IN THIS ISSUE
INDUSTRY NEWS AND EVENTS
- Headline News
- Greatest Hits from the Unconventional Convention - CommercialSource.com Wrap Up
- Find Real Solutions With Commercial Focused Tips and Tools on REALTOR.org
- NARŪ Extends "Early Bird" Registration
PUBLIC POLICY UPDATES
- Issues that Matter - Q&A on Keeping Banks out of Real Estate
- New Issue - Lawmakers Consider Commercial Insurance Modernization
- GAO Studies Nuclear Biological Chemical Radiological Insurance Issues
- NAR Seeks FDIC Info on Home Depot Bank
RESEARCH, RESOURCES, LEGAL
- State-by-State International Business Reports
- Supreme Court to Hear OCC Preemption Case
AFFILIATE NEWS
- IREM Publication Provides Expert Guidance on Starting and Growing a Real Estate Business
INDUSTRY NEWS AND EVENTS
HEADLINE NEWS
GREATEST HITS FROM THE UNCONVENTIONAL CONVENTION - COMMERCIALSOURCE.COM WRAP UP
Commercial real estate professionals addressed industry trends, legislative and political issues and conducted wants and needs chat sessions at he RCA’s first virtual conference and trade show for the commercial real estate industry. CommercialSource.com was attended by over 7,000 professionals. If you missed attending or would like to review presentations, the RCA will post select speaker sessions online available for download. Accessible from the RCA home page, this month’s installment features the key note speakers; David A. Frosh, President, Sperry Van Ness on "Leveraging the Inefficiencies of the Investment Brokerage Industry” and Jacklene Chesler, Senior Vice President, Coldwell Banker CommercialŪ on "Staying Ahead of the Curve: Build your business based on what the market will look like tomorrow, not what it looked like yesterday". Congratulations to our i-Pod Nano winners: Margo Clark of JPG Real Estate in Peoria, IL and Tifanie Olson Riley of Coldwell Banker Commercial NRT in Chicago, IL. To download the MP3 files visit http://www.realtor.org/commercial/index.html.
FIND REAL SOLUTIONS WITH COMMERCIAL FOCUSED TIPS AND TOOLS ON REALTOR.ORG
If you haven’t registered at REALTOR.org, you’re missing out on this invaluable members-only benefit. Find a wealth of commercial-focused information at the official REALTORSŪ Commercial Alliance (RCA) site on REALTOR.org, including links to Commercial Information Exchanges (CIEs), the archives of the Technology & Intelligence Briefings and a search function to find a commercial broker. Register for easy access to members only information and to subscribe to the NAR Weekly Newsletter for e-mail updates on the topics of your choice. Visit the RCA home page regularly: http://www.realtor.org/commercial/index.html.
NARŪ EXTENDS "EARLY BIRD" REGISTRATION
As a special benefit to members, NAR is extending the "Early Bird" registration discount rate to August 1 for the 2006 REALTORSŪ Conference and Expo, to be held November 10-13 in New Orleans. Members who register by that date can attend for only $280 -- a $30 reduction from the regular $310 rate. For more information and to register, visit http://www.realtor.org/convention.nsf/ .
PUBLIC POLICY UPDATES
ISSUES THAT MATTER - Q&A ON KEEPING BANKS OUT OF REAL ESTATE
Do you need to get a clearer picture of the issues surrounding banks in real estate? REALTOR Magazine has special content found only online, in this online exclusive Q&A format, the topic of banks in real estate is addressed. The simple to read format will help you understand what this important issue means to your business, the real estate industry, and the national economy. Read more:
http://www.realtor.org/rmomag.NSF/pages/Feat3200603?OpenDocument
NEW ISSUE - LAWMAKERS CONSIDER COMMERCIAL INSURANCE MODERNIZATION
On Wednesday June 21, the Capital Markets Subcommittee of the House Financial Services Committee held a hearing on H.R. 5637 "The Non-admitted and Reinsurance Reform Act of 2006", a bill introduced on June 19, that would reduce the regulatory burdens on insurers who provide lines of coverage that is not admitted in the insured property's home state. The bill would apply the state laws of the insured's domicile to non-admitted lines of insurance. For example, if a firm located in Florida bought catastrophe insurance for properties in Louisiana and Alabama from an out of state firm, the laws of Florida will apply to all properties. NAR is currently reviewing the legislation to determine whether it would enhance the availability of hard to obtain types of insurance coverage. Please share your thoughts on this piece of legislation -- is it worth supporting? On a related topic, the Senate Banking Committee will hold hearings this week on a proposed federal insurance charter, which would establish an insurance supervisory system that would let life and property/casualty companies opt for a federal overseer rather than a state insurance commission. CONTACT: Tom Heinemann theinemann@realtors.org, 202-383-1090.
GAO STUDIES NUCLEAR BIOLOGICAL CHEMICAL RADIOLOGICAL INSURANCE ISSUES
In response to a request from the House Financial Services Committee, the GAO is undertaking a study on the availability of Nuclear Biological Chemical and Radiological (NBCR) insurance. The GAO is looking for input from policyholders as well as insurers. NAR members are encouraged to contact Tom Heinemann if they have NBCR coverage. The study is scheduled to be completed by the fall, and the findings will likely be used in the development of legislation creating a more permanent replacement for the Terrorism Risk Insurance Extension Act (TRIEA). Regarding TRIEA, the President's Working Group on Financial Markets has until September 30th to develop recommendations for a long-term solution that increases the participation of the private sector. The GAO is looking to answer specific questions on insurance coverage as it relates to terrorist acts in general. If you would like to learn the specific questions and participate in the study, CONTACT: Tom Heinemann theinemann@realtors.org, 202-383-1090.
NAR SEEKS FDIC INFO ON HOME DEPOT BANK
NAR has submitted a Freedom of Information Act request to the Federal Deposit Insurance Corporation asking the agency for all material related to the notice filed by Home Depot to acquire an industrial loan company (ILC). An ILC is a type of federally insured state bank that may be owned by financial or commercial firms. NAR opposes commercial firms owning ILCs because it mixes banking and commerce. To read NAR's FOIA request, http://www.realtor.org/GAPublic.nsf/files/homedepotfoia.pdf/$FILE/homedepotfoia.pdf. For more info, CONTACT: Jeff Lischer, 202-383-1117.
RESEARCH, RESOURCES, LEGAL
STATE-BY-STATE INTERNATIONAL BUSINESS REPORTS
The exchange of goods and services from country to country has expanded tremendously in recent years, with growth in international transactions far exceeding growth in domestic transactions. In fact, U.S. exports of goods and services increased 10.5 percent in 2005, while imports from foreign countries rose 12.8 percent. This is a whopping three to four times higher than growth in the overall national economy. Fast-growing international trade means more foreign companies and foreign workers are relocating to the United States. At the same time, an increasing number of U.S. businesses are opening offices abroad. In short, conditions are ripe for engaging in international property brokerages. These downloadable 13-page reports look at international business activity by state, including the number of foreigners arriving from various countries and top exports. http://www.realtor.org/research.nsf/pages/stateinternationalbusinessreports
SUPREME COURT TO HEAR OCC PREEMPTION CASE
NAR hails a decision by the Supreme Court of the United States to hear a case based on preemption of state banking laws under a regulation by the U.S. Office of the Comptroller for the Currency. In the case, the U.S. Court of Appeals for the Sixth Circuit ruled that Wachovia Corp. had the right to conduct business in Michigan through its operating subsidiary, a mortgage unit of the national bank, and that the subsidiary was not subject to Michigan statutes and regulations, which include mortgage lending laws. "We're glad the U.S. Supreme Court is taking a look at this case," says NAR President Thomas M. Stevens. "The OCC went too far when it created a new standard to exempt operating subsidiaries of national banks. We believe that the OCC has misused its power and misinterpreted federal law by extending preemption privileges to operating subsidiaries, such as mortgage companies, allowing them to circumvent state real estate lending and licensing laws." For more details on the case, click here: http://www.realtor.org/PublicAffairsWeb.nsf/Pages/USCCHearOCCPreemptionCase
AFFILIATE NEWS
IREM PUBLICATION PROVIDES EXPERT GUIDANCE ON STARTING AND GROWING A REAL ESTATE BUSINESS
Looking to open your own real estate business or expand an established one? Want to learn about effective business development and operational strategies that can make a difference between thriving and surviving? If so, “Business Strategies for Real Estate Management Companies,” available from IREM, is a comprehensive, must-have resource to help you succeed in the ever-changing and challenging business climate. Written from a real estate management perspective, the publication contains insights and practical “how to” techniques that apply across all sectors of commercial real estate. Topics addressed include considerations in starting a new business; developing a business plan; expanding the menu of services offered; staffing and legal issues; and more. Because clients are the lifeblood of most commercial real estate businesses, emphasis throughout the book is on understanding client concerns, communication with clients and client retention strategies. Check the “IREM Store” section of the IREM Web site at www.irembooks.org for additional details.
Report compiled by Bobbie Albrecht, balbrecht@realtors.org, 312/329-8464.
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