As we continue to evolve and reinvent new ideas and strategies in addressing new issues, we must be a leader, mentor and collaboratively work together to strengthen our industry and professional work environment. As many women in the housing economy work tirelessly living commission to commission with a significant pay decrease, it is imperative we expand the awareness and access for opportunities to retain quality, talented women professionals.

 

As we look at the bare bone basics of real estate, there are two major components:

1) Transferring title of a property or asset

2) Managing a property or asset

 

With numerous variations within these components, the overall essence is having a contract to perform work. Our goal as a real estate agent, lender, escrow officer, contractor and associated services is to build relationships to capture first time clients with repeat and referral business as we contribute and engage with our communities to grow our business portfolio with extended outreach.

 

As the market has taken a large swing in volume of properties being sold to being managed, we have to look at our business model and ask, “Are we passionate on being in the industry?” Margaret Kelly, CEO of RE/MAX, recently stated, “The low inventory… sure, it’s an issue and we need to look at it, but we’re still talking about 4.9-5 million sales. With that many properties available for sale, agents should be asking themselves, ‘What’s really going on in the market?’” As there are many variations within real estate, a lender, title and escrow officer can still produce income with a refinance of a home, while most income for agents is derived from the transfer of a property besides property management.  With  the amount of properties transferring ownership and the incredible corresponding amount of business being contracted, we are still seeing professionals leaving the business in  droves through retirement, technology issues, and not being able to deal with the new demands of increased work load per contract and compliance issues.

 

How do we create more opportunities and experiences to retain talented women professionals in the housing economy? Growing your existing business and expanding your business portfolio outside “the box” is essential to staying competitive and financially sound. Within the industry to help with education and awareness,  NAWRB created the  Women In Housing Financial Fitness Road Show. By taking the elements of  two specialized markets–women in housing and women in government– individual to corporate and government contracting, we have developed our Fast Track niche to bring the awareness, opportunities and access to offset living commission to commission. Learn about access to business growth with loans from as little as $25,000 from the SBA to hire that much-needed assistant or expand your marketing, or $200 million Diversified Securities from Morgan Stanley to service those high net worth individuals. Imagine receiving a grass cutting contract, not normal property management, to cut grass at a couple of commercial buildings for $88,000 a year, and then growing that same contract to $1.9 million a year within two years! There are so many ways of working within the industry or with a property. By working directly for a financial institution, homeowner, hedge fund, non-profit, developer, property manager, government agency or attorney, you can take your existing skill set and explore a hybrid. Do you want to become the preferred title company/contractor for your local city on all their transactions? How about being the local real estate expert on land development? Think of how many individuals and companies come in contact with your local city each year! Your bread and butter needs to become a producing bakery that can be managed and nurtured with the right amount of special ingredients, You!

 

With new relationships, you create additional opportunities to grow and with newfound enthusiasm, you will increase a way of giving back or being involved within your community. We all have to find within ourselves what we truly have as a unique gift or are passionate about. NAWRB would love to hear Your Special Niche. Please submit an article to media@www.nawrb.com to share your growth to help expand NAWRB’s awareness as we travel throughout the nation.

To view the original article please see our magazine titled “Trending Now” Vol 3, Issue 4 by Clicking Here 

Advocates for the women’s contracting community are alive and well in Washington. An issue that has limited the success of a program designed to help women access the federal market has taken center stage in both the House and the Senate. Moving forward will require the united voice of the women’s business community and the understanding of where this program came from and where it needs to go. 

Women business owners have thrived since the government began tracking business ownership in 1972. The growth and success of women-owned small businesses (WOSBs) has often relied on approaching and jumping into new markets where they often faced barriers. But, as successful business owners will tell you, you have to go where the business is.  

One such area is the federal procurement market, where opportunities now total more than $500 billion annually. As businesses look to increase revenue, selling goods and services to the federal government – the world’s largest consumer of goods and services – can be lucrative.

But historically, women business owners had only peripheral access to these opportunities, and even then, often only through subcontracting. In an attempt to change this, Congress established a government-wide goal of awarding 5% of federal contracts to WOSBs in 1994. They hoped this effort would galvanize agencies into working with women-owned companies. 

But that effort simmered and government contracting with women-owned businesses grew only marginally. For this reason, Congress established a program to help the contracting community and assist the women’s business community with finding opportunities. Unfortunately, it took more than a decade to implement the program. 

In 2011, 11 years after Congress acted, the Women-Owned Small Business Federal Contract Program (“WOSB Procurement Program”) was established to increase access to federal contracts by limiting competition to women-owned firms only. Yet the program came with significant restrictions—restrictions other small business contracting programs did not face. Most notably, awards through the program were capped at $4 million for goods and services contracts, and $6.5 million for manufacturing contracts—making the process of awarding contracts to women-owned business cumbersome  for contracting officers. 

Due to advocacy on behalf of women business owners and the support of two strong women in Congress, Senators Mary Landrieu (D-LA) and Olympia Snowe (R-ME), Congress passed legislation removing those arbitrary award caps in 2013. 

While that was an important step, the limitations did not end there. The program is not open to all categories of industries represented by women; about one-third are included in the WOSB program. This limitation is due to a study from 2007 that looked at under-representation of women-owned businesses in federal contracting by individual industries. 

The SBA looked too narrowly at the study, identifying only a few industries where the government was deficient in buying from women-owned companies, giving us the restriction we face today. 

While it is widely accepted that programs such as the WOSB procurement program need underpinnings that show disparity, the 2007 data is old and outdated. In 2013, Congress called upon the SBA to complete a new study by 2018. 

In the three years since the implementation of the program, the goal of contracting 5% of federal dollars to women-owned businesses still has not been met. Failure to meet this congressional-set goal translates into roughly $4 billion in missed opportunities for WOSBs annually.  Despite SBA’s efforts to educate women business owners and federal acquisition officers in federal agencies on the WOSB program, a mere 1/100th of one percent of federal award dollars has gone to women-owned businesses through the program. Clearly, barriers still exist. 

Heralded as a tool to level the “procurement playing field,” the Program was hardly designed with equity in mind. The WOSB Program remains the only major small business contracting program that does not have sole source authority, an important tool contracting officers use to make contract awards to small businesses.  Every other small business federal contracting program has sole source authority. All we are asking is that we be treated equally, that’s all.

In fact, more than 15% of all contracts designated for small businesses were awarded through sole source contracts.  The inability of the WOSB procurement program to utilize this contracting tool represents a substantial loss to women-owned companies.  Just for a point of reference, that 15% equals roughly $7.8 billion in annual contract awards. Failure to have access to this tool puts the program and the women it seeks to assist at a disadvantage. 

Rather than wallow in the inadequacy of 1/100th of a percent, advocates such as Women Impacting Public Policy (WIPP) have been busy trying to change it.  Earlier this year, the first step came in the form of an amendment sponsored by Representative Jackie Speier (D-CA).  A Member of the House Armed Services Committee, Rep. Speier shepherded the amendment to the National Defense Authorization Act – a bill that is known in Washington as “a must pass” piece of legislation.  The amendment gives the WOSB procurement program sole source authority.  

It also accelerates the disparity study on which the WOSB program is based by directing the SBA to conduct a new study within two years.  Why wait until 2018 to renew the list of industries underrepresented by women in federal contracting when they were already out of date in 2011? 

Now it is up to the Senate to act. Senator Jeanne Shaheen (D-NH) has already taken a leadership role, alongside Senators Cantwell and Gillibrand, by introducing the Women’s Small Business Procurement Parity Act (S. 2481). The bill mirrors the amendment that was successful in the House. Women business advocates are busy urging other Senators to join the effort. 

This is the power of advocacy in action—and a good example of how government can help the women’s business community. Making this change will bring better opportunities to women entrepreneurs seeking to compete for federal dollars. Increasing access to such opportunities is critical to continue the vibrant contribution of women business owners to the economy. 

To view the original article please see our magazine titled “Trending Now” Vol 3, Issue 4 by Clicking Here 

A housing trend has gained prominence across the nation as a solution to looming issues such as foreclosures, skyrocketing rents in urban cities, and increased debt. The trend, known as the Small House Movement, refers to the switch from traditional homes to smaller, minimalist homes typically under 400 square feet. These homes are usually referred to as ‘tiny homes.’ Although the percentage of foreclosures has decreased since the recession, there were still 1.4 million foreclosures in the United States in 2013. The Small House Movement has allowed former homeowners to escape a future of hefty mortgage payments and regain their independence.

 

High-Priced Rents
Tiny homes have also gained popularity due to rapidly increasing rents.  A recent study regarding New York rental prices revealed that rent in Brooklyn and Manhattan is at a five-year peak with an average rental price at $4,008 in Manhattan and $3,209 in Brooklyn. Other dense, urban areas are experiencing similar growth. San Francisco, for example, is no stranger to escalating rents. Rent in San Francisco has now become three times more than the national average. A growing amount of people are finding it impossible to not only pay their rent but find affordable housing in cities nationwide.

 

Sleek and Functional Designs
The Small House Movement combats the rent issue with micro-apartments in major cities although the movement is also comprised of tiny homes that have the option of attached wheels for mobility. The housing layout of both designs use innovative techniques to maximize space and include many of the same components of a traditional home such as a bedroom, bathroom, kitchen, dining room, and den. Architects utilize everything imaginable for storage so that clutter is avoided and a spacious feel is added. Most notably, Hong Kong architect Gary Chang has transformed his 344 square foot apartment into a spacious home with luxurious amenities such as a wet bar, steam room, and library. His secret? Chang uses a combination of hidden sliding doors and compartments that transforms a simple area into nearly any type of room desired. Other design techniques include stairs that double as individual drawers for storage, vanity mirrors with storage space that pop out of floorboards, and tables that rise up and rest against the wall for impromptu shelves. Although many people that participate in small space living use it as their main form of housing, tiny homes have also become a trend among those who want spare offices, in-law quarters, or simply a spare room for guests.

Tiny vs. Traditional
Micro-apartments aside, the average cost of a tiny home is approximately $23,000 if built by the owner rather than a contractor. In contrast, the average price of a home at the end of 2013 was $321,200. However, the tiny home price can dramatically reduce if the consumer chooses to build a tiny home out of reclaimed materials. Although this may take more time, many people are more than willing to wait. Some companies will also provide the ‘shells’ of tiny homes in addition to holding workshops on how to build a tiny home. It is a win-win for both parties since consumers can cut costs by building their own homes and companies can spare their time and labor by transferring it onto the consumer. However, the price can easily skyrocket up to $80,000 if a contractor builds the home in addition to any add-ons such as upscale appliances and materials.

 

It is important to note that even a hefty start-up cost will reap future benefits due to a lack of mortgage and minimal maintenance. An eliminated mortgage allows people to focus on paying their debts and saving money which is the reason why many choose small space living in the first place. With all of their newfound savings, a growing number of those living in tiny homes have either quit their jobs for more fulfilling occupations or switched from full-time to part-time in order to pursue other passions. With a tiny home comes renewed freedom for many.

 

Nevertheless, the small space lifestyle is not meant for everyone. A tiny home or micro-apartment can typically house a maximum of two people. In addition, living in small quarters can lose its appeal over time for some. So who does small space living attract?  People who live in tiny homes range from retirees who want to downsize, those looking for more affordable living, and people who want to reduce their debt and/or carbon footprint.

 

Concerns
People who want to build a tiny home may run into multiple issues, depending on their county. Regions differ in the amount of square footage that requires a building permit. Plumbing and electrical permits may also be required. Some builders can bypass a building permit requirement by constructing their home on a trailer platform which makes it a vehicle. In addition to permits, tiny homes may clash with local zoning codes. It is important to meet with local government to figure out the specific laws for the chosen county.

 

In addition, property prices and zoning codes are prominent issues. This can be non-existent if one simply situates a tiny home on existing property such as a backyard. However, many people forgo traditional housing in lieu of solely living in a tiny home. Some states have small, affordable plots of land available for rent with little restrictions. Other states have costly land that negates the savings a tiny home provides. To solve this problem, people have taken to living in remote areas, the property of friends, or even RV parks.

 

Novelty or Permanent Fixture?
In 2012, the growing Small House Movement gained considerable coverage when the mayor of New York City, Michael Bloomberg, announced a design competition regarding micro-apartments. At the time, New York City reported 1.8 million households that contained one to two persons. Small households are the ideal profile for micro-apartments. Much like tiny houses, micro-apartments use all of the same sleek and modern design techniques without the hassle of having to locate a property. Mayor Bloomberg’s competition—adAPT NYC—requested proposals for the design, operation, and construction of a micro-unit apartment building in New York City. The building would be constructed on a city-owned site. Bloomberg created the competition in order to keep up with New York City’s growing housing demands.

 

Regarding the competition, the New York City Department of Housing Preservation and Development (HPD) Commissioner Matthew Wambua stated, “The remarkable number of high-quality responses to the adapt NYC RFP validates the position that developing micro-unit living is both financially and physically feasible in the New York City landscape.”

 

Similarly, expensive housing markets nationwide have followed in New York’s footsteps with micro-apartment developments. Some of the housing markets with current micro-apartment developments include Cleveland, San Francisco, Los Angeles, and Boston.

 

The fact that micro-apartments and tiny homes have had an unwavering presence for years, shows this trend may be more than just a niche. Rather, these alternative living solutions have proven essential to evolving housing markets and population growth. From those who are craving simplified lifestyles, to those seeking affordable housing and beyond, the small house movement is clearly making a name for itself.

To view the original article please see our magazine titled “Trending Now” Vol 3, Issue 4 by Clicking Here