July 31, 2024

The PAR Legal Hotline has received numerous inquiries regarding the NAR settlement and associated form changes. To streamline responses, Hotline attorneys have developed scripts to address common questions from members, similar to how real estate professionals use scripts to handle consumer objections.

This article provides insight into some of the scripts used to respond to "member objections" related to the NAR settlement changes and the new PAR forms. It does not delve into the specifics of the settlement or the new standard forms changes; for those details, refer to PAR’s Forms Update Comprehensive Guidelines. Instead, this article focuses on the conceptual questions being posed by members.

Some of the responses to the objections below are blunt, and attorney's report that it is intentional. They acknowledge and respect that it is not their business models being disrupted, nor are they interacting with buyers and sellers daily. However, an external perspective can often be valuable, and given the significance of the situation, it is important to present information in a straightforward manner. Below are some of the objections they have been faced with, and their answers may surprise you.

Objection: This is all so very hard and confusing. Make it easier!

Objection: If we can’t share compensation in the MLS, buyer brokers won’t get paid. Sellers will refuse to pay buyer broker fees and/or buyers will refuse to pay their own brokers.

Objection: How dare my broker start trying to micromanage how I do business and what I charge? I’m an independent contractor, dang it!

Objection: It’s just not cool to talk about things like fees and agency relationships the first moment you meet a buyer outside a listing, and no buyer will want to sign a contract under those circumstances.

Read the full article on PAR's Just Listed Blog, linked here. 

Members are encouraged to visit the Association’s NAR Litigation Settlement page for more information on the proposed settlement from NAR, PAR and BRIGHT MLS.

In January 2024, the U.S. Treasury put policies in effect to combat money laundering. The policies have the potential to directly or indirectly impact real estate practice. The new  rules will now require many entities to register and provide information about individuals who either own or control those entities. Areas where this is likely to come into play in the context of real estate practice are: Brokerage firms owned and operated as an entity; A qualified association owned by one or more licensees; Property owners/buyers (including Realtors®) who own property through entities.

PAR offers this comprehensive article with links to detailed resources that should be helpful in understanding the rules. Ultimately, questions about specific entities must be directed to your (or your client’s) own attorney and/or financial professional.

The National Association of Hispanic Real Estate Professionals (NAHREP) now has a Philadelphia Chapter. Join them for their first virtual event on August 6th 11:00 to 11:45 am.

Meet the leaders of the group and discover how NAHREP can elevate your real estate career.

Register for this FREE event now: https://bit.ly/NAHREPP080624.

You can join the movement and support NAHREP here: https://nahrep.org/join/ ( Select Philadelphia in the chapter drop down)

While September marks REALTOR® Safety Month, the values and principles that underscore this important initiative are essential for all members of the real estate community. The commitment to safety transcends a single month, reflecting an ongoing dedication to protecting REALTORS® and ensuring they can perform their duties with confidence and security.

Real estate is a profession that demands interaction with numerous strangers, often in unfamiliar settings. Every showing, open house, and client meeting introduces the potential for risk. Therefore, safeguarding oneself is not merely a precaution but a fundamental necessity. This is where tools like the FOREWARN application become invaluable.

The FOREWARN application gives Tri-County Suburban REALTORS® members the ability to have instant due diligence on prospects. In seconds, with as little information as a phone number or name, you can verify a prospect’s identity, criminal records, bankruptcies, liens, judgments, address history, and property records all in one place.

Verifying your prospects in FOREWARN is not only critical for your personal safety and efficiency but also a benefit to your listing homeowners, providing an added layer of protection for their homes and families.***Please note that FOREWARN is not a tool for database management. Members have a maximum of 200 searches/week. This resets weekly on Mondays. 

Instructions to activate your FREE account as a member of Tri-County, are linked here.

Already a FOREWARN user? Their training calendar can be found here.

Their trainings aim to help real estate professionals gain a much better understanding of the platform along with going over some "Pro-Tips" to help REALTORS® understand the various ways to leverage FOREWARN in their real estate business.

Forewarn FAQs can be found here. 

There has never been a better time to invest in your professional development and provide the best service to your clients. Whether your goal is to manage your own firm or better serve your clients, achieving a Pennsylvania broker’s license requires intensive training and industry experience. The Association of REALTORS® School is offering the GREEN Designation course at a discounted rate ($189, normally $235), AND it doubles as a broker elective course. Don't miss the chance to advance your real estate career! 

Upcoming Broker Licensing Course

GREEN Designation: NAR’s GREEN Designation Course: People, Property, Planet, Prosperity covers the distinguishing characteristics that make a high-performance home. The course looks at how consumer demand for these homes is increasing and provides a detailed accounting of how high-performance features work. The course prepares real estate professionals to provide advice and sources of information to help homeowners improve the performance of their homes— from low-cost fixes and DIY projects, to retrofitting and replacing systems, to big budget remodeling projects and new constructions. Ultimately, this course will show you how to apply green knowledge to enhance your business while also helping to create a more sustainable, healthy world. This is a broker elective course.  August 20th & 23rd (two-day course) 9:00am - 4:30pm.

Tri-County Suburban REALTORS® is proud to present a hybrid opportunity for its members on August 15th - the day after the release of these changes, to help members navigate the updates and receive 1:1 training from Executive Vice President of Customer Advocacy at Bright MLS, Rene Galicia.

Event Details:

NAR & Bright Policy Changes I Hybrid
Date: August 15, 2024
Time: 1:00 PM - 2:00 PM
Location: Hybrid (In-person at Tri-County Suburban REALTORS® and Virtual)
Instructor: Rene Galicia, EVP, Customer Advocacy
Fee: Free for Members

Event Overview:

Tri-County Suburban REALTORS® is pleased to host Rene Galicia, Esq., Executive Vice President of Customer Advocacy with Bright MLS, for this informative session regarding the MLS Policy changes as a result of the NAR settlement. Attendees will learn more about how they can prepare for the expected practice changes and about the related Bright MLS policy updates.

To register for the IN-PERSON session, click here.

To register for the VIRTUAL OPTION VIA ZOOM, click here.

Please do not register to attend both sessions.

A home repair program once passed as a landmark bipartisan initiative failed to receive funding in the new Pennsylvania budget, disappointing county officials and housing and energy advocates. The commonwealth’s Whole-Home Repairs program, championed by state Sen. Nikil Saval (D-1), of Philadelphia, originally received $125 million in funding in 2022 to help property owners repair and weatherize their homes and support training and pre-apprenticeship programs. The bipartisan legislation quickly garnered attention and applications began to pile up from residents and property owners seeking grants and forgivable loans to repair and modernize their properties. Gov. Josh Shapiro was a supporter of the program, proposing another $50 million investment in the program in his budget address. Despite its popularity, the future of the program remains uncertain. Both Shapiro’s office and state Senate Majority Leader Joe Pittman (R-41) recognized lawmakers’ focus on education funding and human service programs without directly addressing the possibility of further funding Whole-Home Repairs. Read more here.

Source: City and State PA; 7/17/2024

August 7th, 14th, 21st, 28th (four-day course) | 9:00am-4:30pm
Real Estate Law
Association of REALTORS® School, Malvern

August 15th | 1:00pm-2:00pm
NAR & Bright Policy Changes | Hybrid
Tri-County Suburban REALTORS®, Malvern & Virtual via Zoom

August 20th & 23rd (two-day course) | 9:00am-4:30pm
Green Designation (GREEN)
Association of REALTORS® School, Malvern

August 29th | 9:00am 4:30pm
Planning and Zoning Resource: Advocating for Your Community's Future
Association of REALTORS® School, Malvern

September 11th, 18th, 25th, & October 1st (four-day course) | 9:00am-4:30pm
Valuation of Residential Real Estate
Association of REALTORS® School, Malvern

Contact Us
610-560-4800
info@tcsr.realtor

Office
1 Country View Road
Suite 201
Malvern, PA 19355