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 449

Buyers Brokerage Agents Realtors 449

Housing Wire

MARCH 22, 2024

Based on NAR’s settlement, agents working with buyers will need a signed buyer representation agreement starting in mid-July, pending final court approval of the settlement. Bills Clarke said this is exactly how agents already work with sellers, so it shouldn’t be a big deal to implement buyer agreements into a business. “We

Buyers 466

Buyers Contracts Real Estate Agents 466

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 399

Brokerage Real Estate Agents Sellers 399

Housing Wire

AUGUST 4, 2022

Tech-focused real estate brokerage Radius , flush with $14 million in venture capital raised this past April, has launched a mortgage lending arm in California that it plans to roll out to additional markets sometime next year. Presented by: Axis Technical Group.

Brokerage 392

Brokerage Real Estate Lending Mortgage 392

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 303

Real Estate Legal Brokerage Clients 303

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 382

Buyers Agents Loan Officers Real Estate 382

Housing Wire

OCTOBER 16, 2023

Regardless of the outcome, real estate brokers are doing all they can to prepare their brokerages and their agents for more transparency, education on the value real estate agents bring to the transaction, and more, according to the 2023 Q4 BrokerPulse survey , a forward-looking housing market sentiment survey by HousingWire.

Real Estate 349

Real Estate Brokerage Training Agents 349

Housing Wire

FEBRUARY 16, 2024

“In the absence of NAR’s Mandatory Offer of Compensation Rule, the expense of buyer broker commissions would be incurred by their clients (homebuyers),” the complaint states. This would lead to competition among buyer brokers to offer lower commission rates. 16, 2020, and the present.

Real Estate 398

Real Estate Realtors Realty Brokerage 398

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 351

Agents Brokerage Real Estate Clients 351

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 281

Brokerage Real Estate Agents Sellers 281

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 395

Agents Advertising Real Estate Buyers 395

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. JND Legal Administration is in charge of distributing the mailers, emails and press releases. Thanks to Lisa Chinatti, the broker-owner at Chinatti Realty Group , he was not completely caught off guard.

Agents 392

Agents Legal Realtors Clients 392

Housing Wire

OCTOBER 6, 2023

In a surprising twist, the National Association of Realtors has announced a change in how interprets its Participation Rule, which requires listing brokers to provide buyer brokers an offer of compensation in order to list on the multiple listing service (MLS). Initially filed in April 2019, the lawsuit takes aim at NAR’s Participation Rule.

Brokerage 493

Brokerage Agents Buyers Clients 493

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 457

Real Estate Agent Real Estate Realtors Buyers 457

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 467

Open Houses Brokerage Agents Realtors 467

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. Goldberg said he wasn’t sure, deferring the decision to the trade group’s legal team.

Realtors 406

Realtors Agents Clients Buyers 406

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 401

Real Estate Brokerage Sellers Law 401

Housing Wire

MARCH 15, 2024

With several of the major brokerage houses already having settled, NAR was in the untenable position of fighting to protect a business model that was already compromised by the settlements.” An industry insider at a top brokerage shared a similar sentiment. “We It also agreed to prohibit broker compensation appearing in the MLS fields.

Agents 433

Agents Brokerage Advertising Real Estate 433

Housing Wire

FEBRUARY 12, 2024

9, 2020, and the present, and paid a buyer broker commission. If NAR’s Adversary Commission Rule were not in place, then the cost of buyer broker commissions would be paid by their clients (home buyers),” the complaint states. Buyer brokers would thus have to compete with one another by offering a lower commission rate.

Real Estate 416

Real Estate Real Estate Agent Realtors Buyers 416

Housing Wire

NOVEMBER 20, 2023

The two corporate brokerages have received preliminary approval of their settlement agreements in the Sitzer/Burnett, Moehrl and Nosalek commission lawsuits. RE/MAX and Anywhere Real Estate can breathe a sigh of relief. said in a statement. At Anywhere, CEO and president Ryan Schneider was equally as pleased.

Legal 380

Legal Real Estate Agents Realtors 380

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 403

Real Estate Realtors Realty Buyers 403

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 412

Law Agents Realtors Contracts 412

Housing Wire

NOVEMBER 7, 2023

million after the brokerage paid its commissions and related expenses. 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 was revised down to $241.20

Agents 346

Agents Real Estate Agent Realtors Brokerage 346

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. In addition to the already publicized $83.5

Agents 368

Agents Brokerage Realtors Real Estate 368

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 362

Real Estate Agent Real Estate Agents Brokerage 362

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 320

Real Estate Agent Real Estate Agents Clients 320

Housing Wire

DECEMBER 12, 2023

“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 432

Realtors Sellers Buyers Real Estate 432

Housing Wire

DECEMBER 6, 2023

Defendants in the lawsuit include the Florida Association of Realtors , the nation’s largest state Realtor group with 238,000 members, and 16 large local brokerages, with agent counts ranging from 655 to nearly 4,000. 4, 2019 and the present. District Court for the Western District of Pennsylvania.

Realty 419

Realty Realtors Brokerage Real Estate 419

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 423

Sellers Buyers Real Estate Contracts 423

Housing Wire

DECEMBER 20, 2023

had no involvement in the issuance and or enforcement of NAR rules and that it did not impose those rules, including the Cooperative Compensation Rule, upon its franchisee brokerages or their affiliated independent contractor agents,” attorneys for Keller Williams wrote in the motion that both NAR and HomeServices joined.

Real Estate 341

Real Estate Sellers Realtors Brokerage 341

Housing Wire

MAY 1, 2024

“Looking ahead, this settlement provides our companies, agents, and franchisees with a greater sense of certainty, enabling us to focus on delivering exceptional service to our clients in a rapidly evolving real estate market.” Realtor-affiliated MLSs, as well as the non-Realtor MLSs and brokerages that opt in, will have until roughly Sept.

Realtors 339

Realtors Real Estate Agent Real Estate Brokerage 339

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 301

Real Estate Brokerage Buyers Property Management 301

Housing Wire

JULY 26, 2021

Solicitors are legally required when purchasing a home in Ireland.). They also had to pay for the brokerage sign outside their home, newspaper advertising, online ads and the brochures for potential buyers. Home buyers like my mother and father outside the U.S. And they paid a 1% fee to their solicitor for their purchase.

Real Estate Agent 382

Real Estate Agent Real Estate Sellers Legal 382

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. I would suggest that there has always been change.

Realtors 370

Realtors Agents Real Estate Logistics 370

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 in the best interest of the seller to have as many buyers as possible.”

Sellers 398

Sellers Realtors Agents Buyers 398

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.

Agents 412

Agents Buyers Realtors Sellers 412

Listing Spark

JANUARY 15, 2024

The role a brokerage plays in the process of buying and selling real estate winds through most of these challenges. For investors who want to grow their business without wasting money or opportunities, finding the right brokerage is one of the most important strategic choices you can make.

Brokerage 36

Brokerage Investors Investing Real Estate 36