Some folks refer to us as a special interest group. I call us a “very special” interest group. That’s because our interests — the ones we fight hard to preserve, promote and protect — are of special interest not only to our members but to homeowners and property owners across Wisconsin and across the nation. Those issues, primarily involving private property rights and the rights to own, transfer and enjoy real property are not important because we say they are. They’re important because the public says they are.

We often talk about real estate and housing issues in economic terms. We focus on the numbers. We analyze the impact of property taxes and transfer taxes on housing affordability. We look at the revenues these taxes generate and the purposes for which they are used, such as schools, municipal services and the like. We talk about the economic impact of real estate on the larger economy and the fact that the real estate industry accounted for $28.2 billion or 12.5 percent of Wisconsin’s gross domestic product in 2012. We remind the public that when a home sells in Wisconsin, it generates over $13,000 in income from real estate-related industries; over $5,000 in additional consumer spending; and that another $3,000 that will be spent within two years on remodeling and upkeep-related expenditures. And that each home purchased can be directly linked to greater spending on local restaurants, sporting events, charities and the like, to the tune of approximately $11,000. 

And the public agrees that housing is an important economic driver. In a survey we conducted in early October, we asked people in Wisconsin how important the real estate and housing industry was to the state’s overall economy. An overwhelming 95 percent of respondents said it is important — 53 percent said it’s very important. 

But when it comes to understanding the key issues and interests of our industry, there’s more than just money and numbers involved. To people in Wisconsin and across the nation, homeownership and property ownership involve deeply embedded notions of inherent rights and protections that government regulations should seldom tread upon — and when they must, only in the most limited of ways. 

In that October survey, we asked the public numerous questions about renting vacation homes and cottages in Wisconsin. While 78 percent of respondents said government regulations are necessary to ensure rental properties are safe and well-maintained, and 63 percent said rental properties are an important part of the economy in their area, a whopping 91 percent said property owners should be able to rent their properties if they want to. And 74 percent felt local units of government should not be able to require minimum lengths of stay in private rental properties. 

Moreover, respondents were asked to choose which of the following two statements was more important to them: “Protecting the rights of individual property owners to rent their homes for a reasonable period of time, like one week or more,” or “Protecting the rights of the community to set acceptable standards for property use, including minimum rental stays and prohibition of rental properties.” The owners’ right to rent trumped the communities’ right to regulate 64 percent to 28 percent. 

It’s not that the public is against all regulations or restrictions on the use of private real estate — far from it. But policymakers at the local, state and federal levels should consider these public attitudes toward private property rights when they consider policies that involve limiting, taxing or regulating those rights. Finding the right balance between the private right to use and public right to regulate is a big part of what this “very special” interest group — the Wisconsin REALTORS^® Association — is all about.