IN THIS ISSuE: - Greater Capital Association of REALTORS

Caring • Committed • Community-Minded
Official Publication of the Greater Capital Association of REALTORS®
Volume 20, Number 6 NOVEMBER/December 2009
GCAR Members Recognized
As REALTOR® Emeriti
Five members of the Greater Capital
Association of REALTORS® were
awarded the REALTOR® Emeritus status during the luncheon at the 2009
REALTOR® Day.
In making the announcement GCAR
president Sandra Nardoci outlined the
requirements for the award. Any person who has held membership in the
National Association as a REALTOR®,
REALTOR-ASSOCIATE®, or a combination of both, for a cumulative period of
40 years in one or more Associations
of REALTORS® is eligible for REALTOR®
Emeritus status. A standard certification form (provided by NAR) is necessary to begin the approval process
for a REALTOR® Emeritus candidate,
which is to be filled out by the local
Association. Any available documentation that would provide reasonable
substantiation of 40 years' membership must be attached to the form
when it is returned to the National
Association.
Upon approval by the Board of
Directors of the National Association
of REALTORS®, no further payment
of dues is necessary to the National
Association by the Member Association
of which the REALTOR® Emeritus is a
member.
Recognized this year at the luncheon were REALTORS® Linda
Cadieux-Matt, Veronica W. Lynch;
Peter Maioriello, Roohan Realty;
Joel Koval Recognized as
2009 REALTOR®-of-the-Year
When considering candidates for
REALTOR®-of-the-Year the Selection
Committee is directed to consider the
sum total of a REALTOR’s professional and civic life. The review includes
their local association activity; their
civic activity; the business accomplishments of a nominee; the reputation of
a REALTOR for their ethical conduct;
their state association activity; and
GCAR’s 2009 REALTOR®-of-the-Year Joel
Koval, Realty USA.
where applicable a member’s national association involvement. And this
year’s Selection Committee looked at
all these areas of a REALTOR®’s life in
making its selection.
It selected REALTOR® Joel Koval,
Realty USA, to receive the prestigious
award from among 3,000 plus members of GCAR.
A twenty-three year licensee, both
in California and the Capital Region;
a sixteen year history in real estate
sales and marketing; and six year’s as
the manager of an active office in the
Capital Region Mr. Koval’s knowledge
of our business is broad.
But his extremely busy real estate
career does not stop him from enjoying his interests which include hunting, fishing, snowmobiling, skiing, and
golf. Mr. Koval recipient has found a
balance between his business and personal life most of us hope to obtain.
continued on page 7
(l-r) Linda Cadieux-Matt (l) and Viola Pettica received the REALTOR®
Emeritus from Sandra Nardoci, GCAR president.
Frederick McNeary, McNeary Realty;
Viola Pettica, Prudential Manor
Homes; and Robert Vail, Coldwell
Banker Prime Properties.
Congratulations to GCAR’s newest
REALTORS® Emeriti.
GCAR Health Insurance Plans
Open Enrollment
December 1-20, 2009
GCAR’s health insurance plans available to members and employees of
members at an open enrollment during December 1 through 20 of 2009 for an
effective date of January 1, 2010. Refer below for plan details. 2010 Rates are
not available at this time. Call 464-0191 (x14) for an application.
PLANS
Blue Shield of NE NY (Series 206)
Standard or Custom Option
(50% Drug Plan)
2009 Rates (Quarterly)
Individual: $1317.81
2 Person: $2685.78
Family: $3571.68
Sole Proprietor
$1435.86
$2927.73
$3893.94
Must Provide Tax Documentation with application
CDPHP
(50% Drug Plan)
Individual: $1120.80
2 Person: $2226.60
Family: $2964.78
CDPHP Dental
50% Drug Plan)
Must have 2 or more on payroll
Individual: $1211.04
2 Person: $2407.08
Family: $3205.50
EPO (2 or more groups)
(Deductible plan)
Individual: $898.05
2 Person: $1782.10
Family: $2370.63
$1275.54
$2536.08
$3377.58
2010 Rates are not available at this time.
In This
Issue:
DATED MATERIAL
Permit No. #164
Albany, NY
With The President ........................................................................... page 2
Member Update ................................................................................ page 2
REALTOR® Day Wrap Up................................................................... page 6
Greater Capital Association of REALTORS®
451 New Karner Road
Albany, New York 12205
PAID
PRSRT STD
U.S. Postage
2
Across the Association
NOVEMBER/DECEMBER 2009
With The President
2009
GCAR President
Sandra Nardoci
GCAR’s Mission Statement:
“The Greater Capital Association
of REALTORS® is a professional trade
Association which provides its members with programs and services
which enhance the members ability to
successfully conduct their individual
businesses in a competent and ethical
manner, promotes cooperation among
its members, and promotes the public’s right to own, use and transfer real
property.”
Looking Back:
As your GCAR president I promised
to keep you informed and keep our
mission statement in the forefront as
we forged ahead together to face the
challenges and changes in our industry, our economy and our livelihoods.
To date we continue to be VERY fortunate here in our Capital Region to
have not felt the pain that other parts
of the country are still feeling today.
As the year progressed we faced
each day with optimism, hope, hard
work, dedication, compassion and
lastly, however not least, a sense of
humor. I’m proud and privileged to
have served alongside this year’s dedicated, hardworking, enthusiastic leadership team, committee members and
staff. Thanks to each and every one of
you for your commitment and for sharing the precious gift of your valuable
time to serve our GCAR membership.
We managed to work together in unison steering the ship through some
turbulent waters.
Not only have we survived…. many
of us thrived and leaped into the new
world of the professional REALTOR®
with both feet. Adapting to the shifting communication needs of today’s
consumers we saw many positive
changes with new and improved agent
tools; CSS Appointment Call Center,
reInsight Tax, Paragon Voice Search,
Paragon Mobile Search, Wi-Fi Search
and our Tech Support Help Line to
name a few. Many of us took the time
to see beyond today and came to
understand and realize that not only
has the way we do business changed
the world we live in is also changing. In order to continue to better
serve our clients, families and friends
we’ll need to educate ourselves, fine
tune our skills, open our hearts, adjust
our mindset, stretch ourselves beyond
our comfort zones and embrace the
changes in our real estate industry
as we move forward into the 21st
Century.
Who would have ever guessed that
technology would drive our consumers to shop online, that social networking would play such a big part
of our daily business or that we’d be
twittering, tweeting, and networking
on sites like Facebook and LinkedIn.
Moving Forward:
I’m excited to announce that our
leadership team has worked diligently
on your behalf to research and find
a number of new and progressive
member benefit tools. 10K Research
And Marketing: This fantastic agent
tool will be included in our GCAR
member services benefits and will be
made available to our members at
no additional cost. As professional REALTORS® we all know that real
estate is local. Our goal is to empower
our members with the most accurate
and consistent market data statistical reports. Along with an in-depth
and visually appealing presentation
of market statistics will be a monthly
impactful market reporting custom
video created exclusively for our GCAR
members that will deliver a quick-fire
and entertaining look at the trends
specific to our local market areas.
These tools will enable us to educate our clients, the media and the
general public. They will provide us
with powerful information and give us
as professional REALTORS® the cred-
ibility we need to be seen as the area’s
real estate experts.
GCAR Web Page Redesign:
In order to the keep up to date and
visually innovative we determined
that our web page needed a long
overdue face lift. We are currently in
the process of redesigning our GCAR.
com web site with a more contemporary and user friendly home page.
The intent is to make it look current
and to make the content easier for our
members (and the public) to locate on
the site.
Our goal is to have both these exciting new tools available to you before
year’s end. We will keep you posted on
our progress and welcome any comments, feedback or suggestions you
may have.
Tell Congress:
We must all come together and
now it’s your turn to make our united
voice heard in Washington…Expand
and extend the first homebuyer tax
credit now! Without your voices the
success of our futures as REALTORS®,
as well as our clients’ and customer’s
futures, maybe compromised. NAR has
an active nationwide Call for Action
on the Federal First-Time Homebuyer
Tax Credit. REALTORS® are asked to tell
their members of Congress to "expand
and extend the tax credit" in order to
keep the housing market moving in
the right direction. The credit needs to
be extended for an additional period
of time and expanded in order to
build upon the progress that's been
made. Uncertainty about the future
of the credit will dampen consumer
demand. The best way to assure continued housing activity is to extend
and expand the credit and to do that
now!
NAR continues its push to enact
legislation that will help stabilize and
stimulate the housing market. Our
GCAR/NYSAR leadership team has
worked diligently on all levels, state,
national and local to address challenges and create an environment
where we can succeed. We’ll ALL need
to participate; it’s not only vital it is
crucial. When we receive NAR’s Call for
Action please take a moment to hit
the submit button. These issues will
not only benefit our clients and customers, they benefit us, our futures,
our families and our entire real estate
industry as a whole. We will all need
to work together to raise awareness
of the importance of preserving and
keeping alive the American Dream of
“Home Ownership”. Remember if we
don’t participate in the process then
we’ll have No Voice in the outcome.
As I depart from this extraordinary
journey I’ll remind you of how important it is that we find ways to continue
to stay positive no matter what. You
may ask yourself why?
My response is because our success
depends on our mindset, not on the
economy or on the marketplace. Now
more than ever not only do we have
incredible opportunities available to
us, we also have the time to educate
and prepare ourselves as we move
into the future. Yesterday is gone,
today has passed, and tomorrow is
already here. This year has been one of
the most gratifying experiences in my
18+ years as a REALTOR®.
Thanks to all of you for your trust,
confidence and for the opportunity of
a lifetime to serve you. You’ve enabled
me to challenge myself in ways I never
would have imagined and allowed me
to be a part of the inner workings of
our real estate industry.
This honor has been a powerful,
eye opening and life changing experience that will remain with me forever.
Representing you my fellow working
associates as your GCAR president…
PRICELESS! I look forward to working with you in the near future and
wish you great success and prosperity
in both your business and personal
lives.
“Dedication is not what others expect
of you, it is what you can give to
others”-Anonymous
Across the Association
The newspaper of the Greater Capital Association of REALTORS®, INC.
451 New Karner Road
Albany, New York 12205
(518) 464-0191 • Fax: (518) 464-0196
“The Greater Capital Association of REALTORS® is a professional
trade association which provides its members with programs
and services which enhance the members‘ ability to successfully
conduct their businesses in a competent and ethical manner,
promotes cooperation among its members, and promotes the
public‘s right to own, use and transfer real property.”
The voice for Real Estate in
New York‘s Capital Region.
Caring • Committed • Community-minded
Officers
President – Sandra Nardoci
President Elect – Laurene Curtin
Secretary/Treasurer – Paul Semanek
Chief Executive Officer – James Ader
Dir. Ed/Mbr. Svcs – Nancy Ruzzo
World Wide Web page: www.gcar.com
E-mail: support@gcar.com
Directors
Graphic Designer:
Jake Fletcher, Foley Publications, Inc.
Nina Amadon
Miguel Berger
Marie Bettini
Jill Birdsall
Anne Carroll
Joseph Farry
Jennifer Fortune-Gras
Cathy Griffin
Patricia Hamm
Tracy Metzger
Willie Miranda
Estelle Momrow
Albert Picchi
Production & Printing:
Foley Publications, Inc. • (800) 628-6983
Advertising Information:
Foley Publications, Inc. • (800) 628-6983
The Greater Capital Association of REALTORS® makes no
warranties and assumes no responsibility for the accuracy on the information contained herein. The opinions
expressed in articles are not necessarily the opinions of
the Greater Capital Association of REALTORS®.
The Greater Capital Association of REALTORS® does not
necessarily endorse the companies products or services
advertised in the newsletter unless specifically stated.
Across the Association
NOVEMBER/DECEMBER 2009
3
Price Increase or Unearned Fee?
How to Protect Your Bottom Line
NAR
General Counsel
Laurie Janik
A federal district court recently
ruled in Busby v. JRHBW Realty, Inc.
d/b/a RealtySouth that an administrative brokerage fee (“ABC Fee”) of
$149.00 paid by a home buyer to the
brokerage firm that represented her
was not sufficiently related to any
specific settlement service performed
for her benefit, resulting in a violation of Section 8(b) of the Real Estate
Settlement Procedures Act (“RESPA”).
Section 8(b) prohibits charging for
“real estate settlement services” unless
the fee charged is for “services actually
performed.” Go to http://www.realtor.
org/letterlw.nsf/pages/0509busby2 to
read a summary of the court's decision.
The court found that the ABC Fee
represented an additional charge to
the buyer to defray the overall costs of
the brokerage services she received,
including the broker’s overhead and
administrative costs. However, because
the ABC Fee was separately itemized
on the settlement statement from
the percentage brokerage commission, and not specifically justified as
STAFF DIRECTORY
GCAR STAFF
Tel: 518.464.0191
Fax: 518.464.0196
E-mail: support@gcar.com
compensation for other discrete “real
estate settlement services” provided,
the court viewed it as a duplication of
the percentage commission charges,
thereby rendering it an unearned fee
in violation of RESPA.
In my view, this unfortunate holding
is incorrect because the court’s analysis of RESPA is flawed and because
the court misapplied the mandate
previously handed down in this case
by the 11th Circuit Court of Appeals.
It is undisputed that RESPA is not a
fee-setting statute. Since a brokerage may charge a percentage based
commission or a flat rate for its services, there is no principled basis to
construe RESPA to prohibit charging a
percentage plus a flat rate.
The court’s confusion likely stemmed
from the fact that the total compensation was shown in two places on the
settlement form, with each bearing a
separate label (percentage commission and ABC Fee). These two factors
caused the court to reject the brokerage firm’s explanation that the ABC
Fee represented nothing more than a
price increase being charged for the
firm’s brokerage services. Believing
the firm had already been paid for the
brokerage services by the percentage
commission, the court was looking
for a different, specific service or set
of services of benefit to the buyer in
return for the ABC Fee. Finding none,
it concluded that no settlement services were provided for the ABC Fee.
This case had previously been certified as a class action.
In light of this decision, brokers
should review how they characterize their compensation. Placing separate labels on what is all compensation to the brokerage firm exposes
the firm to the same claims asserted
against the defendant here. It allows
the conclusion that each separately
labeled charge represents a fee for a
separate service. Likewise, disclosing
separate components of the broker’s
compensation in different parts of the
contract with the consumer or on difcontinued on page 5
Sell your home
in print and online.
Simply go to timesunion.com and click
on homes, and your home ad will be in
print and online in no time!
• Attach a photo
• Describe your home
• Invite buyers to your open house.
Chief Executive Officer
James A. Ader (Ext. 16)
E-mail: jader@gcar.com
Director Education & Member Services
Nancy A. Ruzzo (Ext. 15)
E-mail: nruzzo@gcar.com
Assistant to the C.E.O. & Financial
Secretary
Huguette Bushey (Ext. 14)
E-mail: hbushey@gcar.com
Assistant Education & Member Services
Gina Martin (Ext. 10)
E-mail: gmartin@gcar.com
Administrative Assistant
Nancy Krebs (Ext. 11)
E-mail: nkrebs@gcar.com
CRMLS STAFF
Tel: 518.464.8913
Fax: 518.464.8915
Chief Administrator
James A. Ader (Ext. 16)
E-mail: jader@gcar.com
CRMLS Senior Administrative Assistant
Diane Hazzard (Ext. 19)
E-mail: dhazzard@crmls.com
CRMLS Administrative Assistant
Michele Miaski (Ext. 17)
E-mail: mmiaski@crmls.com
CIREB STAFF
Tel: 518.464.0194
Fax: 518.464.0196
Your ad can appear in the
Gallery of Homes in the
Times Union Friday–Sunday
and of course, buyers will
find your home on
timesunion.com for an
entire week.
It’s quick, easy and
very affordable!
Packages start at $99.
Advertise your home for sale in the
regions largest real estate marketplace
CIREB Executive Assistant
Kelly Pierce (Ext. 12)
E-mail: kpierce@cireb.com
Be sure to
ask your REALTOR®
about the Times Union
Gallery of Homes
4
Across the Association
NOVEMBER/DECEMBER 2009
Interim Report of the NAR
Short Sales Issues Work Group
Situation
The Short Sales work group was
authorized because existing conditions
are creating a large number of sales in
which the value of the property may
not be sufficient to meet all of the
seller's financial obligations, including
mortgages, other liens and the payment of a real estate broker's commission. These "potential short sales"
present agents with challenges which
differ from "normal" sales conditions.
The work group will consider current
policies and resources of the National
Association which could be used or
could be created to assist consumers
and better prepare members to provide professional services in the current market environment.
What is a Short Sale?
Any discussion of the issue requires
that there be a common understanding of the issue being addressed. The
first task undertaken was to define a
“short sale.” Although simple on its
face, this task proved to be difficult to
pin down.
After extensive conversation the following was adopted by the work group
as the definition of a short sale.
A short sale is one where title has
transferred; where the sales price was
insufficient to pay the total of all liens
and costs of sale; and where the seller
did not bring sufficient liquid assets to
the closing to cure all deficiencies.
In the course of creating this definition the work group recognized that
for purposes of members, the key was
not what happens at closing or escrow,
but rather what happens during the
process of listing and marketing of a
property. Thus, a second definition was
needed to the situation of a “Potential
Short Sale.” The work group adopted
the following as a definition of a potential short sale.
A potential short sale is one where
the listing agent reasonably believes
the purchase price may not be enough
to cover payment of all liens and costs
of sale and the seller is unwilling or
unable to bring sufficient liquid assets
to the closing.
In addition to the definitions, there
was substantial discussion about how
various mitigating factors might affect
the perception of a short sale by members of the group. One conversation
centered around the various ways a
deficiency might be made up by a
borrower if that amount were not forgiven by the lender, and how that
would affect the status of that transaction as a “short sale”. Information was
also shared regarding the differences
in state law which result in the state
utilizing either judicial and non-judicial
foreclosure processes, the most obvious difference being that non-judicial
states had a much shorter timeline to
foreclosure, but generally offer a right
of redemption, while states utilizing
judicial foreclosures usually took longer to complete the foreclosure process, but the former mortgagor did not
generally have the right of redemption
after the sale.
Multiple Listing Policies
The National Association has very
few policies that specifically address
the issue of short sales. In the National
Association’s multiple listing policies
short sales are discussed in Note 4 to
Section 5, Compensation Specified on
Each Listing, model MLS rules and reg-
ulations (all types) in the Handbook on
Multiple Listing Policy. Note 4 provides:
Multiple listing services, at their discretion, may adopt rules and procedures enabling listing brokers to communicate to potential cooperating
brokers that gross commissions established in listing contracts are subject to
court approval or to lender approval;
and that compensation payable to
cooperating brokers may be reduced
if the gross commission established
in the listing contract is reduced by a
court or by a lender. In such instances,
the fact that the gross commission is
subject to court or to lender approval
and either the potential reduction in
compensation payable to cooperating
brokers or the method by which the
potential reduction in compensation
will be calculated must be clearly communicated to potential cooperating
brokers prior to the time they produce
an offer that ultimately results in a successful transaction.
This provision, which expressly indicates that its adoption is at the option
of the local multiple listing service,
allows listing brokers to identify listcontinued on page 5
Member Update
Thank you to: REALTOR® Miguel Berger, TechValley Homes Real Estate
on his President Club membership in RPAC; and to REALTORS® Anne
Carroll, Carroll Enfield Realty; Charles Cefalu, Donna Gizzi and Deborah
Fedorczuk; Keller Williams Distinctive Properties; Susan Stott, Prudential
Manor Homes and Jacquelyn Witbeck, Coldwell Banker Prime Properties
on their 99 Club memberships.
Congratulations to the following GCAR REALTOR® members who were
awarded scholarships by the NYS Real Estate Education Foundation:
Jacqueline Bittner and June Kenfield, Weichert, REALTORS®, Northeast
Group; Janice Styles-Hall, Coldwell Banker Prime Properties; and Karen
Wojcik-Hess, Prudential Manor Homes.
Congratulations to GCAR Affiliate member First Rate Funding for being
selected for the 2009 Best of Albany Award in the Mortgage Brokers
Arranging For Loans category by the U.S. Commerce Association.
Congratulations to CRMLS Administrative Assistant Michele Miaski on the
birth of her first grandchild, Jason Earl Hammell..
Sympathies are extended to:
The family of REALTOR® Joan Lechliter-Diveris, Coldwell Banker Prime
Properties, on Joan’s death.
REALTORS® from across New York (that’s GCAR past president Jacquelyn Witbeck
second form the left) participated in a Home In A Box build in the parking lot
of Roohan Realty during NYSAR’s September business meetings in Saratoga
Springs.
REALTOR® Joel Koval, Realty USA, and his family on the death of his father
Joseph Koval, Jr.
REALTOR® Hugh Roberts, Roberts Real Estate, and his family on the death
of his sister Ann Mary Roberts.
Across the Association
NOVEMBER/DECEMBER 2009
5
Interim Report
continued from page 4
ings in which the gross commission is
subject to approval by a third party and
that the compensation payable to the
cooperating broker may be reduced
by a specified method or formula. The
provision does not mandate that brokers provide this disclosure nor does it
allow multiple listing services to require
the disclosure by all participants.
The work group was also informed
that despite the apparent limitations
of this policy, multiple listing services
are seeing the need for and imposing
requirements on members related to
the disclosure of the fact that a property
is a potential short sale. These examples
of multiple listing services adopting
procedures that may be inconsistent
with current policy make this an area
requiring urgent study and possible
action by the National Association’s
Multiple Listing Policy Committee to
authorize such a requirement.
A policy on an agent’s duty of disclosure is not the only issue. The Multiple
Listing Policy committee should also
consider several other issues as a part of
any potential rule: (1) What are the circumstances which trigger the requirement for disclosure that a property is
a potential short sale? (2) What must
be disclosed –the fact that third party
approval may be required and/or its
impact upon compensation? (3) When
must it be disclosed? (4) To whom must
it be disclosed? (5) What should be
done if circumstances change to create
a short sale situation during term of
listing? and (6) How should the information be delivered?
Duties and Responsibilities
The duties and responsibilities of
REALTORS® in providing their services
to both buyer and seller clients are
established by the Code of Ethics, the
laws and regulations of the states and
the courts. The current market presents challenges and situations which
indicate that the core responsibilities
a REALTOR® owes to clients, customers and others in the real estate business be revisited to assure that those
responsibilities are being met.
While the Multiple Listing Policies of
the National Association may address
the obligations of members to each
other for disclosure of the existence
of a short sale situation, their duties to
buyers and sellers are found elsewhere.
Key questions of what or if there must
be disclosure should be addressed by
the National Association.
REALTORS® have a duty to protect
the confidential information of their
clients. Is the fact that a property is a
potential short sale “confidential information” of the seller which an agent
has a duty to protect? Is it in the best
interests of the seller client if the property’s status is kept confidential? (Note:
In a related matter, it was discussed
that in selling REO properties, some
lenders require that their ownership
of a property not be revealed in the
multiple listing service.) Or is the fact
that a property may be the subject of
a short sale a “material” or “pertinent”
fact which a REALTOR® must avoid concealing?
Price Increase or
Unearned Fee?
continued from page 3
ferent lines of the settlement statements creates risk. Disclosure of the
brokerage firm’s compensation should
clearly indicate that both the commission- based component and the flat
fee component represent payment for
services provided by the brokerage.
These combined amounts should be
disclosed in the 700 section of the
HUD-1 as the broker’s compensation.
Finally, do not create the impression
that any particular fee is for a separate
service if that is not the case.
The final chapter in this case has not
yet been written. An appeal is likely
after other proceedings in the case are
completed, and certainly warranted
in order to reverse this most unfortunate decision. A clarification from
HUD on this issue was requested by
NAR months ago and is long overdue.
In the meantime, be cautious and protect your hard-earned compensation.
Determining whether a property is
potentially the subject of a short sale
may require collection of additional
data related to debts and finances from
the seller client that might not usually
be a part of the listing process. Does
this information become part of the
agent/brokerage’s property file? What
obligation does an agent/brokerage
have with regard protection, maintenance, or destruction of this client
data?
Does an agent representing a buyer
have a duty to determine whether any
offer on a property may be subject to
third party (lender or court) approval?
In the situation of a potential short
sale, what should an agent disclose/
inform the buyer or seller client regarding the process?
If a lender approves a short sale
contract, but the buyer then backs out
of the agreement, may or should the
seller then disclose to a subsequent
buyer prospect those terms which were
approved by the third party? Would
that approval constitute an agreement
on the part of the lender to accept a
similar offer in the future?
Best Practices/Process
A part of being able to effectively
service clients involved in a potential short sale situation is an understanding of the process and parties
involved in the transaction. Since this
market is presenting new challenges all
over the country, most brokerages and
agents have never experienced significant numbers of properties whose
sale price will be insufficient to pay the
costs of sale, liens, encumbrances and
mortgage balances. As a result these
members would benefit from a guide
to the process which would enable
them to have a “blueprint” for guiding
themselves and their clients and customers through the short sale process.
The Work Group has compiled a model
workflow illustrating the process which
is attached as Exhibit A. A recommendation was made that the model workflow also be made into a PowerPoint
presentation which could be used by
members as a training guide to enable
brokerages to disseminate the information to their agents, facilitating the
distribution of this information. The
Exhibit should be referred for review to
the Risk Management, Multiple Listing
and Conventional Finance and Lending
Committees for their comment and
approval and then made available
to members through the National
Association’s web site and such other
communications tools as may be available.
The appropriate versions of the
model workflow could also be developed into a brief brochure to assist
in educating buyers and seller about
the process. The brochure could also
serve as a complete, documentable
disclosure for both buyers and sellers,
explaining the issues and risks associated with short sales.
Relationships with Others in Real
Estate Transaction Process
One of the most difficult aspects
of the short sale process for the real
estate agent and his or her client is
the lack of uniformity and resultant
uncertainty of the processes and time
frames created by lien holders and others with rights in the property. There
appear to be a number of contributing
reasons for this problem including differing internal procedures, insufficient
or inexperienced staffing, and a lack
of understanding of the market conditions impacting the subject property.
These conditions have frequently led
to situations where the property sold
for less after foreclosure than a ready,
willing and able buyer was prepared to
pay prior to the completion of the foreclosure process. These situations may
occur because these offers were either
rejected by the third party or the delay
was so extended that the prospective
buyer withdrew the offer. Since there is
no hard data supporting the experiences of the members of the work group
in such situations, a suggestion was
made that a survey on that issue might
be useful in demonstrating the value of
a standardized process. Since obtaining the highest possible return from
the sale of the property is in the best
interest of the lender, it was suggested
that a meeting be sought with trade
associations of lenders and other companies involved with potential short
sales. Such organizations might include
REOMAC (REO Managers Association
of California, MBA (Mortgage Bankers
Association) and others.
A number of points of possible agreement with these groups whose members are involved in the short sale process were identified. Those tentatively
identified by the work group are:
A commitment by all lenders and
their servicers to make it easy for sellers and agents to immediately locate
online the correct department and the
individual who will be responsible for
processing the short sale applications.
A single industry-wide short sale
application and list of supporting documents that all lenders and servicers
would agree to accept. The Uniform
Loan Application is an industry standard. It should not be hard to agree on
a Uniform Short Sale Application.
A commitment by all lenders and
their servicers to keep the listing agent
and seller regularly informed of the
status of the short sale application
throughout the process and respond
to reasonable requests for information.
A commitment by all lenders and
their servicers to deliver a clear answer,
in writing, yes or no, within a reasonable time frame. For example, 30 days
from receipt of the complete application is a reasonable goal.
The work group believes that NAR
should move expeditiously to raise the
points contained in the report with
lender and servicer groups and others
involved in the mortgage process, as
may be appropriate or possible, who
are in a position to influence the implementation of the standards suggested
by the work group. This should be
accomplished through meetings, conferences and any other venue that may
be available to NAR to advance the
establishment of these standards.
6
Across the Association
NOVEMBER/DECEMBEr 2009
REALTOR® Day Wrap Up
GCAR Wishes To Thank Our Exhibitors!
Adirondack Basement Systems Inc.
Arnoff Moving and Storage
Berkshire Bank
Capital Communications Federal Credit
Union
Capital Region ASHI
Centralized Showing Service
Commercial & Industrial Real Estate
Brokers, Inc.
Commission Express
DiNapoli Opticians
Earth Safe LLC
1st Priority Mortgage
First Niagara Mortgage
First Rate Funding Corp.
Gold’s Gym of the Capital District
Homes.com
Home Funding Finders
House Detective/Advanced Appraisals
HSBC Mortgage Corporation (USA)
Key Bank Mortgage
Knowledge Network
Mabey’s Moving and Storage
Manfred Real Estate Learning Center
MicroKnowledge Training & Consulting
NACHI – National Assoc. of Certified Home
Inspectors
NBT Bank
Thanks To The Many
Raffle Donors
Adirondack Home Mortgage, Inc.
Albany Aqua Ducks
Albany Realty Group
Amy Nethaway
Angela Mazzone
Ashley Brown Photography
Bank of America
Bob Kelly, Home Funding
Finders
Boot Camp Challenge
Bruce Tanski, Fairways of
Halfmoon
Capital District YMCA
Century House
Cindy McMahon, Miranda Real
Estate Group
CIREB
Coldwell Banker Prime
Properties, Clifton Park
Coldwell Banker Prime
Properties, Loudonville
David LaVoie, Marshall &
Sterling
David M. Phaff
Donna Smith, Weichert
REALTORS® NE Group
Fort William Henry Museum
Genoa Importing Co.
Glen Sanders Mansion
Hair to Nails Salon
Jean Maloney, Tironi One
Jean Rench, Realty USA
Jessica Bedard, Heartland Home
Properties
Karen Wojcik-Hess
Law Office of Andrea J.
DiDomenico
Longfellows Hotel and
Restaurant
Make It Fit, LLC
Manfred Real Estate Learning
Center
Maria Mencarelli
Mariposa Spa
New York Association of
REALTORS®
Northwoods Inn, Lake Placid
Pearl of the Orient
Prudential Manor Homes,
REALTORS®, Albany
Prudential Manor Homes,
REALTORS®, Clifton Park
Realty USA
ReBecca Balak
Richard Anderson, Esq.
Richard Askew, Rondack
Building Inspectors
Rugani Family Chiropractic
Sandra & Joseph Nardoci
Sue Brennan, Erins’ Beauty
Salon
The Desmond
The Olde Bryan Inn
The Sbardella Group
Thomas Connors, Mortgage
Network
Weichert REALTORS® Northeast
Group, Loudonville
Sandy Williams
Young REALTORS® Committee
Photo captions
NYS Dept. of Health Radon Program
Real Estate Digital Services
Rohan & Associates, P.C.
Spire Inspections LLC
Stone Industries, LLC
Take Shape for Life-Life in Motion
TD Bank
Times Union
Toll Brothers
Trustco Bank
2-10 Home Buyers Warranty
Wilber National Bank
Women’s Council of REALTORS®
1
2
3
4
5
6
7
8
9
10
1) Joel Koval received his REALTOR-of-the-Year award from Al Picchi, (l) and Jeff Christiana the 2008 recipient.
2) Melissa Hems was the recipient of the HP mini computer which was the registration prize.
3) Jean Maloney (l), 2009 REALTOR® Day chair and Anne Carroll enjoyed the day’s activi
ties.
4) (l-r) Kirsten Blanchard, Janna Shillinglaw and Susan Kiley manned the Community Outreach Fund booth which celebrated over $100,000 in contributions to community charities.
5) It Takes A Committee – the 2009 REALTOR® Day Committee.
6) Proceeds from the REALTOR® Day auction and raffle went to the Stratton VA Medical Center and Fisher House.
7) (l-r) Liz Gabeloff, Kathryn Conradt and Kerri Arserio at REALTOR® Day 2009.
8) Carol Asiello, Cindy McMahon and Janice Cohen were among those who attended.
9) (l-r) Laurie and Charles Colehammer, and GCAR past president Kathie Hedrick.
10) A familiar face at REALTOR® Day is GCAR administrative assistant Nancy Krebs.
11) Into-Wishn’ from the Capital Land Chorus opened the luncheon with their voices.
SPONSORS on page 7
11
Across the Association
NOVEMBER/DECEMBER 2009
7
GCAR wishes to express its sincere thanks to the following organizations who offered
financial support to this event:
SPONSORS
Platinum Level
Gold Level
Silver Level
American Society of Home Inspectors
Coldwell Banker Prime Properties
First Niagara Mortgage
Home Funding Finders, Inc.
The Law Office of Sharon Freyer
Marshall & Sterling, Inc.
Miranda real Estate Group, Inc.
Prudential Manor Homes, REALTORS®
Realty USA
RE/MAX Premier
Sciocchetti & Associates, PLLC
Weichert REALTORS® Northeast Group
E. Gray Watkins, Attorney at Law
SEFCU
Stanley J. Skubis, P.C.
Sciocchetti & Associates, PLLC
REALTOR®-ofthe-Year
continued from page 1
He has become, in recent years,
one of the most visible members of
GCAR to our own membership and
to REALTORS® throughout our Region.
Those years are period of time in
which he has served as an instructor
for GCAR on the purchase and management of income properties to help
build a licensee’s personal portfolio, a
program he has presented at GCAR’s
REALTOR® Day education and trade
show on more than one occasion.
But the thing most members will
know this year’s REALTOR-of-the-Year
for is his involvement in and leadership
of CRMLS – the Capital Region Multiple
Listing Service.
First elected to the CRMLS Board
of Directors in November 2003 – and
then as the CRMLS president for 2008
& 2009 our REALTOR®-of-the-Year has
provided extraordinary leadership of
CRMLS during a time which has seen
many changes. New systems, new
forms, a new call center, and much
more have marked the last years of
CRMLS and our REALTOR®-of-the-Year
deserves much of the credit for the
advances that CRMLS has seen.
A strong advocate for keeping
CRMLS current with business changes
and technology upgrades while still
understanding that these advances
have to be balanced against the costs
which might be associated Mr. Koval
has helped CRMLS find its way through
a time of great change.
He has worked within CRMLS to
develop new forms and revise outdated forms; he has worked to make
Paragon a feature rich but user friendly
tool.
Much of his effort goes unnoticed
but the product of that work is appreciated by our membership. Those who
work alongside him realize how big an
imprint he has made on our industry.
REALTOR® Joel Koval joins an exclusive list of persons who have been
recognized by GCAR as its REALTOR®of-the-Year.
8
Across the Association
NOVEMBER/DECEMBER 2009
The Smartest Thing You Can Do To Build
Your Business.
Eleven Experts Share Their Smartest Survival Strategies For Today’s Market
By Julie Escobar
Isn’t that what we’re supposed to
do when we don’t know, are facing
adversity or are in over our heads?
Heck, isn’t that even what we’re supposed to do to get ahead of the curve
during tough times and be positioned
for greatness when the tide starts to
turn?
I think so, so I did. I asked: “What’s
the SMARTEST thing agents can do
to build their business in today’s market?” Fortunately for all of us, 11 of the
top minds in the industry answered.
Here is what our special guests—
Floyd Wickman, Mr. Interview™Michael Krisa, Bill Barrett, Darryl Davis,
Carol Johnson, Mr. Internet®-Michael
Russer, Matthew Ferry, Walter Sanford,
Dave Beson, Claudia Wicks and Judy
LaDeur—had to say about the smartest thing you can do to build your
business now.
Industry icon Floyd Wickman:
Well, I believe that’s a three-part formula. First, work each week (we could
stop there and increase production
by 38%)… on bringing in saleable
listings. That means getting face to
face with a seller for a listing or price
reduction. Next, get all buyers and
lookers into the office to be qualified,
and sell them on the benefits of the
office like you never have before. Last,
sell in-house inventory first!
Mr. Interview™, Michael Krisa:
My best advice? First, don’t panic!
Look around your town/city/state, and
identify the agents who are making
the deals. Ask yourself what they are
doing to adapt and how you can emulate them. Don’t reinvent the wheel;
take momentum from the ones already
in forward motion.
Industry icon Dave Beson: Focus
on filling the prospect pipeline and
improving your presentation so that
when you get in front of a “live one,”
you will win! If you aren’t pre-planning
your day and including an hour or
more of prospecting by phone, in person, by letter, by email, by postcard
and follow up, then you’re missing the
boat. I tell my audiences, “You have to
be a missionary for real estate.”
The easiest thing to do is to tell
a success story—just one—about a
couple who kept their house or a family that WAS ABLE TO BUY because
of your help. If you need to share
a story with someone in the office,
that’s okay. I have a letter that I suggest agents send out to everyone they
know. It’s cool to follow up by phone,
too, even if it’s just to leave a voice
mail! Here it is:
Dear Bob and Mary,
I just reviewed my business for the
year and found an amazing surprise:
More than 61% of my business was
past customers, referrals and repeat
business.
Sure, it’s been a challenging time in
real estate, but where would I be without the support of important people
like you and your friends? Many thanks
for telling your friends about me, and
me about them.
Be sure to let me know if there is
anything I can do to help you or a
friend.
All the best, Your Name.
Get in touch, and stay in touch–
consistently. That’s key.
Real estate and trends expert Bill
Barrett: DO NOT CUT BACK ON YOUR
BUDGET! Keep in touch with your past
customers—meaning ALL of your past
buyers and sellers—on a monthly
basis. Superstars get 80% to 90% of
their business from past customers
through continuous prospecting and
marketing. Consider that we’re still
on track to sell four million re-sales
nationwide this year. Who’s going to
sell them? Certainly not the ones who
“give up.” Stay in the game.
Noted speaker Darryl Davis: I
believe the best thing about this market is that we will see a flood of buyers
coming out. Sellers who were waiting
in the wings to sell their houses and
buyers who were sitting in the wings
waiting for rock bottom all will start
to move as we see our market start to
inch up. Remember: The agent with
the most listings WINS! If I were to
gamble, I would say things will be
on the upswing starting this spring.
So prepare for the surge of buyers by
building your listing inventory NOW!
Recruiting pioneer Carol Johnson:
Stay in constant communication with
your book of business, customer base
and centers of influence. There is a
market–people are buying and selling!
This is a good time to make a change.
It’s also a great time to develop new
niche markets. Property condition is
paramount right now—properties
need to be in good condition, and
prices have to be right. Make your listings the most compelling properties
on the market!
Mr. Internet®, Michael Russer: I
would have to say, launch your e-team.
E-team members specialize and differentiate themselves by targeting a
niche. 90% of agents don’t do this,
which forces them to compete with
everyone. Specialists know that they
must always effectively answer the
continued on page 10
Across the Association
NOVEMBER/DECEMBER 2009
9
Welcome New GCAR Members
REALTOR® (principal)
Kathy L. Austin,
Coldwell Banker Prime Properties
Anthony Lokie
Miranda Real Estate Group
Brian Barnes
Realty USA
Scott Bowersox
Austin Appraisal, Hudson Falls
Tara Sandor
Nicholas Capoccia
Renee Bradley
Martin A. Carbone,
Allison Zepeda
Jerry Guidarelli
Karen Chase-Corcoran
Carbone Realty Group, Wynantskill
D.B. Cohen Commercial Real Estate
Peggy J. Austin
Brenda Mayette
Brandon LeFevre
Christopher C. Lang,
American Real Estate Network, Saratoga Springs
Michele C. O’Sullivan,
Empire Appraisal Network
Carol E. Wander
Parkside Properties, Albany
Green Mark
Terrance A. Wansley
Mark D. White,
Mechanicville
REALTOR® (non-principal)
Access Premier Properties
John J. Fisher
Keller Williams Distinctive Properties
Rebecca Lee Allemang
Century 21 Select
Jaime Dufek
Century 21, The Angiolini Group
Laura Hutson
Clancy Real Estate
Jerid Meagan
Shelly Yeager
Pinnacle Realty Saratoga
Lora Green
RE/MAX Premier
Stephen Flubacher
Pro Realty Connection
Stuart Dorenz
Prudential Manor Homes
Elizabeth S. Gabeloff
Yozo Mikata
Andrew M. Neilen
Assist 2 Sell Buyers & Sellers Real Estate
Anne McElroy
Debbie Reynolds
Olde Orchard Real Estate
Christine J. Goss
Melissa Hems
Keller Williams Realty Saratoga Springs
Christa Doyle
Linda M. Papa
Kyle Fillion
Emilia R. Sciarra-Laos
Rebecca Rathbun
Jamie Sittner
Kyle Jennifer Schoonmaker
Brian Kelly
Roohan Realty
Karan K. Hankinson
Sterling Homes
Philip Walton
Sturges Realty
Sharon E. Dewsbury
Weichert, REALTORS®, Northeast Group
Krutz Properties
Crystal A. Kraak
Purdy Realty
Kimberly Keller
Living Well Realty
Laurine A. Bermudez
Pyramid Brokerage
Mary Cox
Patricia K. Barber
Elaine Nichols
Hope R. O’Brien
Lisa Silipo
GCAR Affiliate Members
Support Our Affiliate Members As they Support Us
Arnoff Moving & Storage
Berkshire Bank
Commission Express of New York
Countrywide Home Loans
First Niagara Mortgage
First Priority Mortgage
First Rate Funding
Home Funding Finders
Home Mortgage Network
HSBC Mortgage Network
NBT Bank
NYS Office of Real Property Services
This publication is seen by 3,900+ local members, to advertise call:
800.628.6983
Oil Heat Institute of Eastern New York
SEFCU
TD Banknorth
Times Union
Tristco Bank
10
Across the Association
NOVEMBER/DECEMBER 2009
The Smartest Thing You Can Do To Build Your Business.
continued from page 8
question, “What’s in it for me?” for
every client.
Industry coach Matthew Ferry: For
agents, I would say that they need to
find that faith they had in themselves
before. I’m doing a webinar for all of
my clients that includes a six-point
action plan to help them find the courage and strength to make 2009 their
best year yet. It takes honesty—about
finances, about whether this industry
is the right industry, and about resentment and anger. These mindsets and
energies have a very damaging effect
on productivity. People know what to
do, they just don’t do it. They don’t do
it because of hidden negativity in their
mindsets. This must be discovered and
removed.
For brokers, I would have to tell them
to get to the heart of each agent’s passion and purpose. Most people are
focused on what doesn’t work about
life right now and, consequently, draw
from that energy to make decisions.
This is very detrimental and will pull
you further into a mental breakdown.
The key is to discover the future you
are committed to and get focused on
that. Everyone is operating in relation
to the future they are present to. If you
are in despair, then you are present to
a bleak future. If you are empowered,
then you are present to a future that
you are looking forward to. Today's
action is a function of the future.
Real estate expert Walter Sanford:
Short and simple: “Triple (at least) your
current listing inventory.” This positions you to win when the market
turns.
Speaker and trainer Claudia Wicks:
Learn online marketing and how to
use the technology tools consumers
are using. You need to have an online
presence and, of course, develop a
database of prospects. Establish relationships with more prospects than
ever before. Collect email addresses;
use tech tools to stay in touch automatically until they are ready to buy
and/or sell, and stay in touch with past
clients.
According to NAR, many agents have
been in the business seven years or
less. They have never known this type
of market. They do not know what to
do to generate business. Agents who
have developed a large database of
prospects, however, are not struggling.
They have a steady stream of business.
In this market, you need to get down
to basics and build your business. That
means generating prospects. You can
do it by talking to everyone you know
and asking for business by networking and letting everyone know it is a
great time to buy. You also can do it
by creating an online presence and
branding yourself by marketing your
own web site, blogging, joining social
networks, and responding immediately to online requests for info.
Show up every day, and start working. Stay motivated by doing something nice for someone else, by talking
to past clients, and by watching how
you talk to yourself and not listening
or “buying into” all of the negative talk.
You can do it by believing in yourself.
Brokers and managers, the smartest
thing YOU can do is provide training and encourage new skill building
for your agents. Keep them engaged
in productive activities such as networking opportunities, open houses
involving the entire office or office
tour of homes, or showing them how
to market their listings online. I’d also
suggest having “call nights” where
they call past clients to stay in touch.
Also provide them with valuable information such as:
• which price ranges are selling, list
price to sales price, days on market
• how to handle issues that arise at
closing
• how to work with appraisers to help
ascertain value
dream home. Price homes correctly,
and stage them well. Homes are still
selling! If you have listings that are
not priced and staged correctly, get
rid of them!
Brokers and managers, I’d tell you
to first trim the fat! That means look
at your costs, and see where you can
cut back. You also should look at your
agents, and trim a few of those as well.
Most brokers right now are carrying
agents who need to be out of the business. Those agents drain your office
resources and staff.
answers! When it comes to “asking” for
help, you’ll find this “dream team” of
experts to be a resource you can turn
to and rely on every time.
Keep an eye out for the other three
parts of this series: Just Two Things…;
Leadership Lessons From the Top;
and Motivated—Me? Our generous
experts shared more than 20 pages
of insight, inspiration and information
on these vital topics.
Panelist Resources:
Floyd Wickman – www.FloydWickman.com;
I’d also tell you that there has never
been a better time to recruit! Many
agents are unhappy and looking for
options. The brokers and recruiters
we’re coaching right now are having record-breaking recruiting years
because they pick up the phone every
day and talk to agents. In this market,
if you are not recruiting, you will not
survive!
Michael Krisa – www.ThatInterviewGuy.com;
And the last bit of advice is the same
advice that I gave the agents. DO NOT
read the newspapers, and turn the TV
off! We are coaching several brokers
who have doubled the size of their
office this year by ignoring the press.
If anything really bad happens, you
will know about it soon enough. All
of your friends who are glued to the
TV will call and tell you what is going
on! So stay focused, and keep moving
forward!
Claudia Wicks – www.REBaseCamp.com;
Thanks to all of our extraordinary
panelists for their extraordinary
Dave Beson – www.DaveBeson.com;
Bill Barrett – www.BillBarrett.com;
Darryl Davis – www.DarrylDavis.com;
Carol Johnson – www.RecruitingPipeline.com;
Michael Russer - www.onlinedominance.com;
Matthew Ferry – www.MatthewFerry.com;
Walter Sanford – www.WalterSanford.com;
Judy LaDeur – www.JudyLaDeur.com
Julie Escobar has more than 20 years
of sales and marketing experience in
the real estate and speaking industries.
An established author and industry
resource, you will find her consistently
seeking out innovative solutions, fresh
ideas, as well as creative products and
tools for the ProspectsPLUS! team of talented speakers, industry entrepreneurs
and of course, valued clients.
• what type of financing is available
• good news at the office such as new
listings, sales and price reductions
• short sale help
• foreclosure information
• how to get a price reduction
• how to help get a listing in good
condition or staged
Recruiting guru Judy LaDeur:
Agents, DO NOT read the newspapers,
and please turn the TV off! Agents
are glued to TVs and reading papers
like never before, just looking for
the gloom and doom. I say, “Ignore
the press!” There are opportunities
in every market, and the agents who
are finding them are having a great
year in real estate! This is a great time
for apartment renters to buy homes.
It also is a great time for sellers in a
starter price range to move up to their
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Phone: 888-223-5755
www.wnycommissionexpress.com
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Across the Association
NOVEMBER/DECEMBER 2009
11
Community Relations
Committee
By Janna Shillinglaw, Chair
Our committee has a few updates to
report to you! First, we’d like to thank
Jean Maloney and the Education and
Member Services Committee for helping us have a booth at REALTOR® Day. It
turned out to be an excellent opportunity for our committee to highlight the
success of the Community Outreach
Fund and thank generous GCAR members for donating money over the
years. Together we’ve donated over
$100,000 to local charitable organizations in the Capital District.
email us at communityrelations@gcar.
com.
In October, several GCAR participated
in the Making Strides for Breast Cancer
Walk in Albany’s Washington Park and
in the Great Pumpkin Challenge benefitting Saratoga Bridges. The Greater
Capital Association of REALTORS® was
a Monster Sponsor for the race held
annually in Saratoga Spa State park.
We hope to share some pictures with
you in the next ATA!
Also in October, GCAR President
Sandra Nardoci and I had the privilege
of visiting with and presenting a check
from the Community Outreach Fund
to Umbrella of the Capital District, a
nonprofit agency helping senior citizens and persons with disabilities live
comfortably and safely in their own
homes. Founded by Elaine Santore and
Ron Byrne in 1995, the organization
serves over 500 people in the Capital
District – helping seniors and the persons with disabilities keep the two
things they cherish the most – their
homes and their independence- by
providing low cost home maintenance
and a variety of personal services. If
you know someone who may benefit
from their services or if you would like
to read more about the agency, please
visit their website at theumbrella.org.
The Cash for Cartridges program to
benefit the Cancer Services Program is
wrapping up. If your office collected
cartridges and you aren’t sure how
to get them to our committee, please
Lastly, our committee would like
to let you know about our upcoming
efforts to help with the Northeast
Parent and Child Society’s Holiday
Hope campaign. We are still working
It's raining money! GCAR members Janna Shillinglaw and Sandra Nardoci present a
check from the Community Outreach Fund to Umbrella of the Capital District. Also
pictured: Co-founders Ron Byrne and Elaine Santore, and NACHI member Steve Mason,
who forwarded the application for funding.
on details and will be sure to get the
information out to GCAR members
in the very near future! There will be
many different opportunities to give
back this season and we hope you
will consider joining your fellow GCAR
members in shining a light of hope
on those served by this historic and
wide reaching organization. To get a
sneak peak of what the Holiday Hope
program is all about, please visit their
website at neparentchild.org.
As always, thank you for all that you
do to make our Capital Region communities a better place to live!
Protecting The REALTOR® Trademark
Proper Use With Firm Name
For purposes of this Manual [NAR’s
“Membership Marks”], the term "firm
name" means the local name by which
the firm is distinguished from other firms
by the Member Board, the state licensing
authority and the public. In the case of
firms that are affiliated with a franchise
organization and independent offices
owned by a conglomerate, the local firm
name, rather than the franchisor or conglomerate name and logo, serve to distinguish one franchise or conglomerate
office from another of the same franchise
or conglomerate and operating within
the same state or same market area. Use
of the firm address may also be useful in
identifying franchise and conglomerate
offices, but is even more important for
multi-office firms and independent firms
commonly owned.
With the foregoing in mind, the terms
REALTOR®, REALTORS® and REALTORASSOCIATE® may be used adjacent to,
but not as part of, the firm name.
The objective of this limitation is to
restrict use of the MARKS to a local firm
name, since it is the local firm which
has elected to be a member firm and
which is therefore subject to the Code of
Ethics and requests for arbitration before
the Member Board to whom that firm
belongs.
Examples of this requirement are the
following:
Improper Use
Blackacre REALTORS®, Inc.
Smith REALTORS®, Ltd.
Sunshine REALTORS® Homes
Proper Use
Blackacre, Inc., REALTORS®
Smith, Ltd., REALTORS®
Sunshine Homes, REALTORS®
Member John Doe's firm Doe Realty is a
franchisee of a franchise named DECADE
80, and Member Jane Smith's firm Smith
Realty is an independent office of an
interstate conglomerate named BYGONE,
are as follows:
Improper Use
Doe Realty, DECADE 80, REALTORS®
Smith Realty, BYGONE, REALTORS®
Proper Use
DECADE 80, Doe Realty, REALTORS®
BYGONE, Smith Realty, REALTORS®
When changing a firm name or selecting a new firm name, Members are
strongly encouraged to utilize the words
"Realty," "Real Estate," or similar terms that
indicate the real estate nature of their
business. When these words are used in
the firm name, the terms REALTOR® and
REALTORS® are more clearly and easily
perceived as indicators of membership
and professional commitment.
Proper Use
Preferred
Jack Jones Realty, Inc., REALTORS®
Acceptable
Jack Jones, Inc., REALTORS®
As noted previously, the terms
REALTOR®, REALTORS® and REALTORASSOCIATE® must always be separated
from the firm name by punctuation, even
when the term appears on a separate
line.
Improper Use
Jack Jones Realty, Inc.
REALTORS®
S.S. Smith
REALTOR®
Proper Use
Jack Jones Realty, Inc.,
REALTORS®
Proper Use
Jones, Inc., REALTOR®
Real Estate Broker/Builder
S.S. Smith REALTOR®
Smith Realty, REALTORS®
Real Estate Brokerage-Insurance
While the terms REALTOR® and
REALTORS® may be used in connection
with a firm name, they may not be used
in conjunction with a description of the
firm's other lines of business or any other
occupation or vocation of the Member,
even if the other occupation or vocation
is part of or related to the Member's real
estate business.
Use of words such as Builder or Insurer,
when used in conjunction with the terms
REALTOR® or REALTORS®, tend to mislead
the public into thinking that the term
REALTOR® is an ordinary descriptive word
which identifies an occupation or vocation, like the word builder or lawyer.
Improper Use
Jones, Inc., REALTOR®/Builder
Smith Realty, REALTORS® - Insurance
REALTOR® Members who are corporate
officers of national real estate brokerage
franchise organizations are not authorized to use the REALTOR® MARKS adjacent to, in connection with or as a part
of the name of the real estate brokerage
franchise organization.
12
Across the Association
NOVEMBER/DECEMBER 2009
CIREB Corner
Upcoming 2009 Marketing Sessions
November – Thursday November 5th hosted by Albany Management at 41 State
Street, Albany, NY. Georgette Steffens, Executive Director of the Downtown Albany
Business Improvement District will speak to the membership.
December – Thursday December 3rd Annual Meeting/Marketing Session hosted by
Windsor Development at 7 Southside Drive, Clifton Park, NY.
CIREB holds its monthly marketing sessions on the first Thursday of each month and
are free to all CIREB members. Guests may attend these sessions at a cost of $10.00 per
person. If you would like to attend a marketing session or join CIREB, please call Kelly
Pierce @ 518-464-0194 or visit www.CIREB.com for more information.
Welcome New Members
Broker Membership
Jennifer Brandolino – NY’s Real Estate Connection, Albany
Jim Villasenor – Bethlehem Realty Assoc., Glenmont
Associate Membership
Leah Capobianco – Conley Realty Services
Janice Cotton – TechValley Homes Real Estate
Mary Cox – Pyramid Brokerage Corp.
Richard Curri – Conley Realty Services, Albany, New York
October Marketing Session host John MacAffer; Marketing Committee Chair
Jim Conroy; guest speaker William Sweet, VP Engineering & Construction, Price
Chopper Supermarkets and Jeff Sperry at the October Marketing Session.
Appriaser Membership
Caryn Zeh ­- Caryn Zeh Appraisals, Glenmont New York
Education
Friday December 4th - 7.5 Hours CE Credit (pending NYS approval) Selling Commercial
and Investment Properties, Issues, Money and Laws, includes 3 hours of Fair Housing/
Discrimination Instructor Ed Smith, CREI, ITI, CIC, GREEN, RECS. Cost: $85.00 for CIREB
Members, $100.00 for non-members. Continental Breakfast and lunch included.
Upcoming Events
A Night of Music: Saturday November 14th 7:30pm. CIREB spends an evening at
the Albany Symphony. A private reception for CIREB members will follow with Albany
Symphony Conductor David Allen Miller and Joseph Carr, Joseph Carr Wines.
Annual Holiday Fundraiser - Thursday December 10th 5:30-9:00pm at 74 State. In
the spirit of the Season, CIREB will raise money for the Capital District YMCA Reach Out
For Youth's campaign. Cost: $10.00 donation
24859_Mbr_GreaterCap_5x8
5/28/09
3:07 PM
Page 1
CIREB Directors Peter McKee and Jessica Richer man CIREB's booth at the Annual
GCAR REALTOR® Day held in September.
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