Industry News and Trends
IDFPR Completes Transition; 22.3 Percent Decrease in Licensees
State regulators have finalized license transition for real estate agents, ending a three-year process that required additional training and has resulted in a 22.3 percent decrease in overall licensees in Illinois, according to a first look at numbers. IAR is still tallying its final numbers, but as of July 27 the association had 38,853 members, down from 45,654 in 2011. That’s a 15 percent decrease in association membership, slightly less than what had been projected. Prior to the transition effort, IAR represented 66 percent of real estate practitioners in the state. Post-transition, IAR may represent as much as 72 percent of licensees in the state.
Questions About Advertising and Managing Broker Licensees
IAR has been getting questions about the title managing brokers should use in advertising if they haven't been designated as the managing broker with IDFPR by their sponsoring broker. According to the Illinois Department of Financial and Professional Regulation (IDFPR): "Only licensed managing brokers designated with the Department as a managing broker by their sponsoring broker can advertise themselves to the public as a managing broker. Managing brokers that are not designated with the Department as a managing broker should advertise themselves as a “broker.” Read more from IAR Chief Legal Counsel Steve Bochenek.
Market Stats and Research
Home Prices Rose in May
In a sign of a stabilizing housing market, average home prices rose 2.2 percent in May compared to April and the Chicago metro area saw the biggest gains, jumping 4.5 percent, according to the latest S&P/Case-Shiller Home Price Indices.
Another Argument for Buying vs. Renting
Zillow research finds it will take just 2.8 years for a renter in Chicago to reach the “break-even horizon – how many years of homeownership it would take before owning a home becomes more financially advantageous than renting the same home.” Nationwide, it’s 3 years. Read more in the Chicago Tribune.
U.S. House Passes RESPA Home Warranty Clarification Bill
The legislation, supported by NAR, clarifies that home warranties are not a settlement service under the Real Estate Settlement Procedures Act (RESPA). The bill, which now heads to the U.S. Senate, is sponsored by Reps. Judy Biggert (R-Ill.) and William "Lacy" Clay (D-Mo.).
Take RESPA Survey, Earn Rewards
Complete a short RESPA survey by Aug. 15 and you can earn a bundle of RESPA resource materials through NAR's Member Value Plus Program.
Aug. 16 IAR Legal Webinar: More on CAM Licensing and Other Legal Hot Topics
Join IAR Chief Legal Counsel Steve Bochenek and Legal Hotline Attorney Betsy Urbance on Aug. 16 as they discuss CAM licensing, property management and license law issues during the one-hour webinar that begins at 9:30 a.m. If you would like your question featured during the webinar, submit it in advance to firstname.lastname@example.org.
Sales and Marketing
Four Tips for Success in Today's Market
Real estate panelists at the recent Inman Real Estate Connect event offered simple tips that successful agents should be doing now including: go beyond Facebook and Twitter to find channels to communicate with clients and have a flexible strategy and be ready to adapt quickly in this ever-changing market. Learn more in this Speaking of Real Estate blog post.
Just under 60 days away from the IAR Fall Conference & Expo!
Come learn about viral marketing from opening session keynoter Brian Copeland - who just won a 2012 Inman Innovator Award for most innovative brokerage/franchise. See the full session line-up. Follow the Twitter hashtag #iarcon for updates and conference news.
Win Tickets to the IAR Fall Conference & Expo
IAR will be giving away full conference registrations to two lucky winners. We can't spill the details yet on how you qualify but be sure to watch Illinois REALTOR® Weekly Connection, Twitter and our Facebook page next week for all the details on how you can enter to win.
Legislative & Advocacy
NAR Launches Consumer Outreach Campaign
Homeowners and renters in your community will soon receive an e-mail promoting the value of homeownership and REALTORS® as part of a new, national consumer awareness campaign from NAR. Learn more about the campaign and what you can do with these FAQs.
RPAC Needs Your Support Now More Than Ever
The only way we protect the real estate industry is by each of us stepping up to do our part. With more than 35 open seats in Illinois we have a great opportunity to elect pro-REALTOR® candidates to public office. If our candidates win, it will be because of what you did in moments like this to close the gap. Please make a donation of $20 or more by clicking here now. (Disclaimer: The Illinois REALTORS® Political Action Committee (RPAC) solicits contributions from members only.)
Don't Miss GRI in Chicago - Registration Ends Aug. 8
You can get your GRI this year if you already have Course I. Take Course II in Chicago this August and Course III in Bloomington this fall. Act fast for this one-time opportunity!
Free Inman Webinar on Getting More Out of Your iPad
Learn what you need to know about using your iPad for business with the free webinar, "So you bought an iPad. Now what?" from Inman.
Commercial Training Opportunity in St. Charles. If you work in commercial real estate, you'll want to attend a special training program at Pheasant Run Resort featuring sessions on identifying value and return on investment, key points to look for in commercial contracts and legal analysis and due diligence recommended in commercial real estate. Register now, the cost is $15.
National Forum on Workforce Housing: Bring Workers Home in Chicago. This two-day event features a workforce housing forum and an employer-assisted housing class. Learn more and register.
Did you miss it?
Hot topics from the last week: