February 7, 2014
A special note to all members: If you receive a call from a MEG Research staff member, answer it! He or she will be conducting IAR’s second member survey. It will be your chance to weigh in and help us measure against the benchmarks established last year.
Focus on Government Affairs
REALTORS® Ahead at Halftime of State Legislative Session
This week marks halftime for the 2014 Indiana General Assembly. While media attention has focused on the debate surrounding HJR-3, the proposed Constitutional amendment on marriage, legislation of interest to the real estate community has been moving through both the House of Representatives and Senate. Here is a list of bills the IAR Government Affairs team has been tracking on behalf of the state’s REALTORS®, who are decidedly ahead at this point.
Provision Eliminating Future Grandfathering in the NFIP Delayed At Least Until 2015
On February 5, 2014, the Federal Emergency Management Agency (FEMA) released guidance related to flood insurance and grandfathering. Section 207 of the Biggert-Waters Reform Act (BW12), which passed in 2012, eliminated the grandfathering provision in the National Flood Insurance Program (NFIP). This guidance applies to FEMA’s future plans for grandfathering and not to the skyrocketing rate increases being triggered by a property’s sale which we’re seeing around the country.
Grandfathering provides property owners the ability to pay a lower flood insurance rate based on an older map, even if the map and the flood risk changes in the future. BW12 eliminated grandfathering and required FEMA to increase flood insurance premiums when the maps change, at a rate of 20 percent per year until the property pays the full actuarial rate. FEMA had recently estimated that rules implementing this provision would be finalized in late 2014.
This guidance is the result of provisions of the recently passed Consolidated Appropriations Act of 2014 (The Omnibus) which requires FEMA to cease any current planning and development activities to implement this provision through September 30, 2014. According to FEMA’s statement, they have halted all work related to this provision. Once Congress restores funding to implement Section 207 of BW12, FEMA estimates it will take an additional 12-18 months to finalize the rulemaking. NAR will continue to keep you apprised of the latest regulatory and legislative developments related to implementation or reform of BW12.
|Focus on Membership
Meet 2014 IAR President Kevin Eastridge
In the next issue of the Indiana REALTOR® Advocate, you will meet the other IAR officers - Brownsburg’s Bruce Bright, President-elect, and Shelbyville’s Nancy Smith, Treasurer.
During the recent Legislative Conference, Evansville’s Kevin Eastridge was installed as the 2014 President of the Indiana Association of REALTORS®. It was thus fitting that State Senator Vaneta Becker conducted the installation; Senator Becker is an IAR member and broker with Kevin’s firm. Instead of later introducing Kevin for remarks as planned, Senator Becker surprised him with a video of southwest Indiana community leaders who did the job because, as she said, “real estate is local, so it’s best for locals to introduce the ‘real’ Kevin to IAR members from all around the state”. Watch the video in order to meet the 2014 IAR President Kevin Eastridge for yourself. And, you can contact him with your congratulations, questions and ideas by email to firstname.lastname@example.org.
Focus on Research & Technology
Dealing with Gen Y Home Buyers?
Those belonging to Generation Y (Gen Y) are also known as Millennials and were born between the early 1980s and the early 2000s. They operate very differently from those in the generations before them. MEG Research confirmed this through a telephone interview study of 600 Gen Y home buyers nationally who closed escrow in 2013. For example, Gen Y home buyers start the process a minimum of six to 18 months before contacting a REALTOR® - this means your social media, ratings on Yelp, and website are more important than ever. See all the study results here.
Oh Man, You Can Buy Doughnuts at the 7-Eleven 24/7?!
The headline has little to do with the content of this article, which breaks a cardinal rule of the Indiana REALTOR® Advocate. But, it follows this style guide published by BuzzFeed earlier in the week. The guide seeks to bring consistency and accuracy to the language of the web, and is being heralded as the first of its kind by a number of publications. We at IAR plan to use it to clean up indianarealtors.com (note the missing www:) and the Advocate. We hope it will help you draft emails (not e-mails) to your clients, blog posts, and tweets (note the serial comma and the lowercase t). Plus, the style guide is just a fun read if you have time because it addresses common, casual usage of language.
29 Awesome Things You Didn't Know About Google (But Should)
Get the most out of the world’s biggest and arguably its best search engine with this list of 29 Awesome Things You Didn't Know About Google (But Should) from The Huffington Post.
Focus on Legal Affairs
Violation Station: Real Life Real Estate Sanctions
What happens if Indiana real estate license law is violated? “Violation Station” is published quarterly to help REALTORS® better understand the types of violations heard by the state of Indiana’s Real Estate Commission and the punishments IREC hands out. IAR's Senior Staff Counsel, Kelly Shonborn, reviews fourth quarter sanctions here.
Brokers Reminded to Re-authorize Agents for Legal Hotline Use
On January 1, IAR established a new, online authorization form for Principal and Managing Broker members who wish for their agents to use the Legal Hotline. All authorizations made prior to that date were purged, thus Brokers need to re-authorize their agents via the above-mentioned form before those agents can use the Hotline again. IAR also established an online authorized user update form for Brokers to revoke agent authorizations. Both forms require an agent’s National REALTOR® Database System (NRDS) number and can be found at one link, in the middle of this page. Call the Legal Hotline with questions: 1-800-444-5472.
Residential Forms Changes Announced for 2014
Slight revisions to the residential Purchase Agreement and Listing Contract were made for 2014. And some new forms became available to members January 1st including an Agreement Regarding Personal Property, an Amendment to Lease Agreement and a Supplemental Indemnification Agreement. Find out more here.
Commercial Forms Changes Announced for 2014
Five new commercial forms are now available to members. Those forms are titled as follows: 1) Exclusive Tenant Representation; 2) Exclusive Tenant Representation (With Tenant Payment); 3) Purchase Agreement Commercial (Land Only); 4) Registration and Commission Agreement; and 5) Amendment to Listing Contract-Commercial. Also, revisions were made to the existing Purchase Agreement and Listing Contracts for 2014. Find out more here.
Focus on Education
Great Value and Opportunity Found During Designation Days
REALTORS® can find great value and opportunity during the annual IAR-RECP Designation Days event. Scheduled this year for February 25-27 at Indiana Wesleyan University on Indianapolis’ north side, attendees can earn credit towards the prestigious Graduate, REALTOR® Institute (GRI), Certified Commercial Investment Member (CCIM) and Accredited Buyer’s Representative (ABR®) designations, as well as credit toward the state of Indiana’s mandatory and elective continuing education requirements. There are a number of ways to participate - by individual course or one-, two- and three-day packages. Click here for more information and to register. Or, call RECP at 1-800-742-4067.
The talented, dynamic and inspirational Marki Lemons of Chicago will teach a full day of social media classes. Marki always leaves Indiana with great reviews, new Facebook friends and Twitter followers. Come see what the buzz is about on February 25.
The ABR® course on February 26 and 27 will be led by Indiana’s own Paul Wyman, who served as the 2009 IAR President and was last year named the State REALTOR® of the Year. Students will learn to represent buyer clients, build a buyer representation business and develop a customized tool for conducting buyer counseling sessions. IAR RECP is able to offer this two-day course at an incredible discount of $295.
Again, click here for more information and to register. Or, call RECP at 1-800-742-4067.
To Salespersons: Easily Upgrade License Thru RECP
It is easy for salespersons to upgrade their license to broker status before this summer’s deadline of June 30. Through RECP, salespersons can take the mandatory broker transition course in person at a variety of locations around the state OR online on demand - at 4:00 a.m. in your pajamas, anyone?!
As a reminder, the broker transition course fulfills a salesperson’s continuing education requirement during this transition period. And as a bonus, REALTOR® licensees who complete the course through RECP will earn 22 credits toward a Graduate, REALTOR® Institute (GRI) designation. Register online or call 1-800-742-4067 for more information.
Principal Brokers may want to take advantage of RECP’s private-label education for their agents. Contact Kathy Harbaugh for more information: email@example.com or 765-461-3446 cell or text.
To Legacy Brokers: Do Not Forget Your Own Deadline This Summer
In the course of encouraging your Salespersons to upgrade their license to Broker status, IAR reminds Legacy Brokers to not forget about their own license renewal deadline of June 30, 2014, and the 24-hour continuing education requirement that accompanies it. But first, who is a Legacy Broker? Legacy Brokers are those who were licensed by the state of Indiana as a Broker on or before June 30, 2012.
Here is the breakdown of the 24-hour C.E. requirement to be fulfilled by Legacy Brokers before June 30 of this summer:
16 C.E. hours of the old curriculum - 6 mandatory and 10 elective hours taken any time after July 1, 2011, and before June 30, 2014. This is the same C.E. requirement Brokers had prior to the license law update; the renewal deadline was just extended by a year.
8 C.E. hours of the new curriculum - taken any time after July 1, 2013, and before June 30, 2014. These eight hours must include the updated Indiana License Law class, which details the license law update enacted in 2012 and the reasons for the update.
RECP offers Legacy Brokers a 16-hour C.E. package for $99 and an eight-hour C.E. package for $49. Both packages can be taken in person OR online on demand. Click here for more information and to register. Or, call RECP at 1-800-742-4067.
February 14, 2014
REALTOR® Professional Designation Days
Indiana Real Estate Markets Report
IAR Executive Committee
March 8, 2014
March 21-25, 2014
IAR Finance Committee
April 2, 2014
IAR Board of Directors
April 3, 2014
NAR Midyear Legislative Meetings
May 12-17, 2014
Indiana Commercial Real Estate Conference
June 19-20, 2014
Salesperson-to-Broker Transition Deadline
June 30, 2014
NEW MEMBER BENEFIT
10% discount on all services!
IAR has worked with LTC to provide listing and purchase agreements in Spanish as interpretive tools for members who work with Spanish-speaking clients and to provide interpreters to members who work with deaf clients.
VALENTINE'S DAY IS NEXT WEEK
25% discount on all regularly priced floral and gift items
Use code "INDR"