Why consumers will stick with real estate agents | How does NAR's settlement agreement affect home sellers and home buyers? | Elevate your visibility online with a lasting digital brand
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Why consumers will stick with real estate agents Today, Fortune.com published an op-ed written by Tim Hur, NAR's 2024 REALTOR® Party community engagement liaison, debunking the widespread misinformation flooding the media about the settlement. Importantly, Hur clarifies the fact that NAR does not set commissions—and nothing in the proposed settlement would change that. Please take a moment to read the op-ed and share with others in your network.
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This settlement would preserve the choices consumers have regarding real estate services and compensation. After the new rule goes into effect, listing brokers and sellers could continue to offer compensation for buyer broker services, but such offers could not be communicated via the MLS. MLS participants acting for buyers would be required to enter into written agreements with their buyers before touring a home. These agreements can help consumers understand exactly what services and value will be provided, and for how much. Get more facts about the settlement at facts.realtor.
How to use psychology to step up personalized marketing Personalization has become a standard in marketing, but using psychology can make it more effective, writes Greg Kihlstrom, host of “The Agile Brand” podcast. He recommends offering incentives like rewards or gifts, using customer testimonials or creating urgency with limited-time offers as ways of using psychology to build customer engagement. Full Story: Forbes (tiered subscription model) (4/2)
Real Estate Trends
Blank canvas approach best when home staging, experts say The display of personal items, throw pillows, kitchen gadgets and toiletries are common staging mistakes made by sellers. "Staging to sell is about cleaning up. It's about a simplification, and it's about putting away the personal," says expert Dan Mazzarini. Full Story: Business Insider (4/2)
Google Chat may be developing broadcast option Google Chat reportedly has started developing Announcements, a broadcast messaging feature like WhatsApp Channels that lets specified users send messages to big groups. The company hasn't released specific details about the option or when it will become available. Full Story: Android Central (3/31)
Business Wellness
Social media promos can open cans of legal worms Most recent problems with promotions on social media occurred because advertisers didn't understand the medium's inherent risks, writes lawyer Gonzalo Mon. Challenges include managing user content and influencers, complying with platform rules and making appropriate disclosures in limited space or time. Full Story: Reuters (4/1)
Legislation & Regulation
Fed officials suggest rate cuts not in immediate future Loretta Mester, president of the Federal Reserve Bank of Cleveland, said that interest-rate cuts are still likely this year, but she indicated that she would be unlikely to back rate cuts at the May meeting. Meanwhile, Mary Daly, president of the Federal Reserve Bank of San Francisco, said that there "is really no urgency" for the central bank to proceed with rate cuts. Full Story: The Hill (4/2),MarketWatch (tiered subscription model) (4/2),CNBC (4/3)
Opinion: Small banks may benefit from open banking rule The Consumer Financial Protection Bureau's 1033 rule, which aims to advance open banking, is due to be finalized this year and could benefit small banks, writes John Pitts, global policy head at Plaid. Small banks can compete with larger rivals if they can offer customers the ability to have all their digital financial services -- including investment information; digital payments; budgeting tools; and buy now, pay later services -- connected to a single bank account, Pitts writes. Full Story: American Banker (3/29)
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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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