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Magazine March 2020

Unlocking Affordable Housing p. 20 What Home Buyers Want Most from a RealtorÂŽ p. 10

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Table of Contents Features 10

Realtors® Play Increasingly Important Role in Helping Clients in Home-Buying Process The National Association of Realtors®

Time to Get Moving Lawrence Yun

Affordable Housing: The Solutions, Not Just the Problem Melissa Dittmann Tracey

Personable Content Gets Leads Mandy Ellis

Follow This Advice to be More Professional and Avoid Ethics Disputes Curtis Bullock

Columns 7

Making Mistakes is the Best Learning Tool Alicia Holdaway – President’s Message

Departments 8

Happenings

In the News

Housing Watch

Realtor® Connections

On the Move

On the Cover: Cover: rolffimages©/Adobe Stock Photo left: Lawr©/Adobe Stock

This Magazine is Self-Supporting Salt Lake Realtor® Magazine is self-supporting. The advertisers in this magazine pay for all production and distribution costs. Help support this magazine by advertising. For advertising rates, please contact Mills Publishing at 801.467.9419. The paper used in Salt Lake Realtor® Magazine comes from trees in managed timberlands. These trees are planted and grown specifically to make paper and do not come from parks or wilderness areas. In addition, a portion of this magazine is printed from recycled paper.

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The Salt Lake REALTOR® (ISSN 2153 2141) is published monthly by Mills Publishing, located at 772 E. 3300 South, Suite 200 Salt Lake City, Utah 84106. Periodicals Postage Paid at Salt Lake City, UT. POSTMASTER: Send address changes to: The Salt Lake REALTOR,® 772 E. 3300 South, Suite 200 Salt Lake City, Utah 84106-4618.

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Jennifer Gilchrist Utah Key Real Estate

President Alicia Holdaway Summit Sotheby’s

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First Vice President Matt Ulrich Ulrich Realtors®, Inc.

Tony Ketterling Equity Real Estate John Lucky Coldwell Banker Residential

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Managing Editor Dave Anderton Publisher Mills Publishing, Inc. www.millspub.com President Dan Miller Art Director Jackie Medina Sales Staff Paula Bell Paul Nicholas Chad Saunders

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Administrative Assistants Jessica Alder Caleb Deane

Salt Lake Board: (801) 542-8840 e-mail: dave@saltlakeboard.com Web Site: www.slrealtors.com The Salt Lake Board of REALTORS is pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support the affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin. ®

The Salt Lake REALTOR® is the monthly magazine of the Salt Lake Board of REALTORS®. Opinions expressed by writers and persons quoted in articles are their own and do not necessarily reflect positions of the Salt Lake Board of REALTORS®. Permission will be granted in most cases, upon written request, to reprint or reproduce articles and photographs in this issue, provided proper credit is given to The Salt Lake REALTOR®, as well as to any writers and photographers whose names appear with the articles and photographs. While unsolicited original manuscripts and photographs related to the real estate profession are welcome, no payment is made for their use in the publication. Views and opinions expressed in the editorial and advertising content of the The Salt Lake REALTOR® are not necessarily endorsed by the Salt Lake Board of REALTORS®. However, advertisers do make publication of this magazine possible, so consideration of products and services listed is greatly appreciated.

Making Mistakes is the Best Learning Tool “If you’re not prepared to be wrong, you’ll never come up with anything original.” -Brene Brown I am a serial perfectionist. I hate being wrong as much as the next person. But if there’s one thing I’ve learned over the course of my real estate career, it’s that making mistakes is the best learning tool there is. I’d argue that a significant part of the value we bring our clients is sheer experience, much of which comes by way of “failing forward” and learning from mistakes. Through our experience, we help our clients avoid the pitfalls they’re likely to step in to if they’re out there on their own. Here’s the thing though – that experience is tough to gain if you’re so afraid of being wrong or getting it wrong, that you never try new things, search for new solutions, get creative, ask questions, ask for help and simply “put yourself out there.” This not only applies to serving our clients, it applies to serving our industry too. As your President, my No. 1 goal is to constantly ask “what needs to be done, implemented, created, changed or improved today, that will help guide our industry and make it better 10 years from now?” If I’m afraid of getting it wrong or looking stupid when I do get it wrong, then I can’t serve you to the best of my ability. I assure you, we will get some things wrong. But I promise you this, in the process of trying new things, failing forward and asking the tough questions, we will get some things right too. We will make our professional environment along the Wasatch Front better and we will continue to most importantly, promote the value of the Realtor® for the community members and experts we are. So what can you do? Serve. Get involved. Give back to your industry! Be nice to one another. Help each other out. Take pride in your service to the community. Step it up a notch. Ask for help. Check your ego. Be willing to get it wrong so you can learn and grow and do better next time. Most importantly, communicate! Get out from behind the computer screen, phone screen, social media, etc., pick up the phone and make the call. Do you have a complaint about how the Board does something? Call me. Call Curtis, our CEO. Better yet, ask questions. Do you have a complaint with the agent on the other side of a transaction? Call them. Call their Broker. Make. The. Call. Everyone is calling for more professionalism in the industry. Myself included. So let’s individually be the change we want to see.

Alicia Holdaway President

OFFICIAL PUBLICATION OF THE SALT LAKE BOARD OF REALTORS ® REALTOR® is a registered mark which identifies a professional in real estate who subscribes to a strict Code of Ethics as a member of the NATIONAL ASSOCIATION OF REALTORS®. October 2005

March 2020 | Salt Lake Realtor ® | 7

Happenings

In the News More People Signing Contracts to Buy Homes

Pictured: Dave Robison, left, UAR president; Mike Ostermiller, CEO Northern Wasatch Association of Realtors®; and Justin Allen, government affairs consultant Salt Lake Board of Realtors®.

Realtor Day at the Legislature The Utah Association of Realtors® in February held its annual Realtor® Day at the Legislature. More than 500 Realtors® learned about issues and bills affecting real estate, homeownership and private property rights. Utah Gov. Gary Herbert spoke at the event and said the state’s economy was the best in the nation. According to the Hachman Index, Herbert added, Utah ranked as the most economically diverse state in the nation. Six candidates running for governor also addressed Realtors® and offered their views on potential legislation affecting the real estate profession.

Mortgage Rates Fall to Lowest Level Ever Mortgage rates fell to their lowest level on record on March 5th, pulled down by fears that the spread of coronavirus could weigh on the U.S. economy. The average rate on a 30-year fixed-rate mortgage fell to 3.29 percent from 3.45 percent last week and down from 4.41 percent a year ago.

Pending home sales rebounded in January, ticking up following a decline in December, according to the National Association of Realtors®. Only the West region reported a minor drop in month-over-month contract activity, while the other three major regions each saw pending home sales grow. Year-overyear pending home sales activity was up in all four regions and thus up nationally compared to one year ago. The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, grew 5.2 percent to 108.8 percent in January. Year-over-year contract signings increased 5.7 percent. An index of 100 is equal to the level of contract activity in 2001. “This month’s solid activity – the second-highest monthly figure in over two years – is due to the good economic backdrop and exceptionally low mortgage rates,” said Lawrence Yun, NAR’s chief economist. “We are still lacking in inventory,” he said, noting December’s and January’s combined supply was at the lowest level since 1999. “Inventory availability will be the key to consistent future gains.” Yun added the year-over-year increases show a strong desire for homeownership. Markets drawing some of the most significant buyer attention include Fort Wayne, Ind.; San Francisco, Calif.; Sacramento, Calif.; Lafayette, Ind.; and San Jose, Calif. “With housing starts hovering at 1.6 million in December and January, along with the favorable mortgage rates, among other factors, 2020 has so far presented a very positive sales climate,” Yun said. “Moreover, the latest stock market correction could provide exceptional, even lower mortgage rates for a few weeks, and that would help bring about a noticeable upturn in the coming months.”

8 | Salt Lake Realtor ® | March 2020

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Realtors® Play Increasingly Important Role in Helping Clients in Home-Buying Process In the midst of a housing shortage, buyers said what they wanted most from their agent was help in finding the right home to purchase, according to a new survey. By The National Association of Realtors® With housing costs rising and no signs of a deceleration, first-time buyers are turning to family for help when embarking on homeownership. In spite of this, the percentage of first-time buyers remain at historic lows. This is according to a new report from the National Association of Realtors®, the 2019 Profile of Home Buyers and Sellers1, a yearly report which covers demographics, preferences and experiences of buyers and sellers across America. Initial results from this year’s report revealed that a third of first-time home buyers used down 1

payment help from family and friends. Also, it showed that the share of first-time home buyers remained at 33 percent in 2019. This figure continues to be below the historical norm of 40 percent of recent primary residence home buyers in the market. “Prerecession, the number of first-time buyers was higher, in part, because buyers had more options,” said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota, and broker at Edina Realty. “However, over the past few years, we have unfortunately experienced a scarcity in housing

The 2019 edition of NAR’s Profile of Home Buyers and Sellers continues the longest-running series of national housing data evaluating the demographics, preferences and experiences of recent buyers and sellers. Results are representative of owner-occupants and do not include investors or vacation homes.

10 | Salt Lake Realtor ® | March 2020

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inventory, especially at the middle- and lowerend of the market. Citing the NAR survey, NAR chief economist Lawrence Yun noted that buyers report the most difficult step in the home buying process is just finding the right home to purchase, and what buyers want most from their real estate professional is to help them find the right home to purchase. “Low inventory conditions hurt would-be first-time buyers most,” said Yun. “Their homeownership dream and the opportunity to build wealth gets delayed until more inventory choices reach the market.” Although tightened inventory has taken a toll on home seekers and caused steeper housing prices, home sellers in many areas of the country have been able to take advantage of these conditions. Sellers saw a very favorable market in 2019. In fact, home sellers received a median of 99 percent of their asking price this year and sold their homes typically within three weeks. The increase in home prices lowered the amount of home sellers who reported delaying selling because their home was worth less than their mortgage. This particular share of sellers declined from 9 percent in the 2018 report to 7 percent in 2019. However, 20 percent of sellers who bought their home 11 to 15 years ago continue to report stalling their home sale. A Change in Home Buyers’ Behaviors The NAR report found that the share of new homes purchased dropped to an all-time low of 13 percent. This reality offers yet another indication of a significant deficiency in inventory. Also, 23 percent of first-time buyers moved from a family or friend’s residence directly into the home they purchased. This figure represents nearly twice the historic rate of 12 percent.

12 | Salt Lake Realtor ® | March 2020

It serves as another example of home buyers adjusting to the current housing market and shows they’re finding ways to save for a down payment while saving on market value rent. Additionally, the age of repeat buyers – which has steadily increased over the course of several decades – continues to show a striking trend. The average repeat buyer age was in the mid-30s in the 1980s, and has climbed to the mid-50s today. Yun said there is no area that has seen a more rapid and consistent increase than the median age of repeat buyers – which hit a record-high of 55 years old in both 2018 and 2019. Moreover, the median age for first-time buyers increased to 33 years old in 2019, the highest share recorded in the series history. Still, the share of senior-related housing purchases was 12 percent in 2019, a slight decline from one year ago. As prices crept higher, Yun said the demographics of home buyers shifted as well. “Buyers and sellers, individuals and families – they all had to adjust to changing market conditions.” Underscoring Yun’s point of a shift in demographics, the survey revealed that 35 percent of all buyers had children under the age of 18 living at home. This is an increase from 34 percent last year, but a drop from a high of 58 percent in 1985. Twelve percent of home buyers purchased a multi-generational home, which consists of a home with adult siblings, adult children over the age of 18 and parents or grandparents – or both – within the same household. Respondents gave varying reasons for buying multi-generational homes, including 44 percent to accommodate aging parents and 34 percent to accommodate adult children in the home. Another 29 percent referenced cost savings as their reasoning.

The share of married couples who purchased their first home, continued the decline from a historical high of 75 percent. Although the percentage of married repeat buyers remained constant at 67 percent, the share of firsttime buyers who were unmarried couples rose to a historical high of 17 percent. Those purchasing first homes as roommates jumped to 4 percent from 2 percent – another example of buyers seeking ways to enter ownership with affordability constraints. Survey results show that 14 percent of recent home buyers own more than one home, down from 17 percent in 2018. Home buyers who generate higher incomes and own more than one property are more commonly making home purchases, the report said. Owning more than one property was the most common for home buyers 65 years old and older, at 19 percent. Overall, the internet has become the main source for buyers in terms of finding a home that they ultimately purchase. Today, 52 percent of recent buyers found their home while searching online, an increase from last year’s 50 percent share. In 2001, only 8 percent of buyers found their home this way.

Finding a home through a Realtor® or an agent has shifted from being the most common source for finding a property to the second most common. While more traditional sources – yard signs, relatives and neighbors, friends and home builders – remain at last year’s levels, they all have declined as a primary source throughout recent years as the internet has become the go-to information source. Embracing Industry Changes While the housing market has certainly endured its share of changes and transitions, especially over the last year, the NAR report shows that many of these changes have had positive impacts. This is especially true in regard to the home down payment requirement. In 2019, the median down payment was 12 percent for all buyers, 6 percent for first-time buyers, and 16 percent for repeat buyers. Lower down payments among home buyers are another result of rising home prices as buyers find it difficult to save for a down payment. Seventeen percent of all buyers and 25 percent of first-time buyers used an FHA loan to purchase, likely taking advantage of low down payment programs.

March 2020 | Salt Lake Realtor ® | 13

NAR’s survey asked home buyers about their personal experience with securing a mortgage. In 2019, 31 percent said obtaining a mortgage “was more difficult than expected.” Although a considerably higher amount of people had this same answer in 2009 and in 2010, fewer respondents have this response every year since, including this year, according to the report. “Today, repeat buyer behavior is more similar to first-time buyer behavior as tenure in home has increased,” said Jessica Lautz, vice president of demographics and behavioral insights at NAR. “All buyers are doing their homework – going to open houses, following housing news – and are more reliant than ever on the expert advice of real estate agents and brokers.” Lautz’s observation about Realtors®’ contributions is echoed in the report’s findings. Eighty-nine percent of those who sold a home worked with a real estate agent in the transaction. In addition, personal relationships and connections were said to be the most important feature of the agent-buyer/seller bond in both 2018 and 2019. Realtors® and real estate agents were most commonly referred by friends, neighbors or relatives, according to the report. In the midst of a housing shortage, buyers said what they wanted most from their agent was help in finding the right home to purchase. Buyers were also looking for assistance in negotiating the terms of sale and help with price negotiations. Home buyers reported that they typically interviewed only one real estate agent before deciding to work with them, and said the most important factor was that the agent was honest and trustworthy. In addition, another important factor was the agent’s experience. Recent buyers reported that they were overall pleased with their real estate agent’s skills and qualities, with an overwhelming 90 percent saying that they “very satisfied,” and would use their agent again or recommend the agent to others. Characteristics of Sellers The typical home seller this year was 57 years old, with a median household income of $102,900. Home sellers said they ultimately sold their homes for a median of $60,000 more than they purchased it. For all sellers, the most frequently cited reason for selling, according to 16 percent of those surveyed, was a desire to move closer to family and friends, which is the first time this has been the top-cited reason in the series’ history. The next most common reason was that the home was too small, and the third was job relocation at 11 percent. Sellers typically

14 | Salt Lake Realtor ® | March 2020

lived in their home for 10 years before selling it, an increase from last year’s share, and elevated from the historical tenure of six years. Sixty-six percent of sellers reported being “very satisfied” with the overall selling process. Only 8 percent of recently sold homes were for-sale-by-owner sales, or FSBO. This total is near the lowest share recorded since the NAR began collecting records in 1981. The median age for FSBO sellers is 60 years, while 65 percent of FSBO sales were by married couples that have a median household income of $94,000. FSBOs typically sell for less than other residences, with last year selling at a median of $200,000, while agent-assisted homes sold at a median at $280,000. Forty-eight percent of all sellers said they bought a home that was newer than their previous home, while 28 percent purchased a home the same age and 24 percent said they purchased a home that was older. Forty-four percent of sellers said they “traded-up” and purchased a home that was more expensive than the one they just sold. Thirty percent purchased a less expensive home and 26% purchased a home that was similar in cost. Sellers who are 64 years of age and younger generally bought a more expensive home than the one they just sold. Those aged 18 to 34 purchased the most expensive trade-ups in 2019, recording an increase of $110,000. Conversely, sellers aged 65 and over typically bought a less expensive home. About NAR’s Survey NAR mailed a 125-question survey in July 2019 using a random sample weighted to be representative of sales on a geographic basis to 159,750 recent home buyers. Respondents had the option to fill out the survey via hard copy or online; the online survey was available in English and Spanish. A total of 5,870 responses were received from primary residence buyers. After accounting for undeliverable questionnaires, the survey had an adjusted response rate of 3.7 percent. The sample at the 95 percent confidence level has a confidence interval of plus-or-minus 1.28 percent. Recent home buyers had to have purchased a home between July 2018 and June 2019. All information is characteristic of the 12-month period ending in June 2019 with the exception of income data, which are for 2018. The National Association of Realtors® is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.

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Time to Get Moving A resistance to change is keeping some consumers from finding homes they can afford. By Lawrence Yun There’s no such thing as lifetime employment in America. People change jobs. Businesses are created and destroyed. New technology, more efficient ways of doing things, changes in consumer taste—these are the stuff of life.

creation. Miraculously, this thin margin between job gains and job losses has been consistently positive over the past decade, which is the reason for the cumulative gain of 20 million net new jobs since the Great Recession.

Even with the current unemployment rate at 3.5 percent (in Utah the unemployment rate is 2.5 percent), a 50-year low, about 5.6 million workers stopped working for their latest employer last December alone. Some were fired or let go, while others left in the hope of moving on to something better. In fact, during the same month, 5.8 million workers started with a new employer. The 200,000 difference, in this example, is what’s reported as the headline for monthly net job

Despite the apparent dynamism in the job market, people are not likely to change their current residence. The mobility rate is at a historic low of 9.8 percent annually. By comparison, 20 percent of Americans moved to a different home in any given year throughout the 1950s and 1960s.

18 | Salt Lake Realtor ® | March 2020

One reason people are staying put is the upsurge in two-earner households, which complicates

relocations. Still, Americans should get moving again. Behavioral studies suggest that leaving one’s comfort zone may help people do better economically and enjoy life more fully. I’d like to see a boost in people’s standard of living not from a 3 percent pay raise but in a bigger way. If people move from expensive regions of the country to more affordable ones, their opportunity to own a home increases greatly. Some consumers have gotten the message. That’s why metro areas like Austin, Denver, and Nashville have been booming as residents from higher-cost areas arrive. But these same cities are seeing slower job gains as they become less affordable. An adequate supply of new homes is needed to accommodate the new population. Clients looking for a bigger bang for their housing dollar should consider Charlotte, N.C.; Charleston, S.C.; Columbus, Ohio; or Las Vegas. It’s time to end the inertia. Lawrence Yun is chief cconomist and senior vice president of research at the National Association of Realtors®. Yun oversees and is responsible for a wide

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range of research activity for the association including NAR’s Existing Home Sales statistics, Affordability Index, and Home Buyers and Sellers Profile Report. He regularly provides commentary on real estate market trends for its 1.3 million Realtor® members.

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March 2020 | Salt Lake Realtor ® | 19

Affordable Housing: The Solutions, Not Just the Problem When you look at household growth and housing starts, the nation is about 350,000 houses short each year. By Melissa Dittmann Tracey

The housing shortage has hit a crisis level, particularly in lower price brackets, but solutions are surfacing, panelists said in an affordable housing session, part of the Policy Forum on Housing Affordability in Washington, D.C. last month. The event was sponsored by the National Association of Realtors®.

of housing units, according to the Utah Housing Gap Coalition. According to the Salt Lake Board of Realtors®, the median price of a single-family home will climb to $400,000 this year. Utah’s housing prices have increased at a faster rate than housing in San Francisco, San Jose and Seattle.

When you look at household growth and housing starts, the nation is about 350,000 houses short each year, said Kent W. Colton, president of The Colton Housing Group and a senior research fellow at the Joint Center for Housing Studies of Harvard University.

Limited inventory and higher prices now make it harder to buy a home in Salt Lake City than Boston, according to Realtor.com. Tech centers with surging job growth are pushing first-time buyers out of the market.

In Utah, over the past 10 years a 54,000-unit gap has accrued between the number of Utah families or individuals needing housing and the supply

20 | Salt Lake Realtor ® | March 2020

And the problem is cumulative, meaning the gap keeps growing between the number of people the country needs to house and the number of available homes for purchase or rental.

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But communities and lawmakers are starting to wise up to the problem and are showing more willingness to talk about solutions, whether that’s in the form of easing zoning and regulatory burdens or maximizing incentives for construction of new units. “Local and state governments are starting to recognize that we need to do something,” said Colton. “There appears to be a window of opportunity that didn’t exist 10 years ago ... because of the crisis we face now. This is going to happen one innovation, one local government, one state government at a time. But coalitions and groups are coming together to do something to address housing shortages.” Realtors® are among the voices stepping up to address the issue head-on in their communities. Washington Realtors® learned it may take more than one effort to get their message across. A few years ago, the association asked state legislators to ease condo rules to spur more ownership opportunities for what they referred to as the “missing middle”--middle-income earners trying to buy their first home. But their attempt failed to gain traction, said panelist Steve Francks, CEO of Washington Realtors®. In 2018, the group decided to try again. This

time the association took a broader approach, focusing not just on condos. Realtors® in the state launched a campaign called “Unlock the Door for Affordable Housing.” They aimed their advocacy efforts at content, messaging, and delivery— championing 16 bills that addressed housing shortages from multiple angles. “Rather than focusing on just one area of this massive problem, we decided to group together a range of legislation that addressed housing, from [serving] the most vulnerable populations to addressing the infrastructure to condo reform to incentives to increase density and supply,” Francks said. “We wanted to try to deliver a message of reform and market-based solutions that addressed the housing shortage over the entire spectrum. With assistance in advocacy efforts from the National Association of Realtors®, the state association did a one-month, $1 million multimedia campaign aimed at making housing affordability the number one priority for their state legislature. Of the 16 bills before the Washington state legislature, 12 passed, receiving widespread bipartisan support. Francks pointed to the successful campaign as an example to what Realtors® around the country can do in

March 2020 | Salt Lake Realtor ® | 21

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confronting the housing shortage in their communities. A Focus on Solutions Panelists agreed that a broad approach is needed. Colton talked about recipients of the Ivory Prize, an award by Utah-based Ivory Homes for those who’ve emerged with creative solutions to the housing crisis, offering five ways that innovators are working to ameliorate the housing shortage:

• Removal of regulatory barriers at the local, state, and federal level. Reform is especially needed at the local and state level to allow more homes and apartments to be built and to reduce the time and cost of building, Colton said. Recent efforts in Oregon and Minneapolis have done away with singlefamily zoning to allow for construction of a greater variety of housing types within neighborhoods, Colton said.

• Technology that enables builders to build more homes for less. Home builder Factory OS, Colton said, is using modular, factory-built panelized construction in the multifamily sector to produce housing 40 percent faster at lower costs.

“We’re not going to solve this in any one way,” Colton said. “Innovation is going to be part of the solution, and it’s going to be done one step at a time.”

• Programs that enable preservation and production of affordable housing in existing neighborhoods. Century Partners in Detroit, he said, helps revitalize neighborhoods through rehab, workforce development, and community design.

That sentiment was echoed by Matt Chase, executive director of the National Association of Counties, who was also on Thursday’s panel. He emphasized the importance of incentives— whether economic, social, or revenue-based—in fueling greater housing in counties starved for it. The National Association of Counties has created a housing affordability profile for counties nationwide, which provide data that can be used to craft policies and address local solutions.

• Creative financing approaches that allow more people to qualify for a mortgage. Home Partners of America, Colton said, has a lease-to-own program that gives purchasers five years to qualify to buy the house. The group teams with Realtors® for transactions. Another program, called Landed, provides a shared equity down payment program for teachers in California. It pays 50 percent of the down payment; in return, the company gets 25 percent of the equity when the property is refinanced or sold. • Innovative use of lots and existing housing. Alley Flat offers accessory dwelling units. Nesterly pairs senior homeowners in the Boston area with college students looking to rent a space. “The seniors get rent and they get company as they age in place,” Colton said.

22 | Salt Lake Realtor ® | March 2020

Not Just a Coastal Problem

“Counties can look at the data and recognize they have a problem, and maybe that means they can look at streamlining their permitting or working more with the community to address it,” Chase said. “This problem is not just in San Francisco and New York City, but it affects every county— from urban to suburban to rural. We need federal regulatory reforms and local reforms, and it’s going to take everyone coming together to address this.” Dave Anderton, communications director of the Salt Lake Board of Realtors®, contributed to this story. Reprinted from Realtor® Magazine Online, February 2020, with permission of the National Association of Realtors®. Copyright 2020. All rights reserved.

Congr atul ations 2019 Emeritus Realtor Members ® 4 0 Y e a r s o f D e d i c at e d M e m be r s h i p

Mary Anne Brady

Chapman-Richards & Associates, Inc.

Kevin Cameron

Berkshire Hathaway (Salt Lake)

Douglas Edmunds Sherlock of Homes

Chris Ross

RE/MAX Associates

Vonda Cornaby-Flanders Rebecca Duberow

Karl Koenig

Realtypath LLC

Berkshire Hathaway (Salt Lake)

Richard Wood Wood Realtors ®

The Group Real Estate, LLC

Lorenzo Spencer Realtypath LLC

Sherrill Wood

Wood Signature Properties

Personable Content Gets Leads Pay attention to the messages you’re sending to prospects, not just the tools you’re using to connect. By Mandy Ellis

As you generate leads, chances are you’re also thinking about which method—email marketing, social media, video, or some other tool—is most effective for connecting with prospects. Whatever method you choose, start with superb content. Consumers want to know that you understand their fears, needs, and desires when it comes to buying or selling real estate. Consider these ideas for content that will make a meaningful impression and help you stand out from the competition. 1: Make videos that focus on consumer needs, not your business. While bio videos and home tours will be part of your toolbox, you also want to create messaging that conveys your knowledge and your ability to work with people, said Chris Scott, a digital marketing expert at The Paperless Agent in Austin, Texas. Short, professionally produced videos are often the most engaging way to demonstrate your expertise. Ideas for such videos include: · History of your listing’s most interesting feature, with the intention to educate, not sell.

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· One-minute real estate tip for buyers or sellers, filmed in front of a current listing. · Answering questions from social media followers about the buying and selling process. Once these videos are in front of people on social or other platforms, “it’s now gone beyond lead generation and entered the realm of dialogue,” Scott said. “That conversation is what’s necessary for the sale to take place or to solidify [a prospect] as a customer.” He added that consistency is the key to making video work. Scott said over a three-month period he spent about $500 on video production and landed $3 million in sales as a direct result. 2: Create different content for each social platform. Facebook, LinkedIn, Twitter, and Instagram each have distinct strengths, so post content that fits the channel, said Adrian Fisher, CEO of Property Simple, a real estate technology marketing company, in Scottsdale, Ariz. Use Facebook to share updates with your sphere of influence; LinkedIn is a place to demonstrate

Sarah Gustafson says up to 40 percent of her annual business comes from connections she’s made at networking events.

thought leadership; Twitter is for commentary and can also be a great customer service tool; and, of course, Instagram is where you can showcase the beauty of your listings through photos and short videos. The content must add value to your audience, be genuine, and have a call to action to start a conversation. The long game for your social strategy is to stack up leads who feel like they know you personally. When the time comes for them to buy or sell, you easily come to mind. 3: Host events that get people talking. Jessica Witter, a sales associate at Compass Massachusetts in Boston, hosts distinctive events for clients and listings, such as housewarming parties, car shows, and painting classes. After each event, she sends thank-you emails to attendees and starts a conversation about their real estate needs. These events have generated at least 15 new clients for Witter in the last year, she said. “I can’t tell you how many people say, ‘I’ve never seen a real estate agent do this. Can I have your card?’ ” Witter said. 4: Focus on connections with long-term potential. With 95 percent of her business coming from referrals, Sarah Gustafson, ABR, CRS, broker-associate at Janice Mitchell Real Estate in Holden, Mass., believes cultivating fewer, deeper one-on-one connections generates more leads than making fleeting contact with many people. She advises becoming an active member of your local chamber of commerce and other business groups. Set coffee and lunch appointments with the people you meet to craft a strong, personal network, Gustafson said, then track the number of referrals you get from each contact. She says up to 40 percent of her annual business comes from connections she’s made at networking events. 5: Get friendly with human resources professionals. When you’re attending businessfocused events, seek out human resources executives, who have the potential to unlock referrals for you, said Sasha Farmer, CRS, GRE, broker-owner of Story House Real Estate in Charlottesville, Va. Local HR association meetings hold opportunity for a lot of referral business, she said. Farmer

identified companies in her market with more than 100 employees and initiated relationships with their HR managers, CEOs, and company presidents. Through networking groups, she built up an understanding of their real estate pain points. As of late November, Farmer had closed 26 transactions in 2019 that originated from HR -contacts, totaling $209,000 in gross commission. 6: Treat referrals like gold. When a referral client speaks positively to the referrer about his or her experience working with you, the referrer likely will send more business your way. Shannon Buss, GRE, SFR, broker-associate at Randall, Realtors®, in North Kingstown, R.I., will text video introductions of herself to new referrals and other real estate professionals to begin building rapport. The video tactic sets her apart from competitors, she said, and has helped grow referrals from 10 percent to 50 percent of her business in the last year. “Video allows us to demonstrate that we care about communication and we’re good at it,” Buss said. “It allows us to give a ‘brag bite’ about ourselves so they know why they should choose us over other brokers.” 4 Tactics to Approach with Caution If you’re not going to engage, don’t join the group. You need to have a purpose and tangible goal for joining a business networking group, Farmer says. Otherwise, don’t waste your time. Power down the use of robotic scripts. Because real estate is a relationship-based business, generic scripts don’t inspire consumer confidence in you, Witter said. Leads want to see your personality to envision what it would be like to work with you. Leave cold calling in the cold. Besides requiring that you adhere to federal no-call requirements, cold calling can’t beat modern tools, such as social media, free downloads, and email marketing, which tend to engage leads for longer periods of time, Scott said. Use direct mail sparingly. With the internet and social media driving more active leads, sending out postcards and flyers could be an unnecessary expense for your business if it doesn’t convert customers, Fisher said. Research whether direct mail has worked for other pros in your area before deciding to use this marketing channel. Mandy Ellis is an Austin, Texas-based freelance writer focusing on real estate, food, travel, and health. Reprinted from Realtor® Magazine Online, January 2020, with permission of the National Association of Realtors®. Copyright 2020. All rights reserved.

March 2020 | Salt Lake Realtor ® | 25

JANUARY HOUSING WATCH Salt Lake Home Prices Show No Signs of Slowing “A decline in mortgage rates typically boosts home sales,” according to The Wall Street Journal. “But a worsening coronavirus epidemic and the efforts to contain it— quarantines, business shutdowns and travel restrictions—could keep would-be home buyers on the sidelines during what is usually a busy spring selling season.”

Salt Lake County home sales increased 3.3 percent in January year-over-year. There were 952 closed transactions by Realtors® during the month, up from 922 sales in January 2019. In Davis County, home sales climbed 14.1 percent in January. Statewide, sales were up 10.6 percent. Nearly one-third (30 percent) of all home sales in January were for homes in Salt Lake County. Utah County made up 17 percent of the total share of sales. With 342 sales, Washington County came in No. 3, representing 11 percent of the Utah’s total home sales.

The median price of homes (all housing types) sold in Salt Lake County in January climbed to $367,004, a 10.7 percent rise from a year earlier. Salt Lake home prices have climbed every year since 2012, when the median price was $195,000. In 2019, the median home price had climbed to $342,000. Single-family home prices in 2019 reached an alltime high of $380,000. According to the Federal Housing Finance Agency, Utah ranked No. 2 in the highest percent change in house prices in the fourth quarter, with prices rising 8.10 percent. Only Idaho had a higher rate at 11.99 percent. In the past five years, Utah house prices have increased 51.66 percent, the report said. Mortgage rates in the first week in March fell their lowest level on record because of fears of the coronavirus. The 30-year fixedrate mortgage dropped to an average of 3.29 percent, down from 4.41 percent a year earlier. “A decline in mortgage rates typically boosts home sales,” according to The Wall Street Journal. “But a worsening coronavirus epidemic and the efforts to contain it––quarantines, business shutdowns and travel restrictions––could keep would-be home buyers on the sidelines during what is usually a busy spring selling season.” Nationally, total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased year-over-year, up 9.6 percent from a year ago (4.98 million in January 2019). Lawrence Yun, NAR’s chief economist, finds the outlook for 2020 home sales promising. “Existing-home sales are off to a strong start at 5.46 million.” Yun said. “The trend line for housing starts is increasing and showing steady improvement, which should ultimately lead to more home sales.” The median U.S. existing-home price for all housing types in January was $266,300, up 6.8 percent from January 2019 ($249,400), as prices increased in every region. January’s price increase marks 95 straight months of year-over-year gains. “Mortgage rates have helped with affordability, but it is supply conditions that are driving price growth,” Yun said. Total U.S. housing inventory at the end of January totaled 1.42 million units, up 2.2 percent from December, but down 10.7 percent from one year ago (1.59 million). The housing inventory level for January is the lowest level since 1999. Unsold inventory sits at a 3.1-month supply at the current sales pace, up from the 3.0-month figure recorded in December and down from the 3.8-month figure recorded in January 2019.

26 | Salt Lake Realtor ® | March 2020

March 2020 | Salt Lake Realtor Â® | 27

REALTOR® Connections

Century 21 Everest Helps in Fight to Rescue Children Century 21 Everest recently donated $10,000 to Operation Underground Railroad, an organization that rescues children from sex trafficking. According to its most recent annual report, Operation Underground Railroad has rescued more than 3,200 children worldwide in the past six years of its existence, with more than 1,800 traffickers arrested.

More People Moving to Utah Utah ranked No. 8 in the largest number of U-Haul trucks entering its borders versus trucks exiting the state. California ranked 49th, and Illinois was 50th for the fourth time in five years, pacing the out-migration states with the largest net losses of U-Haul trucks crossing their borders. The migration trends data is compiled from more than 2 million one-way U-Haul truck-sharing transactions that occur annually. Although U-Haul migration trends do not correlate directly to population or economic growth, the growth data is an effective gauge of how well cities and states are attracting and maintaining residents. ®

28 | Salt Lake Realtor ® | March 2020

On the Move Presidio Real Estate announced the hiring of Steve Perry as regional director. In his 20 years in the real estate profession, Steve has held high Steve Perry level positions in several different companies and been an essential part of their growth. With his past experience as principal broker of three companies, Steve will be crucial to Presidio’s plans to continue to expand their influence in Utah and its expansion into other states. Steve currently serves as second vice president on the executive committee of the Salt Lake Board of Realtors. Steve is an active investor in the Realtors® Political Action Committee and achieved Golden R status. He is currently a Sterling R contributor. Steve is the former mayor of the Kearns Metro Township. Unlike homebuyers from decades ago, millennial buyers – already squeezed by super high home prices and student loan debt – are not interested in “fixer-uppers” and are bypassing distressed and rundown properties in favor of ready to move in units. With more than 21 million homes expected to hit the market in the next 17 years, more homeowners are doing high end remodels to make their homes stand out and sell quickly in the crowded resale market. “Millenials are turned off by anything that feels old and dark,” said Lori Hoffman, an associate real estate broker at Compass in New York. “We are seeing renewed interest in contemporary style homes with large expanses of glass as well as any home with large open windows. But young buyers are quickly scared off when inspection reports reveal poor quality or failing windows. Large expanses of glass and light are sure ways to capture their interest if they feel they can rely on the quality.”

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Follow This Advice to be More Professional and Avoid Ethics Disputes By Curtis A. Bullock

Should the listing agent verify the earnest money was actually collected?

Confirm your appointment before showing up

This is a frequent occurrence that I have seen over the years. In one instance, the buyer was to required to deliver $10,000 earnest money as per the REPC. The buyer’s agent ended up never collecting it (and didn’t disclose to the seller’s agent it wasn’t collected) and shortly before closing several weeks later the buyer defaulted on the deal and failed to close. When the seller’s agent called and asked for the $10,000 to be released to the seller she discovered the money was never collected.

This is has been brought up before but it continues to be an issue. As an industry need to raise the level of professionalism on this.

The lesson learned on this is to always verify the earnest money was actually deposited into the trust account. A seller’s agent could ask for written proof the money was deposited so there isn’t a problem later on. A buyer’s agent should also send the Confirmation of Receipt of Earnest Money form, or any other written receipt, to the seller’s agent as a professional courtesy showing the money has been received.

30 | Salt Lake Realtor ® | March 2020

Please do not show a home unless you have permission to do so, even if it is vacant. If you schedule a showing directly with the listing agent, be sure to confirm it before showing up at the property with your client. If you use ShowingTime on the MLS, you can request the showing appointment, but that doesn’t mean the listing agent has confirmed it with their client. Until that confirmation happens, don’t show up at the property. As listing agents, please be as prompt as possible when responding to showing requests. This also continues to be a point of frustration for buyers agents who are trying to set showing appointments for the day. Curtis A. Bullock is an attorney and CEO of the Salt Lake Board of Realtors®.

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