Are Apartment Rents Really at Market...?

1) Are Arizona apartment managers colluding to set apartment rents higher than they would be if they were all working independently?
2) When a market survey is completed by an appraiser, is that appraiser getting true market rents, or are they getting rents that the managers collaborate to provide?
3) Why has Kris Mayes, the Attorney General of the State of Arizona, filed a lawsuit against RealPage and nine major residential apartment landlords in Arizona contending that they are illegally raising rents for hundreds of thousands of Arizona tenants in Phoenix and Tucson?

To discuss these topics on a Zoom call we have engaged Professor Mark Stapp at the ASU Center for Real Estate Theory and Practice.

Who: Professor Mark Stapp of ASU
What: Arizona Attorney General Kris Mayes lawsuit against RealPage and Arizona landlords
When: Zoom call at noon on Wednesday September 11, 2024
Where: The comfort of your office, as this will be a Zoom call.
Why: To discuss whether apartment rents are really at market.

The meeting is free. Please click here to register and get a meeting invite link.

Or click here to go to the meeting:   Meeting Link

NAR Changes their Commission Structure 

In March of 2024 the National Association of Realtors agreed to pay $418 million in damages as a settlement to a $1.8 billion jury verdict awarded to homeowner’s who argued that NAR’s rules on agent commissions forced sellers to pay excessive fees at sale.  Commissions of 6% were split between the sales agent and the buyer’s agent. However starting in July 2024, compensation for brokers can not be listed on MLS, and buyer agents must enter into a written agreement with their buyers. Typical buyer closing costs include the down payment, loan origination, points, home inspection, appraisal and other expenses. With the new agreement, how do these costs get funded? Will some costs now be considered as sales concessions?

Mark Toon is a Senior Real Estate Broker with My Home Group in Mesa, Arizona. Mark has almost 50 years in the real estate industry, and will speak to the challenges the new ruling brings to the NAR, and the real estate industry as a whole. Please join Mark and the chapter in a Zoom call at noon on Tuesday June 4, 2024.

The meeting is free. Please click here to register and get a meeting invite link.

• Who: Phoenix Chapter of the Appraisal Institute and Mark Toon
• What: Chapter meeting via Zoom call to discuss the impact of the change on the real estate industry.
• When: Tuesday June 4th at noon. 
• Where: Zoom call.  
• Cost: Free, but register so that we can send you a Zoom invite link
• Register Here: Register Here!

Tour of Keys to Change - Homeless Service Center

What happens to people that are evicted from their homes? In 2023, there were 83,236 eviction filings in Maricopa county, an increase of more than 23% from 2022. Higher rents and a housing shortage in metro Phoenix are the biggest drivers of increasing evictions and a growing population of homeless.  What do people do when evicted? How many become homeless? What can they do to help themselves, and what resources are available to them?

On Tuesday March 5th the Phoenix Chapter of the Appraisal Institute will sponsor a tour of Keys to Change, (formerly the Human Services Campus), followed by a luncheon at the Old Spaghetti Factory. Keys to Change is a 13 acre campus in downtown Phoenix that offers over a dozen resources for the homeless.

Click on the following link to register for the tour on March 5th at 9:30 am. Register Here

• Who: Phoenix Chapter of the Appraisal Institute and Keys To Change
• What: Tour of the Keys to Change Campus, followed by a lunch at the Spaghetti Factory.
• When: Tuesday March 5th at 9:30 am
• Where: Keys to Change Campus at 204 S. 12th Avenue, then lunch at the Old Spaghetti Factory at 1418 N. Central Avenue, Phoenix.
• Cost: $10 to help with lunch costs, the balance paid for by the chapter.
• Register Here: Register Here!

Fall Forum at Desert Willow Conference Center

It’s Back Yet Again!!  The Phoenix Chapter of the Appraisal Institute is excited to announced our annual Fall Forum on Real Estate Trends will be held on Wednesday, November 8th, 2023.  As always, our forum will provide an overview of Arizona's economy, with local experts providing their view on development in central Arizona, along with presentations on specific property types.  This year’s Fall Forum will be on November 8, 2023 and will be held at the same location as the previous one - (Desert Willow Conference Center – 4340 East Cotton Center, Suite 100).  The forum will provide 7.0 hours of Continuing Education hours for the State of Arizona.  There will be 9 presenters, speaking on a variety of topics as outlined below.  This seminar includes a continental breakfast, lunch, and drinks and snacks throughout the day.  

Click on the following link to register for the Fall Forum November 8th, 2023: Register Here

• The Economy with Rick Merritt, President of Elliot D. Pollack & Company
• Water Issues with Sarah Porter, Director at the ASU Kyle Center for Water Policy
• Development Activity In Phoenix with Christine MacKay, Director of Phoenix Community and Economic Development
• Transportation with Ed Zuercher, Managing Executive Director of Maricopa Assocation of Governments
• Office Update with Mindy Korth, Executive VP of Investmant Properties at Colliers International
• Industrial Market with David Bean of Commercial Properties, Inc
• Multifamily Market Update with Cliff David, Executive Managing Director of Institutional Property Advisors
• Hospitality Market Update with Zabada Abouelhana, VP of HVS