Business Resources
Resources for your real estate business.IRS Guidance Out on 20% Business Income Deduction
From NAR…
The Internal Revenue Service issued proposed regulations today for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income. The new qualified business income deduction is available for tax years beginning after Dec. 31, 2017. Taxpayers can claim it for the first time on the 2018 federal income tax return they file next year.
The deduction will have a significant, beneficial impact on NAR’s membership. The National Association of Realtors® believes that this deduction, included in today’s IRS and Treasury Department release of proposed regulations, will be available to a wide range of real estate professionals, including those who are self-employed as well as those operating through partnerships, LLCs, and S corporations. We will continue thoroughly reviewing the rule and will be releasing more information when that process is completed.
The Fredericksburg Area Museum (FAM) adds REALTOR® Discounts
A special gift from the FAM
The Fredericksburg Area Museum (FAM) is offering FAAR members special membership pricing!
A membership to the FAM is a great new-home gift for clients and supports the FAM’s mission to collect, teach, and preserve the history and culture of the Fredericksburg region. FAAR members can purchase a pack of 5 Family memberships for $150 (a 50% discount) or a single Family membership for $50 (a $20 discount). Family memberships extend to everyone living in the same household and include:
• Free admission to the museum for one year
• 20% off food at Splitsville
• Inclusion in the Time Travelers network (200+ museums)
• Discounts to FAM events and programs
• Free architectural walking tours (April – October)
• Invitations to exclusive member-only events
Memberships start when membership paperwork is received and processed.
Interested Realtors:
Please fill out the attached form and mail, along with a check (made out to FAM), back to:
PO Box 922
Fredericksburg VA 22404
You will then receive by mail the requested number of gift memberships, in gift envelopes, to be given to your clients.
Your client will then fill in their personal information and mail that form back to FAM in the provided envelope for membership processing.
Thank you so much for your support!
Top Ways REALTORS® are Using RPR
How are top REALTORS® using RPR? In every facet of real estate. Listing presentations, open houses, buyer tours, and neighborhood prospecting, among other key aspects of an agent’s daily life, all require a unique approach to data and reporting. And it’s all covered through RPR, an NAR benefit already included in your member due.
Sample Ballot and Candidate Petitions for 2019 Leadership
“Additional candidates for the offices to be filled may be placed in nomination by signed petition of at least twenty percent* of the REALTOR® members. The petition shall be filed with the Secretary (Chief Executive Officer) by August 20, 2018. The Secretary (Chief Executive Officer) shall send notice of such additional nominations to all REALTOR® members before the election.” (As of 6/17/18 there are 1639 REALTOR® members. 327 names are needed to complete the petition requirement and be sent to FAAR by August 20, 2018.)
Sample Ballot
Slate of Candidates- 2019 Leadership
Election September 12, 2018
FAAR offers electronic voting and the ballot will be sent in an email to each REALTOR® member on Monday, August 27. Those who want to vote with a paper ballot can do so by going to the Election table in the Lobby of the Expo at the September 12 Expo from 9 am to 1 pm.
Election results will be announced after 2 pm at the Expo on September 12.
Candidates for 2018 Election for the Year 2019
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 (Second year of a two-year term)
Immediate Kevin McGrath- Long & Foster, Inc.
Past President
Directors- Four candidates for four positions. Select up to four.
__ Cindy LeBrun, Exit Realty Group
__ Carol Sondrini, Coldwell Banker Elite, Massaponax
__ Deb Ellis, Coldwell Banker Elite
__ Jessica Anthony, Exit Realty Expertise, King George
One candidate for 1 affiliate position. Select one.
__ Phillip Blake, MBH Settlement Group
Read the candidate’s bios in the latest FAARside
REALTOR® voting for 2019 Leadership now open
From August 27 through September 12th at 1 PM
In order to make it as easy and secure as possible for our members, we have created an on-line ballot for you through our voting service, ezVoteOnline. This voting system is secure, authenticating you as an eligible voter and verifying that only you can cast your vote.
1. To begin, click on the link below which takes you to the “Login with Email and NRDS number” screen. You will be asked to enter your email address and NRDS ID number that we have on file for you. Use the same email address to which this email was sent. Press the “Login” button and immediately begin voting.
2. Enter your choices of candidates/answers. NOTE: Once you hit submit, you will not be able to change your vote.
3. You will be able to review your ballot immediately for accuracy, and request an email receipt of your ballot answers.
4. At the end of your ballot, simply hit COMPLETE to submit your completed ballot.
Get started on your ballot
Get started on your ballot at
Prefer to vote on paper? Vote in person in the lobby at the 9/12 FAAR Expo. Voting at the expo closes at 1 PM.
Thank you for participating in Fredericksburg Area Associations of REALTORS election process.
Virginia REALTORS® Updates Standard Forms
On July 1, 2018, Virginia REALTORS® released five new standard forms and eleven revised standard forms. General changes to all forms include updating references to VAR and Virginia Association of REALTORS® to Virginia REALTORS® and language was added to the electronic signatures paragraph, where present, to include use of electronic signatures of any addenda or amendments for the agreement. Questions about the forms should be directed to the Virginia REALTORS® Legal Hotline.
Read more here
Virginia REALTORS® provides a full library of free forms, which are reviewed and updated regularly, for all members. The standard forms library is organized alphabetically by form name, with the form numbers following the title. Forms may also be filtered by the type of form using the “Filter by Category” drop down menu, or a search by key words.
A Standard Clause Booklet is provided to aid members with crafting lesser-used contract clauses in areas including disclosure, contingencies, escalation, inspections, and more.
Direct any questions regarding forms, or suggestions for new or revised forms, to forms@virginiarealtors.org.
New and Revised NVAR Forms for July 1, 2018
NVAR Standard Forms Changes: Effective July 1, 2018
By Matthew L. Troiani, Esq.
The NVAR Board of Directors has approved the following new forms and forms changes, as proposed by NVAR’s Standard Forms Committee. Click on the title to download the form or download all the forms here.
- K1375 – Assistance Animal Addendum – This is a new form which was created to provide a lease addendum where the landlord has approved a request for an assistance animal in accordance with the Americans with Disabilities Act and the Fair Housing Act, and is not the same as the Pet Addendum. The addendum permits a tenant to have an assistance animal in the dwelling, subject to certain tenant responsibilities for the animal.
- K1376 – Assistance Animal Approval Notice – This is a new form which was created to provide a formal notice by which a landlord can approve a tenant’s request for a reasonable accommodation for an assistance animal.
- K1377 – Assistance Animal Denial Notice – This is a new form which was created to provide a formal notice by which a landlord can deny a tenant’s request for a reasonable accommodation for an assistance animal.
- K1378 – Request for Reasonable Accommodation/Rule or Policy – This new form was created to provide a formal request by a tenant or applicant for a reasonable accommodation to a rule or policy. This form will allow the landlord to review and either approve or deny the request. This form will work in conjunction with K1376 and K1377.
- K1379 – Reasonable Modification Addendum/Physical Structures – This new form was created to provide a formal request for a tenant or applicant to make a modification to the physical structure of a dwelling in order to reasonably accommodate a disability. The form is to be provided by the landlord upon request, and incorporated into the lease as an addendum if the modification is approved.
- K1380 – Verification of Disability – This new form was created for a tenant or applicant to complete with the assistance of a verifier who has a therapeutic relationship with the tenant/applicant in situations where a disability is not readily apparent. Once completed, the form will be submitted along with the Request for Reasonable Accommodation/Rule or Policy.
- K1382 – Notice – Lease – This new form was created to provide a blank form in which parties can provide notice under the VRLTA and Common Law Leases.
- K1273 – Notice Sale – This form was updated to distinguish it from the new Notice – Lease form, and to update changes in terminology since 2015.
- K1017 – Property Management Agreement – This form was significantly updated to reflect changes in the law, required disclosures, and property management practice since 2001. The form was also reorganized for convenience of use.
- K1374 – Property Management Information Form – This form was updated to reflect changes in the law, Property Management Agreement, and property management practice.
- K1333 – Lease Common Law – This form was updated to create a new separate Paragraph 11 addressing smoking on the Premises, including electronic cigarettes. Paragraph 31 (formerly Paragraph 30) was updated to provide notice to the parties, not just to the tenant, that separate commission may be owed if the tenant purchases the property. The Assistance Animal Addendum was added as an option in Paragraph 38. Paragraph 43 was added to provide the statutorily-required notice that one or more parties may be real estate licensees. Brokerage Information was added to the end in the same manner as the Residential Sales Contract.
- K1354 – Lease VRLTA – This form was updated as follows:
a) To create a new separate Paragraph 11 addressing smoking on the Premises, including electronic cigarettes.
b) Paragraph 31 (formerly Paragraph 30) was updated to provide notice to the parties, and not just to the tenant, that separate commission may be owed if the tenant decides to purchase the property.
c) The Assistance Animal Addendum was added as an option in Paragraph 40.
d) A new Paragraph 45 was added to provide the statutorily-required notice that one or more parties may be real estate licensees.
e) Brokerage Information was added to the end in the same manner as the Residential Sales Contract.
- K1321 – Residential Sales Contract – This form was updated in four areas:
- Paragraph 4 – The clause requiring that the Settlement occur on the prior business day in the event the Settlement Date falls on a Saturday, Sunday or legal holiday was moved from Paragraph 33(E) to Paragraph 4.
- Paragraph 13 – Clarifies that while wall mounted electronic components/devices do not convey with the property, related mounts, brackets and hardware do convey with the property unless the parties agree otherwise in writing. This is intended to clarify conveyance and to address disputes between parties regarding the removal of the mounts and the adequacy of repairs of the holes left behind when mounts are removed.
- Paragraph 20 – Adds a check box for situations where no Wood-Destroying Insect Inspection is required or requested by a lender or the parties.
- K1282 – Exclusive Right to Represent Tenant – These changes were administrative in nature to correct a typographical error in Paragraph 15.
Click here to download all of the forms
Creating an Online Presence: A Guide for New REALTORS®
Build your digital presence fast and cost effectively
WEBSITE
Claim your free REALTOR Branding Kit at get.realtor/partners/faar. The branding kit ($69.95 total retail value) includes
- FREE .realtor™ domain using your name for the first year ($39.95 value)
- FREE matching email address for the first year ($30 value).
- FREE Professional Website, a customizable professional single page web site.
- Example website: https://www.dealcloserdoug.realtor.
Whether you use the professional website offered here, connect your domain to your realtor.com profile page, or point it to an existing site …The branding kit includes simplified step by step directions and videos to show you how to take your branding to the next level.
Services like Placester ($59.99/month) or WordPress ($25/month) may also be efficient and budget-friendly website management solutions for your website.
Pay MRIS / Bright MLS for your data feed “idx” ($10/month or if multiple sites, $12.50/month). Embed feed in website.
EMAIL MARKETING
Capture emails of potential clients with Mailchimp, a free (up to so many contacts) mass email service that manages collecting emails, allowing you to build and send emails and email templates, and aiding in keeping your emails CAN-SPAM compliant. Emails to over 500 recipients must contain your business address, an unsubscribe link, and you must honor a contact’s unsubscribe within 10 days. Mailchimp will generate the email capture tool you can embed in your website, the best location to drive your contacts and collect leads.
BUSINESS FACEBOOK PAGE
- Log in to your personal Facebook account
- Go to “Create a Page.”
- Select your business category (local business)
- Upload your profile picture
- Fill in your company information (link to your website and other social sites here)
- Add in a cover photo (link to your website and other sites in the description here too)
- Start sharing engaging updates that drive your audience to your email capture and idx feed
OTHER ONLINE PROFILES
The online portal Realtor.com operates in tandem with NAR through an operating agreement. Claim your Realtor.com profile and fill in your bio and picture. Why? Customers are spending more time on REALTOR.com per session than any other sites excluding amazon, youtube, facebook. They search for realtors by zip code, then highest recommendation or highest rating (so start getting those recommendations and ratings!).
Establish a presence on Zillow and Trulia so you know what consumers are seeing on these sites
Establish a presence on Instagram, Linkedin, Twitter, or wherever your target audience is present (Manage up to 3 accounts with a tool like Hootsuite.com or set up the tool “If This Then That (ifttt)” to autopublish from one channel to another)
EXPENSE AND MILEAGE TRACKING
Track your mileage and/or expenses easily with apps like Expensify, MileIQ, Everlance, Hurdlr (premium versions cost $60 annually)
REALTOR® EXCLUSIVE TOOLS
Need to run Comps? REALTORS Property Resource (RPR) and RPR mobile are two exclusive REALTOR® tools offered by NAR.
Spread the word—Photofy is a social media sharing application that makes it easy to share NAR’s “That’s Who We R” campaign graphics customized with your contact information.
The Virginia REALTORS® Tech Helpline offers support for hardware, software, networking and digital devices. Members can contact friendly and knowledgeable analysts via phone at 1-800-276-4216, e-mail, or online chat for help with any device. The Tech Hotline will troubleshoot problems and offer solutions, often by ‘remoting in’ to your computer while you relax. The customer care team can advise you on hardware and software purchasing, and most importantly, they are especially attuned to your needs as a REALTOR®.
The Virginia REALTORS® Legal Hotline is a member benefit and the fastest way to get vital answers on questions about Virginia real estate law as well as timely information on legal and regulatory issues concerning the real estate industry.
The FAAR Technology Committee facilitates a Tech Time workshop every other 2nd Tuesday of the month from 10 am-noon. Bring your projects, tech issues, or plan to shoot a video in the Studio—-We’re here to help!
Getting the most out of REALTORS® Property Resource (RPR) and zipForm Webinars
Streamline Your Business
RPR and zipForm have come together to help you get the most of out of these two powerful REALTOR business tools. RPR is NAR’s wholly owned subsidiary and is a national property database, offering a large range of data, tools and reports to better serve your clients and customers. zipForm® is the Exclusive and Official forms software of the National Association of REALTORS®.
We’ll show you how to seamlessly move between RPR and zipForm to improve your business efficiencies.
The Code of Ethics – Stopping Robber Barons since 1913
by Pat Breme, RCE, CIPS
CEO
A Gift of Vision, that sounds pretty lofty coming from NAR in 1978 but Bill North the Executive Vice President at the time, thought members needed to be reminded of the Code’s significance. The Code was adopted in 1913 and made a condition of membership in 1924. In his article, North describes the Code as a Gift of Vision, a living document. It is the vision of those members in the early 1900’s who dreamed that the business of real estate could become a profession… that the highest and best use of the land required the highest and best measures of professional responsibility. Those members also believed that private property ownership of the land was indispensable to political democracy and a free and prosperous citizenry.
It was not the threat of government sanctions that moved REALTORS® of the time to make a commitment to business integrity and fair dealing. The Code of Ethics was created as a rejection of the fraudulent real estate practices exemplified by the Robber Barons whose motto was Let the Public be Damned. At the time only law, medicine and engineering had ethical standards. Over the years, the Code proved to be a guide in NAR’s growth and development, an impetus for education of its members. It also bound local, state and the national association together in an interdependent relationship.
The Code has evolved and will continue to evolve, reflecting the changes in the business. Its principles will be strengthen, not deluded, to ensure REALTORS® are held to a higher standard. The Code must remain constant, enforceable without being oppressive, meaningful without being dogmatic. The Code is a living document because each Article has a single premise, service to the public. It is the means to that end.
As a condition of membership, REALTORS® agree to uphold the Code but it is not the law and does not supersede licensing regulations. The Code’s relationship to the law is a follows-1. It defines those duties and obligations required in the public interest which are beyond the capacity or power of the law to mandate. 2. The Code supports the law by requiring a higher sensitivity of the duties and obligations which it imposes. The Code is independent of the law but it cannot survive if misused or misapplied. A diligent and fair search for the truth is mandatory and there are procedures in place to ensure that due process is applied to all parties.
To REALTORS®, the Code of Ethics offers the lessons of hindsight, the guidance of foresight and the understanding of insight- a RARE Gift of Vision.
Read the entire article penned by Bill North here.
Test your Knowledge of the Code with this quiz by REALTOR® Magazine
The Code of Ethics and Standards of Practice establishes rules for the highest ethical conduct and professionalism. It’s what distinguishes you as REALTORS® from other real estate licensees. Take this quiz to see how well you know your Code. Send FAAR (lzuza@faarmembers.com) a screenshot, picture, or pdf of your 13/13 completed quiz and be entered in a drawing for a $50 visa gift card!
Press Releases
April Posts Gains in Total Volume and Units Sold
April typically signals the start of the spring selling season with increasing sales and this year did not disappoint. Total sold dollar volume increased over 8%, coming in at $164,683,573. That increase was fueled by 517 units sold in the month of...
FAAR Announces Endorsements for 2018 City of Fredericksburg Elections
The Fredericksburg Area Association of REALTORS® announces endorsements Fredericksburg City Council races on the ballot for the May 1st general election. “Regardless of whether you live or work in the City of Fredericksburg, a vibrant downtown benefits us...
March Real Estate Market Brings More Gains
Despite cold weather, ice, and snow, buyers and sellers got together in the month of March to produce year-over-year increases in total sold dollar volume, median sold price, and units sold, further contributing to the decline in days on market. Total...
February Real Estate Market Remains Strong
February continued more of the same for the local real estate market with year-over-year increases in total sold dollar volume, median price, and units sold and a decrease in days on market. Total sold dollar volume saw a more than 10% increase from February of 2017...