Coaching Corner: Why are you in this business?

By Marilou Butcher Roth

Think back, if you will, to when you first became aware that real estate might be a career choice for you. The reasons are vast, and a common thread that always seems to run through choosing real estate as a career is the desire to be of service.

Don’t get me wrong, I have encountered agents who are very clear they are only in it for the money and I can assure you those agents tend to either be out of the business pretty quickly, or if they maintain some longevity, they may be feeling as if there is something missing in their lives.

What an honor to participate with clients in this adventure. Buying and selling homes is an emotional experience, sometimes bringing feelings up that catch you by surprise. Having an agent equipped to facilitate the transaction in an easeful way cannot be underestimated. Are you that agent? Do you keep a clear head in the face of problems?

One of my new agents spoke words that have remained with me for several years. He said, “I view myself as an extension of my clients.” We are here in this business to be just that, an extension of our clients and their desires. We bring many skills to our clients, one of the most important being to keep our client’s needs and desires at the forefront of our minds and directors of our actions.

This message is short and simple — are you staying connected to your deeper purpose? Are you treating your clients and other agents in a way that you would want to be treated? Do you put your head on your pillow at night feeling good about what you have done during the day? Most of you will answer yes. If not, you can easily shift yourself into living a more purposeful life including how you look at your real estate career.

If you find that you are having some difficulty with this process, you may consider doing some journaling first thing in the morning. This practice is highly effective for creating clarity and calmness. Let yourself write whatever comes to mind, no matter how silly it seems. Clear the cobwebs out and you will be delighted at the thoughts that remain. From this point you clan being to pose more pointed questions to yourself when you write, such as “how can I stay connected to my greater purpose or vision?”

And, as always, enjoy!

 

Marilou Butcher Roth is the owner of The MBR Group, a coaching and training company working primarily with REALTORS who have a desire to work and live from a more inspired place. She is also the Broker/Owner of Group REALTORS in Cincinnati. Marilou is a member of the OAR Executive Committee and immediate past chairman of the organization’s Communications Committee. Feel free to contact Marilou to see if coaching is right for you: Marilou@mbr-group.com

Tags: Coaching Corner, training

Ohio Market Watch: Inventory of homes for sale remains tight

By Greg Stitz, OAR Director of Research

The Ohio Association of REALTORS’ latest Housing Market Confidence Survey reveals a reported increase in the number of homes on the market by one-third (36 percent) of respondents. Survey participants were asked to indicate any noticeable change with regard to the number of homes on the market in their area. 46 percent noticed a slight or significant decrease in the number of homes, one-third (36 percent) noticed a slight or significant increase and 18 percent noticed no change at all.

Survey results are based on responses to a monthly survey, designed to capture the effects of the existing economic conditions and trends on the real estate industry, sent to a pool of 1,500 OAR participants. Click here to participate in future OAR Housing Confidence Surveys.

Tags: Ohio Market Watch, research

Ohio’s REALTORS bullish about the current housing marketplace

By Carl Horst, OAR Director of Publications/Media Relations

The mood within the ranks of Ohio’s real estate professionals about the current state of the housing market has reached its highest level of the year, according to the latest tracking survey by the Ohio Association of REALTORS.

The findings of our July Ohio REALTOR Confidence Index show a seven point gain from the June results, pushing the “current condition” score to 72. The mood regarding the market’s long-term outlook and the potential movement of home prices remained steady, at 66 and 73 respectively.

Looking back to July 2013, the overall sentiment of the current marketplace increased two points.

 

Ohio REALTOR Confidence Index

July 2014 June 2014 Difference
Current Housing Market 72 65 +7
Housing Market (Next 6 Months) 66 66
Home Prices (Next 12 Months) 73 73

 

It’s worth noting that the industry’s views are significantly more bullish than what REALTORS say exists among their buyers and sellers. While the profession’s views of the current market reached their peak in July, REALTORS say the mood of buyers and sellers stands at 59 (down one point from the June 2014 score of 60).

Survey results are based on responses to a monthly survey, designed to capture the effects of the existing economic conditions and trends on the real estate industry, sent to a pool of 1,500 OAR participants. Click here to participate in future OAR Housing Confidence Surveys.

 

Tags: Ohio REALTOR Confidence Index, research

Ohio housing sector heats up in June; marketplace posts gains in number of homes sold & average price

By Carl Horst, OAR Director of Publications/Media Relations

The number of homes sold across Ohio in June increased 4.7 percent from the level posted in May, according to the Ohio Association of REALTORS.

Home sales activity in June increased slightly from the level reached during the month a year ago, recording a 0.1 percent increase.

“Through the mid-point of 2014 the Ohio housing market has been able to display stability in the overall level of sales activity and steady growth in pricing,” said OAR President Chris Hall. “It’s evident that we’ve made significant progress in building a solid, stable foundation for the state’s housing sector, one that is able to withstand the certain ebbs and flows that will occur due to market conditions.”

June’s average home price of $163,711 reflects a 1.2 percent increase from the $161,846 mark posted during the month last year.

Sales in June reached a seasonally adjusted annual rate of 132,464, increasing 4.7 percent from the 126,564 level posted last month. The market also experienced a 0.1 percent increase in sales from June 2013’s seasonally adjusted annual rate of 132,338. Sales during June 2014 reached the highest level for the month since 2007.

Around the state, 13 of the 20 markets tracked reported increases in sales activity levels or remain unchanged during the month. All but five local markets showed an increase in average sales price.

Home sales during the second quarter were up from the first quarter, but were down slightly from the same period a year ago. Specifically, second quarter 2014’s seasonally adjusted annual rate reached 127,178, a 9 percent increase from the first quarter mark of 116,660. Activity in the marketplace during the quarter declined 1.4 percent from the second quarter 2013 level of 139,038. Second quarter 2014 dollar volume of $5.6 billion is up 1.0 percent from the same period last year.

Data provided to OAR by Multiple Listing Services includes residential closings for new and existing single-family homes and condominiums/co-ops. The Ohio Association of REALTORS, with more than 27,000 members, is the largest professional trade association in Ohio.

Click here to view OAR’s seasonally adjusted Ohio home sales report. To access a market-by-market analysis of sales activity throughout Ohio, click here.

Tags: home sales, research

Legally speaking: What does Ohio license law say about…?

By Peg Ritenour, OAR Vice President of Legal Services/Administration

The OAR Legal Assistance Hotline receives an array of real estate-related legal questions — including license law issues, disclosure, contract law, ethics and commission problems, among others. In an effort to help you work within the law, our “Legally Speaking” series spotlights some of the timely questions that are being asked by REALTORS. The following are some of the most frequently asked regarding license law…

I am moving to another state. Can I still maintain my Ohio real estate license?
A: Yes. Residency in Ohio is not required to be licensed here.

A salesperson from another brokerage has submitted an application to transfer her license to my company, but it has not been processed yet. Can she go on a listing presentation for my company, if another agent or manager from my company goes with her?
A: No. A salesperson can only act on behalf of a brokerage when the Division of Real Estate has actually issued a license in the name of the new broker. Therefore, the agent should not make listing presentations or do anything on behalf of the new brokerage until her license has actually transferred to that new company.

One of my sales agents wants to handle the rental of a duplex his father owns. My brokerage doesn’t do property management. Can he do this on his own?
A: The leasing or managing of real estate for a fee, commission or anything of value, is activity that requires a real estate license. Therefore if the agent is being compensated for leasing or managing this duplex, this activity must be done in the name of his broker. The fact that the property is owned by a relative does not matter.

Can I pay a finder’s fee or give a free month’s rent to tenants who refer other prospective tenants to me?
A: No. Referring a prospect for the lease, purchase or sale of real estate for a fee or anything of value is conduct that requires a real estate license. Therefore, this tenant may not legally accept a finder’s fee or free month’s rent and a licensed agent or broker my not pay an unlicensed person for such conduct.

Do real estate agents licensed with my brokerage have to purchase and sell their own property through my company?
A: There is no legal requirement that agents purchase or sell their own property through the broker with whom they are licensed. However, a broker can require this as a condition of working for the brokerage. If a broker wants to impose this requirement upon his agents, it is advised that this be set forth in the independent contractor agreement with the agent and/or in the broker’s policy manual.

Am I responsible or liable for my agent’s personal real estate transactions if they are not “run” through my brokerage? Does my agent have to provide me with copies of the documents involved in these transactions?
A: If the property is not listed with your brokerage and you are not otherwise involved in the sale, rental or purchase of the property, you and/or your company should not have any liability for these transactions. To avoid any claim that your firm is involved with or responsible for these transactions, you should make sure that your agent is not using purchase contracts, leases, etc., that bear your brokerage name, logo, etc., or reference “broker” any way (i.e. earnest money deposit sections). Further, because these transactions are not being handled by your brokerage, the license law does not require you to maintain copies of the documents involved in these transactions.

Are attorneys exempt from the real estate licensing requirements?
A: Ohio Revised Code Section 47235.01 (K) provides that an attorney is exempt from the requirements to be licensed if the conduct he is engaged in is part of the performance of his duties as an attorney. Examples of situations that would fall under the exemption would be an attorney who is selling property that is part of an estate or liquidating property as an asset in a bankruptcy proceeding.

Can I use an unlicensed person to serve as a host or hostess at an open house?
A: A real estate license is required of anyone who assists in the procuring of prospects for the sale of real estate. Because the purpose of an open house is to capture prospects to buy the house, generally only licensed persons should represent the brokerage at an open house. An unlicensed person may be present only to greet persons and may not answer any questions or provide any information.

Can an unlicensed person solicit business for the brokerage by providing information on the brokerage and brokerage services to potential clients and customers?
A: No, this activity requires a real estate license.

If a broker has decided to close his company and activate his sales license with another brokerage, can listings with the broker’s company be taken to the other brokerage?
A: No. Listing agreements are personal service contracts and are only assignable with the consent of the seller. The sellers would have to either sign such an assignment or enter into a new listing agreement with the other brokerage.

Tags: legal, Legally Speaking

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