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| Article 1 (The Best Way to Buy a Property- Try Being Nice!)
Article 2 ( Beware when the mail shows you the money.) Article 3 (A homebuyer's primer on mortgages.) Article 4 (Just a Thought!) Article 5 (Q&A with Michael Merrill) Article 6 (Securing your investment in a condominium) Article 7 (Specialists to meet your real estate needs) |
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The Best Way to Buy a Property- Try Being Nice!
By Sara Rosenfeld
Over the past 16 years I have been a real estate professional, many prospective buyers have asked me my opinion on how to negotiate a purchase of property. The first thing that I always say is treat your Broker and the Sellers with consideration and BE NICE! Whether you call it the GOLDEN RULE or just a good tip regarding any negotiations, treating someone as you would want someone to treat you is critical in helping you get the property you want! We all know that buying a property is very stressful and we know we sometimes do not behave "like ourselves", but that does not mean you have to take it out your broker or the seller! The first cause of stress is the feeling of; "whom can I trust?" here you are making the largest purchase of your entire life and you are working with an agent who says that they represent the Seller! My suggestions to reduce this feeling are: Get recent references for the agent you choose to work with and call those past customers; Decide whether you want to retain the services of a Buyer's broker and also get references for that agent and call those past clients Set up a meeting to sit down and meet with the agent for at least an hour before you actually go out and look at property. During that meeting, the agent should be educating you by fully explaining all documents that require your signature (Agency Disclosure, Lead Paint Notification, Offer to Purchase, and Purchase and Sales Agreement), current market conditions, how to read the information on a listing sheet, relevant community information including schools (if needed) public transportation, and other items important to your decision about a property, and most importantly, how that agent works- what he/she will be doing to assist you with your purchase. If an agent is not willing to do this meeting ahead of time, I suggest you find another agent! Speak to a mortgage representative to discuss your financing plans before you see any properties. Your agent can suggest a number of individuals or you can find them in the newspaper, yellow pages, or speak to someone who recently purchased or refinanced their home. If an agent is going to provide you with this type of service, you know you are in the company of a real estate professional, one that wants to be treated like any professional. respect the fact that the Seller is going through a lot of stress, too! The last thing any seller needs is more stress caused by an inconsiderate buyer. This consideration includes not going to the property without an appointment and in the company of your agent. Do not ask the seller questions directly or make comments that would make the seller feel uncomfortable. The seller has hired the agent to represent them and all questions and comments should be directed to the agent. Be on time for your appointments. Many sellers plan their days around the showing appointment so they are not home when the property is shown. The agents appreciate when you are on time, too! Please set up appointments to see property that you have real interest in! No one like to have his or her time wasted! When it is time to make an offer be fair. Your agent should have provided you with information you need to decide on an offer price. Part of your time you have spent with the agent should have included going over recent sales information(comparable sales) and explaining how price is determined. There is a very fine line between negotiation and insult! No one wants to pay too much for a property and if you choose to place an offer below the asking price, stay within a reasonable range of the comparable sales. I have witnessed buyers who have ruined their entire negotiation with the seller by starting off with an insulting offer. Whether you choose to work with an agent or attempt to purchase directly from the owner, treating the seller like he/she is your best friend is the best negotiation advice I can give you. Choosing to work with a real estate professional, one who knows the business, the market, and people, is the best advice I can give any buyer. Need help finding a great agent? Call me and I would be happy to suggest some of the best for you! |
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Beware when the mail shows you the money.
By Charles N. Nilsen, Executive VP, First Financial
The latest potential danger finding its way into homeowners' mailboxes are offers for loans, credit cards and lines of credit that are tied into the equity in your home. These offers promise instant access to thousands of dollars - encouraging you to make home improvements, travel, or consolidate other bills at a lower rate. Some of these tempting offers target the elderly or disabled, some target those with credit problems. Some could even be targeting you. And most carry interest rates more than twice the industry average. How can you avoid falling prey to these types of enticing offers? Analyze your Financial Situation How badly do you need the money? If it's for a frivolous expenditure - like a relaxing trip to Jamaica, a new sports car or a new stereo - keep in mind that most of these types of items aren't an investment. Long after the effects of the trip have worn off, you'll still be paying for it - plus interest at APRs of 12% or higher. And if you're entertaining the idea of a shiny new car - keep in mind that it will only depreciate the second you drive it off the lot; a car is NOT an investment. While you're working to pay down that line of credit, you're also accruing interest. Meanwhile, your purchase is depreciating in value with every passing minute! Experts recommend saving $25 a week towards that much-wanted goal. When you finally do take the vacation, or purchase that stereo, the reward will be that much sweeter, knowing that you haven't mired yourself in long-standing debt. If your need for money is more of a necessity like a new roof, hot water heater or sending your child to college, experts warn you to really read the small print on any offer you receive, or bring any offers in question to a financial consultant who can explain the terms of the agreement. Unfortunately, many borrowers acquire loans during a time of financial crisis or urgency, and they may not comprehend the terms of the loan due to the technical jargon used on the application. It may look easy to just sign away on that pre-printed check form, but many consumers apply for home equity lines of credit (HELOCs) unaware that they could lose their home if the situation goes south. Consult with a financial expert for the best way to gain access to liquid funds. Secured or Unsecured? If you are employed and in good standing on your credit history, chances are you will be able to apply for a personal loan or acquire a credit card without offering any collateral. This type of debt is referred to as "unsecured" - in the event that you default on the loan or stop making credit card payments, you would likely receive phone calls from a collection agency and damage your credit history for seven years or more. "Secured debt" is a term used to describe home equity credit lines, loans or credit cards that are based on the receipt of some form of collateral, (usually money or your home). This type of offer alleviates some of the risk for the company offering the card, allowing the company to offer credit to people who may be turned down by other lenders. Credit cards that require a $1,000 payment up-front are an example of "secured debt," as well as tying the card to the borrower's home equity. In the event home equity is secured and the borrower stops making payments, the lender can foreclose on the borrower's home. One of the mailers circulating nationwide suggests that the recipient can write off the card's interest as deductible for income tax return purposes, but first you must pay a $179.50 setup fee and an annual fee of $38.50. The offer, positioned like a credit line, is in reality a home equity line of credit (HELOC). Worse, the fine print of the offer reveals that the interest rate on the loan could be as low as 8.62% and as high as 29.8% percent a month. The Smart Way to Go For those who do want to intentionally borrow against the "equity" in their home, obtaining a Home Equity Loan (offered at a fixed rate for a fixed period of time), or a Home Equity Line of Credit (a fixed amount of funds that you have qualified for, against which you may borrow and repay much as you do a credit card) isn't a bad option, as long as you're certain on the terms of the agreement. Shop around to find the best option for your financial situation, there are many ways to safely draw upon your home equity to finance the new addition, college tuition, or purchase the boat you've always wanted - without being taken advantage of. And if you're still uncertain about the credibility of anoffer, you can always call upon the help of trained professionals. Don't sign your life away before reading the fine print. Charles N. Nilsen is the Executive Vice President for First Financial of Newton. By educating and informing our clients on the wide variety of products available, clients are empowered to choose the program that's best for them. For more information about debt management, contact Mr. Nilsen at 800-836-0768.
[sidebar] Choosing Between a Loan and Line of Credit Home equity loans provide you with a lump sum of cash that are under terms of repayment similar to your first mortgage. A line of credit, on the other hand, offers greater flexibility, allowing you to access money in the amount and at the time you prefer by merely writing a check. You may borrow and repay periodically without reapplying for a new loan, avoiding additional closing costs, time, and effort. Home Equity Loan
*Interest is tax-deductible *Points are usually charged up front *Closing costs are similar to that of a first mortgage *Lump-sum *5 to 15 year term *Fully amortized, principal is repaid over the life of the loan *Fixed or adjustable rates *Potential foreclosure upon default *Best for individuals lacking credit discipline *Best for an immediate need Home Equity Line of Credit *Interest is tax-deductible *Often no points are charged *Closing costs typical of a first mortgage and xxx annual per-transaction fees, or inactivity fees may be included *Payouts taken in the amount and at the time chosen by borrower. Interest accrues only on the amount borrowed. *Variety of repayment options *Fixed and adjustable rates, interest-only repayment options. Rates may be lower than home equity loansd. *Potential foreclosure upon default *Allows an individual to customize loans to his individual needs, maximizing convenience *Best for a series of smaller borrowings |
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A homebuyer's primer on mortgages.
By Bob Watterson President, First Financial and Chairman, Massachusetts Mortgage Bankers Association
You've finally decided to take that big plunge transforming yourself overnight from a renter to an owner. But before you sign on the dotted line for what will probably be the largest loan contract of your lifetime, there are several things you should know. Once you have decided to purchase a house or condo, you will need to shop for a commercial bank, credit union, mortgage broker, or savings and loan that will actually lend the money you need (the difference between your down payment and the actual purchase price). The best resource for reputable and easy-to-deal-with loan sources is often your own network of friends, relatives and business associates. HOW BIG A MORTGAGE CAN YOU AFFORD? In general, lenders prefer that your housing expenses (including mortgage payments, insurance and taxes) not exceed 25% of your gross monthly income. Therefore, you'll usually qualify for a mortgage loan of two to two and one-half times your household income. For example, if your family has an income of $40,000 a year, you can usually qualify for a mortgage of $80,000 to $100,000. But be advised, lenders use many different factors to determine how large a mortgage you qualify for, based upon your compensating factors -the risk involved with granting you a mortgage. For example, a compensating factor might be, "I know that I've been late on credit card payments in the past, BUT I was putting down twice the minimum payment AND my student loans are paid off." If you have had credit problems within the past seven years, it may come back to haunt you. Obtain a credit report from a credit bureau before applying for a mortgage so you're not surprised or disappointed. DON'T SIGN HERE . . . UNTIL YOU SHOP AROUND Once approved for the loan, you will be asked to sign a written agreement (the mortgage) in which you promise to repay your lender the sales price of the property plus interest, closing costs and fees. On passing or closing day, the lender pays cash to the seller of the property The property itself is collateral against the loan. This means if you fail to meet your obligation -- or fail to pay the real estate taxes -- after a certain time period, the
(Page 2) lender can legally take possession of the property. That's why you should only borrow what you know you can afford to pay back.. In recent years, many prospective homebuyers have benefited from using a mortgage broker. Lenders usually have wholesale and retail departments. The wholesale department often offers interest rates and processing fees to mortgage brokers that are lower than the retail price, which is what you pay when you go directly to a lender. A broker is one who shops lenders in search of the best deal for you. With a broker, once their fees are built into your costs, you'll likely pay about the same amount of money for your loan. The advantage of using a broker, if he or she is a good one, is that all the shopping is done for you. Mortgage brokers usually have contact networks across the country and have instant access to the lowest mortgage rates available that day. TO START THE PROCESS Your mortgage lender or broker will ask for one or all of the following: a copy of the signed P&S (purchase and sale agreement -- unless you're seeking pre-approval), W-2 forms for the past two years, twelve months' rent or mortgage receipts or canceled checks, pay stubs for the last 30 days, the last three month's bank statements, names and account numbers of other creditors, such as student loans, auto loans, and credit cards as well as any alimony or child support documentation. If you own (or partially own) your own business, be prepared to have up-to-date P&L documentation Today, you have the option of entering the buying process with one of the most difficult hurdles already surpassed. "Pre-approval" will give you excellent leveraging and bargaining power when making the offer; the seller will know that you've already passed a series of screenings. At the very least you should be pre-qualified to know what you can afford. Many lenders can pre-qualify you over the phone Ask your broker for specifics on how to pre-qualify. YOU MEAN THERE'S MORE THAN ONE KIND OF MORTGAGE? There are basically three types: fixed-rate, adjustable rate, and balloon payment. With a fixed-rate mortgage, the interest rate remains constant throughout the term of the mortgage - your monthly payments will always be the same. Fixed-rate mortgages usually come in 15- or 30-year terms. Adjustable-rate mortgages (ARMs) offer a low initial interest rate, but the rate is adjusted throughout the life of the loan, often every six months. An ARM is ideal for someone who is anticipating an increase in income, because you will be able to better afford the higher interest rate later on. The last type, balloon- payment mortgages offer rates even lower than the initial term of an ARM. You make
(Page 3) monthly payments, usually just for interest. Then, at a specified time - usually in 5, 7 or 10 years -- the principal of the loan is due as a single payment. This type of loan might be appropriate for someone expecting a windfall, such as an inheritance or the maturation of a trust fund, or someone looking to turn over the property quickly. A conversion to a fixed-rate mortgage for the balance of your amortization period may be available under certain conditions. ALL LENDERS ARE NOT THE SAME When comparing loans from one lender to the next, pay particular attention to interest rates and points. You should shop around for the best interest rates available for the type of loan you're seeking, and the lowest percentage point possible. Annual Percentage Rates (APR) fluctuate from one day to the next, so be sure you're getting the rate you think you are on the day of signing. if you're interested in an ARM, make sure you're aware of the cap or price ceiling - the highest a lender can raise the rate. "Points" are fees charged by lenders to increase their profits. One point is 1 percent of the amount you want to borrow. If the mortgage is $100,000, one point equals $1,000 ($100,000 times .01). Points are charged for processing and servicing your loan. Lenders who advertise no-point loans are most likely charging higher interest rates. PUBLIC PROGRAMS TO HELP PAY THE MORTGAGE If you think you may need some extra help in order to qualify for a mortgage, check with local agencies in your town or state, such as the local Housing Authority or in the Yellow Pages. There are also several federal programs offered by the Federal Housing Administration (FHA), the Department of Housing and Urban Development (HUD) and the Veterans Administration (VA). CONGRATULATIONS, HOMEOWNER! "Closing" is the time and date set for the actual transfer of the property from the seller to the buyer. At closing, the buyers bring the balance of the down payment and necessary closing costs to the escrow company. The lender funds the loan in exchange for the title to the property. This is the point at which you finish the loan process and actually buy the house. Your escrow account is "closed" and you officially become a homeowner! Familiarizing yourself with the jargon and timelines now - before you even pick up a telephone or pen - is a smart way to begin. Take the time now to learn and understand every step of the process so you're comfortable every step of the way. Settling down into your first house can be unsettlingbut is sure to be one of the most exciting business transactions of your life. (Editor's note: Bob Watterson is Chairman of the Massachusetts Mortgage Bankers Association and is President of First Financial, a mortgage company based in Wellesley with branch offices in Boston, Beverly and Northboro, MA, Manchester, NH, and Greater Hartford, CT). |
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Just a Thought!
By Jay McHugh of RE/Max Affiliates As a true consultant, my job is to provide honest answers that best serve my client's needs. By doing so, I have created a fantastic business of advocates who enrich my business by referring their friends, colleagues, and business associates. Lately, I have heard of many various questions that my clients want consultation on or answered. Moreover, those questions are different than the common questions I am used to dealing with everyday. So I thought I would focus on a sensible question that I hear often when space is limited in a home: Which is better, Front Loader or a Top Loader washing machine? Also called horizontal-axis washers, Front Loaders (FL) offer many advantages over Top Loaders (TL). For one, FL don't have an agitator. This reduces the wear clothes are subjected to during washing. In addition, it allows them to hold as much clothing as a large TL because all the space in the tub is usable. And, large items, such as sleeping bags and comforters, are easier to load. FL spin at up to 1,000 rpm on some American made models and up to 1,600 rpm on European makes, compared to 600-750 rpm for most TL. Faster speeds extract more water from clothes and shorten drying time, saving you $100 per year on utility bills, according to manufacturers. Moreover, at 20 gal per wash, FL use about half the water TL use. That amounts to roughly 8,000 gallons of water saved per year for a family of four. And because they use less water, FL also use less drying, saving even more money. Controls mounted on the front face above the door allow under counter installation for many FL. Just remember that the typical countertop is 24 inches deep. Expect the washer to bump out about 3 inches into the room, or plan to use custom-depth counters. However, there are some downsides to these machines: FL require more stooping and bending to load and unload. Some manufacturers are looking into developing top-loading, horizontal-axis designs. And, some existing FL, such as the Frigidaire Gallery, can be stacked with a dryer. Because of the way they agitate, FL require a different lower-sudsing detergent specially formulated for FL. According to New York based Soap and detergent Association, simply using less regular detergent can eventually lead to dingy, stained clothes. Unfortunately, these new-tech detergents aren't widely available in stores, nor are they expected to be until FL washers make an impact on the market. For now the new detergents are available with new machines and through mail order. Despite the impressive annual savings in energy and water, FL cost at least $300 to $400 more than comparable featured TL washers. Part of the reasons is the drive system: Because it moves in two directions, it requires costlier controls and motor. Door locks are also more expensive though they do allow the newest FL to be opened after a cycle starts. Finally, the suspension system is sturdier and therefore more expensive. With most buyers needing that extra space for a closet or a computer system, checking into these machines may save you money and needed space! |
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Q&A with Michael Merrill of Merrill & McGeary, a real estate attorney.
Q: I intend to purchase a condominium unit from a friend. I am familiar with the building. The unit is small and the price is relatively low. I intend to pay all cash for the unit. There will be no bank and no bank's attorney. I am somewhat familiar with real estate and my friend would not do anything dishonest. He said he would give me the unit deed in return for a check and the deal would be concluded. There would be no reason for either of us to have an attorney and we could save the expenses associated with attorneys. This sounds good to me, but does it make good business sense? R.L. Boston, MA
A: Purchasing the condominium unit may be a good investment, but not using an attorney is a big mistake. It makes no difference how honest or well intentioned your friend is. I recommend you retain a real estate attorney to protect your interests. The attorney will review the business terms with you and advise you whether or not the investment makes sense. If so, the attorney will prepare the necessary documents which guarantee you are purchasing what has been represented to you as being part of the sale. For example, is a parking space or storage bin assigned to the unit or not? The attorney will ask questions of the Seller or his agent you may not have considered, such as are there any increases in condominium fees planned or pending? Most importantly, prior to the recording of the deed and payment of the purchase price the attorney will search the title to the unit at the Registry and certify that you are obtaining a unit free and clear of encumbrances, and that you have good marketable title. You should perform a certain amount of due diligence in every business transaction. The cost of the attorney in this situation is well spent. Michael W. Merrill
Q: My husband and I want to sell our house and buy a lot of land. We will then build our dream house on this lot. We have been looking with real estate brokers for several months for suitable lots and we think we have found one. The lot has only recently come on the market and it is part of a large estate. The owner wants us to sign a purchase and sale agreement immediately. Given the hot real estate market we want to move immediately. Given the hot real estate market we want to move quickly, but I don't want to be foolish. What do you recommend? K.B., Quincy, MA
A: There are a number of issues which have to be resolved before you sign a purchase and sale agreement. For example, can the estate be subdivided as a matter of right or does the subdivision require Planning Board approval? Is the lot buildable? Is the lot restricted in any matter by the Seller? Are there conservation easements or wet lands which affect the property? The normal sequence of events would be for you and the Seller to sign an offer to purchase and you would pay the seller a deposit of $1,000.00 to be held in escrow pending your investigation of the outstanding issues. The offer would give you a reasonable amount of time to perform any tests which are necessary, discuss your construction plan with the Building Commissioner and investigate financing the acquisition and construction of the lot and house. If the answers to the questions are satisfactory, then you would enter into a mutually acceptable purchase and sale agreement and pay the balance of ten percent of the purchase price as an additional deposit. Unfortunately, in today's market Sellers can pressure Buyers into signing agreements prematurely. If so, you should consult your attorney before signing the purchase and sale agreement. The attorney will negotiate and include certain contingencies in the purchase and sale agreement which will require the return of the deposit should there be a problem with the lot or your proposed construction plan. If you do not take your time and include these provisions in the purchase and sale agreement you could buy a lot which is worthless or forfeit your deposit. That would be foolish. Michael W. Merrill |
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Securing your investment in a condominium
By Eastern National Insurance Agency
With real estate values escalating, many people are considering the purchase of a condominium unit as an investment that offers a hedge against future inflation and diminution of purchasing power. However, many of the people thinking about buying a condominium as an investment assume that the Master Policy for the condominium complex provides adequate insurance coverage to protect their investment. If you are such a person, you might want to take a little closer look. Experience has made it clear that it is essential to evaluate thoroughly the Master Deed and Bylaws of the condominium association involved. The Master Deed and Bylaws establish the responsibility for providing insurance and determine the extent to which the association is responsible to purchase coverage for the property owned in common by all unit owners or whether the association must also provide insurance for certain property (for example, fixtures, alterations and improvements) belonging individually to unit owners. Have you or your representative ever reviewed the Master Policy or asked how the current limit was determined? Do you know what your share of the deductible is and how it will be applied? Do the by-laws provide for assessment of the individual condominium unit owners and how does this work in the event that there is not adequate coverage or if the damage is not covered by the Master policy? What happens if a liability lawsuit exceeds the limits of the association's policies? Do you have adequate loss-assessment coverage? Does the master policy cover the wall-to-wall carpets, the wall coverings, the kitchen cabinets? What happens in the event of a flood or earthquake, are these catastrophes covered by the Master Policy? If not, what then? In the event of fire damage in your unit, making it unlivable for several months, do you lose your monthly rents and your tenant? The Master Condominium policy is typically a limited policy. Have you made arrangements to protect your liability exposure? What happens if you are named in a lawsuit that results from a trip-and-fall incident that takes place in your unit? Did you remember to require your tenant to purchase an insurance policy to protect their contents and personal-liability exposure? Does your tenant's policy also name you as insured? Do you face a large legal bill if you are named in a lawsuit? What about the tenant's relocation expense of $750 that your renter is entitled to under Massachusetts law? Is this going to be another unexpected expense out of your pocket? We suggest that you consider purchasing an insurance policy that will provide the needed property coverage, loss-of-rents reimbursement and liability protection. This type of policy is fairly inexpensive and will provide peace of mind and financial security for you and your investment. Beside providing for many of the other contingencies mentioned in this article, an individual condominium-package policy can be written to provide coverage for the rugs, wall coverings, kitchen cabinets and any other improvements you might make to your unit. |
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Specialists to meet your real estate needs
By Judy Moore Most property transactions are complex procedures, requiring the knowledge and expertise of a real-estate professional. There may come a time when you need the assistance of a real-estate professional who is specially-trained in a specific aspect of the business. "Many people are surprised to learn how many of our members specialize in real-estate services other than home sales," says Judy Moore, president of the Residential Association of Realtors. "We would like our community to be aware of what specializations are available, so when special real-estate needs arise, such as investment, property management, or counseling, they can choose a real-estate professional who best will meet these needs," Moore explains. Early in its history, the National Association of Realtors (NAR) recognized a need for specialists to better serve the public and to assist other members in serving their clients with specific interests. Like all association members, those Realtors involved in specialization subscribe to the association's strict code of ethics, in addition to the standards and ethical practices set by each of the NAR's seven affiliated organizations in which they may hold membership. Through membership in NAR's affiliated institutes, societies, and councils, members devote themselves to continuous study of the most recent trends in their respective fields. The affiliates award specialty designations that recognize a member's advanced education and experiences in a particular discipline. Courses offered through the affiliates keep members abreast of developments in their specialized fields and better able to address industry issues. The following are brief summaries of NAR's affiliated institutes, societies and councils: The Counselors of Real Estate was formed in 1954 to enhance the quality of advice available to the public on property matters. Members are qualified to use the designation CRE (Counselor of Real Estate), and offer competent, independent real- estate advice and guidance on a fee basis to consumers. The Commercial Investment Real Estate Institute (CIREI), the newest of the NAR affiliates, was established in 1990. Prior to that year, it was known as the Commercial Investment Council and was housed with another NAR affiliate--the Realtors National Marketing Institute. CIREI enhances the professional competence of those engaged in commercial-investment real estate and offers the Certified Commercial Investment Member (CCIM) designation. The Institute of Real Estate Management (IREM), established in 1933 to advance professionalism in property management, awards the Certified Property Manager (CPM) designation to property and asset managers who meet its standards of experience, education and ethical conduct. IREM also awards the Accredited Management Organization (AMO) designation to property management firms and the Accredited Manager (ARM) recognition award to on-site managers. Members of the Realtors Land Institute (RLI) specialize in such areas as subdivision development, real-estate marketing, foreign investment, urban and investment land, farms and ranches, commercial and development properties and residential sales. Established in 1944 as a trade association for urban and rural real-estate practitioners, RLI offers the designation of Accredited Land Consultant (ALC). The Realtors National Marketing Institute (RNMI), founded in 1923, is comprised of two independent councils-the Real Estate Brokerage Council and the Residential Sales Council-which promote professional competency through education in sales and marketing and real-estate brokerage management. Professional designations offered are the CRB (Certified Real Estate Brokerage Manager) and the CRS (Certificate Residential Specialist). The Society of Industrial and Office Realtors (SIOR), established in 1941 for individuals specializing in all phases of industrial and office real-estate activity, is an international organization offering educational courses in marketing industrial and office properties. SIOR offers the designation of PRE (Professional Real Estate Executive), which is earned by corporate real-estate executives. The Women's Council of Realtors (WRC), founded in 1938, provides a referral network, programs and systems for personal and career growth, as well as opportunities for increased productivity and financial security. WCR offers the Leadership Training Graduate (LTG) designations and the Referral and Relocation Certification (RRC). WCR is organized into 340 local chapters and 38 state chapters. In addition to specialized educational programs and professional standards, each of NAR's affiliates publish journals, magazines, newsletters or reports to keep members informed of recent developments in their particular area. "Affiliates provide one more avenue of education to Realtors to assist them in anticipating and addressing trends and issues in the real estate industry, thus enabling them to serve the public in the highest professional manner possible," says Moore. The Residential Association of Realtors with a membership of 4,000 members is one of 1,800 local boards and associations of Realtors nationwide that comprise the National Association of Realtors. As the nation's largest trade association, NAR is "The Voice of Real Estate," representing nearly 720,000 members involved in all aspects of the real-estate industry. |
