South Asian real estate professionals discuss industry updates

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The Association of South Asian Real Estate Professionals (ASARP) convened its monthly meet-and-greet event on Friday, June 9, 2023, in Des Plaines, Illinois. The meeting was attended by about 50 professionals from various sectors of the real estate industry including bankers, attorneys, moteliers, along with related associations like Association of Indian Chartered Accountants, Federation of Indian Associations, etc.

A press release from ASARP, (which has the mission of professional development of South Asian realtors) said prominent speakers addressed the event, including educationist Lynn Madison, Laurie Murphy, director of Real Estate division, John R Gormley, CEO of Main Street Organization – one of the most influential real estate associations, and Consul Community Affairs Ranjit Singh, from the Indian Consulate in Chicago.

The ASARP President, Shirin Marvi and Chairman Pradeep B Shukla welcomed attendees and lauded the participants’ contributions to the association, and discussed recent developments at the National Association of Realtors’ legislative meetings, such as the Anti-trust lawsuit, push for Diversity, Equity and Inclusion, establishment of the Global Relief Fund, increase in membership fees, and the potential impact of Artificial Intelligence (AI) on the industry.  Of particular interest was his discussion on the possibility of a recession and its potential severity and impact on the real estate industry, organizers said.

“A highlight of the evening was Mr. Shukla’s report on a short story from The Wall Street Journal, recounting a recent instance of fraud in China where AI was used to replicate both voice and appearance to scam an individual out of approximately $600,000,” noted ASARP. Shukla warned ASARP members to remain vigilant and cautious in this ever-evolving digital era.

Educationist Lynn Madison provided an in-depth update on the current situation in the real estate industry. She discussed the pending Anti-trust lawsuit against the National Association of Realtors over commissions charged at the selling end and split between buying and selling brokers.

According to Madison, home sellers who paid a commission between 2015 and 2020 to a brokerage affiliated with corporate defendants in connection with the sale of residential real estate listed on defendant MLS could be affected. Damages are estimated to reach between $14 to $15 billion. The case is expected to go to trial as early as the first quarter of 2024.

Madison explained that Multiple Listing Services (MLSs) have already begun making changes to their data feeds to include buyers’ compensation offers. Local associations are also updating their forms to ensure that client copies of listing presentations display buyers’ agency compensation. The lawsuit is anticipated to result in non-realtor licensees being permitted to show listings and receive compensation from buyers.

Laurie Murphy, Director of the Real Estate division, IDFPR, offered legislative updates and shared her 2024 initiatives. These include proposals to eliminate the national portion of the examination for Managing Brokers and endorse interstate real estate transactions by doing away with reciprocity requirements.

John R Gormley, CEO of Main Street Organization, discussed recent trends in the profession at the local, state, and national levels. Gormley stressed his focus on creating a ‘futuristic’ organization and quoted Peter Drucker and Abraham Lincoln, saying that “the best way to predict the future is to create it.” Gormley also thanked Shukla for his representation at the NAR’s meeting and his successful opposition to a proposal for a significant increase in dues.

Ranjit Singh, India’s Consul Community Affairs in Chicago, highlighted the push for foreign direct investment in India. Singh commended ASARP for fostering a strong relationship between India and the local real estate community.

Bhailal Patel, founder member and senior advisor of ASARP (who is also an executive in Parikh Worldwide Media, publisher of Desi Talk) explained the need for more educational events and congratulated his fellow board members and guests for what he described as a “vibrant” session.

Directors present at the event included Sunita Kakarlapudi, Harsha Shukla, Marsha Collins, Sunil Shah, Bimal Pandhi, Madhu Dave, Malti Pandhi and Divya Dave. Also present were Phani Krishnan, Prachi Jaitley, Suresh Bodiwala, Gaurav Jain, Jyothi Pallapothu and Mohan Kakarlapudi.