APRIL 2015 Sun Mon Tue Wed Thu Fri Sat 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Realcomp Tools of the Trade EXPO 9-3:30pm 16 BOD Meeting 9am 17 18 19 20 21 22 23 24 FREE Education Friday 9-11:30am 25 26 27 28 29 30 Thank You to Frank Lucarelli with First American Title for sponsoring our New Member Orientaon on Feb. 18 and our Connuing Educaon Class on March 6 . Thank you to RealComp and HouseMaster for sponsoring our General Membership Meeng on Mar. 3rd. BOARD OF DIRECTORS Directors Al Makled—President Ted Easterly Sam Baydoun—President Elect Robert P. Marx Jusn Roy—Treasurer Frederick Tavolee Luis Rodriguez—Past President Laura Ad- amson Benjamin Welch REALCOMP GOVERNOR USER COMMITTEE DABOR STAFF Dean Eveslage Mahmoud Sobh Laura Green—CEO Ted Easterly Andrea Fitzgerald Victoria Strojny— Admin. Asst. Sandra Kolar-Alt
Only the Seller and Listing Broker Should Provide Property Access by Julie Fisher, Customer Care Manager
Lockbox codes should be made available to licensed real estate professionals/REALTORS® for the purposes of them accompanying their clients on showing appointments. Individuals found to be accessing a property without being accompanied by their REALTOR® could be found to be trespassing.
From the Realcomp Policy Manual: Lockbox codes should not be given to any person other than those expressly approved by the seller or listing broker. This includes, but is not limited to, members of the public, unlicensed assistants and service people. Distribution of the lockbox code to unauthorized parties will subject the Realcomp Subscriber to a fine of $5,000.
This MLS policy was enacted to enforce the importance of brokers and agents accompanying buyers (and other members of the public) on all showing appointments. Use care in keeping the lockbox code and property secure and do not allow or encourage unauthorized, unaccompanied access to properties listed in the MLS.
Build, Support, Motivate
Ensure that your real estate business thrives by putting in the quality time it takes to build a great team. Here are five tips.
March 2015 | By Michelle Shurtleff
Real estate is a tough industry. There are so many elements that help determine future success, but one of the most important is your sales team. Here are five tips to help build, support, and motivate your sales force:
1. Networking Opportunities: Real estate success doesn’t solely depend upon numbers; it’s much more than that. Success often correlates with
strong relationships. Encourage your team to branch out of their comfort zone and find events where they can make connections and establish leads. If you find a particularly promising event, send one person to represent your company or ask everyone to attend. Remind your salespeo-ple to bring their business cards wherever they go — even the grocery store — because you never know where the next client will come from.
2. Focus: Help your team maintain focus in a field that’s always changing. Make sure your agents set clear goals. Try pairing them up into ac-countability teams or become an accountability coach yourself. Consider hiring a trainer to help your agents hone their skills and on track.
3. Balance: There’s nothing wrong with being social in the work place, but it’s wise to carefully moderate such activity. Set the precedent that work comes first while in the office. The No. 1 priority is to help clients and get the job done.
4. Communication: Try to regularly meet with your salespeople one-on-one. If an agent is having an issue or concern, make time to listen. Make sure your team knows you’re available when they need help. It never hurts to reinforce this with simple reminders through e-mail, phone calls, and weekly sales meetings.
5. Current Knowledge: Educate your associates on the latest real estate trends, local news, and market statistics by sharing reports and articles. Add a “need-to-know news roundup” to your sales meetings. Take a look at what’s happening at the local and national level. Pull news from NAR, your local association and MLS, and trusted news sources. If your salespeople are up-to-date on what’s happening in the industry, they’ll be more empowered to provide good information to their client
Thanking military families for their service by helping them come home.
When military staff and their families relocate, the services of a real estate professional who understands their needs and timetables makes the transfer easier, faster, and less stressful. This certification focuses on educating real estate professionals about working with current and former military service members to find the housing solutions that best suit their needs and take full advantage of military benefits and support.
Learn how to provide the real estate services-at any stage in the ser-vice member's military career-that meet the needs of this niche market and win future referrals.
Where:
Dearborn Area Chamber of Commerce
22100 Michigan Avenue, Dearborn, MI 48124
When:
April 17, 2014 9:00am-4:30pm
Cost:
$99.00 for 1 day core course (plus $195 payable to NAR
after completing 2 one-hour webinars.)
NAR has developed numerous member benefits designed to help you promote your military relocation business, including:
Use of MRP logo and name
Differentiation as an MRP in the online directories
at REALTOR.com® and REALTOR.org
MRP Certificate
Customizable Press Release
MRP Marketing Materials - NAR has professionally-designed these
advertisements to make it easy to generate interest with military and veteran home buyers and sellers.
MRP lapel pin
After the initial application fee of $195 is paid; there are no annual certi-fication dues .
Your Instructor
Jay McMaken
Director of Veteran Affairs and
Operations Ross Mortgage.
Jay is a Seasoned VA Mortgage
Professional who served
Honorably in the United States Marine
Corps for 1st
Battalion/3rd Marines.
REQUIREMENTS:
Be in good standing with NAR
Complete the one-day Military
Relocation Professional (MRP)
Certification Core Course.
Complete 2 one-hour webinars.
Submit an application, including
payment of the $195 application fee to
NAR.
Bonus! The Military Relocation
Professional Certification Core course is
an approved elective for the Accredited
Buyer's Representative (ABR®)
designation.
Approved For 8 Hr Con Ed Credits
Get the Timing Right for Your Open House
Daily Real Estate News | Thursday, March 26, 2015
The go-to day for open houses is not surprisingly on the weekend, and Sunday is the clear winner in popularity. Open houses across the country are over more than two times as likely to take place on Sunday than on Saturday, according to a new Trulia analysis. The online search portal looked at all of the listings with open houses in that were posted to the site in 2014.
Some findings from the study:
Weekday open houses: The Western region of the U.S. holds more weekday open houses than other parts of the country. More than 11 percent of open houses in the West are held on a weekday, compared to only 9 percent in the South, 8 percent in the Northeast, and 5 percent in the Midwest. The most common weekday for open houses is Friday—except in the Northeast where Thursday preferred.
Timing: Noon to 2 p.m. is the most popular time slot for an open house in general. For Saturday and Sunday open houses, a start time of 1 p.m. was the most common.
The "Church effect": The church-going crowd may also influence the timing of open houses. Nearly 71 percent of Sunday open houses took place in the afternoon compared to 51 percent of Saturday open houses. Open houses on Sunday were more than twice as likely than Saturday open houses to start at 2 p.m. The Trulia study found that the “church effect” may be greatest among Southern metros. The areas with large evangelical concentrations were nearly three times as likely to hold open houses in the afternoon on Sunday as on Saturday, as well as more likely to have open houses that started at 2 p.m. or later.
Need Assistance Getting Started with an Electronic Signing?
Need assistance getting started with Realcomp's electronic signing software offering; Authentisign2Go? This software was devel-oped by Instanet Solutions and is a Realcomp-supported product for our MLS Subscribers. Instanet has created 12 different videos on the product, each one highlighting a specific feature or function of the software. We recommend that you start by viewing the "Create a Signing" video and that you review the others as you have the need.
Remember: If you get stuck, all you have to do is call us. We're here to help you ... with this product and all others offered to you through your Realcomp subscription. Just contact our Customer Care Department at (866) 553-3430.
Learn how to collaborate with your team and involve agents in coming up
with their own solutions.
December 2014 | By Jason Forrest
The only thing worse than a broker who is unwilling to lead is one who dictates. The best brokers—those with reputations as miracle workers who lead team members to accomplish more than they thought possible—are collaborators. You will not earn this reputation (and its corresponding success) without being able to give advice, challenge perceptions, and collaborate along the way.
You’ve heard the story: If you put a frog into a pot of hot water, it will leap out immediately. But if you put it into cold water and dial the temperature up, it will stay until the bath becomes its grave. The same is true of agents who’ve established patterns over the years, not realizing that those habits are limiting their success. Thankfully, what is practically invisible to them is obvious to you. It’s not that you are any better than they are; you just have the objective perspective. Even the best surgeon can’t operate on herself.
Despite your experience and objectivity, sometimes they’ll think they know better. You can’t be afraid to say, “You are a great agent. There’s just one piece of feedback that will take you to the next level.” Be ready to role-play with them and sharpen their processes. Recommend training you’ve seen work for others. You are in a position to lead them to a greater level than they thought possible. If they push back, be ready to stand on what you know. Have the courage to tell them what they need to hear, and remember that it’s better for them in the long run (even if they’re irritated in the short term).
But this requires a fine balance; if you force compromise without including collaboration, you’ll end up coming across as a dicta-tor. This is no way to build a business. You must involve agents in coming up with their own solutions. Ask questions and sincerely listen to their responses. You may know something’s not going to work, but instead of saying, “No, that isn’t the right direction for you” (which puts them on the defense), you must allow them to be a part of the decision. Become partners in the solution by providing a choice. This allows you to identify the right destination and lead them toward it.
Collaboration builds loyalty and allows agents to feel proud of their direction. By presenting advice confidently, facilitating com-promise, and collaborating, you will be able to build a strong, healthy team. And when the frog jumps out of the pot, everyone wins.
An audit is required twice each year of each REALTOR office and its licensees as required by the National
Association of REALTORS. All licensees whose license is held in a REALTOR office must be a member of a
board of REALTORS or pay a fee equal to the dues.
This a good time of year to remind each Broker of the steps necessary when receiving a license in your
office. Please review the board Policies below to avoid any confusion, fines or fees.
A. The Broker or office manager must notify the Dearborn Area Board of REALTORS®
within seven (7) days of receiving a license.
B. Any application for membership must be returned to Dearborn Area Board of
REALTORS®, along with the application fee of $150.00 and dues within fifteen (15) days
from the date of broker receiving license.
C. Broker must notify the Board within seven (7) days of any other change in status of any
license (deletion etc.)
Failure to comply with these policies can result in fines, fees and cancellation of MLS services.
Ethical dilemmas crop up daily. Here’s how to avoid running afoul of five of the most common REALTORS® Code of Ethics com-plaints.
MARCH 2015 | BY GRAHAM WOOD, BRUCE AYDT
Working in real estate comes with its fair share of irritations. Agents who don’t return calls in a timely manner or clients who make inappropriate demands can be frustrating, to say the least. But discerning when difficult behavior crosses the ethical line can some-times be tricky—whether it pertains to your dealings with other REALTORS®, clients, or the general public. To help you distinguish actual infractions from misunderstandings or simply poor manners, we look at five real-life business dilemmas and describe how the REALTORS® Code of Ethics applies.
Read more: About the Code of Ethics
Disclosing Multiple Offers
It’s heartbreaking to tell buyer clients they’ve been outbid when you didn’t even know there were other offers on the table. You may feel as if you’ve been wronged—but is it time to call your association’s grievance committee? Not necessarily.
Karen, an agent in West Palm Beach, Fla., blamed the loss of a deal last year on a listing agent who didn’t disclose competing offers until the eleventh hour. Karen, who asked not to be fully identified because of the sensitivity of the matter, submitted her buyer’s offer and received a preliminary acceptance from the seller. (Such an acceptance is not binding in the way a signed purchase con-tract is.) The buyer even had a home inspection done. But when pressed to move forward on the deal, the listing agent said the seller was considering other offers.
“The listing agent had previously told me she was just waiting for the seller to sign the official paperwork [for the buyer’s offer,,” Karen says. “At no point did she say that we didn’t have an executed offer. She never said anything about other offers.”
Karen says she believes the listing agent’s lack of candor cost her the deal because her client missed out on the opportunity to in-crease the offer. However, failure to disclose other offers isn’t automatically a violation of the Code.
What the Code Says (Article 1, Standard of Practice 1-15 and SOP 1-13(5)): Two conditions must be met before a listing agent has any duty to disclose multiple offers: The seller must grant permission to disclose such information, and the buyer or cooperating agent must ask for the disclosure. The same applies to revealing who obtained the offers—whether they were obtained by the listing agent, another agent with the listing agent’s firm, or a cooperating broker. So if Karen didn’t pose the question to the listing agent, or if the seller didn’t grant the listing agent permission to disclose, the listing agent did nothing wrong.
The lesson is this: Cooperating agents should always ask the listing agent if other offers exist and, if so, who procured them. They should also inform buyers that their offer and its terms are not confidential and can be disclosed by a seller to other parties. The exception: A confidentiality agreement between a buyer and seller—entered into before presenting the buyer’s offer—would obli-gate a seller not to disclose the buyer’s offer. While rare in residential real estate, such agreements are common in commercial transactions.
DAILY REAL ESTATE NEWS | WEDNESDAY, MARCH 25, 2015
A look at housing affordability across the country paints a picture of two stark contrasts, one very high and the other very low, according to realtor.com®’s new Mortgage Affordability Report, which gauged affordability by culling data from 25 of the largest housing markets.
Gauging Affordability
Indeed, the most affordable housing market this year: Detroit, where home buyers likely would only need 13.2 percent of the me-dian income there to buy a home. On the other end of affordability is San Francisco, where buyers would need 72 percent of their median income to afford a home there — more than double the 28 percent mortgage-to-income ratio threshold often considered financially healthy.
“Over the last 10 years, we have seen marketplace gyrations ranging from bubble to burst to recovery to stabilization, and we are now seeing a market of extremes on the affordability front,” says Jonathan Smoke, realtor.com®’s chief economist. “Buyers, espe-cially first-time home buyers, might feel more motivated as the overall market continues to improve, and this report provides buy-ers with local insight that is both informative and instructive.”
Nationwide, by the end of this year, households will likely need to spend 27.6 percent of the median family household income of $55,533 to purchase a median priced home with a 30-year fixed-rate mortgage, according to the report. Rents are expected to require 29.5 percent of income.
"Affordability is greatly impacted by mortgage rates, so waiting a year to buy as affordability declines may force home buyers to consider alternative options such as hybrid-adjustable mortgages that have lower rates," Smoke says.
1. Detroit-Warren-Dearborn, Mich. Median income (2015): $53,186 Mortgage-to-income ratio (2015): 13.2%
4. Atlanta-Sandy Springs-Roswell, Ga. Median income: $56,557 Mortgage-to-income ratio: 19.8%
2. St. Louis, Mo.-Ill. Median income: $57,255 Mortgage-to-income ratio: 18.1%
5. Pittsburgh Median income: $54,264 Mortgage-to-income ratio: 20.1%
3. Cleveland-Elyria, Ohio Median income: $49,965 Mortgage-to-income ratio: 18.8%
The 5 Most Affordable Markets for 2015
Realtor.com®’s new report finds the following markets are the most affordable (ranked by lowest predicted mortgage-to-income ratio with a 30-year fixed-rate mortgage):
The 5 Least Affordable Markets for 2015
On the other hand, these markets were found to be the least affordable (ranked by highest predicted mortgage-to-income ratio with a 30-year fixed-rate mortgage):
1. San Francisco-Oakland-Hayward, Calif. Median income (2015): $78,355 Mortgage-to-income ratio (2015): 72%
4. New York-Newark-Jersey City, N.Y.-N.J.-Pa. Median income: $67,968 Mortgage-to-income ratio: 46.6%
2. San Diego-Carlsbad, Calif. Median income: $64,392 Mortgage-to-income ratio: 56.9%
5. Miami-Fort Lauderdale-West Palm Beach, Fla. Median income: $49,121 Mortgage-to-income ratio: 42.2%
3. Los Angeles-Long Beach-Anaheim, Calif. Median income: $62,037 Mortgage-to-income ratio: 50.7%
When showing a home, always have your prospect walk in front of you. Don’t lead them, but rather, direct
them from a position slightly behind them. You can gesture for them to go ahead of you and say, for ex-
ample, “The master suite is in the back of the house.”
Tip #12
Pick up some self-defense skills
The best way to find a good self-defense class is to learn what is available, and then make a decision.
Many health clubs, martial arts studios and community colleges offer some type of class. You can also
ask your peers, friends and family if they have taken a self-defense class that they would recommend.
Join us on April 10 for our Annual DABOR Realtor Day at Habitat for Humanity. Habitat for Humanity is building homes in Lincoln Park for working families, with a focus on veterans and victims of domestic violence. Volunteers can assist with construction, landscaping, painting, carpentry, and other tasks. We would love to have a good turn out again this year. Everyone must be registered to participate. You must commit to the full day (8am-4pm). Space is lim-ited. Register at your office sign up sheet or to [email protected]. Any questions call the board office 313 278 2220.
Article 8 Realtors® shall keep in a special account in an appropriate financial institution, separated from their own
funds, monies coming into their possession in trust for other persons, such as escrows, trust funds, clients’ monies,
and other like items.
Legal Hotline
Become a Preferred Contractor
REALTORS and contractors in all areas of home
services are an integral part of each others
network. From building to cleaning to windows and
doors. From floors to ceilings, painting and
decorating. DABOR is looking for well-established
companies specializing in quality of workmanship
and customer service. Join our network of
PREFERRED CONTRACTORS for $25.00 per
year. Your $25.00 will put your company
Information on the DABOR website and on our
monthly e-newsletter that is distributed to over
700+ REALTORs each month. Additionally,
the Preferred Contractor list (updated) is
distributed to each REALTOR member four times
per year. Contact us to start advertising today.
CLICK HERE for Preferred Contractor Form
QUESTION: What if only one spouse of a married cou-ple signs a listing agreement? Is the result the same where only one spouse signs the purchase agreement?
ANSWER: A listing agreement or buyer=s agency agree-ment signed by only the husband or wife is binding on that party even if his/her spouse does not sign the agreement. In the event of sale, the spouse that signed the listing agreement would be legally bound to pay a commission. The same is not true for the seller on a purchase agreement. In order to be valid, a purchase agreement must have the signatures of all of the owners of the property. A husband or a wife can make a binding contract to buy property without the signature of his/her spouse
