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Tag: NAR

Local Broker Marketplaces: Pro-Competition and Pro-Consumer

EMTAR members are not just real estate agents and brokers who help our clients buy and sell residential and commercial properties. We are much more than that, beginning with the fact that we are REALTORS®, professional members of the National Association of REALTORS® (NAR) as well as Tennessee REALTORS® (our state association).

We are bound to adhere to the strict REALTOR® Code of Ethics that puts our clients’ interests first and reflects the highest standards of professionalism.

And we stand strong in championing wealth building through homeownership and private-property rights while advocating for consumers throughout our Eastern Middle Tennessee communities.

These are among the many examples of “the REALTOR® difference.”

As one reflection of that, NAR has established guidelines that foster efficient and convenient local broker marketplaces to ensure pro-consumer and pro-business competitive real estate markets, equity, transparency, and market-driven pricing for home buyers and sellers.

Local MLS broker marketplaces connect buyers and sellers of real estate in the U.S. through their respective agents. These marketplaces ensure consumer access and opportunity while promoting healthy competition. They give first-time, low-income, and other buyers better access to the American dream of homeownership while also exposing a seller’s property to the greatest number of potential buyers.

The benefits of local broker marketplaces are many, and they include:

  • Largest databases of available homes
  • Most up-to-date home status information
  • Maximized visibility of homes for sale
  • Verified, trusted, detailed, and accurate property information
  • Facilitated cooperation between buyer and seller brokers
  • Equal opportunity for all home buyers and sellers
  • Ease in finding the agent selling the home
  • A level playing field between large and small brokerages

Without NAR’s guidelines for the local MLS broker marketplaces, information on homes would be prone to be inaccurate, unreliable, and scattered across real estate sites, disadvantaging buyers and sellers. Instead, each local broker marketplace provides instant exposure to the largest possible pool of potential buyers for sellers and the greatest number of housing options for buyers.

In addition, consumers can confidently rely on the information they receive because REALTORS® share complete housing data backed by guidelines that ensure accuracy and transparency.

Our next blog will zoom in on real estate compensation in light of local broker marketplaces.

In the meantime, you can learn more about this important topic via these resources:

Fostering Consumer-Friendly Real Estate Marketplaces (overview webpage)

Local Broker Marketplaces in Action (infographic)

The Economics of Buying a Home

NAR Real Estate Compensation Facts

179 Ways Agents Who are REALTORS® Are Worth Their Compensation

About EMTAR: Chartered in 1969, our Association’s 1,300+ REALTORS® are a proud part of the 36,000+ members of Tennessee REALTORS® and of the 1.5 million+ members of NAR, all working to serve the public and protect the rights of America’s property owners. EMTAR members are known not only for their unmatched real estate excellence and high ethical standards, but also for being generous, hospitable, others-focused, loyal, hardworking, and eager to help wherever and whenever help is needed.

NAR Adjust Dues, Adds Fair Housing Requirement

At the NAR Board of Directors meeting on May 11, 2023, in Washington, DC, the directors approved the national Association’s 2024 budget and dues, added a fair housing training requirement for new and existing members, and elected its 2024 officers.

Here’s a quick rundown of some of the board’s decisions that will affect our EMTAR members and other REALTORS® and brokers:

–  “The directors approved the association’s 2024 operating, advocacy, and consumer ad campaign budgets, setting 2024 dues at $156.” This will be a $6 increase from $150 in 2023.

– Beginning with the 2025 Code of Ethics cycle, new applicants for NAR membership will be required to complete two hours of fair housing training, and existing members will be required to complete two hours every three years as a condition of membership. At Home with Diversity and Bias Override satisfy the course requirements, and Fairhaven will be updated to meet the two-hour requirement and serve as a no-cost option.

– Here in Eastern Middle Tennessee, we have seen what many others are experiencing: a shortage of workers available to build new housing (as well as to work in other labor-intensive industries). To help alleviate that issue, the NAR board “approved a policy that [will] encourage federal efforts and collaboration within the real estate industry to support programs that will expand the workforce in the construction industry to relieve labor and housing shortages.”

– On the taxation front, capital gains continues to be a much-discussed topic among buyers and sellers in EMTAR’s service area and far beyond. The NAR board “approved a recommendation to support tax policy that provides a reduced capital gains tax rate to existing owners (as of the date of enactment) of qualified one- to four-unit rental properties who sell to an owner-occupant. The incentive would have the effect of reducing prices, since investors wouldn’t have to charge as much to yield the same return, and increasing the inventory of available homes for first-time buyers.”

– In the realm of conventional finance, the NAR board “approved a policy that NAR opposes the sale, exchange and use of trigger leads for marketing of a mortgage loan.”

The Board of Directors meeting capped off the 2023 REALTORS® Legislative Meetings. Nearly 9,000 REALTORS® were in town to advocate on behalf of the real estate industry and property ownership.

Read the full report from the NAR board meeting here.