article thumbnail

Real estate brokers focus on value amid commission lawsuit unease

Housing Wire

When asked how they were preparing for a worst-case scenario, such as a potential 30% loss of buy-side commissions , per a report done by Keefe, Bruyette & Woods , and an uncoupling of cooperation and compensation, brokers in the study say they are focusing on boosting their value proposition, listings and training.

article thumbnail

The Real Brokerage settles Umpa commission lawsuit for $9.25M

Housing Wire

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 354
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Wells Fargo pays $96M to settle LO comp lawsuit

Housing Wire

million to more than 5,300 home mortgage consultants to resolve a pair of class-action legal claims that allege wage-and-hour violations in California, according to the settlement agreement in federal court. Wells Fargo agreed to pay $95.7 The deal will provide $62.8 A settlement with the U.S.

Legal 462
article thumbnail

Panic! at the brokerage: Industry leaders plan next steps after NAR settlement

Housing Wire

Jessica Edgerton , chief legal officer at LeadingRE , was also caught off guard by the timing of everything. “I Due to this, Edgerton and other industry leaders believe it is essential for agents to focus on training and education as the mid-July deadline looms just a few months away. More off-MLS listings?

Brokerage 398
article thumbnail

Compass CEO Reffkin believes agents will still be valued in a post-settlement world

Housing Wire

Third, Compass agents have doubled down on training to help them better communicate their value proposition. 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 348
article thumbnail

Clients and AMCs Say the Darndest Things

McKissock

The AMC insists that as long as I disclose in the addendum that the zoning is currently ‘illegal,’ then I can mark on the first page as ‘Legal.’”. I’m pretty sure every appraiser could go on for hours with their own tales of “darndest things “ clients and AMCs have said. Then forward that answer on to the client/AMC.

Clients 85
article thumbnail

Commission lawsuit: HomeServices files motion for judgment as a matter of law

Housing Wire

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. In her testimony, she noted that training modules receive very few views. The defense will continue its arguments on Tuesday.

Law 412