NETAR CMLS Blog
CHICAGO (August 1, 2019) – Realtors Property Resource® (RPR), a nationwide data resource and a wholly-owned subsidiary of the National Association of REALTORS® (NAR), is pleased to announce the addition of Qualified Opportunity Zones (QOZ) to its platform. This powerful data layer will allow REALTORS® to use RPR’s map interface to analyze and search for properties within the 8,700 Opportunity Zones throughout the U.S.
Created in 2017 as part of the Tax Cuts and Jobs Act, the purpose of the federal government’s QOZ program is to drive economic growth through long-term investments in economically disadvantaged communities. Designated as “Opportunity Zones”, these areas present opportunities for real estate investment and development by offering tax incentives to investors.
“With the Opportunity Zone initiative poised to transform American communities that have long been shunned by investors, NAR has developed resources to help facilitate and expedite investments in these areas. As our work continues, REALTORS® are committed to ensuring Americans can take full advantage of this valuable new initiative”, said Joseph Ventrone, NAR Vice President, Federal Policy and Industry Relations.
Through RPR, REALTORS® will search a geographic area, then choose to display the Opportunity Zones layer, which will then reveal shaded areas that qualify. REALTORS® can then analyze all properties that fall in the Opportunity Zone, review economic and demographic statistics for the area, and create reports for investors about the buying potential. They will also be able to reach out to residents and business owners in the area about selling advantages through RPR’s recently launched Mailing Labels feature.
“These Opportunity Zones encourage private investment into low-income communities, with the intent of stimulating economic growth and job creation,” said Bob Turner, NAR’s 2019 Commercial Liaison and RPR Advisory Council Member. “Residential practitioners will notice homes that fall within Opportunity Zones gain a boost to their marketability because of increased attention, while Commercial practitioners will likely see properties once being skipped over turn into desirable investment opportunities.”
Under the program, taxpayers who reinvest capital gains from a previous sale into a fund for investing (called “Opportunity Funds”), are eligible to defer paying taxes on those gains, and can potentially reduce their tax liability by 10 – 15% (based on the amount of time they hold the investment). Additionally, if the investment is held for at least ten years, any appreciation on it is tax-free.
“I’m very excited to see RPR offer REALTORS® another tool to help us serve our clients,” said Deena Zimmerman, Vice President of SVN in Chicago, IL. “The benefits of Opportunity Zones are broad, and with the tax benefits on the table for investors, we should see increased attention to properties in these areas.”
In addition to REALTOR® cost savings, this partnership is exciting because RPR has collaborated with Brevitas so members can easily work between both platforms. So regardless of where REALTORS® choose to start, there’s an ease of use for moving between RPR and Brevitas applications. Let’s say a REALTOR® goes to brevitas.com and finds a property that is of interest and wants to dive into RPR public records or research the demographics. As long as the REALTOR® is logged into Brevitas using the NAR sign-in portal, RPR features are available for continued research.
Now let’s say that the REALTOR® starts their process inside of RPR. Maybe they are using one of the RPR site selection tools and in that process land on one of the 37,000 Brevitas listings now available in RPR. The property will include a link to the listing agent’s contact details and will be directed back to the listing on Brevitas. This action will allow the REALTOR® to review the listing agent’s remarks and attachments for more details or make a request for more information.
New ‘Opportunity Zone’ Tax-Break Rules Offer Flexibility to Developers - link to state, regional, local zones
WASHINGTON—The Trump administration, trying to accelerate tax-advantaged investment in low-income areas, offered generous definitions and rules Friday in a long-awaited package of regulations.
The Treasury Department designed the rules for the Opportunity Zone program to give businesses enough flexibility and certainty to start making major investments, senior department officials said.
The program was a small piece of last year’s tax law and has been attracting intense attention from real-estate developers and fund managers who have been soliciting wealthy investors holding unrealized capital gains.
For the full report go to https://www.wsj.com/articles/new-opportunity-zone-tax-break-rules-offer-flexibility-to-developers-1539948600
Follow this link for a listing of local and regional opportunity zones https://www.cdfifund.gov/Pages/Opportunity-Zones.aspx?mod=article_inline
RPR is excited to announce practitioners now have the option to include traffic counts in RPR Commercial Property and Trade Area Reports. The data will display actual historical counts as well as Kalibrate’s projected counts, which are based on the last published traffic count, local area trend data and up-to-date demographic information.
Commercial real estate pros can use the new data to:
• Identify and understand traffic patterns and historical trends.
• Analyze and forecast potential customer traffic to detect high demand opportunities.
• Evaluate locations for retail facilities, restaurants, real estate developments, cell phone towers, billboard advertising and more.
Read the full report at http://blog.narrpr.com/commercial/traffic-counts-added-to-rpr-commercial-reports/