Housing Wire

APRIL 24, 2024

Another brokerage has decided to settle the commission lawsuits. Chicago-based At World Properties , which own @properties and Christie’s International Real Estate , has agreed to settle the nationwide class-action antitrust claims brought by home sellers.

Brokerage 359

Brokerage Real Estate Agents Sellers 359

Housing Wire

FEBRUARY 28, 2024

As brokerages across the country have begun implementing buyer agency contracts into their business practices in the wake of the Sitzer/Burnett commission lawsuit verdict, the Consumer Federation of America is warning consumers that they may be filled with “unfair provisions” that primarily protect agents and brokers.

Buyers 446

Buyers Contracts Agents Realtors 446

Housing Wire

JULY 20, 2023

There have been numerous studies done on client retention over the years, and while the exact figures vary, most suggest that it can be anywhere from five to 25 times more expensive to acquire a new client than to keep an existing one. 74% of sellers say they would use that same agent again, or recommend them to others.

Clients 283

Clients Real Estate Open Houses Agents 283

Housing Wire

JANUARY 29, 2024

Imagine if you could bottle the enthusiasm your clients have for working with you and use it to capture new business in 2024. In this article, we’ll show how to procure top-notch client testimonials, where and how to share them, and how to leverage them to bolster your reputation and close more deals in 2024.

Real Estate 407

Real Estate Clients Real Estate Agent Agents 407

Housing Wire

MARCH 18, 2024

In the 24 hours after news broke of the National Association of Realtors’ (NAR) settlement agreement in the commission lawsuits , Doug Danzey, the leader of the eXp Realty -brokered teamerage The Cobalt Group , said the most pervasive emotion among his agents has been panic. “I More off-MLS listings? It is really going to go backwards.

Brokerage 417

Brokerage Real Estate Agents Sellers 417

Housing Wire

APRIL 24, 2024

National Association of Realtors , et al., The Gibson suit was filed in late October 2023 by Michael Ketchmark, just after a Missouri jury ruled in favor of his clients in the Sitzer/Burnett suit that found real estate industry players liable for colluding to artificially inflate agent commissions.

Realtors 415

Realtors Real Estate Brokerage Law 415

Housing Wire

MARCH 22, 2024

Compass has joined the National Association of Realtors , Anywhere , Keller Williams and RE/MAX in settling the commission lawsuits. Additionally, like the three other brokerage firms that have already settled, Compass has agreed to make changes to its business practices as part of the settlement.

Brokerage 454

Brokerage Realtors Agents Clients 454

Housing Wire

DECEMBER 6, 2023

More home sellers on the East Coast are getting in on the commission lawsuit action. Similar to the other commission lawsuits, the latest two take aim at the National Association of Realtors’ Participation Rule, which requires the listing broker to make a blanket offer of compensation to the buyer’s broker to list the property on the MLS.

Realty 427

Realty Realtors Brokerage Real Estate 427

Housing Wire

DECEMBER 12, 2023

A home seller plaintiff in California filed an antitrust lawsuit on Friday in U.S. In a competitive market, the seller would pay nothing to the buyer broker, who would instead be paid by the buyer (their client), and the total commission paid by the seller would be set at a level to compensate only the seller’s broker,” the complaint states.

Realtors 446

Realtors Sellers Buyers Real Estate 446

Housing Wire

NOVEMBER 1, 2023

Just hours after securing a victory for his home seller clients in the landmark Sitzer/Burnett commission lawsuit, Michael Ketchmark, the lead attorney for the plaintiffs, filed another class action antitrust lawsuit against some of the real estate industry’s biggest players, in U.S. District Court for Western Missouri.

Real Estate 417

Real Estate Brokerage Sellers Law 417

Housing Wire

FEBRUARY 27, 2024

District Court for the Western District of Missouri , the lawsuit is named after its lead plaintiff, Maryland home seller Daniel Umpa. Due to how HomeServices and its affiliates handle their client contracts, if a dispute arises, each client is entitled to individual arbitration of their claims. Filed in late 2023 in the U.S.

Realty 417

Realty Real Estate Law Brokerage 417

Housing Wire

APRIL 30, 2024

As the July deadline for the implementation of the business practice changes outlined in the National Association of Realtors’ (NAR) commission lawsuit settlement agreement approaches, the trade organization is looking to iron out some details about buyer broker agreements.

Buyers 462

Buyers Open Houses Sellers Agents 462

Housing Wire

NOVEMBER 14, 2023

While the lawsuit does name large corporate brokerage firms as defendants, including Keller Williams , Side , HomeServices of America , and Fathom Realty , the robust defendant list also includes real estate teams, such as The Loken Group and Hexagon Group , as well as an individual broker, Mark Anthony Dimas. 13, 2019, to the present.

Real Estate 407

Real Estate Realtors Realty Buyers 407

Housing Wire

MAY 14, 2024

More than 80% of recent buyers asked for at least one seller concession. Importantly, however, 65% of these recent buyers also reported making at least one concession to the seller, indicative of the seller’s market that exists in many parts of the country. The survey also delved into the use of real estate agents.

Real Estate Agent 462

Real Estate Agent Agents Real Estate Buyers 462

Housing Wire

MAY 8, 2024

In down markets, the best agents and the best brokerages gain market share,” Reffkin, the CEO of Compass, told investors and analysts during his firms first-quarter 2024 earnings call on Wednesday evening. “We Compass has the best value proposition for buyers of any brokerage firm,” Reffkin said. We are a company of top agents.”

Agents 436

Agents Brokerage Real Estate Clients 436

Housing Wire

MARCH 8, 2024

It was mid-February when clients, family and friends began asking Jason Posnick about strange postcards appearing in their mailboxes. The mailers are titled “Notice of Proposed Settlements” and they began hitting the mailboxes of home sellers in mid-February. Lisa is super on the pulse. What do the postcards say?

Agents 427

Agents Legal Realtors Clients 427

Housing Wire

MARCH 18, 2024

It was a part of the 2022 REACH Canada Cohort, a technology scale-up program backed by the National Association of Realtors (NAR). By leveraging artificial intelligence to produce customizable, hyper-local videos for Realtors, Roomvu is setting a new standard for property marketing,” Thompson said.

Marketing 435

Marketing Real Estate Real Estate Agent Realtors 435

Housing Wire

FEBRUARY 12, 2024

On Friday, home seller plaintiff Dalton Jensen filed an antitrust lawsuit in U.S. The complaint argues that NAR’s Participation Rule, which requires listing brokers to make a blanket offer of compensation to buyer’s brokers in order to list a property on a Realtor affiliated MLS, is the “cornerstone of [the] defendants’ conspiracy.” “If

Real Estate 437

Real Estate Real Estate Agent Realtors Buyers 437

Housing Wire

DECEMBER 20, 2023

The National Association of Realtors , Keller Williams and HomeServices of America , have asked judge Andrea Wood to rule on the suit based on the evidence that has been presented during the discovery period of the proceedings. After almost five years of litigation, it is clear that Keller Williams Realty, Inc.

Real Estate 415

Real Estate Sellers Realtors Brokerage 415

Housing Wire

MAY 1, 2024

When HomeServices of America reached a nationwide settlement agreement last week in the commission lawsuits filed by home sellers, it became the final defendant in the two original commission cases, Sitzer/Burnett and Moehrl, to do so. 16 to implement these changes. It is not about our own needs.

Realtors 414

Realtors Real Estate Agent Real Estate Brokerage 414

Housing Wire

OCTOBER 25, 2023

As Ketchmark began his questioning, he tried to show that the structure of HomeServices as the parent company of so many affiliates and franchises had the effect of enforcing the National Association of Realtors’ commission and Clear Cooperation policies. It’s a negotiation with the seller.”

Sellers 417

Sellers Realtors Agents Buyers 417

Housing Wire

JULY 21, 2023

This change appears to possibly diverge from a National Association of Realtors rule, which states that listing agents must make an offer of cooperative compensation to buyer brokers in order to list a property on the MLS. While Bright MLS, which serves clients in Delaware, Pennsylvania, Maryland, Virginia, New Jersey, Washington, D.C.,

Buyers 370

Buyers Clients Sellers Realtors 370

Housing Wire

OCTOBER 16, 2023

At the crux of the case is the allegation that commission rates are too high, it’s unfair that the seller pays the buyer’s agent’s commission, and that the National Association of Realtors’ (NAR) Code of Conduct and MLS Handbook lead to set pricing. million, respectively. ” What’s at stake?

Buyers 454

Buyers Brokerage Agents Realtors 454

Housing Wire

OCTOBER 23, 2023

In the motion, HomeServices claimed that no evidence has been presented to show they conspired with the National Association of Realtors (NAR) and other brokerages on rules for commissions. The day started with video depositions of four real estate brokerage executives.

Law 427

Law Agents Realtors Contracts 427

Housing Wire

JANUARY 31, 2024

After months of plaintiffs’ lawyers in commission lawsuits claiming that the National Association of Realtors sets real estate agent commissions, the trade group finally decided to, in its words, “set the record straight.” The internet can be a tool, but it is not a replacement for the essential services agents who are Realtors provide.

Real Estate Agent 462

Real Estate Agent Real Estate Realtors Agents 462

Housing Wire

NOVEMBER 1, 2023

Pearson also has concerns about what this will now mean for how she and her agents handle client meetings or how to word things on open house fliers. “I Like Kelman, Chip Stella believes a shift to how agents work with buyers and sellers is imminent, and he’s working to prepare his agents for a variety of outcomes.

Open Houses 475

Open Houses Brokerage Agents Realtors 475

Housing Wire

OCTOBER 27, 2023

the National Association of Realtors (NAR), et al kicked off this week in a Kansas City, Missouri, federal courtroom, there is a lot at stake for consumers and business competition. Further, compensation is set between the brokers and their clients and is always negotiable. As the trial of Burnett v. The list goes on and on.

Real Estate Agent 462

Real Estate Agent Real Estate Realtors Buyers 462

Housing Wire

MARCH 21, 2024

While the news of the National Association of Realtors’ settlement agreement in the commission lawsuits may have created panic at some brokerages , local Realtor associations and Multiple Listing Services (MLSs) said they were not only anticipating the news but were prepared for it.

Realtors 427

Realtors Agents Real Estate Logistics 427

Housing Wire

OCTOBER 24, 2023

KANSAS CITY, Missouri — National Association of Realtors CEO Bob Goldberg was back on the stand Tuesday morning at the start of the seventh day of the Sitzer/Burnett class-action buyer broker commission antitrust lawsuit. This means sellers wind up paying inflated commissions at closing.

Realtors 417

Realtors Agents Clients Buyers 417

Housing Wire

MARCH 25, 2024

Cooperative compensation The vast majority of questions addressed on the call dealt with whether or not buyer’s representation was going away, and how agents will get paid for the services they provide to clients. Seller concessions is money that is being given by the seller directly to the buyer,” Papasan said.

Agents 437

Agents Advertising Real Estate Buyers 437

Housing Wire

MARCH 20, 2024

Friday’s bombshell – the National Association of Realtors ‘ proposed $418 million settlement of real estate commission lawsuits – set off a frenzy of trading for stocks in the residential real estate sector. While CoStar’s stock climbed more than 8% on the day, the other companies’ stocks fell 4.9-14.3%.

Investors 454

Investors Agents Real Estate Buyers 454

Housing Wire

MARCH 15, 2024

While many in the real estate industry were surprised by the news Friday morning that the National Association of Realtors had agreed to a nationwide settlement of the commission lawsuits for $418 million, Marty Green, a principal at law firm Polunsky Beitel Green , was not one of them. Almost any time in history the U.S.

Agents 446

Agents Brokerage Advertising Real Estate 446

Housing Wire

MARCH 15, 2024

Loan officers and mortgage executives expect home sellers and homebuyers to negotiate more aggressively on commission paid to buyer agents, potentially bringing costs down. That’s a problem because mortgage LOs traditionally have not “forged as deep of inroads” with sellers’ agents.

Buyers 501

Buyers Agents Mortgage Real Estate Agent 501

Housing Wire

FEBRUARY 16, 2024

Currently, in order to list a property, the listing broker must make an offer of at least one cent, but under the settlement, MLS PIN would drop that to zero dollars. “The modified rule still gives sellers and their listing brokers a role in setting compensation for buyers’ brokers,” the filing states.

Sellers 427

Sellers Buyers Real Estate Contracts 427

Housing Wire

MARCH 22, 2024

There is no doubt that the cooperative compensation structure changes outlined in the National Association of Realtors’ commission lawsuits settlement agreement will generate massive changes in the real estate industry, but those are not the only changes mandated by the terms of the agreement. As of Jan.

Buyers 475

Buyers Contracts Real Estate Agents 475

Housing Wire

OCTOBER 3, 2023

Most brokerage leaders know about the multiple challenges facing the real estate industry, not the least of which are the major class-action lawsuits. Compound that with the many sexual harassment and incompetency claims recently leveled against the National Association of Realtors (NAR) , and the confusion is understandable.

Agents 407

Agents Buyers Training Law 407

Housing Wire

OCTOBER 3, 2023

Redfin put the real estate industry on notice Monday morning, announcing that it will require agents to cancel their National Association of Realtors membership where possible. Agent compensation is set between brokers and their clients and has always been negotiable at any point in the transaction.”

Realtors 329

Realtors Brokerage Agents Real Estate 329