The Voice for Real Estate 86: Competition, Bank Rules, Ethics

An inflection point has been reached in the real estate business and by many accounts non-traditional brokerages--those that charge a flat fee or provide limited services or operate only virtually--comprise more than half of all business models today, according to remarks at a federal government workshop on real estate competition in Washington. The workshop is covered in The Voice for Real Estate. 

Transcript

Competition in residential real estate has never been greater

The new banking law could help provide more homes for sale

And your association can now take a much tougher line on ethics violations

These stories and more on The Voice for Real Estate

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Consumers today have more choice than ever in the type of brokerage they work with. From full-service brokers who negotiate a percentage-based commission, to brokers who charge a flat fee to those who state up front what services THEY will provide and what part of the work CONSUMERS will do themselves.

That’s a message that came out of a workshop in Washington last week with the U.S. Department of Justice and the Federal Trade Commission. They looked at the state of competition in the residential real estate brokerage business.

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You can learn more about the workshop and the state of competition in real estate at the new competition page at nar.realtor.

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And now - The sweeping law enacted by Congress last month to improve the regulatory landscape for our nation’s community banks. That law is expected to have an important effect on residential real estate, because it could lead to an increase in badly-needed construction starts. Here’s NAR’s Vijay Yadlapati with more.

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The new law could also help renters become homebuyers, because it includes a way to increase the use of rental and utility payment histories, along with other alternative credit scoring criteria, when evaluating loan applicants’ credit worthiness.

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Thousands of Realtors were in Washington last month for the 2018 Legislative Meetings & Trade Expo. If you were there, thank you for taking time out of your business to support your industry. In hundreds of meetings on Capitol Hill, Realtors met with their members of Congress to talk about the need to improve the tax law that was enacted last year and also ensure federal flood insurance remains in place and made more effective.

Two other legislative priorities were discussed, too: the need to keep the Internet a free and neutral platform for

everybody and also to keep our Fair Housing laws effective for everyone.

The NAR Board of Directors met, as well, and in a key action, they approved stepped-up enforcement of our industry’s Code of Ethics. Under that change, associations can now publicly disclose the names of members after their second ethics violation. They can also disclose the nature of the violations and release a photograph of the repeat violator.

Here’s Colin Mullane, broker-owner of Full Circle Real Estate in Ashland, Ore., and an NAR regional vice president, on the change.

Here’s Deborah Dwyer, chair of NAR’s professional standards committee, with more.

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You can get more on all the actions taken by the NAR Board of Directors by searching the May 19 Special INS Report on nar.realtor.

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No one knows better than you how important an attractive, well-maintained yard is when it comes to selling a house. New research from NAR and the National Association of Landscape Professionals just came out with a report that quantifies just how important that is. The

report found that sellers who use a standard landscaping service to keep their yard in tip-top shape recoup 267 percent of that cost when they sell their house. Here’s NAR’s Jessica Lautz with more.

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Access that report by searching outdoor remodeling projects on nar.realtor.

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And now a home sales update. NAR’s latest home sales and contract closing figures are down, and NAR Chief Economist Lawrence Yun says low inventories continue to plague makers across the country.

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The good news is people want to buy and they’re keeping demand strong. So once more inventory gets on the market, sales could pick up.

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And that’s our show for the week of June 11. You can get more on everything we talked about today at The Voice for Real Estate page on nar.realtor. Thank you for joining us and be sure to join us again as we bring you the latest news on The Voice for Real Estate.

 

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