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May 16, 2007
NAR Takes Issue
With 60 Minutes Story On RE Industry
A segment airing on the CBS news show 60 Minutes this past Sunday has drawn
sharp criticism from the National Association of REALTORS® for it's
misleading and distorted portrayal of the real estate industry, including
various business practices, brokerage models, and fees.
The 60 Minutes story
specifically focused on the emergence of online brokerages and the options
they provide consumers compared to more traditional bricks-and-mortar and
full-service real estate firms. Unfortunately, in reporting the story, CBS
and the producers at 60 Minutes aired a number of statements that were
factually incorrect and misrepresented the industry and business practices
of brokers to consumers
To read more about
REALTORS®' reaction to the 60 Minutes piece and the NAR response to the
story, visit
realtor.org.
Transfer Taxes
On Monday May 7th officials from the Greater Boston Real Estate
Board testified in opposition to three transfer tax proposals currently
before the legislature.
GBREB opposes transfer
taxes because they have a negative impact on housing costs and economic
development. Real estate transfer taxes are a
major burden to buyers and sellers, particularly at the time of closing. Because of their volatility in response to the ebb and flow of the
real estate market they also are a poor source of revenue. GBREB
also believes costs associated with programs for the public good should be
shared equally. Real estate should not be singled out to pay for programs
that benefit the entire community. The legislation currently remains before
the Revenue Committee.
http://www.mass.gov/legis/comm/j26.htm.
New Legislation Would
Boost FHA Limits, Promote Safer Financing
New legislation was passed earlier this month by the U.S. House Financial
Services Committee that allows the Federal Housing Administration (FHA) to
offer safer financing alternatives to borrowers.
The Expanding
American Homeownership Act of 2007 would increase FHA loan limits,
eliminate the statutory 3 percent minimum cash down payment and give the
FHA the option to provide risk-based pricing. The bill now goes to the full
House of Representatives for a vote.
A boost in FHA
mortgage loan limits will help first-time homebuyers, minority buyers and
others who do not qualify for traditional mortgages. Increasing loan limits
will help people living in high cost areas such as Greater Boston, while
elimination of the 3 percent minimum down payment will also have positive
effects on home buyers.
The National
Association of REALTORS® also supports the FHA’s loss mitigation programs,
which includes mortgage modifications that allow borrows to change their
mortgage terms to avoid losing their home. The FHA also offers “partial
claim” programs in which it lends money to borrowers to cure a loan
default. The no-interest loan is not due until the property is sold or paid
off.
According to NAR
President Pat V. Combs, more than 78,000 people have been able to keep
their homes as a result of the FHA’s loss mitigation programs. Two years
later nearly 90 percent were still in their homes.
Are You Tech Savvy?
In
today’s high tech world, REALTORS® are spending more on technology than in
the past several years, according to a technology survey conducted by the
National Association of REALTORS®.
Findings showed that
more than half of brokers, sales agents, associate brokers and managers
spent over $1,000 on technology last year, with 25 percent of respondents
spending $2,000.
Approximately
two-thirds of respondents maintain a real estate business website – a
quarter of who spend $1,000 to maintain the site. Besides their business
site, REALTORS® display their listings on local MLS sites as well as their
broker’s website and REALTOR.com.
While 8 out of 10
people surveyed believe the current technology supplied by their broker is
valuable, 84 percent said they were interested in expanding the services
and technology offered by their MLS. One of those services being the
Comparative Market Analysis, which compares a home to similar properties
sold in a selected area.
The use of automated
forms and transaction management software is also increasing among
REALTORS®. More than three-fourths of respondents said they have to manage
at least 20 documents to complete a real estate transaction. Fifty-nine
percent use an automated forms management program to help streamline the
process, while 23 percent of respondents using a transaction management
system, which tracks every step of the real estate process.
NAR
Committee
Deadline Quickly Approaching
Are you or someone you know interested in serving on a committee of the
National Association of REALTORS®? If yes, get moving! The deadline to
nominate yourself or a fellow REALTOR® is May 25.
Individuals who have
never served on a NAR committee as well as members currently serving on a
committee for a term that expires in 2007, must submit a
self-recommendation via the
Committee Recommendation Database on REALTOR.org to be considered for
service in 2008.
Whether or not you
are interested in serving on a committee, you can still complete or update
your
NAR Expertise Profile, which provides all levels of the REALTOR® family
with key professional information about you. The information will be used
in various ways, including identification of members with certain expertise
to serve on committees, working groups, presidential advisory groups, etc.
For detailed
instructions on how to navigate the REALTOR.org page, click
here.
Take Action from the
Comforts of Home
For those of you not attending the NAR Mid-Year Legislative Meetings in
Washington, D.C. this week, you can still help influence federal lawmakers
on legislation aimed at bringing important reform to Fannie Mae and Freddie
Mac by participating in a
NAR Call for Action and sending an association-prepared letter to your
Congressman.
The
Federal Housing Finance Reform Act of 2007, H.R. 1427, which is backed by
NAR, will ensure that Fannie Mae and Freddie Mac have a continued role in
creating and expanding homeownership opportunities for America’s
hardworking families.
Last
Call for Award Nominations!
The May 25 deadline to
nominate a fellow REALTOR® for the 2007 REALTOR® of the Year and Andrew
F. Hickey Distinguished Service awards is quickly approaching! Take this
opportunity to highlight a member’s achievements and then cheer them on at
the
Sunset Dinner Cruise awards ceremony on July 10 on the Spirit of Boston
yacht. Good luck and we’ll see you aboard!
Region I Leading Day
on the Hill Competition
Members from GBAR’s Region I jurisdiction, currently lead the pack in
getting REALTORS® to the June 7 REALTOR® Day on the Hill. Regions II and
III are tied for second place.
If you aren’t
familiar with the competition here’s how it works. When you register for
and attend REALTOR® Day on the Hill you will be competing to see which GBAR
region can get the most REALTORS® to the State House on June 7. You’ll have
the opportunity to discuss key public policy issues of concern to our
industry with state legislators such as transfer taxes and production of
workforce housing.
The more REALTORS® on
the Hill, the more your voice stands out as an influence over legislation
that affects your livelihood.
The members from the
winning region will receive gasoline gift cards in the amount of $25 and
lunch compliments of GBAR. We’re not done there, however. If you’re not to
keen on driving into the city take the “T” (commuter rail or subway) and
we’ll reimburse your for the round trip fare up to $17.50! So what are you
waiting for? For more details visit
gbar.org or click here to register.
Upcoming CE Classes
On June 6, the Greater Boston Association of REALTORS® will present three
CE classes at Regis College – Sellers Agency (9:00-11:00
a.m.), Contract Law (11:15 a.m. – 1:15 p.m.), and Closing & Settlement
(2:00 – 4:00 p.m.). William Mullen, Esq will be the instructor for the
day. Registration is $45 per class or $105 for members who attend all three
courses scheduled for the same day.
To register, log on
to
www.gbar.org or call 617-423-8700. Don’t delay as seating is limited
for these programs!
ABR Course Scheduled
This June, GBAR will present the popular Accredited Buyer Representative
(ABR) designation course for members interested in receiving comprehensive
training in buyer representation. If you want to become educated on how to
provide the same level of service and fidelity to buyers that sellers have
come to enjoy, then you’ll want to attend these classes to earn your ABR
designation, which happens to be the only buyer representative designation
recognized by the National Association of REALTORS®.
The two-day ABR
course examines agency theory and practice, standards of care in the
delivery of buyer agent representation, and strategies to target niche
markets and build your buyer representation business. In addition,
attendees will receive instruction on how to successfully handle offers and
negotiations as a buyer agent, and learn about disclosure requirements,
vicarious liability and other risk management issues.
The ABR course will
be offered on June 11-12, with the Negotiation class scheduled for June 19.
Both courses will be held on the campus of Regis College in Wellesley.
Registration fees for GBAR members are $300 for the ABR course and $175 for
the one-day Negotiation course, or enroll for both programs for just $400.
For more information or to register call GBAR at 617-423-8700 or
go online
to the Education & Events section of gbar.org.
Awaken Your Intuition
GBAR is excited to announce a three-part series of REALTOR® personal
development training sessions created by REALTOR® Terry O’Connor. The first
session – “Awakening Your Intuition” – will be held on Monday May 21 from
10:00 a.m. to 12:30 p.m. and again from 1:00 p.m. – 3:30 p.m. at the
Greater Boston Real Estate Board at 11 Beacon Street. Enrollment is open to
8 REALTORS® per session and registration is $55.
The first course
gives an introduction on how to attract more clients, transform your
business, create wealth and achieve lasting results. For a faxable
registration form click
here, or
register online. |
