Industry News
The National Association of Realtors® (NAR) has just announced a new collaboration with RentRedi, bringing an award-winning property management platform to its members through the NAR REALTOR Benefits® program.
Exclusive Offer for NAR Members
NAR members can now enjoy an exclusive six-month subscription to RentRedi for just $1. After the initial period, they can lock in a 50% discount on renewals every six months, making it a cost-effective solution for managing rental properties.
Ahead of the August 17 implementation of NAR’s practice changes, we wanted to provide a few reminders of actions that are required to obtain a release of liability and protect your organization from claims related to broker commissions:-
We recommend all MLSs implement practice changes by August 17. REALTOR MLSs (those owned exclusively by one or more REALTOR must implement the changes by this date to remain in compliance with NAR policy.
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Offers of compensation are prohibited on MLSs. Offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. Offers of compensation help make homeownership and the benefits of professional representation more accessible to buyers, including first-time homebuyers, increase homeownership opportunities for historically underserved groups, and benefit sellers by expanding the potential buyer pool.
In 2023, the real estate market faced significant challenges, marking the lowest volume of existing-home sales since 1995. According to the National Association of REALTORS®' (NAR) 2024 Member Profile, 26% of REALTORS® identified inventory shortages and housing affordability as the main barriers preventing clients from purchasing homes.
Market Conditions and REALTOR® Challenges The past year proved difficult for REALTORS® due to high mortgage rates and low housing inventory, significantly impacting sales volume. Jessica Lautz, NAR deputy chief economist and vice president of research, highlighted the intense competition REALTORS® faced to secure client representation and accepted offers in a tough market.
There is good news to be celebrated in the new home sector. All measures, from new home sales to housing starts to building permits and housing completions, are up year-over-year. Given the dearth of housing inventory in the Existing-Home Sales sector, this is cause for celebration. Many current homeowners are unlikely to ditch their golden handcuffs of low-interest rate mortgages and may have some separation anxiety with moving. New home inventory helps to alleviate this problem. Additionally, another segment is growing within the housing starts sector: built-for-rent (BFR).
More Articles …
- Market Update: May 2024 Pending Home Sales and Economic Forecasts
- Tune in to June’s Edition of "Level Up: The Real Story from REALTORS®"!
- U.S. Housing Market Faces Significant Shortage of Affordable Homes for Middle-Income Buyers
- Innovating Affordable Housing: Lessons from Miami REALTORS®' Shipping Container Homes
