CA Bureau of Real Estate issues alert

BRE

Recently the Cal BRE sent out an alert to all CA real estate licensees titled, “Supplemental Disciplinary Advisory to Real Estate Salespersons Who Mislead Consumers into Falsely Believing that They are Brokers –and a Concurrent Caution to the “[Ir]responsible” Brokers Who Permit or Support Such Practices.”  Whew!  So what does that mean exactly?

This alert was a follow up to a similar one sent in September 2015.  Basically what Cal BRE is doing is cracking down on sales licensees who are marketing themselves as a team, group, or other entity, “which may mislead consumers into falsely believing that such salespersons are real estate brokers.”  You see in CA there is a two-tiered licensing system, salesperson and broker.  A salesperson licensee MUST hang their license with a broker, who is responsible for that licensee, and must provide a certain level of over- sight.

Over the past decade we have seen a rise in the “Team” concept, whereby sales licensees build teams of agents, typically under a broker, and promote and market the team brand.  That is perfectly OK per Cal BRE as long as certain guidelines and laws are followed.  For example, if you use your surname, along with the words “team, group, or associates”, you are good to go as long as you also display the Cal BRE license number of one of the team members.  Rules also dictate that the responsible broker’s logo be displayed in a conspicuous manner in the marketing material.  So, “Lopez and Associates” would be OK.  Also, if an agent works as a solo practitioner they cannot promote themselves as a team or group.  There must be two or more licensees working together.

I think where the confusion sets in is when an agent decides to use a Ficticious Business Name, or FBN.  In this scenario the agent must first file the FBN statement with the county they work in, pay the fees to do so, and also publish the FBN once a week for 4 weeks.  They must then submit the FBN statement to Cal BRE for approval, and the FBN cannot be used or promoted until approved by Cal BRE and attached to the managing brokers license.

The moral of this story is, “Do the right thing.”  By simply following the rules you can avoid scrutiny, monetary fines and customer service issues that can arise.  The rules are in place to protect the public interest and insure a level playing field for all practitioners.  For more information and full details you can follow this link.

Got my learning on…

One of the things I love about real estate is the opportunity to spend time with big thinkers.  I know a lot of brokers and agents who prefer to work alone, and I’ve done that as well.  But there is just nothing better than being immersed in an environment where people are sharing ideas and best practices, asking questions, and genuinely working to better their lives and businesses.

This all happened for me this week at the Keller Williams MAPS Spring Masterminds event in Los Angeles.  It’s no secret that Keller Williams has been named the top training organization, across all industries multiple times by Training Magazine, it’s events like this where is all comes together.  Masterminds is all about collaboration and transparency.  It’s where people discuss real issues affecting their business and bank accounts.  There’s no BS and no slacking.  And while we discuss the numbers, we must remember those numbers represent people. And a true leader is measured by how well their people are doing.

Big thinkers have a common thread.  I see them as people who will take risks, and also lift others up.  One of the neat things about my company is we understand, fundamentally, that the more people we surround ourselves who are successful, or we can help achieve higher levels of success, the more successful we all are.  This creates a collaborative environment where everyone can win.  It reminds me of a quote, “I’m not interested in competing with anyone, I hope we all make it.”  Now that doesn’t mean we are not competitive, it just means we are dog eat dog about it.  Does that make sense?

Anyway, big thinking inspires.  It creates growth.  It builds communication.  It drives us forward.  If you’re going to do something why not GO BIG?

 

 

Not so boring market stats…

It’s no secret that San Diego is in the midst of a once in a generation type sellers market.  My question is, “Do you really, really get that?”  I mean really?  If you are in your first home, a “starter home” type property, now may be the best opportunity you ever have to cash in and move up.  Now, there are a few considerations and challenges:

  • Prices are high
  • Inventory is low
  • Interest rates are holding

So what does that mean?  High prices will benefit you as a seller, so that’s good!  The flip side is you will pay more for that move up property.  The questions is, “Will it be worth it?”  I bet yes, if you are planning to buy your home for life…where you will be for the next 15-20 years or more.  That’s the trade off, get what you want now for the long haul.

Low inventory means your options might be limited in some price ranges and locations.  Keep an open mind on these things and you should be OK.  One word of caution, as this is an EXTREME sellers market, don’t low ball!  Come in with your best offer out of the gate and understand you probably will be in multiple offer situations.  Focus on the end game…your “Forever Home”.

Interest rates and loan options could be your saving grace.  You can get into a home for less money out of pocket, and a monthly payment that could be close to your current payment.  Find a good lender who will work with you to create a loan that works for your situation and not try to push you into “the loan of the month”.

Below are some visuals on a few core metrics I track to gauge the market.  This data is pulled from the SANDICOR MLS using a platform called InfoSparks.

 

 


If you’d like to see market stats in your neighborhood, please let me know. I can pull this down to the zip code or community level and would love to share what your hyper-local market looks like.

RED Day. Renew. Energize. Donate.

RD1RED Day is Keller Williams’ annual day of community service. Each year on the second Thursday in May, every Keller Williams office shuts their doors and, as a group, gives back to their local community.  With over 160,000 KW Associates around the world, that’s a lot of giving back!

This year KW Chula Vista spent the day at Trolley Trestle.  This organization is overseen by South Bay Community Services and offers affordable, transitional housing for former foster youth and/or homeless youth while they finish school or complete job training. They welcome emancipated youth ages 16-24 and parenting youth.

RD2

KW Chula Vista associates, staff and affiliated vendors, spent the day helping the residents clean and organize their apartments and community spaces.

If you would like to support this amazing organization please click through and make your donation or volunteer!  Trolley Trestle Donations.

You can also check out this short video to learn more.

Welcome to Real Estate Life.

Family

Hey everyone. Man, it’s been a minute since I updated my blog!  So long in fact, that I decided to completely scrap the old and relaunch with a new look and updated design.  So welcome to Real Estate Life!

Of course I spent several years publishing The Real Estate Rap, and decided to keep all that content (well most of it anyway) in tact.  So there are a ton of old posts you can check out…or not…if you’d like.  I am making a commitment to post twice a week, with a different flavor than I previously did.  The focus will be more on the lifestyle of an active real estate professional in San Diego.  And really more like the lifestyle of a family of Realtors, who live, work, and play everyday in our amazing part of the world.

If you didn’t know, my wife Kathy, is a fabulous Realtor as well!  In fact she is a Top 10 performer with Keller Williams in La Mesa.  She works all over San Diego, mostly by referral, and is one of the best negotiators I know.  Our son, Cooper, just graduated from San Diego State University with a degree in Business Management and Entrepreneurship.  Cool, right?  Oh, and he also just got his real estate license making him the 3rd generation of Realtors in our family.  Kathy’s mom and step dad got it all started for us way back in the day.

So there you have it.  A newly revamped blog, some background on who the heck we are, and a look into what you can expect going forward.  I hope you’ll check in later as I promise to share some shenanigans from a fun event I’m going to tonight sponsored by the Pacific Southwest Association of Realtors.  Fun fact…in real estate, if you play your cards right, you’ll get plenty of free food and drinks!  Later!

 

What is the # 1 challenge facing the San Diego real estate market today?

 

Keller Williams La Mesa to host fundraiser for American Legion Post 282

red_day

RED Day, the annual Keller Williams day of community service, is fast approaching.  RED Day, which stands for Renew, Energize, Donate, is an annual event that is supported by thousands of Keller Williams agents across the globe.  Each year on the second Thursday of May, associates spend the day away from their businesses serving worthy organizations and causes in their communities. RED Day is just another example of our commitment to each other and to the cities and towns where we live and work.

This year the associates at Keller Williams La Mesa chose American Legion Post 282 to support.  Here is what Post 282 Commander Jack Porath had to say:

On 14 May, a fund-raiser is being held in our upstairs hall for the benefit of our Club and in particular, our Building Fund with the goal of renovating the upstairs restrooms thereby helping with hall utilization and increased income possibilities .  There will be some terrific prizes offered.  The dinner is being cooked by our own Lenny.   It is requested that you all respond and enjoy the food and hospitality to include a band.  Tickets will soon be on sale at the Canteen ($20 and $25 if purchased at the door) as well as the tickets for the special drawing.

 In my memory, I cannot remember when any civilian entity came forward without being asked, and then asked US if they could do a fundraiser FOR US.  Not only that, but they are doing some other facility projects as well.  What can we do to help?  Attend the event.  Support it.  Tickets will be on sale via the internet and in our Canteen.  More to follow!  If you cannot attend, please consider a donation.  After all, it is for the benefit of OUR facility. 

 Yes, it is on a Thursday night.  Yes, I know that this may not be convenient.  Yes, I know it would be better if it were held on another night.  But, I also know that if we do not respond in kind, many outside our organization will wonder where we are and do we really care.  There is a very good reason it is on a Thursday night and for that good reason, it cannot be changed.   The theme is country hoedown.

 It’s our pleasure to serve those who have served us and we look forward to seeing YOU at this fantastic event.  For more information or to purchase tickets or make a donation please visit our event page .

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