RISMedia's Real Estate Magazine

APR 2018

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

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82 April 2018 RISMedia's REAL ESTATE As such, teams should not only form their own values, but should also be aware of the standards set by their brokerage, any local associations they belong to and the National As- sociation of REALTORS®. NAR and Other Association Core Values NAR has its own set of values for state and local associations, titled the Organizational Alignment Core Standards, which were updat- ed in 2016. These values fall into six categories: 1. Code of Eth- ics: All associations must train their new and continuing mem- bers on NAR's Code of Ethics. Additionally, associations must pro- vide arbitration and mediation as part of their member services in order to uphold a professional stan- dards strategy. 2. Advocacy: Voluntary contribu- tions for the REALTORS® Political Action Committee (RPAC) or the Po- litical Advocacy Fund (PAF) must be included in associations' dues bill- ing to meet RPAC fundraising goals. Alternatively, associations can pro- vide funds themselves through other means (i.e., a corporate contribution) to meet the requirement. They must also send out any NAR communica- tions related to the benefits of RPAC contributions. Associations must also participate in NAR's "Calls for Action" through marketing/outreach, and state associations must moni- tor the participation of local associations by using the REALTOR® Action Center Re- sponse Reports. 3. Consumer Out- reach: All associations are required to engage in four consumer engagement activities each year, two of which must demonstrate how they are the "Voice for Real Estate" in their mar- ket. Two must focus on the associa- tion's community involvement. 4. Unification Efforts and Support of the REALTOR ® Organization: Each association needs to provide access to legal counsel; have cor- porate documents that meet local, state and federal laws; and host a yearly review of their business plan. Other requirements include the prop- er reporting of dues and access to leadership development education. 5. Technology: All associations must have an interactive website and access to arbitration-filing pro- cesses, and must promote member programs and services. They must also have an email or internet-based tool to communicate with members. 6. Financial Solvency: Those with revenues over $50,000 are required to submit a CPA-crafted report of an audit opinion or an accountant's re- view. Associations that are consider- ing bankruptcy are required to obtain NAR's consent to file. All local, state and territorial as- sociations of REALTORS® must meet these requirements, regardless of their own standards. For example, the Ohio Association of REALTORS® (OAR) provides their core values as a strategic plan that includes their mission statement, vision and busi- ness goals—all of which are broken down into actionable objectives. Meanwhile, the DC Association of REALTORS® (DCAR) says their goals are to "advocate, protect and pro- mote the interests of REALTORS® in the District"—objectives that are broken down into strategies on their website. While most REALTORS® at the agent level may not see a significant impact on a daily basis from their as- sociations' core values, these ideals do trickle down to provide support to all real estate business models. RE Liz Dominguez is RISMedia's as- sociate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. Setting Expectations and Goals With Core Values C ore values are a set of goals and rules by which all companies run their business. This is no different in the real estate industry, which can be more complex when taking into account the different values set by local real estate associations, brokerages and agents or teams. Regardless, these values are essential to creating a business that's successful in both agent and client recruiting. And when forming a team, these values can be the glue that holds all members together through goal setting and defined expectations, which should be taken just as seriously as real estate legalities. by Liz Dominguez {Power Teams} Editor's Note: The following article is excerpted from RISMedia's forthcoming 2018 Power Teams Guide to Forming and Running a Winning Agent Team. Stay tuned to RISMedia.com for more details.

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