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 367

Real Estate Legal Brokerage Clients 367

Housing Wire

OCTOBER 6, 2023

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. Anywhere will eliminate any minimum client commission requirements that company owned brokerages may have.

Buyers 432

Buyers Brokerage Agents Sellers 432

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 355

Brokerage Real Estate Agents Sellers 355

Housing Wire

FEBRUARY 15, 2024

United Wholesale Mortgage (UWM) has accused California-based brokerage and correspondent lender Mortgage Solutions FCS, dba Client Direct Mortgage, of breaching its early payoff (EPO) provision and its owner, Ramon Walker, of trademark infringement. UWM filed a lawsuit in a U.S. district court in Michigan on Wednesday.

Mortgage 379

Mortgage Legal Advertising Loan Officers 379

Housing Wire

JULY 21, 2023

Maggie Wu has returned to Compass , and she’s bringing her four-person The W Team to the New York brokerage. In December 2021, she had left Compass to join the young brokerage SERHANT. “We have an unwavering commitment to our clients to provide the utmost client service experience,” said Wu.

Brokerage 364

Brokerage Legal Clients Real Estate 364

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 431

Agents Legal Realtors Clients 431

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 344

Agents Brokerage Real Estate Clients 344

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 418

Real Estate Brokerage Training Agents 418

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 447

Buyers Contracts Agents Realtors 447

Housing Wire

APRIL 17, 2024

In a writ of certiorari filed in early February, HomeServices told the Supreme Court that each of its client contracts state that the “signatories can arbitrate any claim or dispute arising out of the contract.” Since it was not, HomeServices is unable to compel arbitration, the brokerage argued.

Contracts 421

Contracts Brokerage Law Real Estate Agent 421

Housing Wire

MARCH 22, 2024

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. The reason we have chosen to settle is so we can minimize distractions and focus on serving you and your clients.”

Brokerage 458

Brokerage Realtors Agents Clients 458

Housing Wire

APRIL 23, 2024

The integration of Matterport to Homes.com will allow homebuyers to view properties online, helping agents to provide even more value to their clients. He believes in the success of Homes.com because it focuses on selling homes and building brands for both agents and brokerage firms.

Real Estate 389

Real Estate Advertising Legal Brokerage 389

Housing Wire

APRIL 24, 2024

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. Additionally, both suits were under the purview of Bough.

Realtors 417

Realtors Real Estate Brokerage Law 417

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 441

Real Estate Realtors Realty Brokerage 441

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 There will also be years of appeals about the legal standard used in the case and other issues,” Kelman wrote in a blog post. Without a doubt they are coming,” Chinatti said. “I

Open Houses 479

Open Houses Brokerage Agents Realtors 479

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 431

Legal Real Estate Agents Realtors 431

Housing Wire

OCTOBER 16, 2023

According to Katie Johnson, NAR’s Chief Legal Officer, jury selection started last week and should finish today. Named in the class action are NAR, RE/MAX , Anywhere , Keller Williams and Berkshire Hathaway HomeServices. “We are now anticipating opening arguments to begin on Tuesday, Oct. ” What’s at stake?

Buyers 458

Buyers Brokerage Agents Realtors 458

Housing Wire

FEBRUARY 27, 2024

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. who sold a house on an MLS and used an agent from one of the brokerage defendants between Dec. It remains unknown whether the court will grant any of these motions.

Realty 421

Realty Real Estate Law Brokerage 421

Housing Wire

JANUARY 11, 2021

Rocket Homes Real Estate , a real estate affiliate of Rocket Companies , is being investigated by the Consumer Financial Protection Bureau (CFPB) for possibly violating the Real Estate Settlement Procedures Act (RESPA) when it charged fees for referring Quicken’s mortgage clients to real estate agents, according to officials.

Real Estate Agent 410

Real Estate Agent Real Estate Brokerage Law 410

Housing Wire

OCTOBER 24, 2023

Goldberg said the rule needs to be mandatory, because cooperating participants have a right to know how they will be compensated prior to working with clients. Goldberg said he wasn’t sure, deferring the decision to the trade group’s legal team. Glass returned to the floor after Ketchmark to ask Goldberg to clarify a few points.

Realtors 421

Realtors Agents Clients Buyers 421

Housing Wire

DECEMBER 16, 2020

In a lawsuit filed last week, a mortgage brokerage claimed that one of its former loan officers stole a database containing client names and information and brought it with him to a new job at NEXA Mortgage. The suit mirrors an earlier, parallel legal action filed in Illinois state court. 2013 and February 2019.

Mortgage 397

Mortgage Loan Officers Brokerage Clients 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

FEBRUARY 5, 2024

In a court document filed on Friday, HomeServices of America told the Supreme Court that each HomeServices of America client contract states that the “signatories can arbitrate any claim or dispute arising out of the contract.”

Contracts 410

Contracts Brokerage Law Real Estate Agent 410

Housing Wire

OCTOBER 6, 2023

Both brokerages also said they will not provide agents with any software that filters or restricts MLS listings based on the level of compensation being offered. Practically speaking, the difference between an offer of $1 or even one penny and $0 is negligible,” he wrote.

Agents 410

Agents Brokerage Realtors Real Estate 410

Housing Wire

NOVEMBER 7, 2023

million after the brokerage paid its commissions and related expenses. Compass also requires their agents to ensure buy-side clients sign buyer-broker agreements. Revenue decreased by 10% year over year to $1.34 billion as transactions declined 12% over the quarter, driven by macroeconomic factors. Revenue was revised down to $241.20

Agents 408

Agents Real Estate Agent Realtors Brokerage 408

Housing Wire

JULY 28, 2023

Displaying involvement often resonates with clients who prioritize social responsibility. While legally an agent cannot provide their input on schools and neighborhoods, getting acquainted with the city’s educational landscape is a solid time investment. Host a client volunteer day and provide lunch.

Real Estate Agent 369

Real Estate Agent Real Estate Agents Clients 369

Housing Wire

OCTOBER 6, 2023

million payout, Anywhere has agreed to not require company owned brokerages, franchisees, or affiliated agents to belong to the NAR or follow the NAR Code of Ethics or MLS Handbook. The firm said it will also eliminate any minimum client commission requirements that company owned brokerages may have. Along with a $83.5

Brokerage 500

Brokerage Agents Buyers Clients 500

Housing Wire

OCTOBER 23, 2023

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. The day started with video depositions of four real estate brokerage executives.

Law 432

Law Agents Realtors Contracts 432

Housing Wire

OCTOBER 27, 2023

Further, compensation is set between the brokers and their clients and is always negotiable. They use their experience and expertise to negotiate on behalf of their client. Sellers end up having fewer potential buyers seeing their homes and small brokerages struggle to compete with larger competitors if they can even stay in business.

Real Estate Agent 466

Real Estate Agent Real Estate Realtors Buyers 466

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 430

Realtors Agents Real Estate Logistics 430

Housing Wire

DECEMBER 1, 2023

In its email, REBNY said that complaint is “laden with numerous inaccuracies regarding the RLS, the Universal Co-Brokerage Agreement, and the business of real estate.” You can continue to use the RLS, rely on the UCBA, engage clients, and transact business as you normally would,” the email read.

Real Estate Agent 409

Real Estate Agent Real Estate Agents Brokerage 409

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 Almost any time in history the U.S.

Agents 450

Agents Brokerage Advertising Real Estate 450

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 416

Realtors Real Estate Agent Real Estate Brokerage 416

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

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. District Court for the Western District of Pennsylvania.

Realty 432

Realty Realtors Brokerage Real Estate 432

Housing Wire

APRIL 5, 2024

The brokerage firm argued that if these settlements are rejected or challenged, the math for the final judgement amount would change. In addition, the brokerage firm noted that it does not have an immediate interest in appeal as they are still dealing with their post-trial motions.

Brokerage 421

Brokerage Sellers Law Contracts 421

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 410

Real Estate Realtors Realty Buyers 410