Big mistake buyers are making with their mortgage

The rules of post-transaction follow-up|The opt-in agreements in the appendices indicate that MLSs opting into the NAR settlement have until Sept. 16 to implement changes. Should MLSs also implement the practice changes by Aug. 17?|Don't rely too much on sales tools, expert says

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May 31, 2024

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The rules of post-transaction follow-up

Nearly 90% of consumers say they'd recommend their real estate agentbut many never do because they lose contact with their agent. Here's how to make it easier to engage with clients over time.

Full Story: REALTOR Magazine

(5/28)

30-Day Action Plan for More Leads, Listings, and Sales

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Settlement Answers

The opt-in agreements in the appendices indicate that MLSs opting into the NAR settlement have until Sept. 16 to implement changes. Should MLSs also implement the practice changes by Aug. 17?

MLSs that have opted into the settlement agreement have until Sept. 16 to implement the necessary policy changes and to be considered released parties under the settlement, as provided in the relevant appendices they executed. However, in accordance with mandatory NAR policy, REALTOR MLSs must implement the practice changes by Aug. 17. If they do not, they will not be in compliance with NAR mandatory policy.NAR recommends all MLSs opting into the settlement to implement the practice changes by Aug. 17. NAR's accelerated rule change process, during which it released the exact language of the practice changes in early May, gives MLSs over three months to implement the changes by Aug. 17. Get more facts about NAR's proposed settlement agreement at facts.realtor.

Best Practices in Sales & Marketing

Don't rely too much on sales tools, expert says

Tools such as AI are only valuable if salespeople understand the background for the tasks and how to perform without the assistance of the tools, advises David Brock, a sales expert. "While these tools should expand our capability to think and execute in meaningful ways, instead we are outsourcing our ability to think, reason and engage," Brock writes.

Full Story: Partners in Excellence Blog

(5/29)

How to help indecisive customers make a decision

(Pixabay)

Indecisive customers could be suffering from FOMU, or Fear of Messing Up, writes Roger Dooley, the author of "Friction" and "Brainfluence." Salespeople can help customers decide by focusing on their needs, highlighting key data without information overload and reassuring them of ongoing support.

Full Story: Forbes (tiered subscription model)

Real Estate Trends

Big mistake buyers are making with their mortgage

They could save "hundreds of dollars a month" by doing this one simple task, a housing expert says.

Rising mortgage rates once again blamed for sales slump

"But the Federal Reserve's anticipated rate cut later this year should lead to better conditions, with improved affordability and more supply," says NAR Chief Economist Lawrence Yun.

(5/30)

Photos: Farmhouse kitchens offer design variety

Wood tones, modern updates and European style are all touches that experts say fit with the farmhouse kitchen aesthetic.

Full Story: Parade

Even basic homes in Silicon Valley could fetch millions

Agent Olivia McNally has been surprised by the response to her $2 million Palo Alto, Calif., listing, one of the few original 1950s homes in the area. The price reflects the extremely high demand and limited housing supply in the Silicon Valley area.

Full Story: Business Insider

Technology & Innovations

Smart-home tech aligns with green vision

Smart homes can significantly promote sustainable consumption by improving the management of water, electricity and gas usage. This study examines how integrating smart technologies in homes influences sustainable practices, highlighting the potential of these advancements to drive sustainability goals.

Full Story: MDPI (Switzerland)

Fair & Equitable Housing

Language barrier adds to homebuying challenge

Limited English proficient (LEP) households face significant challenges in navigating the homebuying process due to language barriers, resulting in lower homeownership rates than English proficient households. Efforts by policymakers and lenders to provide translated resources and targeted language services are essential to bridge this gap and improve access to homeownership for LEP communities.

Full Story: Urban Institute

(5/14)

Legislation & Regulation

CFPB investigation targets mortgage servicing fees

The Consumer Financial Protection Bureau says in a report that it is focusing on "exploitative illegal fees" in mortgage servicing, saying it has found instances of improper late fees and charges for property inspections, failures to keep accurate account records, and inadequate descriptions of certain fees. The agency has begun an inquiry into the issue, with a comment period open until Aug. 2.

Full Story: The National Law Review/Greenberg Traurig

(5/29), American Banker

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About The National Association of REALTORS

The National Association of REALTORS is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. REALTOR Magazine is the official magazine of NAR, bringing expert insight to real estate trends, tools, and business strategies.

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