July 2014 Sun Mon Tue Wed Thu Fri Sat

1 2 3 4 Happy

4th of July!

5

6 7 8 9 10 11 12

13 14 15 16 17 18 19

20 21 22 23 24 25 26

27 28 29 30 31 Habitat for

Humanity

Build

Thank you to Frank

Lucarelli with First

American Title Insurance

for sponsoring our New

Member Orientation on

June 5th

and Ali Shami with

PNC Financial for spon-

soring our General Mem-

bership Meeting on June

10th.

BOARD OF DIRECTORS Directors

Luis Rodriguez—President Barb Keleman

Al Makled—President Elect Robert P. Marx

Justin Roy—Treasurer Frederick Tavo-

lette

Carrie Gandolfo—Past President Sam Baydoun

Benjamin Welch

REALCOMP

GOVERNOR

USER

COMMITTEE

DABOR

STAFF

Dean

Eveslage

Madge

Marks

Laura

Green—CEO

Ted

Easterly

Andrea

Fitzgerald

Victoria

Strojny—

Admin. Asst.

Sandra

Kolar-Alt

Contact your local American Home Shield Repre-

sentative

Mark Light

Senior Account Executive

800.800.8880 ext. 6116

jmlight@ahslink.com

Click the button to view Home

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"Coming Soon” – Is it in the Seller’s Best Interest?

By Katherine Johnson

June 16, 2014

What does it mean to advertise a property as “coming soon”? The answer to that seemingly simple question varies among agents, brokers, MLSs, and state regulators nationwide. While the real estate industry has not agreed on a definition of “coming soon,” one thing is certain and consistent — a broker’s decision to market a seller’s property as “coming soon” must always be made based on the client’s informed determination of what best serves the client’s interests.

Some “coming soon” advertisements involve unlisted properties that may or will be listed with a broker in the near future, while others relate to properties that are subject to listing agreements where property is available to potential purchasers only through the listing broker and not available, temporarily or indefinitely, for showing or purchase through other MLS participants. In either case, “coming soon” properties are commonly withheld from the MLS.

The first important step in advising a seller-client on whether to advertise a property as “coming soon” is to identify the client’s best interests, as defined by the client. Failing to act in the client’s best interest and failing to disclose the pros and cons of a lim-ited marketing plan, such as “coming soon” advertising, can violate state real estate license laws and regulations, MLS policies, and the REALTOR® Code of Ethics.

For most sellers, getting the highest possible price on the best terms is their “best interest,” and maximizing exposure of their property to potential buyers advances that interest. Multiple Listing Services promote the interests of sellers by compiling proper-ty information in an orderly manner and distributing that information to MLS participants who have buyer-clients actively seeking to purchase property in the location served by the MLS. Restricting the marketing of a seller’s property to only small networks, private clubs, or even to national websites without also making it available to other area brokers and agents and their buyer-clients through the MLS results in the property not being exposed to the widest group of potential willing and able buyers, and may not provide the seller the best opportunity to attract offers at the highest price.

It’s important that sellers understand the implications of various ways of marketing the property so that they can knowingly deter-mine the choice that best serves their interests.

If a broker determines that “coming soon” advertising is in the client’s best interest and confirms that the client understands the possible consequences, then it’s imperative for the broker to know the state’s real estate license laws and regulations to ensure that such advertising is in compliance. A broker who fails to comply with state laws and regulations risks facing disciplinary action from licensing authorities, as well as the possibility of litigation from unsatisfied clients.

Many state license laws impose certain duties on licensees including the duties of care, loyalty, good faith, and honest and fair dealing. An unsatisfied seller could allege that a broker breached one of these duties if the broker did not seek to obtain the high-est possible price for his client where the client didn’t understand that the marketing of the property might not achieve the high-est price.

Recently, the Colorado Department of Regulatory Agencies, Real Estate Division, issued “CP-44 Commission Position on Coming Soon Listings” clarifying that a licensee’s existing duty to “promote the interests of the seller or landlord with the utmost good faith, loyalty, and fidelity” requires Colorado licensees to advise clients during the negotiation of the listing contract of the benefits or risks of limiting a property’s exposure through “coming soon” advertising. The broker’s motivation for such limited exposure of the property must be for the seller’s benefit – not the licensee. The Commission Position concludes by requiring licensees to de-scribe in the listing contract the marketing plan agreed upon by the broker and seller prior to any marketing being performed.

Continued on next page…………….

In South Carolina, advertising a property as “coming soon” prior to entering into a listing agreement with the seller violates South Carolina license law. Check out the license laws and regulations in your state for guidance regarding “coming soon” advertising.

In addition to complying with state license laws, brokers advertising a listed property as “coming soon” must ensure the advertis-ing complies with their local MLS rules. As previously discussed, MLSs serve the interests of sellers by compiling property infor-mation in an orderly manner and distributing that information to MLS participants who have buyer-clients actively seeking to pur-chase property in the area served by the MLS. However, MLSs also benefit consumers generally because they facilitate aggregation and evaluation of numerous factors that can affect a property’s fair market value. MLS information facilitates preparation of ap-praisals, comparative market analyses, and broker price opinions that help consumers ascertain a property’s fair market value. Sellers often rely upon those valuations when setting listing prices; buyers use them when making offers to purchase. Those valua-tions are especially useful when they include information about comparable properties, including sales prices, days on market, and property conditions. Withholding that market information from the MLS hinders consumers’ ability to receive useful estimates of value.

Prior to advertising a listed property as “coming soon,” brokers should check their local MLS rules to ensure compliance. For exam-ple, many MLSs require listings to be submitted to the MLS within a specified, usually fairly brief time, period after the listing con-tract has been executed; some may permit listed properties to be advertised as “coming soon” while being kept out of general distribution on the MLS as long as such advertising is not targeted to the general public; and some require participants to obtain sellers’ written consent to keep a listing out of the MLS.

Let’s give a big shout out to our newest DABOR

members! Mark Dziekan, Hussein Bazzi, Michele

Pokerwinski, Joseph Darwish, Hussain Hazimi and

Mustapha Moussa. Welcome to the board!! Also, a

BIG thank you to Angel Difazio and Ali Shami for

making our new member orientation a great

experience for all!

REALTORS® Price Expectations by State in Next 12 Months, Based on May 2014 REALTOR® Survey

Posted in Did You Know, by Scholastica (Gay) Cororaton, Research Economist on July 1, 2014

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REALTORS® generally expect home prices to increase in all states and the District of Columbia over the next 12

months, according to the May 2014 REALTORS® Confidence Index. The median expected price increase is 4.0

percent (same as in Feb-April 2014) [1].

Expected price movements depend on local conditions relating to housing demand and supply, demographics, and

job growth. The difficulty in accessing mortgage financing and modest expectations about overall economic and job

prospects are factors underpinning the modest price expectation. The expected price growth was highest (red) in

states with low inventory levels, strong cash sales, and strong growth sectors (e.g., technology, oil).

[1] The median expected price change is the value such that 50 percent of respondents expect prices to change

above this value and 50 percent of respondents expect prices to change below this value. A median expected price

change is computed for each state based on the respondents for that state. The graph shows the range of these

state median expected price change. To increase sample size, the data is averaged from the last three survey

months.

Secrets to converting phone leads into real estate clients

The goal is to engage in a conversation, not 'give away the farm'

Bernice Ross Contributor

Jun 16, 2014

Former realtor.com President and CEO Allan Dalton once observed that the real estate industry is great at generating leads — it’s converting those leads that is the issue.

With inventories being tight and loans harder to obtain than ever, you’re probably wondering how to maximize your income over the next few months. The most important step that you can take is to maximize the return from the leads you receive.

1. Juggling live appointments with incoming lead calls Agents walk a fine line between attempting to respond immediately to incoming leads vs. being completely focused on their clients during appointments. Here’s how to handle this situation:

First, have a designated “hotline” number that you use on all your signs. If a call comes in on that number, you know you have a potential buyer or seller who is probably sitting in front of the property. This is the best possible opportunity for lead conversion.

Second, explain to your clients that you want to be completely focused on them. However, if a call comes in on your “hotline,” that means you have five minutes to respond or your seller will lose that lead. Use the following script to explain the situation:

“Mr. and Mrs. Seller, when a potential buyer for a property calls from your yard sign, there is a five-minute window in which to respond before that lead goes on to another property. Would you be offended if a hotline call comes in on another one of my listings and I take that call?”

If they take offense, the best course of action is to turn off your phone. If you use a Google voice number, you can always have the call forwarded to a virtual assistant, another agent you trust, or even back to your office receptionist.

If the sellers say they would not be offended, then you can take the hotline call. How you handle the call is extremely important, because it will allow the sellers to have a firsthand experience of how you would handle inquiries on their property. Here’s what to say:

Mr. and Mrs. Seller ... would you be offended if a hotline call comes in on another one of my listings and I take that call?”

“Thanks for calling. That’s a terrific property and it’s generating quite a bit of interest. I am at an appointment and can call you back in about 45 minutes to discuss the details. Is this the best number to reach you?”

If they say “yes,” you probably have a good buyer or seller lead. If the answer is “no,” they probably weren’t a lead in the first place.

Here’s another script:

“Thanks for calling. That property is in excellent condition and is well-priced. I am just wrapping up another appointment. May I call you back in 45 minutes to discuss the details?

Click here for full article….

DABOR Bulletin Board

Continuing Education Requirements

DABOR Presents along with NCI and Associates 6 hours of continuing education

including 2 hours of yearly mandatory legal update. The following dates are

scheduled for 2014. Check-in for all classes is 8:30am. Class time is 9:00am-

3:30pm. Lunch is included. All students must register and pay prior to class.

No walk-ins.

September 17

October 8

November 12

December 16

State Licensing Requirements

During the 3 year licensing cycle each agent must complete a minimum of 2 hours

approved legal coursework each year. In addition, each agent must also complete 12 hours

of approved coursework of their choice. The additional 12 hours of coursework may be

completed anytime during the 3 year cycle.

**New licensees

In the first and second year of the license cycle, licenses issued on or after November 1 of the

current year do not require con ed for the current year. In the third year of the license cycle

licenses issued on or after July 1st no con ed is required.

It's not too early to start thinking about all our hard working DABOR REALTORS® and Affiliates. We are looking for nominations for the REALTOR® of the year, the Rookie of the Year and the Affiliate of the Year. Don't assume someone else will do it. Take the ini-

tiative to make a nomination. Please fax, email, mail or bring a short summary about your nominee to the DABOR office by July 16th. Once the nomination is made the nomination form is sent to the nominee to fill out themselves. You may download the

forms below.

DUE JULY 16th http://www.dabor.com/dearborn-area-board-of-realtors/dabor-awards/

Accepting Applications for

Board of Directors

The Board of Directors is the governing body of the Dearborn Area Board of REAL-TORS®. The function of the Board of Directors is to govern board policy, engage members and promote the REALTOR® image. Directors meetings are approximately

eleven times a year for approximately an hour and a half.

One (1) Director will be elected in 2014 to serve a three-year term (2015, 2016, and

2017).

Applicants must be a REALTOR® member of the Board for at least two years and in good standing. The Nominating Committee will meet to select candidates for each of the vacancies. A profile of each candidate will be published in the August & Sep-tember issues of the DABOR Focus Newsletter as well as the DABOR Website

www.dabor.com.

All interested members should complete the application form and send it to

DABOR, 2350 Monroe Street, Dearborn, MI 48124 no later than July 16, 2014.

CLICK HERE FOR APPLICATION

DEARBORN AREA BOARD OF REALTORS AWARDS

When the United States became a country in 1776, there were approximately 2.5 million people living in the country. This Fourth of July 2013, the population is around 313.2 million.

What did one flag say to the other flag? Nothing. It just waved.

A computer once beat me at chess, but it was no match for me at kick boxing.

With the help of McClelland & Anderson, we are taking the most recently asked questions from our legal hotline and putting them in E-news. We will be featuring a different question each issue.

QUESTION:

Is a landlord required to provide a seller disclo-sure statement in connection with a residential lease that is longer than one year?

ANSWER:

A seller disclosure statement is not required in connection with a residential lease of real estate unless it is a lease with an option to purchase. (On the other hand, an agency disclosure form is required in connection with a residential lease.)

Legal Hotline Michigan Association of REALTORS Changes Name

On May 5, the Michigan Association

of REALTORS® changed its name to

Michigan REALTORS®. The

Association’s Web site, www.mirealtors.com has been streamlined and enhanced with all the

information which you need and use

regularly. There is a portal site with

distinct micro sites for important

segments of services available to you.

An Interesting Fact!

$68,000 is the average amount of economic activity generat-ed

by one home sale. This activity takes the form of things like

moving services, home furnishing purchases, landscaping,

insurance and more. Real estate and related industries ac-count for

about 18% of the U.S. Gross Domestic Product.

Community Outreach with DABOR

Last year was our first year volunteering as a group at Habitat for Humanity... we sure had

fun doing it. Join us on July 31 for our 2nd DABOR Realtor Day in Dearborn.

Habitat for Humanity is building homes in Dearborn for working families, with a focus on

veterans and victims of domestic violence. Volunteers can assist with con-struction, land-

scaping, painting, carpentry, and other tasks. We would love to have a good turn out again

this year. Everyone must be registered to participate. You must be 18yrs. or older to be on

the construction site. You must commit to the full day.

Come volunteer with DABOR for our food drive on

August 1 & 8 at the Dearborn Farmers & Artisans

Market. We will have a tent at the Farmers Market to collect non

perishable food items for the

Firstworks freestore, a food pantry in Dearborn Heights. We need

volunteers from 9am-2pm each day. Contact the board office if you

can help.

Reserve your spot for these events with the board office 313 278 2220 or laura@dabor.com. We are happy to have your family get

involved. Everyone is welcome.

Congratulations to Ms. Katherine Ptasinski of Action

Real Estate for winning last month’s DABOR newsletter

game!! She was the happy winner for a $25.00 gas

card! Next game coming soon!

The DABOR Legislative Committee presenting to Senator Morris W. Hood III and Representative George Darany endorsement for their campaign and RPAC contributions.

Dearborn Area Board of REALTORS Awards

It's not too early to start thinking about all our hard working DABOR REALTORS® and Affiliates. We are looking for nominations for the REALTOR® of the year, the Rookie of the Year and the Affiliate of the Year. Don't assume someone else will do it. Take the ini-

tiative to make a nomination. Please fax, email, mail or bring a short summary about your nominee to the DABOR office by July 16th. Once the nomination is made the nomination form is sent to the nominee to fill out themselves. You may download the

forms below.

http://www.dabor.com/dearborn-area-board-of-realtors/dabor-awards/

Adam's Cleaning Services, Inc.(313) 561-3303-

Adam Seccombe

American Home Shield (800) 800-8880-John M.

Light

America's Preferred Home Warranty(800) 648-

5006-Jeff Becker

Assenmacher and Associates P.C. (313) 277-

5800-Jerome E. Assenmacher

Cutco Closing Gifts-(248) 703-9938-Adam Swin-

tek

Dearborn Federal Savings Bank(313) 565-3100–

William White

EHomeScore.com (248) 912-5512 - Frank Mas-

troianni

First American Title Insurance(734) 692-

9914Frank Lucarelli

Flagstar Bank-(313) 271-1260-Rafi Sabbagh

Home Inspection by Pros - (734) 483-3400 Rob-

ert Armstrong

Housemaster Inspection Services - (888) 848-

0202 Tom Rusco

Morse Moving & Storage, Inc.(734) 484-1717-

John Green

Parks Title (313) 505-6606 Mark Jefferson

PNC Financial Services(734) 281-5219-Ali

Shami

PrimeLending A Plains Capital Company (313)

274-6500-Chuck Hage

Reckingers Heating and Cooling(313) 562-3456-

Steve Krstevski

Sam’s Club- (734) 285-4754 - Lorene Rome,

Gabriel Martinez

Title One Inc.(734) 427-8006-Bernie Youngblood

Title One Inc.(313) 561-6631-Debbie Kudla

Vis-Home (734) 945-0396 -Boris Kochubievsky

Wells Fargo Home Mortgage(515) 213-4291- Jim

Linnane

August 2014 Sun Mon Tue Wed Thu Fri Sat

1 Food Drive at

Dearborn

Artisan Market

2

3 4 5 6 7 8 Food Drive at

Dearborn

Artisan Market

9

10 11 12 13 14 15 16

17 18 NAR

Leadership

Chicago

19 NAR

Leadership

Chicago

20 21 Board of

Director’s Meet-

ing

22 23

24 25 26 27 28 29 30

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