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Fall 2016 - Volume 12 - Number 3 REALTOR

Changing theFace of St. LouisReal Estate

REPORT

Changing theFace of St. LouisReal Estate

®

Staff Directory

Executive DepartmentJohn R. Gormley, RCE, CAE, CIPS Chief Executive Officer [email protected] | 314.576.0033

Tina Stork, Executive Assistant [email protected] | 314.576.0033 ext. 318

Legislative DepartmentMartina Johnson, Government Affairs Director [email protected] | Direct Line: 314.590.2309

Molly White, Political Fundraising & Community Relations Coordinator [email protected] | 314.576.0033 ext. 310

Professional Development

Karen Dunn, Director of Professional Development & Project Management [email protected] | Direct Line: 314.590.2312

Monica Wilson, Professional Development Coordinator [email protected] | Direct Line: 314.275.7888

Jessica Prater, Professional Development Specialist [email protected] | 314.275.7888

Jesse Solis, Member Services Coordinator [email protected] | 314.576.0033

Professional StandardsTracey D. Yost, Director of Professional Standards/Contracts & Forms Liaison [email protected] | Direct Line: 314.590.2305

Membership and FinanceRick Capelli, Chief Financial Officer [email protected] | Direct Line: 314.590.2313

Katie Benz, REALTOR® Shoppe/Membership Specialist [email protected] | 314.576.0033 ext. 320

Emily Whitlock, Lead Member Specialist [email protected] | 314.576.0033 ext. 339

Monica Alsup, SUPRA Administrator [email protected] | 314.576.0033 ext. 315

Jessica Perez, Finance & Member Services Assistant [email protected] | 314.576.0033 ext. 314

Marketing, Communications and Public RelationsCandice Coleman, Director of Marketing & Communications [email protected] | 314.576.0033 ext. 317

Cuc Le, Art Director [email protected] | 314.576.0033 ext. 301

Commercial DivisionMargo Colestock, Director of Commercial Services & Events [email protected]| 314.576.0033 ext. 309

2016 Board of Directors

Sandy Hancock, President Barry Upchurch, President-Elect Buddy Wood, Vice President/Treasurer Edwina Conley, Secretary Jeff Bosch, Member-at-Large Janet Judd, Immediate Past President Ben Cahill, Commercial Division President John R. Gormley, Chief Executive Officer

St. Louis REALTORS® Staff

Mid America Regional Information Systems (MARIS) Paul Prince, [email protected]

David Price, Senior Vice President & Systems [email protected]

Denise Bielicke, Vice President [email protected]

Katie Otto, Vice President Member [email protected]

Jason A. Darrough, Support [email protected]

Brad Whitrock, Support [email protected]

Carroll Morrow, Membership [email protected]

Tabitha McDuffie, Accounting [email protected]

Randi Marie Penny, Member Services Coordinator [email protected]

Debi Peel, Compliance and Membership [email protected] Sarah NadlerMarketing and Communications [email protected]

Executive Committee REALTOR® Directors:

REALTOR® Associate Directors:

Term Ends 2016

Edwina Conley Tom Kennedy David Townsend Glenn Vatterott

Term Ends 2017

Jeff Bosch Jill Butler Angie Ignatowski Suzi Mattus

Term Ends 2017

Barb Keathley Luan Meredith Michelle Syberg John Powel Walsh

Katherine Berry Sharon Hutson Marc Levinson

Affiliate DirectorRebecca Meier

National Association of REALTORS® DirectorsSandy Hancock (Board President)Barry Upchurch (Board President-Elect) Letty DeMay (Director)

Glenn Vatterott (Large Firm Representative) Bruce Aydt (Distinguished Service Award)

For advertising information or to submit articles for consideration in the REALTOR® Report, please contact the Marketing Department at [email protected] or 314.576.0033.

3 | Fall 2016 — REALTOR® Report

9

Protect Your Buyers with Contract Contingencies

St. Louis REALTORS® Launches Data Accuracy, Consumer Relevancy Campaign

Legislative Report

Around the Industry

New St. Louis REALTORS® Forms

2017 Committees & Groups

Three Most Cited Code of Ethics Articles

The REALTOR® Structure vs.the MREC

30 Under 30

Stats

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TABLE OF CONTENTS

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14

By Sandy Hancock President, St. Louis REALTORS®

Your buyers find the perfect home and want to make an offer. It’s important to know about their future plans: a detached building/garage in the back, a room addition on the side or other planned improvements they may have neglected to share with you. How do you protect your buyers in the contract so they can make the desired improvements after closing?

A lot of the issues have to do with the shape and location of the lot. The stake survey will show the property lines, building lines and recorded easements. Sometimes it uncovers things that will impact the buyer’s ability to use the property for the purpose they desire.

Let’s look at some examples of what can go wrong. Although there is clearly enough room to build a detached garage in the back yard, there may not be enough room along the side of the home for a driveway.

In the case of a planned in-ground pool, utility easements may consume most of the yard, reducing the available building sites. Municipalities require set backs that affect what can be built. All of these issues would fall under the title contingency on the contract, so, theoretically, if the survey did not meet with the buyer’s approval, they could terminate the contract.

But, in the St. Louis REALTORS® contract, the contingency is limited to issues that “adversely affect the use of the property as it exists for residential purposes at the time of the contract.” The survey may disclose these issues, but the contract does not allow the buyers to terminate the contract just because

they would prevent a buyer from making planned improvements.

Since these issues do not affect the use of the property as it exists for residential purposes at the time of the contract, they are not considered defects and would not be a reason to terminate the contract.

There are a lot of other issues that can affect the buyers’ ability to improve the property: cost to build, municipal building codes, suitability of the soil, etc. Our standard contract does not protect the buyer because none of these issues are an allowed reason not to complete the purchase of the property.

It’s important that, as their agent, you do not become their expert on this issue by giving advice that a builder/architect should be providing.

The best approach is to have your corporate attorney or broker provide a broad contingency for the contract offer that will give the buyer a due diligence period to satisfy themselves that the property is suitable for the planned improvements. They can then obtain a stake survey, work with a builder, lender and possibly an engineer to verify that the property is suitable for their planned use.

I’m always interested in hearing war stories from the field. What experiences have you had with this type of situation?

Sandy [email protected]


Protect Your Buyers with Contract Contingencies


This fall, we embarked on a consumer education campaign to illustrate the stark difference between dealing with a St. Louis REALTOR® vs. some popular real estate websites.

The campaign’s goal? Position you as the source for accurate, reliable data and expert advice based on market knowledge. The idea behind the campaign? By helping you be relevant to consumers, the association remains relevant to you.

Here are excerpts from our news release:

Houses are listed as for sale by St. Louis REALTORS® members through MARIS (Mid America Regional Information Systems) Multiple Listing Service, says St. Louis REALTORS® President Sandy Hancock. “They’ll consider multiple factors including square footage, number of bedrooms and baths, the area in which the home is located, amenities, size of the lot and condition of the house,” Hancock says. “Most importantly, your REALTOR® will create a CMA – comparative market analysis – before the property is listed, based on similar properties that have recently sold in the vicinity. In other words, we use accurate, detailed data to back up the list price. Unlike Zillow’s Zestimate, it’s not a guess or a ‘conversation starter.’ It’s an educated opinion of value based on knowledge of the market.”

Interestingly, Zillow and other home sites represent that they are not there to be accurate, and note that their estimated values – in Zillow’s case, Zestimates – are not necessarily actual home values. They concede that these estimated values are computer generated and based on limited data using a computer algorithm. Zillow even states “our data may be incomplete or incorrect.” And in St. Louis, Zillow gives itself the lowest possible rating for Zestimate accuracy, just one out of four stars. “The problem, “ explains St. Louis REALTORS® CEO John Gormley, “is that unfortunately people look at sites like Zillow and Trulia and think ‘Oh this is what my house is worth,’ or ‘This is great, my house value has gone up $2,000 this month,’ which begs the question, based on what? What buyers and sellers are seeing on these sites, in reality, is phantom information. It is not, as Zillow calls it, a Zestimate – it’s actually a guesstimate. When you look at Zillow for home values, what they are offering is pure entertainment – it’s not real.”

There’s no doubt that buyers and sellers are drawn to Zillow, as a 2015 Los Angeles Times article noted that in December of that year, Zillow had 73 million unique visitors to its website. In that same article, Zillow’s CEO Spencer Rascoff contended that Zestimates

are a “good starting point” and Zestimates had a “median error rate nationwide of about 8 percent,” a significant disparity that can definitely cause problems for buyers and sellers. The article also states that localized median error rates on Zestimates sometimes far exceed the national median error rates.

If you compare Zillow Zestimates with the MARIS Multiple Listing Service actual sales data, it becomes abundantly clear that there is a complete disconnect between Zillow’s pricing and what properties are selling for in the St. Louis area. Take a look at these three examples. The first home – a condominium on Blackforest Drive – sold for $30,000. Zillow’s Zestimate was $71,081. The second home on Valley Avenue sold for $190,000. Zillow’s Zestimate was $142,826. The third home, on Conway Road, sold for $527,500. Zillow’s Zestimate for this property was $431,305, almost a $100,000 difference.

“The bottom line here,” Gormley says, “is if you want accurate information that is backed up with real market experience, you won’t find what you’re looking for with a Zillow Zestimate. It’s not information you can trust. However, if you’re looking for real estate data that’s based on fact, not fiction, then ask a St. Louis REALTORS® member and view the MLS data that he or she has through MARIS. This data is accurate. On top of that, a St. Louis REALTOR® can tell you what the data actually mean.”

An accompanying flier was sent to members and the media, along with our news release. To download the flier, visit stlrealtors.com/Zillow. To access our monthly housing reports, visit stlrealtors.com/housing-report. As always, feel free to share any or all of these resources with your sphere of influence (SOI).

St. Louis REALTORS® Launches Data Accuracy, Consumer Relevancy CampaignBecause you’re way more accurate – and valuable – than a computer algorithm

By John R. Gormley Chief Executive Officer, St. Louis REALTORS®

John R. [email protected]


By Martina Johnson Government Affairs Director, St. Louis REALTORS®

President Obama Signs HR 3700

The Housing Opportunity Through Modernization Act passed unanimously through the U.S. Senate and was signed into law by President Obama. The new law lowers the owner occupancy ratio from 50 percent to 35 percent for FHA loans, allowing many more buyers to enter the condo market. It also provides greater financing flexibility for mixed-use buildings, which is an increasing share of new residential and commercial developments in urban areas. Incredibly, 200,000 REALTORS® across the country completed the call for action for HR 3700, pushing the bill to pass unanimously in the Senate and avoid the committee process. Thank you for your action on HR 3700! To get calls for action on legislation sent directly to your phone, sign up for REALTOR® Party Mobile Alerts by texting “REALTORS” to 30644.

Missouri REALTORS® Launches Taxpayer Protection Amendment Campaign

Imagine charging your clients an additional sales tax on your services as a REALTOR®. Sales taxes on services are a reality in other states, such as North Carolina and Washington, where new sales taxes on services take effect this year. Missouri REALTORS® is proactively fighting for your right to keep your hard-earned commissions by promoting a constitutional amendment to ban sales taxes on services from ever becoming a reality in Missouri.

Amendment 4, or the Taxpayer Protection Amendment, will protect REALTORS® and consumers alike, as low income and fixed income Americans are hit hardest by sales taxes.

The amendment does not eliminate any current tax revenue, but provides that no new revenue can come from creating a sales taxes on services.

The Taxpayer Protection Amendment is not only good for the real estate industries, but all service providers as well. Haircuts, mechanic services, legal fees, marketing services, dental or medical services and many other types of service providers could all be included if the legislature gets the votes to pass a sales tax on services.

Now is the time for all of these industries to unite to end the threat of sales taxes once and for all.

Volunteer leaders at St. Louis REALTORS® have been promoting the importance of the Taxpayer Protection Amendment to other trade associations, chambers of commerce and small business owners. Visit motaxpayerprotection.com for more information on the Taxpayer Protection Amendment.

Support the cause today by joining our industry coalition, requesting a yard sign and telling your friends and neighbors to vote for Amendment 4 on November 8.

St. Louis REALTORS® Wins Preliminary Injunction

In April 2016, St. Louis REALTORS® was granted a preliminary injunction against the rental licensing ordinance that was passed in St. Louis County in October 2015. The ordinance mandated evictions for tenants who were convicted of certain felony charges, among other private property rights violations.

St. Louis REALTORS® sprang into action, heavily advocating against the bill and ultimately filing suit when it passed into an ordinance. The ordinance has been unenforceable thanks to a temporary restraining order judgment in January 2016 and now the preliminary injunction.

The next hearing on the case won’t be until August 2017. If you own a rental property in unincorporated St. Louis County between 1-4 units, and would like to potentially serve as a witness in this case, contact Martina Johnson at [email protected].

CFPB Makes Clear Lenders’ Ability to Share CD

Since the October 2015 implementation of the Consumer Financial Protection Bureau’s (CFPB) Know Before You Owe TILA-RESPA Integrated Disclosure rule (TRID), which required most transactions involving a mortgage to use new CFPB disclosure forms, REALTORS® have raised red flags over challenges in gaining access to the mortgage closing disclosure form, or CD.

The CD is delivered to homebuyers in advance of their closing and contains important financial information related to their purchase.

Unfortunately, many lenders have chosen to withhold this document from real estate agents since Know Before You Owe went into

effect, despite a longstanding tradition of sharing similar information.

On July 29, 2016, the CFPB announced a proposed rule on TRID, which clarified that lenders can share the new required CD with real estate professionals without fear of liability for disclosing clients’ nonpublic personal information. CFPB said in its statement that “the Bureau understands that it is usual, accepted and appropriate for creditors and settlement agents to provide a closing disclosure to consumers, sellers and their real estate brokers or other agents.”

The National Association of REALTORS® (NAR) believes this announcement marks significant progress for consumers, as well as for its members. Giving REALTORS® access to the CD would strengthen consumers’ understanding of their mortgage and home purchase by helping agents continue to provide expert advice to their clients.

The comment period for the proposed rule remained open until October 18, 2016. NAR reiterated its stance on sharing of the CD.

Local REALTORS® Win Elected Office

The outcome of the August 2016 primary elections was very successful for aspiring legislators in the REALTOR® family. St. Louis REALTORS® member Derek Grier won his Republican primary for House District 100 and St. Charles County Association of REALTORS® member Jean Evans won her Republican primary for House District 99. Grier is a graduate of NAR’s Candidate Training Academy, which was an elite day-long program hosted by St. Louis REALTORS® to prepare members to run for public office.

Both Grier and Evans interviewed with the St. Louis Association of REALTORS® Political Action Committee (SLARPAC) and gained campaign contributions and support from our organization.

Additionally, Hannah Kelly from Ozark Trail Board of REALTORS® won her Republican primary for House District 141. If all three candidates win their general elections in these strong-held Republican seats, Missouri REALTORS® will see three new freshmen legislators at the Capitol next year. Congratulations to Derek Grier, Jean Evans and Hannah Kelly!

Legislative Report

Martina Johnson [email protected]


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Since the last publication of the REALTOR® Report, the St. Louis Industry Forum had meetings, one in June, one in August and another in October. In these meetings, leaders of various professions – related to the real estate industry – shared information on important legislative and regulatory issues and information on their respective organization’s activities. Below are some of the highlights I think St. Louis REALTORS® will find beneficial.

St. Louis REALTORS® members care about our community and showed it.

Barry Upchurch, president-elect of St. Louis REALTORS®, discussed the success of Rebuilding Together’s Rebuild Day on April 30. St. Louis REALTORS® members were able to renovate three of the 53 homes repaired that day thanks to a generous $20,000 grant from the REALTORS® Housing Assistance Fund (RHAF). To learn more about Rebuilding Together, visit rebuildingtogether-stl.org.

Take note … THE CFPB isn’t just going after the “Big Guys.”

Security Title’s Wendy Cromer, past president of the Missouri Land Title Association (MLTA), shared an eye-opening report about the Consumer Finance Protection Bureau’s recent action against a loan officer for negotiating better fees for his refi clients versus his purchase clients. The loan officer was banned from the industry for one year and fined $85,000. Worth noting is the lender received no disciplinary action.

Homeowners drowning in flood insurance costs ...

Shelly Clark, president of Cardinal Surveying, provided an update to an earlier meeting where she showed how changes to county flood maps resulted in an increase of St. Charles County homes landing in the flood plain. Clark mentioned she attended a recent subdivision in St. Peters where 70 of the 73 homes, valued at approximately $150,000 each, were affected by the changes to the maps, resulting in homeowners needing to obtain flood insurance. The average cost to ensure these homes is $424 annually under the current flood insurance program. Based on current home values and typical loan amounts, that would increase the house payment of new homeowners about 5 percent. She added the current plan is set to expire September 2017. Without subsidy from the plan, private flood insurance would cost approximately $1,500 annually.

Recovery of the St. Charles housing market causing the county to get tougher on development.

Mark Stallman, CEO of the St. Charles County Association of REALTORS® (SCCAR), reported the St. Charles market is doing very well; however, the success of the market is making it harder on residential developers. Mark said in the past, “The county would do almost anything to get builders to build” – but now the county is making it more difficult. While builders are trying to convince local authorities to allow them to build smaller, lower-priced homes in failed developments, they say they are receiving resistance.

SCCAR making an impact on the political scene.

Stallman also reported that candidates supported by SCCAR were very successful in the April elections, succeeding in five of the six races they funded. Mark reported SCCAR had seven members in elected offices – five in city council positions and two on school boards.

HBA celebrates victory in the April election.

Celeste Rueter, staff vice president for Public Policy at the Home Builders Association of St. Louis & Eastern Missouri, said the HBA was also successful in their efforts with regards to the April election, especially in St. Charles County. The HBA supported 14 candidates. 12 won their respective races.

HB 1862 a Landlords friend or foe?

Martina Johnson, the governmental affairs director at St. Louis REALTORS®, reported after the elimination of Trial De Novo last year, it was unclear if a landlord, after obtaining a judgment for possession, would have to wait 10 days or 30 days to actually obtain possession. But HB 1862 cleared the confusion. HB 1862 – which passed – clarified landlords would be required to wait 10 days (to give a tenant time to file an appeal) before executing on the judgment for possession, resulting in a win for landlords.

On the other side of the coin, though, is the negative impact HB 1862 will have on landlords. This is my opinion, but I believe this new statute is going to have the unintended consequence of basically forcing landlords to use a property manager, even

Around the IndustryBy Dennis Norman Chairman, St. Louis Industry Forum Past President, St. Louis REALTORS®

9 | Fall 2016 — REALTOR® Report8 | Fall 2016 — REALTOR® Report

if you are an agent. I say this because the new statute requires “all security deposits shall be held in a trust established by the landlord and deposited in a bank, credit union or depository institution account in the name of the trustee,” which is not only impractical, it may, very well, be impossible to comply. Property managers – who, under state law, must be licensed real estate brokers and maintain a property management escrow account – are exempt, but no one else is, including licensed agents that own rental property.

New home construction’s increasing labor demands still less than half of peak …

Dave Forrest, a veteran builder representing the Home Builders Association of St. Louis and Eastern Missouri (HBA), said during

the peak of new home construction, approximately 5 million carpenter hours were required in St. Louis to meet the demand. Dave said, today, even with the increased activity, there is a lack of available workers. The worker shortage covers all aspects of construction and is the result of the 2007-2008 collapse, which sent many mechanics and tradesman into retirement, other professions or industries or to other areas of the country seeking work.

Dennis Norman [email protected]


New St. Louis REALTORS® FormsBy Wendy Cromer Co-Chair – Missouri Land Title Association Zone 5

Two forms have recently been added as St. Louis REALTORS® forms in cooperation with the Missouri Land Title Association’s Zone 5 Task Force. The goal is to help resolve common closing problems by creating universally acceptable forms. Please note the use of these forms does not guarantee that any transaction will be insured. Every company retains the right to require additional information or deny coverage.

The first form is the Lien Waiver form # 2185a. Remember the phrase - “If work’s been completed then a Lien Waiver is needed!” This form should be provided to the following:

• To the Seller at the time of listing, for completion by any contractors, subcontractors or suppliers who have recently performed work on the subject property

• To any vendors (and their subcontractors and suppliers) hired to complete necessary repairs on the subject property (for example, during inspection negotiations)

• To your preferred vendors (and their subcontractors and suppliers) who commonly handle repairs for your clients

If the subject property is newly constructed or rehabbed, then the underwriter will typically require the second form that has been uploaded, the Notice of Intended Sale (NOIS) form # 2185b. This document is executed by the owner of the property and recorded in the county where the property is located, to provide notice that the owner is renovating the property for sale to a bona fide purchaser. The form also reflects the closing date of the property.

The NOIS form is a great way to minimize the amount of paperwork that is needed by the title company; however, often the form is deficient, which creates a larger closing issue. The basic rules for properly executing the NOIS form are:

• It must be executed by the Owner of Record, include the legal description and reflect a closing date that is NO LESS than 45 days after the date of recording. (Helpful hint: The date of recording does not count as a day, your first day begins the day AFTER you record.)

• The closing date that is inserted must reflect an actual date when the work will be completed. You must be realistic in your date choice. (For example, if you record a NOIS that states closing will occur on July 1, but the work for the project is not completed until October 1, that will be considered defective.)

• The NOIS must be recorded in the county, where the property is located and a copy also must be posted at the site. This allows subcontractors and suppliers performing work on the site to record a Notice of Rights if they are owed money.

It’s important to remember that while these forms have been uploaded into the system for use, you should not be completing them for your client. While the title company will be reviewing these documents, they should also not be completing these forms. The Missouri Land Title Association’s Zone 5 Task Force will continue to work on addressing issues to create a better closing process. If you have any topics for consideration, please feel free to email the co-chairs of this committee: Wendy Cromer at [email protected] or Nancy J. LoRusso at [email protected].

Advocacy (GA + Legislative Affairs + Issues Mob)

• Industry Forum (every other month)• RPAC• SLARPAC• Urban Affairs (meets 6x/year)• NEW – Economic Development

Forum

Member Network

• Affiliate Council• Awards• Broker Forum• CCIM• CIREB (Council of Independent Real

Estate Brokers)• Community Engagement• Inclusion Advisory Group• Military & Veterans Outreach Alliance• Past Presidents Council (1-2 events/

year)• RHAF (REALTORS® Housing

Assistance Fund)• WCR (Women’s Council of REALTORS®)

• YPN (Young Professionals Network) Advisory Board

Risk Management (Contracts & Forms)

• Contracts & Forms Forum (meets 4x/year – open to all)

Professional Standards (must meet 2x/year – members must take annual training in Columbia or Chicago)

• Citation Review Panel• Grievance

• Mediation/Arbitration Advisory Group

• Ombudsman Advisory Group

Executive

• Bylaws (meets as needed)• Legal Action (meets as needed)• Finance (meets as needed)

Association Governance: New committee structure announced for 2017St. Louis REALTORS® has a new committee and volunteer groups structure for 2017. The reasoning is two-fold:

2017 Committees & Groups

Major committees (denoted in bold/underline). Affiliated groups denoted with a bullet symbol.

Highlights of the changes:• Contracts & Forms Forum (like Urban Affairs) will be open to any member.• Professional Standards Committee service requires training at MR (Missouri

REALTORS®) or NAR (National Association of REALTORS®). It also has two new advisory groups – Mediation/Arbitration and Ombudsman.

• Broker Forum and Contracts & Forms Forum may combine events when appropriate.

• Strategic Planning will be a function of the Board of Directors instead of a committee.

• Economic Development Forum is new and will have a commercial real estate emphasis.

• Member Network includes affiliated groups such as YPN (Young Professionals Network), WCR (Women’s Council of REALTORS®) and CIREB (Council of Independent Real Estate Brokers).

To learn more, visit: stlrealtors.com/membership/get-involved/committees.

1. Organize around five main areas: Advocacy, Member Network, Risk Management, Professional Standards and Executive; and2. Offer more opportunities for member engagement and cross-pollination among groups.

“Members familiar with our state associa-tion might notice a similarity to MR’s 02,” says Barry Upchurch, 2017 president of St. Louis REALTORS®. “While that’s certainly true, we left room for flexibility and to pre-serve our unique culture and strengths. The main goal is to encourage more member input and participation without creating roadblocks to progress.”10 | Fall 2016 — REALTOR® Report

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Being in this industry for over 16 years, one thing I’ve observed is that an agent’s business is greatly determined and affected by statistics. St. Louis REALTORS® releases a monthly Housing Report which details how many homes have sold, the median home price, average number of days a property has been on the market, inventory and other statistical information. This data educates members on the market in our surrounding area.

In my first year as director of professional standards, I have had the privilege of reviewing over 50 ethics and Supra complaints, as well as mediation/arbitration requests. While reviewing all complaints to ensure they have been filed within the 180 days or making sure they have included all the pertinent information to help their case, I

began wondering what articles are cited more frequently than others.

Being a former 4th and 5th grade teacher, I always tried to think of different ways to effectively educate my students so they could be the best at whatever they chose to do. Now it is my duty to educate members so they can be equipped with all the tools and the most up-to-date and pertinent information that will help them succeed. Agents need to know what they’re doing wrong so it can be corrected and perfected. When you know better, you do better. So I decided to review all ethics complaints filed from January 2015 through June 2016 to see what three articles were most frequently cited for a violation. Here is what I’ve come up with ...

Three Most Cited Code of Ethics ArticlesBy Tracey Yost Director of Professional Standards/Contacts & Forms Liaison, St. Louis REALTORS®

12 | Fall 2016 — REALTOR® Report 13 | Fall 2016 — REALTOR® Report

Tracey Yost [email protected]

Article 16 - REALTORS® shall not engage in any practice or take any action inconsistent with exclusive representation or exclusive brokerage relationship agreements that other REALTORS® have clients with.

This article deals with: • The exclusive relationship REALTORS® have with their clients. • REALTORS® contacting and soliciting another REALTORS®’ clients. • How important it is to honor the exclusive agency agreement a REALTOR® has with his or her client. • How to handle a client that contacts a REALTOR® while they have an active agreement with another

REALTOR®.

Article 9 - REALTORS®, for the protection of all parties, shall assure whenever possible that all agreements related to real estate transactions including, but not limited to, listing and representation agreements, purchase contracts and leases are in writing in clear and understandable language expressing the specific terms, conditions, obligations and commitments of the parties. A copy of each agreement shall be furnished to each party to such agreements upon their signing or initialing.

This article deals with: • Protecting all parties by using reasonable care to ensure documents pertaining to the transaction are

current.• Using the correct forms to ensure correctness.• Thoroughly explaining to your client or customer the specific terms of their contractual relationship.

Article 1 - When representing a buyer, seller, landlord, tenant or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve REALTORS® of their obligation to treat all parties honestly. When serving a buyer, seller, landlord, tenant or other party in a non-agency capacity, REALTORS® remain obligated to treat all parties honestly.

I call this the “treat others as you want to be treated” article. This article has 16 Standards of Practice that, in detail, break down the intricacies of how vital this article is in your day-to-day real estate business, as well as the treatment of your fellow REALTORS®.

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I need you to keep a few things in mind about the complaints that cited these articles as possible violations; 90 percent of these complaints were filed by the public, former clients and customers. Another important fact to ponder is all of these cases were forwarded by our Grievance Committee to the Professional Standards Committee for an ethics hearing. The client, customer, REALTOR® relationship is not only important, it is protected by the National Association of REALTORS®. I know it looks great on your year-end stats to show you’ve sold over $10 million, but how many of your clients will refer others to you, or better yet, say that their experience with you made the process worth every minute.

I’ll leave you with one final thought. Articles 1-9 are solely dedicated to the “Duties to Clients and Customers” – that’s over half. How you treat your clients and customers, and other REALTORS®, speaks volumes. If you want yours to scream you should strive for it to be something positive.

For an up-to-date copy of the 2016 National Association of REALTORS® Code of Ethics and Standards, visit stlrealtors.com, click on ‘Benefits,’ then ‘Professional Standards.’


Congratulations to the new members of the 2017 board of directors!

View a complete list of winners online at: stlrealtors.com/elections.

Supports RHAFMortgage

On September 26, 2016, USA Mortgage hosted its 3rd Annual Golf Outing raising$10,000 for the St. Louis REALTORS® charity, REALTORS® Housing Assistance Fund (RHAF).

USA Mortgage looks forward to continuingits support of RHAF at the November 10th

Installation of new o�cers, directors, and 2017 President Barry Upchurch as the RHAF sponsor.

www.usa-mortgage.comCompany NMLS: 227262 • Missouri Residential Mortgage Licensee • 12140 Woodcrest Executive Drive • Suite 150 • St. Louis, MO 63141

Real estate associations have long been on the front lines when it comes to the battle of distinguishing themselves from other “related” entities. Historically, there always has been confusion with the regional multiple listing service, a key system vendor like SUPRA or even the real estate commission itself. As those in the real estate business like to say, “It’s an acronym and entity maze out there. “ Or at least I like to say that!

The St. Louis REALTORS® has made significant strides in recent years toward the goal of properly distinguishing itself. That process will continue to go forward and evolve. Instant recognition and solid branding of St. Louis REALTORS® will always be the goals. This is essential in communicating the value proposition for any association.

But to move beyond that, we thought it would be interesting to review the relationship between the REALTOR® association structure and one of those entities it is sometimes confused with – the Missouri Real Estate Commission (MREC). Have you ever wondered how brokers become “Designated REALTORS®” or “salespersons” become REALTOR® Associates? The MREC and St. Louis REALTORS® seem like parallel universes and, in some ways, that’s an apt description.

More specifically, how do licensing and the licensing hierarchy of the MREC translate to the various REALTOR®-world membership categories? It’s somewhat complex, but it pays to understand it. It’s key to knowing how the association elections work and the makeup of its governing body – the board of directors. An understanding of the structure can also aid agent level members in knowing what they need to do in terms of membership when they obtain a broker license and start their own company. This may sound basic, but it’s important to understand the MREC is a government entity that is structured by law. The REALTOR® world then translates that structure to make sense of the MREC within its own membership categories.

Our association has three basic REALTOR® membership categories:

Designated REALTOR® This is the first principal of every firm and there is one no matter how large or small the company is. The Designated REALTOR® is at the top of the REALTOR® hierarchy and pays the highest level of dues.

The Designated REALTOR® must hold an individual broker license (unincorporated business), a broker officer license (regular corporation) a broker associate license (limited liability corporation) or broker partner license (partnership). Obviously, at many firms, there are multiple individuals holding these types of licenses, but only one must serve as the Designated REALTOR®. There is often some confusion with this term and the MREC term “Designated Broker.” The Designated Broker is a similar requirement by the MREC of designating one broker as the “head” broker. But in the REALTOR® world these two individuals (Designated Broker per the MREC and Designated REALTOR® per the association) need not be the same if there are multiple broker licenses within a company.

However, in a situation where an individual broker license is held, that person is always the Designated REALTOR® because no other broker licenses can be held in that company.

The Designated REALTOR® is distinguished from a REALTOR® in that they hold the ultimate responsibility for membership and assuring all dues are paid and the REALTOR® bylaws are followed by the member firm. If a Designated REALTOR® is suspended or loses membership in a local association, all licensees (members) affiliated with that Designated REALTOR® are also suspended or temporarily lose membership privileges.

By Rick Capelli Chief Financial Officer/Membership

The REALTOR® Structure vs. the MREC – How well do you know it?


REALTOR®

This is definitely the most complicated of the categories, even though it is the smallest of the three basic classes of REALTOR® membership in terms of numbers. It is the second-highest category with regard to dues assessed.

REALTORS® can be subdivided and explained as follows:

1. Second Principals - All other individuals in a corporation, LLC or partnership holding broker officer, broker associate or broker partner licenses who are NOT the Designated REALTOR® must hold REALTOR® membership. This is specifically stated in the bylaws of the association and is a required membership category based on the licensing, at least in this sub-category. This also applies to licensees of real estate corporations within corporations, which is a common form of business structure, particularly in limited liability corporations.

2. Branch Managers - A branch manager of a multi-office organization, as named by the Designated REALTOR®, must hold REALTOR® membership. This requires at least a broker/salesperson license with the MREC. Again, the requirement to comply with this membership sub-category is specifically stated in the association bylaws.

3. REALTORS® other than second principals or branch managers - This can be any individual deemed to have significant responsibilities by the Designated REALTOR®. Usually these responsibilities involve internal training or some type of management duties. The individual must, of course, be licensed with that Designated REALTOR® and does not necessarily need to have a broker officer, broker associate, broker partner or broker/salesperson license. In some situations a salesperson license is sufficient. As the description implies, this type of REALTOR® membership is optional, based on the judgment of the Designated REALTOR®.

REALTOR® ASSOCIATE

All other members holding salesperson or broker/salesperson licenses, held by a member Designated REALTOR®, will hold REALTOR® Associate memberships. To no surprise, this is the highest category in terms of numbers and has the lowest dues assessment.

Put another way, if you hold a salesperson or broker/salesperson license and are not a branch manager or REALTOR® as described in (3) above, you are a REALTOR® Associate.

Here are some things to remember about the membership categories in terms of their pragmatic functions:

Elections - The votes of Designated REALTORS® and REALTORS® count as a full vote in association elections. REALTOR® Associates count at 25 percent of a full vote or one fourth. If you are running for association office your campaign manager might very well advise you to concentrate your campaigning with Designated REALTOR® and REALTOR® members for obvious reasons. You don’t need James Carville to explain “four is greater than one!”

Board of Directors - The association board of directors is made up of 12 REALTOR® directors, three REALTOR® associate directors, the Commercial Division president-elect and the executive committee. The executive committee consists of the association officers - president, president-elect, treasurer, past president, Commercial Division president and then a secretary and member-at-large selected from the REALTOR® and REALTOR® associate directors. For the purposes of

the board of directors “REALTOR® directors” can be either Designated REALTORS® or REALTORS®. You must also be a Designated REALTOR® or REALTOR® to hold an officer position outside of the Commercial Division president. So, insofar as serving on the board of directors, there are many more opportunities as a REALTOR® or Designated REALTOR®. One other note, the Affiliate Council chairperson serves as a non-voting member of the board of directors. (Note: We have included a bullet point summary at the end of this article of the Board of Directors make up.)

Licensing changes – This situation is not that frequent but it is one that is often not communicated properly to association staff. If a member changes their license type from either salesperson or broker/salesperson (REALTOR® Associate) to broker officer, broker associate or broker partner – they must change their membership status from REALTOR® Associate to REALTOR®. This involves “upgrading” your status. It is required in the bylaws. Often times the association staff has to be proactive in contacting the members who have changed their license type since many times it is done years after their initial onboarding as members and may not affect their day-to-day business functions.

Becoming a new broker (starting your own company) – this is a very common situation and, most often, requires a REALTOR® Associate upgrading to Designated REALTOR® status. Obviously the license type in this situation goes from salesperson to a form of a broker license. The association membership department literally processes new “upgrades” weekly as our entrepreneurial-minded membership starts new ventures frequently. The new “DRs” file their new company names with the association and join the multiple listing service as new independent entities. At that time, any agents placing their license with the new broker are transferred. These REALTOR® Associates continue their membership under their new Designated REALTOR®.

It’s always good to know how your status with the local licensing body converts into what type of membership you hold in the association. The REALTOR® structure has been designed to fit well with these licensing entities and Missouri is no exception.

Rick [email protected]

Make up of the St. Louis REALTORS® Board of Directors – 22 members:

- Association President - Association President-Elect - Treasurer - Association Immediate Past President - Commercial Division President - Commercial Division President-Elect - 12 REALTOR® Directors (staggered three-year terms, four up for election each year) - Three REALTOR® Associate Directors (staggered three-year terms, one up for election each year)- A non-voting Affiliate member (Chairperson of Affiliate Council)

NOTE: A member-at-large and secretary are chosen by the association president from the pool of elected REALTOR® and REALTOR® Associate directors for the executive committee. Proposed bylaws changes can always change board composition.


Turn on a TV in 2016 and it seems abundantly clear that real estate agents are now celebrities. The faces of our industry distributing “real” estate drama (pun intended) in 30-60 minute increments, pausing only for a brief word from their sponsors.

“Finally the public can see the sports car, penthouse, caviar, hyper-glamorous lifestyle we all lead” ... said no agent, ever.

Flip-or-Flop-Million-Dollar-Property-Virgins are all great television but hardly the real face of the industry. The real faces are the 30-year veterans of 18 percent interest rates and housing bubble crashes. The real faces of the industry are the brand new agents drawn to the industry by entrepreneurial freedom, service oriented traditions, new technologies and innovation.

Never was this more evident than at the YPN 30 Under 30 agent panel this summer at Schlafly Bottleworks in Maplewood. Invited to speak at the panel were three winners of the 2016 REALTOR® magazine 30 Under 30 award. The three speakers invited were: Bonni Luckett Galbally from St. Louis/St. Charles, Harrison Beacher, REALTOR® with Keller Williams Capital Properties and Zac Bales-Henry, broker with Re/MAX Precision. Each speaker offered unique perspectives on how to grow a real estate business and unique insights into how they engage with their respective associations and communities. These might not be the faces of TV real estate, but they are doing the real work every day.

When asked just how different the TV version of the real estate business is to the more authentic day-to-day life of an agent, Barnes said, “I hate how they overstate the commission that the

agents earn, and never get close to explaining how someone’s NET proceeds work as opposed to gross commission to the broker. Makes the public think we make a lot more money than we do.”

Bales-Henry concurred, stating, “They have a tendency to skip over the day-to-day work, like the little things that make our job so important and fun. For instance, Million Dollar Listing makes it look like we’re all high rollers only concerned about money. That isn’t true.”

Bales-Henry, Beacher and Galbally have all worked diligently growing their profitability. They have all taken the proper steps to track costs, track return on business investments and reinvest strategically in their own business. The latter steps might be the ones left on the editing room floor.

Consumers often think tough negotiations done over the phone are the norm but as Harrison rightly points out, “They rarely show any paperwork and act like the negotiations and contract stuff is all verbal! A binding contract must be in writing!”

Galbally also pointed out, “The agent’s role is to inform the general public on market trends, knowledge and changes to make sure they can make the most educated decisions on when to buy or sell surrounding all life events. We are there to protect them and guide them through transactions professionally – to help them accomplish their real estate goals.”

Each speaker noted several times that focusing on their clients’ needs was not a barrier to profit or growth. In fact, they all agreed

YOUN

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By Sean Wiegert Chair, Young Professionals Network


that a partnership between client and agent, as well as an agent and community, are pillars of their success.

Bales-Henry emphasized how invaluable face-to-face meetings are in his business. He is very involved in his community, stating “a REALTOR® should be an active member; not only setting an example for other agents, but also individuals in differing fields. They should give back as much as they receive and help others to succeed.”

Beacher echoed this sentiment. “We have to be active participants and contributors to the places we live and sell real estate, notice that those who give back the most and pour into their community are the most successful – no mistake there.”

The agents of reality TV land are hardworking and industrious in their own ways, but when asked what defines a “professional” REALTOR®, none of the speakers said a 24-hour camera crew. Bales-Henry described a professional REALTOR® as someone with determination, trustworthiness and passion.

Beacher approached this from the consumer perspective, saying that a professional REALTOR® offers courteous and timely responses to calls, texts, emails or inquiries from other agents and the public, in addition to a considerate and thoughtful approach to doing their job.

Galbally might have presented my favorite response, “Standards is a huge one for me. I think you need to know what your standards are across the board in all situations so you remain very ethical no

matter what. Show up, give every appointment and interaction your all and follow up!”

There are probably better ways to get a show on HGTV. That being said, providing your clients the highest commitment to their goals, prompt and sincere answer to their questions and the commitment to their communities, you could have a very successful career behind the camera in this industry.

Bales-Henry, Beacher and Galbally are some of the true faces of real estate. They, like you, are driven to provide the best possible service for all of their clients, as well as the best possible example for their colleagues. We were honored to have three of the brightest and hardworking agents in the country participate in this event.

The YPN board at St. Louis REALTORS® is committed to events like the 30 under 30 Panel so we can provide the insight and inspiration for the agents in our community. With the support of St. Louis REALTORS® Affiliates, we’re able to make it happen. We thank our sponsors for supporting our kickoff event for 2016: American Eagle Credit Union, Investor Title Company, Pillar to Post - The Scott Frederick Team, Security Title and USA Mortgage - The Sean Zalmanoff Team.

Sean Wiegert [email protected]


Join YPN at Start Bar on November 16 as it welcomes new members of

the 2017 YPN Advisory Board. To learn more and RSVP, visit:

stlrealtors.com/ypn-happy-hour.

St. Louis City

New ListingsAvg. Days on MarketMedian Sale PriceAvg. Sale PriceNumber of Sales

44392$123,000$140,090243

50763$134,900$160,895282

41352$145,250$178,692265

Affton School District


54102$124,900$135,79328

5249$135,500$139,24040

5329$129,000$150,87742

Bayless School District


1469$105,000$103,97123

2434$94,900$101,40017

1839$126,750$127,40018

Brentwood School District


1872$150,000$170,56824

1654$149,000$201,33219

1932$169,000$210,50020

Clayton School District


3668$352,500$540,63236

3444$598,750$655,22726

2828$586,000$501,31723

MARKET TRENDS REPORTSt. Louis School Districts

September 2014 - 2016

2014 2015 2016 Hancock Place School District


1763$59,900$64,77216

1669$43,275$49,60914

1744$72,000$75,30416

Hazelwood School District


16175$90,950$98,587102

20960$88,100$103,165140

18258$95,000$109,456122

Jennings School District


2362$17,700$25,55218

1617$31,250$47,4119

2873$22,000$43,3667

Kirkwood School District


Ladue School District


2014 2015 2016

Ferguson-Florissant School District


100106$63,500$64,98048

10292$81,200$79,70456

11059$64,000$65,42654

Lindbergh School District


Maplewood-Richmond Heights School District


23103$146,250$164,97512

2264$156,950$171,52316

2631$182,500$190,09225

Mehlville School District


14561$158,000$185,550125

15339$175,000$185,514119

14766$180,000$194,908133

Normandy School District


42112$20,577$42,00020

3042$56,000$72,20015

3963$28,202$52,85321

Parkway School District


21466$248,427$309,369178

23737$250,000$291,746181

25438$247,325$314,787196

Pattonville School District


6751$134,750$143,29858

7338$143,500$174,84768

7150$144,500$151,17357

Ritenour School District


7268$50,830$57,56144

6872$37,250$50,29644

7464$58,000$65,68244

Riverview Gardens School District


4067$21,975$26,05630

3468$27,013$29,51432

6158$23,000$31,48423

Rockwood School District


18068$300,000$346,281140

22846$305,000$368,355156

21851$293,000$344,308168

University City School District


5865$176,500$196,73344

6946$289,900$312,71835

7244$230,000$279,00948

Webster Groves School District


6659$217,000$259,84852

6737$244,000$283,93257

7028$230,000$272,56645

For additional comparison reports, visit our website at stlrealtors.com/DistrictStats.

7644$192,000$205,07663

7330$191,300$224,69086

7741$227,500$251,48860

8240$249,900$300,31055

10262$307,500$391,68962

8841$311,250$356,84454

5866$685,000$666,60832

6652$650,000$662,89947

5988$557,000$617,99748

Welcome New Members!DESIGNATED REALTOR® Scott Garnholz Lamplighter Realty

Douglas Heller Douglas S. Heller, Broker

Rosanne Horan Compass Real Estate Group, LLC

Carol Johnston Carol Co Realty

Aaron Kowalczyk AMG Realty

Theodore Maetten StreetLinks

Gary Moore Moore Realty

Tracey Novy Thomas Novy Properties, LLC

Warren Popp Heritage Properties Realty, LLC

Adam Reed Adam D. Reed

Rebecca Rose Keller Williams Realty Chesterfield

Valetta Sullivan Compass Group Realty, LLC

Jing Zhao Jing Zhao, Broker

DESIGNATED REALTOR®/STATE CERTIFIED APPRAISERJean Frisella St. Louis Appraisal Company

Shelly Lauck Red Eagle Appraisals

John LePage LePage Appraisals

Robert T. Wood Basis, LLC

DESIGNATED REALTOR® Previously REALTOR®

Barbara KeathleyThe Seller’s Agent, Inc.

Gail WelschJC Welsch & Associates, Inc.

DESIGNATED REALTOR® Previously REALTOR®-Associate

Bryan Collier Epic Property Solutions, LLC

Raketta Douglas One Vision Realty, LLC

Juan Garcia Garcia Property Management Inc.

Mimi Mackey Hollrah STL Rental Services and Sales

Bryan Kelsey Kelsey Realty Group

Vadim Radovilsky VR Realty, LLC

Jonathan Rankin CRP Management, LLC

Samuel Rudder Wessex Properties, LLC

Sandra Schuchardt All In Realty, LLC

Alexander Shlafshteyn Anex Real Estate

Richard Sorkin Sorkin & Associates, LLC

Casey Urkevich Casemark Realty Advisors, LLC

Jeff Wilber Simple Solution Real Estate

Jonathan Woelfel MargKey Real Estate, LLC

Susan Wright Wright Living Real Estate, LLC

Mason Zhang Integrity Realty Property

DESIGNATED REALTOR® Secondary Member

Lindsey Egner Century 21 – The Advantage Real Estate

Scott Harpole 13th Street Appraisals

Tiaa Harris Just Wright Realty, LLC

Jo Ann Hollenberg United Country – Commercial

Ayoub Rabah Home Partners Realty Missouri

Cheryl Rabin Owners.com

REALTOR® Previously REALTOR®-Associate

Marc Cranmer Coldwell Banker Gundaker

Marc Levinson Dielmann Sotheby’s International

AFFILIATESJustin Adams Adams Foundation Crack Repair

Rebecca Bissell Seymour Photos

Joshua Cruse Main Street Renewal, LLC

Debbie Ruocco Investors Title Co.

Edward Whittaker BPG/ABA Inspections

Gregory Aftayev Endeaver Capital

Halli Bronner Mason Home Design

Nicolas Chahoud RE/MAX Select

Stephanie Deisner RE/MAX Suburban

Allison Dracup Stage Right Home Staging

Michael Heath Supreme Lending

Chris Hunter AMF Electric

Victor Migneco St. Louis Home Inspections, LLC

Zachary Mikus St. Louis Radon

Jeff Pfitzer Supreme Lending

Laurie Phillips Embrace Home Loans

Rian Poythress First American Home Buyers Protection

Cheri Schneider CS Photography

Jane Sciuto Endeaver Capital

Robert Robinson ATM Home Inspection, LLC

Stephanie Williams Premier Realty Exclusive

Kyle Anderson Dazzle Home Staging

Kyle Bolm The Sewer Pros

Julian Brady The Sewer Pros

Haley Buckner Vinson Mortgage

Leslie Chandler T.C.P.

Rich Ciciora Mold Solutions

Jim Fitzgerald InHance IT! Staging

Diane Sanfilippo Diane Sanfilippo Photography

Steve Strobe Phoenix Realty Co.

Matthew Symonds BPG/ABA Inspections & Consulting

David Uetrecht S & B Best Pest

Nicholas Zlotopolski Brunic Home Inspection Services, LLC

Welcome New Members! Events

11/2 to 11/7 - NAR REALTORS® Conference & Expo

11/10 - 140th Celebration & 2017 Annual Installation11/11 - Veteran’s Day , St. Louis REALTORS® Office Closed11/16, 5-7 p.m. - YPN Happy Hour, Start Bar - Arcade Bar11/24, noon to 11/25 - Thanksgiving Holiday Observed, St. Louis REALTORS® Office Closed

12/1, 9-11 a.m. - Urban Affairs, Location TBD

12/8, 5-7 p.m. - Holiday Open House

12/23, noon to 12/25 - Christmas Holiday Observed,

St. Louis REALTORS® Office Closed

12/30, noon to 1/2, New Year’s Day Observed,

St. Louis REALTORS® Office Closed

November

December/January

To view more, visit:

stlrealtors.com/events-calendar

Dianne Collins My Company Gifts/Cutco Closing Gifts

Andrew Dothage Kloster Sewer & Drain

Thomas Dugan BPG/ABA Inspection & Consulting

Benjamin King Keller Williams Realty Chesterfield

Michele McPhillips One Source Solutions

David Morris Xceligent

Susan Phillips Dielmann Sotheby’s International Realty

Shaun Vasallo Ace Home Inspections

Nathan Weber Arenz Pest Management

Christopher Whitworth John Jackson Neighborhood Real Estate

COMPANY NAME CHANGEScott Dolson Forthright Realty Group, LLC (Formerly Peregrine Realty Group, LLC)

Vito Favazza Hanneke Realty (Formerly Vito A. Favazza, Broker)

Kyle Fernandez Palmerhouse Properties (Formerly The Way Realty, LLC)

Denise Outlaw-Adams NextHome 2BUY-R-SELL (Formerly 2BUY-R-SELL, Inc.)

Carolyn Samra Tick Tock Realty (Formerly Carolyn Samra, Broker)

Marina Sondag Marina Jean Sondag (Formerly Griffin Realty Group)

Jacqueline Williams Archview Real Estate, LLC (Formerly Archview Real Estate)

12777 Olive Blvd. | St. Louis, MO 63141314.576.0033 | www.stlrealtors.com

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