For all of my clients – here’s an update. This year has been whirlwind of business activities. As President of the Spokane Association of REALTORS there has been a time commitment beyond what was anticipated. Goals have been met – more on that later. The exciting part of the year has been those clients that have met their goals! Even though there have disappointments because some homes have not sold, some have. Buyers are finding wonderful homes that fit their family’s needs. There have been positive experiences in the market place.

Regarding my “second job”. As a volunteer position as President of the SAR, there were days when I questioned my decision to “throw my hat in the ring”. Some days I was out of my comfort zone. Large meetings and “working the room” is something I have avoided in the past. It has been enjoyable meeting such a variety of people. Travel to Jim and me is about getting in the car with a big cup of coffee. Travel, when meetings are at a distance, involve getting on an airplane. Chicago, New Orleans, Seattle, San Diego…..and I can get around all the airports! Thank goodness for laptops, Blackberries, and good help from home. Business has gone forward in spite of where I was. I had the privilege of being on a panel at the national meetings. The regular newspaper articles have been challenging, but fun. Goals met include a successful volunteer program at Sacred Heart Children’s Hospital. Other successes include a new Ombudsman program and a REALTOR Women’s Council.

Here’s the exciting news…..the year is almost complete. Again my clients can expect a regular blog and communications. Updates – the public deserves good information. Next year will be extraordinary. We will do everything to make your next year roar!!

Have you heard the secret about investing in real estate? We would have to live under a rock to have not heard the encouragement, “It’s time to invest!” You may have received notes from your favorite REALTOR® that state it’s a great time to buy real estate. In a few years when our economy is again buzzing with activity we will hear someone say “I should have bought a couple of rentals.” It is no secret – timing has always been the trick to investing.

In order to get a grasp on the skill-set needed for owning real estate properties, it is important to talk to the experts. Property managers work for homeowners. Some of their duties would be to secure tenants, manage maintenance and handle the emergencies. There are many professional property management companies in our area, several of whom were willing to share their wisdom and insight.

Who rents a house, condo or apartment? Greg Hansen of G.K. Hansen Real Estate explains that in the current economy there are families that have lost their homes to foreclosure and need a rental property. Many are struggling with credit challenges and cannot qualify for a new loan to purchase. Hansen noted that he is seeing new tenants asking for longer term leases – knowing it will be several years before they can qualify again. Also, there will always be those who do not want the responsibility of homeownership. Renting and leasing can be very appropriate for some.

When is the best time to invest in rental properties? And why? Several answers stood out when local area property managers were queried. Ron Dickerson of R.W. Dickerson Management Co. says, “It’s always a good time – it’s a solid investment. I can walk up and touch it. Stock can be gone with no recovery but I will always have the property.” Time has indeed proven that in spite of economic ups and downs, the real estate investments continue to have the least risk. Dave Baker of Baker and Associates says, “I cannot remember a better time to buy. Prices are favorable.” With low interest rates, if an investor can qualify for a loan, this is an opportune time to take advantage of the marketplace. The tax benefits are worth investigating. When the tenant pays rent and the rent pays the expenses plus the mortgage, over time, it can be a self-funding retirement investment.

Now that ownership is a reality, what’s next? How and why would anyone use the services of a property manager? Dave Baker feels that, in his opinion, most horror stories about residential property management occur with properties that are self managed. “The owner is too close to the property itself, the tenants, and owners may lack the experience to make the tough decisions.” Ron Dickerson feels that there are many rules and entrapments. He finds it extremely important to understand the law and to be able to work with attorneys. Some of the duties of the property manager would be to advertise, locate, screen, place the tenant and collect the deposits and rents. Also, to keep records, pay bills, forward net proceeds to owner, inspect and handle maintenance. Property managers handle deposits and damages. When necessary, they handle the eviction process. All are well worth the professional management fee.

These property managers all agree that investing is wise – all are property owners themselves. They believe in their product and the services they provide.

Each real estate investor must evaluate his goals. Retirement, college, or estate building – reasons abound. The time is now! We invite readers to contact the many qualified REALTORS® and Spokane-area REALTOR® companies that also offer professional property management services. When you choose a REALTOR® who abides by the Code of Ethics, you are choosing a professional property manager you can trust, and their expertise and professionalism will be valuable for achieving long-range investment real estate goals in the Spokane region.

Published in the Spokesman Review September 26th, 2010.

This is the question every REALTOR® hears, “What makes a house sell in this market”? New family goals sometimes create an urgency to sell properties. Other sellers might be simply toying with the idea of moving. REALTORS® could categorize this thought process as “testing the market.” Statisticians delight in their data collections and while real estate professionals are leery of absorbing all negative information, we are aware that reports of larger inventories and fewer buyers are accurate.

Motivations that result in the “For Sale” sign in the front yard do vary. The question of what is selling will still be asked. At a recent meeting of the local chapter of the Women’s Council of REALTORS® (WCR) each member was asked, “What makes a house sell in this market?” The WCR is a group of real estate agents (both men and women) whose purpose is to raise professional awareness to better serve their clients. Here are some of their responses:

WCR local chapter President, Jennifer Valerien, a REALTOR® with RE/MAX Inland Empire, had this to say, “A seller must truly want to sell – which is a combination of pricing appropriately and showing competitively. A house must be priced in the bottom 20% of all the competition, but show in the top 20% of all the competition.”

Other members summarized this way, “Priced right and staged well,” “A realistic selling price and a house that offers more than others,” “Price dictates sales right now,” and “Has to be best priced, best valued in the neighborhood.”

Another WCR member, Linda Knaggs with RE/MAX Inland Empire said, “Condition & price! You must have a home that shows well and is move-in ready. Price must be at or below market value because there are so many homes on the market for buyers to look at.”

Each WCR member was anxious to share their experience. All comments told the same story – that there are, indeed, purchasers in the marketplace. They seek the best property for the best “deal.” When the seller complies with market demands, buyers make offers to purchase. REALTORS® are educated to guide and serve their clients, both buyers and sellers. Listen to their advice – it’s what each one has experienced on a daily basis.

The best summary came from the group effort of Maria Walker, Marilyn Amato and Shelley McDowell, all REALTORS® with Century 21 Beutler & Associates in Spokane. They wrote, “Perfect orchestration of the following: Pre-approved buyers, motivated sellers, right price, creative lender, tenacity, diligence, hard work and lots of prayer!” Most REALTORS® have heard stories of sellers burying a statue of St. Joseph in the yard of the home for sale. While this practice may have worked for some, too many of us know of several statues getting a little moldy. Maybe it’s the combination of price, condition, urgency of the seller and the power of something we can’t explain!

Your REALTOR® wants to help you, whether selling or buying. Our community is alive and well. Contact a REALTOR® today.

Published in the Spokesman Review August 29th, 2010.

The question is frequently asked, “Should I become a REALTOR®?” The common perception of our profession is one of viewing beautiful homes, driving a comfortable car and receiving big commission checks. While there are perks to being a real estate agent, the responsibilities are great. The real estate profession is one of the last “independent contractor” classifications for tax purposes. Every agent is self-employed and responsible for all expenses. No company-provided health insurance, paid vacation, retirement plan, company car, or expense account. When you wake up in the morning you are unemployed. How’s that for motivation?

Scheduling for work and home can be a challenge. Our clients’ needs are the priority. It is not unusual during a busy time of year to work fifteen hours a day. Cancellations and re-scheduling are a way of life for busy REALTORS®. Squeezing in a family activity, such as little Johnny’s soccer game, becomes a skill unto itself.

Income can be described as “feast or famine.” There could be several months without any income, but in one month, commissions could equal half a year’s pay. Plainly stated –budgeting is important.

The personal skills of a successful REALTOR® become greater with each year of service. Working with clients to determine their needs and intentions requires the insight of the most skilled psychologist. Families sometimes have to change plans, but some are seeking professional services with the intent of receiving free help and advice. Monthly expenses continue for the REALTOR®, regardless of sold properties on the calendar. Sometimes the reality about expense is shocking to the new REALTOR®. This factor alone could account for those newer professionals choosing to leave the industry to seek employment that offers a regular income.

A REALTOR’S® life is also rewarding. There are tax benefits because each agent is a small business. Some of the joys that keep us smiling are the friends we make and the satisfaction of being helpful and serving a purpose in our clients’ lives. We are independent souls. REALTORS® make decisions that affect today and the future. The income possibilities are high. Each and every agent is accountable to themselves. No one can fire you. The relationships created with other professionals and client families are priceless. With self-discipline our schedule is our own.

Conversations with most REALTORS® reflect high satisfaction in their career choice. In Spokane, it is not uncommon to find REALTORS® who have practiced twenty or more years. Why retire? It is way too much fun! We invite you to contact a Spokane REALTOR® today.

Published in the Spokesman Review August 15th, 2010.

Feeling a little anxious about choosing your new home? Many can give advice, but you, the buyer, have the responsibility to choose your advisor wisely. Here are a few thoughts from those within the real estate industry.

Over 80% of those purchasing a new home will first seek information from the internet. Think education! Be aware of the marketplace, neighborhoods, schools, shopping and health care facilities. Check out census bureau data and crime rates in specific areas. The location of your new home may not be the same your REALTOR® or relatives would choose. Don’t be afraid of making personal choices.

Once purchasers feel ready to earnestly look at homes that are for sale, it might be time to interview a good advisor. REALTORS® are not only knowledgeable about the buying process-they do this for a living. If you aren’t happy-they aren’t happy! Choose to work with one professional and be loyal. Loyalty is a two way street-clients get the best support when the REALTOR® trusts the sincerity of his customers. A competent REALTOR® will suggest that you make financial arrangements for purchasing-either seek a lender, transfer cash, or perhaps secure gift letters and funds.

With your chosen professional you will make a list of necessary criteria. What are needs, wants, and honestly are there areas where you would compromise?

Because there are many homes from which to choose in the current market, the temptation might be to plan on 20 or more viewings in a day. After all-let’s get on with the show! Studies have shown that seeing more than 7 or 8 homes in a day creates brain fog! Don’t worry – your REALTOR® can’t remember many more homes in a day either! One of the best ways to clarify choices is to take notes. A camera works well, too. Prioritize the viewings – if some properties are tempting because of a great yard-double check your “must have” list. Does the tempting property have the necessary amenities, i.e., bedrooms, bathrooms, etc. It’s one thing to love the yard, but Little Johnny can’t sleep outside forever! Be honest when viewing houses – that’s why you made a list of “needs”.

How do you finally make the choice? Look at your list of acceptable homes – how many are there? Five, maybe six at the most. Go back with fresh eyes …… look at surroundings, inside more cupboards, basement and garage spaces. Re-prioritize. Maybe two homes have surfaced as acceptable ….. drive in the neighborhood at different times of day-or talk to neighbors. They are a wealth of information. Don’t forget, your REALTOR® is a resource for information – but he isn’t living in the home – you are!

Rely on professional advice for inspections, legal issues, transactional processes, market data and general input. The REALTOR® you chose will have negotiating skill and guide you through the offer and closing process. All the searching and detail follow-up will be worth it when you have the new keys in your possession. Oh yes, change the locks. Who knows how many of those wonderful neighbors have a key to your new home!

Published in the Spokesman Review September 12th, 2010.

Near Nature, Near Perfect. All REALTORS® enjoy the opportunity to sell others on our region, but the Greater Spokane region really sells itself. Spokane – the name meaning “Children of the Sun” – was named for the Spokane Indians who lived near the Spokane River. Their living was sustained by fishing, trading and gathering. The tribe once sprawled out over 3 million acres. History relates how the first white men to the area were fur traders in the early 1800’s. Samuel Jackson, the first missionary, arrived in 1836.

History doesn’t sell the locale, but it does portray our long-standing appreciation of our desirable water access, pleasant weather and abundant natural resources. These are still the primary reasons we love our home. Spokane REALTORS® thrive on showcasing our community to those contemplating a move here. Our economy is diverse and thriving with agriculture, forestry and manufacturing, plus Fairchild Air Force Base, all our quality medical facilities, award winning schools, bio-science and technology companies. So much to appreciate!

What has real meaning is the tour we often give visitors. Have you ever thought of all the highlights – Manito Park, Riverfront Park and the vibrant downtown area, the Museum of Arts & Culture, and several interesting art districts? Drive by our education districts and try to name all the universities and colleges serving our citizens. While taking a quick trip around the area, the geographic variety is breathtaking. The Palouse wheat country, rivers and dams, nearby mountains and lakes all only minutes away, whatever your address.

The Greater Spokane region is renowned for our sporting events – Bloomsday, one of the world’s largest foot races, and Hoopfest, the nation’s largest three-on-three basketball tournament. Love to be active? Think boating, skating, golfing, biking and swimming. Of course, we have snow sports too, at their finest! And who would think of missing the Lilac Festival, or skipping a visit to our well known wineries? We have it all.

Statistics alone cannot convey how we love our Inland Northwest. The conversations give our home its meaning. It is not unusual to hear someone explain how they felt after being away for a period of time, driving from the airport, going east on I-90 and seeing the familiar skyline of “home.” It brings so many of us back to our roots. This is where we choose to raise our families and find refuge from chaos. With 260 days a year of sunshine, ample rain, good drinking water and four seasons of fresh air, Spokane REALTORS® enjoy selling the Inland Northwest, even though it sells itself. Near Nature, Near Perfect.

Published in the Spokesman Review July 18th, 2010.

Business pundits and bloggers, seeking the next sensational headline, have begun suggesting the death of the American Dream; home ownership. Let me state emphatically, while still remaining civil; they are wrong. The days of lax credit and undisciplined borrowing have been halted by reality. We know that in a free society, tough times never destroy the dream.

REALTORS® who have practiced for any length of time have all experienced that excitement of a purchaser who just found their future home. Children gleefully chose their bedrooms, furniture placement is visualized and the perfect place in chosen to plant a tree to grow up with the “kids”. They know that home ownership is an investment in their stability and future. The benefits to the homeowner and society are many and can’t be destroyed by setbacks and fear mongering.

REALTORS® know that home ownership is an investment in the future. Enjoy the comfort today — reap the benefits tomorrow. A National Association of REALTORS® study entitled Social Benefits of Homeownership and Stable Housing found that homeowners are more likely than renters to vote, and volunteer time for charitable and political causes. Data from the U.S. Census Bureau shows that homeowners do not move as frequently — creating more stable neighborhoods. The involvement of families in community quality-of-life issues helps to prevent crime, improve childhood education, and support neighborhood upkeep.

Owning a home is one of the best ways for individuals to build long term wealth. Over time, it provides equity accumulation and tax benefits. According to recent data from the Federal Reserve Board, a homeowner’s net worth is 46 times that of a renter’s.

Today we face economic challenges that were in part created by questionable lending practices and excessive risk-taking in mortgage-backed securities. Restructuring entities such as Fannie Mae and Freddie Mac, and improving regulation of the mortgage lending industry is necessary. Our country will return to economic strength. Private home ownership is an integral part of our nation’s economy and recovery. The American Dream will not die because of a noisy few.

While home buyers are playing the “wait and see” game; rationalizing that they may save money by waiting for lower prices, there are many advantages to purchasing now. Mortgage rates are near record lows; population increases, immigration and the next generation of first time home buyers continues to drive demand. Buyers typically use their own money to cover only a portion of the purchase price. Smart buyers realize that given time, home values appreciate, and equity growth is on the entire value of the property. Qualified buyers will take advantage of mortgage leverage.

For you who are able and willing to be responsible homeowners, the dream is still very much alive. Contact your REALTOR® today and build your future through homeownership. It’s the American Dream!

Published in the Spokesman Review, June 27th, 2010

Businesses have goals. Industries have standards. Societies have expectations. The meeting of the minds becomes more important than ever as our world becomes smaller. Technology, communications, and economies are changing at a rapid pace. It is apparent that a standard of conduct is necessary for all businesses to function. Guidelines for ethical actions are important for all enterprise. This is not a new awareness!

As our country developed in the late 1800’s, and land was a hot commodity, real estate men sold titles to land in great fashion. But not always was it with the highest integrity. By 1913 the professional property salesmen came together and created what is still known today as the REALTOR® Code of Ethics. It was an attempt to hold one another accountable to the highest standards of business practices. All licensees are not REALTORS®. State law allows agents to help the public buy and sell real estate, but only licensees that belong to the National Association of REALTORS® can identify themselves as a REALTOR®.

The Code of Ethics not only addresses how we are to treat customers and clients, but also the general public and our peers. As in any industry with a standard of practice, the REALTOR® Code establishes behavior that protects the public. Real estate is an expensive and long term investment for most families and REALTORS® take their obligations seriously. The articles of The Code of Ethics also address issues of fair housing compliance, loyalty, proper documentation and safe handling of trust monies.

Where a certain level of competition is healthy, REALTORS® will not sacrifice the ideals of the code for personal benefit. The focus of the association this year is “REALTORS® serving our community with heart”. Our community families are important to us, and that ideal is played out in our support of the annual 3^rd grade poster contest. Students are asked to create a poster featuring their home and an essay on “what my home means to me”. The winners are presented awards at a special luncheon and their class given an ice cream party. This year there were 658 children from 17 different schools that participated in the contest. The winners were: 1^st place, Madeline Munding, 2^nd place, Olivia McLeese (both Brentwood Elementary);  3^rd place, Sophia Dompier (Hutton Elementary) and 4^th place, Huanzi Lu (Lincoln Heights). Congratulations!!

REALTORS are reaching out to the community in a variety of ways. We strive to serve with integrity and heart!

Published in the Spokesman Review, June 6th, 2010

There are five things necessary for every seller of a property!

1. First, find a professional you trust! Then listen! Listen to suggestions for pricing, staging and showing the property.

2. Prepare the house by de-cluttering. Start packing. If you are intent on selling, then you are intent on moving. Collect boxes, and fill them!

3. Clean the house. Top to bottom—make it sparkle. Hire help if necessary. Don’t let any buyers inside until the house is spotless. It means dollars in an offer!

4. Repair everything that you’ve been living with that isn’t quite right. Look around—dripping faucets, peeling paint, window blinds that are broken or crooked, dull or ugly paint—it’s what the buyers see first. Maybe it’s time to re-roof. Sellers can do it for half of what the buyer’s take off an offer price! One negative aspect of a terrific home can affect the willingness of the purchaser to pay the asking price.

5. Be flexible. In a market that is flooded with properties and fewer buyers, the trick is to beat the competition. If sellers want to sell, and marketing time has extended, it’s time to re-think decisions on pricing, conditions, and availability. It might be time to do a bit more fix-up, change the price and have open houses. Work with your professional to re-think strategies.

THEN, congratulations…..you’re on the move!

Buying and selling property is complex and sometimes stressful. Often, it’s the biggest single investment you will make in your lifetime. At the same time, real estate transactions have become increasingly complicated. New laws, technology and increasing sophistication of buyers and sellers have placed demands on the REALTOR® profession to perform at an ever-increasing level of professionalism.

On the wall of your favorite doctor or dentist there might be a certificate with the professional’s name, followed by the initials of their specialty. When the name of the professional real estate agent is displayed, there may also be initials that describe their specialty. The National Association of REALTORS® (NAR) recognizes many special real estate fields that enhance the service provided to the public.

Real estate agents in the State of Washington are licensed through the Department of Licensing. Only a licensee who belongs to the National Association of REALTORS® can identify himself or herself as a REALTOR®. REALTORS® agree to abide by a strict Code of Ethics. Some areas of expertise recognized by the NAR are Senior Real Estate Specialist (SRES), Accredited Land Consultant (ALC), Certified Commercial Investment Member (CCIM), and Certified Property Manager (CPM).

Here are several others that can be easily identified, yet none are easily acquired! Graduate REALTOR® Institute (GRI) requires 90 education hours of specialized real estate related subjects. The Certified Residential Specialist (CRS) is the highest designation awarded to sales associates in the residential sales field. The CRS Designation recognizes professional accomplishments in both experience and education.

One of the newest designations is NAR’s Green Designation. Agents have advanced training in green building and sustainable business practices so they can seek out, understand and market properties with green features.

Other designations for real estate specialties are: Accredited Buyer’s Representative (ABR), Certified International Property Specialist (CIPS), Certified Real Estate Brokerage Manager (CRB), Counselor of Real Estate (CRE), Short Sales & Foreclosure Resource (SFR), and Society of Industrial and Office REALTORS® (SIOR). “At Home With Diversity” (AHWD) and “e-PRO” Internet Training for Real Estate Professionals are two additional Certification programs.

As REALTORS®, we strive to provide a valuable service to our clients. We believe in property ownership and property rights. Our efforts to seek higher education and specific designations are made to serve YOU! Choose a REALTOR® who is qualified and meets your specific needs. Choose a REALTOR® you can trust!

Linda Miller invites your email comments. She can be reached at President@SpokaneRealtor.com.

Printed in the Spokesman Review April 25, 2010