What is "Agency" Disclosure

The disclosure of “Agency” in real estate is currently a hot topic. The National Association of Realtors maintains guidelines regarding Broker Agency, but the oversight and enforcement of it is on a state-by-state basis. The Commonwealth is preparing to introduce revised legislation in 2012 that will outline and purportedly mandate specific guidelines as to how and when agency relationship must be disclosed. Not all of the details of this new legislation have been presented to Brokers and industry professionals, but I'm certain the entire process regarding agency disclosure in Virginia will either become crystal clear or expressly more confusing.

The concept of who a licensee represents in Virginia is currently not all that difficult to follow. For instance, did you know it is required that “Broker Agency” be disclosed to you as a real estate customer/client at the first substantive conversation you have with a REALTOR® about a particular property? Yet, according to the National Association of Realtors, only 31% of those surveyed in 2010-11 reported having this up-front conversation with an agent. 23% said it didn’t come up until they sat down to write a contract, and it seems the remaining folks were statistically uncertain about the subject of Agency.

In reality, the current disclosure of brokerage relationship in the Commonwealth is quite clear when expressly followed by those of us working in real estate. The problem arises when disclosure doesn’t take place at all. Many agents feel such a conversation early in a relationship will turn people off, sending them running the other way. However, if done properly with education and understanding, it is a great way to engage folks into learning more about the process of real estate sales and service. I have found these situations usually result in opportunities for those involved. The goal after all is to better assist and protect the real estate consumer and to remain the consummate professional they rely on when purchasing or selling a home.

Contact your most trusted real estate provider to learn more about this topic. Ann & John VanderSyde are Associate Brokers with Virginia Properties, A Long & Foster Company. They can be reached at (804) 282-7300 or at www.InSydeHomes.com

Who are the Real Estate Experts?

These days with the unique nature of our housing market it sometimes feels presumptuous to proclaim to be an expert in anything related to real estate. Our business of buying and selling homes is so kinetic, with a fluidity that is constantly changing and evolving, that it requires vigilant, almost daily monitoring in order to truly be called REALTOR®.

Many people don’t realize that every licensed real estate agent cannot legally use the term “realtor” in order to identify themselves. Over the years that term has often been universally used to refer to any person selling real property. And while all licensees are required to take continuing education classes mandated by their state licensing board, Realtors are generally required to have additional training that extends to conduct, ethics and consumer protection, and who are members of the National Association of Realtors (NAR).

But the idea of being a real estate professional implies so much more than being educated and trained to transact property. There are certain traditions that are universal to people in sales, but in real estate, perhaps more than in most other sales positions, it is also the ability to communicate and maintain relationships that determines who the real experts are. Probably because of the very personal nature of our homes, real estate agents often become entrenched with the people they are entrusted to help find their next place to live, and grow, and love.

The true real estate experts are the ones you as the consumer trusts; the one who will listen to you, will put your needs first, is experienced and knowledgeable in your market, and who conducts themselves in an ethical manner. Don’t stop searching until you find the expert meeting your strict criteria.

Ann & John VanderSyde – Virginia Properties 2009 Sales Team of the Year. (804) 282-7300

Who Is Saying It is Time To Buy a Home? EVERYONE!

"Enough with the doom and gloom about homeownership." - WSJ 9/16/2010

WOW! If that quote was attributed to the National Association of Realtors or the National Association of Home Builders, it would have been quickly dismissed. However, it was the Wall Street Journal that was calling for the end of the ‘doom and gloom' talk surrounding real estate.

We are finally seeing a powerful backlash to all the recent claims that homeownership should never have been part of the American Dream. It is about time!
The WSJ has been posting on the financial advantages and the other non-financial benefits of homeownership for over a year. "We must admit that, at times, we felt very lonely. It now seems that we are part of an ever growing army of believers preaching the advantages and opportunities available in today's real estate market. Who have joined this cause? Let's name a few."

The Nation's Real Estate Pricing Expert

Karl E. Case is a professor emeritus of economics at Wellesley. Professor Case is also co-creator of Standard & Poor's Case-Shiller House Price Index and is recognized as the one of the foremost authorities on real estate today. In a New York Times op-ed piece earlier this month titled, A Dream House After All, he said:

"I have never quite understood what the American dream really means when it comes to housing. For some people, it means having a solid and fairly safe long-term investment that is coupled with the satisfaction of owning the house they live in. That dream is still alive."

"Others, however, think the American dream is owning property that appreciates by 30 percent a year, making a house into a vehicle for paying bills. But those kinds of dreams have become nightmares for the millions of foreclosed property owners who have found themselves sliding toward bankruptcy."

But for people with a more realistic version of the American dream, buying a house now can make a lot of sense.

The Wealthy

The only segments of the housing market that are showing sales growth are the price points over $1 million. That market is up 6.1 % in the second quarter of this year vs. the second quarter last year. A recent survey showed that over 30% affluent buyers are planning to either build/buy a new primary residence or a second/vacation home in the next twelve months. It appears the wealthy believe now is the time to buy!

Everybody Else

Fannie Mae just released their National Housing Survey. The survey reported:
• 82% of respondents consider homeownership important to the economy, up two points from January.
• 70% of respondents think it is a good time to buy a house (of which 36% think it is a very good time to buy), up six points from January. This is also four points higher than the 2003 survey - well before home prices peaked - when 66 % said it was a good time.

Bottom Line

Our iconic financial newspaper, our nation's real estate pricing expert, the wealthiest people in the country and 70% of everyone else think now is the time to buy a home. It probably makes sense to listen to them.

Richmond’s Small Town Charm Offers Hope & Optimism

Ann and I just went over to the Libbie Market to grab a quick bite to take back to the office. The wonderful thing about Richmond is the fact that almost anywhere you go you are all but certain to run into someone you know. Well today is no exception. We ran into a friend of mine from college. She owns and manages a small placement firm that specializes in finding work for mostly mothers that have so much to contribute to the work force, but also wish to manage their families in addition to generating an income.

The almost unexpected thing came out of our conversation when I asked how her business has been. She, by the way, has adorable twin boys that you can imagine demand much of her attention. Regardless, she said business has been amazingly good. She continued to say that the number of people she places has been great, and, here is the really wonderful news, that the number of companies contacting her for help has also increased this summer.

After all the negativity and hesitance I get when asking “how’s business”, I was momentarily shocked by her response. Then delight and confidence seem to fill up inside me as if to say, “see, there are good things happening in the work force today; I wonder why we don’t hear more stories like this one from our media outlets?”

I like getting the good news and spreading the word about good fortune and hope. It makes me feel good, and I like feeling good. Hopefully this will inspire you have a great day and pass on your good news to others, increase your productivity, and improve your business. Who knows, this small town might just start a trend that proves a positive approach to living can jump-start our economy. I’m firmly committed to it, how about you?

How Do Teams in Real Estate Work?

I love my wife Ann, who is also my business partner; she does all the honest-to-goodness work while I write articles about real estate or the housing market and purport to be an “expert” at something. She is decently civil about the whole thing too, and complements me by saying how we each contribute different things to the job, which is after all why we work so well together. I have decided to politely agree with her on this point.

I am blessed because I know that, while there are a number of successful husband/wife teams in real estate, there are a lot of folks out there that cannot understand this relationship – working and otherwise. I know this because people tell each of us in all seriousness that they could no more work with their spouse than fly like a bird! Or they will project their experience by saying, “You’ll be divorced in less than a year”. Well, thankfully, I am pleased to report we are still together, making it work after nearly three years in business and over twenty years of marriage. Fortunately, I suppose, most partnerships don’t involve marriage.

I’ve been in housing in one form or another since 1986, and a Realtor/Broker for more than seven years. I’ve seen lots of partnership business models. Some work seamlessly well, while others fall through gaps in the seams. The ones that seem to survive appear to succeed as Ann said, because each member of the team contributes to the effort equally. Each person is either pulling in the same amount of business, or provides another talent that is indispensible to the business. Either way, partners feel their efforts are valued, and that their counterpart is doing their share of the work too.

I suppose teams in real estate work just like any other relationship – hard work, dedication, appreciation, mutual respect, sharing and caring to name a few. It kind of makes me feel like I’m back in kindergarten or something, but isn’t that where we started to first learn our most basic and important lessons for life anyway? If you’re interested in a partnership, find someone you like and trust and give it a few test runs together to see if it works. Unlike marriage, if it doesn’t work out simply find someone else with whom to try it. A good partnership may take some time to find the best fit. I had the advantage of a long relationship to fall back on, but then I’ve always been a slow learner.

John VanderSyde is an Associate Broker with Virginia Properties, A Long & Foster Company, and is also a Licensed Architect. You can learn more about Ann & John VanderSyde By visiting their website www.InSydeHomes.com or by calling (804) 282-7300

Activity in Richmond Real Estate – Week Three of 2010

It’s been another busy week in Richmond real estate. I love the way this year seems to be moving toward a renewed interest in homes. In spite of some still rather unpleasant housing news, there is activity in the market that supports the fact that people will not sit on the fence forever. This is perhaps the most affordable time in which many of us have lived to by a house, which is being reflected in the growing sales totals in all price ranges.

I also think it’s refreshing that folks seem to be looking at real estate as a “home” rather than just as an investment. I’ve always felt there is more to the places we choose to live other does not. than simply the “stick & bricks” that support them – which is evident in our Mission Statement “ . . . celebrating the notion of HOME as a distinctive lifestyle choice”. I’ve seen very few people, other than developers and investors, look at their future domicile with out any emotional investment. Even if they do, their spouse or significant

What all of this may mean for Richmond real estate is that 2010 will get off to a strong start. I anticipate it generating into a healthy spring market. I wish I could predict the coming cycle of sales, but this could very well be the first year in several where the rhythm of home sales reflects a normal market – if such a thing actually exists.

John VanderSyde is an Associate Broker with Virginia Properties, A Long & Foster Company, and is also a Licensed Architect. You can learn more about John and Ann by visiting www.InSydeHomes.com or by calling (804) 282-7300

Where Do You Get Your Housing News?

In Richmond, Virginia, should we believe the news recently reporting that the real estate market is finally turning the corner? Notice I didn’t say “improving”. Nevertheless, media reports have been more forthcoming with increased frequency about where the housing market is these days, and that perhaps we hit bottom back in December. I’m also getting reports from other parts of the country claiming more positive housing trends.

So why do we need the media to tell us that things are getting better? I’ve spent the last six months evaluating the market in order to better counsel my buyers and sellers. I’ve done my best to put a positive spin on what has been a difficult time, but there is no denying that this is one of the best times in history to buy a home.

For whatever reason, most people don’t want to hear about real estate changes from their Realtor. They would prefer to wait for it to be reported in the news. I hate to say it, but who do you think has the inside line on housing trends; the people who work in the industry daily, or the ones reporting on it from the outside?

Do I believe the market has corrected itself? Do I feel the housing crisis is over? Do I think the home situation is completely stabilized? The answer to these questions is "NO"! I do believe there is no one out there more qualified to help our buyers and sellers evaluate the market in order to make informed decisions bout their housing choices than REALTORS®. You don’t need the media to tell you how it works; find a trusted advisor and consult with them. That’s what I do in every other aspect of my life, why should Real Estate be any different?

John VanderSyde is an Associate Broker with Virginia Properties, A Long & Foster Company, and is also a Licensed Architect.