Housing Wire

MARCH 14, 2024

Legal experts told HousingWire that it is rare to see the Fed offer an opinion about an ongoing legal debate, as it typically does not want viewed as an influence on court decisions. Because of this, the authors believe buyer agents are then able to “command commission above cost.” housing market. needs to change.

Agents 431

Agents Legal Real Estate Agent Buyers 431

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. ” What’s at stake?

Buyers 458

Buyers Brokerage Agents Realtors 458

Housing Wire

SEPTEMBER 7, 2023

Probably about 60 to 70% of our business comes from referrals from our previous clients,” Chris Gallo, a top producing LO in New Jersey, said. Attorneys, Realtors and clients are a big part of our repeat business.” Finding reliable lending partners takes time and some trial and error, but once established is often the lifeblood of LOs.

Buyers 397

Buyers Agents Loan Officers Real Estate 397

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. Cooperative compensation is still legal,” Papasan stressed.

Agents 441

Agents Advertising Real Estate Buyers 441

Housing Wire

JULY 19, 2023

Over the past year or so, we have seen an uptick in questions relating to commission disputes between brokers and their clients. A typical commission dispute arises when, after signing a listing agreement or buyer-broker agreement: A seller-client “cancels” a valid purchase contract. A seller-client cancels a listing.

Real Estate 370

Real Estate Legal Brokerage Clients 370

Housing Wire

FEBRUARY 22, 2024

Worst-case scenario, the broker representing the buyer will have to negotiate their own fee with their client and the seller can no longer be compelled to make a blanket offer of compensation in order to list on the MLS,” Murray said. They have gone through all of this and it will end up being punitive to buyers.

Sellers 421

Sellers Buyers Real Estate Agents 421

Housing Wire

NOVEMBER 9, 2023

According to Kasper, while the plaintiffs are portraying this outcome as a win for consumers, getting rid of cooperative compensation will only harm homebuyers and sellers. As she has stated previously, NAR plans to appeal the verdict and that Sitzer/Burnett saga is far from over. Explain clearly how you get paid and what you are charging.

Agents 432

Agents Legal Sellers Clients 432

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 432

Agents Legal Realtors Clients 432

Housing Wire

MARCH 29, 2024

In its proposed brief, CMLS writes that in its statement of interest, the DOJ is looking for “an injunction that prohibits offers of buyer broker compensation by MLS PIN participants.” Second, the trade group points out that the practice of sellers and listing brokers paying buyer brokers is lawful throughout MLS PIN’s service area.

Sellers 432

Sellers Real Estate Buyers Contracts 432

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. “The modified rule still gives sellers and their listing brokers a role in setting compensation for buyers’ brokers,” the filing states.

Sellers 432

Sellers Buyers Real Estate Contracts 432

Housing Wire

NOVEMBER 8, 2023

But this latest one comes with a twist — it was filed by homebuyers, unlike the others filed by home sellers. According to the complaint, this requirement of a blanket offer of compensation makes it easy for buyer agents to steer clients to properties they would make a higher commission on.

Real Estate 432

Real Estate Realtors Sellers Agents 432

Housing Wire

NOVEMBER 9, 2023

The heightened consumer protection focus from government agencies, combined with the Department of Justice’s ongoing legal feud with the National Association of Realtors and its recent involvement in the Nosalek commission lawsuit , has many in the industry expecting that the DOJ will get involved in the Sitzer/Burnett suit, and potentially others.

Legal 431

Legal Real Estate Real Estate Agent Law 431

Housing Wire

FEBRUARY 16, 2024

A second home seller in Nevada has filed a lawsuit alleging that real estate industry players in the state have colluded to artificially inflate real estate agent commissions. District Court in Las Vegas by Nevada home seller Angela Boykin. This would lead to competition among buyer brokers to offer lower commission rates.

Real Estate 441

Real Estate Realtors Realty Brokerage 441

Housing Wire

MARCH 18, 2024

Jessica Edgerton , chief legal officer at LeadingRE , was also caught off guard by the timing of everything. “I He didn’t want himself and his agents in a place where the day came, and they didn’t know how to prove their value proposition or negotiate their worth with a client. More off-MLS listings?

Brokerage 421

Brokerage Real Estate Agents Sellers 421

Housing Wire

DECEMBER 12, 2023

A home seller plaintiff in California filed an antitrust lawsuit on Friday in U.S. The lawsuit was filed by Christina Grace, who sold a house listed on Bay Area Real Estate Information Services MLS (BAREIS MLS) in April 2020 and paid a commission to the buyer’s agent. “In

Realtors 450

Realtors Sellers Buyers Real Estate 450

Housing Wire

APRIL 11, 2023

Buyers, sellers and lenders all have a stake in the sale, and title and escrow ensure that everyone’s interests are protected. They also help to prevent fraud and ensure that the sale is conducted legally and ethically. In real estate, a title is a legal document that establishes ownership of a property or asset.

Real Estate 384

Real Estate Legal Sellers Buyers 384

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 421

Realtors Agents Clients Buyers 421

Housing Wire

APRIL 24, 2024

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 400

Brokerage Real Estate Agents Sellers 400

Housing Wire

OCTOBER 23, 2023

KANSAS CITY, Missouri — The second week of the Sitzer/Burnett class-action buyer broker commission antitrust lawsuit kicked off with a bang. A judgment as a matter of law is permissible if there is no legally sufficient basis for a reasonable jury to find for the nonmoving party (in this instance, the plaintiffs) on the issue.

Law 432

Law Agents Realtors Contracts 432

Housing Wire

FEBRUARY 12, 2024

On Friday, home seller plaintiff Dalton Jensen filed an antitrust lawsuit in U.S. 9, 2020, and the present, and paid a buyer broker commission. 9, 2020, and the present, and paid a buyer broker commission. Buyer brokers would thus have to compete with one another by offering a lower commission rate.

Real Estate 441

Real Estate Real Estate Agent Realtors Buyers 441

Housing Wire

OCTOBER 27, 2023

Class action attorneys allege real estate commission rates are too high and buyer brokers are being paid too much due to NAR rules. Listing brokers make offers of compensation to buyer brokers who bring a buyer to the table. Further, compensation is set between the brokers and their clients and is always negotiable.

Real Estate Agent 466

Real Estate Agent Real Estate Realtors Buyers 466

Housing Wire

OCTOBER 25, 2023

Ketchmark then discussed the agreements HomeServices franchisees have their clients sign. He also noted that he expects HomeServices agents to act as fiduciary to their clients and follow the NAR Code of Ethics. It’s a negotiation with the seller.” The value I add, I believe, is worth 6%.

Sellers 421

Sellers Realtors Agents Buyers 421

Housing Wire

MAY 8, 2024

First, more buyers are using agents in 2023 than in 2003. Second, buyer agreements are not new. Reffkin added that he also believes agents will have to sell their brokerage firm’s value proposition to prospective clients if they want to gain their business. Reffkin’s confidence came from what he called “five facts.”

Agents 440

Agents Brokerage Real Estate Clients 440

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 421

Real Estate Brokerage Sellers Law 421

Housing Wire

FEBRUARY 22, 2024

Presently, the demand for existing homes outpaces the available supply, raising potential concerns for both sellers and buyers. Legal and regulatory risk demands compliance with evolving laws and regulations, with VRM Mortgage Service’s legal and compliance departments ensuring current knowledge and implementing controls.

Business 410

Business Marketing Real Estate Legal 410

Housing Wire

NOVEMBER 20, 2023

“Our efforts to resolve these claims remove future uncertainty and legal expense for Anywhere, our franchisees, and affiliated agents as, together, we focus on serving home buyers and sellers as they move to what’s next,” Schneider said in a statement. said in a statement.

Legal 432

Legal Real Estate Agents Realtors 432

Housing Wire

JULY 28, 2023

Demonstrate your values to customers Buyers and sellers want more than just transactional relationships with their agents. Displaying involvement often resonates with clients who prioritize social responsibility. Host a client volunteer day and provide lunch. Many desire alignment with those who share their values.

Real Estate Agent 370

Real Estate Agent Real Estate Agents Clients 370

Housing Wire

DECEMBER 20, 2023

In a statement on Wednesday, NAR spokesperson Mantill Williams said that compensation is “always negotiable” between agents and their clients.

Real Estate 420

Real Estate Sellers Realtors Brokerage 420

Housing Wire

OCTOBER 26, 2023

He testified that, in most cases, homebuyers would be unable to include buyer agent commission costs into their financing. “My concern is buyers who are cash-constrained,” Stevens said. ” But buyers are not the only ones who benefit from the current system, according to Stevens. .” The D.A.N.G.E.R.

Buyers 421

Buyers Sellers Agents Law 421

Housing Wire

NOVEMBER 7, 2023

Compass agents are more likely to work in upper-echelon markets where buyers and sellers would work with agents, he said. Compass also requires their agents to ensure buy-side clients sign buyer-broker agreements. Revenue decreased by 10% year over year to $1.34 Reffkin cited the Seattle market as reason for optimism.

Agents 410

Agents Real Estate Agent Realtors Brokerage 410

Housing Wire

DECEMBER 1, 2023

Originally filed in early November, the commission lawsuit known as the March suit , after its lead plaintiff, takes aim at a REBNY Listing Service rule called the Buyer Broker Commission Rule, which states that the brokers “shall each be paid an equal share of the commission as specified in the Exclusive Listing.”

Real Estate Agent 410

Real Estate Agent Real Estate Agents Brokerage 410

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 384

Brokerage Real Estate Agent Real Estate Clients 384

Housing Wire

NOVEMBER 14, 2023

At the center of the plaintiffs’ complaint is the National Association of Realtors’ Clear Cooperation policy, which requires listing brokers to make a blanket offer of compensation to buyers’ brokers in order to list the property on the MLS. “In This would lead to competition among buyer brokers to offer lower commission rates.

Real Estate 410

Real Estate Realtors Realty Buyers 410

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 Can we ask if the buyer is represented now? There will also be years of appeals about the legal standard used in the case and other issues,” Kelman wrote in a blog post.

Open Houses 479

Open Houses Brokerage Agents Realtors 479

Housing Wire

MAY 3, 2024

The key difference between our business model and that of many of our peers is that our model incentivizes agents to help buyers and sellers reach their housing goals, while some other models have incentivized their agents to recruit other agents, many of whom are not productive.”

Agents 420

Agents Real Estate Training Buyers 420

McKissock

JULY 6, 2022

The reality, however, is many agents struggle to properly set and manage the client’s expectations of how the chaos is going to work and how the process is going to play out. Managing client expectations is critical, and sadly, often overlooked as part of the agent/client relationship. As agents, we know better.

Clients 87

Clients Real Estate Contracts Sellers 87

Housing Wire

MARCH 15, 2024

In addition to the $418 million settlement amount, which will be paid into a court-controlled trust over a four-year period, NAR has also agreed to abolish all rules allowing seller’s agents to set compensation for buyer’s agents. It also agreed to prohibit broker compensation appearing in the MLS fields.

Agents 450

Agents Brokerage Advertising Real Estate 450