Chairman’s Message – Mary Ann Hinrichsen, SMDRA Chairman of the BoardToggle
I’m sure you have been paying attention to the information regarding appraisals, correct? Obviously, because of the appraisal services, the lenders are having an extremely difficult time acquiring appraisals in a timely fashion. I would venture a guess that many of you who have a contract pending at the moment are able to attest to the time frames facing this situation. Much of the time issue is blamed on the lack of appraisers available to complete the work.
It is obviously much bigger than that though. The cost of an appraisal has risen dramatically. It is certainly an issue you must raise with your buyer clients, or even your seller clients. It may well become a larger point for negotiation should this market in which we reside soften further. The appraisal costs have risen from $300 to $500 to $1,000. I have heard of far higher yet. These costs can provide huge constraints upon the financial resources of a first time buyer, or even a second time buyer with only a smaller down payment available. What is driving the price? Undoubtedly, there are several issues, but one of them is the lack of available appraisers to actually do the work. Many appraisers have dropped out of the industry. Income to hours worked ratio has been their primary and legitimate complaint.
It would be advisable to chat with the lender that the buyer is using whether your buyer or the buyer for your listing. Find out exactly the time constraints which have been experienced by them, as well as the costs being incurred. This will certainly help insure an accurate closing date and smooth transfer of the property.
Where does it end? It is difficult to say how this may be rolled in, given all of the current laws designed to ‘protect’ the consumer? The requirements for an individual to now become an appraiser are very stringent: a college education as well as the itinerant education required to then delve into the world of appraising. That is a tall order. That means we have a shortage. The income earning potential as of right now is low, as the services take a huge bite out of the actual costs.
Perhaps the time has come to speak out. Why don’t you document your appraisal experiences, once again, and send those experiences to DORA. It would be a start. Right now the system is completely out of balance. It is up to each of you to take the time to speak up. Let’s get those scales back in balance.
Aspire to Inspire!
Longtime SMDRA Member Dewayne Willardsen Has PassedToggle
We regret to inform you that Dewayne Willardsen, longtime REALTOR® with Keller Williams Realty DTC, has passed. Funeral services will be held this Saturday, September 17, 2016 at the Ridge building located at 910 W. Ridge Road, Littleton, CO 80120.
Viewing, Relief Society Room: 9:00 a.m. to 10:30 a.m.
Funeral Service: 11:00 a.m.
SMDRA 2017 Dues BillToggle
THANK YOU for being a member of SMDRA!
Your membership comes with tons of benefits, including FREE tech support, FREE continuing education credits, FREE monthly power luncheons featuring hot topics, FREE access to present your listings on a weekly basis at Metro Market Pulse meetings, and access to dozens of tools, information, resources and discounts available through SMDRA, Colorado Association of REALTORS® and the National Association of REALTORS®. Click to learn more.
SMDRA REALTOR® Summit: Economy, Housing & Financing for Today’s MarketToggle
There’s a fine line between a buyer who can buy and one who can’t. As a real estate agent, you are often a consumer’s first point of contact and trusted guide through all phases of a real estate transaction – including financing options. Now more than ever it’s important to uphold this trust by understanding recent changes in the housing market, secondary market guidelines with Freddie Mac and how credit scores impact a buyer’s purchasing power.
Become informed about the current state of the housing and mortgage market to better educated the buyers and sellers – featuring guest speaker Leonard Carl Kiefer, Deputy Chief Economist with Freddie Mac; Rick Padilla, Director of Strategic Markets Corp with Relations and Housing Outreach; Mark Kraft with US Bank Home Mortgage.
This event is FREE to SMDRA members and will be held on Tuesday, September 27 in the SMDRA Activity Center from 7:45 a.m. – 12:30 p.m.
SMDRA.com Now Features Affiliate Search DirectoryToggle
Due to popular demand, the SMDRA Affiliate Search Directory is now available on the SMDRA website. The online tool is under Member Resources > Affiliates/Vendors > Find An Affiliate Vendor. We also have added an Affiliates by Category downloadable PDF for your use, which can be found under Member Resources > Affiliates/Vendors > Affiliate by Category. View the latest downloadable PDF here.
This makes it even easier to find the services and products you need from our Affiliate Business Partners.
Inaugural 2016: Excellence is a choice.Toggle
Come and join SMDRA as we appoint our new Chair and Board of Directors at an elegant Inaugural ceremony held at the beautiful Marriott South Denver at Park Meadows. Awards will also be given to honor the REALTOR® of the Year, Affiliate of the Year, and Rising Star in memory of Don B. Weist Award.
• September 30, 6 – 9 p.m.
• Check-in, photos, cocktails at 6; Dinner & Awards Ceremony at 7
Affiliate Business PartnersToggle
Last week’s Affiliate Business Partners:
• Erin Tarr | Cutco Closing Gifts
• Amanda Metzger | 303 Carefree Service Solutions
• Deb Atwell, Desiree Banka & Stevie Hill | North American Title
Save the DateToggle
2016 CAR Fall Conference & Expo – Members save $50 with code SMDRA2016!
September 21-23, 2016 | Broomfield, CO
REALTORS® Conference & Expo
November 4-7, 2016 | Orlando, FL
SavvyCard® FREE WebinarToggle
SavvyCard will be offering a FREE webinar on Thursday, September 15 from 11 a.m. – 12 p.m. Go on a tour of your SavvyCard, a FREE member benefit courtesy of SMDRA. We will be highlighting the important features and benefits of incorporating your SavvyCard into your daily real estate routine, saving you time and making you more money. This live webinar will last approximately 45-mins with a 15-minute question/answer segment at the end.
Click here for more.
Ninja Selling Installation
October 3-6, 8:30 a.m. – 5 p.m.
$695 SMDRA Members/$795 All Others – Previous Ninjas can audit for $350, must call to register for audit 303-797-3700
Become a NINJA in Real Estate!
Four unique principles of Ninja Selling
- Personal Mastery: When you get better, your business gets better.
- Stop Selling! Start creating value.
- Business Strategy: Focus on people who know you.
- Connect & Communicate: It’s all about them, not about you.
In this class you will learn:
- Increase your income per hour so you can have a life.
- Help you properly set goals and program your non-conscious mind for success.
- Install a sales system that gives you predictable results.
- Install a step-by-step process that helps borrowers make good “balanced brain” decisions.
- Install a system that generates a continuous flow of customers coming to you.
September 21 from 9 to 11 a.m. | $20 for SMDRA Members/$30 All Others
In this class, we will review changes to FHA Guidelines and get a refresher of relevant loan information specializing in FHA lending.
What’s It Worth? How to Understand and Estimate Value
September 29, 1 – 5 p.m. | $40 for SMDRA Members/$50 All Others
Have you ever wanted to know what an additional bathroom is worth, or what backing to a busy street does to the value of a home? What’s the value of a finished basement, or how do you determine what a walk-out basement is worth? Do you ever ask yourself this question; My Sellers spend a ton of money upgrading their home, what will buyers pay for all of these improvements? If you are interested in better understanding value and how to utilize appraisal valuation techniques then this class is for you. Get the knowledge and tools to prepare an accurate and effective CMA. Gain the knowledge to make better business decisions by understanding values.