February 7, 2007

Proposed ordinance could lead to reinstitution of rent control in Boston
Large rental property owners in the City of Boston could be subjected to a new form of rent control if a proposed ordinance that seeks to require landlords to negotiate with tenant associations when disputes over rent increases and other issues occur is passed. The measure, which the Greater Boston Real Estate Board is opposed to and preparing to fight, is expected to be brought before the Boston City Council in the next several weeks.

Under the ordinance, landlords living in Boston who own 20 or more units of rental housing, as well as non-Boston residents who own at least 10 rental units, would be required to appear before the city’s Rental Housing Resource Center to resolve disputes when a disagreement arises with a tenant group. Further, if a landlord were to refuse to negotiate in good faith, the measure stipulates that a letter of non-compliance would be issued, which would hold up a property owner’s request for city permits and licenses.

City Councilor Sam Yoon, who introduced the ordinance, insists that the proposal is an attempt to establish a third party mediator to resolve landlord-tenant disputes, but GBREB and other real estate industry groups have vowed to defeat the measure as another creative attempt to restrict the rights of property owners and re-introduce rent control, which was officially outlawed by Massachusetts voters in a ballot referendum in 1994.

Legislation to permanently ban banks from real estate re-filed
 The National Association of REALTORS® has applauded the recent re-introduction of federal legislation that seeks to prohibit large national banks and financial services holding companies from engaging in real estate brokerage and property management activities. NAR opposes the entry of banks into real estate, arguing that any such expansion would lead to higher mortgage costs, fewer choices for consumers due to potentially large scale consolidation in the industry, and clear conflicts of interest if banks are able to steer homebuyers to their own insurance and loan products.

Passage of S. 413, the Community Choice in Real Estate Act, and H.R. 111, companion legislation filed in the U.S. House of Representatives earlier in January, is essential to preserving the separation of banking and commerce mandated under the Gramm-Leach-Bliley Act and will help to ensure that the nation’s real estate industry remains competitive, assert NAR leaders. The sponsors of S. 413 – U.S. Senators Hilary Rodham Clinton (D-N.Y.) and Wayne Allard (R-CO.) - concur, warning that to permit banks to enter the real estate industry would hurt competition and consumers and “upend one of our nation’s most fundamental economic policies – the separation of banking and commerce – and put our economy at risk.”

This marks the seventh consecutive year that NAR has been successful in getting the Community Choice in Real Estate Act introduced into both branches of Congress, and though the legislation has never had a hearing, this year that’s likely to change under the new Democratic leadership. Specifically, Bay State Congressman Barney Frank (D-Newton), who has been named chairman of the U.S. House Financial Services Committee, has indicated his intention to allow debate on the bill.

To date, more than 115 members of the House of Representatives have signed on as co-sponsors of the Community Choice in Real Estate Act, including Massachusetts Congressmen John Olver and John Tierney.

Foreclosure filings reach record high in Bay State in 2006
 Foreclosure filings in the Massachusetts Land Court rose nearly 70 percent last year to a new record high as mortgage lenders issued notices to 19,487 homeowners who were at least 30 days delinquent on their mortgage payment. Last year’s figure tops the previous record of 17,000 foreclosure filings the state’s mortgage lenders during the recession of 1991, according to a report issued this week by ForeclosuresMass.com.

The largest increase in foreclosure filings occurred on Cape Cod where filings rose 91 percent, while Bristol County saw the second largest spike (up 87%), and Suffolk County experienced the third highest gain in filings (up 80%) from 2005. The sharp rise in petitions to foreclose is thought to be due in large part to the growing prevalence of sub-prime and “exotic” mortgages, which have been marketed to those with poor credit and others who’ve stretched themselves financially to purchase a home in recent years, but are now finding it difficult to meet their mortgage payments as interest rates have climbed.

For more information on foreclosures and foreclosure auction, including useful tips to pass along to buyers and the business opportunities they present to REALTORS®, visit NAR’s Field Guide to Foreclosed Properties on realtor.org. You can also read this week’s issue of MAR’s REALTOR® Digest for information on how to handle transactions in which a property is in foreclosure or facing foreclosure.

Brush up on your negotiation skills
In today’s market where transactions have become more challenging to hold together, it’s pays to be an effective negotiator. For tips on presenting counter-offers, dealing with contingency clauses, when to make concessions and more, check out the full menu of Negotiating resources available from REALTOR® Magazine Online.

To be successful in real estate negotiations you must be able to recognize the type of objection being presented and know how to overcome it, and that’s what you’ll learn by attending the one-day course The New Negotiating Edge: A 5-Step Behavioral Strategy, which is being offered by the Massachusetts Chapter of Certified Residential Specialists and the Massachusetts Association of REALTORS® on February 12th, from 9 a.m. to 4:30 p.m., at the association’s headquarters in Waltham.

The program, to be taught by senior CRS instructor Ed Hatch, who will teach REALTORS® the fundamental axioms of negotiating in real world situations, including how to identify barriers to agreement and implement break-through strategies. Registration for this course is $200 for Mass. CRS Chapter members and $224 for non-members.  To register, use the online calendar at marealtor.com or call MAR Customer Service at 800-725-6272.

Three Greater Boston REALTORS® appointed to NAR leadership positions
In 2007, three members of the Greater Boston Association of REALTORS® will serve in leadership roles with the National Association of REALTORS®.

REALTOR® Peter P. Casey, CRB, GRI, the principal of Prudential Wilmot Whitney Real Estate in Weston, has been appointed the chairman of the NAR Business Issues Committee. A current NAR Director and member of NAR’s Business Issues Committee since 2002, he is a former GBAR director, a past treasurer of the Greater Boston Real Estate Board, and served as president of the Massachusetts Association of REALTORS® (MAR) in 2003. Also at the committee level, Concord REALTOR® Nancy Edmond, CIPS, CRS, GRI, an agent with RE/MAX Walden Country, Inc., has been named vice chairman of the NAR Certified International Property Specialist Advisory Group for the current year. Edmond previously served as president of the GBAR in 2002 and has been a director for both GBREB and MAR in recent years as well.

The third local REALTOR® who will serve in a NAR leadership capacity is David Peretti, CRB, GRI, of Winchester, who will serve as a NAR Committee Liaison and Executive Committee member in 2007. He will be responsible for communications between the association’s leadership and the NAR Legal Action, Membership Policy & Board Jurisdiction, Multiple Listing Issues & Policies, Professional Standards, and Risk Management Committees, as well as the Multiple Listing Service Forum. The executive vice president and chief operating officer for Carlson GMAC Real Estate in Woburn, Peretti has been a NAR Director since 2000, is a former NAR New England Region vice president, and served as president of MAR in 1988.

Registration open for 2007 New England REALTORS® Conference
Are you interested in learning more about the latest issues and trends expected to impact home sales and the real estate industry in New England? Have you ever wanted to speak directly with the leadership of the National Association of REALTORS®? Would you like to have the opportunity to network with colleagues from all six New England states? If you answered “yes” to any of these questions, you should consider attending this year’s New England REALTORS® Conference (NERC), which will take place from March 25-27 at the Stoweflake Resort & Spa in Stowe, VT.   

The 2007 NERC program will include a Legal Update with NAR Associate General Counsel Ralph Holmen; a Town Hall Meeting with NAR Treasurer Bruce Wolf and Senior VP of Technology Mark Lesswing; and a presentation by Allan Dalton, current president of the real estate division of Moves, Inc., the company that oversees REALTOR.com. There will panel discussions on the “Value of Association” and the “Value of Leadership,” as well as social events each evening.

Registration is $225 per person, and must be made by March 1st. Overnight room accommodations also are available for $159 per night, and must be made by February 23rd. For more information on the 2007 New England REALTORS® Conference, or to download a registration form, log onto www.nerc2007.com.

GBAR to host continuing ed courses
Members in need of continuing education credits to renew their license may wish to enroll in one or more of the CE courses being offered by GBAR this month at the Greater Boston Real Estate Board’s offices at 11 Beacon Street in Boston. On February 27th, a total of three CE classes will be presented, offering members an opportunity to earn up to six of 12 credits needed to be eligible for license renewal. The courses to be presented on February 27th are International Real Estate (9-11 a.m.), Commercial Real Estate Basics (11:15 a.m.-1:15 p.m.), and Commercial Leasing (2-4 p.m.), all of which will be taught by Rob Nahigian, a well-known national trainer and local commercial real estate broker.

Registration is $45 per class or $105 for members who attend all three courses. To register, log on to www.gbar.org or call 617-423-8700. Don’t delay as seating is limited to 30 students for this program!

Discounts available on B&T and real estate records data from The Warren Group
As a result of a new marketing agreement with The Warren Group, members of the Greater Boston Real Estate Board may now obtain substantial discounts off the purchase of real estate records search data, homeowner marketing lists, and subscriptions to the weekly industry trade journal, Banker & Tradesman.

The Warren Group’s Real Estate Records database includes property ownership, sales and financing information for nearly six million properties throughout New England, allowing you to search properties and identify comparable based on address; sales date, price range, property characteristics, and name of the buyer, seller or lender. In addition, RE Records Search subscribers can utilize a custom Automated Value Model application to obtain a property’s current market value, as well as view deed images and access Community Profile reports, which include comprehensive market data and trends, neighborhood and school information; and population demographics. GBREB members are eligible for a complimentary two-week trial subscription to RE Records Search and discounts of up to 26 percent off the standard monthly subscription rate for the service.

Additionally, REALTORS® can purchase homeowner marketing lists and sign up to search for foreclosure auctions, petitions to foreclose, and lis pendens online at a savings of 15 percent off regular rates just by being a member of the Greater Boston Association of REALTORS®. And, GBAR members are entitled to a special annual subscription rate of $178 on Banker & Tradesman, a discount of 28 percent, or $70, off the regular subscription rate. The special rate is available for both new subscriptions and renewing subscribers upon their current subscription renewal date.

For more information on any of the above services or for questions about pricing available to GBREB members, call The Warren Group at 617-428-5100 or send an e-mail to sales@thewarrengroup.com.

Volunteers sought for REALTOR® booth at New England Home Show
REALTORS® interested in serving as association ambassadors at the 57th Annual New England Home Show are encouraged to contact the Massachusetts Association of REALTORS® which will be participating as an industry exhibitor at several regional home shows across the Bay State this winter and spring.  The home show appearances are part of MAR’s annual public awareness campaign to educate consumers about the benefits of working with a REALTOR® during the property transaction process.

Member volunteers are being sought to fill 2 ˝ hour shifts on weekdays and 3 ˝ hours shifts on weekends during the nine-day New England Home Show, which will be held from February 24 – March 4 at the Seaport World Trade Center in Boston. As an association ambassador, you will be responsible for distributing consumer information material and answering questions from the public about real estate, the local housing market, and the home purchase and sale process. You may request multiple shifts, and all members who volunteer for the MAR booth will receive a complimentary REALTOR® polo shirt and parking reimbursement.  If you are interested in serving as a REALTOR® association ambassador, send an e-mail to katie@marealtor.com or call MAR Customer Service at 800-725-6272.

Local REALTORS® earn GRI designation
Five GBAR members have recently earn their Graduate, REALTOR® Institute (GRI) designation, following successful completion of the 90-hour, six course program curriculum. The newest GRI designees within Greater Boston are Leonard Cidado, of Easton Real Estate in Easton; Debra Coakley, of Century 21/Adams in Arlington; Sarah Gourd, of Distinctive Realty in Marlborough; Harold March, of Coldwell Banker Residential Brokerage in Canton; and Theresa Sannicandro, of ERA Key Realty Services in Westborough. Congratulations!

To learn more about the GRI program and the benefits of acquiring the GRI designation go online to realtor.org. You can also view a calendar of upcoming GRI courses to be presented in Massachusetts at marealtor.com.

NAR Mid-Year Meetings registration opens February 8th
 REALTORS® who plan to attend the National Association of REALTORS® Mid-Year Legislative Meetings in Washington, D.C. are reminded that registration for the conference, as well as hotel reservations begins this Thursday, February 8th, at 1 p.m. EST.  The NAR Mid-Year Meetings will be held from May 14-19 at the Marriott Wardman Park and Omni Shoreham hotels, while the REALTOR® Trade Expo will be open from May 16-18.

For a schedule of meetings and activities, a list of featured speakers, special air travel offers, or to register visit the conference home page at realtor.org

GBAR.org