Housing Wire

APRIL 24, 2024

Photo credit: AJ Canaria Hilary Saunders , the co-founder and chief broker officer at Side , sees the current challenges facing the real estate industry as yet another opportunity for brokerage models to further evolve. “I The brokerage models have to adapt,” Saunders said.

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Housing Wire

AUGUST 22, 2024

In the complaint, Homie claims that it is bringing this legal action to “recover the damages…suffered as an excluded competitor foreclosed by the Defendants’ conduct from effective competition in the relevant market.” Buyers using Homie would receive some or all of any BAC offered by the seller,” the complaint states.

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Housing Wire

OCTOBER 29, 2024

31, 2023, and has since reshaped the business practices for real estate brokerages and agents across the country. Stubbornly high interest rates, low levels of inventory and elevated home prices are putting a strain on the often-limited budgets of first-time buyers. It is no secret that many first-time homebuyers are struggling.

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Marketing Real Estate Sellers Buyers 448

Housing Wire

OCTOBER 15, 2024

On Friday, the brokerage notified the court that it was voluntarily dismissing Wasatch Front Regional MLS , which does business as UtahRealEstate.com , from the suit. As a flat-fee brokerage, Homie charged sellers a flat fee to list their property on the MLS. Homie Technologies’ bombshell antitrust lawsuit has one fewer defendant.

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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. Every big brokerage has some of them, but if you think about some of the most productive agents, a lot of them sit on Compass’ platform.

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Brokerage Agents Realtors Real Estate 476

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. The terms of Anywhere Real Estate ‘s $83.5

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Buyers Brokerage Agents Sellers 459

Housing Wire

DECEMBER 17, 2024

Despite having long ago settled the commission lawsuits , legal challenges continue to mount for real estate industry giant Anywhere. The suit also alleges that the defendants which include the brokerages, agents, brokers, support staff, title companies and banks involved in the transaction coordinated to gain an unfair advantage.

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Housing Wire

AUGUST 6, 2024

In March 2024, the National Association of Realtors (NAR) settled the nationwide commission lawsuits and agreed to several business practice changes, including a mandate that buyers sign a broker representation agreement prior to going on a home tour with their agent. And as the clock continues to count down to the Aug.

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Brokerage Realtors Agents Real Estate 448

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 514

Housing Wire

DECEMBER 4, 2024

When looking ahead to 2025, the challenges Kelly is anticipating having to prepare for include slow housing market conditions and potential regulatory or legal challenges. We were originally founded with the idea of having anything you need as a buyer or a seller transacting real estate all under one roof.

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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

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Housing Wire

AUGUST 2, 2024

But when it comes to the financial performance of their brokerages, industry analysts don’t believe the changes will be the end-all, be-all. “It This will leave the professional, high-performing agents to take care of the buyers who wish to have representation. 17 — are top of mind. Tomasello asked. ”In

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Brokerage Business Agents Buyers 448

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 459

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 472

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 464

Brokerage Real Estate Agents Sellers 464

Housing Wire

MARCH 20, 2024

Those too young to remember the wild west of real estate believe that real estate commissions have always been evenly split between seller’s and buyer’s agents, with each receiving a portion of the sale price. This misconception obscures the reality that, historically, buyers lacked formal representation.

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Real Estate Buyers Agents Sellers 497

Housing Wire

AUGUST 7, 2024

The motions filed by Compass , eXp World Holdings , Redfin , Weichert Realtors and United Real Estate claim that the homebuyer plaintiffs are simply trying “to parrot the allegations they made in an amended complaint,” which was filed in the Batton 1 suit that consists of the same plaintiffs but a different group of brokerage defendants.

Brokerage 448

Brokerage Realtors Real Estate Buyers 448

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?

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Buyers Brokerage Agents Realtors 482

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 488

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.

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Real Estate Brokerage Lending Mortgage 418

Housing Wire

DECEMBER 8, 2023

Central to the complaint is NAR’s Participation Rule, which requires listing brokers to make a blanket offer of compensation to buyer brokers in order to list a property on the MLS. “By By enforcing this mandate, the NAR establishes an anticompetitive market where sellers are coerced into subsidizing the buyer’s costs.

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Brokerage Realty Real Estate Agent Real Estate 459

Housing Wire

AUGUST 5, 2024

In less than two weeks , offers of compensation for buyers’ brokers will no longer be permitted on any MLS in the U.S, eXp Realty recently released forms that make it clear it is firmly up to the seller to decide whether or not they will offer buyer broker compensation.

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Sellers Buyers Agents Advertising 468

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 brokerage will pay $9.25 The Real Brokerage closed $14.4 The Umpa suit is the only commission lawsuit in which Real has been named as a defendant.

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Brokerage Real Estate Agent Real Estate Clients 397

Housing Wire

SEPTEMBER 18, 2024

You have to follow the law, but if it’s legal, you can do it,” Pfaff said. “We While no legal statute presently outlaws these practices, the MLSs might be engaging in a game of chicken with the Department of Justice (DOJ) and the law firms that have won or settled commission lawsuits against NAR and several major brokerages.

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Legal Realtors Agents Brokerage 482

Housing Wire

JANUARY 27, 2025

Together, these obstacles are forcing agents and brokerages to hit the sidelines and plan against seemingly insurmountable odds like facing Brady and the Patriots in the Superbowl. To do so, develop strategies and programs that cater to buyers and sellers at every stage. This is an opportunity to articulate value and stand out.

Real Estate 397

Real Estate Clients Technology Agents 397

Appraisal Buzz

JUNE 28, 2024

Legal counsel for NAR approved the agreement in early March. But a new study recently released by AccountTECH, an accounting software provider for the real estate industry, shows that virtually all brokerages across the U.S. If that number rises to 2.5%, 60% of brokerages become unprofitable.

Brokerage 354

Brokerage Real Estate Agents Real Estate Agent 354

Housing Wire

NOVEMBER 8, 2024

I know that this year, to say the least, has been quite a memorable year,” said Charlie Lee, NAR’s senior counsel and director of legal affairs. We as an industry have spent 30 to 40 years building the greatest marketplace ever in the world of real estate for home buyers and sellers,” Dwiggins said. “We

Real Estate 417

Real Estate Agents Business Realtors 417

Housing Wire

AUGUST 12, 2024

Many brokerage firms are trepidatiously moving to a model with no cooperative compensation in light of the impending business practice changes outlined in the National Association of Realtors’ (NAR) nationwide commission lawsuit settlement agreement. Peter Voss at 3% Listing Co. is wondering what took them all so long to make the switch.

Brokerage 448

Brokerage Agents Sellers Buyers 448

Housing Wire

SEPTEMBER 5, 2023

According to court documents filed on Tuesday, Anywhere Real Estate and the home sellers suing the firm in both the Moehrl and Sitzer/Burnett cases, which both deal with buyer brokers’ commissions, have reached a preliminary settlement agreement, settling all claims in both suits.

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Real Estate Buyers Legal Realtors 448

Housing Wire

AUGUST 29, 2024

Many state Realtor associations’ new forms —such as buyer representation agreements—are largely incomprehensible to the average homebuyer or seller and have language that seeks to avoid the terms of the National Association of Realtors ‘ (NAR) nationwide commission lawsuit settlement agreement , according to a report released earlier this month.

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Buyers Realtors Agents Sellers 448

Housing Wire

JULY 30, 2024

The August 17 deadline is looming, and many Realtors are gnashing their teeth over how they can share their seller’s offers of buyer broker compensation while still complying with the terms of the settlement. Bell approached real estate and mortgage firm Avenu Technologies with her challenge. From this, HomeKick was born.

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Buyers Realtors Agents Sellers 459

Housing Wire

OCTOBER 25, 2024

31, 2023, and has since reshaped the business practices for real estate brokerages and agents across the country. With NAR’s settlement requiring agents to have a signed buyer agency agreement with every buyer that spells out how much the agent will be paid in a transaction, many believed that buyers using a loan from the U.S.

Buyers 448

Buyers Real Estate Realtors Agents 448

Housing Wire

MARCH 18, 2024

Jessica Edgerton , chief legal officer at LeadingRE , was also caught off guard by the timing of everything. “I If the seller is willing to have that discussion, then you and your buyer can see what they would be willing to cover.” They wish that there was more guidance or framework of what all of this will look like in practice.”

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Brokerage Real Estate Agents Sellers 448

Housing Wire

JUNE 28, 2024

The remaining brokerage defendants in the Batton 2 homebuyer commission lawsuit filed a joint motion to dismiss the suit last week. Each of these out-of-state Named Plaintiffs allegedly enlisted a buyer-agent in the period from 2018 to 2021 to purchase a home in these other states.

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Brokerage Realtors Law Real Estate 379

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. District Court for the Western District of Pennsylvania.

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Brokerage Realty Real Estate Real Estate Agent 428

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 497

Buyers Contracts Real Estate Agents 497

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 488