In the latest episode of the Real Estate Insiders Unfiltered podcast, we had the pleasure of hosting Shannon McGahn, the Chief Advocacy Officer at the National Association of Realtors (NAR). Shannon shared valuable insights into the advocacy efforts that are crucial for shaping the real estate industry’s future. Here are some key takeaways from the discussion:
Role of Advocacy in Real Estate
- Importance of Advocacy: Advocacy plays a vital role in shaping policies that impact real estate professionals and consumers.
- Local Engagement: Local associations are instrumental in initiating and supporting advocacy efforts at the national level.
- Advocacy Wins: Through decades of advocacy efforts, the real estate industry has achieved significant wins that benefit real estate professionals and homeowners.
Current Challenges and Focus Areas
- Tax Reforms: The expiration of key provisions of the Tax Cuts and Jobs Act is a critical issue on the advocacy agenda.
- Threats to 1031 Exchange: Advocacy efforts are focused on protecting the 1031 like-kind exchange, which is essential for promoting economic activity in the real estate sector.
- Advocating for Homeownership: Advocacy efforts also aim to address challenges such as threats to independent contractor status, ensuring fair compensation practices, and promoting homeownership.
Navigating Policy Changes
- Monitoring Tax Reforms: The industry is closely monitoring potential tax reforms that could impact real estate transactions and market dynamics.
- Bipartisan Engagement: Collaboration and bipartisan support are essential for advancing policies that benefit the real estate industry and homeowners.
- Advocacy at Different Levels: Engaging with lawmakers at the local, state, and federal levels is key to addressing industry challenges and advocating for policy changes.
The advocacy efforts led by the National Association of Realtors are vital for safeguarding the interests of real estate professionals and promoting a thriving real estate market. By staying informed and actively participating in advocacy initiatives, real estate agents can contribute to shaping a sustainable and prosperous real estate industry.
