Business Resources
Resources for your real estate business.Property Management and Maintenance: What You Need to Know
The FAAR Property Management Network recently met for a roundtable discussion about maintenance issues and how to best set your business and your clients up for success. The session was facilitated by Dawn Josemans and Ashley Howard with Coldwell Banker Elite Property Management. They provided the actual code section from the Virginia Landlord Tenant Act that clearly spells out what is required of the landlord and the tenant. The homes must have the basics like heat, water, electricity, and functional plumbing, all stuff that is pretty much common sense. What the law does not say and what people usually get hung up on is how quickly repairs need to take place when a critical item in the home breaks.
Heat has been an issue this year with such cold temperatures and many property managers stated that they provide auxiliary heating units for properties while repairs are being done. Some property managers mentioned that local HVAC companies provide auxiliary heating units as part of their service. One company owns space heaters and provides them when repairs are being done on heating units. It was suggested that adding a waiver explaining correct usage of a space heater would be helpful with any potential liability issues. Providing space heaters alleviate the liability of the tenant finding their own heat source such as the oven, kerosene heaters, etc.
One way to set your clients and the tenant up for success is to list lease requirements in MRIS so prospective tenants know what is allowed and not allowed before they even view the home. The recommendation was also made to take photos of the entire property before a tenant moves in so that you have a record of property condition to compare to when conducting a move-out inspection.
The next meeting of the FAAR Property Management Network is set for Wednesday, March 28 at 9:00am in the FAAR Academy Classroom. The session will focus on Going to Court: how to prepare, present, and win.
The Search for the Best Spring Awards Season
Who stands out as an exemplary agent, dedicated to the profession of real estate and dedicated to professional behavior? There are many FAAR members who can be characterized that way. Look around, who do you know that should be recognized by their peers? Awards Committee Chair Bonnie Ramey and Vice Chair Chip Taylor urge members to review the list of spring award possibilities and nominate a worthy candidate. The spring awards are marketed as Show the Love. The deadline for filing an application is February 16, right after Valentine’s Day. Here is the list and a link to the applications:
Melanie Thompson award
This award now better reflects the achievements of the person name for the awards, Melanie Thompson. The award was created to honor Melanie Thompson, who at a very young age, dedicated herself to becoming successful in her career through exceptional, professional service to clients and customers and dedicated service to the REALTOR® community and the community at large.
New for 2018 Educator of the Year
The Educator of the Year is presented to the FAAR Academy instructor who has made significant contributions to the education of the membership and exemplified leadership and service to that end.
Professional Honor Role
The production requirement returned to $2 million last year. down from $3 million. That reduction should open the recognition to more members. PHR recognizes the all-around agent who seeks out opportunities to gain education, professional designations, is involved in FAAR and the state and national associations as well as the community.
REALTOR® of the Year
Recognizes an exemplary agent who has made significant contributions to FAAR.
Rookie of the Year
A new agent who has done amazing well the first year in business
Manager of the Year
Recognizes a managing broker who focus is on creating a successful office by training successful agents
REALTORS® Choice
Who knocks it out of the park? This award recognizes an agent who is professional, great to work through a transaction and is a reflection of a real estate professional.
New for the Fall- The Icon Award
This honor is awarded to a REALTOR® who has make 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 customer. The individual is highly respected by the REALTOR® community. The Nominee is generous with his or her time supporting community organizations/project/programs: Application deadline is 10/31/18.
#MemberMonday | Meet Tricia Barnes
Name
Tricia Barnes
Hometown
Locust Grove
Current Location
Fredericksburg
Title
Associate Broker at 1st Choice Better Homes & Land
Number of Years in the Industry
28
Why do you love working in real estate?
I love real estate because it’s something new and exciting every day with tons of learning/growing opportunities. I love seeing buyers’ eyes light up when we find “the one”. I love seeing the next chapter in sellers’ lives come true as they sell. I love the flexibility of a Real Estate career. The irony is that when I graduated from George Mason University I was working part-time at 1st Choice (my mother’s Company) and I said I would never be a Realtor like her!
Favorite Work Story
I really began my career in Real Estate when I was about 5 years old! When my mother would bring home old contracts and paperwork, I would play real estate. I carried a briefcase, wrote contracts and looked at old MLS books.
What are you most proud of in your career?
Clients who become lifelong friends after helping them in Real Estate – what a treasure they are!
Do you have a special cause or volunteer your time?
My special cause is anything my Church is involved in that helps people – visiting nursing home residents; cooking meals for the sick; splitting wood for the elderly; Christmas caroling at the hospital; visiting shut-ins – whatever can bring a smile to someone!
Fun Fact
My husband and I love, breed, raise, train & sell Tennessee Walking Horses. It’s so exciting to see a foal’s personality begin to blossom, they are so much like kids! Some are mischievous, some are loving, some are rebellious, some are fun, some are serious and some are just crazy! Whenever there’s a tough real estate day, a few moments with a wonderful horse helps wash it all away!
Have you updated your lockbox firmware recently? Here’s how!
Do I need to update my lockbox?
As SentriLock adds features to a lockbox, the firmware of a lockbox may change. The series and firmware version in a REALTOR® lockbox tells it what features are available and how to respond to various commands. Every REALTOR® lockbox has a series and firmware version. Follow the instructions below on how to update your Sentrilock firmware.
Need help or have more questions? Visit sentrilock.com or contact Sentrilock at 1-513-618-5800
December Closes Out a Strong 2017 for Local Real Estate Market
The 2017 real estate market posted a significant increase in total sold dollar volume and modest increases in both median sold price and units sold. The year closed out with a total sold dollar volume of $1,856,321,321 which represents an 11.5% increase over the year-end totals for 2016. The market saw a more than 6% year-over-year increase in units sold, increasing from 5,686 in 2016 to 6,036 in 2017. Median price appreciated by 4.6% increasing from $274,900 in 2016 to $287,556 in 2017.
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract, fell nearly 17% with houses averaging a mere 59 days on the market in 2017 compared to 71 days in 2016. The vast majority of sales were of 3- and 4-bedroom single family homes with that segment making up nearly 82% of the total units sold.
2018 FAAR President Kevin McGrath notes that buyers are getting pickier. “When a home goes on the market, it needs to immediately present in the best light possible. Gone are the days of iPhone pictures taken from the car,” states McGrath. “As the Internet continues to be the top source from which buyers start their home search and new technologies make that experience more immersive, the need for buyers to physically visit many homes will diminish, so a great Internet presence becomes even more vital.”
December, a traditionally slow month in real estate, ended the year with a chill that coincided with the weather. The month saw $119,094,384 in total sold dollar volume, down nearly 6% from December of 2016. Median price posted the only notable year-over-year increase in the market, settling at $279,000 in December, representing a 3.35% increase. Units sold were down 4.5% from December of 2016, with 422 selling last year compared to 403 in December of 2017. The decrease in units sold impacted both attached and detached homes. Attached homes sold decreased by over 3% while detached homes sold decreased 4.7%.
McGrath found that his agents were busier than normal in December, but that the extreme lack of inventory hurt the market as some buyers weren’t finding what they were looking for in their price range. “We are also seeing that after a number of years of strong steady growth in average sales prices, sellers are less willing to come off of the list price, and less willing to make major home inspection repairs,” noted McGrath.
Inventory constraints continued to plague the market, especially in the lower priced brackets. The market experienced a significant 17% decrease in days on market for December of 2017 with houses taking an average of 63 days to sell, compared to 76 days in 2016. Active listings were down in December nearly 4% from last year, but new listings coming onto the market increased over 14%. There were also modest year-over-year increases in new homes sale pending that did not settle in December, indicating that January 2018 might get off to a good start.
McGrath states, “We are also seeing new trends in buyer “must haves” such as demanding high-speed Internet access as many more people start working from home.” Realtors® expect inventory to remain low and prices to heat up heading into the spring selling season. Competition will continue to be stiff in the lower priced market segments and new construction homes will continue to appeal to buyers with the means to build new who are not finding what they want in the existing housing stock.
Ombudsman Training offered at PWAR, March 1, 2018
Once trained in the process, an Ombudsman talks to the disputing parties in a transaction to resolve a situation before it becomes a formal complaint situation. Many times difficulties between individuals are a result of poor or lack of communication. The Ombudsman steps in to examine the core issues of the parties and facilitates a resolution. Sometimes the process fails and a formal complaint is filed with the Association, but very often a situation can be resolved using the program. If this facilitation process interests you, a certificate class is scheduled at the Prince William Association, March 1 from 10-3 pm. Contact Pat Breme, pbreme@faarmembers.com, if you are interested.
Vote on tax reform expected soon
The House is expected to vote on the final tax reform bill at 1:30pm today. The Senate will begin debate once the bill clears the House. NAR remains neutral on final passage. NAR President Elizabeth Mendenhall issued the following statement following the release of the conference committee report:
“We remain concerned that the overall structure of this bill poses problems for homeowners and the broader housing market, but the conference committee has made some important improvements to the House and Senate legislation that ultimately will benefit some homeowners and communities. We are particularly pleased with the treatment of capital gains on the sale of a home and the preservation of deductions for second homes. We are also grateful that the positive changes for commercial real estate and real estate professionals from the Senate bill have survived.”
To access the full NAR issue brief on the conference report, click the image below.
Allowing Third-Party Cookies to Be Set in Your Browser
Having trouble logging in? It could be your cookies!
What We’ll Cover
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Certain FAAR features, such as logging in and registering for classes, require your browser to accept third-party cookies.
Cookies are pieces of data stored by web browsers that websites and applications can use to remember a web browser from one request to the next. They allow features like shopping carts and user account logins to function.
Many web browsers make a distinction between first-party and third-party cookies. First-party cookies are created by the web server identified by the address shown the browser’s address bar. Third-party cookies can be created when content is loaded from domains other than the one shown in the address bar or in FAAR’s case, from the connected member database.
Some browsers allow users to decide whether or not the third-party cookies should be accepted. To configure your browser to allow third-party cookies, follow the instructions for your chosen browser.
Safari (Mac)
1. Click Safari in the menu bar.
2. Click Preferences…
3. Click the Privacy panel.
4. *For the option Cookies and website data, select Always allow.
5. Log in to your account at faarmembers.com/myaccount.
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SAFARI NOTICE: Because the FAAR website consists of two sites, the FAAR database and the faarmembers.com website shell, a setting in Safari related to cross-site tracking affects functionality of the FAAR website.
Choose Safari > Preferences, click Privacy, then unselect “Prevent cross-site tracking.” Close and reopen your browser to apply the settings.
Safari (Apple phone or tablet)
1. Click Settings app
2. Scroll down and click on Safari
3. *For the option Block all cookies, turn off setting
4. *For the option Prevent Cross-Site Tracking, turn off setting
5. Click on advanced and delete existing cookie data for faarmembers.com
6. Log in to your account at faarmembers.com/myaccount.
7. Once logged in, the FAAR cookie is stored and you may set the Cookies and website data setting back to its default setting
SAFARI NOTICE: Because the FAAR website consists of two sites, the FAAR database and the faarmembers.com website shell, a setting in Safari related to cross-site tracking affects functionality of the FAAR website.
Choose Safari > Preferences, click Privacy, then unselect “Prevent cross-site tracking.” Close and reopen your browser to apply the settings.
Internet Explorer
1. Click the cog/tools menu icon in the upper right of the window.
2. Click Internet Options.
3. Click the Privacy tab.
4. Click Sites
5. In the Address of website field enter [*].faarmembers.com. Be sure to include the square brackets before and after the asterisk.
6. Click Allow, then OK.
Chrome
1. Click the menu icon in the upper right side of the browser window.
2. Click Settings.
3. Scroll down and click “Cookies and other site data”
5. Ensure the option Block third-party cookies in incognito is selected.
6.Scroll down to “Sites that can always use Cookies”
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7. Enter [*.]faarmembers.com. Be sure to include the square brackets before and after the asterisk.
8. Check “All Cookies, on this site only”
Firefox
1. Click the menu icon.
2. Open the Options window.
- For Windows users, click Options.
- For Mac OS users, click Preferences…
3. Click the Privacy panel.
4. In the History section, select Firefox will: Remember history.
NAR’s Data Security and Privacy Toolkit
This Data Security and Privacy Toolkit aims to educate real estate associations, brokers, agents, and multiple listing services about the need for data security and privacy and assist them in complying with legal responsibilities. The Toolkit provides:
- Information about state laws and pending federal regulations regarding data security & privacy protection
- Checklists of issues to consider when drafting a security program
- References and sample policies created by government or other organizations
- The FTC: 5 Key Principles to a Sound Data Security Program
Plan ahead and know the Data Security & Privacy laws that impact you and your real estate business.
Learn more about this topic at www.nar.realtor/data-privacy-security
Data Privacy and Security Toolkit
Popcorn & Politics | Annual Chamber Legislative Reception on 11/29
Please join sponsor Embrace Homes Loans for this year’s Politics and Popcorn put on the by Fredericksburg Regional Chamber of Commerce! This event is your opportunity to meet and interact with the state delegation that represents our region. The panel of Legislators will answer questions that members submit in advance as well as take questions from the audience.
Wednesday, November 29, 2017
3:00pm to 5:00pm
Gari Melchers’ Belmont, Stafford County
$20 for Chamber Members
$30 for General Public
Register here: http://members.fredericksburgchamber.org/events/details/popcorn-politics-6487
Press Releases
FAAR Installs 2018 Leadership Team
The Fredericksburg Area Association of REALTORS® (FAAR) hosted its annual Changing of the Guard Installation Dinner on December 7, 2017 at the Old Silk Mill in downtown Fredericksburg. Incoming President Kevin McGrath and his leadership team were installed by Boomer...
October Healthy for Local Real Estate Market
The weather and the real estate market remained warm in October with gains in total sold dollar volume and a large reduction in days on market compared to October of 2016. An increase in prices buoyed a slight reduction in units sold to keep the market hot well into...
Realtors® Mobilize to Protect Tax Benefits of Homeownership
The Fredericksburg Area Association of REALTORS® (FAAR) joins fellow Realtors® and affiliates from across the country in advocating for the protection of homeownership-related tax provisions during the current tax reform debate. Proposals being discussed on Capitol...
September Market Continues Trend of Consistent Growth in Local Real Estate
The real estate market continued its pattern of consistent growth through September posting increases in sold dollar volume and units sold, and a sizeable decrease in days on market compared to September of 2016. Sold dollar volume was up 7.77% from last September,...