Earlier this month, the Chicago Association of REALTORS® presented a panel discussion on the topic “How to Monetize Global Real Estate” at the East Bank Club. Mabél Guzmán served as moderator for three panelists: Sonia Anaya, Jim Kinney and Susanna Cherubin-Delisi.
The panel had a well-rounded collection of advice and experiences to share with the group.
Anaya highlighted the fact many members are probably engaging in global real estate and are not even aware of it. She said, “You may sell a home in your own backyard to a client from a different country. In most instances, the cultures and the common practices they are accustomed to are different than the way we do a transaction.”
Understanding those differences and having the ability to relate in a culturally astute way is becoming more and more important in today’s marketplace.
According to NAR’s Profile of International Activity (http://www.realtor.org/reports/profile-of-international-home-buying-activity), foreign buyers purchased $102.6 billion of residential property from April 2015 to March 2016. While the global economy and currency fluctuations will impact annual global activity, international investors and home buyers are a part of our economy. Our members, as the trusted advisors, should have some understanding of culturally diverse business practices.
Kinney mentioned the value of the Certified International Property Specialist (CIPS) designation and tools available for REALTORS®, including the international property database through REALTOR.com (http://www.realtor.com/international/).
“These are here for the members to use and help their clients, both inbound and outbound,” said Kinney.
Did you know that on Monday, when new Federal Aviation Administration rules take effect, it will be cheaper for real estate professionals to operate a drone for commercial purposes?
According to a video produced by the National Association of REALTORS® (“Window to the Law: FAA Issues Drone Rules”), REALTORS® will be able to purchase a “Remote Pilot Certificate with a Small UAS Rating” for about $150 rather than pursuing a more expensive pilot’s license.
If you’ve seen your property tax bill in Chicago, no doubt you were not happy to see an average increase of 12 percent in what you have to pay.
Real Property Alliance, an Illinois REALTORS® foundation with a mission of educating consumers about private property rights, partnered with the Chicago Association of REALTORS® to produce a short video that explains the the increase, and outlines what options residents have to lower bills on future assessments.
RPA and the Chicago Association of REALTORS® are working together to make sure residents have as much information as possible to understand what they have to do in the face of the increases.
City residents got slapped with a $543 million tax levy increase in large part to fund police and fire pensions, in addition to a triennial reassessment.
Property owners have several options. They can check to see if they are getting the tax exemptions they qualify for, and they can file an appeal based on assessed values for properties that are similar to theirs. The appeals won’t do anything for the 2015 bills and most of the 2016 bills. But future bills could be lowered if an appeal is successful.
The video has the information, and even more in-depth coverage can be found at RPA’s website.
Illinois reportedly has the highest property taxes in the nation, and the state’s seniors are understandably worried about the squeeze that puts on their ability to maintain a good quality of quality of life, a poll commissioned by Illinois REALTORS® found.
Illinois REALTORS created a infographic that has the highlights of the survey. Download it here.
Sixty-six percent of seniors surveyed in April said paying property taxes was a top concern. The survey of 600 people age 55 and older was commissioned by Illinois REALTORS® Senior Housing Working Group. It found that worries over property taxes outpaced concerns over saving for retirement and paying for groceries and food.
The survey was among a package of materials that the Working Group generated. A brochure was produced giving an overview of what resources were available for municipalities looking to make their communities senior-friendly, and a toolkit was created which give practical examples of policy initiatives nationwide which help improve the quality of life for seniors. You can find all the resources here.