Voice for Real Estate 52: White House, Commercial, Renters

NAR was the only major trade association to be invited to a White House event on the upcoming commercial drone rules. That's because of the input NAR had in the drone rules that take effect at the end of August. Other top stories in the video look at tightening bank lending standards for commercial real estate, the increase in women in commercial real estate, the best markets for renters who want to become homeowners, and a scam alert real estate practitioners can include in their email signature line to remind consumers to verify recipients before emailing valuable information in a real estate transaction.

Featured segments:

  • White House drone event
  • Tightening commercial loan standards
  • Women in Commercial real estate
  • Top homeownership markers for renters
  • Real estate email scams

Transcript

NAR goes to the White House—to talk drones

Tighter bank standards could make commercial loans harder to get—if you’re in a secondary market

And a special report - about where renters - can afford to buy!

These stories and more on The Voice for Real Estate.

Hi, I’m Stephen Gasque of the National Association of Realtors.

The White House was the place to be for businesses recently….businesses interested in using drones for commercial purposes. That’s because in early August the Obama administration brought business leaders, technology experts, and academics to the white house - to discuss how drones will transform the way companies do business. NAR was there—and in fact it bwas the only major trade association at the event. That’s because from the beginning, NAR has been part of the process for writing the rules on the commercial use of drones. Here’s Michael Labout, NAR vice president and broker of ERA Shields Real Estate in Colorado Springs, Colo., on how Realtors’ were involved - in the White House event.

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You can find resources on commercial drone use from NAR Government Affairs and NAR Legal Affairs…so you’ll know what you can and can’t do before you launch your first drone.

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And now - the latest on Commercial real estate! Financing remains available for commercial real estate across America - BUT - one source of underwriting standards is tightening—banks. That could pose a challenge for commercial properties in some markets, because smaller properties in secondary and tertiary markets rely the most on bank lending. NAR’s George Ratiu has more.

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We also have new stats on Realtors, and commercial real estate! A new report finds the share of real estate professionals who have fewer than two years of experience in commercial has almost doubled…. from 5 percent in 2014 to 9 percent last year. As result, the median years of experience in the industry fell from 25 to 20 years. Also, the median number of transactions fell from 11 to nine. The typical transaction size went up, though, from 2.16 million to $2.93 million. In another change, more women are entering—and staying—in commercial real estate. Almost half of all practitioners with three to five years of experience are women.

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Are you working with households that would like to make the jump from renting to buying? Well, if you’re in Toledo, Dayton, or Columbus, Ohio, you’re in luck. Because these three cities are among the top metro areas in America where many renters earn more than enough to buy a home. That's based on the median home prices in those markets. Atlanta, St. Louis, and Little Rock, Ark., are on the list of top 10 cities as well. NAR’s Nadia Evangelou has more.

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Filling out the list of top 10 cities are Tampa and Lakeland, Fla., and Ogden, Utah.

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What could be worse than having your clients lose their down payment - to an email scam operation???

Money they thought they were sending to the title company - but - money that was stolen - instead! The Federal Trade Commission says these types of scams are on the rise in real estate, and that’s why NAR Legal Affairs has created a template you can use as part of your signature line in emails…it reminds your clients to never send money or personal information by email without first verifying the recipient. Look for that that template on nar.realtor.

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That’s our show for the week of August 15. You can get more on everything we talked about on 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 all the latest news on The Voice for Real Estate.

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