NAR practice changes to take effect Aug. 17 | Who will be responsible for enforcing written agreements and ensuring all parties follow the new practice change? | Report: SMBs say word-of-mouth is the best offline marketing
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NAR practice changes to take effect Aug. 17 Last week, the National Association of REALTORS® announced new details regarding the practice changes required for NAR members under the proposed settlement agreement. These practice changes resulted in revisions to the MLS policy handbook and will go into effect on Aug. 17. With this announcement, NAR members and MLSs have a three-month window to prepare to implement these changes. A detailed summary of the policies is available at facts.realtor. Full Story: REALTOR® Magazine (5/3)
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The MLS will be responsible for enforcing the rule regarding written agreements, like the MLS enforces other existing rules. Get more facts about NAR's proposed settlement agreement at facts.realtor.
Small and midsize businesses say word-of-mouth marketing is the most effective offline promotional tool available, according to recent research from Bredin. Phone calls, flyers and posters were the second most effective means of offline promotion for the smallest businesses, while larger small businesses favored public relations, flyers and posters, phone calls and live events or trade shows. Full Story: Bredin (4/25)
Staying busy can get in the way of productivity Don't confuse staying busy with productivity, writes David Brock, author of "Sales Manager Survival Guide," who recommends focusing on accomplishing goals instead of back-to-back meetings. Staying busy all day can offer a "false sense of accomplishment," but Brock recommends focusing on outcomes rather than activities for a true sense of accomplishment. Full Story: Partners in Excellence Blog (5/1)
Generations are growing farther apart, with large percentages of Generation Z and those over 50 actively avoiding each other and 17% admitting they don't know how to interact—a problem that causes tension, decreases productivity, dims effectiveness and widens skills gaps. To realize the benefits of generational diversity, leaders can bridge the divide with solutions such as reverse mentoring or virtual coffee breaks that allow for a two-way knowledge exchange, experts say. Full Story: Raconteur (UK) (4/29)
Construction spending dips 0.2% in March U.S. construction spending declined 0.2% in March compared to the previous month, according to Commerce Department data. The March decline comes after spending was flat in February, but year-over-year spending is up 9.6%. Private construction spending fell 0.5% and residential building decreased 0.7%. Headwinds from higher borrowing costs continue, with the average rate on 30-year fixed-rate mortgages reaching a five-month high of 7.17%. Full Story: Reuters (5/1),PYMNTS (5/1),MarketWatch (tiered subscription model) (5/1)
Lessons from Tipping Point's homelessness project Tipping Point Community's five-year Chronic Homelessness Initiative invested just over $100 million between 2017 and 2022 on 32 programs to halve chronic homelessness in San Francisco, and although it ultimately wasn't successful, a recent study of the project offers valuable lessons for other nonprofits. Among these are the need to set realistic time frames for building relationships with strategic partners, particularly governmental agencies, and being careful with communications to avoid alienating those partners. Full Story: The Chronicle of Philanthropy (tiered subscription model) (4/30)
Legislation & Regulation
U.S. labor costs jump 4.7% as productivity gains slow U.S. labor costs increased 4.7% during the first quarter of 2024, the largest annualized increase in a year, according to Bureau of Labor Statistics data. Productivity increased 0.3% after a 3.5% gain in the previous quarter. Slowing productivity gains and rising labor costs could suggest continued inflationary pressure. Full Story: Bloomberg (5/2),MarketWatch (tiered subscription model) (5/2)
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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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