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Membership Vote on Future LAR Facilites

Important Vote for all REALTOR Members

Online Voting will begin Monday, July 27th at 9:00 a.m. and close on Monday, August 17, 2020 at 11:59 p.m.

Voting link: https://www.ezvoteonline.com/LARBuildingVote 

Your login will be your Email and NRDS number

History of the Lubbock Association of REALTORS Building and Past Task Forces

The current association office at 5015 Knoxville Ave was purchased in 1969 and has approximately 6,000 square feet, of which 800 feet is storage, not usable for the public. Over the past 25 years, the membership has grown from just over 300 REALTOR members to over 1,350. In that time, the office has not had any structural additions or renovations to accommodate the space needed for growth in membership, the number of education courses we offer, committee meetings, and additional staff. When having education courses or meetings with more than 15 people (which is often), lines form at the restrooms due to the lack of proper space and we hear complaints often.

Over the last 15 years, there have been several Task Forces formed for facilities and investments for the Asscoiation, and at times they have approved smaller updates and light remodeling.

In 2016, a Task Force was recreated to plan a remodel of the current building. After two years of work and numerous town halls presenting the proposed remodel, the feedback received was that the Association should give the members options beside just a current building remodel, including moving locations to a new or existing building, with the possiblity of having leasable space for non-dues revenue for the Association and its future members.

Based on the recommendations above, members will vote on their favorite two (2) choices from the options below. The top two choices with the most votes will give the Building Task Force and the Board of Directors permission to move forward with whichever the Board of Directors determines is the best option for the Association members. This decision could be anytime between 2020 and 2023. No buying agent will receive compensation on this transaction (if any).

Financial Update:  The Association has over $2,100,000 in available cash assets plus the land investment worth over $800,000. The Association will apply up to $1,500,000 of those funds toward a purchase or remodel and would keep $500,000 - $600,000 in operating funds for emergency use. Any remaining balance (if needed), will be financed with a local bank, with the Finance Committee negotiating the best terms and rates. The Association will also look for corporate sponsorships to offset costs.

 Members will vote for two (2) choices from the five (5) listed below, please read all five (5) choices carefully!

1. Find, purchase, and remodel or finish out an existing building of at least 8,000 square feed located in Southwest or other covenient location in Lubbock to be occupied by the Association at a total cost including purchase and renovation, not to exceed $1,750,000.

2. Find and purchase a larger existing building(s) Southwest or other covenient location in Lubbock to remodel or finish out, with a portion to be occupied by the Association and the remaining square footage to be leased for non-dues income at a cost of the purchase and renovation not to exceed $2,750,000. Lease space would generate long term income for the Association once the note is paid off.

3. Build a customized new facility on the land the Association currently owns (which is paid for) on the West side of Slide Road and 110th Street of approximately 8,000 - 10,000 square feet. The lot size is 72,814 square feet. This cost would not exceed $2,200,000.

4. Purchase new land to build a new facility on. This option would allow the Association to accommodate a larger building and have lease space for future tenants and more parking spaces. The lot would need to be more than 90,000 square feet and would be in the $600,000 - $1,000,000 range, with a new building being 10,000 to 15,000 feet in the future, and current cost would be around $200 a foot. Total costs of the lot and the new building would range between $3,000,000 - $4,000,000 depending on exact size of each, and the timing of the purchase. Lease space would generate long term income for the Association once the note is paid off.

5. Build or find a satellite Association office in South Lubbock that is 3,000 to 5,000 square feet not to exceed $1,000,000 for the key service, several offices, conference rooms, restrooms, or as deemed best use by the Association staff. The Association would keep the current building at 5015 Knoxville Ave and update system, re-design the floorplan, and remodel the interior to the best usable floorplan at an additional cost not to exceed $550,000. Future budgeting could remodel the exterior. This option would not exceed a total of $1,550,000.

Coming Soon Status and Clear Cooperation Rule

The National Association of REALTORS required all MLSs to adopt the following rule by May 1, 2020:
 
Section 1.01 Clear Cooperation: Within one (1) business day of marketing to the public, the listing broker must submit the listing to the MLS for cooperation with other MLS participants. Public marketing includes, but is not limited to, flyers displayed in windows, yard signs, digital marketing on public facing websites, brokerage website displays (including IDX and VOW), digital communications marketing (email blasts), multi-brokerage listing sharing networks (Facebook Groups), and applications available to the general public.
 
 
Please note that marketing includes verbal communication with other agents outside your office. This policy only applies to Residential listings.
 
The MLS Issues and Policies Committee has worked diligently on creating the "Coming Soon" status to help comply with this rule. Coming Soon listings do NOT syndicate (they don't go to third party websites from Rapattoni).

How "Coming Soon" listings will work in Rapattoni:

  • Choose which status you want the listing to be: Active or Coming Soon.
  • Enter an On Market Date: this is the date the listing will go from "Coming Soon" to "Active." If your status is "Coming Soon," this date cannot be longer than twenty-one (21) calendar days.
  • All fields required for an Active listing are also required for a Coming Soon listing, though some fields will not be active until the listing is Active (choosing Yes to fields like internet, realtor.com, IDX, etc.)
  • A picture is still required within seven (7) calendar days for Coming Soon listings just as it is for Active listings.
  • Coming Soon listings are searchable in Rapattoni, but they cannot currently be added to Client Portals or Carts.
  • An automated email alert will be sent to the Listing Agent three (3) calendar days before a Coming Soon listing is set to go to an Active listing.
  • Days on Market (DOM) begins with the On Market Date (OMD) for all listings.
  • Statuses available to a Coming Soon listing are Active and Terminated. Therefore, a Coming Soon listing cannot go straight to Under Contract or Sold.
  • If a listing was entered as a Coming Soon listing, regardless of current status, it cannot be re-entered as a Coming Soon listing for ninety (90) calendar days.
    • Example 1: A listing is entered as a Coming Soon, then Terminated (without going Active). The listing cannot be re-entered as a Coming Soon for ninety (90) days.
    • Example 2: A listing is entered as a Coming Soon, goes Active, then changes to ANY OTHER STATUS, the listing cannot be re-entered as a Coming Soon for ninety (90) days.
    • Example 3: A listing is entered as an Active listing, then is Terminated, Expired, Sold, Temp Off Market, etc., the listing CAN be entered as a Coming Soon listing. Cooperation Rule 

Scholarships - John Walton Educational Foundation

  

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The John S. Walton Educational Foundation is proud to offer scholarships to full-time students pursuing higher education through Texas Tech University, Lubbock Christian Univeristy, Wayland Baptist Univeristy and South Plains College. Scholarships are awarded at the discretion of the Trustees of the foundation. Applicants must be recommended by a REALTOR member of the LAR.  Applications are now being accepted and must be submitted by April 20, 2020.

 

About the foundation: The foundation is funded through the generosity of the Lubbock Association of REALTORS, its members and outside donations.  It was established in 1981 during Mr. Walton's year as President of the Lubbock Association of REALTORS as simply, the Lubbock Association of REALTORS Education Foundation. The Trustees of the Foundation saw fit to rename it in 2016 in memory and honor of Mr. Walton.  Mr. Walton, a 40 year REALTOR Emeritus member of the association, dedicated countless hours of service to the Lubbock, Texas and National Association of REALTORS. He served as the President of the Lubbock Association of REALTORS in 1981, President of the Texas Association of REALTORS in 1999, and was appointed to the Texas Real Estate Commission by Governor Rick Perry from 2001 to 2007. He was appointed as Chairman of the Commission by Governor Perry in 2004. Mr. Walton loved this community and the REALTOR profession and the foundation strives to honor his legacy. 

Requirements for New REALTOR Members

New REALTOR® members are granted provisional REALTOR® membership upon joining the association, with the understanding that they will complete the following requirements within the specified time frames. Failure to complete any of these within the time frames may result in membership termination.

  1. NEW MEMBER ORIENTATION - WEDNESDAY, SEPTEMBER 9, 2020 from 8:30 a.m. - 1:00 p.m. (location to be determined) Don't be late! Late arrivals will be turned away. Breakfast and lunch will be provided.
    • Orientation MUST be attended within the first two (2) times it is offered after joining. Orientation dates are subject to change depending on COVID-19 guidelines.
  2. RAPATTONIMLS NEW USER TRAINING - Complete this online course within 90 days of joining the MLS
  3. Take the REALTOR® Code of Ethics New Member Orientation Course online here within 90 days after joining the LAR. This free on-line course covers the National Association of REALTORS® Code of Ethics that all members agree to abide by.
  4. AttendYou Mean Contracts Must Be Written? - three (3) hour CE contracts course on DATE AND TIME TO BE DETERMINED.  New members must RSVP to members@lubbockrealtors.com so that we will have enough materials made.
  5. Strongly suggested: Watch the recorded ShowingTime Training here.  It's the BEST way to begin with the ShowingTime system.

Contact Cade Fowler, Association Executive, with questions about these requirements.

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