By Morgan O’Neill, Birthright Title
An EMTAR GOLD Affiliate Partner

Being in real estate, we are subject to all different types of fraud, wire fraud and seller fraud being the two most prevalent. It is important as professionals that we know how to spot suspicious activity and deal with it in an effective and timely manner.

Wire fraud can happen at any point during the transaction. When a buyer is sending earnest money, sending their funds to close, or a hacker manipulates the seller’s wiring instructions—those are just some examples of “money muling.” It is important that wiring instructions are not emailed, unless sent in a secure email and directly from the receiver. All instructions should be verified by calling the published phone number of the receiver.

Billions, yes billions, of dollars have been lost due to a party’s email being hacked and instructions being changed. Once the funds are sent to a fraudulent account, there is a less than a 29 percent chance that the money will be recovered. Take the steps to educate your clients on the potential for this type of fraud.

Another type of fraud we are seeing more is seller fraud, and it starts with listing a property. The fraudulent seller is contacting an agent to list their property. Most of the time the “seller” is out of state or can only text and email. Usually, the property they are asking to be listed and sold is vacant, unimproved land, or rental property and free and clear of any liens.

There have been a few instances where the transaction has gone all the way to the closing table before the title company caught the fraud by noticing the driver’s license was fake or altered. As REALTORS®, you have a duty to verify the potential sellers of a property. Ask questions, get two forms of ID, anything to help you verify that the person on the other end of the phone is, in fact, the owner of the subject property.

“When did you purchase the property?”
“Who did you purchase it from?”
“What title company did you close with?”
“Who was your agent when you purchased?”

Those are all valid questions you can ask to verify identity. If you start this process up front and explain to the customer you are protecting their property and their rights, the entire transaction will go more smoothly.

Title companies around the state are implementing policies and procedures to combat fraud, but they can only be effective with your help. Talk to your title company about what they are doing to verify sellers and protect your client’s money. Join in and stay vigilant.

A successful transaction means us all working together to fight the fraudsters!

As a reminder, those who own lockboxes will be able to use their SentriCard® with lockboxes they own, if necessary, for certain basic ownership functions. Those functions include:

• Taking or transferring ownership
• Releasing the shackle
• Assigning the lockbox to a listing
• Opening the key compartment
• Setting a Lockbox Clock
• Customizing a Lockbox(please note, your organization’s inventory allows for all of these these functions to be completed using the SentriKey® Real Estate mobile app and does not require a SentriCard®)

How to move from the card to the SentriKey® Real Estate mobile app.

In advance of the March timeline, SentriLock is releasing several new features to improve members’ experience using the SentriKey® Real Estate mobile app:

• Improved ability to generate Mobile Access Codes, for non-Bluetooth® lockboxes, in situations where there is poor or unreliable cellular data service .
• Your organization has the option to increase the SentriKey® Real Estate mobile app credential renewal time period from the current setting of 24 hours to 10 days, or 20 days. This offers more flexibility in situations where members might have extended periods of time in an area with poor or unreliable cell coverage. Your Customer Success Manager will contact you to make decisions about this new setting.
• Visual indicator on the SentriKey® Real Estate mobile app home screen to indicate mobile credential expiration. This serves as a reminder of the SentriKey® Real Estate mobile app credential expiration and indicates the need to open the SentriKey® Real Estate mobile app, while in cellular service or wifi, before credential expiration.

Why Are SentriCards Being Deprecated?

The smart card, while innovative at the time of introduction, is a technology that is reaching the end of its life cycle. We have experienced numerous challenges as smart cards approach the end of their utility, such as:

Industry-wide difficulty in acquiring key components that go into the use
of smart cards.
An inability to develop new, highly desirable features that will work with
smart cards.
The natural migration of customers to the superior Bluetooth® connectivity
and app-only environment.
As a technology company, we take pride in always keeping a keen eye toward the future, while staying firmly committed to providing the best overall customer experience. The result of this approach means that some technologies must be retired as newer, more efficient solutions become available.

If you have any questions or need assistance transitioning your members to the app, please contact your Customer Success Manager.

Sincerely,
SentriLock, LLC

The real estate business is a career-long commitment to learning so there is never a bad time to engage in your professional development. With profitability and a commitment to serving the needs of your clients in mind, obtaining a designation or a certification is paramount for positioning yourself for the post pandemic real estate market. Every November, the National Association of REALTORS® focuses on designations and certifications to enhance your skills while you position yourself for success. Each of these professional courses focus on key elements of the business no matter which market you represent. There are robust topics that address everything from sustainability to working with buyer and seller types. Not only will obtaining a designation or certification help you stand out in your market, but it will also impact your bottom line. In fact, a survey of REALTORS® conducted by the National Association of REALTORS® found that members with just one designation increased their income by over $27,000 (NAR Member Profile).

If you are newly licensed and looking to jump start your career, I recommend the Graduate, REALTOR® Institute or as commonly referred to as the GRI designation. The materials developed in this six-module designation are thoughtfully designed to help you sharpen your skill set and reinforce the fundamentals of a solid real estate business. You also have the added benefit of post licensing education credits. The Pricing Strategy Advisor- PSA Certification course is currently the most popular course being taken. Its performance is directly related to the changing market and being able to discuss valuation and pricing matters with your clients. The refreshed e-PRO Certification course will focus on popular technology tools, tricks, and trends including the ever important need to secure your data and your client’s personal information. The At Home with Diversity Certification course was also recently updated, and you will not only gain a better understanding of Fair Housing laws but also strengthen your understanding of working with multi-cultural clients. Since our market is also impacted by second-home and international clients, I urge you to take the Resort and Second-Home Property Specialist-RSPS Certification Course or become a Certified International Property Specialist- CIPS designee. Your CIPS designation gives you access to a vast network of other professionals making your listings and marketability Global. These courses will improve your ability to share market information of our area to outsiders. Of course, there are professional designations available that focus on the needs of a buyers, sellers, and even specialized market as working Senior clients. It is important to note as you budget for your professional development that a certification will incur a one-time application fee while a designation will require an annual fee to receive benefits. Just one successful real estate transaction could pay that back many times over!

As you look at the list of options available, focus on which courses will position you to conduct business more efficiently and assist your clients in a smooth real estate transaction. You will gain access to business building skills and introduced to a network of other career minded professionals which means your market reach extends further. Continuing education may be available as well! Eastern Middle Tennessee Association of REALTORS® wants to be your business partner and your go to place for personal development.

For more information, visit https://www.nar.realtor/education/designations-and-certifications

Steve McDonald is the Education and Programs manager for Middle Tennessee Association of REALTORS®. Steve is a second-generation REALTOR from the Nashville area and served as the Director of Education for the Tennessee Real Estate Commission. Prior to joining MTAR, Steve served as the Director of Professional Development for Tennessee REALTORS.

Please feel to connect steve@mtar.org

Christy Tarsh Harris, Congratulations!!!

With hard work and dedication in her first year as a Real Estate Agent, Christy achieved the highest sales in direct competition with all other first year agents in 2019. We see a bright future ahead for Christy and know that she’ll help many future home buyers and sellers and further the American Dream of owning a home. Congratulations Christy and Congratulations Cumberland Real Estate, LLC!

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ANGELA KNEE IS EMTAR’S REALTOR® OF THE YEAR FOR 2019! CONGRATULATIONS ANGELA!!!