When I entered Leadership Academy 2015 Class at National Association of REALTORS® in New Orleans last November, I was to say the least a little humbled to be in a room of NAR’s top REALTORS®, people that were state association presidents, local associations presidents and even someone that has built a successful business without any social media presence. From the first moment with this group, I knew that this group was going to do amazing things in the class and in Real Estate and as I got emersed in the training at Leadership Academy, I knew that I was with industry giants and future giants.
Our leadership project was presented to us on a cold February morning in Washington,DC. The project was about working with and coming with a NAR approach to “Boomerang Buyer” and although many didn’t like the term, it become a fairly industry used term and we decided to roll with it. From the first lively debates to a standing applause from the Leadership Academy Advisory group, we knew this was going to be something that would have impact not only on us, but for all the members of NAR and the buyers themselves.
As a group we decided to form two prong approach with one group attacking how to get this in front of REALTORS® and the other group concentrated on how to get it to the consumers that were ready to reinvest in the American Dream. REALTORS® needed education to help these buyers become home owners and consumers needed guidance a what programs are available to them to become home owners again.
First we researched the issues, and to our surprise there was already a large amount of data that showed how much of an opportunity there was to help the people that due to the economic and mortgage crisis they were left with home and many cases had to bring money to the table to get out a bad situation. Now was the opportunity to help these people come back to market and realize the American Dreams again.
Once all the research was completed, then came the task of putting all the information together, a task easier said than done, when the two people that lived closest were 3 hours apart. NAR Leadership Academy Team Rita Baldwin and Alisa Thompson, set up a collaboration site called Basecamp and it was with this tool and a Facebook group that our team cooperated, shared, and debated ideas.
At our Chicago meeting in late March we were able to collaborate in person and put some ideas to paper and come up with a plan to attack and how to create a presentation that would convey to our both the Leadership Academy Advisory Board and NAR our message. Seth Task of Cleveland guided the team through the best ways to present the idea and this is where the idea for creating a policy statement for NAR was developed and with Seth’s experience on the NAR Committees he help draft what became the policy statement that NAR unanimously adopted at the NAR Legislative Meeting Board of Directors Meeting on May 16.
National Association of REALTORS®
Boomerang Buyer Policy
Definition of Boomerang Buyer
A boomerang buyer is a former homeowner that has gone through a foreclosure, deed in lieu of Foreclosure, or short sale and is returning to the housing market to purchase a home.
responsible lending programs, educational programs, credit counseling programs
and public outreach designed to assist Boomerang Buyers re-enter the real estate market As a homeowner.
Millions of American homeowners were affected negatively in the Great Recession of the last Decade. Many of these homeowners have since regained or improved their income, repaired their credit, or overcome various challenges and are qualified to re-enter the housing market as Buyers. Research has shown that many of these buyers need guidance and support to feel Confident that home ownership is attainable and beneficial. As advocates for home ownership, The National Association of Realtors® should lead the way in welcoming them back to the Market and supporting them with the tools, resources and support necessary to own a home again.
Axay Parekh from Tulsa, called Ax by his friends is the 2016 President Elect of the Greater Tulsa Association of REALTORS® and was selected Sales Associate of the Year in 2012 for his work to bring new technology to the Tulsa market. As a member of the Major Investor Council, Ax worked to help Oklahoma Reach the Presidents Cup for RPAC in 2015 for the first time. Axay serves on the Board of Directors at the state level and has served as member of NAR’s Social Media Advisory Council and this year will serve as the Vice Chair of the Emerging Business and Technology Forum and continue his work on the Major Investor Council.