South Asian real estate professionals hold critical meeting

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Des Plaines, IL, September 13, 2024 – The Association of South Asian Real Estate Professionals (ASARP. asarphome.com) recently held a key monthly meeting at its headquarters in Des Plaines, Illinois, attracting nearly 40 attendees. This event provided a critical platform for discussions on the upcoming regulatory changes that will significantly affect brokers and industry professionals, with a particular focus on updates following the August 17th deadline.

Shirin Marvi, ASARP President, welcomed the attendees and set the tone for the evening by emphasizing the need to stay informed about the evolving legal landscape. She stressed the importance of adaptability in the face of these new regulations, which will impact realtors across the board. Her opening remarks prepared the group for an in-depth discussion on the latest technical updates and market shifts, reflecting ASARP’s commitment to supporting its members in navigating these industry changes.

ASARP Chairman, Pradeep B. Shukla, CPA, delivered a comprehensive presentation on Beneficial Ownership Information (BOI) reporting and recent tax updates. He outlined the requirements of the Corporate Transparency Act, highlighting the need for real estate professionals to comply with mandatory reporting to meet anti-money laundering regulations. Additionally, Mr. Shukla discussed recent tax changes affecting the industry and encouraged professionals to proactively understand and prepare for these shifts.

The evening’s featured speaker, Kate Sax, Chief Strategy and Innovation Officer at the Mainstreet Organization of Realtors, presented on “Life After August 17.” She delved into the impacts of recent NAR lawsuits and regulatory changes stemming from the Justice Department’s antitrust settlements. Ms. Sax explained how the August 17th regulations would alter compensation agreements and real estate transactions, potentially reshaping broker-client relationships. She emphasized the importance of transparency and provided practical advice on adapting to the new brokerage environment, particularly in managing brokerage-to-brokerage compensation.

Following the presentations, Harsha P. Shukla facilitated a dynamic discussion, fielding questions from attendees eager to gain clarity from her expertise, on issues such as tax compliance, regulatory timelines, and the practical impact of these changes on their businesses.

Bhailal Patel, a member of ASARP, and author of this article, wrapped up the event by thanking the speakers and attendees for their participation, and reminding those present about ASARP’s upcoming Annual Gala, set for October 25, 2024, which he said, promises to be a “star-studded event.”

Key participants included Rajesh Patel, Nick Verma, Kanti Patel, Bimal Pandhi, Vasanti Bhatt, Vipul Gandhi, Pratik and Meha Parikh, and Jayesh Patel.