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Newsletter for the Durango Area Association of REALTORS
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Volume 17 • issue 5 - May 2013From our Association Executive
Monthly Newsletter
There are two events the Colorado Association of REALTORS® holds annually; CAR State Con-vention in the Fall, which is the “Mac Daddy” of CAR’s events and is host to their annual Instal-lation of Officers, and the CAR Spring meetings which is the time of year members interested in running for Office submit their names for nomination and start their campaigning. These events are also CAR’s only opportunity to hold their Board of Directors meetings. Your DAAR leadership and I have just returned from this year’s Spring Meetings and we had quite a lot of business to attend to while we were there.
There’s a lot of change ahead at the State level. Efficiency and the need to adapt to change were at the forefront of every conversation. Attendees of the event participated in a project called REThink, which involved a new method of information gathering from members on strategic analysis of what they thought was important and beneficial to their business, the economic envi-ronment, and what the future of our organization should look like. To learn more about this pro-cess, how it will affect you, and how you can get involved, please visit www.rethinkfuture.com or Udemy: REThink The Future of Real Estate . Your feedback is an important part of the process.
CAR is considering and already implementing several different changes including their current organizational structure (which has already been greatly modified), their Board structure that currently consists of approximately 160 members and may be cut down to as few as 100 (which effects the number of local representatives we have on the board and is a VERY HOT topic), and their Mission Statement.
Among other things that were discussed on our trip was the new CAR website that was just launched this week at http://www.coloradorealtors.com/ . Be sure to check it out as there are several new features. To login simply use your email address and NRDS# (to find your NRDS# click here).
One last important item discussed that I wanted to share was about the GRI program. CAR has decided to discontinue the GRI program after much effort to revitalize it. If you are a member currently working towards your GRI Designation please contact me for further infor-mation on how this will affect you. Thank you again for the opportunity to gather and share this information with you. My door is open any time if you have questions or comments.
Durango Area Assn. of REALTORS
Amanda Erickson is the Assn. Exec. of
The Durango Area Assn. of REALTORS®
You can contact her at 970-769-3423
DAAR Charity Luncheon
Pay Not To Play
May 31st, 2013 at 2:30 PMGraciously Hosted By Th e Glacier Club
NAME: PHONE:
I WILL be attending the luncheon
I will NOT be attending the luncheon
Payment by Check (Make checks payable to DAAR) Payment by Visa or Mastercard
Credit Card# Exp. Date
Signature:
You may drop off, mail or fax your payment to the:Durango Area Association of REALTORS® • 125 E. 32nd St. #1 • Durango CO. 81301
Phone 970-247-9604 • Fax: 970-385-5205Th ank you for your support!! Proceeds from this fundraiser will benefi t local charities.
Last year we distributed funds to the following organizations: Volunteers of America, Women’s Resource Center. Del Alma, Four Corners Health Care Center, Southwest Safehouse,
Healthy Kids, Durango La Plata Senior Center, La Plata Red Cross, Community Foundation (Scholarships), DHS Aft er Prom Party, Women’s Health Coalition of SW. CO., La Plata Family Center Boy’s and Girl’s Club of Durango, Southwest Transitions
Student Summer Literacy Program, Th e Pregnancy Center
DAAR CALENDAR OF EVENTS
1 5/7/2013 10:05 AMstaff
Su Mo Tu We Th Fr Sa1 2 3 4
5 6 7 8 9 10 1112 13 14 15 16 17 1819 20 21 22 23 24 2526 27 28 29 30 31
May 2013Su Mo Tu We Th Fr Sa
12 3 4 5 6 7 89 10 11 12 13 14 15
16 17 18 19 20 21 2223 24 25 26 27 28 2930
June 2013
May 2013
Apr
28
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ay 4
Apr 28 29 30 May 1 2 3 48:30am 10:30am
Executive Committee(DAAR)
May
5 -
11
5 6 7 8 9 10 11 CNE- Frascona
Newsletter Published8:30am 10:30am BOD
Cmte (DAAR)
May
12
- 18
12 13 14 15 16 17 18 Mother's Day (United S NAR Midyear Meetings (Washington)
Golf Tournament Dead
May
19
- 25
19 20 21 22 23 24 2511:30am 12:30pm
Community Service Committee (DAAR)
May
26
- Ju
n 1
26 27 28 29 30 31 Jun 1 DAAR Office Closed
Memorial Day (United Golf Tournament (The
Sunday Monday Tuesday Wednesday Thursday Friday Saturday
The 2012-2013 Durango Area Association of REALTORS® Board of Directors:
President / Denise Storm / 759-9819 / [email protected] / Kelly Kniffin / 749-3867 / [email protected]
Past President / Jarrod Nixon / 769-0774/ [email protected] Vice President / Jim Wotkyns / 375-7005 / [email protected] / Jerome Bleger / 759-1658 / [email protected] / Cathy Craig / 749-3986 / [email protected]
Director / Gabi Bergstrom / 946-7522 / [email protected] / Linda Buzzalini / 259-6680 / [email protected] / Nicole Perino / 259-6680 / [email protected]
CAR Director/ Lois Surmi / 749-7559 / [email protected] Director/ Jarrod Nixon / 769-0774/ [email protected]
Association Office StaffExecutive Officer/ Amanda Erickson/ 247-9604/ [email protected]
Member Services/ Jasmyn Fouts/ 247-9604/ [email protected] & Communications/ Jo Ann Johnston/ 247-9604/ [email protected]
1 5/7/2013 10:05 AMstaff
Su Mo Tu We Th Fr Sa1 2 3 4
5 6 7 8 9 10 1112 13 14 15 16 17 1819 20 21 22 23 24 2526 27 28 29 30 31
May 2013Su Mo Tu We Th Fr Sa
12 3 4 5 6 7 89 10 11 12 13 14 15
16 17 18 19 20 21 2223 24 25 26 27 28 2930
June 2013
May 2013
Apr
28
- M
ay 4
Apr 28 29 30 May 1 2 3 48:30am 10:30am
Executive Committee(DAAR)
May
5 -
11
5 6 7 8 9 10 11 CNE- Frascona
Newsletter Published8:30am 10:30am BOD
Cmte (DAAR)
May
12
- 18
12 13 14 15 16 17 18 Mother's Day (United S NAR Midyear Meetings (Washington)
Golf Tournament Dead
May
19
- 25
19 20 21 22 23 24 2511:30am 12:30pm
Community Service Committee (DAAR)
May
26
- Ju
n 1
26 27 28 29 30 31 Jun 1 DAAR Office Closed
Memorial Day (United Golf Tournament (The
Sunday Monday Tuesday Wednesday Thursday Friday Saturday
The 2012-2013 Durango Area Association of REALTORS® Board of Directors:
President / Denise Storm / 759-9819 / [email protected] / Kelly Kniffin / 749-3867 / [email protected]
Past President / Jarrod Nixon / 769-0774/ [email protected] Vice President / Jim Wotkyns / 375-7005 / [email protected] / Jerome Bleger / 759-1658 / [email protected] / Cathy Craig / 749-3986 / [email protected]
Director / Gabi Bergstrom / 946-7522 / [email protected] / Linda Buzzalini / 259-6680 / [email protected] / Nicole Perino / 259-6680 / [email protected]
CAR Director/ Lois Surmi / 749-7559 / [email protected] Director/ Jarrod Nixon / 769-0774/ [email protected]
Association Office StaffExecutive Officer/ Amanda Erickson/ 247-9604/ [email protected]
Member Services/ Jasmyn Fouts/ 247-9604/ [email protected] & Communications/ Jo Ann Johnston/ 247-9604/ [email protected]
Intro to Your Green MLS and The Benefits of a High Performance Home
Founder and CEO of EcoBroker International coming to Durango
When: Tuesday, May 21st, 8:30 am ‐ 11:30 am Where: First National Bank of Durango, 259 West 9th St, Durango Cost: Early Bird Rate of $15 before May 14th, Regular Rate: $20 (includes breakfast!) Register: www.fourcore.org
Earn two Continuing Education Credits!
Learn how to use your Green MLS features effectively Apply the Green MLS in real property disclosure examples Help consumers and investors benefit from the green progress Review energy efficient financing options Learn the benefits of a High Performance Home Understand 3‐rd Party Verification
Guest speakers: John Beldock, Founder and CEO of EcoBroker International, Greg Mantell‐Hecathorn and Hunter Mantell‐Hecathorn of Mantell‐Hecathorn Builders Inc.
For more information contact [email protected] or call (970) 259‐1916 ext 111.
Important Updates and Reminders!
OFFICE CLOSURE The DAAR Office will be closed in honor of Memorial Day, Monday May
27th. Normal business hours will resume May 28th.
GOLF TOURNAMENTAll teams and sponsorships have been filled. Should you wish to attend the charity luncheon, Jo Ann MUST KNOW by Friday MAY 21st. She can
be contacted at 970-247-9604 or [email protected]
ACTIVE KEYRemember that Supra sent out bills on active keys and they were due april 17th. If you no longer wish to have your active key service, make sure it is returned to the DAAR office, otherwise billing will continue.
Michael K. Russell, PEPrincipal
934 Main Avenue, Unit C Durango, CO 81301
ph: 970.385.4546 fx: 970.385.4502e: [email protected]
EQUAL HOUSING
LENDERFDIC
Mike and Judy Malone970.375.BANK (2265)
1201 Main Avenue, Suite 101Durango, CO 81301
Colorado Capital Bankmortgage
R E S I D E N T I A L M O R T GAGE OF COLORADO A DIVISION OF UNIVERSAL LENDING CORPORATION
Mike & Judy Malone970.375.2265
970.749.1104 (Judy) 970.749.1101 (Mike)
1201 Main Avenue, Suite101www.applywithjudy.com
Lisa M. ReedPresident
1099 Main Avenue. Suite 213 • Durango, CO. 81301970-382-9800 • Fax 970-382-9808
E-mail: [email protected]
Southwest MortgageLoans, Inc.
Mortgagesmade easy.
You’ve helped them find the perfect house. Now help them make it their home with a mortgage from Community Banks of Colorado. With 50 convenient locations in Colorado and the ability to finance unique properties, Community Banks of Colorado has a common sense approach to clients’ mortgage needs. To help find the best mortgage solution for your client contact Margie Sittner of the Durango Banking Center at 970-259-0212 or go to cobnks.com/mortgage.
COMMITTEE MEETINGS SCHEDULEDCommittee
Board of DirectorsCommunity Service
Date/Time/LocationThursday, 5/9/2013 - 8:15 - DAARTuesday, 5/21/13 - 11:30 - DAAR
Contact InformationAmanda - [email protected] Ann - [email protected]
NOTE from Steve Barkley, Code Enforcement Officer for the City of DurangoTo: Real Estate Owners / Agents
Please consider placing the following notice in closing documents to new property owners within the city limits.
Thank you for your time and assistance.
Wanna know how the remodel is going?Like us on FACEBOOK at
http://www.facebook.com/pages/Durango-Area-Association-of-REALTORS/574415725910580
February 27, 2012
The health care legislation enacted in 2013 included a new tax that was designed to affect upper income taxpayers. The 3.8% tax is imposed ONLY on those with more than $200,000 of Adjusted Gross Income (AGI) ($250,000 on a joint return). The tax applies to investment income, defined as interest, dividends, capital gains and net rents. These items are all included in an individual's AGI. A formula will determine what portion, if any, of these types of investment income would be subject to the tax.
The tax is NOT a transfer tax on real estate sales and similar transactions. Not long after the tax was enacted, erroneous and misleading documents went viral on the Internet and created a great deal of misunderstanding and made the tax into something far more draconian than the actual provisions.
The new tax does NOT eliminate the benefits of the $250,000/$500,000 exclusion on the sale of a principal residence. Thus, ONLY that portion of a gain above those thresholds is included in AGI and could be subject to the tax.
REALTORS® should familiarize themselves with the tax, but should not advise their clients about the application of the tax. The amount of tax will vary from individual to individual because the elements that comprise AGI differ from taxpayer to taxpayer.
Visit the links below for additional in-depth information.
NAR video: http://speakingofrealestate.blogs.realtor.org/2010/11/24/the-3-8-tax-is-not-a-real-estate-transfer-tax/
FAQs: http://www.realtor.org/small_business_health_coverage.nsf/Pages/health_ref_faq_med_tax?OpenDocument
Download a comprehensive brochure:http://www.ksefocus.com/billdatabase/clientfiles/172/8/1437.pdf
John Norton ~ 5/1Jonny Radding ~ 5/2
True Kirk ~ 5/3David Gore ~ 5/4
Mike Aronson ~ 5/5Lars Johnson ~ 5/6
Jim Davis ~ 5/9Betty Yost ~ 5/11
Andrew Levine ~ 5/12Sara Staber ~ 5/12
What’s Happening With The Membership?
Welcome Back!Al Librande -Busy Bee Realty Bruce Campbell - Independant Broker
John Norton ~ 5/1Jonny Radding ~ 5/2
True Kirk ~ 5/3David Gore ~ 5/4
Mike Aronson ~ 5/5Lars Johnson ~ 5/6
Jim Davis ~ 5/9Betty Yost ~ 5/11
Andrew Levine ~ 5/12Sara Staber ~ 5/12
Danielle Enea ~ 5/13Steve Leisle ~ 5/16
Robin Williams ~ 5/18Linda Logan ~ 5/18Tiare Flora ~ 5/20
Dawn Wright ~ 5/20Phil Taylor ~ 5/21
Amanda Erickson ~ 5/22Chris Serwe ~ 5/25
Mariann Menor-Lewis ~ 5/25
Transfers
AGENT NAME:Victor Schultheiss
TRANSFERRING FROM:Durango Realty
TRANSFERRING TO:The Wells Group
Welcome affiliaTe memBers!Dominick McCullough - Every Corner Marketing Solution
Welcome neW memBersWilliam Powell -Busy Bee Realty Denise Rentz - Coldwell Banker
May Birthdays
CREN held their quarterly board meeting on April 23rd where some recent issues were addressed. As a result, there were some changes implemented we’d like you to be aware of, including some changes to improve our frustrating EXPIRED listing issue. Please take a few moments to review the information be-low, as well as the document at the end of this newsletter provided by CREN, and feel free to contact us with any questions.
EFFECTIVE MAY 31, 2013
Expired listings: Rationale: NAR Compliance, Once a listing status changes to EXPIRED, that listing will NO longer be accessible for listing maintenance. The current 3 day grace period that allows you to main-tain that listing will also become unavailable. This change is being made to comply with the NAR Rule listed below.
NOTE: These specific rules DO NOT come from the CREN board, and are required by NAR in order to maintain the organizations E&O Insurance.
Section 1.2 LISTINGS SUBJECT TO RULES AND REGULATIONS OF THE MLS: Any listing taken on a contract to be filed with the MLS is subject to the Rules and Regulations of the MLS upon signature of the seller(s).
Section 1.11 EXPIRATION OF LISTINGS: Listing filed with the MLS will automatically be removed from the compilation of current listings on the expiration date specified in the listing agreement unless prior to that date the Participant/User receives signed authorization from the seller that the listing has been extended or renewed & the Participant/User changes the expiration date in the MLS.
If notice of renewal or extension is received after the listing has been removed from the compilation of current listings, the extension or renewal will be published in the same manner as a new listing. Extensions and renewals of listing must be signed by the seller(s) and provided to the MLS within 24 hours only upon demand.
Section 1.12 TERMINATION DATE ON LISTINGS: Listings filed with the MLS shall bear a definite and final termination date as negotiated between the listing broker and the seller.
In an effort to rectify any issues with the inability to maintain Expired listings the following STATUS CHANGES will be implemented. Listing Status: Options will be changed to the following ONLY: Active UC/Contingent/Call Listing Brkr: will be changed to: Pending: Sale Pending* This status will no longer reside under the "active" status umbrella and will not be broadcast out through IDX as an active listing. This status will prevent the expiration date from changing the status of a listing to Expired, and will allow additional time if needed to close the listing out. It is CREN’s hope this will resolve the issue of a listing that is under contract, set to expire, that may be awaiting final signa-tures, etc. It will be the responsibility of the user/agent to place UC (Under Contract) listings in the pending status once all contingencies have been met. Sold* No changes. However, there will be penalties/sanctions/fines imposed on repeated infractions of late entry. There is a 72 hour time frame to enter sold data.
CREN UPDATE
Expired listings/New Statuses/Pending Status Information
1. The old “expired listings” configuration (Pre-March 1st): When a listing expired it would go straight from Active to Expired at midnight on the expiration date. That listing would then appear under “Expired” in the Listing Main-tenance screen for the individual listing agent. At this time the agent could go right back into the “expired” listing and set it back to active, Sold, UC, any status at any time in the future.
How did this affect the system? What this allowed the agent/broker to do is go into the expired listing and set the status back to Active even after a year or two. When the agent/broker would set this back to Active, the system would be faked into thinking that the listing had been on the market the entire time which potentially skewed sta-tistics and DID NOT reflect the TRUE picture of the listing. In other terms, the Expired listings were never “locked out” for our system configuration. It is highly recommended by LPS and other MLS’s in the country that by default the SOLD, Expired and Cancelled listing statuses be “locked out” to agent/broker level security. Only MLS staff should be able to make any changes to a listing once it has been Sold, Expired or cancelled.
2.The current “Expired listing” configuration(around March 1st-May 31): When a current Active listing comes to its expiration date, the listing goes into a 3 day grace period. During this grace period no other users in the MLS can locate this listing. The only user that can access this listing is the listing agent and ONLY through their List-ing Maintenance screen. (The listing during the grace period has actually past its expiration date in the system and therefore can’t be marketed in the MLS. This grace period is also bringing concerns from other agents that don’t understand the grace period repercussions of not being able to locate the listing.)The listing owner or other agents will not be able to find this listing by searching, market monitor or fidoogle search. At this point they can still locate the listing under ACTIVE listing inside the Listing Input module. At midnight on the third day when the system performs nightly processing, the listing status will then be set to EXPIRED by the system. The list-ing agent will no longer be able to maintain this expired listing. The listing will appear in the Listing Maintenance screen under the agent/brokers expired listings table. The agent/broker will be able to pull that expired listing up to maintain it, but the only options available will be to copy/clone the listing. The copy/clone function is designed to copy all pictures and/or documents to the newly created listing. A new MLS number would then be assigned to the listing.
Other thoughts regarding currently expired listings: Let’s say a listing expires and goes through the 3 day grace period and so now it is hard expired(or hard expired in the future). The agent receives the amend/extend on the fourth day and wants to re-activate the listing. The correct protocol on this situation would be to copy/clone the listing first, and then the agent would put the listing date as a NEW listing date and the Expiration date as the NEW EXPIRATION Date. In this scenario CDOM would be captured current and correctly. WARNING: If by chance the Listing Agent puts in the original listing date (back 365 days let’s say on the copy/cloned NEW listing) then this will completely destroy the CDOM for the listing. What happens is the system tries to double and/or some-times triple the CDOM because it is confused by what the user is telling the system.
3. After MAY 31st “Expired Listings”:
a. When a listing in an ACTIVE status(Active or Active/Contingent/Call LB)reaches its expiration date at midnight of the expiration date the listing will be changed to EXPIRED by the automated nightly processing. The listing will NOT have a grace period and therefore can be found by any user within the system searching for EXPIRED Status listings. If the agent/broker receives an amend/extend after the expiration, the listing must be copy/cloned and given a new MLS number(Article 1, Section 1.11 CREN Rules and Regs). When the agent is entering the new list-ing they should reflect a NEW listing date. By completing the new listing, the calculation for CDOM will be correct and accurate. The agent/broker would need to check the Property History Report to determine the history of the listing over the past period of time.
b. When a listing currently in a PENDING status reaches its expiration date it will be configured to NOT auto-expire at midnight on its expiration date. The listings in this status can be found in the system by searching for Pending listing status within the Search module. The listing agent will find and maintain these listing in the Listing
Maintenance module under Pending listings. If a listing in the Pending status falls out of contract and the agent/broker returns the listing to an ACTIVE Status, then the expiration date may need to be updated to a date in the future if it is not already. If a listing under the Pending status goes to closing then the agent/broker will need to change the status of the listing to a SOLD status. If the listing has passed its expiration date, the agent will NOT be required to enter a new expiration date if the listing is SOLD. The agent/broker, after setting the listing to SOLD status, will need to enter the SOLD listing information such as, how Sold, Contract date, closing date etc.. in order to complete the listing and save it as SOLD. Pending status can be used in cases of a bank owned prop-erty where the bank is not very responsive to signing or executing an amend/extend for the listing. Therefore, the agent/broker can put the listing under the Pending Status and not have to worry about an amend/extend from an unresponsive Seller. Listings can stay in this status for up to 6 months without expiring. After 6 months the listing agent will have to change the status to another category for at least one day before it can be changed back to Pending Status. The recommended category to change this to would be Withdrawn. The next day they can once again set it back to Pending Status and it will stay there for another 6 months. Also, we are trying to require the contract date under the SOLD information for this Status only. This way we can tell when it actually went under contract without have to pull a full audit.
NEW STATUSES starting June 1st
The new choices under ACTIVE Category will be reduced to two choices:ACTIVEACTIVE/Contingent/Call LB
There will now be a new Status Category called Pending where there will be one choice:Sale Pending
How will CREN handle the changes in the system? On Saturday morning June 1st we will migrate ALL listings currently in the Active Category that are of the Status ”Under Contract Don’t Show” to the newly created Pending Category with a status of “Sale Pending”. The UC (Under contract don’t show) status will then no longer exist in the system.
On Saturday morning June 1st we will also migrate listings from the Active Category with statuses of Active/ContingencyReleas, Active/Contingent/Show and Active/UC/Call Lstng Brkr to a newly created category of Active/Contingent/Call LB. The Active Statuses of Active/ContingencyReleas, Active/Contingent/Show and Active/UC/Call Lstng Brkr will then be removed from the system.
As a reminder, if a listing is terminated with a Broker/Agent within the MLS system, then the Status should be changed to CANCELLED and NOT Withdrawn. The Withdrawn Status means there still may be a contractual agree-ment in place between the Seller and listing Brokerage. If a listing is set to the Withdrawn Status, it will continue to AUTO-Expire on its expiration date. If you don’t want all those email reminders, just set the Status to Can-celled.
