Dear Member,
Spring has arrived and so has your chance to thrive in spite of the economists' view of the housing market. And just in case you could use a hand or two with this, we've got plenty of trend news, cool new tips and tools of the trade and educational opportunities right here, right now. So let's get started...
- VAR's Convention & Expo 2008: Perfect Opportunities (go)
- Foreclosures drop in D.C. and Northern Virginia (go)
- Nominate your good neighbor (go)
- It could be your turn to lead (go)
- Get the buzz...we're talking real estate at VARbuzz (go)
- HUD offers pro-consumer RESPA reforms (go)
- Southeast seems ripe for commercial investment (go)
- Three Virginia cities make nation's 'Best for Business' list (go)
- A risk management opportunity you can't risk missing (go)
- Catch up with changes to VRLTA (go)
- Looking for more international business? Here's your chance... (go)
- New CE requirements take effect for brokers (go)
- New Broker and Manager Webcast: Effective Communication (go)
- NAR's new site for consumers (go)
- "Deemed reliable but not guaranteed" (go)
- Want fast proof it's better to buy than rent? Check this out! (go)
- From changes in the landlord/tenant law to POAs, VAR marks victories during 2008 General Assembly (go)
- FPCs promote (and protect) your interests in Washington (go)
- Legal Lines: Dual agency complications and creative payment plans (go)
VAR convenes Virginia's real estate community September 24-28 at the Baltimore Marriott Waterfront. The annual Convention & Expo is a perfect opportunity to expand your referral network, earn continuing education credits, and experience an extraordinary event like only the Virginia Association of REALTORS® can produce.
Headlining the convention will be Robyn Waters, Target Stores' former vice president of trends, design, and product development, who will take you into the mind of today's consumer. Sharing the keynote speaker spotlight during the convention will be Douglas Rushkoff, author of Get Back in the Box: Innovation from the Inside Out. Rushkoff maintains that new marketing schemes are no substitute for the evolution of our own expertise, as individuals and as businesses. He will offer a guide to simply reconnecting with our own core competencies, as well as the passion fueling them.
Mark your calendar now for what is sure to be an outstanding convention. More details are on the way!
Check out photos from last year's convention for a taste of what you
can expect this year in Baltimore:
Home foreclosures dropped in the majority of the Washington, D.C. area and across the country, from January to February.
The one-month decrease comes at the start of the spring season, when real estate activity tends to pick up.
The number of properties with foreclosure filings fell 32.5 percent in the District of Columbia in February, with 340 foreclosure filings on properties, down from 504 the month before, according to Irvine, Calif.-based RealtyTrac, a Web-based foreclosure listing company, which releases monthly foreclosure data.
In Northern Virginia, filings slid 18.7 percent, with only one county, Loudoun, seeing a slight increase of 1.3 percent, from 388 properties with foreclosure filings to 393 properties. Prince William County, which has been hit hard by the mortgage crisis, saw a decrease in filings of 23.7 percent, from 1,504 properties to 1,147 properties.
Fairfax County's number of foreclosures dipped 19.2 percent, from 1,330 properties to 1,074 properties, and Arlington County dropped 12.8 percent from 94 properties with foreclosure filings to 82 properties.
Overall, in the state of Virginia, foreclosures dropped 18.7 percent over the past month as well, from 5,152 properties with filings to 4,187 properties.
Across the entire country, the number of properties with foreclosures dipped 4.0 percent from Janury to February.
NAR's Good Neighbor Award program recognizes REALTORS® who've made an extraordinary commitment to improving the quality of life in their communities through volunteer work. This year, five winners will receive $10,000 grants for their cause. The deadline for entries is May 23. Nominate yourself or a REALTOR® you know.
[Good Neighbor Award nomination form at REALTOR.org]Think you have what it takes to lead VAR? The Virginia REALTORS® Leadership Academy identifies members who show tremendous promise and provides them with leadership training over the course of six retreats in a year. All VAR members are eligible to apply for maximum 20 spots available in the Leadership Academy each year.
Participants are chosen by the Leadership Academy Selection Committee. The Committee seeks broad representation from a cross-section of the profession. Preference is given to REALTORS® who have demonstrated volunteer leadership roles in business, education, arts, religious, government, community, or real estate specialty organizations. Nominate someone today! Registration deadline is August 1.
[Virginia REALTORS® Leadership Academy ]
- Is dual agency in the public's best interest? Check out two opposing viewpoints from Virginia REALTORS® about single-agent dual agency. There are two posts from Charlottesville REALTOR® Jim Duncan (Post #1. Post #2) and a rebuttal from Raphine REALTOR® Candy Lynn.
- The first annual VARbuzz Real Estate Blog Brawl is a popular-vote single-elimination tournament of REALTOR® blogs from all around the country. The final four competitors were announced and the fifth round of voting began on Monday. You can check out their blogs and cast your vote online!
- If you could ask NAR's chief economist one question, what would it be? VAR has arranged a meeting for the authors of five Virginia REALTOR® blogs to meet Dr. Lawrence Yun and ask the hard questions. Leave your question in the comments of this post and they'll ask as many of them as they can.
Thirty years after writing an unreadable and often unenforceable law, and six years after promising to reform it, the Department of Housing and Urban Development has proposed changes to the Real Estate Settlement and Procedures Act that theoretically will make it easier for consumers to comparison shop for loans and eliminate surprise fees at the closing table.
The proposal is being put out for comments from housing leaders and members of Congress. If all goes well, it could go into effect sometime next year.
Key proposals demand that so-called "junk fees" be explained before closing so that consumers know what they are paying for and can find alternative mortgage packages if they so choose. HUD estimates the provision could save home buyers almost $700 per closing.
The proposal rewrites mortgage disclosures, demanding that all key terms be disclosed on the first page of a simple, four-page good-faith estimate. The estimate would disclose whether the loan's interest rate could increase and whether the loan includes a prepayment penalty, as well as what the borrower can expect to pay upfront for appraisals and title insurance.
Yield spread premiums also are disclosed, but are included in the category of "Service Charge."
[Review HUD's proposal]
Forbes magazine has for the tenth year in a row ranked the 200 largest metro areas according to their business acumen. Cities topping the list have solid job growth, an educated labor pool and low business costs. The calculation also includes tax, energy and office space costs, and takes into account Economy.com's living cost index.
Six of the 10 top metro areas are in and around state capitals.
Here are the magazine's top choices (in ranking order):
Best Metros
Raleigh, N.C.
Boise, Idaho
Fort Collins, Colo.
Des Moines, Iowa
Lexington, Ky.
Atlanta, Ga.
Richmond, Va.
Olympia, Wash.
Spokane, Wash.
Knoxville, Tenn.
Best Smaller Metros
Sioux Falls, S.D.
Iowa City, Iowa
Bloomington, Ind.
Columbia, Mo.
Bismarck, N.D.
Morgantown, W.Va.
Rapid City, S.D.
Greenville, N.C.
Charlottesville, Va.
Blacksburg, Va.
Source: Forbes, Kurt Badenhausen (03/19/2008)
VAR's Risk Management Advocacy Group and the Virginia Managers Council are teaming up with local associations to give Virginia brokers and managers local access to the risk management training and CE credits they need. Starting this spring, VAR Special Counsel Lem Marshall and real estate brokerage efficiency expert Drexanne Evers will conduct essential risk management training around the state.
Course topics range from office policy and low-risk brokerage management to RESPA compliance and the details of short sales and foreclosures. Different courses will be offered at different locations, so get course details and registration information now and get ready to learn best practices for solid, sustainable production and gain insurance for a successful business.
[Learn more and register]Are you sure you're up to speed on the recent changes to the Virginia Residential Landlord and Tenant Act? If not, the VRLTA Update course is for you. Designed for both real estate brokers and sales persons, this course offers a detailed review of lease applications, a "how to" guide for broker and agent compliance, and the awareness and information you need to protect your business.
April 23 Northern Virginia Association of REALTORS® (Alexandria
Campus)
Register
April 29 Virginia Peninsula Association of REALTORS®
Register
May 6 Glen Allen Cultural Arts Center
Register
Join Virginia's Division of International Trade on a trade mission to the Czech Republic and Hungary to build clients eager to take advantage of the beneficial currency markets and other economic advantages the U.S. offers.
The trip runs June 16-20, with meetings in Prague and Budapest. The registration deadline is April 18. It's a great opportunity to learn more about developing an international niche.
[More information]Changes to the continuing education requirements for all licensed real estate brokers enacted by last year's General Assembly are rolling out in the coming months.
All active brokers whose licenses expire after June 30, 2008, will be required to complete 24 hours of continuing education within their current two-year license term to renew their license(s). All inactive brokers will be required to meet this requirement to activate their license(s). These 24 hours of continuing education shall include: 8 hours of Broker Management and Agent Supervision; 3 hours of Ethics and Standards of Conduct; 2 hours of Fair Housing; 1 hour of Legal Updates/Law; 1 hour of Real Estate Agency; 1 hour of Real Estate Contracts; and 8 hours of Real Estate Related Subjects (electives).
In addition to these 24 hours of continuing education, all active brokers whose licenses expire before July 1, 2009, must complete one two-hour course in Limited Service Agency (LSA) to renew their license(s). All inactive brokers will be required to meet this LSA requirement to activate their license(s).
Read the Real Estate Board's lists of approved Broker Management and Agent Supervision courses, Limited Service Agency courses and Continuing Education courses. If you have any questions, please contact the Board's Education Section.
[Visit the Real Estate Board online]It's not a clever sales technique or a cool new technology, but effective communication that holds the key to your professional success. The latest Broker and Manager Webcast can help you build your profits with the simplest of tools: listening and speaking. The process of improving two-way communication begins with effective listening - for content, for meaning and for feeling. You have to focus your attention on clearly understanding the messages being sent your way.
Brokers and Managers Webcasts are your quickest path to building business and profits. Real estate brokerage management is a profession that requires a skill set and expertise different from real estate selling. Managers not only need an effective advocate for strong brokerage and licensing standards; they must also be able to implement business systems for recruiting, selecting, training, compensating and empowering their sales associates. We want to make sure you have all the resources you need to be an effective and highly profitable manager.
The 15- to 30-minute Brokers and Managers Webcasts also offer easy access to quality training in:
- Leading Teams to Excellence
- Building High Performing Teams
- Recruiting the Right Agents - Part 1
- Recruiting the Right Agents - Part 2
- Building a Dream Team
Working with Roger Turcotte, CBR, DREI, GRI, a nationally recognized leader in managerial training for real estate professionals, VAR has developed these Webcasts to provide Brokers and Managers with the tools and skills needed to maximize your efforts and improve your bottom line.
Get started with this on-demand training program whenever you're ready. Once the instructional video page opens, select the "download" tab to get the program's printable companion guideline. Remember, each of the Webcast programs is archived for those who may miss a month or simply want a chance to refresh their skill set at a later date.
[Broker and Manager Webcasts]
NAR's 2008 Public Awareness Campaign offers two new commercials and a companion website to educate consumers. The campaign encourages "on-the-fence" buyers to contact a REALTOR® who can put them on the path toward owning their dream home. A "Building Wealth" commercial emphasizes the importance of homeownership in building long-term wealth. a "Home Values" commercial demonstrates the long-term value of housing as an investment.
The ads drive consumers to a site that provides more information about the benefits and value of owning a home, identifies current public policy issues of importance, and includes a direct link to find a REALTOR®. Check out the new site.
[Visit HousingMarketFacts.com]We've grown so accustomed to this disclaimer that we probably read past it most of the time: "Information deemed reliable but not guaranteed." However, REALTOR® and noted columnist Bob Hunt discusses the importance of this disclaimer, especially in reference to a recent North Carolina court case in which the phrase played a surprisingly pivotal role in the outcome.
[Read more]
VAR was successful in seeing 9 of our 10 introduced measures pass the House and Senate. They now await approval from Governor Kaine.
(Click on each bill to see the actual text.)
HB 221, providing civil immunity relief for landlords and property managers for mold claims.
HB 1098, clarifying that the definition of "settlement" does not apply to the contractual obligations between buyer and seller.
HB 720, an omnibus bill that makes changes in the landlord/tenant law to address various issues including:
- service of notices;
- use of electronic records by landlords;
- rent with reservation notices; and
- application fees.
HB 1114, amends the Code of Virginia to conform LLC rules to those governing corporations, thereby allowing persons without broker licenses to become investors in real estate LLC's.
HB 516, VAR introduced legislation that will:
- Set up a licensing board (modeled on the Virginia Real Estate Board) for POA managers;
- Allow investigators to enforce the law and regulations (similar to the VREB);
- Discontinue excessive fees being charged to buyers and sellers;
- Implement a disclosure packet fee structure;
- Reform the Property Owners' Association Act and Condominium Act to help ensure that everyone involved in these transactions understands and has confidence in all aspects of the process; and
- Provide for the licensure and regulation of professional association managers.
HB 445, which clarifies that localities cannot continue to impose fees upon landlords who have taken legal action to address overcrowding zoning violations.
HB 1397, amending the Virginia statute that requires listing and leasing agents to disclose material adverse facts about a property. An error in amendments made in a prior year mandated that these disclosures be in bold lettering or all capital letters and in a separate box. Our amendment to the statute eliminates the requirement that the disclosures be made in this manner, while clarifying that the disclosure MUST be in writing.
HB 1078, protecting property owners with vested rights from localities seeking to alter past zoning application decisions.
SB 158, addressing the concerns of several local associations that have reported seeing a higher frequency of Automated Value Models (AVM) used in place of appraisals, without adequate disclosure. An AVM is an electronic method of determining the value of property, based on an online search of local government tax records and sales comparables. AVMs are not appraisals. VAR's legislation will define AVMs or require some form of disclosure.
Seven Federal Political Coordinators (FPCs) visited Washington, D.C. last month for two days of meetings with Congressional leaders, speakers, and workshops sponsored by NAR.
The FPCs are considered the key contacts at the federal level. NAR works with them to promote REALTOR® issues facing critical votes. Their efforts throughout the year on behalf of all REALTORS® are invaluable.
2008 FPCs are:
Ann Palmateer, RPIC Chair
Barbara Jean LeFon: Rob Wittman
(VA-1)
Tom Duckett: Thelma Drake (VA-2)
Chandra Patterson: Bobby
Scott (VA-3)
Karen Gaskins: Randy Forbes (VA-4)
Judy Childress:
Virgil Goode (VA-5)
Dennis Cronk: Bob Goodlatte (VA-6)
Dewey
Reynolds: Eric Cantor (VA-7)
Tracy Pless: Jim Moran (VA-8)
Carol
Jones: Rick Boucher (VA-9)
Gwen Pangle: Frank Wolf (VA-10)
David
Howell: John Warner (S)
Tom Jewell: Jim Webb (S)
Note: Tom Davis (VA-11) has retired; thank you to Jo Ann Johnson and her team for their service.
What do you do when your firm represents prospective buyers of property owned in part - and listed - by the principal broker? What happens when a lender refuses to allow payment of repairs on the settlement statement? Tricky (and risky) situations demand answers from VAR Special Counsel Lem Marshall. See what he has to say...
[Special Counsel Lem Marshall on risk reduction]
ServPro of Chesapeake & Hampton
VAR's affiliate members understand the needs and vantage point of REALTORS®. Affiliate members are a REALTOR'S® first resource for quality, integrity, and customer service. Support the businesses who support your association!
We've got a brand new way to talk, and it's called VARbuzz. VAR staff has launched VARbuzz.com, a blog that's got it all...from Virginia real estate news and trends to articles from Commonwealth magazine, it's one-stop shopping for information and the chance to see what your fellow REALTORS® are talking about. Check it out.
The following associations have already reached at least 100% of their Fair Share Goals:
- New River Valley
- Williamsburg Area
- Blue Ridge
- Greater Augusta
- Harrisonburg-Rockingham
- Martinsville, Henry & Patrick Counties
- Massanutten
- New River Valley
Contributions are not deductible for income tax purposes. Contributions to RPAC are voluntary and are used for political purposes. The amount suggested is merely a guideline and you may contribute more or less than the suggested amount. You may refuse to contribute without reprisal and the National Association of Realtors or any of its state associations or local boards will not favor or disfavor any member because of the amount contributed. 70% of each contribution is used by your state PAC to support state and local political candidates. Until your state PAC reaches its RPAC goal 30% is sent to National RPAC to support federal candidates and is charged against your limits.
CCIM Portfolio
Workshop
March 27, 2008
VAR Offices, Glen Allen
Are you preparing for your CCIM designation? Do you need some direction with your Portfolio of Qualifying Experiences? Then this review is for you. Register now
Practical
GIS/GPS Navigation
April 30- May
1
Hampton Inn & Suites, Glen Allen
This course will provide the tools students need to help them understand land navigation and associated practical skills with map, compass, GPS and mapping software. It will also provide students with relevant navigational knowledge insights and skills to better equip them to locate, traverse, list and market land parcels. Register now.
Property
Management Plans: IREM Model
March 31-April
1
Washington, DC
Call (301) 948-6234 to register.
The Dulles Area Association of REALTORS® (DAAR) will host the second Virginia Real Estate BloggerCon, a full day of peer-to-peer (blogger-to-blogger!) learning on April 4 in Leesburg. Bring your laptop, connect to DAAR's free WiFi hotspot, and learn from tech-savvy REALTORS® just like you. It's FREE, but we are asking a $10 donation to Habitat for Humanity when you register.
The number of members joining VAR's social networking groups grows every week! Try our LinkedIn and Facebook groups to network in a whole new way.
Virginia Association of REALTORS®
10231 Telegraph Rd., Glen Allen, VA 23054, Tel. (804) 264-5033