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 389

Buyers Agents Loan Officers Real Estate 389

Housing Wire

APRIL 15, 2024

When asked about the language they use to discuss how buyer and seller agent commissions are paid, some of the most common responses included stressing that commissions are and always have been negotiable, and that if the National Association of Realtors’ settlement is approved, some practices may change, but many things are currently unknown.

Inventory 396

Inventory Agents Real Estate Sellers 396

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 407

Agents Legal Realtors Clients 407

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 389

Agents Legal Real Estate Agent Buyers 389

Housing Wire

FEBRUARY 16, 2024

The complaint claims that the National Association of Realtors is the creator of this alleged conspiracy through its creation and enforcement of its Participation Rule. This would lead to competition among buyer brokers to offer lower commission rates. 16, 2020, and the present. 16, 2020, and the present.

Real Estate 414

Real Estate Realtors Realty Brokerage 414

Housing Wire

NOVEMBER 9, 2023

In her first video appearance since the jury verdict in the Sitzer/Burnett commission lawsuit , National Association of Realtors president Tracy Kasper told NAR members that she shares their disappointment in the decision. As she has stated previously, NAR plans to appeal the verdict and that Sitzer/Burnett saga is far from over.

Agents 417

Agents Legal Sellers Clients 417

Housing Wire

NOVEMBER 8, 2023

Known as Batton 2, after the lead plaintiff Mya Batton, the lawsuit accuses Compass , eXp World Holdings , Redfin , Weichert Realtors , United Real Estate , Howard Hanna and Douglas Elliman of conspiring to artificially inflate agent commissions, resulting in elevated home-buying costs.

Real Estate 423

Real Estate Realtors Sellers Agents 423

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 439

Realtors Sellers Buyers Real Estate 439

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 411

Agents Advertising Real Estate Buyers 411

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

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 389

Realtors Agents Real Estate Logistics 389

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 412

Realtors Agents Clients Buyers 412

Housing Wire

FEBRUARY 12, 2024

9, 2020, and the present, and paid a buyer broker commission. The complaint argues that 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 a Realtor affiliated MLS, is the “cornerstone of [the] defendants’ conspiracy.” “If

Real Estate 426

Real Estate Real Estate Agent Realtors Buyers 426

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 404

Real Estate Realtors Realty Buyers 404

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 374

Legal Real Estate Real Estate Agent Law 374

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 370

Agents Brokerage Real Estate Clients 370

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 419

Law Agents Realtors Contracts 419

Housing Wire

NOVEMBER 9, 2023

In mid-October amidst ongoing controversy, the National Association of Realtors (NAR) announced it has changed its commission rule , also known as its Participation Rule. It now allows listing brokers to offer buyer brokers $0 in compensation when listing a home in any of the 500 Realtor-affiliated MLS s across the U.S.

Real Estate Agent 390

Real Estate Agent Real Estate Agents Realtors 390

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 421

Sellers Real Estate Buyers Contracts 421

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 470

Open Houses Brokerage Agents Realtors 470

Housing Wire

NOVEMBER 20, 2023

Some of these provisions include no longer requiring agents to be members of the National Association of Realtors or following NAR’s Code of Ethics or the MLS Handbook. “We are pleased with the court’s decision to grant preliminary approval of the settlement,” Nick Bailey, the president and CEO of RE/MAX, LLC.,

Legal 398

Legal Real Estate Agents Realtors 398

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 366

Agents Real Estate Agent Realtors Brokerage 366

Housing Wire

OCTOBER 16, 2023

The National Association of Realtors , Keller Williams , and Berkshire Hathaway are still going to court to fight the allegations. Here’s what they had to say: Value Proposition : There’s a recurring theme of agents needing to articulate their value proposition, especially when it comes to representing buyers.

Real Estate 369

Real Estate Brokerage Training Agents 369

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 371

Brokerage Real Estate Agent Real Estate Clients 371

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 414

Sellers Buyers Real Estate Agents 414

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. Dwiggins noted that unrepresented buyers also pose a major threat to the industry.

Realtors 359

Realtors Real Estate Agent Real Estate Brokerage 359

Lamacchia Realty

DECEMBER 18, 2023

AGENT VS. REALTOR: WHY THE DIFFERENCE MATTERS Often, we hear the terms “real estate agent” and “REALTOR ®” being used synonymously. To the everyday buyer and seller , they may not think there is much of a difference between the two. The National Association of REALTORS® (NAR) is America’s largest trade association with over 1.5

Realtors 68

Realtors Agents Real Estate Agent Real Estate 68

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 373

Business Marketing Real Estate Legal 373

Housing Wire

DECEMBER 6, 2023

Similar to the other commission lawsuits, the latest two take aim at the National Association of Realtors’ Participation Rule, which requires the listing broker to make a blanket offer of compensation to the buyer’s broker to list the property on the MLS. Both lawsuits are seeking class-action status. 4, 2019 and the present.

Realty 422

Realty Realtors Brokerage Real Estate 422

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. Who’s named?

Real Estate 409

Real Estate Brokerage Sellers Law 409

Housing Wire

OCTOBER 25, 2023

As Ketchmark began his questioning, he tried to show that the structure of HomeServices as the parent company of so many affiliates and franchises had the effect of enforcing the National Association of Realtors’ commission and Clear Cooperation policies. It’s in the best interest of the seller to have as many buyers as possible.”

Sellers 408

Sellers Realtors Agents Buyers 408

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?

Brokerage 408

Brokerage Real Estate Agents Sellers 408

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). On Wednesday a U.S. Along with a $83.5

Brokerage 493

Brokerage Agents Buyers Clients 493

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 424

Sellers Buyers Real Estate Contracts 424

Housing Wire

DECEMBER 20, 2023

The National Association of Realtors , Keller Williams and HomeServices of America , have asked judge Andrea Wood to rule on the suit based on the evidence that has been presented during the discovery period of the proceedings. After almost five years of litigation, it is clear that Keller Williams Realty, Inc.

Real Estate 362

Real Estate Sellers Realtors Brokerage 362

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 In addition to the already publicized $83.5 In the Sept.

Agents 384

Agents Brokerage Realtors Real Estate 384

Housing Wire

APRIL 24, 2024

“Settling these claims today allows us to move beyond a very costly litigation process and focus our full time, energy and resources on what matters most: our agents, affiliate brokerages, staff and clients,” Mike Golden, the co-CEO of @properties and Christie’s International Real Estate, said in a statement.

Brokerage 292

Brokerage Real Estate Agents Sellers 292