News

How to Create Value

A review of recent relevant large scale deals with lease-up and sale components

Wednesday, April 24, 2019

Registration: 7:30 AM

Program: 8:00 AM - 9:30 AM

Putnam Lobby Auditorium | 100 Federal Street | Boston

Moderator:

Robert Griffin, Co-Head of US Capital Markets, Newmark Knight Frank

Panelists:
Jack Connelly, Head of Acquisitions, UBS Asset Management
Jessica Hughes, Managing Director, Tishman Speyer
Charles Leatherbee, Executive Vice President, Skanska

Click Here for registration

Questions? Contact Josh Cooke, Assistant Director of Events & Marketing at JCooke@gbreb.com

How to Create Value

A review of recent relevant large scale deals with lease-up and sale components

Wednesday, April 24, 2019

Registration: 7:30 AM

Program: 8:00 AM - 9:30 AM

Putnam Lobby Auditorium | 100 Federal Street | Boston

Moderator:

Robert Griffin, Co-Head of US Capital Markets, Newmark Knight Frank

Panelists:
Jack Connelly, Head of Acquisitions, UBS Asset Management
Jessica Hughes, Managing Director, Tishman Speyer
Charles Leatherbee, Executive Vice President, Skanska

Click Here for registration

Questions? Contact Josh Cooke, Assistant Director of Events & Marketing at JCooke@gbreb.com

Lauren Paton, CPM, CAPS
Regional Director
Brookfield Properties
2019 RHA President
  

Happy New Year! I hope you all had a safe and enjoyable holiday season. I am so excited to be the 2019 President of the Rental Housing Association and look forward to seeing each and every one of you throughout the year.
  
First and foremost, I want to thank 2018 RHA President, Kate Franco, for her outstanding year of leadership as RHA celebrated its 65th anniversary! On top of helping us hit many milestones at our programs and events, Kate also played an integral role in RHA's strategic planning process, which you will be learning more about this year!
  
One of the biggest changes in 2019 is the enhanced Membership structure for Industry Members. In the past, Industry Members paid principal dues, a fee for each unit they owned/managed, plus additional dues for each individual employee that wanted to be a member of RHA. In order to become a more robust and inclusive association, we restructured the dues model. Now, Industry Member dues will be on a company-wide basis - principal dues and unit fees will cover Membership for the entire company! Simply complete the company roster here and include with your dues payment to start receiving benefits for your whole team.
  
I hope you'll take advantage of this opportunity to get your colleagues involved in our association. Active Member's may further participate by signing up for one of our many committees. Please check out the committee sign-up form here for more information on current offerings.
  
Finally, we have some great upcoming programs and events that we hope you can attend:
  
2/26: Bruins Outing vs. San Jose Sharks
  
NAAEI Credential Programs:
2/4 - 2/6: National Apartment Leasing Professional Credential 
2/26 - 3/1: Certified Apartment Portfolio Supervisor Credential
4/3 - 4/12: Certified Apartment Manager Credential (Registration Coming Soon)
4/16 - 4/19: Certificate for Apartment Maintenance Technicians
  
Save the Date for the RHA Expo which will be held on Wednesday, October 2nd at the Hynes Convention Center! Reserve your Booth now! 
  
If you have any suggestions on how we can help strengthen RHA, please do not hesitate to contact Adrienne Maley at amaley@gbreb.com. 
  
Sincerely, 
  
Lauren Paton, CPM, CAPS
2019 RHA President

To renew your membership with REFA, please see below. The final deadline for renewals is March 31, 2019. 

Renew the Following Ways:

Pay Online
If you are an individual member with REFA, you pay pay online by credit card by clicking here. Having trouble logging in? Email  Courtney for your user credentials.

Pay by Fax or Email
Return a copy of your dues invoice with payment information to 617-588-0286 (or secure efax line) or scan and email to cmchugh@gbreb.com.

Pay by Mail
Return a copy of your invoice and payment information (credit cards or checks payable to REFA) to:
REFA Membership, Three Center Plaza, Mezzanine Suite, Boston, MA 02108.

*Please note the deadline for renewals is past due as of January 31st, 2019. The final deadline for renewals is March 31st, 2019. 

Click the button below to read the RHA NextGen Member Newsletter - 2019 Kick Off

Click for Newsletter

Attention CBA Members: Help support your colleagues by voting for the Special Recognition Awards! Voting closes on Friday, February 8th at 5 p.m.

Rising Star
Collaborating Professional of the Year
Landlord of the Year
McCall Leadership Award

In order for your vote to count, your 2019 Membership dues must be paid. To check the status of you Membership, please contact Dominic Carter at 617-399-7874 or Kayla Burmeister at 617-399-7863.

Award winners will be announced at the CBA Achievement Awards on March 21st.

Click Here to Vote!

Click the button below to read the RHA NextGen Member Newsletter - March 2019

Stories include:
-2019 NALP Course Recap
-NextGen Member Spotlight: Ryan Monaghan - Area Manager, Beacon Communities
-NAA Industry Report: Why 2019 is the Year of Sales in Multifamily
-Featured New Community: The Kendrick

Click for Newsletter

Boston CRE Summit on Equity, Inclusion & Diversity

Cancelling Scheduled Elevator Inspections & Acceptance Test Re-Inspection Fees

Find out what BOMA Boston is offering this spring! 

ENews Features include:
Sustainability Roundtable
Springfest 2019
Fishing Tournament XV
Save the Date for Upcoming Summer Events 
Member Spotlight: Elisabeth Jackson
2019 Education - BOMI and more
Welcome, New Members
Regional TOBY Winners

Read the April 2019 ENews!

The Commercial Brokers Association (CBA) announced the winners of the 2018 CBA Achievement Awards at its annual awards dinner on March 21 at the InterContinental Boston.  The awards recognize the Greater Boston area’s most significant real estate deals of 2018 and honor local industry professionals who have distinguished themselves among their peers.

At the awards dinner, Newmark Knight Frank’s Managing Director, Debra Gould was presented with CBA’s top honor, the McCall Leadership Award, formerly the Broker of the Year Award.  Carolyn Wheatley a senior associate at CBRE, Inc. was honored with the Rising Star Award.   

Deal of the Year Awards were presented for Office (Boston, Greater Cambridge and Suburban), Retail, Industrial, Life Science and Most Creative deals, as well as the Investment Sale of the Year. New this year was a Mutlifamily Deal of the Year Award.  Special Recognition Awards were presented for the Landlord, Rising Star, and Collaborating Professional of the Year.



Please see the Boston Business Journal Awards Supplement for all awards finalists and winners.

Monday 3/18 & Tuesday 3/19 Public Hearing On Wetlands By-Law and Real Estate Sales Tax

The Boston City Council will be holding two public hearings next week of interest to the real estate industry.    Both hearings will be held at Boston City Hall in the Iannella Chamber, 1 City Hall Square 5^th Floor.  Members of the public are welcome to attend.

WHAT:  Wetlands ByLaw
DATE:  Monday, March 18^th
TIME:  11:30
Docket #0250 - An ordinance protecting local wetlands and promoting climate change adaptation in the City of Boston.
SPONSORS:  Councilors Wu, O'Malley, Flaherty, Edwards, Essaibi-George, Flynn, Janey, McCarthy, Zakim and Campbell

WHAT: Real Estate Transfer Tax
DATE:  Tuesday, March 19^th
TIME:  2:00 p.m.
Docket #0187 - A hearing regarding a petition for a special law re: An Act Authorizing the City of Boston to Establish an Investor and Commercial Properties Transfer Fee.
SPONSORS:  Edwards, Janey, Wu, Ciommo, Essaibi-George, Flynn, Garrison, O’Malley, Zakim and Campbell

Find out what BOMA Boston is offering this spring! 

ENews Features include:
BOMA MAC TOBY Winners!
BOMA Benefit
Save the Date for Upcoming Events 
Winter 2019 Education - BOMI and more
BOMA Membership Renewals
New Members
BOMA International Events

Read the March 2019 ENews

The Greater Boston Real Estate Board Scholarship has been established to provide scholarships ranging from $500 to $5,000 to graduating high school seniors who reside in Boston or the Greater Boston area.

This scholarship will be guaranteed for two years.  Applicants will be evaluated on the following criteria:

• Demonstrated Academic Achievement
• Leadership Experience and Extra-Curricular Involvement
• Demonstrated Financial Need
• Short Answer Response and Essay Response

In order to apply for this scholarship you MUST:

• Be a class of 2019 graduating high school senior
• Reside in Boston or the Greater Boston area (click here again to check to you live in this region) or see the list below:

Acton, Arlington, Ashland, Avon, Bedford, Bellingham, Belmont, Boxboro, Brookline, Burlington, Cambridge, Canton, Chelsea, Concord, Dedham, Dover, Everett, Foxboro, Framingham, Franklin, Holliston, Hopkinton, Hudson, Lexington, Lincoln, Malden, Mansfield, Maynard, Medfield, Medford, Medway, Melrose, Millis, Milton, Natick, Needham, Newton, Norfolk, Norwood, North Reading, Randolph, Reading, Revere, Sharon, Sherborn, Somerville, Stoneham, Stoughton, Stow, Sudbury, Wakefield, Walpole, Waltham, Watertown, Wayland, Wellesley, Weston, Westwood, Wilmington, Winchester, Winthrop, Woburn, and Wrentham. 

• Submit a 2019-2020 FAFSA
• Be a U.S. citizen or permanent resident

Find out what BOMA Boston is offering this winter! 

ENews Features include:
February Networking Night
BOMA Benefit
Save the Date for Upcoming Events 
Winter 2019 Education - BOMI and more
BOMA Membership Renewals
New Members
BOMA International Events

Read the February 2019 ENews

Elevator Inspections:  Overtime Update

Artilce Courtesy of: Inman News
By: Berince Ross

Trying to dodge the flames? Keep these strategies in your pocket

Have you ever encountered a “dragon” in one of your deals? They come in many different varieties — the persnickety business manager or CPA, the testy attorney, the nit-picking inspector, the appraiser who doesn’t know the area, the helicopter parent or the “white knight” agent who insists on making decisions for their client.

If you find yourself facing a dragon, here’s how to tame it and keep from getting burned.

1. The persnickety business manager or CPA
For those agents who work the luxury market, one of the most disheartening things their multi-million dollar client can say is: “Here’s my business manager’s phone number — he’ll be writing an offer for us on this house.”

Taming strategies: If you’re dealing with a CPA or business manager, just know these people love the numbers. While your luxury client only cares about whether they like the house, the dragon wants the data. Keep this dragon happy by feeding it plenty of details from the following sources:

- Property reports from NARRPR.com.

- Automated valuations: Along with your personal comparative market analysis (CMA), include the valuations from Homesnap, realtor.com, Zillow or from your local multiple listing service (MLS) if available. These tools are free.

- Numbers people are usually interested in absorption rates (i.e. months of inventory on the market). When there are five or fewer months of inventory, you are in a seller’s market with increasing prices. Six or seven months is generally a flat or transitioning market. Eight months or more is buyer’s market with declining prices. This data is normally available through your local MLS.

- To really make the numbers dragon happy, use Weiss Analytics, which allows you to add comparable sales to their algorithm. If the dragon disagrees with your price, enter the dragon’s price estimate and the algorithm will incorporate it into its valuation.

2. The testy attorney
Dealing with attorneys is challenging. Some are extremely knowledgeable about real estate law and you’re thankful to have them in your deal as an ally. Then there are those who think they know more than everyone and are out to prove it. Others will insist on rewriting your contract or that you use a contract they have drafted to write your offer. The worst of the lot are those who dissect every minuscule detail in order to drive up their fees.

Taming strategies:

- Today’s affluent clientele expect you to have expert knowledge of the latest luxury industry data and trends READ MORE
To avoid having to fight this dragon, provide him or her with copies of the key transaction documents at the beginning of the process. This includes the purchase agreement, the agency disclosure, mandatory inspection disclosures, plus any other documents typically used in your state or local area. If the dragon has issues, it’s best to surface them up front as opposed to fighting him or her during a multiple-offer situation.

- If your market is experiencing multiple offers, explain that properties are often going over asking price. Provide comparable sales if necessary. Then ask: “If we end up in a multiple-offer situation, how would you like me to negotiate it on your behalf?” If the attorney doesn’t get the urgency in the situation, be prepared for your buyers to miss out on a house or two before they decide to do something about the situation.

- When this dragon starts breathing flames and you know the dragon is wrong, contact the legal hotline hosted by your state association of Realtors for advice. Next, share what you discovered. Even the most difficult attorney will usually listen to the expert attorneys who handle these calls.

- For title issues, most title companies have an attorney or a title advisory officer who can help you sort through the issues and speak to the dragon if necessary.

-Other resources include your office manager, broker and/or company attorney.

- Don’t try to win. Instead, always remind your clients and their attorney that it’s their house, it’s their mortgage and it’s their decision. My role is to be a conduit of information to help you and your clients make the best decision possible.

3. The helicopter parent
The helicopter parent has always tried to control their child’s life and they’re not about to quit when their child is buying a house. In fact, they may not even want their child to leave the nest. If the parent is a detail-oriented person, use the strategies above to calm the flames. If not, here’s what else you can do.

Taming strategies:

- It’s important to determine whether your clients and their parent(s) have a strong, supportive relationship or whether that relationship is contentious. In either event, always keep emphasizing your role as a conduit of information — it’s up to them to work out the decision.
- Assuming that the parent and child have a good relationship, you can make the parent feel as if you and their child are in sync by mirroring and matching the child’s body language. For example, if the child crosses their arms, cross your arms. If the child says, “What a beautiful view,” respond by saying, “It is a beautiful view, isn’t it?” You’re much less likely to receive pushback from the helicopter parent if they perceive that you and their child are in alignment with each other.

4. The nit-picking inspector
While most inspectors are reasonable, every so often you will draw one who cites not only actual issues, but fails to differentiate between needed repairs vs. what is preventative. Worse yet is the inspector who claims there is an issue when there is no issue. Normally, you will not meet this dragon face-to-face, so you won’t be able to tame it. You can, however, put out the flames.

Taming strategies:

- To minimize any burn damage, educate your buyer prior to the inspection about what is normally covered on inspections vs. what is preventative and not covered.

-Also explain that it is OK to ask for more on the inspection report as a strategy to obtain as many concessions as possible. Warn them, however, making too many demands can cost them the deal.

- Explain the benefits of taking a credit for the repairs, i.e., that you can choose your own contractors and be sure the job is done to your satisfaction.

- If the size of the transaction merits it, purchase a one-year home warranty for your buyers. Check with the title officer/escrow closing the transaction to determine if the cost of the warranty can be deducted prior to your commission being disbursed. This means less hassle at tax time and less income to report on your 1099.

5. The white knight agent
“White knights” are agents who decide they are the decision-makers in the deal, not the clients. You can spot these dragons when they say things such as, “I would never let my clients take an offer that low!”

Taming strategies:

- Taming this dragon requires finesse, because you may find yourself negotiating with this individual in the future. Many of the strategies above can be adapted to fit the white knight. When this dragon starts making statements that are wrong, bring in your manager, call the legal hotline and/or get opinions from people who are experts.

- If the dragon tells you that your price is too low, request permission from your buyers to tell the listing agent the following: “My buyers have asked me to have the offer presented without any commentary from you (the listing agent) or me — they really want straight feedback about the buyer’s response. Is that OK with you?”

- The next time you bump into a dragon in your deal, be the one who calms the flames and gets the deal done.

Bernice Ross, President and CEO of BrokerageUP (brokerageup.com) and RealEstateCoach.com, is a national speaker, author and trainer with over 1,000 published articles. Learn about her broker/manager recruiting program, new agent sales training, and her membership program that includes podcasts, videos, and the Office-Meeting-in-a-Box program at BrokerageUp.com.

• GBREB Member Advisory

• Massachusetts Association of REALTORS® Q&A