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The Mystery Behind Lending to Women

Posted on by Ann Sullivan
In her first appearance before the U.S. House of Representatives, the Administrator of the Small Business Administration (SBA), Maria Contreras-Sweet, recently said, “There is no silver bullet when it comes to access to capital.” This comes from a woman who left the California-based bank she founded to become Administrator. Her sentiments were brought into clear focus by another Californian, Congresswoman Janice Hahn, who cited bleak statistics when it comes to the status of women and access to capital: before the recession, women-owned small businesses received 40 percent of SBA loans; today, it is only 16 percent.
The publication of the Senate Small Business Committee’s report on challenges facing women business owners, 21st Century Barriers to Women’s Entrepreneurship, has spurred the women’s business community into doing some soul-searching to try to get to the bottom of the mystery. Namely, why do women lag behind their male counterparts when it comes to obtaining capital for their businesses? The speculation comes in various forms: women don’t have the confidence to go ask for money/investment, men lend to men not women, lending requirements stack the deck against lending to women-owned businesses since they tend to be smaller and newer than male-owned businesses; the list goes on.
The National Women’s Business Council, another voice for women nationwide, recently published a study about this topic.
Among its findings: 
  • Men tend to start businesses with twice as much capital as women, $135,000 vs. $75,000.
  • The biggest difference in amount of capital between men and women was with regard to outside equity, in which women receive only 2% of total outside funding compared to men, who receive 18%.
  • Women were more likely to be discouraged from applying for loans due to fear of denial – and justifiably so: in 2008, women-owned businesses were much more likely to have their loan applications denied than their male counterparts.
  • Women entrepreneurs tend to raise smaller amounts of capital to finance their firms and are more reliant on personal, rather than external, sources of financing as compared to male entrepreneurs.
The study made the following recommendations:
  • Entrepreneurs should consider founding businesses with other people.  According to the study, many investors are reluctant to fund a single business owner because of the difficulty for one person to scale a business. Additionally, they should also complete a cost-benefit analysis of what equity financing can do, carefully weighing the upside (financial, social, and human capital) of external equity with the downside (less control of the company’s future).

For Funders, the study recommends increasing outreach to find women entrepreneurs with investment-ready firms. Similarly, they should increase the number of women on the financing and investment side, such as angel investors, members of a venture capital pitch committee, and in other roles.

  • For the Entrepreneurship Ecosystem, the study recommends encouraging women to participate in STEM fields prior to entrepreneurship. Although women are on par with men regarding educational attainment, previous research indicates that women are less likely to have degrees in STEM fields – and these fields are more likely to offer opportunities for growth-oriented entrepreneurship. Additionally, business programs focused on women and women-led and –owned businesses should be established and strengthened, including accelerator and incubator programs, equity financing programs, and business mentorship and training programs that target women-owned firms with high-growth potential.
  • A recently published SBA Advocacy study, Understanding the Gender Gap in STEM Fields Entrepreneurship, backs up the last set of recommendations, finding that women who attended universities with industry-funded research and development are more likely to start an entrepreneurial venture.  It also found that women are just as likely as men to be entrepreneurs when their first postdoctoral job is in a STEM industry.
Policy advocates are all seeking a way to bring more capital to women-owned businesses so that they can become successful and create wealth for themselves and their families.
“Why do women lag behind their male counterparts when it comes to obtaining capital for their businesses?”
An ally is Senator Maria Cantwell, who chairs the Senate Small Business Committee. She recently held a roundtable discussion in Seattle, Washington that focused on changes Congress could make to resolve this inequity.  After a hearing packed with women business owners and advocates on Capitol Hill earlier in the summer in Washington, D.C., Senator Cantwell introduced a bill that would make it easier to access loans of less than $150,000 (including microloans) because women use these loans by a greater percentage than men. It also boosts the services of Women’s Business Centers (WBCs), which provide entrepreneurs with business training, counseling, as well as connections to lenders.
Similarly, to counter the lending trends identified at the Congressional hearing, Administrator Contreras-Sweet touted recent actions taken by the SBA on a number of fronts to increase SBA loans to women. For example, the SBA waived fees on loans below $150,000. The Administrator recently announced the upcoming launch of SBA One, an online platform that will automate the credit scoring process and the sharing of electronic documents between the lender, the bank, and the SBA. Also, under her leadership, the SBA has expanded the Impact Investment Fund, a feature of the Small Business Investment Company (SBIC) Program, which promises to increase the amount of investment funds that flow to women-owned businesses.
Solving the problem of access to capital for women requires actions on all fronts both public and private. No one has a cure-all – a silver bullet – to solve the problem.
“Last, but certainly not least, women should think bigger and bolder by foregoing the notion that business debt is bad.”
On the private front, business organizations that serve women need to step up educational offerings and seminars, including training on which lending programs are available and the best way to obtain the right amount of capital required to start and grow their businesses. They must facilitate connections with lenders and investors who want to connect with their membership. Lenders need to be much more aggressive about reaching out to women business owners and advertising their loan products to them. Non-traditional lending institutions, such as Community Development Financial Institutions (CDFIs), must do a better job of promoting their ability to provide small loans. Equity and angel investors should be seeking out and forming alliances with women business organizations to create a pipeline of women who are ready and eligible for their capital offerings.
On the public side, the Small Business Administration (SBA) should push its network of lenders to pay closer attention to lending to women. The SBA should also look for ways to strengthen outreach efforts to women to encourage them to participate in their lending programs. Similarly, the SBA could make it easier for women-owned small business to apply for loans by streamlining the requirements for participating.  Like Senator Cantwell’s proposed bill, Congress should allocate the necessary funding to Women’s Business Centers who are in a position to help: there are just slightly more than 100 WBCs nationwide, which is not nearly enough to serve the fastest growing segment of businesses.

Last, but certainly not least, women should think bigger and bolder by foregoing the notion that business debt is bad.

Insisting on a cash business will almost certainly keep the business small and result in slow growth. That is unless you come to the business armed with lots of cash or you take over a business that is well-established. The last time I looked, not many of us fit into either category.
Although the answers to why women lag behind men in accessing capital for their operations and growth remain elusive, there is no mystery that to be successful, women entrepreneurs need it. An integrated solution depends on all stakeholders, both private and public, must work together to increase capital for women entrepreneurs.
So what are we waiting for?  Let’s get to it.
Article by Ann Sullivan WIPP Government Relations
To view the original article please see our magazine titled “Break it Down” Vol 3, Issue 6 by Clicking Here

Margaret Kelly

Posted on by Desiree Patno
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24 Apr

RE/MAX’s CEO Powerhouse

Margaret KellyScreen shot 2015-08-18 at 11_57_26 AM

NAWRB is honored to have had the opportunity to have an insightful and candid interview with Margaret Kelly, CEO of RE/MAX. Kelly is responsible for the day-to-day operations and strategic direction at RE/MAX across North America and in more than 95 countries around the world. She is recognized by countless organizations for her exceptional leadership skills, commitment to community involvement, and for being an advocate for businesswomen around the globe. Kelly has not only had a phenomenal, 27-year career with RE/MAX, she is an incredible person with valuable insight to both personal and professional matters.
Continue reading →

The Rise of Private Equity Firms

Posted on by NAWRB
RiseofPrivateEquityFirms1
25 Mar
Despite the FHFA’s latest efforts to improve circumstances for first time homebuyers, the housing market has maintained stagnant levels. With millennials eclipsing the baby boomer population, their choice of housing widely affects the housing market.
However, a significant amount of millennials are grappling with overwhelming student loan debt. Over 40 million Americans are reported to have student loan debt with an average balance of $30,000 upon graduation. Thus, rental properties are becoming an increasingly popular living option as opposed to purchasing a home.
Rentals allow millennials to bypass unattainable mortgages in an uncertain market in addition to letting them focus on paying off their debts to avoid default. But, rental properties are not just ideal for millennials. Rentals can be a safe haven and sometimes, the only option for Americans struggling with poor credit that disqualifies them from obtaining a mortgage. With the popularity of rentals on the rise, small- and mid-sized investors are receiving greater access to capital through private equity firms.
After the financial crisis, the economic conditions made it necessary for private equity firms to utilize different strategies for survival. The burst of the housing bubble offered renewed chances of financial stability.
According to a client note from investment banking firm Keefe, Bruyette & Woods, private equity firms in conjunction with hedge funds and real estate investment trusts have spent a minimum of $25 billion on over 150,000 houses since 2012. Suffice it to say, firms have accumulated an impressive portfolio of single-family homes. Typically, these single-family homes are purchased for the sole reason of converting them into sought-after rental properties.
With the current market, small- and mid-sized investors have been eyeing rental properties more and more. But, small investors do not always have the means to secure loans. Interest rates and credit history are just some of the variables preventing investors from tackling the rental market on their own.
This is where private equity firms come into the picture. They offer more flexible financing with interest rates as low as 5 percent. Investors that do not qualify for loans from the government-sponsored enterprises can likely receive them from loan origination groups within private equity firms. For example, the private equity powerhouse Blackstone Group created a loan origination group called B2R Finance.
According to HousingWire, “B2R Finance originates loans on the potential cash flow of the investment property, not on the investor’s personal debt-to-income ratio, so the company relies on market data to assess the potential cash flow of a property and uses FIRREA appraisals to assess value.”
This allows small real estate entrepreneurs to have access to loans like never before. It is a win-win situation for both parties since small investors can have access to the rental properties they desire and private equity firms can tap into a plentiful demographic.
Small investors can obtain loans from a wide range as well. For example, B2R Finance offers loans that range from $500,000 to $50 million. The only caveat from Blackstone is that investors must purchase at least five single-family rental properties.
However, the risk associated with owning rental properties remains the same. Previous experience is often critical for those looking to expand their portfolios with rental properties. The newfound ease of obtaining loans through private equity firms does not mean investors should necessarily apply for these loans.
It is one thing for a novice, small investor to adopt the responsibilities of a landlord for a single property, let alone the multiple properties that are required for private equity firms to provide funding.  The hiccups that can occur along the way can be overwhelming for some.
In particular, small- and mid-size investors must endure the sporadic property repairs that can arise. Repairs can range from relatively inexpensive appliance replacements to complete overhauls such as major roof repairs or termites.
Not all tenants that appear to be ideal candidates in the beginning will remain ideal candidates across the life of their lease.  Unexpected roadblocks such as unemployment or perhaps a car breaking down completely can prevent a tenant from paying rent.  These negative variables add pressure to the role of being a landlord and are bigger issues for inexperienced investors taking on additional properties.
And, what about vacancy rates among the rental sector? An influx of vacancies will heavily affect the market. Luckily, this has largely been a minimal issue. According to a survey conducted by the U.S. Census Bureau, the fourth quarter of 2014 ended with a 7 percent vacancy rate for rental housing. This number is down from 2013’s fourth quarter of 8.2 percent. Since the financial crisis, vacancy rates have also decreased by an average of 2.47 percent.
With an easier road to financing and a healthy rental market with lessening vacancies, it seems as though conditions cannot be any better for small investors. Private equity firms have opened a gateway that connects investors with the capital they need to pursue their aspirations of owning multiple rental properties.
But, let’s take a closer look at the firms that investors will actually be utilizing. After all, an investor must have a firm awareness of who they are accepting financing from as it is a major investment to undertake.
Right now, the major players in the realm of private equity include the origination groups of B2R Finance, FirstKey Lending, and Colony Capital. B2R Finance will be the main focus as it is part of Blackstone, the world’s largest private equity landlord of single-family homes that has also been trending in the news in recent months.
Blackstone has immense influence in the housing market as the owner of Hilton (through a $26 billion leverage buyout, no less), the new owner of the Willis Tower which was formerly the Sears Tower, and of 41,000 homes that were acquired in the past two years alone.
Blackstone is rapidly amassing properties with rumors of more major purchases within the coming year. Perhaps venturing into financing for small investors is a natural step for the powerhouse firm but it can also be viewed as a strategy.
Although novice investors may struggle with expanding their rental portfolio, experienced investors are more likely to capitalize on the current market. When it comes to landlords, tenants are far better off having an individual rather than a major private equity firm. It is in the best interest of Blackstone to have investors act as landlords rather than the firm itself.
This sentiment was validated when Blackstone’s real estate portfolio company, Invitation Homes, was sued last year over its inability to properly maintain a tenant’s single-family home rental. According to the plaintiffs, cockroaches, leaks and mold were rampant in the home. Without the intimate, personable nature of a single landlord, some aspects of landlordship can suffer.
In the lawsuit, water damage and mold spread throughout the house causing unsuitable living conditions. The plaintiffs were essentially forced out of the rental because of health concerns related to the mold and were unable to retrieve belongings due to locks that were added to the property. Despite their ordeal, Invitation Homes still ordered the plaintiffs to pay rent for a property they could not live in.
The lawsuit is not a singular example. Many more tenants nationwide have complained of major hedge funds and private equity firms failing to properly manage rentals. With private equity financing on the rise and the possibility of thousands of small- to mid-size investors managing their own properties, this could be the beginning of a much-needed respite for equity firms in regards to single-family rentals. As for commercial properties and other common investments, it is safe to assume that it is business as usual for the burgeoning private equity firms dominating the market right now.
To view the original article please see our magazine titled “Latest Trends” Vol 4, Issue 2 by Clicking Here 

The Unique Bank that Offers Women-Owned Business Financing

Posted on by NAWRB
TheUniqueBank
25 Mar

Some banks are actively promoting access to capital for women-owned businesses and using their resources to help move them forward. One of those banks is Wells Fargo. Wells Fargo made a commitment to lend $55 billion to women-owned businesses in the United States by the year 2020. Since 1995, Wells Fargo has lent over $38 billion dollars to women-owned businesses. In addition to the cumulative lending goal, Wells Fargo supports numerous outreach efforts to build relationships with women business owners and help them succeed financially. For women-owned businesses, Wells Fargo offers banking, payroll, business loans and lines of credit, insurance, credit cards, merchant services, online resources, and retirement planning.

Key Bank is another company committed to the growth of women-owned small businesses. They have lent more than $6 billion to women business owners since 2005—the year Key4Women was established. The Key4Women program provides women in business access to capital, customized financial solutions, educational and networking opportunities.
PNC Financial Services has demonstrated its commitment to supporting women-owned businesses through corporate actions. For example, since 2007, PNC has spent more than $353 million directly with Women Business Enterprises (WBEs). The supportive actions of PNC transcends to its client base.
There are more than 1400 PNC-Certified Women’s Business Advocates (WBAs) who are bankers especially committed to supporting the achievement of women who own or run businesses. In addition to delivering the financial products, services and resources, the WBAs are often in management, or other commanding roles in organizations that instruct women or bring together women in business.
Union Bank, on the other hand, offers a unique lending program specifically for women-owned (and minority- and veteran-owned) businesses. The program has been in use for over two decades. Its financing program provides direct access to capital for women-owned businesses with less restrictive lending requirements and has some flexibility on underwriting loans. Union Bank is regulated by the Federal Acquisition Regulation (FAR), so if a loan is on the fence and can’t be financed under the regulated guidelines, Union Bank partners with over 21 outside Community-Based financing partners  to help secure financing without brokering out the deal. Talk about going the extra mile on behalf of WOBs!

“Wells Fargo Has Made A Commitment To Raise $55 Billion For Women-Owned Businesses In The United States By The Year 2020.”

Applications can be completed online for credit lines and loans up to $100,000. Access to larger limits are available through their direct bankers. WOBs have the option to choose from unsecured or secured loans with fixed- or variable-rate financing programs.
According to Union Bank, ‘Women-Owned Business’ is defined as a woman who owns at least 51% of the business, manages the day-to-day operations and the company has been in business for at least two years. The bank’s special lending program is focused on WOBs having annual sales up to $15 million with a loan limit of $2.5 million for their women-owned business lending portfolio.
It is an exciting time for women-owned businesses as there is more education and opportunities with growth potential and access to capital. Union Bank’s lending program is obtaining fruitful results. One of the companies benefiting from the program is FCI Management. FCI Management was created in 1998 and provides customers with innovative strategies and solutions in the energy and water industries. It offers more efficient systems to customers which reduces costs, makes a positive impact on climate change, and creates a sustainable global environment.
Union Bank was able to accept FCI Management through an examination of the positive repayment history between FCI Management and one of its major clients. Union Bank regulated the loan amount using the SBA CAPLINE Program—a program for loans up to$5 million to help small businesses make their cyclical working and short-term capital obligations. This allows FCI Management to amplify and preserve its cash flow while abolishing their factoring line, which carried high fees and interest. Union Bank was able to give the company a one million dollar SBA CAPLINE and save them $150,000 in annual interest and fees.
“…the fact that we were able to get the loan actually reduces the amount of interest that we’ll have to pay using any type of loan or financial vehicle. So, I think that’s going to save us a tremendous amount of money on interest,” said Founder and CEO of FCI Management, Patricia Watts. The company can now continue to expand, and add additional support and sales staff.
Union Bank also termed out the current balance on the factoring line by utilizing the SBA 7(a) program—the SBA’s most prevalent loan program, which provides financial assistance for businesses that have special requirements. Watts was able to participate in the SBA’s 504 loan program which allowed her to purchase the building she has occupied for the past four years.
A 504 loan is a fixed-rate, 10 percent down, long-term loan providing revenue for the acquirement of fixed assets (e.g. buildings, machinery, real estate, etc.) at lower market rates.
FCI Management is just one of the many women-owned businesses taking advantage of Union Bank’s unique loan program. More financial institutions are coming on board pledging resources to help women-owned businesses, spreading awareness and connecting women to opportunities. Visit unionbank.com or sba.gov to be one step closer to growing your business with the necessary capital.

Acoustic trends in housing relative to major trends in real estate

Posted on by Bonnie Schnitta
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12 Mar

Three major trends are emerging in real estate that directly affect the acoustic requirements of a home or multi-family. On the surface these trends appear to be dissimilar, however each has a common thread when considering the required acoustic engineering of the space.

The first trend in real estate involves young couples who are starting a family and/or individuals/couples who are transitioning from a very small inexpensive apartment or condo. Typically acoustic disturbances, such as footfall from above and sound through the wall or ceiling from their neighboring tenants, was commonplace. As they move into more expensive rentals or purchase their first home, eliminating this level of disturbance is now important criteria when evaluating a residence.

The second trend is at the other end of the real estate spectrum, where baby boomers are downsizing and moving into smaller or multi-family homes. Usually, they are selling a spacious home. Architects and builders are trying to create an environment where the floors and walls are constructed to prevent  the sounds of  neighbors from disturbing the occupant. In the past, this was a lesser issue since walls were only shared with a family member, if anyone. Privacy is becoming a critical aspect of acoustic design whether it is a smaller home, or a multi-family.

The third trend is that friends, instead of choosing to move into a senior housing facility, have opted to build or renovate a home together where they can share that home in a multi-family setting. The plan is to either create their own housing system since it is more desirable to share a space with friends rather than sharing a residence with someone they do not know.  There are numerous variations to this trend. The outcome of which can be a majestic estate, one example is the multi-family estate designed by Brion Jeannette’s office, Aerie, in Corona Del Mar, CA. On this project, great attention was given to the acoustic separation of floors and walls. Additionally, a lot of thought was put into inhibiting plumbing sounds from one residence to another.

These three trends have similar acoustic construction requirements of privacy and comfort. The floors need to be engineered so they do not transmit disturbing footfall. The floors and walls also need to be capable of stopping elevated sound. Architects have training in designing walls that meet a certain sound transmission class (STC). The STC that was part of the past design is  no longer an acceptable goal since today’s modern TVs have strong base frequency response.   The floors and walls all have to be able to stop this low-frequency sound whether it is coming from a room that is closer than it used to be, or an apartment. Previously, the need to stop the disturbance was less urgent since it occurred in one’s own home amongst family. With multi-family housing and apartments, the need to silence bothersome acoustic disturbances is greater. Plumbing and HVAC noise also need to be addressed.

A Canadian national lab  conducted a study that demonstrated how the STC of a ceiling, floor or wall can be reduced due to a small hole by as much as 10 STC points. This small acoustic leakage and STC reduction can be the result of an electric outlet, recessed light, etc. that is not acoustically treated. The STC reduction is typically the difference between hearing or not hearing the person in the adjacent room or floor. When that person is not a family member, it becomes more disturbing.

One of the biggest problems trying to achieve a complete acoustic seal in a wall or floor so that there are no holes is that typically the hole is not visible. An example is that after an installation of a layer of drywall it is possible that there could be a small acoustic leak at the seam where the wall board meets the floor or ceiling. There needed to be a method by which this was tested. The solution was a 2011 patent on a device that tests a wall, floor configuration or pipe or HVAC duct that is wrapped in order to confirm that the installation was correct. This device is used by acoustic installation crews of SoundSense.

The last acoustic trend is associated with the design trend for larger volume as well as curtain and carpet free spaces. These spaces have a high reverberation time or become an extremely echoic space. Every enclosed space exhibits reverberation. Reverberation is sound persistence due to repeated boundary reflections after the source of the sound stops. Due to overlapping of successive syllables or tones, excessive reverberation reduces the intelligibility of speech and music within a room. On the other hand, too little reverberation will make the room “dead.” The ideal reverberation time for a room varies considerably and depends on several factors, including but not limited to: personal preference, volume and auditory requirements.  

SoundSense corrects reverberation in a room by mathematically positioning and applying acoustic material at precise locations on the boundaries of the room. SoundSense identifies the optimal locations for this acoustic treatment by means of its proprietary computer program that delivers The Paradise 

Effect™, an acoustically refined environment where pure tones are enhanced, speech is clear and the room gives a feel of general well-being.

Clearly, reverberation treatment is critical in rooms intended for any type of audio application such as the media room, family room, exercise room, or any area intended for general TV/audio listening. Tuning reverberation should also be addressed in potentially echoic rooms such as the dining room. In addition any room intended for reading, learning, or working should receive reverberation treatment. Ideal reverberation not only improves productivity and concentration, but also provides a positive living environment.

All in all, the acoustic design of a space is becoming more relevant in real estate. Buyers are acoustically sensitive depending on their property history. Being able to recognize these needs and address them properly will help ensure every client gets the home of their dreams.

Dr. Bonnie Schnitta is the founder and CEO of SoundSense, LLC,  a turnkey acoustical consulting and engineering company that also offers a complete line of acoustic products, experienced installation crews, and construction consulting. 

To view the original article please see our magazine titled “Break it Down” Vol 3, Issue 6 by Clicking Here

Triple-Negative Breast Cancer

Posted on by Nicole White

When Homa Sadat found a lump in her breast at age 27, her gynecologist told her she was too young to have breast cancer.

With the lump dismissed as a harmless cyst, Sadat didn’t think about it again until she felt a shooting pain. A biopsy of the lump confirmed breast cancer; a biopsy of a lymph node confirmed that the cancer had spread. Sadat was diagnosed with triple-negative breast cancer.

Pathologists who test breast cancer cells look for the presence of estrogen and progesterone hormone receptors and the overexpression of receptors for a type of protein called HER2. Breast cancer that is positive for one of the hormone receptors can be targeted with a tamoxifen or an aromatase inhibitor. Trastuzumab (Herceptin) and its newer versions are used to target HER2-positive breast cancers.

But breast cancers that are negative for all three receptors have no targets for these drugs, making them very difficult to treat. Fortunately, triple-negative breast cancer is rare — affecting approximately 15 percent of all women with breast cancer. It is diagnosed at a higher rate in patients with hereditary breast cancer associated with the BRCA1 gene, as well as in African-American women.

City of Hope researchers are fighting back by studying these cancers, in hopes of discovering more effective treatments.

“We offer several innovative clinical trials for newly diagnosed and Stage 4 triple-negative breast cancer patients that are part of a national effort to address these difficult-to-treat tumors,” says George Somlo, M.D., professor in the departments of Medical Oncology & Therapeutics Research and Hematology & Hematopoietic Cell Transplantation at City of Hope.

One such trial for newly diagnosed patients is evaluating the effect of destroying cancer cells with chemotherapy before patients have surgery. “Once the tumor is completely eliminated, or at least reduced in size, surgery follows. Patients with newly diagnosed triple-negative breast cancer who do not experience a recurrence within five years are likely cured,” says Somlo.

Sadat initially sought treatment at another center and came to City of Hope for a second opinion from Somlo. She enrolled in a City of Hope phase II clinical trial that offered chemotherapy prior to surgery and was treated with carboplatin and a novel nanoparticle drug called nab–paclitaxel (Abraxane).

After eight weeks on the chemotherapy regimen, the tumor had shrunk significantly. Sadat volunteered for a biopsy, and to her surprise, the tumor was gone.

Ongoing research, ongoing advances

Another eight weeks later, Sadat underwent surgery at City of Hope to remove the area of breast tissue that had contained the tumor, as well as several lymph nodes. No cancer cells were found in these tissues. Her cancer was in complete remission.
Somlo is close to completing this particular clinical trial, as well as a randomized, phase II, national study assessing the role of carboplatin and the PARP-inhibitor veliparib in patients with Stage 4 BRCA1- and BRCA2-associated breast cancer.

“We are learning that triple-negative breast cancer consists of at least a half-dozen subtypes, each of which may require personalized therapies,” says Somlo.

“We must intensify our current laboratory and translational research to improve next- generation clinical trials for much better control and eventual cure of triple-negative Stage 4 metastatic breast cancers. The next generation of trials will need to be more tumor-target specific, so we can help individual patients overcome their particular subtype of triple-negative breast cancer,” he adds.

Research reported in this study was supported in part by the National Cancer Institute of the National Institutes of Health under grant number NIH-NCI CA 33572. The content is solely the responsibility of the authors and does not necessarily represent the official views of the National Institutes of Health.

Safety First for Real Estate Agents

Posted on by NAWRB
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25 Feb

Beverly Carter was showing a new client a vacant property on Sept. 25 just as she would any other day for her job as a real estate agent in Little Rock, Arkansas.

However, that day was different. Carter went missing.

Friends, family members, volunteers and police spent countless hours searching, hoping and praying that Carter would be found safe. The body of the 49-year-old wife, mother and grandmother was found several days later in a shallow grave about 20 miles northeast of central Little Rock.

The Little Rock Police Department eventually arrested 33-year-old Arron Lewis after he was a person of interest and admitted to police that he kidnapped Carter. According to Pulaski County Sheriff’s Office Capt. Simon Haynes, he was a stranger to Carter.

When asked by reporters why he chose Carter, Lewis said, “She was just a woman who worked alone — a rich broker.”

A survey by the National Association of Realtors found that 57 percent of agents are women, and women are often victimized for no obvious reason, according to a 2011 report on violent crimes against real estate agents.

The safety of real estate agents has been a hot topic since the death of Carter. Although Carter left her purse in her car and told her husband where she would be as precaution, it still wasn’t enough. 

Many real estate agents put their lives on the line to show homes to prospective buyers who they may know nothing about. Not only was Lewis a stranger to Carter, but he also has an extensive criminal history including felony theft of property, obstruction of government operations and unlawful removal of a theft device. That type of information is not always readily available to agents before meeting unknown clients.

Real estate agents do not always meet clients at a secure location or get background checks done as well. Since it would take convincing licensing boards in each U.S. state to adjust the real estate safety awareness rules, agents may oftentimes take it upon themselves to find ways to decrease the chances of a potential attack.

One of the ways is to go through safety training, which is typically provided by a professional instructor, individual brokerages or regional estate associations, according to Tracey Hawkins, a former real estate agent who is now a safety and security expert and teaches real estate professionals. The training can benefit agents by showing them how to safely show homes.

Until more training is freely available, there are many tips and tools out there for agents to use that can possibly help keep them out of harm’s way.

Safety Apps

Technology companies are improving the safety of real estate agents by developing apps geared toward assisting agents with how to meet and present homes to clients more securely.

The Guardly app provides protection whenever and wherever an agent is. With the app, emergency responders are able to view the exact location of an urgent situation by using Wi-Fi networks comparable to how GPS uses satellites.

MyForce is another security app that alerts friends, family and emergency response of the location of a person. When real estate agents get an unsettling feeling while showing a home, they can launch the app and have an alert ready to use when necessary. If the alert is activated, a highly-trained operator will be available to assist with a wide range of emergency situations.

Real estate agents meet many clients who are often strangers. Secure Show is an app that verifies the identity of a potential client and mutually shares information between the agent and buyer before meeting in person. As both parties go through the verification process, they can access information such as a driver’s license and photos of what they look like.

While innovative apps can help agents be more protected from potential threats, there are other ways for them to be safe that uses technology, fashion and essential adjustments in the way they prepare to show homes.  

Wearable Security

When a cell phone is accidentally left at home or the battery is drained, agents can rely on trendy yet tech savvy styles to protect themselves from harm. 

At first glance, Cuff smart jewelry devices look like fashionable accessories. However, a closer look reveals the actual purpose of the decorative pieces. While wearing the device, a real estate agent can press the Cuff bracelet or necklace and send an electronic distress signal to people authorized to receive the alert messages. 

Agents can also add extra security in the form of a Pod that can be added to a keychain, necklace or headband. Pods were developed by First Sign, which has a partnership with MaceWear, the makers of the original pepper spray. Once pressed, the Pods can send an alert that an agent is in danger and add extra peace of mind.

When a cell phone has no power agents can look to its case for extra protection during a stressful situation. The pepper spray phone case bySpraytect allows agents to use the painful substance by pulling, rotating and firing at an attacker. The case comes in several colors and combines safety with style.

Basic Precautions

Along with safety apps and gadgets, there are also helpful tips agents can use before meeting a buyer and possibly prevent a violent attack.

According to realestate.com, agents can keep their phones on a charger to make sure it is always available. Also, the website recommends that real estate agents steer away from using “glam shots” in advertisements to deter the wrong type of clients.

Other tips include not advertising listings as “vacant” or “currently unoccupied” so strangers don’t know that an agent will be in a location that no one goes to. Agents can also conduct a reverse phone search on clients who call to see if there are any red flags about where that person is calling from. Moreover, while showing a home, agents can park by a road, unlock all deadbolts and use a remote control to unlock their car more quickly.

As an extra precaution, agents may also consider carrying mace, pepper spray or a Taser with them while showing a home or meeting a potential client for the first time.

Although these tips can help prevent an attack on real estate agents, the most important tips are meeting clients in your office first and not holding open houses alone, according to the Business Know-How website. The more agents know about potential clients, the chances of being harmed decrease.

Another crucial tip, that doesn’t include the use of a mobile device or protective jewelry, is for an agent to trust their instinct. Agents can ask colleagues to go with them to show a home if a first meeting with a client makes them feel uneasy.

Whenever a crime occurs within the real estate industry, it is another reminder of the hidden danger agents face every day. As horrific as the crimes are, they bring more awareness to keeping agents safe.

The last day of the National Association of Realtor’s “Realtor Safety Month” was the day Carter’s body was found. In an interview with the Washington Post, Chris Polychron, the association’s incoming president, said he would make safety a top priority when he takes charge in November. It is a step closer to making agents as safe as possible.

To view the original article please see our magazine titled “Break it Down” Vol 3, Issue 6 by Clicking Here

Recap of IMN’s 3rd Annual Single Family Rental Investments Forum

Posted on by NAWRB

Hundreds of real estate professionals flocked to Scottsdale, Arizona for IMN’s 3rd Annual Single Family Rental Investments forum. The event highlighted private equity, REITs, note buyers, bond investors, and fix & flippers.

With a fluctuating market, it is important to reevaluate the relevancy of housing processes and how to approach them. The three-day forum tackled this sentiment with workshops that analyzed how lucrative current methods of gaining revenue are and provided a fresh new perspective on methods in need of updating.

The diverse workshops catered to many real estate backgrounds which made it a popular event choice for attendees. Hot topics included underwriting issues, flipping vs. holding, and different aspects of single family rentals. In addition to attracting attendees nationwide, NAWRB members Ivy Melton and Heidi Robinson were also in attendance.

In particular, the aspect of flipping vs. holding properties was one of the focal points of the forum. According to RealtyTrac, flipped homes in the third quarter of 2014 represented 4 percent of all U.S. single family home sales, equating to 26,947 properties. Although this may seem sizable, RealtyTrac reports that this is “down from 4.6 percent in the second quarter of 2014 and down from 5.6 percent in the third quarter of 2013 to the lowest level since the second quarter of 2009.”
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Recap of Inman’s Real Estate Connect Think outside of the box

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As a NAWRB Chairwomen, I enjoy attending real estate conferences around the country. I decide which one rises to the top every year. Since it is only February, one might call me bold to claim Inman Real Estate Connect New York is the best conference of 2015, but it will be hard to top.

The speakers on the panels were superb. They were leaders in their fields, but more importantly, they covered diverse areas of business. Brad Inman, the publisher of Inman News, started day one proclaiming that his goal for the 2015 conference was to attract the brightest and most innovative people with expertise outside of real estate. He wanted the panelists’ advice to cross-over into innovative business development for real estate professionals. In other words, he wanted to force attendees to “think outside of the box” in real estate. Inman’s idea was supported by Mike Ferry who stated that most real estate agents rarely take advice from sources outside their circle of influence, which limits growth and
innovation. I believe Brad Inman reached his goal. This conference transformed my business perspective and opened my eyes to new growth opportunities.
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NAWRB’s Inaugural Conference Testimonials

Posted on by NAWRB

Dear Desirée,

I want to thank you for the invitation to participate in the 2014 National Association of Women in Real Estate Business (NAWRB) conference. You have an impressive organization that provides a powerful network not only for your membership but for organizations such as Freddie Mac. I probably gained more by attending than what I had to contribute. Three words come to mind when I think about my participation with the NAWRB October 2014 conference. They are: Communication, Relationships and Diversification.

Communication: There was an informative speech from Congresswoman Maxine Waters, who sits on the House Finance and Banking committee, regarding the impacts of the Dodd Frank Section 342, OMWI regulation on the real estate and finance industry. There were powerful panel discussions on how to do business with GSEs, Federal and State Government Agencies including the SBA, FDIC, CFPB. I also heard loud and clear some of the issues, concerns, recommendations and ideas from your membership related to doing business with GSEs and other agencies. This is valuable information that I am hoping to continue to relay back to our business units.
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