realtor - Hampton Roads REALTORS® Association

HAMPTON
ROADS
REALTOR
®
VOL. 36 ~ ISS. 11
NOVEMBER 2015
Published for Members of the Hampton Roads REALTORS ® Association
They're so much more
than just “initials”
behind your name...
Understanding
Designations
PLUS: INSURANCE AND THE 3-DAY RULE; HOW THE VELOCITY OF MONEY IMPACTS HOME
LOAN RATES; VAR CONVENTION RECAP; HRRA'S CHOREY NAMED SUFFOLK FIRST CITIZEN 2015
Tr
7.8
Pr
Co
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p. 2 HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 CONTENTS
HAMPTON ROADS
REALTOR ®
FEATURES
6
Will you designate a contribution to HRRPAC?
17 Designations are more than just "initials"
8
Behind the Scenes of the Dramatization of a
Professional Standards Hearing
20 Determining the right amount of replacement
10 Promoting Portsmouth: Interim economic
development director touts incentives with
HRRA’s Commercial Alliance
insurance
21 "Anatomy of a Home" students showered
with knowledge
13 What is the velocity of money, and how
does it impact home loan rates?
& Trade Expo
24 Make giving thanks a year-round activity in
14 De-cluttering: pros & cons of the move
15 Use new federal home-buying guidelines to
behind your name
22 HRRA shines during 2015 VAR Convention
12 Insurance and the 3-day rule
your advantage
your business
25 I am one® Supporter of the Month
27 HRRA’s Chorey named Suffolk First Citizen 2015
16 Government Affairs, REALTOR®/Lawyer and Resale joint meeting
IN EVERY ISSUE
4
From the Chair
5
A Picture is Worth 1,000 Words
9
Legal Corner
18 Calendar of Events
19 Calendar of Education
5
8
10
22
26 Association to Association
27 Welcome New Members
ADVERTISERS
East West Realty - 7
E.T. Lawson - 25
Mary Kromer, Digital Marketing Consultant - 26
Procraft Inspection Services - 21
Real Estate Security Agency - 28
Servpro of Virginia Beach - 6
SimonTowne Mortgage - 23
Wells Fargo Home Mortgage - 2
HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 p. 3
FROM THE CHAIR:
Understanding designations’ benefits
Rusty Hulett
2015 HRRA
Chairman of
the Board
My fellow REALTORS®,
this issue is dedicated to understanding designations, which
are awarded to a REALTOR®
who has increased his or her
skills, proficiency and knowledge
through educational courses and
experience in a certain field of
real estate. They are bestowed
by the National Association of
REALTORS® and its affiliated
institutes, societies and councils.
You may have seen another
REALTOR®’s business card and
noticed a whole bunch of letters following the agent’s name.
Those acronyms are for the designations that person has earned.
Let’s go over a few of the
most common ones:
Accredited Buyer’s Representative (ABR®) – This is for
REALTORS® whose primary focus is dealing with buyer clients.
Certified Residential Specialist (CRS) – This is the highest credential awarded to residential sales agents, managers and
brokers.
Graduate,
REALTOR®
Institute (GRI) – This is for
those who have received in-depth
training in legal and regulatory
issues, technology, professional
standards, and the sales process.
Seller Representative Specialist (SRS) – This is the partner designation to the ABR®, except that it is for those who deal
primarily with sellers.
These are just a very few of
the more common designations
for residential real estate. Commercial real estate has its own
designations, including Society
of Industrial and Office REALTORS® (SIOR) and Certified
Commercial Investment Member
(CCIM). Please visit realtor.org/
designations-and-certifications to
learn about all the designations
available to you as a REALTOR®.
So you’re probably saying
to yourself that you don’t have
enough time to get a designation
or that you don’t really see the
benefit to getting one. There are
two really good reasons for getting one or several designations.
The first is that you increase
your knowledge in your chosen
profession. Being knowledgeable
in a certain field of real estate
might just be the deciding factor for someone who is weighing
whether to choose you or another
agent.
And that segues into my
second reason for getting a designation: You make more money!
According to NAR, the median
income of REALTORS® without a designation was in 2013
was $33,500, while the median
income of those with at least one
designation was $61,100. That’s a
difference of $27,600!
My challenge to you is to research HRRA’s website for designations and earn one before the
end of 2016.
Cooperate. Educate. Advocate. ~
Thank You to our 2015 HRRA Partners
PLATINUM
BRONZE
COPPER
AMBASSADOR
SM
p. 4 HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 HAMPTON ROADS
REALTORS® ASSOCIATION
Chairman of the Board: Rusty Hulett
Chairman-Elect: Becky Claggett
Vice Chairman – Finance: Sherry Maser
Immediate Past Chairman: Amy Rhodes
Executive Committee:
Terry Gearhart, Priscilla B. LeMoine,
Gary Lundholm
DIRECTORS:
Dayla Brooks
Shirley Conner
Jennifer Cool
Mark Edwards
Tonya Feamster
Nikita Houchins
Jimmy Jackson
Tanya Monroe
Kimberly Plourde
Stacie Powell
Carolette Reisner
Maily Roberts-Jacobs
Brooks Sinnen
Carrie Williams
Terry Fraley
HAMPTON ROADS REALTOR®
MAGAZINE
Approximately 3,800 copies of each issue
of the Hampton Roads REALTOR® are
published monthly by the Hampton Roads
REALTORS® Association, Inc. (HRRA),
638 Independence Parkway, Suite 100,
Chesapeake, VA 23320.
HRRA reserves the right to edit or refuse
all submissions for publication. HRRA
reserves the right to receive royalties from
some programs and services. Views and
advertising expressed in this magazine are
not necessarily those of, nor endorsed by,
HRRA. The Hampton Roads REALTOR®
is created for the members of HRRA by
Organization Management Group, Inc.
(www.ManageGroup.com).
Editors: Victoria Hecht [email protected]
Kim Breeding-Mercer [email protected]
Design/Layout: Kim Breeding-Mercer
Advertising Sales: Connie Hedrick,
[email protected]
Copyright © 2015 Hampton Roads
REALTORS® Association; all rights reserved.
HAMPTON ROADS
REALTORS®
ASSOCIATION
I am one.
®
A Picture is Worth 1,000
Words
Recent photos of HRRA members and events
Foodbank, members score wins in HRRA’s Chili Cook-Off, drive – Members helped HRRA scored a touchdown in the battle on hunger
September 17 during the Affiliates Council-sponsored third annual Chili Cook-Off and Tailgate Party. Hundreds gathered at HRRA headquarters
for an afternoon of chili taste-testing, networking and camaraderie while collecting nonperishable food donations for the Foodbank of
Southeastern Virginia. Attendees donated 432 pounds of food to the Norfolk-based nonprofit. REALTORS® competed against Affiliate members
in a field of 20 contestants for bragging rights for best chili in the categories of People’s Choice and Judges’ Choice, with the latter chosen by
firefighters from the Chesapeake Fire Department. Fulton Mortgage’s Holly Damalas nabbed first place in the Judges’ Choice category, followed
by Royal Ferguson of Ferguson Insurance in second place and Howard Hanna William E. Wood’s Ed Culpepper in third place. The People’s
Choice winner was Cindy Hawks of Keller Williams’ Hilltop office in Virginia Beach. Damalas won top Judges’ honors with a white chili recipe,
while Hawks snagged the People’s selection with a vegetarian chili recipe. Attendees also participated in the REALTORS® vs. Affiliates Skills
Challenge sponsored by George Mason Mortgage LLC, during which members tested their throwing arms for most yardage. Mike Karslake of
Providence Computers scored 105 yards and the victory. The event also was attended by Old Dominion University mascot Big Blue and the
university’s Ted Head Fore Heads, always a crowd favorite. – Victoria Hecht, HRRA Communications and PR Specialist
See these photos and tons more at
facebook.com/hrrarealtors
HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 p. 5
Will you designate
a contribution to
HRRPAC?
Ron Lovell
HRRA Local
Government Affairs
Director
Gordon Dixon
HRRA State
Government Affairs
Director
As a REALTOR®, you may already be aware of designations like
GRI, ABR® and CRS, some of the
more familiar and long-established
ones that recognize different skills
and knowledge in our profession.
But did you know there also are
designations to recognize support
of the profession in the political
action arena? Contributions to theHampton Roads REALTOR® Political Action Committee (HRRPAC)
are like a business insurance investment that helps create and maintain
a legislative and regulatory environment that provides for effective
consumer protection and freedom
to create your own professional
business.
In the political landscape today, it is essential that REALTORS®
have a strong and unified voice
when engaging the governmental
structures that affect our business.
At the national, state and local levels, HRRPAC contributions
are one important way to support
that strong REALTOR® voice. The
basic contribution level is now referred to as the “Fair Share” contribution and recognizes a member
contribution of at least $35 during
a campaign year. The concept is that
by making at least this level of contribution, a member demonstrates
their understanding of broad support for the REALTOR® objectives.
We encourage all members to do
so. You can make this contribution
at the HRRA website by logging in
to “Members Only” at HRRA.com
and selecting “Make a one-time
p. 6 HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 HRRPAC contribution.”
Many members choose to contribute at higher levels because they
understand the importance of keeping our REALTOR® voice strong in
the political area. Additional levels
for contributions within a contribution year are:
In the political
landscape today,
it is essential that
REALTORS® have a
strong and unified
voice.
• Mayor’s Club – at least $100
• Capitol Insider – at least $250
• Governor’s Club – at least $500
• Sterling “R” – at least $1,000
• Crystal “R” – at least $2,500
• Golden “R” – at least $5,000
In addition to the annual recognition levels, the National Association of REALTORS® recognizes
those members who make continuing contributions during their professional career by the designation
of “Hall of Fame” when a member’s lifetime contribution reaches
$25,000. Obviously, this level of
contribution is based on the member valuing the importance of keeping our REALTOR® political voice
strong. NAR acknowledges the
members achieving this level at a
formal induction ceremony during
the national meetings.
There is an additional level
of contribution to political action
with the NAR President’s Circle
program. After a qualifying contribution to Hampton Roads REALTORS® Political Action Committee
(HRRPAC), the member commits
to additional direct contributions
to NAR-designated candidates who
support REALTOR® values.
You can review HRRA member contributions to HRRPAC at
HRRA.com/hrrpac/. This page is
updated quarterly to reflect contributions year to date.
And don’t forget that you can
make a contribution by going online
at HRRA.com or, if you like, just
call one of us (Ron at 757-473-9700
or Gordon at 804-249-5716). We’ll
make it happen! ~
AR
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HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 p. 7
10/20/15 10:27 AM
Behind the Scenes of
the DRAMATIZATION of a
PROFESSIONAL
S TA N DA R D S H E A R I N G
Jo Cross, ABRM, CRB,
CRS, GRI, ePRO
Chair, Professional
Standards Committee
Members of HRRA’s Grievance and Professional Standards
Committees, aka The HRRA Players, performed to a packed house
in September. Back by popular
demand, the players showed a
standing-room-only audience what
happens when a complaint is filed
against one of our REALTOR®
members for a violation of the
Code of Ethics.
It should be noted that, while
humor was injected into the recent
dramatization, it is highly absent
from a real hearing. Please note, too,
that complaints filed based upon
the National Association of REALTORS®’ Code of Ethics have nothing to do with license law, which is
governed by the Virginia Real Estate Board. Also, please note that
every step of the grievance process
is 100% confidential.
Setting the scene - HRRA’s
Professional Standards administrator, Cathy Crossfield, typically
receives a phone call from either
a member of the public or another REALTOR® inquiring as to
whether what is in their mind is a
wrongdoing by one of our HRRA
REALTOR® members. Once Cathy
determines that the agent in question is indeed a member, she answers the caller’s questions without
giving advice. Should the caller decide to file a complaint against the
REALTOR®, Cathy will send the
caller the appropriate paperwork.
When Cathy receives the paperwork, she reviews it and then
she forwards it to Russell W. Harris,
who chairs the Grievance Committee. Russell selects five members of
the Grievance Committee to participate in a teleconference to review
the charges and determine if, on
the merit of what they have before
them, it appears that a violation of
the Code of Ethics has occurred.
The Grievance Committee has
a specific list of questions they ask
during their call. If all of the questions are in the affirmative, then the
Committee reviews which articles
are being cited and decides if they
are correct or if others should be included or discarded. Once the committee votes that in their opinion the
complaint has merit, the chairman
notifies Cathy. (In the case of the
mock hearing, they voted to move
the complaint up to the Professional
Standards Committee with possible
violations of Articles 1 and 2, and
the Grievance Committee added
Article 9.)
Cathy will now notify the complainant and respondent that the
case will be moving forward to Professional Standards. At this time, the
respondent will have an opportunity
to provide documentation to demonstrate his or her side of the situation and send it to Cathy Crossfield.
Each party is provided with the
procedures used during this process
(continued on page 11...)
Thanks to the HRRA Players: Jo Cross and Ann Palmateer - Moderators; Cathy Crossfield - Complaint to Grievance; Carrie Williams - Betty Bamboozle (complainant); Jennifer Cool - Sally Steamed (respondent); Russell W. Harris, Sherry Snyder and Doug Albert - Grievance Committee; and
Elaine Griffin, Nancy Souldourian and Jack Voss - Professional Standards Hearing Panel.
p. 8 HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 LEGAL CORNER:
Ratification, conveyance, acceptance
John F. Faber, Jr.,
Esq.
Attorney, Wolcott
Rivers Gates
This month’s column feels a
little like cheating. That’s because it
is a reprint of a Legal Corner column from April 11, 2000. The reprint is timely, however, because it
addresses an issue that has arisen in
REALTOR ®/Lawyer meetings
twice this year; once in May and
once in September. Specifically,
some confusion seems to persist between the concepts of when a valid
contract is formed between a seller
and a purchaser, and when that
contract is ratified for purposes of
measuring dates and other matters
of contract administration.
According to the Virginia Supreme Court in the Levy case discussed below, a real estate contract
is formed when an offer has been
made, the offer has been accepted
and the acceptance has been communicated to the offeror, whether
or not the written contract has been
returned by the accepting offeree
to the offeror. The Levy case is still
good law and was cited in a federal
court case as recently as May of
this year. The current REIN from
Standard Purchase Agreement sets
forth a definition of “ratification”
that appears to be meant to correlate with the contract formation rule
in Levy, but that definition has not
eliminated the belief that contract
formation and ratification are two
different occurrences.
No reported decision of the
Virginia Supreme Court appears to
address ratification in the context
of contract acceptance. A potential solution to the formation versus
ratification question appeared at the
end of the 2000 column, which is
reprinted in its entirety as follows:
A builder signed and sent a
contract proposing to sell property in Virginia Beach to certain
buyers. Six or seven days later, the
buyers signed the contract. A day
or two after that, one of the buyers telephoned the president of the
builder and informed him that the
buyers had signed the contract and
would return it the next day with a
check for the down payment. Before receiving the signed contract
and the check, the builder informed
the buyers that it was withdrawing
its offer to sell the property. Those
are the facts in the case of Levy v.
Beach Investment Corp., which was
decided in the Supreme Court of
Virginia in 1971.
The contract
became
effective when its
acceptance was
communicated by
telephone.
The buyers in Levy sued for
specific performance, claiming that
the communication by telephone
of their acceptance of the builder's
offer was sufficient to form a valid
contract. The builder argued that
the contract never became operative
because it was not delivered to the
builder before the builder revoked
its offer. The Virginia Supreme
Court disagreed with the builder,
and held that the contract became
effective when its acceptance was
communicated by telephone to the
president of the developer.
The decision in Levy may come
as a surprise to any real estate agent
who has raced against the clock to
deliver a fully-signed contract to another party to ensure that the contract was valid, or who has tried in
vain to get another agent to return
a fully-signed contract. The decision is unsatisfying because it seems
to reward the party that is too lazy
or discourteous to deliver the fullysigned document, and to deprive
the other party of the chance to examine the final document to make
sure that everything is in order. The
decision can also make it more difficult to compute time periods that
are measured from the date on
which the contract is signed.
Perhaps in order to counter the
effect of the Levy case, the REIN
form Standard Purchase Agreement employs the concept of “ratification” for determining the point
from which to measure important
contract deadlines. Paragraph 19
of the Standard Purchase Agreement states that ratification means
“the date of conveyance of final
acceptance in writing of all terms
of this Agreement...” The intent of
the quoted language appears to be
to require the last signer to deliver
the signed document back to the
first signer before a binding contract is formed. Instead of using the
word “delivery,” however, the contract uses the word “conveyance,”
and is unclear as to whether it is the
“conveyance” or the “acceptance”
that needs to be in writing. A credible argument can be made that as
long as the "acceptance” (i.e., signing the agreement) is in writing, the
“conveyance” of the acceptance
(i.e, communicating to the other
party that the offer has been accepted) can be done verbally. That
argument would be consistent with
Levy, which remains the law in Virginia.
If agents truly wish to counteract the effect of the Levy decision,
the first sentence of paragraph 19
of the Standard Purchase Agreement should be replaced with a
plain statement that a valid contract
will be formed and ratification occur only when the last party to sign
the contract delivers the signed contract, without additions or modifications, back to the party who signed
first. ~
This column is not, nor is it intended to
be, legal advice. You should consult an attorney for advice regarding your individual
situation.
HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 p. 9
Promoting Portsmouth: Interim economic
development director touts incentives with
HRRA’s Commercial Alliance
Victoria Hecht
HRRA
Communications
and PR Specialist
Mallory Butler, interim director of Portsmouth’s Department
of Economic Development, recently shared a presentation about
the city’s strategic growth areas and
target markets with HRRA REALTOR® members during “Incentives
for Commercial Real Estate: What’s
in the Pipeline for Commercial Development.”
Butler’s breakfast address to
the Hampton Roads REALTORS®
Association’s Commercial Alliance
was held on site this fall at JaniKing, one of Portsmouth’s commercial properties listed for sale in
the Airline Boulevard corridor.
Butler cited six strategic target
markets for Portsmouth – community initiatives, including minority- ,
woman- and veteran-owned busi-
Terry Fraley, HRRA
Commercial Alliance
chair and Mallory Butler,
Interim Director for the
Portsmouth Department
of Economic
Development.
p. 10 HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 nesses; craft breweries; maritimeand port-related industrial users;
modeling and simulation; multifamily residential development; and
retail—and noted $67.4 million in
new investments in the multi-family
segment alone. Butler also noted a
local incentives program, including
grants for façade improvements and
safety and security; grants available
within state-designated enterprise
zones; and assorted zones and tax
credits, and identified seven strategic growth areas with the city.
The Commercial Alliance, a
council within HRRA, represents
Southeastern Virginia commercial
REALTORS® who specialize in
selling, leasing and managing commercial properties. Member-firm
representation includes attorneys,
appraisers, lenders, title companies,
developers and other groups associated with commercial leasing and
sales.
Said REALTOR® Terry Fraley, who serves as chairman of the
Commercial Alliance, “There is a
vast underutilized real estate market
in buying, selling and leasing that’s
just waiting to be tapped by us all.”
Look for Alliance events like
“Commercial Lending - Come hear
the experts” on November 4, seminars and other activities as HRRA
seeks to grow this segment of the
association and spread awareness
about commercial real estate sales.
Contact Fraley at myagentterry@
aol.com or 757-237-1030 to get involved. ~
(Professional Standards, continued from page 8)
as well as a list of all of the members of the
Professional Standards Committee. This gives
both parties the opportunity to have members
of the committee stricken from being able to
participate in this hearing. They may challenge
those members because of affiliation, prior
relationships, etc.; it is their choice. The ultimate goal is that both the complainant and the
respondent get a fair hearing.
Once Cathy has assembled all of the appropriate paperwork, she then forwards it to
the chairman of the Professional Standards
Committee. The chairman reviews the entire
case and then seats a hearing panel. When
selecting committee members to sit on the
panel, the chairman makes sure that no panel
member is from the same company as any
of the parties. If, for example, a complaint
involves property management, the Professional Standards chairman will ensure that the
hearing panel includes members proficient in
property management. The chairman will seat
one member to chair the panel plus four panel
members and an alternate. Once the chairman
completes this task, he/she never learns the
result of the hearing. Confidentiality is paramount!
The mock hearing - During the “Dramatization of a Professional Standards Hearing,” Carrie Williams portrayed Betty Bamboozle who felt that her agent, Sally Steamed,
played by Jennifer Cool, did a terrible job representing her. Here is a breakdown of what
transpired.
Betty Bamboozle said that her money was
tight and she needed the seller to pay her closing costs. She also wanted the stainless-steel,
front-loading clothes washer and dryer. At the
home inspection, the inspector said that she
should request that the HVAC be evaluated by
an HVAC technician and serviced as needed.
When filling in the contract, Sally Steamed
asked that the “Seller to pay 3% of buyer’s
closing costs.” Betty was expecting over
$8,000 in closing costs paid for her when, in
reality, just over $240 in these costs were paid.
Betty said she had to borrow from her 401K
and, since she didn’t have sufficient time to
show the 401K company that it was to buy
a house, she incurred thousands of dollars in
tax penalties. She said that Sally should have
written “Seller to pay 3% of the purchase
price towards buyer’s closing costs.”
When completing the Property Inspection Contingency Addendum, Betty told the
panel that the inspector recommended the
HVAC be evaluated and serviced by an HVAC
technician. All Sally wrote was to have it “evaluated.” (What good is an evaluation if they
don’t make the repairs?)
When Betty looked at the house, she fell
in love with the stainless-steel, front-loading
clothes washer and dryer. Since Betty is a single mother expecting her first child, she was
excited to have such top-notch appliances to
wash her baby’s clothes. You can imagine her
shock when she went to the walk-through and
found old, cheap appliances. Betty’s complaint
was that Sally didn’t include any of the specifics of the appliances. Because Betty wanted to
move on with her life and into her new home,
she decided to sign at closing, in spite of her
frustration and the extra money it cost her.
In her response Sally Steamed said that
she encouraged Betty to read the contract and
make sure she got what she wanted. Sally explained how she fills out the contract on Zip
Forms and, “You know, ‘click, click, click.’”
Sally said that the REIN listing didn’t include
the clothes washer and dryer and that Betty
should be happy that she got this set. Sally
also said that Betty wanted 3% of closing
costs and that’s what she put in the contract.
Sally felt that it was Betty’s responsibility to
make sure she understood what she was doing
and, if she didn’t, she should have asked for
clarification.
The hearing panel kept everyone on track
and made sure that each of the participants
agreed that they had a fair hearing. Prior to the
hearing panel making its decision, moderator
Ann Palmateer asked the audience for its take
on the hearing. A dozen hands went up into
the air, and a barrage of questions followed.
The interaction and comments from the agent
audience was spectacular. Their questions
were insightful and caused for follow-up questions.
The outcome was that the respondent
was found in violation of Articles 1 and 9.
They felt that the respondent didn’t look out
for her client’s best interests and she didn’t ensure that all terms of the contract were written
in clear and concise language.
After the panel completed its deliberations and voted, the panel chair, played by
Elaine Griffin, was permitted to ask to see
the respondent’s REALTOR® record to see
if she had any other previous violations. The
sanctions that the panel would impose would
be decided after they found out whether or
not this was her first violation or if she was
a habitual offender. Sanction choices include
a Letter of Reprimand, education, a fine of
up to $15,000 (rare) and suspension of membership in HRRA. Once the sanction was
determined, the Findings of Fact would be
prepared and submitted to the HRRA Board
of Directors. Finding of Fact gives a succinct
description of what happened and why the
decisions were made.
The HRRA Board of Directors receives
a “sanitized” version of the Findings of Fact
so that they do not know who the parties are
to a hearing; confidentiality is maintained.
The board approves the outcome or has the
authority to reduce the sanctions but cannot
raise them. The board can also refer the decision back to the panel for a new hearing, if
concerned about procedural deficiencies. ~
Commercial Lending:
Come hear the experts
November 4, 2015
A panel of experts will be on hand to answer
your questions. Register now at HRRA.com
HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 p. 11
d
n
a
e
c
n
Insura
e
l
u
r
y
a
the 3-d
Scott Hunter
Comparity Insurance
Debt-to-income requirements
have certainly had an impact on hazard insurance for home buyers, and
now a new factor will increase those
pressures. TIME!
New mortgage lending rules
that took effect in October could
have a bearing on your closings, so
let’s update you on how insurance
can impact buyers in light of these
rules. In essence, lenders will have
to be able to give the borrower a
firm closing expense calculation
three days prior to closing, and the
closing must be postponed for an
additional three to 10 days if the
numbers change during that period.
Since hazard and flood insurance
premiums are frequently a component of those costs, it is more important than ever for buyers to start
the process early. Here are a few of
the factors to keep in mind when
a buyer is purchasing a home and
ways that you can help.
Estimates vs. quotes - Make
sure your buyer is getting actual
quotes. Estimates are a great way for
a buyer to gauge his or her monthly
costs, but they aren’t always accurate. The lender will need a firm
annual premium in order to meet
the three-day rule. In order to get
an actual quote the borrower must
be underwritten based on his or her
credit as well as the features of the
home being purchased.
Check flood zones - Don’t
wait for the lender to surprise you
with a zone determination. If you’re
required to order an elevation certificate (which is needed in most cases
p. 12 HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 if the home is in a required zone
and was built after 1975), you need
to allow for extra time. The survey
can take several days to perform and
process the necessary paperwork.
Also, underwriting requirements may also take several additional days. Estimate that it will
take five to seven days to get a flood
Your buyer should
begin shopping for
insurance as soon as
a contract is ratified.
quote with a new elevation certificate and could take longer depending on weather, volume of requests,
etc.
Start early - Your buyer
should begin shopping for insurance as soon as a contract is ratified. Many carriers have restrictions
on locations so you don’t want your
buyer to wait to contact their existing provider only to find out their
new home isn’t eligible for coverage.
While quotes are only valid for 30
days from the date quoted, the client
can always be requoted within a few
weeks of closing to ensure the rates
haven’t changed.
Compare and bundle - Policy
costs can vary widely based on the
provider, so it’s important to compare several options so that your
buyer can make sure he or she is
getting the right coverage at the
best rate. In addition, encourage the
buyer to compare auto policies in
conjunction with the homeowner’s
quotes. Bundling policies can save
the client as much as 30 to 40 percent with some providers. Making
sure that they are getting fair and
reasonable rates can prevent debtto-income eligibility issues that
could delay or derail your closing.
Remember that a client’s satisfaction is largely dependent on how
smoothly he or she perceived the
transaction took place. Many clients, particularly first-time buyers,
may not be familiar with the steps
necessary to secure insurance for
the home’s purchase and will rely on
your guidance and knowledge.
By helping your client to manage the timeline of events, you can
prevent possible delays, make the
process feel less stressful and leave
a smile on your client’s face that will
ultimately mean more referrals for
you in the future. ~
If you’ve been watching the
economic news, you’ve probably
noticed that market experts and
traders have been keeping a close
eye on the Commerce Department’s
Personal Spending and Personal Income reports. Obviously, those reports provide insight into the health
of our economy, but did you know
they also influence home loan rates?
That’s right, personal spending can actually influence the interest rates that are available when you
purchase or refinance a home.
Here’s why. It has to do with
something called the velocity of
money. Even though the government keeps pumping money into
the system, nothing happens until
that money is spent or loaned—and
passes from one hand to another or
one business to another. The speed
at which this money passes between
parties is the velocity of money.
With the job market still sluggish, consumers aren’t spending
Darlene Kemp
NMLS #173897
Atlantic Bay
Mortgage Group
FRcEaEtion
Edu
much money these days, and businesses are still reluctant to spend
money to make investments in their
business. With the present velocity
at low levels, inflation remains subdued, and that’s good for home loan
rates. That’s because rates are tied to
There's an inverse
relationship
between good
economic news and
home loan rates.
mortgage bonds, and inflation is the
archenemy of bonds, so low inflation is good for bonds and rates.
However, once velocity increases, the excess money in the system will cause inflation—which is
bad for rates, since even the slightest
scent of inflation can cause home
loan rates to worsen.
While we certainly want to see
better economic recovery news in
the near future, we have to remember that there’s an inverse relationship between good economic news,
bonds and home loan rates. Weak
economic news normally causes
money to flow out of stocks and
into bonds, which helps bonds and
home loan rates improve.
Strong economic news, on the
other hand, normally has the opposite result.
Currently, home loan rates are
at a historically low level, but that
situation won’t last forever. That
means now is an ideal time to purchase a home or refinance before
the velocity of money—and rates—
change. ~
HRRA members can take 3 hours
of Ethics CE/PL at NO COST.
Contact Alpha today to learn more! 757-427-1740
HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 p. 13
DE-CLUTTERING
pros & cons of the move
Paul Parten
Security Storage &
Van Co.
As a real estate agent, you know
that clutter often makes or breaks a
sale, so it’s important to educate clients on the best ways to de-clutter
a home. De-cluttering is defined as
“the removal of unnecessary items
from (an untidy or overcrowded
place).”
Here’s a four-step approach to
home de-cluttering to share with clients.
Have a garage sale. From the
homeowner’s perspective, there are
more advantages than just getting
rid of items that are cluttering the
home. The client’s pockets will get
a little extra cash to offset moving
costs, and it will lighten the load on
moving day, which will save even
more money!
Give the homeowner your
expert and honest opinion. As a
real estate sales professional, help
the homeowner by doing a walk-
through of the home to identify
problem rooms and areas. As my
grandfather would say, “If I cannot
get through the room without hit-
Clutter often makes
or breaks a sale.
ting something, you need to pick up
this clutter.”
Use storage services. Want a
surefire way to make a small room
look larger? Storage is the answer.
A moving and storage company
can come out and move unnecessary possessions from the home and
place into storage, or the company
can provide a portable storage unit
that can be filled right in the driveway and taken to a warehouse. By
eliminating large pieces, the home-
owner will open the floor plan and
make the house look noticeably
larger. This action will also quicken
the move, too.
Implement the “Four-Box
Method.” This technique may be
used to clear a room of clutter or
help an owner to downsize. When
you set out to de-clutter an area or
a room, bring in four boxes, with
one each marked as either Trash,
Give Away, Keep or Relocate. Now
go into a room. Look at each item
in that room and place it into one
of the four boxes (you may need to
add additional boxes in certain categories). Each item MUST be considered individually. Some rooms
can take an hour; others can take
a couple of days. The technique
and principles, however, remain the
same. De-cluttering the room is job
one.
Happy de-cluttering! ~
Read all about it (and advertise, too!)
Informative, amusing and timely...find industry and association news,
member-generated articles and pictures galore in Hampton Roads
REALTOR®, HRRA's monthly magazine. The well-read Affiliate and
REALTOR®, like these fine folks at Keller Williams–Western Branch,
never misses an issue. Please share your copy with others, and support
the generous advertisers who sponsor this magazine. (Want to join them?
Contact Connie Hedrick at [email protected] or 757-842-4832.)
p. 14 HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 Use n
ew fe
deral
home
guide -buying
lines
adva to your
ntage
Corrina Carter
NMLS #212406
CMS Mortgage
Solutions Inc.
By now we’re all familiar with
how the home-buying process
changed dramatically on October
3, when the Consumer Financial
Protection Bureau did away with the
Good Faith Estimate and Truth-inLending documents. In its place,
potential home buyers now receive a
much simpler form called the Loan
Estimate.
Those changes level the playing field for home buyers. Is there
an adjustment period? Absolutely.
This guide offers you, as a real estate sales professional, ways to better prepare your clients for dealing
with sweeping changes in the homebuying industry.
Under the new rules, buyers are
free to shop around with various
different lenders without feeling obligated to commit to the first Loan
Estimate that they receive. The new
rule states that the lenders must give
a loan estimate within three days of
the application.
The
application
requires
ONLY the following six pieces of
information to get terms from a
broker/or lender:
• Name
• Property address
• Social security number
• Property value
• Employment
• Income
However, getting important
pieces of information together first
can make the process go quicker.
Submit critical financial documents
with your application for a speedier
process.
Again, you are not required to
have all of these key pieces to get a
pre-qualification or Loan Estimate,
but doing so could allow for your
closing to happen sooner than the
anticipated 45 days. Here is a list of
the documents:
Submit critical
financial documents
with your
application for a
speedier process.
• Two years of federal tax returns
• Two years of W2 forms
• Thirty days of most recent pay
stubs
• Profit/loss statements or 1099 if
you own a business
• Three months consecutive banks
statements (all pages required, including blank pages)
• Photo ID and social security card
• Two years of employment (name
and address of each employer)
• Residence addresses for past two
years
If you are serious about purchasing a home, it’s a good idea
to “know before you owe.” Have
a credit expert analyze your credit
and seek a licensed mortgage professional on how much you can afford monthly on a home. The new
Loan Estimate makes it much easier
to see clearly how much you will be
paying per month in principal and
interest, taxes and insurance. Having these documents up front starts
the process immediately.
Timely inspections and appraisals on homes are more important now than ever. Agents will need
to be on top of scheduling home
inspections, termite inspections and
appraisals. Without attention to detail, a closing could be delayed tremendously.
With this new process, lenders
send out a closing disclosure three
days prior to closing. This document outlines all of the fees and
costs related to the purchase of a
home. This document will not be
sent out until all final inspections,
appraisals and the loan process are
complete.
Once buyers receive the Closing Disclosure they then have three
days to review it electronically. If
it is sent via mail, three mail days
and three review period days are
required. After the review period
ends, then closing procedures take
place.
Timing is truly critical with this
new process.
If you have all documents up
front, these new regulations could
mean a smoother home-buying process for everyone. ~
HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 p. 15
Government Affairs, REALTOR®/Lawyer and Resale joint meeting
Victoria Hecht
HRRA
Communications
and PR Specialist
HRRA members recently participated in a special presentation at
headquarters on the new Virginia
Real Estate Board (VREB) Regulations that go into effect November
1, impacting both agents and brokers statewide.
Sandee Ferebee, a member of
the governor-appointed VREB,
shared the information and answered questions during October’s
joint meeting of the association’s
Government Affairs, REALTOR®/
Lawyer and Resale councils. Fe-
rebee, with Berkshire Hathaway
HomeServices
Towne
Realty,
chaired HRRA in 1985, served as
president of the Virginia Association of REALTORS® in 1990 and
was honored as the state association’s 1994 REALTOR® of the Year.
VREB licenses salespersons,
brokers and firms representing others in property transactions and enforces Fair Housing Law in cases
involving real estate licensees and
their employees. A comprehensive
overview of the regulations, signed
by Gov. Terry McAuliffe on August
3, as well as a series of videos exploring the changes, are available at
varealtor.com/node/142156.
During the gathering, HRRA
membership also held its annual
election of officers for the association’s 2016 leadership, who will be
installed in December. They are:
Officers: Chairman of the
Board - Becky Claggett, Century 21
Nachman Realty; Chairman-Elect
- Sherry Maser, Howard Hanna
(continued on next page...)
(L to R:) Jennifer Cool, Resale Council chair; Terry Gearhart,
Government Affairs chair; Sandee Ferebee, VREB; Dori
Iwanowski, REALTOR®/Lawyer chair.
p. 16 HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 Designations
are more than just “initials”
behind your name
Michele T.
Fredericks, CSP,
MCSP, CMP, GRI,
SRES, ASP
Vice Chair, New
Homes Council
For me, a designation isn’t
about the designation itself, but
rather knowledge, insight and the
opportunity to interact with my
peers.
I have specialized in new home
sales since 1993, so most of my
designations are relevant to selling
those dwellings. However, I learned
pretty quickly that, as a REALTOR®, my focus was on much more
than sticks and bricks. Thus, when
I’m asked about all those “initials”
after my name, I grin and say, “They
represent the best me I could be
to surpass your expectations as we
walk the exciting journey to find (or
build) your dream home.” Earning a
designation is about knowledge of
financing, buyer profiles, marketing,
good negotiating skills, peer cooperation, understanding your seller
and other facets.
I began branching out and exploring the other designations—and
those seminars that do not offer a
designation—available to me outside of new construction. The quest
Designations also
are my opportunity
to “pay it forward,”
so to speak.
for knowledge will make you the
best you could be in the business
and mean more than just “initials”
behind one’s name.
Designations also are my opportunity to “pay it forward,” so to
speak. I made the decision to give
back to my peers by becoming an
instructor. Along my career path I
have met and accepted guidance
from many great people in real estate. It’s my way of saying “thank
you” to those that have made me
the REALTOR® I am today. I am
now a part of helping others to gain
knowledge and obtain their designations.
With every class I attend,
whether as a student or the instructor, I learn something new. It is a
continual “sharpening of the saw,”
one of my favorite “7 Habits of
Highly Effective People” (which,
by the way, is a great Stephen Covey
book).
Remember, understanding designations is about the search for
knowledge and an investment that
you make in yourself. ~
(Joint meeting, continued from previous page)
William E. Wood; Vice-Chairman of Finance
- Nikita Houchins, Keller Williams Realty; Immediate Past Chairman - Rusty Hulett, Hulett
& Associates.
Executive Committee At-Large: Gary
Lundholm, The Real Estate Group; Jennifer
Cool, Berkshire Hathaway HomeServices; Terry Gearhart, Rose and Womble Realty.
At-Large Directors (two-year term):
Margaret Richardson, Cross Realty; Tonya
Feamster, Keller Williams Realty Elite; Elaine
Griffin, Rose and Womble Realty; Dayla
Brooks, The Real Estate Group.
Council Directors (one-year term): Resale Council - Sherry Snyder, Rose and Womble
Realty; Property Management Council - Maily Roberts-Jacobs, At The Mall Realty; New
Homes Council - Carolette Reisner, Howard
Hanna William E. Wood; Owners / Managers
Council - Cindy Hawks, Keller Williams Realty; Affiliates Council - Jessica Whitt, Prosper
Insurance Group; Appraisers Council - Betsy
Hughes, BK Appraisals; Commercial Council
(Commercial Alliance) - Terry Fraley, Century
21 Nachman Realty.
Serving the second of a two-year term: Jimmy
Jackson - Rose & Womble Realty; Mark Edwards, East West Realty; Kimberly Plourde,
Exit Realty Central; Jeremy Caleb Johnson,
Long & Foster. ~
HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 p. 17
EVENTS CALENDAR
NOVEMBER
Commercial Lending - Come hear the experts
The Network 2016 Planning Session
HRRA will be closed in observance of Veterans Day.
Resale, Govt. Affairs, REALTOR®/Lawyer Joint Meeting
Embrace the Shift! A Blueprint Reading Class Affiliates Council
Property Management & Leasing Council
The Network (YPN) Education Session
New Member Orientation
Common Interest Community Forum
HRRA will be closed in observance of Thanksgiving.
November 4
November 4
November 11
November 12
November 13
November 13
November 17
November 18
November 19
November 20
November 26 - 27
8:30 am
2:15 pm
Virginia Beach Room
Board Room
Noon
9 am
9:30 am
12:30 pm
9 am
9 am
2 pm
Virginia Beach Room
Virginia Beach Room
Portsmouth Room
Virginia Beach Room
Virginia Beach Room
Virginia Beach Room
Chesapeake Room
DECEMBER
®
Resale Council
Government Affairs Committee
Circle of Excellencesm Orientation
Global Real Estate Advisory Group
REALTOR®/Lawyer Committee
Installation of Officers
Owners / Managers Council
New Member Orientation
Common Interest Community Forum
HRRA will be closed in observance of the holidays.
December 1
1 pm
Virginia Beach Room
December 3
Noon
Virginia Beach Room
December 4
11 am
Suffolk Room
December 7
Noon
Chesapeake Room
December 10
1 pm
Virginia Beach Room
December 11
8:30 am
Virginia Beach Room
December 15
10 am Don’t Portsmouth
miss your Room
December 17
9 amto participate
Virginia
Beach Room
chance
in the
December 18 HRRA
2 pm
Chesapeake
I am one® co-op
ad* Room
running the 3rd
Saturday
December 24 - 25
Don’t
miss your
chanceintoHome+Living.
participate in the
of every month
HRRA I am one® co-op ad*
running the 3rd Saturday
of every month in Home+Living.
®
99
$
$
99
®
Per Month
*Must be a HRRA member to participate.
Per Month
be a HRRA
member to participate.
Please email the*Must
below
information
to [email protected]
Don’t miss your
chance to participate in the
HRRA I am one® co-op ad*
running the 3rd Saturday
of every month in Home+Living.
99
$
Per Month
*Must be a HRRA member to participate.
Please
email theROADS
below information
p. 18 HAMPTON
REALTOR ® to
~ [email protected]
NOVEMBER 2015 • Would you like to run one month only?
below information to [email protected]
• WouldPlease
you email
like totherun
one month only?
• OR Would
you
like
to
your only?
advertising space so it is
• Would you like to reserve
run one month
automatically
renewed
month?
• OR Would
you like each
to reserve
your advertising space so it is
automatically
renewed
each month?
• Your Name
and Phone
Number
• YourName
Name and Phone Number
• Company
• Company Name
• Headshot
• Headshot
Have questions?
Have questions?
yourMedia
Pilot Media
Sales
Representative
ContactContact
your Pilot
Sales
Representative
or call 757.222.5538
or call 757.222.5538
(HRRA does not fund or receive royalties from this ad.
Any HRRA REALTOR® may participate.)
EDUCATION CALENDAR
NOVEMBER
QUICKSTART©
Broker Licensing: Real Estate Law
Principles of Real Estate
Principles of Real Estate
Alpha will be closed in observance of Veterans Day.
Continuing Education Required Topics
Legal Update w/ Flood Credit
Broker Management CE
Short Sales and Foreclosure Resource (SFR)
Continuing Education Related Topics
Continuing Education Required Topics
Legal Update w/ Flood Credit
Alpha will be closed in observance of Thanksgiving.
Principles of Real Estate
Principles of Real Estate
November 2 - 6
November 2 - 9 November 2 - 23
November 2 - 23
November 11
November 12
November 12
November 12
November 13 November 17
November 19
November 19
November 26 - 27
November 30 - December 18
November 30 - December 18
*
6 pm
*
*
Chesapeake Campus
Chesapeake Campus
Virginia Beach Campus
Newport News Campus
8:30 am
8:30 am
8:30 am
*
8:30 am
8:30 am
8:30 am
Newport News Campus
Newport News Campus
Chesapeake Campus
Chesapeake Campus
Chesapeake Campus
Chesapeake Campus
Chesapeake Campus
*
*
Chesapeake Campus
Newport News Campus
8:30 am
8:30 am
8:30 am
9 am
8:30 am
8:30 am
8:30 am
8:30 am
8:30 am
Chesapeake Campus
Chesapeake Campus
Newport News Campus
Chesapeake Campus
Newport News Campus
Chesapeake Campus
Chesapeake Campus
Chesapeake Campus
Chesapeake Campus
DECEMBER
Continuing Education Required Topics
December 3
Legal Update w/ Flood Credit
December 3
Broker Licensing: Real Estate Appraisal
December 3 - 7 Power Negotiator Playbook
December 4
Broker Management CE
December 10
Continuing Education Required Topics
December 12
Continuing Education Required Topics
December 15
Legal Update w/ Flood Credit
December 15
Continuing Education Related Topics
December 17
Alpha will be closed in observance of the holidays.
December 24 - 25
* Check website for times.
N.C. Instructor WANTED FOR NAGS HEAD CAMPUS
Contact Deana Wilson at 757-427-1740 or [email protected].
Alpha
Campus
Locations:
•
•
•
•
•
638 Independence Parkway, Suite 100, Chesapeake, VA 23320 - [757] 427-1740
(Classroom only) 11861 Canon Boulevard, Suite A, Newport News, VA 23606 - [757] 873-8884
(Classroom only) 184 Business Park Drive, Virginia Beach, VA 23462 - [757] 427-1740
(Classroom only) 5000 New Point Road, Suite 1101, Williamsburg, VA 23462 - [757] 253-0028
(Classroom only) 114 Maple Grove Avenue, Colonial Heights, VA 23834
For more details, please visit www.AlphaCollegeOfRealEstate.com Course schedule may change without notice.
HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 p. 19
Determining the right
amount of replacement
insurance
Kelley Carter
The Braun Agency,
Nationwide
Insurance
In general, people tend to be
under-insured. This means that if
someone experiences a loss, he or
she would not have adequate coverage to replace or rebuild the home
to the state it was in before the loss
occurred.
So, why pay for insurance if the
valuation is not correct to replace
one’s home? Check out these top
points for how to calculate the right
coverage, because (nope!) we don't
just pick random numbers.
How is property valued? On
most forms, coverage is either valued on a replacement cost basis or
an actual cash value basis. Replacement cost is defined as the cost to
replace the property with materials
of like kind and quality. Actual cash
value is the replacement cost less actual physical depreciation. The limit
of coverage you select serves as the
maximum amount to be paid in the
event of a loss.
Building coverage: Selecting
an appropriate limit of coverage for
your building is relatively straightforward. To determine this, we look
at features such as square footage,
building construction, foundation
type and updates to the roof, electrical systems, etc.
A very important thing for real
estate agents and mortgage professionals to note is that the building
valuation is not equal to the cost
of the structure. Insurance is concerned with rebuilding the physical
structure of the home only, whereas
the sale price valuation for a property takes features such as location,
p. 20 HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 school districts, land and other factors into consideration when calculating the price of the home.
In other words, insurance isn’t
“rebuilding” the dirty of the land,
nor does insurance need to pay toward the nice location of the home.
All homes should
have a flood
policy regardless
of whether the
location is in a
designated flood
zone.
Insurance is concerned with the
cost, including labor and materials,
to rebuild the structure. That’s what
the building valuation number reflects.
Personal Property: Someone
once told me that the best way to
remember what personal property
is was, “If you imagine turning the
house upside-down, whatever falls
out is typically personal property.”
Personal property includes furniture, fixtures, appliances, clothes
and your great-grandmother’s china
set, for example. Your insurance
professional should be having a
conversation about how much personal property coverage your clients
need when they are writing their
home insurance policy.
Here’s an insider tip: It is often significantly less expensive and
often provides broader coverage to
insure jewelry and valuables on your
home insurance policy than on a
separate policy.
Flood Insurance: This topic
has been extremely popular lately.
While going into a discussion of
zoning and FEMA details is a topic
that is (more than!) an entire article
within itself, a major point to emphasize and a quick take-away is that
flood insurance is never automatically covered on a home insurance
policy, and all homes should have a
flood policy regardless of whether
the location is in a designated flood
zone.
The Hampton Roads REALTORS® Association does a great job
providing education for its REALTOR® members so that they can
be experts in their field. If you’re a
REALTOR®, use your Affiliate
partners for closing. They’re experts in THEIR fields and love to
help you make smooth, professional
closings. Happy selling! ~
“Anatomy of a Home” students
showered with knowledge
Rain might come down, but houses
must go up anyway. “Anatomy of
a Home” participants—including
REALTORS® eager to learn more
about the construction of a house
from the ground to strengthen their
sales skills—learned that lesson during
a soggy (but humor-filled) on-site tour
of local home construction. Those
enrolled in this recent New Homes
Council-presented course led by
builder Jeff Ainslie of Ainslie Group
covered classroom materials at HRRA
headquarters before heading into the
field for a hands-on, bottom-to-top
look at the home-building process.
“Anatomy of a Home” was approved
for eight hours of continuing
education credits. – Victoria Hecht,
HRRA Communications and PR Specialist
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757.362.2300
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HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 p. 21
HRRA shines with member accolades,
installations and Virginia REALTOR®
Hall of Fame inductions during
2015 VAR Convention & Trade Expo
Victoria Hecht
HRRA
Communications
and PR Specialist
Several of your fellow HRRA
members marked notable achievements at the Virginia Association
of REALTORS®’ annual Convention and Trade Expo, held October
6 to 8 in Williamsburg. The accolades came during the 2016 Installation and 2015 Real Estate Awards
Program, celebrating excellence in
myriad areas of real estate, including property management and brokerage.
Virginia Beach’s Deborah A
Baisden, GRI, and Norfolk’s Jay
Mitchell, ABR, ASP, CRB, e-PRO,
GRI, RSPS, SFR, SRES, were installed as immediate past president
and vice president, respectively, of
p. 22 HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 the 30,000-member statewide association.
Baisden, with Berkshire Hathaway HomeServices Towne Realty
and a REALTOR® since 1989, has
been an honoree in HRRA’s Circle
of Excellencesm awards for 25 years
and received the Omega Tau Rho
Medallion from the National Association of REALTORS®, the
nation’s largest professional trade
association. She led HRRA as chairman of the board in 2004, received
its Code of Ethics Award in 2005,
and was HRRA’s REALTOR® Salesperson of the Year in 1999. Baisden,
who has served in myriad leadership
roles with the National Association
of REALTORS® since 2010, was
elected to a three-year term on the
NAR Board of Directors during the
statewide convention.
Baisden is the 17th HRRA
member to have led the state association as president since 1920.
Mitchell, also with Berkshire
Hathaway HomeServices Towne
Realty, has been a real estate professional since 2004. He serves
on VAR’s Board of Directors and
chairs the state association’s Strategic Planning Committee, and is past
chair of VAR’s REALTOR® Political Action Committee Trustees,
Public Policy Committee and Legis(continued on next page...)
(VAR, continued from previous page)
lative Bill Review Committee. Locally, Mitchell
has served as chair of HRRA’s Government
Affairs Committee, Owners/Managers Council and Hampton Roads REALTOR® Political
Action Committee – Fundraising, and twice
been a HRRA Board of Directors member.
Additionally, HRRA members Cindy
Hawks, ABR, CDPE, CRS, GREEN, GRI,
and Tanya Monroe, ABR, GRI, were elected
to VAR’s Board of Directors, while Charlee
Gowin, GRI, CRS, ABR, SRES, continues her
2014-2017 term on the board. Monroe and
Hawks currently serve as chair and vice chair,
respectively, of HRRA’s Owners/Managers
Council. Hawks, with Keller Williams, is a
member of VAR’s Virginia Leadership Academy Class of 2015. Gowin was HRRA’s chairman of the board in 2009 and HRRA’s 2011
REALTOR® of the Year. She and Monroe
are with Berkshire Hathaway HomeServices
Towne Realty.
HRRA members Barbara M. Wolcott
and John L. Powell, ABR, CRB, CRS, GRI,
SHS, SRF, were inducted into the Virginia
REALTOR® Hall of Fame during the awards
program. VAR’s Hall of Fame recognizes
those who have made extraordinary and distinguished contributions to the real estate
profession and Virginia markets for at least 25
years.
Wolcott, with Berkshire Hathaway HomeServices Towne Realty in Virginia Beach,
was HRRA’s chairman of the board in 1986,
served as VAR president in 1996 and was recognized as Virginia REALTOR® of the Year
in 1997. Powell, with Long & Foster Real
Estate, served as VAR president in 2009 and
president of the Southside Virginia Association of REALTORS® in 2001. He received
the SVAR Lifetime Achievement Award in
2012 and was 2011 Virginia REALTOR® of
the Year.
HRRA member Jan Rucinski, with
Long & Foster Real Estate, was recognized
with VAR’s Ann Swearingen Property Manager of the Year Award, which is presented
to the industry’s highest-achieving association
member engaged in the field of residential
property management, with attention to professional development, business accomplish-
ments and community service and service to
the REALTOR® organization. Rucinski, the
2015 VAR Property Management Council
chair, was HRRA’s Property Manager of the
Year in 2008 and 2013 and has been a recipient
of the local association’s Distinguished Property Manager Award each year since 1999. She
also is a member of the National Association
of Residential Property Managers.
Three HRRA members were named
Omega Tau Rho medallion recipients during the state awards and installation. These
honorees are recognized for their service and
dedication to the REALTOR® organization
and the real estate industry, and become life
members of the Omega Tau Rho fraternity.
The HRRA inductees were Charles “Rusty”
Hulett, Hulett & Associates; Durwood
Scott, CRB, CRS, Scott & Associates; and
Carmella “Cam” Templeton, Professional
Realty Corp.
Hulett is HRRA’s 2015 chairman of the
board. Scott served as HRRA chair in 1987,
and Templeton was on the Board of Directors
in 1988-89. ~
HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 p. 23
Make giving thanks
a year-round activity
in your business
Ramona Rice
Rose & Womble
Realty Co.
November is an obvious time
to show gratitude, and Thanksgiving is a popular time for real estate
agents to give their past and current
clients thank-you gifts. I’ve seen
agents hand out pumpkin pies, cornucopias and even Pilgrim hats.
This is absolutely fantastic, of
course, but why are you waiting
until November to offer thanks to
your clients?
By utilizing a strong content
marketing schedule you can show
your appreciation throughout the
year in ways that will not only delight your clients but also bring in
more transactions.
One simple thing to do is to set
up a reminder schedule to celebrate
clients’ significant dates. While this
may not seem like giving thanks, it
does acknowledge people on special
days.
Even more kudos may come
your way if you recognize an unexpected date that is important to
your client. An example could be
for your military service member
clients. Why not mail a thank you
note on Veteran’s Day? This is a
Why are you waiting
until November to
offer thanks to your
clients?
classy way to say “thank you” that
will be completely unexpected and
very much appreciated.
Another way to show thanks is
to acknowledge where you get business. I love seeing agents post photos of happy clients at the closing
table. This proof of production is
a subtle way of letting your friends
and family know you’ve just had a
home sale.
2016 INSTALLATION LUNCHEON
a n d A wa r d s C e r e m o n y
Friday, December 11, 2015, at the Westin Town Center, Virginia Beach
11:30am: Cash Bar, 11:50am - 2pm: Lunch and Program
Welcome your 2016 leadership, and congratulate special award winners, including: Outstanding
Service, Broker/Manager of the Year, Affiliate of the Year, Affiliate Company of the Year, Rising
Star, Lifetime Achievement, Code of Ethics, Volunteer of the Year, HRRPAC and Emeritus.
Register online at HRRA.com today.
p. 24 HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 What’s even better is to do a
separate post thanking the person
who referred the business to you.
This gives you an excuse to post
something else about the closing
and will delight all the clients involved.
Finally, give thanks to clients
who allowed you to do a listing or
buyer presentation for them. This
note needs to be in the mail so that
the potential client gets it as soon as
possible. I love a handwritten note,
and this is just an extra step that
many real estate agents will not do.
This gives you the opportunity to
move ahead of the pack and show
the care you take with your clients.
Don’t limit giving thanks to
Thanksgiving. Spread the gratitude
throughout the year so you can
build a real estate business for which
you can be truly thankful. ~
She’s got that “swag-ger”
Meet Francine Goddard, ABR®, with Realty Executives Top Producers in Virginia Beach. Always
dressed to impress and flashing a mega-watt smile, the one accessory she’s never without is the
familiar blue “I am one®” button proclaiming her REALTOR® pride. Francine’s our “I am one®”
Supporter of the Month for unfailingly supporting the association and spreading awareness of
HRRA’s signature campaign. Thanks, Francine!
REALTORS®, do YOU have the “I am one®” swag-ger ? We’re on the lookout for December’s
Supporter of the Month, so wear your swag here, there and everywhere!
(Download materials and learn more at www.iamone.com.)
I am one.
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HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 p. 25
ASSOCIATION TO ASSOCIATION:
RAR’s focus: Where the puck is going
John S. Finn Jr.,
CRB, CRS, GRI
President,
Richmond
Association of
REALTORS®
Greetings from the Richmond
Association of
REALTORS®
(RAR) and a heartfelt “thank you”
to the Hampton Roads Association
of REALTORS® for allowing me to
share with you some of the ongoing
efforts of our association. One of
the many reasons that I’m a proud
to serve as RAR’s president is that
our association prides itself on being a highly responsive and relevant
organization. This drive for relevance means that our orientation is
always towards the future.
Hockey great Wayne Gretzky
once said: “I skate to where the
puck is going to be, not where it has
been.”
That’s how we operate at RAR.
We don’t look back. To the best of
our ability, we seek to discern what
the future holds for the real estate
market, for our members, for the
MLS industry and thus for our association.
And as we look to the future,
we do so without fear. We view the
challenges on the horizon as opportunities for innovation, for leadership, and for exemplary service to
our members.
Let me give you some concrete
examples of this. On October 21 we
held our biennial TRENDS conference, which this year featured National Association of REALTORS®
Chief Economist Lawrence Yun, a
panel discussion with area school
superintendents and a crash course
on the new Virginia Real Estate
Board Regulations effective November 1. Our TRENDS conference is just one of the many ways
“I skate to where
the puck is going
to be, not where it
has been.” - Wayne
Gretzky
that we keep our members apprised
of market trends as well as legislative and regulatory changes affecting their daily business practices.
Speaking of legislative activity,
our Governmental Affairs team has
been holding one-on-one meetings
since March with local and state
candidates who won’t even take office until next January. As I noted
earlier, we are always looking to the
future and using the summer and
fall months to establish strong relations with future elected officials.
One final example of our leadership’s willingness to envision what
the future should hold is the Commonwealth MLS CoOp. This fall
both the Chesapeake Bay & Rivers
Association of REALTORS® and
Williamsburg Area Association of
REALTORS® will convert to the
Matrix MLS system. When that occurs they will share one MLS system
with our MLS—the Central Virginia
Regional.
For many of our members,
this means they will save time and
money, no longer needing to belong to multiple MLSs with multiple
fees and multiple data entry tasks.
For all of our MLS members it will
mean the opportunity to work in a
much broader geographic footprint
with over 1,000 more agents viewing their listings. Making it easier
to work in a larger area with more
REALTORS® is recognition of how
real estate is changing, and it is precisely the kind of innovative, futurefocused response RAR and CVR
MLS are poised to accomplish.
As we all know, where the puck
is going holds far more excitement
than where it’s been. ~
Our "Association to Association"
feature is part of a continuing series from
leaders of neighboring REALTOR®
associations.
a
Sign up
p. 26 HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 Colleg
t Alpha
eOfRea
lEstate
.com
WELCOME NEW MEMBERS
PROSPECTIVE REALTOR ® MEMBERS
Brittani Anderson
Jay Barot
Billy Bernal
Tiffany Blake
Anthony Burke
Dennis Cestra
Cynthia Cwiklinski
Otis Daniel III
Anthony DiPasquale
Sharon Dyer
Mandy Farmer
Jacob Gillette
Catherine Hatcher
Jennifer Hickman
Eddie Hill III
Michael Hogue
Lester Hooks Jr.
Corinne Jackson
Tara Jones
Frank Karlock Jr.
Sean Karsen
Mistyjo Kennedy
Kolten King
Frank Lloyd
Terrie Lumpkin
Carla Mauck
Holly McNutt
Raffaella Miller
Carmen Mills
Andrew Nagg
Danielle Praver
Keller Williams Elite Western Branch
RE/MAX Ambassadors
Rose & Womble
Keller Williams
Keller Williams
Howard Hanna William E. Wood
Century 21 Nachman
Long & Foster
The Real Estate Group
Long & Foster
Rose & Womble
Windell Francis Realty, Inc
Allison James Real Estate
Long & Foster
Realty Executives Top Producers
Keller Williams Elite Western Branch
Keller Williams Elite Western Branch
Long & Foster
Century 21 Nachman
Howard Hanna William E. Wood
The Real Estate Group
Better Homes & Gardens RE
MK Realty Group
Berkshire Hathaway HomeServices
Keller Williams Elite Western Branch
Rose & Womble
Keller Williams
Rose & Womble
At the Mall Realty
1st Class Real Estate
Berkshire Hathaway HomeServices
Jeanmarie Priola
Marilyn Sanchez
Paul Sean Sawyer
Karen Spivey
Nicole Stock
Teresa Stone
Pamela Suggs
Ryan Thomas
Ross Welty
Jacqueline Wilson
Exit Realty Central
1st Class Real Estate
Eagle Realty of Virginia
Century 21 Gold Market Realty
Atkinson Realty
Benham Real Estate
Keller Williams
Keller Williams
ERA Real Estate Professionals
Keller Williams
NEW AFFILIATE MEMBERS
Bucket of Suds
Edward Jones
Embrace Home Loans
Providence Computers
NEW BROKER FIRM
Christopher Hamilton
Hamilton’s Realty
HRRA MEMBERSHIP AS OF SEP. 30, 2015
Active REALTORS®:3197
Pending Members:
106
REALTOR® Life: 83
REALTOR® Emeritus: 64
Affiliate Members:
Affiliate Offices:
Principal Firms:
Branch Offices:
678
180
190
47
HRRA’s Chorey named Suffolk First Citizen 2015
Billy Chorey Sr., CRS®, GRI, RAA, broker/owner of Chorey & Associates Realty and a longtime HRRA member whose real
estate career spans nearly 40 years, has been named Suffolk’s First Citizen 2015. The accolade is bestowed by Suffolk’s Rotary
clubs to one who demonstrates “significant leadership through his/her time, talents and efforts in order to make Suffolk a
better place to live.” Chorey is the 56th recipient.
A Suffolk native, Chorey has a lengthy history of volunteer service to his hometown, Hampton Roads and the real estate
industry. He is a former chairman and board of trustees member for Nansemond-Suffolk Academy, past director of the
Better Business Bureau, former board member of the Suffolk Salvation Army and past director of the ACCESS College
Foundation. A past president of the Suffolk Rotary Club, he was a trustee and secretary/treasurer for the Birdsong Trust
Fund and served on the Virginia State Bar Professional Standards Committee. Additionally, Chorey served on HRRA’s Executive Committee
in 2012, received the association’s Code of Ethics Awards in 1997, and was Broker/Manager of the Year in 2007 and Salesperson of the Year
in 1995. He has received numerous sales awards. Chorey recently chaired the Suffolk Board of Equalization for Assessments, is a certified
residential real estate appraiser, and has taught real estate courses at Tidewater and Paul D. Camp community colleges. A graduate of Suffolk High
School, the new Suffolk First Citizen earned a bachelor’s degree in commerce from the University of Virginia in 1973 and a master’s in business
administration from Old Dominion University the following year.
Chorey will be formally recognized during the Suffolk First Citizen Award Banquet at the Suffolk Center for Cultural Arts on November 5.
– Victoria Hecht, HRRA Communications and PR Specialist
HAMPTON ROADS REALTOR ® ~ NOVEMBER 2015 p. 27
HAMPTON ROADS REALTORS® ASSOCIATION
638 Independence Parkway, Suite 100, Chesapeake, VA 23320
Phone: 757-473-9700 ~ Fax: 757-473-9897
www.HRRA.com
I am one.
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