June 2010 30 UNIQUE OPERATING SYSTEM.. 1 INSIGHTS .............. ……..…..2 MONEY, MONEY, MONEY...…..3 Connection NEXUS KEEPING YOU ON THE CUTTING EDGE OF THE BUSINESS OF REAL ESTATE Unique Operating System A message from Frank D’Angelo MARKET WATCH Data courtesy of MAAR May 2010 Pendings 3,910 One-Year Change: -24.6% 5.05 Homes on the Market Per BUYER (June ‘10) Affordability Index: 200 (June ‘10) As the world markets continue to affect the real estate industry, there are more mergers, acquisitions, sellouts, conversions and plenty of closings of real estate offices. My job as a Broker/Owner is to have my thumb on the pulse of these changes; any hint of someone making a move initiates a call from me to see if they have what it takes to be part of EXIT Realty Nexus. I treat my career as a relationship building experience; selecting those agents and brokers who will take that progressive step with EXIT Realty Nexus, so I can in- vest in supporting them in our sys- tem. Name an- other company that actually wants their agents to become their own business owners within the same organization. I’m looking to have someone come into this organization and carry on the leg- acy already being built in the Twin Cities. That someone might already be here and fostering their leadership skills or that some- one might be out there looking to align themselves with a forward thinking com- pany who has weathered the worst economic storm and continues to grow during some of the most economically challenging times. I always ask myself this question, "Why would someone join EXIT Realty Nexus"? Our Unique Operating System (Best Net Compensation Formula in the Industry) is a simple revenue sharing model; and, it works. It provides additional income streams to agents and their families includ- ing retirement and death benefits. Over $200 Million has been paid out to date and it is NOT contingent on the profitability of the company. It fixes agents into a brokerage and allows them to build a business within a business through the power of vesting the agent with the broker. A ‘True Mentorship’ model. The answer is simple to me and after reading this, I hope it will be simple to you. We have survived and grown through these turbulent times because of the depth of our leadership starting with the top of the organization. Steve Morris (CEO and Foun- der of EXIT Realty), formulated this back in 1996 when EXIT Realty was formed. Steve Morris continues to grow and further stabi- lize this company by aligning himself with the most prominent leaders in the industry such as: Tami Bonnell (President of EXIT Realty US), Joyce Paron (President of EXIT Realty Canada), Bob McKinnon and the list of trainers and mentors continues to grow. The built-in mentorship systems ensures Brokerage success, Agent success and Sup- port Staff success. It’s a Win-Win situation for all those associated with EXIT Realty. www.exitrealtynexus.com May 2010 Listings 6,335 One-Year Change: -22.4% The thing always happens that you really believe in; and the belief in a thing makes it happen. ~ Frank Loyd Wright~
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June 2010 30 UNIQUE OPERATING SYSTEM..1
INSIGHTS .............. ……..…..2
MONEY, MONEY, MONEY...…..3
Connection NEXUSKEEPING YOU ON THE CUTT ING EDGE OF THE
BUSINESS OF REAL ESTATE
Unique Operating System A message from Frank D’Angelo
MARKET WATCH Data courtesy of MAAR
May 2010 Pendings
3,910
One-Year Change:
-24.6%
5.05 Homes on the Market Per BUYER (June ‘10)
Affordability Index:
200 (June ‘10)
As the world markets continue to affect the real estate industry, there are more mergers, acquisitions, sellouts, conversions and plenty of closings of real estate offices. My job as a Broker/Owner is to have my thumb on the pulse of these changes; any hint of someone making a move initiates a call from me to see if they have what it takes to be part of EXIT Realty Nexus. I treat my career as a relationship building experience; selecting those agents and brokers who will take that progressive step with EXIT Realty Nexus, so I can in-
vest in supporting them in our sys-tem. Name an-other company that actually wants their agents to become their own business owners within the same organization.
I’m looking to have someone come into this organization and carry on the leg-acy already being built in the Twin Cities. That someone might already be here and fostering their leadership skills or that some-one might be out there looking to align themselves with a forward thinking com-pany who has weathered the worst economic storm and continues to grow during some of the most economically challenging times. I always ask myself this question, "Why would someone join EXIT Realty Nexus"? Our Unique Operating System (Best Net Compensation Formula in the Industry) is a simple revenue sharing model; and, it works. It provides additional income streams to agents and their families includ-ing retirement and death benefits. Over $200 Million has been paid out to date and it is NOT contingent on the profitability of the company. It fixes agents into a brokerage and allows them to build a business within a business through the power of vesting the
agent with the broker. A ‘True Mentorship’ model. The answer is simple to me and after reading this, I hope it will be simple to you. We have survived and grown through these turbulent times because of the depth of our leadership starting with the top of the organization. Steve Morris (CEO and Foun-der of EXIT Realty), formulated this back in 1996 when EXIT Realty was formed. Steve Morris continues to grow and further stabi-lize this company by aligning himself with the most prominent leaders in the industry such as: Tami Bonnell (President of EXIT Realty US), Joyce Paron (President of EXIT Realty Canada), Bob McKinnon and the list of trainers and mentors continues to grow. The built-in mentorship systems ensures Brokerage success, Agent success and Sup-port Staff success. It’s a Win-Win situation for all those associated with EXIT Realty.
www.exitrealtynexus.com
May 2010 Listings
6,335
One-Year Change:
-22.4%
The thing always happens that you really believe in; and the belief in a thing makes it happen. ~ Frank Loyd Wright~
Insights with Justin Burke The Ethics of Short Sales
UPCOMING EVENTS &
SPECIAL OCCASSIONS
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The emergence of the Short Sale into mainstream Real Estate transactions in the past few years has certainly changed some things. The lengthy wait time that occurs after accepting a short sale offer has added a new ele-ment to many residential transac-tions and has forced agents into new and unfamiliar decision making situations. One of the most common situations that agents have been poorly prepared to deal with is receiving multiple offers on their short sale listing. Deciding which offer or how many offers to send to the bank for approval is not a dilemma that Realtors or sellers had typically faced until recently. How do we make these decisions? As Real-tors, we should be looking to the Code of Ethics as the standard that governs our business prac-tices. Article 1 of the 2010 Code of Ethics reads: “When represent-ing a buyer, seller, landlord,
tenant, or other client as an agent, REALTORS® pledge themselves to protect and pro-mote the interests of their client. This obligation to the client is primary, but it does not relieve REALTORS® of their obligation to treat all parties honestly. When serving a buyer, seller, landlord, tenant or other party in a non-agency capacity, REAL-TORS® remain obligated to treat all parties honestly.” How does this help us decide how to handle multiple offers while negotiating a short sale? There are two Standards of Prac-tice that best help to interpret this Article in light of our short sale question. Standard of Practice 1-6 says: “REALTORS® shall submit offers and counter-offers objectively and as quickly as possible.”
Standard of Practice 1-7 says: “When acting as listing brokers, REALTORS® shall continue to submit to the seller/landlord all offers and counter-offers until closing or execution of a lease unless the seller/landlord has waived this obligation in writing. REALTORS® shall not be obli-
gated to continue to market the prop-erty after an offer has been accepted by the seller/landlord. REAL-TORS® shall rec-ommend that sell-ers/landlords ob-
tain the advice of legal counsel prior to acceptance of a subse-quent offer except where the acceptance is contingent on the termination of the pre-existing purchase contract or lease.” I can’t recommend or mandate one rule or method of dealing with multiple offers on a short sale listing. But, what I do rec-ommend is that you let the Code
of Ethics govern your decision-making process. Are you promoting your client’s interests? Are you deal-ing honestly with all parties? Are you submitting all offers and counter-offers to your seller ob-jectively and as quickly as possi-ble? Are you recommending that your sellers obtain the advice of legal counsel? Lastly, if you are still unsure after considering the Code of Ethics and its Standards of Practice, the Preamble offers a safe guide in interpretation. The 6th paragraph of the Preamble refers us to Luke 6:31 – the Golden Rule – which says, “And as you wish that oth-ers would do to you, do so to them.” Comments or Questions? Contact Justin at 651-335-1586 or at [email protected]
...let the Code of Ethics
govern your decision-
making process. ....
Money, Money, Money: First Time Homeowner Programs
Money, money, money. You need it for just about every-thing and you especially need it to purchase a home. Luckily, there are some great programs available for First Time Home-buyers to stretch out those handy, green George Washingtons. Bank of America is proud to offer a number of pro-grams. There are two in particu-lar that come to mind. The CASA Program (Community Activity Set-Aside) and the Min-nesota Mortgage Program (MMP) Both are made available through the Minnesota Housing Financing Agency and Bank of America. It’s important to note a
few things: These funds have down-payment assistance avail-able up to 5000.00. This is done as a second mortgage with no payment that is forgiven after 10 years of living in the home. These pro-grams have income limits and rates can change daily. Bank of America works with each client closely to educate on the various options available so they can ob-tain the right home loan that fits
with their needs and lifestyles. From learning about the initial steps to knowing who plays what role, those of us at Bank of Amer-ica are there to guide the client each step of the way so there
aren’t surprises. Knowing who to trust is important in selecting a mortgage specialist. Is it just the mortgage pay-ment that a new home-owner needs to know in depth? No, it’s budget-
ing for maintenance and repairs, taxes and insurance. All these items and more are important factors in knowing how much
money the client needs to save. Our goal along with Minnesota Housing, is to be certain that each homeowner gets the best option whether it is the CASA Program, or MMP or something else. Comments or Questions? Contact Jena Stanislawski 763-568-1096 Bank of America Home Loans
...Knowing who to
trust is important in selecting a mortgage
specialist...
CONGRATULATIONS ON YOUR SUCCESSES
LISTINGS & CLOSINGS
Donavon DesMarais (multiple) Chris Kornberg (multiple) Sheldon Berquist (multiple) Frank D’Angelo (multiple) Jodi Vezina (multiple)
Mindy Shears (multiple) Regan Massee Mike Peterson Jan Strand Justin Burke Debbie Blesi
“ One way to get the most out of life is to look upon it as an adventure.
William Feather
Special Congratulations to SHAUN AHMAD on obtaining his Minnesota Broker’s License!
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