There’s value in organized real estate for REALTORS® and benefits for consumers

March 12, 2024 in National Association of REALTORS®, Real Estate, Silicon Valley, Silicon Valley Association of REALTORS®, Silicon Valley Housing Market | Tags: , , , , , | Leave a comment

The role of the REALTOR®, the benefits received from member involvement in REALTOR® association activities, and the importance of organized real estate to REALTORS® and their clients were laid out to members of the Silicon Valley Association of REALTORS® (SILVAR) by CEO Paul Cardus at the beginning of the year.

Cardus shared the following scenarios of what life would be for an agent or consumer if REALTOR® associations like the National Association of REALTORS® (NAR), California Association of REALTORS® (C.A.R.) or SILVAR did not exist in light of just one benefit, that of legislative advocacy:

  • Agents would not be independent contractors; they would be employees working for banks.
  • Services, including commissions, would be taxed.
  • Conforming loan limits might be set at $400K, if they existed at all, instead of $1,149,825 in 2024.
  • FHA loans likely would not be available.
  • There would be no capital gains exclusion, mortgage interest deduction or 1031 exchanges.
  • The commercial secondary mortgage market, which provides a stable flow of credit, would not exist.
  • The liquidity, stability and affordability provided by Fannie Mae and Freddie Mac in the nation’s housing finance system would not exist.
  • HUD would not employ local agents for sales.
  • There would be no multiple listing service (MLS) or portals with standardized, reliable listing data.
  • Universal buyer representation would not exist, leaving many buyers unprotected in the biggest transaction of their lives.
  • Proposition 13 would not exist, making it hard for California’s seniors to afford to stay in their homes.
  • Without impartial C.A.R. and PRDS standard forms provided by REALTORS® for REALTORS®, buyers and sellers would need attorneys to review and negotiate various one-sided forms for each transaction and be responsible and liable for researching state and local ordinances and codes, instead of using PRDS advisories.
  • Flood insurance would become unobtainable.
  • Property sales would require multiple point-of-sale approvals, like sewer lateral inspection and repair, from multiple agencies and inspectors. Sellers might have to invest tens of thousands in property upgrades just to sell. Escrows could extend for months or even longer.
  • Rent control would be in place statewide, making it challenging to sell a tenant-occupied home or leave the business as a housing provider.
  • Opportunity to Purchase (OPA) programs, like the one SILVAR helped defeat in East Palo Alto recently, would require property owners to offer homes to tenants or nonprofits before listing a rental property on the market and mandate the right of first refusal once an offer is accepted.
  • Thousands of other legislative “bright ideas” would be blocked or kept in check because organizations like SILVAR, C.A.R. and NAR would not be around to engage volunteers, coordinate the resources, and hire professional staff to advocate on behalf of REALTORS® and their clients.

“The benefits that REALTORS® and their clients receive through REALTOR® membership in a REALTOR® association are quite the value,” said Cardus.

2024 Silicon Valley REALTORS® Leadership Installed

March 12, 2024 in Real Estate | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

The Silicon Valley Association of REALTORS® (SILVAR) 2024 leadership team was installed on February 1, 2024 at the Palo Alto Hills Golf & Country Club. 2024 California Association of REALTORS® President Melanie Barker administered the oath of office to 2024 SILVAR President Eileen Giorgi and to SILVAR’s 2024 officers and board directors.

2021 C.A.R. President Dave Walsh served as master of ceremonies. 2023 SILVAR President Jim Hamilton led the Pledge of Allegiance, and Ryan Iwanaga, co-founder and Chief Experience officer at Christie’s International Real Estate Sereno, delivered the Inspiration Message.

Giorgi, a REALTOR® with Christie’s International Sereno, has served as a board director, member of the Los Gatos-Saratoga district council, chair of the REALTOR® Service Volunteer Program (RSVP) that helps senior homeowners with household chores they can no longer do on their own, and as trustee and president of the Silicon Valley REALTORS® Charitable Foundation.

Joining Giorgi as lead officers are Tammie Peters, a REALTOR® with Christie’s International Real Estate Sereno, President-elect; and Jeff Bell, broker manager of Coldwell Banker Realty Cupertino, Treasurer.

SILVAR’s 2024 board directors are Jim Hamilton (Compass), Past President; Brett Caviness (Compass), Region 9 Chair; Denise Welsh (Christie’s International Real Estate Sereno), NAR Director; District Chairs Will McLennan (Yarkin Realty) – Menlo Park-Atherton, Alex Lewicki (DeLeon Realty) – Palo Alto, Katherine Frey (Katherine Frey Real Estate) – Los Altos-Mountain View, Sunita Merchia (Merchia Realty) – Cupertino-Sunnyvale, Navneet Parmar (Real Estate Experts) – Los Gatos-Saratoga; and Directors At-large Alan Barbic (Barbic Real Estate Group), Jimmy Kang (eXp Realty of California), Tracey McNeely (Compass), Stacey Woods (Compass) and Suzanne Yost (Compass).

The 2023 Recognition Awards were presented by 2023 SILVAR President Jim Hamilton and CEO Paul Cardus. Recognized for their outstanding contributions were Karen Trolan (Christie’s International Real Estate Sereno), 2023 REALTOR® of the Year; Creighton Galloway (o2 Mortgage), 2023 Affiliate of the Year: Jane Volpe (REALTOR®), Spirit of SILVAR award; and Joanne Fraser (Compass), President’s award.

Trolan was recognized for her longtime service to SILVAR as 2016 president, board director, C.A.R. director and MLSListings, along with her service to the community as soccer coach, at Girls on the Run, Sierra Region Ski Patrol, and REALTOR® safety instructor. “In so many ways she is the REALTOR® face in her community. Her determination and spirit inspires us, and in her own words, she can still do it,” said Hamilton.

Galloway was recognized for being “a hardworking, hands-on leader and a great proponent of our Association. In addition to engagement at SILVAR and community events, he provides mortgage services committed to ensuring a great experience for our REALTORS®.”

Volpe was praised for her spirit of volunteerism. Hamilton noted, “She works behind the scenes without accolades. She is one of those members that works outside the limelight, recognizing the services of others while never drawing attention to herself.”

Fraser was praised for all the work she continues to do for the association. She served as 2021 SILVAR president, was member of the SILVAR Charitable Foundation and Foundation president in 2009, served as region chair at C.A.R. and as CRS Northern California Chapter President. She was named Ambassador of the Year by the Mountain View Chamber of Commerce.
 
This year’s Installation Sponsors include MLSListings Inc., Los Gatos-Saratoga District, Christie’s International Real Estate Sereno, DeLeon Realty, Wells Fargo Home Mortgage, Los Altos-Mountain View District, Cupertino-Sunnyvale District, Menlo Park-Atherton District, Palo Alto District, Coldwell Banker Realty, Supra, TourFactory, Ty Karges Home, and The Junkluggers.

REALTORS®and their clients receive great value from organized real estate

December 28, 2023 in National Association of REALTORS®, Real Estate, Residential Real Estate Forms, Silicon Valley, Silicon Valley Association of REALTORS®, Silicon Valley Housing Market | Tags: , , , , , , , , , , | Leave a comment

The role of the REALTOR®, the benefits received from member involvement in REALTOR® association activities, and the importance of organized real estate to REALTORS® and their clients were the main focus of the 2023 Economic Seminar & General Membership Meeting of the Silicon Valley Association of REALTORS® (SILVAR).

SILVAR CEO Paul Cardus laid out the following scenarios of what life would be for an agent or consumer if REALTOR® associations like the National Association of REALTORS® (NAR), California Association of REALTORS® (C.A.R.) or SILVAR did not exist in light of just one benefit, that of legislative advocacy:

  • Agents would not be independent contractors; they would be employees working for banks.
  • Services, including commissions, would be taxed.
  • Conforming loan limits might be set at $400K, if they existed at all, instead of $1,149,825 in 2024.
  • FHA loans likely would not be available.
  • There would be no capital gains exclusion, mortgage interest deduction or 1031 exchanges.
  • The commercial secondary mortgage market, which provides a stable flow of credit, would not exist.
  • The liquidity, stability and affordability provided by Fannie Mae and Freddie Mac in the nation’s housing finance system would not exist.
  • HUD would not employ local agents for sales.
  • There would be no multiple listing service (MLS) or portals with standardized, reliable listing data.
  • Universal buyer representation would not exist, leaving many buyers unprotected in the biggest transaction of their lives.
  • Proposition 13 would not exist, making it hard for California’s seniors to afford to stay in their homes.
  • Without impartial C.A.R. and PRDS standard forms provided by REALTORS® for REALTORS®, buyers and sellers would need attorneys to review and negotiate various one-sided forms for each transaction and be responsible and liable for researching state and local ordinances and codes, instead of using PRDS advisories.
  • Flood insurance would become unobtainable.
  • Property sales would require multiple point-of-sale approvals, like sewer lateral inspection and repair, from multiple agencies and inspectors. Sellers might have to invest tens of thousands in property upgrades just to sell. Escrows could extend for months or even longer.
  • Rent control would be in place statewide, making it challenging to sell a tenant-occupied home or leave the business as a housing provider.
  • Opportunity to Purchase (OPA) programs, like the one SILVAR helped defeat in East Palo Alto recently, would require property owners to offer homes to tenants or nonprofits before listing a rental property on the market and mandate the right of first refusal once an offer is accepted.
  • Thousands of other legislative “bright ideas” would be blocked or kept in check because organizations like SILVAR, C.A.R. and NAR would not be around to engage volunteers, coordinate the resources, and hire professional staff to advocate on behalf of REALTORS® and their clients.

“The benefits that REALTORS® and their clients receive through REALTOR® membership in a REALTOR® association are quite the value,” said Cardus.


NAR economist projects mortgage rates of 6-7% by Spring 2024

November 21, 2023 in National Association of REALTORS®, Silicon Valley Association of REALTORS®, Silicon Valley REALTORS® Charitable Foundation | Tags: , , , | Leave a comment

Elevated mortgage rates, high home prices and limited housing inventory are making the dream of homeownership difficult for Americans, National Association of REALTORS® Chief Economist Lawrence Yun told REALTORS® attending the “2023 NAR NXT The REALTOR® Experience” conference and expo in Anaheim last week.

Yun analyzed the current state of the U.S. residential real estate market and shared his 2024 outlook during the Residential Economic Issues and Trends Forum. He explained that high mortgage rates and low inventory have dominated 2023, and as a result, he predicts home sales will likely decline by 18% this year.

The housing shortage continues to be what’s edging up home prices, said Yun. “Lack of inventory is providing the support for high prices, but it’s also making it super difficult for first-time buyers to enter the housing market.”

First-time buyers face steep challenges. High rent, student and credit card debt, car loans, and childcare costs for those with children have made it difficult for many to save for a down payment.

High interest rates have had a great impact on the U.S. overall economic performance, said Yun. While the latest GDP figure of 4.9% shows growth, he warned there are some worrying signs in the economy. Business spending is essentially flat. Goods inventory is rising, which means products are being produced but they are not getting sold.

“We cannot keep adding to the shelves,” said Yun. “Just like in housing, businesses have to borrow money, and business spending is down because it’s more expensive to borrow.”

Yun said the jobs data is still positive, but each passing month shows diminishing strength. Based on the trendline, employment could become negative, which makes the upcoming GDP number looks to “worrisome.”

Yun noted that currently, the consumer price index (CPI) is much calmer, and with community banks suffering from high interest rates, the Fed should adjust its monetary tightening posture. In fact, the bond market appears to be reacting as if the Fed will be cutting interest rates next year.

“I believe we’ve already reached the peak in terms of interest rates,” Yun said. “The question is when are rates going to come down?”

Yun projects mortgage rates will head towards 7% in a few months and into the 6% range by the spring of 2024. He also anticipates that more sellers will enter the market.

“Builders are back on their feet, up 5% in newly constructed home sales year to date,” said Yun. “Builders can simply create inventory. In a housing shortage environment, builders are really benefiting.”

Other numerous trends point to possible pent-up seller activity that could trigger much-needed inventory due to life changes. This would include growing families, couples marrying or divorcing and seniors. There are seven million newborn babies, three million marriages, and 1.5 million divorces. Seven million people will turn 65 years old and will be looking to downsize or relocate to live closer to their children and grandchildren. Additionally, four million deaths, four million net new jobs, 50 million job switches, are all reasons sellers will need to sell sooner than later. Yun added that international buyers have declined, but once they return to the market, there will be a boost in buying.

“Pent-up sellers cannot wait any longer. People will begin to say, ‘life goes on,'” said Yun. “Listings will steadily show up, and new home sales will continue to do well. Existing home sales will rise by 15% next year.”

Nearly 12,000 NAR members and industry stakeholders from all 50 states, several U.S. territories and 40 countries attended last week’s NAR conference and expo. Representing the Silicon Valley Association of REALTORS® at the event were President Jim Hamilton and SILVAR NAR director Denise Welsh.

September is REALTOR® Safety Month: Stay Safe on the Job!

September 8, 2023 in California Housing Market, National Association of REALTORS®, Real Estate, Silicon Valley, Silicon Valley Association of REALTORS®, Silicon Valley Housing Market | Leave a comment

REALTORS® face job-related risks every day. Being aware of potential dangers and taking precautions will help you avoid risky situations. In an ongoing effort to keep safety top-of-mind for our members, the National Association of REALTORS® and the Silicon Valley Association of REALTORS® (SILVAR) dedicate September as REALTOR® Safety Month.

Learn to identify potential risks, anticipate threats, and respond proactively. Empower yourself with vital knowledge to navigate a dangerous situation, ensuring your personal safety on the job.

Follow Tips for Showing Properties the Safe Way

When you are showing a vacant property, you can take these simple steps to empower yourself against an attack or theft.

* Be sure to use the lockbox property-key procedure that has been established to improve real estate agent safety. A reliable, secure lockbox system ensures that keys don’t fall into the wrong hands.

* Show properties before dark. If you are going to be working after hours, advise your associate or supervisor of your schedule. If you must show a property after dark, turn on all lights as you go through the home, and don’t lower any shades or draw curtains or blinds.

* Call the office, a friend or family member every hour to let them know where you are.

* Prepare a scenario so you can leave or encourage someone who makes you uncomfortable to leave. Examples: Your cell phone or beeper went off and you have to call your office; you left some important information in your car; or another agent with buyers is on his way.

* When showing a property, always leave the front door unlocked for a quick exit while you and the client are inside. As you enter each room, stand near the door.

* Do not display purses or wear anything of value like expensive jewelry or watches
while at a property. Lock your purse in the car trunk before you arrive. Carry only non-valuable business items except for your cell phone.

* Park at the curb in front of the property, rather than in the driveway. It is much easier to escape in your vehicle if you don’t have to back out of a driveway. Parked in a driveway, another vehicle could purposefully or accidentally trap you.

See more safety tips, videos and webinars at www.REALTOR.org/Safety

DRE issues alert for growing vacant land property scams

August 9, 2023 in California Housing Market, Real Estate Scams, Silicon Valley Association of REALTORS®, Silicon Valley Housing Market | Tags: , | Leave a comment

There appears to be a growing number of fraudsters posing as owners of vacant land and contacting real estate agents and requesting their assistance to sell a property they don’t own. The California Department of Real Estate has issued a warning to all California licensees, as law enforcement agencies and District Attorney offices around California are reporting a sharp increase in this type of real estate fraud.

In the scheme, the criminal:

• Searches public records to:
1. Identify properties that are free of mortgage or other liens.
2. Identify the property owner – This often includes vacant lots, long-term rentals, or vacation rentals, with targeted properties often owned by the elderly and/or foreigners.

• Poses as the property owner and contacts a real estate agent to list the property for sale

• Requests that the property be listed below market value to generate immediate interest.

• Requests that no “For Sale” sign be posted on the property.

• Requests preference for a cash buyer, quickly accepts an offer, and demands a quick closing.

• Refuses to meet in person, preferring to be contacted through email, text, or over phone, and typically refusing video calls.

• Refuses to attend the signing and claims to be out of state or country.

• Demands to use their own notary, who then provides falsified documents to the title company or closing attorney.

• Insists that proceeds are wired to them.

On their own, these characteristics may not be red flags. But, when several or most occur, the risk becomes more apparent. Unfortunately, the scheme is usually only discovered when recording the transfer of documents with the appropriate county.

SILVAR is urging all REALTOR® members to exercise due diligence in taking the proper steps to verify the owner of a property before accepting a listing.

Follow these tips from the DRE on how to prevent the scam:

• Request an in-person or virtual meeting and see proper government-issued identification.

• If they won’t meet, require them to utilize the services of third-party identity verification service provider.

• Conduct an online search using the name of the property owner. Look for a phone number and recent photo. If you find a number, contact that person and verify they are the actual owner.

• Send via overnight mail a copy of the electronically signed listing to the address or record with a request to confirm the listing’s accuracy. This will alert the legitimate owner of potential fraud.

• Require that the property owner provide a copy of a voided check with the seller’s disbursement authorization form.

• Use a wire verification service or confirm wire instructions match account details on the seller’s disbursement authorization form.

DRE also encourages brokers to develop written policies with respect to listing properties in which the licensee and seller have never met in-person. Alleged cases of this or any other type of real estate fraud should be reported to local law enforcement authorities or local District Attorney’s office. If there is another real estate licensee potentially involved in the fraud, you should provide the information to DRE through its Enforcement Online Complaint System.

REALTORS® share insurance resources with clients

July 12, 2023 in California Housing Market, Real Estate, Silicon Valley Association of REALTORS®, Silicon Valley Housing Market | Tags: , , , , , | Leave a comment

State Farm and Allstate insurance companies’ recent announcements that they will stop writing new property insurance policies in California have shaken many property owners in the state. Silicon Valley REALTORS® are aware this will impact their clients and future homebuyers and are ready to provide resources to help with their insurance needs.

State Farm General Insurance Company announced it would cease accepting new applications, including all business and personal lines property and casualty insurance, effective May 27, 2023. This decision does not impact personal auto insurance. State Farm says it made this decision “due to historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure due to climate change, and a challenging reinsurance market.”

Allstate soon followed with the same announcement stating the company “paused” its offerings so they “can continue to protect current customers.” These two large insurance companies join American International Group (AIG), which notified thousands in California that their policies would not be renewed last year.

“Many of the problems in California are a result of the increasing risks in certain areas of the state, in part due to climate change. The increased risk of fires and floods in more areas have put a strain on both the companies and potentially on the FAIR plan, which is California’s insurer of last resort,” said Jim Hamilton, president of the Silicon Valley Association of REALTORS®.

The California Association of REALTORS® has good information and resources for those who are affected by these recent developments, said Hamilton. “We are asking our members to share the following facts and tips with their clients. Additionally, United Policyholders, a non-profit insurance information resource organization, features a free webinar titled ‘Keeping Your Home Protected When Insurance Options are Limited and Expensive?’ on their website at www.uphelp.org to help consumers find insurance in fire-prone areas.”

  1. Will State Farm and Allstate continue to service and renew policies of existing clients in the state. Yes, and they will continue to offer new auto insurance policies. 
  2. What are the implications of the decision for prospective homebuyers? In certain high-risk areas of the state, there are very few insurance companies willing to write new policies. In those areas, unless the Insurance Commissioner is successful in his effort to get more private insurers to write policies in such areas, the generally more-costly California FAIR plan may end up being the only property insurance available for those homeowners.
  3. Will more companies follow State Farm and Allstate’s move? There are still a wide range of companies writing policies in California. However, those willing to write new policies are declining to include properties in higher risk areas. With the departure of State Farm and Allstate, property owners in more high-risk areas may have no other option than the FAIR plan. 
  4. What are the main problems for the insurance market in California? The California market is heavily regulated and has various strict requirements for rate increases, which were put into place by Proposition 103 in 1988. However, there are two areas where possible changes could result in a better climate for insurance without requiring major changes to consumer-friendly rate increase requirements. Those include allowing insurance companies to have rates that better reflect their reinsurance costs and allowing insurance companies to utilize forward looking risk models. Current law only allows companies to look back when setting rates. However, given the issues with climate change, many insurance companies argue that looking backward does not allow companies to adequately capture risk.
  5. Where can I go for more information about homeowners insurance? The California Department of Insurance provides several information guides, tips and tools to help understand home/residential insurance. You can also call the CDI Consumer Hotline at 1-800-927-4357 for assistance.

Silicon Valley REALTORS® award scholarships to 18 high school seniors

June 23, 2023 in Real Estate | Leave a comment

The Silicon Valley REALTORS® Charitable Foundation Trust, the charitable arm of the Silicon Valley Association of REALTORS®, presented scholarships to 18 graduating seniors from public high schools in Silicon Valley at the end of the 2022-2023 school year. Each student received a $1,500 scholarship. The scholarship awards are made possible by donations from SILVAR members.

Now in its 24th year, the Charitable Foundation Scholars Program is a partnership effort between the foundation and educators in public high schools located in SILVAR’s service areas. The program recognizes students for their outstanding achievements in academics, extracurricular activities, and community involvement.

The selection committee, chaired by Scholars Program chair Nina Yamaguchi, includes representatives from the local business community and SILVAR. Since its start, the program has awarded $490,500 in scholarships to graduating seniors in communities served by SILVAR members.

“The Silicon Valley Association of REALTORS® established our scholars program as part of a long-term effort to support our communities and schools, and to invest in our youth. Our high schools are among the best in the nation. In addition to honoring our students, the program is an opportunity to thank the teachers, administrators and school board members who make our schools special,” said Nina Yamaguchi, scholarship program chair.

Students who received scholarships, the schools from which they graduated, and the colleges/universities they plan to attend are Celina Ke Yang, Cupertino High School (UC Berkeley);Quan Quoc Bui, Fremont High School (UC Riverside); Emily Z. Serrato, Henry M. Gunn High School (Santa Clara University); Elise Vambenepe, Homestead High School (UC Berkeley); Chaeeun Kwon, Leigh High School (Emory University); Audrey Zhu, Los Altos High School (UC Berkeley); Sharaniya Balasingam, Los Gatos High School (Stanford University); Qihui Sun, Lynbrook High School (Cornell University); Ada Yi Jue Cai, Menlo-Atherton High School (New York University); Hernan Maldonado, Monta Vista High School (UC Riverside); Devan Melwani, Mountain View High School (UC Berkeley); Cayden Gu, Palo Alto High School (Stanford University); Adrienne Ferguson, Prospect High School (Columbia University); Heidi A. Hu, Santa Clara High School (UCLA); Christina Chang, Saratoga High School (New York University); Maddon Hoh-Choi, Westmont High School (UC Berkeley); Sharvi Agrawal, Wilcox High School (Case Western Reserve University); and Keira Mahoney, Woodside High School (UC Berkeley).

“We are very happy that we can continue to assist our youth as they embark on their college career,” said Eileen Giorgi, president of the REALTOR® Charitable Foundation. “The seniors selected for the SILVAR Scholars Program have worked hard and deserve to be recognized. We also thank our members, whose contributions have made it possible to continue our program for 24 years.” Members of the local REALTOR® group presented the scholarship awards to the recipients during senior awards night at their respective schools. The scholarship presenters included Adriane Alston (Christie’s International Real Estate Sereno), Joanne Fraser (Compass), Jim Hamilton (Compass), Jimmy Kang (eXp Realty of California), Wendy Marioni (Compass), Tracey McNeely (Compass), Sunita Merchia (Merchia Realty), Russell Morris (Coldwell Banker Realty), Navneet Parmar (Real Estate Experts), Tammie Peters (Christie’s International Real Estate Sereno), Robert Reid (Keller Williams Realty), Sarah Sanusi (Keller Williams Realty), Stacey Woods (Compass), Selena Young (Coldwell Banker Realty).

SILVAR REALTOR® Bernie Leung among 50 finalists in REALTOR® Magazine’s 30 Under 30 contest

March 27, 2023 in Real Estate, Silicon Valley, Silicon Valley Association of REALTORS®, Silicon Valley Housing Market | Tags: , , , | Leave a comment

SILVAR is proud to announce SILVAR member Bernie Leung is among 50 finalists vying for a spot in REALTOR® Magazine‘s 2023 Class of 30 Under 30. Leung is a REALTOR® with Compass Menlo Park.

Every year, REALTOR® Magazine‘s Class of 30 Under 30 recognizes top accomplished real estate professionals nationwide. Selection of finalists is based on business success, innovation, and community involvement. The finalist who receives the most online votes is guaranteed a spot in this year’s 30 Under 30 class and will be the Web Choice Award winner. Judges then select the other 29 honorees from the field of finalists.

Born in San Francisco, Leung has a Bachelor of Science degree in Finance from Menlo College in Atherton and graduated from both Stanford University’s Influence and Negotiations Strategies and Harvard University Negotiation & Leadership Program. He is also an event organizer for Silicon Valley Startup: Idea to IPO, a 26,000+ member organization.

He believes in real estate and wants to make his clients happy and them make their dream of homeownership come true. “I have a super client obsession,” Leung remarked.

Ironically, it was Leung’s father who pushed him to get into real estate. “My dad would say there are only two paths in life – stocks and real estate.” He got his real estate license in 2016, “just to make my dad happy.” Previous work as an accountant for a non-profit got him a job in DeLeon Realty’s finance department. Then one day, the firm was short-staffed and asked him to host an open house. It was then that he discovered that his natural talents and skillset were well-suited to a people businesses like real estate. Transitioning from finance to becoming a real estate agent was inevitable.

During his seven years at DeLeon Realty, he became the most senior top producing agent at the firm. From 2019-2021, Leung’s annual sales volume ranged from $40-50 million. He is happy his dad pushed him toward real estate.

“My dad is both my mentor and hero,” he exclaimed.

Today, with Compass, Leung is a solo agent and a top producer with a current sales volume of $34 million. His average sales transaction is $3.8 million.

Leung said he entered the 30 Under 30 contest because at age 28 (he’ll turn 29 next month), being the youngest REALTOR® with his sales volume in a market dominated by much older peers, he wants to show younger or new agents that anything is possible and prove that you can succeed in real estate despite being under 30 years old.

“Age is just a number. My goal is to inspire the next generation of movers and shakers in real estate to defy all odds and find success by carving out their own unique path,” said Leung.

Leung has a chance to do just that by being part of REALTOR® Magazine‘s 30 Under 30 Class of 2023.

Voting is now open. See Bernie’s profile HERE, then click on Read More and vote, or you can directly vote for him HERE.

You can vote once every 24 hours per candidate. The voting period closes March 31 at 10 AM PT.

SILVAR wishes Leung the best of luck in the contest!

2023 Silicon Valley REALTORS® leadership installed

February 10, 2023 in Real Estate | Leave a comment

The Silicon Valley Association of REALTORS® (SILVAR) 2023 leadership team was installed on February 2 at the Los Altos Golf & Country Club. 2002 California Association of REALTORS® President Robert Bailey administered the oath of office to 2023 SILVAR President Jim Hamilton and 2023 C.A.R. President Chris Kutzkey installed SILVAR’s 2023 officers and board directors. 2021 C.A.R. President Dave Walsh served as master of ceremonies. 2007 C.A.R. President Colleen Badagliacco led everyone in the Pledge of Allegiance, and 2022 C.A.R. President Otto Catrina delivered the Inspiration Message.

Joining Hamilton as lead officers are Eileen Giorgi, a REALTOR® with Christie’s International Sereno, President-elect; and Jeff Bell, broker manager of Coldwell Banker Realty Cupertino, Treasurer.

SILVAR’s 2023 board directors are Brett Caviness (Compass), Past President; Joanne Fraser (Compass), Region 9 Chair; Denise Welsh (Christie’s International Real Estate Sereno), National Association of REALTORS® Director; District Chairs Jasmine Lee (Coldwell Banker Realty), Menlo Park-Atherton District; Stacey Woods (Compass), Palo Alto District; Patricia Robison (Intero), Los Altos-Mountain View District; Tracey McNeely (Compass), Cupertino-Sunnyvale District, and Tammie Peters (Christie’s International Real Estate Sereno), Los Gatos-Saratoga District; and Directors At-large Alan Barbic (Barbic Real Estate Group), Elizabeth Doyle (Christie’s International Real Estate Sereno), Jimmy Kang (eXp realty of California), Sunita Merchia (Merchia Realty), Navneet Parmer (Real Estate Experts) and Suzanne Yost (Compass).

A broker associate at Compass Los Gatos, Hamilton has extensive involvement in REALTOR® association leadership at the local, state and national levels. At SILVAR, he has served as president-elect, board director, and chair of the Los Gatos-Saratoga District. He also served as 2002 treasurer and 2005 C.A.R. president and as an NAR director and regional vice president. He was president of the South Bay Association of REALTORS®, and named REALTOR® of the Year by both the national and local Associations of Realtors, including SILVAR in 2019 and the South Bay Association.

Read more HERE

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