Mid-Shore Board of REALTORS

March 26, 2024 Newsletter

Latest Update on the NAR settlement and

what it means for you.

We understand you want answers, we all do.

Please take the time to read so you are better prepared when your clients ask questions.

One of the BIGGEST problems with all the lawsuit talk is that it has sucked all the oxygen and energy out of the room for agents across the nation and keeps them from focusing on what's REALLY important and that is staying focused

on listing and selling skills.

There will ALWAYS be times of change in our industry. Think about the housing crisis of 2008, and how COVID affected real estate. REALTORS are resilient and will find a way to navigate these changes.

Those who can adapt and tap into the tools and training they need to stay ahead of the curve will always succeed further and faster than those who do not.

MSBR is offering training to help give you the skills and information you need. Over 30 attended the Housing Opportunity Certification last week and now, in-person with MSBR, you can get the Seller Representation Specialist at a discounted price. The Accredited Buyers Representation course is FREE.

Nothing is settled yet and all changes take time.

It’s going to take time to navigate through the changes ahead. There’s going to be chaos and confusion, but the bottom line is that the pent-up demand for real estate is still there and the market is already adjusting to having higher interest rates.

Today’s transactions are complex, most people have neither the time nor the ability to handle today’s real estate transactions on their own. Studies by 1000Watt have shown that consumers don’t disagree with what agents are getting paid — REALTORS just have to learn how to articulate it more clearly. It's incredibly important that every buyer’s agent know how to communicate the value they bring to the transaction.

So, polish up your buyer value proposition (check out the NAR 179 ways agents help buyers and sellers) and take the Accredited Buyers Representation course FREE with Maryland REALTORS or with NAR.

Also, be prepared to help your sellers understand how offering seller concessions can help them attract more buyers, which in turn, will result in a higher price. This and other valuable skills will be presented at the Seller Representation Specialist course on May 23 and 24th.

Maryland REALTORS held a webinar on Friday to present what they know and to answer questions.

NAR Proposed Settlement Facts

The Takeaways:

Don’t engage in the online drama and be careful who you listen to. It is easy to jump into the social media chatter about the lawsuits, what happened, what’s next, and who’s to blame. Don’t. It's not good for you, your business, your brokerage, or your clients to see. It’s a rabbit hole that has no bottom, so leave it and focus on serving your clients at your highest level.
It's not a perfect solution, NAR tried to cover as many members as possible. As we all know mediation is a give and take situation.
This is not a done deal--YET. It may be mid-July 2024, or longer before we know if this proposed agreement is accepted. Until then, nothing has changed.

What is known if the settlement is accepted:

Release of Liability: release from liability for claims brought on behalf of home sellers for over 1 million NAR members, state and local associations, association-owned MLSs, and brokerages whose residential transaction volume in 2022 was below $2 billion.
Compensation offers moved off the MLS: new rule will PROHIBIT offers of compensation on the MLS. Offers of compensation could continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. Sellers can offer buyer concessions on the MLS (e.g. concession for buyer closing costs). Will go into effect mid-July 2024.
- - Maryland REALTORS will be updating forms to reflect these changes.
Written Agreements for MLS Participants acting for Buyers: Require MLS participants working with buyers to enter into a written representation agreement with buyers.
- - Maryland has had a buyers representation agreement for years, but not all agents had it signed, now a signed agreement will be required.
Settlement Payment: NAR will pay $418 million over 4 years.
- - NAR will not raise dues in 2025, have to wait to see what happens after that.

That said… deep breaths and commit to skill development.

Now is the time to ditch distractions and focus on skills. That's why MSBR and Maryland REALTORS has and will continue to offer education and skills to help you navigate these changes. Take advantage of everything being offered and build up your skills.

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AMAZING Education Opportunity

NAR is offering the ABR course at no cost in 2024, a savings of $295.

Maryland REALTORS is also offering the ABR course on May 13th and May 20th in person at the Annapolis office and via Zoom.

MSBR is offering the SRS for only $250-

Steps to obtain the ABR Designation:

Take the ABR course on-line or with a live webinar.
Take 1 qualifying elective course like the SRS being offered at MSBR on April 24 & 25 in-person.
Complete 5 transactions in your career.
Once all completed submit your application.
Annual fee of $110 is waived for the 1st year.

Accredited Buyers Representative Course (ABR)- free through the end of 2024. Complete the course via live interactive 2-day webinar or online at your own pace. No CE credit.

Register for the Free NAR Accredited Buyers Representative Course

Cornelia Heckenbach, a 30-year Associate Broker with Long & Foster and a top producing agents said,

"I'm taking the SRS course. You always need to be learning and developing skills that set you apart from other agents. I appreciate that MSBR is holding this locally.”

The Sellers Representative Specialist Course (SRS) held at the MSBR office on April 23 & April 24th is an in-person course and will give you 6-hours of continuing education. PLUS the skills to negotiate and how to communicate the value you bring to your clients.

Early bird cost is $250 by April 10th, afterwards the cost is $295.

Register for the MSBR Sellers Representative Specialist (SRS) April 24 & 25

Thank you BRIGHT MLS for a lovely evening at The Ivy in Easton. Good food and great company.

Fun way to start Spring!

New Office Ribbon Cutting

Broker Leslie Jackson of Exit Sunshine Realty celebrated her new Brokerage with family, friends and the community.

Stop by and see her new office at

219 Marlboro Ave, Suite #47 in Easton

A convenient way to get all 15 hours required hours

MSBR only offers the 2-day Marathon twice a year

(spring and fall)

Don't wait ~~ Sign up Today

April CE Marathon 15 credits in 2 days in-Person Board Office

Be well educated and well fed.

Lunch Sponsors are

Tammy Andrews with Shore United Bank

Trent Riggs with Main Street Home Loans

Register here

Thank you Affiliate Mike Steinhice, Loan Officer with M & T Bank for sponsoring the lunch at last week's Housing Opportunity Certification class.

We appreciate you and Mary Anne for your support.

Earn 7.5 Commercial Continuing Education Credits

For Commercial Agents and Agents who want to learn more about Commercial Real Estate

Maryland REALTORS® is hosting their annual 2024 INNOVATE Commercial Symposium. This one day event is full of groundbreaking information, educational sessions, and experienced local leaders ready to assist in a full day of learning.

Morning and afternoon sessions are eligible to earn Maryland Continuing Education Credits, Keynote Speakers, Lunch and Deal Exchange all for $150-

Thursday, March 28th, 2024 at the College Park Marriott Hotel and Conference Center, Hyattsville, MD from 7:45am to 6pm.

Another ALL MSBR GRANT

16th Love Down Payment Grant given to Donna Spence

Buyers Agents was Myisha Walker Long & Foster

Sellers agent was Gary Lucks with Keller Williams Delvarva Realty

Mortgage was handled by Shane Gunther of First Home Mortgage

Settlement Company was Jennifer Thompson with Sage Title Group

Pictured left to right: Shane Gunther, Myisha Walker, Donna Spence, Jennifer Thompson and Gary Lucks

Way to Go MSBR Members, You are making a difference in the community!

Funds are available.

MSBR Members in the NEWS

Megan Rosendale, of Rosendale Realty was awarded Young Professional of the Year from Caroline County Chamber of Commerce

Kathleen Brenton, Broker of Brenton Realty Group was awarded Business of the Year from Caroline County Chamber of Commerce

Just like Christmas, your REALTOR dues come due

December 1st of every year.

Reminder - MSBR has a Pre-Payment program for the 2025 dues, checks or cash accepted in any amount at anytime to off-set your 2025 dues.

WE NEED EVERYONE TO HELP SO THE

GRANT PROGRAM CAN STAY FUNDED

Sponsorship and Golfer Opportunities Still Available

MSBR Golf Tournament May 14, 2024

Hog Neck Golf Course 8am registration 9am Tee-Time

Fundraiser for the MSBR LOVE

Down Payment Grant Program

Sponsors To-Date:

Eagle Sponsors at $1,500

Bay Capital Mortgage Corp

USA Mortgage

Kari Anderson with Oceans Lending

Birdie Sponsor at $1,000

Mary Mabry with Keller Williams Select

Tom Draper with First Home Mortgage

Tammy Andrews with Shore United Bank

Beat the Pro - Main Street Home Loans

Golf Cart Beverage Sponsor- Boudreau Insurance

Golfers: 56 Goal is to have 104 golfers

To sponsor or for more information click here

All MEMBERS Welcome to Join the Tour

The DEI Committee has arranged a guided tour of the

Water's Edge Museum in Oxford

Wednesday, April 3 at 11am

Many of Maryland’s founding African American families led their lives at the water’s edge on the Eastern Shore. This maritime region—which boasts the oldest extant free Black community in America—is noted for its natural beauty, isolation, as well as for its unique perpetuation of an Elizabethan English dialect.

If you have time, join several DEI members for lunch at Dock's. Lunch is on our own.

Register here

Affiliate Troy Blades Next Class

This course will fulfill the training component for applying for your MD Wear and Carry permit as well as your HQL (MD license to purchase a handgun).

Never touched a firearm. No problem, we start from the beginning, use non-firing tools to help you build confidence and overcome any fear and anxiety before you step on the range.

Next Class:

Wednesday, April 10, 2024 5:30 p.m. – 9:30 p.m. (classroom)

Thursday, April 11, 2024 5:30 p.m. – 9:30 p.m. (classroom)

Saturday, April 13, 2024 8:00 a.m. – 4:00 p.m. (classroom/range) (full day for Renewals)

This class is designed for women and men and covers basic principles to keep you and your family safe, using your firearm as well as preparing and planning ahead so you limit your risk of being in a bad situation!

March 2024 - July 2024 classes and events

www.midshoreboardofrealtors.com

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Can you tell me how many CE hours I have received credit for?
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Our mailing address is:
Mid-Shore Board of REALTORS
8615 Commerce Drive, Suite 2

Easton, MD 21601
410-822-8767

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