WHERE ARE ALL THE REALTORS? Amendment 3 Could Fundamentally Change the Cost of Homeownership in Florida

by Vincent Arcuri

WHERE ARE ALL THE REALTORS?

Amendment 3 Could Fundamentally Change the Cost of Homeownership in Florida. So Why Are So Many Realtors Silent?

I'm going to say something that probably won't make me very popular with some people in my own industry.

I'm disappointed.

I've been a Florida Realtor since 1991. For 35 years, I've watched our industry tell the public that we're advocates for homeownership.

We tell people we fight for buyers. We fight for sellers. We negotiate contracts. We fight over inspection issues. We negotiate repairs. We argue over appraisals. We fight to get deals closed. And we constantly tell the public that Realtors do much more than simply collect a commission.

Okay.

Then I have one question:

WHERE ARE ALL THE REALTORS ON AMENDMENT 3?

Because right now, Florida voters are being asked to make one of the most consequential decisions involving property taxes and homeownership that I've seen during my career. And from where I'm sitting, far too many Realtors either aren't talking about it, don't understand it, haven't read it or are simply afraid to say anything about it.

That bothers me.

FLORIDA REALTORS SUPPORTS AMENDMENT 3

Let's start with something that apparently a lot of Realtors still don't know.

Florida Realtors officially supports Amendment 3.

The Florida Realtors Board of Directors voted August 23 to support it, saying the amendment offers voters an opportunity for meaningful property tax relief and supports attainable homeownership. The organization has since launched a statewide Vote Yes on 3 campaign. So our own state association understands how significant this issue is. But walk into the average real estate office and ask ten agents to explain Amendment 3. How many could actually tell you what it does?

That's the problem.

THIS ISN'T JUST ABOUT SELLING MORE HOUSES

Maybe this is where I've always looked at our profession differently. Our job shouldn't end when the commission check clears. If you genuinely believe in the dream of homeownership, then you should care about whether people can afford to KEEP the home after they buy it. That's becoming an enormous issue in Florida. Homeowners are dealing with property taxes.

Insurance. Maintenance. HOA fees. Electric bills. Groceries. Everything has become more expensive. And eventually there is a breaking point.

A homeowner who has spent 20 or 30 years building a life in a house shouldn't have to sell simply because the carrying costs of that house have become unaffordable. To me, fighting for homeownership means fighting for people to BUY, SELL AND STAY in their homes. Especially STAY.

HERE'S WHAT AMENDMENT 3 ACTUALLY DOES

If Amendment 3 receives the required voter approval in November, the homestead exemption for qualifying existing Florida homesteads would increase to $150,000 in 2027 and $250,000 in 2028 for property taxes other than school district levies. Beginning in 2029, that amount would receive positive inflation adjustments. It would also reduce the annual assessment increase cap on non homestead property from 10% to 5%. That includes property such as rentals and commercial real estate. School district property taxes are not included in the expanded homestead exemption. These aren't talking points. These are provisions of the amendment. So whether somebody ultimately votes YES or NO, Realtors should at least understand what is on the ballot.

WE'RE SUPPOSED TO BE THE REAL ESTATE EXPERTS

This is the part I can't get past. Think about what Realtors do every day. We'll spend hours negotiating whether a seller should replace a $1,500 water heater. We'll fight over a $3,000 roof repair. We'll negotiate closing costs down to the last dollar. We'll explain interest rates, insurance, HOA fees, CDD fees, inspections and appraisals. But put a constitutional amendment on the ballot that could significantly change property taxation in Florida and suddenly everybody gets quiet?

Why?

Because it's controversial? Because somebody might leave an angry Facebook comment? Because another agent might disagree with you?

Come on.

If you're willing to negotiate thousands of dollars on behalf of a client at the closing table, you shouldn't be afraid to educate that same client about something that could affect the ongoing cost of owning their home.

AND YES, THERE WILL BE BACKLASH

Believe me, I know. I've gotten plenty of it. I've had people attack me personally. I've had people say Realtors only support Amendment 3 because we're greedy and want more transactions. I've had people question my motives. That's fine. I've been doing this for 35 years. I can take it. But here's what I won't do.

I won't stay silent because somebody on Facebook might get mad at me.

If I believe something directly affects homeowners, buyers and sellers, I'm going to talk about it. People are free to disagree with me. That's how this works.

IF WE ONLY CARE WHEN THERE'S A COMMISSION, WHAT DOES THAT SAY ABOUT US?

This may make some Realtors uncomfortable. Good. Maybe it should. If our advocacy for homeownership only begins when someone signs a listing agreement and ends when the transaction closes, then we're not really advocating for homeownership. We're advocating for transactions.There's a difference. When I help someone buy a house, I can earn a commission. When I help someone sell a house, I can earn a commission. When I spend my time fighting for policies that I believe will help somebody AFFORD TO STAY in that house?

I make ZERO.

And I'm perfectly fine with that. Because after 35 years in this business, I believe our responsibility should be bigger than the next closing.

THE PEOPLE DOING THE WORK AREN'T THE ONLY ONES WHO WILL BENEFIT

This is another part that frustrates me. There are Realtors across Florida who are spending their own time educating consumers about Amendment 3. They're making videos. Writing articles. Answering questions. Going on television. Attending meetings. Researching the numbers. Taking the criticism. Meanwhile, if Amendment 3 passes and contributes to a more affordable environment for qualifying homeowners and greater predictability for non homestead property assessments, every Realtor in Florida works in that same marketplace.

Not just the ones who spoke up. That's how advocacy works. A relatively small number of people often do the heavy lifting while everybody receives the benefit. I just wish more people in my profession were willing to pick up the other end.

YOU DON'T HAVE TO AGREE WITH ME

Let me make something crystal clear. I'm not saying every Realtor has to agree with me. I'm not saying every Realtor has to vote YES. And I'm certainly not saying clients should be told how to vote. What I'm saying is this: KNOW THE ISSUE. Read the amendment. Understand the homestead exemption. Understand the non homestead assessment cap. Understand what applies to school taxes and what doesn't. Understand the arguments from supporters. Understand the concerns raised by opponents. Then educate people. We're supposed to be real estate professionals. This is real estate.

HOMEOWNERSHIP DOESN'T END AT THE CLOSING TABLE

Florida Realtors itself makes an important point in explaining its support for Amendment 3: Affordability doesn't stop when someone buys the house. Exactly. Getting somebody qualified for the mortgage is only step one. They still have to afford the insurance. They still have to maintain the property. They still have to pay the taxes. They still have to be able to live there five years, ten years, twenty years later.

The American dream isn't simply BUYING a home.

It's being able to KEEP it.

And if we call ourselves advocates for homeownership, that part should matter every bit as much as getting another property under contract.

SO I'LL ASK AGAIN: WHERE ARE ALL THE REALTORS?

November 3rd is coming. Amendment 3 will be decided by Florida voters. Florida Realtors has taken a position and launched a campaign supporting it. I've taken a position too. Other Realtors have taken positions on both sides. But what disappoints me most isn't disagreement.

It's silence.

If you're a Realtor and you haven't read Amendment 3, read it. If you don't understand it, learn about it. If you disagree with it, explain why.If you support it, explain why. But don't tell consumers that we're the professionals they should trust with one of the largest financial decisions of their lives and then disappear when one of the biggest property tax debates in years lands on the ballot. For 35 years, I've believed my job was about more than selling houses.

It's about homeownership.

Helping people buy.

Helping people sell.

And whenever possible, helping people STAY.

That's why I'm speaking up.

The bigger question for my industry is:

WHY AREN'T MORE OF US?