As always, if you have any comments or suggestions for future issues of the REALTOR® Review , please feel free to email me by clicking here.

Enjoy!

Barry Arnold, Executive Officer

  

Does this scenario sound familiar?  You have prepared meticulously for a listing appointment.  Your comps are rock-solid; your CMA points to a reasonable, market-driven price to which you add maybe 5% to allow for some negotiating room.  You present your proposed price to your potential client, but then you hear the words you dread - "But Zillow's Zestimate says my house is worth much more!"  To which you reply, "Yes, but Zestimates are notoriously inaccurate", but your potential client is still skeptical and wants to list at least at the Zestimate price.  So now what?

  

  

Zillow has a webpage called "Data Coverage and Zestimate Accuracy", which compares original Zestimates to actual sales prices at the National, State and County levels.  Here's what the Broome County, New York figures show:

• Only 13% of Broome County Zestimates were within 5% of the actual sales price.
• Only 28% of Broome County Zestimates were within 10% of the actual sales price.
• Only 64% of Broome County Zestimates were within 20% of the actual sales price.
• The Median variation between Broome County Zestimates and the actual sales price was 15.8%!

What does that mean?  Well, on a $120,000 house, that means the average Zestimate is likely to be off by $19,000!!!

 

Broome County Zestimates, in fact, are in the top 8% of Counties in the US for Median Inaccuracy, and in the top 7% for Median Inaccuracy for Counties in New York State. Please note that there is no data for Chenango, Tioga, Bradford or Susquehanna Counties.

 

To view the data for yourself, click here to go to Zillow's "Data Coverage and Zestimate Accuracy" page, and then click near the center of the page to download the Excel Spreadsheet.  The National, State and Local County Tabs can be clicked at the bottom of the spreadsheet, depending on what level you'd like to study.

 

Please note:  The aggregate New York State Median Inaccuracy is 7.6%, so the statewide inaccuracies are not as dramatic as in Broome.  Still, as all real estate is local,  your message to your clients about Zestimate Inaccuracies in Broome are what you should focus on!

Thomas Reid

  

At a Special Meeting of the GBAR Board of Directors on Tuesday, October 16, Thomas Reid, Kay Graves and Patricia Kilts were re-elected to the positions of GBAR President, President-Elect and Immediate Past President, respectively,  for 2014.

  

  

Kay Graves

At the meeting, there were no other Members amongst the current Board of Directors who were able to commit to being considered for the position of 2014 President-Elect, and therefore President in 2015. 

  

  

Pat Kilts

In accordance with our Bylaws, Tommy, Kay and Pat agreed to be nominated for re-election to their current roles, and were elected to assume the roles again in 2014.

  

Diane White

  

  

At the same meeting, Diane White was re-appointed to the office of GBAR Association Treasurer for 2014, and Executive Officer Barry Arnold was re-appointed to the post of 2014 Association Secretary.

  

  

Please join us in congratulating Tommy, Kay, Pat and Diane on their 2014 appointments.

  

  

  

  

On Thursday, October 10, 2013, ballots were mailed to qualified Members to vote on several proposed Bylaws changes.  A Bylaws "Forum", to help Members better understand the proposed Bylaws, has been scheduled for 9:00am on Wednesday, October 23, 2013 at the Association Office. Any questions concerning the Bylaw changes will be addressed at this time.

 

The ballots will be due (by mail or hand delivered) at the Association Office by 5:00pm Tuesday, November 12, 2013.

 

PLEASE EXERCISE YOUR REALTOR® PRIVILEGE

 

 VOTE!

  

  

A reminder that your Association Dues and Fees Notice for the first half of 2014 will be e-mailed to you at the end of November, 2013. As in previous years, it will include instructions on how to access and pay your invoice on-line through our ECommerce system.

 

(NOTE: MLS Only Members will be e-mailed an invoice directly, as the online feature is not available to MLS Only Members.)

 

This dues and fees invoice must be paid by December 31, 2013 either on-line or to your Principal Broker in order for you to remain an active Member of our Association and MLS.

 

Please note that this is a preliminary advisement - payments cannot be accepted until the Official Notice Regarding Association Dues and/or MLS Fees email is sent and received by you at the end of November.

 

VERY IMPORTANT!! Since our billing system is email-based, it is very important that your email of record be accurate and current. To ensure your email of record is correct, please go to www.REALTOR.org and click on "My Account" in the top right hand side of the screen. (On your first visit you must register by clicking "Click here to register"). Otherwise go ahead and log in. That will bring you the "My Account" Page. Once there, click on the link "View/update your e-mail address and subscriptions". There you can review and if needed update your email address by simply typing in your new/correct e-mail address. To submit, scroll down to the bottom of the section and click the "UPDATE PREFERENCES" button. The Association Office will be notified automatically of this change.

 

If you have any trouble logging into REALTOR.org please call 800-874-6500 and a NAR customer support specialist will help you.

 

Finally, now is the time to take care of any outstanding invoices that you have or your dues and fees payment cannot be accepted.

 

Thank you!

 

  

  

  

  

  

Each year, the GBAR Affiliate Council expresses their appreciation to GBAR REALTOR Members by hosting the REALTOR Appreciation Event.  This year's event was held on August 22 at the Mountain Top View.

  

The Council would like your feedback on this year's event so they can plan an even better event in 2014.  So whether you attended this year's event or not, please respond to a very short survey by clicking here.  All responses are anonymous, and will be used only to guide the  Council in making 2014's Event the best ever.

  

Thank you!

  

Destiny

  

A local 4-year old girl,  Destiny,  has Leukemia, and the Community Service Committee has chosen to devote the proceeds of this year's Team Trivia event to supporting Destiny and her family.

  

Come make Destiny's Dream come true, on a magical night where she will be the Princess she's always wanted to be!  For a flyer and registration instructions, click here.

  

We hope to see you there!

  

  

The November Association Business Luncheon will be held on Wednesday, November 13 at The Relief Pitcher at 197 Conklin Avenue in Binghamton.  Registration starts at 11:30 am and the Luncheon will being at 12:00 noon.  The Luncheon Program will be headlined by a Message from GBAR President Tommy Reid, and is generously sponsored by Hinman, Howard & Kattell.  Click here for a flyer and registration instructions, and sign up now!

  

  

  

  

  

  

  

Congressional Representative Richard Hanna will be making a special visit to our GBAR Offices on Wednesday, November 6, from 3:30 to 4:30 pm to update us on the national political scene, discuss REALTOR legislative priorities and answer any questions you might have.

 

Join us for this rare opportunity!  To register, click here to email Alison Donnelly at our Association Offices to reserve your seat. 

 

Hurry - seating is limited to 32!

 

We hope to see you there!

  

  

Anthony Gatto, NYSAR Director of Legal Services was in Binghamton on Monday, October 21 to present the new Advertising Regulations that will go into effect on January 2, 2014.  52 GBAR Members from this insightful and comprehensive presentation, and the feedback from attendees was excellent.

  

Miss the session?  No problem.  Click here for a copy of Anthony's Slide Presentation, and click here for a copy of the new regulations themselves.

  

Still got questions?  Feel free to call Anthony at NYSAR at 518-436-9727.

  

  

  

You've all heard of NAR's RPR, the REALTORS  Property Resource website that provides REALTORS with an incredible amount of free data and analysis on properties and listings that will enhance your ability to serve your clients and customers.  And some of you are already taking advantage of all information and services RPR has to offer.

  

If you think you may have missed the boat on this comprehensive tool, don't worry!   RPR offers free webinars for beginner, intermediate and advanced users that will bring you up to speed quickly.   For a full calendar of upcoming RPR Webinars and registration instructions, simply click here and sign-up.  You'll be glad you did!

  

Finally, there are many exciting new upgrades scheduled for release in Q4 2013 and Q1 2014, including the Sales Comparison Analysis Tool, which enhances and refines your ability to select and manage comps to determine a precise listing price.  To preview these enhancements, click here.

  

  

We are pleased to give you an early look at the Designation and Certification courses that will be held in Binghamton and throughout the State of New York.  While registration will not be open for some time, NOW is the time to mark your calendars and set your goals for 2014.

  

Courses at GBAR:

• REO Properties - March 6
• SRES - April 3-4
• GRI 401 - Get It Listed, Get It Sold - May 14-15
• GRI 408 - e-Pro Day 1 - June 18
• GRI 405 - Construction and Environmental Issues - September 17
• GRI 406 - Price It Right - September 19
• GRI 409 - Equal and Ethical Service - October 29-30

For details on course times and instructors, click here.

 

For a full list of all Designation and Certification Courses to be held throughout New York State in 2014, click here.

  

  

Ever want to pursue one of NAR's official designations or certifications, but just don't have the time or flexibility to attend classroom courses?  Problem Solved!

  

  

Click here to access NAR Designation Courses, including ABR®, CRS, ALC, CIPS, GREEN and SRES®.

  

Click here to access NAR Certification Courses, including

  

  

  

  

If you have any questions, contact Barry Arnold, Executive Officer at GBAR.

  

    

  

  

The two articles below were designed to give GBAR Members more information on what the implementation of the Biggert-Waters Flood Insurance Reform Act would mean for local residents of Greater Binghamton. 

  

However, we now note a move in Congress to delay implementation, as implementation would drive flood insurance costs through the roof for many homeowners.  So while you may wish to review the information in the two articles below, keep you eye on the news for the possible delay of this legislation.

  

As you may know, the Biggert-Waters Flood Insurance Reform Act of 2012 (BW12) is now in effect and will have a significant impact on flood insurance premiums for in force policies and for newly issued policies.  Policyholders with in force policies with previously subsidized rates may experience significant premium increases.  In some cases, it may also be necessary for the policyholder to provide an Elevation Certificate in order to renew the flood insurance policy.  Jim Rollo has provided us with three important documents that will help you and your clients understand the impact and timing of this new legislation:

  

FEMA's B-12 Quick Reference Guide

Biggert-Waters Flood Insurance Reform Act of 2012 (BW12) Timeline, and

The FEMA Elevation Certificate, which will help estimate the risk premium rates necessary to provide flood insurance for new or substantially improved structures in designated Special Flood Hazard Areas.

 

Simply click on the document to access this important information.  If you or your clients have any questions, please contact your insurance provider                       

  

The video and handouts including an overview of the changes to the National Flood Insurance Program provided by NAR from the Legislative Policy Forum NFIP Panel are now available on NYSAR.com. You can find it in the video section of the Media Center or on the NFIP Resources page.  Don't forget to log into the website as a member first!

  

  

It might seem obvious, but all too often, the Purchase and Sale Contract is not completed in full by the buyer's agent, which makes if difficult if not impossible for the listing agent to present an offer to the seller.

 

For the benefit of both sides of each transaction, and to avoid delays, please make sure all requested information in the Purchase and Sale Contract is provided before submitting the offer to the listing agent.  It could possibly make the difference in whose offer is accepted!

 

Questions?  Click here to contact Jessica Dillenbeck, our Membership Committee Chair.

 

 

  

  

  

Early returns from our Member Survey indicate we've got work to do on the GBAR Website to make it more user-friendly to both GBAR Members and their Clients.  We hear you!  So we're forming a GBAR Website Task Group to review our current site to identify opportunities for improvement.  Bob Farrell has volunteered to Chair the Task Group.

  

If you're interested in helping us with this important and Member-driven initiative, please click here to email Barry Arnold to sign up.   We anticipate beginning our work in October.

  

Thank you for your feedback, and thank you for your support.

  

  

Thank you to the following GBAR members who have volunteered their time to Chair GBAR Committees and Sub-Committees in 2013.  If you'd like to join a Committee, click on the relevant Chair name(s) below to send them an email and volunteer!

• Board Operations - Dale Tifft
• Bylaws - Diane Kerth
• Communications and Public Relations - Karen Templeman
• Affiliate Council - Kent Sisco
• Community Service - Sandi Stebelton
• Program and Banquet - Sandi Stebelton
• Membership - Jessica Dillenbeck
• REALTOR/Appraiser - Beth Ryder
• REALTOR/Banker - Jason Sorochinsky
• REALTOR/Builder - Roger Katchuk
• REALTOR/Inspector - Tim McGovern
• REALTOR/Lawyer - Diane White
• Education - Diana Nogaret
• Finance - Diane White
• Global Business Alliance - Steve Day
• Government Affairs - Tommy Reid
• RPAC - Diana Nogaret
• Legislative Policies - Karen Templeman
• Grievance - Sandy Guy
• Multiple Listing Service - John Farrell
• Professional Standards - Diane Briggs-Angell
• Strategic Planning - Kay Graves
• Trade Show - Dawn Roessing

 

  

 

  

NYSAR Monthly Statistics         Real Estate School              REALTOR Review Archives