Metropolitan Indianapolis Board of REALTORS. January 15, 2010

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1 Metropolitan Indianapolis Board of REALTORS Broker/Owner Meeting January 15, 2010

2 Sue Applegate 2010 MIBOR President

3 Larry Mitchell MIBOR Immediate Past President

4 Bylaw Amendment Section 11.1 The following are proposed changes to the Bylaws of Metropolitan Indianapolis Board of REALTORS pertaining to changes in the composition of the Board of Director seats. The underlined portions represent new language. Section 11.1: The governing body of MIBOR shall be a Board of Directors consisting of the elected Officers and not more than twelve (12) elected REALTOR Directors, one (1) elected Affiliate Director one (1) appointed Builder Director one (1) appointed Commercial Director and one (1) Director appointed by the President- Elect. The Board shall serve as Trustees on behalf of the owner-membership. The Board of Directors will govern MIBOR with a strategic perspective considering the good of the organization as a whole. The Board of Directors will set forth in written policies the rules and guidelines for its own Governing Process, the Board s relationship with Staff, the mission and goals of MIBOR, and the delegation and monitoring of authority. Directors, except for the Director appointed by the President-Elect, shall be elected or appointed to a three-year (3) term beginning January 1 of the year following the election or appointment. Rationale: Clarifies the appointment procedure and term of office for the additional Board seat described in Section 11.2e.

5 Bylaw Amendment Section 11.1 Section 11.2e: Director Appointed by President-Elect After the election and/or appointment of the new directors that will serve during the presidential term of the current President-Elect, the President-Elect shall analyze the composition of the Board of Directors that will serve during his term as President. If the President- Elect, in his sole discretion, finds that any group or interest in the Board is under-represented, represented, or if there is a lack of needed expertise on any issue or subject; then the President-Elect may appoint as a Director, any member of the Board that he feels would represent that group or issue, or provide the needed expertise. The appointed Director s term shall only be for the President-Elect s term of office as President. Any member appointed must meet the qualifications for an elected Director as outlined in Section 11.8b and must be ratified by the Board of Directors. The appointment of this Director is not mandatory, and need not be made if the President-Elect, in his sole discretion, finds that the need for the Director does not exist. If the appointed Director is unable or unwilling to complete his term, or is removed pursuant to Section 11.6, the then President shall have the right to appoint a member to finish the term. The member so appointed must meet the qualifications outlined above and be ratified by the Board of Directors. Rationale: The membership of MIBOR is composed of a very diverse group of individuals and companies. The complexity of the industry itself requires a varied set of skills and knowledge. This proposed change enables the Presidentelect to fill any void that may exist in the composition of the Board of Directors to help ensure that those demographics, specialties, and topical interests are well served in setting direction for the association. President-elect elect has a good view of composition of skills, expertise.

6 Industry planning issues that may call for special expertise Demographic composition, i.e brokers, agents, brokerage size, ethnicity, diversity, etc. Topical issues: insurance, license law, short sales, commercial lending, industry advocacy Critical/global thinking (those that have a broad view and understanding of the impact of decisions beyond our entire region ). No criticism of any set of directors, but most have only local view of markets.

7 Tom Renkert MIBOR Director of Business Support Services

8 REALTORS Property Resource (RPR)

9 What Is RPR? RPR is a an online real estate library/archive that will provide real estate professionals with data on every property in the United States. Tax data Listing data Demographics Sychographics (items of interest or actives) schools Trends and analytics on market areas Market-to-market comparisons and referral opportunities Brokerage analytic & comparison tools Forms integration with anticipated additional partner services Business ( social ) networking with colleagues and associates

10 What Is RPR? Exclusive use of members of the National Association of REALTORS RPR acquired assets and tax data licenses from Lender Processing Systems (LPS) for $12M

11 What Is RPR? RPR is a reseller of analytic services (REALTOR Valuation Model - RVM) to financial i institutions and Wall Street t companies RPR anticipates a $60-80 Million dollar annual revenue stream - profits split with LPS

12 What Is RPR? RPR is not a National Listing Service No offer of cooperation and compensation RPR models dl depends d on Listing i Services sending listing information for the RVM In exchange for Listing data, RPR will provide bulk tax data to Listings

13 Value Propositions NAR Revenue - $30-40 Million / year Owner of the national property database MLSs Free property record/tax data to Listing Service (no plat maps) Application-Programming ginterface to RPR Brokers Application and services for cross market servicing Market analytics Plans for Application integration (forms) Agents Data and an application, nice reports Better AVM than Zillow with RVM

14 Negatives? Repurposing brokers' data for NAR revenue stream No profits back to brokers or associations May level the brokerage services playing field. Facilitates market experts for any market area Appraisers are NOT happy!!

15 Questions? For a Demo go to:

16 Steve Sullivan MIBOR CEO

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18 Game Changers

19 Game Changers

20 Game Changers Marketing Plan Research on branding Ownership of a mark

21 Sue Applegate 2010 MIBOR President

22 Total Member Fees By Year Bill Freq. Tech/BLC Key* Dues TOTAL 2010 Annual $ $ $ Semi-Annual $ $ $1, Annual $ $ $ Semi-Annual $ $ $1, Annual $ $ $ Semi-Annual $ $ $ Annual $ $ $ Semi-Annual $ $ $ Annual $ $ $ Semi-Annual $ $ $ Annual $ $ $ Semi-Annual $ $ $ Annual $ $ $ $ Quarterly $ $ $ $ Annual $ $ $ $ Quarterly $ $ $ $ Annual $ $99.75 $ $ Quarterly $ $99.75 $ $ Annual $ $99.75 $ $ Quarterly $ $99.75 $ $ Monthly $ $99.75 $ $ Monthly/ann. key $ $99.75 $ $ Monthly mls + key $ $ $ $ Monthly/ann. key $ $99.75 $ $ Monthly mls + key $ $ $ $ current incr. '00-'10 % Incr. MIBOR dues increased $20 for 2001, $30 for 2010 $250 $ % NAR Ad Campaign last increased $5 for 2001, $10 for 2007 $35 $ % NAR Dues increase $16 for 2008 $80 $ % IAR Dues increased 2002-$15,2003-$5,2004-$16, 2003 $ $ $5, 2007-$12, 2009 $13 $155 $ % TOTAL $520 $ % *Key increased in 2003 due to sales tax increase from 5% to 6% IAR Special Assessment for Realtor Defense Fund included in 2009 Dues

23 Dues NAR Ad IAR Special Amount collected Amount billed to YEAR BILLED MIBOR IAR NAR Dues Campaign TOTAL Assessment in arrears* members 2010 $ $ $80.00 $35.00 $ $5.00 $ $ $ $80.00 $35.00 $ $50.00 $13.00 $ $ $ $ $35.00 $ $16.00 $ $ $ $64.00 $30.00 $ $22.00 $ $ $ $64.00 $20.00 $ $5.00 $ $ $ $64.00 $20.00 $ $0.00 $ $ $ $64.00 $20.00 $ $0.00 * $ $ $ $64.00 $20.00 $ $0.00 $ $ $ $64.00 $20.00 $ $20.00 $ $ $84.00 $64.00 $20.00 $ $0.00 $ $ $84.00 $64.00 $15.00 $ $0.00 $ $ $84.00 $64.00 $15.00 $ $0.00 $ $ $64.50 $64.00 $15.00 $ $0.00 $ The 2004 Arrears portion of the dues was $16, but it was paid as a rebate from MIBOR Service Corp. IAR Special Assessment = Realtors Defense Fund

24 Steve Sullivan MIBOR CEO

25 MIBOR Structure Professional Services and Industry Issues Housing Issues Business Practices Dispute Resolution REAL Business Support Services BLC Listing Service Product Research, Evaluation Broker/Agent Tools Member & Industry Advocacy Local Legislation and Regulation Public Policy Economic Development Community Issues Operations/Finance/ Communications Strategic Planning Accounting, Budgeting, Forecasting Public Relations, Media Relations, Events 25

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