IN THIS ISSUE
INDUSTRY NEWS AND EVENTS
- Headline News
- REALTORSŪ Commercial Alliance Video - Delivering on the Promise
- NAR Encouraged by Health Provision in State of the Union
- Commercial Trade Mission to Nevada
- NEW NAR Midyear Course: Developing Commercial Member Services
PUBLIC POLICY UPDATES
- NAR Moves to Monitor Treasury's Regulation-Making Power in Real Estate
- Mortorium Extended on New ILC Banks by Commercial Firms
- Senate Small Business Tax Package Passes
RESEARCH, RESOURCES, LEGAL
- Q1 2007 RCA Report Released
- Commercial Real Estate Insurance: Meeting the Challenge
- T&I Briefings Hot Off the Press & Into Your Mailbox
- E&O Insurance Deductible Discount with NAR’s RELAY™ Program
- FREE ANALYSIS OF PENDING LAND USE LEGISLATION
- Keep Tabs on Global Business Trends
- NAR President's Podcast: Equality in Our Business
- Optimize Your Earning Potential
- RCA Offers TIC Brochure
AFFILIATE NEWS
- CCIM Career Center Receives a Facelift
INDUSTRY NEWS AND EVENTS
HEADLINE NEWS
Headline News.
REALTORSŪ COMMERCIAL ALLIANCE VIDEO - DELIVERING ON THE PROMISE
Learn about the 2006 accomplishments of the REALTORSŪ Commercial Alliance. The RCA is working to expand the relationship between NAR and the commercial real estate industry -- take a look at how that translates into business-focused products and services for commercial real estate professionals. Read more.
NAR ENCOURAGED BY HEALTH PROVISION IN STATE OF THE UNION
"Providing health insurance for all Americans working for small businesses or as independent contractors is a priority for NAR, and we are pleased to see that President Bush has made access to affordable coverage a cornerstone of his 2007 agenda," said NAR President Pat Vredevoogd Combs. President Bush announced his health plan initiative in his State of the Union speech, which he delivered to a joint session of Congress Jan. 23. With nearly 30 percent of its 1.3 million members unable to obtain affordable health insurance, NAR is committed to working with the president and Congress to get small business health insurance legislation enacted as quickly as possible. "The president has taken a step forward in laying out his health coverage plan, which includes language that will allow small businesses to pool together, strengthen their buying power and cross state lines. There are many details to iron out and differing view points to be addressed, but the good news is the real work starts now," said Combs. Read more.
COMMERCIAL TRADE MISSION TO NEVADA
Join the REALTORSŪ Commercial Alliance and the Reno/Sparks Association of REALTORSŪ, for a trade mission to Reno, Nevada; June 4-7, 2007. The trade mission is an opportunity to create your own network of brokers, resources and experts to guide you through a commercial transaction in Nevada. View a schedule and download a registration form. Registration closes May 21. Read more.
NEW NAR MIDYEAR COURSE: DEVELOPING COMMERCIAL MEMBER SERVICES
Association Executives: If you're interested in boosting services to your commercial members, participate in a six-hour course on how to organize commercial member services. Create the right type of group for your board, and learn how to communicate effectively with this unique segment of your membership. The course will cover different business characteristics, information and business tool needs, and the distinct activities of commercial members. Seating is limited and registration is required for this ticketed event. The course is held the day before the scheduled meetings at the 2007 NAR Midyear Meetings start, so mark your calendar for May 14, 9 a.m. to 4 p.m. CONTACT: Carol Kairis (ckairis@realtors.org), 888/648-8321.
PUBLIC POLICY UPDATES
NAR MOVES TO MONITOR TREASURY'S REGULATION-MAKING POWER IN REAL ESTATE
A report by the U.S. Treasury’s Financial Crimes Enforcement Network entitled “Money Laundering in Commercial Real Estate” prompted the NATIONAL ASSOCIATION OF REALTORSŪ to apply for a seat on the Bank Secrecy Act Advisory Group to more closely monitor the Treasury’s actions. Specifically, NAR believes the government office’s efforts to develop regulations governing persons involved in real estate settlements and closings will increase. The commercial report, along with another report entitled “Mortgage Fraud,” made reference to the presence of real estate professionals in suspicious activity reports, particularly property managers and appraisers. NAR believes that real estate brokerage should not be covered under the Treasury’s Financial Crimes Enforcement Network. CONTACT: Tom Heineman (theineman@realtors.org), 202-383-1090.
MORTORIUM EXTENDED ON NEW ILC BANKS BY COMMERCIAL FIRMS
In a move backed by NAR, the Federal Deposit Insurance Corporation (FDIC) has extended its moratorium on industrial loan company (ILC) applications from commercial firms. ILCs are a type of state-chartered, federally insured bank that may be owned by commercial firms. NAR has strongly urged the FDIC to extend the moratorium so Congress can decide whether to tighten or close the ILC loophole. In the House, Rep. Paul Gillmor (R-Ohio) and Financial Services Committee Chairman Barney Frank (D-Mass.) have introduced a bill that would do that. The Industrial Bank Holding Company Act of 2007 (H.R. 698) would permit only financial firms (those with no more than 15 percent of their revenue from commercial activities) to apply for ILC ownership. In a letter to FDIC Chairman Sheila Bair, NAR President Pat Vredevoogd Combs thanked the FDIC for extending the moratorium, explaining that commercial ownership of banks results in conflicts of interest and unfair competition, putting the financial system at risk. To read NAR's letter to the FDIC, click here. For more info, contact: Jeff Lischer, 202/383-1117.
SENATE SMALL BUSINESS TAX PACKAGE PASSES
A small business tax package that includes real estate provisions has passed the Senate as part of a minimum wage bill, but prospects for passage of the real estate items by the House are uncertain. The tax package includes an extension of the 15-year leasehold improvements provision through March 31, 2008, and an extension of the $100,000 expensing rules through 2010. The House has neither considered nor passed a similar tax package, although it did pass the minimum wage increase. Ways and Means Committee Chairman Charles Rangel (D-N.Y.) does not support enactment of a tax package at this time. Accordingly, there is presently no plan to take the legislation (H.R. 2) to conference. Thus, the timing for enactment of the minimum wage increase is also uncertain. For more info, contact: Linda Goold, 202/383-1083.
RESEARCH, RESOURCES, LEGAL
Q1 2007 RCA REPORT RELEASED
From wireless to green, savvy commercial real estate professionals are finding innovative ways to enhance value - find out how in the cover story, Value Outside the Box, in the Winter 2007 RCA Report that mails this week, The Legislative Update features news that NAR is in a good position to make progress on critical commercial real estate issues during the 110th Congress. View the issue online here or contact rca@realtors.org (MAILT TO:) to order a free copy that includes the latest T&I Briefing audio CD.
COMMERCIAL REAL ESTATE INSURANCE: MEETING THE CHALLENGE
2007 may become a historic year for commercial real estate professionals. Two key issues will come before Congress in the months ahead. The new Hot Topic from the RCA gives background information on terrorism insurance and natural disaster insurance – key issues that could significantly impact profit margins on many commercial real estate deals. The RCA’s Hot Topics, a quarterly educational series that includes guidelines on targeted issues that impact your business with a focus on providing information for practical application. The Hot Topic mails with the RCA Report that goes out this week. Read more.
T&I BRIEFINGS HOT OFF THE PRESS & INTO YOUR MAILBOX
The Technology & Intelligence Briefing enclosed with your copy of the RCA Report mailed this week. Learn on the go with the T&I Briefings audio CD. The Q1 ‘07 issue features Rich Boyle CEO of commercial listing portal LoopNet who will discuss the current state and future of commercial on-line investment listing aggregation. Rich will be followed by Randy Hertz, the 2006 National President of RLI, the Realtors Land Institute who will share his insights for using the latest tools to deliver high quality brokerage and management services to land owning clients. And to wrap things up, Jon Tull, CEO of eReal Estate Integration, Inc. will brief us on the state of the art for analyzing commercial real estate information into useful decision making tools and reports. Subscribe to the podcast from iTunes or REALTOR.org or contact rca@realtors.org to order a free audio CD with the interviews. Learn more.
E&O INSURANCE DEDUCTIBLE DISCOUNT WITH NAR’S RELAY™ PROGRAM
Subscribers to NAR’s RELAY™ transaction management system may now earn a reduction of up to $2,500 in the deductible amount on Error and Omissions insurance provided by Geo. F. Brown & Sons. This discount is in addition to the existing 50 percent reduction in the E&O deductible NAR members receive through Geo. F. Brown & Sons under the REALTOR Benefitssm Program. RELAY™ is the easy to use transaction management tool developed in partnership with NAR, which integrates directly with ZipFormŪ. Geo. F. Brown & Sons offers E&O insurance tailored to the unique needs of the real estate firm, as well as the SecureALease product for property managers. Read more at RELAY™, 866-736-7328 or Geo. F. Brown, 888-372-6262.
FREE ANALYSIS OF PENDING LAND USE LEGISLATION
REALTORSŪ sell more than homes and commercial properties – they sell communities. This is why state and local REALTORŪ associations are becoming involved more than ever before in land use decisions. NAR’s Land Use Initiative provides REALTORŪ associations with a quick and thorough analysis of pending land use legislation or regulations. The free analysis is provided by the preeminent land use law firm Robinson & Cole. Read more. CONTACT: Bob McNamara (bmcnamara@realtors.org), 202-383-1268.
KEEP TABS ON GLOBAL BUSINESS TRENDS
Need an overview of the business climate for a country or other global business information? Check out GlobalEdge, a knowledge web-portal that connects international business professionals to information, insights, and learning resources on global business activities. Created by the Center for International Business Education and Research at Michigan State University, the site offers more than 5,000 online resources, news and views on international business, research and teaching resources, management decision-support tools and more. Free site registration allows participation on discussion boards and unrestricted access to the site. Sign up for a monthly newsletter that provides brief summaries of new or improved features, articles, and other site resources. Visit http://globaledge.msu.edu.
NAR PRESIDENT'S PODCAST: EQUALITY IN OUR BUSINESS
As the U.S. celebrates Black History Month, NAR President Pat Vredevoogd Combs in her latest podcast encourages REALTORSŪ to reflect on where they stand on equality in their businesses, association, and in the real estate market.
Listen to the podcast.
OPTIMIZE YOUR EARNING POTENTIAL
Tell a friend: Get started in commercial real estate with the Fundamentals of Commercial Real Estate, a new course from the REALTORSŪ Commercial Alliance and REALTORŪ University Online. The course is a broad introduction to commercial real estate and will direct you to additional levels of training. Good for newly licensed agents, those in small markets with opportunities for residential and commercial transactions, investors, and those who want to optimize their earning potential. The six-hour self-pace course is available online for $99. Read more .
RCA OFFERS TIC BROCHURE
The REALTORSŪ Commercial Alliance has created a brochure with information addressing issues surrounding tenants-in-common (TIC). This new investment vehicle, frequently used to complete 1031 exchanges does hold risks and rewards, so it's best to be informed up front. The brochure provides answers to questions on the business of a TIC transaction. How to talk to clients to help them evaluate elements of the TIC investment and the ethical considerations and risk management issues that apply when working with a client who wishes to acquire a TIC interest are also discussed. Order here .
AFFILIATE NEWS
CCIM CAREER CENTER RECEIVES A FACELIFT
The commercial real estate job market remains very active, and the CCIM Career Center is fully equipped to help members find and fill jobs. Recently, the site was redesigned to feature a new navigation system that makes it easier for both job seekers and employers. The new pages include separate comprehensive Employer and Candidate areas, a new FAQ section and a much-requested listing of available job packages. The CCIM Career Center is part of the Real Estate Job Network powered by SelectLeaders, which formed an alliance of the top professional and trade associations in the U.S. to assist job seekers and employers. Visit to learn more.
Report compiled by Bobbie Albrecht, balbrecht@realtors.org, 312/329-8464.
QUESTIONS on this report? Visit the INS FAQ and online feedback area on REALTOR.org. Click here.
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NATIONAL ASSOCIATION OF REALTORSŪ
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