Viva Las Vegas, Viva REALTORS®

T U E S D AY E D I T I O N November 13, 2007 ® w w w. R E A LTO R.o rg /re a l to r m a g REAL TOR DAILY THE BUSINESS TOOL FOR REAL ESTATE PROFESSIONALS SHOW L A S V E G A S M AGAZINE BE THERE! Tuesday, Nov. 13 CRS® DAY RLI DAY What’s the market going to do? Residential Economic Issues 9:00 – 11:00 a.m., Blue Man Group Theater Sales on a shoestring Marketing Without Money 9:00 – 10:00 a.m., Venetian Ballroom I Show them you’re worth it Creating Value in the Client’s Eyes 11:00 a.m. – 12:30 p.m., Venetian Ballroom I Ramp up your slow-market skills Unlock Your Potential 11:00 a.m. - 12:30 p.m., Hall G How much is it worth today? Absorption Rate Pricing 1:00 – 2:30 p.m., Marco Polo 805 Star Performer Panel Success in the New Normal 1:00 – 2:30 p.m. Venetian Ballroom F What’s up with subprime? Regulatory Issues Forum: Mortgage Lending 3:30 – 4:30 p.m., Titian 2303 Stand out in the crowd EES: Invisible or Remarkable? 3:30 – 5:00 p.m., Venetian Ballroom F Web Site Wow A powerful Internet presence is a must! 3:45 – 5:30 p.m., Room 204 Mystery solved— it’s all in the media TODAY’S BEST IDEA 10 Steps to Success in a Softer Market Never give a concession without getting a concession back. If the seller wants to list for a higher price, ask for a higher commission or a longer listing term. Joe Meyer 1:00 – 2:30 p.m. Veronese 2503 NATIONAL ASSOCIATION OF REALTORS® Viva Las Vegas, ® Viva REALTORS Las Vegas hasn’t seen this much excitement since Elvis last played the Hilton in 1976—or at least since the REALTORS® were last here in 1991. The 30,000 real estate practitioners and guests attending this year’s 2007 REALTORS® Conference & Expo have turned Sin City into REALTOR® Central, at least for the next week. And the extravaganza is one worthy of The King. • Top-notch entertainment and inspiration from headliners like Bill Cosby (sponsored by REBAC and SRES), James Taylor (sponsored by Bank of America), and Della Reese technology toys, marketing to show you how to score success tools, and fabulous giveaways as part of the Entrepreneurial Excellence Series (sponsored by • 15 minutes of fame, when Countrywide® Home Loans) you add your photo to the “Face of Real Estate” project at the • A once-in-a-lifetime chance NAR Booth to witness the kickoff for NAR’s Centennial Celebration • Talent-packed line up of more than 200 education ses• Thousands of REALTORS® sions to help you prosper in ready to network and share great today’s tougher climate new ideas with you. • Technology trainers extraordinaire to get you up to speed on TurboTax®, tablet PCs, and contact managers at the Technology Learning Center (sponsored by Stewart) CENTENNIAL NAR Milestone 1913 Code of Ethics for Real Estate adopted. So whether you’re looking for new technology tools, better business skills, or just a really great party—there’s “No Limits” to the knowledge, networking, and fun at the 2007 REALTORS ® Conference & • Wide-open Expo with more • All-star entrepreneurs— Expo. than 650 exhibitors showcasing from Lou Holtz to Seth Godin— Viva NAR in Las Vegas! It was a mystery that only the crack investigators at RSI— t h e R E A LT O R ® S c e n e Investigation—could uncover. And they did. Faced with the conundrum of consumers staying on the homebuying fence in the midst of solid U.S. economic performance, NAR President Pat V. Combs—in a spoof of the hit TV show CSI performed at the 2007 REALTORS ® Conference & Expo—dispatched her “trusted advisors” to gather the facts. T h e i r fi n d i n g s : T h e national media, seduced by a few vocal but misinformed analysts, have been painting the U.S. housing markets in the clutches of a meltdown, even though the facts paint a very different picture. Using undercover investigative work that would make CSI’s Dr. Albert Robbins proud, NAR Chief Economist Lawrence Yun reported that other national sales downturns in the last 30 years were spurred by broad economic problems. This year, by contrast, economic fundamentals remain solid, with the U.S. gross domestic product expected to grow by a respectable 2 percent, supported by 2 million job gains in the last two years and continuing low See page 4 2 R E A LTO R ® M a ga z i n e S h ow Da i l y T U E S D AY/ W E D N E S D AY E D I T I O N November 13-14, 2007 w w w. R E A LTO R.o rg /re a l to r m a g Volunteers give back to Habitat “A Habitat build not only gives REALTORS® a chance to give back to their communities but teaches them about construction techniques and home designs in different parts of the country,” said Betsey Owen, as she took a break from installing insulation during Sunday’s Habitat for Humanity build. Owen should know. She and her husband, Mike, ARB®, CRS®, with Coldwell Banker in Boca Raton, Fla., are veterans of 15 REALTOR® Habitat home builds, including one last year in Slidell, La., and one constructed as part of NAR’s South Asian tsunami relief effort in 2005. “Builds are fun and a great way to meet new people,” said Tom Wissel, of the Ocean County Board of REALTORS® in Ocean City, N.J., of why he’d signed up for his fifth Habitat build with NAR. This year’s Habitat home is the seventh one built by REALTOR® volunteers in an NAR conference city. And despite a dusty site and a threat of rain, an enthusiastic crew put the finishing touches on the grounds of the 1933 Gregory St. home that was dedicated Sunday (see accompanying story). Other crews hammered on roofing shingles and added insulation to nearby Habitat homes. “I’m hoping to learn more about doing a Habitat project so that I can take the knowledge back home for a project,” said firsttime volunteer Queen E. Carter, a sales associate with Home Town Real Estate, California City, Calif. Ten dollars of each Conference registration fee goes toward sponsoring homes. To date, more than $6 million in NAR sponsorships—as well as hundreds of hours of volunteer labor—have built homes in a dozen cities here and abroad. Last year’s conference supported multiple homes in story-ravaged New Orleans. “Habitat provides a way to show that we care for the less fortunate and want to help them achieve home ownership. That’s what being a REALTOR® is about,” said Ellis Rankin, a sales associate at Crye-Leike Inc., REALTORS®, of Memphis. This year, volunteers also devoted their time to assist The Children’s Service Guild, a Las Vegasbased nonprofit that helps the children touched by the family court system. The Guild, headed by 2006 REALTOR® Magazine Good Neighbor Award winner Sharon Friend, provides everything from toys to bedding for young offenders and victims of crime. For this year’s REALTOR ® volunteers, what happened in Vegas stays and helps the less fortunate. REALTOR® volunteers turned out Sunday to help building homes for Habitat for Humanity and applaud the dedication of NAR’s newest Habitat home. Clockwise, starting above: As her daughters, Jasmyn and Kassidy, look on, new homeowner Patty Parker (l) enthusiastically expresses her thanks to 2007 President Pat V. Combs. Top row left, Jan Strickland cleans up the landscaping before the dedication. Top row right, Guy Amato, president and CEO of Habitat for Humanity, Las Vegas, welcomed volunteers and then presented Combs with a commemorative plaque thanking REALTORS® for their support of Habitat. Below, left, Nino Perdomo (l) and John Allen install insulation into another home being built by Habitat on the same street. Land for all homes on Gregory Street was donated by the City of Las Vegas. Below, right, Teamwork gets the job done, as a human conveyor belt of Mike Owen, Allison Chur, Sylvia Fragoso, Mack Strickland, and Beth Conover hoist roofing shingles upward. Bottom, far right, Susan Myszkowski gets down to brass tacks as she nails on roofing shingle. Bottom near right, Betsy Owen readies insulation for installers. Bottom, near right, The yard crew (from left), Gail Whitman, Janice Black, Jan Strickland, Queen Carter, Glen Thorn, Mike Twomey, and Laura Cavendish, take a break to show how much they love their work. Near right, old Habitat hand Tom Wissel secures insulation. NO LIMITS Isn’t it nice to be home at last? LIVE ® 2007 REALTOR® Conference & Expo Blog TUESDAY’S BLOG TOPICS • Equal Opportunity Cultural Diversity Forum • The Socratic Method for Building Rapport • REALTORS Expo Grand Opening • Young Professionals Network event ® The housing boom in Las Vegas has helped hundreds of home owners build equity. But for others—like hard-working single mom Patty Parker and her two daughters—rising home values have kept the tantalizing dream of home ownership just out of reach. Out of reach, that is, until Sunday, Nov. 11. That was the day Patty; Jasmyn, 14; and Kassidy, 12 received the keys to their very own three-bedroom home from NAR President Pat V. Combs during an afternoon dedication ceremony. The Habitat for Humanity International home, which is located at 1933 Gregory St., was built by NAR members in conjunction with the annual conference. Members of the Nevada Association of REALTORS®and t h e G r e a t e r L a s Ve g a s Association of REALTORS ®, along with national officers of NAR, raised the walls on the home in 100-plus degree weather last June. GLVAR members worked on the home throughout the summer and also built a second Habitat home next door. The ceremony began with an invocation by Guy Amato, president and CEO of Habitat for Humanity Las Vegas. “From our dreams, our faith, and our hard work, this house has become a reality,” he told a crowd of REALTOR® volunteers who’d take a break from building nearby homes to watch the dedication. Next, Doug Stephens, regional development director for Habitat for Humanity International, thanked the REALTORS® for their time and effort in making this home a reality. He also noted that NAR donates a part of its profits from each conference to build homes overseas. The money donated this year will be used to build homes in South Africa. Finally, the big moment arrived. Recalling a James Taylor song, Combs reminded attendees that “I dreamed as I was so all alone. Isn’t it nice to be home again?” Thanks to the work of REALTOR ® volunteers, the Parker family is home. Parker has worked as an environmental services technician at St. Rose Dominican Hospital for Patty and Pat make it official. the last seven years. Parker and her daughters all contributed sweat equity to Habitat in order to qualify for a home. Parker did construction work while Jasmyn and Kassidy contributed by earning good grades. 4 R E A LTO R ® M a ga z i n e S h ow Da i l y T U E S D AY E D I T I O N November 13, 2007 w w w. R E A LTO R.o rg /re a l to r m a g V O I C I N G Y O U R V I E W S WHAT DO YOU EXPECT YOUR MARKET TO BE LIKE IN 2008? Exchanges: great tax benefits N o w t h a t t h e B e l i ze Association is signing an agreement with NAR this week, American buyers will be able to purchase second homes with confidence. Macarena Rose, Belize N a t i o n a l A sso c i a t i o n of REALTORS ®, San Ignacio, Belize Using a like-kind exchange instead of selling the property outright will almost certainly save your seller big bucks in taxes. In addition, 1031 exchanges are a great estateplanning tool because heirs can receive a stepped-up basis and have any deferred taxes on the property forgiven by the Internal Revenue Service. But be careful that you don’t try to count the sofa as part of the relinquished property’s value, Jim Miller, vice president and southwest regional manager of IPX 1031, Phoenix, told a group attending the REALTORS® Land Institute class on 1031 exchanges earlier this week in Las Vegas. As the name implies, like-kind exchanges must be of similar property, so a sofa or other furnishings in a condo held for investment and rented out can’t be counted as part of the property’s value when it’s exchanged since furnishings are personal property. “If the personal property is valuable enough, you can do a separate exchange for other personal property, but if it’s just a small amount, take the value of the furnishings as a boot (income resulting from an exchange) and pay the taxes on it. It probably isn’t worth paying an attorney to do a second exchange,” Miller told the class. A boot can also result when the value of the piece of real property being relin- quished is greater than the value being acquired. “Receiving a boot in a likekind exchanges doesn’t disqualify the exchange, it only introduces a taxable gain to the transaction,” says Miller. Both the gain that results from cash and the value of unlike property is taxable. These amounts cannot exceed the amount of the gain recognized if the property was sold in a taxable transaction. To calculate taxable gain, a property seller should begin with the price of the relinquished property and then subtract the adjusted basis of the property. This amount is the realized gain. The adjusted basis is the pur- chase price of the relinquished property plus any capital improvements to the property, less any depreciation. The basis amount carries over to become the basis of the replacement property. Ãlthough 1031 exchanges cannot be used for residential property that is used as a primary residence or a vacation home that is used by the owners for more than 14 days per year, it provides a great strategy for deferring taxes on highly depreciated properties. The RLI course, which covers all principal aspects of 1031 exchanges is taught several times a year at throughout the country. Schedules are available at www.rliland.com. Think differently, think auctions Markets have slowed in the last few months, but all the factors are in place for improvement in 2008 in our second-home market. John Nugent, Coldwell Banker IVR, Incline Village, Nev. We’ve had slow, steady growth of 3 percent to 5 percent a year, so we’re an oasis of stability and calm in a volatile national market. Penny Johnson, CRS ® , GRI, Keller Willliams, Wichita, Kan. Real estate professionals who want to work in property auctions need to adopt a new way of thinking, says Ted Cucuro, a senior broker associate with Sheldon Good & Co., Chicago. “We do everything in reverse,” Cucuro told attendees at a Real Estate Buyer’s Agent Council (REBAC) session on auctions Sunday morning. For example, sellers in auctions establish contingencies— such as which repairs they will be willing to make—before the sale. And in a traditional sale, the date of sale is often the last thing agreed upon. In an auction, the date of sale is set first and all marketing, inspections, and other steps necessary for the sale follow. But if the schedule of an auction seems strange, that doesn’t mean auctions are something real estate professionals should shy away from. Rather, auctions provide another option to offer clients and another way to realize additional income. And they represent a growth market. The National Auctioneers Association, an industry trade group, projects that live auction revenues will climb to $264.8 billion nationally this year, a $7.6 billion increase compared with 2006, Cucuro says. Over the period 2003-2006, residential real estate auctions grew the fastest, 39.2 percent, of all categories tracked by the NAA. Seller agent commissions paid by auction houses normally start as a flat fee but can vary and can be negotiated based on such factors as the amount of business a practitioner refers and the amount of the practitioner’s involvement in the auction process. Real estate professionals interested in becoming involved in the auction process as seller agents s h o u l d attend auctions to see how they function and work at building relationships with auction h o u s e s , Cucuro says. They also need to learn how to eval- Ted Cucuro of Sheldon Good & Co., Chicago, says real uate which estate practitioners should view auctions as an option, not competition. properties and which sellers make the best auction. Next comes looking at c a n d i d a t e s f o r a u c t i o n s . the property and the overall Evaluating candidates for auc- market to decide whether an tions starts with looking at auction is the best way to sell the potential sellers and their rea- property. sons for wanting to pursue an Mystery solved From page 1 With a median home price of $180,000, our homes are still affordable and haven’t seen big appreciation in the last few years. R i c h a rd Po o l e, E b b y H a l l i d a y , R E A LT O R S ® , Garland, Texas We’re expecting 14 percent growth in the Research Triangle next year thanks to a combination of retirees, jobs, and great schools. Theodore McMickle III, B r o k e r s U n i t e d R e a l t y, Durham, N.C. interest rates. Yun said 2007 existing-home sales will exceed 5.5 million, close to the level in 2002, a record-setting year. At the same time, home prices remain near record highs despite drops in a few markets. Yun told Combs’ investigator (played by President-elect Dick Gaylord) that much of the cooling in real estate markets over the last year is attributable to risky subprime loans. Posing as undercover agents, NAR Chief Lobbyist Jerry Giovaniello and Vice President of Regulator y Affairs Joe Ventrone, told “investigator” Charles McMillan (2007 First Vice President) that these difficulties are having less of an impact than analysts thought they would. That’s thanks in part to the increased attractiveness of federally backed FHA loans. “Reports of real estate’s demise have been greatly exaggerated,” said Combs at the spoof ’s denoument. The performance took place during “59-1/2 Minutes,” Gaylord (l) and Yun investigate. the member forum that opened NAR’s 2007 meeting, the association's 100th. “All of the evidence points to one conclusion: Real estate is alive and well and there are plenty of opportunities for consumers and our members.” REALTORS® in their local markets can help keep the media from perpetuating the bad-market myth by conducting their own investigations, Combs said. Some 30,000 members, guests, and vendors are in Las Vegas to attend governance meetings and educational sessions, and to learn about the latest products and services available to the industry from hundreds of vendors at the REALTORS® Expo. HONORING VETERANS ON THEIR SPECIAL DAY It’s great to honor America’s military heroes by turning out for a parade or a barbeque, but the 200,000 veterans who will sleep on the streets tonight need more than a cheer. That’s where US VETS comes in. This national organization provides shelter, food, job counseling, and hope to these men and women who have fallen on hard times after nobly serving their country. On Monday, to honor vets on Veterans Day , NAR representatives (from left) Vicki Cox Golder, 2008 first vice president, and Charles McMillian, 2008 presidentelect, presented a $5,000 check to the Las Vegas office of US VETS to assist the group in developing programs. Receiving the donation on behalf of US VETS are (from left) Stephanie Buckley, regional director, Las Vegas; Shalimar Cabrera; Jessica Rohac; and Larry Williams. NAR has also been active in other fundraiser for the group, including a recent charity golf tournament in Washington, D.C. w w w. R E A LTO R.o rg /re a l to r m a g T U E S D AY/ W E D N E S D AY E D I T I O N November 13-14, 2007 R E A LTO R ® M a ga z i n e S h ow Da i l y 29 R E A LT O R ® C O N F E R E N C E & E X P O D O I N G B U S I N E S S SVP Communications and Conventions Frank Sibley (l) reviews last minute speech changes with 2008 President Dick Gaylord. 2006 President Tom Stevens (l) and NAR Executive Vice President and CEO Dale Stinton confer about an agenda item during a break in the Sunday Leadership Team meeting. NAR’s new Chief Economist Lawrence Yun (center) shares dettails of his next real estate market outlook with Chief Technology Officer Mark Lesswing (l) and PeggyAnn McConnochie, 2007 vice president & liaison to committees. 2007 Treasurer Bruce Wolf (l) and 2007 President Pat V. Combs are all smiles as they get a first look at one of NAR’s new marketing pieces, courtesy of SVP Marketing & Business Development Bob Goldberg (center). 2008 Treasurer Nominee Jim Helsel (l) shares the good news about NAR’s strong financial position with Monty Newman, vice president & liaison to government affairs. Vice President & Liaison to C o m m i tte es N o m i n e e B o b Kulick and SVP AE/Leadership, International & Business Specialties Janet Branton find the brand-new NAR Profile of Home Sellers and Home Buyers a compelling read. 2008 Technology Liaison Lennox Scott (l) compares notes on NAR latest technology initiatives with Mark Foreman, vice president & liaison to committees nominee. Cindy Chandler (l), 2008 liaison to commercial & business specialities, couldn’t be happier to be sharing NAR leadership responsibility next year with 2008 Law and Policy Committee Liaison Sharon Steele. M Steve Brown (r), 2008 committee liaison to public and federal issues gives his opinion on a critical NAR policy initiative as 2007 liaison Gary Thomas looks on. M M 2008 First Vice President Nominee Vicki Cox Golder reviews next year’s leadership goals with 2008 President Dick Gaylord. M M NAR General Counsel Laurie Janik makes a point during Sunday’s planning session with NAR senior leadership team. M M M M M M 3 0 R E A LTO R ® M a ga z i n e S h ow Da i l y T U E S D AY/ W E D N E S D AY E D I T I O N November 13-14, 2007 w w w. R E A LTO R.o rg /re a l to r m a g Presidential memories come alive Exhibitor Update Just Added 2-4 Units.com......................................1057 7 Steps to a 720 Credit Score ............1157 Barrasford & Bird Worldwide ..............422 Delta Mechanical Inc. ..........................657 Deniz Corporation ................................541 Home On The Map.com ....................4338 Land of Dreams Inc. ............................957 LinkuRealty Web Solutions ................2252 Luxe Lofts LLC. ....................................844 Mexican Riviera Properties..................645 Mississippi Go Zone Investments ......944 MOSE Advertising ................................557 PowersMedia Marketing ....................4246 Rainmakers International ....................757 Ranches at Tierra Grande, The ..........945 RealEstate-Websites.com ..................4444 ReferralBusinessCards.com ..............1457 REmapper.com ....................................948 Resort Owners Group Ltd. ..................846 RETS ..................................................2540 Stop Working for Free...Get Hired! ......857 Waterside at Coquina Key ..................946 Cancellations Accredited Consultant in Real Estate 1512 Champion Credit Services ..................541 CurtCo Media. ....................................4246 Fair Housing & Equal Opportunity ..4256 Harlequin Property ......................422 only ITM Media ............................................641 Marathon Press ....................................948 Ravallo Resort and Conference Center624 Realius-Fantasy Real Estate™ ..............1148 Sonora Mexico Real Estate ..................207 THDI Software......................................1551 Booth Changes Loan Consultants Inc.........................4856 MongoNet ..........................................4544 Name Changes Costa del Este Country Club to Punta del Este Realty .................. 1418 Desarrollos Simca, SA de CV to Live Riviera Maya..........................1410 The Gardner Group, Keller-Williams to OTOMI Lake & Villas ......................746 Hipotecaria Nacional SA de CV to Laredo National Bank ..................1016 Imagine Lending.com to Stazzle.com..................................4825 Kacha Island Co. to Siam Royal View Thailand .......... 1320 McWilliams & Associates to helloWorld...................................... 357 National Real Estate Corp. to National Real Estate Auction ...... 646 Qualified Home to SQL Realty Information .............. 4552 Quality Investment Inc. to Quality Investment Inc. Panama 1115 Research Designs International to VuPod ............................................2217 ReSTAR to RealSTAR-Recruiting Online Made Easy .................................. 4654 SIMA-Madrid International Real Estate Exhibition to SIMA ’08 April 8th-12th ................................708 NAR’s past presidents (from left) Clark Wallace, 1986; Tom Stevens, 2006; Art Godi, 1996; Nestor Weigand, 1988; Layne Morrill, 1998; Norman Flynn, 1990; Cathy Whatley, 2003; Russell Booth, 1997; Martin Edwards, 2002; Sharon Millett, 1999; Philip Smaby, 1976; Dorcas Helfant-Browning, 1992; Bud Smith, EVP, 1991-1997; Bill North, EVP, 1987-1991; Dennis Cronk, 2000. NAR’s past presidents are the living repository of real estate’s history. As the NATIONAL ASSOCIATION OF REALTORS® begins its year-long Centennial celebration, it seems only fitting to record and share a few tales A Real Estate Superman 1986 President Clark Wallace spearheaded NAR’s commitment to equal opportunity in housing, but he’s most remembered for his alter ego “When I first got active in the CALIFORNIA ASSOCIATION OF REALTORS ®, the first ‘Superman’ movie had just come out and because my name was Clark, I got the idea of pulling off my shirt during a CAR directors meeting and revealing my Superman tee shirt under my three-piece suit. Pretty soon, I couldn’t’ go to a meeting without someone bringing out Lois Lane or a phone booth to change in.” Getting a Fair Shake When 1988 President Nestor Weigand Jr. began his real estate career in 1961, his father told him that if he wasn’t working seven days a week, he wasn’t really working. “I showed my first listing 22 times to the same buyer before I sold it for $10,000,” he said. Weigand brought the same determination to NAR’s fight to over- come the Senate’s “cavalier atti- training film or beating the odds to tude” about the fall out from the help launch a REALTOR®- owned Internet listing site, 1996 1986 Tax Reform Act of 1986. President Art Godi didn’t shy away from trying something different. Building Consumers Trust Winning NAR’s first contested W h e n t h e R E A L T O R S ® election by only three votes may Information Network, an early have earned 1991 President Harley NAR attempt at creating a propriR o u d a S r. t h e s o u b r i q u e t etary listing database, stumbled “Landslide Harley,” but the slim and started hemorrhaging money, margin didn’t keep him from mak- Godi and his Leadership Team ing his mark. When future brought all 770 directors to President Sharon Millett told him Chicago and gave them both about a new property condition sides. In the end, they told us to disclosure form just adopted in her keep trying.” Today, REALTOR. native Maine, Rouda saw the value com is the Net’s most visited real right away. Launching a nation- estate site. wide campaign with an appearance on “Good Morning America,” he Showing REALTORS® Heart got 28 states to adopt disclosure in The entire nation was shocked one year. and saddened by the tragedy of 9/11, but unlike many that just sat Streamlining Governance in stunned silence, 2001 President As NAR’s first woman president Richard Mendenhall took action. 1992 President Dorcas Helfant- He knew at once that “NAR has to Browning made her mark in poli- do something.” With the help of tics both on Capitol Hill and in the President-elect Martin Edwards halls of NAR. In addition to lobby- Jr., NAR staff, and Association ing the U.S. Department of Executives around the country, Housing and Urban Development Mendenhall created the REALfor more affirmative action, TORS® Housing Relief Fund virtuHelfant worked to improve the effi- ally overnight. Within weeks, ciency of NAR’s governance. REALTOR® and others had contributed $8 million and more than Taking on Technology 1,300 families affected by the Whether it was hiring a attacks had received hand-delivHollywood scriptwriter to polish ered checks to cover three months the script for an early real estate rent or mortgage payments. Teaching Banks Their Place 2 0 0 2 P r e s i d e n t Ma r t i n Edward Jr. had planned to make affordable housing opportunities and NAR’s new partnership with Habitat for Humanity the cornerstones of his presidential initiative. But when the Treasury proposed allowing national banks into real estate brokerage, Edwards took up the gauntlet. After the frustration of seeing a widely supported bill languish in committee, Edwards and NAR legislative staff took a different tack and instead advocated cutting off funds to any regulations allowing the shift—a strategy that’s still in effect today. Monument to the Industry The completion of NAR’s D.C. headquarters building at 500 New Jersey Avenue was one of the proudest achievements for 2004 President Walt McDonald, but when he first saw the newly purchased building site, all he could think of was: “What have we done?” “One day I took a cab down there. When the driver stopped in front of an abandoned gas station packed with 30 cars and winos sleeping on the curb, I told the cab driver he must be in the wrong place,” he said. Three years later, the building is a D.C. landmark. Demographics key in resort marketing Marketing programs for vacation homes and resort properties need to consider the characteristics and demographics of possible buyers, says Melanie J. McLane, ABR, CRI, an appraiser and real estate instructor who runs The Melanie Group in Jersey Shore, Pa. “It’s more than ‘I’m going to stick a sign in the front yard, stick it in the MLS, and plant a St. Joseph’s statue upside down in the front yard,’” McLane told students at a a REBAC course on Resorts and Second Home Markets presented during the NAR conference. Referrals also are a major source of business in this market where 23 percent of buyers rely on friends or relatives to suggest vacation home locales, McLane says. That means a major part of marketing resort and second homes is keeping your name in front of past customers. One way to achieve that goal is to create a database that includes the permanent addresses of past clients so you can send them periodic mailings. Also check local records to see where vacation home tax bills are mailed so your database can include past buyers’ primary home addresses, she advises. After McLane made a presentation, class participants shared marketing tactics that have proven successful for them. Michael Mulvena, designated broker/owner with Windermere Real Estate in Tucson, Ariz., organizes twilight open house tours in his market, inviting potential buyers to view properties from 5 p.m. to 7:30 p.m. on Saturday evenings in February, a peak selling time for him. His first tour four years ago included 12 homes. Sixty-eight couples visited those homes, and he had two contracts signed that night. He also listed 22 homes as a result of that tour. “There’s a different ambiance in a house at night with the fireplace going” and the mountains surrounding Tucson bathed in late-day light, he notes. Annie Hart Cool, GRI, CRS, with Cape Associates Century 21 in Falmouth on Cape Cod, offers pies to former buyers every Thanksgiving, asking they visit her office to pick up their desserts so she can have some face time with them. Other marketing suggestions from class participants include using billboards, having end-ofvacation-season parties, searching out key words for your Web site to increase the likelihood it will rank higher in searches, and putting together prelisting packets for potential sellers detailing the range of services you can provide. INTERNATIONAL HAILS A BANNER YEAR Monday evening’s International Welcome Reception celebrated globalization and education. More than 2,100 foreign nationals representing 60 countries are attending the conference—the highest number in NAR history. Pictured are (from left), Santiago Herreros de Tejada, SIMA International director; Nancy J. Riley, CIPS, CRS®, PMN, of Coldwell Banker in St. Petersburg, Fla., and 2007 president of the Florida Association of REALTORS®; Jim P. Harris, CIPS, CRB, CRS®, of Windermere Real Estate in Poulsbo, Wash., and chair of NAR’s International Operations Committee; and Leon Katz., CIPS, TRC, CRB, of Commercial Brokers Inc., Torrance, Calif., and president of the Asian International Real Estate Expo.