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Learn about “Doing Business with China” on Thursday, October 2, 1-2:30 p.m. at SILVAR, where panelists will share their experience with Chinese buyers and sellers. This event will focus primarily on the REALTOR®, the lender and the escrow perspectives.
Amy Sung, a REALTOR® with Pacific Union International Real Estate – Menlo Park, and Mark Wong, a REALTOR® with Alain Pinel REALTORS® – Saratoga, will present the REALTOR® perspective; Kenneth Chan, premier mortgage consultant with HSBC – Palo Alto, will present the lender perspective; and Jessie Wu, escrow officer with First American Title Company – Cupertino, will present the escrow perspective.
“Doing Business with China” is the first of a quarterly series of programs that will explore different aspects of doing business with clients from other countries. This educational event will give members the opportunity to learn the “nuts and bolts” from real estate professionals that have worked with Chinese clients and are familiar with the real estate rules and regulations of the country. They will share their experiences, including challenges they have encountered when closing a deal.
Cost is $10 for members and $15 for nonmembers, if registered by Wednesday, October 1. Cost is $20 at the door. Chinese dessert snacks will be served at this event. Members may register at ims.silvar.org or call SILVAR at (408) 200-0100.
Each year in September, both the National Association of REALTORS® (NAR) and SILVAR remind members to keep REALTOR® safety foremost in their mind, especially when hosting an open house and during showings. Open houses can be a great sales tool, but hosting one also exposes you to numerous unfamiliar people for the first time.
There have been cases reported across the nation of REALTORS® who have been harmed or killed when alone during an open house. Take the necessary steps to ensure that your open house will be successful. If possible, always try to have at least one other person working with you at the open house.
1. Check your cell phone’s strength and signal prior to the open house. Have emergency numbers programmed on speed dial.
2. Upon entering a house for the first time, check all rooms and determine several “escape” routes. Make sure all deadbolt locks are unlocked to facilitate a faster escape.
3. Make sure that if you were to escape by the back door, you could escape from the backyard. Frequently, high fences surround yards that contain swimming pools or hot tubs.
4. Have all open house visitors sign in. Ask for full name, address, phone number and email.
5. When showing the house, always walk behind the prospect. Direct them; don’t lead them. Say, for example, “The kitchen is on your left,” and gesture for them to go ahead of you.
6. Avoid attics, basements, and getting trapped in small rooms.
7. Notify someone in your office, your answering service, a friend or a relative that you will be calling in every hour on the hour. And if you don’t call, they are to call you.
8. Inform a neighbor that you will be showing the house and ask if he or she would keep an eye and ear open for anything out of the ordinary.
9. Don’t assume that everyone has left the premises at the end of an open house. Check all of the rooms and the backyard prior to locking the doors. Be prepared to defend yourself, if necessary.
(Sources: Washington Real Estate Safety Council; City of Mesa, Arizona; Nevada County Board of REALTORS®; Georgia Real Estate Commission)
Visit NAR’s REALTOR® Safety website at http://www.REALTOR.org/Safety
The National Association of REALTORS® (NAR) has announced that the new .REALTOR® top-level domain will be available October 23, 2014 to members of NAR and the Canadian Real Estate Association (CREA).
With the Internet undergoing vast changes, the creation of over 1,900 new top-level domains, and with nine out of 10 recent buyers beginning their home search online, it has become even more critical for REALTORS® to create a branded space online. The .REALTOR® domain will help REALTORS® stand apart from other real estate professionals, creating a more positive online experience for consumers who are searching for information on buying or selling property. Having a .REALTOR® domain will inform consumers that they are working with a REALTOR®, a trusted real estate professional who subscribes to NAR’s strict Code of Ethics.
The top-level domain will be made available only to real estate professionals who are REALTORS®, members of NAR or CREA. The domain will also be made available to state and local REALTOR® associations, association multiple listing services, affiliated institutes, societies and councils and NAR strategic business partners.
Starting October 23, members will be able to go to http://www.claim.REALTOR to claim their .REALTOR® domain. NAR will provide the first 500,000 members NAR and 10,000 CREA who register for a .REALTOR® domain with a free one-year license. For more information, visit http://www.about.REALTOR.
SILVAR is offering a paperless option for individuals who would like to enroll in the November 17-21 Certified International Property Specialist (CIPS) Institute. The paperless option will cost $550 for the entire Institute instead of $600, the regular cost with hard copy of the course manuals.
Students who select the paperless option will need to come to class with their electronic device (laptop or tablet). They will be asked to download the required materials prior to their arrival. A link to the materials will be provided to each student.
The CIPS Institute provides training in international business issues, including currency conversion, cultural awareness, legal and tax requirements, ownership and transaction principles of international real estate, and specifics about the real estate markets in Europe, the Americas, and Asia. Members using Proxio, which is a SILVAR benefit, may find the CIPS courses very useful in advancing their global real estate business.
The week-long CIPS Institute includes the two required core courses and three elective courses, which fulfill the classroom requirements for the CIPS designation. Students must pass a multiple-choice exam at the end of each course.
Spend the week learning how you can profit being an international real estate specialist from 2012 NAR International Instructor of the Year David Wyant. Wyant has taught two previous CIPS Institutes at SILVAR and received excellent reviews.
Regular cost of the five-day program is $600, which includes hard copy of the course material. Members may enroll online at ims.silvar.org. Non-members may register by calling SILVAR at (408) 200-0100.
Those interested in registering for the paperless version, may contact SILVAR at (408) 200-0100 or SILVAR Public Affairs & Communications Director Rose Meily at rmeily@silvar.org or call (408) 200-0109. Cost for an individual course for either option is $150.
Sponsorships for the CIPS Institute are available for each class day. Thank you in advance to Wednesday and Friday sponsors Kenneth Chan of HSBC and Richard Miller of ExecutiveLoanOfficer.com.
Instanet Solutions has begun providing 24 hours a day, seven days a week, 365 days a year live TOLL FREE phone and chat support to all PRDS users. This new industry leading support level is being provided at no charge.
PRDS users can expect reliable and professional toll free service 24 hours a day, seven days a week at the Instanet Solutions support number you already use on your PRDS page, (800) 668-8768. All calls will be answered within one minute. Calls will be recorded to ensure call quality.
The new support specialists have been trained on virtually every aspect of the system, its features and common tech support inquiries. Of course, transitioning to a new service system may have some challenges. In order to ensure the highest first call resolution, a larger than usual team of experienced Instanet Solutions staff will be working to assist the support specialists off site, as needed.
In the meantime, email support will be answered from 9 a.m. – 5 p.m. ET Monday through Friday. Email support will transition to 24/7 in the next few weeks.
Instanet Solutions provides PRDS with a solid platform for technology growth. Users can load the complete library of PRDS forms, as well as their individual company forms. Editing can be done online and sent out electronically.
PRDS Forms are an extensive line of REALTOR®-created paper and online forms for residential purchase and sales transactions. These forms are available online free of charge as a member benefit to all REALTOR® members of SILVAR and the San Mateo County Association of REALTORS® (SAMCAR). The PRDS Forms library is simple and easy to use, up-to-date, and prints on plain paper.
Members of the Silicon Valley Association of REALTORS® will soon have access to real estate developments worldwide in addition to their ability to connect and share listings with other agents domestically and around the world through a global networking site, which is a membership benefit of the local trade association.
SILVAR REALTORS® currently have access to Proxio, a global networking platform, as a member benefit. The global network is much like LinkedIn for real estate agents, providing them with networking opportunities and an agent and property search.
Agents can connect with over 600,000 real estate professionals in the U.S. and in 140 countries. Their listings and marketing materials are automatically translated into 19 languages, 55 currencies and metric measurements. Members also get the entire MLS in different languages with a widget for their website that includes a full MLS search and translations of all properties in MLSListings Inc. and the Proxio SocialSearch™ Facebook app for their business page with full IDX in English, French, Spanish, Portuguese and Chinese.
In mid-July, SILVAR REALTORS® will have access to Proxio Developer Showcase, a new product that goes a step further by helping property developers and real estate agents connect and work together to generate more sales and commissions. Agents can get to choose the developments they want to promote and the listings will be customized with their name and contact information. The website stands alone or can be linked to an agent’s website.
“As a REALTOR® association, we constantly strive to give our members the best tools so they can serve their clients fully and more efficiently. We live in a global community. Providing members access to a global network allows our members grow their business and provide international, as well as domestic clients the highest quality service,” said Paul Cardus, executive officer of SILVAR.
Janet Case, CEO of Proxio, said Proxio helps agents promote themselves as a professional agent who has a network of domestic and international agents. She noted consumers highly benefit from the new product.
“Proxio Developer Showcase can generate web pages, brochures and postcards for each project with the agent’s contact information, so every agent can increase their inventory by promoting new developments and providing interested clients with information on the latest real estate developments here and abroad,” said Case.
REALTORS® who are interested in taking their real estate business to the global level are invited to enroll in the Certified International Property Specialist Institute (CIPS) at the Silicon Valley Association of REALTORS® (SILVAR) on November 17-21. The early bird special price for the full-week of courses is $550 and ends on August 1. This special price is open to all members of SILVAR and REALTOR® members of other associations.
The CIPS Institute provides the classroom requirements needed to earn the National Association of REALTORS® (NAR) CIPS Designation. Members using Proxio, the newest SILVAR member benefit, may find the CIPS courses very useful in advancing their global real estate business. The CIPS Institute in November will provide training in international business issues, including currency conversion, cultural awareness, legal and tax requirements, ownership and transaction principles of international real estate, and specifics about the real estate markets in Europe, the Americas, and Asia.
The week-long CIPS Institute includes the two required core courses and three elective courses. Students must pass a multiple choice exam at the end of each course. David Wyant, CIPS, ABR, AHWD, ePRO, GRI, TRC, SFR, will be returning to SILVAR to teach the November CIPS Institute. Wyant was named 2012 and 2009 NAR International Instructor of the Year.
Regular cost for the entire CIPS Institute (five courses) is $600. Cost for an individual course is $150. For this limited time through August 1, SILVAR is offering an early bird special of $550 for the entire institute for any AOR member. SILVAR members may enroll online at ims.silvar.org. Non-members may register by calling SILVAR at (408) 200-0100.
Limited sponsorships for the CIPS Institute are available. Each sponsor is given the opportunity to speak about their product or service on an assigned day. For more information about enrolling in the CIPS Institute, or becoming a CIPS Sponsor of the Day, contact SILVAR Public Affairs & Communications Director Rose Meily at rmeily@silvar.org, or call (408) 200-0109.
Environmental sustainability is a hot topic today and REALTOR® studies show more buyers are looking for environmental upgrades when searching for a home.
A National Association of REALTORS® (NAR) survey found 68 percent of buyers thought energy efficient appliances were somewhat or very important and 67 percent of homebuyers thought energy efficient lighting was somewhat or very important. According to the California Association of REALTOR®S (C.A.R.), 94 percent of buyers were looking for Energy Star rated appliances; 91 percent wanted an Energy Star rating for the whole home; and 89 percent responded they wanted to see Energy Star rated windows. Energy Star is a standard for energy efficient consumer products created by the Environmental Protection Agency and the Department of Energy.
Green homes sell for more and save the owner money. A study conducted by economists at the University of California Berkeley and UCLA found certified green homes sold for 9 percent more than comparable, non-labeled homes.
According to the California Homebuilding Foundation, landscaping accounts for 57 percent of the water usage for an average home. If a home has a low water yard, the dramatic difference in water usage between that yard and a traditional lawn.
Energy upgrades help the resale value of a home. Homeowners will see the financial savings from the beginning. Well-designed, energy efficient landscaping can pay for itself in eight years. An energy efficient washing machine uses 35 percent less water and energy than a regular one. Replacing five light fixtures with high efficiency models can save up to $75 per year on lighting. An Energy Star heat pump water heater can save a family up to $670 annually. A homeowner who goes through the process of sealing the gaps at vents, ducts, and electrical wires can save on average $200 per year. A home with significant environmental upgrades can see utility bill savings of 20 percent or more. On larger homes, this can add up to hundreds of dollars per year.
There are also a variety of government programs to help pay for the upgrades. Below is a list of government programs available in this area to help homeowners green their homes:
FHA – FHA’s Energy Efficient Mortgage program helps homebuyers or homeowners save money on utility bills by enabling them to finance the cost of adding energy efficient features to new or existing houses as part of their FHA insured home purchase or refinancing mortgage.
Energy Upgrade California – Provides up to $4,500 in rebates for energy-efficient heating and air-conditioning, energy efficient windows, sealing and insulation, and solar or tank-less water heaters.
PG&E – Offers rebates for energy efficiency and free energy efficient upgrades to income-qualified homeowners and renters.
Bay Area Water Supply and Conservation Agency – BAWSCA offers rebates to individuals who replace their lawns with water-efficient landscaping, as well as rebates for replacing toilets and washing machines with water efficient models.
Menlo Park – A $300 rebate for energy assessments is available, and if the homeowner completes the improvements, the City will rebate the full cost of the assessment.
Palo Alto – Palo Alto has a variety of programs. Residents can participate in PaloAltoGreen, where all of their energy will come from sustainable sources. Residents can receive $4 per square foot of removed lawn. The City also provides rebates for purchasing energy efficient appliances.
Los Altos Hills – The Town promotes a High Energy Homes program, where residents can get an online assessment of their home energy use through High Energy Analytics, Inc., a Los Altos Hills based company.
Mountain View – Mountain View offers residents no-cost home energy assessments and monthly energy usage alerts. Available for check out at the city library are devices that measure energy usage of small appliances.
Cupertino – The City provides grants for making energy upgrades as well as a free tree to any interested resident.
Sunnyvale – In Sunnyvale, matching funds are available to qualified low-income residents to do energy efficient upgrades.
Santa Clara County – Acterra Green@Home provides additional energy saving programs to residents of Santa Clara County.
Santa Clara Valley Water District – Has a variety of rebate programs including financial incentives to replace lawns, replace energy inefficient clothes washers, and more.
Cybercrime is an unfortunate reality these days and has become a potential threat in real estate transactions. The Silicon Valley Association of REALTORS® is alerting members and other real estate agents to a recent scheme involving the wiring of funds directly to escrow.
Potential buyers have received emails allegedly from a title company or attorney providing wire information for use by the buyer to transmit earnest money for an upcoming transaction. The messages were actually emails that were intercepted by hackers who then altered the account information in the emails so the buyer’s funds were instead sent to the hacker’s own account. The emails appear genuine and contain the title company’s email information and/or logo, etc. When the buyer transferred their funds pursuant to the altered instructions, their money was stolen.
It is apparent in this type of scam that the hackers monitored the email traffic of either the title company or the customer and were aware of the timing of upcoming transactions. While in the reported instances a customer was induced to misdirect their own funds, an altered email could conceivably be used to cause misdirection of funds by any party in the transaction, including the title company themselves.
Although wiring funds directly to escrow is still viewed by the real estate industry as a better practice than having real estate agents physically transporting buyers’ deposit checks, the danger of hackers who are able to monitor Internet traffic and intercept emails from escrow officers to buyers and alter the wiring instructions to misdirect the buyer’s funds into the hacker’s own account is grave cause for concern. In such a wire fraud scam, if buyers transferred their funds pursuant to the altered wiring instructions, their money would be stolen with little or no chance that the money would ever be returned. Conversely, if sellers are to receive their sales proceeds by wire transfer from the escrow holder to their bank, this same type of fraudulent activity could occur.
To protect your funds and to avoid identity theft, members are encouraged to take immediate steps to secure their computer systems and email accounts to safeguard against this type of scam. Buyers and sellers should confirm all email wiring instructions directly with the escrow officer by calling the escrow officer on the telephone. In that conversation the correct account number information should be repeated verbally before taking any steps to have the funds transferred.
If there is any indication that buyers, sellers or anyone else has received questionable wiring instructions, your client should promptly notify their bank; you, as their real estate agent; and the escrow holder.
Here is a partial of online sources that can provide tips to protect your systems against cybercrime:
Federal Bureau of Investigation: http://www.fbi.gov
Internet Crime Complaint Center: http://www.ic3.gov
National White Collar Crime Center: http://www.nw3c.org
On Guard Online: http://www.onguardonline.gov
Silicon Valley Association of REALTORS® says ... 