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Off-market properties crack down by NAR

(MARKETING) Off-market properties have benefitted some, but not the people who need help so NAR takes steps to insure everyone has the same information.

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off-market properties

Off-market properties are (usually) investment properties that don’t get advertised or listed in the real estate market. In some ways, it’s a strategy that offers some benefits for sellers. For example, the seller wants the transaction to remain private. It also reduces the “days on market,” which can put off other investors when a property is listed too long on the market.

But, there are also critics of off-market properties. Buyers who don’t have access to off-market properties are disadvantaged. It can really hurt minorities who don’t have the inside track, which in turn affects the housing market. In some areas, real estate is at a premium because there isn’t enough supply to meet demand.

Many buyers don’t have access to all the listings. Now, the National Association of Realtors (NAR) is doing something to make sure that buyers have more information.

The NAR’s board of directors (comprised of members) voted to ban “pocket listings,” a form of off-market properties. Properties must now be listed in the MLC within one business day of marketing. Properties can no longer be listed “coming soon” to test the market.

Brokers and Realtors cannot offer exclusive properties that have limited marketing but aren’t on the MLS. It’s hoped that this policy will make more properties available for all consumers.

There is an exception for high-profile sellers, who want to remain private. The sellers must sign a waiver for this exception. Realtors cannot advertise the property through any public medium, including social media, broker websites or signs. The property must be in-house exclusive to receive this exception.

The NAR calls this policy “crucial protection for consumers.”

It passed by a vote of 729-70 at the annual meeting in San Francisco. Although it becomes effective on January 1, 2020, NAR is offering an implementation policy until May 1, 2020 for education and technology changes.

Dawn Brotherton is a Staff Writer at The American Genius, and has an MFA in Creative Writing from the University of Central Oklahoma. Before earning her degree, she spent over 20 years homeschooling her two daughters, who are now out changing the world. She lives in Oklahoma and loves to golf. She hopes to publish a novel in the future.

Real Estate Marketing

Proactively help clients who may be facing foreclosure due to COVID-19

(REAL ESTATE MARKETING) You may be wondering how you can proactively help your clients who might face foreclosure. We have suggestions that may help your clients more effectively.

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Proactively prevent foreclosure

Current times are worrisome at best. Not only are people worried about the virus, but about losing their homes, careers, and financial stability. For many real estate professionals, job security is looking a little less secure. For real estate clients, both past and present, the worry of losing their homes is becoming increasingly imperative. In order to alleviate some of the worry surrounding COVID-19 and foreclosure, proactively emailing your clients with a list of available resources could help combat fear and the possibility of foreclosure.

There is no sense in being overly optimistic about the current situation, as none of us are certain how COVID-19 will affect everyone, but often, knowing where to turn if need be, can help relieve looming anxiety. Proactively emailing your clients a list of available resources and steps to take in the event they believe they will be facing foreclosure, will let them know you’re thinking about them and the current situation.

It will also reinforce the fact that real estate professionals are aware COVID-19 isn’t just about physical symptoms; it’s about the emotional and financial ones as well and while we’re all doing our part to help prevent the spread, there are other resources that may be needed, should the time come.

The most important thing to stress straightaway to them is the urgency of time. With any possibility of foreclosure, the quicker your client is able act, the better their chances of being able to save their home. Depending on their mortgage lender or servicer, and their agreed upon terms, the options vary. Let them know there are options, but time is of the essence. Stress to them the importance of contacting their lender and not to delay in taking the first step. There are modification available (provided they meet the requirements) for VA, FHA, Fannie Mae/Freddie Mac, online mortgages, and others, so long as your clients contact their lender and discuss their options as soon as they think foreclosure might be in their future.

I have seen some sources recommending that real estate professionals recommend to their clients they curb their spending in an effort to save their homes from foreclosure; however, in these tumultuous times, I think most clients already know that spending will need to be adjusted. With the rising cost of groceries and medicine, finances should be discussed with the lender, as to not further stress the client, in my opinion.

While it may seem obvious that clients could find this information on their own, remember when you’re already under pressure, it’s difficult to think clearly. It’s easy to feel like you’re drowning and there’s nowhere to turn. Your clients already trust you. They trust that you are an expert in your field and you’ll know the most reliable sources to seek out should things turn more critical. Proactively be a trusted resource for your community during this difficult time and we can all help each other breathe a little easier.

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Real Estate Marketing

Airbnb host finds lemonade in the midst of COVID-19

(REAL ESTATE MARKETING) The COVID-19 outbreak has put a lot of people, and businesses in flux, but humans are adaptable. A prime example is this Airbnb host.

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Airbnb

It’s really hard to comprehend how each of us and businesses will be hit as it seems like each day, there’s a new revelation that will impact everyone from small business owners to larger supply chains. While many things are uncertain, and we are acutely aware that we don’t have all the answers yet, we had to share with you a brilliant Airbnb host couple who transitioned their business quickly by thinking through what people may need right now and how their locations on Airbnb might be a fit.

They are so thoughtful and while no one knows how long this will be (short term or long-term shift), we wanted to highlight the positivity of turning a tough situation in to an opportunity.

Here is the Facebook post.

From host Christa Milster Sprague:
To be honest, it still just feels like lemons right now. And by lemons, I mean losing two months of income in 72 hours. We put our heart, sweat, and soul into creating these magical spaces for guests.

That being said, we’re in Detroit – the city that never stops.

So, we had to get creative.

We’ve actually had guests reach out in the past asking if we offered day rates. Business professionals coming downtown for a meeting, dinner with partners, taking clients out to a game.

We’ve also hosted workshops, photo shoots, dinner parties, birthday celebrations, anniversaries, live music, even a proposal or two (actually, I think we’ve had at least 5).

We thought about what people might need right now…maybe their co-working space closed…working from home isn’t ideal (or not possible).

In addition to co-working, we’ve reached out to all the local hospitals and Facebook groups in case traveling nurses or traveling PT’s need a place to stay. Again, you have to get creative if you’re a small business. You don’t get a bailout!

Also, if Hosts are seeking support, be specific. “You can support me by 1) Booking a stay for this summer! 2) Sharing listings on social media 3) Spreading the word with your family and friends etc. It’s easier for people to help you when you tell them exactly how they can help.

Last piece of advice which is similar to the above – it’s better to overreact than under react. Ask for help! We’re all in this together.

With the quick move to many workers working remotely and sans daycare, this seemed like a great opportunity to offer a slight bit of serenity to people. They also decided this could be a way to help the nurses, or traveling healthcare providers, to have a clean and safe place to stay.

It doesn’t sound like day rates or day rentals had been worth their time and energy before but now it looks like it could help them recoup some lost income and help others. Christa, host, also offers great tips to how small business owners can ask for help from their networks. Lemons to lemonade indeed.

Little Paris Loft:
Little Paris Loft host

Little Paris Flat:
Little Paris Flat host

Little Paris Walk-Up:
Little Paris Walk-Up host

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Real Estate Marketing

How people are thinking creatively to make it through COVID-19

(REAL ESTATE MARKETING) People and businesses are extremely innovative and resilient in tough times – here are some examples of stuff you can now do online!

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online during COVID-19

The last couple of weeks have brought us lighting speed changes in news and information and a really abrupt adjustment to life with the pandemic of the coronavirus (COVID-19). While some of the swift cancellations of large events, travel, in person workshops or conferences, and then changes in our day to day (oh now everyone works online remotely?) has driven some of us to the liquor store or to hoard toilet paper, others have found ways to quickly provide new solutions to their clientele or adjust their business to the new reality.

A great example is of an Airbnb host in Detroit who decided that after losing 2 months of income in 72 hours that why not offer their beautiful spaces (with a desk area and coffee!) for those who may need a remote place to work and/or lost their co-working space. They quickly pulled together a way to offer day passes – but they didn’t stop there. They brainstormed other ways to promote their locations and “reached out to all the local hospitals and Facebook groups in case traveling nurses or traveling PT’s need a place to stay. Again, you have to get creative if you’re a small business. You don’t get a bailout!

Artists across the board from DJs to painters to late night talk show hosts have created content to engage those who may have children at home and/or are not ok with social isolation and need some interactivity to help lighten the mood or laugh a little bit. Many restaurants/bars/service industries moved quickly to either utilize online ordering platforms (or quickly figure out how they can take payments online) so that customers can still order food/beverages via drive-thru or stop and go pick up.

Mo Willems Is Hosting Free Online “Lunch Doodles” While Kids Are Home From School

The Tonight Show with Jimmy Fallon has been doing 10-minute hilarious clips from home with his wife and small children helping to film and be his “design department”

Live Streams and Virtual Concerts via Billboard

Museums and world famous institutions have provided tours or live feeds for children to watch from home. Check out these penguins that got a tour of the Shedd Aquarium in Chicago thanks to the coronavirus.

Tech companies have also stepped up their services to help with educators who are away from their students and parents who have lost school and daycare. Zoom announced free video services to K-12 schools and insisted this was not time to profit on this disaster. Facebook quickly pulled together information and resources for schools who will be out for a while. LinkedIn Learning selected some classes to offer free to help folks learning new skills in working remotely to stay productive and adaptable.

It may not be easy to quickly move in to being okay with this situation. It will affect and hurt many people and we all are aware that we don’t know in all the ways just yet. These are just some examples of quick movement to adjust and help some turn lemons in to lemonade (with or without vodka, your choice).

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