Salt Lake
REALTOR ÂŽ
Magazine March 2018
2017
Awards Edition For outstanding commitment and contribution to the real estate industry.
IT ALL HAPPENS HERE OUR LAST 99 WEST PENTHOUSE WON'T LAST LONG
Don’t let your clients miss the opportunity to own the last remaining 27th floor penthouse at 99 West. This unique urban home boasts panoramic mountain and valley views, expansive living spaces, custom surround fireplace and handcrafted finishes. Show your clients the magic of City Creek Living. Call today to schedule a tour.
99 WEST
•
RICHARDS COURT
•
THE REGENT
CityCreekLiving.com | 801.240.8600
**
*
It’s been 25 years and we have a lot of reasons to celebrate. That’s a lot of reasons to trust Utah’s leading lender. Get the party started at snmc.com/25years
SecurityNational Mortgage Company complies with Section 8 of RESPA and does not offer marketing services in exchange for referrals or the expectation of referrals. Best of State 2015 & 2016. *Scotsman Guide. **Mortgage Executive Magazine. This is not a commitment to make a loan. Loans are subject to borrower and property qualifications. Contact loan officer listed for an accurate, personalized quote. Interest rates and program guidelines are subject to change without notice. SecurityNational Mortgage Company is an Equal Housing Lender. Company NMLS# 3116
Check out the Best of 2017 Realtor® Award Winners p. 12-13
Table of Contents Features 12 Best of 2017 Award Winners
Is Salt Lake City the next Denver? p. 22 Do you act like a top producer? p. 26
14 The Best of 2017 Realtor® Awards 16 Does Your Brand Really Matter? Brandon Doyle 22 Is Salt Lake City the Next Denver? Realtor.com 26 Do You Act Like a Top Producer? Melissa Dittmann Tracey 32 Attention, Brokers! Signing Up a New Agent? Remember to Complete These Five Steps Ashley Mordwinow
36 What the 20 Most Popular Home
Renovations Are Really Worth in 2018 Judy Dutton
40 8 Ways to Make Yourself a More Likable Agent
Melissa Dittmann Tracey
Columns 7 The Best of 2017 Adam Kirkham – President’s Message
Departments 8 Happenings 8 In the News 42 Housing Watch 44 Realtor® Connections 44 On the Move
On the Cover: Illustration: Kelley Anderson Photo left: Kent Shelton
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.
Salt Lake
REALTOR slrealtors.com
®
Maga zine
March 2018 volume 78 number 3
slrealtors.com
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.
rikki curtis
Award
Pr e m ie r
FOR OUTSTANDING PRODUCTION
PRE SIDE N TI AL Award
FOR OUTSTANDING PRODUCTION
taylor keys
Award
PINNACLE
FOR OUTSTANDING PRODUCTION
real estate source
chrisanne sueltz
dawn stevens
mckensie bayer
elda palacios
julie holmes
regina morrill
rebecca hudson
RISING STAR
AMY VOLCIC
tiffany dominguez
laurie anderson
grand design properties
kyrsten st john
donna rudzik
SALESPERSON OF THE YEAR
Joan Pok
luke mann
carlye webb
Shelly vardakis
2017 AWARD RECIPIENTS
Congratulations
Approval Express Get your clients full underwriting approval before they shop for a home Guaranteed Rate’s no-cost Red Arrow Approval Express enables your clients to: • Get full underwriting approval even before they’ve settled on a property, in as little as four hours. • Make an offer backed by an approval that stands miles above other buyers’ offers. • Compete with cash buyers.
Ask me about our Red Arrow Approval Express today.
Julia G. Borst SVP, Divisional Sales Manager
O: (801) 890-7660 x7660 C: (801) 362-7159 Julia.Borst@rate.com • Rate.com/juliaborst
6900 South 900 East, Suite 150 Midvale, UT 84047 Julia G. Borst NMLS ID:275440, LO ID# UT - 5495305 - 7495184 • NMLS ID #2611 (Nationwide Mortgage Licensing System www.nmlsconsumeraccess.org) • Utah - Licensed in UT: Utah-DRE Mortgage Entity License #7495184 & Utah-DFI Residential First Mortgage Notification – Utah Department of Financial Institutions Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google Inc. Appraisal required for eligibility and subject to conditions. Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and visit www.guaranteedrate.com/restrictions for more information.
Salt Lake
REALTOR
® ®
Maga zine
slrealtors.com slrealtors.com
President Adam Kirkham Summit Sotheby’s International First Vice President Scott Robbins Coldwell Banker Residential
Scott Colemere Colemere Realty Associates Kimberly Farber IMPOWER Real Estate Brian Gottfredson Coldwell Banker Residential Tony Ketterling Equity Real Estate
Second Vice President Alicia Holdaway Equity Real Estate
Mike Morgan Realtypath
Treasurer Matthew Ulrich Ulrich Realtors®
Mary Olsen Utah Key Real Estate Jodie Osofsky Utah Key Real Estate
Past President Troy Peterson Equity Real Estate
Steve A. Perry Realtypath Sophie Reece Berkshire Hathaway
Directors Cheryl Acker Utah Key Real Estate
Michael Rowe Berkshire Hathaway
Advertising information may be obtained by calling (801) 467-9419 or by visiting www.millspub.com
Managing Editor Dave Anderton Publisher Mills Publishing, Inc. www.millspub.com
Sales Staff Paula Bell Karen Malan Paul Nicholas
I
would like to congratulate each of this year’s Best of 2017 Realtor Award winners. The annual event was held at the Realtor® Campus on Feb. 23 and honored Salt Lake’s top real estate professionals based on sales volume and service. The awards event has been around for 72 years. Cheryl Acker was awarded the Realtor® of the Year award. Cheryl was the 2016 president of the Salt Lake Board of Realtors® and is an associate broker with Utah Key Real Estate. Other award winners included: Salesperson of the Year: Steven Johnson, RE/MAX Associates Managing Broker of the Year: Brian Gottfredson, Coldwell Banker Residential Rookie of the Year: Lance Gummersall, Century 21 Everest Large Sales Team of the Year: Josh Johnson Team, Century 21 Everest Medium Sales Team of the Year: Cameron Burnside Team, Keller Williams Small Sales Team of the Year: Jessica & Jennifer Terry, Century 21 Everest Good Neighbor Award: Robert Adams & Kris Bowen, Keller Williams
President Dan Miller Art Director Jackie Medina Graphic Design Ken Magleby Patrick Witmer
The Best of 2017
Affiliate of the Year: Terrie Lund, Sutherland Title Co. President’s Award: Marcus Jessop, Salt Lake Board of Realtors®
Office Administrator Cynthia Bell Snow Office Assistant Jessica Snow Administrative Assistant KellieAnn Halvorsen
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.
Special Recognition Award: Constance Richan, Alpine Home Warranty In addition to the above award winners, more than 100 Realtors® were recognized for exceptional service and/or achieving exceptional sales volume milestones of $5 million and $10 million. These awards included the Platinum Hall of Fame, Gold Hall of Fame and the Distinguished Service categories. Award recipients were chosen by judging committees made up of past award winners and members of the Executive Committee. Awards are given based on objective criteria such as sales volume, transactions, and service. All of the award winners were featured in a two-page spread in the Deseret News and The Salt Lake Tribune on Sunday, Feb. 25. If you missed the paper, contact the Salt Lake Board of Realtors® at 801.542.8854 for a PDF copy of the award winners. Again, congratulations to these remarkable individuals.
Adam Kirkham 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
March 2018 | Salt Lake Realtor ® | 7
Happenings
In the News
William Bailey
Miriam McFadden
Sandy Straley
Joan Taylor
Realtors® Recognized for 40 Years of Membership William Bailey (Miller & Company), Miriam McFadden (Miriam K. McFadden Real Estate), Sandy Straley (Rindlesbach Homes), and Joan Taylor (Joan L Taylor Realty) were honored at the Best of 2017 Realtor® awards luncheon for achieving Realtor® Emeritus status. A Realtor® member who has held membership in the National Association as a Realtor®, Realtor-Associate®, or both, for a cumulative period of 40 years is eligible for Realtor® Emeritus status. Upon approval of an application, no further payment of dues to the National Association is necessary by the member association of which the Realtor® Emeritus is a member.
Pictured: Front Row: Sophie Reece, left, Laura Fidler, Julie Krushensky, Sandy Day, Linda Geer, Mary Olsen, Art Gayler, and Merilee Rowley. Back Row: Brian Summers, left, Ravath Pok, Broch Lassig, Terrie Lund, Scott Robbins, Steve Perry, and Jodie Osofsky.
Committees Begin 2018 Committee leadership and director liaisons recently met to review goals for the new year. The Salt Lake Board of Realtors® has seven different committees that focus on everything from government affairs and professional standards to education and commercial real estate.
8 | Salt Lake Realtor ® | March 2018
Utah is One of the Best States
©Chris Hinkley / Adobe Stock
Utah is the No. 3 Best State in the Nation when it comes to how well states are performing for their citizens, according to a new report by U.S. News. A number of factors determined the rankings including health care and education, which were weighted most heavily. Then came state economies, which tracked GDP growth, migration into the state, patents, new businesses and unemployment. Crime and corrections followed closely in weighting, followed by measures of government fiscal stability and people’s quality of life. Utah ranked No. 1 in the report’s fiscal stability category. The report gave the Beehive state a No. 1 grade for its government credit rating score and a No. 2 rank for budget balancing. It scored well in transportation (No. 2) and Internet access (No. 4). However, Utah scored lower in the Quality of Life category, earning a national rank of No. 22. The state scored poor in drinking water quality (No. 36) and urban air quality (No. 46). “At a time when the federal government is attempting to hand more responsibility for spending and policymaking to the states, these rankings offer the first comprehensive view, state by state, of how some states already are performing best,” the report said. “The report’s highly interactive platform enables users to explore thousands of important benchmarks and easily draw state-tostate comparisons.” Iowa was the best overall ranked state. Louisiana was the worst state.
Collaboration is not an option. It’s a promise.
When we work with Homebuyers, we build homes around their lives – not the other way around. The same is true when we work with you. At David Weekley Homes, we work hand-in-hand with you and your Team to ensure that your Clients’ path to homeownership is as seamless and fulfilling as possible – and so is your experience in helping them get there. That’s The Weekley Way.
Homes from the $290s to $550s+ in the Salt Lake City area
Ready Now!
$466,919
The Rockport Daybreak Creekside Village 60’ 10708 South Wild Rice Drive 1 Story, 3 Bedrooms, 2 Full Baths, 2-car Garage
Ready Now!
$407,187
The Casselton The Bungalows at Highland Park 6248 West Sugarcane Drive 2 Story, 3 Bedrooms, 2 Full Baths, 1 Half Bath, 2-car Garage
Ready Now!
$432,610
The Sevier Daybreak Creekside Village 60' 10402 South Abbot Way 2 Story, 4 Bedrooms, 3 Full Baths, 2-car Garage
Ready Now!
$499,900
The Norcutt Holbrook Farms - The Estates 3326 West 2450 North 1 Story, 3 Bedrooms, 2 Full Baths, 1 Half Bath, 2-car Garage
Learn more about our Showcase Homes by contacting 385-232-2999 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 © 2018 David Weekley Homes - All Rights Reserved. Salt Lake City, UT (SLCA94514)
2017
Wasatch Front Top Performers
CHAIRMAN’S CIRCLE — DIAMOND
#1 TEAM
#2 TEAM
THE LINDA SECRIST TEAM
#3 TEAM
UTAH CRIBS
Linda Secrist, Lisa Herron-McKinney, Brett Butler, Jim Thomas
THE GREG & BROCK TEAM
Jake Breen, Spencer Janke, Peter Smith, George Reade, David Desso, Chris Breen
Greg Call, Brock Andersen, Natalie Gines, Jenni Barber, Nate Fairbanks, Kevin Sanders, Marty Christensen
CHAIRMAN’S CIRCLE — PLATINUM
CHAIRMAN’S CIRCLE —
#1 INDIVIDUAL
THE JOAN PATE TEAM Joan Pate, Nikole Anderson, Trudy Fegel, Natalie Wagner, Marci Alexander
JAY DEHER TEAM Jay Deher, Whitney Vanderhouven, Bettina Katz, Adrian Hicks
JOE HOLDEN
CRAIG VOEGELI AND DALLAS EICHERS
CHAIRMAN’S CIRCLE — GOLD
#3 INDIVIDUAL JOHN BAQUE STEPHANIE TEAM POULOS-ARRASI
KEVIN JENSEN
MONIQUE KEETCH
CANDICE KUNZ
TEAM REECE UTAH Tony Reece, Sophie Reece, Tiffany Kennard
DJ JONES
PRESIDENT’S CIRCLE
ASHLEE LANE
DEBBIE NISSON
JULIE MATHEWS
MICHAEL ROWE
LEADING EDGE SOCIETY
KURT LARSEN
DANTZ TO DANTZ Nan Dantz, Blair Dantz
GARY HOWARD
SHELLY ROVIRA
ALAN ARBUCKLE
KIM CHAD DARREN GEMPELER CHRISTENSEN LUM
HONOR SOCIETY
STEVEN FEDER
MIKE JENSEN
ERIK JENSEN
HEIDI INGHAM
MARY HURLBURT
PHIL RICHARDSON
JUNE AND DENNIS MARCHANT
STEVE POORMAN
Our firm supports our agents growth and reach… Curious? We would love to hear from you, please call 801-712-3892. KARLA JENSEN
BELINDA COCHRAN- BARENBRUGGE
ANNE SYME
KAREN DUNCAN
NANCY DAVIES
© 2018 BHH Affiliates, LLC. An independently owned and operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate, and a franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc. Equal Housing Opportunity.
—
TRIDESTIN GROUP
THE DIXON-FELIS TEAM
Lance May, Cindy White, Mike Stark, Swen Howard, Holly Elliott, Corbin White, Bry Thomas, Briana Hunt
Kim Dixon Peter Felis
MUNFORD MARKETING GROUP
Dave Munford, John Thornton, Tammy Cooper, Tammy Swain, Lindsey Eggett, Ben Bartling, Travis Tolman, Lisa Jerome
GOLD
SMOOT TEAM Shandell Smoot, Erik Higley, Julie Hales, Denise Smoot, Shelly Russell
#2 INDIVIDUAL GALE FRANDSEN
THE GRANT TEAM Dave Grant, Valeri Simpson, Kathryn Mcfarland, Aimee Cluff
BRANDI STRONG TEAM
THE JUDY ALLEN TEAM Judy Allen, Monique Draper, Amanda Allen-Jorgensen
PRESIDENT’S CIRCLE
TONY HAMBY
HEATHER HIGGS
MCKEAN NICHOLS TEAM Sally Mckean, Trish Nichols
JOHN WAYNE MIKE SHUPE KRAUSE
LORI GEE
PEARCE TEAM Judy, Travis, Tom, Jamie, Melissa
BILL SPANGLER
Salt Lake City South Jordan South Ogden Bountiful
THE POZZUOLI TEAM Donna Pozzuoli, Sandy Carver
JAMES QUINN
801-990-0400 801-512-0499 801-781-2223 801-383-1000
BHHSUTAH.COM
HAMILTON MEAD TEAM Sheri Hamilton, Annette Mead
ASKERLUND TEAM Julie And Jon Askerlund
THE JODY NIELSON & DEBBIE HARVEST TEAM
DONNA PASALANO
ANITA OLIVERI
KATHY COLLINGS
SARAH BURNS
UTAH’S A TEAM Todd Porter, Leilani Porter, Cliff Porter, Denise Pettley
HONOR SOCIETY
MARLEY BRAMBLE
STAN BOOTH
RANDY EAGER
CINDY URIONA
DANIEL FOCHS
HONOR SOCIETY
KEN TURNER
NICHOLE GUNTHER
JANET ANDERSON
PAGE SIGLIN
EMILY COX
Best of 2017 Award Winners Realtor® of the Year
Managing Broker of the Year
Salesperson of the Year
Affiliate of the Year
Rookie of the Year
Cheryl Acker Brian Gottfredson Steven C. Johnson Lance Gummersall UTAH KEY REAL ESTATE
COLDWELL BANKER
Good Neighbor Award
President’s Award
Robert Adams & Kris Bowen
Marcus Jessop
SL BOARD OF REALTORS
KELLER WILLIAMS
Medium Sales Team
Cameron Burnside Team KELLER WILLIAMS 12 | Salt Lake Realtor ® | March 2018
RE/MAX ASSOCIATES
CENTURY 21 EVEREST
Terrie Lund
SUTHERLAND TITLE CO.
Special Recognition
Small Sales Team
Constance Richan
Jessica & Jennifer Terry Team RE
ALPINE HOME WARRANTY
CENTURY 21 EVEREST
Large Sales Team
PLATINUM HALL OF FAME Brock Andersen
Bradley Hansen
Linda Secrist
Windermere Real Estate, Sterling R
Berkshire Hathaway, Sterling R
Berkshire Hathaway, Sterling R
Action Team, $25K+ HOF, Golden R
Summit Sotheby’s, Sterling R
CBC Intermountain, Sterling R
Windermere Real Estate
Berkshire Hathaway, Sterling R
John Baque
Craig Hawker
Jared Booth
Lori Hendry
Jim Bringhurst
Dawn Houghton
Debra Sjoblom
Summit Sotheby’s, Sterling R
Coldwell Banker, Sterling R
Berkshire Hathaway, Crystal R
Ryan Kirkham
Cannon & Co, Golden R, 50K HOF
Summit Sotheby’s, Sterling R
Chapman Richards, Sterling R
Carolyn Kirkham
Gary Cannon
Laurel Simmons
Coldwell Banker, Sterling R
Windermere Real Estate, $50K+ HOF, Golden R, PC
Greg Call
Jeff Sidwell
Summit Sotheby’s, Crystal R
Janet Lowe
Janice Smith
Scott Steadman Windermere Real Estate
Sean Steinman
Peter Clark
Windermere Real Estate, Sterling R
Windermere Real Estate, Sterling R
Bryan Colemere
RE/MAX Masters
Keller Williams SLC, Sterling R
Ricky Martinez
Keller Williams SLC, Sterling R
Carolee Mecham
RealtyONE Group Signature, Sterling R
Angie Nelden
Keller Williams SLC, Sterling R
Dan Nix
Coldwell Banker, Sterling R
Windermere Real Estate
Colemere Realty Assoc., Sterling R
Dana Conway Utah Key Real Estate
Rikki Curtis
RealtyONE Group, Sterling R
Brian De Haan Ulrich Realtors, Sterling R
Susie Martindale RE/MAX Masters Real Estate
Cannon & Company, Sterling R Summit Sotheby’s, Sterling R
Michael Egan
Coldwell Banker Station Park
James Ellis
Equity Real Estate, 25K HOF
Keller Williams, Sterling R
RE/MAX Masters, Sterling R
Kelly Favero
Keller Williams SLC, Sterling R
Amy Gibbons
Selling Salt Lake, Crystal R
Richard Grow Ensign Investments
Joel Hair
Ulrich Realtors®, Sterling R
Kenny Parcell Joan Pate
Berkshire Hathaway, Sterling R
Joshua Stern Lee Stern
Dawn Stevens Mona Stevens
Vicki Fulkerson
Mike Ulrich
David Frederickson
Ulrich Realtors, Sterling R
Berkshire Hathaway Salt Lake
Coldwell Banker, Sterling R
Stacy Wissman
Lana Ames
Shirley Jacobson
Dave Aughey
Kyrsten St John
ShirLee McGarry
Lisa Woodbury
Realtypath LLC South Valley, Sterling R
Summit Sotheby’s, 25K HOF
RealtyONE Group Signature Windermere Real Estate
Donna Pozzuoli
Berkshire Hathaway, Crystal R
Seth Roth
goBE Realty, Sterling R
Bryson Real Estate, Sterling R
Windermere Real Estate, Crystal R
Summit Sotheby’s, Sterling R
Utah Key Real Estate
Coldwell Banker, Sterling R
Summit Sotheby’s
Tammy Casper goBE Realty, Sterling R
Cody Chamberlain
Windermere Real Estate, Sterling R
Kimberly Chatterton Coldwell Banker, Sterling R
Darlene Dipo Windermere Real Estate
Sally Domichel Coldwell Banker
Marsha Elmore Coldwell Banker
Laura Fidler
Coldwell Banker, Sterling R
Jennifer Gilchrist Utah Key Real Estate
Kris Hudson
Lisa Jungemann Lori Khodadad Grady Kohler
Windermere, Golden R, 25K HOF
Adam Kirkham
Summit Sotheby’s, Crystal R
Jennifer Kikel-Lynn
Scott Simpson Randy Smith
Equity Real Estate, Sterling R
Cathy Sneyd
The Muve Group, Sterling R
RealtyONE Group Signature, Sterling R
Coldwell Banker, Sterling R
Ulrich Realtors, Sterling R
Miriam K. McFadden Real Estate
RealtyONE Group Signature
Miriam McFadden
Jodie Osofsky
E. Lee White
Heather Pappas
Durven Wilson
Century 21
Joan Pok RealtyOne Group Signature
Utah Key Real Estate
Rosanne Terry
Coldwell Banker Union Heights
Paul Wiseman
Summit Sotheby’s International Parley’s
Elaine Zambos
Utah Key Real Estate, Sterling R
Carlye Webb
Wendy Wheeler
Utah Key Real Estate, Sterling R
Coldwell Banker
Matt Ulrich
Joseph L. Olschewski Ulrich Realtors, Sterling R
Coldwell Banker, Sterling R
Chrisanne Sueltz
K Real Estate, Sterling R
Cheryl Lyon
Lisa Radke
RE/MAX Results South Jordan, Sterling R
Terry Simmons
RealtyONE Group Signature, Sterling R
Brenda Lee Jones
Steve Perry
Realtypath LLC Prestige, Sterling R
Chris Sidwell
Century 21 Everest, Sterling R
Keller Williams SLC, Sterling R
Utah Key Real Estate
Jamie Sacks
Berkshire Hathaway
Linda Burtch
Heather Nelson
Donna Rudzik
Berkshire Hathaway, Sterling R
Robyn Buckwalter
Mike Morgan
DeAnna Robbins
RealtyONE Group Signature, Sterling R
Jared Bryson
Realtypath LLC, Sterling R
Michael Rowe
goBE Realty, Sterling R
Jennifer Barber
John Lucky
Coldwell Banker Union Heights
Utah Key Real Estate, Sterling R
Rebecca Hudson
Windermere Real Estate, Sterling R
Vann Larson
Village Real Estate, Bronze R
Mary Olsen
Judy Allen
Berkshire Hathaway, Sterling R
Linda Itami
Thomas Wright Windermere Real Estate
GOLD HALL OF FAME
Bill Heiner
Craig Whiting Summit Sotheby’s
Coldwell Banker, Sterling R
Keller Williams, Sterling R
Cannon & Company, Sterling R
Dave Robison Scott Robbins
Hidden Valley Real Estate
Tricia VanderKooi Rock Real Estate Group, Sterling R
goBE Realty, Platinum R/50K HOF
Cheryl Acker Utah Key Real Estate, Sterling R
Shelly Tripp
Maura Powers Summit Sotheby’s
DISTINGUISHED SERVICE
Summit Sotheby’s Summit Sotheby’s
goBE Realty, Sterling R
Margene Wrigley Wrigley Realty, Bronze R
Ulrich Realtors, Sterling R
March 2018 | Salt Lake Realtor ® | 13
Front row: Lance Gummersall, Josh Johnson, Cheryl Acker, Robert Adams, Troy Peterson. Back row: Adam Kirkham, Marcus Jessop, Constance Richan, Terrie Lund, Kris Bowen.
Best of 2017 Awards
R
ealtors速 and affiliate members were recognized at the Best of 2017 Awards luncheon held in February at the Realtor速 Campus. Awards were given in 11 major categories. In addition, more than 100 Realtors速 were recognized in three different award categories for exceptional service and/or achieving sales volume milestones of $5 million and $10 million. Photos: Kent Shelton, Dave Anderton
Terrie Lund
Brian Gottfredson and Troy Peterson
Curtis Bullock, Adam Kirkham, Matt Dulle Lesa Beuchert and Julie Krushensky
14 | Salt Lake Realtor 速 | March 2018
Special Recognition Constance Richan
The Cameron Burnside Team
Michael Rowe, Dave Fredrickson, Kim Farber, Bob Goodson
Troy Peterson, Adam Kirkham, Ryan Kirkham
Heather Nelson and Cheryl Acker, Realtor® of the Year
Good Neighbor Award winners
Brock Andersen The Daniel Cabrera Team (Real Team Realty)
March 2018 | Salt Lake Realtor ® | 15
©Tierney / Adobe Stock
Does Your Brand Really Matter? Would an agent achieve fewer closings if he or she worked with a lesser-known company? Or do the agent’s relationships have the biggest impact on sales performance? By Brandon Doyle
I
often hear agents compare the merits of different real estate brands, and it makes me wonder how much a brokerage’s brand matters. Would an agent achieve fewer closings if he or she worked with a lesser-known company? Or do the agent’s relationships have the biggest impact on sales performance? To answer this question, we need to have something quantifiable to measure. For this article, I’ve chosen average agent productivity in my market of Minneapolis-St. Paul. This allows us to compare companies of all sizes, whereas overall volume or transaction sides would favor large companies. I could have used brand awareness, but that would have required a very large sample size. Plus, as others in the industry have pointed out, there is no correlation between awareness and reputation. For example, I’m very aware of my local cable provider, but it’s certainly not known for its customer service.
16 | Salt Lake Realtor ® | March 2018
It’s not uncommon for companies to cite only the statistics that support their narrative. I can think of three local companies that all claim to be number one in our market. Technically, they’re all correct. But they each base their claim on metrics according to specific geographical boundaries and classification of franchised offices. Combining sales numbers across each of a national brand’s franchises in a specific area will give you a very different result than going by the individual broker of record. I could make the argument that consumers do not differentiate between independently owned offices any more than they know the difference between the McDonald’s franchises. To determine per-agent productivity in my market, I manually divided the number of transaction sides reported in our local MLS (Northstar MLS) for 2016 by the number of agents that had one or more sales per company. I found that agents at the 10 brokerages with the highest
CONGRATULATIONS to Our Award Winning Agents SCOTT HODGES
MICHELLE TODD
#1 in GCI #2 in Listings
#1 in Closed Sides #3 in GCI
SCOTT MILLER
STEPHANIE DICKSON
#1 in Listings #2 in GCI #3 in Closed Sides
#2 in Closed Sides #3 in Listings Top Sponsoring
TOP
SPONSORING
CHRISTIN PARKS Rookie of the Year
TOP TEAMS PAT KIEL
STEVE ARMSTRONG
COLLEEN FISHER
AMIE LARSEN
THE COTTLE TEAM
THE LAR TEAM
#1 IN GCI #1 IN LISTINGS #1 IN CLOSED SIDES
#2 IN GCI #2 IN LISTINGS #2 IN CLOSED SIDES
©Tierney / Adobe Stock
agent count in the Twin Cities did 30 percent more transactions than average. Additionally, all except one of the companies had close to double the average annual sales volume per agent. But smaller offices with fewer agents who are affiliated with national franchise brands also had higher-than-average transaction sides per active agent. This would suggest that they’re receiving the benefit of brand awareness, systems, and processes. Yet, there are plenty of great examples of independent brokerages that are considerably outpacing the market in sales per agent. Downtown Resource Group, which specializes in downtown Minneapolis condo sales, had an average of 25.7 sides per agent and $9 million average volume in 2016, based on information from the Regional Multiple Listing Service of Minnesota Inc. “What has separated DRG from others over the years is all about focus. We’re not trying to
18 | Salt Lake Realtor ® | March 2018
be everything to everyone, and, in fact, customers deserve to be working with experts,” said Joe Grunnet, broker-owner and founder of DRG. Claire Killen, independent broker-owner of Emerald Real Estate in Minneapolis, did 28 sides totaling more than $8 million in sales volume in 2016. She attributes her success to focusing on building referral and networking opportunities. Killen is the National Association of Realtors®’ President’s Liaison to Ireland and has her CIPS designation. In 2016, she led a trade mission to Ireland, and helped organize a CIPS event in Ireland in 2017. Brands with a strong local presence also had higher-than-average per-agent productivity and overall market share, including Hometown Realty in Hutchinson, Minn., and RedWingHomesForSale. com in Red Wing, Minn. Each brand’s market presence varies greatly by region. For example, Century 21 claims every year to be the most recognized national real estate brand. But all the company’s franchises combined only have 2 percent market share in the Twin Cities, based on 2016 sales data. Meanwhile, just four brands, including Edina Realty (a local brand owned by Home Services of America), RE/MAX, Keller Williams Realty, and Coldwell Banker have claimed 64 percent of all sales. Brand awareness is really just a result of agent count, market share, and advertising dollars spent in a market area. Each listing sign and every agent’s individual marketing adds to a brokerage, boosting consumer awareness. It’s not possible to say that one brand is better than another. Agents choose brokerages that meet their individual needs. And agents tend to stick with a brokerage when the company’s vision and culture aligns with their own. They feel they’re receiving a fair value in exchange for the portion of commission they’re giving up. Brokers should focus on providing systems and support in order to make their agents successful and allow them to focus on building relationships, which will, in turn, help the company thrive. According to NAR’s annual Profile of Home Buyers and Sellers, about 60 percent of an agent’s business will come from their sphere of influence—friends, family, referrals, and repeat customers. These are people who already know, like, and trust their agent, regardless of the brokerage. Any broker who provides agent websites, a CRM, transaction management systems, automated marketing for listings, monthly e-newsletters, and training opportunities will give agents the opportunity to flourish. Reprinted from Realtor® Magazine Online, February 2018, with permission of the National Association of Realtors®. Copyright 2018. All rights reserved.
Congratulations!
Daybreak Builder Sales Teams • 468 New Home Sales in 2017 RAINEY HOMES
DAVID WEEKLEY HOMES
Heather Brown
Melissa Schelin
Yolanda Morris
Kari Williams
Dan Mooy
Mike Evans
SEGO HOMES
Brooke Ewing
Sandy Ewing
Scott Rolf
Beau White
Kathie Fischer
DESTINATION HOMES
Marion Vijar
Heather LaGiusa
Tim Sweat
John Dowdle
Shayne Mosher
FIELDSTONE HOMES
IVORY HOMES
Eve Golden
Doug Schwartz
HOLMES HOMES
GARBETT HOMES
Scott Foster
Kaylee Thompson
Lacey Jolley
Brent Davies
Joshua Lee
Danielle Chatwin
New Homes No Waiting: DaybreakUtah.com
©Spiritofamerica / Adobe Stock
Is Salt Lake City the Next Denver? The Salt Lake City metropolitan area is projected to have one of the strongest housing markets in the country in 2018. By Realtor.com
S
alt Lake City and Denver have more in common than the fact they are big cities, near big mountains. According to new realtor.com data, Salt Lake City’s housing market is seeing the same rapid growth patterns that occurred in Denver in early 2015 and 2016 and that drove the city to the top of the nation’s hot housing markets. The Salt Lake City metropolitan area is projected to have one of the strongest housing markets in the country in 2018, with home prices and sales expected to reach 4.5 percent and 4.6 percent growth, respectively, over last year. Just like Denver, the factors driving its strength are a growing economy, relative affordability and an increasing millennial population. In fact, with home prices growing three times faster and supply moving a full week faster in the span of a year, Salt Lake City resembles Denver at the beginning of its boom. “In just a handful of years, an influx of jobs and millennials drove Denver’s housing market from strong and stable to rising like the Rockies,” said Javier Vivas, director of economic research for realtor.com®. “If Salt Lake City is able to continue generating jobs and attracting well-educated young people, the market has the potential to continue to climb to ‘Mile HighCity’-type heights.” A primary cause of Salt Lake City’s momentum is its robust economic picture and growing
22 | Salt Lake Realtor ® | March 2018
population. The local Salt Lake City economy is growing at 9 percent year-over-year, more than two times faster than the national average. The city is also adding jobs at nearly three times the overall U.S. pace, with employment growing at 3.6 percent year-over-year. Household incomes in the area are growing at 5.4 percent year-over-year, nearly twice the rate for the country as a whole. Last year, population topped 3 million for the first time, which has contributed to an uptick in demand in the market. Despite its strong economy, Salt Lake City remains relatively affordable, particularly in comparison to other hot mid-to-large cities. The median sales price in Salt Lake City at the end of 2017 was $273,000, which is $20,000, $70,000 and $90,000 lower than other growing markets of Austin, Texas; Portland, Ore., and Denver, respectively. A median income household in Salt Lake City can buy a median-priced home with 32 percent of its annual income, roughly in-line with the generally accepted maximum. Market dynamics in Salt Lake City are being driven by its larger-than-average, and growing, proportion of millennials. In fact, its millennial population is 1.3 times higher than the U.S. average and made up 46 percent of its mortgages in 2017, beating the U.S. average by 9 percent. Looking at realtor.com® search activity, Salt Lake
City has been drawing interest from Los Angeles, Denver, Las Vegas and San Francisco, showing that it is likely absorbing unquenched millennial demand from these hot markets. Although realtor.com® predicts that demand will be strong and constant in Salt Lake City over the next few years, the longer-term outlook for
the city’s housing market depends on its ability to continue to create jobs for young professionals and drive housing market demand. If it’s successful at doing so – as Denver so far has been – then the Denver market’s current conditions provide a reasonable snapshot of what is in store for Salt Lake City.
FIRST-TIME
HOMEBUYERS DON’T WASTE YOUR DOWN PAYMENT ON A DOWN PAYMENT
801-481-8840
USE IT TO FURNISH YOUR NEW HOME
NO DOWN PAYMENT
100% FINANCING AVAILABLE!
Certain restrictions apply. Transactions require separate closing costs. Visit UcreditU.com for details.
NMLS #654272
March 2018 | Salt Lake Realtor ® | 23
City Creek Mortgage's rates
You
CHECK US OUT we won't tell your lender. When you're giving your clients a second lender option, why not give the best? •
Lower Rates & Fees
•
Available Every Day 6am - 9pm
•
Utah's Best Mortgage Experience since 1998
"City Creek Mortgage helped me beat 11 other offers, because I didn’t have to ask for closing costs. My clients were thrilled by their low rates and fees and even closed early." Carolee Mecham, Cannon & Company
Platinum Hall of Fame Award Winner 2016, 2017
Call Jamie Norris (801) 501-7950 440+ reviews (4.9 stars)
Once you try Utah's Best Mortgage experience, you won't go back. We make everything easy, even breaking up with your current lender.
Dear
(loan officer's name)
The time has come for me to say goodbye. How else can I say it? While you’ve been a great friend, I need to do what is best for me and my clients. • I can't keep losing multiple offer situations because of your high closing costs. • My clients shouldn't have to pay a higher interest rate. • Your office is closed when my clients and I need you (after hours and on weekends). I will always cherish our memories, but it's time for me to close more deals and be the hero my clients deserve. Sincerely,
(your name)
PS: It’s not me…it’s you.
Now you can Close Confidently with my Price & Pleasure Guarantee. –Mortage Mike NMLS ID 85855 79053
©Gajus / Adobe Stock
Do You Act Like a Top Producer? Decades of research shows that high-performing salespeople consistently do these seven things to build more business. By Melissa Dittmann Tracey
R
esearchers from many different institutions have discovered that the most productive sales professionals have certain personality traits and work habits. We’ve highlighted some of the pertinent findings from multiple studies applicable to real estate. Though not all these studies are scientific, they provide a good base for determining items that are important to your sales success.
1. Showcase the technology you use in your marketing Without boasting, you want your clients to know that you’re ahead of the technology curve and better equipped than your competition. Putting your tech tools on display subtly suggests that other agents are behind the times and can give you a sales edge, according to the 2016 Real Estate Tech Trends report by Properties Online Inc. It’s not just about what you use but how you use it. Enabling faster response times, paperless transactions, and more fluid showings are reasons why 55 percent of consumers say they want an agent who uses technology, according to the
26 | Salt Lake Realtor ® | March 2018
National Association of REALTORS®’ 2017 Home Buyer and Seller Generational Trends Report. Therefore, making technology a bigger line item in your budget is advisable. For example, agents who spend $1,000 or more annually to maintain and upgrade their website generate an average of three times more leads than those who spend $500 or less, according to the Properties Online report. Further, the highest-performing salespeople are 24 percent more likely to attribute their success to technology tools that better track leads or prioritize and automate follow-ups, according to LinkedIn’s State of Sales in 2016 survey. 2. Stop multitasking Checking email and text messages while performing other duties makes you less productive. A Stanford University study found that people who multitask can’t maintain focus, recall information, or seamlessly switch from one activity to the next as well as those who complete one task at a time. On top of that, it takes a person an average of 23 minutes to regain focus once they’re (continued on page 31)
HIGHLAND PARK DAYBREAK - SOUTH JORDAN, UT
A MARVELOUS MOVE FOR YOUR CLIENTS
NEW LINES OF CONDOS AND TOWNHOMES IN SOUTH JORDAN’S DAYBREAK
HIGHLAND PARK
LAKE VILLAGE
11429 S. Holly Springs Dr.
10552 S. Oqurrih Lake Rd.
South Jordan, UT
South Jordan, UT
Townhomes
Condos & Townhomes
From the $250s
From the low $300s
Contact Shane for info: 801-876-1140 | DestinationHomes.com
Top Producer (continued from page 26) interrupted, according to a separate study by the University of California, Irvine. Multitasking leads to higher stress, heavier workloads, and ineffective time management, researchers found. To work smarter, block out time during your day for special tasks such as prospecting, social media management, and showings. Learn how to create a time-blocking template. 3. Keep improving your response time Many practitioners blame follow-up failures on technology overload and disparate software systems, as 40 percent of prospective buyers report not receiving a response from an agent after submitting a form online, according to a survey realtor.com® presented at last month’s Realtors® Conference & Expo in Chicago. But don’t forget the pervasive stat from InsideSales. com’s Lead Response Management Study that leads who receive a response within five minutes are 100 times more likely to convert. “Personalized responses are more important and directly impact customer satisfaction and the likelihood consumers will use you as their agent,” realtor. com® Senior Vice President Suzanne Mueller said at the conference. To improve your response time, consider hiring an assistant or taking a more critical look at the systems you’re using for lead capture and follow-up. Several programs offer automation, including a “lead concierge service” from Homes.com, which provides a personalized call center that will respond to consumer inquiries and even qualify buyers. The operators will transfer hot leads to you immediately. Get other ideas for possible solutions. 4. Have the ability to feel what your client is feeling. Empathy is a key sales trait, according to the landmark 1964 study “What Makes a Good Salesman,” which was originally published in the Harvard Business Review. The study was conducted over a seven-year period, using 7,000 salespeople as subjects. The study concluded that showing sympathy for a client was not as powerful as being empathetic. You don’t have to agree with your client, but you’ll build rapport faster if you help him or her feel understood. If you sense a customer’s dissatisfaction with a contract item, for example, be proactive in addressing it. Being empathetic is the ability to identify your clients’ frustrations and react appropriately, according to the study.
by money is what sets top salespeople apart. Allow each sale to boost your ego, and in turn, the failures will be motivators to work harder. Salespeople with a healthy ego also tend to crave competitiveness and are constantly comparing themselves to their peers. This doesn’t mean having a “win at all costs” attitude, researchers note. Empathy and ego go hand-in-hand; a salesperson who displays empathy but lacks ego won’t close deals effectively, according to the study. In other words, such a person may fall into the “nice guy” rut, not being assertive enough to close the sale. 6. Maintain a conscientious attitude. Salespeople who feel a noble purpose in their work and want to make a difference in their customers’ lives tend to close more sales, according to a 1993 study published in the Journal of Applied Psychology. The study found that sales associates who conform to such a belief were more likely to set and stick to their goals—and they received higher-rated reviews. Salespeople who truly care about their customer’s needs are able to be more assertive during negotiations, according to sales consultant Lisa Earle McLeod, author of Selling With Noble Purpose: How to Drive Revenue and Do Work That Makes You Proud. You might show this attitude in your marketing by changing your tagline from “we sell houses” to “we help you sell your house.” It puts the emphasis not on what you do but what you do for the client. 7. Make others feel grateful. A giving mindset can help you reap bigger rewards. Givers are quick to recommend contractors and other professionals who can help a client reach a goal, and they’re not selfish with their time. Salespeople with a giving approach bring in 68 percent more revenue than those with a taking approach—who put their own ambitions first—according to research documented in Adam Grant’s best-selling book, Give and Take: A Revolutionary Approach to Success. Givers tend to earn more respect and trust from others—an essential element of building client relationships— due to their generosity. But they are also at risk of being exploited for their time and energy, so a careful balance must be achieved between giving and taking, Grant notes. But in the end, “givers end up delivering something better suited to what their clients are looking for,” Grant writes. “They see more of an increase in referrals and repeat business, too.”
5. Let your ego drive you. A need to conquer is healthy in business, according to the 1964 study. But a more personal desire to succeed rather than being driven
Reprinted from Realtor® Magazine Online, December 2017, with permission of the National Association of Realtors®. Copyright 2017. All rights reserved.
March 2018 | Salt Lake Realtor ® | 31
© fotoscool / Adobe Stock
Attention, Brokers! Signing Up a New Agent? Remember to Complete These Five Steps By Ashley Mordwinow Education Director, Salt Lake Board of Realtors®
W
e understand that new agents have a lot to keep track of when they first join the real estate profession. The process can be a little confusing. We’d like to help you educate your new agents on the different organizations and requirements they need to know about. When a new agent joins your brokerage, please use this checklist to make sure they understand what to expect when they get started. As a reminder, if new a new agent does not sign up with the Board within 30 days of activating their license, brokers may be subject to a “non-member” fee for that agent.
32 | Salt Lake Realtor ® | March 2018
1. Verify with the Utah Division of Real Estate that license is active and listed with the correct brokerage Utah Division of Real Estate: 801-530-6747; www.RealEstate.Utah.gov 160 E. 300 S. Salt Lake City, UT 84114 License renewals go through the Division. You renew your license every two years (from the date it was issued). You must have 18 CE hours (at least 9 must be CORE) to renew, and the “New Agent Course” is required for your first renewal.
55+ Active Adult Community STARTING $299,900
THE VILLAGE AT BINGHAM POINT | 7176 W. OROMIA WAY, WVC
COMING SOON
PARKSIDE STARTING IN THE
$230’S
TOWNHOMES & COTTAGE HOMES | 7800 S. 5500 W., WEST JORDAN
801-532-2233 | www.petersonhomes-utah.com
2. Turn in a Realtor® Application to the Salt Lake Board of Realtors® (SLBR) online or in person Salt Lake Board of Realtors®: 801-542-8840; www.slrealtors.com 230 W. Towne Ridge Parkway, Ste. 100 Sandy, UT, 84070 Application process can take one to two business days. Payment information must be provided for the application to be processed. In addition to dues (prorated by month), all new members pay a one-time $350 entry fee when they join (unless they are transferring an active membership from another board). Annual renewals are $775 and are due no later than July 31 st. 3. Join the Multiple Listing Service (MLS – also referred to as the WFR or UtahRealEstate. com) Multiple Listing Service: 801-646-5400; www.UtahRealEstate.com 230 W. Towne Ridge Parkway, Ste. 400 Sandy, UT, 84070 4. Take required classes *Code of Ethics (Take within 60 days of joining
the Board; required for getting Supra key) *SLBR Orientation: Realtor® Essentials (Take within 60 days of joining the Board) *12-Hour New Agent Course (Take within 2 years of getting licensed; required by the Division for first renewal) 5. Get your Supra Key *To get your key set up, you must first complete the Code of Ethics course. You must also come into the Salt Lake Board of Realtors® Membership & Education Center to sign a Key Agreement in person. Regardless of your original joint date, SLBR annual dues are billed between April and May, and must be paid no later than July 31st. Our billing cycle is July 1st through June 30th, making the entire month of July a “grace period” for dues payments. Memberships that are not renewed (paid for) by July 31st are considered expired, and members are subject to a $350 New Member Entry Fee when they rejoin. Brokers have 30 days after the July 31st deadline to reconcile their agent roster and make sure that all agents in their office have either paid the dues or inactivated their licenses (or moved to a referral or other non-member broker) at the Division of Real Estate.
Congratulations to Terrie Lund Salt Lake Board of Realtors® 2017 Affiliate of the Year
920 East Wood Oak Lane (5400 South) Suite 100 Salt Lake City, Utah 84117 1111 East Draper Parkway, Ste. 103 Draper, Utah 84020 tel. 801.266.4466 fax. 801.266.4561 cel. 801.580.6348 www.sutherlandtitle.com
34 | Salt Lake Realtor ® | March 2018
REAL ESTATE PROS DO IT BETTER PHOTOGRAPHY AND VISUAL MARKETING SERVICES
We Partner With You To: Build Your Business • Stand Out From Your Competition Win More Listings • Provide More Value to Your Clients
Visit VHT.com to get started! Photography • Video • Virtual Tours Virtual Staging • 3D Home Tours Drone • Floor Plans • Media Delivery Announcing our acquisition of Circlepix® Photography, to provide even more photography and visual marketing services and support than ever before. (800) 790-TOUR
©2018 VHT Studios, Inc. All rights reserved.
©Andy Dean / Adobe Stock
What the 20 Most Popular Home Renovations Are Really Worth in 2018 Curb appeal projects tend to have high paybacks than inside-the-house projects. By Judy Dutton
P
lanning to remodel your kitchen, add a master suite, or undertake some other pricey home renovation in 2018? Watch out—not all of these home improvements pay off like they did in the past, according to Remodeling magazine’s latest Cost vs. Value Report. For this much-referenced annual report, now in its 31st year, researchers pinpointed the average return on investment of 20 popular home renovations by canvassing contractors nationwide on how much these upgrades cost to complete, then compared that with how much real estate agents estimated these features would boost a home’s market price (in other words, their value). And the news isn’t so good for homeowners looking to remodel on a massive scale: The report found that in 2018, Americans should expect to
36 | Salt Lake Realtor ® | March 2018
make back only about 56% of the money they spend on renovations. That’s down from 64% the previous two years. What gives? “This year, the most expensive projects didn’t have much of a gain,” said Craig Webb, editor of Remodeling and manager of the report. “I think it’s because real estate professionals think we’re getting close to a peak in market prices. So consequently, spending a lot of money does not automatically mean your house will just ride the escalator up and be worth a lot more.” Current events could also play a role. New tax laws curtailing the deductibility of mortgage interest and local property taxes might be dampening real estate agents’ confidence that piling on the improvements will pay off. Plus, recent
ŠCoralimages / Adobe Stock
Top 20 remodeling projects and their ROI National Averages Project Description
Job Cost
Value at Sale
Cost Recouped
Garage door replacement
$3,470
$3,411
98.30%
Manufactured stone veneer
$8,221
$7,986
97.10%
Deck addition (wood)
$10,950
$9,065
82.80%
Minor kitchen (remodel)
$21,198
$17,193
81.10%
Siding replacement
$15,072
$11,554
76.70%
Window replacement (vinyl)
$15,955
$11,855
74.30%
Universal design bathroom
$16,393
$11,581
70.60%
Bathroom remodel
$19,134
$13,422
70.10%
Window replacement (wood)
$19,391
$13,468
69.50%
Roofing replacement
$20,939
$14,320
68.40%
Grand entrance (fiberglass)
$8,591
$5,809
67.60%
Deck addition (composite)
$17,668
$11,239
63.60%
Bathroom addition (upscale)
$44,717
$26,769
59.60%
Major kitchen remodel (midrange)
$63,829
$37,637
59.00%
Master suite addition
$123,420
$69,807
56.60%
Bathroom remodel
$61,662
$34,633
56.20%
Bathroom addition (midrange)
$83,869
$45,752
54.60%
Major kitchen remodel (upscale)
$125,721
$67,212
53.50%
Master suite addition
$256,229
$123,797
48.30%
Backyard patio
$54,130
$25,769
47.60%
38 | Salt Lake Realtor ÂŽ | March 2018
wildfires, mudslides, and other natural disasters have created what Webb calls “a freight train of extraordinary demand” on materials and labor that is bound to jack up renovation costs all round, leading to thinner margins on their return. But it’s not all doom and gloom. As usual, this year’s report found that the ROI varied widely by project. A new garage door, for instance, essentially pays for itself, earning you a whopping 98.3 percent of your money back, making this the best value of the whole bunch. And the worst? Installing a back patio, which will recoup only 48 percent of your expenses. Check the chart on page 38 for a full rundown of the top renovations, including how much they cost, their value at resale, and the percentage you’ll recoup. And if you’re looking for some general pointers, here’s one: If you’re going to shell out money, do it where everyone will notice—on the front of your house. “Curb appeal projects tend to have high paybacks than inside-the-house projects,” Webb continued. “Any real estate professional will tell you curb appeal matters a lot, and these numbers prove it.”
This explains why garage doors top this list, followed closely by manufactured stone veneer (which offers a 97 percent ROI) and wood decks (83 percent). Another golden rule of renovation? “It’s better to replace or repair than add and remodel,” said Webb. In other words, go ahead and fix that frayed siding or replace the roof before you add a master suite or overhaul the kitchen. Mostly, keep in mind that if your tastes are, ahem, unique, that could lead to trouble if you’re expecting home buyers to swoon over the same things. “You may spend gobs of money on what you think is the perfect kitchen remodel,” Webb said. “But if your idea is to have something from the 1970s with avocado ovens, the next person could walk in and say, ‘That’s ugly. I don’t care that you spent $75,000 on that—let’s tear it out anyway.’”
Judy Dutton is a senior editor at realtor.com covering news and advice about home buying, selling, decorating, and everything in between (judy. dutton@move.com).
FREE INFRARED IMAGING
Marty Nordin Owner
Meth & Radon Testing • Available 24/7 Licensed & Insured • ICA Certified Supra Key Access • Exceeding ASHI Standards 801.232.0835 brickbybrickinspections@gmail.com www.BrickByBrickUtah.com
March 2018 | Salt Lake Realtor ® | 39
Emotional intelligence—comprising skills such as self-awareness, self-management, social awareness, and relationship management—is not only innate but can, in fact, be taught and developed, according to research by Travis Bradberry, coauthor of Emotional Intelligence 2.0. Bradberry has developed an emotional intelligence test, which reveals specific areas users need to work on. “Becoming cognizant of your gestures, expressions, and tone of voice— and making certain they’re positive—will draw people to you like ants to a picnic,” Bradberry said. “Our research shows that people who possess these skills outperform those who don’t by a large margin.” You know that watching your body language and being aware of your facial expressions will have an impact on the quality of the connection you strive to make with new clients. Go deeper to truly become more likable with these eight tips on emotional validation (which are backed up by scientific research). 1. Say the prospect’s name repeatedly throughout the conversation. “A person’s name is, to him or her, the sweetest and most important sound in any language,” writes author Dale Carnegie in his book How to Win Friends and Influence People. Make a habit of starting and ending conversations using a potential client’s name, such as: “It’s nice to see you, Jane,” or “It was nice talking with you, Jane.” When you say a person’s name, you demonstrate both interest and respect for them.
elnariz © / Adobe Stock
8 Ways to Make Yourself a More Likable Agent Master these behaviors to endear yourself to your clients in a deeper manner. By Melissa Dittmann Tracey
B
eing a nice person certainly helps when cultivating business relationships, but it takes more than a warm smile to curry the favor of prospects. Likable people possess certain traits you can adopt to make yourself more endearing to those you hope will become your next client. But don’t underestimate others’ ability to pick up on feigned sincerity and genuineness.
40 | Salt Lake Realtor ® | March 2018
2. Give them the floor to speak first. Encourage your prospects to tell you about themselves and their situation before you tell them about yourself. Research has shown that when people talk about themselves, it creates neurological changes in the brain that can make them more receptive to your message. “Once those feel-good neurotransmitters are flowing and people start feeling connected to you, they’re much more likely to take you and your contributions seriously,” Bradberry said. 3. Mirror their body language. It’s often done unconsciously, but try to subtly adopt the posture, gestures, or vocal qualities of the person you’re speaking with. When two people mirror each other’s body language, it often means a bond has been formed. For example, if your prospect leans her head to the side as she’s talking, try doing the same. “It’s a sign that the conversation is going well and that the other party is receptive to your message,” Bradberry said. “This can be especially useful when you’re negotiating because it shows you what the other person is really thinking about the deal.” But don’t make it
obvious you’re copying other’s body language; it can make them suspicious, researchers say. 4. Don’t focus on proving your competence. You may think gaining trust is about showing people your knowledge of the market and that you “know your stuff” as a real estate professional. The truth is that smarts and talent often are secondary to emotional cues in clients’ eyes. Others can perceive you as manipulative if you stress your competence before establishing warmth and trustworthiness, according to a study by a Harvard Business School researcher. Instead, make time for chitchat, and focus on finding something you have in common with a prospect. When two people find common ground, they begin to like each other by gut instinct, researchers note. You’re drawn to those who share similar interests to you, and those similarities help you build a powerful bond with one another. 5. Offer a favor that won’t immediately increase your bottom line. Listen carefully for the problems your prospects need solutions
to—whether it’s related to real estate or not— and think of a quick favor you could do for them (that doesn’t require anything in exchange) to help them and add value to your relationship, says Adam Grant, author of Give and Take: Why Helping Others Drives Our Success. Perhaps you could recommend or get an estimate from a handyman or painter for a prospect who’s struggling with a renovation. Though it’s related to real estate, such a favor is not linked to an immediate business need of yours, so it appears more good-natured. Salespeople who use this giving approach earn 68 percent more revenue than those who take, i.e. put their own ambitions first, according to research in Grant’s book. (Find out more about how the power of giving is good for your business.) 6. Ask questions that require a longer, thoughtful response. Open-ended questions or questions asking for clarification show the prospect that you’re listening and you care about their responses. If you mostly ask simple “yes” or “no” questions, on the other hand, it shows you’re (continued on page 46)
March 2018 | Salt Lake Realtor ® | 41
Housing Watch Salt Lake Home Sales Spike in January, but Sales are Down Across the Country
S
Salt Lake County home sales started the housing market’s glaring inventory off the year with a bang. Total sales (all shortage to start 2018. “The utter lack of housing types) increased 9 percent to 1,044 sufficient housing supply and its influence units sold, up from 956 units sold in January on higher home prices muted overall sales 2017. In neighboring Davis County, home activity in much of the U.S. last month,” he sales increased 7 percent year-over-year. said. “While the good news is that Realtors® The median price of homes sold in January in most areas are saying buyer traffic is even in Salt Lake County increased to $295,629, up stronger than the beginning of last year, 8 percent year-over-year. In Davis County, sales failed to follow course and far lagged home prices climbed 7 percent to a median last January’s pace. It’s very clear that too price of $275,000. Nationally, home sales in many markets right now are becoming less January were down 5 percent compared to affordable and desperately need more new a year ago. The median cumulative days a listings to calm the speedy price growth.” house was on the market in January in Salt Nationally, the median existing-home Lake County was 29 days, the same number price for all housing types in January was $240,500, up 6 percent from January 2017 of days compared to January 2017. Lawrence Yun, NAR chief economist, ($227,300). January’s price increase marks the said January’s retreat in closings highlights 71st straight month of year-over-year gains.
6
3
Salt Lake County Sales (all housing types) Year-Over-Year (Up 9%)
956 42 | Salt Lake Realtor ® | March 2018
1,044
Salt Lake County Median Price (all housing types) Year-Over-Year (Up 8%)
$273,022
$295,629
2 - C OLOR
1
Salt Lake County
Median Days on Market (all housing types) Year-Over-Year (Same) 29
2
5
Davis County
Median Price (all housing types) Year-Over-Year (Up 7%)
$258,000
Pending Sales (Up 14%)
1,378
1,213
29
Sales $
Salt Lake County
4 $275,000
Sales
Davis County Sales (all housing types) Year-Over-Year (Up 7%)
290
271
March 2018 | Salt Lake Realtor ® | 43
REALTOR® Connections
Best State Capitals
On the Move
© andreykr / Adobe Stock
Salt Lake City ranks as one of the Top 20 Best State Capitals to Live in America, according to a study by WalletHub. The Beehive state capital came in at No. 8. To identify the most livable seats of state government, WalletHub compared all 50 state capitals across 51 key metrics, ranging from cost of living to K–12 school-system quality to number of attractions. Austin, Texas ranked as the best capital to take up residence. Trenton, N.J., was the worst.
Red Ledges Sets New Record Red Ledges—a private golf and active lifestyle community in Heber City—announced it finished 2017 having established numerous sales records. Tallying up the closings of homes, homesites, club cabins, cottages and villas across the 2,000-acre community, Red Ledges sold 115 properties with a total value of almost $64 million – the highest dollar sales total in Red Ledges’ 10-year history. That total represents a 30 percent increase over 2016 – which was the previous record year. And another Red Ledges record was broken in 2017 when a home on Explorer Peak Drive sold more for more than $3 million. Not only is that the highest price ever paid in the community, but the full-price offer came after the home had been listed by Red Ledges Realty for less than one week.
44 | Salt Lake Realtor ® | March 2018
Aubrey and Associates Realty is proud to announce the opening of its Park City office. The Park City broker is Barbara Kelley-DeLuca, Kelley-DeLuca bringing more than 30 years of experience. KelleyDeLuca and Aubrey have been friends for close to 20 years. Both are happy and excited about working together. In addition, Aubrey and Associates Realty announced the following new agents to their office: Janette Corn, Shane Jackson, Tanner Morrill, Cynthia Meyers, Anthony Cannon, Darcy Cannon, Heather Lommatzsch, Marlene Mauer, Gabriela Orona, Manuel Gallegos Jr, Marie Morgan, Tammy Hansen, Gabe Garcia, Richard Raddatz, Ambry Fisco. Utah Key Real Estate, LLC proudly announces Mary Olsen, CRS, as branch broker of its new Holladay office, The Utah Key—M.O.R.E. Mary Olsen Professionals branch. Mary has been a Realtor® since 2002 and licensed as a broker since 2007. She is currently serving as a director for the Salt Lake Board of Realtors®. Mary has strong leadership skills, is results-oriented, has great negotiations skills and is excited about building a highly productive branch. “I’m looking forward to building an organization of agents that love helping people, knowing that we can create a win-win business,” Olsen said. “In addition, I want to have fun in this great industry. If you are looking for better support, a better split and better environment, then call me to see if we are a match. You will be appreciated for what you bring to the table.”
Likable Agent (continued from page 41) only interested in need-to-know information that will lead to a sale quickly. “People like to know you’re listening,” Bradberry said. “You’ll be surprised how much respect and appreciation you gain just by asking questions.” 7. Show you have interests outside of real estate. Being absorbed with one topic area can make you appear uninteresting. “Likable people balance their passion for their work with their ability to have fun,” Bradberry said. “At work, they are serious yet friendly. They still get things done because they are socially effective in short amounts of time, and they capitalize on valuable social moments. They focus on having meaningful interactions with their coworkers, remembering what people said to them yesterday or last week, which shows people that they are just as important to them as their work is.” 8. Validate people’s complaints. You don’t have to agree with everything another person says, but making others feel heard and
understood will make you more approachable. If a prospect or coworker complains, say, “I’m sorry—I can only imagine how you feel.” Such validation is a powerful way to build a connection, Bradberry said. It gives the other person a sense of empowerment and tells them you’re a nonjudgmental person they can work with. “Having an open mind is crucial in the workplace, where approachability means access to new ideas and help,” he said. Take a critical look at your interactions. How do others really perceive you? “Most of us are putting the blinders on and not taking a look at the things we need to change because we think it isn’t going to do us any good,” Bradberry said. “The trick is to practice self-awareness to the point where you recognize your insincerity in a conversation. Then you’ll be able to adjust accordingly.” Reprinted from Realtor® Magazine Online, June 2017, with permission of the National Association of Realtors®. Copyright 2017. All rights reserved.
Friday, April 6th | 11am-1pm 920 Jordan River Pkwy| Midvale, UT
Lunch Provided | Register www.slrealtors.com
46 | Salt Lake Realtor ® | March 2018
$65
i
MY WHY? i I believe symbols are powerful. Take the RE/MAX balloon. It represents ambition that moves like a freight train. And when people see it, they see me. Telling them I go nonstop. Because I do.
Why RE/MAX? The brand is my why. Š2018 RE/MAX, LLC. Each office is independently owned and operated. 18_255103
Find your why at joinremax.com
WINDERMERE REAL ESTATE IS PROUD TO SAY
CONGRATULATIONS!
TO OUR BEST OF 2017 WINNERS & MAJOR INVESTORS
JIM BRINGHURST
GR ADY KOHLER
RPAC $50k Lifetime Investment
RPAC $25k Lifetime Investment
2017 PLATINUM HALL OF FAME
JIM BRINGHURST
PETER CLARK
JAN LOWE
BRAD HANSEN
SEAN STEINMAN
LORI HENDRY
LISA WOODBURY
2017 GOLD HALL OF FAME
LANA AMES
CODY CHAMBERLAIN
LISA JUNGEMANN
CATHY SNEYD
DARLENE DIPO
SHIRLEY JACOBSON
SCOTT STEADMAN
SUGAR HOUSE | UNION PARK | LAYTON | 9TH & 9TH HARVARD/YALE | WEST VALLEY | PARK CITY | COALVILLE For more information about Windermere, contact our principal broker, Grady Kohler, at (801) 815-4663 for more information.