March 2009 Update Magazine

published by the northern virginia association of realtors®

March 2009

RealtoR®

T h e V o i c e f o r r e a l e s T a T e i n n o r T h e r n V i r g i n i a www.nvaR.com

Government affairs: REALTORS® RIDE TO RICHMOND Page 6

marKet UPDate: WHEN IN 2009 WILL THE ECONOMIC RECOVERY BEGIN?

Page 18

teCHnoLoGY Corner:SOUP UP YOUR SOFTWARE Page 24

UpdateKeeping the Deal on an EvEn KEElStrikiNG the riGht BalaNce for Pricing and negotiating

Are You A Successful Negotiator?Take THe Quiz ON PaGe 37 TO FiNd OuT

Update_March_09.indd 1 2/18/09 4:44:46 PM

2009 Chairman of the Board

By Susan Mekenney, 2009 Chairman of the Board

Make Professionalism a Top PriorityMarch 2009 Volume 92, Issue 2

2009 BOARD OF DIRECTORSChairman of the Board: Su san Mekenney, ABR, CRS, GRI, ePro Chairman-Elect:Vinh Nguyen Immediate Past Chairman: Jane A. Quill, GRI, CIPS, SRES Secretary/Treasurer: Karen Trainor

DIRECTORS-AT-LARGEVal August, CRS, GRIJulia Avent, ABR, CRS, GRISue Bowers, CRSLaura Fall, CRSScott Fortney, CRS, ePROPat Kline, GRI, SRESDiane Mun LeeAndrew Norton, CRS, GRIPeter Rickert, ABR, eProMario Rubio, SRESTrudy Severa, CRS, GRI, ABR, SRESJon Wolford

Publisher/CEO: Christine M. Todd, CAE, RCEEditor-In-Chief: Jill M. LandsmanManaging Editor: Ann GutkinE ditorial Assistants: Ainsley McDougal,

Allyson TeevanMarketing & Sales Manager: Tracy ReynoldsGraphic Designer: Tricia ChroussisContributors: Michele Lerner, Lisa May, Marco Nunez, Jr., Sarah L. Petcher, Ann-Lewise Shaw

The Realtor® UPDATE (ISSN 10988475) is published nine times a year by the Northern Virginia Association of Realtors®. Periodicals postage paid at Fairfax, VA 22030 and additional mailing offices. Subscriptions account for $19 of each member's annual dues. Annual subscriptions are available to non-members for $39. Subscription inquiries may be sent to the Realtors® Update at the address below. Copyright 2009 by the Northern Virginia Association of Realtors®. All rights reserved.

Postmaster: Please send address changes to: Realtor® UPDATENorthern Virginia Association of Realtors®8403 Arlington Boulevard, Suite 100 Fairfax, VA 22031-4601

Telephone: 703. 207. 3200FAX: 703. 207. 3218Web: nvar.comE-mail: [email protected] Advertising Info: [email protected]

UpdateRealtoR®

interested in advertising? Please call 703. 207. 3206 for information.

chairman of the board

NVAR ReAltoR® UPDATE MARch 2009 3

I finally closed my first transaction of the year. I don’t know who it was harder for: my buyer or me. The transaction took on a life of its own.

From start to finish, it took six months and 19 days, all of which were spent struggling to receive and return messages from the listing agent. I doubt that my client will use my services again, and I am sure the thought of purchasing her next home appeals to her like having a root canal. Did I mention this was a foreclosure?

This frustration is what I am hearing from other members, too: there is a lack of professionalism, and we need to improve.

No question: business is difficult today. We all work three times harder now.

Regardless, why not treat one another with respect and professional courtesy? Please follow these guidelines in the role of a listing agent: 1. Enter the listing into MRIS correctly and efficiently.

Upload pictures so people do not waste their time. Many of us have assistants who enter MRIS listings, but we are responsible.

2. Return agent phone calls and emails promptly. 3. Follow the Golden Rule. Treat the inquiring agent as

you would like to be treated. Contact the agent when you receive their offer; thank them, too. Let them know when you will present it. Let them know if their offer was accepted or rejected. If rejected, mark this on the first page along with the seller’s signature and return it to the agent.

4. Throughout the process, keep all parties informed. 5. Don’t approach the other agent as an adversary. Don’t

be the problem; be the solution. 6. Knowing there are multiple lockbox systems, you should

indicate clearly how an agent may gain access to your listing. Check with your broker to see if there is an office policy about using different lockboxes.

Please provide your feedback using the Contact Us button at the bottom of the nvar.com homepage. My next column will address courtesies from Realtors® who are representing buyers.Countrywide Financial Corporation is America’s #1 home loan lender* and a

member of the prestigious Standard & Poor’s 500 and Fortune 500.

1. Up-Front Approval is subject to satisfactory appraisal and title review and no change in financial condition. If the rate is not locked orrate protection expires, any rate increases may lower the loan amount for which the borrower has been pre-approved.

Equal Housing Lender. ©2008 Countrywide Bank, FSB, Countrywide Home Loans Division. Member FDIC. Trade/service marks arethe property of Countrywide Financial Corporation, Countrywide Bank, FSB, or their respective affiliates and/or subsidiaries. Someproducts may not be available in all states. This is not a commitment to lend. Restrictions apply. All rights reserved. 71209

Exceptional Realtors®

deserve exceptional service.With more flexible qualifying guidelines and an industry-recognized commitmentto customer service, we can help you reach out to more potential homebuyers.

Local underwriting for fast, Up-Front Approval.1

Local home loan experts.One of the widest selections of loan products in the industry, including adjustable andfixed-rate mortgages.

Call one of our branches today to find out how we can turn your clients into homeowners.

Fairfax (703) 227-2555Leesburg (703) 443-2183Mclean (703) 848-3060Fair Lakes (703) 679-5100Alexandria (703) 924-9236Ashburn (703) 723-5050

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Update_March_09.indd 2-3 2/18/09 4:44:47 PM

The views expressed in this publication may not reflect NVAR policy, and may be the opinions of the writer or interviewee.

35 Quarterly Rental Statistics37 January '09 Statistics

Features 18 Market Update: When in

2009 Will the Economic Recovery Begin?

24 Technology Corner: Soup Up Your Software Without Breaking the Bank

3 Chairman of the Board Column: Prioritize Professionalism

6 Realtors® Ride to Richmond

7 2009 NV/RPAC Investors

8 NVAR's Fairfax Location

8 Recognize Members Who Reach Out to Our Community

9 NAR Survey Reveals Housing Characteristics

9 Northern Virginia Special Elections Continue

10 NAR; Green Retrofits

11 Welcome New Members; Spring Forecast

13 Send Us Your Letters

16 Social Media: The New Way to Network

26 Case Interpretation: Registering URLs and Domain Names

27 Designations and Specialty Courses

28 Education Calendar

29 Agents Need to Know

32 FYI: SentriLock Rules and Regulations

34 Are You a Successful Negotiator? Take this Quiz

38 Appraiser and Affiliate Directories Perspectives 12 Legal Perspective: What's the Real Deal with SentriLock?

14 Ask NVAR: The Ins and Outs of Agency Termination

in this issue


Keeping the Deal on an EvEn KEEl

Striking the right Balance for Pricing and negotiating

In This Issue

20


1

2

3

45

6 MARch 2009 NVAR ReAltoR® UPDATE

government affairs nv/rpac investors


More than 40 people braved the remnants of a winter storm to board a bus for the Government Affairs Committee’s annual trip to Richmond. The Realtors® headed to the Capitol on Thursday, January 29 to hear elected officials discuss the 2009 legislative session. “The response from everyone we spoke with – from the legislators to the staff – was incredibly welcoming,” said first-time trip attendee Ray Leahey of Weichert Realtors® in Fairfax. “Everyone spoke very frankly about their positions on pending legislation.” Attorney General Bob McDonnell (R), Secretary of the Commonwealth Kate Hanley and a large number of Northern Virginia legislators addressed the group at the beginning of the day’s program. McDonnell, who is running for governor of Virginia, spoke of the Commonwealth’s long-term transportation and education needs. He stated that the current budget process calls for innovation and consolidation. McDonnell applauded NVAR’s involvement in the legislative process. “Democracy in America is largely a spectator sport,” he said. “Less than 1 percent of the population participates.” McDonnell urged NVAR members to continue to speak with policymakers at federal, state and local levels. Hanley described her duties, which, she said, are best known for making recommendations to the Governor for appointment to boards and commissions. She encouraged listeners to visit her Web site at commonwealth.virginia.gov, and apply for one of these positions. Delegates David Bulova (D-Fairfax), David Poisson (D-Sterling), Ken Plum (D-Reston), Chuck Caputo (D-Chantilly), Kris Amundson (D-Mt. Vernon), Jim Scott (D-Merrifield) and Jackson Miller (R-Manassas) stopped by to discuss legislation they proposed or supported in the current session. Miller, who is also a Realtor®, stressed the importance of remaining vigilant. “There is a lot of legislation that comes through that could be a real detriment to this industry,” he emphasized. After viewing Senate proceedings from the gallery, Realtors® visited offices of delegates and senators from their own districts to encourage support of Realtor® legislation and interests. “This is a good way to learn what Virginia politics is all about,” Sharone Lathrop, associate broker with Coldwell Banker Residential Brokerage in McLean, said. “Whether you’re a novice or a 20-year veteran, there is something to gain, because laws keep changing whether you’re involved or not.”

By Ann Gutkin, Public & Government Affairs Specialist

1: Ron Tull (left), of Tull Realty & Auction Company, 2009 NVAR Chairman Susan Mekenney (center) of RE/MAX Allegiance and Lisa May, NVAR Government Affairs Manager, make their way up to the Capitol building.

2: Secretary of the Commonwealth Kate Hanley explains the role of her office.

3: Attorney General Bob McDonnell (R) discusses challenges faced by the Commonwealth.

4: Delegate Ken Plum (D), newly selected Minority Caucus Chairman, discussed his plan to manage for good government.

5: Delegate Jackson Miller (D), a Realtor®, shared his views on grantor’s tax legislation.

Legislative Trip Offers Opportunity to Lobby Legislators

Realtors® ride to richmond

2009 NV/RPAC INVESTORSGoLDen r ($5,000)John E. McEnearney

sterLinG r ($1,000)Wayne A. BabbWilburn (“Bob”) BlountMichael K. BosleyDavid CharronAngela EliopoulosMargaret C. HandleyJo Anne JohnsonPat KlineKayvan MehrbakhshSusan MekenneyTom MeyerJane A. QuillAnne RectorPeter A. RickertChristine M. Todd

Governor’s CLUb ($500)Sue BowersMonica Sims CrimminsKaren TrainorJon S. Wolford

CaPitoL insiDer ($250)Bob AdamsonJulia AventMoon Y. ChoiSuzanne GranoskiKenton D. HamakerPeggy HamakerTerry BeltTom BoyleMarilyn CantrellCharilyn Wells CowanGrant DoeMaureen M. DunnNicholas LagosFetneh H. SchachtAudrey E. ShayJake Sullivan

$99 CLUbJohn A. AdamsKevin P. AdamsJames A. AgnewRafael F. AguileraBarry H. AllbrightSatish AminLarry L. AndersonKannan M. AnnamalaiMary J. AnthonyJane ApplegateRoger L. ApplegateGay AshleyJake E. BaerCarlo BaiettiGayle T. BaileyGlen L. BairdFahad F. Bakir Ronald C. Barber

Jerry M. BartlettThomas E. BeamesWylie BeanLee A BeaverBarbara A. BechtleOleg A. BelinskyCharles W. Bengel, Sr.Charlie Bengel, Jr.Janice BharP atricia Blackburn NassiefCharles A. Blessing, Jr.Carolyn A. BoazAnn BogatJose A. BoggioPhil BolinJaime R. BordaFrances C. BoyleJoan C. BreadyMichael E. BriggsJudith W. BroseeAlicia K. BrownWilliam BuckJudy H. BuckleyShirley BufordRobyn BurdettBetty H. BuseyMadeline CaporiccioMichael J. Casey, Sr. Tillie B. CassidyJan H. ChangLin ChenUi Kyong ChungCandy L. ClantonClyde C. CobleRobert L. Cole Gianna CopelottiDebi Corbatto Jill CroftGary CuffJames R. DalkinDottie B. DaneOmprakash DeDonald S. DeBraggaBic Nguyen DeCaroLynne DePaso Donald W. DevineMichael J. EastmanDavid EatonKathie M. EatonVincent E. EkubanNita C. ElderStephanie Y. EllisPatricia L. EstradaSusan Deputy FadoulNancy FahyPatricia A. FairmanBev Feitshans L auren Peterson FellowsMiriam R. FernandezMarilyn FeuchtSuzanne M. FieldsGary FitzgibbonLarry A. Foster, Jr.Paul W. Foster III.

Ruth E. FosterCharles T. FowlerSteve FrishmuthVirgil A. FrizzellPaul GaleF. Gary GarczynskiAnne GardnerClarence E. GattonCathie GillJohn W. GillJohn N. GloriosoCarol GrecoReggie GreenStephen I. HalesBill HalloranDelk A. HamakerRay L. HamiltonShawn HarrisAli S. HasanLars HenriksenJanet Franklin HewittDavid Sunghee HongCharles R. Hooff IIILucinda Hoveskeland Pete HowellRuth B. HowellTom HulfishKenneth A. HunningsMargaret C. IrelandJ udith A. Thompson IsomSamuel JackninVirginia Jacob David C. JandrositzRosemarie S. Johnson Tammy S. JonesJohn H. KangZamarrud KarimCarol A. KearneyAugustine M. KimJane N. KimMihwa KimLauren M. KivlighanRobert F. KoenigRolfe S. Kratz Dana E. LandryAnita S. LasanskySharone C. LathropAndy LauerDara H. LaughlinKip H. LaughlinBill LaulerDoris C. LeadbetterRay LeaheyChin W. LeeFrank G. Lee Jae In LeeLeah LeeMichael T. LeeSherri L. LeeAshley C. LeighDiane LenahanLawrence LindseyUca LoayzaMary Loenichen

Henry A. LongDavidson B. LungerHelen A. Lyman-HealyA ntoinette C. MacAulayScott A. MacDonaldSandra L. MacDougallAnn B. MalcolmAliyah N. MalikArya MansouriZora Mansouri Ronald MarracciniSandy L. MasonClark L. MassieRaymond G. MayerJohn G. McAllorumPam S. McCoach Shane Scott McCullar James J. McGrathTimothy E. McGrathJohn A. McMillinRoss McWilliamsR. Ann MeekinsKayvan MehrbakhshDebbie MenzerDavid P. MichalskiErnie F. MillerPuran C. MittalCheryl C. MonnoPriscilla MooreDiane G. MurphyAllene V. MurrayEdward J. NachazelRoger NakazawaJames W. NellisPatricia NewmanTan A. NguyenThai-Hung P. Nguyen Jerar NishanianLydia A. OdleEddie OhMaureen O’HaraBarbara V. OwensDavid Palmer, Jr. Eleanora S. PanizzaBill ParkJulie A. PearsonGerman PenaLeonor M. PerezJim K. Phillips JoAnn PiekneyDiana PieperA ndrea S. Powell-

PierobonRobert A. PratherRobert M. RaderDick R. Rager Sr. Thomas E. Reed IIIThomas E. Reed IVEsin A. ReinhardtPatricia H. RhoadsJoan L. RhodesR honda Taylor RichardsonKen RichmondTreena Rinaldi

C hristopher S. RobinsonJames J. RobinsonMike RokniDave RosenmarkleEvelyn W. RossMario T. RubioTerry P. RyanGeorge SaabJames A. SabatinoJohn S. SaboJoyce H. SargentPeter SchlossbergTazuko SchmitzE lisabeth M.

SchneidermanConnie SchreiberTerry SeamanParham ShariatzadehNancy C. ShawLinwood Scott SheltonJoyce R. ShefticStacey ShindelarGwen SigdaKevin M. Sills Arlis J. SimmonsCarol J. SimmonsSuzanne SimonMaureen C. SimpsonSukh K. Singh Hope SkillingAnise W. SnyderJim J. StakemNora C. StamperJane H. StottlemyerCarol A. SutfinSwindell SuttonDavid G. SweetHelena S. TalbotApril A. TaylorJonathan Dee TaylorGordon N. TeaguePauline C. ThompsonHortencia TorresKarina V. Torres-FerrerKathy Trainor Trong M. TrinhJeffrey C. TurnerKenneth C. UlsakerTerrell T. VarleyKamleash VermaArthur L. WaltersMichael J. WardmanB. Bruce WaszKatherine F. WatkinsDonald M. WeinrothRichard A. WhealenJudith F. WhiteKevin A. WilesSandra WilkinsonJulia Secord Williams M. W. Worthy Larry F. WuBenjamin C. Zurun



we are here government affairs


On Tuesday, February 3, Fairfax County Supervisor Sharon Bulova (D-Braddock) was elected Chairman of the Board of Supervisors in a special election to fill the post vacated by Gerry Connolly (D). Connolly was elected to the U.S. House of Representatives in November. Bulova defeated fellow Supervisor Pat Herrity (R-Springfield) by approximately 1,200 votes out of slightly more than 100,000 votes cast. The NV/RPAC Trustees endorsed Bulova after interviewing both candidates prior to the election. While both candidates had worked with NVAR, the Trustees believed that Bulova’s 20 years of service on the Board of Supervisors, including 16 years as Budget Chairman and five as Vice-Chairman, uniquely positioned her to manage Fairfax County. Chairman Bulova was sworn in on February 6, 2009. Fairfax County residents will head to the polls again for a general election on Tuesday, March 10, 2009 to fill the vacant Supervisor’s seat.

NOrTherN VIrgINIa SPeCIaL eLeCTIONS CONTINue

Next Up: Braddock District Supervisor Seat

NVar Thanks Our 2009

ParTNerS

GOLD

PLaTinuM

SiLVER

FRiEnDS

BROnZE Realtors® across the nation have found ways to “give back” to their communities. Some of these people are recognized each year by Realtor® Magazine’s Good Neighbor program. Some of our members have been honored for their good works in Update magazine. But we know there are more of you out there! Please share the ways in which you, or other Realtors® you know, volunteer your time in our community. We will publish some of these community outreach efforts in a future issue. Email us at [email protected]. Also, you can share information about an NVAR member-colleague whom you know who goes above and beyond, too. Please provide complete contact information. All of our Realtors® and affiliate members qualify to be recognized. Keep up the great work, and please allow us to spread the good word.

Sing the Praises of Unsung NVAR Heroes:

Recognize Members Who Reach Out To Our Community

We Are HereIf you are planning a visit to our Fairfax Headquarters and are not quite sure how to find our new offices located at 8403 Arlington Blvd. in Fairfax, this map should help. Our building is hidden behind 8401 Arlington Blvd., and is accessible from Williams Drive on our east side. You can also visit nvar.com and click on “Locations and Directions” to find driving directions from locations around the D.C. metro region. Plenty of visitor parking is located at the front and sides of the building.

Nar SurVeY reVeaLS Northern Virginia Preferences

Characteristics of homes purchased in Northern Virginia:

» New home purchases were 12 percent of recent home purchases.

» Forty-one percent of homes purchased were detached single family homes.

» The typical home buyers purchased a home eight miles from their previous residence.

» The median price of homes purchased was $425,000 compared to $204,000 in the U.S.

» The typical buyer purchased a home that was 1,820 square feet.

» The median size of home purchased by first-time buyers was 1,440 square feet.

» Commuting costs were considered as very or somewhat important by 90 percent of buyers when considering which home to purchase.

» Recent home buyers plan to live in their home a median of 10 years.

Source: NAR 2008 Profile of Home Buyers and Sellers

Does Your Client Need Real Answers About Homeownership?Here’s The Starting Line.




Nar TeLLS CONgreSS:

Realtors® Support Commercially Reasonable, Market-Based Solutions

President Obama’s economic stimulus package has been high on the nation’s agenda. a variety

of trade and environmental groups are advocating that the green features of the stimulus package include measures for making existing building stock more energy efficient. Such financial backing of green retrofits can make it more feasible for your clients to upgrade their homes and be more competitive on the market. (See Right: “Green Retrofits: Making ‘Cents’ of the Economic Downturn”)

Here’s a sampling of what the groups are seeking: » Lower interest rates on residential mortgages if owners

retrofit their homes. » Financial incentives to encourage property owners to

make energy cuts of at least 20 percent to their buildings. » $3 billion for building energy efficient incentives in the

private sector.

While valuing green retrofits, NAR is concerned with green stimulus proposals and has found that some require: » Mandatory retrofits to obtain financing from Fannie Mae,

Freddie Mac or the FHA. » Point-of-sale retrofits that complicate transactions by

adding parties at closing and force consumers to rework financing at closing to receive federal assistance.

» Additional inspectors and paperwork resulting from mandatory energy audits.

Among the broad principles NAR adopted at the Orlando centennial conference – and is recommending to Congress – are those that: » Oppose mandates triggered by real estate transactions or

impose undue economic impact. » Consider whether a proposal is affordable and not a

barrier to owning, using or transferring real estate.

The organization has also examined and addressed the Environmental Protection Agency’s regulation of carbon dioxide under the Clean Air Act. NAR has established a policy to support all commercially reasonable and market-based solutions to reduce carbon dioxide, since its many programs confirm that there is significant market demand for green buildings.

GREEN RETROFITS – MAKING “CENTS” OF THE ECONOMIC DOWNTURN

NAR statistics show that home prices fell an average of 7 percent nationally in 2008. One silver lining in this economic downturn is the opportunity provided by green retrofits. Retrofitting a home to incorporate green features is a way to increase the value of a property when market values decrease. Such eco-friendly renovations are especially timely now that an environmental consciousness is growing among consumers and decision-makers. But it isn’t just the appeal of improved environmental quality and lifestyle that makes green retrofits so worthwhile. They can make good financial sense, too. According to greenandsave.com, the return on investment for a residential programmable thermostat is roughly 156.5 percent paid back in a little more than six months. Mid-range investments such as replacing a residential hot water heater with an energy-efficient model provide a 32 percent ROI on average over roughly a three-year period. And the energy efficiency of such features means they’ll continue to pay back in terms of lower utility bills for years to come. So how can you help your clients? Stay current on government rebates, grants and tax credits for green improvements to help clients take advantage of such incentives. Stay abreast of rating systems, such as LEED® and EnergyStar. Help clients understand how green retrofits can impact the price of their properties.

Adapted from the REsource, NAR’s monthly resource for green building news and information. December 2008-January 2009, Issue 2.

elcome to our new MembersW


green notes new members


Leman AliouNariman AryabanMirza Javed BaigGayle BaileyJerome BattleDanielle BirkenstockChristopher BrennanLeslie CarpenterChristopher CarterDale CastellowMichelle ChauvinVivian DeLacyKarim ElmalkiAdler EtienneBruce FallCheryl FerrufinoAnh-Phuong Fields

Tim FrancisAldo GonzalezVictor GutuSherry HallM ohammad Ali

HashmiDaphne HendricksJulio HenriquezHeather HeppeRuben HernandezJudith HowellCathie JacksonMary JonesHarmanjit KaurJane Kelly-BrobbeyAdam KenneySybil Kintz

Sara KlynsmaMonika KumarLisa LeaseHelen LydonArlene MacedoAbraham MaramMatthew MaslankaCraig MastrangeloWalter R. MaukSydney MillerLewis MontalvoNadia NejaimeStuart Nesbitt IIDalal NofalEmily NolanIsaac OguraRodger Padgett

Karen ParisMin ParkStevine PearceRobert PettisJoann PoladianBlanche RaffSusan RaoSharon RicciardiLeslie RiggsKelley RollinsLorna SamAnnette SchaferBrooke ScharaBrooke ScovilleDamanjit SinghMo SnowdenCarol Somerville

James SprayMichelle SteinVirginia SusanoAnna VidalNora VillegasJue WangWilliam WhalenCarol WheelerRonald WhitesellAlexandra WilsonJoseph WongChul YiMariella YoungDanny ZhaoMichael Zito

Thursday, March 19, 20099:30 a.m. – 12:30 p.m.

Herndon Service Center520 Huntmar Park Drive

Herndon, VA 20170Sp r i n g o r e c a s t : F T h e T h r e e R ’ s : R e c e s s i o n , R e s i l i e n c e & R e c o v e r y L e s s o n s i n L o c a l , R e g i o n a l & N a t i o n a l M a r k e t C o n d i t i o n s

2 0 0 9

Session I: Dr. Stephen Fuller, Director, Center for Regional Analysis at George Mason UniversityHear Dr. Fuller’s views about fi rst quarter economic performance, where we were and what may be expected in the future.

Session II: Thomas James “TJ” Doyle, Marketing & Communications Manager, NAR Research DivisionMr. Doyle will present the 2008 NAR survey of Northern Virginia’s home buyers and sellers to provide information on demographics, characteristics and the experience of consumers in the housing market.

Sponsored By:

$15 RegistrationReserve Today!Visit nvar.com

or email Tracy Reynolds at

[email protected] or call

703.207.3206


By Ann-Lewise Shaw, General Counsel

What's the Real Deal with SentriLock?

During the past few months the members of the Board of Directors

and NVar staff have fielded all kinds of questions about the lockbox conversion. These questions have been practical —where do I sign up for a SentriLock conversion appointment on the Web site —to the theoretical—why a change, and why now? Your Directors and association staff have done our best to provide you with correct, timely information. and yet, there seems to be an undercurrent of unasked questions and confusion. Some of you have discussed those unasked questions and suppositions with your fellow members. While some of you have asked about the rumors you have heard; many of you have not had that opportunity. So, this month I want to address some questions we have been asked, and some that have been implied. If you have others, please call or email me using my contact information at the end of this column.

Where did SentriLock come from? Who owns it? A few years ago, several employees of some major security systems providers met to discuss creating a security solution that would provide an alternative to a segment of the market whose preferences and needs had often been ignored: Realtors®. These insightful folks knew from their own experience in the field that most lockbox solutions just didn’t provide the flexibility, information and ease of use that real estate professionals needed. In 2003, they founded SentriLock. Their goal was to be “directly accountable to the real estate industry” and to provide the best lockbox solution in terms of technology and service. The National Association of Realtors® liked the product so much that they bought

51 percent of the company. Since it is majority-owned by NAR, SentriLock’s focus will remain the real estate industry.

Are any other Associations using SentriLock? Or are we the “guinea pigs?” Since the initial SentriLock conversion and lockbox installation in Charleston, SC, in June 2004, use of the system has grown rapidly. In these short years, more than 200,000 agents representing more than 200 associations across the country have begun using over 300,000 lockboxes. The largest of the early adopters, SANDICOR, placed its initial order for 50,000 boxes in 2006 and has since purchased more. SANDICOR serves more than 23,000 members from five San Diego, California area Realtor® associations, and is among the top 10 regional MLSs in the country. We, at NVAR, are far from being a test case, as we are joining a system that has gained agent approval throughout the country.

OK, so what’s so great about this system? It doesn’t seem any more advanced than the system we’re replacing. As you might expect, the marketing folks at SentriLock have commissioned several surveys, including some administered by third parties, in order to find out what about their product worked and what didn’t. Here are some results from a study done by a national polling group: In a national survey, SentriLock was chosen as the #1 provider in four out of five key categories, including overall satisfaction. The other three categories were simplicity of use, price, and home security. In another study that used a scale of 1 to 5, with “5” being excellent, users rated SentriLock as the #1 service (4.18), lockbox product (4.09) and system (4.07).

All right, we’ll assume that it’s a decent system. Why did we have to change now? Since NVAR’s contract with Supra was due to expire in February, 2009, the Board of Directors considered available options. During this study period, NVAR was invited to join


legal perspective


legal perspective

the Regional Lockbox Consortium, Inc. (RLC) a group of local associations that was formed to “…solicit competitive bids and negotiate a blanket contract for the procurement of a secure electronic lock box system, hardware and services for the benefit of members of local REALTOR® boards and associations in Maryland, Virginia, Delaware, Pennsylvania, the District of Columbia and other contiguous jurisdictions as may be approved by the (RLC) Board of Directors.” (RLC Articles of Incorporation, Article I, Section 2). The NVAR Board learned about many available lockbox solutions as a result of its membership in the RLC, including the upgraded product that was introduced by Supra.

Let’s “follow the money”— I’ve heard that NVAR will benefit monetarily as a result of this switch. No individual member of NVAR profits in any way – monetarily or otherwise – from the conversion to or use of the SentriLock system. However, part of the agreement between the RLC members and SentriLock could result in payment to NVAR due to a profit-sharing agreement with SentriLock that will ultimately help lower your costs!

I’ve heard that our CEO, Christine Todd, is being paid by SentriLock. Is that true? No. Unequivocally, positively no. NAR President Charles McMillan recommended that the NAR Board of Directors appoint Ms. Todd to serve on the SentriLock Board of Directors in November, 2008. This is strictly a volunteer position. She will not be paid any salary or honorarium for her volunteer service.

You haven’t answered all my questions. Where can I get more information? Contact Ann-Lewise Shaw, General Counsel, via email ([email protected]) or by phone (703.207.3263). If I am not able to answer your question, I can find the person who can.

PLEASE SEE PAGE 32 FOR A SUMMARy OF SENTRILOCk

RULES AND REGULATIONS

STaTe OF The reCOVerY:Current Trends in the

Northern Virginia Housing Market

Please Join Us for An Exclusive Brokers-Only Event

PRESENTED BY:Dr. Stephen Fuller, George Mason University –

Center for Regional AnalysisPamela H. Patenaude, Urban Land Institute

June 11, 2009 at 9:30 a.m.

NVAR Herndon Center520 Huntmar Park Drive

Herndon, VA 20170

Registration details available soon: visit nvar.com and read your NVAR News

email bulletin regularly!

What’s On Your Mind?Send Update Your

“Letter To The Editor”Today!

NVAR values your comments aboutour Update editorial content or relevant industry issues. We welcome your inputfor our “Letters to the Editor” section.

Writers must includecomplete contact information.

Please e-mail your “Letters to the Editor”to: [email protected]



ask nvar ask nvar


The INS aND OuTS OF ageNCY TermINaTION:

Who Can Do It? How Is It Done?By Sarah Louppe Petcher, Professional Services Manager & Associate General Counsel

The official position of NVAR is that the exclusive representation agreements developed by the Standard Forms Committee are intended to create legally binding contracts between clients and Realtors®. Anyone with specific legal questions regarding the terms of the agreement or contract law should contact an attorney to receive legal advice. However, there are three ways to terminate a written exclusive representation agreement.

Q Can a client unilaterally terminate an agency agreement?

There are two relevant parts to a listing or buyer broker agreement. The first part outlines the duties and obligations of each party for purposes of the agency relationship. The other deals with compensation. A client can choose to terminate the agency relationship with his agent/broker at any time by executing a written document to that effect. However, this termination of the agency relationship will not affect the client’s duties to perform under the compensation clauses of these agreements. Once the agent/broker receives this termination, he or she no longer has the authority to act on behalf of the client, and, therefore, all advertising, MLS entries, etc. MUST be withdrawn. If your client is looking to terminate both the agency and the compensation agreement, three options are available: If the parties mutually agree to release each other from the contract then you will have a valid termination of the agreement. Some firms have included handwritten language in the Other Terms section of the representation agreement that allows either party to terminate the agreement with advanced written notice to the other party. Another method of terminating the agreement is to check the contract for the termination date in the agreement. Any representation agreement should have a termination date that clearly indicates when the agreement ends if the contract has not been fulfilled. However, if the agreement does not specify a definite termination date, the brokerage relationship terminates 90 days after the date the brokerage relationship was entered into (Code of Virginia § 54.1-2137). Realtors® are also reminded that while a representation agreement without a definite

termination date may still be enforceable in the courts, the lack of a definite termination date may be a violation of the Virginia Real Estate Board Rules and Regulations (18 VAC 135-20-290 Improper Dealing). The client can choose to wait until the agreement expires and then work with another Realtor® after the termination date. The final way to terminate a representation agreement is to have a court of competent jurisdiction declare the contract void. Only the courts have the power to cancel the contract if the parties are unable to agree and the client does not want to wait until after the termination date. This will involve contacting an attorney to see if there are additional legal means of terminating the representation agreement. Also, I emphasize to clients who call with this question that they should talk to the agent prior to taking any action to terminate the agreement. The agent needs to know when their clients are dissatisfied and should be given an opportunity to address any

legitimate issues that concern the client. If a client has discussed the issue with the agent and is still unsatisfied, I will recommend that the client contact the broker to see if he or she can mediate a solution between the client and the agent.

Q I have a client who has asked to be released from his buyer broker agreement; can I release him and

still collect the fee for early termination outlined in our agreement?

Each brokerage firm will have its own policies for releasing clients from the compensation portion of the listing or buyer agency agreement. A broker may simply release the client upon his request if the broker is unable to help the client and agent reconcile their differences. The broker may offer to release the client from the contract if the client reimburses the firm for its time,

marketing efforts or lost revenue. These policies may also vary depending on the circumstances that lead to the client’s request for release from the representation agreement. The broker’s decision will be influenced by the agent’s opinion on whether the client has a legitimate reason to request the release. However, the key point is that the terms of the release are negotiable between parties. In the event that you have included a specific early termination fee in your listing agreement or your buyer broker agreement as provided for in these forms, then you are entitled to request that the fee be paid before you release the client from the agreement.

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The New Way to NetworkAdd These

ApplicATions To Your

Business plAn


technology technology


as 2009 gets under way, many of you have begun creating and implementing new

business plans. If you are anything like the majority of realtors® with whom I interact across the nation, you understand the need to begin or expand your use of Social media applications to help achieve your goals. The infinite choices, many with bizarre names that barely convey their function, can make this a monumental task. If you can identify with the above, cheer up. There are two applications that provide the perfect starting point to grow your business now. Increasing your visibility and disseminating information are two ways in which Social Media applications can best help you succeed as a Realtor®. I recommend LinkedIn and Facebook as starting points. Even if you already use one or both of these applications, I will share ideas to help you refine how you use these tools.

LinkedIn and Facebook: Spread the Word The tremendous growth and attention that Social Media applications have received during the past several months has led many to use these tools because it is “the thing to do,” without stopping to think about their long-range business goals. One of the main reasons LinkedIn and Facebook are important starting points is that they have both come closest to “mainstream adoption.” Additionally, both allow you to integrate information from other Social Media applications and also provide different ways to stay fresh in the minds of the people in your network by sharing your updates All of this means that you can connect with the broadest audience possible and have the

opportunity to share with them, and possibly even their entire network, a steady stream of valuable information. One of your most important considerations will be to ensure that your communications are constructed to provide the most helpful information possible while encouraging feedback and interaction from your network. Take great care not to simply broadcast information. By also posing questions to your network like, “What is the most important trait you look for in a Realtor®?” your audience will be more receptive to your insights. The most powerful feature of any Social Media application is the exponential way in which you can disseminate information. Both LinkedIn and Facebook make it easy to see and subsequently forward on information or sources of information to the people who are in others’ networks. In LinkedIn’s case, the application allows your contacts to see your entire network and search by location, profession or in other ways. Facebook allows users to search their networks for specific contacts; it reveals little information to those who are not subscribed to one another. However, unlike LinkedIn, Facebook allows your contacts to see the comments made on items in your stream of shared information by contacts in your network but not theirs. In both cases you have the opportunity to broadcast your message and information to a broad audience with your contacts acting as trusted intermediaries to others.

By Marco A. Nunez, Jr., Program Director, Direct Impact

Compare and Contrast Here are specific considerations unique to each application, as well as suggestions to help get started.

LinkedIn This social network for professionals allows users to create a free account with an online resume that not only features work and education history, but also qualifications, work philosophy summaries and any recommendations that have been submitted to and approved by you. Your resume profile page is visible to anyone, but LinkedIn also allows you to import your blog posts, provide status updates, comment on items your contacts have shared and pose questions requesting your contacts’ opinions.

Facebook While LinkedIn’s application has been designed with the professional in mind, Facebook’s features have been created to facilitate the discovery and maintenance of personal relationships by allowing users to join or create networks based on companies,

educational institutions or geographical regions. Although Facebook’s focus on personal relationships limits the amount of information that can be viewed without being connected to someone, the network feature makes it easy to search and connect with former coworkers, friends or classmates. Facebook is primarily designed to help you and your contacts share personal facts and interests. There are an endless number of features, likes and dislikes that can be added to your profile that make it easy to share. As with LinkedIn, each preference that you share has the ability to not only deepen your relationships by identifying points of common interest, but may broaden your network to valuable information as well.

Five First Steps to Take Aggressively expand your network. Start with the lowest hanging fruit and take advantage of both. LinkedIn and Facebook offer a variety of ways to find and connect with your existing contacts. This includes the ability to search contacts stored in your Web mail or import your contacts from address books such as Outlook. As you do this, you should remember to request to connect with new people whom you meet at social or professional events. Look for ways to help your contacts. As a Realtor® you can build relationships with professionals from a wide range of industries. By introducing and connecting your contacts to one another, you begin to create new

networks of individuals who have their own ability to replicate and expand. Update your status frequently. Each time you update your status with a description of your current activity, share a link to an interesting online article or respond to a question posed by someone in your network, LinkedIn notifies your contacts and in some cases gives them an opportunity to reply to you privately. Facebook’s focus on personal relationships creates a much wider range of ways in which you can import and share information directly or from other Social Media applications. Even if you do not receive any direct responses, you have permitted your contacts to view information that may be useful to them. Regularly submit questions to your network. While providing your network with status updates and other types of information is certainly valuable, the essence of Social Media applications is to provide two-way conversations in a way that traditional advertising or mailings do not allow. By engaging your network with thought-provoking questions, you deepen your connection with your contacts. This makes it more likely that they will pay attention to the other information you provide, as well as think of you whenever one of their contacts needs the advice or services of a Realtor®.Familiarize yourself with the features. By understanding the many different applications that LinkedIn and Facebook allow you to integrate into your profile, you are able to greatly increase the amount and type of information you can share. Even more important is the amount of time you will save by not having to update each application individually. Although the growing number of Social Media applications can prove overwhelming, LinkedIn and Facebook offer easy ways to acclimate yourself to the dynamics and opportunities of these new communication tools. The suggestions I have offered can help you begin to expand your existing services and grow your business. The most important piece of advice I can offer is to take a deep breath and jump in: use them. By simply investing whatever time you can into exploring the communication capabilities of these applications, you will begin to find your comfort zone. In the process, you will multiply the number of people you are able to contact regularly, and you will find that your messages are received with a new level of credibility. You will soon be able to judge if the end result will lead to a greater level of business opportunity for you for now and in the future.

Editor’s Note: Direct Impact is working with NAR to train members across the nation to implement NAR’s Surround Sound marketing campaign.


Average Annual Change 1990-2007 = 46,600

Source: BLS, GMU Center for Regional Analysis

Employment Change by Sub-state Region (000s)

2007 2008 2009 2010 2011 2012 2013

D.C. 7.2 6.6 5.5 6.0 6.4 7.0 6.5

Sub. MD 5.8 6.5 6.0 10.7 12.5 14.3 16.4

N.VA 15.5 12.5 12.2 19.8 23.5 26.8 31.1

REGION 28.5 25.6 23.7 36.5 42.4 48.1 54.0

-6

-4

-2

0

2

4

6%

2143214321432143214321

Forecast › › › › › › › › › ›

2006 2007 2008 2009 2010 2011Source: Global Insight

U.S. Gross Domestic Product Quarterly Change: 2006—2011

If these forecasts hold, then the national economy will begin to recover this coming summer and will return to normal healthy rates of growth by spring of 2010.

What about the Washington Region’s “Recovery”? Against the environment of the national economic situation, the Washington area economy continues to expand, although much more slowly. The region is not expected to actually enter into recession. For the past four recessions going back 28 years, Washington D.C.’s Gross Regional Product did not turn negative, although the region experienced job losses in both the 1982 and 1991 recessions. For the 2007-2009 recession, the Center for Regional Analysis projects continued job growth, albeit very modest.

Recessionary effects are partially mitigated in the Washington region due to the presence of the federal government, and as of November 2008 the region was adding jobs at an annual rate of 1.0 percent per year, and its unemployment rate of 4.4 percent was the lowest among all metropolitan areas in the country, far below the national rate.

But while the effects are partially mitigated in the region as measured by broad economic indicators, there are nevertheless significant impacts being felt by many sectors of the economy – those related to housing and those more connected to national factors. The region continues to add jobs in the services sectors and in government, while losing jobs in construction, trade, financial activities and manufacturing.

Given these conditions and the data as of early 2009, it is expected

that 2009 will be the worst year since 2002 but that jobs will continue to be added and growth will be in the low 20,000s—about half the long-term average job growth in the region.

And if this forecast holds, the housing market will also begin to turn around in 2009. Prices have already stabilized in the inner parts of the region; sales have

been increasing in the outer suburbs where prices have fallen to levels that potential buyers are moving in from the sidelines and becoming buyers. As of early 2009, there is a way to go for a return to normal markets, but forces are underway that should bring market conditions closer to normal as the year unfolds. Low interest rates, lower prices in many areas, fewer housing starts, and likely actions in a federal stimulus package are all good reasons to believe that we will see a better housing market in 2009.

When in 2009 will the By John McClain, Senior Fellow, George Mason University, Center for Regional Analysis

The united States “officially” entered into recession in December of 2007, and as of

early 2009 continued even deeper into recession as measured by many national economic indicators. as 2009 begins, a new president and administration have begun to address the challenges in the national economic condition, and many hope that the federal government actions will begin to turn the economy around. The Washington metropolitan area continues to have job growth and is weathering the economic storm better than anywhere else in the country, but the effects of national economic forces are felt in the region. What can be expected in 2009 in the economy and housing market—nationally and in the region?

How Does This Recession Compare? The 2007-2009 recession is already long enough to be the worst since the 1981-82 recession, which lasted 16 months. It is possible that this recession may exceed that one. Here is a summary of key national indicators: • Housing continues to be a

drag on the economy with both new and existing home sales in a negative trend, and information on foreclosures indicating serious problems in many parts of the country.

• National job growth has dropped from an annual average of adding 2.13 million new jobs in December 2006 to a loss of 2.5 million jobs from November 2007 to November 2008.

• Both the manufacturing and business indices of the Institute of Supply Management show

significant recessionary declines as of November 2008.• Initial claims for unemployment increased to near

record levels and the unemployment rate stood at 7.2 percent in November.

• Consumer confidence measures have dropped to all-time historic lows.

• The financial crisis and the recession are the focus of Congress and the Obama Administration and measures will be implemented and are planned to address the economic situation. There is the expectation that the actions and plans, along with time for markets to improve, will result in economic recovery, in general, by later in 2009.

US Gross Domestic Product – the primary but not only item used to measure recessions – was negative in the fourth quarter of 2007, turned positive in the first two quarters of 2008 as spending was enhanced by the stimulus checks to taxpayers, and turned negative again in the third quarter of 2008. Forecasts by Global Insight are that the fourth quarter of 2008 and the first quarter of 2009 will be the bottom of the economic slide with quarterly GDP down more than 5 percent in each of those quarters. The forecast for the second quarter is a decline of another 1.8 percent before the economy turns positive in the third quarter of 2009.


market update market update


As of early 2009,

there is a way to go

for a return to normal

markets, but forces are

underway that should

bring market conditions

closer to normal as the

year unfolds.

Economic Recovery Begin?


By Michele Lerner

Pricing and Negotiating, cont. on pg 22

The back-to-basics approach embraced by Realtors® in the current market

means that agents need to focus on two key steps to reaching the settlement table: pricing and negotiating. Listing agents know that a home that is priced appropriately will sell. One that isn’t priced right won’t sell. Negotiating skills are needed more than ever to bring buyers and sellers together so that everyone feels satisfied at the transaction’s end. While many Realtors® think that the pricing presentation is where prices are set, Mark Leader, a real estate coach and owner of Mark Leader Courses, says that the pricing presentation is like the icing on the cake. The process leading up to the pricing presentation is the recipe for achieving a satisfying result. “Before the first listing appointment, successful agents need to be highly prepared with market statistics, but they should start by making small talk and wait for the home owners to bring up real estate,” says Leader. “It’s important to put the sellers’ minds at ease and describe the process so that they are more apt to talk with you.”

Leader explains that this appointment, which should include a walk-through of the house and a discussion about why the home owners want to sell, is about building a good rapport. “People won’t care what you know until they know you care,” says Leader. “So whatever price you come up with for their house doesn’t matter. They won’t listen to you until they believe in you.”

Clients May Need a Reality Check Kim Kaufhold, a Realtor® with Weichert Realtors® in Fair Oaks, says that in addition to preparing herself with market statistics, she brings sellers to see competing properties. “The numbers don’t lie, so I provide as much statistical information as possible,” says Kaufhold. “I think it’s important for the sellers to look at their competition, so they can see how a property shows in comparison to theirs. Sellers need to know that a home that is priced well and shows well will sell.” Kaufhold explains to her clients that aggressively priced homes, within the price range of recent comparable sales, are easier to sell. Dan Stone, a Realtor® with RE/MAX Allegiance in Alexandria, says that most sellers are savvy and understand the need to price their home appropriately. “A few sellers are still bull-headed, so I explain to them that the market doesn’t care what you need or want,” says Stone. “I tell them your house is only worth what a buyer will pay. Sometimes I ask them what they

think their house is worth and then I ask them if they would pay that right now. The answer is usually no.” Stone also tells his seller, “The first offer is usually the best offer, but you can always hold out for less.”

For sellers who insist on pricing their home too high, Stone sets up a feedback system that demonstrates how few showings the house is getting. He will share with sellers the reactions of potential buyers who call because they have seen the For Sale sign, and decide that they don’t want to see the property once they are told the asking price. This method should eventually encourage even the most stubborn seller to lower the price. Lisa Moffett, a Realtor® with Coldwell Banker Residential Brokerage in Vienna, says, “I educate my sellers about the market and try to get them to price the house close to recent comps or even a bit below. The idea is to price it to bring energy and excitement from the buyers – a ‘wow’ price so the place doesn’t sit on the market too long. I call it the ‘energy price’ that will generate buyers, based on the prices of other homes that have recently sold in a short time frame.” Moffett maintains that pricing for most sellers is dependent upon their

level of motivation. Eager sellers are more willing to price aggressively. “If they have owned the house for five years or longer and have some equity, they are more accepting of a lower price,” says Moffett. “I show them the estimated net amount that they will see from the sale at different prices and see if they can live with that bottom line. In this market you can’t just ‘try out’ a price. You really have to gauge the price according to what has recently sold.” Kathie Eaton, the Managing Broker of Prudential Carruthers Realtors® in Vienna, says that when presenting comps to sellers, she looks at only about three months of sales because six months is now too wide a time frame.

One-Size Pricing Presentations Do Not Fit All Leader believes that Realtors® have three options for the pricing presentation. For sellers who have already discussed an appropriate


pricing and negotiating pricing and negotiating


Keeping the Deal on an EvEn KEEl

Striking the right Balance for Pricing and negotiating

“People won’t care

what you know

until they know you

care,” says Leader.

“So whatever price

you come up with for

their house doesn’t

matter. They won’t

listen to you until

they believe in you.”


Pricing and Negotiating, cont. from pg 21

price for their home, agents simply need to use the “Net Only” presentation to go over the market research and present the net sheet that will estimate their profit. If the sellers want to price their home a little high, Leader recommends the “CMA [Comparable Market Analysis] Adjuster Technique.” “In this case, you would need to go over your research and make some minor adjustments to the price and then show them the net sheet at that price,” says Leader. A more complicated technique, which Leader calls the “Fact or Fiction Technique,” is necessary when the sellers opt for an extremely high price. “In this scenario, the Realtor® will need to ask the sellers for permission to explain the problem, and give the reasons for the market evaluation, telling the sellers he tried hard to substantiate their price and just couldn’t,” says Leader. “At this point, the Realtor® asks, ‘Should I tell you what you want to hear and leave it at that or should I level with you and risk losing this listing?’ If the sellers say they want to hear the truth, then the Realtor® should pull out the CMA and go over every detail.” Leader says that at this point the Realtor® should ask the sellers what they think the price should be. Most sellers will want the Realtor® to make a suggestion.Leader states that homes have three prices: market value,

an investor’s price and the right price. “The right price will be somewhere in between the market value, which is based on what someone will pay who wants the house for life reasons such as a good school or transportation; and the investor’s price, which is what someone would pay to turn it over for a good profit,” says Leader. “Pricing a home at the right price means it will sell in a reasonable amount of time.”

The Art of the Offer Setting the price is the first move made by the sellers in the negotiating process. “Most sellers are now pricing their homes right so there just isn’t as much room for negotiating as

buyers might expect,” says Eaton. “A lot of buyers are looking for the deal of the century, and they don’t recognize that they have to make a reasonable offer.” Eaton says that Realtors® need to educate buyers about the market and about what is a realistic offer. She says that sometimes buyers must lose two or three contracts before they realize that they cannot make a lowball offer. Leader says that there are only two reasons why someone would choose to make an unfairly low offer: either they don’t believe the house is worth the asking price or they just want to get the property for less than what it’s worth. “Realtors® need to show the buyers the comps so they understand what the house is

worth, and then ‘reduce to the ridiculous’ the difference between what they want to offer versus what they should offer. For example, a $20,000 difference in price comes to $800 a year, or $68 per month, $17 a week or $2 a day.” Leader also recommends that agents “build value” in the minds of buyers, discussing with them the reasons they picked one house over another and asking if it is worth spending $2 more per day to get the house they want versus another one that may not meet their needs. “If the buyers still won’t make a reasonable offer, then the agent can ask them what else they might be able to give back to the seller so that the seller is more willing to negotiate,” says Leader. “A negotiation brings two people together. Anything less than that is counter intuitive.” Leader says that buyer agents need to understand that their role is not only to get the buyers the best deal, but also to bring buyers and sellers together to sell the house. “Realtors® need to be really knowledgeable about the market so they can say to buyers ‘this house is priced really well,’ ” says Moffett. “There’s a tipping point on price when something is so well-priced that you don’t want the buyer to offer too little. You need to look at the selling price versus the list price in neighborhoods to really know where the value is.”

It May Take a Village to Sell a House When Stone represents buyers, he contacts the listing agent to ask about whether there are competing offers. Even in this market, he finds that when a home is the best buy in a particular price range, other buyers have also found it. “Even if there’s no competition or the home is a short sale or a foreclosure, I still tell my buyers to make a good offer if they really want the house,” says Stone. Kaufhold says that in order to get to the

settlement table agents need to work together to negotiate a deal that is best for both the buyer and the seller. “It’s important to build relationships to make sure everyone feels they get a fair deal,” says Kaufhold. “I try to meet with the other agent over coffee and make myself available to the buyers if they want to get into the house. It’s important to understand where the sellers are coming from personally and financially and to know what they paid and what they spent on upgrades. It’s nice to make the connection between the buyers and sellers on how they will live in the house, talking about things like the

kids playing in the family room at different times of day.” Kaufhold sometimes holds an open house or a wine and cheese reception for the neighbors when she lists a home and asks the neighbors for their contact information and if they might be willing to talk with prospective buyers. She arranges tours of the schools for buyers, too. All of these activities are meant to build the relationships between the buyers and sellers and agents to make for smoother negotiations. “When I’m working with buyers I try to make sure they understand that they are buying a home and a neighborhood,” says Kaufhold. “Some buyers are still stubborn about price but it depends on whether they are testing the waters or they really love the house.” When presenting an offer, Kaufhold always takes the time to give full information to the other agent as to how the buyers came up with the offer. She says it is vital for agents not to get emotional with each other, which is easier when the offer is reasonable. Now that buyers have the upper hand in the market, some Realtors® have dropped the idea of including a cover letter with an offer that describes why the buyers love the home, but Kaufhold continues to encourage her buyers to do this as a way of establishing an emotional connection between the two sides. “There’s a lot of emotion on both sides of the transaction, so Realtors® need to really build their listening skills, their empathy, compassion and understanding and be patient,” says Moffett. “They need these skills to work with clients and they also need to be professional and courteous with other agents.” Working cooperatively, agents can achieve good results for their clients in even the toughest of markets. Preparation, patience and persuasiveness will pave the way for agents no matter which side they are representing.


pricing and negotiating pricing and negotiating


“There’s a lot of

emotion on both

sides of the

transaction, so

Realtors® need to

really build their

listening skills, their

empathy, compassion

and understanding

and be patient. They

need these skills to

work with clients

and they also need

to be professional

and courteous with

other agents.”

— Lisa Moffett



technology corner technology corner


Soup Up Your SoftwareWithout Breaking the Bank

One of my passions is finding ways to maximize my computing abilities, without

dispensing large amounts of cash. One effective way to accomplish this is by finding either Freeware or Shareware programs that provide the same capabilities as their more expensive counterparts, without making you say ‘Ouch’ when you purchase it.

Introducing Freeware and Shareware. They refer to software programs that are either privately created by a company or individual, or publicly created through an open-source relationship among several designers. As their names might suggest, Freeware is obtainable at no cost and Shareware is usually available at minimal cost.

For almost any mainstream software that you can purchase at your local computer store, there is a Freeware or Shareware version that is comparable. In a time when we are all searching to maximize our spending power, exploring these alternative options makes good business sense.

Below is a list of Freeware programs categorized by use.

BASIC OFFICE WORk♦ OpenOffice (a.k.a. NeoOffice) - openoffice.org Say goodbye to Microsoft Office and hello to OpenOffice. This open-source program has been through a multitude of software updates and virtually rivals MS Office in its functionality. Mac users have two options: NeoOffice or OpenOffice.

♦ CutePDF™ Writer- cutepdf.comThis little program is a powerhouse for users who simply want to take a document or chart and make it into a PDF for clients. Have a new listing presentation that you would like to email to out-of-town clients? No problem, simply create it in Word (or OpenOffice documents)

and then create a PDF from that file. NVAR has several staff members who use this program because of its easy navigation and low-cost. Alternatively, if you visit acrobat.com, Adobe has created a free, online interface that allows you to create PDF’s and store them online.

♦ IZarc - filehippo.com, search for IZarc in the ‘Search’ field

Why pay money for a program that “zips” files together, when you can do it for free? Its simple, intuitive interface will be a pleasure to use. Zipping a file creates a compressed version of the file that is considerably smaller than the original file. The zipped version of the file has a .zip file extension and is easier to email since it is condensed.

PHOTO & IMAGE EDITINGAdobe Photoshop is considered the industry-standard program for design professionals to edit and manipulate photographs. As a Realtor® you take photos of your listings for clients, and perhaps you would like to clean up an image before loading it into MRIS®. These programs provide a variety of options to help you do that without being overly technical or complicated.

♦ The Gimp (GNU Image Manipulation) - gimp.orgDespite its strange name this program delivers a powerful result with an expansive list of loyal followers among the tech community. The interface is similar to Adobe® Photoshop® and has an online community of users who offer support (gimpusers.com).

♦ Paint.NET - getpaint.netSimilar to its counterpart above, Paint.NET features much of the same functionality but its roots began at a university in the state of Washington with some Microsoft mentorship. Definitely worth checking out!

♦ InkScape - inkscape.orgUnlike Gimp or Paint.NET, this program does more than just edit or manipulate images. It can create

vector-based images using an extremely streamlined interface. Functionally, it compares to Adobe® Illustrator or CorelDraw. Vector images are most often used when creating logos or designing print materials.

COMPUTER MAINTENANCE AND PROTECTIONYour computer is not only an investment, it is also how we all transact business. To protect this investment and maintain its longevity, there are programs available to help you. It is impossible for any software program to guarantee that you remain virus-free or spyware-free, but good maintenance and prudent Web-surfing go a long way.

♦ AVAST!® AntiVirus - avast.comI used this software successfully for many years until I switched to a Mac at home. Once established, it can regularly update itself, scan your system during the night, and provide real-time email protection.

♦ AVG - avg.comThis is a program that requires a bit more interaction with a user because it learns from how you interact with your computer. As an example, once installed it will question whether you meant to open certain programs or files (the first time only) in an effort to learn which files or processes are considered safe. This can be helpful when you open a Web site that causes pop-up windows or executable elements. AVG will stop the process from occurring, provide a screen with information about the incident, and request your permission to allow it to continue. AVG will “learn” your preferences and make educated decisions based upon your previous responses.

♦ CCleaner - ccleaner.comWhile you surf the internet, your computer amasses temporary files and cookies, which are small text files that store specific information about the Web sites you visit, authentication information (such as a User name or Password), or your online preferences. These files build up over time, occupying valuable hard drive space and contributing to a gradual slowdown in performance. CCleaner allows the user to clean up these files or folders.

♦ Spybot Search & Destroy©® - safer-networking.org/en/home/index.html

No matter how careful we are, there will always be hackers who look for ways to harm our computers. Your best bet to counteract or prevent damage is vigilance! Spybot S&D allows you to schedule regular ‘sweeps’ of your system, maintains an update of programs to monitor, and serves as an excellent line-of-defense against even the peskiest Spyware.

by Ainsley S. McDougal, Online Communications Manager

Disclaimer: NVAR makes no representations, warranties or guarantees as to, and disclaims all responsibility for and regarding the use of any of the programs discussed above, their security or performance, nor do we provide troubleshooting/repair service if you should experience complications. You should perform the appropriate diligence in determining each program’s compatibility with your own computer. Take proper precautions to avoid data or productivity loss in the event of a problem with either the program itself or its installation process.


PrinciPles of real estate course Do you know someone who is ready to begin a career in real estate, but doesn’t know where to start? The 60-hour Principles of Real Estate course developed by

experienced real estate agents goes beyond the basic Virginia license requirements and truly prepares the student for the next stage with career path opportunities and exclusive access to industry leaders. Day and evening courses are available. seats are limited and will fill fast! the next session will be sat., march 7.

PrinciPles exam PreP course Do you want to get additional training before taking the PSI Exam? Then our one-day comprehensive review course is for you! Taught by an experienced instructor, this course gives you the knowledge you need to pass the state exam. Our next session will be on fri., march 13.

abr: accredited buyer rePresentative ABR is geared toward agents who want to enhance their buyer representation skills and provide proof to prospective

buyer-clients of their proficiency at servicing the needs of special buyers. This two-day course takes place on mon., march 9, and tues., march 10 from 9 a.m. to 5 p.m. at the NVAR Alexandria Service Center. This course is the first step in becoming an ABR candidate. An eight-hour elective course, E-Buyer, is also required. Cost for NVAR members is $325; cost for non-members is $345.

Gri 408: tax & investment strateGies for real estate This one-day course covers capital gains, tax-free exchanges and special techniques necessary to be successful in buying and selling

investment real estate. It takes place on thurs., march 5 at the nvar alexandria Center from 8 a.m. to 4 p.m. Cost for members is $90; cost for non-members is $140.

the Green desiGnation This two-day course gives students a broad understanding of green

real estate principles – from the concepts of sustainability, New Urbanism, and smart growth to the application of industry ratings and evaluation standards in real estate. As a practical resource, this course will show real estate professionals how to explain to consumers what makes a home, building, or property green, how to list and market green properties while fulfilling one’s legal and professional obligations, and how to implement green practices on the road and in the office. This two-day course takes place on thurs., april 2, and fri., april 3, from 8:30 a.m. to 5 p.m. at nvar fairfax Headquarters. This course is the first step in earning the Green Designation. An eight-hour Elective course is also required. Fee: $299. For more information visit rebac.net

Designations & Specialty Courses Now OfferedTo register for a course listed, visit realtorschool.com


case interpretations designations


issue: registration of UrL similar to name of subsequently–established firm Realtor® Z was the technology–savvy partner in the XYZ residential real estate firm in the north woods. She was also a former advertising executive who was constantly looking at new and innovative ways to position and market the XYZ firm. While her partners had consistently resisted her suggestions to change the firm’s name to better reflect the locale they served, Realtor® Z had, with their concurrence, registered a number of domain names based on firm names she had to date been unable to convince her partners to adopt. She felt this was a wise strategy since it was only a matter of time until she would convince her partners that a name change was beneficial. Among the domain names registered were Northwoodsrealestate.com, woodsandlakesrealty.com, and upnorthrealestate.com. None of those names were, to the best of Realtor® Z’s knowledge, similar to the names of other area real estate brokerage companies. Approximately a year later Sales Associate B received his broker’s license, left the XYZ firm, and opened his own brokerage firm which he named Up North Real Estate. When he attempted to register the domain name “upnorthrealestate.com” he learned it had already been registered by Realtor® Z. Upset with this turn of events, he filed an ethics complaint with the local association of Realtors® charging Realtor® Z and her partners with having violated Article 12 of the Code of Ethics, as interpreted by Standard of Practice 12-12. At the hearing, Realtor® Z defended her actions in registering the domain name “upnorthrealestate.com” on the grounds she had been actively lobbying her partners to change the firm’s name to Up North Real Estate; that she had no intention of using the domain name “Upnorthrealestate.com” until the firm’s name was changed and that at the time she had registered the domain name no other firm that she was aware of had a similar, let alone identical, name. Moreover, she argued, a domain name does not have to mirror a firm’s name, it merely has to present a “true picture.” “The XYZ firm has listed and sold residential property in the north woods for many years. ‘Up north’ is traditionally used by residents and visitors to refer to our area,” she continued. “While I hoped to convince my

partners to change the name of our firm to ‘Up North Real Estate’ at some point, if the XYZ firm had used the domain name – which we haven’t – it still would have satisfied Article 12’s true picture requirement since it refers to a particular geographic locale, not to a competing real estate company.” The hearing panel agreed with Realtor® Z’s reasoning, concluding that at the time Realtor® Z registered the domain name “upnorthrealestate.com,” it was not similar to the name of any other area real estate company. The panel also noted that if it had been used, the domain name would have satisfied Article 12’s true picture requirement since it would have simply suggested to consumers that it was a source of property information in that geographic area. issue: registration of domain names based on competitors’ firms’ names Realtor® X was the principal broker of a small but growing real estate brokerage firm. Realtor® X was constantly on the lookout for new and innovative ways to distinguish her firm from the competition and to increase its market share. Rather than simply relying on tried and true methods, Realtor® X sought and often followed the advice of education, marketing and technology consultants. Based on the advice of her technology expert, Realtor® X created and registered domain names for her firm, for the licensees affiliated with her, and for herself. A somewhat more troubling recommendation was that she register domain names mirroring the names of the real estate brokerage firms in her area with the largest market shares. When she questioned the consultant, he responded “there’s no reason why not. Everyone does it. It’s just competition – and aggressive marketing.” When Realtor® A tried to register a domain name for his firm ABC, Realtors®, he learned that domain name had already been registered by Realtor® X. Doing further research, he learned the names of several other large companies in the area had also been registered as domain names by Realtor® X. Realtor® A filed an ethics complaint with the local association of Realtors® charging Realtor® X with violating Article 12 of the Code of Ethics as interpreted by Standard of Practice 12-12.

Case interPretations for stanDarD of PraCtiCe 12-12The following four Case Interpretations relate to Standard of Practice 12-12, and were approved by the

NAR Professional Standards Committee during the 2008 Realtors® Conference and Expo.

The Professional Standards Committee of the National Association of Realtors® has developed interpretations of the Code of Ethics to help Realtors® understand the ethical obligations created by the Code of Ethics. The case interpretations are intended to present hypothetical complaints involving allegations of unethical conduct by a Realtor®. Each case interpretation

reviews the facts presented by the parties and provides a rationale for the decision that is intended to show how the Code may be applied in the real world. However, our ethics system does not recognize the legal concept of stare decisis, these case interpretations do not represent binding precedent, and each “real life” complaint is determined on a case by case basis.

Case Interpretation, cont. on pg 30

Earn the Green Designation!

April 2 & 3, 2009Herndon Center

Register Today at:realtorschool.com

The mark of a 21st Century Realtor®.



education calendar


agents need to know

Fed announces Plan to Reduce Foreclosures The Federal Reserve will take aggressive action to renegotiate mortgages that are likely to enter foreclosure, Fed Chair Ben Bernanke said in a letter to Congress on January 27. Under the program, which only affects mortgages owned by the Fed, the central bank will be able to reduce what a home owner owes on a mortgage, lower the interest rate, lengthen the term on the loan, or take other steps that might persuade home owners to keep paying. Borrowers will deal directly with their mortgage servicer. The Fed says that the mortgages most likely to be affected are those with loan balances that are more than 125 percent of estimated value of the property. “It’s a step beyond what FDIC is doing with its own portfolio,” said mortgage expert Alan White, an assistant professor at Valparaiso University School of Law. “Principal write-downs are still the critical issue” in keeping borrowers in their homes.

Source: Washington Post, Neil Irwin and Renae Merle (01/28/2009)

Nar Launches $5 million Grant Program for Workforce Housing In today’s challenging economy, the National Association of Realtors® is taking action to make workforce housing more available. Through the Ira Gribin Workforce Housing Grants, NAR will award as much as $5.23 million to state Realtor® associations or their housing foundations to support workforce housing initiatives in their states. One-time grants will be awarded on a sliding scale to state Realtor® programs that promote safe, decent housing for people with low and moderate incomes who cannot afford to live in the communities where they work. The grants are named in honor of Ira Gribin, a former NAR president who was a tireless advocate for fair and affordable housing for diverse populations. “Realtors® build communities and know that today’s tight economy and continuing mortgage crisis are making it even more challenging for working families to purchase and keep their homes,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “The Ira Gribin Workforce Housing Grants honor the memory of one of NAR’s great leaders, and furthers our commitment of increasing affordable housing opportunities available to a broad range of working families to help them achieve their dreams of owning a home.”

Source: realtor.org

CONTINUING EDUCATIONnvar fairfax headquarters

DATE COURSE TIME

3/3 16 hr CED - Evening (part 1A) 6 - 9:30 p.m.

3/4 Broker CE Part II - Brokerage Risk and Liability 8:45 a.m. - 12:25 p.m.

3/4 Broker CE Part I - Profitable Agents and Offices 1 - 4:45 p.m.

3/5 16 hr CED - Evening (part 1B) 6 - 9:30 p.m.

3/9 CED: Finance 8:45 a.m. - 12:25 p.m.

3/9CED: Foreclosures and the Instruments of Real Estate Finance

1 - 4:45 p.m.

3/10 CED: 8 hr Mandated Course 8:45 a.m. - 4:45 p.m.

3/17 16 hr CED - Evening (part 2A) 6 - 9:30 p.m.

3/19 16 hr CED - Evening (part 2B) 6 - 9:30 p.m.

3/31 CED: The New Rules of Real Estate Finance 1 - 4:45 p.m.

herndon

DATE COURSE TIME

3/11 Limited Service Agency Course 1 - 3 p.m.

3/14 16 hr CED - Day 1 8:45 a.m. - 4:45 p.m.

3/21 16 hr CED - Day 2 8:45 a.m. - 4:45 p.m.

alexandria

DATE COURSE TIME

3/18 Limited Service Agency Course 10 a.m. - noon

3/24 Broker CE Part II - Brokerage Risk and Liability 8:45 a.m. - 12:25 p.m.

3/24 Broker CE Part I - Profitable Agents and Offices 1 - 4:45 p.m.

3/26 CED: 8 hr Mandated Course 8:45 a.m. - 4:45 p.m.

3/27 CED: Real Estate Investments & Tax Strategies 8:45 a.m. - 4:45 p.m.

DC CONTINUING EDUCATIONalexandria

DATE COURSE TIME

3/17 6 hr DC License Prep Course 9 a.m. - 4:15 p.m.

POST LICENSINGherndon

DATE COURSE TIME

3/7 Post Licensing (Day 5) - Contracts 9 a.m. - noon

3/28 New Member Orientation 9 a.m. - 1 p.m.

alexandria

DATE COURSE TIME

3/2 Post Licensing (Day 1) - Agency & Ethics 9 a.m. - 4 p.m.

3/9 Post Licensing (Day 2) - Fair Housing & Real Estate Law 9 a.m. - 4 p.m.

3/13 New Member Orientation 9 a.m. - 1 p.m.

3/16 Post Licensing (Day 3) - Listing Process & Selling Process 8:45 a.m. - 4:45 p.m.

3/23 Post Licensing (Day 4) - Business Planning, Finance, Technology 9 a.m. - 5 p.m.

3/30 Post Licensing (Day 5) - Contracts 9 a.m. - noon

For Class Descriptions: realtorschool.com

FEATURED OFFERINGS nvar fairfax headquarters

DATE COURSE TIME

3/5 Broker Finance - Day 2 9 a.m. - 5 p.m.





herndon DATE COURSE TIME

3/3 RRG: Negotiating the Courts 9 a.m. - 4 p.m.

3/25 RRG: Negotiations 9 a.m. - 4 p.m.

alexandria DATE COURSE TIME

3/5 GRI 408 - Tax & Investment Strategies for Real Estate 8 a.m. - 4 p.m.

3/9 ABR - Day 1 8:30 a.m. - 5 p.m.

3/10 ABR - Day 2 8:30 a.m. - 5 p.m.

3/11 RRG: Conquering Contracts I 9 a.m. - 4 p.m.

3/12 e-Buyer 9 a.m. - 5 p.m.

3/16 RRG: Conquering Contracts II 9 a.m. - 4 p.m.

3/18 RRG: Conquering Contracts III 9 a.m. - 4 p.m.

PRINCIPLES OF REAL ESTATEnvar fairfax headquarters

DATE COURSE TIME

3/7-5/2 Principles of Real Estate: Saturdays (9 sessions) 9 a.m. - 5 p.m.

3/13 Principles Exam Prep Course 9 a.m. - 4:30 p.m.

5/30 Principles Exam Prep Course 9 a.m. - 4:30 p.m.

6/1-7/15Principles of Real Estate: Evenings (14 sessions - Mondays & Wednesdays only)

6 - 10 p.m.

Class Schedules

Bank of America and NVAR are proud to bring you the best in continuing education!



case interpretation

At the hearing, Realtor® X defended her actions noting that Article 12 requires Realtors® to “present a true picture in their advertising, marketing, and other representations.” She pointed out that she had never used the registered domain name mirroring the name of Realtor® A’s firm, or those based on the names of other local firms. Since she had not used the domain names, she couldn’t see how she had violated Article 12. The hearing panel did not agree with Realtor® X’s reasoning. The panel based its decision that Realtor® X had violated Article 12 on the wording of Standard of Practice 12-12 which bars Realtors® from registering URLs or domain names which, if used, would present less than a true picture. The panel also noted that the very act of registering a URL or domain name which, if used, would present an untrue picture is all that is required to violate Article 12, as interpreted by Standard of Practice 12-12. issue: registration of domain names based on sales associate’s name where sales associate subsequently leaves the firm Realtor® P was the current broker-owner of the real estate brokerage firm founded by her grandmother. Always on the lookout for ways to attract top sales associates, Realtor® P offered comprehensive training and benefits, including state of the art technology tools, individual Web sites, and personalized domain names for each sales associate. Sales Associate Q had enjoyed a long and productive relationship with Realtor® P’s firm but, having gained considerable experience and a broad client base, decided the time had come to start his own firm. The parting was amicable except for one thing – Sales Associate Q’s domain name which, under the terms of his independent contractor agreement, remained the property of the firm. Attempts to negotiate a release of the domain name proved unsuccessful and, with no alternative available, Sales Associate Q filed an ethics complaint against Realtor® P, alleging violation of Article 12 as interpreted by Standard of Practice 12-12. Sales Associate Q’s complaint noted that the domain name included Q’s first and last names and that any future use by Realtor® P, now that Q was no longer a member of her firm, would present something less than the true picture required by Article 12. At the hearing, Realtor® P defended refusal to release the domain name on the grounds that at the time she had registered it, Sales Associate Q had, in fact, been a member of her firm, and that use of the domain name by a member of her firm had presented a true picture. Circumstances change, she noted, adding that at the time she had registered the domain name on behalf of both her firm and Sales Associate Q, her actions had been consistent with Article 12 as interpreted by Standard of Practice 12-12. “The fact that Sales Associate Q decided to start his own firm shouldn’t result in me being found in

violation of the Code of Ethics,” she concluded. The hearing panel concluded that Realtor® P was not in violation of Article 12 as interpreted by Standard of Practice 12-12 because her registration of a domain name that used Sales Associate Q’s name occurred with the knowledge and consent of Sales Associate Q; at the time of registration, use by Realtor® P’s firm satisfied Article 12’s true picture requirement; and that Realtor® P had ceased any use of the domain name at the time Sales Associate Q left the firm. The decision also noted that while the Code of Ethics did not require Realtor® P to transfer the domain name to Sales Associate Q, domain name registrations must be renewed periodically and that a future renewal of the domain name by Realtor® P would violate Article 12 if that domain name does not reflect a true picture at the time of renewal. issue: intentionally misspelled domain names based on names of competitors’ firms Realtor® V was the sole proprietor of a property management firm. Realtor® V hoped to expand into residential brokerage and concluded that attracting buyers and sellers to his Web site would enhance the growth of his firm’s brokerage activity. Realtor® V sought the advice of several Web site developers, each of whom had suggestions on how best to attract and hold visitors. One suggestion Realtor® V found particularly interesting was to create domain names similar, but not identical, to the names of established brokerage firms in the area. Realtor® V registered and began to use domain names that, while similar to the names of the five largest residential brokerage firms in the area, were each spelled slightly differently than those firms’ actual names. In short order, complaints were filed against Realtor® V by Realtors® from each of the five largest firms. The grievance committee concluded the complaints were related and consolidated them for consideration at one ethics hearing. At the hearing, Realtor® V acknowledged that Article 12 requires Realtors® to be “honest and truthful in their real estate communications” and that Realtors® must “present a true picture in their advertising, marketing and other representations.” “If I had used the actual names of any of these firms in my domain names, that would have been a misrepresentation,” continued Realtor® V, “but when I changed spellings, I constructively created meaningless domain names which aren’t deceptive since they don’t reflect the name of any actual real estate firm.” The hearing panel did not agree with Realtor® V’s defense, finding that each of the “slightly misspelled” domain names were so similar to the names of Realtor® V’s competitors that reasonable consumers would readily conclude they would lead consumers to those firms’ respective Web sites. As Realtor® V’s “misspelled” domain names would mislead reasonable consumers, Realtor® V was found in violation of Article 12, as interpreted by Standard of Practice 12-12.

Case Interpretation, cont. from pg 26

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welcome to the winchester Homes agent network!



sentrilock sentrilock


PLAy By THE RULES: ABIDE BY THE RULES AND REGULATIONS TO AVOID THESE SENTRILOCK FINES AND PENALTIESIn the event that a Professional Standards Hearing Panel determines that a member is in violation of the Rules and Regulations, the following sanctions may be imposed against the member:

first offense: The Holder will be assessed a fine of no more than $1,000. If the fine is not paid within 10 days after the receipt of the final action, the Association will de-activate the Holder’s SentriCard® until the fine is received. Upon receipt of the fine, the Association will re-activate the Holder’s SentriCard.

second offense: The Holder will be assessed a fine of no more than $5,000 and will receive a 30-day deactivation of his/her SentriCard® privileges. If after 30 days following the deactivation date of the SentriCard®, the Holder has not paid the fine, the Holder’s SentriCard® will remain deactivated until the fine is paid.

third offense: The Association shall permanently terminate SentriCard® system subscription.

additional: All regional participating associations will be notified of all violations.

Recently NVAR members converted their Supra lockboxes to SentriLock Lockboxes and received a SentriCard®. Members are required to abide by the SentriLock Rules and Regulations, some of which are summarized below. For the complete rules and regulations, please visit nvar.com. All members are required to abide by the entire set of SentriLock rules, and the following are just some of them.

1. Lockbox: NVAR will sell lockboxes to members and maintain an inventory by serial code.

2. License to Use: Members will be granted a personal, revocable, non-exclusive and non-transferable license to use the SentriCard® and lockbox while acting as a real estate agent or appraiser.

3. Purpose: The SentriCard® should be used only for the purpose of gaining authorized entry into real property on which a SentriLock Lockbox has been installed pursuant to an agreement with the owner(s) of such real property, and solely for the purpose of facilitating the sale or lease of real property.

4. revocation/refusal of License: Revocation or refusal of the SentriCard® will occur immediately if a member is found in violation of the terms and conditions set forth in the SentriLock Rules and Regulations and in certain other situations as described therein, including termination of affiliation with NVAR, or engaging in specified criminal activities.

5. security of sentriCard® and Property Key: Upon execution of the SentriLock User Agreement,

members acknowledge that they must maintain security of the SentriCard® and the property key to prevent use by unauthorized persons.

6. Lost or stolen sentriCard®: In the event a SentriCard® is lost, stolen, or otherwise unaccounted for, the member shall notify NVAR within 48 hours, by telephone and in writing. The member shall promptly report any such theft to the appropriate law enforcement agency and the SentriCard® will immediately be deactivated.

7. audit/inspection: NVAR reserves the right to conduct an audit of all SentriCards® at its discretion.

8. failure to Comply and violation: Any failure to comply with any of the terms of the SentriLock Rules and Regulations or of the User Agreement or the Bylaws, Rules and Regulations and polices of NVAR shall constitute an event of default.

9. fines and Penalties: In the event a complaint is forwarded to a Professional Standards Hearing and the Hearing Panel determines that a member is in violation of any Article of the Rules and Regulations, sanctions may be imposed against the member.

10. Designated realtors® and Holder’s responsibilities: For as long as a member has an activated SentriCard®, the Designated Realtor® shall maintain supervisory authority. The member shall be actively engaged in the real estate profession as defined by the National Association of Realtors®.

11. requirement of identification: Should a member need to obtain his or her PIN number, NVAR shall

require him or her

to appear personally at the Association’s office or produce appropriate identification as identified in the User Agreement.

12. action to enforce: Any action for the enforcement of the SentriLock Rules and Regulations or of the User Agreement may be made in the name of the member’s Association, in any court holding jurisdiction over the geographic location of the Association’s business address, and shall include payment of collection fees and attorney’s fees.

13. authorization: Prior to installing or using the lockbox on any property, written authorization shall be secured from the owner of such property.

14. Costs and fees: Each association shall assess an annual fee to be charged each year. Each association shall develop and maintain its own fee schedule. Each association also shall develop and maintain a price schedule for new and used products.

15. repurchase/resale of Lockboxes: Lockboxes may be sold or transferred between cardholders, subject to the terms of the SentriLock Rules and Regulations.

16. termination of the User agreement: Upon written notice to NVAR, the User Agreement may be terminated at any time. Reporting of a

SentriCard® lost, stolen, or otherwise unaccounted for shall not be construed as Notice of Termination. Upon termination, all equipment shall be returned to NVAR.

17. Proper Use of sentrilock system: SentriCards® and lockboxes must be used in the manner set forth in the SentriLock Rule and Regulations,

including hours of operation, use of codes and MLS requirements.

18. allocation of sentriCards®: The Association will not issue more than one SentriCard® per holder.

19. various fees: NVAR reserves the right to invoke a variety of fees and/or price schedules and may, at its discretion, alter these fees and prices. These may include: hardware costs,

maintenance fees, warranty fees, administrative fees, late fees and reactivation fees.

20. miscellaneous: If any provision of the SentriLock User Agreement or Rules and Regulations shall be held to be invalid, illegal, or unenforceable, such holdings shall not affect the validity, legality or enforceability of the remaining provisions.

SentriLock Rules and Regulations

for NVAR Members

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quiz 4th quarter rental statistics

NVAR ReAltoR® UPDATE MARch 2009 3534 MARch 2009 NVAR ReAltoR® UPDATE

Are you A Successful Negotiator?Take ThIS QuIz TO FIND OuT

To succeed in real estate, you must master the art of negotiation. Your ability to handle

emotional clients, present solid counteroffers, and overcome objections will set you apart from your competitors. Take this quiz to see how your negotiating skills measure up.

1. The best way to handle an emotional client during a negotiation is to:

A. Get out of the way and let the emotions run their course

B. Use the emotional outburst as a negotiating tool to get the other side to make a concession

C. Forcefully tell the seller to get control D. Speak calmly to the client and nod in agreement

until the client regains control

2. According to psychologist Abraham Maslow’s Hierarchy of Needs, the highest need of individuals is:

A. Security B. Affiliation C. Self-actualization D. Esteem

3. In presenting a counteroffer to buyers, you should:

A. Tell them that this is as low as the sellers will go B. Focus on points of agreement between the parties C. Create urgency by reminding buyers that other

people may be viewing the house D. All of the above

4. If a negotiation seems to be hitting an impasse, you could:

A. Reiterate areas of agreement B. Break the area of disagreement into components

and get agreement on one part at a time C. Remind the parties what they have to lose if the

deal is not consummated D. All of the above

5. The best way to overcome buyers’ objection is to: A. Clarify the true source of the objection by asking

“why” B. Just ignore the objection and keep talking C. Overwhelm them with statistics to prove to them

they are wrong D. Agree with their concerns

6 . When presenting an offer, you should: A. Summarize the main points to the sellers over the

phone first so they have longer to think about it B. Summarize the main points of the offer — price and

down payment — before presenting every part of the offer

C. Focus only on the gross sale price the sellers will receive

D. Avoid considering any negatives about the offer before the presentation

7 . The best way to handle multiple offers is to: A. Hold all offers for a week in the hopes of getting a

better price B. Make counteroffers to all buyers and tell them that

whoever responds fastest can buy the house C. Consider offers in the order that they were received

and registered with the broker D. Keep all the buyers guessing so they won’t

withdraw their offers

8 . When presenting a counteroffer to buyers, you should:

A. Begin by telling buyers that this is the sellers’ final offer

B. Hint to buyers that the sellers might accept a lower price than that in the counteroffer

C. Focus on the points of agreement between the initial offer and the counteroffer

D. Call the buyers to let them know what the counteroffer is

For a complete explanation of answers, visit realtor.org/realtormag and click on “Take a Quiz.”

Answers: 1- d; 2 - c; 3 – b; 4 – d; 5 – a; 6 – b; 7 – c; 8 – c

Q4 2008Q4 2007

List

Rent

Price Q4 2008Q4 2007

List

Rent

VolumeALEXANDRIA

Q4 2008Q4 2007

List

Rent

Price Q4 2008Q4 2007

List

Rent

VolumeARLINGTON

Q4 2008Q4 2007

List

Rent

Price Q4 2008Q4 2007

List

Rent

VolumeFAIRFAX CITY

Q4 2008Q4 2007

List

Rent

Price Q4 2008Q4 2007

List

Rent

VolumeFAIRFAX COUNTY

$1,890

$1,906

$1,808

$1,983

276

277

128

307

$2,077

$1,985

$2,103

$2,329

268

313

137

375

Q4 2008Q4 2007

List

Rent

Price Q4 2008Q4 2007

List

Rent

VolumeFALLS CHURCH

$1,985

$1,870

$1,821

$2,102

12

11

6

16

$1,544

$1,896

$1,664

$2,020

31

18

14

37

$1,903

$1,922

$1,889

$2,064

1,673

1,622

763

1,762


january 09 statistics


Brought to you by:

NORTHERN VIRGINIA

ARLINGTON

FAIRFAx COUNTy

ALExANDRIA

JANUARyOverall average Sale Price for January 2008: $486,060Overall average Sale Price for January 2009: $376,669 (-22.51%)

Total Number of New Listings for January 2008: 2,894Total Number of New Listings for January 2009: 2,236

OverallCondoAttachedDetatched

20092008PRICES

$1,0

30,2

50

$644

,978

$534

,086

$565

,811

$311

,258

$280

,810

$488

,556

$396

,711


20092008PRICES

$615

,443

$474

,905

$383

,648

$295

,530

$282

,899

$203

,004

$472

,016

$360

,721


20092008PRICES

$721

,650

$651

,442

$486

,020

$472

,588

$504

,360

$350

,176

$561

,535

$466

,478


20092008PRICES

$623

,506

$492

,894

$436

,131

$324

,359

$342

,261

$253

,445

$486

,060

$376

,669

Sales Lists2008 2009 change 2008 2009 change

Detached 299 420 40.47% 4,128 3,703 -10.30%

attached 201 316 57.21% 2,418 1,781 -26.34%

Condo 216 262 21.30% 2,391 2,061 -13.80%

overall 716 998 39.39% 8,937 7,545 -15.58%


Detached 26 37 42.31% 327 347 6.12%

attached 15 22 46.67% 90 90 0.00%

Condo 53 60 13.21% 442 438 -0.90%

overall 94 119 26.60% 859 875 1.86%


Detached 259 365 40.93% 3,554 3,118 -12.27%

attached 155 274 76.77% 2,083 1,462 -29.81%

Condo 124 151 21.77% 1,438 1,191 -17.18%

overall 538 790 46.84% 7,075 5,771 -18.43%


Detached 10 9 -10.00% 113 120 6.19%

attached 29 19 -34.48% 222 202 -9.01%

Condo 38 47 23.68% 449 379 -15.59%

overall 77 75 -2.60% 784 701 -10.59%

Whether you need title insurance premiums or County and Statetransfer taxes calculated, a preliminary settlement statement,directions to any of our 50 offices throughout Northern Virginia,Maryland, Washington, DC, Delaware and Pennsylvania, or a copyof our acclaimed Homebuyer’sGuide, available in English orSpanish—it’s all here.

Visit the unique

2007

American

Business

Ethics Award

Nominee

RGS Website Ad:RGS Website Ad 8/28/08 12:08 PM Page 1



appraiser & affiliate directory appraiser & affiliate directory


Gutter repair Gagnon’s Gutterworks 703-523-6225HOme appliaNCeS Sears Commercial 800-717-1787HOme CleaNiNG ServiCeS Maid Brigade 703-823-1726HOme iNSpeCtiON alban Home inspection Svcs. 301-662-6565all american Home Solutions 202-329-7054all Pro Services 703-385-1347american Home inspections 703-239-2175Best Home inspections 703-753-1176Building Specs 800-859-7037Clingenpeel Properties 703-409-5292Commonwealth Home inspection 703-533-8212Consumer Resources 703-690-8484Home Pro Services 703-560-4663Hurlbert home inspection 703-830-2229LuxRE inspections 703-716-1100Moldaid 877-932-7177nappers Home inspection 571-292-4557Old Dominion Home inspection 703-242-2520Pillar To Post 703-352-1333u.S. inspect 703-293-1400HOme repair ServiCeS Dryhome Roofing & Siding 703-230-7663Finco Construction Co. 703-359-2555G’s Remodeling 240-388-4250Handyman Connection 703-351-6595Mid-atlantic Waterproofing 301-206-9500Mr. Sandless 703-794-9663HOme StaGiNG ServiCeS antique & Contemporary Leasing 703-548-2050Callidora associates 703-273-7896Decor Decorum 703-655-4789Feng Shui Eyes 703-893-4702Preferred Staging 703-851-2690Staged interior 703-261-7026Staged With Style 703-517-2336HOme WarraNty 2-10 Home Buyers Warranty 703-587-6735american Home Shield 540-250-2064HMS 800-843-4663Home Warranty of america 703-595-8965Old Republic Home Warranty 800-445-6999iNSuraNCe ServiCeS TaSC 800-422-4661JuNk remOval 1-800-GOT-JunK 703-934-4678College Hunks Hauling Junk 800-586-5872leGal ServiCeS Brincefield Hartnett, P.C. 703-836-2880Compliance Counsel, PC 703-261-7097

EquiTitle/Tate, Bywater & Fuller 703-938-5100Joseph a. Cerroni, Esq. 703-941-3000Keegan & associates, PLC 703-691-1700Kidwell, Kent & Curran 703-764-0600Peterson, noll & Goodman PLC 703-442-3890marketiNG/meDia Cox Communications 703-378-3953Cox Media 703-953-3521Lands and Home of northern Va 703-673-8475PropertyMinder 800-743-5820Raggo advertising Products 540-341-7844the Washington Post 202-334-7680mOlD ServiCeS Real Estate Rescue 540-303-0355mOviNG & StOraGe able Moving & Storage 703-330-3772ace Movers & Rentals 703-707-9400Busy Buddies 703-422-0797JK moving & storage 703-280-4282Quality Service Moving 703-495-8900Relocation Systems/north american Van Lines 703-925-2028Town & Country Movers 703-560-8600Victory Van Corporation 703-751-5200NeW HOme BuilDer Brambleton Group 703-542-2925paiNtiNG Blue Door Painters 703-504-2000MDB Painting 703-724-0263perSONNel ServiCeS Personnel One 202-623-3204peSt CONtrOl ServiCeS alexandria Pest Services 703-923-0925asian Pest Services 703-752-1634Country Termite & Pest Control 540-338-7821Patriot Termite 703-330-9170Perma Treat Pest Control 703-777-7050PMSi 703-723-2899ProTech Pest Control 703-440-8000Suburban Pest Service 703-335-6030plumBiNG Plumbing Express 703-461-0345real eState pHOtOGrapHy Bert Goulait Photography 703-945-0194real eState SiGNS Realty Sign Post Co. 202-256-0107retiremeNt plaNNiNG Entrust Mid atlantic 301-360-9510rOOfiNG Townhouse Roofing & Siding 703-467-0206SettlemeNt ServiCeS absolute Title & Escrow 703-842-7525Central Title & Escrow 703-658-1300

Dominion Title Corporation 703-757-9500Dominion Title Corporation 703-757-9500Ekko Title 703-537-0800Evergreen Title Company 703-354-7060First Guardian Title & Escrow 703-494-4000Jdr title 703-821-0099Key Title - annandale 703-354-0561Key Title - Reston 703-437-4600mbh settlement Group - alexandria 703-739-0100mbh settlement Group - annandale 703-852-3000mbh settlement Group - arlington 703-237-1100mbh settlement Group - burke 703-913-8080mbh settlement Group - fair oaks 703-279-1500mbh settlement Group - Kingstowne 703-417-5000mbh settlement Group - mclean 703-734-8900mbh settlement Group - oakton 703-277-6800mbh settlement Group - reston 703-813-9333mbh settlement Group - vienna 703-242-2860monarch title - alexandria 703-852-7700monarch title - herndon 703-890-0820monarch title - mclean 703-852-1730nVT&E 703-938-3200Paragon Title & Escrow Co. 301-986-1114Realty Title Services 703-917-4100rGs title - alexandria 703-519-7600rGs title - annandale 703-597-3209rGs title - arlington 703-351-0300rGs title - burke 703-128-9600rGs title - centreville 703-818-8600rGs title - mclean 703-903-9600rGs title - oakton 703-242-9600rGs title - reston 703-742-9600Signature & Stewart Settlement 703-709-0600Smart Choice Settlements 703-658-2299Stewart Title and Escrow 703-352-2900The Settlement Group 703-933-3090The Title Group 703-273-9600universal Title 703-658-1369SOftWare ServiCeS Realty Empowerment Systems 866-213-3709StruCtural eNGiNeer SQ Consultants 703-759-4901virtual tOurS Real Estate Shows 703-876-4929RealBiz360 240-687-1008WeBSite DevelOpmeNt impact Design Solutions 703-216-3737

Bold signifies Nvar partners(Last updated February 1, 2009) Do you have a correction to this list? Please e-mail changes to Tracy Reynolds at [email protected].

aPPraisersa+ appraisals 703-765-7579aaa appraisals 703-865-5303advantage appraisal 703-817-1127advantage Realty Services 703-866-5050alan Lord and associates 703-768-1954apex appraisal Group 703-919-3942atlantic appraisal Pros 703-622-5555B. H. Potter 703-848-2470Barnesville associates 301-972-7518Bentley appraisal Group 703-478-0666BFM 703-670-2586Bishop Real Estate Service 703-978-9322Bruce W. Reyle and Company 703-273-7375Cambyse Goodarzi appraiser 703-744-6849Capitol appraisal Service 703-691-8800Cardinal Management Group 703-569-5797Chevy Chase Bank 301-907-5850Chevy Chase Bank, FSB 703-648-9796Classic appraisals 703-675-2265Cooper Residential Svcs. 540-939-4057Dale D. Barr, Jr. 703-730-2272Dan W. Mori 703-339-6136DCO appraisal Services 301-855-3886Dennis J O’Brien 703-850-8445Diane Beachy 703-732-8058Dickman & associates 703-938-6633Distinctive Homes Realty 540-338-4606 Dittmar Realty Group 703-893-0900 Donald R. Drake, Jr. 571-237-9430Elite appraisal Service 571-331-6374F & F appraisals 703-963-1743Forte appraisal Service 703-433-2205Front Rowe 571-213-6489G.Miller Real Estate appraiser 571-261-5355Gee appraisers 703-451-9020 Glenn B. Staples & associates 410-224-5524Gordy appraisals 703-582-5018H K Bentley appraisers 800-575-7513Harry Graef 571-213-7249Harry H. arikan 703-216-5147Hartmann Group 703-406-7621Hendershott appraisal Services 703-280-1637Home appraisers 703-709-5695Homestar Real Estate Services 571-261-3367Hundley and associates 703-212-9080Hundley and associates 703-212-9080iK Hwan Kim & associates 443-739-9867inman appraisal Services 703-644-9877integra appraisal Services 703-758-7750James W. Mumaw Co 540-659-8586JDC appraisals 301-438-3300John Halacy appraisals 571-214-3865

John L. Brady, Jr. 571-237-7430JR Witt & assoc. 703-266-9312Karas 703-753-5635Lawrence Mc Guire 703-123-4567Leah Powell CRa 703-304-6552Lesley Omega appraisers 703-403-2024Marcia Ellen Cunningham 703-391-0514Marquee Properties 703-754-7945McGraw appraisals 703-963-3988Metro appraisal Services 703-644-7772Michael S. Mc Mahon 703-476-9472Monir Moshashaie 703-255-6451nancy M. Pruett 571-277-1671new Dominion appraisal Services 703-280-1554newlevel appraisal Group 301-252-3253nikki Li upton 240-476-4380 nOVa Home appraisals 703-585-7357noVaStar appraisals 540-786-8220nVa appraisal 703-477-3178Omni appraisal Services 703-591-4001P & C appraisals 540-548-8625Parker appraisal Service 703-762-2549Philip arnold appraisal Co. 703-250-2132Premier Home appraisals 703-865-7622Preston Hummer 703-929-0857Real Estate appraisals 4 You 703-794-9118Rebecca Gerstle 703-441-9147 Renner, Hansborough & Reese 301-258-8181Residential appraisal Group 304-724-6041Residential appraisal Services 703-338-0961Residential Valuation Services 703-815-4407Residential Value Services 540-347-4570Ryan appraisal Services 301-694-6500Sandra a. Le Blanc 703-629-6842 Silvey appraisals 703-577-1946SML appraisal Service 703-636-2938Square Feet appraisals 703-519-1790Stewart Jarrett R E appr & Cons 703-671-3662Suburban appraisers & Consultants 703-591-4200Survey appraisal Group 703-289-9910Susan Vanderzyl 703-969-3822T. L. Hoover appraisal Service 703-354-8981The appraisal Center 703-204-4410The Benjamin Group 703-836-2554The Mid-atlantic Group of Virginia 703-442-4780 Va-MD appraisal Group 571-438-0604Washington appraisal Group 703-813-8160 William E. Culbertson R. E. 703-322-1200William Patten & associates 703-642-8224Woodbridge appraisal Service 703-978-3444World Mortgage 703-934-5502WTH & associates 443-280-3276

affiLiatesappliCaNt SCreeNiNG national Tenant network 866-387-6320Carpet CleaNiNG aCS ayoub Carpet Service 703-255-6000Chem-Dry of Prince William 703-680-1212COmmiSSiON aDvaNCe Commission Express 703-560-5500CONStruCtiON ServiCeS HCC Remodeling Group of nO. Va 540-253-5788Sun Design 540-751-1360eDuCatiON COurSeS & SemiNarS Center For The arts at GMu 703-993-8641Moseley Real Estate School 866-667-5595Starker Services 800-332-1031eNvirONmeNtal ServiCeS Pollard Environmental 804-377-8383Soils & Environmental Services 703-856-8638fiNaNCial ServiCeS acacia Federal Saving Bank 703-506-8148bank of america 703-319-5647bank of america - annandale 703-750-4056bank of america - oakton 703-319-5647bb&t mortgage - arlington 703-855-7403bb&t mortgage - bethesda 301-493-8386bb&t mortgage - Woodbridge 703-492-5936BF Saul Mortgage 703-787-4835CitiStar Funding Group 301-468-7063countrywide home loans 703-803-0198Franklin american Mortgage Co. 703-956-3544George Mason Mortgage 703-407-2385Greenpoint Mortgage 703-750-0080HST Mortgage 703-766-4636intercoastal Mortgage 703-449-6828into Homes Mortgage Services 703-425-8100JP Morgan Chase Bank 703-641-6296MetLife Home Loans 703-631-0098MetLife Home Loans 703-631-0098national City Mortgage 703-658-0613navy Federal Credit union 703-255-8480Prosperity Mortgage 703-222-1800SunTrust Bank 202-624-1245suntrust mortgage 703-623-9703suntrust mortgage 703-279-6073union Mortgage Group 703-941-0711vhda 804-782-1986Wells Fargo Home Mortgage 703-803-3500Wells Fargo Home Mortgage 703-803-3500GOverNmeNt ServiCeS Fairfax County 703-324-4804GrapHiC DeSiGN Simpatico Design Studio 703-837-0584


SOLD!

2009 can be a year of opportunity for your real estate business.

Take advantage of the tools that MRIS can offer to you, and turn this opportunity into

reality. You can choose from agent and broker websites, multilingual websites, transaction

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To learn more visit mris.com/products

Update_March_09.indd 40 2/18/09 4:45:54 PM

Documents

March 2009 Update Magazine