lexington handout102009

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 [email protected]

Realtor® Technology 101

Matthew Rathbun, Broker

1

ABR, ABRM, ASR, CSP, e-PRO, GRI, GREEN, QSC, RECS, SRS, SRES

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

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.

• 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

Who is On-Line?

WHAT DID THEY FIND IMPORTANT?

0

25

50

75

100

Homes 4 Sale Area Info Company Info Agent Info

Cons

umer

Inte

rest

s

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

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

• Text / SMS Google 411• Google Reader• Google GMail• Google Calendar• Google Talk• Google Toolbar• Google Earth (SnagIT)• Google Analytics and Webmaster

tools

Google.com/maps

Google.com/alerts

Google.com/mail

Google.com/docs

www.Google.com/Picasa

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

THE BRAVE NEW WORLDWEB 2.0

What is Social Media?

Social media is

people talking

with other people on

the 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

Marketing is… having a conversation

IT’S A FUNDAMENTAL SHIFT IN THE WAY WE COMMUNICATE.

Turning the Megaphone around…

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

100,000,000The number of YouTube videos viewed per day.

Photos – what not to do!

Fax – Just say no!

www.goaruna.com

www.WikiMLS.com

www.LowesRealtorBenefits.com

Host Your Own Show!

@mattrathbun

Twitter for Real Estate book: www.MyTechOpinion.com

Electronic Signatures

UETA = Uniform Electronic Signature Act (1999)

GOOGLE BLOG READER

Online Buyer Guides• Search for Homes and Land for

Sale • HomeBuying Guide • State and Federal Fair Housing

Guidelines • What Does Virginia Require of

an Agent? • Caroline County Ordinances

and Regulations • Regional Information • Required Property Disclosure

Document • EPA Lead Based Paint

Disclosure (This is the one required by Federal Law)

• EPA Radon Consumer Information

• EPA Mold Information and Disclosures for Consumers

• Consumer’s Guide to Radon • Green Remodeling Values and

Guidelines • Walkability Score for a given

neighborhood • School Information and

Evaluation • Free Credit Information • Consumer Explanation and

Information Regarding Shortsales

• Crime Statistics • Weather Information and

Patterns

Online Buyer Guide II• Workforce and Labor Statistics • Tract and Block Information • Locally Issued Permits according to

HUD • Census Information • Renting Versus Buying Calculator • Local Marketing Information • Remodeling Cost versus Value • CLUE Insurance Reporting

Information • Your Local Planning Commission • Caroline County’s Webpage • Caroline County Public Schools • Caroline County Public

Transportation / FRED Schedule • Hospitals Near Caroline Virginia

• Area Libraries Central Rappahannock Regional Library system, primary facility in downtown Fredericksburg (210,000 volumes) Caroline County Library : The main public library carries a total of 35,000 volumes in the system, head quartered in Bowling Green and serves branches in Dawn, Ladysmith and Port Royal.

• LOCAL TAXES - 2006 Tax Year Real Estate Caroline County:Nominal Tax Rate/$100-$.53; Assessment Ratio-100% Town of Bowling Green:Nominal Tax Rate/$100-$.l7; Assessment Ratio-100% Town of Port Royal: No separate tax imposed

• Personal Property/Automobile and Trucks Caroline County: Nominal Tax Rate/$100-$6.25; Assessment Ratio-40% Town of Bowling Green: Nominal Tax Rate/$100-$1.20; Assessment Ratio-40% Town of Port Royal: No separate tax imposed

• Sales and Use Tax Caroline County: 1% State of Virginia: 4%

• Zip codes by region Bowling Green 22427, 633-5651 Corbin 22446, (540) 373-1513 Hanover 23069, (540) 537-5365 Ladysmith 22501, 448-3316 Milford 22514, 633-5413 Port Royal 22535, 742-5759 Rappahannock Academy 22538, 742-5604 Ruther Glen 22546, 448-3900

www.HomeFeedBack.com

www.Picnik.com

FLIPVIDEO

Videos that Educate

Facebook.com/mattrathbun

Twitter.com/mattrathbun

[email protected]

www.TheAgentTrainer.com

Matthew Rathbun’s List of Cool and Free REALTOR® On-Line Tools www.TheAgentTrainer.com

Copyright © Matthew Rathbun 2008

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



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



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&_programYear=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



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



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/



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/



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



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



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



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



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



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

55 10 90 140 5 200 75

So how many times a day do you think discrimination occurs?

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

Civil Rights History

“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”

Title VIII Civil Rights - 1866

First question

Why is April fair housing month?

“I have a Dream” – Dr. Martin Luther King

Progression

Morally Based – God given Rights

Economically Based - Merit

Subjective - Opinion Legally

Based - Law

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.

Declaration of Independence

Discriminate: Distinguish or differentiate

vs.

Discrimination:Treat differently on the basis of

something other than merit.

What’s merit or what matters?

Employment

HistoryCredit Score

Rental History

Criminal History

CNN Poll December 200686%• African-Americans feel that racism is still a significant problem66%• Caucasians feel that racism is still a significant problem

So what explains why discrimination, particularly below the surface remains

so pervasive?

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

Some observations

Protected classes

Race Disability Familial

ColorElderlinessNational Origin

Sex Religion

The Fair Housing Law applies to:

Residential Housing

Mult-Family Units

Condos Building lots

Duplexes

Trailer Parks Dormitories Homeless Shelters

Nursing Homes

SALESMLS, APPRAISAL, APPLYING FOR MORTGAGEAPPLYING FOR INSURANCE

RENTALS - 70% ADVERTISING

And covers:

Exemptions and statements

Second Segment

How many homes does a real estate agent have to own before the FHL applies to them?

Exemptions

Matthews case

HUD v. Arias

Statements

NATIONAL AND LOCAL CASES

Third Segment

Since 1968 millions of dollars have been awarded.

Times Dispatch - 10/16/98

$480,000

H.O.M.E. vs. Nationwide Insurance Company

April of 2000

$17,500,000

Other related developments.January 2005 – Manassas and its family rule controversy.

March 2006 - Karl Harris a freshman

at JMU.

Percent of claims by protected classNFHA HUD FHAP DOJ ALL

RaceDisabilityFamilial Status

National OriginSex

Religion

Color

Other

22 41 36 2329 49 38 49

16 12 16 15

11 9 15 10

4 10 11 10

1 2 3 8

1 1 2 0

17 4 5 0

TESTING, NFHA’S REPORT AND STEERING

DEMOGRAPHIC CHANGES

Fourth Segment

Aging population – 75+ million baby boomers (1946-1964)

First turned 55 in 200113% live longer than 85 (36

million people with that figure doubling)

262 centenarians per 1,000,000

Demographics

Hispanics are the largest minorityEight percent of Virginians are

foreign bornFifty percent born in another

stateTen percent living aloneNo majority by 2050; none now in

eleven western states

Other Demographics

57 Asians 21 Europeans 8 African 14 Western

Hemisphere, North and South America

If we could shrink the earth’s population to a village of 100, the ratios would like this...

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

ColorElderlinessNational Origin

Sex Religion

Federal and State Unprotected ClassesSexual orientation

Age Marital status

Source of

incomeStudents

RaceOkeema Dark Story

Being sued even though you never met the person Studies indicate you can identify

someone by talking to themThree tips – return every callEven if someone appears obviously

unqualified invite them to visitDo self testing

Linguistic Profiling

Ad Council Video

Familial status issues

No children policies

Location restrictions

Occupancy standardsKeating memorandum

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

Disability definition

Disability includes:X Mobility Impairments X Hearing ImpairmentsX Visual ImpairmentsX Mental and Physical ConditionsX Developmental ConditionsX AIDS or HIVX AlcoholismX Recovering Drug Addicts

55 to 60 million people have a legally protected

disability

15-24 years - only 5% are impaired

45-54 - 1 in 4 are impaired70-75 - 70% are impaired75+ 3 out of 4 are impaired

Statistical information

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 accommodations

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

Reasonable modifications-some examples

Installing exercise equipment

Installing ramps or grab bars

Lowering cabinets

Widening doors

Installing alarms

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

Modifications

Verification Process 1) Tenant must ask for

the accommodation modification.

2) Tenant must provide verification.

3) Tenant provides verification.

1) Landlord may ask for verification; obvious versus not obvious.

2) Verification is not a complete medical history; and it may come from one of several sources.

3) Landlord must timely respond.

4) Undue financial burden or fundamental alteration.

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

Design and Construction Requirements

Fair Housing Law vs. ADA FHL - applies only

to residential properties

And to any common areas within those properties

ADA applies to employment, transportation, public accommodations and services and telecommunications and to common housing areas

The Advocate - September 2002

Advertising and Record Keeping

Sixth Segment

4Brochures, ads and models should reflect the relevant demographics

4 Should be advertised in media with broad appeal

Affirmative 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)

Advertising/Marketing

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

Marketer’s Response

FH poster available in English or Spanish Prominently display in office or model

This is a “shall” requirement regulation 2.5.E.

Poster

Particularly for property management

but still very applicable to sales

Record Keeping

You should: Establish a written

policyProvide 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

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

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

55 10 90 140 5 200 75

So how many times a day do you think discrimination occurs?

140 Times a Day

Six humans trapped by happenstanceIn 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 backFor on the faces ‘round the fire

She noticed one was black

The Cold Within

The next man looking ‘cross the way Saw one not of his church,

And couldn’t bring himself to giveThe fire his stick of wood.

The third one sat in tattered clothesHe gave his coat a hitch

Why should his log be put to useTo 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 revengeAs the fire passed from his sight.For all he saw in his stick of woodWas a chance to spite the white.

And the last man of this forlorn groupDid naught except for gain.

Giving only to those who gaveWas 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

Treating people with dignity doesn’t require agreement or

approval…

…but it does require character

Concluding Quote:

Matthew Rathbun, Director of EducationABR, ABRM, ASR, e-PRO, Green, GRI, QSC, RECS, SRES

[email protected]

Contact information

NAVIGATING THE SHORT SALE BROKERAGE

Matthew Rathbun, Licensed BrokerABR, ABRM, ASR, AHWD, CSP, e-PRO, GRI, GREEN, QSC, SRES

HOW WILL WE SPEND OUR TIME?

Defining Short Sales

Time Frame of

Transaction

Benefits to the Parties Agent

TechniquesContractual

IssuesCommission

Issues

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.

TRENDS

VIRGINIA TRENDS

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

TREND DATA

WWW.995HOPE.ORG

SHORT SALE PARTICIPANTS (MAYBE)Borrower

Pre-Foreclosure Department

Negotiator

Trustee

Loss Mitigation

Officer

Auction Company

SELLER BENEFITS – SHORT SALE

Embarrassment of Foreclosure They can stay in property till Sold Credit Protection

2-5 months behind = 30-60 deduction Foreclosure = 200+ Deduction Fannie Mae Guidelines

Cannot get a mortgage for 5 year post Short SaleCannot get a mortgage for 5-7 years post Foreclosure

It’s the “RIGHT” thing to do

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;

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

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

Repayment Plan Forbearance

Workout Agreement

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

HUD / SETTLEMENT SHEET

This is a Final Seller Side, not Draft Should be done by Attorney Things to have for Attorney

ArrearsTaxes (back taxes)Commissions and Admin FeesLiens / DebtsLegal Description

Sales PricePre-Payment PenaltiesForbearance PaymentsEtc….

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?

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.


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.


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

[email protected]

Innovative Listing AgentT o 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

Matthew Rathbunwww.TheAgenttrainer.com

THE WHY OF TECHNOLOGY

Source: 2008 NAR Profile of Buyer and Sellers

38%

33%

14%

6%

5%

2%1%1%

Internet (38%)Realtor (33%)Yard Sign (14%)Home Builder (6%)Friend/Relative (5%)Knew Seller (2%)Flyer/House Book (1%)Print Media (.87%)

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/

L i s t i n g B l o g

13

What does the potential Buyer

see?

What does the Buyer need to

see?

14

Rule of 21

CREATING HOME CDS WITH POWERPOINT

Things to add to a Home CDAll the Home PicturesVisual TourSurveysHOA DocsSpecial Addendum'sTax PlatsYOUR contact informationAny other related documents…

24 Hour Open House

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!

lexington handout102009

Documents