october 2009 - wisconsin real estate magazine

MAGAZINE$5.00

Best of LegaL HotLineAnswers to your questions about Twitter, URL’s and E-Commerce.

October 2009

Maybe it’s time to treat yourself to a new gadget or two.

“no CaLL” LawIncreased fines are proposed for those who violate Wisconsin’s law.

gadgets1 0 m u s t - h a v e

If you’re interested in growing your business, just remember all real estate companies are not the same. Around

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• The RE/MAX Design Center features thousands of professionally designed,

customizable marketing materials.

• RE/MAX now has the most dynamic Web Referral System in the industry,

• The RE/MAX Satellite Network (RSN) is the real estate industry’s only

proprietary educational television system.

• RE/MAX now enjoys global dominance in over 72 Countries around the globe.

Are you comparingapples to apples?

Now is the time tomake your move.

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How do you like these apples?

For more information, view our new

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Put it all together and it’s easy to understand whyNo One Sells More Real Estate than RE/MAX.

news.wra.org 1

october 2009 | vol. 26, no. 1table of contents

10 Must-Have GadgetsIt’s been a rough year, so treat yourself to a new gadget or two. Here’s our top 10 with an eye to increasing your bottom line but maintaining your budget.

Electronic Documents in Consumer TransactionsWhile Wisconsin has the E-Commerce law, REALTORS® must also comply with the federal E-Sign Act. What does this mean? Find out here.

Increased Fines Sought for “No Call” ViolatorsThe Wisconsin Legislature is considering legislation to increase penalties and fines for violators of the no-call law, the number one consumer complaint in Wisconsin.

Foreclosure Legislation ProposedA task force appointed to address this growing Wisconsin problem has recommendations for dealing with the rising foreclosure rate. Here are

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features articles

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4 Your Cell Phone Could Save a Child Wireless AMBER alerts are one way to put

technology to good use. Here’s how to sign up.

5 Develop Your Niche Direct your passion into a niche business and

marketing program to set yourself apart.

12 Best of the Legal Hotline Answers to your questions about Twitter, URL

trademarks and E-Commerce issues.

16 Mark Your Calendar The WRA’s Management Conference takes

place December 10. You won’t want to miss this program!

20 2010 Wisconsin Elections Gov. Doyle’s retirement, campaign finance

reform and third party watch - the election news you need.

24 New TIF District Legislation Introduced The economic downturn is affecting TIF

Districts, and new legislation may help those

2 wisconsin real estate magazine | october 2009 news.wra.org

Top News Stories in and Around the Industry

United Way Honors tHe stark Family For service to commUnityUnited Way of Dane County

United Way of Dane C o u n t y recognized the Stark Family with the 2008 Tocqueville Society Award for outstanding service to the Dane County community and United Way. The Tocqueville Society Award celebrates and acknowledges people or families, such as the Starks, who have made a major impact on the quality of life in Dane County through their exceptional service and commitment to the community.

city HoUsing aUtHority receives 100-Unit grantMilwaukee Journal Sentinel (09/25/08) Pabst, Georgia

The city of Milwaukee’s housing authority is due to receive $6.7 million in federal Hope VI money to build 100 new housing units. The 100 units will be constructed in a 2.5-mile area and will include 29 public housing and affordable rental units; nine affordable housing units for income-eligible families; and 62 moderately priced, open-market condominiums. HUD Secretary Steven C. Preston comments, “Milwaukee’s housing authority has demonstrated it has the leadership to lead and revitalize neighborhoods and transform lives. Cities like Milwaukee change and grow and need to revitalize housing to make sure many aren’t priced out.” Milwaukee is one of a half-dozen housing authorities nationwide to receive new Hope VI grants.

HoUsing stUdy delay FrUstrates advocatesMilwaukee Journal Sentinel (10/07/08) Williams, Scott

Two years after promising the Milwaukee metro area’s first major housing study in three decades, the Southeastern Wisconsin Regional Planning Commission (SEWRPC) is still struggling to get the effort launched. Proponents hope the study will serve as a catalyst for improving affordable housing opportunities throughout the city’s suburbs. But commissioners have yet to assemble an advisory committee to oversee the research or set a specific timetable for conducting the survey. Phil Evenson, the commission’s executive director, said other issues keep getting in the way. The delays have frustrated housing advocates the most. Bethany Sanchez, vice president of the Metropolitan Milwaukee Fair Housing Council, laments, “It’s been a long time coming.” The Pewaukee-based commission has not conducted a comprehensive review of housing patterns since the 1970s.

Wisconsin receives millions to ease ForeclosUre crisis Milwaukee Business Journal (WI) (09/30/08)

The state of Wisconsin is due to receive nearly $39 million in federal funds to stabilize neighborhoods and stave off a spate of abandoned homes. According to HUD and Gov. Jim Doyle, the funds are separate from approximately $9.2 million the government is awarding the city of Milwaukee, where the foreclosure rate is currently 9.9 percent. HUD is awarding the funds via its Neighborhood Stabilization Program, under which almost $4 billion is being allocated to local and state governments for the redevelopment of abandoned and foreclosed houses.

sites: not JUst For Personal connections anymoreMinneapolis-St. Paul Business Journal (09/29/08) Grayson, Katharine

St. Paul, Minn.-based REALTOR® Teresa Boardman says Flickr, Facebook and other social networking sites make it easy to meet people who might eventually become clients. While many professionals are using these sites to make business contacts and companies use them to conduct background checks or recruit new workers, many simply want to connect with people who have similar interests. According to Boardman, “The hard sell is dead. It doesn’t work door-to-door, and it doesn’t work on social networks.” On Flickr, Boardman connected with a fellow photographer who eventually used her services to purchase a home.

ForeclosUres PUsH rents HigHer, sqUeezing loW income FamiliesMinnesota Public Radio (MN) (09/21/08) Olson, Dan

In Minnesota’s Twin Cities, a wave of home foreclosures has pushed more people into the rental apartment sector. The result is an intensifying demand on Minneapolis and St. Paul’s rental housing stock, so much so that the vacancy rate is very low and rents are on the rise. This, in turn, means low-income working families face higher monthly rents even though their income hovers at unchanging levels. Since 2005, the Twin Cities apartment vacancy rate has dipped from 7 percent to closer to 4 percent. Average monthly rents over that same time span are up more than $25, rising to more than $850. The St. Paul-based Wilder Foundation recently reviewed income data for several Twin Cities counties. The organization’s research found that the number of people in those markets paying too much for their rental housing will double from around 70,000 currently to a whopping 140,000 by 2010. Some say a partial solution would be for the U.S. government to reverse course on housing policy and

substantially increase funding for rental assistance,

particularly help for working families.

nar releases Free FHa toolkit Wisconsin REALTORS® Association (10/30/08)

NAR and the WRA are eager to help you meet the

current challenges of the troubled economy. We

know that you need resources that can help you

close transactions, and you need them at little or no

cost. NAR has just released an all-new FHA Toolkit

online for FREE to help you get clients the financing

they need in a credit-strapped environment. It is

one of the most comprehensive toolkits NAR has

ever produced, and it’s available to all REALTORS®

right now by visiting the link below. They also have

launched a new page called “NAR Helps You Navigate

the Current Economy” where you can find dozens of

great products and resources, like the FHA Toolkit,

for free or at a steep discount. Visit www.Realtor.

org/NARHelpsYou for links to these great programs

and products.

Home loans going strong, albeit a bit tigHter, in area Wisconsin State Journal (10/17/08) Balousek, Marv

Despite the ongoing national credit crisis, property

professionals say mortgage money remains available

throughout southern Wisconsin to home buyers

with solid credit. Ron Steinhofer, manager of

Marshall & Ilsley Bank’s regional home lending

group, states, “There’s plenty of money for home

loans out there. It is slightly more difficult to qualify

than two or three years ago, but if you have a good

credit score, a good job and a down payment, money

is available.” Steinhofer adds that banks still are

making loans via such programs as Fannie Mae

and Freddie Mac. Furthermore, credit standards

remain about the same as they were six months ago,

meaning that qualified home buyers can get loans

if they have the proper income verification. On the

downside, banks have been less willing to make

loans with higher loan-to-value ratios. In addition,

conventional financing without a down payment has

indeed disappeared. However, 100 percent financing

is still available with Veterans Administration and

Rural Development home loans.

News


Bill MalkasianWRA President

ND WHAT A CONVENTION IT WAS for the nearly 1,000 REALTORS®, affiliates, guests and exhibitors who showed up for one of the best conventions in our 100-year history. Considering the challenging

economic times we’re in, I’d like to extend my personal thanks to everyone who made this year’s convention a hit!

This month’s issue of the magazine is dedicated to technology (which, by the way, was the focus of many of the courses at convention) and its impact on the real estate industry, companies and agents. Many of our articles this month also touch on how technology, the transaction and real estate law are all integrated in today’s marketplace.

Speaking of the law, you’ll want to be sure to read Debbi Conrad’s article on “Electronic Documents in Consumer Transactions,” and Tracy Rucka’s “Best of the Legal Hotline,” which focuses on questions and answers about technology.

Also, during the month of October, the Wisconsin Legislature comes back along with our friends in Congress to debate a number of issues. While health care will dominate the debate on Capitol Hill at the federal level, the tax writing committees of both the House and Senate will tackle the question of extending the $8,000 tax credit into 2010. By now you’ve received the “Call for Action” from NAR asking you to take action and let Congress know how you feel about extending and expanding the Homebuyer Tax Credit, and I hope you’ve responded. Stay tuned for more information on this and other legislative issues this fall.

On the state front, Kevin King writes on proposed legislation to increase the penalties and fines for violation of Wisconsin’s No Call law. Tom Larson writes about new legislation introduced to help struggling TIF districts, and Mike Theo writes about proposed foreclosure legislation.

Shifting gears to the education front, there are some specific dates and programs you will want to put on your calendar now that will be coming up in the near future: Management Conference, December 10 (with pre-conference continuing education on December 9), Country Springs Hotel, Pewaukee; Winter Convention, January 25-27, 2010 at Lake of the Torches Resort Casino & Convention Center in Lac du Flambeau; Designation Week, February 8 -11, 2010 at Radisson Paper Valley Hotel in Appleton; Out-of-State Continuing Education, March 1-3, 2010 at Tuscany All Suites Hotel & Casino in Las Vegas; and Appraisal Conference, March 10-11 at Ho-Chunk Casino, Hotel & Convention Center. Watch for information coming soon at www.wra.org.

Each of these programs is of the same WRA quality as the recently concluded WRA Annual Convention. Our education department and Real Estate School work hard to present you with year-round quality education.

Jumping back to politics and elections, we have a very special picture of REALTORS® and staff members who have contributed to RPAC this year. Pictured on page 3 are 38 of the 74 people who committed to contribute $1,000 or more to RPAC this year. This is the first year we’ve created a special donor recognition club, called the Wisconsin RPAC Large Donor Council, and we will cap off the celebration with a very special evening on November 5 in Madison for these donors. A special thank you goes to Jim Imhoff, NAR 2009 Major Donor Whip and national RPAC trustee, for coordinating this effort. You should look forward to hearing more about RPAC and the elections in the months ahead.

As a final note for this month, October marks the beginning of our fiscal year. That also marks the beginning of the dues billing cycle for local boards, state associations and NAR, which runs between now and mid-December. Once again the WRA has held the dues at the same level as 2009 in the hope that all of our members can continue to enjoy membership in 2010.

On behalf of the newly-elected leadership, recently installed at the WRA Annual Convention, we wish you the best and look forward to working with you in the months ahead.

Until Next Time,

Bill


with bill malkasian

a

inside the wra

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thank you to the Following companies for making convention a success!

John Flor, abr, crs, e-Pro, gri, rrs, [email protected]

John Horning, [email protected]

robert keefe, [email protected]

William e. malkasian, cae, [email protected]

Editorial Staff:

William e. malkasianPublisher

robert UhrinaManaging Editor

terry o’connorPublication Editor

Joe leschisinSenior Designer

Wisconsin Real Estate Magazine, USPS 597-850, ISSN 1548-0526, is published monthly by the WISCONSIN REALTORS® ASSOCIATION, 4801 Forest Run Road, Ste. 201, Madison, WI 53704. Periodical postage paid in Madison, WI and additional mailing offices. An annual subscription rate of $5 is included in membership dues and a copy is mailed to every paid REALTOR® and affiliate member of the association. Nonmember subscription rate: $60. POSTMASTER: please send address changes to the WISCONSIN REALTORS® ASSOCIATION, 4801 Forest Run Rd., Ste. 201, Madison WI 53704-7337.

Permission to reprint or quote any material from this issue is hereby granted, provided the Wisconsin Real Estate Magazine is given proper credit in all articles or commentaries, and the WISCONSIN REALTORS® ASSOCIATION is provided with a copy of any reprint.

Advertising of third party products and services herein does not imply endorsement by the WRA unless specifically stated. Furthermore, the WRA does not endorse, approve, or otherwise warrant the accuracy or legality of any information or content contained in advertisements. Any questions regarding advertising policies should be directed toward the editor.

Contact Us:

4801 Forest Run Rd., Suite 201 Madison, WI, 53704-7337(608) 241-2047 • (800) 279-1972

legal hotline: (608) 242-2296 • (800) 799-4468general fax: (608) 241-2901 products/education fax: (608) 241-5168 legal hotline fax: (608) 242-2279 president fax: (608) 242-2267 e-mail: [email protected] Website: www.wra.org

Act Sign LLC All American Title Company American Edge Real Estate Services, Inc. American Home Shield AmeriSpec Home Inspection Service Associated Bank Axley Brynelson, LLC Badger Remediation Services, Inc. Brook Furniture Rental Business Success Form CAndle Impressions Centralized Showing Service Chalmers Jewelers Century 21 Real Estate Col. Pops Popcorn Company Commission Express of Wisconsin Computer System Innovations, Inc. Country Springs Hotel Craftsman Construction Creative Network Builders Dee Sign Company Edina Realty Emmons Business Services Exit Realty Wisconsin Fairway Independent Mortgage Corp. Fields at the Wilderness First Bank Financial Center First American Title Insurance Co. Gannett Wisconsin Media GE Security - SUPRA Godfrey & Kahn S. C. Grand Geneva Resort & Spa Graphicolor Printing & Multimedia Graystone Consulting Greater Milw. Assn. of REALTORS®

Ho-Chunk Hotel and Casino HMS North Central Holiday Inn – Madison

Homestead Realty Inc. Hometown Title Company HUD HYS Marketing Products, LLC Kalahari Resorts Lake Lawn Lake of the Torches Resort Casino Lowen Sign Company M & I 1031 Exchange Services M & I Bank Madison Club Magnets USA Marshall & Swift Mary Marko – Palm Reader Masterjohn Realty Inc. National Association of REALTORS® National Oilheat Research Alliance Nevada Bob’s Golf North Central Group Northern Mutual Financial Network Oakley Signs and Graphics Orange Shoe Gym Out Standing Signs Pearl Insurance Platinum Printing and Packaging Point Title LLC Preferred Title, LLC. Public Opinion Strategies PuroClean of Madison Radisson Hotel & Conference Center Radisson Paper Valley Hotel REALTORS® Assn. of Northwestern WIRE/MAX North Central REGIT, Inc. Rich Casto & Company River Valley Bank Roberta Vellucci Royal Credit Union

Royle Printing Company SassMama Art Showhomes Six Lakes Realty Suby, Von Haden & Associates, SC Suki Soap of Sweetwater Farm LLC The Quality Title Group Tiffany’s Home Staging, LLC Trappers Turn Golf Club U.S. Bank U.S. Department of Veterans Affairs Universal Home Protection USDA Rural Development Verizon Wireless Virtual Vision WESTconsin Realty WLM, LLP WHEDA Whirligig Online Marketing Wild Rock Golf Club Wilderness Territory Wisconsin Apartment Association Wisconsin Assn. of Home Inspectors, Inc. Wisconsin CRS Chapter Wisconsin Dept. of Veterans Affairs Wisconsin Housing and Economic Development Authority – WHEDA Wisconsin Legal Blank Co. Inc. Wisconsin Restaurant Association Wisconsin River Title Consultants Women’s Council of REALTORS® Wood Communications WRA 100 Anniversary WRA Real Estate School WRA Real Estate Store WRA Winter Convention zillow.com zipLogix

Wisconsin Real Estate Magazine™ is published by the Wisconsin realtors® association. Trademark issued pursuant to Wisconsin state statute; federal

trademark is pending.

facebook: www.wra.org/facebooklinked-in: www.wra.org/linkedinyoutube: www.wra.org/youtube

wisconsin real estate magazine | october 2009 3

Real estatenotes from the wra

rPac large donor council recognized

The Wisconsin RPAC Large Donor Council was created by NAR 2009 Major Donor Whip Jim Imhoff of First Weber Group, Inc. Members of the Council have contributed $1,000 to RPAC and/or the Direct Giver Program. As of September 29, 2009 the Council has 74 members. The Council was recognized during the Opening Ceremonies of the WRA’s State Convention in Wisconsin Dells.

Seated: Joan Seramur, John Horning, Rob Keefe, Jim Imhoff, Kitty Kuhl, Joyce Bytof, Mike Mulleady, John Flor and Otto Bytof First Row Standing: Steve Lane, Dennis Midthun, Bob Weber, Kitty Jedwabny, Renny Diedrich, Judy Gull, Chuck Olson, Karen Pavlicek, Peter Shuttleworth, Sharon Helwig, Patty Hasenbank, Bill Malkasian Second Row Standing: Jerry Lyons, Joe Horning, Dan Lee, Tim Stemper, Ron Zahrt, KC Mauer, Jeff Kitchen, John Deininger, Mike Spranger, Joe Murray, Mike Theo, Darren Kittleson Back Row: Peter Sveum, Kevin King, Matt Miller, Rich Chronquist, Tom Larson Not in attendance: James Barry, III, Steve Beers, Rita Blenker, Tom Bunbury, Barry Chavin, Sue Decker, Peter Didier, Kevin Donnell, Michael Fardy, Norm Flynn, Larry Gleasman, Neil Hilgenberg, Phil Hilgenberg, Terry Hilgenberg, Michael Hoppens, Andrew Jensen, Robert Keller, Tammy Maddente, Steve Mills, Dale Nordeen, Fred Prassas, Stephen Provancher, Roger Rushman, Mike Ruzicka, Erik Sjowall, Dave Stark, Phillip Sveum, Scott Swick, Tom Sykora, Jim Villa, Terrence Wall, Scott Welsh, Peter Wiese, Marilyn Wille, John Young, Marshall “Bub” Zwygart.

REALTOR® Newswire is a monthly news service prepared exclusively for the Wisconsin REALTORS® Association by Information, Inc. Reproduction, use, or inclusion of this material in other publications, products, services or Web sites is not allowed without prior written permission from the Wisconsin REALTORS® Association.

nar oFFers realtors® certiFication For sHort sales, ForeclosUresHousing Wire (08/26/09) Golobay, Diana

The National Association of REALTORS® reports that almost a third of the previously owned homes that changed hands over the past three months were either foreclosure or short sales. In response to the ongoing trend in distressed-property deals, the trade group has rolled out a new Short Sales and Foreclosure Certification Program for its members. Participants must complete a one-day education program, which can be taken in person or online, followed up by three Webinars lasting one hour each. The curriculum will coach real estate agents in helping borrowers who want to avoid foreclosure. “Unfortunately, there are situations in which people just cannot afford to keep their homes,” notes NAR President Charles McMillan. “A short sale can help families protect their credit by avoiding a foreclosure. When a foreclosed or REO property is sold, it helps the surrounding community by reducing the impact of those properties on home values in the immediate area.”

Home sales UP last 3 montHs in soUtHeast WisconsinPierce County Herald (Wisconsin) (09/11/09)

Home sales have increased for the third straight month in southeast Wisconsin. The Multiple Listing Service reports more than 1,500 homes were sold in August in Milwaukee, Waukesha, Ozaukee, Washington, Racine, Kenosha, and Walworth counties, representing a 2.6 percent increase from the same period in 2008. Mike Ruzicka of the Greater Milwaukee Association of REALTORS® says a reduction in prices has made homes affordable for more people. He also credits the $8,000 tax break for first-time buyers, low interest rates, and an ample supply of homes for sale.

Wisconsin is Warning HomeoWners aboUt loan modiFication scams and ForeclosUre rescUe scamsWEAU-TV (Eau Claire, WI) (09/08/09)

The Wisconsin Department of Justice has teamed up with the Wisconsin Department of Agriculture, Trade and Consumer Protection to issue a consumer advisory on foreclosure “rescue” services and loan workout solicitations. The number of complaints about both practices has been on the rise over the past few months. Chiefly, these “rescuers” look to make a quick buck or commit outright fraud by preying on a homeowner’s financial and emotional distress. Attorney General J.B. Van Hollen states, “While we will pursue those who perpetrate these scams, it is important that the public be aware of the tactics being used so that they can take steps to protect

themselves.” Janet Jenkins, administrator of the state’s Division of Trade and Consumer Protection, also is advising Wisconsin homeowners to be aware of this form of fraud. She remarks, “Homeowners are being bombarded with advertising from companies claiming they can save homes, reduce mortgage payments or find free money for consumers. Unfortunately, often the only one that receives any benefit from these transactions is the business committing the fraud.” Loan modification scams and foreclosure rescue schemes are the two most common forms of these frauds.

vacation Home market “realistic”Baltimore Sun (09/06/09) Umberger, Mary

Bargain hunters have descended on Wisconsin’s lakefront vacation home market in search of deals. But some sellers are not taking too kindly to the influx. Duane Nolte, for example, recently made a low offer on a waterfront home just outside Sturgeon Bay. Not only was the offer rejected, it alienated the seller because it was so low. The proposal lapsed without any further price negotiation. Nolte remarked, “We wanted to get into the game to take advantage of the bad economic times and get a good-value property.” After a month of house hunting in and around Door County, he did not find many bargains. Scott Bader, Nolte’s REALTOR®, remarked, “There are people out there who think they can steal properties. They can get some good deals, no question, but they’re not going to get what they want.” He added that prices are down from housing-boom levels, but only to a point. Tony Sienkowski, an agent with Century 21 Herget & Plavsic in Lake Geneva, noted, “Some people are looking for unrealistic bargains. Prices are lower, and the deals are probably better, but they’re not giving them away.” Bader, broker/owner of Coldwell Banker Door County Horizons in Fish Creek, concludes that second homes are not quite the same entity as the rest of the housing market. As a result, he advises potential buyers to learn all they can on the various differences.

neW dnr rUle WoUld restrict bUilding along sHoreline Green Bay Press-Gazette (WI) (09/16/09) Walter, Tony

The Wisconsin Department of Natural Resources has proposed a new rule aimed at protecting the environment. The rule has been approved by the Natural Resources Board and is being studied by the state Legislature. If legislative committees don’t act on it, the rule would take effect 60 days after the panels notify the state agency of that decision. It sets new zoning standards for shoreland property owners by prohibiting them from having more than 15 percent of their land covered by structures or pavement, but

it can be as much as 30 percent if they implement certain environmental steps. It also establishes a 35-foot height limit on any structure within the 75-foot setback area. The rule affects any property within 1,000 feet of a lake or 300 feet of a river or stream. “The overriding motivation is the balance between private and public rights and the need to restructure the rules to benefit both,” says Gregg Breese, shoreline program manager for the DNR. “We’ve been looking at lake water quality and habitat and watching them go down. We need to fix the problems we know exist. Nobody wants dirty water.” Assembly and Senate committees that oversee the DNR could vote to send the issue back to the department for changes. Panels from both chambers recently held hearings on matter, but neither acted on the changes and it’s unclear what they will do in the coming weeks. The Wisconsin REALTORS® Association and the Wisconsin Builders Association have supported the proposed rule.

signs oF an imProving Wisconsin economy sHoWing ligHtWKBT.com (La Crosse, Wis.) (09/16/09)

Roberta Gassman, Secretary of the Wisconsin Department of Workforce Development, reports there are signs the state’s economy is improving. While economists say the worst may be over, state officials add it will take awhile to completely recover. In the meantime, they’re seeing some positive signs. “Businesses that are coming here because of our tax credit climate, to move here from other areas to grow their businesses here, and a number of businesses that are adding jobs,” says Roberta Gassman, Secretary of the Wisconsin Department of Workforce Development.

yoUr cell PHone coUld save a cHildYour profession in real estate puts you on the road to serve buyers and sellers. Your cell phone is an indispensable tool. Now, anyone can use their cell phone in a way that may save an abducted child.

The first three hours after abduction are critical. By signing up for wireless AMBER alerts, you could play an important role in recovering an abducted child. It’s easy and free to sign-up. Real estate professionals, traveling to serve their clients, are well positioned to help save a child. Sign-up for wireless AMBER Alerts here; https://www.wirelessamberalerts.org/index.jsp



REALTOR® NEWSWIRE


realtor® sales tip

We live iN a WoRld of details and specifics.

Businesses in today’s market must specialize in

order to survive. If you think about it, there is

probably a niche business for almost everything

you can imagine.

Internationally, it is all about globalization.

Countries are intertwined and dependant on each

other for specific goods not produced at home.

This is an excellent example of doing what you do

best and selling it to the rest of the planet.

Marketing yourself to the masses is what most

agents attempt to do. But it is vital that we all

remember: there is no way that you can be

everything to everyone. Oscar Wilde once said, “Be

yourself as everyone else is taken.”

So my sales tip this month focuses on becoming

an expert in one field, sticking to it and becoming

known and experienced in that one area of real

estate. Then those who desire that specific

product/service will come to you instead of you

trying to reach the entire world. Make sense?

Are you a pet lover? I am. Do you know that pet

product manufacturing groups estimate that 63

percent of all U.S. households have pets,

translating to 69 million homes? That is up from

51 million in 1988. Could this be your niche?

Alternatively, do you ride a Harley Davidson

motorcycle? Is this your potential specialty?

How do you make a name for yourself by carving a

real estate specialty that combines your interests

with local market opportunities? If you succeed,

you are guaranteed a win-win situation!

Loved ones always tell us to strive to find a job that

we enjoy and are passionate about. Accomplishing

this will not only increase your odds of success,

but you will never truly feel like you are working a

day in your life! Well that’s what I’m talking about.

So WheRe do you BegiN?

Step 1: Pinpoint your passion. What do you

know and love? What do you always enjoy

talking about and sharing with others? What do

you enjoy in your personal life? In what specific

area of real estate do you have superior

knowledge? Have you earned a designation or

certification during your real estate career that

really lit a fire in your belly? Those areas would

be ideal for your niche.

Step 2: Take a close look at your local market

demographics. Find out what’s moving and

shaking in your backyard. Does your local city

have an abundance of a certain group of

individuals? For example, in my town we have a

large airplane manufacturing plant (Northrop

Grumman Corp.). Is there a surge of baby

boomers in your city, or perhaps a large

population of a certain ethnic group that you

may have a personal bond with (similar culture/

customs, etc.)?

Please be extra careful not to alienate any one

subgroup, but you are certainly allowed to be

passionate about a certain group of customers/

clients.

Step 3: Fine tune your interest. For instance,

living in St. Augustine, FL, which is “Our Nation’s

Oldest City,” I have developed a niche within the

historic district. I love and am very passionate

about the old buildings, so consequently I am

known as the downtown historic specialist. I

have made a handsome living by working in an

area that I love and understand well. Delivering

excellent service requires that you understand

your customers’ attitudes, tastes and

motivations. Then, when they find out that you

know your stuff, it’s amazing how quickly you

can build your business in any field.

Perhaps you are a beach fan and love the ocean,

sun and sand. You might want to zero in on a

defined geographic area like “the beaches.”

Now do your part and become the beach expert!

Today the green issue is big…..is that you?

Have you got a real interest in going green?

Do you live in a resort community and tend to

make your sales to other like-minded folks who

move to your town for the resort atmosphere

that is offered there?

Do your talents lie in helping seniors? Are you a

holder of the Seniors Real Estate Specialist

(SRES) designation?

Is the commercial arena your cup of tea? Do

numbers (math) excite you? Are you currently

earning your Certified Commercial Investment

Member (CCIM) designation?

Perhaps your best skills are right in front of you,

but you just can’t see the forest for the trees.

Step 4: Take a hard look at your database.

Evaluate your most recent clients/customers to

see what patterns exist. We all start out as

generalists, but hopefully develop into

specialists. Reviewing who we have been doing

business with is a good way to identify patterns

that can guide you to your niche. Once you

identify your niche, you can seek out and attend

conferences and community gatherings related

to it. I always enjoy attending the conventions

where I can network with individuals who share

my love and passion.

Successful niche marketers rely on the Internet

as one of the best tools for reaching buyers and

sellers. Get those creative juices flowing and

register a memorable Web site and e-mail

address that speak to your niche. Then use your

site to provide useful information. Start blogging

about your passion – your niche – and get the

world talking about you!

Marcus A. Wally, MBA is an active Florida REALTOR® in St. Augustine, Florida - “Our Nations Oldest City.” Marcus is the founder and broker of New World Realty, which also manages coaching and facilitation of education classes around the world. Marcus earned his MBA from the University of North Florida in Jacksonville. Marcus can be reached at 904-669-1081 or by e-mail at [email protected].

become a specialist

By marcus a. wally

develop your niche!

Rough year? Sure enough, things are tough all over. If you’ve managed to squeak by in this tumultuous economy, maybe it’s time to treat yourself to a new gadget or two--especially if it’s something that can help your bottom line in 2010. We’ve rounded up some killer gear for real-estate professionals, with an eye to the inexpensive so your budget stays intact.


SmartphoneSmartphones are considered the Nirvana of all cell phones, combining

phone, e-mail, text, Internet, camera, calendar functions and more -- all in

one handy, easy to use device. Apple revolutionized the cellular industry in

June 2007, when it introduced its first smartphone. While most

technology companies were scaling back in the early 2000s, Apple began

waging a war. And it paid off. The iPhone runs on a special version of

Apple’s OS X operating system. It combines traditional mobile phone

technologies with a high speed 3G network, GPS, an iPod, a 3.5 inch

touch screen, a straightforward Web browser and thousands of

downloadable applications. Apple suggests in its TV ad campaigns,

“there’s an app for just about everything,” and to date this claim holds

true. There are hundreds of real estate applications, ranging from home

search tools to mortgage calculators, Zillow, Trulia and more. The latest

3GS model adds video capabilities, voice control and 32MB of storage.

The contenders are still at war and continue to make significant strides

against Apple. The Palm Pre and Blackberry Storm are still arguably the

top picks for legacy smartphone users and offer technology similar to

Apple’s iPhone, but perhaps on a more familiar platform. They also give

smartphone users a “non-AT&T” alternative, one of the iPhone’s biggest

limitations in the United States. The Blackberry Storm offers the first-ever

SurePress touch screen. When users press its large 3.25-inch LCD

display, the screen physically clicks down, mimicking an actual keyboard.

The Palm Pre is also a solid choice and is built on the longest running

smartphone operating system in the world. It offers a candy store of

applications and a simple interface, much like its iPhone archrival.

Netbook Computer Last year, netbooks were a curiosity. Today, they’re a necessity, offering compact

designs, improved performance, and low prices. Some models even have

built-in wireless modems for anytime, anywhere Internet access (though plan on

spending upwards of $60 per month for service for that particular perk).

While many early models were too cramped for comfort, the current “sweet

spot” for netbooks is a 10-inch screen with a keyboard that’s about 90 percent of

standard (i.e. just large enough for touch typing). Asus, Acer, Dell, HP, Lenovo, and

MSI are among the companies offering models matching these specs, with prices

usually falling in the $300-350 range. If you choose one of the aforementioned

wireless netbooks, the system itself may cost you as little as $99.

As of press time, the vast majority of netbooks were being sold with Windows XP,

but you should be able to find Windows 7-equipped models by now. We highly

recommend choosing Microsoft’s newer operating system, which is much more

secure than XP, but still runs smoothly on lower-end netbook hardware.

gadgets10must-have

feature

Bluetooth Speakerphone

Bluetooth headsets are a pain. They’re always getting lost (or left behind), are

uncomfortable to wear, and, let’s face it, are kind of dorky-looking. What’s the

alternative for hands-free phone conversations in the car? A Bluetooth

speakerphone like the Jabra SP200.

Priced at around $50, the SP200 clips to your visor and pairs easily with your

phone. When a call comes in, just tap the big answer/end button. A large

scroll-wheel adjusts the volume. Thankfully, the SP200 supports voice dialing

(assuming your phone does as well). Better still, it offers noise-reduction

features so callers hear less of your car’s road noise. Of

course, you can use it in your office as well;

it’s all but guaranteed to deliver

better sound quality than your

phone’s built-in speaker.

Pocket CamcorderIf property photos are good, property videos are

roughly a million times better. But don’t bother with

bulky, expensive, tape-based camcorders. Instead,

choose a compact camcorder that’s built with

YouTube in mind, like the $179.99 Flip Mino or

$99.99 Creative Vado. These pocket-size

camcorders record YouTube-optimized video (read:

low resolution, but suitable for online viewing) to

internal memory, so you don’t have to mess with

tapes or storage cards. Plus, they have hidden USB

connectors so you can plug them directly into your

PC. Best of all, built-in software helps you edit

videos and upload them to YouTube in just a few

steps. From there, you can just embed the videos on

your site like you normally would.


GPS Receiver

Arriving late to an appointment because you got lost or stuck in traffic makes a bad

impression. You can avoid both kinds of delays with a GPS receiver, which plots the

quickest route to your next destination using satellite technology. All models provide

voice-prompted, turn-by-turn directions, but the latest ones add amenities like

Bluetooth and real-time traffic updates.

Garmin’s nuvi 770, for instance, incorporates a special FM receiver that displays alerts

about traffic delays and road construction, and then gives you the option of taking a

detour around the trouble spots. The TomTom GO 910, meanwhile, doubles as a

speakerphone, enabling you to place and receive hands-free calls via your Bluetooth-

equipped cell phone. You can pick up a basic, no-frills GPS for as little as $200, while

models with some of the aforementioned advanced features sell for $400 or more.

gadgets


Eye-Fi Explore Video

Want to make your old camera seem new again? Get the ultimate

memory card to go with it. The Eye-Fi Explore Video is a 4-gigabyte

SDHC memory card that wirelessly and automatically uploads photos

and videos from your camera to your PC, your Flickr account,

Snapfish, or any of 20-plus other destinations. It’s compatible with all

cameras that accommodate SD cards, and it’s priced at $99.99. The

only catch: You need to be in proximity of a Wi-Fi hotspot, so you’ll

have to head back to your office—or the nearest Starbucks. (Actually,

the Eye-Fi Explore Video works with over 10,000 Wayport hotspots

nationwide.)

You can save a few bucks by opting for the Share Video version

($79.99), which lacks the Wayport support, or get the Share ($59.99)

and forgo video uploads. Whichever Eye-Fi you choose, you’ll love the

convenience of this little card.

iPod TouchLet’s face it: When it comes to cell phones, the iPhone still rules the roost. But what if you don’t feel like joining up with AT&T for two years and paying a minimum

of $70 per month for service? Get the next best thing: an iPod Touch, which is exactly like an iPhone–without the phone.

Actually, by spending a few extra dollars on a headset and loading free voice-over-IP (i.e. Internet telephony) apps like Skype and Truphone, you can make calls

on an iPod Touch. You just need to be in proximity of a Wi-Fi hotspot, like the one in your home, office, or favorite coffee shop. These apps cost pennies to use,

and you pay zero monthly fees to AT&T. Not a bad compromise!

Of course, the Touch also delivers killer games, video, Web browsing, e-mail, and all those awesome apps you see in the iPhone commercials. Oh, and don’t

forget: It’s an iPod, too. The latest Touch models start at $199, but you can find like-new refurbished models in the online Apple Store for as low as $149.

feature

Ten gizmos & gadgets to

Sign LightAccording to NAR, the yard sign contributes to the

sale of a home 63 percent of the time. Your yard

sign won’t do much good if potential buyers can’t

see it. The aptly named ListingLight solves the

pesky problem of nightfall by illuminating both sides

of your sign, thus putting it to work for several extra

hours per day. Powered by six C-cell batteries,

which will last up to eight weeks according to the

manufacturer, the light installs on top of any sign

(up to ¾-inch thick) and includes a locking

mechanism to help prevent theft. It relies on a

built-in timer and light sensor to turn on and off

automatically, so you can set it and forget it. Key

features include: full two-sided sign illumination,

photo eye sensor for auto-turn off at dusk and

turnkey installation that requires no holes to drill. A

single ListingLight costs $75, but the pack of four

that costs $275 is a better deal.


Virgin Mobile Pay-As-You-Go Wireless

If you’ve ever used one of those aircard-type wireless modems, you know how indispensible they

quickly become. You also know the pain of having to sign yet another two-year contract and pay,

on average, $60 per month. That’s over and above whatever you’re already paying for your cell

phone!

Thankfully, there’s finally an alternative: Virgin’s new Broadband2Go offers no-contract, pay-as-

you-go wireless Internet access. To use the service, you’ll need Virgin’s Broadband2Go USB

Device, which is available at Best Buy for $149.99. Like any good USB device, this one contains

its own software (for Windows only–sorry, Mac users), so you can plug it into any PC and get

online straight away. It also doubles as a microSD reader, meaning you can pop in a memory card

and use the modem as mobile storage.

As noted, there’s no contract required to use Broadband2Go, but you do need to choose a service

plan. The least-expensive one ($10) gives you 100 megabytes of data and expires in 10 days--not

at all a bad deal if you’re taking a trip and need Internet access only during that time. The top-end

plan costs $60 for 1 gigabyte (and a 30-day expiration), and there are options in between.

Wireless Broadband Modem Tired of looking for Wi-Fi hotspots on the road? Now you can enjoy

broadband Internet access from just about anywhere. All you need is a

wireless modem and data plan from your carrier. The latter will cost you

$50-60 monthly from AT&T, Sprint, or Verizon, while the modem itself can

usually be had for under $100. These devices usually plug into one of your

notebook’s USB ports.

Before you sign up for service, check the coverage areas for the provider’s

high-speed data network. If you live and/or work in remote or sparsely populated

areas, you might have to settle for connection speeds that are closer to dial-up than

broadband—at which point you might be better off hunting for Wi-Fi after all.Tech guru Rick Broida writes for CNET and PC Magazine. He is the author of over a dozen books, including How to Do Everything with Your Palm Powered Handheld, 6th Edition.


Wisconsin’s Electronic Commerce (E-Commerce) law provides a framework for the use of electronic records and signatures in real estate transactions. While E-Commerce law regulates electronic documents, signatures, records and transactions in Wisconsin, Wis. Stat. § 137.12(2p) indicates that the consumer protection features of the federal Electronic Signatures in Global and National Commerce Act (E-Sign) apply to Wisconsin transactions involving consumers. Parties in Wisconsin must comply with the E-Sign consumer requirements.

Congress imposed special requirements in situations where the parties want to use electronic records or signatures in consumer transactions. Information required by law to be in writing can be made available to a consumer electronically only if:

1. specified information regarding the consumer’s rights and ability to use electronic records is first clearly and conspicuously disclosed to the consumer; and

2. the consumer affirmatively consents to receive the information electronically.

A consumer’s consent to receive electronic records is valid only if the consumer consents electronically in a manner that reasonably demonstrates the consumer’s ability to access information in the electronic form that will be used in the transaction. Federal law requires that consumers give electronic consent prior to receiving electronic documents delivered by e-mail.

e-Mail document delivery under the Revised WB-11 offer to Purchase

Discussed in the May 2009 edition of Wisconsin Real Estate Magazine (online at news.wra.org/story.asp?a=1115), the newly revised WB-11 Residential Offer to Purchase is coming soon. Among the new features in the revised offer is the parties’ ability to choose e-mail as a method for the delivery of documents and notices.

This means that REALTORS® will no longer need to use a Wisconsin REALTORS® Association Addendum D – Electronic Document Delivery or equivalent language in conjunction with residential offers to purchase. The updated WB-11 provides for personal delivery as a default and allows the parties to also choose commercial delivery, U.S. Mail, fax and e-mail as additional delivery methods when it comes to notices and documents related to the offer. The e-mail option (based upon the most recent draft) provides:

(5) E-Mail: electronically transmitting the document or written notice to the party’s e-mail address, if given below at lines 52 or 55. If this is a consumer transaction where the property being purchased is used primarily for personal, family or household purposes, each consumer providing an e-mail address below has first consented electronically to the use of electronic documents, e-mail delivery and electronic signatures in the transaction, as required by federal law.

electronic Documents in consumer transactions

By DeBBi conraD

legal


Lines are provided where the e-mail addresses for the seller and buyer, respectively, can be written if this option is selected.

As the e-mail delivery item from the WB-11 draft clearly states, the fact that there is e-mail option language in the revised offer does not mean that consumers do not have to first receive disclosures concerning their rights and provide electronic consent to the use of electronic documents, e-mail delivery and electronic signatures. The E-Sign consumer disclosures and electronic consent requirements apply whenever there is a consumer who wishes to receive notices and documents by e-mail that the law otherwise requires must be in writing.

If the buyer and seller have both previously received their disclosures and provided electronic consent with their agents that stated the consent would apply throughout the entire real estate transaction, then the parties do not have to give electronic consent again for the offer. The only thing in this situation that would need to be included in the revised WB-11 would be to check the e-mail delivery box on the first page of the residential offer. With regard to other non-residential transactions, until those other offer forms are updated, either Addendum D or equivalent language in an addendum or in additional provisions should be used.

addendum d equivalent language

Although Addendum D will no longer be used with the revised WB-11, it still may be needed for listing contracts, buyer agency agreements and other types of offers, at least until those forms are also updated. If the parties or REALTORS® in a transaction prefer, language may be inserted in the additional provisions blank lines or in an addendum instead of using Addendum D.

The parties or REALTORS® may consider adding language similar to the following to the additional provision lines of the buyer agency agreement, listing contracts and other offers to purchase. In these samples, the idea is to pick the appropriate introductory language, add the main language and then select the matching e-mail address lines.

Introductory language:

WB-11 RESIDENTIAL OFFER TO PURCHASE (11-1-99 version): “In addition to the methods of delivery authorized on lines 22-33 of this Offer, …”

WB-1 RESIDENTIAL LISTING CONTRACT-EXCLUSIVE RIGHT TO SELL (7-1-08): “In addition to the methods of delivery authorized on lines 193-198 of this Listing, …”

WB-36 BUYER AGENCY/TENANT REPRESENTATION AGREEMENT (7-1-08): “In addition to the methods of delivery authorized on lines 158-163 of this Agreement, …”

Main language:

delivery of documents and written notices to a party shall be also effective when accomplished by electronically transmitting the document or written notice to the party’s e-mail address given below.

If this is a consumer transaction where the Property being purchased is used primarily for personal, family or household purposes, each consumer stating an e-mail address below has first consented electronically to the use of electronic documents, e-mail delivery and electronic signatures in the transaction, as required by federal law.

E-Mail address lines:

For offers to purchase:

E-Mail address for Seller: _______ E-Mail address for Buyer: __________

For listing contracts:

E-Mail address for Seller: _____ E-Mail address for Broker/Firm: _______

For buyer agency agreements:

E-Mail address for Buyer: _____ E-Mail address for Broker/Firm: ______

E-Commerce Resources: www.wra.org/ecommerce

Debbi Conrad is Director of Legal Affairs for the WRA.

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best of the legal hotline with tracy rucka

do you Tweet?

A broker is using Twitter to communicate with clients and customers. What rules apply to the content of Tweets?

The REALTOR® Code of Ethics applies to all REALTOR® electronic communications including Twitter, blogs, Facebook, text messages, etc. When REALTORS® use modern technology to communicate with clients, customers and prospects, the Code of Ethics applies to the content of the communication. Article 12 of the Code of Ethics sets forth the true-picture standards and, per Article 2, REALTORS® must avoid misrepresentation and exaggeration and remember to keep confidential information confidential. A REALTOR® can be found in violation of the Code of Ethics for misstatements or gross exaggerations made in Tweets, e-mails or text messages just like in print or verbal communications.

Tweets, blogs and other social media tools are great ways to keep in touch with buyers and sellers and generate leads. For example, a broker may want to tweet that he or she just closed another deal, or share information about an upcoming open house. When doing so, the broker must always keep in mind confidentiality, privacy and safety for both the agents and the consumers. For ideas and basics about using Twitter as a communication tool, see the National Association of REALTORS® Field Guide to Twitter at www.realtor.org/library/library/fg234.

Article 12 of the REALTOR® Code of Ethics provides:

REALTORS® shall be honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing and other representations. REALTORS® shall ensure that their status as real estate professionals is readily apparent in their advertising, marketing and other representations, and that the recipients of all real estate communications are, or have been, notified that those communications are from a real estate professional. (Amended 1/08).

uRl Trademark dos and don’ts

Can a member use the term “REALTOR®” in his or her URL, for example, valleyrealtor.com or teamnameyourrealtor.com? What use is authorized in a URL?

Members are licensed by the NAR to use, with limitations, the member marks. Certain limitations apply to the style, color, punctuation and appearance of the collection of marks. As a general rule, consider if each use indicates membership in the association or if it is being used as a synonym for the term “real estate licensee.” If it is used as a synonym for a broker or agent, then the use is incorrect and violates NAR policy.

Each of the URLs suggested in the question would represent misuses of REALTOR® marks as described in the NAR’s Membership Marks Manual (MMM). The complete text is available at www.realtor.org/letterlw.nsf/pages/trademarkmanual. The MMM describes the improper use of the term “REALTOR®” in URLs: “The term REALTOR® may not be used with descriptive words or phrases. For example, Number1realtor.com, numberone-realtor.com, chicagorealtors.org or realtorproperties.com are all incorrect.” In addition, the marks must be used with reference to an individual member of the association, not a team within a real estate company.

The MMM also gives examples of authorized uses in combination with a member’s name in URLs and in e-mail addresses: “For use as a domain name or e-mail address on the Internet, the term REALTOR® does not need to be separated from the member’s name or firm name with punctuation. For example, both johndoe-realtor.com and johndoerealtor.com would be correct uses of the term as a part of domain names and jdoe*[email protected] and [email protected] are both correct uses of the term as part of an e-mail address.”

legal


using electronic Commerce in Transactions

A broker received an offer to purchase in which the cooperating broker has entered e-mail addresses for the seller’s and the buyer’s delivery addresses on Page 1 of the offer. Is this legal? If so, what are the potential risks associated with this form of delivery?

The broker must meet both state and federal requirements to proceed with e-mail delivery in real estate transactions involving consumers. Both disclosure and consent are required by the Federal E-Sign law before using electronic records or signatures. One distinction under federal law is that consumers must provide electronic consent after receiving required disclosures. More information and copies of the WRA Addendum D and Consent for Use of Electronic Documents and Signatures in Consumer Real Estate Transactions are available on the WRA E-Commerce Resource Page at www.wra.org/ecommerce.

For what exactly can a licensee use the Addendum D - Electronic Document Delivery form?

When it comes to consumers, a party’s consent to the use of e-mail and electronic documents and signatures is a two-step process.

1. The Addendum D or similar language needs to be incorporated into the offer, but if a party is a consumer, he or she first must receive the disclosures stated in the Consent for Use of Electronic Documents and Signatures in Consumer Real Estate Transactions (this form is available on ZipForm and at www.wra.org/ecommerce).

2. The party must provide consent electronically (via e-mail or on a Web site) to the use of e-mail and electronic documents and

signatures in the transaction. That is why Addendum D says, “If this is a consumer transaction whereby the property being purchased is used primarily for personal, family or household purposes, each consumer (buyer, seller, etc.) has consented electronically to the use of electronic documents, e-mail delivery, and electronic signatures in the transaction, as required by federal law,” and “Electronic Consent Given: 0 Yes.” Addendum D is looking for confirmation that electronic consent has been given by parties who are consumers.

In simple terms, to correctly include e-mail as a form of delivery in a contract, two steps must be performed:

1. Electronic consent (typically achieved by e-mail)

2. Execution of Addendum D or the inclusion of such language in additional provisions

Review the WRA Addendum D and the February 2008 Legal Update, “Electronic Commerce and E-Mail Delivery,” at www.wra.org/LU0802.

An agent e-mailed the WRA Addendum D and consent for electronic transmission to the client. The client printed it out, completed it and wants to fax it back. The agent is able to receive faxes directly to her e-mail address. Is it acceptable for the client to fax it back to the agent’s fax number, which is received by her e-mail?

The essential components for obtaining a consumer’s consent to the use of electronic signatures and documents in real estate transactions are acknowledging receipt of the mandatory E-Sign disclosures and electronic consent to the use of electronic documents, e-mail delivery of documents and electronic signatures. If the document is printed and faxed, it is fax delivery, not e-mail delivery. Likewise, a party cannot be handed an Addendum D, or the electronic consent document, sign it and hand it back to the agent to obtain consent for use of electronic documents. The agent’s or company’s software program that can convert a fax to an e-mail is a device on the receiving end of the communication and does not allow the client to demonstrate his or her ability to use e-mail.

More information about e-mail delivery is available in “E-Mail Delivery: Working with Consumer Consents to Deliver Electronic Documents,” in the May 2008 issue of the Wisconsin Real Estate Magazine, online at news.wra.org/story.asp?a=922.

Tracy Rucka is Staff Attorney for the WRA.


legal

The Wisconsin Legislature is considering proposed legislation that will increase the penalties and fines for violation of Wisconsin’s No Call law. According to Sen. Jon Erbanbach, author of the original state law as well as the new proposal, the number one consumer complaint is violation of the No Call statute. Therefore, he supports increased penalties to discourage telemarketers who break the law from continuing to do so.

The original law, one of the first in the nation and predecessor to the federal laws, became effective January 1, 2003. The law regulates telephone solicitation – defined as the “unsolicited initiation of a telephone conversation for the purpose of encouraging the recipient of the telephone call to purchase property, goods or services.” In the field of real estate, telephone solicitation generally includes cold calling, calls to owners with expired listings, calls to FSBOs and calls to consumers referred by others. A telephone solicitor may not make a telephone solicitation to a consumer’s residence or cell phone if that consumer’s telephone number is included in the “no call” directory maintained by the Department of Agriculture, Trade and Consumer Protection. Under current law, violations are subject to a forfeiture of $100 per violation.

If the proposed legislation is adopted, and by all accounts it appears that such adoption is a virtual certainty, the penalty will increase to not less than $1,000 or more than $10,000 for each violation. In addition to the increased forfeitures, a person who suffers damages as a result of a violation of the law will be permitted to bring a civil action for injunctive relief and actual damages, or for $500 per violation, whichever is greater. Efforts have been on-going since 2004 to increase the penalties.

The Wisconsin REALTORS® Association has consistently opposed the increase in fines as being excessive. Rather, the WRA believes that if there are flagrant, repeat offenders who consider the lesser fines under the current law as nothing more than a cost of doing business, then the Legislature should consider a graduated fine schedule that penalizes the habitual violator. We have also expressed our concern that the ability to bring private civil actions will trigger increased complaints, even for innocent mistakes by REALTORS® and others.

Given the increase in potential liability, it is more important than ever to make certain REALTORS® are in compliance and do not unintentionally make a call in violation of the law. According to Sen. Erpenbach, the DATCP has done a good job in making certain that telemarketers always get warnings when they first violate the law and receive clear instruction on how to follow the law. Despite that assurance, what should REALTORS® make sure to do?

Different REALTORS® may need to adopt different measures to protect themselves. Brokers who do allow or require telemarketing by their agents may not be able to escape the telephone solicitation registration requirements and fees. Brokers who do not engage in cold calling or related practices may

increaseD fines for violators of “no call” law soughtBy kevin king


need to seek other precautions to avoid having their follow-up and closing preparation calls classified as telephone solicitations, subjecting the brokers to the same registration and fees as the brokers who do engage in telemarketing practices.

Brokers and real estate companies that market over the telephone may obtain a copy of the Wisconsin No Call list by completing the DATCP’s annual application form and paying the annual fees. REALTORS® should contact the DATCP by phone (608-224-4999), fax (608-224-4939) or e-mail ([email protected]), or visit www.NoCall.Wisconsin.gov/web/home.asp to obtain a registration application packet. A client or customer on the no call list should not be called unless the call meets one of the telephone solicitation exemptions.

One way to protect REALTORS® who do not engage in cold calling but who do make follow-up calls and closing preparation calls is to find a reliable way to make sure these calls do not fall within the definition of a telephone solicitation. All REALTORS® should confer with their company legal counsel in developing the company’s policies on telephone solicitations. For example, the telephone solicitation definition does not include:

• A telephone call encouraging the call recipient to buy property, goods or services from a “nonprofit organization” unless sale proceeds are subject to Wisconsin sales tax or federal income tax. (Note: REALTOR® firms and companies are not nonprofit organizations.)

• A telephone call made by an individual acting on his or her own behalf, not as an employee or agent for any other person. This exemption does not apply to a caller who sells or promotes the sale of property, goods or services for others. (At first glance, this exemption might be

encouraging, but if taken literally, most REALTORS® “sell or promote the sale of property, goods or services for others.”)

• A telephone call made in response to the call recipient’s affirmative request for the call. (This may prove to be the best option for most brokers who, after conferring with legal counsel, may insert language in all agency agreements and all broker disclosures to customer forms along the lines of “(Seller) (Buyer) requests but does not require Broker to telephone (seller) (buyer) regarding issues, goods and services related to the real estate transaction. This request will terminate at such time as Broker is no longer providing brokerage services to (seller) (buyer).”)

• A telephone call made to a current client. A current client is a person who has a current agreement to receive, from the caller or the person on whose behalf the call is made, property, goods or services of the type promoted by the telephone call.

• A telephone call made to a number listed in the current local business telephone directory.

• One telephone call to determine whether a former client mistakenly allowed a contractual relationship to lapse. (This type of call may be made by REALTORS® under these limited circumstances.)

• A telephone call made to determine a former client’s level of satisfaction, unless the call is part of a plan or scheme to encourage the former client to purchase more property, goods or services. (This type of call may be made by REALTORS® under these limited circumstances but requires caution – there is a risk of the call later being classified as a telephone solicitation if it is deemed to be part of a scheme or plan to sell.)

• A telephone call made to a party to an existing contract that is necessary to complete the contract. (This exemption may apply to calls a REALTOR® makes to the seller or the buyer regarding a listing contract or buyer agency agreement as long as care is taken to limit the conversation to tasks needed to fulfill the contract or agreement.)

For more information, visit the No Call REALTOR® Resource page at www.wra.org/nocall.

Kevin King is General Counsel for the WRA.

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December 9, 2009CE – Elective F – Broker Supervision Mel CheckElective F is a course for those who run an office, have opened an office, or want a better understanding of their broker’s day-to-day responsibilities.

December 10, 2009Anticipating the Turning PointLawrence Yun, Chief Economist and Senior VP of Research, National Association of REALTORS®

General SessionThe Real estate Company of the FutureSteve MurrayIs the downturn just cyclical or structural? In this session you will get a re-view of the foundation of successful brokerages and how consumerism and technology will affect the business. This presentation will review existing business models and their relative success and areas of opportunity in the years to come.

Live Focus GroupModerator: Dave StarkView a live focus group of recent buyers and selers (most under 40) to hear why they chose to work with a particular firm or agent, the level of service they received, and what part the use of social media played in their buying and selling process.

Workshops

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The Five essentials for Successful Coaching and MentoringRich Sands

developing Multiple Micro Revenue Streams from Property Management and associated ServicesSteven David

Recruiting in Today’s environment… agents are online; Consumers TooJon Cheplak

video Solutions: 12 great Ways to Boost your Business using videoBrian Copeland

Just When you Thought it Was Safe to go Back into the WaterSteve Murray

Reos and Short Sales: expanding your BusinessSteven David

Move ‘em up or Move ‘em out…Jon Cheplak

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wra.org/managementregister to-

REGISTRATION FEES thru 11/23 after 11/23 ATDMembersConference With CE $ 95 $105 $ 125Conference Only $ 69 $ 79 $ 99CE Only $ 32 $ 37 $ 47

Non-MembersConference With CE $115 $ 125 $ 145Conference Only $ 79 $ 89 $ 109CE Only $ 42 $ 47 $ 57


eDucation

LAKE OF THE TORCHES RESORT AND CASINO - LAC DU FLAMBEAU

appraisalcontinuing education

October 19, 2009 - Brookfield(2008-2009) 7 Hour national UsPaP Update course

October 20, 2009 - Appleton(2008-2009) 7 Hour national UsPaP Update course

October 21, 2009 - MadisonHvcc, amc, avm, asc…the new abcs of the appraisal business

November 16, 2009 - Madison(2008-2009) 7 Hour national UsPaP Update course

November 17, 2009 - Brookfieldappraisal reform: new Hvcc regulation, Forms and requirements

November 17, 2009 - Madisongreen building November 18, 2009 - AppletonFlood zones, maps & the appraisal Process

November 18, 2009 - Brookfieldappraisal management companies: Policies, Procedures and delivery of appraisal reports

December 1, 2009 - Madisonappraisal management companies: Policies, Procedures and delivery of appraisal reports

December 2, 2009 - Brookfieldaddendums, disclosures and disclaimers

*Courses submitted for Wisconsin appraiser and assessor continuing education, as well as Minnesota and Michigan appraiser continuing education.

800-279-w w w . w r a . o r g / a p p c e

WRA Winter ConventionNorthern Exposure 2009PeachTree Design608-739-4408July 2009

Full Color Version

WRA 2010 WINTER CONVENTION

MaRK youR CaleNdaR

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JAN. 25TH - 27TH

A conference designed specifically for Brokers, Owners and Managers!

wra.org/management

Las Vegas CE

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out of State Ce - las vegasMarch 1-3, 2010Tuscany all Suites hotel & Casino | las vegas, Nevada

great Food. great Shows. great education.Fulfill your 2009-2010 real estate continuing education requirements in style. Escape the winter weather and join the WRA in sunny Las Vegas, Nevada. Whether you enjoy the spectacular dining or try your luck at the many casinos, this is one educational opportunity you won’t want to miss. Choose from as many as six CE courses or electives and still have plenty of time to catch a show on the strip. You may even be able to write it off as a busi-ness expense (check with your tax accountant)!

Radisson Paper Valley Hotel

Appleton, WI

February 8-11, 2010

Many Designations...

One Location!

DesignationW E E K

gRi | CRS | aBR | gReeN

What is designation Week?According to the National Association of REALTORS®, designations can almost double your income in real estate. Whether you have a designation, want to earn more

or are working towards your first one, Des-ignation Week offers you an opportunity to

take multiple courses in one week and make significant progress towards earning nationally-

recognized designations – all in one location. This year’s Designation Week will be held at the Radisson Paper Valley Hotel in Appleton on February 8-11, 2010.

Get yourself on track to success by putting your education dollars to work at Designa-

tion Week.

gRi Course 2February 8-11, 2010Instructors: LeRoy Houser, CRS, Kevin King, Dan Kruse, Rob Uhrina, Doug Hoffman and Mark Porter, CRS

gRi Course 3 February 8-11, 2010Instructors: Tom Lundstedt and Ed Hatch, CRS

CRS 201: listing Strategies Included in GRI Course 2February 8-9, 2010Instructor: LeRoy Houser, CRS CRS 202: effective Buyer Sales Strategies Included in GRI Course 3February 10-11, 2010Instructor: Ed Hatch, CRS

Marketing with Microsoft office (CRS elective) February 8, 2010Instructor: Pat Zaby, CRS

aBR Two-day Required CourseFebruary 8-9, 2010Instructor: Barb McGill, ABR, CRB, CRS, GRI, and SRES

Foreclosures and Short Sales: What Buyer’s Representatives Need to Know (aBR elective)February 10, 2010Instructor: David Sayas

New gReeN designation Course (also aBR elective)February 9-10, 2010Instructor: Sam Martin

gReeN Residential elective Course February 11, 2010Instructor: Sam Martin

This year’s designation Courses:

You mAY quAliFY FoR A ScHolARSHiP! GRI Scholarships are available to WRA members. Contact your local board/association, the Wisconsin CRS Chapter, the WRA or visit www.wra.org/GRIscholarship for application information. This year’s deadline is January 15, 2010.

wra.org/DesWeekregister to-

Statement of Ownership, Management, and Circulation. Publication Title: Wisconsin Real Estate Magazine. Publication Num-ber: 1096-9829. Filing Date: October 1, 2009. Issue Frequency: Monthly. Number of Issues Published Annually: 12. An-nual Subscription Price: $5 Members, $60 Non-Members. Complete Mailing Address of Known Office of Publication: Wisconsin REALTORS® Association, 4801 Forest Run Road, Suite 201, Madison, WI 53704-7337. Contact Person: Rob Uhrina. Tele-phone: (608) 241-2047. Complete Mailing Address of Headquarters: Wisconsin REAL-TORS® Association, 4801 Forest Run Road, Suite 201, Madison, WI 53704-7337. Full Names and Complete Mailing Addresses of Publisher, Editor and Managing Editor: Publisher, William Malkasian; Editor, Terry O’Connor; Managing Editor, Rob Uhrina; Wisconsin REALTORS® Association, 4801 Forest Run Road, Suite 201, Madison, WI 53704-7337. Owner: Wisconsin REAL-TORS® Association, 4801 Forest Run Road, Suite 201, Madison, WI 53704-7337 (same address for all). Known Bondhold-ers, Mortgagees, and Other Security Hold-ers Owning or Holding 1 Percent or More of Total Amount of Bonds, Mortgages, or Other Securities: None. Tax Status: Has Not Changed During Preceding 12 Months. Publication Title: Wisconsin Real Estate Magazine. Issue Date for Circulation Data Below: September 2009. Extent and Nature of Circulation (first number gives average number of copies of each issue during preceding 12 months; second number gives actual number of copies of single is-sue published nearest to filing date): Total Number of Copies (15,818; 15,518); Paid/Requested Outside-County Mail Subscrip-tions (15,613; 15,313); Paid In-County Subscriptions (0; 0); Sales Through Dealers and Carriers, Street Vendors, Counter Sales, and Other Non-USPS Paid Distribution (0; 0); Other Classes Mailed Through the USPS (0; 0); Total Paid and/or Requested Circula-tion (15,613; 15,313); Free Distribution by Mail; Outside-County (30; 30); In-County (10; 10); Other Classes Mailed Through the USPS (0; 0); Free Distribution Outside the Mail (15; 15); Total Free Distribution (55; 55); Total Distribution (15,668; 15,368); Copies Not Distributed (150; 150); Total (15,818; 15,518); Percent Paid and/or Requested Circulation (99.6 percent; 99.6 percent); Publication Statement of Owner-ship: Publication Required. I certify that all statements made by me above are true and complete. Rob Uhrina, Managing Editor, September 30, 2009

statement of ownership

Course Schedule Visit wra.org/CourseSchedule for full schedule. Sales & Marketing Management date course location $early reg.** $reg. $atd

November 5, 2009 Positioning Properties to Compete in the Market Madison ***189 195 215 (Staging) CRS Elective January 13-14, 2010 ABR 2 Day Core Course Brookfield 260 270 290 January 25, 2010 Short Sales & Foreclosures: Protecting Lac du Flambeau^ *195 205 225 Your Clients Interests (CRS Core 1-day class ) February 17-19, 2010 New Broker Training Madison 315 325 345

Conference and Conventions date event location December 9-10, 2009 Management Conference Pewaukee January 25-27, 2010 WRA 2010 Winter Convention Lac du Flambeau February 8-11, 2010 Designation Week Appleton March 1-3, 2010 Out of State Ce Las Vegas, NV

Real Estate Continuing Education Date course location October 13, 2009 2009-10 Courses 1 & 2 8:30 – 4:30 Green Bay 920-739-9108 October 14, 2009 2009-10 Elective A 8:30 – 12:00 Sheboygan 920-457-7908 October 14, 2009 2009-10 Elective C 1:00 – 4:30 Racine 262-554-3940 October 14-15, 2009 2009-10 Courses 1, 2, 3, & 4 8:30 – 4:30 Marshfield 800-279-1972 $27/m; $35/nm October 15, 2009 2009-10 Electives C & E 8:30 – 4:30 Green Bay 920-739-9108 October 15, 2009 2009-10 Courses 1 & 2 8:30 – 4:30 Ripon 920-294-6850 October 19, 2009 2009-10 Elective A 1:00 – 4:30 Racine 262-554-3940 October 21-22, 2009 2009-10 Courses 1, 2, 3, & 4 8:30 – 4:30 Wausau 800-279-1972 $27/m; $35/nm October 22, 2009 2009-10 Courses 3 & 4 8:30 – 4:30 Ripon 920-294-6850 October 22, 2009 2009-10 Courses 3 & 4 8:30 – 4:30 Manitowoc 920-553-6227 October 22-23, 2009 2009-10 Courses 1,2,3 & 4 8:30-4:30 Hudson 651-772-6344 October 29, 2009 2009-10 Electives A & C 8:30 – 4:30 Ripon 920-294-6850 November 3, 2009 2009-10 Course 1 1:00 – 4:30 Racine 262-554-3940 November 4, 2009 2009-10 Courses 3 & 4 8:30 – 4:30 Madison 800-279-1972 27/m; $35/nm November 5, 2009 2009-10 Courses 3 & 4 8:30 – 4:30 Appleton 920-739-9108 November 10, 2009 2009-10 Courses 3 & 4 8:30 – 4:30 Green Bay 920-739-9108 November 11, 2009 2009-10 Electives A & C 8:30 – 4:30 Madison 800-279-1972 27/m; $35/nm November 12, 2009 2009-10 Electives C & E 8:30 – 4:30 Appleton 920-739-9108 November 12, 2009 2009-10 Electives A & C 8:30 – 4:30 Sturgeon Bay 920-743-9651 November 19, 209 2009-10 Courses 1 & 2 8:30 – 4:30 Lake Geneva 262-723-6851 November 20, 209 2009-10 Courses 3 & 4 8:30 – 4:30 Lake Geneva 262-723-685 Pre-License date course location $ early reg.** $ regular reg. * Plus books October 12-15; 19--22 Sales Pre-License Course 8:00 - 5:00 Madison 325* 325*Now available online!

StartQuicksales training program

www.wra.org/QuickStartOnDemand

*Plus books** Early registration applies two weeks prior to the start of the course.***Members of the Wisconsin CRS Chapter will receive a $20 discount.

# Appraiser section members receive a discount.

QuickStarton demandThe QuickStart program assists agents in learning the business of real estate. Courses focus on contract issues, agency relationships and negotiating strategies. The program is designed to help agents become confident in their practice as well as focused on their personal business plan. Completion of the QuickStart program (four days) and passing the exams fulfills the requirements for GRI Course 1. Visit: www.wra.org/QuickStartondemand

Sales Pre-licenseoctober 12-15 & 19-22, 2009WRa headquarters, Madison

To obtain a real estate license in the state of Wisconsin, you must first complete 72 hours of approved education courses such as our sales pre-licensing

course. Second, you must pass a state-administered exam. The WRA is offering an eight-day accelerated, 72-hour sales program on October 12-15 and 19-22, 2009 in Madison. For more information, visit: www.wra.org/SalesPL


statement of ownership


2010 wisconsin electionsBy joe murray

With his mid-August announcement that he is not running for re-election, Governor Jim Doyle significantly altered Wisconsin’s political landscape for next year’s elections. His decision to opt out of a possible third term opens up the list of potential candidates on the Democratic side for next year’s gubernatorial election.

Potential candidates include: Lt. Governor Barbara Lawton (already in the race), Milwaukee Mayor Tom Barrett, 3rd District Congressman Ron Kind from La Crosse, State Senate Majority Leader Russ Decker from Westin, Wisconsin Department of Commerce Secretary Richard Leinenkugel and Executive Director of the Wisconsin Counties Association Mark O’Connell.

Doyle’s exit from the race means Democrats must move quickly if they are serious about running. Potential Democratic candidates were deferential to the governor out of respect to the incumbent, but now that he is out, they each need to maneuver for a position in a primary that will likely have multiple candidates.

Republicans, on the other hand, have been out of the governor’s office since 2003 and, as a result, have been organizing and gearing up for the 2010 gubernatorial election since 2006, when GOP candidate Mark Green was defeated by Governor Doyle. Serious Democratic candidates must work hard to catch up with GOP organization.

Republican gubernatorial candidates include: Milwaukee County Executive Scott Walker (already in the race), former First District Congressman Mark Neumann from Janesville (already in the race), Appleton businessman Mark Todd (already in the race), former GOP Senate candidate Tim Michels from Brownsville and Madison lobbyist Bill McCoshen.

For 12 years, advocates of campaign finance reform have been pushing legislation to publicly fund state political campaigns, regulate so-called “issue ads” prior to a primary or general election, and require full disclosure of all funding sources for political spending. With Democrats in complete control of state government for the first time in 26 years, their chance for success may have improved.

Majority party Democrats are moving on two pieces of legislation: one is designed to regulate the way state Supreme Court races are funded, and the other is intended to restrict issue ad spending during peak election years.

Senate Bill 40 would provide public funding (read taxpayer dollars) for qualified state Supreme Court candidates as well as additional funding if the candidate has money spent against him or her by a political third party. Senate Bill 43 would restrict the use of third-party issue ads 60 days before an election for any state office.

Supreme Court races in Wisconsin have become increasingly partisan and expensive over the last 10 years. As a result, reformers seek to “insulate” Supreme Court candidates from the duties of raising money and other common elements of a statewide political campaign. Issue ad reformers, on the other hand, seek to reduce or eliminate third-party messages in campaigns and “take control” of their own message. They contend third parties have too much involvement in modern day elections and drown out the candidates themselves.

These two bills represent the immediate priorities of the current leadership, but not their future wish list of campaign-related “reform” efforts. Watch for future Calls-to-Action on these issues. The Wisconsin REALTORS® Association is opposed to both bills.

The 2010 elections in Wisconsin may offer the kind of political environment in which a credible third-party candidate can emerge and alter the election outcome in a significant way. Why? Voters are extremely unhappy with both Democrats and Republicans, even if they direct more anger at the Democrats right now. This kind of environment has a way of producing independent third-party candidates that siphon off votes from the major parties and tip the election outcome.

Wisconsin has a long history of third-party candidates doing reasonably well: Ross Perot in 1992 (22 percent in Wisconsin), Ralf Nader in 2000 (4 percent) and Ed Thompson in 2002 (11 percent). All three candidates lost big but had a huge impact on the eventual outcome. Perot hurt George H. W. Bush and helped the Assembly GOP pick up seven seats in 1992; Nader kept the race close in Wisconsin in 2000 and arguably kept Al Gore out of the White House (Florida); and Thompson may have cost Scott McCallum the governor’s race and helped Senate Republicans win their majority in 2002.

Credible third parties can do well in Wisconsin under the right circumstances and those factors could be present in 2010.

Joe Murray is Director of Political & Governmental Affairs for the WRA.

governor doyle retiring

tHird Party watch

camPaign Finance reform

public affairs


A task force appointed earlier this year by Assembly Speaker Mike Sheridan has advanced recommendations for legislative and non-legislative programs designed to address the dramatic rise in home foreclosures in Wisconsin. The Wisconsin REALTORS® Association had representation on the task force and supports its report.

The task force was formed to investigate ways the state could constructively address the nearly 30-percent increase in Wisconsin’s foreclosure rate between 2008-2009. The task force correctly identified unemployment,

divorce and serious illness as the primary causes of foreclosures, but also reviewed the role of sub-prime lending practices and other financing-related causes. The task force held public hearings across the state, receiving testimony from affected individuals as well as housing and banking experts in Madison, Green Bay, Milwaukee, Baraboo and Eau Claire.

The WRA was ably represented on the task force by REALTOR® Laurie Logan from the Madison area. Laurie brought her extensive experience and expertise to the task force,

and devoted a substantial amount of time counseling the group on both useful and not so useful ideas throughout the process.

The task force remains in place in order to review additional information and possible future recommendations. Its report, released on September 9, 2009, included the following legislative as well as non-legislative recommendations.

legislative Recommendations

Mortgage & Foreclosure Education Standards

In an effort to educate consumers on the risks and benefits of various mortgage options, require an overview of mortgage instruments, the risks and benefits of each, and the causes of home foreclosures to be incorporated into the model academic standards for personal financial literacy.

Appraiser Licensure

In an effort to address inaccurate and possible fraudulent appraisals, require all appraisers in Wisconsin to be licensed by the state. Wisconsin is one of only four states that do not require appraisers to be “licensed.”

Abandonment Notification

In an attempt to expedite the foreclosure process to minimize the length of time a property sits vacant, require a county clerk of courts to notify a municipal clerk when a home has been declared abandoned through the necessary judicial process.

Fiduciary Duties of Mortgage Brokers

In order to protect consumers seeking mortgage loans, require mortgage brokers to place their clients’ financial interests above their own, similar to what is required for real estate brokers.

foreclosure legislation proposeD

Speakers Task Force Recommendations IntroducedBy michael theo

public affairs

Foreclosure legislation ... continued on page 22

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Non-legislative Recommendations

Encourage Schools to Focus on Financial Literacy

Recommend that school districts in Wisconsin be encouraged to focus on financial literacy issues and, where beneficial, encourage schools to partner with outside financial literacy organizations to educate students on personal financial issues including mortgage and foreclosure topics.

Encourage Statewide Foreclosure Education Campaign

Create a statewide foreclosure education campaign, including information resources available to the public, as well as past and future legislation to provide homeowner and renter protections. As part of this process, identify the Wisconsin Housing and Economic Development Authority as the central source of information and expand its current foreclosure education Web site. In addition, encourage legislators to incorporate foreclosure education into their public service announcements, newsletters and other communications with constituents.

Study Issues of Lenders Abandoning Foreclosed Properties

Recommend further study for solutions for instances in which lenders sue for foreclosure but then never take title. In these cases,

the original homeowner is left holding the title while under the impression the house is no longer his or hers. This also leaves municipalities with back taxes, fees and other related costs.

Study Issue of Renter/Non-owner-occupied Foreclosures

Recommend further study of the unique circumstances surrounding foreclosures of rental properties and procedures involving tenants. (The task force noted that legislation known as the Tenant Protection Act has already passed the Legislature earlier this year. See related article from Wisconsin Real Estate Magazine, May 2009, online at news.wra.org/story.asp?a=1116.)

Encourage Municipalities to Stay Informed of Local Foreclosures

Recommend municipalities take steps to stay appraised of their local foreclosures by obtaining foreclosure notices from their local courts, which are available to the public prior to the abandonment proceedings.

The WRA will now work with legislative leaders in the drafting and introduction of the bipartisan recommendations for legislation. For further information, contact Michael Theo at [email protected].

Michael Theo is Vice President of Legal and Public Affairs for the WRA.

Foreclosure legislation ... continued From page 21

wra launches facebook anD youtube $8,000 tax creDit viDeosThe WRA has launched three final online video commercials to help you promote the $8,000 home buyer’s

tax credit in the final days of the program. REALTORS® are encouraged to embed these videos into their Web

sites or directly on their social media pages. Visit the Web sites below and follow the embed instructions to

utilize these videos in your online marketing efforts.

Embed $8,000 video from the following networks:

Wisconsin REALToRs® AssociATion

Facebook.com/wisconsinrealtors Wra.org/youtube Wra.org/taxcreditcommercials


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new legislation introDuceD to help struggling tif Districts

By tom larson

While much of the media attention has focused on the decline in the housing market, the national economic downturn has also negatively affected the commercial real estate market and a growing number of tax incremental districts (TIDs) across the state. To address this issue, Sen. Jim Sullivan (Wauwatosa) and Rep. Louis Molepske (Stevens Point) have introduced legislation (SB 291) that will provide local municipalities with more options for managing struggling TIDs.

Background

Tax increment financing (TIF) is a public financing tool that uses future gains in taxes to finance public improvements, infrastructure and buildings to promote economic development in an area. Over the years, TIF has become one of the most important and effective economic development tools for Wisconsin communities. However, because of the downturn in the economy, tax increments within the TIDs have declined due to reductions in the value of existing property located within the TIDs, increased foreclosures of building projects within the TIDs and economic development projects being delayed or withdrawn due to diminished demand and new restrictions on financing.

TIDs experiencing a decline in increment collection or the failure of projected increment to materialize may be unable to meet financial obligations that they have already incurred. In most cases, if a TID is unable to meet financial obligations, the taxpayers would be required to make up any shortfall in revenue. However, if taxpayers are unable or unwilling to satisfy the TID’s financial obligations, the community could go into default on loans, which could have significant impacts on the community, including increased future cost of credit, inability to obtain credit and/or a halt in economic development in the community.

Proposed legislation

To provide local communities with some additional tools to help prevent TIDs from going into default, SB 291 would do the following:

• Authorize communities to extend the economic life of an existing TID up to 40 years if the following conditions are met:

◦ the TID must demonstrate a gap between TID revenues generated and the debt service on obligations issued to finance TID project costs;

◦ the gap must be certified by the municipal clerk; and

◦ various procedural requirements must be met, such as holding a public hearing and obtaining approval from the city council/village board, joint review board and state Department of Revenue.

• Expand revenue-sharing/pooling opportunities for such TIDs by authorizing:

◦ a donor TID to have a life that matches the recipient TID, but in no case longer than 40 years (a donor TID is a tax increment district that allocates positive tax increment [beyond what is necessary to pay its project costs in that year] to another TID [recipient TID] that is struggling to meet its financial obligations); or

◦ distressed TIDs, which are industrial or mixed-use TIDs, to be recipients of sharing/pooling amendments.

The legislation is supported by the Wisconsin REALTORS® Association, the League of Wisconsin Municipalities, the Wisconsin Economic Development Association, the Wisconsin Bankers Association and the Wisconsin Builders Association.

For more information, please contact Tom Larson ([email protected]) at 608-241-2047.

Tom Larson is Director of Regulatory and Legislative Affairs for the WRA.

public affairs

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W i s c o n s i n H o u s i n g a n d E c o n o m i c d E v E lo p m E n t a u t H o r i t y201 West Washington Ave n Madison, WI 53703 n 800.334.6873 n www.wheda.com

Low home prices, government incentives and the Wisconsin neighborhood advantage make it a great time for your customers to buy a home.

The Wisconsin Neighborhood Advantage loan is available to buy foreclosed and vacant single family homes in Brown, Kenosha, Milwaukee, Racine, and Rock counties.

n affordable 30-year fixed interest rate n Built-in financing for home repairsn Job loss mortgage payment protection n several forms of down payment assistance

ELIGIBLE FIRST-TIME HOME BUYERS CAN USE THE FEDERAL HOUSING TAX CREDIT WITH THIS LOAN.*

Home buyer education is required. income and purchase price limits do apply. For more information, call WHEda® at 800.334.6873 or visit the real Estate professionals section at www.wheda.com.

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Wisconsin Neighborhood Advantage is not funded by WHEDA Tax Exempt Mortgage Revenue Bonds. It is a limited time offering made possible by funding from the Wisconsin Department of Commerce and the Neighborhood Housing Services of America. Loans are available on a first-come, first serve basis. Wisconsin Neighborhood Advantage is the only WHEDA mortgage loan product that is available.

october 2009 - wisconsin real estate magazine

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