On March 15, 2024, the National Association of Realtors (NAR) announced an agreement that would end the ongoing class-action litigation brought against NAR, its members, related associations, and the NAR managed MLSs. The NAR's consent to the significant $418 million settlement - which is subject to court approval - over several years foreshadows a profound transformation in the realm of real estate transactions and agent remuneration.

The current system for US agent compensation has long been controversial. Home sellers have generally paid between 5% and 6% to the selling agent who splits the money - usually a pre-determined percentage - with the buyer's agent. Critics have argued that such a system inflates home prices and misaligns the incentive structure for buyer's representatives.

NAR continues to deny any wrongdoing in connection with the Multiple Listing Service (MLS) and the compensation model that has been in use since the 1990s. Nykia Wright, the interim CEO of NAR, commented that “NAR has worked hard for years to resolve this litigation in a manner that benefits our members and American consumers. It has always been our goal to preserve consumer choice and protect our members to the greatest extent possible. This settlement achieves both of those goals.”

How the agreement will change the overall process of residential home buying and selling has yet to be seen. Experts and realtors alike are hotly debating the effects the new rules will have in the near future.

What is the NAR settlement?

The NAR settlement came about as a result of a class-action lawsuit (Burnett v. National Association of Realtors et al.) which was filed in Kansas City, MO last year. In October of 2023, the jury ruled in favor of the plaintiffs, which asserted that NAR and several major brokerages colluded with regards to agent compensation and commission structure. As a result, and in the face of over 20 similar lawsuits, NAR agreed to a groundbreaking $418 million settlement over approximately four years to resolve claims related to broker commissions. In addition, NAR agreed to making changes to some of its regulations. This settlement will bring about substantial changes in how real estate transactions are conducted and how agents are compensated.

Key changes of the NAR agreement:

• Formal Representation Agreements: Starting in July 2024, MLS members must enter into contractual representation agreements with potential buyers before the buyer tours a home, which is designed to ensure that homebuyers are aware of their buyer's rates.

• Restrictions on Compensation: As part of the settlement, NAR agreed to no longer require upfront compensation to a buyer's agent for broker's advertising a listing. Similarly, NAR may not institute regulations that results in a seller's agent setting the compensation for the buyer's agent.

• Lower Costs for Home Buyers and Sellers: The landmark deal could potentially reduce realtors' standard 6% sales commission fee by up to 30%, resulting in significant savings for homeowners.

• Impact on Real Estate Agents: The ruling may lead to a restructuring of how agents are compensated, potentially affecting the $100 billion annual commission pool for 1.6 million realtors.

• Market Impact: While the deal is expected to shake up the housing market and potentially drive down home prices, experts caution that the impact on home prices may not be substantial as other factors like mortgage rates play a more significant role in homebuying decisions.

Overall, the NAR settlement marks a significant shift in the real estate industry, aiming to enhance competition, transparency, and consumer choice while reshaping how real estate transactions are conducted and how agents are compensated.

How does the NAR settlement affect agents and brokers?

How exactly the settlement will affect agents and brokers nationwide is still being debated. Some argue that the settlement will drastically reduce compensation to buyer's agents, but others argue that the effect will be minimal. Listing agents may still offer a commission to a buyer's agent outside of the MLS and sellers continue to retain the option to include a closing cost credit.

Similarly, there are those who believe that overall home prices will be reduced as a result of the agreement - but critics argue that there are many other factors that affect home prices. Moody's Analytics Chief Economist Mark Zandi was reported by Fortune to have said, “I expect commissions to get bid down to 4% to 5% over time with variation by home price and geography. It's a significant change but will likely be gradual. I expect most of the gain to be captured by the seller, so the impact on home prices will be small.”

Some are already adapting to the new rules of the proposed settlement. One broker, for example, will offer a flat-rate service for the buying process. Buyer's agents, in general, will have to develop and highlight the value they bring to the home buying process.

Closing Thoughts

This settlement, significant in both scope and impact, fundamentally alters the real estate landscape. Previously held notions regarding commission structures are now subject to increased scrutiny and revision, creating an environment where consumer needs and fair competition emerge as paramount considerations.

Adaptation to these rulings signifies an important evolution in industry standards – one where transparency and consumer empowerment take center stage in real estate transactions. These modifications to long-standing practices are certain to shake up the marketplace.

Agents and brokers must recalibrate their business models accordingly, attuning to a climate where merit and client value dictate earnings. As we continue through 2024, the impact of these adjustments will further manifest, signifying a pivotal turning point in how real estate professionals cultivate trust and deliver service excellence within the market.

Under these new conditions, it is even more important for agents and brokers to differentiate and brand themselves in the market. To that end, Skyflair is committed to providing dynamic and attention-grabbing content and media for all real estate needs. From lifestyle photos and social media videos to listing websites and stunning imagery, Skyflair has you covered.

High-Dynamic Range (HDR) photography is a game-changer in real estate marketing, offering unparalleled detail and balance in property imaging.

However, mastering HDR with manual blending necessitates both technical skill and an aesthetic sense to elevate residential real estate visuals to their full potential.

Mastering HDR Shooting Techniques

To harness the full potential of HDR photography, a precise approach to shooting is required. This involves capturing a series of bracketed exposures, metered to articulate the highs and lows of light and shadow within a property's space. This technique, when used correctly, unlocks a spectrum of dynamic range that single exposures simply cannot attain, allowing the final image to be perfectly exposed across the entire composition.

Selecting Proper Equipment

Precise HDR photography, especially in the realm of real estate, demands high dynamic range-capable cameras that can handle bracketed exposure sequences. Most modern DSLRs and mirrorless cameras feature bracketed options of either 3 or 5 exposures - the number of stops and settings required differ between systems.

To realize the nuanced details of a property, lenses matter profoundly—they must provide sharpness, minimal distortion, and a wide-angle perspective. Typically 16mm (on full-frame cameras) or wider lenses are used. Although fisheye distortion can be removed in post-processing, rectilinear lenses are recommended.

Equally critical is the camera stability throughout the bracketing sequence. A sturdy tripod is therefore indispensable, ensuring each frame aligns with its counterparts.

The tripod's stability ensures the alignment in bracketed shots, essential for flawless HDR composites.

Finally, HDR processing requires a robust computer that can deftly manage high-resolution images and sophisticated software tools. Post-processing turns these raw materials into the visually stunning images that exemplify top-tier real estate presentations.

Setting the Optimal Exposure Bracketing

Exposure bracketing is central to capturing the full dynamic range of a scene. For real estate imaging, this involves taking multiple shots at different exposures, generally ranging from underexposed to overexposed, to encompass all luminance levels of the property. Properly bracketed sequences will allow for the darker interior areas to be evenly lit while retaining bright details such as views through windows or directly sunlit areas.

Incremental exposure values between brackets are pivotal—smaller increments preserve detail but require more images, while larger steps might risk losing delicate highlights and shadows.

The ideal increment is usually one to two stops (EV) apart, balancing detail retention and the number of shots. Attention to the histograms helps prevent clipping in both shadows and highlights. The number of brackets depends on the scene's contrast, but typically, 3 to 5 shots are effective.

Stabilizing for Image Consistency

A sturdy tripod is imperative to guarantee identical framing for the exposure brackets. Even minor shifts could result in alignment issues during post-processing, leading to a compromised final image.

Remote shutter releases or self-timers further reduce camera shake. These tools ensure that the photographer's contact does not affect the stability of the camera during the exposure, maintaining the integrity of the image sequence.

In the context of HDR photography, particularly with manual blending, the smallest movement can be detrimental, causing ghosting or misalignment when layering exposures.

Advanced tripods with built-in levels and geared heads facilitate meticulous positioning and exact leveling of the composition. With proper leveling, the vertical and horizontal lines in the scene will be straight as opposed to converging or diverging.

Enhancing Images with Manual Blending

In HDR photography, manual blending is a method where different exposures of the same scene are meticulously combined in post-processing to achieve an image with superior dynamic range. By hand-picking elements from each exposure, editors can craft a final image that retains detail in both shadows and highlights. This technique often involves layering and masking the appropriate exposures onto the final image, enabling a seamless transition between the exposures.

Unlike automated HDR software that can sometimes yield an oversaturated and unrealistic effect, manual blending fosters a "painterly approach." It allows for selective enhancement of a scene's elements, ensuring that the brightest highlights and darkest shadows are balanced. In real estate photography, this often results in more inviting and realistic representations of properties that stand out in the competitive market.

In real estate photography, this often results in more inviting and realistic representations of properties that stand out in the competitive market.

Layering Exposures in Editing Software

HDR photography elevates real estate imagery through a blending of layered exposures.

• Bracket the exposures: Capture the scene multiple times at different exposure values to account for all lighting nuances.

• Align and layer the images: In editing software, stack these exposures, aligning them perfectly to negate any discrepancy from camera movement.

• Choose a base exposure: Select one exposure as the foundation that best captures the overall scene.

• Manually blend the exposures: Paint in highlights from the lightest exposure and shadows from the darkest to create an even balance.

• Fine-tune transitions: Adjust the opacity of layers and use gradients or masks to ensure smooth transitions without harsh edges.

The precision in blending these exposures dictates the photorealism of the final product.

Thoughtful layering with manual adjustments allows for architectural elements to shine and spaces to feel naturally vibrant.

Final Touches for a Polished Look

Achieving a refined image in HDR real estate photography involves meticulous attention post-capture.

• Burn and Dodge: To add depth and dimension, darken (burn) or lighten (dodge) specific areas.

• Noise Reduction: Apply noise reduction to ensure clean, smooth surfaces, particularly in shadow regions.

• Sharpening: Accentuate edges to enhance detail without artificially oversharpening.

• Chromatic Aberration Removal: Correct any color fringing for a more polished appearance.

• Lens Distortion Correction: Adjust any wide-angle lens distortions to maintain architectural integrity.

These enhancements are the keystones to transforming good photographs into exceptional portfolio pieces.

Closing Thoughts

HDR is a potent tool in real estate.

When employed with precision and artistry, HDR photography fulfills the promise of bringing a property's best features into the limelight. Harnessing its full potential necessitates a blend of technical proficiency and creative vision, ensuring images not only captivate but also remain true to the property's essence.

In-depth knowledge and application of advanced photographic techniques typify the evolving landscape of residential real estate media, consistently raising the bar for visual representation. At Skyflair, we have dedicated ourselves to mastering these techniques as well as many others to help elevate your listings.

The iPhone and comparable flagship smartphones are ready to create high-quality, captivating video for social media, marketing, and vlogging. We’ve put together a list of essential accessories to jumpstart your video production kit using the phone you carry everywhere.

iPhone 14 video quality has improved immensely over predecessors

The new iPhone 14 features a 48MP quad-bayer main camera, which is a huge increase from the standard 12MP sensor of the previous generations. As such, Apple has also included ProRes support and 10bit color for their Pro versions - though the standard h.265 codec is a good compromise between file size and ease of use. The iPhone 14 has also added excellent image stabilization on a cropped 2.8K resolution. Sebastiaan de With over at Lux has a great in-depth review of the sensor and the photographic specs.

Audio quality is paramount

It’s weird to start off a video production accessories list with this statement, but it’s true. The most important aspect that can make or break your content is the audio quality. Poor audio quality - distorted, noisy, tinny, or quiet voices - will distract or cause your audience to turn away from your video, no matter how good the video is. That’s why our number one add-on to any smartphone video production kit is a good microphone solution. 

The two main categories of audio recording hardware that we’re concerned about for iPhone video production are on-camera or on-subject (lavalier) microphones. We don’t need to concern ourselves with boom mics or other more complicated solutions at the moment.

Gone are the days of a 3.5mm audio/mic combo jack included standard on our smartphones, so most solutions will plug directly into or use an adapter for the Lightning (or USB-C) port. As a result, we also suggest using a splitter (like this) in order to charge during extended recording sessions.

Rode VideoMic Me-L ($79)

This on-camera directional microphone plugs directly into the Lightning port and shares the high-quality construction and audio fidelity of the entire Rode family of products. This is a great option for at home or indoor filming, as well as higher quality environmental audio. The included wind protector helps to cut out wind noise for outdoor shooting. There is also an included 3.5mm jack built into the rear of the microphone for plugging in wired headphones for easy audio monitoring. A great all around choice. (There are also USB-C and 3.5mm jack options available)

Hollyland Lark M1 Solo ($89)

This simple 2.4GHz transmitter and receiver pair is a great ready-to-go solution for wireless audio recording. The lightweight, portable M1 Solo works for 8 hours of continuous recording with a 650ft line-of-sight range. The omnidirectional microphone provides clear hi-fi audio for creators on the move. This is a great choice for live streaming, vlogging, video tours, and interviews. There is also a Duo version which includes 2 transmitters and a charging case for all the components (found here). The Axo has a great in-depth review of the system here.

Support & stabilizers bring everything together

Having the proper way to stabilize or position your rig is crucial to accomplish your creative vision. The most basic essential is a tripod to frame and shoot locked-down content, but new ways to add handles and gimbals to your rig offer even more variety to your shot options. Of course, the specific rigging choice will be dependent on the type of content that’s being produced, but we have collected a group of essentials that will help tackle most real estate and vlogging needs.

Manfrotto Pixi Mini Tripod ($25)

This pocket sized tripod is perfect for stabilizing your iPhone on a table or holding an external light. The easy to use ballhead allows for precise angling and positioning and the legs can be used as a comfortable handle when closed. Manfrotto also offers a universal mount that can be used with most smartphones (view here), but we suggest the Moment tripod mount below to pair with the iPhone.

Moment Pro Tripod Mount ($60)

This tripod mount is made exclusively for iPhone MagSafe (meaning the iPhone 12 and later) and features strong magnets built into a sleek, sturdy frame. The mount is easy to use and features an adjustable cold shoe mount to add an audio or lighting accessory for both vertical and horizontal shooting. Note that some cases may block the strength of the magnetic strength.

SmallRig iPhone 14 Cage ($79)

This cage kit is designed to offer a stable shooting platform with multiple ¼” threaded holes as well as two cold shoes for accessory attachment. This cage is made specifically for the iPhone 14 Max and Pro versions, and also features a lens backplate for attaching M-mount lenses if desired. The cage also comes with a side handle with wireless control to start and stop recording. There are other cage options available, such as a universal rig (here), but the bottom line is the added protection and ability to attach the necessary accessories for every type of content.

DJI OM5 Smartphone Gimbal ($129)

This gimbal provides 3-axis stabilization for your smartphone for buttery smooth movement. This can be combined with the software stabilization available on the iPhone to minimize the z-axis bounce and create exceptionally stable footage. This newest version of DJI’s smartphone gimbal includes ActiveTrack 4.0 to quickly track a moving subject as well as a built in extension rod for unique perspectives of real estate or group selfies.

External LED lighting for illuminating your subject

Shaping light is the key to great video content and starting out with lighting and modifiers can be a daunting task. There are a huge range of lighting products from massive studio lighting kits down to the humble video LED panel. For the iPhone content creator, the probable use of lighting will be to illuminate the speaker or subject of the video. Of course, some types of content won’t require external lighting, but we think having a good, portable light or two in your kit is essential for many types of content.

SmallRig RM120 LED Panel ($59)

This small LED panel is an excellent all-in-one light source with a built in battery for easy use. The panel itself has excellent color clarity with a 98+ CRI and max brightness of 1580 lux @ 0.3m. The panel features bi-color adjustable LEDs, meaning you have complete control of the color temperature from 2500K-8500K. The built-in screen and controls make the light easy to handle and adjust, and the excellent build quality of SmallRig extends to their lighting products. Note that this light doesn’t come with any mounting solutions, so an additional cold shoe or tripod adapter might be needed. Unfortunately, this light cannot be charged and used at the same time, but with 3 hours of battery at maximum brightness, this shouldn’t be a problem for most vlogging. 

Aputure AL-F7 LED Panel ($99)

This slightly larger LED panel is an excellent step up from the SmallRig RM120 and features a detachable battery slot for common Sony NP-F batteries as well as D-Tap and USB-C plug power options. Aputure offers an complete line of lighting solutions and all are dependable and well built at their price points. Like the RM120, this panel features bi-color LEDs and can be adjusted to match lighting conditions. The panel lasts around 3 hours at full brightness using a 7200mah NP-F970 battery, with ability to easily swap batteries.

Bottom Line

At the end of the day, it’s important to create a kit that suits your needs, whatever that means for you. Hopefully this collection of accessories and add-ons helps you get started with video production and using your iPhone to the best of it’s abilities. On-site video production is just one component of producing quality content and we strive to provide the resources, consultation, and services necessary for modern video content and marketing.

Skyflair is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. Skyflair receives commissions from sales made through links on this site. Using our affiliate links helps to support us and enables us to provide quality informational content and material.

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]]>Essential iPhone accessories for video productionReal EstateMarket ReportChicagoCarla A. ReaWed, 21 Oct 2020 22:56:21 +0000https://skyflair.net/blog/2020-chicagoland-winter-housing-market-review5666153ebfe87338abb06e1c:5f8f78738baee35f9809d724:5f90b36e767ba204bb6dc241

2020 Chicagoland Winter Housing Market Review

We can all agree the beginning of 2020 did not start out the way anyone expected. Now the leaves are falling and soon we’ll be ringing in the new year. We don’t need to hear another person chant, “Winter is coming,” because it’s Chicago and snow is inevitable. As winter approaches, potential home buyers must decide whether they will wait until Spring to make any buying decisions; while sellers debate whether to lower their asking price or take their property off the market altogether. Fortunately, the Chicago winter housing market is up from recent years, creating a huge benefit to buying and selling as we close out this interesting and challenging year.

The housing market has natural slow months which coincide with the coldest part of the year. In the last few years, the Chicago market has become less affected by the change in the weather. To take a quick look at the beginning of 2020, the market before the COVID-19 pandemic was exceptionally strong. The Mainstreet Organization of Realtors reported sales were up 10% in December 2019 over November 2019. In January 2020, the Chicago Association of Realtors described a similar upturn by 7.3% compared to the month prior. 

The Covid-19 Pandemic and the Winter Slump in Chicago

With the unforeseen global pandemic, which shocked the world, about 80% of businesses were closed in spring due to the federal government ordered shutdown of the private economy. Even during the spring pandemic, the Chicago Association of Realtors monthly snapshot reports show the Chicago market increasing consistently each month from last year. Owners spent more time in their humble abodes during the spring months and we can assume owners noticed both the good and the bad in the properties as well. The national market began to recover around May and advanced throughout the summer. Since the market became saturated with a higher-than-normal buyer base and limited properties, the demand created competition, which propelled median sale price increases. 

Spring and Summer Momentum

Chicago used the spring momentum to push into a strong summer and fall market. From the Chicago Association of Realtors’, the market snapshot informed us that the lower market inventory allowed sellers to set higher prices and, as the summer months advanced, properties were on the market for a shorter amount of time. The closing sales in June were up 2.7% and July were up 2.1% from the year before. In August, Illinois Realtors saw record-high sales and prices, being matched with record-low interest rates. The Chicago Association of Realtors recorded the median sales price in Chicago was $335,000, up almost 16% from last year. 

As we step into fall, September had more high-sale prices, in line with the national median asking price increases. The typical home spent 54 days on the national market in September, 12 days less than last year, and three days less than last month. The Chicagoland area saw properties only spending 42 days in September, seven days less than August. Plus, we are halfway through October and, currently, the interest rates are at the lowest rates ever reported with Chicago’s rates hovering around 3% for a 30-year mortgage.

The Positive Outlook

With winter right around the corner and based on the market stats, Chicago’s housing market does not seem to be freezing with the oncoming snowy months. The winter presents more benefits than one may think about during Chicago’s harshest season. A buyer can experience a potential home exterior without the extra fluff of foliage while also getting a feel for the interior during the cozy holidays. If a seller wants to drop the price simply to sell a property, buyers have the opportunity to grab a winter housing deal. Another advantage is that the IRS allows year-end homebuyer tax exemptions and breaks on mortgage interests, mortgage insurance premiums, and property taxes. If a new property owner wants to file for homeowners’ exemptions on a principal residence, the owner must acquire the property before January 1st of that year or wait until the following year to receive the exemptions. 

The Bottom Line

As long as there continues to be a healthy level of properties on the market, the market will continue to stay strong well into spring. Whether you have property to sell, are a buyer on the search, or are a realtor ready to lend their expertise, do not let this winter real estate season slip away from you. Start your search today and be on the lookout for some good housing deals on the market during this Chicago winter. 

Let Skyflair assist with the presentation of your property in an effective and innovative way using high-quality video and imaging. Let us bring your vision to new heights.