2020 Five Star Professional

Wow! Another year as a Five Star Professional Winner! Thank you God, my amazing husband Jay Modglin, my beautiful daughter, Reagan, my parents, friends, family and my amazing clients for giving me the strength and support every day to do what I do. This career demands a significant amount of my time but it is so rewarding to help families find a place, be their advocate and guide them throughout the process to where in the end, they get to call it HOME. I am so grateful, honored and so very very blessed to win the award for 2018, 2019 and now 2020 for Five Star Professional for Real Estate. Thank you to all my clients and industry partners for your very positive feedback that helped me earn this award.

Five Star does in depth research to make sure they are nominating Realtors who exemplify truly exceptional service to their clients. Only 5 percent of real estate professionals are nominated for this award and out of over 22,000 agents in Colorado that’s a true honor.

The research objective is to develop a list of real estate agents in a given market who satisfy objective criteria that are associated with providing quality services to clients. To receive the Five Star Real Estate Agent award, a real estate agent must satisfy five objective eligibility and evaluation criteria that are associated with real estate agents who provide quality services to their clients. The award process is conducted annually in each market.

Recent homebuyers are asked to evaluate real estate agents with whom they have worked and evaluate them based upon ten criteria. Recent homebuyers may evaluate up to two real estate agents in order to measure the experience associated with the purchase and sale side of a move. Self-nominations are not accepted. 

Award Candidate Identification Process

The nomination and candidate selection process is designed to identify the broadest possible population of high-quality award candidates in order to ensure that eventual award winners have been drawn from a large and diverse pool. Award candidates are identified by one of three sources; consumer nominations, peer nominations, and a review of online consumer evaluations. Self-nominations are not accepted.

Define Research Geography and Relevant Population of Recent Homebuyers (all should have the below)

We define the geographic bounds of each market, with some research areas limited to cities and others covering larger regions that stretch beyond any one metro area. This is typically a list of counties, but may also include a list of zip codes. Within this geography, Five Star Professional defines the population of recent homebuyers and sellers to be surveyed as all area residents who purchased a home within 5 year time period depending on market size and sample size requirements.

Acquire Recent Homebuyer Lists

Once the geography and the population of recent homebuyers have been determined, the data is acquired. The list of recent homebuyers and sellers is provided by an outside data provider.

Solicit Recent Homebuyer Evaluations

Five Star Professional administers a survey. Clients of real estate agents may also submit evaluations online. Each respondent is asked to evaluate only real estate agents with whom they have worked and evaluate them based upon ten criteria: customer service, integrity, market knowledge, communication, negotiation, closing preparation, post-sale service, finds the right home, marketing of home, and overall satisfaction. Additionally, respondents are asked whether they would recommend the agent to a friend. This information is incorporated into a client scoring algorithm as a cross check against their average rating. Recent homebuyers may evaluate up to two real estate agents in order to measure the experience associated with the purchase and sale side of a move.

Review of Online Consumer Evaluations

Five Star Professional works with 3rd party data sources to analyze online consumer evaluations of professionals in a market area. A select group of professionals that have demonstrated favorable reviews will be identified as award candidates. All candidates will be reviewed by a panel of industry experts prior to being named an award recipient (see section on Blue Ribbon Panel review).

Verify Award Candidate License and Contact Information

Each award candidate is matched to a real estate license number. Once found on the state license/registration site, each real estate agent’s license status (active or non-active) and disciplinary history are noted. In order to be named a Five Star Real Estate Agent, an individual must hold a current real estate license and be in good standing. Five Star Professional employees identify contact information, using company and other directories.

Assign Evaluation Score

After the consumer and peer evaluation surveys and prequalified candidates are identified, all candidates are reviewed by a panel of industry peers – the Blue Ribbon Panel review. Each Blue Ribbon Panel review member is given a portion of the candidate list to review. Each candidate is reviewed based on their commitment to professional excellence in the industry and demonstration of superior client service. Blue Ribbon Panel review members are asked to remove candidates they feel are not worthy of award consideration. Safeguards are in place to ensure a single panel member is unable to remove a candidate from consideration. Once all evaluations and panel reviews are complete, the real estate agent’s license, regulatory history, and contact information are determined; each real estate agent is given an Evaluation Score. Both favorable and unfavorable evaluations are incorporated. Safeguards are in place to eliminate any bias including; self-nominating, “back-scratching,” and “stuffing the ballot.

Award List Publication

Five Star Real Estate Agents for each market are listed at no cost on fivestarprofessional.com. Five Star award winners do not pay a fee to be included in the research or the final list of award recipients.

Five Star Professional:

• Conducts comprehensive research

• Recognizes service professionals

• Partners with leading city/regional magazines

• Helps award winners gain the recognition they deserve

  Program Summary and Methodology

Today's Expert Insight on the Housing Market

Some Highlights

• According to Lawrence Yun, Chief Economist at NAR, home prices are forecasted to rise.

• Results from the Existing Home Sales Report note that home sales declined in March due to the coronavirus, but prices are still strong.

• Let’s connect so you can better understand your home’s value today.

Will This Economic Crisis Have a V, U, or L-Shaped Recovery?

Many American businesses have been put on hold as the country deals with the worst pandemic in over one hundred years. As the states are deciding on the best strategy to slowly and safely reopen, the big question is: how long will it take the economy to fully recover? 

Let’s look at the possibilities. Here are the three types of recoveries that follow most economic slowdowns (the definitions are from the financial glossary at Market Business News):

• V-shaped recovery: an economic period in which the economy experiences a sharp decline. However, it is also a brief period of decline. There is a clear bottom (called a trough by economists) which does not last long. Then there is a strong recovery.

• U-shaped recovery: when the decline is more gradual, i.e., less severe. The recovery that follows starts off moderately and then picks up speed. The recovery could last 12-24 months.

• L-shaped recovery: a steep economic decline followed by a long period with no growth. When an economy is in an L-shaped recovery, getting back to where it was before the decline will take years.

What type of recovery will we see this time?

No one can answer this question with one hundred percent certainty. However, most top financial services firms are calling for a V-shaped recovery. Goldman Sachs, Morgan Stanley, Wells Fargo Securities, and JP Morgan have all recently come out with projections that call for GDP to take a deep dive in the first half of the year but have a strong comeback in the second half.

Is there any research on recovery following a pandemic?

There have been two extensive studies done that look at how an economy has recovered from a pandemic in the past. Here are the conclusions they reached:

1. John Burns Consulting:

“Historical analysis showed us that pandemics are usually V-shaped (sharp recessions that recover quickly enough to provide little damage to home prices), and some very cutting-edge search engine analysis by our Information Management team showed the current slowdown is playing out similarly thus far.”

2. Harvard Business Review:

“It’s worth looking back at history to place the potential impact path of Covid-19 empirically. In fact, V-shapes monopolize the empirical landscape of prior shocks, including epidemics such as SARS, the 1968 H3N2 (“Hong Kong”) flu, 1958 H2N2 (“Asian”) flu, and 1918 Spanish flu.”

The research says we should experience a V-shaped recovery.

Does everyone agree it will be a ‘V’?

No. Some are concerned that, even when businesses are fully operational, the American public may be reluctant to jump right back in.

As Market Business News explains:

“In a typical V-shaped recovery, there is a huge shift in economic activity after the downturn and the trough. Growing consumer demand and spending drive the massive shift in economic activity.”

If consumer demand and spending do not come back as quickly as most expect it will, we may be heading for a U-shaped recovery.

In a message last Thursday, Chris Hyzy, Chief Investment Officer for Merrill and Bank of America Private Bank, agrees with other analysts who are expecting a resurgence in the economy later this year:

“We’re forecasting real economic growth of 30% for the U.S. in the 4th quarter of this year and 6.1% in 2021.”

His projection, however, calls for a U-shaped recovery based on concerns that consumers may not rush back in:

“After the steep plunge and bottoming out, a ‘U-shaped’ recovery should begin as consumer confidence slowly returns.”

Bottom Line

The research indicates the recovery will be V-shaped, and most analysts agree. However, no one knows for sure how quickly Americans will get back to “normal” life. We will have to wait and see as the situation unfolds.

What If I Need to Sell My Home Now? What Can I Do?

Every day that passes, people have a need to buy and sell homes. That doesn’t stop during the current pandemic. If you’ve had a major life change recently, whether with your job or your family situation, you may be in a position where you need to sell your home – and fast. While you probably feel like timing with the current pandemic isn’t on your side, making a move is still possible. Rest assured, with technology at your side and fewer sellers on the market in most areas, you can list your house and make it happen safely and effectively, especially when following the current COVID-19 guidelines set forth by the National Association of Realtors (NAR) and the Centers for Disease Control and Prevention(CDC).

You may have a new baby, a new employment situation, a parent who moved in with you, you just built a home that’s finally ready to move into, or some other major part of your life that has changed in recent weeks. Buyers have those needs too, so rest assured that someone is likely looking for a home just like yours.

According to the NAR Flash Survey: Economic Pulse taken April 5 – 6, real estate agents indicate, not surprisingly, that there’s a noticeable decline in current homebuyer interest. That said, 10% of agents said in the same survey that they saw no change or even an increase in buyer activity. So, while buyer interest is low compared to normal spring markets, there are still buyers in the market. Don’t forget, you only need one buyer – the right one for your home.

Here’s the other thing – people are spending a lot of time on the Internet right now, given the stay-at-home orders implemented across the country. Buyers are actively looking at homes for sale online. Some of them are reaching out to real estate professionals for virtual tours and getting ready to make offers too. Homes are being sold in many markets.

There Is Less Competition Right Now

The same survey indicates that 56% of NAR members said sellers are removing their homes from the market right now. This can definitely work in your favor. If other sellers are removing their listings, your home has a better chance of rising to the top of a buyer’s search list and being seen. Keep in mind, listings will pick up again soon, as 57% of the respondents note that sellers are only planning to delay the process by a couple of months. If you need to sell right now, don’t wait for the competition to get back into the market again.

This year, delayed listings from the typically busy spring season will push into the summer months, so more competition will be coming to the market as the pandemic passes. Getting ahead of that wave now might be your biggest opportunity.

Your Trusted Real Estate Advisor Can Help 

Real estate agents are working hard every single day under untraditional circumstances, utilizing technology to help both buyers and sellers who need to continue with their plans. We’re using virtual tours to show homes currently on the market, staying connected with the buyers and sellers through video chats, and leveraging resources to complete transactions electronically. We’re making sure the families we support remain safe and can keep their real estate needs on track, especially as life is changing so rapidly.

Bottom Line

Homes are still being bought and sold in the midst of this pandemic. If you need to sell your house and would like to know the current status in our local market, let’s work together to create a safe and effective plan that works for you and your family.

@KeepingCurrentMatters