REALTORS® look ahead to future of NAR in DC
Thousands of REALTORS® hit the rainy DC streets last week for the annual REALTORS® Legislative Meetings & Trade Expo. The Board of Directors took major steps for the future of NAR and the support and protection of REALTORS® by approving stronger ethics enforcement policies and passing the S.M.A.R.T. budget initiatives at their meeting on May 19.
The Code of Ethics is crucial for consumers and the real estate business – it’s what sets REALTORS® apart in the industry. Brokers across the country have expressed frustration at the difficulty in holding other real estate professionals to ethics standards in today’s highly competitive and fast-moving markets. The Board approved key changes to the NAR Code of Ethics and Arbitration Manual, including a change to Standard of Practice 1-7, which requires a listing broker to respond in writing that an offer was submitted to the seller if the cooperating broker who submitted the offer requests written confirmation.
“There’s been real frustration by a lot of brokers, especially in busy markets, that they’re not sure if their offers were even looked at,” said Colin Mullane, broker-owner of Full Circle Real Estate in Ashland, Oregon and NAR regional vice president. “That kind of thing breaks down the spirit of cooperation. There is a way to restore that.”
The Board also took steps to put NAR on a path to a healthier financial future by approving a budget that will ensure that NAR no longer needs to use reserves to cover expenses. The S.M.A.R.T. budget initiatives (Strategic Measures Advancing REALTORS® to Tomorrow) include a $30 dues increase at the national level to grow REALTOR® Party advocacy programming and to advance its professionalism initiatives.
No DC visit would be complete without a trip to the Hill. Leaders from SKCR met with every congressional representative from Washington state to ask for support on issues most affecting REALTORS® business right now, including condo reform.
Find more information on the meetings from REALTOR® Magazine.