1. Promotional Incentives – The Basic Rules
1. If an incentive program does not involve any element of “chance,” then it is permissible.
EXAMPLE: A broker may offer a commission rebate or discount to every seller who lists with him before a particular date.
2. If an incentive program involves both “consideration” and “chance,” then it is not permissible. (The question of whether there has been “consideration” is typically determined by whether or not the promotor gained some type of financial benefit from the method of entry.)
EXAMPLE: A listing broker may not offer a chance to win a new car to every seller who lists with him before a particular date.
3. If an incentive program involves “chance,” but no “consideration,” then it is permissible unless it is being used to promote a specific piece of real estate.
EXAMPLE: A listing broker may not offer everyone who visits his open house for 123 Main Street a chance to win a gift certificate.
*For more information on promotional incentives, Realtors® are encouraged to check out the February 2017 installment of the Michigan Realtors® Letter of the Law series.
2. Register for Achieve | Feb. 1-2, 2018 | Detroit
Kick off the new year by developing your leadership skills alongside established industry leaders and rising stars alike. Register for Achieve, the premiere leadership event of the Michigan Realtors®. Visit the official Achieve site for more information! Achieve is open to all members and affiliates.
Not able to attend the full conference? The one-day MindScan workshop on Wednesday, January 31st could be the perfect fit for you! Space is limited, register today!
3. Leadership Academy Application Deadline Extended to 12.4.17
The Michigan Realtors® Leadership Academy develops leaders who have demonstrated leadership potential through job-related and community activities, creating a network of industry experts across the state who are actively involved in improving our Association and profession. The deadline to apply for the Leadership Academy Class of 2018 has been extended to 12.4.17.
4. RPR Webinar | Dec. 7 | Earn CE
Perfect Pricing with Easy, Accurate CMAs from RPR®
5. Advertising Rules
As many Realtors® have heard by now, effective January 1, 2018, in any advertising that includes the name of an associate broker, salesperson or team, the individual licensee’s name (or team name) cannot be in larger type size than the name of the firm. This change has caused many brokers to reexamine both existing law and their current advertising.
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