MSBR Newsletter August 6, 2024

Loss Aversion: The theory that people are more likely to act to AVOID a loss than to achieve a goal.

How could buyers miss-out or lose if they don't work with a REALTOR, or YOU?

NAR has published several new consumer-focused resources for you to use to help consumers navigate the new real estate landscape. All resources are available on facts.realtor, the center for information on the settlement. There you will find:

Fact sheets on what the practice changes mean for homebuyers and home sellers. These resources—one for sellers and one for buyers—outline what buyers and sellers should expect after Aug. 14 and the value agents who are REALTORS® provide to consumers in these transactions.
A broker’s guide to upcoming practice changes. These slides provide an overview of the settlement, information on corresponding practice changes and implementation, and guidance on how to help consumers understand what these changes mean for them and their homebuying or selling transactions.

3. NAR Legal has 5 new “Settlement Facts” videos which are

available here. The new videos cover:

What happens to offers of compensation on the MLS after August 14th
Required terms for listing agreements to comply with the settlement
What is class notice, and what to expect
Using a broker compensation agreement
How the settlement impacts seller concessions

Bright introduced a new client disclosure form to use with your homebuyers and sellers. As of August 14, 2024, this form will be required for use with all clients. Get the Form

Ready for some networking fun?

Choptank Yacht Club

Thursday, Aug. 29th 5:30-7:30pm.

Register here: REALTORS & Affiliates Welcome

Cash Bar & RPAC Tickets for chance to win 2025 local dues

Food Sponsors to date:

Jenn Dudley with Title Excellence

The Yacht Club allowing us to bring in food

To sponsor call or e-mail 410-822-8767 debbie@msbrmd.com

Great Starter Office Space on Commerce Dr.

MSBR has a convenient 2nd floor office space. It is available starting September 1, 2024 at $500/month.

Call 410-822-8767 or e-mail debbie@msbrmd.com for more information.

Appraisals, Data, and the Proposed NAR Settlement

With practice changes coming that include the prohibition of offers of compensation on MLSs, it’s imperative that brokers, agents and appraisers keep an open line of communication.

Under the practice changes following the settlement, MLS participants are prohibited from using the MLS to communicate offers of compensation for buyers’ representatives. This practice change, which goes into effect Aug. 14, has raised questions about how appraisers take compensation into account when conducting valuations. To measure the market reaction of compensation paid, or not, appraisers need to know the details of the transactions being analyzed. This includes all the sales that are considered as possible comparables.

To read the entire article click here

YES- I want to win my 2025 local dues!

$25 per ticket/Drawing is Oct. 22nd

Purchase a MSBR RPAC raffle ticket

AND have a chance to WIN your

2025 local MSBR dues!

Open to agents and affiliates only

Call 410-822-8767 or stop by the MSBR office

No cost to tour Poplar Island on 9/10/2024

Learn the History of the Island, see lots of wildlife and hear about the restoration efforts.

Limit of 24 - have room for 16 more.

Meet MSBR's newest affiliate member-

Aaron Lewis, owner of Polaris Home Inspections

Aaron Lewis, owner of Polaris Home Inspections, is a licensed home inspector with over 10 years of experience in the construction industry. He has performed a wide range of inspections, including those for single-family homes and commercial properties. His expertise encompasses comprehensive home inspections, air quality tests, mold testing, water testing, and more, ensuring thorough evaluations for every client.

When not conducting inspections, Aaron enjoys spending quality time with his friends and three dogs on the Eastern Shore. An avid golfer and cyclist, he takes full advantage of the outdoor activities available in the area. Aaron's dedication to his craft and commitment to client satisfaction make him a trusted professional in the field of home inspection. 410-934-4011

MSBR Continuing Education August - October

MSBR does not have the records for all of your CE credits and courses. Please visit the Maryland Department of Labor's website to view your CE status and view which courses are required to renew your license.

HELP- When taking virtual CE classes please:

Sign in 30 minutes before the class
Have MSBR before your First & Last Name (MSBR Deb Leber)
Know how to turn on the Audio & Camera
Know how to log into Zoom

MSBR is happy to spend time with you on another day to help teach you, just not 30 minutes before the class starts.

Plan now to get your continuing education long before your renewal date.

2- Day Marathon. All 15-required hours on

October 1 and October 10th at the

Higher Education Center at Chesapeake College.

Affiliate Sponsorship Opportunity

MSBR is looking for sponsors for the morning coffee on Oct 1st and Oct 10th and lunch on Oct 10th.

Mike Steinhice with M&T Bank is sponsoring Lunch Oct 1st

Get networking time with the agents -

Call 410-822-8767 or e-mail chris@msbrmd.com

Can't make any of the FREE scheduled MSBR CE classes?

Use The CE Shop.

CE Shop Classes available 24/7

30% MSBR Discount Code: Elevate

Find Your Why and Other Free eBooks for Members

REALTORS, have free access to thousands of ebooks and audiobooks from NAR’s Library and Archives, which are curated by theme.

Aspiring leaders can explore the Governance and Board Leadership collection, which includes titles like Find Your Why by Simon Sinek and Leader’s Handbook from the Harvard Business Review.

To check out eBooks, log in with your nar.realtor credentials or email librarians@nar.realtor.

23rd Down Payment Grant Distributed

Elaine is a first time homebuyer and plans to use the extra funds for renovations to her home in Preston.

Pictured from left to right:

Veronica Wainwright – Tidemark Title

Gina Lomax - Tidemark Title

Syd Campen – Powell Realtors – Seller Agent

Sheila Washburn – Benson & Mangold – Buyer Agent

Elaine Ferraro – Buyer

Shelby Roney – MSBR President

Not pictured: Tom Draper, with First Home Mortgage, was the lender.

24th Down Payment Grant Distributed

John J. Evans III is a first time homebuyer and is using the $1,000 grant toward closing costs for his home is Easton.

Pictured from Left to Right:

Lisa Sanger Lynch – Benson and Mangold- Buyer Agent

Tom Draper –First Home Mortgage - Lender

John J. Evans III - Buyer

Shelby Roney – MSBR President

Jennifer Swann – Venture Title

Not Pictured is Laura Anderson – Coldwell Banker- Sellers Agent

Settlement Question & Answer

Q: The documents from Maryland REALTORS has red lines and highlighted sections and they don’t look like they are ready for client signatures. Are these the correct forms to be used now?

A: The versions on the Maryland REALTORS website are the official versions. The highlights and redlines are intentional to note what is being added and removed from the brokerage agreement. That is why Maryland REALTORS included the key section. In short, the amendments on the Maryland REALTORS website are correct and ready to be used now.

Some Important Points:

These amendments can and should be used immediately.
We encourage brokers to make sure their clients complete these amendments at their earliest convenience.
These amendments can only be signed by either the broker or an authorized representative of the brokerage. Before completing this amendment with a client, agents should confirm with their broker whether they are an authorized representative.
If the agent is not authorized, the broker or a different authorized representative needs to sign the amendment.

Maryland REALTORS® has finalized amendments that, when signed by your client, will make the current agreement compliant with the settlement agreement on August 14th, 2024.

Listing Agreement Amendent

Buyer Agreement Amendment

Thank you, Denise Hering, with Evans Title for hosting the Lunch & Learn on Seller Impersonation Fraud.

Key Take-a-aways:

Assume fraud unless you know the person. Many MSBR agents have been scammed and you don't want it to happen to your clients.
Absentee owner, out of town seller, won't meet in person or on Zoom, wants to settle fast and for less than market going rate- all Red Flags!
There is not a 100% fraud proof system by the settlement company. Agents need to ask lots of questions to make sure the person is the true owner of the property.

Ways Denise noted agents can help their title company-

Always include the address in the e-mail subject line to identify the property.
When responding by text, make sure your name and contact information is listed- i-phone does not identify who you are.

E-mail or call Denise for the handouts.

410-754-5755 or denise.evanstitle@gmail.com

Back to the Beach

Maryland REALTORS Conference

September 16-18 at the Ocean City Convention Center

All 15 hours of Continuing Education plus professional development sessions, meals, Expo, & fun networking.

Want to brush up on your negotiating skills?

Try reading or rereading, Chris Voss book, Never Split the Difference: Negotiating As If Your Life Depended On It: Unlock Your Persuasion Potential in Professional and Personal Life.

Never Split the Difference learn negotiation skills. In this practical guide, learn nine effective principles―counterintuitive tactics and strategies―you too can use to become more persuasive in both your professional and personal life.

Congrats - you've made it all the way to the end.

Thanks for stopping by!

Next Newsletter is August 20, 2024

Our mailing address is:
Mid-Shore Board of REALTORS
8615 Commerce Drive, Suite 2

Easton, MD 21601
410-822-8767

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