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Helpful COVID-19 Resources And Information For Land REALTORS®

The National Association of REALTORS® and its NAR Commercial Affiliates, including RLI, have been compiling helpful information and resources for REALTORS®. This page features highlights of the various programs and resources available to real estate agents impacted by the COVID-19 outbreak. We will do our best to keep this page updated with any additional resources that may be of value to our members and the industry.

RLI Voices Of Land Podcast Episodes Related to COVID-19 and The Land Market

The new ‘The Voices Of Land RLI Podcast’, presented by the LANDU Education Program, featuring Accredited Land Consultant (ALC) host Justin Osborn just released two episodes for land agents discussing the impacts of COVID-19 on land real estate markets. The Voices of Land RLI Podcast recently released two episodes on the topic, the first being with guest Russell Riggs, NAR Legislative Policy Liaison for RLI, discussing What Land Agents Need To Know About The COVID-19 Stimulus Package; and another with guest KC Conway, CCIM Chief Economist, on The Economic Impact of COVID-19 on the Land Market. Listen now.

Virtual Round Table: COVID-19 Impacts On The Land Market

The REALTORS® Land Institute 2020 Future Leaders Committee presents a panel of Accredited Land Consultant (ALC) land experts from across the country in various different land markets to shed light on the impacts of the Coronavirus (COVID-19) outbreak on land values and land market trends.

We’ve also captured the highlights from this recording for each land segment in a series of posts on the RLI Blog:

Webinar: COVID-19 Impacts On The Residential Land Market

The housing market entered 2020 with momentum as home-buyers were enthusiastic about low mortgage rates and the multifamily market continued its expansion. The sudden shock brought on by COVID-19 is impacting the housing market and wider economy as uncertainty and layoffs defer decision making.

This webinar will:

  • Help you build a playbook in real-time to navigate through today’s marketplace.
  • Give insights into the current outlook from home builders for land transactions.
  • Showcase on-the-ground experiences with pushing forward entitlements in today’s market.

Watch the recording to get pertinent information from Senior Managing Principal Tim Sullivan and Chief Economist Ali Wolf of Meyers Research in this RLI Hot Topic Webinar from Tuesday, April 28. Hear updates on this topic from our presenters during their company’s weekly webinars.

NAR’s ‘Right Tools, Right Now’ Program

NAR’s ‘Right Tools, Right Now‘ initiative makes numerous valuable resources available to the association’s 1.4 million members at reduced or no cost.

Members TeleHealth

Members TeleHealth, part of NAR’s ‘Right Tools, Right Now’ initiative, provides around-the-clock access to non-emergency healthcare from more than 2,300 board-certified U.S. physicians. Common issues addressed through telemedicine include allergies, asthma, rashes, joint aches, flu and nausea, among others. Beginning April 2, NAR is funding two months of services for members who currently lack access to telemedicine and enroll in this program by April 15. Recognizing that the opportunity will likely draw significant interest from its members, NAR has also negotiated a discounted rate for those who wish to retain coverage following the two month, no-cost period.

“As we continue to solicit input from our members regarding COVID-19’s impact on their lives and businesses, NAR is grateful to be able to offer expanded access to potentially lifesaving telemedicine services,” said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, CA. “Medical professionals are urging Americans who are sick to stay home, and telemedicine is playing a critical role protecting our communities and our health care workers. We continue to encourage members to limit their exposure and decrease the chance of spreading illnesses to others.” Learn more about this Members TeleHealth.

Coronavirus SBA CARES Act

NAR’s Federal Advocacy team has been working closely with Congress and the Administration to ensure the interests of REALTORS® and their clients are protected in any federal action in response to COVID-19. Many REALTORS® are small businesses, or work with them as clients. In the most recent relief package passed into law, the “Coronavirus Aid, Relief, and Economic Security Act” or CARES Act, there were significant provisions aimed at assisting small businesses during this difficult time. The CARES Act appropriates more than $360 billion total for new Small Business Administration (SBA) programs – the 7(a) Paycheck Protection Program loans and the Economic Injury Disaster Loans (EIDL) advance grants program. View FAQs and learn more from NAR.

Congress Clears Coronavirus Relief Bill

6/17/2020 The Small Business Administration and U.S. Treasury Department on Wednesday rolled out major updates to the Paycheck Protection Program, offering automatic forgiveness for certain independent contractors and creating a broader application form for forgiveness. Read more.

4/23/2020 The U.S. House passed legislation Thursday providing a fresh round of funding for coronavirus small-business relief programs championed by the National Association of REALTORS® and available to REALTORS® through the CARES Act. The Senate passed the bill on Tuesday.

President Trump is expected to sign the measure, which will clear the way for lending to resume as early as Friday under two Small Business Administration programs, the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) Program.

Under the agreement, the PPP will receive $310 billion in new cash, while the EIDL fund will receive an additional $60 billion. The bill sets aside $60 billion of the PPP funding for small and medium-sized community banks, which will provide extra help for self-employed individuals and small businesses that don’t have relationships with larger banks.

“The PPP and EIDL had tremendous demand. Although the rollout was rocky, this latest bill should provide enough funds for everyone who needs a loan to get it. REALTORS® still waiting should contact their lender again and keep trying,” says Shannon McGahn, senior vice president of advocacy for NAR. “We have a wealth of resources to help you through the process, including a new video just posted last night.”

The bill also includes $25 billion for coronavirus testing and $75 billion for hospitals.

Quick Guidance for REALTORS® on the PPP and EIDL From NAR

  • If you’ve already applied for an EIDL: The SBA is processing applications already in their system on a first-come, first-served basis. You do not need to reapply.
  • If you have not already applied for an EIDL: Check back at the SBA application page once the additional funding is signed into law.
  • If you’ve already applied for a PPP loan through an SBA lender but have not been approved yet: Check with your lender to see if they are maintaining a queue of applications during the lapse or if you will need to reapply when the renewed funding comes through.

If you have not applied yet for a PPP loan through an SBA lender: Have the application form filled out and your documentation ready to provide to your lender. (For businesses with employees, have payroll documentation; for independent contractors, have your 2019 Form 1040, Schedule C, and 1099-MISC.) If you have an existing relationship with an SBA lender, you should go to that lender first once the program reopens, but be prepared to try multiple lenders, which you can find on the SBA site.

Additional Resources

NAR Commercial: Webinar – Insights For Commercial Executives

his webinar from April 15, 2020, covers the latest news on legislation and SBA loan programs, key transactional guidance from NAR’s legal team, and insights from commercial real estate executives on their experiences working through today’s volatility and how they are helping clients navigate changing opportunities in the coming months. Watch recording.

COVID19 Webinar for Commercial Real Estate Agents

CCIM: Coronavirus (COVID-19) Resources and Guidance For Commercial Agents

CCIM Institute has prepared a resource page for commercial real estate professionals to provide additional professional guidance around Coronavirus (COVID-19). This page hosts information about FEMA extensions, Tax Extensions, and updates on other legislative advocacy issues.

SIOR: COVID-19 and CRE: What You Should Know

As CRE leaders around the globe, you are feeling the impact of COVID-19. SIOR has provided a collection of resources available to you to keep you up-to-date on latest news and industry impacts.

IREM: COVID-19 Resources and Information for Property Managers

If you are a property manager, this page from IREM is filled with resources for dealing with the impacts of COVID-19.

Building Your Land Agent Brand

Building your land agent brand can be a challenge in a saturated market, where many people think they can be real estate agents, and many of those agents also think they know enough to play the land game. Differentiating yourself from the social media savvy rookies who may be all hat, no cattle, is a newer battle land agents face today. However, the ongoing dilemma is sharing your unique advantages from even the seasoned agents, whether you share the same brokerage firm or are an independent agent competing with big name firms.

The foundation of consistently communicating your distinct value is a well-designed brand promise. You must be able to communicate not only the problems you solve, but how you solve them uniquely, in order to get people to part with their cold, hard cash.

The formula is simple: your name + solves this specific problem + uniquely this way + for these specific people.

However, filling in the formula with your details is not-so-easy. In fact, most people get stuck on the uniquely this way and for these specific people parts. Some of the vanilla answers business professionals use in an attempt to differentiate include claiming, “exceptional customer service” or “very experienced” as their unique way of solving problems, and identifying “anyone who wants to buy and sell land” as an ideal customer.

The reality is, countless agents in your market, let alone the country, could likely claim those exact same things. So they aren’t unique, nor are they specific. It is essential that you dig deeper, evaluating who your best clients are and what they all have in common. When you find the sweet spot of clients you enjoy working with and who are also your most profitable clients, it is time to study those people and try to replicate them through your branding and marketing efforts.

A Tale of Two Brands

To illustrate how a clear brand promise can increase your reach and revenue, consider the power of two high-end brands that consistently gain market share, despite their substantial price tags and limited audience: Rolex and Louis Vuitton.

You will never see them market, nor advertise in the same places as Wal-Mart or Dollar General. Wasting time and money advertising to the eyeballs that are interested in budget-friendly retail is not in their best interest. They are clear on who their exact ideal customers are so they can:

  1. Share their brand promises through compelling storytelling that emotionally triggers their ideal customers.
  2. Visually uphold their brand promises in a way that delights their ideal customers.
  3. Deliver on their brand promises in a way that meets the high expectations of their ideal customers.

How to share your brand promise through compelling storytelling

Your personal story holds all of the clues you need to differentiate yourself. By following the breadcrumbs you have left behind in life, patterns will emerge that combine your personal satisfaction and your ability to effectively contribute to people and situations. Consider all of your professional and personal experience when reflecting on what makes you unique. For example, if you have served in the military it communicates that you have achieved a special kind of discipline and dedication. You are likely to attract others who have or do serve in the military, as well as those who especially respect people who have military service. Does serving your country have anything to do with selling dirt? Not exactly, but it is a piece of your story that can create an emotional connection with your ideal customer.

Perhaps you have political experience, empowering you to navigate the law and key stakeholders involved in a deal. Or maybe you not only broker the land sale, you also offer land management. Or perhaps you are the third or fourth generation in your family to be a land agent. How do you think that stacks up against a rookie when you can reference a lifetime of multi-generation land conversations at the dinner table?

Be intentional about telling such stories through your blog posts, videos, social media, website copy, while networking, in media opportunities, when speaking, or through any other marketing activity you pursue.

land agent branding

How to Visually Uphold Your Brand Promise

Rolex and Louis Vutton both have visually compelling brands that invite prospects and customers into their story of luxury, prominence, and success. They are sharing a glimpse of what it feels like to sport their products. Their visual branding is designed to evoke an emotional response to trigger a purchase.

Of course, another reason why it is important to understand your target market is to understand what other brands they enjoy, thus giving you a roadmap of how to visually stimulate your ideal customer. You can simply ask your previous and current clients what their favorite brands are via a survey, or you can simply observe along the way. For example, if your ideal customer wears an Apple Watch, has an iPhone, and is concerned about how close the nearest Whole Foods is to the property you just showed them, you can do a quick scroll through those websites and social media profiles to get inspiration for your own visual branding and messaging. Whether it is font selection, the amount of white space, color selections, or the style of images, you can easily use those visual cues to help you craft your own visual brand.

Remember, you can’t illustrate a book until you write the story, so be sure the visuals for your unique visual brand represent your unique brand story. The visual side of your brand is merely an aid to telling your brand story. Importantly, your branding should always be consistent, so be sure whatever path you choose is the one you remain on day in and day out through all marketing channels.

rolex branding

How to Deliver on Your Brand Promise

If a Rolex watch or Louis Vutton purse had any issues, undoubtedly, its owner would know the respective company would fix it in short order. They are trusted to deliver on their brand promises of quality, excellence, prominence, and more. In the same way, you must make it clear that you will always deliver on your brand promise.

First, you must do good work. While that seems obvious to the experienced land agent, it is unfortunately not the norm. Simply doing what you say you will do will go far for your brand reputation. Further, be sure to secure testimonials as soon as you delight your customers. Allow your customers to toot your horn for you and reap the powerful benefits of peer reviews. Be sure to note any awards, certifications, education, and media coverage you received, as appropriate, which are also forms of social proof that you are great at what you do. While you may feel like you are bragging, any such announcement is a small blip on the radar of the average person who consumes an incredible amount of content each day. If you do not share your successes, how do you expect anyone to choose you instead of a less worthy agent who may not look out for their best interest? Save your potential clients from a lazy or inexperienced agent for the job by simply sharing the proof that you will have their best interest at the forefront of all you do.

Clear Branding Equals Clear Marketing

When you are clear on your brand you become clear about how to strategically market your brand for results. Understanding who you serve, what problems you solve, and how you solve them uniquely, empowers you to position yourself through targeted campaigns and strategic networking. You can’t be everywhere, all the time. Not every social media channel is for you, nor is every magazine, conference, or website somewhere you should invest time and money, as your ideal customers are not everywhere, either. Further, when you are clear on your brand, you can get clear on your internal processes and train your team to uphold your brand promise, as well. Remember, no one wants to be sold to, yet your ideal customer wants to buy from someone who attracts their business. If you effectively share your brand story and the results it gets, you will become the only option in your ideal customer’s mind, eliminating competition altogether.

Amber HurdleAbout The Author: Amber Hurdle Consulting empowers companies to strengthen their brands from the inside out through talent optimization. They do this in three ways: By working with leaders on their personal brands, so they become self-aware and see and harvest the greatness in others. By using a scientific, repeatable method to recruit, retain and inspire top talent, amplifying world-class employer brands; and by leveraging those strong leaders and a “best places to work” environment so that happy employees are serving happy customers, ultimately elevating their business brands. Amber is married to Geoff Hurdle, ALC, and together they have three children and a fur baby: Kristen and Brittany, also in the land business, Derek, a junior in high school, and Nashville Gibbs the Cavapoo, who continuously works on being Instagram famous. Learn more at amberhurdle.com.

new mexico land

Why You Need a Qualified Land Agent For Your Transaction

Buying or selling land can be a complicated business, and prospective buyers and sellers must be sure they have a qualified land agent who not only has their best interests in mind but also the knowledge and experience to make it happen.  In Southeast New Mexico, where I am located, we often jokingly say we have more cows than people.  Some of the more recent statistics suggest this may no longer be as true as it used to be, at least when judging the entire state as a whole, but for the most part New Mexico is still a very rural state, deeply rooted in its ranching heritage.  The fifth largest state in the U.S., New Mexico offers vast wide-open ranch land, gorgeous sunsets, and breathtaking scenery, stunning even at times in its vast nothingness.  Even with all that immense ranch land surrounding us, land brokers in New Mexico are hard to come by.  It makes for an interesting conundrum in a state you would expect to be chockfull of land brokers, given how much land there actually is.

new mexico land

Land transactions gone badly are said to make up one of the largest percentages of all the total E&O (Errors & Omissions Insurance) claims in the state.  Why is that?  In the case of New Mexico, much of the reason is that there are so many agents not trained in land transactions trying to complete one as if they were a land expert when, clearly, they are not.  Sadly, most of them don’t even think twice about it until it’s too late and the damage has been done, thereby resulting in the E&O claim as part of a potential lawsuit or settlement.

The reasons are varied and complicated but, despite having more cows than people and being surrounded by vast ranchland, the majority of real estate agents in New Mexico are trained as residential agents with the rest being commercial but not commercial specific to land.  This is not limited to New Mexico, and occurs in most other states as well, but it is rather ironic in a state made up predominately of ranchland to have so many agents trained in other specialties but not land.  The result is there are a large number of agents who are not prepared for the complexity that a land transaction brings with it, lacking the specialized expertise that is required for such a transaction.  In fact, many people, agents and customers alike, see land as being a simple transaction.  The thought process seems to go something like this: if there’s no house, then there’s no inspections, no repairs, and nothing to nitpick so it should be easy and fast-what could possibly go wrong?  Unfortunately, many things can go wrong and an agent who is naïve of all those possibilities generally only creates more problems.

expert land real estate agentThis is exactly why you need an expert land agent for your land transaction.  Residential and even general commercial agents are often oblivious to the challenges of land.  Too often they may have spent their entire lives living in town and don’t understand the basics of water wells or septic systems, or that electricity isn’t just automatically available anywhere and everywhere on demand and that, even if it can be hooked up, the cost may be exorbitant and entirely prohibitive.  Those are just a few of the issues that must be explored when a prospective buyer decides they want a simple country home.  For an actual working farm or ranch, it can become so much more complicated.  The bulk of the land in western states such as New Mexico is state or federally owned, meaning those leases must be negotiated as part of a sale as well as any private leases that may also be included.  Water rights issues, mineral rights issues, and easements just to name a few must also be considered as well as countless other complexities unique to the land like soil types.  As mentioned at the beginning of this article, land agents are not always prevalent so finding one can sometimes be a challenge in and of itself, especially in a rural area such as New Mexico.  Putting the time and effort into finding the right agent is of absolute importance as it will determine the entire outcome of the transaction whether you are the buyer or the seller.

Here are a few tips to get you started on finding a qualified land agent:

  • Make sure they are experienced and have the resources to deal in your type of transaction. This means finding a farm and ranch broker for farms and ranches, transitional land brokers for subdivisions, timber agents for timberland, and so on.  Be careful not to confuse a general commercial agent for being able to handle your land transaction.  The word commercial typically means in-town businesses, not necessarily land. So if you do decide to hire a commercial agent, make sure they are the right type of commercial agent.
  • Big name brokerages are not always better. Unless they only deal in land transactions, a big name brokerage may be a very dangerous thing, so be cautious if you decide to go this route.  If you are considering using a larger brokerage, see if they have a farm and ranch or commercial division, Most of these brokerages are primarily residential and the agents may not have the experience needed to successfully conduct your land transaction.  If you call or walk in wanting to list your multi-million dollar ranch for sale, you do not want to get an agent who got their license last week that has never done a land transaction before and who just happens to be on call today.  Make sure you are working with a reputable agent, not just a company name. There can be a big difference.
  • Big name Realtors® are not always better. You may find you recognize a name but is it a name known for the type of transaction you are wanting to do?  They may be good at what they do or do a lot of marketing. However, if they aren’t knowledgeable in your specific transaction type, you may actually end up worse off than if you’d gone with a less recognizable name but who had the relevant experience and expertise to handle your property type.
  • Remember your goal of buying or selling. A brokerage or agent may have a lot of listings which makes them seem more prestigious.  But, are those listings like your listing? And are they selling?  If not, why not?  If you are trying to sell, do you want your property sold and closed, or do you just want it listed or tied up in escrow?  Find the agent who can get it done by asking to see a track record of successfully completed land transactions like your own.  There is a big difference between listing properties and selling  It’s easy for an agent to make lofty promises that they can get a certain price or can make this happen or make that happen, but is it reasonable and can they actually do it?
  • Find an agent who has connections and isn’t afraid to use them. None of us are experts on everything.  No two transactions are ever the same so no matter how seasoned or experienced, it seems there’s always something new or unexpected.  Find the agent who has a large network and isn’t afraid to consult others for opinions and seek help when they aren’t sure of something – and who isn’t afraid to admit they don’t know everything.
  • Use a local agent if possible. As long as they have the experience required, a local agent is typically best because they are familiar with and know the nuances of the area and they are readily available. However, if the local agent is not as experienced in your type of transaction, you may be better off with someone who has more expertise outside of the local area.  Sometimes, the best case scenario is to have one of each.  In this case, find either a local or non-local agent and then request that person team up with the other.  Agents do not have to be from the same office in order to co-broker a deal.  When you have one of each, you can pair one agent’s local expertise and availability with the resources and knowledge of the non-local agent to create an amazing team that can work for you in a way that neither party could do on their own.
  • If you still don’t know where to start, consult a resource such as the Realtors® Land Institute (RLI), www.rliland.com, which is a nationwide organization of land brokers. With over 1,300 members across North America, and over 500 of them holding the elite Accredited Land Consultant (ALC) Designation, RLI can connect you to an expert in your area. And that expert, by virtue of their membership in RLI, has access to a network of other members in RLI who can and will provide expert advice as needed as well as open up a whole new pool of potential buyers. You can even use the free Find A Land Consultant search tool on their website to find a qualified land agent near you.

Author Bio: Beth Myers is the Qualifying Broker/Owner of Rafter Cross Realty, LLC, located in Lovington in the Southeastern corner of New Mexico.  Beth is a former educator holding a Bachelor’s degree in Business with three majors, two Master’s degrees, and a Ph.D. and having taught nearly everything from kindergarten to college level before transitioning into real estate and eventually opening her own brokerage.  Now she is a multi-million dollar annually producing agent/broker in her small town and the surrounding areas, specializing in residential and farm & ranch sales.  She serves on the local, state, and national levels, as a Board Member and Treasurer for the Lea County Real Estate Professionals, a Board Member for the New Mexico Multiple Listing Service, and as a Committee Member for the Realtors® Land Institute Future Leaders Committee.

Dealing with Holiday Stress As A Land Agent

The holidays are a stressful time for everyone, but especially for land agents. Many clients have a tight deadline to get deals closed before the end of the year or even before tax season. With tensions running high and a seemingly endless to-do list, it can be easy to give in to the stress of the holidays. However, there are a few things you can do to deal with holiday stress.

Communicate

Strong communication is always key in the land industry. With so much happening around the holidays, one of the best ways to reduce stress is clear and constant communication to make sure all projects are headed in the right direction.

“As always communication is key, staying in contact with everyone involved in a transaction especially during this busy time of the year can make for a less stressful transaction,” said Calvin Perryman, ALC, with Great Southern Land.

Know Your Calendar and Everyone Else’s

It can be hard enough to keep track of what’s going on in your life, let alone everyone else’s. Keeping your calendar updated with the schedule of those you work with and for is the best way to make sure you don’t miss an all-important meeting or double book yourself.

“When closing a land deal around the holidays it is always best to make sure everyone is on the same page with their schedules,” said Perryman. “Make sure everyone knows when the parties will be out of town, when the attorneys’ offices will closed, and let everyone know your holiday schedule as well.”

 

Turn Your Ride Into Fun

Long car rides can drain you of your energy. To make them more enjoyable, try listening to some great land podcasts to learn on the go. Let’s Talk Land by Lou Jewel, ALC, features great guests and explores a wide variety of topics. Another great land podcast is The Land Show, co-hosted by Jonathan Goode, ALC.

Make Health A Priority

While trying to juggle everything else, people tend to think their health is the first thing they can let slide. Actually, a lack of sleep and poor diet lead to weaker concentration, poor memory, and can cause your stress levels to skyrocket. Be sure to use plenty of hand sanitizer, eat leafy greens, and squeeze in at least six to seven hours of sleep whenever you can. We know that a good night’s sleep can be rarer than spotting Santa Claus around Christmas, but sleep is always a good investment, especially around the holidays!

 

While trying to juggle work, family, friends, and everything else that comes along with Christmas, you can be left feeling exhausted and miserable at what is supposed to be the most wonderful time of the year. We hope these tips help you get organized and healthy for the upcoming holidays.

Is your New Year’s Resolution to learn more about land? Once the holiday stress settles, be sure to check out our upcoming LANDU Education courses.

About the Author: Laura Barker is the Membership and Communications Specialist for the REALTORS® Land Institute. She graduated from Clark University in May 2017 and has been with RLI since October 2017.