Amy Gregory, the Chief Administrative Officer/President for Florida Agency Network, is featured in the February 2020 edition of American Land Title Association's (ALTA) "Title News."
In the article entitled "Finding the Diamonds in the Rough", Jeremy Yohe, Vice President of Communications for ALTA, highlights recruitment in the title insurance industry. Yohe explains how Gregory got her start in the title industry and the progression of her career.
The article goes on to explain what recruits are looking for from future employers and eight characteristics it takes to succeed as a title agent.
It’s the season of love, and what better way to celebrate than with gifts? We’re not talking the boring chocolates and flowers type of thing. No, no, no! Home is where the heart is, so why not focus on a gift for a home?
We’ve come up with a shopping guide that includes unique – and quirky – gifts to get for someone you love, especially if that someone is yourself!
One of our favorite past times is singing the wrong lyrics to songs. Why not spread the joy alongside house guests with these Mistaken Lyric Coasters?
Take “Suzy/Sam Homemaker” to the next level with this Automatic Pan Stirrer with Timer. Never worry about continuously stirring the sauce and free up your hands to prep other items for your recipe. Or, go ahead and get back to your Netflix binge while the sauce cooks. (We won’t be held liable for any burnt sauces, though.)
Nothing says “I love Florida” more than Florida-themed embroidery. This botanical creation shows others the pride you or your loved one has for the State of Florida. And, it gives the opportunity to explain that not everyone in Florida is like “Florida Man.”
First-aid kits? No, you need The Worst Case kit. (Well, keep the first-aid kit too!) This carefully crafted survival kit is everything someone would need if there were ever a zombie apocalypse, an opportunity to be on Survivor, or you find yourself up THAT creek without a paddle.
Ever wanted to be wrapped like a burrito and left alone on the couch for a few hours? Well, now you can! Take Taco Tuesday to the next level in a Burrito Blanket. With micro-fiber fleece, this blanket will keep you or your loved one warm and cozy!
Because who doesn’t want a shirtless oil painting of Jeff Goldblum contemplating life while surrounded by dinosaurs?
Yeah, Baby Yoda is cute and all. But, have you seen a Swarovski Crystal Master Yoda figurine? Step up you or your loved one’s Star Wars collection with this classy Jedi Master.
If you’ve been living under a rock, you probably haven’t heard the latest buzzword in the real estate industry: iBuyer. Even if you have heard about it, you may still have some questions or concerns.
What is an iBuyer? Is it the right choice for sellers? Are iBuyers taking over real estate agents’ jobs? I-Buy who?
No fear! We’ve gathered all the information you and other real estate agents need to know about iBuyers.
WHAT IS AN IBUYER, & HOW DOES IT WORK?
iBuyer services take a modern, technology-based approach to the real estate market and those looking to buy or sell homes. iBuyers use a strategy similar to companies like “We Buy Ugly Houses” by giving you the option to sell your home quickly for cash. However, unlike the “We Buy Ugly Houses” approach, iBuyers focus on homes in good condition. Typically, an iBuyer isn’t looking to flip a property or take on anything that needs extensive repairs.
To get started with iBuyer, a seller visits the website, plugs in the address of the home to be sold, and fills out a questionnaire about the property. Within 24 -48 hours, the seller receives an offer on the home. iBuyers base these offers on technology like the automated valuation model (AVM) to get the quickest “comps” for the property. From there, a seller can decide to move forward with the iBuyer and set a closing date.
PROS TO USING AN IBUYER
According to realtor.com data, the median home spends 58 days on the market. However, selling to an iBuyer can take only a handful of days (or longer if the seller prefers). This arrangement would be ideal for an out-of-state property inheritance or a sudden job change resulting in a quick change of living arrangements. It’s also perfect for sellers who just wish to have the control of the time frame. Let’s face it. Selling a home can be somewhat of an inconvenience. Between keeping your home tidy, having the listing agent come in to stage, and leaving at a moment’s notice for a showing, selling your home can become a hassle, and iBuyers can help decrease the time a seller has to deal with these stressors.
When selling with an agent, there’s a certain level of uncertainty. Potential buyers could back out for different reasons, at which point the seller and listing agent are back at square one. When selling with an iBuyer, though, transactions almost never fall through. The only problem a seller may run into is getting a lower appraisal than expected, which may result in a lower offer from the iBuyer.
CONS TO USING AN IBUYER
While convenience is nice, a seller will pay for it. Typically, iBuyers charge a service or convenience fee that can range from 6-9.5% or more. In fact, one MarketWatch study of 26 home sales to iBuyers found that these sellers average around 11% less than owners who sell to a traditional buyer. Granted, traditional home sales have the 5-6% commission fee, but a recent study from Collateral Analytics found that home sellers will pay an average of between 13% and 15% more in fees to an iBuyer than they would to a traditional listing agent.
Currently, iBuyers are in select major markets only. And while iBuyers are expected to expand, they’re not something available to every home seller. There are some iBuyers that are even more selective than others about buying homes and the condition of each home.
HOW TO STAND OUT TO POTENTIAL SELLERS
For the home seller who’s on the fence about whether to use an iBuyer, you must show them the value of using a listing agent. If a potential seller wants to get as much value as they can for their property, remind them part of that value is the expertise you bring to the process. An iBuyer can’t put a price on the beautiful ocean view or the impeccable 19th-century hardwood floors of a home, but a listing agent can and knows how to use those unique and sometimes intangible selling points.
A great agent knows the amount of work that goes in to preparing comps, creating a marketing strategy, staging the home perfectly, communicating and negotiating with potential buyers, and so much more. Communicating this value is key to putting yourself above an iBuyer.
There is something about a listing agent who’s transparent and helpful to a seller that ensures agent security. Educating your seller and consumers will help them understand the value of each option and give them the opportunity to choose what is right for them. Not every seller will want to use an iBuyer and some won’t want to use a listing agent. Every seller is unique. However, giving consumers their options builds trust with them, and it’s another point on your scoreboard.
What good is all this information if you can’t physically show a real-world example based on their own situation. Our free FANAgent ONE app gives agents the opportunity to compare a potential seller’s net profits with a click of a button. With the iBuyer Comparison Calculator, agents can plug in the information and calculate an instant comparison to show their seller.
FINAL THOUGHTS
New technology and processes will always shake up any industry. iBuyers are simply one of these “shake ups.” As time passes, consumers will become more educated on the differences between iBuyers and traditional selling techniques, and not every seller will want to use an iBuyer.
Remember these words: DON’T PANIC.
iBuyers, such as Opendoor, Offerpad, Zillow Offers, and others, are expanding into major markets rather quickly. However, iBuyer transactions make up for a small percentage of real estate transactions. In 2018, 620k homes were sold to iBuyers, compared to 5.5 million homes sold without iBuyers. In fact, Rob Barber, CEO at ATTOM Data Solutions, a nationwide property database, predicts iBuyers will only account for about 15% of the real estate transactions in the long run.
So, don’t panic! There is still value and will always be value in a seller hiring a listing agent.
What’s one way you can communicate the value of using a listing agent today?
Florida Agency Network (FAN), a conglomerate of independent title agencies, settlement service providers, and innovative technology companies within the State of Florida, announces a new partnership with Notarize to perform remote online notarization within the FAN title insurance offices. This partnership marks a historic shift in the title industry and how it handles the ever-changing needs of the consumer. FAN is the first title insurance operation in the nation that will leverage the Notarize platform to perform their own remote online notarized closings, using its own title agents and notary closers.
The partnership was announced on stage in front of 300 attendees representing 200 companies at Notarize’s conference, REWIRED, in Miami this week.
“Today, we couldn’t be more excited to announce that Florida Agency Network will be the first company to leverage what we’ve built at Notarize and perform their own closings on our platform,” said Notarize Founder and CEO Pat Kinsel. “The real estate industry is ultimately local, and we’ve heard from title companies and closing agents that they want to be able to use this technology to deliver a better closing experience. What the industry has been asking for over the last four years, today, is becoming a reality.”
Since meeting Pat Kinsel, CEO and Adam Pase, COO of Notarize, in June of 2017, Aaron M. Davis, CEO of Florida Agency Network, knew working together would evolve into a broader partnership over time. What started with achieving Florida’s first fully digital closing, expanded to a much larger-scale goal of overhauling Florida’s title insurance landscape for the better.
“We completed the first online closing in the state of Florida in 2018 and have done hundreds with Notarize since,” said Davis. “By being the first partner to work with Notarize on a platform to help our title agents use this technology to perform their own closings, we’re changing the title industry and the way that our agents serve customers. We’ve seen first-hand the impact Notarize has had on the real estate industry, and we couldn’t be more excited to be a part of the next chapter.”
Backed by Notarize training, support, and technology, Florida Agency Network will work closely with Notarize on the development of a platform that both empowers its agents to close completely digitally, while still leveraging Notarize’s staff and notaries during off-hours, weekends, and for added assistance during heavier volume closing days.
Closing on your new home can be both exciting and confusing. There are many factors to consider throughout the process. One item to consider is how you’ll hold the title of your new Florida home. Buyers can easily overlook this detail during the closing process, which can be detrimental if you decide to sell your home.
Your title agent can answer general questions or direct you to their real estate attorney to provide more information and answer questions. Here are the ways for you to hold title to real estate in Florida:
For a single, unmarried home buyer, this option is the most popular way to hold the title to their home. It’s simple and straight forward. It just means the title will be held solely under their name. Married individuals can hold title as sole ownership as well. For example, with an investment property, one individual may not want any ownership in the property. In this case, that spouse will have the Deed drafted for the property showing only one person holding the title. With this option, you may not receive any special tax breaks or other advantages of holding title in sole ownership. If the sole owner dies, any property held this way may be subject to probate court proceedings, which cost money and takes time.
With this option, each spouse owns an equal portion of the property for as long as they are both alive and legally married. Each spouse’s interest passes to the other upon death. This option also has some level of protection, in that a judgement against one spouse may not attach to the property.
Each tenant owns an undivided pro rata share of the property and must take ownership at the same time. Also, each tenant will have a right of survivorship, so if one of them passes away, their share will transfer to the surviving tenant (or tenants). The will of the tenant who passed away has no impact on the joint tenancy property. Joint tenancy also allows the surviving tenants to avoid probate expenses and delays when one of the tenants dies. The surviving tenants need to record an affidavit and provide a death certificate to clear the title
If there are two or more buyers, the individuals can opt to hold title as tenants in common. Tenancy in common is a popular option for individuals who aren’t married or are investors, friends, or family. As tenants in common, each tenant (individual) owns a certain percentage of the property, typically equal shares among the owners. In the event any owner should pass, their interest will vest in their estate or heirs at law. Their interest will not pass to survivors. The property will be subject to probate court expenses and delays.
Choosing the most beneficial way to take title is often overlooked by buyers. However, this step is critical to your closing transaction and situations later down the road.
It’s crucial to speak with a real estate attorney when deciding how to hold title on your Florida real estate property. We have in-house attorneys with years of experience in Florida real estate. By choosing to close with any of Florida Agency Network’s title agencies, you and your agent have access to those attorneys, and many more resources throughout your closing transaction.
At this year's ALTA ONE conference, Amy Gregory, Chief Administrative Officer/President of Florida Agency Network, was awarded the Our Values We Protect Award.
The award was given during ALTA ONE, the largest annual event for the land title insurance industry, held on Oct. 22-25 in Austin. The award is one of three awards given to industry members who exemplify core ideals adopted within the association:
Amy is always trying to look for ways to help protect our clients from cyber fraud. She has direct contacts at the U.S. Secret Service to help lend a hand when a case arises and has hosted events where a U.S. Secret Service Agent came in to discuss ways to prevent fraud. Going one step further, Gregory earned her Certified AntiMoney Laundering Specialist (CAMS) designation to help become a strong resource for other customers, and she is one of the few that have this designation in the nation.
“With decades of experience, I have seen a vast amount of change and new threats that did not exist years ago,” Amy Gregory said. “We have made it our mission to protect our clients and company, and to create an environment of continuous improvement and awareness. I am truly honored to receive this award.”
“The ‘We Protect Award’ is a significant award, given the current landscape of threats in our industry,” said Andrea Somers, Compliance Officer for the Florida Agency Network. "Amy is committed to providing a safe environment for customers by constantly challenging our teams to be vigilant and search for ways to improve our processes. She truly goes above and beyond in everything that she does."
“We Lead, We Deliver and We Protect reflect the universal values of ALTA members,” said Robert J. Grubb, Cofounder of Alliant National Title Insurance Co. and Vice Chairman of Presidio ATC Holdco LLC. “These values are at the core of who we are and how we operate every day. The Our Values Awards recognize the most extraordinary efforts in a profession full of extraordinary professionals who work hard to protect the long-term interests of their customers. The awards allow us to recognize those in our industry who raise the bar, inspiring the rest of us to do the same.”
While iBuyer programs may offer convenience, it doesn’t equate to more money in your pocket. Consumers must be AWARE.
On Monday, October 21, Zillow launched "Zillow Offers" as a new way for consumers to sell their homes. The technology allows a consumer to go onto the APP, answer some questions about their home, and receive an instant cash offer.
But is it really the best way to sell a house?
10Investigates' Courtney Robinson spoke to Joe Locicero, owner of 54 Realty and the Zillow agent for the Tampa Bay area. Robinson also had our very own Aaron Davis weigh in on what's to come of future iBuyer technology.
"While it takes away stress and offers sellers convenience, there is a cost. On average, sellers pay a 7 percent fee. Traditional real estate agents charge between 5-6 percent," Robinson advises.
To read the full story and learn the pros and cons, click HERE.
As technology progresses, title agents must stay up-to-date on trends and advancements – or risk getting left behind. At FAN, we have embraced the digital age and are helping title agents across the State of Florida learn the ins and outs of title closings in this digital era.
Earlier this month, our CEO, Aaron Davis, led a presentation at a conference for licensed title agents at the Gaylord Palms Conference Center in Orlando with the aim of providing resources for title agents to get ahead of the game on upcoming legislation and the changes that will soon sweep the industry.
At the conference, attendees enjoyed learning more about the various types of eclosings available. They were also educated on the different types of eClosings, including hybrids, in person, and RON, or Remote Online Notarization, and discussed numerous digital closing topics, such as:
The attending agents were able to earn CE credit as a result of their participation and are now better prepared to transition into the era of eClosings and remote online notarization.
How are you and your team preparing for the upcoming legislative changes? Are you prepared to offer eClosings and accommodate closers who wish to utilize RON during their closing process? If not, you can now request a course from FAN to better prepare you and your agents before the New Year. Email us now to find out more information or to schedule your course.
As a real estate agent, leads never take a day off. September is Realtor Safety Month, and we want you to keep safety a priority when meeting with potential leads & clients. According to the National Association of REALTOR® 2018 Member Safety Report, 33% of real estate professionals experienced a situation that made them fear for their safety. Do not become complacent with your safety!
Above all else, trust your instincts! If something doesn’t feel right do not hesitate to cancel a showing, open house or meeting.
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