More than meets the eye
FAA rules serving as hurdles to REALTORS® looking to utilize drone photography
You’re starting to hear about Drones more and more. They’re seemingly everywhere. You turn on the national news and there’s a drone flying over a war-ravaged region in the Middle East. You can swing by a Target or Walmart and pick up a small toy drone for your child to fly around in the back yard. And no doubt, you’ve seen the videography and photography applications drones can utilize in the real estate industry.
While it’s easy to envision and appreciate picturesque aerial footage, the process to getting that done is not a cakewalk. Drones are prohibited by the Federal Aviation Administration (FAA) for commercial use. Given that prohibition, the National Association of REALTORS’ website, recommends members not utilize drone technology when it comes to property sales.
However, all is not lost if you still dream of utilizing aerial media in selling real estate. The FAA has provided the opportunity to grant a Section 333 waiver, which authorizes some drones for commercial operations. REALTORS can apply for a waiver or hire a drone operator with a waiver when looking to get aerial footage. It is important to point out however that the FAA’s website page on “Petitioning for Exemption Under Section 333” notes the agency has been overwhelmed with petition requests and is experiencing delays in processing.” A 120-day wait should be expected. Click here to read more.
NVAR Directors address squatting issue
Given the foreclosure crisis that Nevada, and specifically Las Vegas, has suffered through over the past decade, it should come as no surprise that Clark County has also seen a spike in squatter-related issues in recent years. NVAR Directors Scott Beaudry and Vandana Bhalla, along with Henderson Police Dept. Sergeant Kirk Moore, were all guests last month on KNPR’s radio show The State of Nevada, discussing growing concerns over squatters in the Las Vegas valley.
A squatter is someone who takes over a property without owner consent. The State of Nevada host Carrie Kaufman said Las Vegas Metro received 4,500 calls of squatter complaints in 2015, up 22 percent from the prior year. However, what’s more alarming is that figure has jumped by 169 percent since 2012. Moore said HPD has received nearly 100 calls since November when AB386 went into effect. The new law governs how law-enforcement agencies investigate homes that have been broken into. Click here to read more. Click here to listen to the complete radio program.
More News You Can Use
2015 Annual Report
The report was presented to NVAR's Board of Directors at their April 27 meeting in Las Vegas. You can evaluate all the key facts and figures. To read the 2015 NVAR Annual Report, click here.
MIPIM helps locals think global
By Rena Levy, NVAR Global Business Committee
As many of you know, Cannes, France is home to the prestigious and publicized international film festival that bears its name. However, did you know it also hosts one of the largest international real estate conferences in the world? Earlier this year, the Greater Las Vegas Association of REALTORS® and the Nevada Association of REALTORS® sent members from their respective Global Business committees and joined other National Association of REALTORS® leaders at the MIPIM 2016 Conference, hosted March 15-18.
Industry leaders from more than 90 countries joined over 23,000 international attendees to take part in this powerhouse real estate trade show. Major cosmopolitan cities such as Paris, London, Munich and Istanbul promoted large city projects to developers. Countries like Italy, France, Philippines, the United States, Turkey and Germany hosted large regional pavilions. Delicious food and hospitality represented each country’s culture. In addition, gifts and entertainment served as attractions, drawing thousands of attendees to view what every country had to offer and bolstering their chances to entice investment in their regional projects.
Click here to read the entire story.
Reno jumps to fourth among mid-size economic hot spots
Las Vegas sits 13th in large-size metros
RCLCO, a leading national real estate strategy firm, first published an Economic Hot Spot map in 2013. At the time, the economy was recovering from the Great Financial Crisis at a very uneven pace across regions. The idea was to get a sense of where growth was currently happening and why. Based on trailing and forward 12-month indicators of factors such as growth, income levels, and economic structure, the map gave us a good indication of regional growth patterns.
In fact, the map turned out to be quite telling. Many of the high-ranking markets at the time were tech and energy related—and subsequently experienced substantial job growth that led to some of the hottest commercial real estate markets in the country, in terms of both demand and new construction. In fact, the top 15 large markets in our 2013 rankings accounted for 58% of net office absorption and 64% of new office construction in the 51 largest markets in the United States in 2014 and 2015. Click here for full story.