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March 5, 2014

Featured Story
REALTORS Oppose Tax Plan to Limit Mortgage Interest Deduction, Real Estate Provisions

After several years of discussion in Washington DC about the need for federal tax reform, US House Ways and Means Chairman Dave Camp issued a plan last week that proposes dramatic changes for real estate taxation. The National Association of REALTORS (NAR) is very concerned that the changes, if signed into law, would have a negative impact on home owners, buyers and the economy.

"NAR supports reforms that promote economic growth, but we strongly oppose severely altering the rules that govern ownership and investment in real estate," said NAR President Steve Brown. "Real estate powers almost one-fifth of the US economy, employs more than 17 million Americans, and contributes a quarter of all federal and state tax revenue and as much as 70% of local taxes. We are extremely disappointed with several of the provisions contained in US House Ways and Means Chairmain Dave Camp's tax reform draft released today, namely proposed limits on the mortgage interest deduction and capital gains, and the repeal of deductions for state and local property taxes. These proposed changes to the taxation of real estate will impact every single American, either directly or indirectly. NAR will carefully analyze the details of the Chairman's plan so we can best educate Congress and the public about how this plan would impact the owners, consumers, and producers of both residential and commercial real estate."

In anticipation of the release, NAR sent a letter to all Members of the House reminding them of NAR's priorities in tax reform.

The Suburban REALTORS Alliance will keep a close watch on developments should a Call-to-Action be issued. And remember that your investment in RPAC is also instrumental to NAR's efforts in opposing this proposal.

SWRA Seminars and Events

March's Starbucks Morning to Feature Update on Delco Economic Revitalization Efforts

Whether you live or work in Delaware County, plan now to attend March's Starbucks Morning: Update on Delaware County Economic Revitalization Efforts (March 12; 9:00am-10:30am) at the Delaware County Chamber of Commerce in Springfield. This seminar will feature an important presentation on the state of the county's economy. the efforts that are in place to revitalize it and unique programs that are centered around improving the city of Chester.

This session will feature presenters J. Patrick Killian, Director of the Delaware County Commerce Center, Mike McGee, Executive Director of The Institute for Economic Development and moderator Alex Charlton, President of the Delaware County Chamber of Commerce as they address the multifaceted efforts to reinvigorate the county and it's impact on the quality of life for its residents. Click here to register (access the Event Calendar). This seminar is generously sponsored by Mazco Home Detailing: Joe Mazza.

Association Tips

Affiliate Tip: IRS Income Tax Transcripts Now Available on the Internet

This Affiliate Tip has been provided by Frank Haarlander, CPA: Keystone Financial Solutions.

REALTORS and lenders will be glad to learn that homebuyers who need to pre-qualify for a mortgage or who are refinancing can use a new IRS service to immediately download their IRS income tax transcripts from the IRS website.

After answering a few questions such as your filing status, SSN, verifying telephone numbers that you may have had in the past, ect. the taxpayer can immediately download different types of income tax transcripts for the past three years at no cost to them. The IRS website is user friendly in that it asks why the individual is requesting a copy of the transcript. If the user selects "mortgage", the system automatically selects the proper transcript that the individual will need to send to its mortgage lender.

Professionalism Tip: Just Because (It Feels Like) You Can; Doesn't Mean You Should

This Professionalism Tip has been provided by SWRA Staff Paula Tansey.

In a REALTOR client relationship, it can help if the REALTOR understands the client's needs and wants almost to the point of being able to anticipate them. A client may feel more comfortable with the REALTOR who "gets" the client in this way. The client may feel better not having to explain every decision or choice to the nth degree. It feels like the REALTOR can read the client's mind. And in a non-literal sense maybe the REALTOR can.

It's too easy in this scenario to get lulled into a false sense of power. It becomes too easy to skip the first two steps of acting on behalf of the client. Step one: advise the client of the situation or decision to be made and present the pros and cons based on your experience. Step two: let the client decide the course of action based on step one. By skipping the first two steps the REALTOR is no longer acting on behalf of the client but rather instead of the client. It's a recipe for disaster. No matter how simple the task or how sure you are of the client's choice, you must stay in your role as advisor and let the client make all the decisions. So revel in the relationship where the client thinks you have ESP but keep it real.

Association of REALTORS School

SRES: Tap the Earning Potential of the 50+ Market

The Senior Real Estate Specialist (SRES) Designation course on March 24 & 25 will train REALTORS to meet the needs of maturing Americans when selling, buying, relocating or refinancing residential or investment properties.

This course educates REALTORS who are making 50+ real estate part of their overall business plan. By earning the SRES Designation, students will be prepared to approach mature clients with the best options and information for them to make life-changing decisions Click here to access the SRES Designee Benefits Brochure. To register please call 610-560-4900 or click here to register online (access the Education Calendar).

Suburban REALTORS Alliance

Yeadon Considering Creating Redevelopment Authority

Yeadon Borough is contemplating the idea of creating a redevelopment authority. Solicitor Raymond Santarelli said a 2004 state law would allow the borough to create a five-member redevelopment authority that would " provide options with respect to housing and attracting business and redeveloping the borough". The borough would have to authorize creation of the redevelopment authority via ordinance, Santarelli added. The authority would be allowed to pursue its own funding through federal grants.

Council member Rosalind Jones-Johnson noted that the borough is already one of six municipalities to have a commercial improvement zone, and stated that the borough already has a comprehensive plan. Read more.

To stay on top of all the local, state and national issues that could impact your business, sign up for the Suburban REALTORS Alliance News Briefs through their action center.

Suburban West Notices

Memorial Notice

The Association is saddened to notify the membership of the passing of Glenn Perry. Glenn was a REALTOR Emeritus and Appraiser with Glenn Associates and was a member of the Association for 41 years. A memorial service will take place in the spring.

Reminders:

ARS Publishes Full Offsite MCE Course Schedule

With the PA renewal deadline right around the corner, the Association of REALTORS School recognizes the scheduling challenges faced by today's Delaware Valley REALTOR. ARS has scheduled courses at facilities in Concordville, Haverford, Havertown, Kennett Square, Springfield and Wayne in addition to our classes in Malvern. For continuing education questions, please contact Gail Parke or Paula Tansey.

In This Issue

REALTORS Oppose Tax Plan to Limit MID, Real Estate Provisions

March's Starbucks Morning to Feature Update on Delco Economic Revitalization Efforts

Association Tips: Affiliate & Professionalism

SRES Destination Course Scheduled in March

Yeadon Considering Creating Redevelopment Authority

SWRA Notice

MCE Offsite Options

Payment & Registration Center

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