by Kent Redding | Jul 15, 2024 | Austin Board of REALTORS
Are you ready for the changes coming to our MLS and marketplace on August 13? Things are moving quickly as we prepare for the NAR-required MLS rules and broker business practice changes. Unlock MLS is consistently releasing new information and resources to ensure you are ready when the changes roll out. Here is a summary of the new resources available right now.
Your Questions Answered
To ensure everyone moves into this transition with confidence, Unlock MLS recently released a list of FAQs related to the upcoming changes, which will be updated as new information arises. Download the FAQs via the Right Here, Right Now resource hub at ABoR.com/RightNow.
We’ve Got You Covered: Seven Additional Forms Released
As your president, I, along with the board, am diligently listening to your feedback. Based on your input, we’ve updated the four original forms from our May Right Here, Right Now campaign and added seven more, bringing your transaction resources to 11 optional and proprietary forms to aid in this transition.
Here is a list of all 11 forms with brief descriptions. Access them at ABoR.com/RightNow:
1. NEW (Lease Transaction) Addendum Confirming Broker Compensation – This addendum confirms who will pay each portion of the compensation to be paid to the brokers in the transaction associated with the contract to which it is attached.
2. NEW Amendment to Buyer-Tenant Representation Agreement – An evergreen amendment to be used with Buyer/Tenant Representation Agreement(s).
3. NEW Amendment to Real Estate Listing Agreement (Unlock MLS) – An evergreen amendment to be used with Exclusive Right to Sell Agreement(s).
4. NEW Amendment To Residential Real Estate Listing Agreement (NAR Settlement Compliance) – An amendment intended to be used in conjunction with active listing agreements executed prior to August 13 that includes the required disclosures under the new Unlock MLS rules taking effect August 13. Use of this amendment will bring current agreements into compliance with the new Unlock MLS rules and the requirements of the NAR settlement.
5. NEW Residential Listing Agreement Exclusive Right to Lease – This agreement is a contract between a landlord and a real estate broker, granting the broker the exclusive right to lease the landlord’s property.
6. NEW Residential Listing Agreement Exclusive Right to Sell – The Exclusive Right to Sell Agreement is a binding contract between a property seller and a real estate broker. It grants the broker the exclusive right to market and sell the property. Let’s dive into the key sections and important legal points under Texas real estate law.
7. NEW Unrepresented Buyer Tenant Acknowledgment – An acknowledgment and disclosure form that confirms an unrepresented buyer has been advised of the role and duties of the Listing Broker or Broker Associate in conjunction with a property the buyer is seeking to tour.
8. Addendum Confirming Broker Compensation (Sale Transaction) – This addendum to sales contracts confirms who will pay each portion of the compensation to be paid to the brokers in the transaction associated with the contract to which it is attached.
9. Buyer/Tenant Representation Agreement (Limited Services) – This form has a single-day term and allows agents to list multiple property addresses to be shown as well as list the provision of services in addition to showing the property(ies).
10. Buyer/Tenant Representation Agreement (Short Form) – A one-page buyer/tenant representation form. *Note: Intermediary section has been omitted. As a result, there is currently no authorization in the short form for the Buyer’s Broker to act as an intermediary (and show the broker’s own listings).
11. Residential Buyer Tenant Representation Agreement (Long Form) – This form includes the necessary protections and transparency offered by a traditional buyer’s rep agreement and clearly discloses how much a buyer/renter will pay their agent for their services.
Dive deeper into these new forms by tuning into our MLS Quick Tip video playlist where you’ll find a breakdown of each form. Access the YouTube playlist at ABoR.com/NewForms.
Alongside these FAQs and new forms, you can download additional resources at ABoR.com/RightNow, including the new Buyer’s Agent Portfolio featuring research on demographic trends in Austin, a Buy vs. Rent Addendum, mid-year review, and a leasing report.
Take Advantage of Upcoming Education & Events Surrounding MLS Rules Changes
• July 23 – Broker & Sales Manager Forum: Navigate upcoming MLS rules and business practice changes for your brokerage with confidence. Join other brokers to maximize this moment ahead of anyone else. Register at ABoR.com/Events.
• August 1 – MLS Power Hour: This summer’s MLS rules and business practice changes are a once-in-a-generation opportunity for agents to own their value and gain a competitive edge in the market. Deep dive into the new MLS rules and compliance changes. Register at ABoR.com/Events.
• Buyer’s Agent Education Track: Check out our ongoing buyer’s education at ABoR.com/course-type/buyers-agent-track.
I’ve said it before and I’ll say it again: If you’re a broker, it’s crucial to update your business practices and train your agents before the August 13 deadline. Agents, sales managers and team leads, ensure you are in lockstep with your broker to comply with these new practices. We’ll continue to navigate this together, and the ABoR team and I are here to support you.
by Sonia Guardado | Jul 15, 2024 | Texas Residential Real Estate Council
The Texas REALTORS® Shaping Texas Conference is just around the corner with a full slate of courses, and Texas RRC has an exciting lineup for those heading to Grapevine next month. Join us on August 25 for our luncheon and mastermind, featuring our RRC National President, Tricia Nekota. The next day, we have two CE courses: “Serving Clients with Special Needs” and “Steal These Ideas,” both new to Texas audiences and sure to captivate. I hope to see as many Austin-area agents there as possible! Conferences like this are a fantastic opportunity to meet agents and broaden your referral network. With attendees from across the state and overseas, you will surely walk away with a hefty stack of business cards.
But what do you do with those cards once you get home? Are you leveraging those connections or simply scanning them into your phone and forgetting about them? With so much in-state migration, these agents should be added to your CRM and placed on a follow-up plan so you can remain top of mind for months and years to come. One agent I met at a conference several years ago is a master at remaining top of mind with agents in her database, and thus, referrals make up about 35% of her annual transactions.
Stacie Duffy, with Novella Real Estate in Denver, Colorado, scans business cards into her CRM at the end of each day, noting when and where she met the agent and any Mackay 66 facts she learned while speaking to them. Each month, she calls or texts to see how the agent is doing, asks about the market, and shares information about Denver’s statistics. Every quarter, she sends a small, unbranded item of value with a branded notecard, reminding the agent of who she is and what her market area is. I have received a Wendy’s Frosty gift card, felt furniture pads, a screen cleaner, and a magnifier. All items are thin, lightweight, and easily fit in a standard greeting card envelope. She also tries to send something to surprise and delight each agent in her database each year. Stacie follows everyone on social media and when something stands out to her, she acts upon it. This year, she sent a car organizer, a hat with the agent’s dog, funny socks, and an item someone had complimented in one of her weekly tip videos. She has these delivered from Amazon and Etsy to minimize shipping costs and budgets $10-$15 per person.
In addition to the quarterly notecards, she also sends holiday and personalized birthday cards. Her cards, including the envelopes, are custom-made using Canva Create. She includes her logo on the card’s interior and exterior and signs each one for that personal touch before sealing them in her branded envelope. That brand extension is great because you know Stacie Duffy has sent something special when you see that brown-speckled envelope in the mailbox.
This month, Stacie is our featured presenter for the final installment of the Summer Sizzler Series on August 15 at 2 p.m. This virtual event will begin with networking breakouts to meet agents nationwide in a small setting. Stacie will then walk you through her agent follow-up system, including her items of value and how to create easy mailers that resonate with agents to drive referrals. We’ll end with a discussion on how to apply the techniques to your business immediately and ideas from other attendees. To register for this complimentary event, visit Texas.CRS.com.
by Tanya Chappell | Jul 15, 2024 | Women's Council of REALTORS
As the president of the Women’s Council of Realtors Austin, I am thrilled to share some exciting updates and upcoming events that will greatly benefit our members and the broader real estate community. Our recent “Toes, Tidbits, and Bingo” event was a success. Attendees enjoyed engaging in bingo while also gaining valuable knowledge from slides provided regarding NAR and buyer agent techniques to show their value. Events like these exemplify our focus on providing our members with value to help them grow professionally and as leaders.
2025 Elections
Elections for the state have been completed. Congratulations to the 2025 Texas Board and District Vice Presidents. Our 2025 local council elections are just around the corner, set for July 18. I hope to see all members there. I look forward to the innovative strategies and dynamic leadership these individuals will contribute, helping us grow stronger and more connected.
Upcoming Events
Save the date: August 24. We will host our “Reels for Real Estate” class, where you’ll learn how to create engaging real estate reels in less than five minutes. Don’t miss this opportunity to elevate your marketing game and stay ahead in the competitive real estate market.
September 11, we will bring you an insightful panel discussion on seller and buyer challenges, hosted at the Austin Board of REALTORS main headquarters. This event will feature seasoned experts who will share their experiences and strategies for navigating the complexities of today’s real estate transactions.
The Texas Realtor Conference is fast approaching, and I encourage you to get involved with the Women’s Council of Realtors Austin. This event offers valuable certifications that not only demonstrate your commitment to professional excellence but also provide significant value to your clients. With the upcoming changes and opportunities in the real estate landscape, now is the perfect time to invest in your professional development.
To stay updated on all our additional educational opportunities and virtual classes, be sure to follow us on social media. As a member, you’ll have access to a wealth of resources designed to support your continuous growth and development in the industry. We are excited about the future and look forward to your active participation in these events and initiatives. Together, we will continue to build a strong, vibrant network of real estate professionals dedicated to leadership and growth.
by Kim Dale | Jul 15, 2024 | Five Points Board of REALTORS
It’s evident our profession has had to adapt to unprecedented challenges over the past year. The good news is that we are starting to see the light at the end of the tunnel and can embrace these changes and implement them into practice.
The recent settlement between the National Association of REALTORS® and home seller plaintiffs brings significant changes to MLS policies nationwide while preserving crucial aspects of the existing system. These changes are set to take effect in August.
However, Texas REALTORS® have already begun implementing them with updated and revised forms launched in June. These changes aim to enhance transparency, fairness, and consumer choice in real estate transactions.
Key changes include:
1. Removal of Compensation Offers in MLS Listings: The “offer of compensation” field in MLS listings will be eliminated. Previously, listing brokers were required to enter an amount, even if set at zero. This field will be removed entirely, requiring agents and brokers to negotiate compensation with clients outside of the MLS.
2. Mandatory Written Buyer Agreements: Texas is known for high participation in using Buyer Rep. Agreements, so this change should be easy to implement.
Starting next month, REALTORS® must secure a written agreement with all buyers before conducting any home tours, either in-person or virtual. These agreements must outline the services provided and expected compensation, promoting transparency between agents and clients. This change ensures buyers understand the costs and services upfront.
When discussing these changes with consumers, it’s important to use clear, straightforward language. As REALTORS®, we show our value by reducing the stress of the homebuying and selling process. Moving forward, we must be transparent about our services and costs. Our value lies in providing expert guidance, handling complex transactions, and offering personalized, ethical service. We are dedicated to helping our clients navigate the real estate market with confidence and success.
We’ve proven our resilience time and again, overcoming every challenge. Now is not the time to become fatigued by the changes we have faced and continue to face. I encourage you to lean on your broker, your Association, and your network. Together, we can emerge stronger than ever.
WCREALTORS is here to support you through these changes and ensure your business thrives by providing valuable education and resources.
by Tawanna Verock | Jul 15, 2024 | Editor's Choice
Retirement communities have often been misunderstood, with numerous myths and misconceptions clouding their true value. As real estate agents, it’s essential to have a clear understanding of these communities to better serve clients considering this lifestyle option. This article aims to dispel common myths about retirement communities and provide a factual perspective to aid in guiding potential residents.
Misconception 1: Retirement Communities Are Only for the Very Old
One of the most prevalent misconceptions is that retirement communities cater exclusively to the very old. In reality, these communities welcome a diverse age range, typically starting at 55. Many younger retirees seek out these communities to enjoy an active lifestyle without the burdens of home maintenance. This environment provides opportunities for socialization, fitness activities, and hobbies that attract not just the elderly but also younger, more active retirees. According to Texas REALTORS, 55+ communities have a significant impact on the aging population by offering amenities and social opportunities that support a healthy and active lifestyle.
Misconception 2: Retirement Communities Are Depressing Places
Another common myth is that retirement communities are dull and depressing. This couldn’t be further from the truth. Modern retirement communities are designed to foster a vibrant and active lifestyle. Residents often have access to amenities such as swimming pools, fitness centers, golf courses, and even cultural activities like art classes and music events. These communities prioritize creating a lively atmosphere that promotes health and well-being. Texas Health and Human Services’ “Aging Texas Well” initiative highlights how these communities focus on enhancing the quality of life for older adults through engagement and activities that promote well-being and social interaction.
Misconception 3: Lack of Independence
A major concern for many is the fear of losing independence. Contrary to this belief, retirement communities offer various living arrangements that cater to different levels of independence. From fully independent living units to assisted living and memory care, residents can choose the level of support they need. This flexibility allows individuals to maintain their independence while having access to assistance if required. The National Institute on Aging emphasizes that these options help residents feel secure and supported, knowing that help is available if needed, without compromising their autonomy.
Misconception 4: Expensive and Only for the Wealthy
There’s a widespread belief that retirement communities are prohibitively expensive and only accessible to the wealthy. While it’s true that some luxury communities come with a high price tag, there are many affordable options available. When compared to the combined costs of maintaining a home, paying property taxes, and covering utilities and maintenance, retirement communities can be a cost-effective solution. Additionally, many communities offer various pricing plans and financial assistance programs to make them more accessible. Texas REALTORS provides insight into the diverse pricing structures and financial models that make these communities attainable for a broader range of seniors.
Misconception 5: Limited Social Interaction
Some people think that moving to a retirement community means a loss of social connections. On the contrary, these communities are designed to encourage social interaction and community engagement. From organized events and group outings to common dining areas and clubs, residents have numerous opportunities to build friendships and participate in communal activities. This social engagement is crucial for mental and emotional well-being, especially as people age. Texas Health and Human Services notes the positive impact of social interaction on mental health, emphasizing how retirement communities foster a sense of belonging and reduce the risk of isolation.
Understanding the realities of retirement communities is crucial for real estate agents who guide clients through their housing options. By dispelling these common misconceptions, agents can help clients make informed decisions that enhance their quality of life. Retirement communities offer diverse, vibrant, and supportive environments that cater to a wide range of needs and preferences, making them a viable and attractive option for many retirees. With the right information, real estate agents can play a key role in helping clients find a community that aligns with their lifestyle and needs.
