The 2-25-14 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


1. Upcoming COURSES & EVENTS
2. “Optimizing” for This Crazy Market
3. Spring Selling Season May Be Coming Early!
4. House Payments Are Increasing
5. Home Sales Fall, Inventories Low
6. 2014 TAR Spring Conference DEADLINES!
7. HOT LINE: Negotiating on an AS-IS Property?
8. HOT LINE: Seller Wants To Change Listing Companies?
9. Check Your Own CE Hours, Etc.

“The most difficult thing is the decision to act, the rest is merely tenacity.” — Amelia Earhart


1. Upcoming COURSES & EVENTS

March 11-12: The Learning-Centered Instructor Workshop (16 hrs. CE) — hosted by the Williamson County Association. For more details, go HERE.

To see upcoming offerings of TREC CORE COURSES, ABR COURSES, etc., – at locations around the state – go to the TAR Course calendar at: http://tnrealtors.com/education/realtor-courses/

Our 2014 GRI Classroom Course Schedule is posted in the “Education” section of the TAR website: http://tnrealtors.com/education/gri/

Save 15% on your online CE purchase this week in any of our CE Shop courses! This is a Limited Time Offer! Enroll today: http://tarnet.theceshop.com/ …and enter “hearts15” at checkout to receive your discount!


2. “Optimizing” for This Crazy Market

One of our featured speakers at the upcoming TAR Spring Conference is Nobu Hata, an extremely successful Realtor now working for NAR. Last week, he published an article (“Optimize Yourself and Your Client for This Crazy Market”) that’s worth several minutes of your time. Among his many tips:

*** BEGIN QUOTE ***
Google the listing: This seems to go without saying but I’m constantly amazed at how many of my clients used to focus on only what they chose to focus on when it came to listings, until it hit me: The agent perspective is always MLS-centric, while our clients tend to be Google-centric. Google together. Anticipate pain points by Google’ing the homes in your next home tour, or with a seller’s home.
*** END QUOTE ***

To read the whole article, go HERE.


3. Spring Selling Season May Be Coming Early!

The Motley Fool, a popular and well-respected financial website, notes that several indicators point to an earlier-than-usual selling season:

*** BEGIN QUOTE ***
Last month will likely be remembered for polar vortexes, widespread snow, and historic traffic jams. Lost in the shuffle is that while Americans were sitting inside trying to stay warm, they were looking at houses for sale on the Internet.

Experian Marketing Services released its monthly most visited real estate website rankings earlier this week for web traffic in January. The results are eye popping.

Web traffic to real estate websites was up 25% from December to 364 million visits. Zillow led the way with over 57 million visits and Trulia limped into second at over 30 million visits.

If you’re considering selling and your home is not yet online, then every day you’re missing out on thousands (or even millions) of potential buyers viewing your home.
*** END QUOTE ***

To read more, go HERE.


4. House Payments Are Increasing

According to a new Nashville Business Journal article, “The average house payment has risen 21 percent since 2012, according to a housing affordability report from RealtyTrac.” The study was based on a study of 325 counties across the country to find the $865 “estimated monthly house payment for a median-priced three-bedroom home”.

To read more, go HERE.


5. Home Sales Fall, Inventories Low

The National Association of Realtors reports that home resales decreased last month to the lowest level in a year and a half as rising mortgage rates and higher prices squeezed buyers amid a dearth of available inventory.

Existing-home sales dipped 5.1 percent to a seasonally adjusted annual rate of 4.62 million, according to NAR. The median sales price in January was up 10.7 percent year over year to $188,900. The NAR report is further proof that the U.S. housing market is having a tough time shifting gears, from a marketplace propelled by investors chasing foreclosed homes to one where first-time and trade-up buyers play a bigger role now that the supply of distressed houses is much smaller. There were only 1.9 million homes on the market nationwide in January — a gain of just 2.2 percent from December. Only during three months over the past 12 years have inventories been lower.

To read more from the Wall Street Journal, go HERE.


6. 2014 TAR Spring Conference DEADLINES!

This coming MONDAY, MARCH 3, is the DEADLINE for reserving a room at the Cool Springs Marriott Hotel for the 2014 TAR Spring Conference, at TAR’s special rate, IF any rooms remain available by that date! [Remember, though, that reserving a hotel room does NOT register you for the conference itself!]

In less than two weeks, FRIDAY, MARCH 7, is the DEADLINE for Early-Bird Registration for the 2014 TAR Spring Conference! Registration goes up by $50 after that date!

For info on registering for both the Conference and the Hotel, go to: http://tnrealtors.com/meetings-and-events/spring-conference/

The Spring Conference at the Cool Springs Marriott, just south of Nashville, is often our biggest event of the year, and features 10 hours of Education Sessions with national speakers, all designed to give your business a boost. For a Early-Bird registration fee of only $75, it’s also one of the best bargains you’ll find anywhere! There is NO on-site registration. Everyone must register in advance!


7. HOT LINE: Negotiating on an AS-IS Property?

QUESTION: Is there any language I need to use where a buyer is negotiating on an AS-IS property but has a inspection contingency?

ANSWER: You can handle this several ways. One, you can simply go with the TAR contract as it is. This would allow the buyer to proceed to do inspections and terminate if they wish. However, since the seller has already stated that they will not make repairs, the buyer may want to make his offer more appealing by putting in special stips that the parties agree that no repairs will be made. However, you need to state that the buyer is reserving all other rights granted by paragraph 8 of the contract.

[SOURCE: TAR’s Legal & Ethics Hot Line Attorneys]


8. HOT LINE: Seller Wants To Change Listing Companies?

QUESTION: There is an owner who is interested in talking to me about listing his property. His property is currently listed with another agent, and there is a 30-day out in his listing agreement with the other agent. Can I talk with the seller prior to the expiration of this 30 days?

ANSWER: You can ONLY talk to the seller as it regards to establishing a working relationship (after their current listing is expired) IF the seller contacts you first.

The Code of Ethics addresses this situation as follows:

Standard of Practice 16-4 states:

Realtors shall not solicit a listing which is currently listed exclusively with another broker. However, if the listing broker, when asked by the Realtor, refuses to disclose the expiration date and nature of such listing, i.e., an exclusive right to sell, an exclusive agency, open listing, or other form of contractual agreement between the listing broker and the client, the Realtor may contact the owner to secure such information and may discuss the terms upon which the Realtor might take a future listing or, alternatively, may take a listing to become effective upon expiration of any existing exclusive listing. (Amended 1/94)

Standard of Practice 16-6 states:

When Realtors are contacted by the client of another Realtor regarding the creation of an exclusive relationship to provide the same type of service, and Realtors have not directly or indirectly initiated such discussions, they may discuss the terms upon which they might enter into a future agreement or, alternatively, may enter into an agreement which becomes effective upon expiration of any existing exclusive agreement. (Amended 1/98)

[SOURCE: TAR’s Legal & Ethics Hot Line Attorneys]


9. Check Your Own CE Hours, Etc.

To check your CE credits on file with TREC, go to: http://verify.tn.gov

To go to the TAR website: http://tnrealtors.com

To access current and past TAR DIGESTS: http://www.tardigest.com

Follow TAR on Twitter at: http://twitter.com/tnaor

TAR’s LinkedIn page: http://www.linkedin.com/groups?gid=852077&trk=hb_side_g

TAR’s page on Facebook: http://www.facebook.com/pages/Nashville-TN/Tennessee-Association-of-RealtorsR/15041383689

To ask a TAR Legal and Ethics Hot Line question: http://tnrealtors.com/services-support/legal-ethics-hotline/

For CE classroom courses around the state, go to: http://tnrealtors.com/education/realtor-courses/

For online CE courses, go to: http://tnrealtors.com/education/online-courses/

Tennessee Real Estate Commission: http://tn.gov/regboards/trec/