Storyboard: From angry neighbor to loyal client…

Introducing Storyboard: by and for Virginia REALTORS®

Virginia REALTOR® Trish Corvelli kicks off our new Storyboard feature with a valuablestoryboard-contributors-corvelli-trish
lesson for those who are brand new to the business and seasoned members alike. Perseverance pays.

When Trish became a REALTOR® in 2003, she dove right into marketing herself and at the same time dove right into a neighbor’s unexpected ire. After following her broker’s advice to broaden recognition by leaving introductory material at homes in her area, she received an intensely angry email from a nearby neighbor. He was incensed that she had left material at his home, putting her ‘on notice’ that any further attempt at solicitation would result in legal action to defend his property rights against trespass. New to the business, Trish was stunned at the outrage to her innocuous introduction. But she kept her cool and emailed a sincere apology for the seeming intrusion. The follow up response was just as surprising as the initial anger. ‘Gary’ appreciated not only that she had taken his complaint to heart, but that she had the courage to extend herself despite his stern warning.

His words commended her effort and are an enduring lesson for all REALTORS®: “Be patient, use your instincts, set yourself apart from the rest of the crowd, when it gets tough hang in there, and you’ll do well in your new endeavor.”

The ultimate outcome? A (surprising) new friend who became a client AND a source of three referrals.

Ready to share your REALTOR® story? We want to hear about your experiences, inspirations, and obstacles. Contact us at Outreach@varealtor.com. Submissions are welcomed on a rolling basis.

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The next headline could be yours…

We are adding a new content stream to our blog, newsletter, and social media. And, it’s all about… YOU. blog-mosaic-1-3

Every week, we will feature a member story – a business story, an account of community impact, thoughts on a topic of particular interest, RPAC inspiration and more. Do you have a story or idea to share with your statewide business peers? We want to hear from you about your challenges, inspirations, client service, networking, community engagement, and association involvement. To submit an idea, contact Outreach@VARealtor.com.

Please note that stories will be vetted before appearing on Virginia REALTOR® channels and will not reduplicate legal resources.  

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Legal Video: New Forms

On January 1, 2017, Virginia REALTORS® released one new form, Form 670 – New Construction Contract of Purchase. Additionally, 8 forms were updated:

  • Form 400 – Exclusive Authorization to Sell
  • Form 410 – Exclusive Authorization to Sell – Limited Service Representation
  • Form 420 – Independent Contractor Listing Agreement
  • Form 450 – Exclusive Buyers Brokerage Agreement
  • Form 460 – Non-Exclusive Buyers Brokerage Agreement
  • Form 920 – Tenant Representative Independent Contractor Agreement
  • Form 975 – Listing Agreement – Exclusive Right to Lease
  • Form 980 – Exclusive Right to Represent Tenant

Laura Farley, Vice President of Legal Operations and Deputy General Counsel, explains the new form and the changes made to the brokerage agreements. Click the video to watch.

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Legal Video: Property Management Escrow Accounts

VAR’s Erin Barton discusses the Virginia Real Estate Board regulations governing property management escrow accounts. Topics covered include account set-up and maintenance, broker responsibility, timelines for deposit, escrow disbursement, and differences between security deposits, application deposits, prepaid rent, and monthly rent. Click the video to watch.

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Legislative Conference Special Session: VHDA Professional Training

The 2017 Legislative Conference will feature an educational session (for CE credit) on the most vhdacurrent VHDA loan program information. VHDA has modified many program guidelines and introduced several new creative loan programs to make housing more affordable for even more potential homebuyers. Information addressing common myths and misconceptions concerning VHDA programs and guidelines will be provided. The seminar has been designed specifically for REALTORS®.

Don’t miss this opportunity and the other continuing education opportunities at the conference. Explore registrations options here.

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BREAKING NEWS: Federal Reserve raises key rate

The Federal Reserve Bank made a long-anticipated announcement on Wednesday to raise the key interest rate by a quarter point. The decision was unanimous. Though modest, the hike indicates growing confidence in the national economic outlook. The announcement suggested that 2017 would bring further rate increases, specifically projecting three raises for a rate of 1.4 percent by year end. What does this mean for prospective home buyers? Time will tell. But, even with the key rate going up for the first time in a long time, financing remains affordable for borrowers. For lenders, higher margins on loans could loosen requirements and create greater eligibility for potential buyers.

Read more here.

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‘Shared-equity’ program could boost homeownership by helping buyers over down payment hurdle

New down payment assistance is putting homeownership within reach of more consumers and boosting the buying power of others, sometimes by hundreds of thousands of dollars.

Federal mortgage guarantor Freddie Mac is piloting a groundbreaking program that lets homebuyers get half of a 20 percent down payment covered by a financial firm in exchange for home equity. The down payment assistance comes from Unison Home Ownership Investors (formerly First Rex) — a San Francisco-based firm that invests in homes alongside buyers and lets homeowners sell home equity for cash. If Freddie Mac expands the experiment, mortgages with investor-supported down payments could be available for more widespread use.

Read more on this development on Inman. Written by Teke Wiggin.

 

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Legal Video: Compensation Under Listing Agreements

Laura Farley, the Virginia REALTORS®’ Vice President of Legal Operations and Deputy General Counsel, discusses the compensation paragraphs in VAR listing agreements. Sellers often wonder about how much they are going to have to pay when listing their property and who they have to pay. This video explains the differences in the compensation paragraphs, how they interact, and why sellers get confused about their bottom line. Click the video to watch. 

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Legislative Advocacy Conference: Registration Now Open

fb-post-legislative-advocacyJoin hundreds of REALTORS® in downtown Richmond for the Virginia Association of REALTORS® annual flagship advocacy event. The legislative conference is not only an education and awards summit, but the chance to engage Virginia lawmakers directly on issues that affect our business and our clients. In addition to Day on the Hill visits to the State Capitol, key programs include lunch with nationally renowned political commentator Larry Sabato, dynamic opportunities for continuing education credit, and recognition of RPAC achievements. Accommodations are available at the event site (Omni Richmond) and nearby properties, but are limited.

 

Register today to guarantee your stay and your seat at the limited-attendance lunch.

 

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The Season of Giving

The staff of the Virginia Association of REALTORS® has an annual giving tradition with the Salvation Army. This year, staff members sponsored 25 Salvation Army Angel Tree angels and put smiles on the faces of not only the children who receive these gifts, but the volunteers who collect them. We are proud to support community initiatives that create goodwill and improve the lives of neighboring families. And, we are proud to share the stories of REALTORS® and local associations around the Commonwealth that gather gifts, coats, and provisions and who volunteer actively through organizations like the Salvation Army and the Boys & Girls Club.

Share your impact story on our Facebook page or email Outreach@VARealtor.com.

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