The Voice - 3rd Quarter

IN THIS ISSUE

A Message From Our President REALTOR® of the Year Announced Setting Expectations Mitigates Buyer/Seller Discord Cybersecurity Checklist NMAR REALTOR® Voice | Third Quarter 2021 | Page 1

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TABLE OF CONTENTS President’s Report ................................... 3 Upcoming Events .................................... 4 From Your CEO ....................................... 5 National Legislative Update: Update on Tax Increase Proposals from Ways and Means Committee ............... 6 REALTOR of the Year Announced ................................................ 8 Peggy Comeau Recipient Announced Lois Sury .................................................... 8 Annual Conference Photo Recap ....... 9 Legal Update: Setting Expectations Mitigates Buyer/ Seller Discord .......................................... 10 National Cyber Security Month ......................................................... 12 Member Benefits...................................... 15

The REALTOR® Voice is published four times a year by the New Mexico Association of REALTORS® 549 S Guadalupe St, Santa Fe, NM 87501 Phone: 800-224-2282 (982-2442 in Santa Fe) fax: 505-983-8809. www.nmrealtor.com 2021 NMAR Officers Danny Wm Vigil, C2EX - President Damon Maddox, AHWD GRI GREEN MRP - President Elect Hubert H. Hill II, CRS GRI - First Vice President Wes Graham, CRB CRS GRI C2EX - Treasurer M. Steven Anaya, RCE - Chief Executive Officer F Tasha Martinez - Communications Director Barbara Montoya - Membership Director Nicole Hammes - Director of Member Programs Kim Garcia - Office Manager Ambyrly Maestas - Administrative Assistant Mellanie Trujillo - Accounting Manager

Joining Forces for a Great Cause ....... 16

Volume 24, Edition 3, Third Quarter 2021 Published by the New Mexico Association of REALTORS® Cover Photo by Lynette’s Lens Photography

Copyright 2021 New Mexico Association of REALTORS® - all Rights Reserved.

For permission to reprint any article or portion thereof contained in this edition, call 800-224-2282

NMAR REALTOR® Voice | Third Quarter 2021 | Page 2

PRESIDENTS REPORT

Better Together Where has the time gone!

Summer was just yesterday and yet Fall has crept up on us.

We had a busy summer, we attended the Region XI activities in July.; established a new LLC; named NMAR LLC. The building is 100% leased and refinanced, we also paid down on the note.

NMAR also contributed $15K to the REALTORS® Relief Foundation. The REALTORS® Relief Foundation (RRF) is a charitable organization dedicated to providing housing-related assistance to victims of disasters.

The Legislative Committee has been meeting and has identified the 2022 legislative priorities: Economic Development - Support legislation that provides jobs and encourages investment.

- Advance initiatives that will help kickstart New Mexico’s economy post COVID-19.

- Support statewide broadband availability.

Equitable Tax Policies - Support fair property tax assessments.

- Oppose transfer taxes on the sale or transfer of real property.

Deter Copper Theft - Support legislation that will increase penalities for the theft of copper and other metals from homes and commercial buildings.

Review Condo Act - Review the Condo Act to ensure compatibility with the HOA amendments passed in 2019.

Advocate Increased Housing Inventory - Support creation of workforce housing; affordable housing for veterans and seniors.

Water - Ensure the availability and quality of water to meet New Mexico’s needs.

It was so great to see everyone, in-person, at the New Mexico Association of REALTORS® Fall conference held at the Sandia Casino & Resort last month.

The following were actions taken by the Board of Directors: - The 2022-2024 Strategic Plan; key areas of focus and objectives include: •Enhancing NMAR Member Services •Promote Professionalism •Advocate for Sound Public Policy and Private Property Rights •Operates a Effective and Efficient Association - Approved the 2022-2024 Budget with fees schedule - Allocation of Undesignated 2020 Fund - Elections for NMAR Executive Board: Damon Maddox, President Hubert Hill, President-Elect Sam Todd, NW District Vice-President Esther Purkey, SE District Vice-President - Richard Randals was elected as Individual Director for the NMAR Board of Directors - Kathleen Sanchez, from Gallup will serve a one year term (1/1/2022-12/31/2022), Jesse Martin and Dawne Armstrong, both from Clovis will each serve a three year term (1/1/2022-12/31/2024) as MLS Directors - The Stanley H. Mathis Foundation’s elected Josh Price, Kriston Roberts and Nathan Brooks as trustees for the foundation As we move into Fall, NMAR has important committee meetings that will continue to build the goals for the upcoming year.

It has been my absolute honor to be your President.

I am so proud of the work we have done despite the many challenges, we are better together.

Danny Wm. Vigil, President New Mexico Association of REALTORS® NMAR REALTOR® Voice | Third Quarter 2021 | Page 3

Upcoming Events October 12 Member Services 20 NM MLS Annual Meeting 21 Executive Committee 22 Strategic Planning 28-29 Growth & Involvement Session VI Santa Fe

EXTRA, EXTRA

READ ALL ABOUT IT! The Benevolent Committee has NEW MERCHANDISE! A quick update on the Pre-orders from the Fall Conference.

We are working patiently with the vendor to get the merchandise replenished. The Benevolent Committee liaison Mellanie Trujillo will be contacting you once your item is ready.

November 3 Forms Committee 10-15 NAR Conference and Expo, San Diego 17 NM MLS Board Meeting 17 Finance Committee 19 Legislative Committee & RPAC Trustees 25-26 Thanksgiving Holidays, NMAR Closed

Also, a BIG Thank you from the Benevolent Committee for all of the unconditional support from our REALTOR® community on the beautiful new merchandise.

December 8 Executive Committee 9-10 Team Building Summit 15 NM MLS Board Meeting 23-24 Christmas Holidays, NMAR Closed 31 Core Standards Certification Forms Due

It’s not too late to purchase; contact Mellanie Trujillo at Mellanie@nmrealtor.com to purchase.

All proceeds go towards REALTORS® helping REALTORS® – Providing assistance for the New Mexico Association of REALTORS® family when they encounter financial hardships beyond their control.

NMAR REALTOR® Voice | Third Quarter 2021 | Page 4

FROM YOUR CEO

Redistricting on the Horizon As many of us try to find a new normal, we have to get ready for more changes, in the form of redistricting the state’s future representation.

Senate Bill 304 established the seven-member Citizen Redistricting Committee (CRC) that has conducted public hearings throughout the state, received public testimony (including the submission of maps) and developed redistricting plans for the state’s legislative, congressional and public education commission districts. This CRC will submit its findings in December to the legislature.

Redistricting occurs after a Decennial Census; many states redraw their state and congressional district lines.

Some communities may be on the edge of a new district with different representation at the state and national level.

The deadline for comment or submissions for maps is October 15 with the committee reaching a consensus and submitting a final recommentation to state lawmakers

by October 30. Of course, this committee’s recommendation is just that and lawmakers could alter any of the maps.

Current District Map

Since the committee has been meeting, approximately 1,200 members of the public have attended committee meetings in-person, submitting 72 proposed district maps for the House, Senate, the Public Education Commission and three congressional seats.

The Citizens Redistricting Committee plans 12 more meetings, all of which are accessible online at www.nmredestricting.org. New Mexican’s can also submit public comment and proposed maps under the “Public Comment Portal” link on that website.

These recommendations to determine the new maps for the 112 legislative, and 3 congressional districts will go to the Legislature for a special redistricting session expected to start December 6, 2021.

Keep an eye out for further updates as we follow the upcoming special session.

M. Steven Anaya, Chief Executive Officer New Mexico Association of REALTORS®

NMAR Voice | Third Quarter 2021 | Page 5

NATIONAL LEGISLATIVE UPDATE

Update on Tax Increase Proposals from Ways and Means Committee Evan Liddiard National Association of REALTORS® Washington DC

House Ways and Means Committee Chairman Richard Neal (D-MA) released to the public the starting point documents that outline the tax increase provisions the Committee will consider in their markup session, which started today and will run through Wednesday.

This is part of the congressional action to put into bill form the infrastructure legislation that was set up by the budget resolution that was passed by thin margins in both the House and Senate last month. That resolution allows for filibuster-proof legislation that spends up to $3.5 trillion (over ten years) on human infrastructure items, including health, education, climate change, and economic security.

The Ways and Means Committee bears the brunt of finding ways to offset this spending in the House.

The markup session has been widely anticipated as one of the final committee steps before the House Budget Committee packages all the different parts of the legislation into

one gargantuan bill that could come to the House floor for a vote toward the end of the month.

“While it is still too early to say that the real estate sector has dodged a bullet on these tax increases, the early signs are very good compared to what might have been included in the bill” NAR’s Advocacy Group has been watching for the details that might emerge as ways to pay for the enormous cost of this legislation.

Earlier this year, the Biden White House put forward a number of suggested ways to offset the cost, and some of these, if enacted, could greatly harm the real estate sector and investment in real property.

NAR has had hundreds of meetings with Members of Congress and sent many letters, alone and in conjunction with coalition partners, outlin-

ing our concerns with many of these tax increase ideas and the impact they could have on the already troubled commercial real estate sector.

While there was a half dozen or so specific tax increase proposals on President Biden’s list of suggested offsets that would directly impact real estate investment, we identified three that were of the most concern to our members and their clients, as follows: Limitations on 1031 like-kind exchanges.

• A doubling of the top rate on capital gains taxes for higher-income individuals.

• A proposal to tax the unrealized gains of capital assets upon the death of owners with such assets above a certain threshold.

Because of the dire results that could occur should these tax increase proposals be enacted, most of the focus of NAR’s lobbyists has been on educating Members of Congress on why these are bad ideas for our nation, its economy, afford-

NMAR REALTOR® Voice | Third Quarter 2021 | Page 6

able housing, family businesses and farms and ranches, and on real property ownership in particular.

However, we also weighed in against some of the other offset proposals that would be counterproductive to economic growth and job creation and move the nation in the wrong direction.

These included: • Proposals to change the taxation of income from carried interest investments, which are often used by real estate developers and to limit the tax deduction for qualified business income for entrepreneurs and owners of pass-through entities, such as limited liability companies, S corporations, and partnerships.

When the Ways and Means base list of tax increase proposals was released yesterday, we were greatly relieved to see that many of the worst of them were not included.

For example, the changes to 1031 like-kind exchanges were left out of the draft bill altogether. And so was

the proposal to effectively repeal the step-up in basis by taxing unrealized capital gains at death. These are huge preliminary victories.

Also, some of the other proposals of concern were included but drafted in a way to be much less harmful than had been originally proposed.

For instance: • The capital gains tax increase proposal was modified to be increased only to 25% maximum rate, instead of 39.6%.

• Also, the change in tax treatment for carried interest largely exempts real estate investment.

• The limitation on the deduction of qualified business income was included, but at thresholds far higher than had been proposed by President Biden. Far fewer NAR members would be impacted.

While it is still too early to say that the real estate sector has dodged a bullet on these tax increases, the early signs are very good compared to what might have been included in the bill.

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The Ways and Means Committee could make changes to the draft bill, and there could be further changes on the House floor. Then, assuming the bill is approved by the full House, it will have to be conferenced with the bill the Senate develops, which could include different tax increase provisions, some of which could harm real estate investment.

Due to the on-going negotiations as the bill progresses through the House and Senate, we cannot and will not relax our efforts. Indeed, a limited Call for Action is continuing this week where NAR’s Federal Political Coordinators (FPCs) are reaching out to key Members of the House Ways and Means and Senate Finance Committees to ensure we protect tax incentives for real estate investment.

That said, the early signs indicate very good news in that many of our largest concerns have been heard.

Paul Wilson Named REALTOR® of the YEAR

Lois Sury Awarded the Peggy Comeau Award Lois Sury, Qualifying Broker of Sotheby’s International RE/Washington was named 2021 recipient of the New Mexico Association of REALTORS’® (NMAR) Peggy Comeau Leadership award at the association’s annual Celebration Banquet August 22nd.

Paul Wilson of Albuquerque received the New Mexico Association of REALTORS® (NMAR) highest honor by being named 2021 REALTOR® of the Year during ceremonies at the association’s Annual Celebration Banquet.

Paul began his career in real estate in Albuquerque; as the Team Leader of “The Home Team” of eXp Realty, where he and his wife Judy strive for total satisfaction.

Paul is a past President for the New Mexico Association of REALTORS® for 2019, the Greater Albuquerque Association of REALTORS® in 2015 and the New Mexico Council of Residential Specialists in 2008.

Paul will be honored with other state REALTORS® of the Year during the National Association of REALTORS® Annual Conventionin San Diego.

The Award was established in honor of former NMAR Executive Vice President Peggy Comeau. It is given to a member to recognize his/her loyalty and selfless contributions to the New Mexico Association of REALTORS® and who has not served as NMAR President or has been honored as NMAR REALTOR® of the Year.

Lois was recognized for her longstanding commitment in promoting a professional environment for REALTORS®. Sury is the NE District Vice President, Chair of the Legislative Committee, and an ex-officio RPAC Trustee for NMAR. In 2010 she were the President of the Santa Fe Association of REALTORS® and have also served on numerous leadership positions with the Santa Fe Association of REALTORS®, as a member of the Association’s Board of Directors and Executive Committee.

Past REALTORS® of the YEAR Recognized

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Thank you to our Sponsors

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Thank you to Realtor.com, American Preferred Home Warranty, and New Mexico Home Search (not pictured), for being sponsors for the 2021 NMAR Annual Conference

LEGAL UPDATE

SETTING EXPECTATIONS MITIGATES BUYER/SELLER DISCORD

Ashley Strauss-Martin NMAR General Counsel

In real estate, contracts are essential, but they are hardly entertaining to read and the NMAR’s 15+ page Purchase Agreement (“PA”) is no exception. In my perfect world, every broker is sitting down with “their” respective buyer or seller and walking them through the PA, explaining what each paragraph means and how it applies. Realistically, in this wonderful age of technology, PAs are often sent off to the customer or client via email or Docusign with the note from the broker that says something like, “Please review thoroughly and contact me if you have any questions”.

Buyers and sellers generally lose interest after spotting the purchase price, loan type and closing date and figure that you, their broker, will fill them in on anything they REALLY need to do or know. Because of this, buyers and sellers are often taken by surprise when certain things happen per the PA. This surprise can often result in the customer/client feeling frustrated – frustrated with the process, frustrated with the other party to the transaction and sometimes even frustrated with you. This frustration often leads to your customer/ client acting unreasonably and perhaps in direct conflict with the clear language of the PA. Having run the NMAR Legal Hotline for over 14 years and having discussed numerous earnest money dispute issues with brokers, I have come to learn the top issues that cause buyers and sellers the most grief when they first learn how the PA “works”. Unfortunately, the first time is rarely when they are making or accepting the offer; the first time is most often when the issue arises,

sometimes weeks or months into the PA, which for obvious reasons, compounds the party’s irritation.

Early education on these points is key to mitigating your client/customer’s frustration and achieving a more reasonable response.

Before I get into the PA, I want to take a minute to address the Cover Pages to the PA, and specifically, Broker Duties. There is a significant difference in how a broker functions when working as an agent versus how they function when working as a transaction broker.

The fiduciary duties owed as an agent only partially resemble the duties owed as a transaction broker, both in scope and with regards to whom those duties are owed. Again, my hope is that all brokers are explaining this to their clients/customers and going over ALL the Broker Duties in some detail, but if this is not occurring, this Broker Duty is one of the more important broker obligations that needs to be emphasized with the client/customer.

A broker has a separate and independent obligation, aside from the seller’s obligation under the law or the PA, to disclose adverse material facts known about the property and/or the transaction. It’s also important that your customer/client understands that this Broker Duty is owed to ALL parties in the transaction. Therefore, if you find yourself in a situation with your buyer or seller where they do not wish to disclose something that you believe must be disclosed, you can circle back to the Broker Duty conversation you had in the very beginning of your relationship. The buyer or seller, as the NMAR REALTOR® Voice | Third Quarter 2021 | Page 10

case may be, may then be less resistant to you disclosing the information. Again, they knew about your obligation from the beginning, so your requirement to disclose is no “surprise.”

Now, on to the PA – NMAR Form 2104.

TOP 5 PURCHASE AGREEMENT ISSUES THAT CAUSE SELLERS ANGST: 1. PARA. 4 - TIME OFF MARKET FEE (TOM): Explain the TOM Fee to the seller and upon termination because a contingency was not satisfied (inspection, financing, appraisal, etc.), you will never again have to hear “It’s not fair that the buyer gets to walk and receive a return of their Earnest Money and I get nothing, when my property has been off the market for weeks/months.” Yes, seller, that’s the way the PA works, if a contingency is not satisfied, the buyers can “walk” and they get a full refund of their Earnest Money (but see No. 1 of Buyer’s PA Issues below).

2. PARA. 8 - BUYER SALE CONTINGENCY: If the seller doesn’t use Form 2503, the seller cannot continue to market the property for purposes of giving the buyer 48 hours’ notice to “remove” the contingency. The seller can only take back-up contracts and wait for the date in Para. 8 to arrive. Form 2503 is a seller-friendly form.

3. PARA. 9 - APPRAISAL: The seller is not entitled to a copy of the appraisal even if the seller has agreed to pay for the appraisal. If the seller wants a copy of the NMAR REALTOR® Voice | Third Quarter 2021 | Page 11

appraisal, the seller needs to counter the offer and add such language.

4. PARA 10 - FUNDING DATE/SELLER OCCUPANCY AND KEYS: Unless otherwise provided for, the buyers gets keys to their house even if the seller is going to occupy after closing. A hard pill to swallow for those sellers who still think of the home as their own, but that’s the way the PA works.

5. PARA. 22 - INSPECTIONS: A.“Buyer’s Own Observations” is a reason for the buyer to terminate. Buyers are not required to produce a report to Terminate (but IF buyer’s have a report, they must produce it upon written request from the seller). Buyers have a number of options to terminate the PA during the inspection period.

Para. 22(H)(i).

B. Just because the buyer asked the seller for repairs and the seller does not wish to do any repairs, does NOT give the seller the right to terminate the PA. The PA is clear regarding the seller’s options (Para. 22(H)(i)(b)).

C. When the buyer makes objections, if the seller does not give the buyer EVERYTHING the buyer asks for, the buyer then has the option of terminating. And if the buyer decides to terminate, the buyer is under no obligation to allow the seller to reconsider their initial response to the buyer’s Continued on page 14

National Cybersecurity Awareness Month Cybercrime can be devastating to real estate professionals and their clients. The following checklist offers some best practices to help you curb the risk of cybercrime. Because data protection and cybersecurity laws differ across the country, NAR recommends that you work with an attorney licensed in your state to help you develop cybersecurity-related programs, policies, and materials.

B. Other IT-based Security Measures Keep antivirus software and firewalls active and up-todate.

Keep your operating system and programs patched and up-to-date.

Regularly back up critical data, applications, and systems, and keep backed up data separate from online systems.

A. Email and Password Hygiene • Never click on unknown attachments or links, as Don’t download apps without verifying that they are doing so can download malware onto your device. legitimate and won’t install malware or breach privacy.

Don’t click on links in texts from unknown senders.

• Use encrypted email, a transaction management platform, or a document-sharing program to Prior to engaging any outside IT provider, review the share sensitive information. applicable privacy policies and contracts with your attorney.

• Carefully guard login and access credentials to C. Law, Policy, and Insurance Considerations email and other services used in the transaction In collaboration with your attorney, develop a written • Regularly purge your email account, and disclosure warning clients of the possibility of transarchive important emails in a secure location. action-related cybercrime. NAR has created a Wire • Use long, complicated passwords such as phrases Fraud Email Notice Template that you and your counor a combination of letters, numbers, symbols. sel may use and adapt. Stay up-to-date on your state’s laws regarding personally identifiable information, the • Do not use the same password for multiple development and maintenance of cyber and data-reaccounts. lated business policies, and other required security-re• Consider using a password manager. lated business practices.

• Use two-factor authentication whenever it is Develop and implement the following policies: available.

1. Document Retention and Destruction Policy • Avoid doing business over public, unsecured 2. Cyber and Data Security Policy Wi-Fi. 3. Breach Response and Breach Notification Policy

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Ensure that your staff and licensees have reviewed and are following all implemented policies.

Review your current insurance coverage, and ask your insurance agent about cyber insurance and the availability and applicability of products such as social engineering fraud endorsements and computer & electronic crime riders. Visit the CyberPolicy partner page for details about cyber liability insurance available through the REALTOR® Benefits Program.

For more information about cybercrime and cybersecurity, please visit NAR’s Data Privacy and Security page. Questions can be directed to NAR Legal Affairs at 312-329-8270

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Continued Stories Setting Expectations Mitigates Buyer/Seller Discord Continued from page 11

objections. Para. 22(H)(i)(b).

D. IF BUYER TIMELY TERMINATES, SELLER MUST RETURN ALL OF THE BUYER’S EARNEST MONEY. TOP 5 PA ISSUES THAT CAUSE BUYERS ANGST: 1. PARA. 4 - TIME OFF MARKET FEE (TOM): Explain the TOM Fee to the buyer and upon termination because a contingency was not satisfied (inspection, financing, appraisal, etc.), you will never again have to hear “Why isn’t the seller just signing the Earnest Money Distribution Form – the contract is clear that I’m entitled to a refund of my Earnest Money?.” I’m sorry buyer, but no matter how clear the contract, we cannot force sellers to behave reasonably or in accordance with the contract.

If you can delay depositing Earnest Money until you get through one or more contingencies, you will not be at the seller’s mercy to sign that Earnest Money Distribution Form if you terminate due to an unsatisfied contingency. By offering a TOM Fee, the seller may be willing to postpone receipt of Earnest Money.

2. PARA. 6 - PERSONAL PROPERTY: Just because it’s listed in the MLS does NOT mean it “goes with” the home. If it’s not listed in the Personal Property Paragraph (6)(D)(ii), it does NOT remain. Again, the contract is clear on this point.

during Inspection Period.

5. PARA. 22 - INSPECTIONS: The buyer has agreed not to send the report to the seller if the buyer is terminating and to ONLY send the copy of the section(s) of the report relevant to the buyer’s objections if the buyer is objecting, BUT if the seller requests a copy of the report in writing, the buyer is obligated to give the report to the seller. The seller is NOT obligated to compensate the buyer for the report and there are no restrictions on how the seller can use the report once they have it.

I’m not promising this will eliminate all buyer or seller complaints over “how the PA works” or how Earnest Money should be distributed, but an understating of what to expect regarding these provisions of the PA will go a long way to tempering your respective buyer or seller’s reaction if/when the issue arises, and even if it doesn’t, at the least, you can remind the buyer or seller that you specifically discussed the issue with them.

Legal Update provides a limited and general discussion of some, but not all, aspects of issues that is intended but not guaranteed to be accurate as of the date published. This information may become outdated and it is the responsibility of the user to determine if it is current. No summary of the law is a substitute for legal advice with respect to a particular matter. No attorney-client relationship is intended or implied.

If legal advice is required, the services of a competent attorney should be obtained. NMAR members are cautioned against engaging in the unauthorized practice of law by advising a consumer of legal rights and obligations or by applying the law to particular facts and circumstances. © 2021 New Mexico Association of REALTORS®

3. PARA. 7 - FINANCING: If the buyer can’t get financing by the Closing Date, the financing contingency has not been satisfied. Generally, this would result in a full refund of the Earnest Money to the buyer, but the NMAR PA has a “catch” – if the buyer doesn’t provide a written rejection letter from the lender within many days before closing, the buyer does NOT get their Earnest Money back. The buyer is not in breach and will not be liable to the seller for any additional damages, but the buyer will forfeit the Earnest Money (Para. 7(B)(v) – please note how days are calculated here).

4. PARA. 9 - APPRAISAL: We added language to the PA to address this, because it came up so often. There is NO contingency within the Appraisal Contingency for square footage discrepancies. If square footage is of import to the buyer, they must determine square footage

MOST NMREC approved ethics CE classes, required for license renewal, meet the NAR requirement.

The NAR 2.5 hour class does NOT meet the 4 hour requirement for license renewal. Check with your Board or contact Barbara@nmrealtor.com if you have questions.

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Member Benefits

NAR Announces New REALTOR Benefits® Program Partnership RRC Broker Solutions designed to increase support for independent firms Spencer High NAR

CHICAGO (September 21, 2021) – The National Association of Realtors® announced today the launch of a new resource being made available to its members nationwide through the REALTOR® Benefits Program.

The offering, Residential Real Estate Council’s Broker Solutions, was developed to ensure residential real estate brokerages with fewer than 150 agents are able to provide service and support to their agents comparable to what is typically offered by larger entities.

to provide all NAR members, non-member NAR staff, state/local association staff and family members with $50 off full-priced education programs provided by Broker Solutions.

Last week, NAR released its 2021 Profile of Real Estate Firms, which found that the vast majority of real estate brokerages in America are small, independent operations. Specifically, four out of five real estate firms operated from a single office, typically with three full-time real estate licensees, and 81% of all U.S. brokerages are residential.

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.

“Smaller, independent brokerages have limited resources to navigate the endless stream of disruptions in our market,” said NAR CEO Bob Goldberg. “But as the NAR report from last week showed, these are the brokerages which dominate the market and propel our industry forward. We’re excited to announce this partnership with RRC, which will help to ensure small, independent firms have access to the same resources as those affiliated with major franchises and corporations.”

Through various educational and professional development programs and consulting services, RRC’s Broker Solutions offers a number of tailored programs to help brokers equip agents with the tools needed to succeed in today’s market. RRC Broker Solutions has agreed

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RRC was established in 1976 to provide real estate brokers and agents with shared knowledge and tools.

Recognizing the need for advanced education, the Council developed training courses and established the Certified Residential Specialist (CRS) designation.

INVEST in RPAC

Joining Forces for a Great Cause For over ten years the Benevolent Fund and the Stanley H. Mathis Foundation have worked together through a silent and live auction during the yearly annual conference.

Last year, as there were no in-person meetings, this year’s auction was extra special and it showed with both groups collecting over $10,000, so far. This year offered an auctioneer to preside over the event with committee members from both groups assisting, and sometimes helping participants raise their bids.

The Stanley H. Mathis was created in 1976 to foster high-quality educational opportunities for REALTORS® and member affiliates. This is done through grants to institutions of higher learning to offer additional courses in real estate and allied fields for the benefit of all students, and providing scholarships for those interested in pursuing careers in the real estate profession.

The Benevolent Fund, REALTORS® helping REALTORS®, was created to provide assistance for the New Mexico Association of REALTORS® family when they encounter financial hardsips beyond their control.

Kent Cravens, Chief Executive Officer for the Greater Albuquerque Association of REALTORS holds up a Nambe Vase as Sandy Lee Pasquale, President of the Benevolent Fund watches for bidders and Leroy Swart, Auctioneer with My Auction Addiction works to call out the highest bids.

have encountered severe financial harships for reasons beyond their control to obtain basic necessities through the provision of grants in the form of funds, goods, and/or services. Recipients can receive up to $2,500 per 12-month period.

To volunteer, donate or just learn more, visit www.nmrealtor.com and click on Professional Development for the Stanley H. Mathis and Membership for the Benevolent Fund.

This fund operates as an exempt charitable organization that is primarily dedicated to assisting individuals who NMAR REALTOR® Voice | Third Quarter 2021 | Page 16