WA State just leveled up our industry. You are ready. We are ready. Stay curious, always.

Hello 2024 it is nice to finally meet you! We’ve been anticipating you for some time now. We are ready. Broker Services Agreements are here. While having Buyers sign Agreements were once previously suggested, they are now required – modernizing the 25-year-old “Agency Law”.

Your office is ready, will continue to educate and will help through this transition as there are several circumstances that will require your action early in 2024. Take inventory of your sellers & buyers and review what actions you now are required by Law to take.

Cliff note version below on how to move through this change with current clients. As always, you may also circle back to NWMLS homepage, legal bulletin and continuing education to continue to raise competence leading to overall confidence.

  • For buyer brokers who have existing agency relationships, brokers will have buyers sign services agreement if the broker will continue to provide services to the buyer on or after January 1, 2024.
     
  • For buyers who are party to an existing purchase and sale agreement that is waiting to close, there is no need for the buyer to sign a services agreement (unless you are continuing to render real estate brokerage services needed). However, if that sale fails, and the broker will continue to provide services to the buyer, the parties must enter into a services agreement as required by the revised law.
     
  • Your listing agreements signed prior to January 1, 2024 should be amended to address the seller’s consent to limited dual agency. To do so, firms can use the Addendum to Exclusive Listing Agreement (NWMLS Form 18) and check the applicable box to address the seller’s consent to limited dual agency for the individual listing broker.

Note: Windermere Forms 28A & 28B (Buyer Brokerage Services Agreements), 28C (Amendment to Buyer Brokerage Services Agreement), 28T (Termination of Buyer Brokerage Services Agreement) are now hosted on the NWMLS. Windermere Form 28S (Seller Brokerage Services Agreement) is not hosted on the NWMLS yet available to Windermere offices to use when applicable – yet within NWMLS rules parameters (use caution here – this is not giving permission for “pocket listings.”

In all scenarios, “give out the NEW Real Estate Brokerage in Washington like candy” – thank you David Daniel with the Demco Law Firm for this keynote phrase!

Welcome everyone to 2024 with renewed energy & clarity in creating opportunity. With revisions to Real Estate Agency Law, our industry has just leveled up. And now that we’ve ushered in the New Year, I’ll bring you back to a formula I will continue to coach to all year – a formula for sustained success…

Curiosity x (Competence + Congruence + Connection) = Confidence.

Stay curious my friends. It all start there.

Laura Smith, Windermere Real Estate Co.

Laughter & marshmallows.

Pictured above 👆 circa holidays 2022 with me atop the ping pong table pushing a marshmallow across its surface with my nose – holiday dress & heals on included. We have a teacher in the family and yes, she brings silly games to all that we do. While I can’t remember the exact rules to what led me to this scene, I do know that as it popped up in my phone as a memory – it became a reminder to laugh at myself. A reminder to lens out a bit and take a few things a little less serious. In our house we call this “keeping is light.”

As we further drop into the holiday season & look towards renewed energy and possibilities of a New Year, I give us all a reminder to keep it light, take a few things a little less serious, connect because we are human, pause because we all need it and laugh, let’s find reasons to do that – ping pong tables & marshmallows included.

From our home to yours, sending you a festive hug wrapped in a hygge vibe (nod to my Norwegian roots) and a whole lot of love.

To the peace & pause of this season along with laughter & marshmallows – Laura

Ps, who is willing to bet I won that silly game above? Ha – while I keep it light and can laugh at myself, I still like to compete – even in holiday dress and heals.

hyg·ge /ˈho͞oɡə,ˈho͝oɡə/

…a quality of coziness and comfortable conviviality that engenders a feeling of contentment or well-being. In essence, hygge means creating a warm atmosphere and enjoying the good things in life with good people.

A cheat sheet for January 1, 2024

Welcome to Friday everyone! As I sweep this past week I bring to you a cheat sheet for preparing for January 1, 2024 with respect to how to handle Existing Agency Relationships and Pending Transactions.

I went direct to the NWMLS counsel to confirm how to handle each specific scenario. Hope this helps! As I’ve been saying often, January 1st won’t arrive with perfection yet we do have control in how we prepare. A little something to work each scenario…

Listings under Listing Agreements signed prior to January 1, 2024

Listing agreements signed prior to January 1, 2024 should be amended to address the seller’s consent to limited dual agency.  To do so, firms can use the Addendum to Exclusive Listing Agreement (Form 18) and check the applicable box to address the seller’s consent to limited dual agency for the individual listing broker.   If the seller does not consent, the listing broker cannot act as a limited dual agent.  For any new listing signed on or after January 1, 2024, brokers must use the new listing agreement.

Purchase and sale agreements pending before January 1, 2024

Purchase and sale agreements for transactions pending (mutually accepted) before January 1, 2024 should not be amended.

Purchase and sale agreements written on or after January 1, 2024

Purchase and sale agreements written on or after January 1, 2024 should be completed on the new forms.

Existing buyer agency relationships after January 1, 2024

For buyer brokers who have existing agency relationships, brokers should have buyers sign the new Buyer Brokerage Services Agreement (Form 41 or Company equivalent) if the broker will continue to provide services to the buyer on or after January 1, 2024.  If a broker and a buyer have an existing written agency agreement, the parties should update their agreement using a new form that complies with the Revised Law on January 1, 2024.

Existing agency relationships and pending transactions after January 1, 2024

For buyers who are party to an existing purchase and sale agreement that is waiting to close, there is no need for the buyer to sign a services agreement.  However, if that sale fails, and the broker will continue to provide services to the buyer, the parties must enter into a services agreement as required by the Revised Law.

Note: NWMLS posted an on-line self-paced version of their CE class on Agency & Forms changes.  It can be taken either for clock hour credit, or viewed for reference with no credit.  If you didn’t make one of the earlier classes, or desire a refresh, it will be a good option for you as well!

A FFT moment. Laura, what is a FFT?

Laura, what is an FFT? Good question. Let’s go back to March 19th, 2020 for some context and an “Unlocking Us with Brene Brown” podcast Episode. Why is Laura going to the vault and taking us back to 2020? Another good question…

As we all continue to prepare for Agency Law Changes we are preparing for “new” and with “new” can come hard. We are at the intersection of new, education & understanding. As we host practical application conversations, train to new forms etc…this podcast episode came back to my consciousness as one to share. As we push beyond the messy middle of change and endure industry headlines leading to confusion – confidence will greet us on the other side. Standing in a bit of discomfort now is ok. Some of you are in the midst of being unsure and many of you are ready to rock & roll and have found your confidence. Both co-exist in this moment & both are progress in their own way.

We are also in the season of business planning. With planning also plays into trying new things and having the the clarity to stop some things too.

In this moment, we are surrounded by FFTsflipping first time(s). Note: I share a pg version of the FFT acronym – Brene’s deconstruct of FFT is not pg 😉 – you’ve been warned!

Within the FFT concept – she teaches us to take something new/hard and 1. normalize it 2. put it in perspective. 3. reality check it. With these 37 minutes with Brene – keep top of mind, new is ok – especially when we are together actively working towards steps 1, 2 & 3!

We’ve got this. Sure, it certainly does take work & focus yet on the other side – in my humble opinion – we will arrive even better as a profession & industry.

At the tail end of the pod Episode I share today – Brene takes us back to 2020. Naturally she references the pandemic. It is a good moment to remind us that if we as an industry could professionally endure that timeframe – we no doubt can work with this moment.

If you haven’t yet taken a 3 CE class on Agency Law Changes – December is your month to get er’ done. It is a necessary step – it does a brilliant job of normalizing it, putting the changes in perspective and helps reality check how to put change into practice. January 1st, 2024 will not arrive with perfection yet we can each arrive prepared…

Here to help. The ultimate goal.

Have a great first (& rainy!) weekend in December y’all! – Laura

Taking inventory. No left turns…

This week my days overflowed with industry chatter as we further prepare for Agency Law changes come Jan 1st, continued refinement in drafts back and forth with Demco on Representation Agreements, deeper conversations on best practices in implementation, hosting business planning sessions, reviewing Standards of Practice summaries, teaching our new broker group & brainstorming a new podcast coming soon to a station near you – hint hint: 2024.

And, coaching. Lots of opportunities for coaching. These two questions really won the day in my coaching this week within the COURAGE quadrant. I’ll leave you with these two questions to ponder & a story below as we anticipate all that surrounds Thanksgiving. *Thank you Cassie Walker Johnson for the “story” share – I have certainly thought strategically about my “left turns”…

If you had even more COURAGE, what would you stop doing?

If you had even more COURAGE, what would you start doing?

This is a wonderful piece by Michael Gartner, editor of newspapers large and small and president of NBC News. In 1997, he won the Pulitzer Prize for editorial writing.. It is well worth reading, and a few good chuckles are guaranteed. Here goes…

My father never drove a car. Well, that’s not quite right.  I should say I never saw him drive a car.

He quit driving in 1927, when he was 25 years old, and the last car he drove was a 1926 Whippet.

“In those days,” he told me when he was in his 90s, “to drive a car you had to do things with your hands, and do things with your feet, and look every which way, and I decided you could walk through life and enjoy it or drive through life and miss it.”

At which point my mother, a sometimes salty Irishwoman, chimed in: “Oh, bull—-!” she said. “He hit a horse.”

“Well,” my father said, “there was that, too.”

So my brother and I grew up in a household without a car. The neighbors all had cars — the Kollingses next door had a green 1941 Dodge, the VanLaninghams across the street a gray 1936 Plymouth , the Hopsons two doors down a black 1941 Ford — but we had none.

My father, a newspaperman in Des  Moines , would take the streetcar to work and, often as not, walk the 3 miles home. If he took the streetcar home, my mother and brother and I would walk the three blocks to the streetcar stop, meet him and walk home together.

My brother, David, was born in 1935, and I was born in 1938, and sometimes, at dinner, we’d ask how come all the neighbors had cars but we had none. “No one in the family drives,” my mother would explain, and that was that.

But, sometimes, my father would say, “But as soon as one of you boys turns 16, we’ll get one.” It was as if he wasn’t sure which one of us would turn 16 first.

But, sure enough , my brother turned 16 before I did, so in 1951 my parents bought a used 1950 Chevrolet from a friend who ran the parts department at a Chevy dealership downtown.

It was a four-door, white model, stick shift, fender skirts, loaded with everything, and, since my parents didn’t drive, it more or less became my brother’s car.

Having a car but not being able to drive didn’t bother my father, but it didn’t make sense to my mother.

So in 1952, when she was 43 years old, she asked a friend to teach her to drive. She learned in a nearby cemetery, the place where I learned to drive the following year and where, a generation later, I took my two sons to practice driving. The cemetery probably was my father’s idea. “Who can your mother hurt in the cemetery?” I remember him saying more than once.

For the next 45 years or so, until she was 90, my mother was the driver in the family.  Neither she nor my father had any sense of direction, but he loaded up on maps — though they seldom left the city limits — and appointed himself navigator.  It seemed to work.

Still, they both continued to walk a lot.  My mother was a devout Catholic, and my father an equally devout agnostic, an arrangement that didn’t seem to bother either of them through their 75 years of marriage.

(Yes, 75 years, and they were deeply in love the entire time.)

He retired when he was 70, and nearly every morning for the next 20 years or so, he would walk with her the mile to St. Augustin’s Church.  She would walk down and sit in the front pew, and he would wait in the back until he saw which of the parish’s two priests was on duty that morning. If it was the pastor, my father then would go out and take a 2-mile walk, meeting my mother at the end of the service and walking her home.

If it was the assistant pastor, he’d take just a 1-mile walk and then head back to the church. He called the priests “Father Fast” and “Father Slow.”

After he retired, my father almost always accompanied my mother whenever she drove anywhere, even if he had no reason to go along.  If she were going to the beauty parlor, he’d sit in the car and read, or go take a stroll or, if it was summer, have her keep the engine running so he could listen to the Cubs game on the radio.  In the evening, then, when I’d stop by, he’d explain: “The Cubs lost again. The millionaire on second base made a bad throw to the millionaire on first base, so the multimillionaire on third base scored.”

If she were going to the grocery store, he would go along to carry the bags out — and to make sure she loaded up on ice cream.  As I said, he was always the navigator, and once, when he was 95 and she was 88 and still driving, he said to me, “Do you want to know the secret of a long life?”

“I guess so,” I said, knowing it probably would be something bizarre.

“No left turns,” he said.

“What?” I asked.

“No left turns,” he repeated. “Several years ago, your mother and I read an article that said most accidents that old people are in happen when they turn left in front of oncoming traffic.

As you get older, your eyesight worsens, and you can lose your depth perception, it said. So your mother and I decided never again to make a left turn.”

“What?” I said again.

“No left turns,” he said… “Think about it. Three rights are the same as a left, and that’s a lot safer.  So we always make three rights.”

“You’re kidding!” I said, and I turned to my mother for support.  “No,” she said, “your father is right. We make three rights. It works.”  But then she added: “Except when your father loses count.”

I was driving at the time, and I almost drove off the road as I started laughing.

“Loses count?” I asked.

“Yes,” my father admitted, “that sometimes happens. But it’s not a problem. You just make seven rights, and you’re okay again.”

I couldn’t resist. “Do you ever go for 11?” I asked.

“No,” he said ” If we miss it at seven, we just come home and call it a bad day.  Besides, nothing in life is so important it can’t be put off another day or another week.”

My mother was never in an accident, but one evening she handed me her car keys and said she had decided to quit driving.. That was in 1999, when she was 90.

She lived four more years, until 2003. My father died the next year, at 102.

They both died in the bungalow they had moved into in 1937 and bought a few years later for $3,000.  Sixty years later, my brother and I paid $8,000 to have a shower put in the tiny bathroom — the house had never had one.  (My father would have died then and there if he knew the shower cost nearly three times what he paid for the house.)

He continued to walk daily — he had me get him a treadmill when he was 101 because he was afraid he’d fall on the icy sidewalks but wanted to keep exercising — and he was of sound mind and sound body until the moment he died.

One September afternoon in 2004, he and my son went with me when I had to give a talk in a neighboring town, and it was clear to all three of us that he was wearing out, though we had the usual wide-ranging conversation about politics and newspapers and things in the news.

A few weeks earlier, he had told my son, “You know, Mike, the first hundred years are a lot easier than the second hundred.” At one point in our drive that Saturday, he said, “You know, I’m probably not going to live much longer.”

“You’re probably right,” I said.

“Why would you say that?” He countered, somewhat irritated.

“Because you’re 102 years old,” I said.

“Yes,” he said, “you’re right.” He stayed in bed all the next day.

That night, I suggested to my son and daughter that we sit up with him through the night.

He appreciated it, he said, though at one point, apparently seeing us look gloomy, he said:

“I would like to make an announcement. No one in this room is dead yet.”

An hour or so later, he spoke his last words:

“I want you to know,” he said, clearly and lucidly, “that I am in no pain. I am very comfortable. And I have had as happy a life as anyone on this earth could ever have.”

A short time later, he died.

I miss him a lot, and I think about him a lot. I’ve wondered now and then how it was that my family and I were so lucky that he lived so long.

I can’t figure out if it was because he walked through life, or because he quit taking left turns. 

Remember, Life is too short to wake up with regrets.  So love the people who treat you right.  Forget about the one’s who don’t.  Believe everything happens for a reason.  If you get a chance, take it.  And if it changes your life, let it.

Nobody said life would be easy, they just promised it would most likely be worth it.”

I am grateful for you; the audience I get to write for. Take inventory this next week of all things. I bet we might all look at taking left turns a little differently. However you roll, spent time in gratitude – certainly my drug of choice.
I’ll write again on the other side of pumpkin pie. Until then…

Gobble Gobble in tremendous Gratitude, Laura

It’s Friday, let’s sweep this week! *Did you know?*

Welcome to Friday everyone! A few “did you know” odds & ends to sweep this week – let’s see how you do with these statements as we round out the first full week of November 2023…

Did you know…

…Veterans Day was first recognized in 1918 and is celebrated on November 11th every year. We celebrate on the 11th to commemorate the ending of WW1 on the 11th hour of the 11th day of the 11th month.

…Veterans Day is Saturday, November 11th. Whenever any legal holiday falls upon a Saturday, the preceding Friday shall be the legal holiday. When computing time for purchase and sale agreements, please regard Friday, November 10th as a legal holiday under Washington law.

…Windermere Stats (Seattle, Eastside, King, Snohomish) have been updated; including talking points for Seattle & Eastside. Time to digest the #’s which builds trust when you are asked “how is the market?”

Need stats password? Ask your office or text me: 206.227.7133

Last Monday night at Windermere’s inaugural Comedy Night we raised $516,932! If you are not yet following the Windermere Foundation on Instagram – head on over to @windermerefoundation & share the good news. Tag often with all the good your office(s) are doing in the hood!

Launched this week – direct access to order really cool new Windermere branded hats! I love mine! 9 new color schemes for you lid – link right here.

…and, I’ll round out one more reference to our holiday weekend upon us – “Peace cannot by kept by force. It can only be achieved by understanding.” – Albert Einstein

Thank you to all Veterans. May we all seek to understand.

Here to help. The ultimate goal. – Laura

Control what we can control. Facts. Timelines.

As I’m sure many of you have seen in the media, our industry got some fairly shocking news this week out of Missouri. The industry is nowhere near knowing the final outcome of this week’s events. The verdict has already been appealed by the defendants and that process could take years. While news like this creates confusion for our industry and our clients, we believe the best way forward is to focus on what we can control. We will continue to serve our clients’ best interests. We will continue our long-standing support of our communities. We will continue our stellar professionalism. And we will continue to strive to be the best in the industry. 

For reference at the local level, I’m stating facts & timelines in short form. If you haven’t yet taken a 3 hour CE class on upcoming Agency Statute changes – it’s time to do so. It’s time for everyone to dig in and really “get” this moment in our industry. I will do everything in my wheelhouse to have you/us prepared for the Agency Law changes. Summary – it’s been a long time coming. These major changes in the Law of Agency will elevate even further the level of transparency and consumer protection surrounding representation.

Cliff notes to timelines on the NWMLS changes for reference:

October 2019

NWMLS published the amount of compensation the seller offers to pay a broker representing the buyer as part of the listing.

NWMLS eliminated the requirement that a seller offer compensation to the buyer’s broker.

October 2022

The compensation the seller offers to the buyer broker was stated on the first page of the NWMLS purchase and sale agreement, with an opportunity for the compensation to be accepted by the buyer and the buyer’s broker or modified by the parties in an addendum to the agreement.

The compensation the seller offers to the buyer broker became a direct offer determined by the seller – rather than commission sharing between the two brokerage firms.

The NWMLS listing agreement provided options for broker compensation to address the role of the listing broker and buyer broker in the transaction.

The NWMLS buyer representation agreements offered alternatives for buyers and their broker for compensation that depend on the terms of the listing.

Coming soon – January 2024

The Agency Statute, Chapter 18.86 RCW, was amended as follows:

Buyer brokers will be required to have a brokerage services agreement with buyers (and sellers);

Brokerage service agreements must disclose the terms of broker compensation, including any compensation sharing and compensation received by more than one party;

Brokers must disclose in writing any compensation offered by a party or real estate firm to a real estate firm representing another party; and

Brokers are required to disclose whether they agree to show properties if there is no offer of broker compensation.

@windermereco.seattle we are focused on helping to educate the consumer as well – link here.

Control what we can control. Stick to the facts. Prepare & educate ourselves for the amended Agency Statute. Continue to serve our clients’ best interests. Continue our long-standing support of our communities. Continue our stellar professionalism. Continue to strive to be the best in the industry. These areas are not new for us; it has always been who we are. #WeAreWindermere

A Monday post – a NWMLS hack, health insurance & “I rise.”

Good morning & welcome to a fresh new week! Friday was simply full thus a Monday morning post.

Packing my bags today and traveling to our annual Windermere Owners meetings for the week.  Looking forward to the collaboration & connection across our entire network.

I am packing my curiosity for all of us; per usual! 💭

Before I go…sharing a quick video message from me this morning as I show a small NWMLS hack that I am enjoying and thought it might to be an idea worth sharing with all of you. Click here! Hint: this hack shows quick trends, opportunities to celebrate each other, open house opportunities & more etc…

📣 And, reminder that health care open enrollment starts on Nov 1st and we have a new Windermere Agent Health Plan at Stride. 📣

Last week I had the opportunity to be a guest at the RISE WITH RYTHER luncheon. To open the program, a poem by the “Ryther Youth” was read aloud. The power of the written word – the power of hope from the optics of youth. I simply wanted to share as we begin again into a new week.

Amidst the trials, like a bird, I rise. Through stormy skies, my spirit flies. With wings of hope and dreams so wide. Adversity, I’ll conquer, and fears subside.

As a humble sparrow, I may be small. But within my heart, strength stands tall. In unity with others, I find my power. To face the tempest, to bloom and flower.

With every challenge, my wings grow strong. A phoenix reborn, I right the wrong. Through trials and tribulations, I rise. Above the chaos, to claim the prize.

With wings of faith and courage I try. I rise, no longer asking why. For through adversity, I have grown. Like a bird in flight, I have found my own.” – Ryther Youth

Welcome to a fresh new week. How will you design it? Back to packing my bags for meetings with curiosity as the first item to bring with me; always. – Laura

A formula to sustained success. And a smile & hello formula.

Curiosity x (Competence + Congruence + Connection) = Confidence.

Last week I left you with the formula above to think about. This will be a theme I will keep in front of us as this is where I observe sustained success. Confidence is a powerful lag result derived from lead measures of curiosity x (competence + congruence + connection). My goal then is to double down on information, activity & habits that will help you continue to gain more confidence. With stats out this week, we’ll focus on the competence ingredient within the formula above…

Let’s begin with a macro brushstroke of the market & give a nod to Steve Harney and his monthly market reports hosted on Keeping Current Matters. This month he took a dive into equity across our country (hint: who are possible sellers and who is less interest rate sensitive) and pricing expectations. If you can carve our 35 minutes, I’d suggest to do so. Keeping Current Matters – here.

This week, I had several inbound questions on “Laura, where does that cost of waiting document live you reference”? With trend in question – here is the answer: page 3 each month on every PDF report hosted on WindermereStats.com. Stats & area talking points are updated!

Need password? Text me or ask your office: 206.227.7133

Where else can I gain increased confidence? Good question. Answer is: prepare for January 1, 2024 Agency Law Changes. With these changes to Law comes changes to Forms. And this round of change will create change in practical application within your business & conversation with clients. We have time, you will be ready. Let’s help us all get there! This week I attended a 3 CE class hosted by the NWMLS. It was excellent. Many dates in person and on zoom available…head on over to NWMLS to register…

And, I would be remiss to not acknowledge this week has been beyond heavy. I appreciated these words from Esther Perel – here. Weeks like this that has me carving out more time for contemplative quiet. And as I moved from place to place, meeting to meeting, conversation to conversation I took confidence in my ability to be a small light for the people I encounter with this wonderfully simple advice…

If you are ten feet away from someone, smile. If you are five feet away from someone, say hello.

You just never know where you can be that light to a fellow human. We’ll call this the smile & hello formula.

Until next Friday, here to help – the ultimate goal. – Laura

Double Down Ep. 28 “luxury lab” & beyond

Excited to share Ep.28 of my Double Down podcast – “Luxury Lab & beyond”…

Before you begin listening – approach this episode by removing “luxury” from the title & inserting the “client experience.” Windermere brokers, Susan Stasik, Carmen Gayton, Valerie Hwang & Narcisa Kaminski mic up with me and continue the conversation from this years Windermere Luxury Lab, hosted at Willows Lodge. You will quickly realize this Episode has something for everyone.

Let’s dive in and explore deeper real estate through the lens of the client experience & beyond…

Ep.28 – full episode here.

After listening to Episode 28, I’ve have three important questions to help us translate this conversation into actionable steps within your real estate business:

  1. 3 skills I could develop to help me feel more confident are…
  2. The simple steps I could take to improve those skills include…
  3. The coaches, mentors or industry peers I could seek out concerning those skills are…

As we look ahead to a new week, I encourage you to embrace a theme that I am focused on as we move further into fall and closer to planning for the New Year. While we often ponder market dynamics, let’s challenge ourselves to take greater agency over the things we can control. I’ll delve deeper into this formula from Brendon Burchard’s book – “High Performance Habits.”

Curiosity = (Competence + Congruence + Connection) = Confidence.

More to come. For now, welcome to getting ready for a fresh new week of opportunity. Bring curiosity to your week & I promise it will be a welcomed ingredient into your days…

Here to help – the ultimate goal. – Laura