Did you know?

DID YOU KNOW? Politics can influence corporate policy: Deutsche Bank AG has cut its 2016 bonus pool by almost 80%, a measure that will affect about 25,000 employees at the bank. As Germany faces an election, bank bonuses have become a political issue....

San Franciscans really, really want Geary, Van Ness subway lines

The people have spoken (for decades, in fact)

Back in August, the SFMTA invited everybody to draw their own ideal San Francisco subway map. Don’t expect any of the 2,600 resulting entries to actually break ground and be built in full anytime soon (or, let’s be realistic, ever), but the city did promise to take the DIY networks into consideration.

So what does the riding public want? You can watch their combined vision of city transit slowly assemble itself on a custom Gmap, which gradually compiles the entries into an overlapping red web crisscrossing the city, or you can just check out transit collaboration network Connect SF’s heat map of requested routes.

It’s probably no surprise that people really, really want an underground route running the length of Geary, with an intersecting Van Ness Avenue tunnel coming in a close second. Together, the two streets look like angry red arteries of pent-up rider demand.

Likely the SFMTA could have guessed that much without even asking. (In fact, we’d bet they rarely go a day without hearing something about it.)

It looks like they’re also fielding a lot of requests for tunnels running the length of 19th Avenue, under 16th Street between the Mission and the waterfront, and, perhaps most interesting, extending the in-progress Central Subway line beyond its present planned terminus.

Note that the city proposed plans already to push the M Ocean View underground on 19th Avenue, and of course the question of the Central Subway’s parameters was hotly debated—but not to the satisfaction of every interested rider, it seems.

Now that we’ve all wished on our respective stars, it remains to be seen what will ever be done with all of these ideas. A new Subway Master Plan isn't due out until the end of the year. In the meantime, at least everybody got to chip in our two cents. Or, our $2.25, in this case.

California Bureau of Real Estate Commissioner, Wayne S. Bell speaks out on the subject of Professionalism in the industry

SOURCE: MEDIUM

Appointed by Governor Jerry Brown on February 13, 2013 Mr. Bell oversees the licensing and regulation of more than 400,000 real estate licensees.

In California Real Estate licensees are subject to the governance of Bureau of Real Estate (CalBRE). Real Estate licenses are issued by CalBRE; in order to maintain their licensed status, licensees are bound to comply with the relevant portions of the Business and Professions Code, Commissioners Regulations and California Real Estate Law. Administration of the Bureau falls to the Commissioner.

The Commissioner recently attended an event hosted by the San Diego Association Realtors® among the many topics of discussion the subject of The “Professional” Movement. He had much to say about: What makes a Real Estate Practitioner a Professional.

Regardless of the type of business, professionalism continues to be a discussion point. While much is spoken about behaving professionally, and we can readily recognize professionalism or the lack of it in others; it is often difficult to define or model it when considering our own behavior.

Elevating the level of professional conduct is the goal of many REALTORS® who faithfully represent their clients in complex and often challenging real estate transactions. For that reason, I thought it might be of interest to learn about the survey the Commissioner conducted to ascertain exactly what the public and real estate industry peers believe is center-point of professionalism.

The survey was conducted by Mr. Bell by posing queries to real estate licensees, consumers, family members and colleagues. The results of the survey said Real Estate Professionalism is:

A combination of appearance and attitude combined with excellent client service

An understanding of the fiduciary duties imposed on real estate licensees which includes placing the client’s interest ahead of those of the licensees (for more information on the fiduciary duties applicable to real estate licensees, when acting as agents: www.dre.ca.gov/files/pdf/reb/rebsum07.pdf

Civility, kindness, ethical behavior in business dealing including communicating with clients and parties on the other side

Following the lawful instructions of clients

Education, knowledge and experience necessary to achieve the results a client wants

As it relates to professionalism Commissioner Bell was recently quoted as saying:

“Professionalism is expected by consumers and peers. It is first and foremost in protecting the public in real estate matters.”

Robert Reffkin Founder and CEO of Compass believes that elevating the professionalism and dignity of the real estate profession is a duty we all share; one of his favorite quotes:

“Good etiquette can open more doors than knowledge or wealth.”

So what does all of this mean in the day-to-day practice of real estate? In my humble opinion the message is pretty clear; treat others with respect, be mindful of the image you present to the clients and colleagues, do your best all the time every time and remember that as real estate professionals clients count on us to assist and advise them, in most cases; in the single most important purchase or sale of their lives. A weighty responsibility and one that requires the utmost in professionalism!

A few tips for practitioners:

Learning is best achieved when it is experiential; that means practical training. For example; mentorships within brokerage firm. Where newly licensed salespersons can learn from and work with experienced mentors, who serve not only as tutors but role models as well.

Participation in quality educational opportunities including the study of applicable fiduciary duties and ethical standards along with professional development programs.

Another take-a-way is the wise and best practice of careful and competent supervision by an experienced and professional broker. One who takes seriously the responsibility of oversight and works with his/her team to provide ongoing education and transactional accountability.

Pursuing legitimate continuing education and professional development. If the industry is to elevate the level of service and dignity, this single mantra should be at the forefront.

Having the wisdom to limit real estate practice to areas of known discipline; an obligation that is an integral component of meeting the fiduciary duties to clients.

We are fortunate, as California Real Estate Licensees, to be able to rely upon the leadership of Commissioner Bell. He is a beacon of integrity who works tirelessly to enhance our industry through communication and collaboration.

As professionals our clients place their confidence in our ability to serve their real estate needs with professionalism, integrity and skill.

Our goal is to gain the trust of our clients; but trust is not an entitlement it is earned. The manner in which we conduct our business and build relationships determines whether or not we achieve that goal.

Final thought:

“Professional is not a label you give yourself — it’s a description you hope others will apply to you.” David Maister

The foregoing is not to be construed as legal advice. It is for the purposes of real estate brokerage education only.

Did you know?

DID YOU KNOW? In London the average resale price for unbuilt condos is down around 10% from 2014. Some foreign investors are advantaged in that when they bought their properties their currencies were much stronger. Now with many BRICA countries experiencing much weaker currencies than 3 years ago, profits are to be made even if sale prices drop.....via currency exchange.

On the downside, some foreign buyers who put down 20-30% upon signing a contract for a property 2 years ago that is now being completed, are facing a much higher cost to close due to weakened exchange rates. Some may be unable to close and walk away from deposits.

What does Brexit mean for mortgage rates?

Friday’s bond market has opened sharply higher as the markets react to Britain’s vote. The opposite reaction of a bond rally often is weakness in stocks and we are seeing plenty of it this morning. The Dow and Nasdaq are currently down significantly. The bond market is currently up, which should improve today’s mortgage rates by approximately .375 of a discount point.

Well, the Brits did it. Surprising many in the financial world, Britain voted to break away from the European Union. That has caused turmoil in the global markets with stocks getting crushed in every relevant open exchange. This is great news for mortgage shoppers because scared stock investors usually shift funds into bonds for safety, hence the huge rally in U.S. bonds this morning. It also makes a Fed rate hike late next month highly unlikely. It also raises the possibility of them not acting the rest of the year.

There were two pieces of economic data posted this morning, but the Brexit news makes them irrelevant in today’s trading. May’s Durable Goods Orders was first at 8:30 AM ET. The Commerce Department announced a 2.2% drop in new orders for big-ticket products such as electronics, appliances and airplanes. Analysts were expecting to see a decline 0.6%, so the news is favorable to bonds and mortgage rates. Even a secondary reading that excludes more volatile transportation-related orders (such as airplanes) came in softer than expected. The acceptable variance in this report is wider than most others because the data is known to be quite volatile from month to month, but we can still consider the data good news.

Overall, enjoy today’s bond rally and downward move in rates. Some analysts are already downplaying the news and predicting it won’t have nearly an impact on the global economy as some are claiming. The future will tell us if today’s move was justified or if it was an overreaction. I believe the news is favorable for bonds, but am having a hard time justifying the reaction in the markets, especially when considering the recent downward spiral in bond yields leading up to it. That said, today is a good day for mortgage shoppers. However, please proceed cautiously if still floating an interest rate because the cause of the bond rally has come and gone. We won’t see the economic impact of Britain’s decision for some time. That allows plenty of time for profit-taking in bonds and a general correction.