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NAR Removes Forced MLS Membership | Agents Now Have CHOICES!

NAR Removes Forced MLS Membership | Agents Now Have CHOICES!

Breaking News!  NAR Voted to Remove Forced MLS Membership Are you working in an area with several MLS (Multiple Listing Services)?  Currently, you must be a member of the MLS that your broker belongs to – any pay the required fees.  In a ground-breaking decision by the NAR, agents may be able to subscribe to the multiple listing service they prefer to use… and opt-out of the ones they don’t! The National Association of Realtors board of directors met at the beginning of the month to vote on several Multiple Listing Service policy changes, including the “MLS of Choice.” After much debate, the policy change passed and as of July 2018, real estate agents will no longer be required to be a member of a particular MLS (as long as they subscribe to at least one MLS). This is a big win for those real estate agents that live in an area with two or more MLSs. Typically agents have one MLS service that they use, but they have to pay the subscription fee for both. According to Inman News, “MLSs will be required to provide a no-cost waiver of all MLS fees for such agents, and MLSs may, if they choose, require agents and their brokers to sign a certification for non-use of their MLS services, which, if violated, can include penalties (such as back-billing) and termination of the waiver.” Why did they make this change? The previous policy allowed MLSs to require that all licensed salespersons affiliated with a broker’s office subscribe to the MLS. So if your broker is a member and the broker’s office lies...
What to Look for When a Property is Held In a Trust

What to Look for When a Property is Held In a Trust

Wondering what to do when a home is being held in a trust? It is becoming more common for property to be held in a trust.  This presents several issues of concern for a realtor when the property is to be listed and sold.  The term trust describes the holding of property by a trustee (which may be one or more persons or a corporate trust entity) in accordance with the provisions of a written trust instrument for the benefit of one or more persons called beneficiaries. A person may be both a trustee and a beneficiary of the same trust. For real property held in trust, title must be in an entity “as trustee” of the trust.  Title purportedly held only in “the trust” (i.e., not in an entity “as trustee” of the trust) is void.  For Example:  Jane Smith as Trustee of the Joseph Smith Trust dated May 1, 2017 would be correct.  The Joseph Smith Trust dated May 1, 2017 would be incorrect. When reviewing the written declaration of trust the attorney is looking for two things in particular: 1.    Who is the Trustee? 2.    Does the Trustee have the power to sell real property and under what circumstances? For this reason, prior to listing a property held in trust, it is essential to review the title deed and trust instrument (or trust certificate) and make sure that title is properly held in the correct trustee and that the listing agreement is properly executed by the correct trustee.  A beneficiary of a trust who is not the trustee typically has no power to enter into any...
Topics and Technologies Affecting Real Estate Brokerages

Topics and Technologies Affecting Real Estate Brokerages

Topics and Technologies Affecting Real Estate Brokerages ABoR Interviews Redfin, KW, Realty Austin and eXp Realty Leaders The Austin Board of REALTORS (ABoR) is one of the most innovative in the country. Their most recent forum was so fascinating that we had to watch it TWICE! ABoR assembled an incredible panel of unique, industry leading brokerages to discuss current topics and technologies affecting real estate brokerages.  Panelists included Glenn Kelman (CEO of Redfin), Jonathan Boatwright (CTO of Realty Austin), Cary Slyvester (VP at Keller Williams) and our very own Russ Cofano (President of eXp Realty).  All of these brokerages had a different twist on agent development and offerings, technology, lead generation, data and managing past clients. Enjoy!   Key Discussion Points What is a real estate brokerage’s value proposition in the 21stcentury? Agent compensation Data sharing and trust building between the agent and the real estate brokerage Lead generation – should the brokerage generate leads on behalf of the agents or train them to generate their own? Building an online presence and ensuring that agents are named under each of their listings Creating consumer loyalty in the age of Zillow and other real estate portals … and so many other interesting topics!...
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