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cathrynstreich · 2 years

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Our New (Virtual) Reality: Lead Generation in a Digital World

The COVID-19 pandemic caused a wave of innovation in the real estate industry. Those who were able to rise above the challenges were the ones who initially elevated their virtual capabilities. Since then, virtual lead generation strategies have proven themselves to be so useful that they’re here to stay.

The pandemic showed us that virtual open houses and virtual home tours open up more opportunities for homebuyers, sellers and agents alike. They allow agents to scale their efforts to do upwards of 10 open houses in a week instead of just one or two. Not only can you do more of them, but you can also get more people “at” each open house with hundreds of online views.

These virtual services bring in an influx of qualified leads rather than only a dozen people coming through a physical open house. Sellers love this. The exposure is great. And they don’t have to worry about a ton of people in their home. What’s more, buyers love the accessibility, and agents appreciate the reusability.

An agent can do one open house and get a ton of mileage out of it. You can send the open house link to buyers who missed it, increasing your lead generation efforts. This means that you can keep the open house going in perpetuity, increasing the number of money-making activities that you do without putting in as much time or effort.

While we may have cultivated our relationships in person in the past with door-knocking or lunch dates, we can stay connected virtually, if there is still a focus on meaningful personal touches. Lead generation and conversion can be highly effective over the phone and at a distance with the right mindset and tools.

If the new virtual reality of real estate suits you, and you’re ready to increase your production and longevity, download our free resources entitled How to Be a Master of Virtual Real Estate and Lead Generation With Virtual Open Houses on Steroids. You can build relationships, conduct business and close deals if you follow the wisdom of our highly successful crowd of real estate coaches and top-performing agents.

Verl Workman is the founder and CEO of Workman Success Systems, a real estate consulting company that specializes in performance coaching and building highly effective teams. Contact [email protected] for more information and free downloadable resources.

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cathrynstreich · 2 years

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Real Estate Q&A: How Should Condo Board Tell New Residents About Fee Increase?

(TNS)—Q: How should the board member interviewing new residents in our condominium association handle knowing there will be a significant increase in the monthly maintenance fees due to the increasing insurance premium? It is a sensitive subject for sellers to discuss with buyers, but we want to be transparent as an association with our new neighbors. — Maureen

A: Rising costs, underfunded reserves and needed maintenance are big issues right now for condominium associations that will require the residents to pay more each month.

These increases will occur in most associations, and everyone buying or living in a condo should know about this issue.

Dues, taxes and insurance almost always go up each year, and while maintenance dues can stay the same for a while, eventually, everyone’s dues will rise.

The seller should be disclosing pending increases and special assessments as part of the sales process, but many are unaware of the inner workings of their community and may not know of the rise.

The board has to walk a fine line between disclosing important information to potential new owners while not going overboard and interfering in the transaction.

Make sure this information is being shared with your residents and only share the same information with the applicants.

Post information in the lobby, email residents and generally let everyone know about these upcoming expenses. People grudgingly accept increased costs if they understand the reason.

After getting your association’s attorney’s approval, you can include the upcoming budget and projected expenses in the application process.

If the applicant asks about possible increases, be truthful but do not guess information you are unsure of.

There is nothing wrong with telling someone that the dues will increase; you do not know how much yet because you are waiting on the insurance quote. Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He practices real estate, business litigation and contract law from his office in Sunrise, Fla. He is the chairman of the Real Estate Section of the Broward County Bar Association and is a co-host of the weekly radio show Legal News and Review. He frequently consults on general real estate matters and trends in Florida with various companies across the nation. Send him questions online at www.sunsentinel.com/askpro or follow him on Twitter @GarySingerLaw.

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cathrynstreich · 2 years

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Realogy Appoints Social Impact Leader

Realogy Holdings Corp. recently announced the appointment of Ivonne Furneaux to steer the company’s diversity, equity and inclusion (DE&I) strategy.

As vice president, DE&I, Furneaux will amplify Realogy’s mission to empower diverse communities, overseeing DE&I initiatives across the company’s employee, franchise owner and affiliated agent populations. Furneaux will report directly to Realogy’s Chief People Officer Tanya Reu-Narvaez, who helped pioneer many of the company’s DE&I initiatives over the course of her 20-year tenure.

“In this role, Ivonne will lead Realogy’s ongoing efforts to drive meaningful change through diversity, equity and inclusion,” said Reu-Narvaez in a statement. “Ivonne brings a wealth of experience cultivating sustainable and impactful DE&I strategies, and her vision and leadership will help Realogy further expand and amplify our efforts to create a more diverse, equitable and inclusive landscape across the real estate industry.”

“The possibilities at the intersection of real estate and DE&I are limitless,” said Furneaux in a statement. “From driving entrepreneurship and enabling homeownership to empowering careers and building an inclusive workforce that represents the communities we serve, we have a tremendous opportunity to drive meaningful change. I’m honored and excited to join Realogy and advance the great work already in motion as we drive even more impact in the company, the industry and beyond.”

Prior to joining Realogy, Furneaux served as DE&I Director at UnitedHealth Group, a Fortune 5 healthcare company, where she developed diversity, equity and inclusion strategies and programs. She also has held cross-industry leadership roles at SSAB, Target Corporation, Office Depot, Coinstar and GMAC Home Services.

Over the course of 2021, Realogy expanded on and launched a number of initiatives as part of its ongoing strategic efforts, including the introduction of an internal Real Career Connections program, which matches diverse, high-potential employees with executive leaders for mentorship and opportunities.

Realogy also offers strong support for and involvement in real estate associations that promote diversity and inclusion, including the National Association of Hispanic Real Estate Professionals (NAHREP), National Association of Real Estate Brokers (NAREB), the Asian Real Estate Association of America (AREAA), WomanUp and The LGBTQ+ Real Estate Alliance.

As part of the company’s continued efforts to rally the industry toward progress, Realogy also has expanded access to its Fair Housing training course to real estate professionals across these organizations and launched a partnership with the National Association of Minority Mortgage Bankers of America (NAMMBA).

For more information, please visit www.realogy.com.

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cathrynstreich · 2 years

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Vermont Broker Affiliates With Century 21

Stacie M. Callan, previously broker/owner of Mega Realty Center, has affiliated with Century 21 Real Estate LLC. Callan and her team will now operate as CENTURY 21 MRC.

“This move will allow me, my family of agents and their clients and customers to collectively achieve our greatest real estate ambitions,” said Callan in a statement. “The client-centric approach and laser-like focus on quality service and industry ratings aligns perfectly with our culture. Building memorable experiences that help make the comprehensive process of buying and selling real estate a journey worth celebrating.”

“Stacie has a long history of making an impact on the lives of the people and families she works with, and her local philanthropic work is unparalleled,” explained Mike Miedler, president and CEO of Century 21 Real Estate LLC, in a statement. “This is extraordinary news for us but more importantly, it’s even better for the real estate consumers she serves today in northern Vermont and those markets I expect she will grow into in the future.”

For more information, please visit www.century21.com.

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cathrynstreich · 2 years

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Fathom Adds to Leadership Team

Fathom Realty recently made several changes to its leadership team, expanding its team in multiple areas, including Hawaii, Massachusetts and Alabama.

Fathom added the following individuals to its District Director Leadership team:

Jihan Rachel E. Brooks District: Fort Wayne, Indiana Beginning her real estate career in 2011, Brooks adopted the 3Cs (Caring, Competent and a Connector) when serving her 3Cs (Customers, Clients and Colleagues). Brooks and her husband Daniel are a Fathom Spouse Team.

Oscar Hernandez District: Las Vegas, Nevada, and Nevada State Broker A Las Vegas local for over 21 years, Hernandez has worked in the local real estate market since 2010. As an investor and a real estate professional, Hernandez has had the opportunity to serve hundreds of families to buy, sell and invest, as well as helping businesses and religious organizations in the purchase of commercial properties. Hernandez joins Fathom from Souce Realty along with 24 agents that specialize in serving the Hispanic community in realizing their dream of homeownership.

Amber Pindak District: Fort Myers, Florida Pindak has operated a successful real estate business since 2003. Initially licensed in real estate as a tool for real estate investing, it didn’t take her long to realize the license didn’t come with the market knowledge and expertise necessary to make significant financial decisions for her family and investment partners. With that realization, Pindak dedicated herself to mastering the skills and knowledge needed to navigate the turbulent waters of real estate.

Brett Young District: Cleveland, Ohio With over 20 years in the real estate industry, Young’s primary focus has been finding the perfect home for his clients with unsurpassed service. Young is licensed in multiple states and brings real estate expertise that benefits his clients across Ohio and Arizona. After selling hundreds and hundreds of homes, Young is a multi-million-dollar producer across his local markets.

Richard Pascua District: Hawaiian Islands and Hawaii State Broker Pascua has been in real estate for more than 30 years, starting his career on the island of Oahu. Pascua’s A-B-C leadership style, training and team-building skills are all about serving agents with a bottom-up mentality.

Stephanie Thompson District: Southeast Massachusetts Thompson began her career in real estate simply to help a family member in the business but quickly realized that her passion for helping others reach their goals was well-suited in the industry. After retiring from her corporate career to focus solely on her real estate business, she thrived in growing her business, sharing her knowledge and resources with other agents, and servicing her clients.

Michael Walton District: Central Alabama With almost 20 years in real estate, Walton is excited to grow the newly opened Central Alabama market using his leadership, training and team-building skills to help new agents start their businesses successfully and encourage experienced agents to continue to grow their businesses. Walton brings experience in residential, commercial sales and listings and has managed numerous developments in both real estate arenas. He also has expertise in large land sales and investment properties.

Kara Willis District: Greater Boston – South Shore and Massachusetts State Broker Willis believes that growth is a continual journey of seeking knowledge and helping others and has been the guiding force in her successful, 24-year real estate career. Willis’ combined experience in communication, psychology, sales, marketing, business development, and love of technology and innovation brings valued services to her clients. Willis has been mentoring and training agents for years and has a passion for sharing her knowledge and expertise with others to help them develop their unique styles and individual business goals. For more information, please visit www.fathomrealty.com.

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cathrynstreich · 2 years

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Meal-Prep Tips for Busy Family Mornings

Most families have their fair share of hectic mornings. If you need help getting your family out the door on time, look no further than these meal-prep ideas

Egg Cups Shave some time off of your commute by prepping your own egg cups at home. Get creative with ingredients and prepare them over the weekend to save time during the week.

Frozen Breakfast Burritos To make your breakfast prep painless, make some burritos in advance. Customize them with eggs, meat and cheese for a protein-packed way to start your day.

Breakfast Charcuterie This picnic favorite can also serve as a well-balanced breakfast. Create a sweet and savory mix of cheeses, honey, fruit, mini bagels and cured meats.

Protein or Veggie Muffins Muffins are a breakfast classic that everyone enjoys, but they may not sustain you for long. For a nutritional boost, add protein or nut powder, or a variety of veggies.

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cathrynstreich · 2 years

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Stronger Together: United Real Estate on Achieving High Growth

United Real Estate is celebrating its 10th anniversary this year, and the company’s explosive growth has captured the attention of many within the real estate and investment communities.

Thanks to year-over-year, double-digit growth, established real estate companies and agents are joining United and reaping the benefits.

By providing the latest training, marketing and technology tools to both agents and brokers under a 100% flat-fee commission strategy, United has proven to be an industry standout. By teaming with United, agents are able to achieve higher net earnings, and brokers can leverage a complete system to grow a successful, thriving real estate business.

Solid Partnerships Virtual Properties Realty, a United Real Estate Company, operates 14 offices from the Georgia coast to Greater Atlanta and into North Georgia and the Smokies. The firm ranks as the top marketshare holder in Atlanta and throughout the state of Georgia.

Wagner

“We are a company that has always paid attention to market trends and has stayed ahead of the times,” says Co-Founder Steve Wagner. “We’ve won numerous awards for being a company with the best vision.”

Feeling like they may have gone as far as they could on their own, the firm merged with United in December 2020 and recently celebrated their 4,000-agent milestone.

Since merging, Wagner has experienced a lot less stress thanks to the amazing support United offers. Plus, the fact that United is in 27 states has helped his firm go from a local/regional company to a national organization.

“United’s Bullseye technology filled our needs. We realized the benefits of the marketing programs and additional tools the proprietary platform provides our agents,” Wagner says. “Additionally, their high-end websites were better than anything we could find or build on our own.”

Charles Rutenberg Realty Fort Lauderdale, a United Real Estate Company, will soon be heading into its 20th year, and currently has over 1,000 agents serving Fort Lauderdale, Miami and South Florida.

Benchick

Cynthia Benchick, principal broker and vice president of the firm, feels that one of the best decisions she’s made was merging with United in October 2019.

“Knowing that I was considering sun-setting, it was very fortuitous when a colleague recommended United take a look at Charles Rutenberg,” Benchick says. “They had already been tracking our company and really liked what they saw. Specifically, they recognized our high level of business acumen and loved that we had been true pioneers of the flat-fee commission model. We maintained a strong, growing agent count and had a steady, seasoned staff—which was ideal for United.”

Since the merger, Benchick has seen a great deal of support invested in her team.

“We have market interrupters in our industry, but United has developed systems to overcome them,” Benchick says. “They came at the right time, with the right people, and nothing can compare. I only wish I had met them 16 years earlier.”

Cantrell

Phillip Cantrell, founder of Nashville-based Benchmark Realty, a United Real Estate Company, grew the firm from a small boutique office that originally served five homebuilders in the Greater Nashville area to one that has over 1,400 highly productive affiliates operating out of seven offices today.

Drawn to United by the company’s grasp of the empowerment and value of the fee-based model, Benchmark Realty merged with United in December 2020.

“My greatest fear was doing a merger with a larger company and seeing everything we had worked for years to build getting thrown onto the heap with other companies—and all identity, culture and principles disregarded or even lost,” Cantrell says. “From the very beginning of the conversations with United, it was crystal clear that they had no intention of changing everything in a merger. Conversely, they were counting on Benchmark to contribute to improving United.”

Given sufficient time, Cantrell believes his firm could have eventually achieved the growth he desired, but merging with United has acted as an accelerant to those plans. The firm’s agent count has grown 15% year-over-year, with zero losses attributable to the merger.

United’s benefits extend even further and include access to a management team with a very deep bench, financial advice and technical expertise.

“To be able to pick up the phone and consult with some of the greatest minds in the industry has a value that’s incalculable to an entrepreneur like me,” Cantrell says. “It feels good to know that there is instant support available because Benchmark has never traveled this path before.”

Tools of the Trade Wagner has been impressed with United’s referral network. And Virtual Properties Realty has seen an increase in referrals thanks to being connected to United’s Relocation and Referral Network, operating nationally.

“That’s extra sales for our agents, and we’re also reaping the benefits from more outgoing referrals, too,” he says. “You place the referral through them, and the agent is guaranteed to be paid, which was not always the case before our association with United.”

Then there’s the fee structure, which melds closely with Virtual Properties Realty’s compensation model, in addition to United’s forward-thinking and positive approach to growth and innovation.

“If you were an agent and wanted to grow your business, would you go with a company that’s stagnant, or one that’s cutting-edge and always growing?” asks Wagner. “Most people are going to want to tap into the energy of a growing company, and people piggyback onto that.”

Plus, as business leaders, Wagner and his partner Karen Burks (his mother) have the whole United organization at their disposal and have benefited from consultation resources and decades of experience from United’s team.

United also offers a national business conference, allowing brokers and agents to enjoy the camaraderie and career development that come from gathering with and learning from the entire United affiliated network. United’s culture of sharing permeates the organization from top to bottom, making all boats rise.

United’s systems, which include training, technology, marketing programs and home office team support, are second to none, according to Benchick.

“United offers automated marketing tools and postcard programs that are spot-on, and they also have a gift department that allows for incredible gifts to be sent at closing,” Benchick says. “They provide great weekly educational content and keep the brokers and agents updated on United’s tools, programs and support services through weekly newsletters.”

For managers and the home office administrative team, United offers several different types of virtual meetings per month, keeping everyone together and engaged in a very familiar way.

“They bring unity, and you feel like you’re a United nation,” says Benchick. “We know it’s boundless as to where we can take the company.”

By partnering with United, real estate companies can ensure their agents are better positioned for the new face of real estate in 2022 and beyond.

“It never was, and can never be, just about the money,” Cantrell says. “United was ready and willing to invest both time and capital in helping us grow our business. The entire relationship has been one of layering on tools and services, as opposed to replacing what we had developed.”

An organization builds strength when there is an influx of new intellectual capital, market reach and diversity in talent and skill sets, according to United Real Estate President Rick Haase.

“The very best part of our growth, whether organic or via our successful merger and acquisition strategy, is, without doubt, the growth of our talented real estate professionals,’ says Haase. “Their intellectual capital and input that they literally contribute daily is rocket fuel in our pursuit for excellence.”

For more information, please visit www.growwithunited.com.

Keith Loria is a contributing editor to RISMedia.

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cathrynstreich · 2 years

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Introducing Leslie Rouda Smith, 2022 NAR President

This month’s National of Association of REALTORS® (NAR) Power Broker Roundtable introduces NAR’s 2022 President, Leslie Rouda Smith.

Cindy Ariosa Senior Vice President, Regional Manager, Long & Foster Real Estate, Chantilly, Virginia; Liaison for Large Firms and Industry Relations, the National Association of REALTORS®

Leslie Rouda Smith REALTOR®, Dave Perry-Miller Real Estate 2021 NAR President-Elect

Cindy Ariosa: Leslie, as you look ahead to your term as National Association of REALTORS® (NAR) president, what would you point to as some of the biggest challenges for brokerages today?

Leslie Rouda Smith: Ironically, one of the biggest has been the market. While business has been exceptionally busy, many agents, especially those focused on buyers, have never worked so hard and closed so little volume. At the same time, newbies are joining the business, so brokers are being called on to support their agents on many levels.

Brokers should meet often with their agents to share tips and let them vent. Let agents know that it’s okay to refer a buyer to someone else, especially if their market area doesn’t serve their need for affordable options.

Now is a good time to prospect for sellers. Experienced agents might free up their time by teaming up with junior agents to do showings and go to inspections. Most important, make sure you and your agents are practicing work-life balance. We all need gas in our tank.

CA: What are some of the most valuable adjustments brokers have made during the pandemic?

LRS: Brokers have had to be leaders, even when they weren’t certain where the market was headed. In early 2020, agents were fearful they’d lose their livelihood. A few months later, the opposite happened: the market overheated, creating its own set of challenges. In both cases, brokers have had to engage with their agents more frequently. In the early days of the pandemic, brokers were having weekly, if not daily, Zoom meetings with their agents to focus on agents’ professional development and provide support.

I think what brokers learned is that more frequent contact has value, so I hope brokers continue that.

CA: Consolidation continues to increase. Is this a negative or a positive?

LRS: Consolidation has been a factor as long as I’ve been in this business. The positive is that it enables brokerages to operate more efficiently and provide a more seamless consumer experience, whether by scaling new technologies or offering ancillary services.

Some consolidation comes from baby boomers pursuing their exit strategies. That creates opportunity for others to move up in management.

This is a very vibrant industry. New players continue to come on board and to introduce newer business models—virtual, flat fee, passive revenue streams for agents.

CA: What’s your advice to brokers when it comes to competing against new models and VC-backed firms?

LRS: Our members have the most valuable thing going in this business: customer relationships. But the market will ultimately decide which models succeed. Brokers should always be looking at how they can improve on what they’re doing to meet the consumer’s changing expectations. But they don’t have to try to develop everything on their own. Partnerships with tech or mortgage companies are a smart strategy. For instance, a lender partnership could enable brokers to offer services like bridge loans to sellers.

On the tech front, NAR supports brokers by partnering with and mentoring emerging proptech companies. This gives REALTORS® access to new technology before their clients start demanding it and helps ensure the companies keep REALTORS®’ needs top of mind. That’s an important strategy in a disruptive tech world.

Even better, these relationships mean members get exclusive access to the technology and special discounts. On average, 600,000 members use products and services made available through NAR’s strategic investment arm, Second Century Ventures (SCV) and the REACH scale-up program, representing $60 million in savings per year.

Our 2021 Profile of Real Estate Firms found that the vast majority of U.S. brokerages are small, independent operations. NAR recently added a new REALTOR Benefits® Program partner: The Residential Real Estate Council’s Broker Solutions. This lets brokerages with fewer than 150 agents equip their people with the tools and training they need to succeed, just as large corporations can. And it’s available to all NAR members at $50 off the full price. Another way practitioners can compete is with knowledge. Ask prospective clients if they’re familiar with legislation related to real estate in your area, and explain it. Suggest they ask other agents they’re interviewing about that issue. Chances are the competition isn’t aware of it. Your engagement in the issues and the community is a big competitive edge.

CA: Looking to the year ahead, what do brokers need to have on their radar?

LRS: First, the inventory shortage. It’s eased a bit, but a long-term solution will require once-in-a-generation actions. NAR is working hard to advocate for solutions that will help both the commercial and residential sectors.

Second, we need to keep an eye on how our customers are changing. Millennials are the fastest-growing segment of buyers today, with Gen Z on their heels. The efficiency of the internet and digital technology is essential to them. They’re also more diverse than previous generations. That’s why every broker should have a strategy around diversity, equity and inclusion.

Third, for our commercial brokers, it’s still not entirely clear what long-term changes the pandemic will have on where we live and work. Commercial specialists need to be flexible and resilient. Meanwhile, NAR will continue to strongly advocate for local, state, and federal policies that incentivize commercial real estate investment.

For more information, please visit www.nar.realtor.

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cathrynstreich · 2 years

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HUD Funding Initiatives to Tackle National Lead Crisis

The U.S. Department of Housing and Urban Development (HUD) recently hosted a conversation about how to solve the nation’s lead poisoning crisis, featuring Secretary Marcia L. Fudge with guest Cleveland Clinic President and CEO Dr. Tom Mihaljevic. The pair discussed the importance of raising awareness of the harmful, long-term effects of lead exposure to children, and how it disproportionally affects underserved and communities of color.

“We’re doing our part to make sure that we put people in safer places, and you will find over time, we can show that children that live in HUD properties or those associated with HUD have lower levels because of our inspections and because of our demanding that these issues are taken care of as quickly as possible,” said HUD Secretary Marcia L. Fudge in a statement. “We know that this problem, in particular, is a racial equity issue. We know that it affects Black and brown people and poor people so severely that if we don’t raise our voices, no one will. It is so isolated. But as you said, it is also so urgent. We cannot afford to lose thousands and thousands of young people to something that we can stop.”

This year, for the first time, HUD’s Office of Lead Hazard Control and Healthy Homes (OLHCHH) provided $450 million in funding for programs that assess and remediate lead-based paint and other housing-related health hazards, allowing individuals to make safety and functional home modifications and repairs that meet the needs of low-income elderly homeowners; to develop new ways to identify and control residential health hazards; and to mitigate health and safety hazards and improve energy efficiency and comfort. This will also allow jurisdictions to mitigate the impacts of unhealthy housing, preserve affordable housing, enable seniors to stay in their homes, and ensure future generations can reach their full potential, according to HUD.

“What I believe that needs to happen first and foremost is to raise awareness,” said Dr. Tom Mihaljevic in a statement. “We’re seeing hundreds of thousands of children in the most disadvantageous communities being essentially deprived of the opportunity to lead a normal and productive life by no fault of their own. We have to recognize that we as a country cannot stand for that. Raising an awareness that this is a problem that we know we can take care of, that this is a problem that this is important, is the first and probably most important step that we need to make.” Today, about 3.3 million U.S. families with a child under the age of six live in a home with one or more conditions that can expose their child to lead-based paint hazards. Of these homes, about 2.1 million are low income. These efforts and funding will help make housing units lead-safe and will shift efforts to identify and eliminate lead hazards before a child is exposed to them. To watch the full conversation, click here.

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FHFA Announces Staffing Changes

The Federal Housing Finance Agency (FHFA) announced three updates to its executive staff.

Charles Yi was named as the FHFA’s senior advisor for Legal Affairs and Policy. In addition to advising Acting Director Sandra L. Thompson, Yi will provide expertise, guidance and coordination in recommending actions to ensure the agency’s goals and obligations are met.

For nearly 20 years, Yi has practiced law and provided counsel in the private and public sectors on a wide range of regulatory, legislative and financial issues. Most recently, he was a Partner at Arnold & Porter Kaye Scholer LLP. From 2015 to 2019, Yi served as general counsel at the Federal Deposit Insurance Corporation. He has provided counsel to lawmakers on the Senate Committee on Banking, Housing and Urban Affairs and the House Committee on Financial Services, most notably for the Dodd–Frank Wall Street Reform and Consumer Protection Act and the Housing and Economic Recovery Act. Yi was also deputy assistant secretary for Banking and Finance at the U.S. Treasury Department where he assisted in the implementation of provisions under the Dodd-Frank Act.

“Charles is an accomplished and knowledgeable legal professional, and I look forward to working with him to advance FHFA’s important mission,” said FHFA Acting Director Thompson in a statement. “His expertise with legal issues related to finance and housing will support the agency’s capacity to ensure the agency’s regulated entities serve as the backbone of a fair, equitable and sustainable housing finance system.”

Acting Chief Operating Officer (COO) Katrina Jones was named the permanent COO.

“Katrina has ably demonstrated the leadership and business acumen to successfully oversee the agency’s support operations,” said Thompson.

Jones has extensive experience managing FHFA’s operations, including building operations, physical and personnel security programs, emergency and disaster readiness, space utilization management, mail operations, logistics and transportation management, contract management, and catering and conference planning. Prior to being named acting chief operating officer, she served as associate director for agency operations since 2012. She has also served as a contracting officer with a level three certification where she awarded and administered contracts for real estate broker services, real estate legal services and the lease of more than 340,000 square feet of class A (LEED Gold) office space. She has over 35 years of Federal service that includes the Millennium Challenge Corporation and Federal Deposit Insurance Corporation.

Lynn Fisher, deputy director for the Division of Research and Statistics (DRS) has decided to pursue new opportunities. Daniel E. Coates, Ph.D., who currently serves as senior advisor to the acting director will assume this role.

“Lynn was instrumental in standing up DRS, and I value her contributions to expanding the agency’s research and analytic capacity, remarked Thompson. “I look forward to Dan’s continued leadership of the division as it produces high quality data and research in support of FHFA’s objectives. Charles, Dan, and Katrina will bring experience and commitment to their work supporting FHFA’s mission.”

Before becoming a senior advisor in the Office of the Director, Coates served as a senior associate director at FHFA, where he led a team of economists and financial analysts. His team was responsible for targeted credit and market risk examinations to support FHFA’s examinations of the Federal Home Loan Banks (FHLBanks). Additionally, Coates led a team of financial analysts who evaluated the financial condition and performance of the FHLBanks. He serves as the chairman of the FHFA Reference Rate Transition Steering Committee, which oversees FHFA’s regulated entities’ transitions away from LIBOR and other reference rates. Coates is also the FHFA representative to the Alternative Reference Rates Committee (ARRC). He also serves as the Executive Sponsor of FHFA’s Climate Change and ESG working group.c

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Proptech Job Opportunity: Analyst, Strategic Investments

We have a job opportunity to share from a member of the GEM, Second Century Ventures, a subsidiary of the National Association of Realtors: Analyst, Strategic Investments

The opportunity:

Reporting to the Senior Associate, the Analyst will be responsible for supporting the Senior Associate in managing deal pipeline, conducting due diligence, producing financial performance and metrics reports, managing LP reporting, and assisting in developing efficient operating procedures as SCV grows into a global juggernaut. This candidate is a “go-getter”- well spoken, proactive and leads with a collaborative, team-oriented approach.

Location: Chicago or Washington DC

Duties and Responsibilities:

Support the Senior Associate in all their responsibilities (deal pipeline, financial modeling and reporting, due diligence, negotiations, liaise with legal counsel etc.)

Conduct due diligence and provide financial analysis to support investment decisions

Support in negotiations and legal review related to new investments

Monitor competitive landscape to identify new investment opportunities

Perform industry and company research on an ad-hoc basis

Develop and maintain complex financial models

Track and report on financial health of portfolio companies and recommend appropriate action as needed

Attend events, conferences, and other meetings as needed

Qualifications:

2+ years’ experience at a Venture Capital, Private Equity, Investment Banking, a startup, or similar

Demonstrated knowledge and understanding of technology in general and specific experience in RE and Proptech

Results oriented with high attention to detail, ability to multi-task, and meet deadlines in a dynamic, fast-paced team environment

Ability to think in innovative ways to find solutions to problem

Highly organized and possessing effective project management capabilities

High level of proficiency with Microsoft Office—Outlook, Excel, Word and PowerPoint, Google Docs, WordPress, and HubSpot (or equivalent CRM)

Exceptional communication skills—verbal, written, and presentation

Ability to travel up to 10%

Interested?

Learn more and Apply

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cathrynstreich · 2 years

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Top Tech for Landlords and Property Managers in 2021

In the past, property management hasn’t been a particularly tech-savvy industry, but modern technology is helping virtually every sector increase speed and efficiency. Even if you still prefer to manage your properties through paper receipts and spreadsheets, today’s Millennial and Gen Z renters are demanding technology as a part of their entire rental experience. Landlords who don’t incorporate at least the bare minimum tech features into their rental businesses are likely to fall behind in a highly competitive marketplace.

Here are some of the most popular technology methods I see utilized by my landlord and property management clients to streamline day-to-day operations:

Property management software: There are countless software options available to landlords and property managers today with a range of features to efficiently handle daily tasks. Transferring your business to the cloud or a central software server will not only ensure all of your information is securely stored in one place, but it also allows for easy access for anyone who needs it (employees, renters, accountants, etc.). Industry-specific tools can help with tasks like screening tenants, collecting rent payments, managing maintenance requests and tracking property expenses.

Virtual property showings: A trend that emerged during the pandemic, virtual property tours have been gaining popularity as a helpful tool for both tenants and landlords. Whether you’re taking advantage of 360-degree virtual property tours or completing tours via video like Zoom or FaceTime, the convenience of virtual showings is hard to deny and is a trend that’s likely to stick around long post-pandemic. These tools can be especially helpful for tenants who are moving from out of town or landlords who live far away from their rental properties.

QR codes: Quick response (QR) codes have gained a lot of attention in recent years, especially during the contact-free times of the pandemic. A small, customized barcode that gives anyone with a smartphone direct access to information, QR codes are a great way to drive traffic to your rental listing and give tenants all of the information they need before they even contact you. Consider adding QR codes to your “for rent” sign, newspaper ad, flyers or any other marketing materials you use.

Artificial intelligence: Artificial intelligence (AI) is rapidly penetrating almost every aspect of the real estate industry, and the rental market is no exception. AI is responsible for many of the rental search tools tenants use to find properties based on set criteria and preferences. In addition, an increasing number of property management companies are using chatbots or virtual assistants on their websites to increase communication with tenants and streamline simple day-to-day tasks.

Smart home technology: Smart home technology can benefit both landlords and tenants by providing the opportunity to actively manage maintenance, improve security and prevent property damage. There are plenty of tenants in today’s technologically advanced world who are willing to pay a higher rental rate for tech-savvy features. Smart technology like security systems, appliances, utilities and sensors can all increase comfort, energy management and convenience.

It might seem like a burden to incorporate modern technology into your property management business, but the pros most often outweigh the cons when it comes to streamlining efficiencies. Taking advantage of technology specifically designed for property management will help your marketing efforts, increase your reach to help you find qualified tenants, and ultimately make your business more successful in a competitive market – I know it’s been a blessing for managing my own investment properties!

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cathrynstreich · 2 years

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Market Map: 240 Real Estate Technology Companies Transforming Today’s Housing Market

[Note from the editor: Originally published on Thomvest’s Blog]

I’m excited to release Thomvest’s real estate technology market map, which includes more than 240 companies operating within the residential real estate segment. This is the third update to the market map and includes over 100 additional companies — a testament to the pace of entrepreneurship in this segment. A high-resolution version of the map can be accessed here, the full list of companies is available here, and my commerical real estate market map is here.

So much has happened in the housing market over the last year — home pricing across the U.S. are up 16% year-over-year, interest rates remain near historic lows and housing construction starts are up meaningfully for the first time in more than a decade (for more detail on this, see my recent housing market update). Times have also been good for technology companies in real estate — several companies in the sector went public over the last year, including Opendoor, Compass, Better and Blend (a Thomvest portfolio company). Venture capital activity in real estate has also remained quite strong — investment in the category reached $8 billion through the first 9 months of 2021, a record.

This market map real estate technology companies operating across every phase of the home purchase value chain. These companies have collectively raised more than $30B in venture capital, and range from seed stage businesses to public companies. If you’d like to suggest a company to be added to this market map, please submit them using this form.

You’ll notice that several companies are included in more than one section — this is due to the fact that many of these businesses have expanded their product areas to capture multiple phases of the transaction process. For instance, while Blend’s original product focused specifically on the mortgage point-of-sale, the company has since expanded to offer title services, home insurance and closings. As such, we’ve included the Blend logo in those areas.

What’s getting us excited in residential real estate technology?

At Thomvest, we’ve long been excited about the opportunity to bring technology into the real estate segment, and have been fortunate to partner with many great companies. Personally, I’ve been impressed by the quality of entrepreneurs building technology companies in residential real estate. Many have experienced their own frustrations when buying or selling a property, and aspire to rebuild the experience from the ground up. Others are seasoned operators within real estate and see technology as a competitive advantage in an otherwise analog asset class.

In last year’s market map, I touched on the impact of COVID-19 and related lockdowns on the housing sector. In particular, the pandemic forced many constituencies within the real estate sector — including agents, lenders, title companies, attorneys and GSEs — to embrace digital tools. We expect adoption of digital tools to persist in a post-COVID housing market. For example, the Federal Housing Finance Agency (FHFA) recently announced its intention to continue accepting desktop appraisals for purchase loans beginning in early 2022.

In addition to tailwinds around technology adoption in real estate, we’re particularly excited about a few areas within the housing value chain:

1. Expanding access to home financing options

While record home price appreciation has been a boon to existing homeowners, it increases barriers to homeownership for prospective buyers. This is particularly true for first time buyers or those without strong credit scores (the vast majority of mortgage originations in 2021 have gone to borrowers with credit scores of 760 or more). Companies like Landis and Divvy have become popular options for prospective buyers who need time to build up their credit and downpayment. Both companies operate a “rent-to-own” model, which allows buyers to gradually build up ownership of a home.

We are also fans of companies at the intersection of fintech and real estate that seek to streamline and accelerate the traditionally fragmented process of purchasing a home. This can include mortgage technology providers (like Blend and Maxwell) that minimize the need for multiple intermediaries and lower mortgage production costs for lenders. We expect this to be particularly important as mortgage rates rise over the next year, putting stress on lenders to become more operationally efficient.

2. Novel real estate agent and brokerage models

Agents continue to play an important in the home purchase process — 88% of buyers purchase their home through a real estate agent, according to NAR. But COVID has caused many agents to reassess the value provided by their brokerages, who typically capture between 15 and 30 percent of agent commissions. Several new brokerage models are emerging, which promise better commission splits to agents, as well as a more robust technology platform and other value-add services, such as renovation or financing. Companies like Side, PLACE, Enkasa and Radius are all developing interesting brokerage platforms for agents.

3. More tools for homeowners to manage their largest asset

As home prices continue to rise, homeowners’ equity in their properties represent an outsized portion of their total wealth. In the second quarter of 2021, homeowner equity grew by nearly $3 trillion, according to CoreLogic. As a result, we expect to see increased demand for financial products that allow homeowners to tap into this equity, which has historically been illiquid. Companies like Hometap and Unlock allow owners to access up to $500K of their home equity. And Point recently completed the first securitization of these home equity investment agreements, which should lead to better pricing for owners over time. We are also fans of companies that simplify the home renovation process (like Eano and Realm) and property management (like Baselane and Mynd), both important components of home ownership.

In the next few weeks I will also publish an updated commercial real estate market map.

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cathrynstreich · 3 years

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4 Plants to Avoid in Your Yard

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cathrynstreich · 3 years

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3 Smart Laundry Sorting Tips

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cathrynstreich · 3 years

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Is Your Real Estate Agent Right for You?

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cathrynstreich · 3 years

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6 Items to Replace in Your Kitchen

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