MESSAGE FROM THE PRESIDENT | |
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Greetings! It’s been another busy month for NABOR® leadership and staff members working on events, education and of course NAR Settlement compliance. Here’s an update:
1) NAR Lawsuit Settlement Updates:
a) At a special Board meeting on 5/31/24 our Board voted to approve the Opt-In to the terms of the NAR settlement agreement. The next step is to formally submit this per the agreement which will be done promptly.
b) Florida Realtors® 2024 President, Gia Arvin, has advised that the changes to Florida Realtors® forms, to comply with the NAR settlement, should be released by mid-June. Also, the effective start date of the settlement terms has been pushed back to Aug. 17th.
c) The NABOR® Legal Resources Task Force and full committee are continuing to work on the forms that need revision to comply with the NAR settlement. Due to new information and clarity provided, some forms are needing to be revised further, therefore, we anticipate that we will be ready to release NABOR®’s forms updates, approximately one week after Florida Realtors® release, but no later than end of June.
2) Bylaws Update: we will be sending members the proposed revised bylaws for consideration which will be voted prior to and at a special Member Business Meeting on July 18 – mark your calendar! There will be two sessions for members to walk through changes with members of our Bylaw Task Force - June 12 (in-person) and June 18 (zoom).
3) Mini Member Surveys: We will be sending members 4 mini surveys starting in June, then one per month for four months in a row. We’d love your input – they will be short and concise.
4) June Events: Please join us for amazing events this month including: Global Culinary Journey through India at 21 Spices (June 6), Politics in the Park at NABOR® (June 11), School Board Forum at NABOR® (June 19) Family Fun Day at Nabor® (June 22).
5) Future Events: Symposium (combined Economic Summit and Expo) (Sept 25), Member Business Meeting (September 19), Golf Tournament at the Vineyards (October 7)
Stay cool – it’s going to be a warm summer!
Warm regards,
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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Inventory Hike Helps April Home Sales Swell
The payoff of months of rising inventory was finally realized in April as closed sales increased 3.8 percent to 999 closed sales from 962 closed sales in April 2023. This is the first month closed sales have exceeded past years’ monthly comparable sales since June 2021. According to the April 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), the 2,365 price reductions in April stimulated sales in the right direction. Growth in inventory does not appear to be slowing down either, as new listings in April increased 16.3 percent to 1,335 new listings from 1,148 new listings in April 2023. (Read more in the full market report in the link below.)
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OneHome™ by CoreLogic is the client portal for Matrix that helps you collaborate with clients and remain at the center of their home search. Available to your clients by invitation only, OneHome™ provides access to rich property data, neighborhood insights, location scores, school boundaries, and more.
View this 30-sec video to learn more about OneHome™.
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THERE IS NO REGISTRATION FOR THIS EVENT | |
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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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NAR LAWSUIT SETTLEMENT VIDEOS
View these videos to learn more about the NAR lawsuit settlement.
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Breaking Down the NAR Lawsuit Settlement | |
Correcting the Myths – NAR Lawsuit Settlement | |
NABOR’s Plan - NAR Lawsuit Settlement | |
SPECIAL SUPPLEMENT: THE NAR LAWSUIT SETTLEMENT | |
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Click on the image to the right to read sixteen pages of important content that will dispel misinformation about the proposed settlement. The article provides valuable resources that help separate litigation facts from fiction, debunk myths, and help explain the importance of a written buyer agreement.
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THE MLS-TOUCH® APP IS NOW AVAILABLE! | |
MLS-Touch® gives you the ability to text a listing to a client! It's fully integrated with Matrix and the tools you use the most. You can brand the app and share with your customers. Download the MLS-Touch® app from Apple's App Store or Google Playstore. | |
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HOW TO KEEP NABOR® EMAILS FROM GOING INTO YOUR SPAM FOLDER
View this video to find out how you can ensure you never miss out on important updates and communications from NABOR®.
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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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THE SIGN BAG
The "Sign Bag" will help you organize your "Open House" and "For Sale" signs. This bag will extend the life of your signs and help you avoid the mess the signs make when thrown into the trunk of your car, garage or storage space. The "Sign Bag" is a convenient way to store and carry your signs with the lawn stakes attached.
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Accommodates18"x24" and 6"x24" signs with stakes
- Holds up to 12 signs
- Is made of heavy duty ballistic nylon
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Easy-to-carry handle For Sale in the REALTOR® Store for $30!
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If you'd like Supra® e-KEY® activation services, please contact Kathleen at 239-597-1666 or kathleen@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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Welcome to June!
We’ve been busy holding classes and events, while also releasing a couple of new MLS products.
OneHome™ has been released to update your customer portal. The look is more modern and the interaction with your customer is better than ever.
We’ve also released Restb.ai. It’s the future of AI with photos. You upload your property photos and the software determines what room it is and what is in the room, providing captions for those pictures automatically.
We also have some great educational and community events for the month.
- GRI 300 series – June 6-7 and June 13-14
- Politics in the Park – Meet the candidates running for office - June 11
- Family Fun Day -A huge family-friendly event for the entire community - June 22
The following motions were passed by the NABOR® Board of Directors.
MOTION: Made, seconded, and carried that the Board of Directors of the Naples Area Board of REALTORS® and Real Estate Professionals, Inc. (NABOR®) approves the adoption of the 2024 Local Optional Professional Standards Policies as recommended and approved by Greg Urbancic, Legal Counsel.
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 sponsoring the 2024 CBIA Politics in the Park using up to $1,000 of local RPAC funds. The event will be held on June 11, 2024 at the Naples Conference Center.
MOTION: Made, seconded, and carried that the RPAC Committee recommends to, and the Board of Directors of the Naples Area Board of REALTORS® and Real Estate Professionals, Inc. (NABOR®) approves the expenditure of local RPAC funds in the amount of $3,000 for the Collier Forum Coalition School Board Forum on June 19, 2024.
MOTION: Made, seconded and carried that the Budget & Finance Committee recommends to, and the Board of Directors of the Naples Area Board of REALTORS® and Real Estate Professionals, Inc.(NABOR®) approves $15,000 in funding for DeLizia Consulting Services to provide a redevelopment plan for the Leadership Academy Program.
MOTION: Made, seconded, and carried that the Investment Advisory Group (IAG) recommends to, and the Board of Directors of the Naples Area Board of REALTORS® and Real Estate Professionals, Inc.(NABOR®) to close our Investment Accounts with Bernstein and Synovus, and move those combined funds to Well Fargo as NABOR’s investment advisor. Synovus will retain their laddered CD account for NABOR.
Thank you for your membership.
Sincerely,
MARTY MANION, CAE, RCE, CIPS
Chief Executive Officer
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