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C.A.R. President: 2007 Presents Challenges and Opportunities for Realtors

Tuesday, April 3, 2007

2007 is going to be a great year for real estate professionals, but not without its challenges and opportunities, according to California Association of Realtors (C.A.R.) President Colleen Badagliacco. Badagliacco was the guest speaker at SAMCAR’s April 3 Combined Marketing meeting.

Badagliacco told SAMCAR members as a result of troubles in the subprime market, there will be tighter qualifications for buyers, making it more difficult for first-time homebuyers to get loans. Statewide, sales will be less; flip markets and submarkets with large new home inventories will be “more dicey,” but she believes the Bay Area, from Santa Clara County all the way up to the Peninsula, will do all right.

“Northern California is fortunate because it appears to be insulated from the ups and downs of the real estate market,” she said, but she also noted, even for Realtors here, there will be new challenges and opportunities.

“Being a Realtor is a good occupation. Our field represents people in every generation, in every neighborhood, with expertise in every area. That’s what makes it a strong profession,” said Badagliacco. “But we need to be aware of the challenges ahead and take advantage of the opportunities. No matter what the market does, it’s always changing, and you need to be that person on the top of the hill.”

She said amid these normal market conditions, with sketchy and limited information received from the media, now, more than ever, clients are going to need a Realtor’s expertise in pricing, negotiation and professional experience in the market place.

She urged Realtors to “take the customer’s point of view” by being familiar with the sites they go to, get a feel of what they’re reading, keep current with up-to-the-minute data about their local areas, educate themselves, “because buyers will now have increased focus on your expertise.” This means getting all the techniques available and reflecting them in their business practices.

 “No matter what demographics, we need to move beyond the Web pages and Web sites and interact with the client online,” said Badagliacco.

She noted, “The customer wants simple transparent transactions. They are looking for a partner, not a dictator. You need to stay in touch, keep them updated with their transactions online, retain values of integrity and responsiveness and be an integrated real estate professional.”

Badagliacco reported that C.A.R. has been working hard to upgrade the standards of the real estate profession. Effective September 30th, new licensees can no longer get a conditional salesperson license. A person must complete three real estate classes before applying for the real estate salesperson exam.

C.A.R. also sought to eliminate the degree broker license, said Badagliacco, and while this piece of legislation did not pass, C.A.R. is working hard with the Department of Real Estate to tighten regulations for brokers.

This year, C.A.R. is also working for the passage of SB 670 (Correa) Private Transfer Tax Prohibition, which seeks to prohibit the imposition of such transfer fees. These PTTs have totaled as much as 1.75 percent of the purchase price of a home and must be paid for 20 to 25 years or, even, in perpetuity. These taxes must be paid by the first buyer and every subsequent buyer each time the home is sold. In AB 980 (Calderon) Disclosure of Pre-Existing Private Transfer Taxes, C.A.R. is also seeking the disclosure to potential home buyers as to whether the home they are considering purchasing requires the payment of a private transfer tax (PTT) the percentage of the home price constituting the PTT, the duration and recipient of the PTT payment, and that it may potentially affect the future resale value of the property.

In closing, Badagliacco told members, “I’ve decided that 2007 is the year of Realtor 2.0, where Realtors need to elevate themselves and move ahead to the pace of your competition, if not faster … One of these day, two or three entities will get it right. I want us to be that entity.”

 

 

The San Mateo County Association of REALTORS® (SAMCAR) is a professional trade organization representing over 3,800 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula. SAMCAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in San Mateo County.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

For further information, please contact Julie Ziemelis, Director of Public Affairs, e-mail , or phone (650) 696-8214.

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