Lexington Handout102009


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Lexington Handout102009

  1. 1. About your Instructor… Matthew Rathbun, Licensed Broker ABR, ABRM, AHWD, ASR, CSP, e-PRO, GREEN, GRI, QSC, SRS, SRES EcoBroker® and Earthcraft certified Fredericksburg, Virginia Matthew Rathbun is a Virginia Licensed Broker and Director of Education for the Fredericksburg Area Association of REALTORS®. He has opened and managed real estate firms, as well as coached and mentored agents. As a Residential REALTOR®, Matthew was a reoccurring Top Producer and past REALTOR® Rookie of the Year. Matthew has been teaching adults for many years, he currently teaches various REALTOR® programs to include GRI. He is a Certified Ethics Instructor, Licensed Fair Housing and Pre-Licensing Instructor. He also is a REBAC and REALTYU instructor, teaching ABR, ABRM, REPA and SRES and many other courses. Matthew has and continues to serve in Professional Standards as an Administration and with many Advocacy workgroups in the Fredericksburg Association of REALTORS and the Virginia Association of REALTORS®. He is also an alumni member of the VAR Leadership Academy, the Real Estate Educators Association and the Real Estate Buyers Agency Counsel. Matthew is a Certified Relocation Specialist, Accredited Buyer Representative and Accredited Buyer Rep Manager, an Accredited Seller Representative, Graduate of the REALTOR® Institute, Real Estate Cyber Specialist, Quality Service Specialist and Senior Real Estate Specialist, e-PRO certified instructor and Certified Mediator. Matthew was the recipient of the Virginia Association of REALTORS® 2007 George Rink Educator of the Year award. As an author he contributes to many real estate industry magazines and on-line industry news venues. How to reach Matthew: www.TheAgentTrainer.com www.Twitter.com/MattRathbun www.Facebook.com/mattrathbun matthew@realtor.com
  2. 2. Matthew Rathbun, Broker ABR, ABRM, ASR, CSP, e-PRO, GRI, GREEN, QSC, RECS, SRS, SRES Realtor® Technology 101 1 SWANEPOEL REPORTS “Failing to make a decision (to change) is simply not an option – the market will make one for you.” (Swanepoel Report) www.Realtor.org/Library www.Realtor.org/Research
  3. 3. HOW ABOUT THE FOLLOW • 45% of Leads will turn into a sale for someone • Only 10% will become a sale in 90 Days • 22-25% will convert to a sale in 180 days • The average on-line buyer needs to be incubated for six months to a year. • The older the Lead the less competition. Who is On-Line? • NAR Statistics (2008) On-Line Consumers – 34% are between 25-34 years of age – 65% are Married – 17% are Single Females – 8% are Single Males – Median income is $70,700 per year
  4. 4. WHAT DID THEY FIND IMPORTANT? 100 Consumer Interests 75 50 25 0 Homes 4 Sale Area Info Company Info Agent Info Steps of Handling E-mail • Get the Client’s Information • Make Disclosures • Send just enough information… • Call and Introduce yourself and Services • Arrange Meeting • Continue Communicating via Client’s Preference CAN SPAM Act (Controlling the Assault of Non-Solicited Pornography and Marketing Act) • Must have legitimate return e-mail address • Clear and Conspicuous notice of the recipients opportunity to “opt- out” • Clear and Conspicuous notice of Solicitation
  5. 5. NAR Opinion of CAN SPAM • E-mail is to be used for: – Responses to Inquires – Contact Clients and firms involved in a transaction – Remain in contact with former client – Promote Property Listings Virginia Required Internet Rules (18VAC135-20-190) • Agents name and licensed status must be disclosed on all solicitations or business related pages and e-mails. • Brokerage Name, address and phone number must appear on all webpages in the first viewable section. • Both must disclose all the locations in which they hold a license. Marketing Regs • Cannot show listings “For Sale” if they are under contract or sold. • NAR Rule – “REALTOR” cannot be used with any adjectives
  6. 6. • Text / SMS Google 411 • Google Reader • Google GMail • Google Calendar • Google Talk • Google Toolbar • Google Earth (SnagIT) • Google Analytics and Webmaster tools
  7. 7. Google.com/maps Google.com/alerts
  8. 8. Google.com/mail Google.com/docs www.Google.com/Picasa
  9. 9. 25 • Samsung NV24HD Pros • - 24mm wide in both photo and video mode. • - HD video, but the HD does crop the top and bottom. IE the non HD mode will record a wider image vertically. • Samsun Cons: • - Video length is only 25 minutes. (let
  11. 11. What is Social Media? Social media with other is people on people the talking internet! Officially, social media is “an umbrella term that defines the various activities that integrate technology, social interaction, and the construction of words, pictures, videos, and audio.” http://www.wikipedia.org “IN 2009, IF YOU’RE NOT ON A SOCIAL NETWORKING SITE, YOU’RE NOT ON THE INTERNET.” • IAB PLATFORM STATUS REPORT: USER GENERATED CONTENT, SOCIAL MEDIA, AND ADVERTISING - AN OVERVIEW, APRIL 2008
  12. 12. Marketing is… having a conversation IT’S A FUNDAMENTAL SHIFT IN THE WAY WE COMMUNICATE. Turning the Megaphone around…
  13. 13. Monologue Dialogue The Social Media Operating Demographics • 170% Growth in 35-45 year olds in past year • Average age of a user is 32 • Majority are College Graduates • Largest increase of users are those over 55 in the past year • 175 million active users • Average users have 120 friends • 18 million update daily • Over 3 Billion minutes spent on
  14. 14. 100,000,000 The number of YouTube videos viewed per day.
  15. 15. Photos – what not to do! Fax – Just say no!
  16. 16. www.goaruna.com www.WikiMLS.com
  17. 17. www.LowesRealtorBenefits.com Host Your Own Show! @mattrathbun Twitter for Real Estate book: www.MyTechOpinion.com
  18. 18. Electronic Signatures UETA = Uniform Electronic Signature Act (1999)
  20. 20. Online Buyer Guides • Search for Homes and Land for • EPA Mold Information and Sale Disclosures for Consumers • HomeBuying Guide • Consumer’s Guide to Radon • State and Federal Fair Housing • Green Remodeling Values and Guidelines Guidelines • What Does Virginia Require of • Walkability Score for a given an Agent? neighborhood • Caroline County Ordinances • School Information and and Regulations Evaluation • Regional Information • Free Credit Information • Required Property Disclosure • Consumer Explanation and Document Information Regarding • EPA Lead Based Paint Shortsales Disclosure (This is the one • Crime Statistics required by Federal Law) • Weather Information and • EPA Radon Consumer Patterns Information Online Buyer Guide II • Area Libraries • Workforce and Labor Statistics Central Rappahannock Regional Library system, primary facility in downtown Fredericksburg • Tract and Block Information (210,000 volumes) Caroline County Library : The main public library • Locally Issued Permits according to carries a total of 35,000 volumes in the system, head quartered in Bowling Green and serves HUD branches in Dawn, Ladysmith and Port Royal. • LOCAL TAXES - 2006 Tax Year Real Estate • Census Information Caroline County:Nominal Tax Rate/$100-$.53; Assessment Ratio-100% • Renting Versus Buying Calculator Town of Bowling Green:Nominal Tax Rate/$100- $.l7; Assessment Ratio-100% Town of Port Royal: No separate tax imposed • Local Marketing Information • Personal Property/Automobile and Trucks • Remodeling Cost versus Value Caroline County: Nominal Tax Rate/$100-$6.25; Assessment Ratio-40% • CLUE Insurance Reporting Town of Bowling Green: Nominal Tax Rate/$100- $1.20; Assessment Ratio-40% Information Town of Port Royal: No separate tax imposed • Sales and Use Tax • Your Local Planning Commission Caroline County: 1% • Caroline County’s Webpage • State of Virginia: 4% Zip codes by region • Caroline County Public Schools Bowling Green 22427, 633-5651 Corbin 22446, (540) 373-1513 • Caroline County Public Hanover 23069, (540) 537-5365 Transportation / FRED Schedule Ladysmith 22501, 448-3316 Milford 22514, 633-5413 • Hospitals Near Caroline Virginia Port Royal 22535, 742-5759 Rappahannock Academy 22538, 742-5604 Ruther Glen 22546, 448-3900 www.HomeFeedBack.com
  21. 21. www.Picnik.com FLIPVIDEO
  22. 22. Videos that Educate
  23. 23. www.TheAgentTrainer.com matthew@realtor.com Facebook.com/mattrathbun Twitter.com/mattrathbun
  24. 24. Matthew Rathbun’s List of Cool and Free REALTOR® On-Line Tools www.TheAgentTrainer.com Online Marketing Tools for Listings Free Property Video Creator http://www.propertypreviews.com Multiple Free Webpage Listing Submission http://www.postlets.com http://www.VFlyers.com http://www.threewide.com Free Single Listing Pages http://www.RealBird.com Free Virtual Tours Online http://www.propertypreviews.com http://www.homezonemedia.com Electronic Newsletter http://www.myemma.com http://www.verticalresponse.com Free National Home Finding Systems http://www.Truilia.com http://www.Zillow.com Client Management Services Free Contact Real Estate Contact Management Software http://www.realfuturecrm.com/public/ Graphic and Photos Tools Free Photo Management / Alterations http://www.picnik.com http://picasa.google.com/ http://www.Flickr.com http://www.photobucket.com Free Opensource Image Software (like Photoshop) http://www.gimp.org/ Photo Tools and Resources http://www.Flickr.com http://www.CreativeCommons.org http://www.greedigitalphotos.net http://www.frephoto1.com http://www.freephotosbank.com Free Presentation Sharing Copyright © Matthew Rathbun 2008
  25. 25. Matthew Rathbun’s List of Cool and Free REALTOR® On-Line Tools www.TheAgentTrainer.com http://www.slideshare.net Satellite Photos http://earth.google.com http://www.google.com/maps Research and Reference REALTOR® ProQuest http://www.realtor.org/library Address and Telephone Number: http://www.anywho.com/ Virginia Real Estate Board http://www.state.va.us/dpor/dpormain.htm CLUE – Choice Trust (Home Owner Insurance Reports) http://www.choicetrust.com CIA Worldfact Books www.cia.gov/cia/publications/factbook/index.html Real Estate Market Information http://www.restats.com http://altosresearch.com/ Remodeling Value Report http://www.costvsvalue.com/southatlantic.html REO Transaction and Foreclosures https://www.reotrans.com/index.cfm Square Feet Conversion http://www.prudentialcalbestrealty.com/convert_from.htm Fredericksburg Area Demographic Information http://www.fra-yes.org/ Market Research http://www.realtor.org/research http://www.housingmarketfacts.com/ Time Zone Converter http://www.timeanddate.com/worldclock/meeting.html Copyright © Matthew Rathbun 2008
  26. 26. Matthew Rathbun’s List of Cool and Free REALTOR® On-Line Tools www.TheAgentTrainer.com WikiMLS of Northern Virginia http://www.FranklyMLS.com Calculate What Their Rent Will Buy http://www.mortgage-calc.com/index.html Census Bureau www.census.gov City/State/HUD Websites Permits http://Socds.huduser.org/permits/index.html Find Tract and Block information: http://factfinder.census.gov/servlet/AGSGeoAddressServlet?_lang=en&_program Year=50&_treeId=420 Census Data Sets http://factfinder.census.gov/servlet/GCTGeoSearchByListServlet?ds_name=DEC _2000_SF1_U&_lang=en&_ts=194893762461 Use American Fact Finder to find demographic information http://factfinder.census.gov/home/saff/main.html?_lang=en Bureau of Labor and Statistics http://www.bls.gov/oes/current/oessrcma.htm City Sites http://www.citysearch.com/ Weather Sites www.nws.noaa.gov www.bestplaces.net/climate/ Crime statistics www.fbi.gov www.fedstats.gov www.bestplaces.net/crime/ Legal opinions www.frascona.com/resource/jag1203payoff.htm Foreclosures www.foreclosure.com/shortsales.html Copyright © Matthew Rathbun 2008
  27. 27. Matthew Rathbun’s List of Cool and Free REALTOR® On-Line Tools www.TheAgentTrainer.com NAR Short Sale Guide www.realtor.org/libweb.nsf/pages/fg335 Short Sale Sites www.short-sale.info www.shortsalehelp.com www.shortsales101.com Free Demographics http://www.freedemographics.com/ Date Calculator: http://www.timeanddate.com/date/dateadd.html Credit Score and Information http://www.myfico.com http://www.AnnualCreditReport.com National Do Not Call https://telemarketing.donotcall.gov/ Bandwidth Test http://bandwidthplace.com/speedtest/ Google Maps http://www.google.com/maps School Report Cards http://www.GreatSchools.net EPA Model Guide http://www.epa.gov/mold/moldresources.html EPA Radon Guide http://www.p2pays.org/ref/17/radon/pubs/hmbyguid.html EPA Lead Based Paint Booklet http://www.epa.gov/lead/pubs/leadpdfe.pdf Virginia Property Disclosure http://www.dpor.virginia.gov/dporweb/reb_consumer.cfm Copyright © Matthew Rathbun 2008
  28. 28. Matthew Rathbun’s List of Cool and Free REALTOR® On-Line Tools www.TheAgentTrainer.com GREEN Tools Walkability of a House Location http://www.WalkScore.com Environmental Protection Agency http://www.epa.gov/ Smart Growth Resources http://www.smartgrowth.org Green Real Estate Remodeling Guidelines http://www.regreenprogram.org/documents/regreen_guidelines.pdf Green Building Revolution (Video) http://www.youtube.com/watch?v=1X8EgthqsQ0 LEEDS for Homes Guidelines http://www.usgbc.org/ShowFile.aspx?DocumentID=3638 LEEDS FAQ for Green Homebuyers http://www.usgbc.org/ShowFile.aspx?DocumentID=3658 RE Green Program http://www.regreenprogram.org NAR GREEN Council http://www.greenresourcecouncil.org/ Green Appraiser classes http://appraisalinstitute.org/education/seminar_descrb/Default.aspx?sem_nbr=OL -800&key_type=SO Appraisal Institute podcast on valuating green homes: http://www.appraisalinstitute.org/profession/podcast.aspx The Appraisal Journal Article on ICF construction valuation: http://www.icfi.com/Markets/Community_Development/doc_files/apj1098.pdf The Appraisal Journal Article on general green information and ICF: http://www.icfi.com/Markets/Community_Development/doc_files/apj1099.pdf HUD FHA Energy Efficient Mortgage http://www.hud.gov/offices/hsg/sfh/eem/energy-r.cfm Ecological Footprint Calculator http://www.footprintnetwork.org/en/index.php/GFN/page/calculators/ Copyright © Matthew Rathbun 2008
  29. 29. Matthew Rathbun’s List of Cool and Free REALTOR® On-Line Tools www.TheAgentTrainer.com REALTOR® Tools NRDS Number Locator www.NRDS.InternetCrusade.com Fredericksburg Area Association of REALTORS® http://www.FAARMemebers.com Virginia Association of REALTORS® www.VAREALTOR.com REALTOR® Resources www.REALTOR.org Webpage Tools Website Focus Group Info http://www.clickdensity.com Free Webpage Analytics http://www.google.com/analytics http://www.visistat.com Create Maps to Put on Your Site http://www.zeemaps.com Free Flash Website Creator http://www.wix.com/ Meta Tag Designer www.submitshop.com/metatags/metatags.html Compare Google Search Terms http://google.com/insights Widget for webpage that allows communication with Instant Messaging http://www.hab.la/ Google Search Engine Optimization Guidelines www.google.com/webmasters/docs/search-engine-optimization-starter-guide.pdf Google WebMaster tools https://www.google.com/webmasters/tools Open Directory Project SEO Tool http://www.dmoz.org/ Copyright © Matthew Rathbun 2008
  30. 30. Matthew Rathbun’s List of Cool and Free REALTOR® On-Line Tools www.TheAgentTrainer.com Blogging Starter Kit (not an exhaustive list – just a few starters) Recommended Reading http://www.AgentGenius.com http://www.Inman.com http://www.RealCentralVA.com http://www.RealEstateZebra.com http://www.ActiveRain.com http://www.PhoenixRealEstateGuy.com http://www.FutureOfRealEstateMarketing.com http://www.GeekEstateBlog.com http://www.1000wattblog.com http://www.sethgodin.typepad.com (Virginians) http://www.VARBuzz.com http://www.FAARForum.com Tools http://www.MyBlogLog.com (Reader Account) http://www.Google.com/reader (Reader Webpage http://www.RealEstateTomato.com (Real Estate Blog Training / Systems) http://www.RSSPieces.com (Real Estate Blog Training / Systems) Desktop Blog Publishing Ecto http://www.infinite-sushi.com BlogJet http://www.codingrobots.com Free Tools for Building a Blog FTP Navigator http://www.Softwarea.com Wordpress http://www.Wordpress.org Free Hosting (no ads) http://www.FreeHostia.com Free or Inexpensive Blog Systems http://www.Wordpress.com http://www.Typepad.com http://www.Blogger.com http://www.Activerain.com/outsideblogs Video Tools Free webcam / streaming Video software http://www.yawcam.com Copyright © Matthew Rathbun 2008
  31. 31. Matthew Rathbun’s List of Cool and Free REALTOR® On-Line Tools www.TheAgentTrainer.com Free Video, Chat and VOIP Services http://www.Skype.com http://www.TokBox.com On-Line Videos www.YouTube.com www.tubemogul.com YouTube download tool (not free) http://www.Naevius.com Video Distribution http://www.vimeo.com http://www.wellcomemat.com http://www.mlbroadcast.com http://www.turnhere.com Free iPOD Conversion and Hosting http://www.Podbean.com http://www.SourceForge.com/audicity Free Video Capture Tool http://www.Screen-o-matic.com Free Video for e-Mail Systems http://www.eyejott.com Broker Price Opinion Service Broker Price Opinions https://www.emortgagelogic.com/index.html Online Meeting Tools Free Online Meeting Software http://www.yugma.com Free Conference Call http://www.freeconferencecall.com Meeting Scheduling http://www.MeetingWizard.com Group Meeting Scheduling Tool http://www.timebridge.com Copyright © Matthew Rathbun 2008
  32. 32. Matthew Rathbun’s List of Cool and Free REALTOR® On-Line Tools www.TheAgentTrainer.com Communication Tools Instant Communication Tools http://www.meebo.com/ http://www.Skype.com http://www.Digsby.com E-Mail Business Card http://www.emailideas.com/ SMS Messaging Service http://smseverywhere.com/send.htm Free Voice to E-mail systems http://www.Jott.com http://www.remeberthemilk.com E-mail Business card Program http://www.emailideas.com/ Send a message that automatically deletes after receipt https://privnote.com/ Fax to Email System www.MaxEmail.com www.efax.com Instant Messanger and Free Video Conferencing Tool http://www.TokBok.com Document Management On-Line Document Management http://www.DocStoc.com Online Document Storage http://www.Carbonite.com http://www.documentree.com http://www.box.net http://mozy.com/ Send Large Files (All files under 100mb) http://goaruna.com/ Print anything to PDF, without Adobe (Free) http://www.cutepdf.com/ www.Primopdf.com Copyright © Matthew Rathbun 2008
  33. 33. Matthew Rathbun’s List of Cool and Free REALTOR® On-Line Tools www.TheAgentTrainer.com Collaborative Services Project Management www.actionthis.com www.basecamphq.com Open User Contribution Sources http://www.pbwiki.com http://www.writeboard.com http://www.wetpaint.com Collaborative Team Services http://www.Airset.com http://www.Ning.com http://www.basecamphq.com http://www.goplan.info Open Source Office Applications www.OpenOffice.org http://www.google.com/apps http://www.campfirenow.com/ http://www.thinkfree.com http://www.zoho.com Social Media Picture/Voice to Web Post System http://www.utterz.com Social Media Bookmarking http://www.del.icio.us.com http://www.sharethis.com http://www.friendfeed.com http://www.MyBlogLog.com http://www.retagger.com Micro-Blogging http://www.Twitter.com Social Media http://www.Facebook.com http://www.MySpace.com http://www.Twitter.com http://www.Pownce.com On-Line Networking and Resume Sites Copyright © Matthew Rathbun 2008
  34. 34. Matthew Rathbun’s List of Cool and Free REALTOR® On-Line Tools www.TheAgentTrainer.com http://www.Plaxo.com http://www.linkedin.com Widgets Twitter Follow Widgets http://twitbuttons.com/ Area Schools Widget http://www.education.com/schoolfinder/tools/localschools-widget/ Misc. Tools e-Signatures http://www.docusign.com http://www.echosign.com Zipforms www.ZipForms.com Survey: http://www.zoomerang.com http://www.wufoo.com http://www.surveymonkey.com http://www.polldaddy.com Google Help: www.Google.pack.com Free USB Office Tools http://www.xtort.net/office-and-productivity/floppy-office/ As Needed Graphic Designers www.Imprev.com Hotspot Directory www.wifinder.com/ What Does Your Phone Number Spell www.phonespell.org Internet Training www.learnthenet.com/ Tech Equipment Advice Copyright © Matthew Rathbun 2008
  35. 35. Matthew Rathbun’s List of Cool and Free REALTOR® On-Line Tools www.TheAgentTrainer.com http://www.epinions.com Music Stations http://www.pandora.com Free HTML Editor http://www.pspad.com/en/ All around useful Open Source tools http://www.SourceForge.net 20 Free eBooks on Social Media http://www.chrisbrogan.com/20-free-ebooks-about-social-media/ Radio Shows (listen and record favorite radio shows) http://www.chilirec.com/ Neighborhood Tours http://www.maps.google.com http://www.everyscape.com Real Estate News Real Estate Industry News http://www.Inman.com http://www.RealtyTimes.com http://www.RisMedia.com http://www.BrokerAgentNews.com Copyright © Matthew Rathbun 2008
  36. 36. So how many times a day do you think discrimination occurs?  55  10  90  140  5  200  75 Civil Rights History  Title VIII of the Civil Rights Act of 1968 – race, color, religion, national origin (April is Fair Housing month)  Amended in 1974 to add sex  Amended again in 1988 to add disability and familial status  Virginia’s fair housing law passed in 1972
  37. 37. Title VIII Civil Rights - 1866 “All citizens of the United States shall have the same right to every state and territory as is enjoyed by white citizens therefo to inherit, purchase, lease, sell, hold and convey real and personal property” First question Why is April fair housing month? “I have a Dream” – Dr. Martin Luther King
  38. 38. Progression Morally Economically Subjective - Legally Based – God Based - Opinion Based - Law given Rights Merit Declaration of Independence We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are Life, Liberty, and the pursuit of Happiness. Discriminate: Distinguish or differentiate vs. Discrimination: Treat differently on the basis of something other than merit.
  39. 39. What’s merit or what matters? Employm Credit Rental Criminal ent Score History History History CNN Poll December 2006 86% • African-Americans feel that racism is still a significant problem 66% • Caucasians feel that racism is still a significant problem So what explains why discrimination, particularly below the surface remains so pervasive?
  40. 40. Some observations  Laws can moderate behavior but are less effective at changing attitudes  Homeostasis – tendency to associate with those most like us  Failure to confront our biases Protected classes Race Disability Familial National Origin Elderliness Color Sex Religion The Fair Housing Law applies to: Residential Housing Mult-Family Duplexes Nursing Units Homes Condos Building lots Trailer Parks Dormitories Homeless Shelters
  41. 41. And covers:  SALES  MLS, APPRAISAL,  APPLYING FOR MORTGAGE  APPLYING FOR INSURANCE  RENTALS - 70%  ADVERTISING Second Segment  Exemptions and statements Exemptions How many homes does a real estate agent have to own before the FHL applies to them?
  42. 42. Statements Matthews case HUD v. Arias Third Segment NATIONAL AND LOCAL CASES
  43. 43. Since 1968 millions of dollars have been awarded. Times Dispatch - 10/16/98 $480,000 April of 2000 H.O.M.E. vs. Nationwide Insurance Company $17,500,000
  44. 44. Other related developments. January 2005 – Manassas and its family rule controversy. March 2006 - Karl Harris a freshman at JMU. Percent of claims by protected class NFHA HUD FHAP DOJ ALL Race 22 41 36 23 Disability 29 49 38 49 Familial Status 16 12 16 15 National 11 9 15 10 Origin Sex 4 10 11 10 Religion 1 2 3 8 Color 1 1 2 0 Other 17 4 5 0 TESTING, NFHA’S REPORT AND STEERING
  45. 45. Fourth Segment DEMOGRAPHIC CHANGES Demographics  Aging population – 75+ million baby boomers (1946-1964)  First turned 55 in 2001  13% live longer than 85 (36 million people with that figure doubling)  262 centenarians per 1,000,000 Other Demographics  Hispanics are the largest minority  Eight percent of Virginians are foreign born  Fifty percent born in another state  Ten percent living alone  No majority by 2050; none now in eleven western states
  46. 46. If we could shrink the earth’s population to a village of 100, the ratios would like this...  57 Asians  21 Europeans  8 African  14 Western Hemisphere, North and South America  70 would be non-white  70 would be non-Christian  70 would be illiterate  50 would be malnourished  80 would live in substandard housing  1 would have a university education  50% of the world’s wealth would be in the hands of 6 people  all 6 would be US citizens Protected classes Race Disability Familial National Origin Elderliness Color Sex Religion
  47. 47. Sexual orientation Federal and State Unprotected Classes Source Marital Age of Students status income Race Okeema Dark Story Linguistic Profiling Being sued even though you never met the person  Studies indicate you can identify someone by talking to them  Three tips – return every call  Even if someone appears obviously unqualified invite them to visit  Do self testing
  48. 48. Ad Council Video Familial status issues Occupancy standards Keating memorandum Location restrictions No children policies Disability definition X Any physical or mental impairment that substantially limits one or more major life activities X Having a record of such an impairment X Being regarded as having such an impairment
  49. 49. Disability includes: X Mobility Impairments X Hearing Impairments X Visual Impairments X Mental and Physical Conditions X Developmental Conditions X AIDS or HIV X Alcoholism X Recovering Drug Addicts 55 to 60 million people have a legally protected disability Statistical information 15-24 years - only 5% are impaired 45-54 - 1 in 4 are impaired 70-75 - 70% are impaired 75+ 3 out of 4 are impaired
  50. 50. Reasonable accommodations It’s unlawful to refuse to make a reasonable accommodation in the rules, policies, practices or services, when such accommodation may be necessary to afford a handicapped person equal opportunity to use and enjoyment his/her dwelling. Reasonable modifications It’s unlawful to refuse to permit, at the expense of the handicapped person, reasonable modifications of the existing premises if such modifications may be necessary to afford the handicapped person full Reasonable modifications- some examples Installing exercise equipment Installing ramps or grab bars Lowering cabinets Widening doors Installing alarms
  51. 51. Modifications  Tenant pays unless federal funding  As escrow it’s negotiable and based on several factors  Will modification interfere with next tenant’s use and enjoyment  Extent of modification  Duration of lease  Tenancy and credit history Verification Process  1) Tenant must ask for  1) Landlord may ask for the accommodation verification; obvious modification. versus not obvious.  2) Tenant must provide  2) Verification is not a verification. complete medical history; and it may  3) Tenant provides come from one of verification. several sources.  3) Landlord must timely respond.  4) Undue financial burden or fundamental alteration. Design and Construction Requirements  March 13, 1991 – multi family (4 or more)  Covered units must be on an accessible route  Public and common areas must be accessible  Doorways must be wide enough for wheelchairs  Accessible routes into and through the unit  Light switches, electrical outlets, thermostats must be a certain heights  Reinforced bathroom walls  Kitchens and bathrooms must be usable
  52. 52. Fair Housing Law vs. ADA  FHL - applies only  ADA applies to to residential employment, properties transportation,  And to any public common areas accommodations within those and services and properties telecommunicatio ns and to common housing areas The Advocate - September 2002 Sixth Segment Advertising and Record Keeping
  53. 53. Affirmative Advertising/Marketing 4Brochures, ads and models should reflect the relevant demographics 4 Should be advertised in media with broad appeal Advertising/Marketing 4Describe property features and not tenant features. 4It’s okay to use master bedroom and other common phrases. (Achtenberg memo) 4You may also refer to places of worship (36-96.3.3)
  54. 54. Marketer’s Response Mr. Lefkowitz replied to my request for clarification with the following. (I am paraphrasing here) “We didn’t intend to hurt anybody. We are just trying to give the neighbors a chance to bring in their kind of people. The kind of people they want as neighbors.” He went on to say, “We had a Realtor who was holding open houses and advertising this very widely and they weren’t bringing in the kind of people we wanted.” He said, “It was a poor choice of words and we are going to send out a new postcard next week with different words.” Contribute: www.AgentGenius.com Poster FH poster available in English or Spanish  Prominently display in office or model  This is a “shall” requirement regulation 2.5.E.
  55. 55. Record Keeping  Particularly for property management but still very applicable to sales You should: Establish a written policy Provide the policy to agents/staff and require them to follow it Notify residents about the policy You should also: Investigate and take prompt action on complaints Keep excellent records Discipline offenders
  56. 56. Predatory Lending Discriminate: Distinguish or differentiate vs. Discrimination: Treat differently on the basis of something other than merit. What’s merit or what matters? Employment history Rental history Credit history Criminal history
  57. 57. Ponder what the pastor said on CNN clip  Willing to confront our biases  Willing to build cultural bridges  Willing to take relational risks by being proactive and intentional So how many times a day do you think discrimination occurs?  55  10  90 140 Times a Day  140  5  200  75
  58. 58. The Cold Within Six humans trapped by happenstance In black and bitter cold Each on possessed a stick of wood, Or so the story’s told. Their dying fire in need of logs, The first woman held hers back For on the faces ‘round the fire She noticed one was black The next man looking ‘cross the way Saw one not of his church, And couldn’t bring himself to give The fire his stick of wood. The third one sat in tattered clothes He gave his coat a hitch Why should his log be put to use To warm the idle rich? The rich man just sat back and thought Of the wealth he had in store, And how to keep what he had earned From the lazy, shiftless poor The black man’s face bespoke revenge As the fire passed from his sight. For all he saw in his stick of wood Was a chance to spite the white.
  59. 59. And the last man of this forlorn group Did naught except for gain. Giving only to those who gave Was how he played the game. The logs held tight in death’s still hands Was proof of human sin. They didn’t die from the cold without, They died form the cold within. Author unknown Concluding Quote: Treating people with dignity doesn’t require agreement or approval… …but it does require character Contact information Matthew Rathbun, Director of Education ABR, ABRM, ASR, e-PRO, Green, GRI, QSC, RECS, SRES www.TheAgentTrainer.com Matthew@REALTOR.com
  60. 60. NAVIGATING THE SHORT SALE BROKERAGE Matthew Rathbun, Licensed Broker ABR, ABRM, ASR, AHWD, CSP, e-PRO, GRI, GREEN, QSC, SRES HOW WILL WE SPEND OUR TIME? Time Frame Benefits to Defining Agent Contractual Commission of the Parties Short Sales Techniques Issues Issues Transaction DEFINITIONS  A short sale is when there is not enough equity in the house to cover the mortgage that is due.  Foreclosure is the legal process whereby a lender (bank or secured creditor) terminates the owner’s right to a property that was pledged as security for a debt.  Real estate owned is frequently used by its acronym REO. A term used for property acquired through lender foreclosure which is currently held in inventory.
  61. 61. TRENDS VIRGINIA TRENDS TREND DATA  Where can you go to gather trend facts:  Virginia Association of Realtors  MRIS  Realtytrac (Free period, then membership)  Be careful of paying for data that is already available through your membership.  Research on your own, there is a lot of information on news sites as well as research driven governmental agencies. Let you fingers do the walking on the internet
  62. 62. WWW.995HOPE.ORG SHORT SALE PARTICIPANTS (MAYBE) Borrower Auction Pre- Company Foreclosure Department Loss Negotiator Mitigation Officer Trustee SELLER BENEFITS – SHORT SALE  Embarrassment of Foreclosure  They can stay in property till Sold  Credit Protection  2-5months behind = 30-60 deduction  Foreclosure= 200+ Deduction  Fannie Mae Guidelines  Cannot get a mortgage for 5 year post Short Sale  Cannot get a mortgage for 5-7 years post Foreclosure  It’s the “RIGHT” thing to do
  63. 63. LENDER BENEFITS – SHORT SALE  Cost of Filing and Foreclosing  Notice of Default = $1500  Notice of Trustee Sale = $1800  Cash for Keys Closing = $1500  REO / Agent Commissions = (4-5% on Average)  Property Maintenance Costs  Utilities  Potential for Marketing Continuing to Decline  Reduce Bad Debt on the Books  Most lenders may keep no more than 3% of leveraged properties as inventory  2003-2004 Study shows $55,000 avg to REO property BUYER BENEFIT – SHORT SALE  Potential for Purchase Price under market value?  Other thoughts…. STATUTORY CONFIDENTIALITY  54.1-2131 A  3. Maintain confidentiality of all personal and financial information received from the client during the brokerage relationship and any other information that the client requests during the brokerage relationship be maintained confidential, unless otherwise provided by law or the seller consents in writing to the release of such information;
  64. 64. SHORT SALE LISTING – THE INVESTIGATION  Ask Difficult Questions  Are you behind? (Should be asked of EVERY client)  Have you called your Lender  May I disclose the pursuance of the short sale?  Can I obtain your pay-off information  Commissions  Routine Payment / Payoff Investigation  Contingent Listing Agreement SHORT SALE – THE INVESTIGATION  Get Lender’s Short Sale Packet  Does the Seller meet the Criteria for a Short- Sale  Have all Options been explored  Have they called / visited 995Hope.org?  Have they spoken to an “investor”?  Have they signed any documents for “assistance” from anyone other than lender? HIGHLY LIKELY VERSUS NOT LIKELY  Actual hardship exists and can be demonstrated  No more than two loans, with the second getting at least 20% of leveraged amount  Property  Marketable Price  Marketable Condition  Marketable Location
  65. 65. HIGHLY LIKELY VERSUS NOT LIKELY  Same Lenders for both trusts  Seller can and is motivated to, provide all requested documents  Sufficient time before foreclosure to market and sell property (preferably 90 days)  No Bankruptcy (current in or intending to be)  No recent refinance / cash outs  No other liens  Tax,Child Support, Court ordered, medical, credit cards OPTIONS FOR SELLERS Deed in Lieu of Foreclosure Loan Modifications Workout Agreement Repayment Plan Forbearance TASKS FOR AGENTS TO TRACK  Order Title Work – EARLY  Follow up with Seller:  Hardship Letter 2 months reoccurring bills  Proof of Assets and Income  Obtain Draft HUD / Settlement Sheet  Update CMA – Monthly  Monthly Phone Call to Lender(s) *maybe more*  DOCUMENT, DOCUMENT, DOCUMENT
  66. 66. HUD / SETTLEMENT SHEET  This is a Final Seller Side, not Draft  Should be done by Attorney  Things to have for Attorney Arrears Sales Price Taxes (back taxes) Pre-Payment Penalties Commissions and Admin Forbearance Payments Fees Etc…. Liens / Debts Legal Description
  67. 67. TAX RELIEF ACT OF 2007  You’re not a CPA, and neither am I  Signed December 20, 2007  Excludes income made from real property sale  Applies on to primary residence  Forgives qualified debt for 2007, 2008 and 2009  Only applies to properties under 2 million (1 million is married filing separately) OFFER TO PURCHASE AGREEMENTS  You CANNOT negotiate commission in terms of the offer to purchase  Buyer Agency Agreement?  Buyer required to pay commission?  Home Inspections  AS-IS  Third Party Approvals  When are you really ratified?
  68. 68. FORCE DISCLOSURE IN THE OFFER TO PURCHASE Recommendation to Paragraph 34: “As a condition of ratification, the seller obligates themselves to disclose to the purchaser if they are pursing a shortsale, or if they decide during the time period from ratification to closing, to pursue a shortsale. Notice of the Seller to the Purchaser shall be in a timely manner, and the Purchaser will have 3 days to decide to void the contract based on the Recommendation ONLY: Consult your Broker and legal counsel… BUYER CONSIDERATION  Lender on Board?  When to Lock-in?  Due Diligence for Buyer’s Agent  Interviewing the Listing Agent  When to walk away  BPO versus Appraisal  Distressed Market Areas (95% LTV)  WikiMLS.com BROKERAGE POLICY CONSIDERATIONS  1. Only properly trained agents may take listings that they know to be Shortsale. Setup a written policy on who may take them and what the steps are.  2. All Shortsale listing agreements must be subject to broker’s final approval before marketing.  3. All Shortsale listings must state that agent has four days of discovery before proceeding to market and are contingent.
  69. 69. BROKERAGE POLICY CONSIDERATIONS  4. Seller must (in writing) give permission to disclose the pursuit of a short sale in MLS marketing. This is a waiving of their otherwise protected confidentiality.  5. Buyer Agents making offers on Shortsale listings (if known) should have company “disclosure” warning buyer of potential issues with the pursuit of a Shortsale listing. BROKERAGE POLICY CONSIDERATIONS  Broker should have specific training on how Listing and Buyer agents should handle negotiations with the Lender. They are not parties to the listing agreement.  Company policy should address how agents can handle commission disputes with other companies. (i.e. Only Brokers can negotiation or alter commission agreements) QUESTIONS? Fredericksburg Area Association of REALTORS® Real Estate Career Academy www.TheAgentTrainer.com Matthew@REALTOR.com
  70. 70. Matthew Rathbun www.TheAgenttrainer.com Innovative Listing Agent To b e A c c e p t a b l e y o u h a v e t o E x c e p t i o n a l THE WHY OF TECHNOLOGY 1% 1% 38% 2% 5% 6% Internet (38%) Realtor (33%) Yard Sign (14%) Home Builder (6%) Friend/Relative (5%) 14% Knew Seller (2%) Flyer/House Book (1%) 33% Print Media (.87%) Source: 2008 NAR Profile of Buyer and Sellers
  71. 71. Swanepoel: “87% of Brokers feel that servicing smarter and more informed consumers I their largest concern” Marc Davison, 1000 Watt Consulting: “How long can a trillion dollar industry sustain disregard for the iPOD, MySpace, Facebook, YouTube, Starbucks, text messaging and brand conscious consumers?” http://seemylistings.com/
  72. 72. L i s t i n g B l o g
  73. 73. What does the potential Buyer see? What does the Buyer need to see? 13 14
  74. 74. Rule of 21 CREATING HOME CDS WITH POWERPOINT  Things to add to a Home CD All the Home Pictures Visual Tour Surveys HOA Docs Special Addendum's Tax Plats YOUR contact information Any other related documents…
  75. 75. 24 Hour Open House
  76. 76. Rethinking Property Descriptions in Real Estate 2.0 Actual Listing: Be Micro-Market Specific Engage the Reader Use ALL the Space Make Google Happy Paint a Picture Know your local buyers!