Dear Members,

As we navigate the recent practice changes, I hope you're feeling informed, engaged with your broker, and successfully managing the transition. Though the path has been challenging, remember to revisit the basics that made your business successful. Embrace this opportunity to refine your relationships and evaluate your business model. Where there’s change, there’s usually opportunity!



A special thanks to our CEO Marty Manion and staff, General Counsel Greg Urbancic and our incredible volunteer leadership. Their dedication in revising forms, creating educational materials and classes, and ensuring compliance has been invaluable. They’ve worked creatively to communicate our role and value to consumers.

We need your continued feedback and participation in our activities to ensure that accurate information and resources reach all members.

On August 8, our Nominating Committee interviewed candidates for the Board of Directors, including positions on the Executive Committee. Keep an eye out for your ballots via email – the slate of candidates is strong and our future looks bright!

Class Notice

Please note, you or your clients may receive a class action notice related to the National Association of REALTORS® settlement in the Sitzer-Burnett lawsuit. This notice will be sent to the nationwide class of home sellers starting August 17. For more information, refer to the NAR’s video on this process: Class Action Notice Information

Personal Note

Recently, I experienced some targeted harassment by mail, which I’ve reported to the relevant authorities as a safety and ethical concern. This incident serves as a reminder of the importance of personal safety for all REALTORS^®. Please take advantage of the safety resources available at NAR’s Safety Resources, and don’t hesitate to contact the police if you ever feel unsafe.



Wishing you all a successful fourth quarter – stay strong, stay informed!

Sincerely,

PJ Smith, President

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

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

July Report Shows Soft Summer for Home Sales

Closed sales of properties in Naples during June and July declined compared to the same months in 2023. According to the July 2024 Market Report by the Naples Area Board of REALTORS^® (NABOR^®), which tracks home listings and sales within Collier County (excluding Marco Island), overall closed sales during July decreased 2.6 percent to 608 closed sales from 624 closed sales in July 2023. Furthermore, pending sales activity reported for July decreased 15.7 percent, convincing broker analysts who review the report that we can expect similar closed sales performance in August. Read the full market report in the link below.

2024 NABOR^® Business Partner Directory

Connect with NABOR^® business partners to serve you and your customers and help your business grow. You'll find more than 240 trusted professionals at your fingertips with the products, services and assistance that you and your customers need.

Resources Regarding NAR's Settlement Agreement

NAR is rolling out a consumer friendly guide on written buyer agreements: what they are, why consumers will be asked to sign them, and how they help create clarity and transparency at the start of a relationship between a buyer and their real estate professional. This resource, which is designed to be given directly to consumers during these discussions, is part of NAR’s ongoing campaign to help members promote clarity and transparency with the consumers they serve.

Find the guide and other valuable resources from NAR and Florida Realtors^® in the links below.

Florida Realtors^® Disaster

Relief Fund: There When You Need It

REALTORS^® helping others in times of need is what this charity is all about. Learn how to give and receive!

NAR LAWSUIT SETTLEMENT VIDEOS

Breaking Down the NAR Lawsuit Settlement

Correcting the Myths – NAR Lawsuit Settlement

NABOR’s Plan - NAR Lawsuit Settlement

PROFESSIONAL STANDARDS

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

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.

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. 

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.

NABOR^® DIGITAL CONTENT

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 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.

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.

As fall approaches, NABOR® is busy providing you the education and resources you need for your business. A huge part of our summer has been delivering the educational videos and updated forms to you that comply with the NAR Settlement. We’ve received great feedback on those materials and we will be providing even more education to you in the future. I thank you for your membership and we look forward to continuing to meet your membership needs.

Board of Director Motions for August:

MOTION: Made, seconded, and carried that the RPAC Committee recommends to, and the Board of Directors of the Naples Area Board of REALTORS® and Association of Real Estate Professionals, Inc. (NABOR®) approves to use local RPAC funds for goody bags to be handed out during the VIP Luncheon during the Symposium at Hertz Arena on September 25, 2024. The goody bags are a thank you to the 2023 and 2024 Major Investors. The value of each goody bag will be up to $100.00.

MOTION: Made, seconded, and carried that the RPAC Committee recommends to, and the Board of Directors of the Naples Area Board of REALTORS® and Association of Real Estate Professionals, Inc. (NABOR®) approves to use local RPAC funds not to exceed $2,500 for the 2023 and 2024 Major Investors Lunch during the Symposium at Hertz Arena on September 25, 2024.

MOTION: Made, seconded and carried that the Budget and Finance Committee recommends to, and the Board of Directors of the Naples Area Board of REALTORS® and Association of Real Estate Professionals, Inc. (NABOR®) approves $1,500 for a Global committee booth at the Symposium event.

12-31-23 Consolidated P & L Compared to Original Budget

MOTION: Made, seconded and carried that the Budget and Finance Committee recommends to, and the Board of Directors of the Naples Area Board of REALTORS® and Association of Real Estate Professionals, Inc. (NABOR®) approves the 12-31-23 final Consolidated P & L Compared to the 2023 Original Budget.

MOTION: Made, seconded, and carried that the Board of Directors of the Naples Area Board of REALTORS® and Association of Real Estate Professionals, Inc. direct professional development to schedule more zoom/hybrid classes and direct staff to investigate better technology for hybrid experiences. Based on policies and procedures created for that purpose.

Thank you for allowing the NABOR® staff to serve you and help grow your business.

Sincerely,

MARTY MANION, CAE, RCE, CIPS

Chief Executive Officer

NABOR^® BUSINESS PARTNERS

PLATINUM SPONSORS

GOLD SPONSOR

Lake Michigan Credit Union