IN THIS ISSUE
INDUSTRY NEWS AND EVENTS
- June 12th Final Day of Commercial Source.com
- 2006 Commercial Membership Kit is in the Mail
- Midyear Highlights and Presentations for Commercial Members
- Register Now to Get NARdi Gras Conference Early Bird Discount
- Realcomm’s 6th Annual Commercial Board Summit
PUBLIC POLICY UPDATES
- Accord Puts Capital Flows to Real Estate at Risk
- Accounting Changes Could Impact Loan Securitization
- Effective Date for New Fax Rules Approaches
- Commercial Issues in Congress – Read Updates on Important Issues
- Flood Insurance Reforms Advance in Senate
RESEARCH, RESOURCES, LEGAL
- Commercial Member Profile Available
-
RCA Releases White Paper on BRAC – Hot Topics Issue 2
- New REALTOR BENEFITS(sm) Partner Offers Postage Meters/Scale Solutions
- Commercial Property at Auction is Gaining Velocity
- Taxpayer Denied Real Estate Professional Deduction
- Property Owners Not Liable for Rental Company's Conduct
AFFILIATE NEWS
- IREM Report Details Ways to Cut Energy Consumption and Costs
- IREM and CCIM Instittue to Combine Fall Conventions in 2006
- CRE High Level Conference July 13 - 16
INDUSTRY NEWS AND EVENTS
JUNE 12TH FINAL DAY OF COMMERCIAL SOURCE.COM
Today is the final day for the RCA's online convention - CommercialSource.com. It’s not too late to visit the site where 11,000 people have registered and browsed over the past week. Login now and listen to the VP of the RCA, James Marrelli recap the year for RCA and share his vision for the future in “Delivering on the Promise”. Have a front row seat while David Lereah, NAR’s Senior Vice President and Chief Economist gives his talk, "Commercial Real Estate Market - It's Getting Better all the Time"
Feedback has been positive for this unique venue. The "haves and wants" message board has a lot of activity. Don't wait, visit now, the no cost venue for commercial real estate information is www.commercialsource.com
2006 COMMERCIAL MEMBERSHIP KIT IS IN THE MAIL
NAR’s 2006 Membership Kits will arrive in mid-June to NAR’s renewing members and new members who joined the 1st quarter of 2006. The Membership Kit includes a Reference Guide to NAR programs, benefits and resources, and a membership card personalized with their name and NRDS number. It also contains the REALTOR Benefits (sm) Program Directory which is full of practical, everyday products, services and publications. If your Association provided a message, it will print on the front cover flap of the Reference Guide. View the Guide online or review the mailing schedule. .
MIDYEAR HIGHLIGHTS AND PRESENTATIONS FOR COMMERCIAL MEMBERS
We witnessed a busy and productive 2006 Midyear Legislative Meetings in Washington, D.C. One of the principals of the agency NAR uses to create the public awareness campaign, Chuck Donofrio, presented an update on the commercial real estate public awareness campaign; “10% of Spending - More than 10% in Value” at the RCA Committee meeting. If you were unable to attend or would like to take another look at presentations from the commercial leadership forum or other meetings, visit our web site to download presentations
Click here, for highlights from the entire meeting.
REGISTER NOW TO GET NARDI GRAS CONFERENCE EARLY BIRD DISCOUNT
The 2006 REALTORS Conference and Expo, November 10-13, in New Orleans is a bargain. REALTORS who register by July 1 can attend all four days for only $280.
In addition to numerous industry related sessions, the full Conference fee includes: presentations by U.S. presidents George H.W. Bush and William J. Clinton; a sensational REALTORSŪ Celebrity Concert starring Harry Connick Jr.; four accomplished, well-known speakers, Marcus Buckingham, John Maxwell, David Oreck and Debbi Fields, in the Entrepreneurial Excellence Series; 600+ exhibiting companies and the first ever participation by SIMA, Europe's largest Second Home/Resort Expo of worldwide properties.
Register and make your hotel reservations at www.realtor.org/conference -- your one-stop location for the latest updates on 2006 REALTORSŪ Conference & Expo activities.
REALCOMM’S 6TH ANNUAL COMMERCIAL BOARD SUMMIT
Realcomm is right around the corner; June 25-27 at the Dallas Convention Center. RealComm is a two-day commercial real estate event focused on the latest technological innovations that impact the commercial real estate industry. This year Realcomm will host the 6th Annual Commercial Board Summit in conjunction with the conference. The Summit, which is considered to be the premier event for any and all executives who are responsible for developing, managing or expanding local Commercial Real Estate organizations, will be held pre-conference, Sunday, June 25th at the Dallas Convention Center.
Learn more and register.
PUBLIC POLICY UPDATES
ACCORD PUTS CAPITAL FLOWS TO REAL ESTATE AT RISK
NAR remains concerned about upcoming changes to international central banking protocols for setting bank capital standards. Known as BASEL II, the accords could have a chilling effect on real estate markets by limiting the flow of capital. NAR plans to reiterate its concerns when proposed rules are published by the Federal Reserve, which could happen in the next two months. For more info, CONTACT: Tom Heinemann, 202/383-1090
ACCOUNTING CHANGES COULD IMPACT LOAN SECURITIZATION
Don't narrow commercial loan servicer flexibility, NAR tells a national board that's looking into accounting rules affecting how real estate loans are securitized. If the Financial Accounting Standards Board (FASB) amends its rules to narrow servicer flexibility, there could be a negative change in the way securitized loans are reported by the lender. There could also be a limiting effect on the ability of commercial borrowers to reposition property. The Mortgage Bankers Association and the Real Estate Roundtable also oppose the possible FASB changes. For more info, CONTACT: Tom Heinemann, 202/383-1090
EFFECTIVE DATE FOR NEW FAX RULES APPROACHES
Revisions to federal do-not-fax rules take effect Aug. 1. Access an analysis of the revised rules by NAR's legal division.
COMMERCIAL ISSUES IN CONGRESS – READ UPDATES ON IMPORTANT ISSUES
The fight to keep banks out of real estate continues through a targeted media outreach. NAR also challenges the applications of large firms such as Walmart and Home Depot to open Industrial Loan Corporations. The recently passed Tax Reconciliation Act extends the 15% capital gains tax rate through 2010. Read updates on issues of concern in the commercial real estate industry from
the NAR Action Center page for commercial practitioners.
FLOOD INSURANCE REFORMS ADVANCE IN SENATE
An effort to make the federal government's flood insurance program more cost effective was approved last week by the Senate Committee on Banking, Housing and Urban Affairs. Among changes in the "Flood Insurance Reform and Modernization Act of 2006" is a phase-out of insurance premium subsidies on certain types of properties and a requirement for flood insurance coverage for areas behind levees and dams. The House Committee on Financial Services passed its version of flood insurance reform, H.R. 4973, in March. The House and Senate are expected to vote on their respective bills in early June. NAR supports many aspects of the Senate bill, including higher flood insurance premiums on repetitive loss properties when owners refuse government offers of mitigation, but opposes making dramatic changes. For more info, CONTACT: Russell Riggs, 202/383-1259.
RESEARCH, RESOURCES, LEGAL
COMMERCIAL MEMBER PROFILE AVAILABLE
In August 2005 NAR invited a random sample of 25,000 REALTORS with an interest in commercial real estate to fill out a 38-question online survey. The results have been published and are now available from our REALTOR Store online. The publication describes the business, demographic and information needs of these members. This brand new profile provides the answers in a user-friendly format, using a mix of text, charts, graphs and tables.
RCA RELEASES WHITE PAPER ON BRAC – HOT TOPICS ISSUE 2
The RCA recently sent all commercial real estate practitioner members the latest Hot Topic Report: Military Base Realignment and Closures (BRAC). The paper explores some of the main issues that real estate practitioners should keep in mind as they pursue involvement in base realignments. Hot Topics provide answers to current business issues and are published on an as needed basis. Download the recent and previous Hot Topics Reports.
NEW REALTOR BENEFITS(SM) PARTNER OFFERS POSTAGE METERS/SCALE SOLUTIONS
The National Association of REALTORS is pleased to introduce the newest partner in the REALTOR Benefits(sm) Program, Pitney Bowes, the provider of integrated mail and document management systems. REALTORS receive a 90-day free trial of the mailstation™ digital postage meter/scale and $50 in free postage coupons. Save time by downloading postage anytime you need it 24/7 and save money with an integrated scale that automatically calculates and sets the exact amount of postage you need. Never overpay for postage again. More information. Or, call 1-800-997-1910 and refer to order number 999995454.
COMMERCIAL PROPERTY AT AUCTION IS GAINING VELOCITY
The National Auctioneers Association recently confirmed via a recent study that real estate is the fastest growing segment of the live auction industry and the second-largest overall. It is estimated that $51.2 billion worth of real estate was sold at auction in 2005, an increase of 6.7% over the previous year. NAA found that the value of commercial and industrial real estate sold at auction in 2006 rose 4.9% over the year before, reaching $13.7 billion. Owners of real estate are seeing many benefits of selling at auction, including being able to set a specific dates of sale and the ability to set a minimum sale price. The findings are based on research involving more that 1,500 firms conducting real estate auctions. Learn more on the auction opportunity.
TAXPAYER DENIED REAL ESTATE PROFESSIONAL DEDUCTION
A taxpayer who owned five rental properties wasn't allowed to claim unlimited deductions for real estate losses because he failed to substantiate his clam to be a real estate professional, the United States Court of Federal Claims ruled, affirming the IRS's determination. The IRS requires taxpayers to provide proof when they claim professional status, but the taxpayer had no documentation to support his claim that his real estate activities took more than 750 hours during the year, among other things. Read a summary of the case in The Letter of the Law, NAR’s online legal newsletter.
PROPERTY OWNERS NOT LIABLE FOR RENTAL COMPANY'S CONDUCT
A property owner isn't liable for alleged violations of civil rights laws by the company it hired to manage its property, the United States District Court of the Western District of New York ruled. The owner had turned over all property operations to the management company and so had no control over the company's actions. At the same tine, the persons who brought the case didn't allege the owner knew of the discriminatory conduct. Read a summary of the case in The Letter of the Law, NAR’s online legal newsletter.
AFFILIATE NEWS
IREM REPORT DETAILS WAYS TO CUT ENERGY CONSUMPTION AND COSTS
A top challenge across all property sectors is finding ways to cut energy consumption and costs. An insightful, must-have report from IREM, A Practical Guide to Energy Management: Enhancing the Bottom Line, outlines practical steps that can be taken to address this challenge and make a positive impact on property performance. Noting that oil, gas and electricity combined is often the largest operating expense for commercial properties, the report addresses topics including creating and implementing an action plan to improve energy performance; purchasing energy economically by working with utility companies; seeking special rates and aggregating power purchases; reviewing utility bills and learning to understand them; and encouraging changes in occupant behaviors. Check the “IREM Store” section of the IREM Web site at www.irembooks.org to learn more.
IREM AND CCIM INSTITTUE TO COMBINE FALL CONVENTIONS IN 2006
The Institute of Real Estate Management (IREMŪ) and the CCIM Institute—have announced plans for a joint conference in 2006 designed to appeal to a broad section of the commercial real estate industry. “CCIM & IREM Success Series 2006 – Real Estate Professionals, Issues and Solutions” will debut October 20-21 at the Tampa Convention Center in Tampa, Florida, and is the end product of combining both organizations’ fall conferences. The event will feature five tracks—Solutions, Trends, Professional Skills, Best Practices and Analysis—and four interactive labs. For registration details and additional information, call 800-837-0706 or visit www.CCIMIREMSuccessSeries.com.
CRE HIGH LEVEL CONFERENCE JULY 13 - 16
The Counselors of Real Estate High Level Conference; A Clash of Cultures: Understanding Life in the Global Village is an extraordinary educational event unique to the real estate industry. The conference program examines critical issues of national and global importance and delivers high level, enriching education for members of the real estate community. The conference program will explore four broad themes that relate to our ever increasingly connected world: security, commerce, multi-culturalism, and human values. Program is open to all. Get more information or register.
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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