NEWS

OCTOBER 1, 2024

MESSAGE FROM THE PRESIDENT

Dear Members,

 

In the wake of Hurricane Helene, our hearts go out to all who have been impacted by this devastation. For those in need of assistance or for those looking to contribute, here are some essential resources available.


FEMA Disaster Assistance:

FEMA is providing federal support for those affected by the hurricane. This includes temporary housing, home repairs, and low-cost loans to cover uninsured property losses. It’s a critical resource for those beginning the process of rebuilding their lives and homes.

Learn more about FEMA assistance


State of Florida Disaster Fund:

This dedicated fund supports individuals and families affected by the hurricane across the state. It provides vital financial assistance to help those in our community get back on their feet.

Learn more about the State of Florida Disaster Fund


REALTOR® Relief Fund (RRF):

The RRF provides financial assistance specifically for REALTORS® and their families who have been impacted by the storm. This fund helps with urgent housing needs such as mortgage or rental assistance during this challenging time. NABOR® BOD has voted to provide $5,000 to RRF. 

Find out more or contribute to the REALTOR® Relief Fund


Florida REALTORS® Disaster Relief Fund:

This fund offers emergency financial assistance to REALTORS® and their families across the state of Florida. It’s a vital resource for immediate living expenses and urgent needs in the aftermath of the hurricane.

Learn about the Florida REALTORS® Disaster Relief Fund


Samaritan’s Purse:

Samaritan’s Purse is actively involved in disaster relief efforts, providing essential supplies like food, water, and shelter, as well as assistance with home repairs and cleanup. Donations go directly to helping those in need.

Support Samaritan’s Purse


American Red Cross:

The American Red Cross is on the ground offering shelter, food, and critical support to those displaced by the hurricane. Their ongoing efforts provide essential services to help communities recover. Donations help sustain their work throughout the recovery process.

Donate or get help from the American Red Cross


Stay safe, stay hopeful and let’s keep moving forward together.


Sincerely,

PJ Smith, President


Call | Text | Email if you have any questions, suggestions, concerns:

PJ Smith | 239-300-3009 | pjsmithnaples@gmail.com

ANNOUNCEMENTS AND EVENTS
PAY ONLINE HERE
MARKET REPORT

Naples Housing Market Remains Steady in August


The median closed price for homes in Naples during August was $600,000; the same price reported in July 2024 and August 2023. According to the August 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), there were 1,096 price decreases during August. While this is the lowest number of price decreases reported for a month so far in 2024, it does indicate that sellers are continuing to adjust their prices to better reflect today’s housing market. And even though monthly inventory levels have risen compared to 2023 statistics (40.3 percent in August), they have been decreasing over the last five months; but broker analysts speculate this trend is short lived. 


THE LINK TO THE CORRECT MARKET REPORT IS BELOW

VIEW MARKET REPORT HERE
ACCESS CONTRACTS HERE
APPLY HERE
REGISTER HERE
REGISTER HERE
REGISTER HERE

NAR LAWSUIT SETTLEMENT VIDEOS

Breaking Down the NAR Lawsuit Settlement

Correcting the Myths – NAR Lawsuit Settlement

NABOR’s Plan - NAR Lawsuit Settlement

LEGAL RESOURCES

NEW DISCLOSURE LAWS NOW IN EFFECT FOR FLORIDA HOME SELLERS


By Christopher R. O’Brien, Esq. and Bradley D. Friedman, Esq.


Two new Florida statutory provisions take effect as of October 1, 2024. The NABOR® Legal Resources Committee has made two new forms available to assist NABOR® Members with compliance with the new statutes: (1) “Required Flood Insurance Disclosure” and (2) “Addendum to Sales Contract - Condo Multiple Parcel”. 


Read the full article in the link.

READ MORE HERE

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.

READ MORE HERE

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. 

READ MORE HERE

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.

READ MORE HERE

PROFESSIONAL STANDARDS

You must complete your Code of Ethics Training by December 31, 2024!

CHECK YOUR COE STATUS HERE
SECURE SPONSORSHIP OPPORTUNITIES HERE (AVAILABLE FOR NABOR BUSINESS PARTNERS ONLY)

NABOR® DIGITAL CONTENT

LISTEN TO PODCASTS HERE

View NABOR® VIDEOS on our YouTube Channel. Share them with your associates and customers!

REALTOR® STORE

REALTOR® SWAG


Buy your REALTOR® swag bundled together and receive a savings of $15. You'll get:

  • Black Business Card Wallet
  • REALTOR® Baseball Cap
  • Collier County Map
  • Surge Water Bottle
  • REALTOR® Padfolio

For sale in the REALTOR® Store for only $35!

SUPRA

If you'd like Supra e-KEY® 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.

PROFESSIONAL DEVELOPMENT

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.

VIEW THE NEC CLASS SCHEDULE HERE
MESSAGE FROM THE CEO

What an eventful year to date! We have experienced business practice changes and storms affecting our neighborhoods. So much is going on while REALTORS® still remain a valuable part of the communities they serve!


NABOR® is offering a large number of educational opportunities to support members and their professional development. Members have many opportunities to learn about forms changes, how to work with buyers and receive ongoing updates from counsels of both NAR and Florida Realtors®.


NABOR® remains committed to making your businesses profitable and professional! On behalf of all staff, I thank you for your membership.


The following upcoming events and classes are available for registration on nabor.com:

  • Video Production Series Part 2: October 4 from 12:00 pm – 1:30 pm
  • NABOR Golf Tournament: October 7 at 9:00 am
  • PSA – Pricing Strategy Advisor: October 9 from 9:00 am – 4:00 pm
  • Oktoberfest Sunset Cruise: Friday, October 11 from 5:30 pm – 8:00 pm
  • Commercial Training and Networking: October 18 from 8:30 am – 10:30 am
  • Trunk or Treat: October 25 from 5:00 pm – 8:00 pm

Board of Director Actions:


MOTION: Made, seconded and carried to approve the amendments to the MLS Rules presented to the Board of Directors of the Naples Area Board of REALTORS® and Association of Real Estate Professionals, Inc. (NABOR®) dated September 19, 2024, which include (i) deleting Section 20.3.15. entitled NON-MLS LISTINGS NOT DISPLAYED WITH BR PROGRAM DATA; (ii) deleting Section 20.3.B.17 entitled NON-MLS LISTINGS NOT DISPLAYED WITH BR PROGRAM DATA and (iii) deleting from Appendix 1 (MLS Schedule of Fines for Administrative Sanctions) the provision relating to fines for relating to “failure to separate displays from other sources”, with such amendments being effective immediately upon adoption.


MOTION: Made, seconded and carried that the Sponsorships Task Force asks the Board of Directors of the Naples Area Board of REALTORS® and Association of Real Estate Professionals, Inc. (NABOR®) to approve a new benefit of the NABOR® Sponsorship Program, with the benefit being all recognized sponsors of a NABOR® event or class receiving a registration list of those registered for that specific event or class. The list provided to the sponsor will include First Names, Last Names and Email Addresses.


MOTION: Made, seconded and carried that the Budget & Finance Committee recommended to, and the Board of Directors of the Naples Area Board of REALTORS® and Association of Real Estate Professionals, Inc. (NABOR®) approves a policy, upon request, of refunding prorated Q1 Office Fees, now $360.00, if the Broker does not renew their NABOR® membership.


MOTION: Made, seconded and approved that the Board of Directors of the Naples Area Board of REALTORS® and Association of Real Estate Professionals, Inc. (NABOR®) approve option 2, as presented, for setting forth the MLS reactivation late fee date, as on or about the 5th day after the published due date.


MOTION: Made, seconded and carried that the Charitable Foundation Task Force recommends to, and the Board of Directors of the Naples Area Board of REALTORS® and Association of Real Estate Professionals, Inc. (NABOR®) approves that a single renewable scholarship be authorized to be awarded each year. This would be funded with $25,000 from current amounts allocated to the Charitable Foundation and provide one (1) renewable scholarship up to $1000 a year for the length up the program not to exceed 4 years (up to $4000 committed each year). It would be available to traditional 4-year programs, or technical, trade or vocational program. The criteria are outlined in the NCF policies and procedures manual.  



Thank you for allowing the NABOR® staff to serve you.


Sincerely,


MARTY MANION, CAE, RCE, CIPS

Chief Executive Officer

NABOR® BUSINESS PARTNERS

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