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Prince George's County Association of REALTORS real estate news, events, education and legislation
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March 2020
Join us to fight HB 1628 and stop the proposed tax on services

Maryland Tax Proposal to
Add 5% Sales Tax to Real Estate Services

The House of Delegates introduced a late filed bill, HB 1628 (Sales and Use Tax - Rate Reduction and Services), last Thursday, to add a 5% tax on professional services, including real estate, in response to the Kirwan Commission.

As in the past, REALTORS® OPPOSE a services tax due to its negative impact on housing affordability, especially considering the tremendous contribution real estate already provides to local governments and education.

We need to put our best efforts in to fight this. Maryland's newly proposed bill would add 5% tax to ALL professional services. That includes REALTORS® and ALL real estate services such as appraisers, staging, inspections and home improvement. A 5% sales tax would also be added to the services we pay for from other Maryland service providers.

Rally Only Sign Up >

Rally Details >

Read the Talking Points >

WE NEED YOU to join us on Monday, March 2 in Annapolis for a REALTOR® Rally to say NO to a 5% service tax on Maryland REALTORS®, Real Estate Service providers and other services.

SIGN UP TO JOIN US!

Sign up quickly to also join us on the bus leaving PGCAR headquarters for Annapolis at 10 am Monday morning. A box lunch will be provided, and you won't have to drive or find parking.

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Housing Demand Soars in Prince George's as County Sees Job Growth

Housing demand, job growth continue to soar in Prince George's County

Prince George's County is one of the hottest housing markets in the DC area, and is experiencing the highest rate of job growth in Maryland. See January County market details below and the newscast and article from WUSA9, who interviewed county real estate and economic experts, including our PGCAR President Yolanda Muckle.

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Prince George's Maryland Monthly Market Watch


Prince George's County Residential Real Estate Market
Starts 2020 With Headwinds Due to Lower Inventory, While Buyer Demand is at All Time Highs

More than $222 million in real estate sales closed in January, representing 662 Units for a 15.1 percent increase from January 2019. Average sold price increased to $333,102 for a 11.4 percent appreciation over the prior year. Inventory has reached historic lows, underscoring the need for more sellers to list their properties to meet strong buyer demand.

PGCAR reports that the local area real estate market in January continued to reflect considerable strength while historically lower inventory crimps sales and reduces buyer choice. The local market showed positive price appreciation for sellers, and for buyers, reinforcing the Prince George's County market as one of the region's most affordable and best investments.

662 Closed Sales were recorded for the month, which is 15.1 percent ahead of the comparable period in 2019. In all, an impressive $222.5 million in homes were sold by PGCAR members in January. The Average Sold Price grew by an impressive 11.4 percent from the same period in 2019 to $333,102, yet another positive indicator that higher priced homes are in demand and that a lack of inventory boosts prices.

Prince George's Maryland home sales January 2020 and 5-year December averages
© 2020 Market Stats by ShowingTime and Bright MLS

The chart above details January activity compared to the five-year average, an important longer-term measure of market trends. Note that Closed Sales advancing nicely from the five-year average. Pending sales fell well below historical and seasonal trends indicating a softer start for 2020 in terms of closings. Please note that the supply of homes for sale dropped considerably at 1.4 months (representing 1,326 units) available for sale (versus a 1,614 historical measure and 2.0 month's supply.) This important statistic means that if no new listings come on the market and with continued forecasted demand, the supply will go to zero. It also means it's a great time for sellers to jump in the market to sell as demand remains high. Sellers can contact their local REALTOR® for competitive market analysis at no cost.

January 2020 Year Over Year (YoY) Month Over Month (MoM)
Total Sold Dollar Volume $221,586,483 + 29.4% - 26.8%
Closed Sales 662 + 15.1% - 28.8%
Median Sold Price $320,000 + 12.3% + 1.6%
Average Sold Price $333,102 + 11.4% + 2.3%

Ms. Yolanda Muckle, President of the Prince George's County Association of REALTORS® President and a professional REALTOR® at Long & Foster Real Estate Inc., shared: "We're pleased to report that homebuyers are being rewarded with an increase in home values to serve as a bedrock of their overall financial plan. It's also important to note that our members offer a range of listings that are within the reach of young families, first time buyers and folks relocating to DC for work. However, with the low current inventory, it's also a perfect time for sellers to put homes on the market given the strong demand. The pace of the 2020 market will likely depend on the availability of homes for sale. However, we continue to believe that Prince George's County continues to offer one of the best buying AND selling opportunities in the DC metro region as buyer demand remains high."


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Vino & Visuals
Thursday, April 16

vinos and visuals

Join PGCAR in raising funds for RPAC

Thursday, April, 16 | 5:30 - 8:30 pm
at PGCAR

$45 (includes all art supplies + wine)

Vino & Visuals is all about expression!
Come create your own masterpiece under the instruction of visual artist and founder of Respect the Art Inc, Lindsay Lee Long.
Join us for libations and liberation --
This is a paint and sip event you don't want to miss!

Proceeds benefit the REALTORS® Political Action Committee (RPAC)


CONTRIBUTIONS TO RPAC ARE NOT DEDUCTIBLE AS CHARITABLE CONTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES. Contributions to RPAC are voluntary and are used for political purposes. The amounts indicated are merely guidelines and you may contribute more or less than the suggested amounts. The National Association of REALTORS® and its state and local associations will not favor or disadvantage any member because of the amount contributed or a decision not to contribute. You may refuse to contribute without reprisal. 70% of each contribution is used by your state PAC to support state and local political candidates; 30% is sent to National RPAC to support federal candidates and is charged against your limits under 52 U.S.C. 30116.

This solicitation is intended for members of the Prince George's County Association of REALTORS® only. Nothing herein contained shall be construed as a solicitation of contributions from non-members. Personal contributions made by check must be on a personal check payable to Maryland RPAC, not on a corporate check. Contributions made on a corporate check will be treated as a corporate contribution as permitted under the Maryland Campaign Finance Law.

THANK YOU FOR YOUR SUPPORT!
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Tryout for the Beltway Brawl

2 GREAT TEAMS ♦ 2 GREAT CAUSES ♦ 1 GREAT EVENT
Ticket information coming soon.

PGCAR is recruiting a team of 12 REALTOR® and Affiliate members to play in this fun, but serious basketball match against a team of GCAAR REALTORS®. The game will be at a local well-known indoor venue on a Saturday in May. All requests to be on the team will be forwarded to the event organizers; they will contact you. There will be an individual fee of $100 for each player selected to be on the team. All game proceeds will benefit RPAC or the Maclin Memorial Scholarship Fund.

Want to sign up for the PGCAR basketball team?
Tryouts will take place soon!
Email Erica@pgcar.com today >

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Congratulations to our PGCAR Members Appointed to NAR Committees and NAR Board of Directors
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Thank you to our Major RPAC Contributors

Applause, applause for our PGCAR 2019 Major RPAC Contributors!! Thank you for empowering the REALTOR® mission and helping to strengthen private property rights at the local, state and national level.

We appreciate all contributions, and all contributions help. You can make an RPAC contribution at the PGCAR office, online at pgcar.com/RPAC, or by attending an RPAC fundraiser.

CONTRIBUTIONS TO RPAC ARE NOT DEDUCTIBLE AS CHARITABLE CONTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES. Contributions to RPAC are voluntary and are used for political purposes. The amounts indicated are merely guidelines and you may contribute more or less than the suggested amounts. The National Association of REALTORS® and its state and local associations will not favor or disadvantage any member because of the amount contributed or a decision not to contribute. You may refuse to contribute without reprisal. 70% of each contribution is used by your state PAC to support state and local political candidates; 30% is sent to National RPAC to support federal candidates and is charged against your limits under 52 U.S.C. 30116.

This solicitation is intended for members of the Prince George's County Association of REALTORS® only. Nothing herein contained shall be construed as a solicitation of contributions from non-members. Personal contributions made by check must be on a personal check payable to Maryland RPAC, not on a corporate check. Contributions made on a corporate check will be treated as a corporate contribution as permitted under the Maryland Campaign Finance Law.

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Real estate sales, listing and lease contract forms and addenda changes for Prince George's County


PGCAR revised or discontinued the 12 forms listed below. Please immediately begin using these revised forms and disregard copies or electronic files containing the old / outdated blank forms and / or discontinued forms. The new forms are currently available in PDF format at PGCAR.com and will be available soon under the PGCAR directories at ZipForms and DotLoop.

PGCAR form revisions effective since 1 January:

  1. REVISED Form #1204 - Change Of Status Agreement

    This form was revised to remove reference to MRIS in the document and replaced with the more generic, "MLS."

  2. REVISED Form #1301 - Addendum of Clauses

    This form was significantly revised as many of the offered "addenda" are now available in Maryland REALTORS® forms.

    The removed addenda were:

    • Sellers Credit To Buyer
    • Lender Charges
    • Qualification Letter Contingency
    • Gift Letter, Sale of Buyers Property and Kickout
    • Backup Contract Offer
    • Licensed Seller / Buyer Agent
    • Subject To An Existing Lease

  3. REVISED Form #1302 - Disclosure and Notice Addendum (DNA)

    • Item 20, Smoke Alarm Notice - Lines for Seller initials were added. YES / NO boxes were removed. The link to the Maryland smoke alarm requirements was removed. Smoke alarm requirements can be found under the Maryland REALTORS® form library.
    • Item 23, Short Term Rental License Required - In accordance with the new County law a notice was added referencing the Short-Term Rental law and its obligations on buyers / property owners.
    • Item 24, Transfer Tax Exemptions - A notice was added to help trigger buyer qualification for the teacher and / or law enforcement transfer tax exemptions.

  4. REVISED Form #1336 - Notice To Seller / Buyer Request For Utility Usage Disclosure

    This form was revised to remove language at the form header referencing MAR Residential Contract, Regional Contract.

PGCAR form removals effective since 1 January:

These forms are now statewide forms available under the Maryland REALTORS® Forms library:
  1. Discontinued Form #600 - FSBO Agreement Between Seller & Buyers Broker - Authorization to Show
  2. Discontinued Form #900 - Transaction Cover Sheet
  3. Discontinued Form #1324 - Walk-Thru Inspection Pre or Post Settlement
Language from these forms is now included in statewide forms available under the Maryland REALTORS® Forms library:
  1. Discontinued Form #501 - Lead - Notice To Owner LBP and LBP Hazards
  2. Discontinued Form #601 - FSBO - Unlisted - Owner Authorization to Show and Pay Buyer Agent
These forms are Maryland Real Estate Commission (MREC) documents now available under the Maryland REALTORS® Forms library:
  1. Discontinued Form #901 - Agency Understanding Whom an Agent Represents
  2. Discontinued Form #902 - Consent For Dual Agency
  3. Discontinued Form #DUAL - Agency - Notice of Dual Agency within a Team
  4. Discontinued Form #OHDS - Agency - Open House Disclosure Sign
  5. Discontinued Form #1317 - Disclosure / Disclaimer Statement - MD Residential
These forms were outdated and conflicted with modern and customary standards of practice:
  1. Discontinued Form #1205 - Listing - CMA Notice
  2. Discontinued Form #1321 - Escrow Agreement For Repairs


Maryland Forms Library

The Maryland REALTORS® recently announced form changes as well, including to the Residential Contract of Sale.

Maryland REALTORS® has revised 8 forms, effective as of January 1, 2020:

  1. Residential Contract of Sale
  2. Unimproved Land Contract of Sale
  3. Maryland Non-Resident Seller Transfer Withholding Tax Addendum
  4. Exclusive Right to Sell Residential Brokerage Agreement
  5. Exclusive Right to Sell Unimproved Land Brokerage Agreement
  6. Exclusive Right to Lease Residential Brokerage Agreement
  7. Exclusive Buyer / Tenant Representation Agreement
  8. Consumer Notice to Buyers and Sellers of Residential Real Estate in Maryland

All new and revised forms are effective now. Please ensure you are using current revisions and forms to comply with January 1, 2020 and prior legislative changes.

Read the PGCAR Summary of Changes >
and the Maryland REALTORS® Summary of Changes and Practice Tips >
Maryland forms are available on the Maryland REALTORS® website >
Visit www.pgcar.com/forms for Prince George's County forms >

PGCAR and Maryland forms are also available on ZipForm® and dotloop®, FREE benefits to PGCAR REALTOR® members. Not signed up yet? Log in to PGCAR Members Only and sign up today!

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Housing Opportunity Certified Maryland REALTORS® are specially trained to receive customer inquiries on workforce and affordable housing finance programs for selected jurisdictions. PGCAR allows you to fulfill the requirements for earning this popular certification in a single day, by offering the required three core classes plus one approved HOC elective course.
All 3 Core HOC Classes
  1. Maryland Mortgage Program & Maryland HomeCredit Program
    1.5 MD Elective Hours (Category F Professional Enhancement)
    A comprehensive discussion of the various DHCD mortgage products and programs including qualifications, income guidelines, and special incentive areas. Taught by DHCD staff.
  2. Federal Programs and National Initiatives
    1.5 MD Elective Hours (Category F Professional Enhancement)
    Includes information on programs and new regulations for HUD/FHA/VA/USDA, as well as national private sector/guaranty programs.
  3. State and Local Programs
    1.5 MD Elective Hours (Category F Professional Enhancement)
    Provides fundamentals about state and local programs available for low/no down payment, closing cost grants, extended term mortgages, as well as other tax credits, plus government resources for homeownership education and counseling. Course includes overview of Maryland REALTORS® consumer website MarylandHomeownership.com.
and an HOC elective class
  1. Understanding Credit
    1.5 MD Elective Hours (Category F Professional Enhancement)
MUST attend entire day! NO EXCEPTIONS!

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CRE Bootcamp

Increase your transactions, referrals and income in commercial real estate (CRE) leasing and investment sales!

CRE Bootcamp will train you to:

  • Know the different types of CRE transactions
  • Find and underwrite CRE investment properties
  • Calculate key CRE investment indicators (CAP rate, Cash on Cash, IRR, etc.)
  • Boker a CRE lease
  • Represent tenants and landlords well (Bootcamp will share best practices!)
  • Prepare a market analysis on CRE properties
  • Implement effective strategies to grow your CRE database
  • Draft a CRE business plan

Find your niche and take your business to the next level!

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FREE Subscription to Inman Select Real Estate News

Sign up for this NEW Membership benefit at BrightMLS.com/Inman.
Bright MLS now offering FREE Inman News subscription
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REALTORS® Legislative Meetings & Trade Expo
Monday, May 11 - Saturday, May 16

NAR Annual Legislative Meetings and Trade Show returns to DC in early May

The Annual REALTORS® Legislative Meetings & Trade Expo is coming to DC.
Registration is now open and FREE to REALTOR® members.

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Other Education Opportunities @ PGCAR

Register at Least 3 Days in Advance!
Pay Only $11 for 1.5 CEU, $18 for 3 CEU >

 
Friday
Mar 6
9:30 am - 12:30 pm
3 MD Elective CEU;
3 DC Elective CEU
Register >
 
Wednesday
Mar 18
9:30 am - 12:30 pm
3 MD Required Ethics CEU;
3 DC Elective CEU
Register >
 
Wednesday
Mar 18
1:30 - 3 pm
1.5 MD Required Fair Housing CEU;
1.5 DC Elective CEU
Register >
 
Thursday
Mar 19
9:30 am - 12:30 pm
3 MD Required or Elective CEU
Register >
 
Thursday
Mar 19
1:30 - 4:30 pm
3 MD Required CEU (Topic H)
Register >
 
Tuesday
Mar 24
9:30 am - 12:30 pm
3 MD Required Legislative Update CEU;
3 DC Elective CEU
Register >
 
Tuesday
Mar 24
1:30 - 4:30 pm
3 DC Required Legislative Update CEU
Register >
 
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PGCAR Membership Applications
Invite other associates to join!

THANK YOU to our 2020 REALTOR® and Affiliate members!
You are listed on the REALTOR® and Affiliate directories

Prince George's County REALTOR membership application for real estate agents Prince George's County REALTOR membership application for real estate agents  REALTOR® Membership Application
Prince George's County affiliate membership application for real estate industry partners Prince George's County affiliate membership application for real estate industry partners   Affiliate Membership Application
Prince George's County affiliate membership levels and benefits for real estate industry partners   Affiliate Membership Levels and Benefits
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Reap the Rewards of NAR REALTOR Emeritus Status by Knowing the Rules Early
REALTOR® Emeritus Status
The Rules Have Changed

Contrary to popular belief, PGCAR does NOT certify, authorize or approve a member for the coveted, 40-year, REALTOR® Emeritus status. The certification for "Emeritus" is issued by the National Association of REALTORS® and is now based on membership and service directly at NAR.

Their (NAR) rules are:

Eligibility

The REALTOR® Emeritus status eligibility requirements are:
  • Applicant must demonstrate evidence of forty (40) years of REALTOR® or REALTOR-ASSOCIATE® (or both) membership in NAR through a local Association.
  • Proof of one (1) year of service* at the National Association level.
"Service" is defined as serving as a NAR officer, director, committee member, Federal Political Coordinator, Global Ambassador, or Global Coordinator to a country with which NAR holds a reciprocal agreement.

Application

A completed application is necessary to begin the approval process for REALTOR® Emeritus status, which must be completed by the candidate's local association. Documentation substantiating the candidate's forty (40) years of membership and one (1) year of service at the National Association level must be attached to the application. Incomplete applications will not be considered.

Click here for the Emeritus Application

Deadlines

  • Application opens every year on January 30 until the April 2 deadline (for May approvals)
  • Reopens June 15 until the October 2 deadline (for November approvals)
  • NAR requires that your local association MUST submit your REALTOR® Emeritus application to NAR by the deadline. Therefore, the deadline for submitting your application to PGCAR will be a few business days before the NAR deadline.

Questions?

For more info, contact NAR's Member Support at 800-874-6500 or emeritus@realtors.org
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Healthy Living - A Key to Productivity

Cold and Flu Season

Spring may be just around the corner but cold and flu season is far from over!

According to the CDC Flu activity is high and expected to continue for the next several weeks. Those who work with the general public are always at higher risk, so wash those hands and get your flu shot!

Click the link below to find out more ways to keep yourself healthy!

Learn More >

Flu Season



CONSUMER'S CORNER
Great reasons to stay in touch! Share these with your customers.


David and Juanita Maclin Memorial $2,500 Scholarship

Scholarship Applications are Due by Close of Business TODAY, February 28.

Do you know a Prince George's County High School Senior who wants to further his / her education and is already making a difference in the community?

Winners will receive a $2,500 scholarship towards further education in any community college, university or trade school. Last call! Completed application packets are due today!

Scholarship Letter   •   Scholarship Application   •   Permission Slip

Questions? Please contact Erica Kaleda at erica@pgcar.com or 301.306.7900.

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Primary Election Voting

Are you registered to vote?

You can register at your polling place in Maryland or DC, or save time by registering to vote in advance. The Maryland deadline for early registration is April 7.

Maryland Voter Registration Info & Application >
DC Voter Registration Info & Application >

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Help YOUR Community be Counted

The United States Census only happens every 10 years.
Please be COUNTED!
Funding decisions for health clinics, fire departments, schools, roads and transportation and more, all count upon census data.

All households will receive an invitation to complete the census between March 12 and April 1. Once you receive the invitation, you can complete the census survey by phone, by mail, or online at 2020census.gov.

It will only be open from March 12 - June 30, 2020.
If you miss the invitation, you'll still be able to complete the survey.

About the Census: The decennial census is a population count mandated by the U.S. Constitution to take place every 10 years in all 50 states, U.S. territories, and the District of Columbia. The U.S. Census Bureau, a section of the U.S. Department of Commerce, is responsible for oversight and administration of the census. The population count is conducted using a census survey that asks every household detailed information so that the federal government and state governments can better learn about communities throughout the country. Being counted is critical. This detailed data is needed to determine needs and levels of Federal funding, and to determine how many electoral delegates and elected representatives each state will have.

Learn More:

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Red Cross Blood Drive at PGCAR's Office

Give Blood ~ Save Lives
Wednesday, March 11 | 10 am - 2:30 pm
@ PGCAR

There's a critical need for blood right now.
Unfortunately that's a common situation.
Yet donating blood is one of the easiest ways to help!

Help spread the word, and ask others to donate blood.

You can schedule an appointment online or by calling 1-800-RED-CROSS.



BROKER'S CORNER


REALTOR Broker Summit March 31 - April 1 in Hollywood California

2020 Broker Summit | March 31 - April 1

Don't miss 2 days of insider scoops on best practices, new innovations, and the changing shape of real estate. Position your brokerage for success and stay ahead of the curve.

The 2020 Summit is Tuesday, March 31 and Wednesday, April 1 at the Loews Hollywood Hotel in beautiful Hollywood, California.

Details and registration >

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30-Year Fixed Mortgage Rate Returns to 3-Year Low

Freddie Mac's Primary Mortgage Market Survey® released February 27 shows average rates at or close to the 3-year low reached the week ending February 6, 2020.

"Given the recent volatility of the ten-year Treasury yield, it's not surprising that mortgage rates again have dropped," said Sam Khater, Freddie Mac Chief Economist. "These low rates combined with high consumer confidence continue to drive home sales upward, a trend that is likely to endure as we enter spring."

Freddie Mac reports the following averages as of February 27
and their change from last month (January 30) and last year:

  • The 30-year fixed-rate mortgage averaged 3.45%
    Down from 3.51% last month ~ Down from 4.35% last year
  • The 15-year fixed-rate mortgage averaged 2.95%
    Down from 3% last month ~ Down from 3.77% last year
  • The 5-year Treasury-indexed hybrid ARM averaged 3.2%
    Down from 3.24% last month ~ Down from 3.84% last year

Freddie Mac's Weekly Primary Mortgage Market Survey >

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Volunteering Works and Good Neighbor Award applications due soon!

Are you or anyone in your office trying to build or expand a community service project? Please encourage applications for the Volunteering Works or Good Neighbor awards.

  • Volunteering Works: 5 Winners will receive one year of mentoring and $1k seed money to help implement improvements in their community service projects.
    Applications Due February 28 >
  • Good Neighbor Awards: 5 Winners will receive $10,000 grants for their charities, publicity for their cause, and be flown to the 2020 NAR conference to receive their award.
    Applications Due May 8 >
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The Top 4 Things

Your Association offers you a lot, and it's important to us that we deliver what best supports you, your business and life.

Here are 3 great opportunities to remind your agents about this week:

  1. GET ON THE BUS!

    Your business, Maryland housing affordability and our state economy will ALL be hurt by an added 5% tax burden on services. Ask ALL of your agents to get on the Rally bus or to join us at the Rally. SIGN UP! SHOW UP! for our industry on Monday.
    Visit tinyurl.com/realtor-rally for more details.

  2. 2019 PGCAR Awards - Thursday, March 26

    All members are also welcome to attend our annual gala celebrating all of our top performers of 2019! There's still time to sponsor the awards gala or advertise in the program. Don't wait!
    Visit pgcar.com/awards for more details.

  3. Good Neighbor Awards

    Encourage your agents to apply for the Volunteering Works or Good neighbor Awards. Volunteering Works Applications are due TODAY, February 28. Good Neigbor Award Applications are due May 8. Details and applications >

  4. Free Training and Low Cost Events

    In this issue alone, there are:


    All this and more with REALTOR® Connection! Read it in email or at pgcar.com/RC. It's long because we want to provide you with a comprehensive one-stop monthly list of the most important news. You're worth it!

And of course, bookmark pgcar.com to stay in the know >

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- - - NEWS AND TRENDS - - -
Reminders, trends and other news you should know.


National News & Market / Industry Surveys

Tips & Trends

Regional News


8300 Corporate Drive, Suite 100  |  Landover, MD 20785  |  Phone 301.306.7900  |  Fax 301.306.8273
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