Beyond Her Years
is AREAA’s Youngest Leader Ever,
and that’s a Good Thing Winter 2017
The Commercial Brief: FDI / Invisible No More / Pets of AREAA! / Travel Jordan with the Bohemian Vagabond
Last year, foreign buyers spent
$235 BILLION on U.S. properties
$103 BILLION RESIDENTIAL
$132 BILLION
According to NAR’s 2016 Profile of International Activity in U.S. Residential Real Estate
COMMERCIAL According to Real Capital Analytics
NAR’s resources can help you capture this lucrative clientele: NETWORK
EDUCATION
RESOURCES
3,000 Certified International Property Specialist designees
Certified International Property Specialist designation
NAR Research on international buyes and sellers
5,000 International REALTORS®
At Home With Diversity certification
Realtor.com/international translates listings
Cooperating Associations in 66 countries President’s Liaisons to each country
Stay connected! realtor.org/global narglobe@realtors.org 1.800.874.6500
W I N TE R 2 017
Vo l u m e 8 , I s s u e 4 ON THE COVER: Angie Lee, AREAA's youngest leader ever. Photo courtesy of Angie Lee. 26
F E AT U R E S 26
Beyond Her Years: Angie Lee Known for her relentless work ethic and “can do” attitude, Angie Lee may be young, but she’s earned the respect of her predecessors. So much so, in fact, that 2014 National Chairman Ivan Choi personally penned this article about our new National President. By Ivan Choi
32
32
Traveling with the Bohemian Vagabond: Jordan Our resident globetrotter is at it again. This time Jacki Ueng takes us to the deserts of Jordan in search of adventure, history, and a little R&R.
20
National Convention in Pictures The 2016 National Convention was truly Like No Other! Take a trip down memory lane with us in this pictorial recap of the conference. Who knows, maybe you’re in one of the pictures! Photos by Ken Jacques
4
WINTER 2017
20
o rg a sF l W l e NEom W fr y l on
yourFirst Mortgage
SM
A better fixed-rate option for first-time homebuyers in your community With a down payment as low as 3% and the opportunity to earn a lower interest rate
We’re committed to building communities through homeownership. Our goal is to help customers buy a home of their own – and stay in it for years to come. That’s why we’re extending a unique opportunity When buyers complete a homebuyer education or counseling course and their down payment is less than 10% — they can reduce their mortgage interest rate. Talk to a home mortgage consultant about loan amount, type of loan, and property type eligibility requirements. Keep in mind — mortgage insurance will be required which increases the cost of the loan and will increase buyers’ monthly payments. I’ll explain the options available, so they can choose what works for them.
Even if your clients aren’t buying their first home, this program is available to them.
We’re here to help
Buyers in your community can count on us every step of the way. We’ll put our local knowledge and experience to work for them.
diversesegments@wellsfargo.com Information is for real estate professionals only and is not intended for distribution to consumers. Information is accurate as of date of printing and is subject to change without notice. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N. A. © 2016 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801.AS2591580 Expires 11/2016
36
40
42
CONTENTS 12
The Commercial Brief
36
In a new feature, a | r | e taps into some of AREAA’s brightest commercial real estate minds to discuss the issues and trends shaping the industry. In the first edition, AREAA Commercial Chair Eugene Wang outlines the impact of foreign direct investment (FDI) on the market.
18
Invisible No More AREAA’s No Other Campaign made quite the splash in 2016. Let’s talk about what it means going forward. By Scott Berman
6
WINTER 2017
Pets of AREAA A new feature that’s sure to put a smile on your face, a | r | e wants to introduce your furry (or feathered!) family to the AREAA Nation! In our first piece, Executive Director Hope Atuel’s pug Pooka tells us a little about what life is like inside the AREAA HQ.
38
Tech Talk with Rob Mehta Branding and marketing guru Rob Mehta outlines how to create an effective business plan to make 2017 the best year of your real estate career.
40
In My Neighborhood Freshly minted AREAA Greater Denver Chapter Dyllan Nguyen takes us to Cherry Creek in Denver, CO, to talk about what makes this neighborhood such a treasure in the Mile High City.
42
East Meets Westt AREAA Manhattan’s annual mega-event, East Meets West, was recently held at the Roosevelt Hotel in New York, New York. a | r | e got in the Empire State of Mind to look at one of the largest chapter events held each year.
ADVERTISERS
15
D E PA RT M E N T S 10
Letter from the Editor Executive Director Hope Atuel talks about what 2017 has in store for the Association.
15
www.areaaglobal.com
Page 37
AREAA Global + Luxury Summit
www.areaa.org/summit
Page 14
AREAA National Policy Day
www.areaa.org/policy
Page 31
Bank of America
mortgage.bankofamerica.com
Bank of America
www.bankofamerica.com/downpaymentcenter
Page 11
Citibank
877-287-1433
Page 9
Gina Duncan, Fine Island Properties
www.YourMauiRealEstate.com
Page 13
Perry Martin, RE/MAX 1st Choice
www.eRealEstateAgent.net
Page 13
National Association of REALTORS® Global
www.realtor.org/global
Page 1
RE/MAX
theremaxcollection.com
Page 11
RISMedia
www.rismediacontentsolutions.com
Page 11
Wells Fargo Home Mortgage
diversesegments@wellsfargo.com
Page 5
Inside Front Cover
a / r / eats! a | r | e ’s Jacki Ueng shares one of her favorite recipes, traditional Beef Noodle Soup.
16
AREAA Global
Mastering Fundamentals Geo-farming is an important aspect to managing a successful and continuous stream of business in real estate, especially for those just starting out. a | r | e breaks down how to set up a farm that yields a great harvest (of clients!).
Contact PRAVEEN SHARMA to find out about ADVERTISING OPPORTUNITIES:
a-r-e@prveen.com | 951-514-1053 WINTER 2017
7
WINTER 2017 Vo l u m e 8 , I s s u e 4
ED ITOR Scott Berman
C REATIVE D IRECTOR Praveen Sharma
D ESIG NERS Jazz Miranda Paul Louly
is a publication of the Asian Real Estate Association of America (AREAA), a national nonprofit trade organization dedicated to increasing sustainable homeownership in the Asian American community. For more information visit: http://areaa.org. Š2017 by the Asian Real Estate Association of America. Reproduction in whole or part without permission is prohibited. Opinions expressed by individual authors are not necessarily the opinions held by AREAA. Interested in advertising or contributing? Contact us: Praveen Sharma ADVERTISING | a-r-e@prveen.com Scott Berman EDITORIAL | sberman@areaa.org Office: Asian Real Estate Association of America 3990 Old Town Avenue #C304 San Diego, California 92110 619.795.7873 Phone contact@areaa.org Previous issues available online at: http://areaa.org/a-r-e
For additional web-based content, please visit: www.areaa.org.
8
WINTER 2017
Someday is here. Connect with us. We make home ownership dreams come true.
Let Citibank® help put your client’s dream of home ownership within reach. Our exclusive HomeRun1 program was created to help make buying a home easier and more affordable. Plus, they’ll receive dedicated assistance from a professional Mortgage Representative, who will help guide them along the way. YOUR CLIENTS CAN ENJOY THESE SPECIAL BENEFITS THROUGH OUR HOMERUN PROGRAM: • No mortgage insurance required • Competitive interest rates • Low down payment options for eligible borrowers - 3% down on single family home loans up to $417,000 - 5% down on single family home loans up to $625,500 in certain high cost markets - 5% down on loans for condos and co-ops with loan amounts up to $417,000 or $625,500 in certain high cost markets
To learn more, please visit a Citibank branch or call 877-287-1433
Terms, conditions and fees for accounts, products, and services are subject to change. This is not a commitment to lend. All loans are subject to credit and property approval. Certain restrictions may apply on all programs. 1
HomeRun is available only in Citibank assessment areas for loans on the primary residence of borrowers who qualify and is subject to geographic, income, property, product and other restrictions. To be eligible for up to 97% financing, the property must be a single-family home with a loan amount up to $417,000. Single-family homes in certain high-cost markets with loan amounts between $417,001 and $625,500 are eligible for up to 95% financing. Condominiums and co-ops are eligible for up to 95% financing with loan amounts up to $417,000, or loan amounts up to $625,500 in certain high-cost markets. ©2016 Citibank, N.A. Member FDIC. NMLS# 412915. Member FDIC and Equal Housing Lender. Citi, Citibank and Citi with Arc Design are registered service marks of Citigroup Inc.
FROM THE
Director
...T HE “ BUIL D Y OUR NE S T ” P R OGR A M S E T T O R OL L OU T L AT E R T HI S Y E A R , I S P R O JE C T E D T O R E A CH A B OU T 3 MIL L ION MIL L E NNI A L S A CR O S S T HE C OUN T R Y, R A I S ING AWA R E NE S S A MONG MIL L E NNI A L S A B OU T T HE BE NE F I T S OF BE C OMING HOME O W NE R S .
10
WINTER 2017
2017 marks the year of the Fire Rooster. Not just any rooster, but a Fire Rooster. Individuals born with this Chinese Zodiac sign are described as an extremely strong willed and proactive. They have many leadership qualities and are excellent organizers which is always visible in their workplace. They have the ability to go very far in their workplace as long as they are able to overcome their shyness. One website predicts that the year 2017 is a year dominated by the orientation towards progress, honor and maximum integrity, people learning to temper their ardor. I hope so. This is predicted to be a year of progress. At AREAA, we have the first millennial ever to lead the organization so it’s a step towards progress! Angie Lee, a young, talented, and beautiful lady has set the tone to achieve much this year with reaching out to millennials as her top priority. I admit, it is ambitious, but the “Build Your Nest” Program set to roll out later this year, is projected to reach about 3 million millennials across the country, raising awareness among millennials about the benefits of becoming homeowners. As this magazine hits the newsstands, the team charged to deploy this program will have crafted a solid campaign to cover coast to coast. So visit our (new and improved!) website for more information on this exciting program in the future!
In this issue, we are introducing a new feature, Pets at AREAA with Pooka Atuel as the inaugural pet profiled in the magazine. Yes, Pooka is my beloved pug who has managed to win the hearts of the rest of the staff at AREAA. For those of you who remember the summer issue of 2012, Pooka is a rescue pug that wiggled her way into my heart after losing my first pug Luca to cancer in 2010. This funny looking dog who snores, snorts and passes gas is my constant companion not just at home but in the office too. She is now such a permanent fixture at 3990 Old Town Ave, Suite C304, that our mailman even knows her by name! I hope that when you visit the AREAA office, you’ll be fortunate enough to meet this precious pug – after all, she is part of the AREAA Team! Happy New Year and Happy Year of the Fire Rooster!
HOPE ATUEL AREAA Executive Director
RISMedia’s Automated Content Engagement
We Create It, We Post It, YOU Take All the Credit! Daily automated real estate content posted to your social media sites! Use code AREAA2017 for a FREE 14-Day Trial and for a limited time, just $29.95/mo. $19.95/mo.!
Visit us at ace.rismedia.com.
The Commercial Brief:
Foreign Direct Investment
T
he U.S. commercial real estate market remains a hot destination for foreign investors. According to Real Capital Analytics, cross-border capital invested in U.S. commercial real estate reached a record high of $91 billion in 2015 – led by Canada, Singapore, and China. This accounted for 17% of all deal volume in 2015. 2016 figures have not been released as of this writing but the trend of elevated foreign investment in U.S. commercial real estate should continue for the foreseeable future. Why is so much foreign capital flowing into the U.S.?
BY EUGENE WANG, CFA ...the more noteworthy trend is the substantial increase in funds flowing to other hot markets that are undergoing economic and development growth. These include Texas, Arizona, Nevada, and Georgia to name a few. 12
WINTER 2017
The major catalysts are the U.S.’s safe-haven investment characteristics and the turmoil that many other regions in the world are facing today. Although the U.S. economy is far from experiencing rapid growth, investors want to park their capital in the relatively stable U.S. market and one that remains the strongest among developed countries. Meanwhile, economies in Europe, Asia, South America, and the Middle East are generally in the midst of an economic contraction despite ultra-low interest rates. This is largely due to the end of the commodity boom cycle that began in 2009 and ended in 2013. Add in further investor turn-offs such as political turmoil, deteriorating demographics, xenophobic policies, and weak property ownership rights in some countries and it becomes clear why the U.S. is the most preferred destination for foreign money.
What areas in the U.S. are the foreign investors targeting? High-profile cities such as New York City, Los Angeles, and Chicago have historically attracted vast amounts of foreign capital
and continue to do so. These cities have dynamic, diversified economies and are the most recognizable by name - which helps boost the investors’ comfort level and sense of safety. Yet perhaps the more noteworthy trend is the substantial increase in funds flowing to other hot markets that are undergoing economic and development growth. These include Texas, Arizona, Nevada, and Georgia to name a few. Foreign investors are finding more investment opportunities in these less familiar, but growing, markets. There are only so many high-quality assets in the high-profile cities available for sale and many have already traded hands in the past few years. This lack of inventory is driving investors to look at other markets. Not only are there more investment opportunities in these less familiar markets, but the return on capital is generally greater relative to what is offered in the high-profile cities. The cost of acquiring real estate is also significantly lower which makes the market accessible to a larger pool of investors. As foreign investors establish more familiarity with these lesser known markets and are faced with diminished purchasing power from the strength in the U.S. Dollar, expect these less familiar markets to become very familiar, very soon.
PERRY MARTIN Masters Agent
2014 . 2015 . 2016
Lauderdale . Boca Raton Florida FortWellington . Delray Beach West Palm Beach ® Realtor
Direct: (954) 445-5426 TO STAY C U R R E N T AND ACCESS EXCLUSIVE DISCOUNTS, FOLLOW AREAA!
5-STAR AGENT
@areaa
www.zillow.com/profile/SouthFloridaRealtors
areaanational
WE PAY REFERRALS
Reviews & Past Sales:
/areaa.national www.areaa.org
Realtors® Commercial Alliance
Certified Distressed Property Expert®
Certified REO Specialist®
eRealEstateAgent.net
www.
perrybmartin@gmail.com
CONTACT US to find out about ADVERTISING OPPORTUNITIES
Rates beginning at $200/issue PRAVEEN SHARMA
a-r-e@prveen.com / 951-514-1053 WINTER 2017
13
Four Seasons Hotel
6
Just $399 until February 28th!
Real Estate’s Premiere Global and Luxury Event
Register Today www.areaa.org/summit
Join us in Miami, one of the most exciting markets for global and luxury real estate, for three days of education, networking, and fun in the warm Florida sun!
W I N T E R 2 017
a/ r /eats! with Jacki Ueng Travel, Food & Culture Writer at JackiUeng.com
Beef Noodle Soup is a favorite among many Taiwanese and Chinese people. It can commonly be found as street food or in cafes. There are various versions of the recipe depending on what region you are in or who's mama's house you visit. I prefer a more herbal flavor while some others prefer a more simple braised-beef broth flavor. Noodles do not discriminate between the rich or the poor, as it universally brings 'Good Luck' to all. It is especially served on holidays such as New Years, Birthdays and Weddings as a sign of 'Longevity' just as western cultures use cakes and candles to celebrate.
Ingredients: ++ 2 lbs Beef Tendon & Beef Shank (cut into 1-inch cubes) ++ 1 stalk of Green Onions (cut in 1â „2 with the white part separated from the green / the green part will be chopped to use as garnish at the end) ++ 2/3 bottle of "DouBanJiang" Broad Bean Paste (optional: use spicy version) ++ 7 Garlic cloves sliced ++ 6 Ginger quarter sliced ++ 2 Roma Tomatoes (cut into wedges) ++ 2 Rock Sugar (or 2 tsp Sugar) ++ 2 tbsp Soy Sauce ++ 1 tbsp Chinese Rice Wine (Mi Jiu or Gao Liang) ++ 8 cups of water ++ Optional: 2-3 Thai Chilis (if you like it spicier)
Directions:
1. In a large pot on medium heat: fry the Garlic, Ginger, Green Onions and Red Pepper with oil for 30 seconds, then add the herbs for another 45 seconds. 2. Add the Broad Bean Paste & Sugar - bring to a light simmer. 3. Add all the Water, Rice Wine, Soy Sauce & Tomato - bring to a boil. 4. On a separate pan, fry the Beef with oil until the outside is seared on all sides, then add the Beef into the large pot. 5. Keep on medium-low heat for 3-4 hours. Add salt at the end according to taste.
HERBS ++ 1 Cinnamon Stick ++ 3 Bay Leaf ++ 3 Star Anise
BEEF NOODLE SOUP
Shutterstock.com/Maderla
++ 10 Black Peppercorn ++ 6 Dried Red Pepper
WHEN THE SOUP IS READY: - Boil Noodles of your choice separately, then add into the bowl of soup. - SautĂŠ Bok Choy and add to the bowl. - Garnish with chopped Green Onions, Cilantro and/or Sour Mustard. WINTER 2017
15
Fundamentals
What is GeoFarming? Geo-farming is when you select an area or neighborhood on which to focus your marketing efforts in a consistent, sustained manner. Much as a farmer must tend his crops, so too must an agent tend his local farm. Below are some easy tips for choosing and servicing your own geographic farm.
Step 1
Step 3
CHOOSE YOUR AREA
KEEP A PERSONAL TOUCH
++
++
The area should be somewhere close to you, so that you’re best able to keep an eye on what’s going on in the neighborhood.
++
Marketing costs time and money, so select an area small enough that you can reach out to everyone in the farm at least once a month.
WINTER 2017
++
Try to hold as many open houses in your area as possible. Consider having an early period that’s just for neighbors. Walk around the neighborhood and personally invite neighbors to attend your open house.
++
You can also host events at a local business to raise your profile. Toy, clothing, and food drives are always an excellent choice.
Step 2
Step 4
DISTRIBUTE MARKETING MATERIALS
MAINTAIN CONSISTENCY
++
16
When selecting an area to service, use MLS to research neighborhoods with a good price point and solid turnover.
Now that you have your area to farm, what are you going to send? Recipes, sports schedules, holiday cards are all nice ways to keep your name and brand in front of potential clients, but hyper-local stats are by far the best. Give market stats or recently sold comps to position yourself as the neighborhood real estate expert.
++
None of this works if you’re not consistent. While you don’t want to saturate the neighborhood with mailers, flyers, etc., you do want to make sure you “touch” your base about once per month.
Learn about the Down Payment Resource Center A new tool to help you and your clients find programs that may help lower the cost to buy a home.
ADVERTISEMENT
By Glenda Gabriel Neighborhood Lending Executive, Bank of America
Almost half of first-time homebuyers cite affordability as one of the key reasons they have delayed the decision to purchase a home. As you may know from your own experience as an AREAA real estate professional, this one factor can be a key barrier that prevents people from becoming homeowners.1 Now you can help overcome that barrier by sharing the Bank of America Down Payment Resource Center with your clients. It’s a web-accessible tool to help homebuyers find down payment and cost savings programs that are offered by state and local housing agencies, nonprofit organizations and employers. 2 Programs on the Down Payment Resource Center may help your clients buy their own homes. The Down Payment Resource Center’s searchable database includes information about hundreds of programs that could help your clients get the assistance they need. When your clients visit the Bank of America Down Payment Resource Center, they can: • Use the online form to search for down payment and cost savings programs they may qualify for that are offered by local housing finance agencies, nonprofit organizations and employers • Review a brief description of the program they may qualify for based on the search in the online tool • Connect with a mortgage specialist to get more information and learn about their next steps Your clients will also find links to Bank of America webinars and other resources to help them become more prepared for home buying and homeownership.
It’s also a good tool for AREAA real estate professionals. The Bank of America Down Payment Resource Center gives you the opportunity to share information that was previously hard to find, in an accessible and easy-to-use way. According to findings from the second annual America at Home Survey commissioned by NeighborWorks America, 70% of U.S. adults are unaware of down payment assistance programs that are available for middle-income homebuyers in their communities. 3 The Down Payment Resource Center gives you the ability to quickly find out what programs may be available in your area. Your local mortgage specialist has access to a database of each of these programs, with details and contact information. So, if you want to get the most out of this new online tool, make an appointment with a Bank of America mortgage specialist to get a step-by-step demonstration of how it can help you and your clients. Our specialists are also available to meet with your clients, talk about their home buying goals and walk them through this new online tool. Contact a Bank of America mortgage loan specialist and learn more; visit bankofamerica.com/ downpaymentcenter.
Bank of America is a proud supporter of AREAA and we look forward to connecting you to resources that can help you grow your business.
Bank of America First Time Homebuyer Research 2014. Down payment and/or closing cost assistance programs may not be available in your area. Down payment and/or closing cost assistance amount may be due upon sale, refinance, transfer, or repayment of the loan, or if the senior mortgage is assumed during the term of the loan. Some programs require repayment with interest, and borrowers should become fully informed prior to closing. Not all applicants will qualify. Minimum credit scores may apply. Sales price restrictions and income requirements may apply. Homebuyer education may be required. Owneroccupied properties only. Maximum loan amounts may apply. 3 Second annual America at Home Survey commissioned by NeighborWorks America, October 2014. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Bank of America, N.A., Member FDIC. Equal Housing Lender. ©2016 Bank of America Corporation. | AR37G9JD | 08-2016 | AD-08-16-0649.A1 1 2
BY SCOTT BERMAN
A
sian Americans and Pacific Islanders (AAPI) occupy a unique place in American society. Unlike other minorities, there is no overarching language, religion, or culture that unifies or identifies the group as a whole. This is because the dozens of countries of origin and ethnicities that make up what we refer to as “Asian American” are so vastly different as to in some cases have almost no similarities at all.
18
WINTER 2017
Despite this, AAPI are usually referred to as if they are a uniform group, with uniform experiences, and uniform success in the US – a mythos known as the Model Minority. This stereotype assumes that all AAPI are highly educated, well off financially, and generally not in need of government assistance and protections. This could not be further from the truth. While some in the AAPI community have experienced tremendous personal success, many more have not. The Model Minority Myth masks the
experiences of the less fortunate and through its prevalence has created a vacuum of policy and research into the community at large. The tangible effect of this vacuum could be said to be inclusion of AAPI into the “other” racial category in government, academic, and business research and policy papers. The “other” category is typically defined as Asian Americans and Pacific Islanders, Native Alaskans and Hawaiians, and people of two or more races.
The AAPI community is currently the fastest growing population in the US, having seen an astounding 46% growth rate from 2000-2010. AAPI are projected to more than double their population by 2050, and China and India have replaced Mexico as the largest source of immigrants to the US. Because of this, many AAPI advocacy groups feel it is time to begin disaggregating AAPI data so that policymakers, business leaders, and academics have the information needed to understand the issues affecting this dynamic community. The Asian Real Estate Association of America (AREAA) is one of these advocacy groups. AREAA’s core mission is to promote homeownership in the AAPI community by bother advocating for policies at the national and local levels, and by empowering those who serve the market. Over the last
five years, the AAPI community has been the largest and most active minority participant in the US mortgage market, having applied for and secured more loans, in both total number and dollars originated, than any other minority. Despite this, there
is still very little in the way of housing data and research when it comes to the AAPI demographic. As National Association of REALTORS® Chief Economist Lawrence Yun states, it important to have this data because “[…]one can examine the special obstacles AAPI community may be facing in realizing the American Dream of ownership. Is it due to high housing costs in regions where many AAPI reside or is it due to credit access diffi-
culty that is unique to the community? A better understanding of the sources of the problem means better ways to help address and redress the problem.” One of the most widely reported and influential reports on homeownership, the US Census Department’s Quarterly Residential Vacancies and Homeownership report, still had AAPI into this “other” category. The Census did include a distinct “Asian” category in their annual report, however in real estate only having annual data is simply not good enough. When asked, the Census Department stated that the sample size for AAPI was too small to get an accurate sample. In early 2016, AREAA National Chair Vicky Silvano and Chairman Emeritus Jim Park seized upon this opportunity and began what would be known as the “No Other” campaign, which sought to get AAPI a standalone category in this critical report. Putting together a coalition of real estate partners, government leaders, and working directly with the Census Department, AREAA began to make the case as to why a new category is needed. As AREAA promoted the campaign to its members across the country it became clear this was now more than just a homeownership report. Having accurate data about the fastest growing population and the largest participants in the mortgage market was certainly the ultimate goal; however, the campaign had struck a chord with many in the AAPI community. It was
about more than just numbers now, it was about acceptance and inclusion by a nation that for so long treat-
ed the AAPI community as the “perpetual foreigner,” someone who never truly belongs to the group (a running joke among some in the community is asking, “No, where are you really from?” – a reference to a follow up question many, get asked when they tell someone where they were born, even if it was in the US).
On July 28th, 2016, for the first time ever, the US Census Department’s Quarterly Residential Vacancies and Homeownership report included a distinct category for Asian Americans and Pacific Islanders. Immediately, the impact was noticeable. On previous versions of the report, the homeownership rate for AAPI, only measured as part of the “Other” category, was listed at 59%; however once there was a distinct category for AAPI, the rate was only 55.9%. This is the importance of accurate data. “This is not just a victory for today. The effect of this change will be felt for generations, as policymakers will now have the data necessary to understand housing in our community,” said Silvano. “I applaud the Census Department for their willingness to work with us and affect this change, and I want to thank all of those who had a hand in this historic event. As more research disaggregates data for the AAPI community, a clearer picture will be painted for policymakers to understand the issues affecting us. I am proud to have been a part of this movement, and to have worked with so many great people and institutions to make it happen.”
In an effort to raise awareness about AAPI issues, and make finding critical information about the community easier, AREAA produces an annual State of Asia America Report. The report compiles information from a wide range of sources about AAPI housing, policy, demographics, education, economics, and more. You can find the report at areaa.org/ state-of-asiaamerica
WINTER 2017
19
! S A G E V S IV VA LA
N IO T N E V N O C L A N IO THE 2016 AREAA NAT
S E U Q C A J N E K Y B S O T PHO
H
eld at the beautiful Bellagio Hotel and Casino in Las Vegas, Nevada, the 2016 AREAA National Convention dazzled attendees with its style, and blew them away with its substance. Well over a thousand real estate professionals from around the world attended the annual conference to hear from some of the industry’s most distinguished and thought-provoking leaders. For three days, conference attendees soaked up the knowledge and insight of our world class speakers, dined on elegant ethnic fare whilst listening to inspiring AAPI public figures, and networked with one another in exclusive venues all while America’s City of Lights buzzed in the background. Here, a | r | e takes a pictorial recap of the National Convention and shows just why this National Convention was Like No Other!
RE/MAX Senior Vice President Mike Reagan addresses attendees at the start of the Marketplace. Mr. Reagan gave an overview of the RE/ MAX sponsored AREAA Member Survey, the results of which can be seen in the 2016 State of Asia America Report.
20
WINTER 2017
Quicken Loan’s Michael Farner, Convention Co-Chair Justin Kim of AREAA Greater Seattle, 2017 AREAA National President Angie Lee of AREAA Manhattan, AREAA Board Member Dionne Cuello of AREAA Dallas/Ft. Worth, and Co-Chair Sherwin Escanuela of AREAA Greater Las Vegas cut the ribbon in true Las Vegas style to begin the Marketplace festivities!
AREAA Luxury Chair Zar Zanganeh, Executive Director Hope Atuel, Convention Co-Chair Sherwin Escanuela, and AREAA Greater Las Vegas chapter President Steve Lee are caught goofing around in the iconic Wells Fargo carriage at the Marketplace.
2016 AREAA National Convention
It was a packed house for the first General Session of the day.
AREAA’s Chairman Emeritus Jim Park, National President Angie Lee, and Greater Los Angeles members Sam Suzuki of Suzuki Capital and James Huang, President of Sperry Global Commercial Affiliates, pose for a quick photograph.
The AREAA Education Foundation awarded yet another grant for a veteran in need of housing assistance, this time to Army veteran Lief Apag of Reno, NV.
Former National Chairman Ivan Choi and his adorable daughter Izzy taking a break from all the action. Once the sun went down, attendees could head over to a private airport hangar for AREAA’s Best of Party!
Reality TV and Real Estate superstar Josh Altman talks to attendees during an exclusive session presented by Chase.
WINTER 2017
21
2016 AREAA National Convention
1 1. Some of AREAA’s best receive their A-List plaques at the invite only A-List Luncheon.
2
2. NAR Chief Economist Lawrence Yun, Realogy’s Sunita Holzer, and Leaders’ Forum founder Lorna Randlett discuss the rise of the AAPI consumer in the US and in housing in particular. AAPI are the fastest growing segment of the US population, and the largest minority participant in the mortgage market both in terms of loans applied for and dollar volume originated.
3
3. Outgoing Chairwoman Vicky Silvano receives a standing ovation after her farewell speech. 4. AREAA Co-founder John Wong, Chairman Emeritus Jim Park, Bank of America’s Glenda Gabriel, outgoing Chairwoman Vicky Silvano, and AREAA Co-founder Allen Okamoto celebrate Mrs. Gabriel as the recipient of AREAA’s first ever Chairman’s Award, which is to be given annually to our most valued partners. 5. Convention Co-Chairs Sherwin Escanuela (doing his best Michael Jackson impression) and Justin Kim come on stage to begin the night’s program.
5
4
22
WINTER 2017
2016 AREAA National Convention 6
7
6. The one and only Angie Lee addresses attendees in her first speech, expressing her dedication to AREAA’s mission of increasing AAPI homeownership and her personal commitment to helping all AREAA members succeed. 7. HSBC’s Ryan Gonsalves, Larry Oberly of RE/MAX, and Rick Sharga of Ten-X explore Asia’s global investment trends, shedding light on the trends driving and affecting the largest regional source of FDI in the world. 8. Realogy’s Carmen Mercado helps AREAA Manhattan’s Cassandra Cho and Convention Co-Chair Justin Kim during a part of the night’s festivities. 9. The 2017 AREAA National Board 10. Jonathan Lee gives a heartfelt (and nervous!) introduction of his wife and 2017 AREAA National President Angie Lee at the Installation Gala.
8
9
10
WINTER 2016
23
11
12
13
14
11. Christine Ha gives an inspiring speech about losing her eyesight, how her mother shaped her cooking style, and what it was like to be the first blind contestant (and winner!) of Bravo’s MasterChef. (Even Gordon Ramsay loved her food!) 12. AREAA San Diego’s Christie Kaninau shows off traditional Hawaiian clothing and gives an authentic hula experience.
24
WINTER 2017
13. Joseph Gutierrez of Union Bank, who sponsored the fashion show, poses with the stunning Angie Lee 14. AREAA Dallas/Ft. Worth’s Daniel Eng and Angela Chen show off Chinese inspired outfits
2016 AREAA National Convention
15
17
15. AREAA San Diego’s Tina Balch and 2018 National President-elect Randy Char of Greater Las Vegas emcee the (in)famous AREAA’s Got Talent 16. We might not have had a Simon Cowell, but we did have an Angie Lee, Ivan Choi, and Sherry Chris of Better Homes & Gardens, who sponsored the event! 17. Rising comedic superstar Ali Wong gives a keynote address where she discussed why she thinks the days of being amazed an Asian can make it in Hollywood are over. For more of Ali Wong, check out her Netflix smash hit Baby Cobra, or ABC’s Fresh Off the Boat. 18. The winner of 2016 AREAA’s Got Talent, Psy! er, I mean Policy Chair Don Choi and AREAA Boston!
16
18
WINTER 2017
25
Beyond Her Years Don't let her young age fool you...
has been fighting her way to the top for years.
Now, it's her turn to lead.
A
round lunch time last October 23rd, 32-year-old AREAA president-elect Angie Lee took a break at the Bellagio Resort in Las Vegas. She sat on an ornate, cast iron chair. The Grand Patio was crowded with hotel staff swiftly moving tables, speakers and furniture. The scene was a messy corporate reception setup in progress, complete with a goldframed “Private Party” sign and expensive red velvet ropes blocking the glass door patio entrance.
By IVAN CHOI 2014 AREAA National Chair
In a few hours, AREAA’s gala event would honor and celebrate Angie, installing her as AREAA’s 11th national president. However, Angie’s installation would be historic: she would be AREAA’s first Millennial national president. Leading up to Angie, the gala program would be packed with a warm closing for 2016 president Vicky Silvano’s successful year, recognition of AREAA leaders, accomplishments and a heart-pounding performance from a Filipina Millennial: American Idol pop singer Jessica Sanchez.
This year’s AREAA convention brought 1,000 attendees for a relentless schedule of events both day and night all over the Bellagio. It felt strange that a corporation could intrude on the Grand Patio even though the AREAA convention was on its third and final day. Angie’s hands motioned me to ignore the “Private Party” sign, rope and hotel staff commotion. Even though we weren’t supposed to be there, without hesitation I walked right onto the outdoor patio marble flooring and joined her. An event planner stared at us, irritated at our rebellion. With the final breakout sessions of AREAA’s 2016 convention winding down inside the hotel meeting rooms, here on the patio Angie held out her iPhone. I grabbed it, which had the draft of her acceptance speech onscreen. “You’ve done this before, tell me what you think,” Angie said matter-of-factly. “Let me know if I’m missing something. By the way, you wouldn’t happen to know tonight’s run of show schedule, would you? Hope [Atuel] sent it to me, but I can’t find her email.” As I scrolled on the iPhone reading the words of her speech draft, Angie’s face was motionless with eyes looking out towards the resort’s luxurious swimming pools. After a few minutes, I finally gave her feedback. “Looks good,” I said. “The only thing I would maybe add is that you call more leaders from around the country out by name. There’s never enough time, but recognizing them is going to help rally attendees and get the ballroom energy moving.” Angie responded instantaneously: “Got it.” She scribbled notes on a small piece of paper. After finishing a few thoughts, Angie looked up at me, then quickly turned around. The Bellagio event planner had come over to us. “I’m sorry, but we have a private event coming up. Didn’t you see the sign at the door with ropes?” she asked in a gentle tone, laced with a reprimand. Contrary to traditional Asian stereotypes on male dominance, AREAA is accustomed to strong female leaders. Since founding in 2003, out of eleven AREAA national presidents, four of them have been female: Emily Fu (2008), Kathy Tsao (2012), Carmen Chong (2015), and Vicky Silvano (2016). Each leader had both symbolic and pragmatic impacts over the years,
WINTER 2017
27
Fordham University graduate, successful mortgage lending career leading to senior management role, financial independence supporting James Huang, Congresswoman Grace Meng of New York and Lee / Photo: Courtesy Angie Lee
parents on both sides, marriage to her husband Jonathan Lee and residences
which paved the way and provided momentum for AREAA to have strong female representation. With Angie in 2017, as an organization AREAA is a step closer to parity with males in the national president role. As Angie tells it, she was brought into AREAA in 2011 by then newly-installed president Kathy Tsao. Angie was only 27 years old at the time. While Kathy and Angie were in different generations, one of the many common threads between them is that they’re both New Yorkers. Kathy had invited Angie to attend a local event in the city. On a few different occasions, Kathy has consistently stated in her staccato, fast-moving English pronunciation, “When I first met her [Angie], I remember being so impressed. You know, AREAA always needs strong leaders. What made Angie special was her accomplishments and [the fact that she was] young with a future totally ahead of her.”
Like many Asian Americans, Angie is a Korean immigrant who came to the United States in 1992. In order to pave the way into the U.S., Angie’s father arrived alone. Once he could establish living arrangements, Angie, her brother and mother followed. She credits her mother for instilling an extremely hard work ethic as well as a strong sense of character, identity and independence. This personality recipe carried Angie through a whirlwind personal and business accomplishments: Fordham University graduate, successful mortgage lending career leading to senior management role, financial independence supporting parents on both sides, marriage to her husband Jonathan Lee and residences on the Upper West Side and suburb of New York City – all before turning 26 years old. Angie easily defied the mass media stereotype of whiny, skinny-jeans-wearing Millennials living in the parents’ suburban basement. In summer 2011, I received a generic LinkedIn email notification: “I’d like to add you to my professional network on LinkedIn. – Angie
on the Upper West Side and suburb of New York City – all before turning 26 years old. Angie easily defied the mass media stereotype of whiny, skinnyjeans-wearing Millennials living in the parents’ suburban basement.
28
WINTER 2017
Beyond Her Years
Lee (far right) with AREAA Leaders from across the country at the association's 2015 national convention in San Francisco / Photo: Daniel Eng
Lee” The very next day, I received a Facebook friend notification from Angie. Despite defying the stereotypes, in true Millennial fashion she networked with me online before we ever got acquainted in person. A few months later, in September 2011, I finally met Angie at the Bellagio during AREAA’s national convention. In the ballroom hallway beside the Grand Patio, Angie walked confidently towards me in a dark business suit and heels. “Excuse me, are you Ivan Choi?” she asked. After confirming my identity, she reached out for handshake, “I’ve heard really great things about you, and we have a common friend, Jose Hidalgo. He was introduced to me by Kathleen Heck.” I’m a terrible judge on age, but despite the business outfit, Chanel handbag, and professional demeanor, even I could see Angie was under 30 years old. This made it difficult for me to accept Angie’s easy name-dropping of Jose and Kathleen, who were long-time mortgage industry veterans. “You’ve been involved with AREAA for a little while, haven’t you?” Angie asked. “This is my
first time at your convention, and I’d like to find out more. Kathy [Tsao] tasked me with helping to lead the AREAA New York Chapter and I want to do the best job possible.” Angie went on to talk about the new chapter board that she was assembling, comprised of Cassandra Cho, Jerry Huang, Jessie Zhu-Huang, Andrew Pak, and Arthur Hung. Based on this introductory conversation at the Bellagio in 2011, I realized Angie was a real talent who had experience bringing effective teams together to achieve results – despite her young age. A few weeks after the convention that year, I called Jim Park to check in on a few AREAA topics. “By the way, did you have a chance to meet Angie Lee during the convention?” Jim did get an introduction, but didn’t speak much with her. I had to inform Jim, “She [Angie] told me about her team she’s bringing together for the New York Chapter. Did you know that Angie is speaking with investors in the New York area? She’s trying to raise financing to secure AREAA office space and staff in NYC! What do you think about that?”
Angie and husband Jonathan enjoying a vacation in Sonoma Valley, California Photo: Courtesy of Angie Lee
WINTER 2017
29
Beyond Her Years
In addition to 2017 AREAA National President, Lee has served the association in the following roles: NEW YORK MANHATTAN CHAPTER PRESIDENT AREAA FOUNDATION TREASURER AND BOARD MEMBER GLOBAL & LUXURY SUMMIT CO-CHAIR CHAPTER DEVELOPMENT COMMITTEE CHAIR
Jim chuckled over the cell phone, “Look, we need that ambition at AREAA… Let’s see what happens.”
Angie is honored as a recipient of AABDC Outstanding 50 Asian Americans in Business Award, June 2013 Photo: ASIANinNY
30
WINTER 2017
Since joining in 2011, Angie’s AREAA path has been yet another whirlwind. In those years, she’s had a slew of widely recognized, big accomplishments for the association: New York Manhattan Chapter President, AREAA Foundation Treasurer and Board Member, Global & Luxury Summit Co-Chair (with Phillip White, Sotheby’s President/CEO), and Chapter Development Committee Chair. Angie has raised funds, and brought major players from investment banking, commercial real estate and non-profit figures into partnerships with AREAA. She’s even leveraged her own personal friendship with New York Congresswoman Grace Meng for advocacy on Asian American housing topics. Angie became a fixture within the fabric of the AREAA organization, winning recognition from co-Founders John Wong, Allen Okamoto, and chair emeritus Jim Park. John has commented with his signature smile, “Angie is a force to be reckoned with. I think it speaks volumes for both her and the organization that a Millennial female is our president. Just think about the fact the Millennial generation is even bigger than the Baby Boomers, yet AREAA is the only trade association I can think of that has someone like Angie leading it.” John added, “I’m just tickled that AREAA is set up for the future with someone like Angie.” Now officially in place as AREAA’s national president, Angie has begun the road warrior travel in visiting 38 AREAA chapters covering 16,000 members, attending internal and
external meetings, going on trade missions in Asia, and representing the association to the industry at-large as well in Washington D.C. On her Facebook page shortly before New Year 2017, Angie posted the following: I'll be on the road for most of January attending AREAA meetings. If you're in any of the cities noted below and would like to meet for tea/coffee, shoot me a quick note. Would love to hear how we can work together in 2017! Raleigh, NC: 1/5-1/6 Seattle, WA: 1/10-1/11 Silicon Valley, CA: 1/11-1/12 Las Vegas, NV: 1/12-1/13 Boston, MA: 1/19-1/20 Miami, FL: 1/24-1/26 In less than 48 hours, the post garnered more than 26 responses and almost 100 “Likes.” The responses included encouragement, comments of amazement, as well as gentle messages to please visit certain chapters along the way. Last month, in the few weeks prior to the Christmas holiday, Angie was on the West Coast attending AREAA chapter installation events, including the Orange County Chapter, as well as Greater Los Angeles which is AREAA’s largest chapter. “I don’t like the term ‘Millennial,’” Angie firmly stated. “It’s not about age, it’s about the mindset.” While speaking to the audiences at the recent chapter events, Angie articulated her feelings about the fact that AREAA is about commitment to the industry and community, as well as a second family for dedicated professionals who care about helping the Asians with homeownership.
After our successful No Other campaign in 2016, we are back in Washington to keep up the good fight for AAPI homeownership. Learn more about our positions at www.areaa.org/policy
Contact Your Chapter President Today & Stand with Us!
May 15 - 17, 2017 Learn More www.areaa.org/policy
T
urn your childhood fantasies of becoming a worldwide explorer into a reality by visiting Jordan and exploring the treasures of Petra as Indiana Jones did. Beyond Petra, a world of adventures await
with the most hospitable people welcoming you in to the captivating beauty that is Jordan. There is so much to explore, to see, to eat, to smell in this magical kingdom where the ancient meets the new age.
HASHEMITE KINGDOM OF
The Jordanian people welcome you with open arms. They hope you will visit and enjoy their beautiful country, while temporarily suspending your preconceived beliefs of the Middle-East.
“Vast, echoing and God-like” – T.E. Lawrence (Lawrence of Arabia)
Shutterstock.com/JPRichard
Wadi Rum
Jordan is quite a small country as it takes a total of 4 hours to travel from north to south. But there is so much to do that a minimum of one week is recommended just to touch a few of the main attractions. Known most famously for one of the world’s favorite wonders, Petra, and the vast desert landscapes of Wadi Rum, there is so much more to Jordan than one can ever imagine. Visit Jordan to walk the footsteps of where Jesus was baptized, float the Dead Sea, taste the best Middle-Eastern food from local family-owned restaurants, and go scuba diving in the Red Sea. 32
WINTER 2017
BY JACKI UENG
TR AVELING
with
THE BOHEMIAN VAGABOND
FOOD In a typical Jordanian meal, there will usually be at least 6-12 “mezze” dishes, a hallmark of Levantine cuisine which are appetizers, sides, salads that dominate the table setting. Some mezzas are served cold and some hot, along with bread, soup, main course and dessert. One can expect hummus with every meal. Try Mansaf, a traditional dish prepared by Bedouins. Common spices are cardamom, cumin, za’atar.
WHERE TO GO
The most popular drink is mint tea and you will be offered practically every hour of the day.
AMMAN Fly into the urban capital of Amman, a unique blend of old and new, situated between the desert and the fertile Jordan Valley. Spend two days here exploring the hip Rainbow Street for trendy cafes, art galleries, artisan’s workshops, restaurants and bars. Head downtown for a more traditional experience to explore the Souqs (outdoor crowded markets where local shops) that sell gold, antiques, and other jewelry. Visit: The Citadel, a hill with ruins of the Temple of Hercules, an Umayyad Palace, and a Byzantine Church. On the bottom is a 5,000 seat Roman Theatre at it’s foot. Eat: Sufra Restaurant on Rainbow Street Eat Falafels as Hashem restaurant in Downtown Amman, and then ask anyone which way the oldest bookstand in Amman is, within walking distance. CONTINUED WINTER 2017
33
WHERE TO GO
HASHEMITE KINGDOM OF
The Monastery at Petra
PETRA One of the 7 World Wonders of the world and a UNESCO World Heritage Site, this is Jordan’s most popular tourist attraction also known as “The Lost City”. An ancient city once inhabited by the Nabataeans, an industrious Arab people who settled here more than 2000 years ago, Petra was a vital meeting point for silk, spice and many trade routes that linked the East to the West, such as India, China to Syria, Egypt, Greece and Rome.
This is where Indiana Jones was shot. Do: Take a Cooking class
Shutterstock.com/Waj
Petra Kitchen offers nightly
_> Petra's permanent resident: Mr. Camel / Local musicians at Petra
34
WINTER 2017
cooking classes and dinner which showcases the local authentic cuisine in a family atmosphere (meals always served ‘family style’). The chefs are highly trained with local women who will teach you how to prepare each dish from scratch, show you how to serve them and the history of each dish. Ingredients are all locally sourced and organic that would be found on a typical family menu.
The course is about 3 hours long, costs 35 Jordanian Diners/person (approximately $50) which includes the cooking course & a full dinner. They are limited to 48 people per class.
TR AVELING
WADI RUM A trip to Jordan would not be complete without spending some time camping (or glamping) in Wadi Rum ()مر يداو, also known as The Valley of the Moon. One of the world’s most magical desert landscapes, Wadi Rum is a valley cut into sandstone and granite rock. This is Jordan’s largest desert landscape consisting of a maze of monolithic rocks, great for hiking, camping, trekking, biking, hot-air balloon rides, ATV, sand-boarding, and off-roading by trucks. It feels like a whole world in itself, where one can discover 4,000 year old rock drawings, natural canyons and water holes, and the very spot where Lawrence of Arabia once resided.
with
THE BOHEMIAN VAGABOND
RED SEA AQABA
Wadi Rum is only an hour drive away from Aqaba Red Sea, 3.5 hours from Amman or 1.5 hour from Petra. One can easily arrange car transportation through a private tour company, through your hotel, or contact the Wadi Rum Visitor Center directly ahead of time to arrange your transport and tour package.
Jordan is mainly all desert land, but there are bodies of water to be found to cool off, with the Dead Sea to the west and Red Sea all the way in the southwest, which are only about a 2.5 hour drive from one another. Aqaba is Jordan’s window to the sea, a coastal port city which lies on the northeastern tip of the Red Sea that is at a crossroads of 3 continents: Asia, Africa and Europe, bordering Egypt, Israel and Saudi Arabia.
For many, the starting point of your Wadi Rum experience would be at the “Captain Desert Camp”. There is option to camp there or to just enjoy lunch, a delicious buffet with BBQ meats and fresh Jordanian vegetable dishes. Some people go to enjoy a day trip while going back to the city at night.
For tourists, its close proximity to Petra and Wadi Rum, known as the “Jordanian Golden Triangle” is an ideal place to stop before their next adventure. It is a fun town to relax in: sunbathe on the beach, sailing, windsurf, sea kayak while cooling off with the tantalizing sea breeze. The evening night life boasts some delicious restaurants, shopping in Souqs, and bars all within walking distance or a cheap taxi ride.
_ˆ A Bedouin boy and one of his many goats, near the Feynan Eco Lodge
Shutterstock.com/liseykina
DEAD SEA The Dead Sea has become the health and wellness tourism hub of Jordan. The lowest point on earth, located on the Jordan Rift Valley, it’s a must do for a free spa treatment. Pack on the mud that’s rich in minerals with natural medicinal benefits, and then float in the water without effort for hours while reading the morning news!
Stay:
Kempinski Hotel Ishtar Dead Sea
_ˆ Camp under the stars in the Wadi Rum desert WINTER 2017
35
Pooka “Pooka Bear” Atuel
Pets f
AREAA
NAME: Pooka GENDER: Female AGE: Seven (Human Years) OWNER: Hope Atuel (Exec. Director of AREAA) HOW LONG TOGETHER: Five Years FAVORITE ACTIVITY: Eating, Sleeping,
Scratching (In the order) FAVORITE FOOD: Pepperoni (Not pupperoni) FAVORITE TOY: Pink monkey from my first shopping experience (Yes, it’s still around) “I may be little and compact, but I’m the boss..” #PugLife Monday’s are the wurst..
“Multum in parvo”, it’s Latin and has been used to describe a pug, which I am! Literally meaning, “a lot in a little package”, I may be little and compact but I’m the boss in the office (well at least I think I am)! I’m a 7 year old female fawn Chinese pug. My human is Hope Atuel, she’s the Executive Director of AREAA (she’s a big deal!). Hope rescued me when I was little and having a tough time, but she’s got me back to being the fabulous and rambunctious little girl I was born to be! Other than Hope, food is the center of my world so I love following people in the breakroom or sitting by their desks when they eat lunch. I love being part of the staff meeting but it goes so long that I fall asleep and snore! - Pooka
36
WINTER 2017
BY HELPING YOUR BUSINESS DO WELL, YOU HELP US DO GOOD When you do business with AREAA Global, you are supporting AREAA’s mission of increasing homeownership in the AAPI community. AREAA Global is 100% owned by AREAA, and 100% of any profits made are reinvested into AREAA. Because of this, you can be assured that our only goal for your business is to help it succeed as much as possible. Visit www.areaagloball.com today to learn more about how we can help make your business dreams become reality.
Wholly Owned by the Asian Real Estate Association of America (AREAA) 100% of Profits are Reinvested in AREAA National CA BRE 01938588
Join our growing list of partners
Happy New Year! Let’s start with one simple question: Why are you in business and how will your business fare in 2017?
TALK ROB MEHTA
PLANNING NEW YEAR for the
For most agents, the answer is simple: to make a profit. Seeing as that’s the basic premise, how are you going about ensuring that your business is going to be profitable in 2017? Do you have a business plan? When was the last time you tweaked it...or even looked at it? We all know that having a business plan is a critical element to success, it helps you define and measure your goals, anticipate expenditures, and grow your business. But the most important element of the business plan isn’t just the writing of it, it’s actually the RE-writing of it, and having a clear understanding of it, not a fingers-crossed approach. Our business is always changing with multiple factors impacting it; in order to remain competitive, your business plan should too. Just like your annual physical, you have to give your business plan an annual check-up as well, so that if corrective action is required, you do so before your business takes a hit. Here are some practical tips that take the pain out of business planning so that we can take an honest and achievable approach to it, and avoid the torture and tediousness associated with just such as exercise.
What are the key components of your plan? We’ve broken this down to the key areas every real estate business plan should address:
Tech Talk with
Rob Mehta
Brand ++ ++ ++
What does my brand say about my business? What sets my business apart from others in the market? What sets my brand apart from other agents in my firm?
Time Resource Management ++ ++ ++
Is business development my priority? Am I focused on high ROI (return-on-investment) activities? Am I focusing on filling up my pipeline?
Financial Resource Management ++ ++ ++ ++ ++ ++
How much do I expect to earn this year? Is it a realistic, and feasible goal? What are my expenses ( fixed and variable)? How many sales must I make to meet my goals and cover my expenses? How much should I budget for marketing to grow my business? What tools should I invest in, in order to grow my business?
Business Development ++ ++ ++ ++
What are my key income producing activities? How am I utilizing my CRM? Have I assessed my prospect conversion ratios? Am I nurturing my sphere?
Now let's look at how to make your goals a reality: How do you translate your goals into specific activities/action plans? Take the income producing activities identified earlier in your business development plan and expand on each of those in detail. For example, I want to generate 200 leads this year through social media marketing, so I will expand my online presence. Specific activities/strategies which you might employ include automating your social media posts to update all your social media channels routinely, or using specific tools for measuring your click-through rate and adjusting your marketing accordingly. Likewise, investing in a strong CRM tool that keeps you on track of your communications will pay for itself in spades.
RINSE & REPEAT
You should revisit and revise your plan every year and set new goals and income-projections based on the previous quarter, year, etc, Evaluate that your analysis, expenses, and strategies are in-line with your objectives. Speaking of strategies, always make sure that your plan outlines clear strategies for growth as well as the actual deliverables on your action plan. It should keep you on track throughout the year and let you know that you’re on track for positive growth. But just to make sure you’re following all the steps that will lead to your goals and projections, step back and take a look at the end of second quarter - at that point early in the year will help you determine if you need to reframe your business plan and add more efforts in a specific area. But, just like any other resolution, your business plan can’t be effective if you don’t actually put in time and effort to take action on what you’ve outlined. Hello 2017!
Rob Mehta is the owner of Rob Mehta+Partners, and specializes in education and consulting with a focus on business development, brokerage operations, marketing, agent recruiting and retention, and international development. He has served as President of the Minnesota Association of REALTORS, Director for both AREAA and NAR, Chair of NAR’s Young Professionals. Network and a member of AREAA’s Inaugural "A-List" www.robmehtapartners.com
WINTER 2017
39
In My Neighborhood with
Dyllan Nguyen What attracted you to this part of town?
PHOTOS BY
The Cherry Creek Neighborhood in Denver, CO is our mini-version of Beverly Hills in the Rocky Mountain Region. My wife and I have always loved the neighborhood due to the Luxurious & Historic homes on tree-lined streets as well as the walkability to world class shopping & restaurants.
JUSTIN MARTIN
PHOTOGRAPHY
What’s the number one selling point that residents and new buyers rave about? Location, Location, Location. The Cherry Creek Neighborhood is centrally located in the city making it a perfect neighborhood to live, work, shop, eat & play. We’re just an hour and half to world class ski resorts & breathtaking scenery of the Rocky Mountains.
What’s a common misconception about the neighborhood you would like to clear up? It’s easy to judge a book by its cover. Most people think that we’re a bunch of snobs, but once you dive in and get to really know the residents & the overall neighborhood, you’ll quickly realize that we’re a fun group of people and super friendly.
40
WINTER 2017
Denver, Colorado
Cherry Creek boasts a number of popular shopping and dining establishments
Can you share one of the neighborhood’s best kept secrets?
What is your favorite way to spend an afternoon with friends or family here?
Within our quaint neighborhood you’ll find nestled one of Top 5 botanic gardens in the nation. The Denver Botanic gardens has thousands of plants from all over the globe and boasts the largest collection of cold temperate plants around the world.
Taking a stroll through the Cherry Creek North District, with its tree-lined, paver sidewalks and window shopping all the wonderful boutiques and shops within the 16 block district, latte in hand.
What types of activities/ events does your neighborhood offer? MARKET SNAPSHOT $1.2 Million Avg Home Price
35 Avg Days on Market If you’re looking for a posh, blue-chip neighborhood & opulent lifestyle that has amazing homes, shopping, restaurants, all located within an urban setting, the Cherry Creek Neighborhood in Denver, Colorado is for you. However buyers be prepared to pay well over a million dollars for an attached row-home and over $2 million for a single family detached home. You’ll definitely get your money’s worth plus more.
The Cherry Creek Neighborhood always has events & activities going on at all times of the year. From May to October, you’ll find our European-Inspired Farmers Market boasting Colorado produce and products including my favorite goat chese from “Jumpin Good Goat Dairy”. It’s literally life changing. During summer we have a massive 3 day weekend-event knows as the Cherry Creek Arts Festival. Its world-class and award-winning celebration of the visual, culinary, and performing arts with art from all over the world and enjoys an attendance of 350,000 visitors. Year-round we have trails and bike paths that can take you out to Cherry Creek Reservoir State Park or take you to the base of the Rocky Mountains. The scenery is breathtaking no matter what season or time of year you go.
What is your favorite restaurant in the neighborhood? Tell us a little about it. Hands down I would say: Matsuhisa. Celebrity Chef Nobu always outdoes himself. Given that we’re nowhere near an ocean, they fly in their fish/seafood everyday from the US coasts and Japan. The menu changes based off of what was flown in. No two days are ever alike. I love it.
Describe the composition of the neighborhood. Who lives there? What do they do? There’s no denying that the neighborhood is the one of most affluent areas in the state and the Rocky Mountain West. We have Billionaires, Politicians, Celebrities, Lawyers, Doctors, Hedge Fund Magnates, and everything in between that call Cherry Creek home.
DYLANN’S
BEST Best place for a date night? Fruition Restaurant
Best place to have a beer/ cocktail? Elway’s. Yes, John Elway owns a restaurant. The bar has an impressive list of wines & local beer.
Any good shopping areas or stores? The entire neighborhood is a shopping district similar to Beverly Hills, CA. My favorite shop is definitely Hermés.
Best brunch/ coffee spot? Head over to Syrup, this no frills breakfast joint serves up classics like pancakes, omelettes, & coffee.
WINTER 2017
41
East Meets West
AREAA Manhattan held it’s 2016 East Meets West—Manhattan Real Estate Connect at The Roosevelt Hotel. Following the footsteps of the successful 2015 East Meets West, this year’s event began with a breakfast keynote giving a market snapshot on the state of the Manhattan market, where luxury market is headed, and Asian investments. The three residential sessions focused on luxury brokers, global opportunities, and a hypothetical case study on China. At the “Secrets from Elite Luxury Brokers” panel, the top New York luxury brokers shared their experiences in marketing, branding, working with luxury clients, the role of technology, and their outlook on the market. “AREAA Global” gave presentations on investment opportunities from Tokyo to Miami to Dallas/Fort Worth to Mexico. And “China Case Study’s” interactive session examined the process from 42
WINTER 2017
Shutterstock.com / ventdusud
AREAA New York Manhattan
the first introduction to closing the deal and beyond. Experts discussed the challenges and strategies involved in serving and representing Chinese investors. The three commercial sessions focused on commercial developments, commercial financing, and zoning. At “Commercial Developments”, the developers covered recent trends and the impact of Asian and Asian-American investments on hotels, condos, multi-families, and offices. “Commercial Financing” explored the various types of lending – private equity, hard money, private lending, and the accounting implications. And “In the Zone: Biggest Changes Coming to New York” examined the changes in the current administration of zoning that enhances areas for development in Manhattan’s Midtown East and the outer boroughs. One of the highlights was the keynote lunch. The “Residential CEOs View from the Top” gathered some
the biggest players in New York luxury real estate brokerage where they shared their perspectives on the market and “Commercial View from the Top” talked about where the New York commercial market is headed. The one-day conference ended with a gathering at the 200 East 62 luxury condos for cocktails and networking. AREAA Manhattan would like to thank its Silver Sponsors: Marks Paneth Accountants & Advisors, Wells Fargo Home Mortgage, First Nationwide Title (An AmTrust Financial Company), and HSBC. Sponsors: Cathay Bank, GeoData Plus, RCN Capital, Capital One, Emigrant Mortgage, Real Hospitality Group, Ten-X, Duval & Stachenfeld LLP, Sterling Bank & Trust, Stewart Title, Erno Laszlo, World Journal, Asian in New York, Wall Street Club. Chapter partners: Citibank, Bank of America, Corcoran Sunshine.
Event Photos: Esvy Photography WINTER 2017
43
rates begin at $200/issue email a-r-e@prveen.com for details