'Is this a safe neighborhood?' Don't answer that | How does NAR's settlement agreement affect MLSs? | How leaders can let go of ego and embrace uncertainty
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The agreement would release association-owned MLSs from liability for the types of claims brought in these cases on behalf of home sellers related to broker commissions. While the release excludes MLSs that are not wholly owned by REALTOR® associations, the agreement provides a mechanism for those MLSs to obtain releases efficiently if they choose to use it. This mechanism includes opting into the MLS practice changes that are a part of the agreement and paying a per-subscriber fee to the Settlement Fund. NAR has agreed to put in place a new rule prohibiting offers of compensation on the MLS and to require MLS participants working with buyers to enter into written agreements with their buyers. These changes will go into effect in late July 2024. Get more facts about NAR's settlement agreement at facts.realtor.
Steve Dennis, a strategy consultant and author of "Leaders Leap: Transforming Your Company at the Speed of Disruption," advises business leaders to learn the value of uncertainty and let go of ego. "Embracing uncertainty creates a sense of wonder, of discernment, of curiosity—all incredibly valuable skills for driving creativity and seeing a wider range of options and actions," Dennis writes. Full Story: Fast Company (tiered subscription model) (4/16)
These metric tools can help analyze customer behavior Companies can boost sales through a better understanding of what makes their customers happy, writes Pohan Lin, senior web marketing manager at Databricks. Use metric tools such as the Customer Satisfaction Score, Net Promoter Score and Customer Effort Score to gain insight on what customers really think about a company's products or services, Lin advises. Full Story: StartupNation (4/15)
Average condo price in Miami-Dade County passes $1M Last week, Miami-Dade County, Fla., saw a decrease in condo sales and total dollar volume; however, the price per square foot increased. Despite fewer sales, the average sale price surpassed $1 million, and the top 10 sales prices ranged between $3 million and $25 million. Full Story: The Real Deal (4/16)
Report: Instagram trials AI-powered chatbots for influencers A new program reportedly being tested at Instagram could allow popular creators to leverage AI-powered chatbots to respond to fan messages and comments as part of an effort to reduce their workload on the platform, insiders say. The program builds on parent company Meta's earlier work to develop AI versions of celebrities for fans to interact with, which has earned a mixed response from users. Full Story: The New York Times (4/15)
Fair & Equitable Housing
New York budget plan includes housing provisions New York Gov. Kathy Hochul unveiled a tentative $237 billion state budget plan that includes significant changes to the state's housing policies. The plan, which may still change before it is approved, includes restrictions on evictions and a tax break to spur the creation of more affordable housing. Full Story: Bloomberg (4/15),The New York Times (4/15)
Legislation & Regulation
Rate cuts will still start in 2024, Fed's Williams says Federal Reserve Bank of New York President John Williams still expects the central bank to cut rates this year if inflation continues to fall. "We will need to start a process at some point to bring interest rates back to more normal levels, and my own view is that process will likely start this year," Williams said. While he didn't see recent inflation data as a "turning point" the figures would change his opinion and forecasts, Williams added. Full Story: Bloomberg (4/15)
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The National Association of REALTORS® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. REALTOR® Magazine is the official magazine of NAR, bringing expert insight to real estate trends, tools, and business strategies.
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