orlando realtor magazine - march 2009
DESCRIPTION
ORRA members to lead all Florida's REALTORS in 2009TRANSCRIPT
INSIDE >>5 Condos By The Bulk The number of condos
listed for under $50,000 has increased by 1,364% over the last year.
6 Limiting Liability
ORRA intROduces Risk
MAnAgeMent ceRtificAtiOn
pROgRAM
8 RESPA Revisions Central Florida Real Estate
Council explains recent changes to the Real Estate Settlement Procedures Act
10 Linking Listings A case study outlining
the limitations of Article 12 of the REALTOR® Code of Ethics
14 Do Unto Others A roundup of the best
advice given and taken by ORRA members
A C O N N E C T I O N T O y O u r A s s O C I AT I O N , y O u r p r O f E s s I O N , y O u r I N d u s T ry
MARCh 09 Volume 1 • No. 4www.ORlReAltOR.cOM
orlandoREALTOR®
ORRA members to lead all Florida’s REALTORS® in 2009cynthiA sheltOn And deAn AsheR AssuMe fAR OfficeR pOsitiOns
OrlandO regiOnal rEALTOr®
Association member Cynthia
shelton, Colliers Arnold Associ-
ates Inc., in January became 2009
president of the florida Asso-
ciation of realtors®, which with
more than 125,000 members is
state’s largest trade organization.
She notes that, like other busi-
nesses, the real estate industry is
going through very challenging
times and that during her term
FAR will focus its efforts on
providing education and tools to
help members be successful.
Along with fostering continu-
ing educational opportunities
for members and helping young
people get a foothold into the
real estate profession, shelton
says she wants to help members
“demonstrate to consumers that
using a ReAlToR® adds value
to their real estate transactions
– that having a well trained, well
educated, professional ReAl-
TOr® work on their behalf is
one of the wisest, most sound
business decisions they can
make.”
Shelton served as the 2002
national president of the Certified
Commercial Investment member
Institute. Shelton also was the
1996 president of the Florida
CCIm chapter and 1994 president
of the Greater Tampa Association
of ReAlToRS®.
In 2006, Gov. Jeb Bush ap-
pointed shelton to the florida
Property Tax Reform Committee.
She says she will continue to work
on solutions and relief for rising
real estate taxes for all property
owners.
A second OrrA member also
holds an fAr officer position this
year: dean Asher, don Asher &
Associates, has been installed as
secretary.
In his new fAr role, Asher
says he will make sure “members
are on the cutting edge of technol-
ogy and that they have the best
tools in hand to do the job in these
tough times. I will also strive to
ensure that the best education
is in place for them to learn new
areas of the business to survive
and thrive.”
Asher has been endorsed by
the oRRA Board of Directors as
the candidate of choice for fAr
treasurer in 2010.
> ApRil 14-15S
new fAR pResident cynthiA sheltOn (Red gOwn) enjOys heR MOMent
in the spOtlight duRing the fAR OfficeR inAuguRAtiOn. she is
jOined by, l-R, les siMMOnds, Mike sheltOn, gARy bAlAnOff, “OpRAh
winfRey,” dick fRyeR, kAthy llAMAs, kAthleen gAllAgheR, shelly
MAnnebAch, And lydiA pisAnO.
Out of the loop? get back in!nearly One thOusand oRRA members have “opted out” of oRRA’s
e-mail distribution service! “opted out” members do not receive
any of oRRA’s e-mail communications, including housing statistics
reports, newsletters, dues invoices, education notices, and event
reminders.
To “opt back in,” please go to the homepage of www.orlrealtor.
com and click on the menu item “opting In” from the choices under
“Quick links.” From there, just follow the instructions.
Cambridge Homes is now K. Hovnanian® Homes®.
Formerly Cambridge Homes
Beyond building.
khov.com/ ba ldwinparkOur name may be different, but we haven’t changed a bit.
We still do the things you and your homebuyers wish a builder
would do. We still care like you care. And we still look forward
to providing you with great incentives like the one below.
We understand the concerns of buying a home during these uncertain times. That’s why we’ve created the K. Hovnanian Price Guarantee Program for you and your homebuyers.
The benefit for you is simple—from now until March 31, 2009, on all “To-Be-Built” contracts, we will offer to pay the standing real estate agent CO-OP fee of 3% upon “Contract Acceptance.”*
And for your homebuyers, it’s even simpler—we are guaranteeing the price they will pay for their home. If we drop our published prices, as evidencedon our website or sales office collateral, at any time during the constructionof their new home, then that is the price they will pay at closing. Plus, qualified homebuyers are eligible for a 3.99% fixed-rate, 30-year mortgage throughK. Hovnanian American Mortgage if they close by March 31, 2009.
Baldwin Park® - Or lando
Homes from the low $300s
*“Contract Acceptance” is defined as a fully executed contract, with deposit received (cleared by the bank) and non-refundable, and with the Loan Commitment received. Commission on original contract price is guaranteed until Home closes. This program applies to Baldwin Park® and any product we build on the two remaining Manor lots. It does not apply to inventory (spec) homes, models or lots within Loch Leven. Homebuyer’s interior design selection must also be complete. (Typically, these requirements take 30 days to fulfill, however some buyers may require more time.)
Ba ldwin Park® Sa les Center : 407-937-2450
09-KHO-007 ORLANDO REALTOR FP MARCH.indd 1 2/12/09 12:33:28 PM
3orlandoREALTOR® MARCH 2009 | | | |
FrOm my vantage point real
estate is still the best business in
the world, and that is not being
arrogant. of course, those who are
in another business have a right to
feel the same way about their own
chosen field. However, if you are
practicing real estate and you do
not feel that way, then your longev-
ity in this business is certainly ques-
tionable. As difficult as the market
has been and still is, and even if
you did not have a single closing in
2008, you will still need to continue
to believe in your business and your
ability to stay the course.
What has your association
been doing to help you stay the
course? Well, I am delighted that
you asked. During the month of
January I met with all committee
leaders to obtain an assessment of
their goals and plans. I wanted to
know what they were going to do
to stay focused on our members
and to take the association to the
next level. Needless to say, I was
extremely happy and thankful for
a wonderful, talented, excited, and
energetic group of individuals who
are all prepared to get to work and
take on the enormous challenges
that we are to confront in 2009.
Among some of the more impor-
tant initiatives that are expected to
be implemented include:
An aggressive ad campaign ��through television, radio, and
print media to inform and
encourage buyers that it is time
to buy (already running).
An aggressive ad campaign in ��delta Airlines’ Sky magazine
(already in progress).
A leaner, more efficient, and ��more cost-conscious associa-
tion (already in progress).
A new and improved associa-��tion website to improve com-
munication and better serve our
members.
A new and improved property ��management forum to better
serve our members.
A new and improved broker ��council and forum to better
serve our members.
New and improved courses to ��better educate our members.
A new and improved member-��ship luncheon program to
better serve our members and
affiliates.
What can you do to help you
stay the course? You can start by
staying plugged into your associa-
tion and taking advantage of all
that is being offered. For example
take courses that lead to a designa-
tion, which will help to make your
business profitable and competi-
tive. Continue to build your busi-
ness with the assurance that the
market will eventually rebound;
when it does you will be poised
to take advantage and be on the
cutting edge. Finally, you should
consider making a contribution to
help our industry become gentler
and friendlier by mentoring new
members and helping them to stay
the course.
Be encouraged that important
indicators — such as median price
and affordability index — con-
tinue to place the cost of homes
well within the reach of first-time
homebuyers. This is just one assur-
ing sign of many that we should be
fine in 2009.
Thank you for the opportunity
to serve as your president.
PS: I wish you the best things
always.
les is president of ORRA. to reach him, e-mail [email protected].
President’smessage
i still believe. how about you?by les siMMOnds
INSIDE >>
News & Features
1 ORRA Leadership At FAR
1 Opting In
6 Risk Management
Certification
7 Transnational Referral
Certification
Departments
3 President’s Message
4 Statistical Snapshots
8 Technology Resource
9 Legal Resource
10 Risk Management
11 Ethics Case Study
12 Guest Room
13 Calendar of Events
14 Closing Out
ORRA CAll RepORt
January 2009 Call Center Main Line
Store and Supra Line
Membership Main Line
total Calls Received 940 427 2,139
Calls transferred 141.5%
n/a n/a
264 12.3%
Net Calls Received 92698.5%
427 100%
1,875 87.7%
Calls to Voicemail n/an/a
53 12.4%
88 4.7%
Calls Abandoned 272.9%
23 5.4%
n/a n/a
Calls Answered 899 97.1%
351 82.2%
1,787 95.3%
Calls made to individual staffers’ direct extensions are not included in the ORRA call report.
What’s GoinG on in Your FarminG area?
2-in-1 ORRA LuncheOn DeAL 4.8.09
Central
ORRA AWARDS celebration
A New V i e w
EYE N CENTRAL
Call 407.513.7262 or visit
www.orlrealtor.com for more information.
$25 for both!
4 orlandoREALTOR® MARCH 2009 | | | |
Statsshots
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Source: www.graphjam.com
TAkE YEARS OFF! MEDIAN-PRICE MAkEOvERWithin the four counties that make up the Orlando Metropolitan Statistical Area, Osceola County experienced the greatest decline in median price over the past year: down 35.99% between January 2008 and January 2009. Orange County is a close second with a 34.70% decline, with Seminole and Lake following at 28.88% and 25.93% declines, respectively. Osceola County also has the greatest decrease in a two-year comparison (51.10%)
Median Price Median Price Median Price % decline Median Price % decline % declinedeclines January 2007 January 2008 2007 - 2008 January 2009 2008 - 2009 2007 - 2009
lake $219,000 $182,250 -16.78% $135,000 -25.93% -38.36%Orange $253,000 $229,700 -9.21% $150,000 -34.70% -40.71%Osceola $256,560 $196,000 -23.60% $125,450 -35.99% -51.10%seminole $245,000 $232,000 -5.31% $165,000 -28.88% -32.65%
Median Price Declines
$219,000
$253,000
$256,560
$245,000
$182,250
$229,700
$196,000
$232,000
$135,000
$150,000
$125,450
$165,000
$0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000
Lake
Orange
Osceola
Seminole
Median Price 1/07 Median Price 1/08 Median Price 1/09
RISE OF ThE YOUNG WhIPPERSNAPPERS
According to NAR, first-time homebuyers
make up a smaller share of the market
during years of rising prices and quick
sales. But as affordability improves,
sales slow, and it becomes more difficult
for current homeowners to sell their
homes, unencumbered first-time buyers
increase in percentage of all buyers.
That maxim has held true in Orlando,
where the percentage of first-time buyers
made up 41% of all buyers in 2008,
compared to only 33% of all buyers dur-
ing the red-hot market of 2005.
Percentage of 2001 – 42%
First-time 2003 – 40%
homebuyers, 2005 – 40%
Nationwide 2006 – 36%
2007 – 39%
2008 – 41%
Source: NAR
WIREDOrlando has scored a fourth place overall ranking in Forbes.com’s list of “Top 30 Most-wired American Cities.”
Orlando scored eighth in broadband adop-tion, tenth in access options, and thirteenth in wi-fi spots. Last year, Orlando was tied for fifth place overall with Baltimore, which dropped to tenth overall this year. What city came out on top this year? Seattle.
Source: Forbes.com
#4DESIREDA survey by the Pew Research Center’s Social and Demographic Trends project found that most respondents would like to live in first in Denver, followed by San Diego, Seattle, and in a three-way tie for fourth, Orlando, San Francisco, and Tampa. Thirty-four percent of respon-dents would like to live in Orlando or Tampa; 28 percent would like to live in Miami, the only other Florida city to make the list.
AMERICANS ARE ALL OvER ThE MAP in their views about their ideal commu-nity type: 30% say they would most like to live in a small town, 25% in a suburb, 23% in a city and 21% in a rural area.
SeveN Of the PuBLiC’S teN fAvORite CITIES are in the West and the other three are in the South. the five least popular are all in the Midwest.
BY ABOUT TWO-TO-ONE, Americans prefer to live in a hot-weather place over a cold-weather place.
Source: Pew Research Center; Orlando Sentinel
5orlandoREALTOR® MARCH 2009 | | | |
FOLLOWING FORECLOSURES, I
A february search of actives in www.myfloridahomesmls.com revealed that 21.83% (4,623 of 21,182) of single-family homes within the Orlando MSA are listed as “foreclosures.” At 29.98%, Osceola County has the greatest percentage of foreclosures within its active lists. Lake County has the least, with 13.56%.
FOreclOsures inOrlandO’s inventOry
activelistings
number ofForeclosures
Percent ofForeclosures
Lake 4,882 635 13.00%
Orange 9,554 2,316 24.24%
Osceola 3,896 1,168 29.98%
Seminole 3,050 504 16.52%
Orlando MSA 21,182 4,623 21.83%
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
STATE SALES STAT
The sales of existing homes throughout Florida rose 27% in December 2008, marking the fourth consecutive month of increased sales activity. Condo sales statewide gained 12% compared to December of 2007, and increased 37.7% compared to November 2008.
DECEMBER Existing Homes Existing CondosSTATEWIDE December 2008 – 11,053 December 2008 – 3,138SALES December 2007 – 8,712 December 2007 – 2,814
Source: FAR
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FOLLOWING FORECLOSURES, IIDistressed and bank-owned sales in the Orlando area in January:
54.57%Orange County led with 28.80% of all sales attributed to distressed and bank-owned, trailed by Osceola County with 12.88%. Lake and Seminole counties posted 8.50%t and 4.38%, respectively
Source: ORRA
LOOkING AhEAD
Orlando’s pending sales, consid-
ered by housing economists to
be a reliable predicator of future
sales activity, continued its upward
trend to 3,830 in January. There
were 123.58% more homes under
contract in January 2009 com-
pared to January 2008 (1,713).
Source: ORRA
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Source: www.myfloridahomesmls.com
HomesCondos
0
2,000
4,000
6,000
8,000
10,000
12,000Dec-08Dec-07
NATION SALES STATExISTING hOME SALES NATIONWIDE ROSE 6.5% IN DECEMBER 2008,
AND INvENTORY DECLINED 11.70%.
“It appears some buyers are taking advantage of much lower home prices,” says Lawrence Yun, NAR chief economist. “The higher the monthly sales gain and falling in-ventory are steps in the right direction, but the market is still far from normal balanced conditions. Buyers will continue to have an edge over seller for the foreseeable future.”
Foreclosures in Orlando’s Invento
0
5,000
10,000
15,000
20,000
25,000
Lake Orange Osceola Seminole OrlandoMSA
Active Listings
Number ofForeclosures
CONDOS IN BULkWhile the number of Orlando area condos listed for sale in January 2009 (4,191) was almost exactly the same in January 2008 (4,184), the distribution of lower-priced units has soared. For example, in January 2008 there were only 28 condos offered at $50,000 or less; in January 2009 that number increased by a ginormous 1,364.29% to 410 (most listings in any single price category)!
Price January 2008 January 2009 PercentagecategOry listings listings change
All Prices 4,184 4,191 +00.17%$0 - $100,000 342 1,893 +453.51%$100,000 - $200,000 2,274 1,493 -34.34%$200,000 - $300,000 875 377 -56.91%
Source: ORRA
6 orlandoREALTOR® MARCH 2009 | | | |
FHA funds for fixer-uppersBy Steve Moreira
The purchase of a house that needs repair can be a stumbling block for even the most credit-worthy and handy potential buyer. Most banks just won’t lend you the money to buy a house until repairs are complete, and the repairs cannot be done until you own the home.
There is solution to this problem for would-be homeowners who would like to purchase a home or refinance their existing property and include the repairs in the loan with a one-time closing. The FHA’s 203(k) program will allow a borrower to make a loan with just 3 percent down and includes up to $35,000 for repairs and improvements to the property.
The 203(k) loan includes the following steps:A potential homebuyer locates a fixer-upper and executes a sales 1. contract after doing a feasibility analysis of the property with a real estate professional. The contract should state that the buyer is seeking a 203(k) loan and that the contract is contingent upon loan approval based on additional required repairs by the FHA or the lender.The homebuyer then selects an FHA-approved 203(k) lender 2. and arranges for a detailed proposal showing the scope of work to be done, including a detailed cost estimate on each repair or improvement. An appraisal is performed to determine the value of the property 3. after renovation.If the borrower passes the lender’s credit-worthiness test, the loan 4. closes for an amount that will cover the purchase or refinance cost of the property, the remodeling costs, and the allowable closing costs. The amount of the loan will also include a contingency reserve of 10
percent to 20 percent of the total remodeling costs and is used to cover any extra work not included in the original proposal At closing, the seller of the property is paid off and the remaining 5. funds are put in an escrow account to pay for the repairs and improvements during the rehabilitation period. The mortgage payments and remodeling begin after the loan closes. 6. The borrower can decide to have up to six mortgage payments (PITI) put into the cost of rehabilitation if the property is not going to be occupied during construction, but it cannot exceed the length of time it is estimated to complete the rehab. Escrowed funds are released to the contractor during construction 7. through a series of draw requests for completed work. To ensure completion of the job, 10 percent of each draw is held back; this money is paid after the lender determines there will be no liens. This program has been around for quite a while, but trying to find
a lender to do this deal was like finding a needle in haystack. Today the government is going to pull out all the stops to revive the housing market. The 203(k) program is not for everyone; it is not a program to you look to for a quick close. It does take a little more time and will require quite a bit of expertise to get done. At Magic we are here to help you close deals like these, and more.
aDVertISeMent
Steven W. Moreira, CCiM, CiPS
2008 orra PreSident
PreSident, MagiC FinanCial ServiCeS
407.256.9081
WWW.MagiCFinanCialServiCeS.CoM
the OrlandO regiOnal rEAL-
TOr® Association, in an effort to
help members better manage their
risk and liability, has put together
a comprehensive education pro-
gram that leads to risk Manage-
ment Certification.
The program is a joint effort
between the OrrA risk Manage-
ment Committee and the OrrA
Knowledge Management Task
Force.
“risk management is consis-
tently cited by members as a key
business concern,” says Beverly
pindling, chair of the OrrA risk
management Committee. “The
courses in this program provide
members with the specialized in-
formation they need to limit their
risk of liability.”
To complete the program,
agents must take nine required
courses and one elective; brokers
must take an additional three
required courses. Some of the
courses are components of other
courses (such as the fair housing
section of New Member Orien-
tation and the advertising and
marketing section of GRI 1); all
courses carry continuing educa-
tion credits except for NAr’s
Code of ethics online course. You
may have even already fulfilled
some requirements as courses
taken within the past two years
can be applied to the certification
program. Required courses in-
clude those on: fair housing; Code
of ethics; core law; legal matters;
FAR/BAR contracts; finance and
mortgage; best practices; advertis-
ing and marketing; and negotia-
tions and delivery order.
Brokers are also required to
take courses on: office policies
and procedures; financial man-
agement; and workplace law.
elective options include per-
sonal safety; managing partners;
and property management.
Courses for the program that
are not already offered by OrrA
or by fAr will be added to Or-
RA’s education calendar through-
out the upcoming year.
ORRA’s certification is neither affiliated with nor endorsed by the national As-sociation of ReAltORs®
ORRA introduces new certification program for risk management specialists
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
For more information about ORRA Risk Management Certification, including fees, a grid of course requirements, and dates, please visit the “Education” section of www.orlrealtor.com.
InsideORRA
7orlandoREALTOR® MARCH 2009 | | | |
1-800-447-SCCU(7228)
Our Mortgages Knock Out the Competition
Nothing Compares to an SCCU Mortgage:• Now offering FHA Loans• Low Rates! Fixed or Adjustable• NO Origination Fees and NO Intangible Taxes• NO Prepayment Penalties• Purchase - Refinance - Construction
SCCU’s Award-Winning Mortgage Team Members are in your corner! Call today to see how we can help you
save your hard-earned money.
These loan programs constitute first mortgage liens secured by the home and property. The down payment is determined by the Loan to Value ration (95% LTV = 5% down payment). Not all borrowers will qualify for the loan programs mentioned.
William R. NietoCell: 407-488-6404Office: 407-261-8951Email: [email protected]
We’ve been serving the Central Florida community since 1951 and have money to lend. If you live or work in Seminole, Orange, or
Osceola Counties you can apply for a mortgage with SCCU.
On may 7 OrrA will be offer-
ing for the first time the Trans-
national referral Certification
course, which prepares real estate
professionals to make and receive
compensated referrals using the
transnational referral system
developed by the International
Consortium of Real estate As-
sociations (ICReA).
Course participants learn
how to integrate international
referrals, resulting in increased
income, into their business plans
and upon successful completion
earn the Transnational referral
Certification. In addition, gradu-
ates become part of a searchable
database of certified professionals
on www.worldproperties.com.
The first part of the course
focuses on the skills needed for
making or receiving referrals,
including:
Business Practices, Customs, ��Law: Key areas of law, busi-
ness practices and customs in
ICReA association countries,
information sources, and devel-
oping a checklist of key points
to be aware of when making or
receiving a referral;
Courtesies�� : Developing a per-
sonal communication system
and courtesy model for offering
or receiving referrals;
Compensation�� : Methods for
requesting and offering refer-
ral compensation, including
the factors that influence the
amount of compensation; and
Networking�� : Building a per-
sonal network as the founda-
tion of successful referrals,
nurturing relationships, and
designing a systematic ap-
proach to networking.
The second part of the course
focuses on the procedures in-
volved in using the Transnational
Referral System developed by the
ICrEA:
ICREA Transnational Refer-��ral System: Components of the
system such as legally binding
agreements, standardized re-
ferral procedures, and dispute
resolution forum;
Finding a Referral Partner�� : A
system for efficiently and effec-
tively finding a qualified referral
partner in another ICrEA
association country;
Referring Agent�� : specific steps
to take when you are the refer-
ring agent — referring a client
to another agent;
Receiving Agent�� : specific
steps to take when you are the
receiving agent — receiving
a referred client from another
agent; and
Developing Your Action Plan�� :
Steps and guidance for devel-
oping a personal action plan
for building your international
referral business.
At the end of the course, those
who successfully complete a
46-question exam will be the
newest Transnational referral
Certification holders! For more
information or to register, visit
the “education” section of www.
orlrealtor.com
new At ORRA:
transnational Referral Certification
8 orlandoREALTOR® MARCH 2009 | | | |
Technologyresource
portability possibilitiesMAke it eAsy fOR clients tO keep in tOuch by tRAnsfeRRing yOuR existing cell phOne nuMbeR tO yOuR new seRvice pROvideR
by lARRy MAnfRede
as a realtOr®, it has always
been very important
to keep your contact
information within
easy reach of potential
clients. In these tough
times it is even more
important to not change
your contact informa-
tion. If your telephone
number is disconnected or
no longer in service, people
may find it easier to just call
another rEALTOr® than to
hunt you down.
These days it is a very
common practice to change cell
phone providers at the end of an
existing contract. most cell phone
providers will give large discounts
to get you to sign a new contract
with them, but once a contract
expires they do not provide much
incentive to stay with them. Cus-
tomers tend to move on to another
provider for a discount on a new
phone or service.
It is now possible to keep your
old cell phone number when you
change to a new cell provider. This
process is called wireless number
portability, and there are just three
easy steps to remember when
porting your existing cell number
to another provider.
First you will need to order
your new phone service. When
filling out the application for new
phone service you must select the
checkbox that says, “yes, switch
my old cell phone number to my
new phone and plan.” You will
have to provide your old number
and your account number. (This
information appears on your
monthly statement.)
To ensure the porting process
goes smoothly you should confirm
that the information you provide
regarding your old account is
accurate. When you place the
order make sure the wireless
phone number, account name and
number match the information
exactly as they appear on your last
phone bill.
Your order will be submitted for
approval by the new service pro-
vider. After the order is approved,
the provider will schedule your
phone to be activated and your
number to be ported. You should
receive your new phone prior to
completing the porting of your old
number to prevent any interrup-
tion in service. once you receive
your new phone, your phone
number should be ported within
24 hours. You should be provided
with information on how to check
the status of your scheduled port
request.
Second, it is very important that you don’t cancel your old service until after the porting process is complete. If you cancel your
old service before
the porting process
is complete you may
lose your phone num-
ber, and there may be
no way to recover it.
Finally, after your phone number is ported, you will no longer be able to use your phone number with your old service provider. You must contact your
old service provider to cancel
service. You will be responsible
for payment of any outstanding
charges including any fees that
may be assessed by your old ser-
vice provider for canceling service.
You may port your phone num-
ber at any time, and you do not
have to purchase a new phone to
port your number. However, I do
strongly recommend requesting
that your service provider perform
this task for you, as opposed to
performing it yourself. Your ser-
vice provider will have experience
in handling these types of requests
and will have resources to rely on
should there be a problem.
You can even port your home
or office number to a cell phone,
as long as the wireless carrier
provides coverage in the area.
FCC guidelines state that the
porting process should be com-
pleted within two hours of sched-
uling. However, some wireless
carriers still process a percentage
of requests manually. Because of
this, some carriers warn that the
process may take up to four days
to complete.
larry Manfrede is ORRA director of information technology He can be reached at [email protected].
computer
help
in-office estimates
call 407.513.7303
ORREN Computer network Services specializes in computer and technical solutions for the real industry offering expert support and advice on the programs and computers you use, at a price you can afford.
9orlandoREALTOR® MARCH 2009 | | | |
in an eFFOrt to further the pur-
poses of the real Estate settle-
ment Procedures Act (ReSPA)
by requiring greater disclosure of
mortgage settlement costs to con-
sumers seeking federally related
mortgage loans, in march of 2008
the u.S. Department of housing
and urban Development (HuD)
proposed changes to its regula-
tions. Thousands of comments
were received by HuD in response
to the proposed changes. HuD
released the new rule amending its
regulation in November.
DID HUD MAke Any revISIOnS in resPonse To The commenTs?
Yes. Perhaps the most contro-
versial proposed change, the use
of a closing script, did not make
the final cut. other changes made
as a result of comments receive
include reducing the length of
the Good Faith estimate (GFe)
to three pages, providing for a
single application loan process,
clarifying the process for utiliz-
ing average charges, removing
language regarding volume-based
discounts, and adding a 30-day
right to cure any costs that fall
outside of allowable “tolerance.”
Adhering to the goal of making
the terms of mortgage financing
clearer for the consumer and of
reducing settlement costs, HuD
added a third page to the revised
HuD-1/1A Settlement Statement
(HuD-1) to set forth key loan
terms and to compare certain
costs provided on the GFe to
those charged in the HuD-1.
When Will use oF The neW GFe AnD HUD-1 be reqUIreD, and WhaT changes have been made To The Forms?
As of January 1, 2010, use of
the new, standardized GfE and
revised HuD-1 will be required.
The forms may be utilized in
advance if all associated rules for
completion are followed. The new
GFe summarizes and discloses
key loan terms and consolidates
closing costs into major catego-
ries. The comparison chart on the
third page of the revised HuD-1
will serve to highlight any changes
in amounts for particular settle-
ment costs provided on the GFe
with those charged on the HuD-1.
Lender costs, origination fees,
and transfer taxes are subject to
a “zero tolerance” (no allowable
difference in costs). Certain other
costs, such as government record-
ing fees and settlement services
recommended or selected by the
lender, cannot increase in total
more than 10 percent. If unaccept-
able tolerances exist at the closing,
the loan originator may cure any
such violation by reimbursing the
borrower the amount by which the
tolerances were exceeded immedi-
ately or within 30 days of settle-
ment. These changes are only a
few of the many incorporated into
the forms. Additionally, further
changes to these forms may be
made to accommodate state law.
oTher Than The neW gFe and revised hud-1, When To The reMAInInG prOvISIOnS OF The neW resPa rule go inTo eFFecT?
With the exception of required
utilization of the new GFe and
HuD-1, the new ReSPA guide-
lines were largely effective January
16, 2009. However, the effective
date of the revised definition of
“required use” has been delayed
until April 16, 2009.
The National Association
of Home Builders filed suite in
December 2008 challenging the
final rule as it pertained to what
constituted “required use” in the
context of an affiliated business
relationship. The National Asso-
ciation of mortgage Brokers, Inc.,
has also filed a lawsuit against
HuD, alleging that implementa-
tion of the new ReSPA rule will
confuse and harm consumers and
impede competition in the mort-
gage lending industry. The change
in administration in Washington,
D.C., may also impact ReSPA
reform. The Senate confirmed in
January President obama’s selec-
tion of Shaun Donovan, former
Commissioner of New york City
Department of Housing Preserva-
tion and Development, as the new
HuD Secretary.
Maia Albrecht is an attorney with Shuffield, Lowman and wilson, p.A., and a member of the central florida Real
estate council. she can be reached at [email protected]. CFREC is a group of real estate attorneys committed to delivering expertise in negotiating and closing real estate transactions and providing title insurance services. cfRec provides this column on real estate law issues as a service to ORRA members to provide a general understanding of the law on various topics of interest, not as a substitute for individual legal consultation, and should not be relied on in specific situations without consulting with a real estate attorney. for more information and to find an attorney in the Metro Orlando area, please visit www.centralflrec.com.
The reasons behind RESPA changesby MAiA AlbRecht
“ As of January 1, 2010, use of the new, standardized GFE and revised hUD-1 will be required. ”
Legalresource
RESPA violations can carry seri-ous consequences. visit the NAR website at www.realtor.org/respa for resources that will help you get on your way to understanding how to comply.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
10 orlandoREALTOR® MARCH 2009 | | | |
as the market has turned, the
attention given to various scams
and acts of fraud within our
industry has become heightened.
It behooves all of us to be aware
of what types of fraud are taking
place and how we can keep from
committing it!
Real estate fraud is any false
statement made on a loan applica-
tion, real estate document, or real
property presentation or any other
misleading information intended
to defraud another party.
I have, in the past year, had an
opportunity to attend a number of
seminars regarding the occur-
rence of fraud in our state and
in our country. one of the most
interesting, enlightening, and,
frankly, frightening seminars
was “Identify and Survive Real
estate and mortgage Fraud.” It
was instructed by Richard Hagar,
a renowned fraud specialist. He
asked us, “Have we committed
forms of fraud and not even been
aware of it?”
Hagar has written and gra-
ciously supplied the article, left,
for orlando ReAlToRS®.
How Can That Be Illegal
by RichARd hAgAR
“But, we’ve always done it that
way.”
“I’m not some scammer trying
to rip off little old ladies. I’m a nice
person trying to help people.”
“Not me. It must be the other
guy.”
That’s what I hear every single
day in talking to real estate profes-
sionals and trying to edu-
cate them in understanding
real estate and mortgage
fraud. I understand the
reason for their statements.
I am also a real estate pro-
fessional, with more than
30 years of experience.
For years agents were taught
many “creative financing” tricks
that would help a buyer qualify
for a loan. They were trained by
experienced mortgage brokers who
thought they knew it all.
Now years later, I find that
many of the common “creative fi-
nancing” clauses used in purchase
and sale agreements are illegal.
I have gone through epiphany
moments, usually while sitting in a
court room, listening to an attorney
admonish a real estate agent who
is squirming on the stand.
In these moments I have learned
that many real estate transactions,
written by nice agents and mort-
gage brokers, are actually illegal.
Why are common business
practices wrong? It is because of
our ignorance of the laws. Laws re-
garding real estate and mortgage
fraud are scattered across numer-
ous state and federal laws and
administrative codes. There is no
single document a professional can
turn to for guidance. As a result,
professionals of this state have a
hard time locating and learning
our laws and are often provided
only partial information in many
real estate seminars.
Examples:
United States Code of Federal
Regulations; Title 12, Bank and
Banking: Part 365; Real Estate
Lending Standards lists the down-
payment requirements for real
estate loans and explains that a
“real estate” loan must be secured
by “real estate” not “real estate
and a 2007 Mustang” (personal
property).
State law requires an appraiser
to perform to “Uniform Stan-
dards of Professional Practice”
(USPAP), so by reference USPAP
becomes the law of the land for all
professionals that order, create or
rely on an appraisal.
Within USPAP, and included
in the fine print of every appraisal,
there is the following statement:
“I [the appraiser] did not base
the appraisal report on a requested
minimum valuation, a specific
valuation, or the need to approve a
specific mortgage loan”
The Federal Trade Commission Act specifies that practices may be found to be deceptive if the follow-ing three factors are present:
There is a representation, 1. omission, act or practice that is likely to mislead;The act or practice would 2. be deceptive from the prospective of a reasonable consumer; orThe representation, 3. omission, act, or practice is material [alters the outcome].
The Arizona Revised Statutes
[Administrative Code] 13-2311
defines fraudulent schemes and
practices as willful concealment.
Any person who knowingly falsifies,
conceals, or covers up a material
fact by any trick, scheme, or device,
or makes or uses any false writing
or document knowing such writing
or document contains any false,
fictitious, or fraudulent statement
or entry is guilty of a class 5 felony.
All of the above laws apply to
all real estate agents, mortgage
brokers, mortgage lenders, escrow
agents and appraisers.
My guess is that many agents
have never read the Federal Trade
Commission Act, nor have bankers
read the appraisal laws, both false-
ly believing that law “X” doesn’t
apply to them. Their ignorance
of the law is understandable but
not an excuse to ignore or dodge
responsibility to the consumers of
this state.
The excuse “we’ve always done
it that way” is understandable,
but does not make the action
legal. Ignorance of the law, while
convenient, is not a viable defense.
You, the real estate and banking
professionals, must seek out great
education and elevate your indus-
try to a higher standard or face a
wave of foreclosures, declining real
estate values, and a state govern-
ment that is short of tax dollars.
Your choice: Ignorance and
pain, or knowledge and education
that brings success and respect.
My suggestion to take a good class
on the law or preventing real estate
fraud, even if you don’t think you
need it, because the problem isn’t
“somewhere else.”
jacqueline green, green Appraisal Group, is a certified residential real estate appraiser, a designated appraiser with the Appraisal institute, and a member of the ORRA Risk Manage-ment committee. she can be reached at [email protected].
We’ve always done it that wayby jAcqueline gReen, sRA
riskmanagement
“ Ignorance of the law, while convenient, is not a viable defense. ”
11orlandoREALTOR® MARCH 2009 | | | |
nOting the increasing num-
bers of people using the Internet,
ReAlToR® A decided to have
a website designed. She hired a
consultant and proceeded to plan
her site and its contents. Real-
izing that her website might be
enhanced by providing a link to all
the local listings on ReAlToR.
Com, she decided to have her
website designed to provide such
a link.
A few months later, rEAL-
ToR® B, a competing broker in
the same community, was surfing
the web and happened upon Re-
AlToR® A’s new website. upon
exploring it, he discovered the link
to ReAlToR.Com that included
ReAlToR® B’s listings.
ReAlToR® B immediately
filed an ethics complaint with
the local board of rEALTOrs®
alleging that rEALTOr® A had
violated Article 12 of the Code of
Ethics as interpreted by standard
of Practice 12-4. Following review
by the board’s grievance commit-
tee, the complaint was scheduled
for a hearing before a hearing
panel of the board’s professional
standards committee.
At the hearing ReAlToR® B
argued that by providing a link to
the listings on ReAlToR.Com,
ReAlToR® A was advertising
without authority all the listings
in the local MLs on her Internet
website. ReAlToR® A countered
saying that in the culture of the
Internet, it is well established
that links are merely a method
of “pointing” or “referring” to
another site; that the information
had not been altered nor had any
information been deleted; and that
people who view Internet websites
understand that. She went on to
analogize what she had done to
distributing copies of the local
homes magazine. even though the
magazine contained ads promot-
ing other rEALTOrs® listings,
by delivering that information to
prospective buyers, she was not
advertising their listings.
After hearing all relevant testi-
mony, the hearing panel went into
executive session and concluded
that by linking to an Internet
website that contained the ads
of other rEALTOrs® listings,
rEALTOr® A had not engaged in
unauthorized advertising and had
not violated Article 12.
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12 orlandoREALTOR® MARCH 2009 | | | |
An innovator named Roger
by jeReMy cOnAwAy
these are the mOst contentious
and conflicted times our industry
has faced in the past 60 years. But,
it should come as no surprise that
the industry is now witnessing
the emergence of a whole new
breed of brokerage leader who, in
the finest traditions of American
business, are rising to the occasion
with innovation, creativity, and
powerful initiatives.
This article is about one of
those brokers. His name is Roger.
He has been a broker since 1989,
is affiliated with a major franchise,
and his firm is in the top 10 with
respect to productivity in a large
American real estate market.
roger started his search for so-
lutions in the spring of 2008 after
having spent two years navigating
his firm through a down market.
He began reading everything he
could find and talking to those
who seemed to be the “right and
bright” people in the industry. He
went to important meetings across
the country and engaged in the
dialogue. He studied the literature
and tracked the blogs.
With more research and some
help from his wife, a co-owner
and executive with the firm, he
selected and retained a strategic
consultant. The resulting business
plan set forth in detail each action
that was to be taken, how it would
be done, and how the success of
that action would be measured.
These actions include:
reorganizing the firm’s satel-��lite offices into three “perfor-
mance zones.” What used to
be called offices are now called
performance centers.
Reforming the functions of ��managers, who are now known
as “performance directors.”
Centralizing the agent recruit-��ing, training, and support func-
tions into one function that are
handled by a central recruiter.
Implementing an across the ��board “consumer centricity”
program.
Adopting a company-wide ��value proposition and customer
experience program to ensure
that the company can send a
clear and concise message to
the consumer with respect to
what they can expect.
Adopting company-wide ��standards of practice for all es-
sential functions. Compliance
with these standards as well as
overall online agent support is
being provided through a new
desktop software system.
Developing an innovation audit ��program that is being applied
to each of its business centers.
Initiating is company-wide ��accountability for profitability
and customer satisfaction. The
company has a new system for
tracking operational metrics
and financial benchmarks.
learning continues, even as ��the actions above prove their
worth.
One of the more compelling les-��sons Roger learned was about
how to incorporate auctions
into the company’s residential
and institutional service mix.
The company now has a grow-
ing auction unit.
By attending meetings spon-��
sored by the lending industry,
Roger learned that the vast
majority of lending institutions
were in a “learn as you go”
situation regarding distressed
properties. He put together an
experienced team of experts
and offered their services to
banks and financial institutions
in his region.
At other meetings roger ��learned that very few firms
were taking advantage of the
growing international market
and investor. He learned how to
reach out to foreign investors.
As the business plan began to ��come together, Roger discov-
ered that, outside of occasional
efforts by senior managers,
there wasn’t an effective
program to drive collabora-
tion within the company. The
company now has a “synergy”
program that both encourages
and measures collaboration.
Lastly, roger learned that many ��developers and builders in his
marketplace had not upgraded
their products to meet the ex-
pectations of today’s consumer.
He created a company alliance
program that is now success-
fully working with builders and
developers to help them under-
stand current trends and how to
sell to today’s consumer.
Find the Rogers in your market-
place, join the dialogue, and move
to innovate your firm into success
moving forward. This is a time of
unbridled opportunity. Join the
movement. What do you have to
lose? Really?
jeremy conaway is president of Recon Intelligence Services and can be reached at [email protected].
“ This is the time of unbridled opportunity. Find the innovators in your marketplace, join the dialogue, and move your firm into success by moving forward. ”
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The opinions expressed in “Guest Room” are those of the writers and do not necessarily reflect ORRA’s official positions on the issues discussed within. Orlando REALTOR® welcomes submissions of opinion on real-estate related issues; please contact [email protected] for writers’ guidelines.
roomGuest
13orlandoREALTOR® MARCH 2009 | | | |
For more information about these
and other oRRA events, including
prices, contacts, and registration
options, please refer to the Calen-
dar on the oRRA website at www.
orlrealtor.com.
EDUCATION3.18
home from work 9:00 a.m. - 12:00 p.m.
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3.18
home from work 1:00 - 4:00 p.m.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
3.26-27
RepA 8:30 a.m. - 5:00 p.m.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
4.1
Abcs survivor series 1:00 - 3:00 p.m.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
4.15-17 & 22-23
gRi 8:00 a.m. - 5:00 p.m.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
4.24
Property Mgmt. Academy 8:00 a.m. - 5:00 p.m.
MEETINGS3.16
Knowledge Services Committee 10:00 - 11:30 a.m.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
3.16
Affiliate forum 3:00 - 4:00 p.m.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
4.2
grievance committee* 9:30 a.m. - 12:30 p.m.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
4.13
board of directors 9:00 a.m. - 12:00 p.m.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
4.17
Market diversity committee 10:00 - 11:30 a.m.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
4.20
Knowledge Services Committee 10:00 - 11:30 a.m.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
4.20
Affiliate forum 3:00 - 4:00 p.m.
EvENTS 3.24
new Member Orientation* 8:00 a.m. - 5:00 p.m.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
4.7
new Member Orientation* 8:00 a.m. - 5:00 p.m.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
4.8
eye on central / Awards 11:30 a.m. - 2:00 p.m.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
orra conTacTs EDUCATION: 407.513.7271 MEETINGS & EvENTS: 407.513.7262 MEMBER SERvICES: 407.253.3580
* Closed meeting/event.
All meetings held at ORRA unless otherwise noted.
Calendarof events
Orlando Regional REALTOR® AssociationP.O. Box 609400
Orlando, FL 32860-9400Ph: 407.253.3580 Fx: 407.293.6380
www.orlrealtor.com
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OFFICERS President Les Simmonds, CRB
President-elect Kathleen Gallagher-McIver vice President Gary Balanoff Past President Steve Moreira, CCIM, CIPS
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
DIRECTORS Steve Amburgey, CRS
Stephen N. Baker, GRI
Jeffrey C. Bales, ABR, CRS, GRI
Cindy Brads Phillip Hales John Huebner, PA
Kathryn Llamas Shelly Mannebach Maria McKee, ABR, CIPS
Mike McGraw, GRI
Steven L. Merchant, GRI
Reese Stewart Zola Szerencses, CIPS
Pete Vogt, CRS, GRI
Sharon Voss, ABR, CRS, GRI, PMN
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Publisher Jacque Stanly
Chief Operating Officer
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Executive Editor Laura Haag
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Editor Lisa McDuffie
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Graphic Designer Maya J. Cracasso
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advertising 407.513.7274 [email protected]
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ORLANDO REALTOR® (USPS # 022-715) is published monthly except bimonthly in July/Aug. and Nov./Dec. by the Orlando Regional REALTOR® Association, 1330 Lee Road, Orlando, FL 32810. Periodicals postage paid at Orlando, FL.
POSTMASTER: Send address changes to Orlando Regional REALTOR® Association, P.O. Box 609400, Orlando, FL 32860-9400.
Subscriptions are $15 per year for members and are paid out of member dues. Copyright 2008 by the Orlando Regional REALTOR® Association. Materials may not be reproduced without written permission. Editorial ideas and manuscripts are welcomed.
ORRA and its publisher, in accepting advertisement in this publication, make no independent investigation concerning the services or products advertised and neither endorses nor recommends the same and assumes no liability thereof.
Byline articles and columns express the opinions of the writers and do not necessarily reflect ORRA policies or sentiments.
orlandoREALTOR®
ORRA BUSINESS PARTNERS
gold ParTners
robert J. degrilla
407.532.9656
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14 orlandoREALTOR® MARCH 2009 | | | |
Closingout
Orlando ReAltOR® asks:whAt is the Advice — given OR Received — thAt hAs seRved yOu gOOd steAd As yOuR peRsOnAl stAndARd?
nydia normanXcel realty group, llc
My grandma always said that
not everything is the way it
looks and to never judge a
book by its cover because you
may love its content.
One friday afternoon,
my colleague and I were
in an up system working
for a developer in a model
home. Close to 5:00 p.m., a
gentleman approached in a
dilapidated car. It was my co-
worker’s up, but he demanded
I take it because he had a
previous engage that he could
not be late to.
I had no choice but to
take care of the prospect.
To my surprise, he was a
very articulate man full of
charisma. I showed him three
models when I noticed it was
almost 6:30.
He said, “I have truly enjoyed
meeting you but I mostly
appreciate you taking the time
to explain your product to me
on a Friday night. If it is not
too much to ask, I would like
to write a contract, cash deal.”
on monday morning at our
sales meeting, my co-worker
was irked and wanted a split
since it had been his up. In
response to that, I promised
him a split… a banana split.
sundeep JayOrlando Properties & investments
Back in 1993, when I originally took my real estate
professional’s license exam, one of the questions was:
What make a successful real estate salesperson?
a. experience
b. education
c. ego
d. all of the above
The correct answer was “c.”
This upset me so much that I was determined to let go of my ego and
work hard towards getting more experience in the profession. even as
I built my business to 10 u.S. agents and 12 united Kingdom agents, I
still focused on keeping my ego out and helping my buyers and sellers.
I might not have made as much money as most other successful real
estate agents, but I am proud to say that I have always tried to keep my
ego out of my profession.
dixie taylorKeller Williams Heritage realty
When I started out in real estate, my daughter
was just a 3-year-old and I had big reservations
about being away from her for evening ap-
pointments and weekend open houses. my first
manager, mother of three daughters, shared her secret: If I promised
my daughter that every time I had a closing she could go to the mall
and select a new pair of shoes (her hot button at the time), she would
be supportive of whatever I had to do to sell a house. To this day, my
daughter still remembers that deal!
gary Balanoff
re/MaX select
The best advice I ever got was
to “give it away in slices…
it will always come back in
loaves.”
During hard times, it’s
difficult to remember why
we are doing what we do.
sometimes we feel that we are
giving people plenty of help
and getting very little loyalty
in return. But remember that
even if we think actions are
taking place in a vacuum, they
are not. every deed done out
of generosity to the client or
customer comes back mul-
tiplied. The reason we have
a hard time remembering is
that it does not always come
back from the same client or
customer. But doing the right
thing is a reward in itself.
sarah Mausdave Brewer realty, inc.
Believe it or not, the best piece of advice I’ve been given is to educate
myself as much as possible, especially during down times so that I’m
better prepared when the market picks up again. Just in the past few
months, I have attended as many training classes as I could, plus am taking the e-Pro online
course. I’m planning to take a foreclosure specialist class then the luxury home specialist
class so that no matter what my clients’ situations, I can educate them on what is best.
15orlandoREALTOR® MARCH 2009 | | | |
tish Moore WhitingKeller Williams advantage realty
Always tell the truth, especially
if it’s bad news.
Mario corderoFirst Florida real estate and Management, inc.
Don’t be afraid to diversify in order to survive the
slow economy. There is always time to improve your
knowledge and acquire new degrees or designation.
J.r. Krollrealty
executives Orlando
Anyone looking to do short
sales submit a complete short
sale package to the lender,
be sure the loan number is
on every page, and follow
up, follow up, follow up!
These lenders are completely
overwhelmed, and the
squeaky wheel gets the oil.
Maggie degennaro
Keller Williams advantage
realty
Remember that you have to
give to get, so involve yourself
in the community. The cus-
tomer’s wellbeing is always
foremost in any transaction,
not the amount of money you
will make on any transaction.
Your reputation is golden in
this business. Always take the
high road.
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For more anecdotes, see the “Orlando REALTOR®” section of www.orlrealtor.com.
randy Martincoldwell Banker residential real estate
Commit to your written
business plan and give a copy
of it to someone you trust for
accountability.
sidney galloway
re/MaX 200 realty
Listen and learn from the “old
pros.” especially during my
first few years, I was greatly
helped by doing transactions
with much more experienced
ReAlToRS®. They would
pass along a great deal of
invaluable knowledge, as long
as I came across as humble
and teachable.
Karuna sabharwalWeichert realtors Hallmark Properties
Be honest to all the parties at all the times. It is better
to lose a deal than your integrity.
yvonne longinnovative realty solutions group, inc.
The best piece of advice I ever received was
from my father. He simply stated that you
must do what you say you are going to do.
lashawn nordenre/MaX central realty
Treat fellow ReAlToRS® as you would your own
customer: with honesty, respect, and integrity.
gay MiddletonPrudential Florida realty
I was naïve and over-
whelmed when I started
in the business, and
just didn’t know where
to begin. What should
I specialize in? What
kinds of homes? What
neighborhoods? I got great advice from broker George Wilson, who
is a former business partner of oRRA Ceo Gene Cheatham (1985-
1996). He said, “In real estate, the beautiful part is that you do not
have to find your niche, your niche will fine you.” He was right, and
my niche did find me.
irene stofferre/MaX 200 realty
early in our real estate career,
my husband, Jerry, and I at-
tended a convention and heard
Zig Zigler. He told us that
“starting a new career is like
priming a pump out on the
farm. You have to keep push-
ing on the handle of the pump
and never stop and eventually
the water will flow.”
He was right; we have blessed
with many years of repeat
clients through good markets
and challenging markets. I can
still see Zig in my mind’s eye
priming that pump.
