Mapping-Tools-in-Matrix-

NTREIS Phasing Out Areas and Subareas

Over the next few months NTREIS users will be experiencing the phasing out of areas and subareas. NTREIS is rebuilding the Matrix system to be in compliance with the Real Estate Standards Organization (RESO) data dictionary. Through this process, the area/subarea fields will not be included. The decision was made over two years ago to remove areas and subareas. The reasons for doing so are many:

  • Area boundaries are subjective; some are school boundaries which change, others are neighborhood or street boundaries.
  • Area identifiers are not useful to consumers.
  • The vendor that updated the geo boundaries for our area maps is no longer available for that service.
  • Subjective area boundaries can be likened to the “redlining” maps of old and any suggestion of discriminatory steering has no place in the future of this industry.

NTREIS has been encouraging the use of the digital mapping layers and custom shapes for searches—consumers have become comfortable with digital mapping and agents should use the same tools their customers use. However, many of NTREIS statistics were based on area identifiers and they are embedded in several tools, so it has been a long processes to get to the point where they can be phased out.

The steps to be taken over the next 60-90 days are:

  • Texas A&M has been using other geo identifier in working with statistics for the Texas REALTORS® Data Relevance Project.
  • The area breakdowns will be removed from the NTREIS statistical reporting.
  • NTREIS Trends will be removing the Area criteria option for creating reports.
  • Area/Subarea fields are being removed from IDX data feeds and we are working with those vendors for Broker tools.
  • Any remaining NTREIS products that use Areas in search criteria are in the process of removing those.
  • Notifications to users will be sent out notifying them that they need to remove that search criteria from saved searches.
  • Area/Subarea will be removed from the Realist auto-pop.
  • Area/Subarea will be removed from the input screen and displays.

Make sure to join Annette Carvalho-Jordan, VP/Real Estate Technology Trainer, for our Mapping Tools in Matrix class on January 12th. In this class, we will explore all the map tool functions in Matrix so you can create powerful searches for your clients who want to live in specific neighborhoods, near points of interest or certain distances to where they work.

Courtesy of MetroTex Association of Realtors

Real-Deal-New-Agent-Series-Blog

The Real Deal: Your Best Year Ever Class Series

Our popular The Real Deal New Agent Class Series is back for 2022, and this time the theme is “Your Best Year Ever”. This series is a special group of classes specifically designed for agents who have been licensed less than one year, and are just starting out and building their businesses from the ground up. We will discuss five areas that new agents need to know in order to plan a successful year and move you forward to be a better REALTOR® to your clients.

The Real Deal – Your Best Year Ever: Planning for Success
In this first class of our newest Real Deal series, Janet Allen & Shaun Neidigh will discuss promoting yourself, creating your vendor team, and laying out your business plan for the year. Learn how to make your plans actionable so you can hit the ground running into your best year ever.

The Real Deal – Your Best Year Ever: Mastering the Deal with Your MLS Dashboard
In this class we’ll explore the NTREIS MLS Dashboard and you’ll learn about all the vital tools that can help grow your business and some basic tips on how to get started.

The Real Deal – Your Best Year Ever: Mastering the Contract
This class will cover the basics of the Contracts and Addenda you’ll need to submit each time you write an offer. We will walk through the TREC 1-4 Family Contract and learn about the parts that can make or break your offer so that you can be prepared to write the strongest contracts possible for your clients.

The Real Deal – Your Best Year Ever: zipForm® & Digital Signatures
In this class we’ll take a look at the technology tools that enable real estate agents to quickly and efficiently create digital transaction files, complete and fill in contract details, attach documents and even get them electronically signed by buyers, sellers and other parties involved in a real estate transaction.

The Real Deal – Your Best Year Ever: Bring It All Together – Resources & Marketing Tools
In this class, you’ll discover the tools and resources that will make you a valuable resource to your clients. Learn about some of the best marketing resources available to real estate agents for marketing your personal brand and your business.

To see a current list of available classes and to register, please visit www.republictitle.com/residential-education.

Understanding-PIDS

Understanding Public Improvement Districts (PIDs)

Dr. Blake Bennett – Associate Professor & Extension Economist, Texas A&M AgriLife Extension Service

Public Improvement Districts (PIDs) are becoming more prevalent across Texas. Given recent changes to real estate transaction notice requirements, a firm understanding of PIDs, their benefits, and how they impact the real estate transaction is vital to the success of real estate professionals. A brief description of PIDs and requirements for notice is discussed below.

What is a PID?
A PID stands for Public Improvement District and represents a partnership agreement between a city and private sector. PIDs provide specific property owners with additional services from the city. The property owners can include any type of property (residential, commercial, retail, etc.). The additional services are paid for by PID assessments on the property within the district and can include security, common-area maintenance/cleaning, district promotion and landscaping just to name a few. The city provides these services and is repaid for the additional expense through an assessment on the property within the district.

Required PID Notice
Effective 9/1/2021, sellers of property located within a PID are required to provide new statutory notice to buyers1. This notice must be given to prospective buyers before executing the contract either separately as an addendum or as a paragraph of the purchase contract, and applies to all real estate sales transactions. Prospective buyers are required to sign the notice and it must be recorded once signed.

If sellers do not provide the required notice, buyers will have the right under the statute to terminate the contract at any point prior to closing. Failure to provide the required notice prior to closing to a buyer may give the buyer a right to sue for damages under the statute, but a notice being executed at closing removes the ability of buyers being able to sue for damages. Also, sellers, title companies, real estate brokers, and examining attorneys are not liable for damages to buyers for failing to provide notice to buyers if the PID service plan was not filed by the city or county with the county clerk in accordance with the statute or for unintentionally providing a notice that is not the correct notice under the circumstances.

How to Find an Existing PID
One simple approach a realtor can take when trying to determine if a property is located in a PID is to ask the seller/client. Alternatively, PID assessment values can be found on the tax notice if the tax collector is collecting the PID assessments. The information may also be obtained by contacting the city or looking on the city’s website.

Benefits of a PID
PIDs can provide very valuable services for the properties within the district. Some specific examples include:

  1. The Lake Highlands Public Improvement District of Dallas is supplementing the Dallas Police Department services with off-duty Dallas police officers in the area2.
  2. The Vintage Township Public Improvement District of Lubbock, Texas was created in part to provide lighting, street signs, park features, street trees and irrigation, drainage, as well as streets and alleys3.

You would think that these additional services would result in higher property tax values with an active PID; however, Central Appraisal Districts do not include a PID in their assessment of value for property suggesting there may be a difference in assessed and market values of property.

How Are PIDs Created?
PIDs are authorized to be created under two Texas statutes. These statutes are Subchapter A, Chapter 372, Local Government Code, and Chapter 372, Local Government Code.

To create a PID, property owners must petition the city. To qualify, owners of taxable real property representing more than 50% of the appraised property within the proposed district and either more than 50% of the property owners or owners representing more than 50% of the land area within the district must sign the petition4. The city will review a petition making sure it complies with state statues and hold a public hearing regarding the proposed PID. Within six months of the public hearing, the City Council can authorize the PID.

Is the PID a Property Tax?
A PID is not a tax on property owners. PIDs represent a special assessment. However, PIDs can work similar to a property tax because the assessment may be based on a rate per $100 of value of property. PIDs may also structure the assessment to be based on a flat rate based on the size of the property within the district.

How Are PID Assessments Paid?
Paying PID assessments vary according to the respective PID. Some PID payments are collected by the County Tax Assessor/Collector with other property taxes. Other PIDs may designate a trustee to collect the PID payments. In certain situations, mortgage companies include PID assessments within the property owner’s escrow payment and pay the assessment when ad valorem taxes are paid.

PIDs generally have a defined life span that is set at the time the PID is approved by the City Council. PID assessments can normally be paid in full at any time, or in annual installments.

Upon the transfer of ownership of a property located within a PID, assessment obligations may transfer to the new property owner for the remainder of the life of the PID.

In situations where PID assessments are not paid, the management of the PID can take legal action such as placing a lien or foreclosing on the property.

 

1 Relating to certain procedural requirements for public improvement districts and transfers of property located in public improvement districts. H.B. No. 1543. 6/4/2021.  

2 Lake Highlands Public Improvement District. “Safety.” Retrieved from: https://lhpid.org/safety/. Retrieved on 9/19/2021.

3 The Vintage Township Public Improvement District, City of Lubbock, Texas. “Service and Assessment Plan.” May 9, 2007. Retrieved from: https://www.municap.com/texas-docs/Vintage/Vintage%20PID-%20Service%20and%20Assessment%20Plan%20(Original).pdf. Retrieved on: 9/19/2021.  

Real-Deal-New-Agent-Series-Blog

The Real Deal Part 4: Winning More and More Deals

We are excited to introduce our new series for new real estate agents called The Real Deal. You are not going to want to miss this information-packed series. This class will be taught by Janet Allen and Shaun Neidigh and will cover lead generation, winning listing appointments, prospect and client follow-up and more.

The Real Deal New Agent Class Series is a special group of classes specifically designed for agents who have been licensed less than one year, who are just starting out and building their businesses from the ground up. We will dive into five of the most important areas that new agents need to know about to help you establish your business and be a better REALTOR® to your clients.

To register for The Real Deal series visit our website: We are excited to introduce our new series for new real estate agents called The Real Deal. You are not going to want to miss this information-packed series. This class will be taught by Janet Allen and Shaun Neidigh and will cover lead generation, winning listing appointments, prospect and client follow-up and more. The Real Deal New Agent Class Series is a special group of classes specifically designed for agents who have been licensed less than one year, who are just starting out and building their businesses from the ground up. We will dive into five of the most important areas that new agents need to know about to help you establish your business and be a better REALTOR® to your clients.

To register for The Real Deal series visit our website: https://www.republictitle.com/residential-education/

Real-Deal-New-Agent-Series-Blog

The Real Deal Part 3: Writing the Deal – Contracts

We are excited to introduce our new series for new real estate agents called The Real Deal. You are not going to want to miss this information-packed series. The 3rd class in this series is Writing the Deal – Contracts. Scott Rooker, Residential Counsel with Republic Title, will be teaching this class and will be covering the Contracts and Addenda you’ll need to submit each time you write an offer . You are not going to want to miss this!

The Real Deal New Agent Class Series is a special group of classes specifically designed for agents who have been licensed less than one year, who are just starting out and building their businesses from the ground up. We will dive into five of the most important areas that new agents need to know about to help you establish your business and be a better REALTOR® to your clients.

To register for The Real Deal series visit our website: https://www.republictitle.com/residential-education/

Real-Deal-New-Agent-Series-Blog

The Real Deal Part 2: Making the Deal with Lenders

We are excited to introduce our new series for new real estate agents called The Real Deal. You are not going to want to miss this information-packed series. The second class is all about Making the deal with Lenders. Shaun Neidigh will be teaching you all about Buyers and pre-qualifications, Loan Estimates, The mortgage process, And the Closing Disclosure,

The Real Deal New Agent Class Series is a special group of classes specifically designed for agents who have been licensed less than one year, who are just starting out and building their businesses from the ground up. We will dive into five of the most important areas that new agents need to know about to help you establish your business and be a better REALTOR® to your clients.

To register for The Real Deal series visit our website: https://www.republictitle.com/residential-education/

Real-Deal-New-Agent-Series-Blog

The Real Deal: A Class Series for New Real Estate Agents is Back!

We are so excited to be bringing back our series for new real estate agents called The Real Deal! You are not going to want to miss this information-packed series. The Real Deal new agent class series is a special group of classes specifically designed for agents who have been licensed less than one year, who are just starting out and building their businesses from the ground up. We will dive into five of the most important areas that new agents need to know about to help you establish your business and be a better REALTOR® to your clients.

Register now at republictitle.com/residential-education

This five part class series includes:

Mastering The Deal With Your MLS Subscription – In this class you will learn MLS basics including understanding the dashboard, the vital tools available to grow your business and tips to better help your clients.
Date & Time: Tuesday, August 17th @ 10:00 am on ZOOM
Instructor: Annette Carvalho-Jordan, VP/Technology Trainer for Republic Title

Making The Deal With Lenders – Dive in to the basics of lending such as pre-qualifications, loan estimates, the mortgage process and the Closing Disclosure (CD).
Date & Time: Tuesday, August 24th @ 10:00 am on ZOOM
Instructor: Shaun Neidigh, VP/Business Development at Republic Title

Writing The Deal – Contracts – We’ll cover the Contracts and Addenda you’ll need to submit each time you write an offer along with an overview of the digital tools you’ll need to write and send them.
Date & Time: Tuesday, August 31st @ 10:00 am on ZOOM
Instructors: Scott Rooker, VP/Residential Counsel for Republic Title

Winning More & More Deals – This class will cover lead generation, winning listing appointments, prospect and client follow-up and more.
Date & Time: Tuesday, September 7th @ 10:00 am on ZOOM
Instructor: Shaun Neidigh, VP/Business Development at Republic Title

Closing The Deal, The Title Process – The big day is here! In this class you will learn about the entire title process including title insurance, the title commitment and what to expect at closing.
Date & Time: Tuesday, September 14th @ 10:00 am on ZOOM
Instructor: Janet Allen, Sr. VP/Business Development at Republic Title

Register now at republictitle.com/residential-education

Real-Deal-New-Agent-Series-Blog

The Real Deal Part 1 – Mastering the Deal with your MLS Subscription

We are excited to introduce our new series for new real estate agents called The Real Deal. You are not going to want to miss this information-packed series. The first class is all about mastering the deal using your MLS subscription. Annette Carvalho-Jordan will be teaching you all the ins and outs of MLS including understanding the dashboard, the vital tools available to grow your business, and tips to better help your clients,

The Real Deal New Agent Class Series is a special group of classes specifically designed for agents who have been licensed less than one year, who are just starting out and building their businesses from the ground up. We will dive into five of the most important areas that new agents need to know about to help you establish your business and be a better REALTOR® to your clients.

To register for The Real Deal series visit our website: https://www.republictitle.com/residential-education/

Fair Housing Awareness

Fair Housing Awareness in a Strong Sellers Market

Next up is the third and final video in our series on navigating a strong seller’s market where we discuss those buyer “love letters” that sometimes accompany contracts in a multiple offer situation.
 
Key takeaways:
– They can bring legal trouble to the seller
– Selling agents should let buying agents know that they will not accept them
– There are similar implications that sellers need to be aware of in regards to home surveillance systems in the home that are recording during showings
 
For the first and second videos in this series and other informative real estate and title videos, visit our YouTube page at youtube.com/republictitle
 
For more information or to get in contact with your Business Development Representative at Republic Title visit: https://rttprod.wpengine.com/residen​​… To download our top resources to boost your business visit: https://rttprod.wpengine.com/residen​​… SUBSCRIBE to the Republic Title YouTube channel: https://www.youtube.com/c/republictit​​