Legislation to protect commercial brokers against losing rightfully earned commissions made its way onto the Senate floor today, where it passed 27-10 (one Senator was absent). Senate Bill 610, which has been introduced by Senator Jason Allen (R-Traverse City) would create the “Commercial Broker Lien Act” and will allow a lien to be placed on commercial property for non payment of commission. Certain requirements will need to be present in order to record the lien incuding, but not limited to;
- A written commission agreement must be present and the broker is entitled to the commission under terms of the agreement.
- The broker records the lien before the conveyance of the property.
Many commercial brokers have reported difficulties in collecting commissions on deals that have taken months or even years to complete. Increasingly, our commercial members are finding themselves falling victim to, what has been termed in the industry as a “commissionectomy”, especially in leasing situations. More often than not, the cost of pursuing a lost commission far outweighs the commission itself.
Another purpose of this legislation is to prevent future lawsuits in regard to commissions. While commercial real estate brokers make up a portion of our membership, it is necessary to do everything possible to avoid costly litigation procedures with buyers or sellers who might be looking to take advantage of brokers not wanting to lose a sale. Avoiding litigation is a good thing for all REALTORS®, whether they sell commercial or residential properties. Approximately two dozen other states already have commercial broker lien laws in place, including the neighboring states of Illinois and Ohio.
Senate Bill 610 now heads to the House, where it is expected to be taken up in the Regulatory Reform committee. The MAR staff will continue to meet with legislators in the House to express the importance for why this legislation is needed.
Along with the ever-popular Association Legal Issues with Greg McClelland, and Public Policy Update with MAR's own Rob Campau, MAR is pleased to present Marcus Wally, and social media speaker Chris Newell to the Achieve speaker lineup.
Marcus Wally will be presenting his two-part session, "Prepare to Lead 2010!" This session covers important strategies to become a better leader in the upcoming year. This is a must see session for any leader, looking to increase their success.
Chris Newell is a licensed REALTOR®, whose online presence has been his backbone since the beginning of his real estate career. His session "
Social Media for Leadership" will leave attendees with the understanding of the power of Social Media in connecting with their customers, the decisions they face in determining a Social Media strategy and the process of creating their Social Media presence.
Register for Achieve today for only $149!
MAR is pleased to announce the launch of an educational real estate campaign in partnership with Digital 10 Networks, which manages and maintains content for the captive-audience TV broadcasts in Secretary of State branch offices throughout the State of Michigan.
This six-month, statewide initiative will involve a video series designed to educate citizens about residential real estate topics as they await their turn for service at local branch Secretary of State offices. Digital 10 Networks has a wide reach throughout the State of Michigan; their networks beam high-quality programming to constituencies at over 100 offices throughout Michigan! This will provide MAR members a prime opportunity to get in front of their local target audience at a place where people are guaranteed to listen.
Through these captivating segments, Michigan residents will learn about the benefits of working with MAR-member REALTORS® to buy or sell a home. How do you get to be the MAR members whose sing-song voice and shining smile appear on screen? Easy. Every MAR member will have an opportunity to sponsor this unique series at the Secretary of State branch offices in their neck of the woods. It’s a great way to promote your firm and expertise to potential clients.
Given recent dynamics in the residential real estate market, MAR has taken an active role in educating and empowering Michigan citizens on important matters, positioning the association as an industry leader. MAR member-agents carry the cachet of being associated with a well-reputed organization. “Digital 10 Networks is providing both MAR and it’s members an excellent opportunity to reach the general public through a very visible media. We look forward to the opportunity to reinforce the value of using a REALTOR®, the continued fight for our industry and assist local REALTORS® in reaching their communities as an expert.” – Bob Taylor, MAR 2010 President
For more information regarding this unique initiative, please visit:
http://www.digital10network.com/D10/index2.html
“This is a formidable partnership,” says Dan Glisky, Jr., CEO and Co-Founder of Digital 10 Networks. “MAR is a thriving organization that unites the expertise of talented real estate agents throughout the state. And we at Digital 10 bring an unprecedented expertise in out-of-the-box marketing and promotions. This dynamic partnership will bring your ideal clients into sharp focus and easy reach.”
MAR will be sending information to members shortly. Interested individuals can learn more about this campaign and marketing sponsorship opportunities with Digital 10 Networks. Don’t get left out! Sign on today - contact Andy Park to reserve your spot at 248.488.5570 x 307 or via e-mail
Andy Park or go to:
http://www.digital10network.com/D10/index2.html
With the help of McClelland & Anderson, we are taking the most commonly asked questions from our legal hotline and putting them in E-news. We will be featuring a different question each issue.
QUESTION: I am a broker and one of my salespersons wants to do some property management on the side. Is this allowed?
ANSWER: NO. Only brokers can enter into property management contracts. A broker can however, have one of its agents manage properties on behalf of the broker with all commissions being paid through the broker.
Are you one of the thousands of NAR members who have requested a quote for Limited Medical Indemnity Insurance through NAR’s new REALTORS® Core Health Insurance (RCHI) Program? If not, maybe it’s time to look into the options and see if any of RCHI’s exclusively-designed plans fit your health insurance needs.
RCHI offers affordable, guaranteed-acceptance, Limited Medical Indemnity Insurance plans to NAR members under the age of 65. There are three plan options to choose from* and all are underwritten by United States Fire Insurance Company, rated “A” (Excellent) by A.M. Best Company (2009 edition).
*Subject to state availability
WHO BENEFITS?
NAR Members who can benefit from an RCHI plan include those who:
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Do not have health insurance.
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Have applied for individual Major Medical health insurance and have been declined or quoted expensive insurance rates.
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Have health insurance with high deductibles or out-of-pocket expenses.
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Members who have Major Medical insurance should contact an RCHI representative to see if one of the RCHI plans could supplement their existing coverage and decrease overall out of pocket expenses.
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Have a pre-existing condition that makes traditional insurance coverage expensive or difficult to obtain, but that may be covered by RCHI.**
Highlights of REALTORS® Core Health Insurance***
Simply put, RCHI provides coverage for your healthcare needs- helping to provide basic benefits at an affordable cost.
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Guaranteed-acceptance- No medical questions/exams required
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Low Cost- Plans start as low as $70.69 per month
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Freedom to choose any provider
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Benefits include: doctor office visits, wellness visits, emergency room benefits, surgery benefits, and more!
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For those coping with an urgent need, next-day coverage is available.****
**Coverage for Hospital Room & Board, ICU/CCU, Surgery and related Anesthesia under the RCHI plan has a 12 month pre-existing condition clause
***Subject to limitations and exclusions
****30-day waiting period for sickness
How Do I Receive A Quote?
RCHI has trained benefits specialists on staff who are ready to help you decide if one of their valuable plans is right for you. Speak to a representative today by calling 1-877-267-3752 or visit http://www.realtorscorehealthinsurance.com/AE for more details.
Business consultant and real estate trainer Ralph Williams says the key to success in the real estate business is to ñlead and direct people to good decisions in moments of truth.
To help his students achieve this lofty goal, Williams uses an eight-step model that helps them build a solid personal foundation on which to base their efforts. Here's what he says it takes to build that foundation:
- Think. That starts with asking questions.
- Decide what you want. Look at where your closed transactions originate, then determine which market niches are best suited to your business and skill sets.
- Be responsible. Make yourself responsible for doing what is necessary to create the business you want.
- Work hard. Discipline yourself to do what you donÍt want to do.
- Care. Care about what others want and then help them attain it.
- Be humble. This is expressing gratitude for the positive things in your life.
- Be proud. When you do what it takes to make your wants a reality, you can be proud.
- Be happy. People have to earn happiness; it canÍt be handed to them. . That starts with asking questions.
Decide what you want. Look at where your closed transactions originate, then determine which market niches are best suited to your business and skill sets.
Source: Inman News, Bernice Ross (12/01/2009)
Throughout the United States there is a growing concern about the high costs of long term care and the impact those costs have on financial security, retirement planning and quality of family life.
In response to this concern, MAR members, and their eligible relatives, can now receive a premium discount on Great American Life long term care insurance products through the MAR Edge member benefit program.
For more information on the long term care insurance discounts please contact Great American LifeÍs long term care help line at 800.557.5721.
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