Forms Update | 08 - Wisconsin REALTORS® Association

Transcription

Legal hotline
Forms – one size does not fit all
REALTOR® Sales Tip
Retaining the Listing
November 2007
$5.00
Forms
Update | 08
Your Guide to Upcoming Real Estate Forms Revisions
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Forms
Update
| 08
Your Guide to
Upcoming Real
Estate Forms
Revisions
6
WISCONSIN
November 2007 | Vol. 24, No. 2
®
A PUBLICATION OF THE WISCONSIN REALTORS ASSOCIATION
MAGAZINE™
Features
16
What Keeps You Up At Night?
Slow market? Subprime Loans? Budget Cuts? New Technology?
There are amazing shifts in the real estate industry – get tips for
dealing with them at Management Conference.
22 Property Tax Trends Hurt Homeowners
Find out how the Wisconsin Way project is exploring alternatives
and solutions to rising property taxes, with the goal of maintaining
our quality of life.
24 WRA Offers “Home From Work” Program
Commuting costs can have a significant financial impact on
employers. See how REALTORS® can help bridge the gap
between work and home.
Articles
3
10
The real estate forms are changing
in 2008. Here’s your guide to the
revisions, so you’re ready for the
optional use date of January 1.
Want more information? Tune in to a
12
New WRA Toolbar Released
14
Best of the Legal Hotline
15
Get access to WRA Web site resources
fast. Version 2.0 includes options to
create your own menus and buttons and
customize it to your own preferences.
Forms - one size does not fit all. Discover
tools and methods for modifying the
DRL-approved forms to meet the needs
of parties in a transaction.
Do Not Call Enforcer Loses in Court
A Minnesota man who threatened to
bring claims against brokerages for
violating “do not call” laws lost in court
twice in lawsuits filed against him.
28
Working Toward a Designation?
Scholarships are available for the
WRA’s Designation Week, scheduled
for February 12-15. Check here for
opportunities and deadlines.
Sales Tip
Retaining a listing in difficult times can
be a challenge. Learn how to ensure
your listings stay with you and how you
can retain customers for life.
RPAC – Why Contribute?
We won and defeated the real estate
transfer tax. RPAC is the vehicle that
helps protect the interests of the real
estate industry – contribute now!
free, exclusive member video at
www.wra.org/formsupdate.
news.wra.org
1
Inside
the wra
with Bill Malkasian
B
W
Bill Malkasian
WRA President
Bill Malkasian
WRA President
y now you should have received an e-mail from
RPAC, the REALTORS® Political Action Committee,
congratulating you on the defeat of the real estate
hat a difference
a year
or two
in describing
transfer
tax increase.
Thanks
to allmakes
of you who
contacted
the status
of the
real
your legislators
about this
issue
andestate
helpedindustry.
to defeatThis
the month’s
increase.
focusesI’donlike
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A year
ago,
this
In addition toissue
my thanks,
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to each
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calledinto
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a different
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and every one
you tohave
dig deep
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than we feature
this month
theend
current
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differentof
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beforeinthe
of the
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to the field
or estate
you’vetransfer
been
RPAC
thatsowewhether
were successful
in defeating
the real
tax.
RPAC
allow
us toare
remain
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worthstrong
a quick
and help elect legislators who support real estate issues and back
Talking about
the market,
estate statistics for the
legislation
favorable
to the the
realWRA’s
estatereal
industry.
second quarter can be found on page 4. The market is down 7.2
This
month’s
of thequarter
magazine
is one
the most the
important
percent
from issue
the same
a year
ago,ofhowever,
most
in
the pastpoint
eightisyears,
covering a istopic
extreme the
significance
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that Wisconsin
still ofoutpacing
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to
and every
onenation
of you.
because
this month
we’re
theeach
Midwest
and the
as That’s
a whole.
Considering
the flurry
introducing
the new
forms from
the Department
of Regulation
and
of news about
the financial
markets
you’ve been
reading and
Licensing
(DRL)
–
forms
which
haven’t
been
updated
since
1999.
hearing about we’re quite pleased, as we told the press, to have
a stable real estate market here in Wisconsin.
The WRA is your industry source for the latest form changes in
2008.
on the into
forefront
your you
interests
with
As we We
turn are
the corner
the lastrepresenting
quarter of 2007,
will want
direct
involvement
on
the
DRL’s
forms
committee.
An
exclusive
to take a look at Mike Theo’s article on page 22 on the Wisconsin
online
video outlining
the new
revisionswith
to theother
formsorganizations
is available to
Way Project.
The WRA
is working
all
WRA
members
free
of
charge
at:
www.wra.org/formsupdate.
on property tax issues, and there are some progressive and
innovative
suggestions
onfinal
educating
the revisions
public about
the
So
far, the DRL
has made the
substantive
to the WB-1
challenges
elected
officials
face
with
these
issues.
I’m
proud
Residential Listing Contract – Exclusive Right to Sell and the WB-36
that we’re
at the forefront
of this effort.
Buyer
Agency/Tenant
Representation
Agreement, with more form
revisions
coming
in
the
future.
The
new
Speaking of politics, Joe Murray wrote a forms
piece have
aboutan
theoptional
likely
use date of January 1, 2008. All forms were reviewed by the WRA
rematch between incumbent Steve Kagen and former Speaker
Forms Committee, which relayed its recommendations to the
John Gard in the 8th Congressional District. If you thought the
DRL’s Forms Advisory Committee. While not all of the committee’s
2006 race was tough, wait until the 2008 campaign gets under
recommendations were followed, I want you to know that WRA
way. If you live and vote in the 8th Congressional District, you
staff and members were involved in the process to the greatest
should take a moment and read this story.
extent possible. We’ve assembled a resource page for you at
www.wra.org/formsupdate,
whichabout
we recent
will update
new
And note Tom Larson’s article
SupremeasCourt
information
is available,
so check
there often.
cases that affect
real estate,
including
economic development
corporations being subject to open meetings/records laws,
Next, our members tell us that the current real estate market in
applying open records law to property assessment records,
Wisconsin is in correction, so one thing brokers can do to get ideas
the application of the economic loss doctrine to residential real
for dealing with market changes is to attend the WRA’s Management
estate, and a case about the ripeness of declaratory judgment
Conference on December 13 at Country Springs Hotel in Pewaukee.
actions. These issues are so important to real estate – which is
This is one of the best places for brokers to network with their
part of the reason the WRA Board of Directors voted affirmatively
peers and share ideas. This conference brings together the cream
to continue
of member
duesoninstrategies
support offor
thedealing
Legal
of
the crop to
in include
industry$15
leaders
speaking
Action
Fund.
The
Legal
Action
Fund
Program
is
one
of
the
most
with the market. If you haven’t attended Management Conference
important
programs
the
association
has
today
for
members.
You
before you should seriously consider it this year.
can find more information on the Legal Action Fund by visiting
You
may want to come to Pewaukee a day early, because on
www.wra.org/legal/legal_action/legal_action_fund.asp.
December 12 we are offering continuing education course 4B
(CE 4B). WRA General Counsel Kevin King is teaching this course,
which covers the new real estate forms and explains the changes.
Schedule yourself to be there.
2
Speaking of education, we have two premier programs coming
soon – Winter Convention and Designation Week – which you’ll
want to add to your calendar. For more information, visit the
And
a final,
personal
note,
there
several
items
I’d like
to
linksonlisted
below
or see
page
20 are
of this
issue.
In my
personal
call
your attention
to: that when the market is changing, these
experience,
I’ve found
programs can revitalize and invigorate you, give you new ideas for
• The WRA’s Annual Convention is right around the corner, and
your business and provide a return on your investment. If you can
there’s still time to register. It’s a great opportunity for us to
make it to one of these programs you will earn your money back
welcome Mike Spranger, 2007-2008 WRA Chairman, and the
in profits in 2008.
rest of the 2008 leadership team and to say thank-you to
Winter
is one of our best
RogerConvention
Rushman (www.wra.org/winterconv08)
and the 2007 leadership group.
programs, offering continuing education and designation courses,
•workshops
Speakingwith
of Roger,
I’dspeakers,
like to express
sincereand
thanks
to
premier
winter my
recreation
the everhim
on
behalf
of
the
WRA
staff
and
membership.
Roger
has
popular chili cook-off.
personally led us through many challenges, and we’re all
During
Designation
Week
(www.wra.org/designationweek)
you can
indebted
to him for
a great
year.
take courses toward the Graduate REALTOR® Institute (GRI), Certified
•Residential
AND LASTLY
… congratulations
to one Buyer
of ourRepresentative
WRA staff
Specialist
(CRS), and Accredited
®
members
on 30 years
service.
Kittythis
Kuhl,
vice
) designations.
Added of
to the
schedule
yearsenior
is QuickStart
(ABR
president
business
services,
celebrates
years withStaging
the
and
a Real ofEstate
Staging
Course
for the 30
Accredited
WRA this month.
I wish to personally thank her for creating
Professional
designation.
the foremost and premier real estate education program
Oninpage
22 Mike Theo
writes
about
Wisconsin
Waytoproject.
the country.
You can
send
yourthenote
of thanks
Kitty atThe
group
has
held
a
number
of
public
hearings
around
the
state
in an
[email protected].
effort to engage Wisconsin citizens in a conversation about how
to reduce taxes without sacrificing the quality of life we all enjoy.
The public hearings have been a tremendous success so far, with
See you at convention!
a minimum of 150 and up to 300 people attending! Take a look at
the schedule at the end of his article for remaining forums. I highly
encourage you to attend one.
The National Association of REALTORS®’ Conference and Expo is
Bill
Malkasian
November
12 – 16 in Las Vegas. Over 120 people from Wisconsin
will be there, and you’ll be well represented by the WRA Leadership
team. I’ll have an update when we get back.
Last month I mentioned that we have a new member kit online,
including videos detailing the various departments and service
areas of the WRA. If you haven’t seen it yet, you should. You can
access it at www.wra.org/membervideo. We’re currently in the
middle of membership renewal, and this is a great way to see the
benefits you get with your membership dues.
I appreciate your business and your membership in the WRA –
each of you is important to the organization. Thanks in advance
for your renewal.
Until next month,
Bill
Wisconsin Real Estate Magazine, N
2007
Oovember
ctober 2007
news.wra.org
Wisconsin Real Estate Magazine™ is published by the
WISCONSIN REALTORS® ASSOCIATION.
Trademark issued pursuant to Wisconsin state statute; federal trademark is pending.
Mike Spranger, ABR, CRS, GRI, Chairman
[email protected]
Mike Mulleady, GRI, Chairman-Elect
[email protected]
n o t e s
f r o m
John Flor, ABR, CRS, e-PRO, GRI, RRS, Treasurer
[email protected]
Real Estate Home Pages
William E. Malkasian, cae, President
[email protected]
– A Member Benefit
Managing Editor
Have you been waiting to get your real estate
Web site started? Wait no more. Real Estate
Home Pages (REHP) is offering 50 percent off
the cost of setup for new Web sites through
December 31. For REALTORS® who have
been waiting for the right time to go digital,
your time has come.
Terry O’Connor
REHP is the only Web provider endorsed by the
Wisconsin REALTORS® Association (WRA).
Editorial Staff:
William E. Malkasian
Publisher
Robert Uhrina
Publication Editor
Nicole Breithaupt
Senior Designer
Wisconsin Real Estate Magazine, USPS 597-850, ISSN 15480526, is published monthly by the WISCONSIN REALTORS® ASSOCIATION,
4801 Forest Run Road, Ste. 201, Madison, WI 53704. Periodical postage
paid in Madison, WI and additional mailing offices. An annual subscription
rate of $5 is included in membership dues and a copy is mailed to every
paid REALTOR® and affiliate member of the association. Nonmember
subscription rate: $60. POSTMASTER: please send address changes to the
WISCONSIN REALTORS® ASSOCIATION, 4801 Forest Run Rd., Ste. 201,
Madison WI 53704-7337.
Permission to reprint or quote any material from this issue is hereby granted, provided the Wisconsin Real Estate Magazine is given proper
credit in all articles or commentaries, and the WISCONSIN REALTORS®
ASSOCIATION is provided with a copy of any reprint.
Advertising of third party products and services herein does not imply
endorsement by the WRA unless specifically stated. Furthermore, the WRA
does not endorse, approve, or otherwise warrant the accuracy or legality
of any information or content contained in advertisements. Any questions
regarding advertising policies should be directed toward the editor.
REHP is designed by REALTORS® for
REALTORS®. Here are some of the reasons
their service is a solution for agents and brokers
ready to take that crucial step into the World
Wide Web.
t h e
w r a
Users can create as many pages and photos as
they want without ever running out of space.
Web designers at REHP design your Web site
for you based on specifications you provide.
They can design a Flash Web site, or you can
add audio or video. They even offer full Web
sites for a setup fee of only $95.
A drip e-mail program is available so you can
keep in touch with your clients on an automated
and ongoing basis. More than 25 campaigns
with hundreds of useful e-mails are available
to go out to your clients. You can also send out
e-postcards for holidays and special events.
REHP’s user-friendly Web editor gives you the
power to create and control your site without the
confusion and frustration of HTML coding. You
can make instant changes to your site whenever
you need to from any Internet connection, and
your Web site is 100-percent editable.
None of the competition offers such wide and
powerful tools with the ease and simplicity of
REHP. Don’t waste any more time. Make the
most of your real estate business and get on the
Web today.
Contact Jeff Corbo at 800-280-6926 to find out
more about REHP.
WRA Releases New WRA Toolbar
Contact Us:
4801 Forest Run Rd., Suite 201
Madison, WI, 53704-7337
(608) 241-2047 • (800) 279-1972
legal hotline: (608) 242-2296
•
(800) 799-4468
general fax: (608) 241-2901
products/education fax: (608) 241-5168
legal hotline fax: (608) 242-2279
president fax: (608) 242-2267
e-mail: [email protected]
Web site: www.wra.org
Version 2.0 Now Available
Get access to all of the WRA Web site resources fast - at your fingertips using Internet Explorer.
From news to Wisconsin’s largest statewide referral database, a mortgage calculator, maps and
yellow pages, the WRA Toolbar gives you everything you need as a REALTOR® to do your job even instant access to the most popular real estate Web sites. The WRA Toolbar also includes a
pop-up blocker, zoom tools, Google search, NAR search, Wikipedia search and an arsenal of
tools to turbo charge your browser. Version 2.0 adds the ability to create your own buttons, access
top real estate news stories from Inman and RISMedia and options to customize toolbar fonts, size
and colors.
Download the WRA Toolbar at www.wra.org/toolbar
3
Wisconsin Real Estate Magazine, November 2007
3
November 2007
News
R E A L T O R®
NEWSWIRE
Flocking In: Building and Design Firms From Milwaukee,
Fox Valley Attracted to Madison
Wisconsin State Journal, Balousek, Marv
A number of Milwaukee-based development and design firms have recently opened Madison offices to try
and cash in on that metro area's sizzling commercial construction market. Among those that have added
Madison offices in just the past year or so are CG Schmidt Construction Co. and Miron Construction
Co. Recent data shows that commercial construction starts in the Madison market reached an all-time
high earlier this year, climbing 5.6 percent over the previous year. Besides construction of new offices,
warehouses and retail stores, the Madison area has benefited from a steady stream of building projects
for the University of Wisconsin-Madison. Schmidt specializes in healthcare facilities and counts the $60
million Monroe Clinic in suburban Monroe as its first major area project. Miron, meanwhile, has worked
on over 50 Madison-area projects in the last seven years, most notably the UW-Madison engineering
building.
Time to Disaster-Proof Your Office
Realty Times, Salmeron, Rick
Hurricanes, tornadoes, earthquakes, fires, terrorist attacks and burglaries are just some of the events that
can put real estate professionals out of commission for awhile. However, there are several steps they
can take to get their businesses up and running quickly. Experts recommend agents have extra cash for
when ATMs and local banks are not operational, and they would be wise to keep saving money over
the long term so that they do not have to worry about their earnings when business is interrupted. In
the event of long-term power outages, it might be useful to have corded phones on hand. As for data
security, Web-based backup services are a good choice because data is stored in an off-site location
and can be retrieved over the Internet. Agents should opt for services with automated backup and data
encryption. They should keep paper copies of irreplaceable documents or have them scanned and stored
electronically. Finally, provided there is enough time to prepare for an impending disaster, agents should
cover their computers, printers and other equipment with plastic bags and lift filing cabinets off the ground
to minimize water damage.
Region's Big-Home Buyers Still Shopping
Milwaukee Journal Sentinel, Derus, Michele
In the Milwaukee metro area, those with cash are driving the new-homes market. Average new-home
prices are on the rise--to $326,755--due to the fact that today's buyers are ordering bigger and pricier
dwellings. On the down side, the buying pool has shrunk decidedly amid the ongoing credit crunch.
Metropolitan Builders Association of Greater Milwaukee President Bruce A. Johnson observes, "Builders
are busy, but not as busy as they could be. . . . My educated guess is that prices are at last year's levels
or a little below--maybe 5 percent." For the month of September, the number of new home permits fell
from 140 a year earlier to 139 in the four-county market. However, the average house size being built
increased from 2,790 square feet to 3,057 square feet over that same time span.
Bias Complaints for Housing Rise in '06
Milwaukee Journal Sentinel, Cleaver, Joanne
HUD officials report that housing discrimination complaints in Milwaukee County soared more than
50 percent in 2006 from the prior year's tally. In fact, the number of complaints in the county has
steadily increased since 2003, totaling 47 last year. Area housing advocates and government officials
cite an increase of new landlords as a result of the housing boom and a greater awareness of renters'
rights as the two main factors behind the rise in complaints. Accounting for nearly 50 percent of the
complaints was racial bias, followed by disability discrimination. It is the rate of complaints per 100,000
households--6.78 complaints in Milwaukee County versus 4.5 nationally--that has HUD's Bryan Greene
most concerned. Greene, who serves as deputy assistant secretary for enforcement and programs for
the agency, comments, "There are a lot of people in the general public who believe that if they own a
property, they have full right over who they admit. Certainly landlords can establish standards for credit
and responsibility, but they can't discriminate." To clear up any confusion regarding fair-housing laws, the
city of Milwaukee has implemented a landlord training program.
4 4
News
Top News Stories in
and Around the Industry
Realtors® Use RSS to Expand Their Reach
Promotion World, Housley, Sharon
Realtors® with blogs would be wise to use RSS Feeds to syndicate content on the Internet. When
their content is syndicated on other Web sites, they reap the benefits of increased traffic to their own
sites and access to more prospective buyers. Moreover, unlike print marketing, there is no financial
cost tied to RSS--only a time commitment, necessary to update content daily. RSS feeds can be used
to promote homes, rentals, seasonal listings and commercial properties, as well as open houses and
local events. Real estate news, neighborhood demographics, mortgage rates and virtual tours also
can be distributed via RSS feeds.
Training & Business Development: How to Unlock Opportunity
RisMedia.com
Home buyers increasingly are demanding neighborhood information from property agents,
according to the "Real Estate Confronts the Information Explosion" white paper recently issued by
RealSure Publishing. "In survey after survey consumers have stated that neighborhood knowledge
is the deciding factor in evaluating comparable agents, which in turn is requiring agents to change
their historic role," notes co-author Allen Wright. The white paper warns, however, that providing
information about community demographics and personal qualities of residents could be considered
violations of fair housing laws. However, it also delves into strategies agents can take to provide
clients with the information they want without running afoul of the law.
Report: Wisconsin Loses 30,000 Acres of Farmland Per Year
Ag Weekly, Richmond, Todd
A new Wisconsin Academy of Sciences, Arts and Letters study shows that Wisconsin is losing
approximately 30,000 acres of agricultural land each year. Nearly three-fifths of the acres lost
between 2000 and 2005 were in 19 counties, including those near Minneapolis-St. Paul and
between Milwaukee and Madison. The report states: "Crops of houses where farms and forests
used to be is nothing new in Wisconsin. . . . Is it too late to make a difference? No, but pushing
the resource to its limits before acting is foolhardy." On the positive side, the research reveals
that Wisconsin's agricultural diversity has buffered it from downward trends in farming. Academy
officials are now pushing for a statewide grant program, which would entail the purchase of 25-year
easements on land that would establish agricultural enterprise areas with clusters of farming and
prevent new residential and commercial development for a specified period of time.
Low-Cost Housing a Challenge for Midwest Developers
Affordable Housing Finance, Ascierto, Jerry
Developers of affordable housing are finding the Midwest to be a region full of hurdles, due primarily
to recent changes to federal programs coupled with a variety of local issues. The Midwest continues
to be home to the country's least pricey residential markets, with parts of four states--Indiana, Iowa,
Michigan, and Ohio--still boasting a median home price under $100,000. However, changes in
the way area median income (AMI) is calculated and funding cuts to two federal programs--the
USDA's Rural Development assistance initiative and the Community Block Development Grant--are
complicating matters. In terms of the former, HUD now uses American Community Survey data to
determine AMIs rather than extrapolating recent census figures. The new formula has dropped
the estimates in many areas. Jeffrey Kittle, executive vice president of developer Herman & Kittle
Properties Inc., states, "It's a driving issue for our older projects that have declining rents and
therefore declining net operating income." At the same time, both construction and utility costs are
on the rise and threaten to slow construction in the niche even further.
REALTOR® Newswire is a monthly news service prepared exclusively for the Wisconsin REALTORS® Association by Information, Inc. Reproduction, use, or inclusion of
this material in other publications, products, services or Web sites is not allowed without prior written permission from the Wisconsin REALTORS® Association.
5
Forms
Update | 08
Your Guide to Upcoming Real Estate Forms Revisions
Debbi Conrad and Kevin King
6
news.wra.org
B
Beginning January 1, 2008, it is
expected that the new WB-1
Residential Listing Contract – Exclusive
Right to Sell and the new WB-36 Buyer
Agency/Tenant Representation
Agreement will be available for
optional use by Wisconsin real estate
licensees. The listing contract forms for
farms, vacant land, residential
condominiums and commercial
properties will likely be available for
optional use shortly thereafter. The
mandatory-use date for the WB-1 and
WB-36 is projected to be July 1,
2008.
WRA Webpage resource
for the forms update
(www.wra.org formsupdate):
• Outline status of forms revision
• Which forms are affected
• WRA’s role in forms revision
More information will be available to
members as it develops
Why new forms now? First of all, it
should be noted that the current WB-1
form was last revised in the late 1990s
and became mandatory for use on
November 1, 1999. For the WB-36,
the current form has been in
mandatory use since January 1, 2000.
Although the existing forms have
generally served REALTORS® well, the
time has come for an update.
But the primary reason for the revisions
at this time is to incorporate the
statutory “Broker Disclosure to Clients”
language into the forms. As we know,
on July 1, 2006, the “License Law
Modernization Act” became law in
Wisconsin. The result of three years of
intensive study, the new law brought
our state license law closer to the
industry’s best practices and allows
brokers and salespersons to better
meet the consumer’s expectations for
brokerage services. An important part
of the statutory changes was the
incorporation of new and separate
agency disclosure formats for clients
and customers to assist licensees in
making these important disclosures
more meaningful to consumers.
Agency disclosure language appears
now in the agency contracts between
the broker and client, that is, the listing
contract or buyer’s agency agreement.
However, pending the introduction of
the revised forms, brokers and
salespersons have found it necessary
to strike out the agency language
contained in the current forms and use
the additional “Broker Disclosure to
Clients” form. Once the new forms are
in use, licensees will no longer need to
use this separate form as the required
statutory disclosures have been
successfully incorporated into the new
forms.
How are the new forms developed?
Pursuant to state statute these forms are
prepared and approved for use by
real estate licensees in their practice
by the Department of Regulation and
Licensing (DRL). Like form revisions in
the past, the bulk of the discussion and
debate on the revisions to the new
DRL-approved forms takes place at the
meetings of the DRL Real Estate Forms
Advisory Committee. Established under
Ch. 452, the Advisory Committee
reviews any changes made to DRLapproved forms and reports to the DRL
Real Estate Board and to the DRL
Secretary. The Committee is appointed
for one-year terms by the DRL secretary
and is comprised of real estate
licensees and attorneys, including
REALTOR® members.
In addition, the Wisconsin REALTORS®
Association (WRA) Forms Committee,
chaired by REALTOR® Dwight Kruse,
has reviewed drafts of the forms and
provided valuable recommendations
and suggestions to the Advisory
Committee. Many of these
recommendations and suggestions
have been adopted by the Advisory
Committee.
Forms Update ... continued on page 8
7
Forms Update ... continued from page 7
The suggestions of the WRA Forms
Committee to the Advisory Committee, and
of the Advisory Committee to the secretary,
have been intended to make the forms the
very best that they can be by clarifying
language, creating better definitions and
fixing provisions that do not work well in
day-to-day practice – in other words,
improving the forms for the benefit of
consumers and licensees alike. But in the
end, the final decision as to what appears
in the forms rests with the DRL secretary.
And, in the new forms, the secretary has
chosen provisions and language that, at
times, has varied from the
recommendations of the Advisory
Committee. It appears she finds it
necessary for the DRL to “take back
ownership” of the real estate forms.
What can I expect of the new forms? On
an overall basis, the new listing forms and
the buyer agency/tenant representation
forms have not undergone major
substantive changes (other than the
incorporation of the statutory “Broker
Disclosure to Clients” language). There will
continue to be individual forms for the
residential, farm, vacant land, residential
condominium, commercial and business
opportunity listings. There was an
experiment with a single “base” form with
addenda for use in specific transactions,
such as a residential condominium listing;
however, practitioners strongly evidenced
their preference for the individual forms as
currently used.
Two items of note – there is one provision
that is new to the forms and one provision
that was expected to be included by many,
but is not. The new (and somewhat
controversial) provision in the WB-1 (and
other revised listing forms) states:
8
news.wra.org
“Broker offers the following commission
to cooperating brokers: ______________
___________________________________
_____. (Exceptions if any):____________
______________________________.”
Forms Q&A:
When can I purchase forms?
We expect to ship forms the last week
of December but will be accepting
orders beginning December 1.
When will the new forms be
ready on ZipForm?
The first week of January.
Will any publications or
consumer brochures be
changing due to the forms?
Yes, the WI Real Estate Law Manual,
WRA Policy Manual, Broker Desk
Reference, Explanation of the Offer
and Listing brochure, Buyer Agency
brochure and Your Rights When Buying
and Selling a Home brochure. Delivery
dates are yet to be determined.
This language was insisted upon by the
secretary and did not reflect the
recommendation of the Forms Advisory
Committee. The secretary believes that,
as a matter of consumer protection, it is
important that the seller knows what
cooperative compensation the listing
broker is offering to other brokers.
While this language is new to the forms,
the concept is not new to REALTORS®,
as it can be found under Article 1 of the
Code of Ethics (specifically Standard of
Practice 1-12).
The provision that many expected would
be included, but was not, has to do with
the authorization to use e-mail as a
vehicle for delivery of documents and
notices under the contract. More and
more REALTORS® and consumers use the
Internet and e-mail for communication.
But in the end, the recommendation from
both the WRA Forms Committee and the
Forms Advisory Committee to
incorporate e-mail delivery for a
narrowly defined purpose as a means of
introducing the world of electronic
communications into the forms was not
adopted by the DRL for inclusion in the
forms. It was the position of the DRL that
if the seller and broker wish to authorize
e-mail delivery, they may do so in
“Additional Provisions” or in an
addendum to the listing contract.
What happens now? Between now and
January 1 (the anticipated optional-use
date), there will be numerous
opportunities to learn about the new
forms. The next two WRA Legal Updates
will focus on the WB-1 and the WB-36.
Beginning with the WB-1 in Legal
Update 07.10 (posted online at
www.wra.org/LU0710), and the WB-36
in Legal Update 07.11 (posted online at
www.wra.org/LU0711 approximately
November 15), you will be provided
with a provision-by-provision
comparison of the new forms with the
current forms. Because of another
change in procedures at the DRL – this
time formatting and finalization of the
forms will be done at the Department of
Administration rather than through
outside sources, as in the past – we
have not received the “final” forms. As a
result there may be differences in line
numbers or the final “look,” but content
will be substantially the same.
You will also be able to access the WRA
Resource Web page designed
specifically for updates and information
on the new forms (www.wra.org/
formsupdate). Here you will find the
latest information on the status of the
forms revisions: which forms are
affected, when you can buy them, when
will they be available on Zipforms, etc.
In addition, a one-hour video discussion
of the new forms with WRA attorneys
will be available via link on the
Resource Web page.
In the near future, the continuing
education courses offered through the
WRA will be modified to reflect the new
forms as well. A special course, CE 4B
Changes to Real Estate Forms WB-1 and
WB-36, will be presented at this year’s
Management Conference on December
12 in Pewaukee (www.wra.org/
management).
Time will tell if the new forms are
successful in improving clarity and
understanding for practitioners and
consumers alike. The current process has
been very different from those of the
past. Once the remaining listing contract
forms are finished, the attention of the
WRA Forms Committee and the DRL
Forms Advisory Committee will move to
the offers to purchase. You can look for
those forms to be introduced in 2009.
Debbi Conrad is Director of Legal Affairs for
the WRA.
Kevin King is General Counsel for the
WRA.
9
Legal
Best of the
Legal Hotline
Forms – One Size Does Not Fit All
The following questions and answers relate to the methods
and tools brokers can use to modify the Department of
Regulation and Licensing (DRL)-approved forms to meet
the needs of parties in a transaction.
By Tracy Rucka
The DRL promulgates standard real estate transaction
forms. The forms may be used by buyers and sellers
engaging in transactions with or without real estate
professionals or legal counsel and are mandatory for
use by Wisconsin real estate licensees. While the DRLapproved forms address the basics for a real estate
transaction, the forms may need to be modified to
meet the unique needs and individual requirements of
buyers or sellers.
Let the Parties Decide
When using the state-approved forms, REALTORS® may
find the need to modify them to reflect the agreement
of the parties. Agents should never substitute their
judgment in place of the intent of the parties. As basic
as it seems, brokers must make sure that their agents
fill in the blanks on DRL-approved forms and include
the details necessary to make an enforceable contract.
The forms may be modified by use of the optional or
additional provisions, or by striking or modifying the
standard language. According to Wis. Admin. Code
§ RL 24.12, licensees shall encourage all prospective
buyers to make their best offer. It is then the seller’s
prerogative to choose which, if any, offer to purchase
he or she deems to be acceptable.
Addenda
Incorporate an Addendum by Reference
How can a REALTOR® include additional provisions to
a contract that are not contained in the DRL-approved
forms?
Any supplementary terms and conditions may be
included in the Additional Provisions sections of a
DRL form, or in an addendum that is incorporated
by reference. Wis. Stat. § 706.02(2) provides that
10
additional terms and conditions can be added into a
conveyance, such as a deed or an offer to purchase (1)
by specific reference to separate writings in existence
at the time when the conveyance is signed; (2) by
physically attaching two or more writings to one
another, with the mutual consent of the parties; or
(3) if separate writings show expressly on their faces
that they refer to the same transaction, and the parties
mutually acknowledge by conduct or agreement that
the writings taken together document the transaction.
What happens if an addendum is not signed or
initialed?
An addendum does not need to be initialed or signed
to be a part of the offer. If the addendum was properly
incorporated into the offer to purchase, the terms
and conditions of the addendum, as modified by
any counter-offer, became a part of the offer. Brokers
should confirm that all addenda are referenced in the
offer, delivered to the parties and, when possible,
initialed or otherwise acknowledged to minimize later
disputes.
Legal Counsel
When an agent is drafting an offer, when is it necessary
or recommended that the buyer or seller bring in an
attorney to help with contract drafting?
Some contract provisions should not be drafted by
real estate licensees. Sometimes advanced technical
or legal expertise is required to successfully reflect the
position of one or more parties to a contract. Provisions
such as environmental liability waivers, complex title
warranties, letters of intent or rights of first refusal
should be handled by an attorney. Licensees should
be sure not to draft complex legal provisions or
agreements or engage in the unlicensed practice of
law. Licensees are cautioned not to draft provisions
that would be outside the preprinted forms that would
alter the parties’ contractual rights. Provisions dictating
news.wra.org
Legal
An addendum does not need to be
initialed or signed to be a part of the offer.
legal liability, responsibility for environmental contaminants and
other issues outside the purview of licensed real estate practice
should be left to the lawyers.
Right of First Refusal
Is there a form for right of first refusal?
No. The agent may refer parties to legal counsel to draft a right
of first refusal. Only an attorney, not a REALTOR®, may draft a
separate, free-standing right of first refusal agreement.
Escrow Agreements
The parties wish to have their earnest money in an interest bearing
account or escrow account rather than the broker’s trust account.
Can this be done? Can a broker draft an escrow agreement? Does it
depend on whether the escrow funds are held in the broker’s trust
account?
Wis. Admin. Code § RL 18.06 contemplated situations where
parties to a transaction may not want the broker to hold the
earnest money in the broker's real estate trust account. The parties
may designate an escrow agent other than the broker. In such
situations the broker may not draft the escrow agreement. The
escrow agreement must be drafted by the parties or an attorney.If
the parties are using a different escrow agent, the broker may not
hold the funds in the broker's real estate trust account, nor may
the broker act in any way as custodian of the funds. The funds,
pursuant to the escrow agreement, shall be held by some other
party, such as a bank, savings and loan association, credit union
or attorney.
The parties are in dispute about repair work that cannot be finished
before the closing. Do they need to have an escrow agreement and
must it be in writing?
A well-written escrow agreement will minimize disputes regarding
a post-closing escrow. Real estate licensees are not presently
authorized to draft escrow agreements. If the parties place funds
in escrow, the funds may be held in the broker's trust account
or by another person until some future occurrence, provided an
agreement to that effect is prepared by the parties or an attorney.
The Administrative Code would allow a broker to draft the
escrow agreement if a form for this purpose was approved by the
DRL for use by licensees pursuant to § RL 16.03. However, the
DRL has never promulgated such a form so the parties or counsel
must draft the escrow agreement. Therefore, the broker may
recommend the parties use the services of an attorney or draft
their own agreement. There is an exception to these rules under
§ RL 18.07 (2) that provides a broker may hold occupancy and
possession escrows, escrows for final tax prorations and escrows
charges owed by the seller but not yet billed provided the closing
statement shows that the broker has these funds.
Don’t Use White-out
Can a broker use white-out to change terms of an offer that the
buyer or seller does not want as part of the deal?
According to Wis. Admin. Code § RL 16.06 (3), licensees may cross
out provisions on an approved form to reflect the agreement of the
parties provided the deleted provisions remain legible. The use of
white-out would violate this rule.
The broker and agents are discussing changing items on an offer.
Can brokers line through an offer provision, make a change and
then have both parties initial it? The broker was taught that no
cross-outs are permitted on the DRL-approved forms. What is the
correct answer?
Wis. Admin. Code § RL 16.06(3) allows licensees to cross out
provisions on an approved form to reflect the parties’ agreement,
and the standard WB forms may be modified according to § RL
16.06(8) to meet the intent of the parties.
However, during negotiations, when a party wants to modify
an offer, it is best practice for a broker to initiate a counter-offer
representing the changes desired by the other party rather than
using line outs-and initials. Use of the counter-offer during
negotiations allows for clear timelines for acceptance and delivery.
Once an offer is accepted, if the parties want to modify the terms
Legal Hotline ... continued on page 12
11
Legal
Do Not Call “Enforcer” Loses
in Court – Twice
By Kevin King
A
pproximately one year ago, we told you about a
Minnesota man, Ryan Swanberg, who was threatening
to bring claims against real estate brokerages across
the country, including brokerages in Wisconsin, for violating
federal “do not call” laws. He apparently made the same
threats previously to businesses in other industries.
This is an individual who the real estate companies had never
contacted and probably had no intention of contacting. However,
he would contact a brokerage (usually by fax) and ask that his
telephone number be placed on that brokerage’s internal “do
not call” list. He would also demand that the brokerage mail
him a copy of the company’s policy for maintaining its internal
“do not call” list within five days. If he did not receive the policy
within that time period, he would threaten to sue the brokerage
in Minnesota state court. To avoid the lawsuit, he would offer to
settle the matter for up to $5000.
Earlier this year, a Minnesota federal court entered an injunction
against Swanberg, prohibiting him from citing or using the federal
“do not call” laws as grounds for making demands, seeking
payments of money or the settlement of any claims. This was
the result of a lawsuit filed by Re/Max Ideal Properties, Inc.,
a brokerage firm in the state of Oregon. When Swanberg failed
to appear in the matter or file a response, the court ordered the
injunction and held that: 1) the brokerage had not violated the
federal “do not call” laws by not responding to Swanberg’s
demands; 2) the brokerage did not have to respond to Swanberg’s
demands; 3) Swanberg did not have a private cause of action under
the federal law and 4) Swanberg was not entitled to the payment
of money under the federal law.
Then this summer, the St. Louis County Circuit Court in Missouri
made a similar order in a lawsuit filed against Swanberg by
American Financial Mortgage. Once again Swanberg failed to
appear, and the court entered the injunctive order. However,
in this case, the court also ordered Swanberg to pay $1000 in
compensatory damages, $10,000 in punitive damages and $9800
for American Financial Mortgage’s legal fees.
For further details on the courts’ orders in these cases, please feel
free to contact me at [email protected].
Kevin King is General Counsel for the WRA.
Legal Hotline ... continued from page 11
and conditions of the offer, the broker may initiate an amendment
to represent the contract modifications agreed to by the parties. The
use of the counter-offer and the amendment are appropriate for
the broker. However, if the buyer and seller agree to modifications
of an offer and change it, initial it and have proper delivery, the
contract and the changes may still be enforceable. It just may be
more difficult to sort it all out.
More information about contract drafting is available in the
September 2006 Legal Update, “Contract Law Basics,” online at
www.wra.org/LU0609.
Wisconsin Clause Manual
What resources are available for finding additional contingencies?
It is always appropriate for a broker to refer parties to legal
counsel to draft transaction-specific contingencies. In addition,
a good reference tool for sample contingency language is the
Wisconsin Clause Manual. The first section of the manual explains a
sales agent’s obligations when writing offers. The second section
provides a collection of clauses, special provisions and disclosures.
The handbook also includes sample forms and the DRL drafting
rules. For additional information, visit www.wra.org/PUB280.
Tracy Rucka is a Staff Attorney for the WRA.
12
news.wra.org
ZipForm
“How to” Instructions Available
Need help with ZipForm? “How to” instruction sheets for
both ZipForm Desktop and ZipForm Online are now
available at www.wra.org/zipform. These step-by-step
instructions with exhibits cover creating transactions,
creating templates, e-mailing documents, using the clause
editor, and sharing documents between the desktop and
online versions. A general tip sheet is available also.
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13
Working Toward a Designation?
Check Out These Scholarship Opportunities
The Wisconsin REALTORS® Association’s Designation Week is scheduled for February 12-15, 2008, and you could be the recipient of a scholarship
to pay for some of your designation education. To register for Designation Week courses, visit www.wra.org/designationweek. For more
information on scholarship opportunities, contact your local board/association. Applications are also available on the WRA’s Web site at
www.wra.org/grischolarship. The application deadline for these scholarships is January 11, 2008.
• Darwin D. Scoon
Three, full tuition
WRA members
• Al Petrie
One, full tuition
Members of Door, Marinette, or Northeast Boards
• Washington Board
One, full tuition
Members of Washington Board
• Western Wisconsin, Sue Alt
One, up to $500
Members of Western Wisconsin Assn. for any WRA-sponsored designation for registration
course fee only
• Waupaca-Shawano Board
Two, full tuition
Affiliated with an office or with a place of business in Waupaca or Shawano Counties or New London Community and member of a local board of REALTORS®
• Shirley Hansen/ Ozaukee Association
Members of Ozaukee REALTORS® Association or Coldwell Banker Premier Offices
One, full tuition
• Otto Bytof - Coldwell Banker -The RE Group One, full tuition
Must be an Independent Contractor of Coldwell Banker - The RE Group
• Otto Bytof - REALTORS® Association of One, full tuition
Members of the REALTORS® Association of Northeast Wisconsin
• Donald Hovde Scholarship
Six, full tuition
WRA Members
• Arline Beyer
One, full tuition
Members of Ozaukee REALTORS® Association (GRI)
• Wisconsin CRS Chapter
One $250 GRI Scholarship
• Wisconsin CRS Chapter
One $250 CRS Scholarship
Northeast Wisconsin
14
news.wra.org
tip
sales
REALTOR®
WALLY’S WISDOM Retaining the Listing in Difficult Times!
T
Marcus a. Wally
hroughout my career, I’ve heard stories about the
cyclical nature of the real estate business. I remember
listening to professionals who had years of tenure
selling real estate talk about the “good old days” when they
reveled in the boom years and how they survived the days
when interest rates were 18 percent or higher. I learned
from these professionals that those individuals who were
dedicated, creative and hard working survived! Even with
double-digit interest rates those pros were able to create
business and make money.
Early in my career, I learned the value of becoming a listing
machine. I was taught the value of having listings “in the
drawer” … that those listings were the life blood of real estate.
I enjoyed benefits such as the ability to control my time and
income while engaging all of the cooperating agents in town to
show and sell my inventory. It was a beautiful life!
So here I am, a full-time practicing REALTOR® with 17 years
under my belt working in an environment that has turned
upside down. For most of us, we are in a full-blown buyer’s
market and we must reinvent ourselves constantly to keep up
with the changes in our real estate world.
How do I ensure that my listings stay with me during these
difficult times? How I can make sure I earn my customers’
loyalty for longer than six months? What skills do I need to
master for the current market? How will I need to approach
a seller that might be a little different from those in the “good
old days?” How can I retain customers for life?
My first thought is to make sure I am offering exceptional
customer service (ECS) to each and every customer/client.
Check out the February 2007 issue of Wisconsin Real Estate
Magazine for the complete list of tips to ensure you are offering
a high level of customer service. This is the most important
ingredient!
Practicing in the current market requires me to touch base with
each and every seller on a weekly basis. During this phone
conversation or e-mail correspondence, I want to share current
local market conditions and make sure the seller knows of any
new listings/sales that affect his or her asking price. This oncea-week communication is critical to retaining the listing. We
always hear that one of the worst experiences a seller can have
is not hearing from their listing agent once the sign has been
placed in the ground. We need to put ourselves in our sellers’
shoes and empathize with their concerns and fears.
Another must is to have a monthly powwow. This critical
meeting should be held in your office (on neutral ground)
where a frank discussion should occur. For each monthly
face-to-face meeting, a new Comparative Market Analysis
(CMA) should be created. Keeping our sellers informed is the
first line of defense in retaining their business. We must act as
economists to guide them as to where the market is heading,
and keep them ahead of the curve to ensure a sale.
One of the most critical elements of this face-to-face meeting
is to make sure your listing is correctly priced for the current
market. Remember that we need to determine the seller’s level
of motivation to sell. No matter how good we are, if a seller is
not motivated to sell, no sale will occur. This has always been
one of the most frustrating parts of the business for me.
Upon discovering the seller’s motivation factor, we may decide
not to proceed with listing the property. Since time is our most
valuable asset, we must develop terrific time management
skills. Accepting a listing that is way overpriced for current
market conditions wastes time, energy and money. The message
here is to only work with motivated sellers who are willing to listen to
your professional advice. Keep my motto, SWSWSWN, in mind:
some will (work out), some won’t (work out), so what, next. I
would rather see you spending time with a few realistic sellers
who value and respect you than to have a dozen or more
listings that are overpriced with sellers who have their heads
in the sand.
Another good practice is to step up your marketing efforts. The
Internet is where the real action is. Virtual tours, streaming
video and blogging are all ways to present yourself as an
expert in your field. What is most critical is that we inform our
sellers of all the “behind the scenes” efforts we are expending.
If they are unaware of our efforts, how can they appreciate
them? Tell, and show, them what you are doing!
Positioning yourself in front of buyers is a natural way to sell
your listings. Perhaps it is time to dig out those open house
signs, flags and balloons. As the listing agent, there is no one
who knows more about the property than you do, so put
yourself in situations where you can meet buyers.
In today’s market, fully committing to our business is essential.
Sellers demand a top-notch professional to manage the
marketing of their properties. Be strong in your commitment
to our industry, and remember, our Code of Ethics requires us
to give sellers fair and realistic property values and maintain
excellent communication.
Marcus A. Wally, MBA, GRI, CIPS, AHWD, RSPS, TRC, is an active Florida REALTOR® in St. Augustine, Florida – “OUR NATION’S OLDEST CITY.” Marcus is the founder and broker of NEW WORLD REALTY, which manages coaching and facilitation of education classes
around the world. He has an MBA from the University of North Florida in Jacksonville. Marcus entered the real estate profession in 1991. He is a NAR faculty member for the Certified International Property Specialist (CIPS) program, and is a member of the AT HOME
WITH DIVERSITY faculty. Marcus can be reached at 904-669-1081 or by e-mail at [email protected].
15
Education
2007 WISCONSIN REALTORS® ASSOCIATION
MANAGEMENT
CONFERENCE
December 12-13, 2007 Country Springs Hotel | Pewaukee, WI
What Keeps You Up at Night?
Slow market? Subprime loans? Tighter budgets? New technology?
Agents leaving the business? How about all of the above? As you
know, there are amazing shifts occurring in the business today. Join
us at this year's Management Conference and get practical tips on
how to deal with what keeps you up at night.
Pre-Management Conference CE 4B
December 12, 2007 starting at 1 p.m.
Kevin King will explain the changes to the WB-1 Residential Exclusive Right to
Sell Listing and the WB-36 Buyer/Agency/Tenant Representation Agreement.
You will learn what changes were made, how to train your agents on the
changes, how some of the changes may affect your current company policy
and how the changes may encourage the creation of new company policies.
Key topics this year include:
•
Changes to WB-1 and WB-36 Real Estate Forms
•
Subprime Market Concerns
•
10 Tactics to Build Market Share
•
Controlling Listings on the Internet
•
10 Technology Trends and Innovations
•
Website Tactics: YouTube, Blogs, Google mapping and more
•
Inexpensive Steps to Build Profitability and Leads
Management Conference is a great opportunity for brokers/owners
to enhance their leadership skills through workshops featuring top
presenters in the real estate industry. This year's speakers include
Mark Eppli who will discuss the disparity between increases in
household growth in the next 10 years despite housing market
finance concerns.
Also speaking is Larry Kendall who will present the top 10 things
you can do to build market share and profits in a changing market.
Or, catch one of our other top presenters.
Sponsorships available! Contact Debbie Thacker at
800.279.1972 for more information.
800.279.1972 | www.wra.org/management
Upcoming
Courses
& Events
16
Sales Pre-license
Madison, WI
Visit: www.wra.org/SalesPL
Buyer Agency Course & Electives
Sturgeon Bay, Brookfield & Baraboo, WI
Visit: www.wra.org/ABRcourses
SRES Class
February 21-22, 2008
Visit: www.wra.org/SRES
Broker Pre-license
Madison & Milwaukee, WI
Visit: www.wra.org/BrokerPL
GRI Course 1
Complete GRI Course 1 in one of four ways
Visit: www.wra.org/GRIcourses
Out of State Real Estate CE
March 3-4, 2008
Tuscany Suites & Casino, Las Vegas, NV
Visit: www.wra.org/CELasVegas
news.wra.org
Education
Appraisal CE
The Adjustment Grid (7 hrs.)
December 3
Country Springs Hotel & Conference Center
2810 Golf Rd., Pewaukee, WI
The adjustment grid is the most important part of
any appraisal report and the one section that each
and every client looks at with close scrutiny. Learn
new methods and calculations for completing the
adjustment grid.
Topics covered include:
• Need for adjustments for differences of
personal property vs. financing in the
sales approach
• Ability to develop a time adjustment
• Analyzing location differences within a market
Disclosures, Addenda and Disclaimers to
Appraisal Reports (7 hrs.)
December 4
Valuations of Detrimental
Conditions in Real Estate (7 hrs.)
December 6 Wisconsin REALTORS® Association
4801 Forest Run Rd., Madison, WI
December 7
Radisson Paper Valley Hotel
333 West College Ave., Appleton, WI
This seminar will introduce you to a variety of
detrimental conditions and explore the wide range of
effects these conditions can have on property value.
You will discuss strategies to calculate the damages
caused by the detrimental conditions and analyze the
detrimental condition based upon fundamental appraisal methodologies. Learn specialized techniques
for collecting market data and drawing propertysupported conclusions.
Country Springs Hotel & Conference Center
2810 Golf Road, Pewaukee, WI
Broker
New
Training
Get a Jump on Operating
Your Office!
January 9-11, 2008
New Broker Training provides guidance for brokers who
are opening up their own brokerage office or are going to
become a manager for their company. This three-day course is
taught by attorney and former broker-owner Mel Check. The
curriculum covers the fundamentals of being a broker and the
responsibilities that come with that supervisory role.
Wisconsin REALTORS® Association
Madison, WI
Register Today!
800.279.1972
Receive over 50 disclosures, addenda and disclaimers that will assist any appraiser in preparing more
comprehensive reports to sail through underwriting
and protect the appraiser from lawsuits.
Appraisal CE through the WRA’s Distance Learning Program
Relevant Environmental Issues for Residential Appraisers
– 4 Hours DVD only
Appraising Two- to Four-Family Properties – 4 Hours
DVD or OnDemand
By completing this course you will be able to recognize
the issues facing appraisers in connection with levels
of the appropriate environmental due diligence and
comprehend the appraiser’s environmental responsibilities and opportunities. You will also gain an
understanding of the general categories of the major
environmental hazards and learn to observe the probable presence of apparent environmental hazards.
In this course, you will learn basic valuation techniques
for appraising two- to four-family residential properties. You will be able to: apply an 11-step process
to determine valuation; recognize the differences
between market and contract rent; learn to identify
and analyze expenses; review and select comparable
sales and units of and understand the differences in
appraising residential and multi-family properties.
Internet Resources for Appraisers – 4 Hours
DVD or OnDemand
Highest and Best Use – 4 Hours
DVD or OnDemand
After completing this course you will be able to: define
basic Web terminology and identify a resource for
Web definitions; integrate the Internet into your appraisal practice; identify appraisal software vendors;
understand how to use wireless technology to be more
efficient; navigate various web sites such as GIS, assessor and government sites, understand the tools and
resources available through the Appraisal Foundation,
National Association of REALTORS® and Appraisal
Institute sites.
Income Appraisal Techniques – 4 Hours
DVD or OnDemand
This course will allow you to identify forces acting on
income and residential properties, recognize factors
and tools that drive a buyer’s purchasing decision,
analyze the strength and length of income, consider
different buyer strategies, learn to develop income
comparables and classify expenses, and learn to develop cap rates. You will also apply the lessons learned
to several scenarios.
Completion of this program will provide you with an
introduction to various appraisal techniques in determining the highest and best use for properties. You will
review definitions relevant to highest and best use,
learn four tests in determining highest and best use,
and apply these tests to various scenarios.
Economics of Residential Finance – 4.5 Hours
DVD only
This course outlines the basics of the mortgage lending and brokerage industries and how they provide the
background of residential valuation.
Fee per course: Appraisal Section Member - $60;
WRA Member - $65; and Nonmember - $70
Visit: www.wra.org/APCEDistanceLearn
17
Education
Course Schedule
Sales & Marketing Management w w w. w r a . o r g / C o u r s e S c h e d u l e
Date
January 9-11, 2008
January 16-17, 2008
January 18, 2008
(1) Fee represents cost of the 4 modules, new WRA members receive a $40 discount.
January 21, 2008
January 22, 2008
Additional fees for non-members
#
Winter Convention
##
Group discounts available
February 12-13,2008
February 12-13,2008
February 14, 2008
QuickStart
sales
training program
Course
Location
New Broker Training
Madison
ABR
Brookfield
ABR elective-Innovative Marketing Brookfield
$
Positioning Properties to Lac du Flambeau
Compete in the Market (CRS elective)
Positioning w/convention Foreclosure Opportunities
Lac du Flambeau
(ABR elective)
Foreclosure w/convention
GRI Course 2/CRS201
Baraboo
GRI Course 3/CRS202
Baraboo
ABR Baraboo
ASP RE Staging Course
Baraboo
CRS201-Listing Strategies
Baraboo
CRS202-Sales Strategies
Baraboo
Foreclosure Opportunities
Baraboo
Early Reg.
315
260
130
$
Regular Reg.
325
270
140
$
ATD
345
290
160
185
195
215
225# 155
235# 165
255#
185
195#
##
335
##
335
##
260
##
325
##
285
##
285
##
130
205#
345
345
270
335
295
295
140
225#
365
365
290
355
315
315
160
February 14, 2008
CRS204-Creating Wealth Through RE Investments
Baraboo
##
285
295
315
QuickStart Module 1, 2, 3 & 4
SRES QuickStart Module 1 & 2
QuickStart Module 3 & 4
Baraboo
Brookfield
Madison
Madison
250 (1)
375
240 (1)
240 (1) 260(1)
385
240(1)
240(1)
280(1)
405
Now available online!
www.wra.org/QuickStartOnDemand
March 20-21, 2008
April 3-4, 2008
##
$
Conference and Conventions Register
Date
Course
Time
Location $ Early Reg. $ Regular Reg.
ATD
Management Pre-conference 800-279-1972
December 12, 2007 2007-08 CE4B 1:00 – 4:30 p.m. Pewaukee 25
30
50
Non-conference Member attendees!
30!
35!
55!
Management Conference 800-279-1972
December 13, 2007
Pewaukee 69
79
99
Non-member@
85@
95@
115@
Winter Convention
800-279-1972 January 21-23, 2008
Lac du Flambeau 135
145
165
Appraisal Conference
800-279-1972 March 11-12, 2008
Appleton
Appraisal CE Appraisal continuing education modules available on VHS and DVD
8:30 a.m. – 4:30 p.m.
The Adjustment Grid December 3, 2007
Pewaukee
109 v
119
139
v
Cost 2 weeks prior
Disclosures, Addenda & Disclaimers to Appraisal Reports December 4, 2007
Pewaukee
109 v
119
139
to
class.
Appraisal
Valuations of Detrimental Conditions in Real Estate
December 6, 2007
Madison
109 v
119
139
Section Member
Valuations of Detrimental Conditions in Real Estate
December 7, 2007
Appleton
109 v 119
139
receives $10 discount
Real Estate Continuing Education Date
Course
Location
Time
November 28, 2007
2007-08 CE 3 & 4A
Madison
8:30 – 4:30 p.m. 800-279-1972 27/m; $35 nm
December 5, 2007
December 6, 2007
December 12, 2007
March 3-4, 2008
2007-08 CE 2 & 1
2007-08 CE 2 & 1
2007-08 CE 4B
2007-08 CE 1, 2, 3, & 4A
Madison
Brookfield
Pewaukee
Las Vegas
8:30 – 4:30 p.m. 8:30 – 4:30 p.m.
1:00 – 4:30 p.m.
8:30 – 4:30 p.m.
Madison Milwaukee
Madison
Madison
8:00 – 5:00 p.m.
8:00 – 5:00 p.m. 8:00 – 5:00 p.m. 8:00 – 5:00 p.m. Pre-license * Plus books
18
February 4-7, 2008
January 21-24, 2008
March 3-6; 10-13, 2008
April 7-10, 2008
Sales Pre-license
Broker Pre-license Sales Pre-license Broker Pre-license Wisconsin Real Estate Magazine, November 2007
Register #
800-279-1972 27/m; $35 nm
800-279-1972 27/m; $35nm
800-279-1972
800-279-1972
325*
255*
325*
255*
325*
255*
325*
255*
335*
265*
335*
265*
news.wra.org
Education
2008 Winter Convention
January 21-23
Lake of the Torches Resort Casino & Convention Center
Lac du Flambeau, WI
Earn your designation, network with your peers and expand your knowledge!
Designation Week 2008 is set to be one of our best. Course offerings include Graduate REALTOR® Institute (GRI), Certified Residential Specialist (CRS), and Accredited
Buyer Representative (ABR®). Added to the schedule this year is QuickStart and
Real Estate Staging courses - both are excellent additions considering the changing
market!
Exhibits and
sponsorships
available! Contact
Debbie Thacker at
800.279.1972 for
more information.
Volume Discounts! Register more than one person for more than one class and
receive volume discounts. The whole office may want to attend! To qualify, all six
registrations must be completed offline and mailed in one envelope.
Dreading another long Wisconsin winter? Avoid the January doldrums by using your time for
learning and business planning ... with a bit of skiing, snowmobiling and chili-eating on the
side! January is the time to warm up at the Lake of the Torches Resort Casino and Convention Center in Lac du Flambeau, the location of the WRA's 2008 Winter Convention.
This year at Winter Convention you can attend workshops or choose to complete your CE
courses. If workshops grab your interest, attend several and learn from the best!
Join Jerry Rossi for the Opening Session entitled Rich Agent … Poor Agent, and Dale Carlton
for the General Session, Nothing But Ideas or attend workshops including:
•
Shift Happens With Buyers and Shift Happens With Sellers, Jerry Rossi
•
Keep ‘Em Coming Back…Building a Referral Business, Mark Given
•
Floodplains, Shorelands, and Piers ... What REALTORS® Need to Know
About New Regulations That Affect Waterfront Property, Tom Larson
•
Creating E-mail Newsletters, Rob Uhrina
•
Care and Feeding of Past Buyers & Sellers, Connie Erickson
•
How to Double Your Income by Working with Investment Property Buyers and How to Double Your Income by Working with Investment Property Sellers, Tom Lundstedt
•
Five Factors in Succeeding with Sellers, Dale Carlton
NEW THIS YEAR!
Real Estate Staging Course (ASP): Sell homes faster and for more money
with the skills taught in this two-day course.
Graduate REALTOR® Institute (GRI):
GRI course 2 (includes CRS 201) and GRI course 3 (includes CRS 202) are offered
at Designation Week
GRI Bonus! QuickStart: Completion of the QuickStart program (four days)
and passing the exams fulfills the requirements for GRI Course 1. Courses include:
QuickStart 101 - Sellers as Clients; QuickStart 102 - Working with Buyers; QuickStart
103 - Contracting and Negotiating; QuickStart 104 - Effective Communication and
Business Planning
Certified Residential Specialist (CRS):
CRS 201, 202, 204 are offered at Designation Week
For a complete Winter Convention schedule &
to register, visit www.wra.org/winterconv08
20
Courses include:
Accredited Buyer Representative (ABR®):
Two-day core course plus ABR electives (Foreclosure Opportunities
for Buyer/Clients or CRS 204) offered at Designation Week
Ho-Chunk Casino, Hotel & Convention Center
Baraboo, WI
For a complete Designation Week schedule &
to register, visit www.wra.org/designationweek
news.wra.org
WRA Member Benefits
T
he Wisconsin REALTORS® Association
(WRA) and National Association of
REALTORS® (NAR) endorse a variety
of products and services beneficial to you
and/or your business. Additional details
and company contact information for WRAand NAR-endorsed companies can be found
at www.wra.org/rbp.
AMI Communications, Inc. – Long
Distance Phone Rates:
Save big money on your long distance rates by
calling AMI Communications, Inc. The WRA
agreement features no monthly plan fee and
no time-of-day restrictions. Rates are 24 hours
a day, 7 days a week and are guaranteed not to
increase for two years. Call today at 800- 2543202.
Pearl Insurance – Errors and
Omissions Insurance:
The WRA-endorsed carrier for errors and
omissions is Pearl Insurance. Their program,
underwritten by XL America, Inc., is specially
designed for the real estate industry and the
special risks you face. Pearl Insurance provides
coverage for claims arising out of regulatory
complaints, personal injury, lock box liability,
or discrimination and more. For more
information and a free quote, please contact
Pearl Insurance at 800-289-8170.
REGIT, Inc. – Health, Dental and Life
Insurance:
As a member of the WRA, you can save on
health insurance premiums without scrimping
on coverage. A wide variety of plans are
available from REGIT, Inc., including HSA,
PPO, dental, and life insurance. You’ll
receive quotes from A-rated carriers such as
Blue Cross Blue Shield, Humana, Assurant
Health, and more. Take advantage of the
personalized service at REGIT, Inc. by calling
800-537-9786 or visiting their Web site at
www.regitinc.com/aspwra.
M & I Trust – PRoFIT – 401K
Savings Program:
The PRoFIT (Planned Retirement Future
Investment Trust) is a KEOGH Plan – a
qualified plan that a self-employed person may
adopt to accumulate funds on a tax-favored
basis. Your contributions to the program are
tax deductible, and both your contributions to
and your earnings from the PRoFIT program
are tax deferred. Choose from 18 no-load
funds, with daily activity viewing on the M & I
Trust Web site. For an application, call Debbie
Thacker at 800-279-1972 ext. 256.
Check out the National
Association of REALTORS®
Bank of America – Credit Card:
Bank of America offers WRA members an
exclusive credit card with no annual fee and
a generous credit line. Members will enjoy
24-hour customer service, unmatched travel
benefits and worldwide acceptance. Call 800847-7378 to apply.
Real Estate Home Pages:
An affordable Web site solution for all our
members, RealEstateHomePages.com gives
real estate agents and brokers the power to
create, edit and manage their own Web sites.
Increase your Web site options and lower your
monthly costs. Custom design hosting and
phone support available. Contact Jeff Corbo at
800-280-6926.
UPS – Shipping:
Through an agreement with UPS, members can
receive discounts on UPS Next Day Air Letters
and Packages. Discounts include: $1.50 off the
published rate for Next Day Air Letters, 10
percent off the published rate for Next Day Air
Packages and 20 percent off the published rate
for Worldwide Express. To start saving money
on your next day deliveries, call UPS for start
up kit. Call 800-325-7000.
Insurance Services Inc., a Hilb,
Rogal & Hobbs Company:
The WRA has a group dividend plan* for
worker’s compensation through Insurance
Services Inc., a Hilb, Rogal & Hobbs Company.
The program is underwritten by SECURA
Insurance, which has been in existence since
1900. The WRA has enjoyed an excellent
working relationship with Insurance Services
since 1991. In that time, Insurance Services
has delivered a quality product, and excellent
customer service. Contact Vicki Bosanny at
800-236-3311.
*Workers compensation dividends are subject to
SECURA Board of Director approval and cannot be
guaranteed by state law.
REALTOR Benefits® Program
•
ABR®
•
American Home Shield
•
Avis
•
Budget
•
eNeighborhoods
•
Entertainment® Book
•
Chase Education Finance
•
Dell, Inc.
•
e-PRO®
•
FedEx
•
Geo F. Brown & Sons
•
GotVMail Communications
•
Hertz Corporation
•
Hewlett Packard Company
•
Hostway
•
InternetCrusade®
•
Lenovo
•
Liberty Mutual
•
Lowe’s
•
Marsh Affinity Group Services
•
Pitney Bowes
•
Prima Panama
•
PsPrint
•
REALTOR.com
•
REALTOR.org
•
REALTOR Team Store®
•
REALTOR® Platinum Visa through Chase
Card Services
•
RELAYTM Transaction Management
•
RISMedia
•
Salesgenie.comTM through info USA
•
Sentrilock, LLC – The REALTORTM Lockbox
•
Sprint
•
SRES
•
Talking House® Listings & Leads Program
•
The Pacific Institute
•
Xerox
• ZipForm®
For more information go to www.wra.org/rbp
*As of 11/07. List subject to change.
21
Public Affairs
Property Tax Trends Hurt
Homeowners
Wisconsin Way Project Explores Alternatives and Solutions
Over the past 40-plus years, residential
property has paid an increasingly larger
percentage of property taxes compared
to agricultural, manufacturing and, to a
lesser extent, commercial property. Some
have argued this has resulted from public
policy decisions that favored business over
homeowners. But a new study shows that
By Michael Theo private marketplace trends are much more
responsible for the shift than new property
tax exemption laws. The study findings are important as the
public debate intensifies over how to lower property taxes while
protecting vital government services, including good schools.
The new study, conducted by the respected Wisconsin Taxpayers
Alliance (WTA), shows that an extended boom in residential and
22
commercial real estate has caused those classifications of property
to pay a proportionately larger share of total property taxes over
the past 40 years. While it’s true that some laws passed during
this time have accentuated that trend (such as exemptions for
manufacturing equipment and new valuations for farm land), the
main reason for the shift can be attributed to the rising values of
residential and commercial properties.
According to the WTA study, the residential share of the total
property tax burden has grown from about 40 percent in 1945
to 72.5 percent last year. The study found that the key factor
for this shift was demographic. That is, demand for new homes
(both single-family and vacation homes) increased as post-war
baby boomers aged. As that same generation aged, demand for
commercial property also increased.
news.wra.org
Public Affairs
Changing
demographics, real
estate markets and,
to a lesser extent,
tax policies have
converged to make
the current property
tax system in need of
a major, new, top-tobottom review.
During the 1970s, the state Legislature also removed certain
properties from the tax rolls to encourage business and job
growth. These exemptions include manufacturing machinery and
equipment (known as M&E) as well as some personal property, like
certain stocks. In the 1990s, agricultural land began being valued
based on its use rather than its highest potential value. While both
of these changes contributed to the shift, the WTA report concludes
that marketplace changes are far more responsible for the shift
than changes in the tax code. As WTA President Todd Berry said,
“It is important for Wisconsin taxpayers to understand that the
long-term shift of the property tax burden toward residential
and commercial properties has been due mostly to residential
construction and rising home prices. Only a small portion of the
shift was due to legislative action.”
This analysis is particularly timely given the new Wisconsin Way
project, a powerful new endeavor spearheaded by REALTORS®,
teachers, road builders and county government. The project’s goal
is to lower property taxes for Wisconsin families and businesses
and keep housing affordable, without damaging vital government
services like police and fire protection, good roads and great
schools.
The project itself is timely because the same demographic trends
that caused the increase in residential and commercial properties
over the past four decades are changing and changing rapidly. The
WTA report also shows that the long-term boom in residential real
estate may be coming to an end because aging baby boomers have
now made it through the prime home-buying years. The report
shows that between 1990 and 2000, the number of Wisconsin
residents between 25 and 54 years old rose from 1.8 million to 2.4
million. But that number is projected to decline to 2.3 million by
the year 2010 and will not reach 2.4 million again until 2030. This
means a proportional tax shift from residential and commercial
property back to manufacturing and agricultural property may be
the new trend.
Moreover, research for the Wisconsin Way project shows that the
portion of homeonwers who are 65 years and older will increase
from the current 16 percent to 25 percent by 2030. Why is this
important? Because 63 percent of current homeowners who are
65 years and older have household incomes under $35,000. If
that stays the same, a larger portion of future residential property
tax payers will have less money to pay for all the property taxdependent government services under our current tax system.
That’s a train wreck waiting to happen unless we change our
current tax system, which is over-reliant on all property taxes.
Changing demographics, real estate markets and, to a lesser
extent, tax policies, have converged to make the current property
tax system in need of a major, new, top-to-bottom review. The
Wisconsin Way project proposes to do just that. All REALTORS®
are invited to let their views of the problem, and ideas for solutions,
known by attending one of the following public forums. For more
details, visit www.wisconsinway.org or e-mail Michael Theo at
[email protected].
Michael Theo is Vice President of Legal and Public Affairs for the WRA.
The Wisconsin Way Public Forums – Remaining Dates
November 13 – Janesville
November 27 – Milwaukee
December 4 – Kenosha
December 6 – Madison
23
Public Affairs
WRA Offers “Home From
Work” Program
The Home From
Work program
is a natural fit
for buyer’s
representatives.
O
By Tom Larson
24
ver the past several years, Wisconsin has
experienced a tremendous housing boom,
with rapidly increasing home prices and
appreciation. While many people benefited from this
housing boom, higher housing costs have also created
real challenges for some workers and their employers.
When employees cannot afford to live close to
work, they must live further away, adding time and
expense to their daily commute. At some point, these
costs become too high, causing employees to leave
their companies and find employment closer to their
homes. The loss of employees can have a significant
financial impact on employers, resulting in extra
costs to recruit, screen and train replacements.
To help employers and employees bridge the gap
between work and home, REALTORS® are beginning
to take a more active role in facilitating employerbased housing initiatives. The Wisconsin REALTORS®
Association (WRA), in partnership with the National
Association of REALTORS® (NAR), is offering a threehour course called the “Home From Work” initiative
that trains REALTORS® to become experts on how to
expand housing opportunities for workers. Participants
learn how to effectively promote workforce-housing
initiatives at the grassroots level and work with publicand private-sector employers to establish employerassisted housing benefits. The WRA will be offering
several of these courses in conjunction with local boards
during the upcoming months.
news.wra.org
Public Affairs
Besides showing a positive return on investment and improving
retention rates, employer-assisted housing benefits often help
companies build positive relationships with employees, recruit
new workers, reduce commuting times and revitalize their
communities. Some companies support it simply because it’s
the right thing to do.
Homebuyer Seminars are One Component
The Home From Work initiative teaches REALTORS® how to help
employers explore the value of offering their workforce three
types of benefits:
– Home-buying workshops delivered by REALTORS® and lenders
– One-on-one counseling offered by nonprofit groups
– Financial incentives, such as forgivable loans, gifts or matched
savings
Benefits for the Company – and for You
Depending on the situation, companies can actually save money
over time by offering employer-assisted housing benefits. For
example, a health care provider had been offering a $3,000 signing
bonus, with another $3,000 bonus paid after six months. Too
often, however, nurses left the institution shortly after six months.
The employer would then hire a new employee and pay that
employee another $3,000 at hiring, and yet another $3,000 again in
six months. After evaluating all the costs of the current program,
including related recruiting, screening and training expenses, the
employer found they were actually spending more than $12,000
per employee. Instead, they decided to offer a different program –
a $10,000 loan on the purchase of a home in the community, which
would be fully forgiven after five years. Retention rates improved,
while total costs to the organization went down.
Besides showing a positive return on investment and improving
retention rates, employer-assisted housing benefits often help
companies build positive relationships with employees, recruit
new workers, reduce commuting times and revitalize their
communities. Some companies support it simply because it’s the
right thing to do.
REALTORS® who have participated in this program have also
experienced both personal and professional benefits. Bonnie Boyd,
a REALTOR® from Ohio, has participated in and chaired several
state and national housing needs committees and is a Home From
Work instructor. A firm believer in giving back to the community,
Boyd has found it very satisfying to help open up housing
opportunities to people who are often “the heart and soul of a
company.” Also, if you work in a brokerage firm with a relocation
department, your corporate callers may already have established
relationships with an employer in your area – relationships that
can be expanded and further cemented to serve other housing
needs within the employer’s organization.
To Learn More
The Home From Work program is a natural fit for buyer’s
representatives. For that reason, and because homebuyer seminars
are one key component, the WRA’s Home From Work Seminars
will include information on how to put on a homebuyer seminar.
In the meantime, if you’d like to learn more about the Home
From Work program, or if you would like to have a Home
From Work Seminar in your area, please contact Tom Larson
([email protected]) at 608-240-8254. More information can also be
found on the Home From Work Web site at www.realtor.org/
government_affairs/housing_opportunity/programs/home_
from_work/home_from_work.html.
Tom Larson is Director of Regulatory and Legislative Affairs for the
WRA.
25
Referrals
Classifieds
-OVINGOR3ELLING
*0(OUSEHOLD,IQUIDATORS
!NTIQUE"UYERS#AN(ELP
s(OMECONTENTSREMOVAL
s0ROFESSIONALCLEANING
OFRESIDENCE
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%XPERTLYSERVICINGTHE,AKE'ENEVA
-ILWAUKEE#HICAGOANDMETRO
3T,OUISAREASSINCE
Serving&,i>ìÀ
Surrounding Communities
4OM+UCZMARSKI
'2)#23E02/
Broker Associate
CELL
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WWW2HINELANDER(OME&INDERCOM
&ORMOREINFORMATIONCALL0ETERAT
OR
*0(OUSEHOLD,IQUIDATORS
!NTIQUE"UYERS
0/"OX
3HARON7)
WEST-CENTRAL
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serving Eau Claire, Chippewa &
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Paul Canfield
715-828-0819
ChippewaValleyHomes.com
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loves referrals!
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Two Offices Serving Oneida, Vilas
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Public Affairs
RPAC - Why Contribute?
R
By: Jeff Kitchen
Chairman, 2007
RPAC Trustees
egardless of whether we talk about
presidential, congressional, state or local
elections, one fact stands clear: elections cost
lots of money and their price will continue to escalate
for the foreseeable future. This is one reason the
REALTORS® Political Action Committee (RPAC)
and Direct Giver Program play an important role
in the political process. REALTORS® must support
candidates who support the real estate industry. If
we do not step up to this challenge, we have no
one to blame but ourselves when candidates are
elected who are unsympathetic to licensing issues
and homeownership.
Issues that affect every REALTORS®’ bottom line are
debated in Congress, the state legislature and your
local government nearly every day. Imagine our
industry without the RPAC.
How would the elimination or restriction of the
mortgage interest deduction impact your ability to
sell homes? What if lead-based paint laws passed
without liability protection and insurance provisions,
but required full abatement of lead hazards regardless
of the extent of lead paint in the unit? How would
unlimited property tax increases impact housing
affordability? How would unrealistic shoreland
zoning restrictions hurt waterfront property sellers
and buyers? And how would a new sales tax on your
commission affect your bottom line?
28
By contributing to the RPAC or the Direct Giver,
REALTORS® help to ensure these things don’t
happen. The RPAC helps elect those candidates
who support real estate, homeowners and property
rights. As chairman of the 2007 Wisconsin RPAC
trustees, I encourage all REALTORS® to contribute.
Contributions can be small or large. In fact, only 10
cents a day ($35 each year) would go a long way
toward helping the RPAC support candidates who
can best help the real estate industry – our industry.
The RPAC needs your investment right now to build
a good financial base for the 2008 election cycle.
Without greater participation from REALTORS®,
the RPAC will not be able to make the impact
necessary to protect the real estate industry from
over-regulation and over-taxation. REALTORS® must
take the lead in efforts to promote, protect and defend
homeownership in Wisconsin.
If you are a serious, professional REALTOR® who is
concerned about the future of your industry, I strongly
encourage you to contribute today. Your livelihood,
and your customers and clients, depend on it.
www.wra.org/RPACContribution_form.asp.
news.wra.org
REALTY EXECUTIVES in Wisconsin
would like to thank the
Wisconsin REALTORS® Association
for all that they do for our profession.
...AND
WE PLEDGE
OUR CONTINUED
SUPPORT.
Success should be valued, recognized and rewarded — not restricted.
That’s why, at Realty Executives, we give those professionals with entrepreneurial
spirit the system and the support necessary to ascend to the next level — the
EXECUTIVE level.
If you want to experience the advantages of being an Executive, call or visit
the website of any of the Wisconsin offices listed below. All communication
will be handled professionally and confidentially.
www.RealtyExecutives.com
Call or visit any of our offices throughout Wisconsin.
Franchise Opportunities Available.
N & W WISCONSIN SE WISCONSIN
MADISON AREA
BROOKFIELD
GREEN BAY
HALES CORNERS
JANESVILLE
LAKE COUNTRY
REGIONAL OFFICE REGIONAL OFFICE REGIONAL OFFICE
WAUKESHA
Rick Skogg
Billy Prom
Millie Fournais
Dale Schaechterle
Greg Bauman
Dale Schaechterle
Keith Baal
Dale Schaechterle
920-469-6655
414-529-7000
888-241-7722
262-369-8900
Joe LaManna
262-443-0103
888-681-6240
262-783-7080
GreenBayMoves.com REEliteHomes.com RealtyExecutivesJanesville.com
REIntegrity.com
877-750-7744
WisconsinRealtyExecutives.com
KCBRealty.com
REIntegrity.com
MADISON
Victoria Helvey
608-829-4000
RexWisconsin.com
RealtyExecutivesFranchisor.com
MENOMONEE FALLS
Lynn Reed-Bauman
262-255-5600
MERRIMAC
Travis Spencer
608-493-3060
RealtyExecutivesMF.com RealtyExecutivesMN.com
MILWAUKEE
Dale Schaechterle
414-276-7777
MT. HOREB
Jenny Johnson
608-437-8136
NORTHSHORE
Dale Schaechterle
262-292-2180
SHEBOYGAN
Jean Amel
920-459-9000
SLINGER
Peter Neuville
262-644-6900
WAUSAU
Joan Belke
715-849-5544
REIntegrity.com
JennyJohnsonRealty.com
REIntegrity.com
TheAmelTeam.com
RexSlinger.com
REWausau.com
WHO WE ARE. The Wisconsin Housing and Economic Development
Authority (WHEDA®) was created in 1972 by the Wisconsin Legislature
as an independent authority, not a state agency. Considered the
state’s second largest bank, WHEDA has assets of $3.5 billion dollars.
WHAT WE DO. WHEDA works closely with lenders, developers,
small businesses, local government, nonprofits, and farmers to
expand economic and agricultural opportunities throughout the
state. WHEDA does not provide direct lending, but we do provide
loan guarantees and interest rate subsidies.
■
■
■
■
■
We help business owners and developers obtain financing in
the form of a loan guarantee to acquire or expand, and in
some cases, start a business.
We provide loan subsidies to help women- and minorityowned businesses increase their operations.
We help contractors obtain affordable financing to pay the
expenses necessary to complete a contract.
We work with businesses to help finance costs associated
with the production of products using a raw Wisconsin
agricultural commodity.
We assist farmers by providing affordable financing for crop
production as well costs to startup, expand or modernize a farm.
HOW WE DO IT. WHEDA partners with local lenders to guarantee
business and agricultural loans. A WHEDA guarantee is a commitment to
pay the lender a portion of a defaulted loan made to a borrower. By
obtaining a WHEDA guarantee a business owner benefits by receiving a
lower down payment, a longer payback period and a lower interest rate.
WE DO. SO YOU CAN. WHEDA has financial strength, a professional
staff of highly motivated individuals, and over 35 years of experience
to get the job done. We are dedicated to improving housing quality
and economic vitality in Wisconsin. Contact us today to see how
WHEDA can help your community grow.
WISCONSIN HOUSING AND
ECONOMIC DEVELOPMENT AUTHORITY
201 West Washington Ave
E C O N O M I C Madison, WI 53703
DEVELOPMENT 800.334.6873 ■ www.wheda.com
CREATING
OPPORTUNITIES
TO GROW
WISCONSIN
COMMUNITIES.

Forms Update | 08 - Wisconsin REALTORS® Association

Transcription

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