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Step Inside the New C21® Brand

By Susanne Dwyer

March18_C21_Full_Cover_300x420

Editor’s Note: This is the cover story in the March issue of RISMedia’s Real Estate magazine.

Discover the self-starters, go-getters and midnight-oil burners who bring the new mission to life every day: Defy Mediocrity and Deliver Extraordinary Experiences

Since coming to market in 1971 as the first franchisor of independently-owned and -operated real estate offices, Century 21 Real Estate LLC has consistently proven itself to be a leading global real estate business organization. Built by entrepreneurs for entrepreneurs, it has been an engine for both owner and agent growth for 47 years. Undeniably, the Century 21® brand has thrived alongside its system members through several real estate industry and market paradigm shifts, and now, the global franchisor is committed to leaving the “sea of sameness” behind.

Its current growth narrative is being driven by a unique recruitment campaign it calls, “CENTURY 21 #Relentless Wanted.” The campaign is a focused effort to highlight the mindset that defines the “relentless” CENTURY 21 agent, and it’s a natural progression to the branding work the company started in 2016 that focused on the importance of tech innovation, human knowledge and shared experiences. The campaign invites revenue generators across all industries to join the “go-getters” in the CENTURY 21® System, and speaks to the necessary skillsets entrepreneurs need to possess to compete and win in today’s dynamic real estate market.

C21_Pull_Quote_p34With the conversation started and the iconic brand already having success building relationships with potential new agents, brokers and other like-minded entrepreneurs, we decided to address our readers’ curiosity and give you an inside peek into what it looks like to be “C21® #Relentless.”

Patricia MillerPatricia_Miller_headshot
CENTURY 21 Alliance
The phone rings and it’s another agent checking availability. “I can’t believe you really answer your phone!” “Of course I do,” is my delighted response. “If I’m available, I answer.” This spirit of cooperation is what sets top agents apart. When you want an answer, you want it now—not five hours from now. I strive to provide my clients extraordinary service 100 percent of the time. It’s not always easy, but it’s rewarding when past clients become current clients and refer friends and family.

A typical day starts with checking email, social media and my calendar. Before work can begin, a newer agent needs help with a contract, another one can’t get onto the MLS, and a third has jammed the copier. I’m not the managing broker but will always help out where needed. The beauty of the CENTURY 21 brand is that it ensures that resources and knowledge are available so agents can thrive in today’s changing marketplace. To that end, when a successful agent shares knowledge with a less experienced one, the synergy promotes success for all.

Years ago, before fax machines, I had a contract that I needed to have signed ASAP. I was in Northern California and my client was in Oregon. FedEx would take too long, so I hopped into our Cessna 172 and flew three hours to Medford. The client met …read more

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Beyond the Burbs: 10 Fringe Markets to Watch

By Susanne Dwyer

DeVita_Suzanne_60x60

Against climbing prices and severe shortages of supply, buyers are bypassing the suburbs, according to new research by realtor.com®. The areas garnering interest now are affordable (relatively), and have booming economies and sufficient supply, but are beyond the historically in-demand suburbs. The outliers to watch are: Spokane, Wash.; Portland, Maine; Knoxville, Tenn.; Deltona, Fla.; Boise, Idaho; Jacksonville, Fla.; Charleston, S.C.; North Port, Fla.; Bakersfield, Calif.; and Chattanooga, Tenn.

Demand is pouring into these secondaries, says Javier Vivas, director of Economic Research at realtor.com. Realtor.com researchers based their findings on inbound realtor.com search/outbound search ratios, which can futurecast sales.

“Buyers have traditionally sought refuge in the suburbs during times of high home prices, but with today’s record highs even the suburbs have gotten pricey, which has demand flooding outward as options disappear and prices move further out of reach in top job hubs,” Vivas says.

Across the top 10, 1.3 percent of homes are on the market (higher than the 0.9 percent in the 100 biggest metros), average employment growth is 1.8 percent, and the average unemployment rate is 3.9 percent. Nationally, the unemployment rate is 4.1 percent.

Breaking down the top 10:

  1. Spokane
    Median List Price: $264,000
    Origin Realtor.com Search: Seattle ($500,000 median list price)
  1. Portland
    Median List Price: $340,000
    Origin Realtor.com Search: Boston ($493,000 median list price)
  1. Knoxville
    Median List Price: $247,000
    Origin Realtor.com Search: Sevierville ($255,000 median list price)
  1. Deltona
    Median List Price: $270,000
    Origin Realtor.com Search: Miami ($388,000 median list price)
  1. Boise
    Median List Price: $299,000
    Origin Realtor.com Search: Los Angeles ($706,000 median list price)
  1. Jacksonville
    Median List Price: $307,000
    Origin Realtor.com Search: Miami ($388,000 median list price)
  1. Charleston
    Median List Price: $364,000
    Origin Realtor.com Search: New York ($474,000 median list price)
  1. North Port
    Median List Price: $350,000
    Origin Realtor.com Search: New York ($474,000 median list price)
  1. Bakersfield
    Median List Price: $239,000
    Origin Realtor.com Search: Los Angeles ($706,000 median list price)
  1. Chattanooga
    Median List Price: $230,000
    Origin Realtor.com Search: Atlanta ($300,000 median list price)

For more information, please visit www.realtor.com.

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post Beyond the Burbs: 10 Fringe Markets to Watch appeared first on RISMedia.

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Beyond the Burbs: 10 Fringe Markets to Watch

By Susanne Dwyer

DeVita_Suzanne_60x60

Against climbing prices and severe shortages of supply, buyers are bypassing the suburbs, according to new research by realtor.com®. The areas garnering interest now are affordable (relatively), and have booming economies and sufficient supply, but are beyond the historically in-demand suburbs. The outliers to watch are: Spokane, Wash.; Portland, Maine; Knoxville, Tenn.; Deltona, Fla.; Boise, Idaho; Jacksonville, Fla.; Charleston, S.C.; North Port, Fla.; Bakersfield, Calif.; and Chattanooga, Tenn.

Demand is pouring into these secondaries, says Javier Vivas, director of Economic Research at realtor.com. Realtor.com researchers based their findings on inbound realtor.com search/outbound search ratios, which can futurecast sales.

“Buyers have traditionally sought refuge in the suburbs during times of high home prices, but with today’s record highs even the suburbs have gotten pricey, which has demand flooding outward as options disappear and prices move further out of reach in top job hubs,” Vivas says.

Across the top 10, 1.3 percent of homes are on the market (higher than the 0.9 percent in the 100 biggest metros), average employment growth is 1.8 percent, and the average unemployment rate is 3.9 percent. Nationally, the unemployment rate is 4.1 percent.

Breaking down the top 10:

  1. Spokane
    Median List Price: $264,000
    Origin Realtor.com Search: Seattle ($500,000 median list price)
  1. Portland
    Median List Price: $340,000
    Origin Realtor.com Search: Boston ($493,000 median list price)
  1. Knoxville
    Median List Price: $247,000
    Origin Realtor.com Search: Sevierville ($255,000 median list price)
  1. Deltona
    Median List Price: $270,000
    Origin Realtor.com Search: Miami ($388,000 median list price)
  1. Boise
    Median List Price: $299,000
    Origin Realtor.com Search: Los Angeles ($706,000 median list price)
  1. Jacksonville
    Median List Price: $307,000
    Origin Realtor.com Search: Miami ($388,000 median list price)
  1. Charleston
    Median List Price: $364,000
    Origin Realtor.com Search: New York ($474,000 median list price)
  1. North Port
    Median List Price: $350,000
    Origin Realtor.com Search: New York ($474,000 median list price)
  1. Bakersfield
    Median List Price: $239,000
    Origin Realtor.com Search: Los Angeles ($706,000 median list price)
  1. Chattanooga
    Median List Price: $230,000
    Origin Realtor.com Search: Atlanta ($300,000 median list price)

For more information, please visit www.realtor.com.

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post Beyond the Burbs: 10 Fringe Markets to Watch appeared first on RISMedia.

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Corporate Mobility and The Tax Cuts and Jobs Act: Study

By Susanne Dwyer

In the run-up to (and since) the passage of the Tax Cuts and Jobs Act, analysts have considered the implications of the legislation in real estate. Now, experts are exploring its impact in relocation.

According to a recent report by Weichert Workforce Mobility, 89 percent of corporate mobility professionals expect either more or the same in the year ahead, even with the bill’s changes. Another majority (96 percent) are tax-protecting household goods shipments, and 94 percent are tax-protecting final move expenses. Eighty-six percent are also retaining distance and duration eligibility, despite not being mandated under the Tax Cuts and Jobs Act. Approximately 210 companies participated in the report’s survey.

“The fact that relocation remains a top priority for our respondents indicates that they are not willing to let the tax law define their mobile talent strategies,” says Ellie Sullivan, senior vice president of Weichert’s Advisory Services group and architect of the survey. “Most companies recognize the importance of a robust mobility program to achieving their business goals. Through their survey responses, they’ve made it clear that they will continue to invest in their mobile workforce. Overall, respondents reported that as a result of the favorable new tax rates, they’re pursuing aggressive growth plans, potential acquisitions and new market expansion—all of which require an agile, globally mobile workforce. As one respondent commented, ‘The [tax] increase is small dollars compared to getting the right person in the right place.’

“While we expect most organizations to carefully evaluate the impact of the tax law on their programs and make changes that support their specific strategies, our results show that overall, response to the new law has been remarkably swift,” Sullivan says. “There is a sense of optimism among our respondents. They are thinking long-term and acting boldly, and they’re counting on their mobile workforce to fuel their success.”

For more information, please visit www.weichertworkforcemobility.com.

For the latest real estate news and trends, bookmark RISMedia.com.

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Sinkholes: Avoiding Collapsed Transactions

By Susanne Dwyer

Dominguez_Liz_60x60_4c

In 2017, multiple regions were severely impacted by natural disasters—and the real estate industry has been affected by them all. But one event which often occurs across the U.S. has largely been out of the limelight.

Sinkhole activity typically occurs in areas of Florida, Texas, Alabama, Missouri, Kentucky, Tennessee and Pennsylvania, according to the U.S. Geological Survey. These events take with them land surfaces, which oftentimes include homes, when rock in the underground space dissolves and creates an unsupported cavern, ultimately giving way and collapsing.

The recent resurgence of sinkholes in Florida is leaving homeowners with questions. Are there signs to look for? Can they be prevented? What if a home is destroyed during the selling process? There are steps that homeowners can take to protect themselves and their assets in the case of sinkholes.

Seek Out the Signs
Does the property have noticeable sinking, sagging or cracking walls? These are all tell-tale signs of a sinkhole, according to the Florida Department of Environmental Protection, Lou Nimkoff, president of the Orlando Regional REALTOR® Association, tells RISMedia.

EarthTech.com provides even more signs to look for, which can vary depending on the severity of the situation:

  • Tilting or falling trees or fence posts
  • Slanting foundations
  • Sudden pond drainage
  • Wilted vegetation in a specific area
  • The sudden appearance of earthy odors
  • Infestation of bugs, such as slugs and centipedes

Homeowners should also look out for holes or depressions in which surface or storm water disappears. If a vortex emerges through which stream or pond water swirls down, this is another sign of a sinkhole.

Evaluate the Property
If a sinkhole is thought to be present, homeowners must act quickly to have the home inspected. The first step is to report it to the state’s department of environmental protection. If the property is on the market, the buyer can request that the home be inspected by a geotechnical engineer.

“An evaluation by a geotechnical engineering company (often done in concert with the homeowner’s property insurance company) will provide recommendations regarding safety and options for repair,” says Nimkoff.

Manage a Sinkhole-Impacted Transaction
Both buyers and sellers will be affected if the property in question is in danger of being damaged by a sinkhole. To ensure clients are protected, real estate agents should recommend they hire attorneys with sinkhole experience.

“Buyers whose under-contract property becomes involved in a sinkhole should turn to their REALTOR® for a referral to a real estate attorney,” Nimkoff says. “Options for the buyers moving forward (cancellation or renegotiation of the contract; reimbursement or withholding of escrow) are subject to legal interpretation of the contracts and the language contained therein.”

If the sinkhole is discovered before the home goes on the market, both homeowners and real estate agents must follow local real estate disclosure laws. In Florida, the sinkhole must be fully disclosed using the appropriate forms.

“Sellers and their REALTORS® are required by Florida law to disclose the presence of a sinkhole; REALTORS® are further obligated to disclose by the REALTOR® Code of Ethics,” says Nimkoff.

Buyers wishing to walk away from a sinkhole property may be protected …read more

From:: Real Estate News

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Sinkholes: Avoiding Collapsed Transactions

By Susanne Dwyer

Dominguez_Liz_60x60_4c

In 2017, multiple regions were severely impacted by natural disasters—and the real estate industry has been affected by them all. But one event which often occurs across the U.S. has largely been out of the limelight.

Sinkhole activity typically occurs in areas of Florida, Texas, Alabama, Missouri, Kentucky, Tennessee and Pennsylvania, according to the U.S. Geological Survey. These events take with them land surfaces, which oftentimes include homes, when rock in the underground space dissolves and creates an unsupported cavern, ultimately giving way and collapsing.

The recent resurgence of sinkholes in Florida is leaving homeowners with questions. Are there signs to look for? Can they be prevented? What if a home is destroyed during the selling process? There are steps that homeowners can take to protect themselves and their assets in the case of sinkholes.

Seek Out the Signs
Does the property have noticeable sinking, sagging or cracking walls? These are all tell-tale signs of a sinkhole, according to the Florida Department of Environmental Protection, Lou Nimkoff, president of the Orlando Regional REALTOR® Association, tells RISMedia.

EarthTech.com provides even more signs to look for, which can vary depending on the severity of the situation:

  • Tilting or falling trees or fence posts
  • Slanting foundations
  • Sudden pond drainage
  • Wilted vegetation in a specific area
  • The sudden appearance of earthy odors
  • Infestation of bugs, such as slugs and centipedes

Homeowners should also look out for holes or depressions in which surface or storm water disappears. If a vortex emerges through which stream or pond water swirls down, this is another sign of a sinkhole.

Evaluate the Property
If a sinkhole is thought to be present, homeowners must act quickly to have the home inspected. The first step is to report it to the state’s department of environmental protection. If the property is on the market, the buyer can request that the home be inspected by a geotechnical engineer.

“An evaluation by a geotechnical engineering company (often done in concert with the homeowner’s property insurance company) will provide recommendations regarding safety and options for repair,” says Nimkoff.

Manage a Sinkhole-Impacted Transaction
Both buyers and sellers will be affected if the property in question is in danger of being damaged by a sinkhole. To ensure clients are protected, real estate agents should recommend they hire attorneys with sinkhole experience.

“Buyers whose under-contract property becomes involved in a sinkhole should turn to their REALTOR® for a referral to a real estate attorney,” Nimkoff says. “Options for the buyers moving forward (cancellation or renegotiation of the contract; reimbursement or withholding of escrow) are subject to legal interpretation of the contracts and the language contained therein.”

If the sinkhole is discovered before the home goes on the market, both homeowners and real estate agents must follow local real estate disclosure laws. In Florida, the sinkhole must be fully disclosed using the appropriate forms.

“Sellers and their REALTORS® are required by Florida law to disclose the presence of a sinkhole; REALTORS® are further obligated to disclose by the REALTOR® Code of Ethics,” says Nimkoff.

Buyers wishing to walk away from a sinkhole property may be protected …read more

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Mortgage Rates Move on Uptrend

By Susanne Dwyer

Mortgage rates again moved up this week, continuing an uptrend, with the average 30-year, fixed rate at 4.43 percent, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). The average 30-year, fixed rate was 4.40 percent the week prior. The average 15-year, fixed rate this week is 3.90 percent, while the average five year, Treasury-indexed hybrid adjustable rate is 3.62 percent.

Mortgage rates are moved, primarily, by 10-year Treasury yields.

“Optimistic testimony on Capitol Hill from Federal Reserve Chairman Jerome Powell sent Treasury yields higher as Powell stated his outlook for the economy has strengthened since December,” says Len Kiefer, deputy chief economist at Freddie Mac. “Following Treasuries, the 30-year fixed mortgage rate jumped three basis points to reach 4.43 percent in this week’s survey. The 30-year rate has been on a tear in 2018, climbing 48 basis points since the start of the year and increasing for eight consecutive weeks.”

Housing has begun to feel the impact of higher mortgage rates, with existing and pending home sales in January tumbling.

“As we documented, historically when mortgage rates surge, housing swoons,” Kiefer says, “but we think strength in the economy and pent-up housing demand should allow U.S. housing markets to post modest growth this year even with higher mortgage rates. We really have to wait for housing markets to heat up in spring, but early indications are that housing demand remains robust to these rate increases.”

Source: Freddie Mac

For the latest real estate news and trends, bookmark RISMedia.com.

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Mortgage Rates Move on Uptrend

By Susanne Dwyer

Mortgage rates again moved up this week, continuing an uptrend, with the average 30-year, fixed rate at 4.43 percent, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). The average 30-year, fixed rate was 4.40 percent the week prior. The average 15-year, fixed rate this week is 3.90 percent, while the average five year, Treasury-indexed hybrid adjustable rate is 3.62 percent.

Mortgage rates are moved, primarily, by 10-year Treasury yields.

“Optimistic testimony on Capitol Hill from Federal Reserve Chairman Jerome Powell sent Treasury yields higher as Powell stated his outlook for the economy has strengthened since December,” says Len Kiefer, deputy chief economist at Freddie Mac. “Following Treasuries, the 30-year fixed mortgage rate jumped three basis points to reach 4.43 percent in this week’s survey. The 30-year rate has been on a tear in 2018, climbing 48 basis points since the start of the year and increasing for eight consecutive weeks.”

Housing has begun to feel the impact of higher mortgage rates, with existing and pending home sales in January tumbling.

“As we documented, historically when mortgage rates surge, housing swoons,” Kiefer says, “but we think strength in the economy and pent-up housing demand should allow U.S. housing markets to post modest growth this year even with higher mortgage rates. We really have to wait for housing markets to heat up in spring, but early indications are that housing demand remains robust to these rate increases.”

Source: Freddie Mac

For the latest real estate news and trends, bookmark RISMedia.com.

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Patrick Conner: Focused on Relationships, Inside and Out

By Susanne Dwyer

Patrick_Conner

Vitals: London Properties
Years in Business: 47
Size: 9 offices, 345 agents
Region Served: California Central Valley
2017 Sales Volume: $1.034 billion
2017 Transactions: 3,053
www.londonproperties.com

Dan and Paula Conner started the family-owned brokerage London Properties in 1971, and their son, Patrick, grew up around the business, though he never had any thoughts on joining the company. Yet, in 2018, Patrick is president of the Fresno, Calif.-based firm.

“I came back from college in 1992 and we had a new subdivision going on at the time, and I was drawn in,” explains Conner. “I really like helping people grow. Having grown up in the business, I saw a lot of salespeople make it—and a lot who didn’t—and I’m always looking at what the brokerage could do to better support people and attract the right people who may have a higher likelihood of succeeding.”

Last year, London Properties, which ranked No. 226 in sales volume in RISMedia’s 2017 Power Broker Report, saw strong numbers in terms of units and volume, and a big part of that success comes from its strategy of bringing in top people.

“One thing we have focused on in the last 3-4 years is the type of people we are attracting to the company and getting them on board with the right activities,” Conner says. “For us, in 2017, a bunch of things crystalized in terms of those we brought in and helped grow their business.”

When looking for new people, Conner goes back to a book he read a couple of years ago, Patrick Lencioni’s “The Ideal Team Player,” which helped him decide which managers and agents were most compatible.

“The idea is to recruit people who share the same qualities and values,” he explains. “We always try to compete on value, rather than price, and we have a lot of systems set up for salespeople—we tend to create these systems rather than going out and paying for ancillary systems.”

For example, London Properties has an in-house marketing department (Reliance Marketing) with five full-time people, so associates don’t need to go online to find companies to do their bulk mailing, advertising, brochures or client follow-up programs.

By curating data, industry news and market reports, then “packaging” it for associates via marketing material (daily, weekly, monthly, quarterly), the company can save agents a ton of time and help them be that trusted advisor their client needs.

“We also have our own CRM,” says Conner, “which is really important to us and our salespeople. We even do all of our associates’ websites.”

The right tools and training, he adds, help associates deliver better service to their clients and focus on their income per hour.

“We create a great environment that encourages people to get to work,” adds Conner. “We do this with weekly ‘skills group’ classes, high-energy and informative sales meetings, smart and resourceful sales managers, and technology/marketing training classes.”

Conner calls the firm more “relational” than “transactional,” and over the past two years he has deployed the Ninja Selling system for training.

“There are a lot of great trainers out there and that …read more

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IPG Photonics to replace Scripps on S&P 500

IPG Photonics Corp. will join the S&P 500 index replacing shares of Scripps Networks Interactive Inc. , according to S&P Dow Jones Indices late Friday. IPG, which makes lasers and laser equipment used in the materials industry, will replace Scripps before the market opens on March 7, S&P said. Scripps is being acquired by Discovery Communications Inc. . Shares of IPG were down 0.1% after hours.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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