Ryan’ Stream -March 30, 2020 -WHAT TO DO during ‘Stay in Place pt. 3

March 30, 2020 – 4PM

Good Afternoon WMVR,

I wanted to share a few links with you to hopefully answer a few questions you may be wondering about.  These are complicated times & issues, and it is complicated further because everyone has a unique business model.  So, I advise you to read through this information and share it with your financial advisor / accountant and discuss it with your broker.  We always profess contacting competent counsel, and you should do the same for your businesses.  Understanding that, I am not an accountant nor attorney, I do not profess to know all.  So, these are thoughts and only that. They are subject to change given the uncertainty of these times……  Here are the links I would HIGHLY recommend reading:

 

  1. Coronavirus Advocacy FAQs: RE Transactions, Independent Contractors, NAR Grants – https://www.nar.realtor/political-advocacy/coronavirus-advocacy-faqs-re-transactions-independent-contractors-nar-grants
  2. Coronavirus Aid, Relief, and Economic Security Act – https://www.nar.realtor/political-advocacy/coronavirus-aid-relief-and-economic-security-act

 

With that being said, the short answer is for most all of our WMVR members, is there is assistance for you!  It again just depends upon what sort of assistance you are looking for:

  • What are ‘essential services’ in Idaho – This is a fluid issue, meaning it may change if the State of Emergency grows in Idaho.  But, what I am told for now, REALTORS are encouraged to Stay In Place, but are allowed to show a home if a physical showing is the last resort.  I would consult with your Broker regarding various aspects of your business model and what to do to stay healthy and prevent the accidental spread of COVID-19.  Talk about these issues and try to use technology to its’ fullest capabilities when at all possible.  For more information and conversation starters click here:  https://idahorealtors.com/coronavirus-covid-19/
  • Can I use a remote notary to conduct closings – Remote Notary’s are legal in Idaho.  Contact your local Title Company for all closings you have in your pipeline and discuss this with the experts.  To find contact information for local Affiliates click here: https://wmvrealtors.com/affiliate-business-continues-during-covid-19/
  • What if I am a Property Manager / Landlord – The Federal Housing Finance Agency (FHFA) has announced that Fannie Mae and Freddie Mac will offer multifamily property owners mortgage forbearance with the condition that they suspend all evictions for renters unable to pay rent due to the impact of coronavirus.
  • Can a deed / title be filed in our Counties? – Yes!  Albeit, most County Offices are closed to the public right now, your Title Companies can still file deeds / titles using e-Recordings.  Contact your Title Company for additional details.
  • Can REALTORS® file for unemployment? –  Yes. Real estate professionals will be eligible to apply for unemployment insurance benefits, under the “Pandemic Unemployment Assistance” portion of the bill if they have been fully or partially unemployed due to an inability to work as a result of the COVID-19 public health emergency. This includes self-employed individuals and independent contractors.  This will take some time to work through the details.  Idaho REALTORS is working with the State of Idaho currently on this issue.  Any and all questions should be directed to the State Department of Labor.  I’d recommend giving this a little bit of time because they are working to develop policies for this currently (is my understanding).
  • What other sources of money are available? – From stimulus money to Small Business Loans, there are resources available (if you qualify)!  Obviously, qualifications depend upon tax filing status, salaries, past due child support, and more… Consult with your financial advisor / accountant for specific questions!  For more about Small Business Loans click here – https://www.nar.realtor/political-advocacy/coronavirus-advocacy-faqs-re-transactions-independent-contractors-nar-grants
  • What about my employees? – The CARES Act provides resources for you!  It depends upon the number of employees you have, but for most real estate related businesses (less than 100 employees) you can claim a refundable employee retention tax credit against payroll taxes of up to $5,000 per employee under certain circumstances.  Employers and self-employed individuals can delay the payment of the employer-portion of the FICA (Social Security) payroll taxes or one-half the SECA (self-employment taxes) until after 2020 – one half is due at the end of 2021 and the other half at the end of 2022.  Businesses with losses can carry back net operating losses (NOLs) to prior taxable years and get refunds of earlier taxes paid.  For additional information contact your Accountant.
  • What about mortgages?  Is there any financial assistance to protecting my clients home (or your own mortgage)? Contact the Mortgage Company, first and foremost.  But, yes there options available for you and for your clients who maybe having financial difficulties during these times.  This article has some great tips in it:  https://www.ballardspahr.com/alertspublications/legalalerts/2020-03-26-federal-stimulus-legislation-requires-residential-mortgage-forbearance-relief Obviously, be the source of the source, and not the source!  Advise your clients to seek competent counsel for any questions like these!
  • For more answers to other questions, click the links above.  I’ve tried to offer a synopsis for most FAQ’s I can think of right now, but there are literally a thousand different business models and ways this information can be valuable to you.  These documents are living, breathing documents and will be updated throughout these uncertain times.  So, check them frequent and often!!!  I will try to provide updates as I learn more.

 

Your Western Magic Valley REALTORS® Staff & Leadership CARE about you, your health and your businesses health.  So, if anyone needs anything do not hesitate to reach out to us.  You are essential.

 

March 30, 2020  AM

For my third installment to WHAT TO DO during ‘Stay in Place’ I really want to cover one amazing resource that National Association of REALTORS® just relaunched.  This is the Right Tools, Right Now resource.  You pay for this (in your National dues), so you might as well take advantage of these resources.  To find all of the resources available click here.  But, here are 5 AMAZING FREE resources available to you RIGHT NOW.  Many of them have FREE CE available.  Many are NAR Designation Courses.  ?

 

  1. FREE – Mastering the CMA Course – a 6-hour (AND 6 CE Hours in Idaho) class teaching you about the Market Analysis – this is a great course called The Pricing Strategy Advisor (PSA) certification course which gives you the knowledge base and skills needed to successfully complete a comparative marketing analysis (CMA) and to clearly communicate it to your client(s). It is specifically designed to help residential real estate agents and brokers do the following:
    1. employ best practices for pricing properties
    2. choose appropriate comparables
    3. prepare and present comparative marketing analyses (CMAs)
    4. work with appraisers and read an appraisal report
    5. guide clients through the anxieties and misperceptions they often have about home values

This course is the main requirement for the Pricing Strategy Advisor (PSA) certification and is an approved elective for the Accredited Buyer’s Representative® (ABR®) designation and the Seller Representative Specialist (SRS) designation.  AND IT IS FREE RIGHT NOW!!!  This is a $130.00 Savings.  To find out more about this opportunity and how to get your CE click on this link:  https://www.onlinelearning.realtor/A/Product/Details/4581/pricing-strategies–mastering-the-cma-psa-/

  1. FREE e-PRO Certification Class – this 12-hour class (AND 12 CE Hours in Idaho) will teach you what you need to know about technology & digital marketing in the real estate industry today!  This is an NAR Designation Course & is FREE right now!  There is a $74.50 Application Fee for your e-PRO Designation, but there are no dues to maintain your e-PRO designation.  This is a $219.00 Value for the course, and is FREE to you through May 31st, 2020!  The first part of NAR’s e-PRO® certification provides high-level digital marketing theory, with practical suggestions for its consistent implementation. You will examine the modern consumer and discover how to capture and convert these prospects into clients. You will dive into an overall online marketing strategy that includes how to use content to engage consumers.  In the second half of the course you will learn about the importance of data privacy and security as well as how to develop data privacy policies and procedures and fulfill legal responsibilities created by a data breach.  THIS IS A FANTASTIC DESIGNATION COURSE!!!  AND FREE.  To find out more about this opportunity and how to get your CE click on this link:  https://www.onlinelearning.realtor/A/Product/Details/4017/nar%E2%80%99s-e-pro%C2%AE-certification-course/
  2. FREE – REAL ESTATE INVESTING: BUILD WEALTH REPRESENTING INVESTORS AND BECOMING ONE YOURSELF – This 6-hour (AND 6 CE Hours in Idaho) course covers the fundamentals of real estate investment that practitioners need to know in order to expand their business services and meet the unique needs of real estate investors.  Through this course, you will learn how to adapt core real estate skills and learn new skills to effectively serve clients who want to invest in single family homes, condos, townhomes, and small multifamily properties. You will also learn how to “walk the talk” and become a real estate investor yourself.  Specifically, this course explores the following topics:
    1. Why invest in real estate?
    2. Making the purchase decision
    3. Working with investor-clients
    4. Financing options and tax issues
    5. Owning a property
    6. Investing as a real estate professional

This is a $115.00 Value, and yours for FREE RIGHT NOW.  For more information and how to find out more about this opportunity and how to get your CE click on this link:  https://www.onlinelearning.realtor/A/Product/Details/4635/real-estate-investing–build-wealth-representing-investors-and-becoming-one-yourself/

  1. FREE CCIM COURSES??? – If you are at all interested in Commercial Real Estate, there is only one place to start, this is with your CCIM Designation & CCIM Classes.  They are the experts nationwide and have amazing classes.  Here are 4 FREE Courses you can take RIGHT NOW:  https://www.ccim.com/education/promo/free-center-for-realtor-development-courses/?gmSsoPc=1
  2. ATTEND THE NATIONAL LAND CONFERENCE – VIRTUALLY & FREE – Do you want to learn more about selling land? Are you curious about what goes on at the National Land Conference?  Attend this conference virtually & FREE here:  https://www.nar.realtor/free-virtual-attendance-at-2020-national-land-conference

 

These are 5 AMAZING OPPORTUNITIES that are available to you right now for FREE.  FREE CE.  These courses all together would cost you well over $1000.00, and they are yours for FREE because you are a member of the greatest trade association in the world; the National Association of REALTORS®.

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