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Is Property Ownership In Your Retirement Plan?

When you’re trying to pay your bills each month, it’s hard to think about retirement. But there are two things that can help you retire when the time comes. The first is owning your own home. It can be good advice for your clients and it can be good advice for you, because your home is an asset that can provide a foundation for when you no longer have a steady income from work. And yet one of every five members of NAR does not own his or her own home. The second thing that will help is owning investment property. And here, about a third of NAR members don’t have this asset working for them.
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Looking ahead to 2017, NAR will be launching a program to help you fill in the gaps about what you know about investment real estate so you can help yourself as well as your clients.

NAR President-elect Bill Brown said at the Leadership Summit he hosted a few weeks ago that we wants retirement to be a priority during his term in office, and his goal is to give NAR members this education resource to help them turn their real estate career into a successful retirement. You can expect to hear more about the program when it comes out.

Brown’s remarks are excerpted in the latest Voice for Real Estate news video from NAR. The video also looks at two public policy issues that are starting to have an impact on how you do business. The first has to do with small drones, which are now something you can use commercially as long as you meet federal requirements that took effect at the end of August 29. In the video, you’ll meet a real estate agent who hired a company to take drone video for a listing she’s trying to sell. She talks about how she thinks the video will help her. The second policy issue has to do with smart homes and the Internet of Things. The Internet of Things refers to the online collection of data from home appliances and personal devices, and smart homes refers to homes that have these Internet-connected appliances in them. The two go together.

NAR has launched a lab to look at smart-home technology and help companies design the products and the data they generate so they help owners, sellers, and buyers make smart decisions based on energy use and other performance measures. NAR’s focus on the issue comes at a good time, because the federal government is getting ready to launch a process in which it will determine whether rules are needed to govern the Internet of Things and, if so, what the rules should look like. NAR has commented on the Internet of Things before and it plans to comment as this process goes forward.

The video also looks at the latest home sales numbers, which NAR Chief Economist Lawrence Yun says are down because of the shortage of homes available for sale in many parts of the country. It also looks at the effort REALTORS® are making in the wake of Louisiana flooding. The video also looks at efforts by NAR staff to help kids go back to school with helpful supplies by working with the Boys & Girls Clubs of America.

Watch the video.

Robert Freedman

Robert Freedman is director of multimedia communications for the NATIONAL ASSOCIATION OF REALTORS®. He can be reached at rfreedman@realtors.org.

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Comments
  1. Buyers and sellers have more information available at their fingertips today than ever before. This creates a more astute buyer and a more strident seller across the real estate spectrum. Also, to the point of home ownership as it relates to retirement, I buy into the school of thought that you cannot bank on your primary residence to be your sole means of support as you settle into retirement. Great information in this article!

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