Housing Wire

JANUARY 2, 2024

For many real estate professionals, 2023 was the year of the commission lawsuit , and the year could not end without one last copycat suit. 2023, Umpa is a resident of Maryland and the lawsuit is in regards to the sale of two homes, one in Maryland and one in Ohio.

Sellers 374

Sellers Brokerage Real Estate Realtors 374

Housing Wire

APRIL 5, 2024

has ruled that the Department of Justice can reopen its investigation into the National Association of Realtors. In Walker’s view, “the sole question is whether DOJ is correct that it could have immediately reopened its investigation of the Realtors’ two remaining policies after contracting to close that investigation.

Realtors 536

Realtors Contracts Government Real Estate 536

Housing Wire

NOVEMBER 1, 2023

Three researchers believe a first-of-its-kind dataset has enabled them to definitively answer a long-debated question: why have buyer agent commission rates been so stable historically? So how is the uniformity and permanence of buyer agents’ 2-3% rate possible in a free market? One of the researchers, Will Fried, had a hunch.

Clients 417

Clients Agents Buyers Sellers 417

Housing Wire

APRIL 26, 2024

The deal comes just days after the federal judge overseeing the commission case in Missouri approved a preliminary settlement that will see the National Association of Realtors and multiple other residential brokerages collectively pay hundreds of millions of dollars in damages and make large-scale changes to longstanding commission policies.

Brokerage 425

Brokerage Agents Real Estate Buyers 425

Housing Wire

JANUARY 9, 2024

commission ($10,250) to the buyer broker.” Like the other commission lawsuits, the Masiello suit takes aim at the National Association of Realtors’ Participation Rule, which requires listing brokers to make a blanket offer of compensation to the buyer’s broker in order to list a property on a Realtor-affiliated MLS.

Realty 455

Realty Realtors Real Estate Real Estate Agent 455

Housing Wire

NOVEMBER 10, 2023

District Court in South Carolina, alleging that the National Association of Realtors (NAR) and Keller Williams colluded to artificially inflate agent commission rates, increasing costs for home sellers. “The effect of these rules is not simply that the seller must pay the buyer broker’s compensation,” the complaint states.

Sellers 400

Sellers Realtors Buyers Agents 400

Housing Wire

MAY 21, 2024

The National Association of Realtors (NAR) has petitioned a circuit court of appeals in Washington, D.C., The settlement proposed at the time included requirements for NAR to boost transparency about broker commissions and to stop misrepresenting that buyer broker services are free.

Government 349

Government Contracts Realtors Law 349

Housing Wire

NOVEMBER 30, 2023

Ethan Glass of Cooley, an attorney for the National Association of Realtors (NAR), took a different view and urged Wood to not set a date just yet, stating that it is “way premature” as the court has yet to even take motions for summary judgment, “let alone decide them.” The suit received class-action status in March 2023.

Legal 388

Legal Sellers Realtors Law 388

Housing Wire

MARCH 29, 2024

In its motion filed on Wednesday, CMLS said its amicus curiae brief is in repsonse to the Department of Justice’s statement of interest which was filed in early February in relation to the proposed settlement agreement reached by the Nosalek plaintiffs and defendant MLS Property Information Network in July 2023.

Sellers 406

Sellers Real Estate Buyers Contracts 406

Housing Wire

APRIL 4, 2024

Despite settlement agreements from Anywhere , RE/MAX , Keller Williams , Compass and the National Association of Realtors (NAR), the copycat commission lawsuits keep coming. In May 2023, Jutla reportedly sold her Seattle home before purchasing a new property in California. She used Redfin agents for both listing and buying purposes.

Realtors 325

Realtors Agents Sellers Real Estate 325

Housing Wire

NOVEMBER 7, 2023

Compass surprised positively in the third quarter of 2023 by posting a number of strong results. That’s a 4% year-over-year increase of 511 principal agents since Q3 2022 and a 3% increase of 422 agents compared to the second quarter of 2023. Compass also requires their agents to ensure buy-side clients sign buyer-broker agreements.

Agents 329

Agents Real Estate Agent Realtors Brokerage 329

Housing Wire

APRIL 8, 2024

Analysts at investment bank Keefe, Bruyette & Woods believe that the Department of Justice will intervene in Sitzer/Burnett commission lawsuit after receiving the green light to reopen its investigation into the National Association of Realtors. In late January 2023 , Judge Timothy Kelly of the U.S.

Real Estate 457

Real Estate Realtors Agents Brokerage 457

Housing Wire

JANUARY 8, 2024

A bevy of copycat commission lawsuit plaintiffs are looking to consolidate their nine suits in Missouri under Judge Stephen Bough, who over saw the Sitzer/Burnett commission lawsuit trial in October 2023. 31, 2023, and Dec. In a filing dated Dec.

Real Estate 312

Real Estate Realty Real Estate Agent Legal 312

Housing Wire

MARCH 19, 2024

For many real estate brokerages and roughly 1 million Realtors, the nationwide settlement agreement that the National Association of Realtors (NAR) negotiated due to the ongoing commission lawsuits marks the end of their cooperative compensation litigation concerns, at least for the time being. billion ), Douglas Elliman ($42.8

Brokerage 403

Brokerage Real Estate Realtors Legal 403

Housing Wire

NOVEMBER 20, 2023

Some of these provisions include no longer requiring agents to be members of the National Association of Realtors or following NAR’s Code of Ethics or the MLS Handbook. 22, 2023, to schedule final approval hearing. The terms of the settlement agreements require RE/MAX and Anywhere to pay $55 million and $83.5 said in a statement.

Legal 364

Legal Real Estate Agents Realtors 364

Housing Wire

OCTOBER 16, 2023

The National Association of Realtors , Keller Williams , and Berkshire Hathaway are still going to court to fight the allegations. Here’s what they had to say: Value Proposition : There’s a recurring theme of agents needing to articulate their value proposition, especially when it comes to representing buyers.

Real Estate 332

Real Estate Brokerage Training Agents 332

Housing Wire

JANUARY 11, 2024

In the lead up to the Sitzer/Burnett real estate commission trial , the National Association of Realtors expected to prevail. “I There was industry-wide shock when the Missouri jury found NAR, Keller Williams and HomeServices of America liable for colluding to artificially inflate real estate agent commissions. “But

Real Estate Agent 420

Real Estate Agent Real Estate Buyers Agents 420

Housing Wire

OCTOBER 6, 2023

After roughly a month of speculation, Anywhere Real Estate and RE/MAX made the terms of their proposed settlement agreements in the Moehrl and Sitzer/Burnett buyer broker compensation class action suits public on Friday. As for the end of Q2/2023 , RE/MAX had $96.76 In addition to the already publicized $83.5 In the Sept.

Agents 352

Agents Brokerage Realtors Real Estate 352

Housing Wire

NOVEMBER 8, 2023

31, 2023, the Gibson lawsuit pits three Missouri home sellers, Don Gibson, Lauren Criss and John Meiners, against National Association of Realtors , Compass , eXp World Holdings , Redfin , Weichert Realtors , United Real Estate , Howard Hanna and Douglas Elliman. Its agents also offer buyer broker compensation.

Real Estate 392

Real Estate Sellers Realtors Real Estate Agent 392

Housing Wire

MAY 8, 2024

million net loss reported in Q1 2023. million, compared to Q1 2023’s free cash-flow loss of $59 million. First, more buyers are using agents in 2023 than in 2003. Second, buyer agreements are not new. Additionally, data from RealTrends shows that the average commission actually rose in 2023 to 5.5%, up from 5.1%

Agents 335

Agents Brokerage Real Estate Clients 335

Housing Wire

FEBRUARY 22, 2024

In early September 2023, Steve Murray , the co-founder of RealTrends Consulting , told HousingWire that he believed this was a possible outcome. The outcome the DOJ wants would only reduce costs for sellers, but it Is going to put buyers in a hole,” Murray said.

Sellers 412

Sellers Buyers Real Estate Agents 412

Housing Wire

FEBRUARY 22, 2024

Presently, the demand for existing homes outpaces the available supply, raising potential concerns for both sellers and buyers. months as of December 2023), and implementing measures to moderate home price appreciation, fostering increased affordability. HW: What are the risk management challenges for REO assets?

Business 337

Business Marketing Real Estate Legal 337

Housing Wire

APRIL 8, 2024

In addition to the monetary award, Real has also agreed to implement business policy changes as part of the settlement, including “clarifications about the negotiability of commissions, prohibitions on claims that buyer agent services are free, and the inclusion of listing broker compensation offers in communications with clients.”

Brokerage 344

Brokerage Real Estate Agent Real Estate Clients 344

Housing Wire

MAY 1, 2024

Just six months ago, when a Missouri jury found HomeServices of America, Keller Williams and the National Association of Realtors (NAR) liable for colluding to artificially inflate real estate agent commissions , the industry’s path forward was very murky. Dwiggins noted that unrepresented buyers also pose a major threat to the industry.

Realtors 323

Realtors Real Estate Agent Real Estate Brokerage 323

Housing Wire

MARCH 28, 2024

The DOJ’s statement of interest, which was filed in mid-February, was in relation to the settlement agreement reached between the Nosalek plaintiffs and MLS Property Information Network (MLS PIN) in July 2023. NWMLS counters that these rule changes increased transparency and removed the potential for steering.

Sellers 328

Sellers Contracts Buyers Realtors 328

Housing Wire

MAY 3, 2024

But despite the uncertainty and the soon-to-beimplemented business practice changes outlined in the National Association of Realtors’ (NAR) commission lawsuit settlement agreement , RE/MAX leaders are confident in the brokerage’s ability to succeed in this changing environment. million in Q1 2023. annual decline in revenue to $78.3

Agents 324

Agents Real Estate Training Buyers 324

Housing Wire

NOVEMBER 1, 2023

While the industry has yet to find out what Judge Stephen Bough’s injunction will say and the three defendants, the National Association of Realtors , Keller Williams and HomeServices of America , have vowed to appeal the decision, Barton believes his firm will thrive regardless the outcome.

Real Estate 423

Real Estate Advertising Agents Realtors 423

Housing Wire

JANUARY 22, 2024

Friedman’s suit was in regard to the 2021 sale of his Park Slope home, in which he paid a buyer broker commission. 2023, REBNY announced changes to its rules , including a rule preventing listing agents from paying or offering to pay buyers’ agents compensation.

Real Estate Agent 376

Real Estate Agent Real Estate Agents Sellers 376

Housing Wire

MARCH 8, 2024

The lawsuit names the National Association of Realtors and Keller Williams as co-conspirators, but they are not defendants in the suit. In 2023, it ranked as the No. Peiffer, a prominent lawyer in the Big Easy, accuses local brokerage firm Latter & Blum of colluding to artificially inflate agent commissions.

Brokerage 350

Brokerage Sellers Realtors Agents 350

Housing Wire

APRIL 3, 2024

The battle began heating up in September 2023 when CoStar’s residential real estate platform Homes.com surpassed 100 million unique monthly visitors, becoming the second most popular listing portal behind Zillow. In prior notes, KBW had also referred to CoStar as the “top beneficiary” of a change to the buyer agent landscape.

Real Estate 356

Real Estate Agents Buyers Business 356

Housing Wire

JANUARY 29, 2024

The Kays join John and Nancy Moratis in the suit that was originally filed in early December 2023 in the U.S. Thus, while many (if not all) of West Penn MLS’s officers and directors have some association with NAR, West Penn MLS itself is not owned or controlled by any state or local REALTOR association.

Brokerage 305

Brokerage Realty Real Estate Real Estate Agent 305

Housing Wire

FEBRUARY 16, 2024

The modified rule still gives sellers and their listing brokers a role in setting compensation for buyers’ brokers,” the filing states. According to the DOJ, when a seller makes an offer of compensation to the buyer broker, the buyer broker does not need to compete on their compensation price in order to attract clients.

Sellers 422

Sellers Buyers Real Estate Contracts 422

Lamacchia Realty

DECEMBER 18, 2023

AGENT VS. REALTOR: WHY THE DIFFERENCE MATTERS Often, we hear the terms “real estate agent” and “REALTOR ®” being used synonymously. To the everyday buyer and seller , they may not think there is much of a difference between the two. The National Association of REALTORS® (NAR) is America’s largest trade association with over 1.5

Realtors 68

Realtors Agents Real Estate Agent Real Estate 68

Housing Wire

APRIL 16, 2024

As the engines of the housing and mortgage markets continue to sputter due to higher interest rates and fewer buyers, industry innovators are looking for ways to get their company’s wheels off the ground. of the loan amount, with a $5,000 cap, which adds to the typical buyer-side agent commission of up to 3%. according to the company.

Real Estate Agent 401

Real Estate Agent Loan Officers Real Estate Agents 401

Housing Wire

SEPTEMBER 6, 2023

Anywhere Real Estate ’s settlement agreement in two class action antitrust lawsuits dealing with buyer broker compensation raises important questions about the future of buyer’s agency and how other defendants are viewing the fast approaching trials. million in damages for both the Moehrl and Sitzer/Burnett suits.

Buyers 409

Buyers Agents Realtors Sellers 409

Housing Wire

NOVEMBER 2, 2023

Redfin executives were happy to discuss commission lawsuits during their firm’s third-quarter 2023 earnings call with investors and analysts Thursday evening, just not the one their firm was recently named as a defendant in. If buyers’ agents become less common, Redfin will prosper in that world too,” Kelman said. “We

Agents 386

Agents Technology Housing Market Training 386

Lamacchia Realty

DECEMBER 11, 2023

THE HIDDEN COSTS OF SELLING YOUR HOME WITHOUT A REALTOR® There is no denying it, the housing market has been a rollercoaster over the last several years. From the Covid-19 driven frenzy in 2020 to the significant inventory slowdown this year , buyers , sellers , and agents have all had adapt and grow comfortable with change.

Realtors 71

Realtors Real Estate Agent Sellers Realty 71