Happy April!

NABOR® is "Springing into Spring" by working on several important projects to help you in your profession and business.

1.     NAR Lawsuit Settlement Update: On March 15, The National Association of REALTORS® announced an agreement that would end litigation of claims brought on behalf of home sellers related to broker commissions. Proposed changes need to be approved by the court which is expected in July or late fall. NABOR® has created a task force to manage the compliance portion of the settlement as well as to address the following key areas:

1) MLS (change of rules and removal of compensation fields)

2) Professional Development (education on buyer broker agreements, Accredited Buyer’s Representative (ABR) designation and changes of forms)

3) Legal Resources (change of forms)

4) Professional Standards

5) E-communications (to consumers and members)

NABOR® has established a page on our website to help you stay informed: www.nabor.com/realtor-tools/nar-lawsuit-settlement 

These changes will modify the way we do business but please take a little bit of a breather. We are working with Florida Realtors® and NAR to clarify rules and we will share updates as they occur.

1.    Bylaws Update: We’ll hold a special Member Business Meeting in July or August for voting on bylaws changes. You will have the opportunity to review the recommended changes prior to the vote. Please submit your comments at that time, as these bylaw changes will impact you.

2.     Candidate Endorsements: Candidates Berne Barton and Bill Kramer are REALTOR® Champions that were elected to the City Council. Congratulations!

3.    Save the Date: July 11. Please join NABOR® for a morning of Water Clean Up! We are collaborating with the Big Cypress Basin Board to clean up part of Henderson Creek. You can sign up here: www.nabor.com

Stay informed with facts. We are here to help you navigate through these changes. Best wishes to you.

As always, CEO Manion and I have an open door and an email/text policy to make ourselves available to you! Thank you for your membership!

Sincerely,

PJ Smith, President

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

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

Rising Inventory and Competitive Pricing are Favorable for Home Sales

The overall median closed price in Naples increased 5 percent to $625,000 in February from $595,188 in February 2023, but there were also 2,264 price decreases reported. Brokers contend that price decreases may be one indication that sellers are shifting from aspirational pricing to realistic market pricing. According to the February 2024 Market Report by the Naples Area Board of REALTORS^® (NABOR^®), which tracks home listings and sales within Collier County (excluding Marco Island), closed sales decreased 9.3 percent in February despite a 66.6 percent increase in inventory to 5,139 properties from 3,085 properties in February 2023.

MEMBER APPRECIATION NIGHT!

HOW TO KEEP NABOR^® EMAILS FROM GOING INTO YOUR SPAM FOLDER

View this video to find out about the steps you can take to ensure you never miss out on important updates and communications from NABOR^®.

PROFESSIONAL STANDARDS

NABOR® CHARITABLE FOUNDATION

NABOR® SPONSORSHIP OPPORTUNITIES

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.

ISSUE:

The confusion begins when a Buyer terminates. It may still be uncertain as to what happens with the Deposit, consuming all parties involved for days or even weeks. In the confusion, the Realtor® can get pulled into the discussions, being used to act as a middleman or consultant.

This middle ground is the most dangerous. We are reminded daily that Realtors® must not give legal advice, but it almost feels like a requirement when your contract terminates. It’s tough!

It can feel even worse, even more of an obligation, if you feel partly responsible for the termination. But let’s check the rules…

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 and Facebook Group page. Share the videos with your associates and customers!

REALTOR^® STORE

FENCE BUDDY®

Use the Fence Buddy® to conveniently secure your lock box to a fence, handrail or post.

• Made of 100% marine grade stainless steel that will not rust
• With its rubber exterior there is no need to worry about scratches
• The 3.5" x 3.75" diameter opening will fit almost any fence, hand rail and post

For sale in the REALTOR^® store for $28

SUPRA^®

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.

April arrived quickly and it will be a busy month here at NABOR^®!

We are hosting a Homebuyer’s Expo on Saturday April 6. We are having a Karaoke Charity Event on April 11. An education event called "Jump Start Your Global" is on April 17. The full CIPS Institute is being offered the week of April 22. And finally, the Annual Night of Honors, a signature event where we honor our outstanding NABOR^® members, will be held Saturday, April 27. NABOR^® is also exploring remodeling our facilities to modernize the interior so it best meets the needs of our members.

Below are motions from the recent Board of Director’s Meeting:

MOTION: Made, seconded, and carried that the Capital Improvement Taskforce recommends to, and the Board of Directors of the Naples Area Board of REALTORS® and Real Estate Professionals, Inc. (NABOR®) approves a budget for engaging an architect. The agreement will be reviewed by legal counsel prior to signing, including intellectual property rights written into the agreement.

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®) approves the additional names submitted for Professional Standards Committee. Thalia Tadeo, Jose Malachowski, Spencer Rigsby, and Bruce Jorgensen.

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®) approves to adopt the Ethics Hearing Panel recommendation, in regards to Case #23-24E & #23-34E (Consolidated).

MOTION: Made, seconded, and carried that the Board of Directors of the Naples Area Board of REALTORS® and Real Estate Professionals, Inc. (NABOR®) approves a $100 reinstatement fee if you are late with your MLS fee payment.

MOTION: Made, seconded, and carried that the Board of Directors of the Naples Area Board of REALTORS® and Real Estate Professionals, Inc. (NABOR®) approves billing brokers office fees twice a year instead of four times.

MOTION: Made, seconded and carried that the members of the Governmental Issues committee recommends to, and the Board of Directors of the Naples Area Board of REALTORS® and Real Estate Professionals, Inc.(NABOR®) approves applying for the NAR Sustainability Grant for $1,000 to be used at the Water Clean Up on July 11, 2024.

MOTION: Made, seconded, and carried that the Professional Development Committee recommends to, and the Board of Directors of the Naples Area Board of REALTORS® and Real Estate Professionals, Inc. (NABOR®) approves to start looking for a location to rent to host 2025 classes, during next year's NABOR® remodel.

MOTION: Made, seconded and carried that the Sponsorships Task Force recommends to the Board of Directors of the Naples Area Board of REALTORS® and Association of Real Estate Professionals, Inc. (NABOR®) to allow brokerages to purchase a hole sponsorship for the 2024 Golf Tournament, under the condition that they will not be able to have a physical presence at the hole, and that they would only receive the following as part of the package: Logo included in program, Logo displayed on registration website on the “Our Supporters” page, and Company sign on a hole (provided by NABOR®).

Sincerely,

MARTY MANION, CAE, RCE, CIPS

Chief Executive Officer

NABOR^® BUSINESS PARTNER CORPORATE SPONSORS

PLATINUM SPONSORS

GOLD SPONSOR

Lake Michigan Credit Union