Top 10 roadblocks for the real estate market in 2024 | What are the most important KPIs for your business? | How does a mentor differ from an advocate?
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Professional development relationships sometimes disappoint people who neglect the difference between a mentor and an advocate, writes Kaelin Peterson, a doctoral student in performance improvement leadership. Clarify whether guidance or advocacy is the goal and ask for it, notes Peterson, who suggests seeking connections through professional organizations, school alumni groups, LinkedIn and networking events. Full Story: The American Genius (10/26)
Google Photos montage feature incorporates AI Google Photos has incorporated artificial intelligence to enable montage videos to be done quickly, with the technology selecting the relevant photos for the user. Full Story: Creative Bloq (10/28)
Fair & Equitable Housing
U.S. to encourage office-to-residential conversions The Biden administration seeks to address affordable housing shortages and empty office space with a multi-agency initiative. To encourage office conversions to apartments, the plan allocates more than $35 billion lending assistance from two Department of Transportation programs. Full Story: The Associated Press (10/27)
Legislation & Regulation
Advisory panel calls for expanding flood-zone designations An interim report by the Technical Mapping Advisory Council, established by Congress in 2012, recommends that the Federal Emergency Management Agency designate more areas as having a high risk of flooding, a move that could make flood insurance mandatory for millions more property owners. About 8.5 million properties are in areas that FEMA has deemed as facing high flood risk, although the First Street Foundation says the designation should apply to an estimated 19 million properties. Full Story: E&E News (10/27)
Commercial property risks increase for many U.S. banks Problems in the commercial property sector are posing risks for hundreds of U.S. banks exposed to an estimated $5.5 trillion of debt in the sector, much of it related to office space. An expected post-pandemic return to offices has not fully materialized, and occupancy rates remain at about 50% of their pre-pandemic levels. "Lenders are starting to capitulate, realizing that they need to mark down loans. This is going to pick up momentum as we go into 2024," says real estate executive Scott Rechler, a board member of the Federal Reserve Bank of New York. Full Story: The Telegraph (London) (tiered subscription model) (10/27)
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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. REALTOR® Magazine is the official magazine of NAR, bringing expert insight to real estate trends, tools, and business strategies.
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