Housing Wire

SEPTEMBER 18, 2023

Yet another national real estate brokerage firm has reached a settlement agreement in two of the major class action antitrust lawsuits facing the real estate industry. In addition, RE/MAX agreed to make certain changes to its business practices.” By the terms of the Settlement, RE/MAX agreed to pay a total settlement amount of $55.0

Buyers 483

Buyers Realtors Agents Real Estate 483

Housing Wire

JANUARY 16, 2024

According to the amended complaint, the firm does “substantial business” the Northern District of California. Like the other commission lawsuits, the Grace suit takes aim at NAR’s Participation Rule, which requires listing agents to make a blanket offer of compensation to the buyer’s broker in order to list the property on the MLS.

Brokerage 378

Brokerage Realtors Realty Real Estate 378

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 428

Brokerage Real Estate Realtors Legal 428

Housing Wire

MAY 7, 2024

With a 67% annual increase in agent count to 16,680 agents during the first quarter of 2024 , it is no surprise that The Real Brokerage also recorded an 86% annual increase in revenue to nearly $201 million. With Pro Teams, a team or brokerage firm is able to maintain its own internal economics and commission models.

Agents 423

Agents Brokerage Training Business 423

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 468

Buyers Contracts Real Estate Agents 468

Housing Wire

MAY 6, 2024

Redfin has joined the growing list of real estate brokerages that have settled the commission lawsuits. The filing did not detail whether the firm agreed to any business practice changes as part of the settlement agreement. brokerage that has saved consumers more than $1.5 As the only U.S.

Brokerage 428

Brokerage Realty Real Estate Agents 428

Housing Wire

JANUARY 26, 2024

“I was sitting on my couch and I saw Michael on CNBC calling us a cartel, saying that we take money that doesn’t belong to us, and I was infuriated at that rhetoric and I was infuriated at what that infers about Realtors,” Lamacchia said. “It It dehumanizes Realtors and turns us into money-making machines.”

Realtors 422

Realtors Law Agents Real Estate 422

Housing Wire

JULY 21, 2023

The nation’s second largest multiple listing service , Bright MLS , will begin allowing listing agents to put in a blanket offer of compensation for buyer brokers of zero dollars or more, starting on August 9. While Bright MLS, which serves clients in Delaware, Pennsylvania, Maryland, Virginia, New Jersey, Washington, D.C., economy.”

Buyers 370

Buyers Clients Sellers Realtors 370

Housing Wire

APRIL 26, 2024

HomeServices of America , the last remaining brokerage defendant in the landmark Sitzer/Burnett antitrust commission case , has agreed to pay $250 million in damages to settle lawsuits that will change agent compensation across America. The New York Times first reported the story. The jury verdict came to $1.76 billion in damages.

Brokerage 444

Brokerage Agents Real Estate Buyers 444

Housing Wire

MARCH 28, 2022

As lenders adapt to a purchase-centered market , HousingWire spoke to Brian Boero, CEO of 1000watt , about opportunities to grow lenders’ effectiveness in the Realtor and broker market. HousingWire: What’s happening right now in the Realtor world that lenders should know more about? This has created an environment of scarcity.

Realtors 345

Realtors Real Estate Agent Marketing Advertising 345

Housing Wire

MAY 7, 2024

The brokerage posted revenue of $225.5 Redfin’s brokerage revenue hovered around $125 million, up 5% from a year ago. Each of our business segments performed at the top of the range we set last quarter, or above that range. Our brokerage sales initiatives are working,” Kelman said in a statement.

Marketing 348

Marketing Brokerage Advertising Agents 348

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 404

Brokerage Real Estate Agents Sellers 404

Housing Wire

JANUARY 2, 2024

Umpa sold his Ohio home with Redfin and his Maryland home with Compass , and the suit states that he “paid a substantial buyer-broker compensation,” in both transactions. Because this blanket offer must be made available to every buyer-broker using the MLS (i.e., The lawsuit is seeking class action status for everyone in the U.S.

Sellers 396

Sellers Brokerage Real Estate Realtors 396

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.”

Buyers 387

Buyers Agents Loan Officers Real Estate 387

Housing Wire

MAY 1, 2024

In the complaint, the plaintiff alleges that the National Association of Realtors ‘ (NAR) “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 the MLS, has driven up commission costs. that was listed on a NAR-affiliated MLS between Dec.

Sellers 403

Sellers Realtors Real Estate Agent Real Estate 403

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. Class action attorneys allege real estate commission rates are too high and buyer brokers are being paid too much due to NAR rules. population.

Real Estate Agent 457

Real Estate Agent Real Estate Realtors Buyers 457

Housing Wire

APRIL 24, 2024

Another brokerage has decided to settle the commission lawsuits. The firm is not disclosing the dollar amount it is paying as part of the settlement agreement, but it noted that the terms are similar to those previously negotiated by Anywhere , RE/MAX , Keller Williams , Compass and The Real Brokerage.

Brokerage 286

Brokerage Real Estate Agents Sellers 286

Housing Wire

APRIL 23, 2024

The settlement agreement also mandates that MLS participants working with buyers must enter into a written buyer broker agreement. In a follow-up interview, Sears told HousingWire that the November approval date will have no impact on the mid-July implementation of the business practice changes outlined in the settlement agreement.

Realtors 357

Realtors Brokerage Agents Real Estate 357

Housing Wire

NOVEMBER 1, 2023

The new lawsuit, known as Gibson after its lead plaintiff, accuses the National Association of Realtors , Compass , eXp World Holdings , Redfin , Weichert Realtors , United Real Estate , Howard Hanna and Douglas Elliman , of conspiring to inflate real estate agent commissions. Who’s named? How big could this case be?

Real Estate 406

Real Estate Brokerage Sellers Law 406

Housing Wire

JANUARY 19, 2024

Brokerages RE/MAX , Anywhere , Keller Williams , eXp World Holdings , NorCal Gold , Williams L. Unlike other MLSs, MetroList is not exclusively owned or operated by Realtor associations affiliated with the National Association of Realtors. Lyon & Associates , Guide Real Estate , Paul M. 18, 2020, and the present.

Realtors 355

Realtors Real Estate Real Estate Agent Buyers 355

Housing Wire

DECEMBER 12, 2023

Like the other commission lawsuits, the Grace suit takes aim at NAR’s Participation Rule, which requires listing agents to make a blanket offer of compensation to the buyer’s broker in order to list the property on the MLS. The National Association of REALTORS will respond to this complaint in court.”

Realtors 436

Realtors Sellers Buyers Real Estate 436

Housing Wire

NOVEMBER 1, 2023

I think it will come down to the individual brokers to get the damages, and that kind of money will put a significant amount of the brokers out of business,” the Berkshire Hathaway HomeServices Drysdale Properties broker-owner said. Can we ask if the buyer is represented now? (It would swell to $5.36

Open Houses 469

Open Houses Brokerage Agents Realtors 469

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 411

Real Estate Sellers Realtors Real Estate Agent 411

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. There is an agreement but what about approval?

Agents 437

Agents Brokerage Advertising Real Estate 437

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 First, more buyers are using agents in 2023 than in 2003. Second, buyer agreements are not new.

Agents 361

Agents Brokerage Real Estate Clients 361

Housing Wire

FEBRUARY 14, 2022

Redfin is a publicly traded company, a nationally recognized listings website and one of the biggest brokerages in the country. Way back in the drab plaid of the 1970s, brokerages often classified agents as employees and offered them health care and pension plans. With a two-year-old, I couldn’t meet the quota,” she said.

Business 368

Business Brokerage Real Estate Agent Agents 368

Housing Wire

APRIL 1, 2024

The recent settlement involving the National Association of Realtors and major real estate firms revolves around the practice of “broker cooperation,” where agents representing sellers share commissions with agents representing buyers. The DOJ believes that by eliminating it, affordability will improve for all.

Sellers 458

Sellers Real Estate Agents Buyers 458

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 434

Real Estate Agent Real Estate Realtors Agents 434

Housing Wire

OCTOBER 3, 2023

As the commission lawsuits heat up, real estate brokers are gearing up to add buyer representation agreements and training, cut costs and hone value propositions, according to RealTrends Q4 2023 BrokerPulse survey. Another 10% are honing their value proposition , particularly as it relates to buyers’ agents. It ranked No.

Real Estate 363

Real Estate Brokerage Agents Training 363

Housing Wire

NOVEMBER 15, 2023

“With so much uncertainty surrounding the real estate industry today, it’s never been more important to have a leader who thoroughly knows us and understands business at the highest level,” said Keller. Willis joined Keller Williams from Coldwell Banker in 1991, serving in multiple roles during his time with the brokerage.

Brokerage 419

Brokerage Real Estate Realty Agents 419

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. billion in damages, as well as what the judge’s final ruling would look like.

Realtors 350

Realtors Real Estate Agent Real Estate Brokerage 350

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 380

Realtors Agents Real Estate Logistics 380

Housing Wire

NOVEMBER 23, 2022

The seller, who struggled to find a buyer in a cooled down housing market, agreed to deposit a lump sum payment into an escrow account at closing – ultimately saving Davis $6,900 in monthly payments in the first two years. It gives the buyer and seller the feeling of beating the mutual enemy, ‘the market,’ and gaming the system.”.

Buyers 464

Buyers Marketing Sellers Loan Officers 464

Housing Wire

JUNE 19, 2023

This has created a competitive market where buyers are struggling to find suitable properties, leading to increased competition and few bargains. It is crucial to focus on capturing the business that exists in this market in the near term while also planting seeds with clients that will yield long-term rewards.

Real Estate 297

Real Estate Business Clients Client Relationships 297

Housing Wire

OCTOBER 6, 2023

Like Anywhere Real Estate Friday morning, the terms of RE/MAX’s $55 million settlement with plaintiffs in two bombshell buyer commission lawsuits have been made public. RE/MAX brokerages and affiliates from any claims related to these lawsuits. It Final court approval of the settlement is expected in early 2024.

Agents 477

Agents Real Estate Buyers Brokerage 477

Housing Wire

NOVEMBER 3, 2023

With the scrutiny of The Department of Justice and the Federal Trade Commission and multiple lawsuits concerning how buyers’ brokers get paid, many brokers say it feels like an all-out war on the real estate industry. billion in commissions they paid to buyers’ agents in the past eight years.

Real Estate 306

Real Estate Brokerage Buyers Property Management 306

Lamacchia Realty

APRIL 29, 2024

We are pleased to announce that Emerson Realtors out of Auburn, Massachusetts have joined forces with Lamacchia Realty. Emerson Realtors was co-founded by Kevin Maher, a fifth generation REALTOR® whose career spanned an impressive 45 years. We are looking forward to the next chapter for our brokerage.

Realtors 78

Realtors Realty Real Estate Brokerage 78