Over the last several years we've seen one class-action lawsuit after another filed against the Chicago-based National Association of Realtors® (NAR) and its member brokerages. This also includes a legal battle with the US Department of Justice for anti-trust allegations. It now appears a settlement was reached several weeks ago on March 15, 2024. The surprise $418 million dollar settlement calls for NAR to eliminate decades-old commission rules and establish new rules for the MLS (Multiple Listing Service) participation. Changes are expected to be finalized sometime in July 2024 but consumers are already wanting answers. As such you must be prepared to answer questions from both sellers and buyers. Following is how the surprise settlement could impact you and your fellow agents: … [Read more...] about NAR in a Nutshell: How the Surprise Settlement Could Impact Agents
SELL FOR HIGHEST AND BEST WITH THESE HOME STAGING TIPS
Housing inventory remains at all time lows and interest rates are still a challenge. But as we move into spring, it's looking like buyers have accepted these hurdles as the "new normal." Today's house hunters are coming off the sidelines, realizing that waiting to jump in may mean losing their perfect house. With that said, most buyers still expect homes to be move-in ready with a model-home look. Being the smart, on-the-ball real estate professional that you are, you know that staging done well makes all the difference. Don't skimp on staging and ensure your clients get top dollar. Sell for highest and best with these home staging tips: … [Read more...] about SELL FOR HIGHEST AND BEST WITH THESE HOME STAGING TIPS
What is AREA and What You Should Know About It
Clever acronym aside, AREA is not a place but rather a newly created entity to the real estate industry. It stands for "American Real Estate Association" and its ambition is to offer real estate agents a professional trade organization alternative to NAR (National Association of Realtors®). Officially launched in January 2024 at Inman Connect, AREA offers a choice to brokerages and agents concerned by current legal challenges taking place in the NAR organization. Following is the skinny on who is AREA and what should you know about it: … [Read more...] about What is AREA and What You Should Know About It
How to Make the Most of Tax Deductions for Real Estate Agents
As the tax filing deadline for 2023 draws near, it's time to roll up your sleeves and chase down your eligible deductions for the year. Doing this right could be the difference of thousands of dollars. Itemizing your deductions for your real estate business is both the beauty and curse of running your own show. Make sure you zero in on every eligible deduction possible in order to get the most out of your business income. This information offers awareness of key tax deductions for a real estate business but is not tax advice. A critical caveat: make sure to consult with your tax expert for any and all tax decisions made for your business. Following is a list of how to make the most of tax deductions for real estate agents: … [Read more...] about How to Make the Most of Tax Deductions for Real Estate Agents
Keep These Things in Mind for Sell Season 2024
"Success is built on the back of preparation." -Unknown April is right around the corner, which in the real estate industry is prime kick-off time for the 2024 sell season. This means any leads you made November through February are possible listings. Sixty percent (60%) of sellers spend up to three months preparing their homes, and your professional guidance will be highly sought after. And seventy-five percent (75%) of sellers contact an agent as soon as they start thinking about selling their home--think now. Meanwhile, inventory levels are expected to decrease by 14% (YoY) for 2024, and interest rates, though going down, remain one of the biggest challenges for both buyers and sellers. As we move into spring, keep these things in mind for sell season 2024: … [Read more...] about Keep These Things in Mind for Sell Season 2024