South Asian American real estate professionals meet to discuss industry trends

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The Association of South Asian Real Estate Professionals (ASARP) held its monthly gathering on May 4, 2023, in Rosemont, Illinois. More than 50 professionals from the real estate industry attended to discuss industry trends, upcoming events, and networking opportunities.

The chairman of ASARP, Pradeep B Shukla, opened the gathering with a reference to the iconic Star Wars franchise. Describing it as “May the Fourth (Force) Be with You” day, Shukla inspired members to channel the “force” of professionalism in their work and support for each other.

Members had the chance to share their experiences and expertise with one another, highlighting the unique perspectives and insights they bring to the real estate field, a press release said.

President Shirin Marvi welcomed the guests and explained some of the major issues currently affecting the real estate profession. She discussed the recent anti-trust lawsuits against the National Association of Realtors, emphasizing that the way business is conducted is likely to change dramatically soon. She advised members to take extra care when dealing with customers and to ensure that proper disclosures and agreements are in place to protect their efforts and commissions.

Marvi also addressed the current disciplinary issues facing the Illinois Department of Financial and Professional Regulation (IDFPR). She advised members to stay up to date on any changes or developments in this area and to be proactive in ensuring that they are in compliance with all applicable regulations.

Pradeep B Shukla gave a presentation on the economy and suggested that the business of ‘Fix and Flip’ real estate business should grow very fast within next couple of years. He emphasized the importance of proper expense recording, incorporating the business, and obtaining a realtor license as critical steps for successful tax planning.

Long term capital gains are taxed at 20% as compared to short term gains that are taxed at maximum marginal rate applicable to the individual, Shukla pointed out. So, he suggested to keep holding period on not less than 12 months, if the situation so permits. In classifying non-passive activities from normal real estate related passive activities, IRS looks for Regular, Continuous and Substantial participation.

Harsha Shukla, director, provided a brief overview of low-income housing  opportunities in Illinois. She provided links to several resources for those interested in learning more about this important topic. In addition, Harsha Shukla discussed the role that real estate professionals can play in supporting low-income housing initiatives. She emphasized the importance of building partnerships with local governments, non-profit organizations, and other stakeholders to promote affordable housing options in their communities.

Another director Sunita Kakarlapudi, introduced the keynote speaker, Paul A Wietz, who has been teaching Yoga and Meditation for over 20 years in Los Angeles and Chicago. Kakarlapudi emphasized the importance of self-care and stress management for real estate professionals, who often work long hours and face significant pressure in their jobs.

During his presentation, Wietz provided members with a comprehensive overview of the benefits of yoga and meditation, including improved physical health, increased mental clarity and focus, and reduced stress and anxiety. He also provided members with practical tips for incorporating yoga and meditation into their daily routines. He recommended beginning each day with breathing exercises and chanting “Om Shanti,” which means “peace be with you” in Sanskrit.

Bhailal Patel, founder member and senior advisor of ASARP, explained the need of more and more educational events and congratulated his fellow board members and guests for what he described as a vibrant session, and encouraged organizers to hold more such events. Bhailal Patel is also executive vice president at the Desi Talk Chicago office of Parikh Worldwide Media, publishers of News India Times.

Directors present at the ASARP event included Anup Patel, Raj Patel, Bimal Pandhi, Madhi Dave, Malti Pandhi, Divya Dave, Kanti Patel and Jayesh Patel.