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Real Estate News!!!

Latest Real Estate News from RISMedia

Understanding the Landscape of Short-Term Rental Restrictions

The following information is provided by the Center for REALTOR® Development (CRD).

Since the launch of on-demand rental reservation websites such as Airbnb, the short-term rental market has been growing at a very healthy (and to some, alarming) pace. While short-term rentals benefit their local markets by promoting tourism and revenues, and by making ownership of investment properties (and vacations!) more affordable for many, short-term rentals also come with some undeniable drawbacks.

In practical terms, the short-term rental issue pits longtime and year-round residents against investors and their renters. Investors rely on an income stream from rentals, but an ever-changing flow of vacation and transient renters can cause headaches for the community in the form of increases in noise and traffic, reduced housing stock for permanent residents, concerns about safety, and unfair competition with longstanding and legitimately licensed establishments in the area.

At state, county and municipal levels, communities have taken vastly different approaches in their attempt to regulate the issue. Some have placed restrictions on the length of time for rentals, requiring that they be no shorter than 30 or 60 days, for example. Others have prohibited or outlawed short-term rentals altogether. Such measures can have unintended consequences, though, including diminishing the value (in terms of cash flow) of investment properties, reducing the pool of buyers in high-demand areas, and possible infringement of property rights.

Other communities have taken the opposite approach and allowed for short-term rentals, but with restrictions and requirements that help to ensure a quality experience for both renters and local residents. Some of these solutions involve one or more of the following elements:

  • Discrete tourist zones where rentals are allowed
  • Grandfathering of existing rental policies to allow, but not for new rentals
  • Transient rental occupancy license requirements
  • Permits and posting of owner’s contact information for complaints
  • Stiff fines for landlords with nuisance tenants

In some instances, a tax stream for the state and/or municipality has been created as well. In Colorado, for example, some cities require that the short-term rental be in one’s primary residence and a certain percentage of the rental income be taxed by both the municipality and the state.

The variation in state and local laws, ordinances, and regulations can make this a very complicated issue. As real estate professionals, your best bet is to stay on top of the issue at both the micro and macro levels. A great first step would be to understand what is and isn’t allowed in your particular area and in the properties or developments with which you typically work. This would include a check of:

  • State laws and regulations
  • Municipal ordinances, including zoning and occupancy
  • HOA covenants, conditions and restrictions (by property)
  • Individual rental agreements (by property)

Your local government’s website or offices would be a great place to start your research, and then go from there based on their advice. Airbnb offers a handy resource of rules and look-ups for its major city markets. Travel industry market intelligence platform Skift also has put together some really helpful tables that give different cities scores in different short-term rental criteria (i.e., regulation and enforcement) and an overall letter grade.

At a macro level, the best thing you can do is to get yourself educated about this market with education from the National Association of REALTORS® (NAR) and your local and state associations, obtain the Resort and Second-Home Property Specialist (RSPS) certification, periodically review NAR’s Reference for Short-Term Rental Restrictions for updates and developments at the national level, and stay up-to-date through relationships with peers and mentors.

For more education about the second-home and resort market, check out this month’s featured online course at the Center for REALTOR® Development, Home Sweet (Second) Home: Vacation, Investment, Luxury Properties, which is the educational requirement for NAR’s Resort and Second-Home Property Specialist (RSPS) certification.

For more information, please visit RISMedia’s online learning portal from NAR’s Center for REALTOR® Development (CRD) and the Learning Library. Here, real estate professionals can sign up for online professional development courses, industry designations, certifications, CE credits, Code of Ethics programs and more. NAR’s CRD also offers monthly specials and important education updates. New users will need to register for an account.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Understanding the Landscape of Short-Term Rental Restrictions appeared first on RISMedia.

Why You Really Don’t Have Enough Time

You may have decided to get into real estate so you could be your own boss, set up your own working hours and make a lot of money.

So, how’s that working for you?

The challenge with entrepreneurship is being laser-focused on dollar-productive activities. When you first get into the business, you need to learn the skills, implement systems, install new programs, deploy various platforms, study scripts, market and process transactions. That’s a full-time job, and you haven’t even begun to work with buyers and sellers.

But here’s where most agents fail: They get too busy working in the business and fail to work on their business.

By nature, our business is radically unpredictable. Buyers decide to buy, and sellers decide to sell on their own timetable—and we want to be there at that magic moment—but the intensity of showing buyers, servicing sellers and maintaining prospecting can be daunting unless you develop a plan to keep all the plates spinning and the income funnel full.

The plan is simple—but getting an agent to do it is the hard part.

No matter what’s happening, only you have the power to block your day. This begins with blocking out dollar-productive activities by using a My Perfect Week Planner.*

The system visually helps you lay out a perfect week so that you’re able to establish a rhythm of daily habits that result in regular, consistent income. Think of blocking your time using a traffic light as an example:

  • Red is for non-negotiable time. These hours are reserved for your personal “big rocks” like sleep, family time, etc.
  • Yellow is used to time-block a daily prospecting hour. I can imagine you rolling your eyes right about now, but prospecting is the key to getting paid regularly. Pretend that this is sacred time, even if it’s 15-30-minute increments five days a week, and stick to it. Whether you’re prospect-phobic or simply believe prospecting is limited to cold calls, think conversation, not solicitation. Rotate through your sphere of influence with scheduled calls to update contact information and to share a save-the-date for your future client appreciation party. These approaches are easy and friendly.
  • Green is the easiest time to block on your weekly calendar. These are appointments that are related to earning or receiving money, and are usually the most fun. Block in green the hours you’ve earmarked for closings, listing appointments or working with buyers.

The goal is to increase the green in your weekly calendar. You wouldn’t want to miss a closing, so why not block out a small increment of time to talk to more people in order to make more sales so you have more green in your week?

Sit down at the beginning of each week to plan. Real estate has plenty of opportunity for busy work that will rob you of energy and income, so take control of your week before the chaos hits so that you can do those activities that serve and pay you first. It’s also a good idea to get a good coach to help you learn new habits to plan for success, and hire out the administrative work so that you can focus on being the CEO, building your business every day, one day at a time.

*For a complimentary copy of My Perfect/Productive Week Scheduler, visit http://bit.ly/2raO1Dj

Murphy_Terri_2018_60x60Terri Murphy is a communication engagement specialist, author, speaker and coach. She is the author/co-author of five books, and founder of MurphyOnRealEstate.com. Contact her at TerriMurphy.com or Terri@TerriMurphy.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Why You Really Don’t Have Enough Time appeared first on RISMedia.

Mastering Social Media: Tips and Tools That Work

What: RISMedia’s Webinar Series – Mastering Social Media: Tips and Tools That Work

From branding your business pages to generating leads and marketing, get best practices and solutions that work, with a spotlight on RISMedia’s ACE – Automated Content Engagement, from moderator Sherri Johnson and panelists Pam Charron, Amy Waugh Curry, Brenda Noffert and Ron Rocz. Limited space – register today!

Sponsored by


When: Wednesday, June 20, 2018 at 3 p.m. ET / 2 p.m. CT / 1 p.m. MT / 12 p.m. PT

Who: Featuring; moderated by Sherri Johnson, Sherri Johnson Coaching & Consulting


For live coverage of the webinar, follow @RISMediaUpdates and use #RISWebinar.

About the Webinar

Pam_CharronPam Charron
Broker Associate/REALTOR®
Berkshire Hathaway HomeServices Florida Realty

Amy_CurryAmy Waugh Curry
Berkshire Hathaway HomeServices New England Properties

Brenda_NoffertBrenda Noffert
Associate Broker
Better Homes and Gardens Real Estate Alliance

Ron_RoczRon Rocz
RE/MAX Nexus

Moderated by


Sherri_Johnson_100x100Sherri Johnson is the CEO and founder of Sherri Johnson Coaching & Consulting. With 20 years of experience in real estate, Johnson offers coaching, consulting and keynotes, and is a national speaker for the Homes.com Secrets of Top Selling Agents tour.

Each month, RISMedia’s webinars draw over 1,000 agents and brokers from across the country eager for exclusive insight from the industry’s most profitable professionals. To view our last webinar, “Leveraging the Power of Teams,” and for more social media tips, please visit RISMedia’s Housecall.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Mastering Social Media: Tips and Tools That Work appeared first on RISMedia.

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