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Illinois REALTOR® Weekly Connection

News and resources for Illinois REALTORS®

February 21, 2012

Latest on License Law

Don't Lose Your License...Transition NOW!
The license transition period ends April 30 for all who need to transition. Miss the deadline and it will affect your ability to do business beginning May 1.

  • Salespeople who must transition to broker and have not done so will not be able to practice on May 1.
  • Sole proprietors need a managing broker license to operate their office as of May 1.
  • If you are a managing broker for your company you need a managing broker license to keep managing on May 1. 

Transition Resources at IARlicenselaw.org
You'll find the transition information and resources you need from education options and locations, proficiency guidelines, links to transition applications and more at IARlicenselaw.org. The IAR Transition Help Line also is available 9 a.m. to 3 p.m. Monday through Friday. E-mail questions@IARlicenselaw.org or call 877-538-5861. 


Industry News and Trends

Mortgage Delinquencies Down in 4Q11
While U.S. foreclosures remain high, the Mortgage Bankers Association reported that mortgage delinquencies fell in the fourth quarter of 2011 to the lowest levels in three years.

Multifamily Properties Drawing Investor Interest
The multifamily market is a bright spot in real estate as evidenced by a recent survey in which three out of four lenders said apartments were tops for investment opportunities, writes Senior Vice President of Multifamily David Brickman  for the Freddie Mac blog.

Chicago Among Top Cities for Moves
The Windy City ranked No. 5 when it came to top moving destinations in 2011, according to Penske Truck Rental.


Market Stats and Research

Study: The Case for Buying Now
A new study commissioned by university researchers shows that now may be the right time to buy. An NAR video and blog post highlight the hurdle rate—the point of equilibrium between renting and buying where it’s a wash in terms of wealth building—and why today's market is a good time to buy.

Negative Impact of Lease Accounting Rules
A new study shows the devastating impact of lease accounting rules. The National Association of REALTORS® offers talking points (pdf) on pending legislation and the proposed Lease Accounting rule. 

Homebuilders More Hopeful About Market
Homebuilders are feeling more hopeful about the market, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index. The index rose from 25 to 29 in February, marking the index’s highest level in more than four years.


Legislative and Advocacy

REALTORS® Rally Against Belleville Rental Property Inspection Increase
When the city of Belleville proposed requiring a rental inspection—and the subsequent fee—with every change of occupancy, the REALTOR® Association of Southwestern Illinois (RASI) sprang into action and successfully convinced the city council to table the proposal, local Government Affairs Director Kyle Anderson writes for the IARbuzz blog.


Legal Issues

The Dirty Dozen Tax Scams to Avoid in 2012
The Internal Revenue Service (IRS)  has released its dirty dozen tax scams to avoid this year. What makes the list? Identity theft, “free money” from the IRS & tax scams involving social security and false/inflated income and expenses and more.

IAR Legal Webinar Thursday on Rental/Property Management
Be sure to join IAR Legal Counsel Steve Bochenek and Legal Hotline Attorney Betsy Urbance as they discuss some of the legal issues regarding rental listings, payment of commissions, handling of security deposits or other property management issues. The webinar begins at 9:30 a.m. and is limited to 200 attendees so join promptly on Feb. 23. 


Sales and Marketing

Opportunities in European and Russian Markets
Plan on attending this year's IAR Multicultural Summit on April 18 at the Butterfield Country Club in Oak Brook. This half-day event will focus on the unique real estate opportunities involving European and Russian markets including corporate global relocation, demographics, cultural norms and more.

Marketing 101
Chicago REALTOR® Scott Newman,broker-owner of Newman Realty, shares his practical marketing strategy in this article for REALTOR® Magazine. His tip? Focus less on gimmicks and more on building a good client database and working your sphere.


Events

IAR Housing Conference and Capitol Conference
Register now for the IAR Capitol Conference featuring a half-day Housing Conference with Gov. Pat Quinn on March 26 followed by REALTOR® Lobby Day and meetings on March 27.  Register online or download the registration form (pdf).

Register for the ROTY Banquet 
Join the celebration honoring 2012 Illinois REALTOR® of the Year Kay Wirth and all the local Board REALTORS® of the Year by attending the REALTOR® of the Year Banquet in Springfield.

REEF scholarships
Applications for the Real Estate Educational Foundation’s (REEF) academic scholarships must be submitted by April 1, 2012. These scholarships provide financial support to talented college students and real estate professionals. Since 2000, REEF has awarded scholarships totaling over $308,200. Learn more about these and other REEF scholarships at www.ilreef.org.


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