Housing Wire

APRIL 8, 2024

Fast-growing, publicly traded The Real Brokerage announced Monday that it had reached a settlement agreement with the plaintiffs in the Umpa commission lawsuit. The Umpa suit is the only commission lawsuit in which Real has been named as a defendant. The brokerage will pay $9.25 The Real Brokerage closed $14.4

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Brokerage Real Estate Agent Real Estate Clients 376

Housing Wire

MARCH 20, 2024

Like with most things in life, real estate brokerages come in a variety of shapes and size, from white-glove service firms to discount brokerages to flat-fee firms that offer al a carte services. Then HOUS [ Anywhere Real Estate ] has a lot of run-of-the-mill agents, with some strong ones at Corcoran and Coldwell Banker.

Brokerage 439

Brokerage Agents Realtors Real Estate 439

Housing Wire

APRIL 22, 2024

Photo Credit: AJ Canaria) Between inflation , an uncertain interest rate environment and legal challenges , the real estate industry is facing unprecedented challenges. In fact, the sweet spot for acquisitions over the next couple of years is going to be the small one-office brokerage firms.” My advice is to start simple.

Brokerage 391

Brokerage Real Estate Agents Sellers 391

Housing Wire

MARCH 15, 2024

These housing professionals have been gaming out the potential impact on buyers’ agents – a significant source of referrals. Loan officers and mortgage executives expect home sellers and homebuyers to negotiate more aggressively on commission paid to buyer agents, potentially bringing costs down.

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Buyers Agents Mortgage Real Estate Agent 498

Housing Wire

DECEMBER 8, 2023

Originally filed in late November, the Phillips lawsuit accuses real estate industry players of colluding to artificially inflate real estate agent commissions. By enforcing this mandate, the NAR establishes an anticompetitive market where sellers are coerced into subsidizing the buyer’s costs. “As

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Brokerage Realty Real Estate Agent Real Estate 423

Housing Wire

OCTOBER 6, 2023

The terms of Anywhere Real Estate ‘s $83.5 million settlement with plaintiffs in two bombshell buyer commission lawsuits have been made public, and they stipulate that the brokerage conglomerate make significant changes to its practices.

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Buyers Brokerage Agents Sellers 424

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.

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Real Estate Brokerage Sellers Law 412

Housing Wire

JANUARY 26, 2024

But all of that changed on Thursday, when Whaley’s counsel filed an amended complaint naming 15 brokerages as defendants. What remains unchanged is the central focus of the lawsuit — 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 an MLS.

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Brokerage Realty Realtors Sellers 404

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.

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Real Estate Realtors Realty Buyers 404

Housing Wire

MAY 9, 2024

After months of uncertainty, the real estate industry has a reason to celebrate, at least a little bit. In addition to RE/MAX, Anywhere and Keller Williams, NAR, Douglas Elliman , Realty One Group , At World Properties, Compass , HomeServices of America and The Real Brokerage, have also reached settlement agreements.

Brokerage 382

Brokerage Realty Sellers Real Estate 382

Housing Wire

MARCH 18, 2024

Jessica Edgerton , chief legal officer at LeadingRE , was also caught off guard by the timing of everything. “I In Orange County, California, Dan Smith — the co-founder of Anvil Real Estate , which is brokered by white label firm Side — said he and his 84 agents began preparing for seismic shifts in the industry in mid-October of last year.

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Brokerage Real Estate Agents Sellers 411

Housing Wire

JANUARY 29, 2024

As for the defendants, real estate brokerages River Point Realty , Bovard-Anderson , Priority Realty , Rubinoff Realty Services and Found It PA were added in the amended complaint. The addition of the five local brokerages is not the only recent change to the list of defendants.

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Brokerage Realty Real Estate Real Estate Agent 353

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

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Brokerage Real Estate Realtors Legal 444

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.

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Brokerage Agents Real Estate Buyers 453

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.

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Buyers Contracts Real Estate Agents 471

Housing Wire

DECEMBER 15, 2023

A copycat commission lawsuit filed on Thursday by home sellers in the United States District Court for the Eastern District of Texas, accuses 47 real estate industry defendants of allegedly conspiring to artificially inflate real estate agent commissions.

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Real Estate Realtors Realty Real Estate Agent 464

Housing Wire

APRIL 10, 2024

R New York , a brokerage boasting approximately 800 agents, has joined the American Real Estate Association , an alternative to the National Association of Realtors (NAR), according to The Real Deal. As of now, there are no fees to join the American Real Estate Association, and membership is and will remain optional. “For

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Real Estate Agent Real Estate Agents Legal 446

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.

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Buyers Contracts Agents Realtors 392

Housing Wire

NOVEMBER 30, 2023

Wondering how to get a real estate license in Ohio in 2024? Your path to real estate licensure begins with 120 hours of classes in an approved Ohio real estate license education program. How long does it take to get a real estate license in Ohio?

Real Estate 404

Real Estate Real Estate Agent Brokerage Agents 404

Housing Wire

JULY 28, 2023

Real estate agents and business leaders play a pivotal role in improving the cities in which they operate, making community service an essential value to their professions. Demonstrate your values to customers Buyers and sellers want more than just transactional relationships with their agents.

Real Estate Agent 349

Real Estate Agent Real Estate Agents Clients 349

Housing Wire

OCTOBER 16, 2023

The long-anticipated Sitzer/Burnett class action commission lawsuit enters its first day in court on Monday, leaving real estate professionals to ponder the fate of today’s cooperation and commission practices. According to Katie Johnson, NAR’s Chief Legal Officer, jury selection started last week and should finish today.

Buyers 450

Buyers Brokerage Agents Realtors 450

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 299

Brokerage Real Estate Agents Sellers 299

Housing Wire

JANUARY 16, 2024

In an amended complaint filed on Friday, the plaintiffs’ counsel named Vanguard Properties , Twin Oaks Real Estate , Windermere Real Estate Services Company , Rapisdara & Fox and Realty One Group , as additional defendants in the antitrust suit. The lawsuit was originally filed in U.S. 8, 2019, and the present.

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Brokerage Realtors Realty Real Estate 400

Housing Wire

OCTOBER 31, 2023

billion in damages, many questions still remain about what this means for the real estate industry, as the defendants still await Judge Stephen Bough’s final judgment. It is a situation where buyers need to pay their own agents and sellers have to pay their agent separately?” It depends on how far they take it,” Trepeta said.

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Real Estate Landlords Law Design 468

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. 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.

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Sellers Brokerage Real Estate Realtors 407

Housing Wire

JANUARY 18, 2024

The suit, known as Fierro, after its lead plaintiff Gael Fierro, a Californian home seller, accuses the real estate industry of colluding to artificially inflate real estate agent commissions. A copycat commission lawsuit has been filed in Los Angeles. It was filed on Wednesday in U.S. District Court in Los Angeles.

Realtors 522

Realtors Brokerage Realty Real Estate 522

Housing Wire

OCTOBER 9, 2023

If you’re interested in becoming a real estate agent in Illinois, you’ll be happy to hear that the path to getting your real estate license in the Prairie State doesn’t require as much of a time commitment as other states. 1] As a real estate broker in Illinois, it is not legal for you to work independently.

Real Estate Agent 403

Real Estate Agent Real Estate Agents Brokerage 403

Housing Wire

MAY 6, 2024

Redfin has joined the growing list of real estate brokerages that have settled the commission lawsuits. brokerage that has saved consumers more than $1.5 As part of the settlement agreement, Redfin has agreed to pay $9.25 As the only U.S.

Brokerage 433

Brokerage Realty Real Estate Agents 433

Housing Wire

OCTOBER 31, 2023

A Kansas City jury has found the National Association of Realtors , HomeServices of America and Keller Williams guilty of colluding to inflate or maintain high commission rates through NAR’s Clear Cooperation Rule, in the Sitzer/Burnett buyer broker commission lawsuit. The defendants have been ordered to pay damages of $1.78

Brokerage 545

Brokerage Realtors Sellers Buyers 545

Housing Wire

NOVEMBER 3, 2023

I actually started out as a buyer’s agent myself… and I see buyer’s agency as being a very valuable tool for buyers,” Sanford said during the Q&A session. I’m concerned, quite frankly, about what this might mean to buyers who may not be able to afford representation if things change up too much.”

Buyers 384

Buyers Realty Real Estate Realtors 384

Housing Wire

SEPTEMBER 7, 2023

For most real estate agents, working with a reliable lending partner is essential to a smooth and successful transaction. After looking at listings online, a prospective homebuyer typically reaches out to a real estate agent who then gives them a list of recommended lenders and LOs.

Buyers 391

Buyers Agents Loan Officers Real Estate 391

Housing Wire

FEBRUARY 21, 2024

HomeServices of America can preserve some of its legal war chest — for now, at least. The residential brokerage was dismissed this week from one of the early real estate commission lawsuits , known as “Batton 1” after its lead plaintiff, a homebuyer named Mya Batton. Judge Andrea Wood of the U.S.

Brokerage 374

Brokerage Realtors Real Estate Law 374

Housing Wire

FEBRUARY 28, 2024

The trade group’s legal woes have brought it back to California, where is already facing other commission lawsuits. 2021 to a buyer represented by a Redfin agent. While this is certainly not the only lawsuit Redfin has been named a defendant in, it is the first suit in which it is named as the sole real estate brokerage defendant.

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Realtors Legal Agents Brokerage 402

Housing Wire

NOVEMBER 10, 2023

It appears that no real estate brokerage firm in the U.S. District Court in the Southern District of New York, alleging that Real Estate Board of New York rules governing the multiple listing service in Manhattan kept commissions high and violated state and federal antitrust laws. 8, 2019, and the present.

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Real Estate Brokerage Sellers Law 461

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. That requires real estate professionals to cooperate with each other by sharing pertinent information with competitors regarding the home and about the terms of a potential transaction.

Real Estate Agent 457

Real Estate Agent Real Estate Realtors Buyers 457

Housing Wire

FEBRUARY 9, 2021

Real estate is an attractive field for experienced and aspiring entrepreneurs alike. The urge to innovate in real estate is only natural — any homebuyer or seller who is a creative problem-solver will notice glaring inefficiencies in the process. Both sellers and buyers have a lot to lose. So where are the results?

Real Estate 464

Real Estate Agents Technology Sellers 464

Housing Wire

MARCH 25, 2024

During a virtual open house hosted by Keller Williams to answer agent and broker questions about the settlements in the commission lawsuits , the overwhelming message was for real estate professionals to focus on what they can control. Cooperative compensation is still legal,” Papasan stressed. Don’t panic.

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Agents Advertising Real Estate Buyers 419