MESSAGE FROM THE PRESIDENT | |
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Dear Members,
I’m happy to announce that all the proposed NABOR® bylaw changes passed overwhelmingly on July 18 at the Member Business Meeting. This was the inaugural implementation of an electronic voting system which worked successfully.
Reminders about deadlines relating to the NAR Settlement… As you should know, on August 1 all offers of compensation will be removed from the MLS. Also, starting August 17, all REALTORs® working with a buyer will need to enter into a written agreement with the buyer that conspicuously discloses the REALTOR’s® compensation and includes other required disclosures. The agreement must be signed before a REALTOR® can tour any residential property with a customer. The August 17 deadline to implement the policy changes is approaching. Please attend our free education classes, talk to your broker, refer to the over 100 FAQs on facts.realtor and send your questions to marty@nabor.com.
To address consumer concerns and to better explain the REALTOR® value, beginning this month, NABOR® is embarking on a multistage public consumer awareness campaign that will include publicity, advertising, media relations, videos and sharable content to supplement your customer-education efforts during this transition.
It is important to VOTE in the primary election on August 20. NABOR® screened candidates and have endorsed those who support REALTOR® issues such as homeownership and property rights. The board encourages you to vote for Benarroch, Melo, Yarnell, LoCastro, McDaniels and Molenaar, our REALTOR® Champions.
Two more surveys will be coming to your inbox. NABOR® needs your input to improve members’ services so we ask that you please complete the short surveys. Thank you.
Stay strong. NABOR® is here to help you through this transition! Thank you.
Sincerely,
PJ Smith, President
Call | Text | Email if you
have any questions, suggestions, concerns:
PJ Smith | 239-300-3009 | pjsmithnaples@gmail.com
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NAR LAWSUIT SETTLEMENT VIDEOS | |
Breaking Down the NAR Lawsuit Settlement | |
Correcting the Myths – NAR Lawsuit Settlement | |
NABOR’s Plan - NAR Lawsuit Settlement | |
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Summer Buyers Enjoy More Options as Inventory Picks Up in June
Despite a 59 percent increase in overall inventory during June (compared to June 2023), overall closed sales during the month decreased 17.3 percent to 710 closed sales from 859 closed sales in June 2023. Data reflected in the June 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), showed the overall median closed price decreased .8 percent to $595,000 from $600,000 in June 2023. Broker analysts say a steady number of list price reductions each month coupled with more realistic prices set by sellers will help the Naples market find its new “sweet spot” for home buying.
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Our first-ever SYMPOSIUM on September 25 is NABOR®’s premier event of 2024. It’s a powerful, information-packed event that combines the features of the REALTOR® EXPO, Economic Summit, MLS Tech Conference and Committee Showcase. All in one day and under one roof!
The SYMPOSIUM is where you’ll build connections with NABOR®'s Business Partners who offer the services and products you need, get up-to-speed with the latest innovations in technology, network with hundreds of REALTORS®, and hear the top speakers in our industry speak about the economy and how it affects our real estate market and on a lighter note, what is happening in Collier County.
The information you receive and the connections you make by attending the first-ever SYMPOSIUM are sure to help you grow your real estate business. Register now!
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You must complete your Code of Ethics Training by December 31, 2024! | |
NABOR® CHARITABLE FOUNDATION | | |
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View the video below to learn more about the NABOR® Charitable Foundation. | |
NABOR® SPONSORSHIP OPPORTUNITIES | |
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NEW FEDERAL LAW REQUIRES LLC, P.A., CORP. OR OTHER ENTITY FILE OWNERSHIP DISCLOSURE WITH FINCEN
By William Morris, Esq.
The Corporate Transparency Act (CTA) became effective January 1, 2024. It affects an estimated 33 million small business entities and requires each entity file disclosure of owners and others controlling the entity (BOI filing) with the Financial Crimes Enforcement Network (FINCEN). The requirement applies to even the smallest LLC or professional association through which a Realtor® conducts business.
Deadline to file is December 31, 2024, for entities that existed prior to this year. Entities created this year have 90 days from the date they are created to file, which is shortened to 30 days for entities formed in 2025 and later. Penalties for late or failing to file include a $500 per day civil penalty, fines of up to $10,000 and possible prison time.
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THE DEAL IS DEAD. WHERE DO I PUT MY HANDS?
By William Morris, Esq. and Christian Ross, Esq., Legal Resources Committee Members
When I have professional pictures taken, I quickly forget how to act naturally… leaving the photographer to direct me how to smile, where to look, and where to put my hands.
I feel this may be similar to what happens the day after a deal falls apart, leaving the Listing Agent to ask, “What do I do next? How can I help? Is this where I play lawyer and fight for the Deposit?”
The answer is simple: Relist immediately, and let the lawyers work on the Deposit. In other words, act naturally and sell.
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BUYER BROKERAGE: HOW TO START THE CONVERSATION WITH YOUR BUYERS ABOUT THE IMPORTANCE AND VALUE OF EXCLUSIVE BUYER BROKERAGE AGREEMENTS
By: William G. Morris, Esq. Attorney and Tina Falzarano Bajraktarevic, Licensed Real Estate Broker
In the dynamic world of real estate, both buyers and sellers navigate a complex landscape to achieve their respective goals.
Almost all real estate brokers used to work for the seller. Naturally, they were paid by the seller. In the early 1990s, buyer brokerage emerged. State laws began to allow real estate brokers to enter into exclusive agreements with buyers to solely represent a buyer in a real estate transaction. The agreement confirmed commencement, termination and the fee charged for the broker’s services. Although the fee was specified in the agreement, it was common for brokers to accept the compensation offered by the listing broker as payment for services rendered to the buyer in lieu of payment from the buyer.
A recent lawsuit against the National Association of Realtors® (NAR) and several real estate brokerages prompted re-evaluation of the traditional compensation structure for buyer's brokers. While buyer's brokers have typically been compensated by the seller through a commission-based system, this lawsuit had highlighted need for potential changes, signaling that buyers may now need to directly bear part or all of the broker compensation.
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FINCEN GTO REPORTING COMES TO SOUTHWEST FLORIDA
By: Sam Saad, Esq. and Charles Whittington, Esq.
In advance of the 2024 changes to your NABOR® contracts, the Legal Resources Committee has issued a 2023x version of the NABOR® contracts to comply with a federal law designed to combat money laundering that has recently become applicable to Southwest Florida. As such, the NABOR® Sales Contracts (Residential Improved, Vacant Land & As-Is) have been updated due to a federal law that went into effect for Southwest Florida on November 21, 2023. Below is the new language for Standard S found in all three types of NABOR® Sales Contracts.
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View NABOR® VIDEOS on our YouTube Channel. Share them with your associates and customers! | |
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REALTOR® SWAG
Buy your REALTOR® swag bundled together and receive a savings of $15. You'll get:
- Black Business Card Wallet
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REALTOR® Baseball Cap
- Collier County Map
- Surge Water Bottle
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REALTOR® Padfolio
For sale in the REALTOR® Store for only $35!
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If you'd like Supra eKEY® activation services, please contact Alyssa at 239-597-1666 or Alyssa@nabor.com to schedule a phone appointment.
For Supra questions and troubleshooting services, please contact supra@nabor.com, call 239-597-1666 or contact the Supra support line at 877-699-6787.
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A full range of classes are available for your professional development. Many are free or at a very low cost. View the class schedule at the link on the right.
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Hello everyone and Happy July.
The year here at NABOR® has been full of great education and networking opportunities. We strive to provide the best value for your membership and will continue to do so throughout the year.
We will also provide you with all the information and resources you need for the NAR Settlement changes. All of our events and classes are available to register for on www.nabor.com.
Things to look for in July include:
July 09 – Real Estate Safety Matters classJuly 11 – Join us as we have a Clean-up Florida Waters eventJuly 15 – Understanding Brokerage Relationships class-
July 16 – NABOR® Sales Contract class
July 18 – Member Business meetingJuly 24 – Senior Symposium
Board of Director Motions:
MOTION: Made, seconded and carried that The Candidate Screening Task Force and REALTORS® Political Action Committee recommends to the Board of Directors of the Naples Area Board of Realtors® and Association of Real Estate Professionals, INC., (NABOR®) to endorse incumbents Rick LoCastro for County Commissioner District 1 and Bill McDaniel for County Commissioner District 5. The endorsement of the incumbent candidates may take the form of slate mailer, publications in the association newsletter and online platforms, candidate press release and maximum independent expenditure contribution or PAC dollar contributions. The task force recommends primary direct PAC dollar contribution of $3000 for Commissioner McDaniel and $1000 for Commissioner LoCastro.
MOTION: Made, seconded and carried that the Board of Directors of the Naples Area Board of REALTORS® and Association of Real Estate Professionals, INC., (NABOR®) approve the addition of a Member Business Meeting to be held on July 18th in the NABOR® Conference Center. The focus of this meeting will be to discuss and vote on bylaws changes and provide members with an update on the NAR Settlement. Funding up to $3,100 is requested.
Thank you for allowing the NABOR® staff to serve you and help grow your business.
Sincerely,
MARTY MANION, CAE, RCE, CIPS
Chief Executive Officer
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