5-9-16 — Vol.: 2016 Iss.: 18 • Randy Durham, 2016 President • Phil Newman, TAR Digest Editor
TAR TAKEAWAYS ✔ Why down payments may keep millennials renting ✔ Make sure Gmail is working for you—and your clients ✔ Is it OK to promote reduced commission rates? ✔ See how this online lead first-call script grabs you
CONTENTS In the News 1. Bristol Welcomes NAR Economist Yun 2. Simple Rules for Healthy Eating 3. Fantasy vs. Reality for Millennial Renters Member Services 4. Tech Tip: Gmail/Email Challenges 5. New-Agent Success Kit Professional Development 6. Script Tip: First Call to Online Lead
1. Bristol Welcomes NAR’s Lawrence Yun If you’re in East Tennessee (or elsewhere ready for a road trip!): Lawrence Yun, chief economist and senior vice president for the National Association of REALTORS®, will be the guest for a Real Estate & Economic Outlook event presented by the Bristol Tennessee-Virginia Association of REALTORS® (BVTAR) and the Southwest Virginia Association of REALTORS® (SWVAR), at 11:30 a.m. EDT, Thursday, May 26, at the Hilton Garden Inn in Bristol. Advance tickets (early bird through 5/16: $20 member/$40 non-member) are availableat this link. For more details about Lawrence Yun,visit here.
2. Simple Rules for Healthy Eating For busy, on-the-go REALTORS®, it’s not always easy to make healthy nutrition a top priority. Here are a few quick reminders that might help. Writing in the New York Times, Aaron Carrell asserts: “…nutrition recommendationsare seldomsupported by science. I’ve argued that what many people are telling you may be inaccurate. In response, many of you have asked me what nutrition recommendations should say.” He lays it out inthis article. Cheat sheet to the author’s 7 food rules:
1. Get as much nutrition as possible from a variety of completely unprocessed foods. 2. Eat as much home-cooked food as possible, prepared according to Rule 1. 3. Use salt and fats, including butter and oil, as needed in food prep. 4. When you eat out, try to eat at restaurants that follow the same rules. 5. Drink mostly water, but some alcohol, coffee and other beverages are fine. 6. Treat all beverages with calories in them as you would alcohol. 7. Eat with others, especially people you care about, as often as possible.
*Editor’s Note: Our TREC Stars series spotlighting each commissioner will return next Monday 5/16 with Fontaine Taylor of Memphis (read all about her cavorting with Elvis!), followed by Marcia Franks of Franklin and Johnny Horne of Chattanooga. For TREC’s meeting calendar, click here.
3. Fantasy vs. Reality for Millennials “A 2016 study by Apartment List surveyed 30,000 renters and found that for 77 percent of millennials, affordability is the largest obstacle standing in the way of homeownership… Millennial renters seem to have unrealistic expectations about the hefty down payments required to purchase property in expensive U.S. metros. If and when [they] realize they can’t afford to buy in their city of choice, the question becomes whether they will relocate or continue renting.” For the full scoop,visit here.
4. Tech Tip: Gmail/Email Challenges
We periodically share tech tips featuring step-by-step tutorials from our own Buzz Steele, RCE. This week: Is Gmail Keeping You or Your Clients from Receiving Email? Gmail’s Algorithm may be keeping you from receiving IMPORTANT emails. Your clients might be affected as well. You might say, “I don’t even have a Gmail account.” However, don’t dismiss the topic too quickly. THIS SCREENCAST is still important to you because a lot of your clients and customers use Gmail.
5.New-Agent Success Kit If you’re newer on the scene (or know someone who is), you’ll want to check out this resource from realtor.com. It’s filled with tools, training, and applications to launch a new career successfully—from goal-setting and early prospects to financial management and listing presentations.Go to this linkfor all of the details.
6. Script Tip: First Call to an Online Lead From our friends at the Real Estate Buyer’s Agent Council (REBAC, a subsidiary of NAR), here is a sample script for your first call to an online lead. How does it grab you? Is your approach the same, similar, different? (Look for this same item onour Facebook pageMonday afternoon 5/9 to comment.)
Hi, this is[YOUR NAME & AFFILIATION]. I see that you requested information about[PROPERTY] on [WEBSITE], and I wanted to follow up with you. Are you interested in properties in that area? [Wait for yes.]
Great. I’d like to help you. Can I send you my [SOMETHING HELPFUL]? [Wait for yes.]
Okay, I’ll send that out to you. If you’d like, I can also send you periodic emails with properties I think you’ll be interested in. Would that be okay? [Wait for yes.]
In the meantime, if you see something you want to view, let me know and I can set up an appointment for you to walk through it. [Get contact information and wrap up the call.]
7. D.C. Bound? Share Your Pics! If you’re headed to Washington, D.C., this week for NAR’s 2016 REALTORS® Legislative Meetings & Trade Expo, we would love to see your photos and hear about your adventures via TAR’s social-media channels. Please feel free to follow us on Twitter @TNAOR, tweet to (or tag) us on your updates, add the hashtag #TNAOR, and/or post toour Facebook page. We hope you have a great time engaging with elected officials, connecting with peers from around the nation, and getting inspired to continue making a positive difference in communities throughout Tennessee.
Source: TAR Legal & Ethics Hot Line Counsel
8. OK to Advertise Reduced Commissions?
QUESTION: With regard to advertising commission rates, I know that all commissions are negotiable, but I would like to advertise $1,000 off my commission for spring listings. Can I legally do this? If so, how would I proceed?
ANSWER: You can do this. However, you should not advertise what your commission will be, just the amount that it will be discounted. To advertise what it is, you could have anti-trust issues. To advertise in this manner, you will need to follow the Advertising rule. Pay special attention to section (6), which deals with special offers under TREC Rule 1260-2.12 Advertising.
9. Residential Property-Management Forms?
QUESTION: I am looking for a listing agreement and compensation agreement for a residential rental property.
ANSWER: TAR does not have any property-management forms for residential property. If you are practicing property management, I would strongly suggest that you discuss your needs with an attorney in order to have him draft the appropriate documents to accomplish what you need for your situation. In addition, make certain that, if applicable, you comply with the Tennessee Landlord and Tenant Act. The act does not apply to all counties in Tennessee. It only applies to Anderson, Blount, Bradley, Davidson, Hamilton, Knox, Madison, Maury, Montgomery, Sevier, Shelby, Sullivan, Sumner, Rutherford, Washington, Williamson and Wilson. In addition, make certain that you have the appropriate coverage through your E&O carrier.
10. OK for TN Agent to Rep Buyer of KY Property?
QUESTION: I have a buyer interested in buying a farm. They are interested in several counties in Tennessee and Kentucky. Can I represent the buyer if the property is in Kentucky?
ANSWER: Whether you could represent the buyer on Kentucky property will depend on Kentucky law. Unfortunately, I am not licensed to practice law in Kentucky. If you have questions concerning this issue, you will need to contact the Kentucky Real Estate Commission at (502) 429-7250.