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Table of Contents Features

The Most Popular Millennial Markets p. 10

The Most Popular Markets for Millennials The National Association of Realtors®

Casas and Cocktails

Where to Start When Breaking Into the Luxury Market Buck Wargo

Three Legal Tips Every Realtor® Should Know Curtis A. Bullock

Professionalism Matters: Ways to Handle Unethical Conduct Among Peers Holly Rawson

Columns 7

What You Get For Less Than $100 a Month Scott Robbins – President’s Message

Departments 8

Happenings

In the News

Housing Watch

Realtor® Connections

On the Move

On the Cover: Frank Bell of Bridgeway Realty won a new Apple iPad in the RPAC March Madness Bracket Challenge. Photo: Dave Anderton Photo left: ©nito/Adobe Stock

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

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

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President Scott Robbins Summit Sotheby’s

Michael Morgan Realtypath LLC Scott Colemere Colemere Realty Associates

First Vice President Alicia Holdaway Summit Sotheby’s

Jodie Osofsky Signature Real Estate Utah Mary Olsen Utah Key Real Estate

Second Vice President Matt Ulrich Ulrich Realtors®, Inc.

Sophie Reece Berkshire Hathaway

Treasurer Steve Perry Wise Choice Real Estate

Rob Ockey Century 21 Everest Dawn Stevens RealtyOne Group Signature

Past President Adam Kirkham Summit Sotheby’s

Brian Gottfredson Coldwell Banker

CEO Curtis Bullock

Tony Ketterling Equity Real Estate

Directors

Ryan Henderson Realtypath LLC

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 President Dan Miller Art Director Jackie Medina Graphic Design Ken Magleby Katie Steckler Patrick Witmer Office Administrator Cynthia Bell Snow

Sales Staff Paula Bell Karen Malan Paul Nicholas Chad Saunders Administrative Assistant Caleb Deane

Salt Lake Board: (801) 542-8840 e-mail: dave@saltlakeboard.com Web Site: www.slrealtors.com The Salt Lake Board of REALTORS® is pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support the affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin. The Salt Lake REALTOR® is the monthly magazine of the Salt Lake Board of REALTORS®. Opinions expressed by writers and persons quoted in articles are their own and do not necessarily reflect positions of the Salt Lake Board of REALTORS®. Permission will be granted in most cases, upon written request, to reprint or reproduce articles and photographs in this issue, provided proper credit is given to The Salt Lake REALTOR®, as well as to any writers and photographers whose names appear with the articles and photographs. While unsolicited original manuscripts and photographs related to the real estate profession are welcome, no payment is made for their use in the publication.

What You Get For Less Than $100 a Month

ow much does it cost to start a small business? One study by the Kauffman Foundation estimated that the average small business startup costs $30,000. And most microbusinesses cost around $3,000 to launch, according to the U.S. Small Business Administration.

Realtor® startup costs are typically much lower. In addition, the ongoing benefits of belonging to a Realtor® organization are many. For less than $100 a month, Salt Lake Realtors® have access to a Supra Key system, legal hotline, free continuing education classes, “Hire a Realtor” marketing campaigns, statistical trends, exclusive legal forms, housing stats, public relations messages, and an advocacy and lobbying framework at the local, state and national levels that fights to keep at bay fees and regulations affecting the real estate profession. This year the Salt Lake Board of Realtors® has launched an extensive “Hire a Realtor” marketing campaign that includes billboards, bus wraps, podcasts, media stories, and sharable videos and housing statistics on social media. What would it cost you in monthly professional fees to hire your own public relations firm, lobbyist, or attorney, where fees can range from $255 to $520 per hour? Realtor® organizations were established based on a fundamental principal that’s unique to real estate: Help me sell my inventory and I’ll help you sell yours. Realtor® associations have spent millions of dollars to develop Multiple Listing Services and other real estate technologies that make the transaction more efficient. Buying or selling a home is usually the biggest financial transaction a person will make in their life. That is why roughly nine of 10 homes sold in the United States are sold by licensed real estate professionals. Homes sold by Realtors® sell on average for tens of thousands of dollars more than the typical for-sale-byowner (FSBO) home. Realtors® offer buyers and sellers specialized knowledge of neighborhoods and market conditions. As an association we can do more as a whole than we can as individuals. The costs of being part of this great organization is minimal compared to what you could do if you did it all on your own.

Scott Robbins 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 2019 | Salt Lake Realtor ® | 7

Happenings

In the News Homeownership Rate Dips in First Quarter For the first time in more than two years, the U.S. homeownership rate fell, dropping to 64.2 percent in the first quarter of 2019 from 64.8 percent in the fourth quarter of 2018, according to newly released data from the Census Bureau. The homeownership rate has been on an upswing since the start of 2017 and nearing its historic average of about 65 percent, The Wall Street Journal reports. So the latest quarter’s dip has captured headlines.

Pictured: Heather Nelson, left, Cheryl Acker, Jen Gilchrist, Anna Parker, and Stacy Lockhart.

Major RPAC Investors Enjoy Jazz Game Major investors to the Realtors® Political Action Committee were invited to the Vivint Smart Home Arena on March 27th where the Utah Jazz played the Los Angeles Lakers. Investors enjoyed food and drinks in one of the arena’s sky boxes. Investors also enjoyed a pre- and postgame shootout on court. The event raised more than $18,000 for RPAC. The Jazz beat the Lakers 115-100.

Jobs, Jobs, Jobs Utah leads the nation in percent change of new job growth (2010 through 2017), according to the U.S. Census Bureau. In addition, Utah’s nonfarm payroll employment for March 2019 (latest figure) grew by an estimated 3.0 percent, adding 45,100 Image licensed by Ingram Image jobs to the economy since March 2018. Utah’s current employment level registers 1,546,300 people. “Utah has led the nation in its rate of job growth during the nearly 10 years since the Great Recession,” reported Mark Knold, senior economist at the Department of Workforce Services. “The current 3.0 percent growth continues that trend and there is little on the immediate horizon to suggest it will soon change.”

8 | Salt Lake Realtor ® | May 2019

Higher home prices and lower housing inventories may have attributed to the slight dip in households, economists say. Younger buyers have been driving the bulk of the rise in the homeownership rate for the last few years, but they posted some of the most significant drops in the first quarter. The homeownership rate of households headed by those under 35 years old dropped from 36.5 percent to 35.4 percent in the fourth quarter. “The homeownership rate is volatile, and it would take several straight quarters of decline to indicate owning a home is once again in decline in the U.S.,” The Wall Street Journal reports. “While the homeownership rate fell over the quarter, it was virtually unchanged from a year earlier.” The number of owner households in the first quarter rose by about 1 million, Census data shows. Mortgage rates also have since dropped from yearly averages, and that could bring more Americans into homeownership. Average mortgage rates for a 30-year fixed-rate loan have fallen from nearly 5 percent in the fall of 2018 to just over 4 percent now. Joel Kan, associate vice president of economic and industry forecasting at the Mortgage Bankers Association, told The Wall Street Journal he believes the first-quarter drop in the homeownership rate is a temporary blip. Millennials are entering their early- to mid-30s and showing more eagerness to buy homes.

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The Most Popular Markets for Millennials Millennials reside and move to locations and cities where employment is strong. Salt Lake City has one of the highest population share of millennials. By The National Association of Realtors®

wide range of factors contribute to why millennials decide to move to certain areas, remain for an extended period or choose to relocate shortly after their arrival. Job market and affordability in the given location are two of the main reasons that impact millennials the most, according to the National Association of Realtors®’ 2019 report, “Most Popular Areas for Millennials: where they move and stay.”

The report analyzed employment gains, population trends, income levels and housing conditions in the largest 100 metropolitan statistical areas1 across the country to identify the most popular areas for millennials.2 The top 10 metro areas were selected because of their high share of both present millennial residents and recent movers, as well as their favorable employment opportunities.

10 | Salt Lake Realtor ® | May 2019

NAR found that Madison, WI, is one of the top destinations for millennials. Seventy-five percent of recent movers to the city have been millennials. Additionally, this segment of the population has mostly elected to remain in the area. Lawrence Yun, NAR’s chief economist, said Madison has many attributes that appeal to millennials, including earning potential. As of 2017, the median income for millennials there was $62,000, and $68,500 for millennials who had recently moved to the city. “In comparison to other areas, Madison offers one of the highest wages for millennials,” said Yun. “Moreover, this income level combined with the robust employment opportunities and the affordability, make Madison among one of the

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An in-house advertising agency is much more than a graphic design department. It is a creative force where artists are hand-selected based on their experience, their vision and their ability to innovate. A requirement in today’s in-house advertising agency? Video production services. Why? Because YouTube is the second most popular website after Google. Because Facebook has 8 billion video views per day. Because real estate listings that include video receive 403% more inquiries. And because by 2022 video will make up more than 82% of internet traffic. For us, we look at each moment and each property as an opportunity to bring irreplaceable value to our clients, and in the process, redefine what it means to be in the business of real estate. Telling the stories of our clients’ properties through video production is a crucial part of how we approach real estate differently from our competitors. We’re proud to be Utah’s only real estate brokerage with a globally recognized video services department within our award-winning in-house advertising agency. Luxury isn’t tangible. It isn’t a price tag. Luxury is an experience and a commitment to going beyond the status quo. Being different isn’t for everyone, but to us, it is everything.

summitsothebysrealty.com

This material is based upon information that we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete, including price, or withdrawal without notice; square footage is an estimate only. ©MMXIX Sotheby’s International Realty Affiliates, Inc. All Rights Reserved. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates, Inc. An Equal Opportunity Company. Each Office Is Independently Owned And Operated. Copyright© Summit Sotheby’s International Realty 2019.

long because of unaffordability. Millennials moving to Bakersfield meanwhile are looking to take advantage of conditions toward homeownership.”

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most appealing locations for millennials who are looking to stay longer and raise families.” Salt Lake City, which made the Top 10 list, had one of the highest population share of millennials (31 percent) after Provo-Orem, Utah; Austin, Texas; and Madison, Wis. Employment is very strong in the Salt Lake area as numerous companies such as Adobe Systems and Microsoft are located in the area. As a result, unemployment rate is low in Salt Lake City, below 3 percent. Inventory choices are expanding in the area since permit issuance increased 15 percent at the end of 2018 compared to a year earlier. Millennial recent movers earn nearly $65,000, while they can afford to buy nearly 13 percent of homes currently listed for sale. The report also found that California is a popular home buying destination for millennials, specifically Bakersfield, which is between San Francisco and Los Angeles. Bakersfield - where 28 percent of millennials live and where 67 percent move to - is attractive to millennials because it is one of the most affordable metro areas in the state. Yun has called for more West Coast housing and construction. He said Bakersfield’s affordable homes makes it inviting to millennials. Of the millennials who most recently moved there, they can afford to purchase nearly 15 percent of the homes listed for sale. This is in comparison to neighboring Los Angeles, Calif., where millennials can only afford to buy 4 percent of listed homes. “The increasing employment rate in California is another strong selling point among this generation,” said Yun. “While the rate of unemployment in Bakersfield is higher than it is nationwide, we’re seeing job growth there pick up at a strong pace. Home building in Bakersfield is rising, too. Many newcomers to San Francisco and Los Angeles do not stay for

12 | Salt Lake Realtor ® | May 2019

NAR research revealed that Oklahoma City, OK, is attractive to millennials looking to purchase a home or who are already in a home. Twenty-nine percent of the city’s residents are millennials, while 61 percent of those who recently moved there are millennials. During the time of the survey, of the properties on the market in Oklahoma City, millennials were in position to afford 30 percent of those homes. The unemployment rate is less than 3 percent, and the city experienced the third highest increase in wages among the 100 largest metro areas. “An overwhelming majority of younger and older millennial homebuyers responded that their strong desire to own a home was the primary reason that they purchased their home,” said Yun. “As long as supply keeps up to meet demand, and prevents costs from rising too high and too rapidly, these identified metro areas are likely to see an uptick in purchases from millennial homebuyers - including Oklahoma City.5” Other Notable Findings One out of two people who moved in the 100 largest metro areas was a millennial (54 percent), and one of four residents was also a millennial (25 percent). In the top 10 metro areas, millennials can afford to purchase, on average 17 percent of homes currently listed for sale. In 2017, affordability was low in most of the areas that millennials moved to that year. The median income for millennials who recently moved in the 100 largest metro areas was $53,000. Millennials who moved recently in these areas can afford to purchase nearly one out of four of the homes currently listed for sale (23 percent). Millennials tend to reside and move to locations and cities where employment is strong. In the majority of the top 10 metro areas, the unemployment rate was lower than the national level in February 2019. Specifically, on average, the unemployment rate was 3.6 percent in these areas. NAR analyzed recent migration and population trends, employment gains, income levels and housing conditions in the largest 100 metro areas across the country to identify the most popular areas for millennials to move and stay. The National Association of Realtors® is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.

Areas are generally metropolitan statistical areas as defined by the U.S. Office of Management and Budget. NAR adheres to the OMB definitions, although in some areas an exact match is not possible from the available data. A list of counties included in MSA definitions is available at:http://www.census.gov/ population/estimates/metro-city/List4.txt (link is external). 1

Top 10 Most Popular Areas for Millennials Percent is share of millennials to total population 1. Bakersfield, Calif. 28% 2. Denver, Colo. 29%

2 Millennials in this study are those born between 1980 and 1998. Moreover, the current study defines millennial recent movers as millennials who moved from a different state within the last year.

Using the Public Use Microdata Sample (PUMS) 1-year estimates from the American Community Survey, the National Association of REALTORS® estimated the share of millennial residents and recent movers and the median income for millennial residents and recent movers, respectively.

3. Durham, N.C. 29% 4. El Paso, Texas 27% 5. Grand Rapids, Mich. 27%

Affordability data comes from the Realtors® Affordability Distribution Curve and Score (March 2019). 4

Data comes from NAR’s Home Buyer and Seller Generational Trends Survey.

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6. Madison, Wis. 32% 7. Oklahoma City, Okla. 30% 8. Omaha, Neb. 21% 9. Salt Lake City, Utah 31% 10. Seattle, Wash. 29% Note: The top 10 metro areas NAR identified were chosen for their above-average share of current millennial residents and recent movers, favorable employment opportunities and relatively low qualifying incomes needed to purchase a home. 4:55 PM

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Casas and Cocktails

aybreak Communities on May 1 hosted a Casas and Cocktails event. RealtorsÂŽ and affiliates enjoyed music, food, prizes and toured nine new home models. Daybreak is consistently ranked as one of the top-selling communities in the United States according to two separate reports released in January 2019. During 2018 Daybreak maintained a steady pace, selling 575 new homes, up approximately 23% compared to 2017. Daybreak currently encompasses 5,000+ households, 17,000+ residents and is home to more than 1,200 jobs.

Photos: Dave Anderton

14 | Salt Lake Realtor ÂŽ | May 2019

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Where to Start When Breaking Into the Luxury Market Don’t be afraid to go after business. Someone is getting paid for it—so let it be you. By Buck Wargo

espite what some real estate professionals may think, many luxury agents don’t start out selling high-end homes. It takes fearlessness, knowledge, and a willingness to network and gain trust in order to break into a more expensive market, panelists shared during Coldwell Banker’s Gen Blue conference in Las Vegas last week. “Welcome to the Jungle,” said Ricardo Rodriguez, a sales associate with Coldwell Banker Residential Brokerage in Boston, in describing his walk-out song onstage. Rodriguez, who emigrated to the U.S. from Colombia when he was 21, arrived in America in 1993 with $25 in his pocket. He taught himself English and began looking for work in real

18 | Salt Lake Realtor ® | May 2019

estate. Today, after having done consulting work with developers, architects, and interior designers, he runs one of the top real estate teams in New England. It was a lengthy journey, he said, admitting he still experiences fear about the competitiveness of the real estate business. “Every day that I go to a buyer or a developer or a listing, regardless of price point, I’m shaking,” Rodriguez said. “My advice is to be fearless because if you don’t get the business, it’s going to someone else. Get in front of it, give it your best shot, and don’t be afraid to go after the business. Someone is getting paid for it—so let it be you.” Jade Mills, leader of the Jade Mills Estates team at Coldwell Banker Residential Brokerage in

Beverly Hills, Calif., grew up on a dairy farm and chose a career path in real estate instead of returning home to live with her family when she was struggling to raise a three-month-old daughter while working as a cocktail waitress. A retired police officer-turned-real estate agent encouraged Mills to go into the business. Mills sold her first home in 1978 for $42,000. She didn’t break into the luxury market until the late 1990s. “I received a call on a Sunday from a family asking me to sell their property, and it ended up being a $50 million house in Bel Air,” Mills said. “That is what pushed me into Beverly Hills luxury—the high-dollar market.” Mills said that soon after, she met singer Lionel Richie at a charity event on Rodeo Drive in Los Angeles. She ended up helping him sell a home and buy another. That marked her first time working with a celebrity, and she soon was receiving referrals to work with other high-networth clients. “If you meet new people, that helps you with that big break and next step up,” Mills said. Since then, she’s represented Charlie Sheen, Britney Spears, and Jennifer Aniston. Her team,

which includes three of her four children, represented the buyer of the Playboy mansion, which sold for $100 million in March 2018. Mills has branded herself the “$5 billion woman”— reflective of her team’s total sales volume. The support of family and friends, as well as building trusting relationships with clients and other agents, helped her reach her professional goals, Mills said. “Half of the business is trusting each other,” Mills said. She added that it’s important for agents to be active in their communities and charities, which can also have a positive impact on their businesses. She is on the boards of the Beverly Hills Chamber of Commerce and Cedars-Sinai Medical Center. “All of these things get you out in front of people who are doing business and who may refer you to business managers,” Mills said. “I think it’s very important to be involved with your city and other businesses and keep your name out there and let people know you are working in the community.” She added that it’s important to pay attention to your environment, wherever you are, because you never know where you might get

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May 2019 | Salt Lake Realtor ® | 19

business—even if it’s at the grocery store or pharmacy. “You never know when the checkout person will say, ‘The person before you wants to sell their house,’” Mills said. And that person may just live in a neighborhood where homes sell for more than $20 million. Every client, though, should be treated like they’re buying or selling a multimillion-dollar property, no matter the price point, Mills said. Each person has their own idea of what constitutes luxury. “I think luxury is a perception, and I think in the last five to seven years, people are very intrigued by the word,” Mills said. “Luxury is honest, and it’s for everyone.” Lauren Muehlethaler, director of luxury marketing for Coldwell Banker Real Estate, agreed: “The fundamentals and principals don’t ever change. It’s a mindset. It’s not about a price point but about lifestyle.” Reprinted from Realtor® Magazine Online, March 2019, with permission of the National Association of Realtors®. Copyright 2019. helgidinson©/ Adobe Stock

20 | Salt Lake Realtor ® | May 2019

does not provide a “response time.” In our industry we need to get away from referring to it as a “response time.” Instead there is a “Time for Acceptance.” If that times expires, Section 25 says the offer shall “lapse.” In other words, that offer is no longer on the table. With that in mind, if the Seller still wanted to accept the offer even though the “Time for Acceptance” lapsed, the Seller could only counter the offer. Why? Because the original offer was no longer on the table. The Seller failed to comply with an essential part of that offer - i.e., the Time for Acceptance. That section of the REPC was essentially rejected because the deadline lapsed. So, the Seller would need to send a counter offer to the Buyer and simply indicate that the terms of the offer are accepted but give a new “Time for Acceptance” of the counter offer. In the counter offer you aren’t extending a “response time” because (1) there is no “response time,” and (2) your counter offer will be creating an entirely new “Time for Acceptance.” Once the buyer receives the counter and signs and marks the acceptance box and communicates the acceptance there is now a valid contract. ©/ Dollar Photo Club

Three Legal Tips Every Realtor® Should Know By Curtis A. Bullock

1. Time for Acceptance Realtor® Legal Tip - (1) What happens if the offer expires but the party wants to accept it? (2) Do you have to extend the “response time” if you are sending over a counter offer? Simple facts - Suppose the Buyer makes an offer and gives the Seller until the next day at 6 p.m. to accept the offer. The 6 p.m. time for acceptance comes and goes and the offer is not accepted or countered. 1) Scenario 1 - Continuing with the above, let’s now say the next day at 10 a.m. the Seller decides to just accept the offer outright. Can the Seller accept this offer? 2) Scenario 2 - Instead, let’s suppose the next day at 10 a.m. the Seller decides to counter the offer. How should the Seller’s agent handle this? Answers: Scenario 1 - Since the time for acceptance expired, the Seller does not have the legal ability to accept that offer. Remember, Section 25 of the REPC

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Scenario 2 - This one is easy. A counter offer legally does not need to be sent back to the other party prior to the original “Time for Acceptance” that is given. So even if the counter offer goes back to the Buyer after the original “Time for Acceptance” has lapsed, that’s ok. The reason is because the counter offer creates an entirely new “Time for Acceptance” (and may include other modified terms). There is no need to extend the original “Time for Acceptance” because by sending the counter offer you are creating an entirely new “Time for Acceptance.” 2. Commissions in the REPC addendum In April, the Utah Association of Realtors® released a new Real Estate Brokerage Payment addendum that provides language for the Buyer to ask the Seller (not the listing broker) to pay a brokerage fee to the Buyer’s Brokerage. The Seller Property Condition Disclosure form was also updated to include “N/A” in certain areas of the form. Other minor updates were made to the Confirmation of EM, Resolution of EM, and Back Up Addendum. The new form and revised forms are now available on utahrealtors.com and will be soon available on the MLS and through other forms vendors. If you have questions about how to properly use these forms contact the UAR Legal Hotline. (801)676-5222.

3. If requested by the buyer’s agent, the listing agent must provide a written statement to the buyer’s agent indicating that the offer has been submitted Recently the National Association of Realtors® revised the Code of Ethics, Standard of Practice 1-7, to encourage and ensure all offers are being presented to sellers. When a buyer’s agent asks the listing agent whether the offer has been submitted to the seller, the listing agent must now provide a written statement indicating the offer has in fact been presented. This could be as simple as sending back the signed rejected offer or an email indicating the offer has been submitted. The exception to this requirement would be if the Seller has given instructions to their agent to not submit offers. In that case, when asked by the buyer’s agent whether the offer has been submitted, the listing agent may notify the buyer’s agent in writing that the seller has waived the obligation to have the offer presented. The bottom line is that all offers must be

presented to the seller unless the seller has given the listing agent different instructions. And listing agents must affirm in writing that the offer has been presented. The relevant text of Standard of Practice 1-7 is below: “Standard 1-7: When acting as listing brokers, Realtors® shall continue to submit to the seller/ landlord all offers and counter-offers until closing or execution of a lease unless the seller/ landlord has waived this obligation in writing. Upon the written request of a cooperating broker who submits an offer to the listing broker, the listing broker shall provide a written affirmation to the cooperating broker stating that the offer has been submitted to the seller/landlord, or a written notification that the seller/ landlord has waived the obligation to have the offer presented.” Curtis A. Bullock, J.D., is CEO of the Salt Lake Board of Realtors®.

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REALTOR® Connections

Wire Fraud is a Growing Problem FBI Supervisory Special Agent Jeff Collins and Cyber Task Force Officer Jeff Plank addressed more than 200 Realtors® and affiliates on April 24 at the Realtor® Campus on the dangers of wire fraud and Internet crimes. According to the FBI’s 2018 Internet Crime Report, Utah had $20.6 million in Internet-type crimes that ranged from phishing scams and identity theft to wire transfer fraud and non-delivery of services. Wire transfer fraud (or business email compromise) is a scam targeting businesses working with foreign suppliers and/or businesses regularly performing wire transfer payments. The scam compromises email accounts through social engineering or computer intrusion techniques to conduct unauthorized transfer of funds. In Utah, Collins said, wire fraud in 2018 accounted for $8 million in losses, up from $5.8 million the previous year. Wire transfer instructions by email should be ignored and a person should call or speak in-person to their Realtor® and/or title company representative before making a wire transfer.® If you are victim of wire fraud, call your bank immediately. Report the crime to the FBI, and file a complaint at https://bec.ic3.gov.

Members Enjoy March Madness

Pictured: Mary Olsen, left, Steve Perry, Gavin Krushensky, Jamie Sacks, Bill Heiner, and David Young.

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Members of the Salt Lake Board of Realtors® recently watched the NCAA basketball championship game (Texas Tech vs. Viginia Cavaliers) at the Realtor® Campus. Members enjoyed food, drinks and prizes. The event is a thank you to the many members for their ongoing support to the Realtors® Political Action Committee (RPAC).

On the Move

Aubrey and Associates Realty announced three new branches: Tooele, Veterans, and Referral. The following agents have joined Aubrey and Associates: Vonda Barber, Lizbeth Caldwell, Amy Cutler, Barbara Gaona, Ambry Fisco, Jesse Fisco, Parker Hansen, Trevor Harding, Brannon Harris, Robert Holt, Ginny Johnson, Greg Ketchum, Brian Lanigan, RaNae Morley, Alison Ostler, Nicholas Stone, Judy Storms, and Philip Stringham.

Signature Real Estate Utah welcomes the following agents: Sara King, Kennedy Cox, Kristina Leikam, Senovia Winget, Lisa Yates, Steve Newton, Rebecca Hansen, Michael Jarman, and Lisa Marie Thomas. Seattle, Wash., was ranked as the best city in America to be a real estate agent, according to a study by WalletHub. Salt Lake City ranked No. 81 of 179 cities in the survey. The study noted that Modesto, Calif., had the most homes sold in the past year per agent, 106.48, which was 14.7 times more than in in Houston, the city with the fewest at 7.25. San Francisco had the highest median house price, $927,000, which is 21.7 times higher than in Detroit, the city with the lowest at $42,800. New York had the highest annual median wage for real-estate agents, $79,810, which is 2.8 times higher than in Fort Smith, Arkansas, the city with the lowest at $28,130.

Professionalism Matters Ways to Handle Unethical Conduct Among Peers By Holly Rawson The Realtor® Code of Ethics is of great importance as it sets a higher standard of conduct and professionalism within the real estate industry. What makes it even better is you, as Realtors®, voluntary pledge to follow this standard of conduct with clients and customers, the public and other Realtors®. If you feel that one of your peers has committed any ethics violations there are some things you can do. First, try talking to the other agent about the issue to see if it can be resolved. Second, reach out to your Broker for advice and guidance in resolving the issue. Third, if these first steps don’t work and you believe the agent’s conduct should still be reported, then file an ethics complaint with the perpetrator’s local Realtor® association. Enforcement of the National Association of Realtors® Code of Ethics starts with YOU. In today’s competitive market, it’s especially important to hold those in our industry accountable for unethical conduct and showcase the value of using a real estate professional. Holly Rawson oversees professional standards at the Salt Lake Board of Realtors®. 30 | Salt Lake Realtor ® | May 2019

Come break the status quo. All in, for Holladay. Being a Windermere agent is more than a job. Itâ€™s a true calling. We connect families to the homes of their dreams, help agents build successful businesses, and create thriving communities. Stop in and see the progress on our remodel 4535 S 2300 E / Holladay Call our Principal Broker to find your future Grady Kohler / 801-815-4663

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