MIAAOR NEWS TAKE IT UP A NOTCH

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1 Volume 3 - March 2018 MIAAOR NEWS TAKE IT UP A NOTCH President s Message Join us on Facebook In This Issue Association News 1 Affiliate Spotlight 2 Florida REALTORS Statistics 4 Commissions - Listing Contracts 5 Florida Realtors Convention Aug Upfront/Florida Realtors 9 April - Fair Housing 10 April 2018 Calendar AFFILIATE SPONSORS: PLATINUM LEVEL: Law Offices of William G. Morris GOLD LEVEL: Wells Fargo SILVER LEVEL: EverBank Island Country Club BRONZE LEVEL: Nations Reliable Lending Conroy, Conroy & Durant Kramer Huy, P.A. Hideaway Beach Association Regions Mortgage Island Title 5 Star Agency Law Office of Sam Saad, III Gary Elliott, 2018 MIAAOR President Open House Directional Signs A new sign ordinance being developed by the City of Marco Island could impact the placement of temporary Open House directional signs. For Sale signs and Open House signs on the property are protected by other laws. Directional signs to open houses and directional signs used by various charities and organizations on the island will be impacted by this new ordinance when it passes. The current thirty-seven (37) page sign ordinance is being revised to reflect new Federal standards calling signs a form of free speech. The City has hired a law firm to help rewrite the existing ordinance. The Planning Board is leading the effort to make the revisions comply with Federal law. Last week the City Council reviewed a sixty-one (61) page draft of the new sign ordinance, made suggestions and sent it back to the Planning Board for more revisions. The City has a choice of banning all temporary signs on the City s rightof-way s or allowing all signs on the right-of-way s. The Planning Board has suggested allowing temporary directional signs for up to twelve (12) hours per day adjacent to the City roadways. The size, height, color and their placement ten (10) feet back from the curb are all being addressed in the new ordinance. For more information check out the City of Marco Island website. Click here for current version of the Ordinance or you can stop by the Association office. Welcome New Members Please welcome the following new members who were inducted into the Association in March: Marcia Clausen/Clausen Properties, Bob Crine/Keller Williams Realty - Marco, Lee Dorison/Keller Williams Realty - Marco, Gina Brossi/Premier Sotheby s International, Humberto Quintero/Re/Max Affinity Plus, Suzanne Tetelman/Berkshire Hathaway Florida, Eric Baumbach/John R. Wood Properties, Peggy Elkins/Keller Williams Realty - Marco, and Dave Olson/ Harborview Realty.

2 AFFILIATE SPOTLIGHT Kim Escarra Nations Reliable Lending People are here and ready to buy!! 2018 here we go!! Let me get your clients pre-qualified so once you have a contract we can get them approved in underwriting and appraisal in within 10 days!! (yes I use local appraisers) Fast closing.. No problem.. Last year my average time from application to closing 21 days!! Jumbo/Conventional/FHA/VA Credit issues.. If it can be done I will find a way I have over 30 years experience. Let s Make Things Happen Together!! Keep smiling and selling. Kim Rob Forsythe Forsythe Insurance My name is Rob Forsythe of Forsythe Insurance Services located on Marco Island and now in Naples. I have been a local Insurance Agent for 27 years and have lived here since My passion is helping those who are either paying too much for their insurance or just need someone to help them to understand, improve and manage their insurance portfolio. We are an Independent Agency that provides coverage through a multitude of insurance companies for Homeowners, Condos, Auto, Boats and more. I would welcome the opportunity to meet you! 2

3 Continued from page 2 Affiliate Spotlight Carl Pucci Panther Home Inspection Panther Home Inspection of Marco Island offers its clients prompt, efficient and thorough service. Carl Pucci, owner and founder of Panther Home Inspection, has 25+ years of experience in the field including ownership of a similar business in Boston, Massachusetts area. Carl is certified by the American Society of Home Inspectors. Panther s self-designed report is thorough yet easy for the client to understand. Every essential component of the property is examined and a note is made of anything that needs further attention. The inspection is completed on site, can be reviewed with the inspector at that time or after receipt of the ed copy. Panther s full-time customer service staff are ready to assist you at , M-F 8:30am - 4 PM. Sam Saad Paradise Coast Title & Escrow Paradise Coast Title & Escrow is a full service Southwest Florida based title insurance and escrow services company that always provides unparalleled service, guaranteed lowest closing fees, attorneys on staff to assist if needed and Concierge Title Service for pick-up and delivery of documents, contracts, deposit checks, and commission checks. Our motto: Once the Contract is Signed, We Handle the Rest! Brad Friedman, Esq. Conroy, Conroy & Durant, P.A Conroy, Conroy & Durant, P.A. is comprised of six attorneys whose practice focuses on real estate transactions and related matters, and combined have over 65 years experience in Real Estate law. The three partners in the firm are each Board Certified in Real Estate Law by the Florida Bar. 3

4 MIAAOR Membership as of February 28, 2018: Designated REALTORS 46 AFFILIATES 44 REALTORS 504 APPRAISERS 3 Please click the links below to view the most current statistics from Florida Realtors : Thank You to this month s advertisers: Island Country Club/ Panther Home Inspections/Law Offices of William Morris/ Commission Express/Island Title 5 Star Agency. Want to advertise - call

5 LISTING CONTRACT - GET THE COMMISSION RIGHT By: William G. Morris, Esq. - Association Legal Counsel Listing contracts are the life blood of the real estate brokerage engine. Without a contract, there is no commission. Even if a Realtor does a lot of work, unless the Realtor has a contract to be paid a commission for that work, the Realtor may be working for free. Concomitant with the need for a contract is the need to properly complete the blanks in a form listing contract. NABOR s listing contracts are the most frequently used in this area, so let s take a look. NABOR has separate listing agreements for residential improved property and vacant land. Pertinent section in both contracts is titled BROKER COMPENSATION. This section can be found in the residential improved listing agreement at Line 118 and in the vacant land listing agreement at Line 87. The pertinent language is reprinted below. BROKER COMPENSATION (the Compensation ): (1) To pay BROKER [FILL IN THE APPROPRIATE % AND/OR AMOUNT] [ ] % of the purchase price [ ] and $ OR [ ] a flat fee of $ if a buyer who is ready, willing and able to purchase the Property is procured. (2) To pay BROKER [SELECT ONE AND FILL IN THE APPROPRIATE % AND/OR AMOUNT]: [ ] % of the gross rent [ ] and $ OR [ ] a flat fee of $ if the Property is leased during the term of this Listing Contract, unless the SELLER is party to a valid Exclusive Right and Authority to Lease Agreement pertaining to the Property as of the Commencement Date of this Listing Contract. Whether or not SELLER was a party to a valid Exclusive Right and Authority to Lease Agreement for the Property, if the tenant purchases the Property during his tenancy or within months following termination of his tenancy, BROKER shall be paid the Compensation set forth herein at the time of the closing of any sale to such tenant. (3) Cooperating Broker Compensation. BROKER has explained to SELLER. (a) Broker s policy regarding cooperation with and compensation to other real estate brokers who may be invited to assist in procuring a buyer for the Property. (b) that buyer agents and brokers, even if compensated by BROKER or SELLER, may represent the interests of the buyer. Upon receipt by BROKER of the Compensation provided above in this paragraph, BROKER shall pay to any such Cooperating Broker [SELECT ONE AND FILL IN APPROPRIATE % OR AMOUNT ]: [ ] % of the purchase price or [ ] flat fee of $, with BROKER retaining the balance of the total Compensation to be paid by SELLER as set forth herein. BROKER s offer to cooperate with and compensate other brokers shall extend to the following types of brokers: [CHECK ALL THAT APPLY IF NONE ARE SELECTED, ALL SHALL APPLY]: [ ] Transaction Brokers [ ] Single Agents; [ ] No Brokerage Relationship Sub-section (1) is completed by filling in the total commission to be paid, including both the listing and selling sides. Do not limit sub-section (1) to the percentage or amount of commission that will be retained by the listing side. It is the total commission due in connection with the transaction. The listing broker may be obligated to pay a selling broker or co-broker, but that is paid from the commission from the seller to the listing broker. Continued on Page 6 5

6 LISTING CONTRACT - GET THE COMMISSION RIGHT Continued from Page 5 Sub-section (2) is the percentage or amount of the total commission to be paid to the selling broker. With written permission from the listing broker, that portion of the commission can be paid directly to the selling broker. Otherwise, it is paid to the listing broker and the listing broker disburses to the co-broker. If you do not put the full commission at sub-section (1), the seller may claim the total commission due is only the amount inserted in that sub-section, which may leave the listing broker with no commission if sub-section (2) requires payment of an amount equal to what was inserted in subsection (1). Worse yet, if the listing broker intends to retain less than 50% of the full commission and puts the amount in sub-section (1), the listing broker may be obligated to pay the selling broker more than the amount the listing broker is paid from the seller. Be careful to be sure you get paid. The information contained in this article is not intended as legal advice and, of necessity, is generalized. For questions about specific circumstances, the reader should consult a qualified attorney. Did you know we compose periodic newsletters about different real estate topics? We pride ourselves in the relationships we build. Newsletters will maintain and support communication with high value information Monthly newsletters will keep you up to date with new real estate developments, changes in statute, information and hot topics. Maintaining regular contact is important to us and establishing periodic newsletters will support and build correspondence. Let us help keep you in the know! If you want to receive our newsletter, us at: wgm@wgmorrislaw.com Law Offices of William G. Morris, P.A. 247 North Collier Boulevard, Suite 202 Marco Island, Florida Telephone (239) wgm@wgmorrislaw.com 6

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9 Florida Realtor Magazine March 2018 UPFRONT Big Shifts in Housing s Top Trends Realtor.com predicts four developments for this year. 1. INVENTORY WILL INCREASE. Starting in August 2017, the U.S. housing market started to see a higher-than-normal, month-over-month increase in the number of homes on the market. Based on this trend, realtor.com projects that U.S. year-over-year inventory growth will tick up into positive territory by fall 2018, for the first time since PRICE APPRECIATION WILL SLOW. Home prices are forecasted to slow to 3.2 percent growth year-over-year nationally, from an estimated increase of 5.5 percent in Most of the slowing will be felt in the higher-priced segment as more available inventory in this price range and a smaller pool of buyers forces sellers to price competitively. Entry level homes will continue to see price gains due to the larger number of buyers that can afford them and more limited homes available in this price. 3. MILLENNIALS WILL GAIN MARKET SHARE. Although millennials will continue to face challenges with rising interest rates and home prices, they are on track to gain mortgage market share in all price points, due to the sheer size of the generation. Millennials could reach 43 percent of home buyers with a mortgage by the end of 2018, up from an estimated 40 percent in SOUTHERN MARKETS WILL LEAD SALES GROWTH. Southern cities should beat the national average in home sales growth in 2018, with Lakeland - Winter Haven leading Florida. Sales are expected to grow by 6 percent or more in these markets, compared with 2.5 percent nationally. The majority of this growth can be attributed to healthy building levels combating the housing shortage. 9

10 APRIL IS FAIR HOUSING MONTH April 2018 marks the 50th anniversary of the 1968 landmark Fair Housing Act. Each year, REALTORS recognize the significance of this event and reconfirm our commitment to upholding fair housing law, as well as our commitment to offering equal professional service to all in their search for real property. 10

11 April 2018 Calendar of Events Tuesday, April 3 2:00pm Wireless MLS Presented by: Pattie Ziesig Sponsored by: Wells Fargo Private Banking Thursday, April 5 10:00am Form Simplicity (Basic) AM Earn 2 Hours CE Credit Presented by: Kaz Cisowski, Florida Realtors Sponsored by: Conroy, Conroy & Durant 1:00pm Form Simplicity (Advanced) PM Earn 2 Hours CE Credit Presented by: Kaz Cisowski, Florida Realtors Sponsored by: Regions Mortgage Friday, April 6 8:30am Pitch Plus - South Tour Sponsored by: Island Country Club Thursday, April 12 12:00pm LHL - Donna Fiala, Collier County Commissioner LHL Friday, April 13 8:30am Pitch Plus - North Tour Sponsored by: EverBank Tuesday, April 17 8:30am MLS Committee Thursday, April 19 8:00am Board of Directors 12:00pm Professional Portraits w/anthony Call or Anthony to set up your appointment. Friday, April 20 8:30am Pitch Plus - South Tour Sponsored by: Kramer Huy, P.A. Thursday, April 26 12:00pm LHL - Abe Skinner, Collier County Property Appraiser - LHL :00pm MLS Enhancements Presented by: Pattie Ziesig Sponsored by: Island Title 5 Star Agency Friday, April 27 8:30am Pitch Plus - Off Island Sponsored by: Nations Reliable Lending 11