MAY+JUN 2017 REAL ESTATE NOW.® > NVAR.COM YOU OUGHTA BE IN PIXELS ANNUAL FINANCE SUMMIT: Using Technology to Put MORTGAGE NEWS, TRENDS ATTEND ON WED., MAY 24 Your Brand – and Your PAGE 37 Listing’s – Best Face Forward NIGHT AT THE NATIONALS: FRI., JUNE 9 RESERVE YOUR SEAT PAGE 12 TAKES YOU FURTHER Potential Board New Laws Threats to Election Take Effect Tax Benefits Process July 1 of Home- Begins 31 ownership June 8 12 40 REALTORS® ACT, WE ALL WIN: MAY IS REALTOR® ADVOCACY MONTH MAY+JUN Volume 100, Issue 3 JOIN US IN WASHINGTON ON 2017 Board of Directors Chairman of the Board: MAY 17-18! Bob Adamson, CRS, GRI Chair-Elect: By Bob Adamson Lorraine Arora, ABR, GREEN, GRI, SRES Immediate Past Chair: Virgil Frizzell As Realtors®, we’re not typically ones to stand on the sidelines unless we’re Secretary/Treasurer: rooting for our favorite sports team. We act. We attend community events, Christine Richardson, CDPE, CRS, CSP, GRI we network, we speak up – we get things done! This issue of RE+VIEW DIRECTORS-AT-LARGE highlights our successes: we get laws passed (page 31); we educate our Brian Block, ABR, CRS, e-PRO, GRI, SRES Tracy Comstock, ABR, ASP, BPOR, CIPS, e-PRO, GREEN, elected officials (page 14); we listen to candidates (page 11); we celebrate GRI, MRP, RSPS, SFR, SRES, SRS with legislators (page 16); we stay up-to-date on the latest technology (page Genevieve Concannon Reggie Copeland 36). And while we haven’t yet, at press time, logged all of your Realtor® Nicholas Lagos Community Action Day April charitable activities, I know that we make a Gary Lange Craig Lilly difference in our communities, too. Christina Macro, ABR, GRI, CRB, SRES But that was last month! Peter Nguyen Marc Pina May is Realtor® Advocacy Month. I challenge you to join me in taking Derrick Swaak these actions in May: Ann Yanagihara 1. Attend the Realtors® Legislative Meeting & Trade EXPO in Washington Publisher: Ryan Conrad, CAE, CIPS, RCE, [email protected] Editor-In-Chief: Jill Landsman, M.R.E., [email protected] DC the week of May 15. Register for free and view the latest schedule at Managing Editor: Ann Gutkin, [email protected] nvar.com/midyear. On Wednesday and Thursday, May 17 – 18, NVAR Editorial Assistant: Steve Russell, [email protected] will have a booth at the Trade EXPO. Stop by on either day for your Advertising Sales: Arlene Braithwaite, [email protected] Graphic Designer: Wanda Ng Fontana chance to win a prize drawing! Photography: Jan Z Duga 2. Invest in RPAC. If you haven’t already this year (or even if you have!), Contributors: Frank Dillow, Shawn Hanna, Brenda Heffernan, Michele Lerner, Steve Russell, make an investment in an amount that’s right for you. Invest at the $99 Spencer Shanholtz, Nisha Thakker and Josh Veverka and above level, and be recognized in RE+VIEW magazine (page 15). Interested in advertising? Learn more and invest at nvar.com/RPAC. Please call 410-772-0820 for information. 3. Stay informed. Attend NVAR’s May 24 Finance Summit to hear industry The RE+VIEW (ISSN 10988475) is published bi-monthly experts share the latest finance news that can help your clients. Visit by the Northern Virginia Association of Realtors® as nvar.com/Finance17 to learn more and register. follows: combined issues for January/February, March/ April, May/June, July/August, September/October And here are your June assignments: and November/December. Periodicals postage paid 1. Nominate someone – perhaps yourself – for our NVAR Board of at Fairfax, VA 22030 and additional mailing offices. Subscriptions account for $19 of each member’s annual Directors. NVAR involvement is an excellent way to share your dues. Annual subscriptions are available to non- experience and talents for the benefit of our industry. We need you! members for $39. Subscription inquiries may be sent Volunteer involvement is what keeps us going strong. Nomination forms to the RE+VIEW c/o Northern Virginia Association of Realtors® at 8407 Pennell Street, Fairfax, VA 22031-4505. will be available on nvar.com beginning June 8. Check out the election Copyright 2017 by the Northern Virginia Association of timeline on page 40. Realtors®. All rights reserved. Postmaster: Please send address changes to: 2. On Friday, June 9, show your support for our Washington Nationals and RE+VIEW the industry by attending our annual NV/RPAC Night at Nat’s Park. You Northern Virginia Association of Realtors® can find details on page 12. 8407 Pennell Street, Fairfax, VA 22031-4505 Telephone: 703.207.3200 | FAX: 703.207.3268 Enjoy the rest of your action-packed spring. I look forward to seeing you Web: nvar.com in our Nation’s Capital in May and at the ballpark in June. Let’s hear it for E-mail: re+[email protected] Advertising Info: Arlene Braithwaite | [email protected] Realtors®, baseball and homeownership! Join us on... facebook.com/nvar.realestate twitter.com@nvar LinkedIn Logo for Adobe Illustrator Bob Adamson NVAR 2017 Chairman of the Board @NVARFFX [email protected] Ads in RE+VIEW magazine do not necessarily carry the endorsement of NVAR. http://nvar.com/1703 RE+VIEW MAY+JUN 2017 3 ceo column TECHNOLOGY IS CHANGING THE REAL ESTATE INDUSTRY – LET’S TOOL UP There is no Realtors® are upping their game when to come. We’re committed to providing question that it comes to listing photos, video, social programs and services that allow you technology is a media and more. While technological to work with buyers and sellers in the growing force in advances can be intimidating, NVAR has digital spaces that they demand. You our industry, and resources to help you succeed. can read about two recent programs on NVAR is here to At NVAR, not only do we have a staff page 36. help you learn person dedicated to ensuring that we’re at To help troubleshoot your about it, embrace the leading edge of industry technology – technology hardware and software it and incorporate it into your business. Senior Director of Technology Initiatives issues, we pioneered the Tech Helpline Recently, I met with Realtor.com industry Shawn Hanna – we’ve also created an member benefit in Virginia in 2015. executives, including CEO Ryan O’Hara, internal, cross-departmental, Digital It proved so successful, that Virginia at their new state-of-the art headquarters Experience Team that will focus on Realtors® is now offering it as a benefit in Silicon Valley. They are preparing for improving your membership experience statewide! the future by investing significantly into through technological advances. These Our goal is to deliver the technology technologies like Augmented Reality (AR), staff resources are paired up with two information, tools and services you Virtual Reality (VR), predictive analytics brand new member committees – the need so that you can do the same for and much more. Technology Advisory Group and the your clients. So hold on tight, follow From 3-D photography to AR, your Products and Services Advisory Focus us on social media, read your NVAR ability to adapt could soon make or break Group. Our redesigned website is part e-newsletters and check out our your listing presentation. This issue’s of this initiative, and you’ll see further nvar.com news feed – as we navigate cover article on page 20 examines how exciting enhancements in the months the future of real estate. 4 MAY+JUN 2017 RE+VIEW http://nvar.com/1703 YOU OUGHTA BE IN PIXELS Using Technology to Put Your Brand – and Your Listing’s – Best Face Forward PAGE 20 TAKES YOU FURTHER 8 Market Metrics: 7 NVAR Member Survey Results 11 Gubernatorial Candidates Share Their Housing Inventory Remains Tight 14 NV/RPAC Major Investors Attend Breakfast Vision for Virginia’s Future 12 Federal Issues: Briefing 12 Save the Date: Potential Threats for Tax Benefits of 16 Realtors® Honor Elected Officials at June 9 Night at the Nationals Homeownership Legislative Reception 13 Legal Summit: 26 Commercial Real Estate: 18 Navigating the NVAR.com Member Reserve Your Seat for June 19 Northern Virginia Developments are Dashboard 29 June 2 Friday Focus: Reaching New Heights 39 30 Under 30: Analyze This! 28 NVAR Market Stats: Elizabeth Stone, Will Wiard Capture 31 New Virginia Laws Take Effect March 5-Year Look-Back REALTOR® Magazine Honors July 1, 2017 29 Staff Scene: 40 NVAR Board Election Process Begins 36 Tech Series: Nisha Thakker Tapped as Senior Director Smart Home Technology, Big Data of Strategic Partnerships Explored 40 Legal Hotline Gets a New Look 37 Annual Finance Summit: 46 Ask NVAR: Attend on May 24 Understand Limits of Landlord’s Right 41 Education: “Conquering Brokerage to Know Agreements” Debuts DEPARTMENTS The views expressed in this publication may not reflect NVAR policy, and 3 Chairman of the Board Column 40 NVAR Partners may be the opinions of 4 CEO Column 42 Class Schedules the writer or interviewee. 15 NV/RPAC Investors 44 Affiliated Service Provider Directory Reach us by email at re+[email protected]. 38 New Members http://nvar.com/1703 RE+VIEW MAY+JUN 2017 5 member survey 2017 MEMBER SURVEY SHOWS NVAR Is Moving In the Right Direction as a Membership Organization Improvements over 2016 are noted in brackets. THIS PAST FEBRUARY, we surveyed our NVAR membership to measure the association’s effectiveness of delivering on RESPONDENT DEMOGRAPHICS our strategic plan goals.. To review survey results in greater detail, please visit nvar.com/survey17. AGE 48 – 67 56% GENDER Female 62% 18 – 47 30% Male 38% SERVE AN INTERNATIONAL CLIENTELE 68+ 13% FULL-TIME 78% PART-TIME 20% YES 24% Would like to learn more.