as a member of the Institute’s Board of Directors, a member of the Board of Directors of the CCIM Education Foundation, and chair of the Faculty Committee. Most notably Smith founded CCIM Institute’s Cultural Diversity Education Program (CDEP) in 2002. The purpose of the program is to develop a critical mass of minority CCIM designees who can positively impact their respective communities and the commercial real estate industry in general.
Smith earned his Bachelor of Arts degree in political science and economics from The George Washington University and his Juris Doctorate degree in corporations, real property, and federal taxation from The Rutgers University School of Law.
Registration is now open for the CCIM class on January 30th. In addition to working towards your CCIM designation, this class also provides 7 Hours CE Real Estate Related and 2 Hours PL Current Industry Issues and Trends.
Save your spot today at faarmembers.com/calendar
Get Featured on Member Monday
#MemberMonday Spotlight
Fill out this form to be spotlighted in our new #MemberMonday series on the website, in social media, and the quarterly FAARside!
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.
#MemberMonday
Spotlights FAAR Members
2019 Board of Directors Announced at 2018 FAAR Expo
2019 Board of Directors
Executive Committee—
President Drew Fristoe, Coldwell Banker Elite, Massaponax
President-Elect Arlene Mason, Coldwell Banker Elite, Fredericksburg
Vice President Mark Geslock, Century 21 Redwood
Secretary Pam Kuper, Century 21 New Millennium
Treasurer Carrie Danko, 1st Choice Better Homes & Land, Fredericksburg (2nd year of a two-year term)
Immediate Past President Kevin McGrath- Long & Foster, Inc.
Directors—
Cindy LeBrun, Exit Realty Group (2-yr. term)
Carol Sondrini, Coldwell Banker Elite, Massaponax (3-yr. term)
Deb Ellis, Coldwell Banker Elite (3-yr. term)
Jessica Anthony, Exit Realty Expertise, King George (2-yr. term)
Affiliate—
Phillip Blake, MBH Settlement Group
Joining continuing Directors—
Ben Keddie and Clay Murray
August Sees More of the Same in Local Real Estate Market
“The summer housing market finished strong with a healthy housing market for the Fredericksburg area,” stated FAAR Board of Director Pam Kuper. “Area median sales prices increased anywhere from 2% to 5% while days on market continued to decrease compared to the same time last year. Although we’re seeing a slight slowing in sales, mainly due to the return to school, the market is still strong.”
Total sold volume increased over 7.5%, increasing to $191.2 million in August of 2018 from $177.7 million in August of 2017. Median price remained flat from last August at $300,000, posting a mere 1.5% increase over the $295,000 median price point last year. Units sold increased from 567 in August of 2017 to 595 in August of 2018, representing a nearly 5% jump in sales.
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract, fell at a slower pace again in August than in previous months. The market has been experiencing year-over-year reductions in days on market exceeding 20%, but August came in at a modest 6% decrease. In August of 2017, homes spent an average of 49 days on the market compared to 46 days in August of 2018.
Overall active listings were up over 3% in August of 2018 compared to last August, but new listings coming onto the market remained static, adding just more house to the mix than last year. In August of 2017, prospective buyers had 1,719 homes to choose from with 878 of those homes coming onto the market sometime during that month. In August of 2018, 879 homes came onto the market and provided 1,774 homes to chose from. New transactions going under contract in the month August fell almost 7% compared to August of 2017.
Press Releases
Local Real Estate Market Rebounds Slightly in October
The October real estate market posted increases in total sold dollar volume and median price, while units sold came in at the same amount as 2017. Total sold dollar volume increased from $128.8 million in October of 2017 to $138 million in October of 2018,...
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...
September Posts Disappointing Total Volume Numbers
September posted disappointing year-over-year decreases in total sold dollar volume and units sold while posting a median price increase, indicating that the local real estate market may be slowing down heading into the cooler months. Total sold dollar...
July Posts Modest Gains in Local Real Estate Market
Rain continued to be the story of our region throughout July with severe weather potentially impacting the pace of home sales. “July was a challenging month,” states FAAR Board Member Mark Geslock. “The rains slowed open houses and some showings were...