ASARP hosts event to update real estate agents on legal and professional changes

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The Association of South Asian Real Estate Professionals (ASARP) held a successful event on Friday, June 7, 2024, at Des Plaines, Illinois, focusing on “Legal and Professional Updates.” Approximately 50 professionals attended the event where the Chief Guest was the Consul General of India in Chicago, Somnath Ghosh, a press release from ASARP said.

Consul General Ghosh provided an update on the developments in India, particularly highlighting the impact of the Real Estate (Regulation and Development) Act (RERA) and its transformative effect on the Indian real estate market. He explained the developments in India and the phenomenal role being played by more than 70,000 real estate professionals.

Educationist Lynn Madison shared her insights into the recent legal developments and ongoing lawsuits impacting the real estate industry. She emphasized the critical need for signed Buyer Representation, aligning it with the broader trends and changes in the industry.

Laurie Murphy, director of the Illinois Department of Financial and Professional Regulation (IDFPR) Legal Division, provided comprehensive updates on regulatory changes and professional standards that are pivotal for real estate practitioners in Illinois.

Chief Strategy and Innovation Officer at Main Street Organization of Realtors, Kate Sax, discussed strategic initiatives and innovations within the organization that support and advance the real estate profession.

Shirin Marvi, president of ASARP, welcomed those present. Chairman of ASARP, Pradeep B. Shukla, provided an overview of ASARP’s activities. He also paid tribute to the veterans of the Normandy invasion on its 80th anniversary, drawing a parallel between their valor and the dedication of industry veterans like Lynn Madison to the real estate profession. According to him, the presence of Consul General Ghosh exemplified the strong bond between realtor communities and the shared vision for growth and collaboration in the real estate sector between India and the US.

Shukla noted that the real estate industry is no stranger to change. Staying ahead requires not only adapting to new trends but also anticipating them. Buyer representation in modified form, is one of them. Some new developments that are taking place in the field of housing are Squatting, Micro Housing, tech nomads, co-living spaces, eco-friendly developments, smart home technology, adaptive reuse projects, and so on. The key to thriving is agility and foresight, Shukla emphasized, and advised all those present to continue to educate themselves, leverage technology, and foster collaborations that drive the industry  forward.

Sunita Kakarlapudi, vice president, and Harsha Shukla, director of ASARP, thanked the guests and speakers. Their closing remarks reiterated the importance of such sessions and expressed a collective hope for more frequent gatherings to foster continuous professional development and networking.

Director Bhailal Patel, highlighted ASARP’s commitment to providing its members with timely and relevant information through such events. The association looks forward to hosting more sessions that will equip real estate professionals with the knowledge and skills needed to navigate the evolving landscape of the industry, he said.