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Connect your Clients to their dream home by contacting 385-420-5990 See a David Weekley Homes Sales Consultant for details. Prices, plans, dimensions, features, specifications, materials, and availability of homes or communities are subject to change without notice or obligation. Illustrations are artist’s depictions only and may differ from completed improvements. Copyright © 2020 David Weekley Homes - All Rights Reserved. Salt Lake City, UT (SLC-20-002205)
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Turning Houses into Homes®
Table of Contents Features 10
17 FAQs on Pandemic Unemployment Assistance Eligibility The National Association of Realtors®
18
Why Staging Matters Barbara Ballinger
26
How to Grow Your Brokerage during a Sales Slump Ward Morrison
Why Staging Matters p. 18
Columns 7
Rise and Make a Difference Alicia Holdaway – President’s Message
Departments 8
Happenings
8
In the News
28
Housing Watch
On the Cover: Cover: ©/Adobe Stock Photo left: Coralimages©/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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Surround yourself with excellence Congratulations Danielle Young for making Scotsman Guide’s 2019 Top Women Originators! The Guaranteed Rate Organization of Women (GROW) is a community of women helping each other make the most of their careers in this industry. And it just so happens that our community is full of some of the top-producing originators in the country. For the second consecutive year, Guaranteed Rate Companies had the largest representation from any organization with 49 of the Scotsman Guide’s Top Women Originators. Source: Scotsman Guide’s 2019 Top Women Originators List • Danielle Young NMLS: 265241 Guaranteed Rate is an Equal Opportunity Employer that welcomes and encourages all applicants to apply regardless of age, race, sex, religion, color, national origin, disability, veteran status, sexual orientation, gender identity and/or expression, marital or parental status, ancestry, citizenship status, pregnancy or other reason prohibited by law.
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9350 South 150 E., Suite 140 Sandy, UT 84070 NMLS ID #2611 (Nationwide Mortgage Licensing System www.nmlsconsumeraccess.org) (Nationwide Mortgage Licensing System www.nmlsconsumeraccess.org) • AL - Lic# 21566 • AK - Lic#AK2611 • AR - Lic#103947 - Guaranteed Rate, Inc. 3940 N Ravenswood, Chicago IL 60613 866-9347283 • AZ - Guaranteed Rate, Inc. - 14811 N. Kierland Blvd., Ste. 100, Scottsdale, AZ, 85254 Mortgage Banker License #0907078 • CA - Licensed by the Department of Business Oversight, Division of Corporations under the California Residential Mortgage Lending Act Lic #4130699 • CO - Guaranteed Rate, Inc. Regulated by the Division of Real Estate, 773-290-0505 • CT - Lic #17196 • DE - Lic # 9436 • DC - Lic #MLB 2611 • FL - Lic# MLD1102 • GA - Residential Mortgage Licensee #20973 - 3940 N. Ravenswood Ave., Chicago, IL 60613 • HI - Lic#HI-2611 • ID - Guaranteed Rate, Inc. Lic #MBL-5827 • IL - Residential Mortgage Licensee - IDFPR, 122 South Michigan Avenue, Suite 1900, Chicago, Illinois, 60603, 312-793-3000, 3940 N. Ravenswood Ave., Chicago, IL 60613 #MB.0005932 • IN - Lic #11060 & #10332 • IA - Lic #2005-0132 • KS - Licensed Mortgage Company - Guaranteed Rate, Inc. - License #MC.0001530 • KY - Mortgage Company Lic #MC20335 • LA - Lic #2866 • ME - Lic #SLM11302 • MD - Lic #13181 • MA - Guaranteed Rate, Inc. - Mortgage Lender & Mortgage Broker License MC 2611 • MI - Lic #FR0018846 & SR0018847 • MN - Lic #MN-MO 20526478 • MS - Guaranteed Rate, Inc. 3940 N. Ravenswood Ave., Chicago, IL 60613 Mississippi Licensed Mortgage Company, Lic # 2611 • MO - Guaranteed Rate Lic # 14-1744-A • MT - Lic# 2611 • NJ - Licensed in NJ: Licensed Mortgage Banker - NJ Department of Banking & Insurance • NE - Lic #1811 • NV - Lic #3162 & 3161 • NH - Guaranteed Rate, Inc. dba Guaranteed Rate of Delaware, licensed by the New Hampshire Banking Department - Lic # 13931-MB • NM - Lic #01995 • NY - Licensed Mortgage Banker - NYS Department of Financial Services- 3940 N Ravenswood, Chicago, IL 60613 Lic # B500887 • ND - Lic #MB101818 • OH - Lic #MB0804160 & Lic #SM.501367 - 3940 N. Ravenswood Ave., Chicago, IL 60613 • OK - Lic # ML002651 • OR - Lic #ML-3836 - 3940 N. Ravenswood Ave., Chicago, IL 60613 • PA - Licensed by the Pennsylvania Department of Banking and Securities Lic #20371 • RI - Rhode Island Licensed Lender Lic # 20102682LL, RI - Rhode Island Licensed Loan Broker Lic # 20102681LB • SC - Lic #-MLS - 2611 • SD - Lic# ML.04997 • TN - Lic #109179 • TX - Licensed in TX: Licensed Mortgage Banker & Licensed Residential Mortgage Loan Servicer- TX Department of Savings & Mortgage Lending • UT - Licensed in UT: Utah-DRE Mortgage Entity License #7495184 & Utah-DFI Residential First Mortgage Notification – Utah Department of Financial Institutions • VT - Lic #2611-1 & 0930 MB & 6100 • VA - Guaranteed Rate, Inc. - Licensed by Virginia State Corporation Commission, License # MC-3769 • WA - Lic #CL-2611 • WI - Lic #27394BA & 2611BR • WV - Lic #ML-30469 & MB-30098 • WY - Lic#2247
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President Alicia Holdaway Summit Sotheby’s
Rise and Make a Difference
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Tony Ketterling Equity Real Estate John Lucky Coldwell Banker Residential
Second Vice President Steve Perry Wise Choice Real Estate
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Treasurer Rob Ockey Century 21 Everest
Mary Olsen Utah Key Real Estate Sophie Reece Berkshire Hathaway
Past President Scott Robbin Summit Sotheby’s
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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.
The human spirit is a really amazing thing. No doubt we’re in a very challenging time in our world. You don’t have to look very far to see devastation happening around us and it’s sure to affect all of us in some way or another. Fortunately, there’s also something else happening all around us…humanity. The rise of the human spirit can be seen in courageous acts of kindness and selflessness. There are countless new, innovative ways to be social while physically distanced from those you love. There also is a refreshing focus on small businesses. Communities are banding together to feed school children. You can hear music in the streets. I mean, have you seen John Krasinski’s “Some Good News” on YouTube? I cry every stinking time I watch it! As I look around in our community along the Wasatch Front, I see countless examples of Realtors® investing in their communities, giving back to their neighbors, reaching out to healthcare workers and supporting small businesses, spreading love in so many ways. And I’m damn proud. You should be too. While there’s no denying the heartache, fear and grief brought by this pandemic, we still have a choice as to how we respond to it. As I see it – we can either Fear Everything And Run or we can Face Everything And Rise. And what better way to RISE above the challenges, RISE up and help our communities, than while cheering each other on! Throughout the remainder of 2020, we will be gathering your stories of how you’re rising above and making a difference in the world around you... big or small, it all matters! Go out, make a difference in someone’s day, snap a pic and post it on social media with the hashtag #SLREALTORSRISE so we can spread some love and positivity around the interwebs! Realtors® Rise Together!
Alicia Holdaway President
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.
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
May 2020 | Salt Lake Realtor ® | 7
Happenings
In the News Pandemic Making Suburbs More Appealing Some real estate forecasters predict a wave of people moving from the city to the suburbs in search of more space in response to the COVID-19 pandemic.
Wasatch Front, U.S. Home Prices Rise Single-family home prices increased across all five counties on the Wasatch Front in this year’s first quarter. In Salt Lake County, the median price climbed to $392,470, a 12 percent rise from the first quarter of 2019. The median U.S. home price rose 8 percent year-overyear to $280,600 in March, according to the National Association of Realtors®. While buyer demand has softened and sales fell 8.5 percent that month from the prior month, the supply of homes on the market is contracting even faster, recent preliminary data shows.
Grading the Nation’s Governors The nation’s governors have been graded on how they have, and are continuing to, respond to the coronavirus. The ratings were compiled by the Committee to Unleash Prosperity. Utah Governor Gary Herbert got a “B” grade. The report said governors with A and B grades were moving to restore freedom and opportunity, and trusting individuals to follow best practices or isolate themselves based on their own risk assessments. Seven governors got an A: Jared Polis of Colorado, Ron DeSantis of Florida, Brian Kemp of Georgia, Pete Ricketts of Nebraska, Kevin Stitt of Oklahoma, Kristi Noem of South Dakota, Bill Lee of Tennessee, and Mark Gordon of Wyoming. Four received an F: Phil Murphy of New Jersey, Tom Wolf of Pennsylvania, Ralph Northam of Virginia, and Tony Evers of Wisconsin. According to The Wall Street Journal, “The authors examined the severity of the state lockdowns, the stay-at-home requirements, the date of reopening, the treatment of hospitals, schools, factories and stores, and the enforcement penalties. They also took into account the severity of the virus outbreak in each state, dividing states into categories of high, medium and low risk. That meant governors in high-risk states like New York weren’t graded worse merely for reopening later than, say, Utah or Wyoming.”
8 | Salt Lake Realtor ® | May 2020
While 30 percent of Americans say they’ve browsed a real estate site recently, according to a Harris Poll conducted April 25-27, urbanites are twice as likely as suburbanites (43 percent versus 26 percent, respectively) and rural dwellers (21 percent) to have been looking for homes and apartments to buy or rent. Nearly a third of Americans are considering moving to less densely populated areas due to the coronavirus, the Harris Poll shows. Further, nearly four in 10 respondents—39 percent—are urbanites who say the health crisis has prompted them to consider moving to the suburbs. In the post-coronavirus real estate market, suburban areas with sprawling McMansions in more remote locations may increasingly be more in demand. “Suddenly, it’s hip to be private, spacious, and quiet,” John Downs, a real estate pro with Berkshire Hathaway in Connecticut, told The Wall Street Journal. Downs notes that he has had an increase in calls about remote properties from people who live in urban areas. CNBC also reports an uptick among New York’s wealthiest residents who desire to move their families to surrounding suburbs and exurbs as they look for a less crowded lifestyle. They’re seeking more space and distance from neighbors and crowds, brokers stated. For some, this may be a second home that is a short drive to the city, while others may want to make the move more permanent. “It seems like everyone wants to leave the city,” Steve Magnuson, a Douglas Elliman broker in Greenwich, Conn., told CNBC. “Our problem is not enough inventory for sale. We’ve been on the phone 24/7 and on email.”
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17 FAQs on Pandemic Unemployment Assistance Eligibility By The National Association of Realtors®
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) signed into law on March 27, 2020, provides relief to families, small businesses, and individuals who are self-employed and independent contractors. A key provision in the law creates a temporary “Pandemic Unemployment Assistance” program that extends unemployment benefits to those not traditionally eligible, including self-employed individuals. Below is a summary of the program, updates from Advisories issued by the U.S.
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Department of Labor (DOL) to state workforce agencies implementing the program. 1. I’m an independent contractor, am I eligible for unemployment benefits? The PUA program is a temporary program that provides assistance to individuals, including self-employed and independent contractors, who are fully or partially unemployed as a direct result of the COVID-19 public health emergency, beginning January 27, 2020 through December
Department of Labor, where more details on eligibility are expected as these programs are implemented. 2. Where do I apply for unemployment compensation benefits? To apply for unemployment compensation benefits, you must apply through your state labor or employment agency. To find out more information about your state unemployment office, please visit local employment benefits page at www.careeronestop.org. Each state labor or employment agency participating in the pandemic unemployment assistance (PUA) program will have its own process for accepting unemployment compensation claims and processing those requests. Many states are working to implement the CARES Act and are creating the proper systems to be able to accommodate all requests for unemployment compensation, including specific applications for independent contractors. It is best to continue to check with your state labor agency or unemployment office to find out how and when to apply.
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31, 2020. Individuals who are eligible for PUA compensation are: NOT eligible for regular compensation benefits or extended benefits under state or federal law; AND Can self-certify that he or she is able to work, but who is unable to work due to COVID-19 such as: movement restrictions, employment closures, medical diagnoses, and quarantines. (See Question 8 below for details.) If an individual is eligible to telework with pay, or has paid sick leave or expanded family and medical leave, they will not be eligible for unemployment assistance. Further, under the law, the U.S. Secretary of Labor is authorized to establish additional eligibility criteria. These new benefits will be carried out through agreements between each state and the
Because the unemployment claims process is now being extended to independent contractors, under the CARES Act there may be questions asked that do not apply (i.e. who is your employer). As states update their processes to extend the benefits, these questions and claims forms may change. It is recommended that all questions be answered thoroughly and honestly for accuracy in PUA benefit determinations conducted by the state. 3. Real estate services have been deemed “essential” in my state, does this mean I’m ineligible for the new unemployment benefits for self-employed? No. There is nothing in the CARES Act or federal guidance issued by the U.S. Department of Labor to date that states individuals from “essential” industries would be ineligible to receive unemployment compensation benefits under the PUA program in accordance with a state order. Even if real estate related activities are deemed essential, it does not necessarily mean that an individual is working and receiving compensation. For this purpose, whether an industry is “essential” is not relevant to the test as to whether an individual is eligible to receive unemployment compensation. Individuals are encouraged to apply for unemployment if they have been fully or partially unemployed due to an inability to work, as a result of the COVID-19 public health emergency. Individuals should check with their state labor agency or
May 2020 | Salt Lake Realtor ® | 11
receive compensation, am I ineligible for benefits? No. The law states that if an individual is eligible to telework with pay, they will not be eligible for unemployment assistance. Individuals who can telework with pay for the same number of hours of work that they would normally work will not be eligible for unemployment compensation. Individuals who are able to partially telework for pay still may be eligible to apply for “partial unemployment” benefits, if their work has been impacted as a result of the COVID-19 public health emergency and has resulted in a loss of income. It may be useful to keep track of total hours worked to help estimate the percentage of time worked for pay, as states’ requirements for reporting unemployment eligibility vary. For individuals who are teleworking for fewer hours and less income, that now-reduced income will likely be deducted from the unemployment benefit amount they are entitled for a given week in accordance with state law.
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unemployment office to determine eligibility and claims filing information. To the extent a state changes the eligibility requirements for PUA to exclude “essential” workers, the state could be risking DOL canceling its agreement with the state and ceasing full funding of PUA benefits. 4. As an independent contractor, can I apply for unemployment compensation benefits and still accept work? Yes. Independent contractors and self-employed individuals can apply for full or partial unemployment compensation benefits for weeks that their work has been impacted due COVID-19 if they live in a state that is participating in the pandemic unemployment assistance (PUA) program with the U.S. Department of Labor. Most states require individuals receiving unemployment compensation to search for work. However state laws and regulations will govern the conditions related to work availability and what constitutes “active work,” while receiving unemployment benefits. Additional flexibility on states’ search for work requirements has also been provided under recent federal legislation. 5. If I am able to telework (or work remotely), but unable to fully close transactions or complete work to
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6. A closing occurred prior to the effective date of the PUA program, but I have not been paid my commission. How does this impact my unemployment eligibility? It depends! Each state labor or employment agency participating in the pandemic unemployment assistance (PUA) program will have its own system for applying, verifying, and accepting unemployment compensation claims with varied eligibility details. Without guidance from the U.S. Department of Labor or partnering states, it is unclear how earned income prior to being “out of work” may impact unemployment benefit eligibility. It is recommended to apply for the benefits, including detailed financial information for benefits calculations, which may reduce the total benefits (or not pay) for that particular week during which the compensation is received. 7. How much in unemployment benefits can I receive and for how long? It depends! The CARES Act provides PUA benefits of $600 per week (only through July 31, 2020, called Federal Pandemic Unemployment Compensation (FPUC)), in addition to the amount provided under a state’s compensation law through Dec. 31, 2020. Typically, states base compensation amounts on an individual’s wages from their most recent tax year, and net income from all self-employment that was reported on an individual’s tax return. States compute a state weekly benefit amount for eligible individuals, based upon state law, and unemployment benefit
caps vary among the states. Individuals can receive up to 39 weeks of PUA benefits through Dec. 31, 2020. For more on state specific benefits, please visit the Department of Labor’s Significant Provisions of State Unemployment Insurance Laws. The CARES Act also included a provision encouraging states to waive a customary sevenday waiting period for the first week to receive benefits. Individuals who are self-employed or independent contractors are typically not eligible for regular unemployment compensation or extended benefits under state law, and therefore may only be eligible for PUA benefits. These individuals would also not be eligible for Pandemic Emergency Unemployment Compensation (PEUC), which is a 13-week extension of state regular unemployment compensation. When individuals are eligible for regular unemployment compensation, DOL guidance directs the exhaustion and sequencing of benefits under the CARES Act (i.e. exhaustion of state regular unemployment compensation, PEUC, state extended benefits, and then PUA).
Additionally, if an individual is eligible and receiving Disaster Unemployment Assistance (DUA), as authorized by the state, they may not be eligible for PUA for that week. 8. What factors are considered when determining unemployment benefit eligibility as a result of COVID-19? •
•
• •
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Individual factors that are needed to show unemployment status as a result of COVID19 include: Individuals diagnosed with COVID-19 or experiencing symptoms of COVID-19 and seeking a medical diagnosis; A member of an individual’s household who has been diagnosed with COVID-19; Individuals providing care for a family member, child, or other person within one’s household diagnosed with COVID-19; Individuals who are unable to reach his or her place of employment because of selfquarantine, due to COVID-19;
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•
•
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Individuals who were scheduled to begin a work or unable to reach work due to COVID-19; Individuals who provide major household support, because the head of the household has died as a result of COVID-19; Individuals who have had to quit his or her job as a direct result of COVID-19; Individuals whose place of employment is closed as a direct result of COVID-19; or Individuals who are self-employed, or who would not otherwise qualify for regular unemployment. This is not an exhaustive list of all qualifying factors that states will use in determining individual benefit eligibility as a direct result of the COVID-19 public health emergency, but these are key factors that states will use in making determinations. States may also consider state emergency declarations, social distancing protocols, and other business closures and restrictions due to the COVID-19 public health emergency.
9. As an independent contractor, what do I need to provide to my state
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unemployment office for eligibility? State labor agencies or unemployment offices are responsible for administering unemployment compensation benefits, including accepting and processing applications and verifying individual eligibility for those benefits. For independent contractors and self-employed individuals, states may require prior tax returns (for example, schedule C, F, SE, or K filed with Form 1040), bank statements, profit and loss statements, business licenses, or other business records to assist them in verifying income and making benefit eligibility determinations. 10. What if I have not filed my 2019 taxes or had a net loss in 2019, how will my unemployment benefits be calculated? If individual has not filed 2019 taxes, the PUA benefit amount will be equal to “50 percent of the average weekly payment of regular compensation” in accordance with the state law. However, individuals may be able to submit taxes and other documentation proving 2019 income. Likewise, a self-employed individual who reports a net loss in 2019 is eligible for a PUA benefit amount equal to “50 percent of the average weekly payment of regular compensation in the State.” (20 C.F.R. §625.6)
11. Under the CARES Act, can I apply for both unemployment benefits with in my state and also apply for a loan under the SBA programs (Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL)? At this time, an individual could apply for both, but there is no ability to determine whether an individual will qualify for both the unemployment compensation program and the SBA loan programs (PPP program and EIDL program). There is nothing in the CARES Act or any federal agency guidance currently limiting or preventing independent contractors from receiving both unemployment compensation benefits under PUA and assistance under the SBA loan programs. Independent contractors applying for assistance under the EIDL program will be asked to provide information about compensation from other sources received, as a result of the pandemic, which may include pandemic unemployment compensation benefits, if they are received. Individuals should assess each programs’ qualifications when deciding on available options. 12. How will I be notified by my state agency regarding my eligibility to receive unemployment compensation benefits? State agencies are required to provide notice to individuals in writing regarding the state’s determination regarding an individual’s eligibility to receive unemployment compensation benefits. If an individual is denied unemployment compensation benefits, the state agency must provide in the written notice, regarding the individual’s right to reconsideration or appeal or both. 13. If I am deemed eligible by the state to receive unemployment compensation, how long will it take for me to receive those benefits? It depends! The time it takes for your state labor agency to determine your eligibility to receive unemployment compensation benefits, and the time it takes for you to receive those benefits will vary. It is important to check with your state labor or employment agency to better understand the processing timeline. 14. If I am deemed ineligible by the state to receive unemployment compensation, what should I do next? If your state determines that you are ineligible to receive unemployment compensation
benefits, then the state is required to provide you with written notice regarding your rights to reconsideration or appeal or both. 15. May I collect unemployment insurance benefits for time in which I receive pay for paid sick leave and/or expanded FMLA leave? No. If you are eligible for paid sick leave or expanded family and medical leave (FMLA), you are not eligible for unemployment assistance. However, each state has its own unique set of rules; and DOL recently clarified additional flexibility to the states (UIPL 20-10) to extend partial unemployment benefits to workers whose hours or pay have been reduced. Therefore, individuals should contact their state unemployment office for specific questions about eligibility. 16. May I collect unemployment compensation, if I am receiving social security benefits and was working prior to the COVID-19 pandemic public health emergency? Yes, you may be eligible to receive pandemic unemployment assistance (PUA) benefits, if you are receiving social security benefits, and were working prior to the COVID-19 public health crisis. In determining your eligibility for PUA benefits, states will consider how your work has been impacted as a result of COVID-19. The state also may deduct the amount you receive in social security benefits from your unemployment compensation entitlement amount that is computed by the state. 17. If I am an independent contractor and I operate my business through a personal LLC or corporations, am I still eligible to receive unemployment compensation under the PUA program? Yes. Independent contractors who operate their businesses through a personal LLC or corporations are eligible to apply for unemployment compensation benefits under the PUA program. Independent contractors will still need to meet other PUA eligibility requirements, including the ability to show work impact due to the COVID-19 public health emergency. The type of business entity established by the independent contractor to operate his or her business does not matter, so long as the independent contractor’s primary income is derived from services performed or provided by the individual’s business.
May 2020 | Salt Lake Realtor ® | 15
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Why Staging Matters In its early years, staging was occasionally used in vacant and hard-to-sell homes. Nowadays, more listings are staged than ever. Here’s why. By Barbara Ballinger Selling a home these days can be tough. Buyers have become more particular. Few people care that a seller spent decades collecting snow globes, colorful Fiestaware, or mugs from around the world. Instead, they’re looking for fresh, thoughtfully furnished rooms where they can create their dream setting rather than buy into the seller’s life. This is why staging has become so important. Fiona Dogan with Julia B. Fee Sotheby’s International Realty in Rye, N.Y., is a diehard staging advocate who recommends the strategy to all her clients. “You can’t list a house without staging it, unless it’s going to be a teardown,” she said. The prime reasons staging has become commonplace is due to consumer demand and
18 | Salt Lake Realtor ® | May 2020
the proliferation of online home shopping, said Amanda Wiss, a professional organizer and owner of Urban Clarity in Brooklyn, N.Y., who added staging to her skill set. “Most buyers first see a home online, so photographs matter,” she said. “If it’s too cluttered, they might not go look at it in person.” While staging may have attained its popularity in higher-priced and vacant listings, it now appears in all segments of the market. As a result, more savvy real estate pros like Dogan recommend sellers have their homes staged before they list, no matter the price, size, condition, or location. The goal is the same for all listings: to help the seller achieve the highest sales price in the quickest time, said Adelaide Mulry, an agent with Daniel Gale Sotheby’s International Realty
Crystal Sing©/ Adobe Stock
in Locust Valley, N.Y., also a professional stager and designer. The good news is that the number of people available to stage a home has increased dramatically in recent years, with 28 percent of listing agents staging sellers’ homes before listing, according to the National Association of Realtors®’ 2019 Profile of Home Staging report. Sellers can take their pick of whom to hire. There are full-time professional stagers, real estate professionals who have jumped in to learn, and professional organizers like Wiss. Some home owners like to do staging themselves, motivated by reality TV shows and Marie Kondo–style decluttering books. There’s a growing list of courses as well, such as the three-day program offered by stager and designer Kristie Barnett of The Decorologist in Nashville. Other accreditation programs and industry designations—such as the Accredited Staging Professional or the Designer Society of America’s Certified Home Staging Professional— give a stager the chance to tout their expertise. Companies that offer staging resources have also become more plentiful in the form of attractive
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rental furnishings, artwork, and accessories. Some stagers and real estate pros prefer to buy merchandise, which Dogan has done. Staging Works After Wiss staged a two-bedroom condominium in Brooklyn, the owners received four offers at an open house that sparked a bidding war. The property sold for 25 percent more than the listing price. Sellers who don’t stage a home before it’s listed risk losing out to comparable staged homes, said Christopher Barrow, co-managing partner and broker with Foundation Homes Property Management in California’s Marin County. “Nobody wants a home with Venetian plaster from the ’80s,” he said. Staging first emerged in the 1970s after real estate pro Barb Schwarz, who has a background in theater, developed the concept and trademarked the term to help show her listings. It originally involved simple decluttering, making basic repairs, and arranging furniture; nowadays, it’s used to completely transform rooms and
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sometimes entire homes, so they look new. It can even go beyond adding furnishings; some use luxury towels, designer shoes, and handbags to suggest a lifestyle, said Lynn B. Telling, an agent and luxury specialist with Illustrated Properties in Palm Beach, Fla. The number of rooms staged in a listing typically depends on a home’s overall condition, market competition, and listing price. But usually staging a few main rooms will suffice. “You can always leave a few spaces to a buyer’s imagination rather than do the entire house,” said Marcie Barnes, director of strategic growth at Prevu Real Estate, a New York–based real estate company that focuses on buyers. Buyers consider the living room the most important to stage, followed by the master bedroom and kitchen, according to NAR’s staging report. In each staged space, the goal is to create a universally appealing, updated, clean setting—what Dogan calls “today’s staged aesthetic.” Common denominators include neutral colored walls and hardwood floors (a rug is OK as long some flooring shows), a few pieces of comfortable, modern furniture to hint at a room’s use (perhaps a laptop on a table), mostly empty countertops and bookshelves, good modern lighting, a few accessories, and some art or a bit of color to add a pop so the space isn’t devoid of personality. Fresh greenery offers a bit of warmth, said Barnes. Often, the desire to show some creativity is reserved for a small space, such as a wallpapered powder room. Barnes also likes to include a seasonal reference—a beachy vibe come spring and summer or cozy feel in the fall and winter—and at least one hot trend, such as a smart-home tech device. Sometimes, however, more work is required to make a listing showing-ready because of the home’s condition or the market it’s in. Agent Barb St. Amant with Atlanta Fine Homes Sotheby’s International Realty recently had a listing in an Atlanta suburb that required interior and exterior paint, wood rot repair, kitchen and master bathroom renovations, and property landscaping to compete in that area. The home sold for 96 percent of its list price, went under contract within a month, and closed 30 days later. “There were nine to 11 months of inventory in that area, and typical days on market were from two to three months,” she said. Although staging often calls for a spare look, in some areas complete household settings are making inroads—at least in trend-setting Los Angeles. There, luxury staged homes are displaying more furnished interiors that are so
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complete, some buyers purchase what’s featured after they buy the house, said Meridith Baer. Her 30-year-old eponymous firm, Meridith Baer Home, in L.A., is hired both by agents and developers to stage their listings. The firm routinely stages 30 properties a week. “We want buyers to fall in love, and we do a variety of looks, from more minimal to very layered,” she said. The Cost Breakdown What a seller typically spends on staging is proportionate to the home size and condition, listing price, estimated return on investment, and competition. Sometimes sellers may not have to spend funds at all since some agents offer their time for decluttering, rearranging furnishings, and making suggestions. That’s the approach Kati Baker takes, a luxury home staging specialist with Downtown Realty Co. in Chicago. She rearranges furniture, bookshelves, and art and removes anything in the house that may cause an off-putting smell. Dogan always works with sellers to determine the level of staging needed to best show off their home and within their budget. She covers the cost of a staging consultant to assess the home pre-listing. If the seller wants to use the stager, Dogan hires the person, but the seller pays for the services and any related costs. Dogan will also tap into her own inventory of items for some stagings. Typically, her sellers’ costs range from $2,000 to $5,000, which might involve a simple paint refresh or furniture rental, she said. However, staging a large vacant house may cost significantly more, upwards of $30,000 for some of her listings. But Dogan says the return on investment can be $50,000 or greater in her New York market. On average, sellers see about a 5 percent return on investment nationwide, according to the 2019 NAR report. St. Amant offers sellers a free two-hour consultation with a stager. Most stagers in her area charge $125 to $250 an hour. The goal, she says, is to spend the least amount of money and get the greatest return. And some sellers invest significantly. A client of St. Amant, who lived in a neighborhood with $1 million homes, recently spent more than $100,000 getting the house ready to list, half of which went toward deferred maintenance. “With advice from the stager, we made necessary changes to the 30-year-old home and quickly got an offer that was nearly $200,000 over what we might have if it hadn’t been updated and staged,” she says. Not all sellers can afford to do this, so it’s important that agents work within a budget.
SHARE YOUR STORY USE #SLREALTORSRISE Share Your Story Fear is a powerful thing. It can hold us back or make us stronger. We want to hear your stories about overcoming fear. How are you meeting the challenges presented by the Covid-19 pandemic? What are you doing differently in your business practices? How are you adjusting to meet your clients' needs? How are you coping with feelings of fear and uncertainty and helping others? Inspire others by sharing your story on social media. Use the hashtag #slrealtorsrise.
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Mulry reminds sellers that the cost of staging is nominal compared to a possible price reduction they’d have to make if the home sits on the market, unstaged, with little interest from buyers. 10 Questions to Ask When Hiring a Stager Help clients do their staging homework. First, find out what comparable homes look like and whether they’re staged. Then interview potential stagers with these questions. 1. Can I see before-and-after photos of jobs you’ve handled? Can you explain what you did and why? 2. Do you usually stage all the rooms in a house or condo, or just a few key rooms? Which ones? 3. Do you recommend taking down artwork and curtains and removing most accessories? 4. Do you have access to a staging inventory that you own or rent? If the furnishings will be rented, how long is the rental period? 5. Can any of my client’s furnishings be used for staging, and if so, which ones?
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6. Do you recommend other improvements, such as painting, polishing floors, or resurfacing kitchen cabinets if you believe it’s required? 7. Do you offer expertise concerning the property’s exterior? 8. How will the seller will be charged? Is it by the number of rooms, hours on the clock, or a flat fee for the entire project? 9. What’s your average return on investment? How much might my seller might realize if the home is staged versus not staged? 10. Can my client get the specifics of your staging proposal in writing? Source: Christopher Barrow, Foundation Homes Property Management, Marin County, Calif. Barbara Ballinger is a freelance writer and the author of several books on real estate, architecture, and remodeling, including The Kitchen Bible: Designing the Perfect Culinary Space (Images Publishing, 2014). Reprinted from Realtor® Magazine Online, May 2020, with permission of the National Association of Realtors®. Copyright 2020. All rights reserved.
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How to Grow Your Brokerage during a Sales Slump By Ward Morrison
Business owners like you shoot for the stars – brokerage expansion likely brings a twinkle to your eye and a spring to your swift step. One thing’s for sure, business growth puts more bang into your buck. But in challenging times like these, expansion may seem unattainable. If you’re wondering how to grow your office operations even as current events damper your real estate dealings, you might consider adding an ancillary business to your brokerage. This type of addition offers your customers a new service or good that is related to or supportive to your primary business. Just as importantly, an ancillary service may diversify your revenue and help you weather this COVID-19 storm. Think of the added convenience of getting your car washed and grabbing a cold beverage after
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filling your gas tank. Both the convenience store and the drive-through car wash are ancillary services that diversify and expand a gas station’s revenue streams. Consider the gift shop at your favorite museum. It’s certainly not the reason for your visit but is an opportune location for commemorating your experience or purchasing that birthday present you’ve been meaning to select. The museum gift shop is, yet again, an example of an ancillary service that adds to the principle business’s income. As an owner of a real estate brokerage, look at ways you can streamline or enrich your customers’ home buying and selling processes. These solutions may be viable ancillary businesses. Services closely related to the
Additionally, mortgage – unlike real estate, title or staging - can operate independently of home sales. To be sure, borrowers seek refinances for many reasons. They may be looking to secure a lower interest rate, reduce their monthly payment by extending their term, pay off their home sooner by shortening their term or invest in a home renovation through a cash-out refinance. This diversification in opportunity can stand alone from the state of the real estate market and can offer expanded revenue options in times of sluggish home sales. Title As you know, a title company is an essential player in every real estate purchase. Add this component as an ancillary service and experience exciting closing days at your office while opening the door to more revenue streams per home purchase transaction. Home Insurance
taa22 ©/ Adobe Stock
primary functions of a real estate brokerage include: • Mortgage services • Title services • Home insurance services • Property management services • Staging and cleaning services By providing these (or other) ancillary services at your brokerage, you’ll not only diversify your revenue, you’ll enhance the experience of your office’s clients. Mortgage Many real estate agents recommend that their house-hunting clients get mortgage prequalification before even beginning to look for a home. Imagine if those clients could conveniently obtain this information from someone at your office! Picture the possible synergy between the loan originators and the real estate agents. From pre-qualification to mortgage loan attainment (and everything in between), your clients could have coordinated team at (or near) one location – and you could benefit from more transaction opportunity via every purchase closing.
Another key-player in the home purchase process, home insurance offers great potential for integration as an ancillary service. For the same reasons as mortgage and title, adding insurance services to your business has the potential to maximize your current home purchase transactions and consolidate the efforts of your customers. Staging and Cleaning These add-on services could be a wonderful fit if your agents recommend staging and cleaning often. Benefit from the ability to create a steady stream of in-house referrals for such home sale best practices and make the process a breeze for your customers. How to Grow Your Real Estate Business If planned and executed strategically, adding an ancillary business to your real estate brokerage could offer growth in your local market. You might even consider adding another service once the first is off and running! You can think of these complementary new services as options for diversification of your revenue stream. But perhaps most importantly, offering more robust services to your customers could provide the very best home buying and/or selling experience around. Ward Morrison was instrumental in the initial development and launch of Motto Franchising, LLC, in 2016. President of the Motto Mortgage brand since day one, Ward offers a breadth of experience in the mortgage and real estate industries.
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MARCH HOUSING WATCH March Home Sales Slow; First Quarter Sales Rise “We have seen an increase in virtual home tours, e-signings and other innovative and secure methods that comply with social distancing directives. I am confident that Realtors® and brokerages will adapt, evolve and fight, ensuring the real estate industry will be at the forefront of our nation’s upcoming economic recovery.” NAR President Vince Malta
As the Covid-19 pandemic forced business shutdowns and quarantines, home sales slowed in March in Salt Lake County, but overall sales were down just 3 percent (42 fewer sales) compared to sales in March 2019. However, pending sales for the month took a 22 percent dive, falling to 1,268 contracts signed compared with 1,623 a year earlier. Neighboring Davis County saw its pending sales fall 20 percent in March year-over-year. Home sales year-to-date (January through March) in Salt Lake County were up 3.3 percent compared to the same three-month period in 2019.
The median sale price in March in Salt Lake County increased to $369,900 (all housing types), a 13 percent increase compared to a median price of $326,900 in March 2019. In Davis County, the median sales price increased to $350,000, up 12 percent from a year ago. The months supply of inventory in Salt Lake County fell to 1.6 months, down 20 percent compared to 2 months a year earlier. Across the country, total existing-home sales increased year-over-year for the ninth straight month, up 0.8 percent from a year ago (5.23 million in March 2019), according to the National Association of Realtors®. NAR’s most recent Flash Survey showed that 93 percent of sellers changed behavior to help the home buying transaction move forward with social distancing and necessary precautions. Nationally, properties typically remained on the market for 29 days in March, seasonally down from 36 days in February, and down from 36 days in March 2019. Fifty-two percent of homes sold in March 2020 were on the market for less than a month. First-time buyers were responsible for 34 percent of sales in March, up from both 32 percent in February and 33 percent in March 2019. NAR’s 2019 Profile of Home Buyers and Sellers – released in late 20194 – revealed that the annual share of first-time buyers was 33 percent. “Despite the social distancing restrictions, with many Realtors® conducting virtual open home tours and with mortgage rates on the decline, a number of first-time buyers were still able to purchase housing last month,” said NAR Chief Economist Lawrence Yun. “It is NAR’s top priority to continue to aid and assist Realtors® during these unpredicted, trying times,” said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, Calif. “We have played an instrumental role on Capitol Hill as Congress secured multiple federal relief packages, and we will continue fighting on behalf of our 1.4 million members, American consumers and the nation’s economy as these conversations persist.” “We have seen an increase in virtual home tours, e-signings and other innovative and secure methods that comply with social distancing directives,” Malta continued. “I am confident that Realtors® and brokerages will adapt, evolve and fight, ensuring the real estate industry will be at the forefront of our nation’s upcoming economic recovery.” Individual investors or second-home buyers, who account for many cash sales, purchased 13 percent of homes in March, down from both 17 percent in February and 18 percent in March 2019. All-cash sales accounted for 19 percent of transactions in March, down from both 20 percent in February and 21 percent in March 2019. Distressed sales – foreclosures and short sales – represented 3 percent of sales in March, up from 2 percent in February, and unchanged from 3 percent in March 2019.
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May 2020 | Salt Lake Realtor ® | 29
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All in, for community. Local food banks are struggling to meet increasing demand due to COVID-19 restrictions and closures. Because of your support through every transaction, Windermere Real Estate has been able to set aside $250,000 for local organizations that help families and households affected by the COVID-19 food crisis. The Windermere Foundation is matching these funds and will donate a total of $500,000 to help even more people. We couldn’t do it without you – our community. On behalf of our entire Windermere family from our agents, staff, managers, and owners, thank you.
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