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NAWRB CEO Desiree Patno and NAWRB member Irma Delgado-Trikas discuss the changing real estate terrain and the state of small businesses. From the Small Business Administration’s (SBA) programs to the usefulness of microloans, our video provides an informative overview of what it means to be a small business owner today.
With over 20 years of real estate experience and proven results, NAWRB CEO Desiree Patno addresses pertinent questions for women in housing. Addressing topics such as the increased utilization of women-owned businesses and the value of industry conferences and networking, our CEO succinctly outlines a few of NAWRB’s focuses.
Women in business are faced with a prevalently-stagnant imbalanced professional field. From being unable to obtain capital to ill-advised stereotypes within the workplace, the barriers for women entrepreneurs are abundant and firm. NAWRB CEO Desiree Patno and NAWRB member Irma Delgado-Trikas address these challenges and identify the ways in which we are working to eliminate them.
The focus of the 2014 Florida Realtors Conference was productivity, profitability, and professionalism for the more than 2,500 Realtors® that attended in Orlando. In addition to informative training sessions and countless networking opportunities, the conference included a lively Carnaval theme with a concert series that had bodies moving and hands clapping. Attendees had the opportunity to sit-in on more than 30 education sessions, some of which were attended by NAWRB Member Renee Marie Smith, Esq.
A Session Recap by NAWRB Member Renee Marie Smith, Esq.
When Dodd Frank passed, many of us were scratching our heads trying to understand its impact. The Education Session on Dodd-Frank—Why Washington Made Us Change, which included panelists Grant Simon, Dana R. Ward, Michael E. “Mickey” Godat, and Nashad Khan was very helpful. This law is over 1,500 pages of complex legalese. The panel selected isolated topics from those pages to summarize instead of trying to outline the entire law. I highlighted three of these topics.
One: Changes to Debt to Income Ratio in Lending
The crafters of the law saw it as the “answer” to the out of control lending problem; lowering the DTI limits the exposure for overleveraged primary lending. The law phases in the lowering of DTI for lending over the course of seven years so practitioners must revise their underwriting requirements each year to comply. At the end of the seven year phase, DTI will be limited to 43% of revolving debt and loans.
Two: The Power of the Consumer Financial Protection Bureau (CFPB)
This is now the most powerful agency in the U.S. It can investigate, enforce and initiate lawsuits with its own powers and eliminated the need to inter-bureau investigations. If the CFPB appears, you can have a civil and criminal case filed against you. It is funded by fines and imposes a fiduciary duty on all parties involved in consumer lending (including agents). There is no statute of limitations to prevent investigation either.
Three: Pitfalls of Affiliated Businesses
Marketing arrangements are subject to review and fines for failing to properly include disclosures. You can be held financially responsible for your partners’ actions even if you aren’t involved. If you have a joint venture and/or an appearance of an affiliated business, you must learn about the closing disclosure language. CFPB went to a company to investigate one report and stayed for years only to fine them for failure to properly include disclosures. Fines can range from $5,000 up to $1 million a day.
To summarize, when I walked out of the Dodd Frank education session, I agreed that lending in the U.S. was forever changed and not so sure for the better. However, it is the law and if you choose real estate as a profession, learning how to comply in your area is needed. When in doubt disclose, discuss, and decide on the most conservative method of handling consumer loans that come through your office.
A day is made up of seconds, minutes, and hours. Today means yesterday is forever gone. It’s the most fundamental part of life and entirely up to us, as real estate professionals, to determine what we do with the amount we’ve been given. Real estate technology innovators are pioneering new ways for us to be more efficient, allowing us to maximize every bit of our precious time. Rule tomorrow by embracing technology today.
So how did today begin for you? When you woke up did you instantly grab your smartphone, tablet, or notebook? How different was your morning routine 5-10 years ago? Gone are the days of responding to a client’s needs after you get into the office. Some of us may long for those lingering mornings, while others can’t wait to connect, check in, reply, and update our status. No matter your viewpoint, technology is encroaching on our daily lives and it will continue its creep. Clients’ expectations have changed as well. Because there is no stopping this momentum we should view this shift as an opportunity to improve customer service and satisfaction. In order to stay ahead of the competition you must embrace technological advances, discover your “value-added,” and utilize tools that work for you.
One cannot say they are truly leveraging technology by simply having a website. Search portals are syndicating listings in complex ways and driving that traffic directly to their doorstep. Small brokerages simply cannot afford to compete in this space; the advertising budgets of online giants like Zillow and Trulia are huge. Of course, I’m not advocating that you take your site offline or stop updating it, but you need to recognize the role it plays in your marketing strategy and bottom line. The next time you sit down with a potential seller, consider this statement, “your listing will be featured on my website,” is not as important as it was a decade ago. You need to create real value for your clients by introducing cutting edge tools that will help them sell their home for the most money and in the shortest period of time. Yes, this concept of time is important to a busy seller too. Win their business by demonstrating that you are the forward-thinking expert. Empower them to focus on their responsibilities without worrying about how much time the process of selling their home will take.
Warning: if you are scared of technology, you are at risk of being left behind. It’s okay to admit that you aren’t the most comfortable or proficient. However, stating that it adds little to no value to you could be detrimental to your long term relevancy in this business. Although an agent’s role in a real estate transaction will not be replaced, technology solutions are subtly altering the process by minimizing your involvement with each step along the way. This is essentially giving you more time to exceed expectations. Don’t waste it. This trend will continue so you need to find ways to remind your clients of your value proposition.
You cannot let technology run you, you must learn to control it. Take a moment and think about the logistics of your business. Agents in your office may complete the same task with various degrees of efficiency. Everyone finds what works best for 
them. What works for you? What do you do manually now that you wish you could do digitally? If you are manually doing something that can be automated, you’re wasting time. In today’s robust app marketplaces, you are bound to find a solution that is just right for you and your unique approach to your business. Finding that perfect mobile application that helps you take notes, scan documents outside your office, or generate new leads should be fun and more often than not, free. But stay focused. Remember to choose the apps that will help you accomplish your goals in a manner that works best for you.
In terms of prospective buyer business, these same mobile apps have ushered in new ways to communicate and connect with people. Prospective buyers are moving their fingers from dial pads to keyboards for texting, “liking,” and tweeting in far greater numbers than ever imagined. They want information, they want answers, but most of all they want us. Not tomorrow or even tonight, but now. Equip yourself with the technology you need to be a digital “first responder.” When you find that the apps you’re leveraging are creating more time for you to prospect, you’re on the right track.
In a world where time stops for nothing, be prepared to seize the moment whenever and wherever it presents itself.
—
Clark Giguiere
Founder & CEO of AgentPair
@clarkgiguiere
agentpair.com
@agentpair
Clark Giguiere has over a decade of experience in commercial and residential real estate, and five years of high volume REO sales and investment experience. He is also the Founder and CEO of AgentPair, a mobile app that connects consumers with agents for on-demand home tours.
The National Association of Women in Real Estate Businesses (NAWRB) in partnership with the U.S. Small Business Administration (SBA) Santa Ana District Office presented the Women in Housing Financial Fitness Road Show this month at the Lutron Experience Center in Irvine, CA.
NAWRB’s Inaugural Women in Housing Financial Fitness Road Show is a first-of-its-kind, breakthrough program for women in all industries within the housing economy. More than just tools to navigate women’s existing business through the changing terrain, NAWRB’s Women in Housing Financial Fitness Road Show reached a whole new level. Utilizing a specialized hybrid of women in housing and women in government outreach, women can take advantage of our Fast Track niche. By connecting women with federal and local programs, set-asides, funding options and contracting opportunities available to grow their businesses both vertically and horizontally, women in housing will have the awareness to sustainable growth and live beyond commission to commission.
Hosted by Morgan Stanley, Vivian Afriyie—a Morgan Stanley Financial Advisor—opened the event in dramatic fashion showcasing asset based loans vs. traditional income and credit based loans. Recently, Morgan Stanley closed a 150 million dollar commercial real estate loan in six weeks. “Bringing the shock treatment with our takeaways from $25,000 SBA business loans to the $200 million dollar Morgan Stanley Diversified Securities-based loans for clients, really ignited the awareness in the room,” stated Desirée Patno, CEO and Founder of NAWRB.
Testimonials:
“Thank you for having the vision and for putting it all together! It was a great event!” -U.S. SBA-Santa Ana District Office, Economic Development Specialist Sylvia Gutierrez.
“Loved the NAWRB Road Show! The caliber of speakers that were there to share with us how to grow our business was very impressive. I loved the way Desirée has a way to break down the information and make it real life and tangible. Great job!” -The Omni Group, Tina Marie Estrada
The resources and opportunities are out there. If you want to be part of the Road Show or have it travel to a city near you, email us at Roadshow@NAWRB.com. Make a difference and join the movement bringing awareness, opportunities, and access to women in housing.
The Color Guard by The Sunburst Youth Academy opened the 29th California Women’s Conference with an exciting
show at the Long Beach Convention Center. Each year, the conference gathers talented performers, doctors, successful entrepreneurs, and many more to provide an unparalleled experience for attendees. From entertainment, to financial seminars and health talks, the conference had a presentation to interest anyone.
In the past, the California Women’s Conference has hosted notable speakers such as Barbara Walters, First Lady Michelle Obama, his Holiness the Dalai Lama, and Condoleezza Rice. Some of this year’s powerful and inspiring speakers included Arianna Huffington, Rosie Perez, and Ursula Mentjes. The conference—open to both men and women—lasted two full days from morning to night.
Michelle Patterson, President of the California Women’s Conference (CWC), welcomed attendees after the opening ceremony. Patterson’s theme for the conference was “Better Together” and made it clear that the next coming days would be filled with inspiration, thought-provoking presentations on pressing topics, and lighthearted fun via live concerts.
An extensive amount of exhibitors—106 total—displayed their booths at the convention center as well. The booths ranged from fashion jewelry vendors, teen magazines, universities, and women’s organizations.
Sales and Business Development Expert Ann Marie Houghtailing held multiple presentations throughout the conference regarding finances. Houghtailing created her own successful company involving boutique sales and business development. Since then, she has written a book, spoken at TEDx, and has launched the Institute for Sales and Business Development in partnership with a private university.
Houghtailing’s goal at the conference was to help both men and women achieve financial freedom through analyzing and changing personal behavior. She successfully blended humor with informative financial awareness practices to captivate attendees at the first financial presentation of the day, Disrupting and Dismantling the Five Beliefs that are Compromising your Financial Freedom.
The conference had a unique aspect that attracted people of all ages. Unlike other conferences, a section of each day was devoted to student programs that were produced by young people for young audiences. Topics of these student-themed presentations included 3 Things Every Young Woman Must Know, Flip Your Flaws, Follow Your Dreams, and various performances.
As the presentations came to a close each day, fun events took the stage. Monday night’s festivities started with a wine and cheese reception for V.I.P’s—an excellent way to network while sipping wine and sampling appetizing cheeses. Finally, a concert on the main stage brought people to their feet on both days with a lively party atmosphere. Performers included Grammy-nominated singer Mary Lambert, Nathan Osmond, Sarah Blaine, and Blessid Union of Souls.
As Tuesday night approached, Michelle Patterson and other presenters announced the winners of the online silent auction that was conducted earlier. Prizes varied from categories such as collectibles, technology gadgets, and services although many attendees had their eyes on the trip to the Riviera Maya in Mexico and Los Angeles Angels Experience. The auction and final concert made for a memorable end to the two-day conference.
NAWRB CEO Desirée Patno attended the conference. The following is her personal experience.
“The conference was almost shut down two years ago due to budget cuts. However, private intervention allowed the conference to come to fruition and portray some incredible messages with profound statements from some powerful women. It was definitely well worth the experience and demonstrates that with purpose and direction, true value can be achieved.
Lisa Nichols had a powerful session revealing some of her personal experiences, highlighting differences, and helping the audience to personally improve their own journeys. She emphasized each of her points to the audience with a concluding affirmation of “Yes, Yes.” She chose not one ‘yes’ but a second ‘yes’ to reaffirm and truly anchor her affirmation. I found myself really feeling and absorbing the messages as each one brought new direction and observation.”
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