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Recent news, business resources and press releases.
Make Spotsylvania a destination, not just a bedroom community….

Make Spotsylvania a destination, not just a bedroom community….

That was one of the main messages from Spotsylvania Deputy County Administrator Mark Cole during a recent event with FAAR members at Strangeways Brewing.  Mr. Cole stressed that economic development, especially business development, is a prime focus of the County.  The GM plant being occupied by iDX was a huge victory for the County and now the County owns the 40 back acres of the property that they are working on leasing.

The strong market demand for business in the County comes from residential real estate.  The County enabled a mixed use zoning category and that has proven very attractive to developers.  The residential piece of many projects has come first since that is where the demand is and the commercial and industrial space has been slow to follow.

I-95 is also a priority for Mr. Cole, especially in his role as a delegate to the Virginia General Assembly.  He is looking to put a bill into the 2019 legislative session that would require the state to develop a long-term strategic investment plan for I-95.  If there was ever money from the state or federal level again to execute “shovel-ready” projects, I-95 would be poised to receive a lot of that funding.

Article 16 of the REALTOR Code of Ethics | Solicitation

Article 16 of the REALTOR Code of Ethics | Solicitation

by Cindy LeBrun

An Explanation of Article 16

REALTORS® must carefully avoid taking any action inconsistent with an existing exclusive representation or exclusive brokerage relationship between a REALTOR® and a client.

Prospecting

Prospecting is not in violation so long as the mailing pieces are a general announcement of the services and terms of availability you would provide even if some of the recipients have entered into agency agreements. A general telephone canvass and general mailing addressed to all property owners in a given geographical area or business or organization or group is deemed “general.”

As REALTORS® we are obligated to make reasonable efforts to determine whether a consumer has an exclusive agreement for the same services we are offering.

 

Article 16 is intended to recognize as unethical two basic types of solicitation.

First, telephone or personal solicitation of property owners who have been identified by a real estate sign, mls or other information services as having exclusively listed their property with another REALTOR®.

Second, mail or other forms of written solicitation that are directed specifically to property owners identified through the mls, “for sale” or “for rent” signs.

On the other hand…

…if a client of another REALTOR® was to contact you and you have not directly or indirectly initiated such discussions, you may discuss creating an exclusive agreement upon the expiration of their existing agreement. Also if you ask a broker the expiration of their exclusive agreement and the broker refuses to disclose that information you may contact the client and may discuss a future agreement upon the expiration of their current agreement.

Consent for Signs

16-19 Signs giving notice of property for sale, rent, lease or exchange shall not be placed on property without consent of the seller/landlord

Approaching Clients with Existing Contractual Agreements

19-20 REALTORS®, prior to or after their relationship with their current firm is terminated, shall not induce clients of their current firm to cancel exclusive contractual agreements between the client and that firm.

Read below for Article 16 of the REALTOR® Code of Ethics

Article 16 (Case Interpretations for Article 16)

REALTORS® shall not engage in any practice or take any action inconsistent with exclusive representation or exclusive brokerage relationship agreements that other REALTORS® have with clients. (Amended 1/04) [listen]

  • Standard of Practice 16-1

Article 16 is not intended to prohibit aggressive or innovative business practices which are otherwise ethical and does not prohibit disagreements with other REALTORS® involving commission, fees, compensation or other forms of payment or expenses. (Adopted 1/93, Amended 1/95)

  • Standard of Practice 16-2

Article 16 does not preclude REALTORS® from making general announcements to prospects describing their services and the terms of their availability even though some recipients may have entered into agency agreements or other exclusive relationships with another REALTOR®. A general telephone canvass, general mailing or distribution addressed to all prospects in a given geographical area or in a given profession, business, club, or organization, or other classification or group is deemed “general” for purposes of this standard. (Amended 1/04)

Article 16 is intended to recognize as unethical two basic types of solicitations:

First, telephone or personal solicitations of property owners who have been identified by a real estate sign, multiple listing compilation, or other information service as having exclusively listed their property with another REALTOR®, and

Second, mail or other forms of written solicitations of prospects whose properties are exclusively listed with another REALTOR® when such solicitations are not part of a general mailing but are directed specifically to property owners identified through compilations of current listings, “for sale” or “for rent” signs, or other sources of information required by Article 3 and Multiple Listing Service rules to be made available to other REALTORS® under offers of subagency or cooperation. (Amended 1/04)

  • Standard of Practice 16-3

Article 16 does not preclude REALTORS® from contacting the client of another broker for the purpose of offering to provide, or entering into a contract to provide, a different type of real estate service unrelated to the type of service currently being provided (e.g., property management as opposed to brokerage) or from offering the same type of service for property not subject to other brokers’ exclusive agreements. However, information received through a Multiple Listing Service or any other offer of cooperation may not be used to target clients of other REALTORS® to whom such offers to provide services may be made. (Amended 1/04)

  • Standard of Practice 16-4

REALTORS® shall not solicit a listing which is currently listed exclusively with another broker. However, if the listing broker, when asked by the REALTOR®, refuses to disclose the expiration date and nature of such listing; i.e., an exclusive right to sell, an exclusive agency, open listing, or other form of contractual agreement between the listing broker and the client, the REALTOR® may contact the owner to secure such information and may discuss the terms upon which the REALTOR® might take a future listing or, alternatively, may take a listing to become effective upon expiration of any existing exclusive listing. (Amended 1/94)

  • Standard of Practice 16-5

REALTORS® shall not solicit buyer/tenant agreements from buyers/ tenants who are subject to exclusive buyer/tenant agreements. However, if asked by a REALTOR®, the broker refuses to disclose the expiration date of the exclusive buyer/tenant agreement, the REALTOR® may contact the buyer/tenant to secure such information and may discuss the terms upon which the REALTOR® might enter into a future buyer/tenant agreement or, alternatively, may enter into a buyer/tenant agreement to become effective upon the expiration of any existing exclusive buyer/tenant agreement. (Adopted 1/94, Amended 1/98)

  • Standard of Practice 16-6

When REALTORS® are contacted by the client of another REALTOR® regarding the creation of an exclusive relationship to provide the same type of service, and REALTORS® have not directly or indirectly initiated such discussions, they may discuss the terms upon which they might enter into a future agreement or, alternatively, may enter into an agreement which becomes effective upon expiration of any existing exclusive agreement. (Amended 1/98)

  • Standard of Practice 16-7

The fact that a prospect has retained a REALTOR® as an exclusive representative or exclusive broker in one or more past transactions does not preclude other REALTORS® from seeking such prospect’s future business. (Amended 1/04)

  • Standard of Practice 16-8

The fact that an exclusive agreement has been entered into with a REALTOR® shall not preclude or inhibit any other REALTOR® from entering into a similar agreement after the expiration of the prior agreement. (Amended 1/98)

  • Standard of Practice 16-9

REALTORS®, prior to entering into a representation agreement, have an affirmative obligation to make reasonable efforts to determine whether the prospect is subject to a current, valid exclusive agreement to provide the same type of real estate service. (Amended 1/04)

  • Standard of Practice 16-10

REALTORS®, acting as buyer or tenant representatives or brokers, shall disclose that relationship to the seller/landlord’s representative or broker at first contact and shall provide written confirmation of that disclosure to the seller/landlord’s representative or broker not later than execution of a purchase agreement or lease. (Amended 1/04)

  • Standard of Practice 16-11

On unlisted property, REALTORS® acting as buyer/tenant representatives or brokers shall disclose that relationship to the seller/landlord at first contact for that buyer/tenant and shall provide written confirmation of such disclosure to the seller/landlord not later than execution of any purchase or lease agreement. (Amended 1/04)

REALTORS® shall make any request for anticipated compensation from the seller/ landlord at first contact. (Amended 1/98)

  • Standard of Practice 16-12

REALTORS®, acting as representatives or brokers of sellers/landlords or as subagents of listing brokers, shall disclose that relationship to buyers/tenants as soon as practicable and shall provide written confirmation of such disclosure to buyers/tenants not later than execution of any purchase or lease agreement. (Amended 1/04)

  • Standard of Practice 16-13

All dealings concerning property exclusively listed, or with buyer/tenants who are subject to an exclusive agreement shall be carried on with the client’s representative or broker, and not with the client, except with the consent of the client’s representative or broker or except where such dealings are initiated by the client.

Before providing substantive services (such as writing a purchase offer or presenting a CMA) to prospects, REALTORS® shall ask prospects whether they are a party to any exclusive representation agreement. REALTORS® shall not knowingly provide substantive services concerning a prospective transaction to prospects who are parties to exclusive representation agreements, except with the consent of the prospects’ exclusive representatives or at the direction of prospects. (Adopted 1/93, Amended 1/04)

  • Standard of Practice 16-14

REALTORS® are free to enter into contractual relationships or to negotiate with sellers/ landlords, buyers/tenants or others who are not subject to an exclusive agreement but shall not knowingly obligate them to pay more than one commission except with their informed consent. (Amended 1/98)

  • Standard of Practice 16-15

In cooperative transactions REALTORS® shall compensate cooperating REALTORS® (principal brokers) and shall not compensate nor offer to compensate, directly or indirectly, any of the sales licensees employed by or affiliated with other REALTORS® without the prior express knowledge and consent of the cooperating broker.

  • Standard of Practice 16-16

REALTORS®, acting as subagents or buyer/tenant representatives or brokers, shall not use the terms of an offer to purchase/lease to attempt to modify the listing broker’s offer of compensation to subagents or buyer/tenant representatives or brokers nor make the submission of an executed offer to purchase/lease contingent on the listing broker’s agreement to modify the offer of compensation. (Amended 1/04)

  • Standard of Practice 16-17

REALTORS®, acting as subagents or as buyer/tenant representatives or brokers, shall not attempt to extend a listing broker’s offer of cooperation and/or compensation to other brokers without the consent of the listing broker. (Amended 1/04)

  • Standard of Practice 16-18

REALTORS® shall not use information obtained from listing brokers through offers to cooperate made through multiple listing services or through other offers of cooperation to refer listing brokers’ clients to other brokers or to create buyer/tenant relationships with listing brokers’ clients, unless such use is authorized by listing brokers. (Amended 1/02)

  • Standard of Practice 16-19

Signs giving notice of property for sale, rent, lease, or exchange shall not be placed on property without consent of the seller/landlord. (Amended 1/93)

  • Standard of Practice 16-20

REALTORS®, prior to or after their relationship with their current firm is terminated, shall not induce clients of their current firm to cancel exclusive contractual agreements between the client and that firm. This does not preclude REALTORS® (principals) from establishing agreements with their associated licensees governing assignability of exclusive agreements. (Adopted 1/98, Amended 1/10)

Article 15 of the REALTOR Code of Ethics | Be Kind

Article 15 of the REALTOR Code of Ethics | Be Kind

by Sha Hinnant, REALTOR®

An Explanation of Article 15

REALTORS® shall not knowingly make any statements against other Realtors®, their business or their business practices that may be false. REALTORS® may not make comparisons or opinions about their fellow competitors, either. It is our ethical responsibility to make sure that we take the time to confirm any information we plan to use in advertising is factual and accurate.

As REALTORS®, we must be true to our profession, but also we must remember the Golden Rule which is “do unto others as you would like them to do unto you.” We want to have a cooperative relationship with other REALTOR® members, but if we make negative, inaccurate information about them, it may be quite difficult to work with that REALTOR® when the time presents itself. We must present a positive, collaborative front to the public, our clients, at all times.

The hearing panel has entertained cases where Article 15 was cited. In each case an agent has made disparaging remarks on paper, on social media or to another agent. REALTORS® must remember to “be kind” to one another.

Read below for Article 15 of the REALTOR® Code of Ethics

Article 15 (Case Interpretations for Article 15)

REALTORS® shall not knowingly or recklessly make false or misleading statements about other real estate professionals, their businesses, or their business practices. (Amended 1/12) [listen]

  • Standard of Practice 15-1

REALTORS® shall not knowingly or recklessly file false or unfounded ethics complaints. (Adopted 1/00)

  • Standard of Practice 15-2

The obligation to refrain from making false or misleading statements about other real estate professionals, their businesses and their business practices includes the duty to not knowingly or recklessly publish, repeat, retransmit, or republish false or misleading statements made by others. This duty applies whether false or misleading statements are repeated in person, in writing, by technological means (e.g., the Internet), or by any other means. (Adopted 1/07, Amended 1/12)

  • Standard of Practice 15-3

The obligation to refrain from making false or misleading statements about other real estate professionals, their businesses, and their business practices includes the duty to publish a clarification about or to remove statements made by others on electronic media the REALTOR® controls once the REALTOR® knows the statement is false or misleading. (Adopted 1/10, Amended 1/12)

The REALTOR Code of Ethics | Articles 4 & 5 Personal Interest

The REALTOR Code of Ethics | Articles 4 & 5 Personal Interest

by Pat Breme

Article 4

Article 4 is straight forward, as a REALTOR® you must disclose ownership/interest/family ownership in a property to all parties in writing prior to the signing of any contract.  Bottom line is REALTORS® have to disclose their relationship in the transaction if they are related to the parties involved or have any type of interest.

Article 5

As in Article 4, REALTORS® are obligated to disclose to all affected parties, but in Article 5 the disclosure is for present or contemplated interest in a property.

 

Read below for the full Articles 4 & 5 of the REALTOR® Code of Ethics

Article 4 (Case Interpretations for Article 4)

REALTORS® shall not acquire an interest in or buy or present offers from themselves, any member of their immediate families, their firms or any member thereof, or any entities in which they have any ownership interest, any real property without making their true position known to the owner or the owner’s agent or broker. In selling property they own, or in which they have any interest, REALTORS® shall reveal their ownership or interest in writing to the purchaser or the purchaser’s representative. (Amended 1/00) [listen]

  • Standard of Practice 4-1

For the protection of all parties, the disclosures required by Article 4 shall be in writing and provided by REALTORS® prior to the signing of any contract. (Adopted 2/86)

Article 5 (Case Interpretations for Article 5)

REALTORS® shall not undertake to provide professional services concerning a property or its value where they have a present or contemplated interest unless such interest is specifically disclosed to all affected parties. [listen]

#MemberMonday | Meet REALTOR® Alexander Camacho

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
Alexander Camacho

Hometown
Montgomery County

Current Location
Germantown

Title
Engineer /REALTOR® with United Real Estate Premier

Number of Years in the Industry
6 months

Why do you love working in real estate?
I love working in real estate because I love helping people! Buying and selling a home is one of the biggest decisions we make in our lifetime. With that said, I strive to represent my clients to the best of my ability. To bring more value to them, I constantly look for ways to strengthen that ability. We owe it to our clients, they allow us to have the freedom in our lives to run our own business. Also, I strongly believe that real estate is a great field to invest in. Whether it is for retirement, college, or a lifelong dream to own multiple properties. The residual income and equity you can build through real estate is unique!

What are you most proud of in your career?
To have helped a wide range of clients. I have met clients with very unique circumstances. No case is ever too complicated for me. If you need help, that’s what I will do.

Do you have a special cause or volunteer your time?
I get involved with outreach programs with Montgomery county schools to promote STEM interest for youth. I commit to donating 5% of my real estate income to fight cancer!

Fun Fact
I am 25, have 2 children (6 and 1 year old), have a degree in mechanical engineering, do business in western Maryland and Richmond Virginia (yeah… those 2 markets are completely different). Also, I come from a family of investors and realtors, so I know more than the average new agent!

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 postponed or cancelled due to flooding.  Listings were deleted because professional photos had to be rescheduled,” continued Geslock.  Despite the soggy conditions, the market managed to post modest gains in total sold dollar volume, median sold price, and units sold.

Total sold volume increased over 6%, increasing to $208.7 million in July of 2018 from $196.5 million in July of 2017.  Median price saw a nearly 3.4% year-over-year increase going from $301,000 in July of last year to $310,000 in July of this year.  Units sold increased from 622 in July of 2017 to 639 in July of 2018, representing a 2.7% 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 in July than in previous months.  The market has been experiencing year-over-year reductions in days on market exceeding 20%, but July came in at a more modest 8.7% decrease.  In July of 2017, homes spent an average of 46 days on the market compared to 42 days in July of 2018.

A bright spot in July’s statistics was the over 10% increase in new listings entering the market.  In July of 2017, 839 new homes came on the market but in July of 2018 there were nearly 100 more at 925, representing a 10.25% increase.  Active listings remained static in July with a negligible 0.12% increase by adding just two more homes to the active inventory compared to last year.  In July of 2018, buyers in the market had 1,728 homes to choose from.

2018 August FAARside Newsletter now available!

2018 August FAARside Newsletter now available!

Your copy of the August Newsletter, the FAARside is here! Crack open a copy to learn about what’s going on at the Association including a letter from the President, the candidate bios for 2019 Leadership, and more!

This edition includes

  • Sample Leadership Ballot
  • Why is there no competition on the ballot?
  • What has the Foundation done for me lately?
  • Introducing the New Icon Award this Fall

and more!

Right click here or the image and click “Save as” to download

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.

IRS summary.

IRS rule.

NAR tax reform summary and resources.

#MemberMonday | Meet REALTOR® Tatyana Ganeyeva

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
Tatyana Ganeyeva

Hometown
Chebarkul

Current Location
Fredericksburg

Title
REALTOR® at Fathom Realty

Number of Years in the Industry
1

Why do you love working in real estate?
Real estate gives me opportunities to meet new people and, most importantly, to help people with one of the most important transactions in their lives.

Favorite Work Story
Just recently, I got to help dear friends buy their first home. It was very special, and I am so happy for them!

What are you most proud of in your career?
I am very thankful when my friends and clients recommend my services to others.

Do you have a special cause or volunteer your time?
Our family has had a privilege to be a part of Christian Youth Theater in Fredericksburg for many years. We also love going on mission trips in the US and overseas.

Fun Fact
Since I grew up in Russia, negotiating and finding best deals is a second nature to me.

Fredericksburg REALTOR® Inducted to the 2018 REBAC Hall of Fame

Fredericksburg REALTOR® Inducted to the 2018 REBAC Hall of Fame

Michael Straley Supervising Broker of Stafford Market Center, eXp Realty has been inducted to the 2018 Real Estate Buyer’s Agent Council (REBAC) “Hall of Fame” presented by REBAC of the NATIONAL ASSOCIATION OF REALTORS® (NAR).

Michael Straley was nominated for the 2018 REBAC Hall of Fame by fellow REBAC members and was selected by an independent panel of real estate industry leaders. He has been an outstanding leader in the real estate community.  Mr. Straley serves a “client base” of thousands, and provides a multifaceted array of assistance and services.  He has also made a visible difference for buyer’s representation needs in his local community or nationally. Michael Straley is an instructor for Real Estate Buyer’s Agent Council and several other national organizations, promoting success of fellow REALTORS® and the industry.  He has demonstrated his source of knowledge and experience in working with buyer’s and has shown high principles and furtherance of the principles of good practice among REALTORS®.

Michael is a national instructor and holds the following designations/certifications: Accredited Buyer Representative [ABR], Residential Real Estate Council [RCC], Short Sale Foreclosure Resource [SFR], Pricing Strategy Advisors [PSA], and Performance Management Network [PMN].  Attending REALTOR® University, Michael expects to receive his Master’s Degree in Real Estate, May 2019.

Michael Straley is a member of the Fredericksburg Association of REALTORS®.  Michael Straley received Virginia Women’s Council of REALTOR® Member of the Year in 2015 after serving on the WCR State Board and President of the Fredericksburg Network.

Michael Straley will be inducted into the ABR REALTOR® Hall of Fame at the REALTOR® National Convention, in Boston, on November 3, 2018.

The Real Estate Buyer’s Agent Council, REBAC, was founded in 1988 to promote superior buyer representation skills and services. An affiliate of THE NATIONAL ASSOCIATION OF REALTORS® since 1996, REBAC’s membership now numbers well over 30,000 and is the world’s largest organization of real estate professionals concentrating on buyer representation.  Members who meet all course and professional experiential requirements are awarded the ABR® (Accredited Buyer’s Representative) This is the only designation of this type recognized by NAR.

You may contact REBAC by telephone, (800) 648-6224, by e-mail, [REBAC@realtors.org], or by visiting the REBAC Web site, [www.REBAC.net].  You may contact Michael Straley by telephone, (540) 834-6263, by e-mail, [Info@GoStraley.com], or by visiting GoStraley.com and/or GoStraleySeminars.com

Press Releases

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...

May Sees Impact from Inventory Shortage

Fredericksburg, VA – (June 14, 2018) – The following analysis of the Fredericksburg, Virginia area housing market has been prepared by the Fredericksburg Area Association of REALTORS® based on analysis of brightMLS multiple listing data. The inventory...

6 projects, 50 volunteers…how FAAR gives back!

The Fredericksburg Area Association of REALTORS® (FAAR) hosted six community service projects throughout the Fredericksburg area on Saturday, May 19, 2018.  FAAR volunteers prepared a home for exterior painting, painted the entire interior of...

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...

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