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August 17th, 2024 Real Estate Compensation Changes

As you may have read or seen, there are several changes happening this week in regards to real estate transaction compensation and the showing process for homes. The first change is that a commission to a Buyer’s Agent can no longer be advertised in the MLS or Multiple Listing Service which is widely used throughout the industry. Some of the reasons this was put into place was to provide-

Increased Transparency
• Clearer Costs: Recent regulations often require more transparent disclosure of the total commission fees, including who is paying them. This helps buyers and sellers understand the true costs associated with transactions.
• Informed Decisions: Buyers and sellers can make better-informed decisions about their real estate transactions when they have a clear understanding of how commissions are structured and negotiated.
• Reduced Hidden Fees: Increased transparency can lead to fewer hidden fees and unexpected costs, allowing consumers to budget more accurately for their home purchase or sale.

Enhanced Competition
• More Options: As commissions and compensation structures become more transparent, real estate agents and brokers may be more inclined to compete on service quality and value.
• Better Service: With heightened competition, consumers might benefit from improved service as agents strive to differentiate themselves through better performance and customer service.
Overall, these changes aim to make the home buying and selling process more transparent for consumers, potentially leading to more satisfaction with their real estate transactions.

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The Twelve Days of Giving

Here we are, mid-December. A time known to many as “The Twelve Days of Christmas.” But as I’ve had pointed out to me, the 12 Days of Christmas actually begins on December 25th and continues through January 6th, Epiphany. Never one to let the calendar hold me back (that and a packed travel schedule) I began my annual tradition of the 12 Days of Giving back in November with a discovery I made in New York City.

It is my practice to seek out places of worship in every destination I travel to and during my last trip to the Big Apple I happened upon Holy Trinity, holytrinitynyc.org and learned about their many outreach programs. One in particular, Lunch with Friends resonated with me and it was tremendously rewarding to donate a few holiday pies for this inclusive and welcoming endeavor, especially around this festive season.

Work has me spending time searching out opportunities in new destinations and one in particular that I’m getting acquainted with is San Juan, Puerto Rico. This beautiful island, still recovering in many areas from the tragic effects of Hurricane Maria has wowed me. One of the many reasons why – organizations like Union Church, unionchurchsj.org. They host the Original Christmas Bazaar and Music Festival, one of the largest bazaars of its kind in all of San Juan. They were happy to receive a few hundred cuties from the Beanie Baby collection to sell at the event. Funds raised at the bazaar are donated to organizations working with the homeless population in addition to supporting the ongoing operational needs of the church.

Thus far, back home in Minneapolis I’ve enjoyed visiting groups like One Heartland, oneheartland.org, the Masonic Children’s Hospital, mhealthfairview.org, and Essentia Health, essentiahealth.org with donations ranging from toys and stuffed animals to power tools. All are wonderful organizations that have important missions and purposes. It is definitely worth clicking on the links to their websites and checking out the great work they do.

While goods and financial contributions are always appreciated, there are other ways to donate that are equally meaningful.  If this time of year has a habit of draining one’s bank accounts, consider giving the gift of time. A few hours of volunteerism can make a huge difference. With so many noble organizations out there, it is easy to find a way to volunteer that suits your schedule and your passion. A few suggestions, courtesy of an email blast from US Bank;

  1. The gift of freedom: Send care packages to military personnel overseas. The USO, for example, takes donations that help provide technology resources for troops to connect with their families back home.
  2. Home for the holidays: Participate in a Habitat for Humanity project. Habitat helps families in need build strength, stability and self-reliance while building their own home alongside volunteers.
  3. Show kids how to shop smart: Teach basic financial education to youth at local schools through Junior Achievement. You don’t need to be an expert to sign up and you may even learn a thing or two yourself.

No matter how you give this holiday season, or when – during the 12 days, before it, or like me, all throughout, I encourage everyone to find something that resonates within themselves and get involved! Remember, its often times the littlest things that can make the biggest difference…

Happy Holidays, David.

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Minneapolis Superbowl LII Housing

February 4th is fast approaching Super Bowl LII is right around the corner!!
Hotels sold-out? Looking for a unique yet relevant place to stay? From single family homes, to skyway access condos to Warehouse district lofts – Check out our listings at https://www.aresi.com/property-contract/superbowl/ In addition we have a network of Realtor contacts with other offerings and are here to help with all your Super Bowl travel and stay needs!

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