Housing Wire

NOVEMBER 1, 2023

The senior data scientist at appraisal tech startup True Footage previously worked at REX , a mostly defunct discount brokerage that charged seller fees as low as 2.5% Actions since NAR banned mandatory and recommended fee schedules in 1961 and 1971, respectively, have often focused on allegations of agents steering clients.

Clients 446

Clients Agents Buyers Sellers 446

Housing Wire

AUGUST 13, 2024

As more brokerages and agents contemplate moving away from a cooperative compensation model , many are grappling with some tough questions, the most vexing probably being: What do I do if a seller is only willing to contribute part of the buyer broker’s fees, or none at all? You have to make sure you are on the same page.” Hahn wrote.

Clients 434

Clients Agents Buyers Sellers 434

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 421

Brokerage Agents Sellers Buyers 421

Housing Wire

JULY 16, 2024

Dallas-based United Real Estate has joined the cohort of brokerage defendants who have settled the commission lawsuits. The brokerage said it has also agreed to adhere to certain business practice changes, which are not being disclosed at this time. As part of the settlement, United will pay $3.7 million into a settlement fund.

Real Estate 382

Real Estate Legal Fees Legal Brokerage 382

Housing Wire

MAY 9, 2024

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. Such extraordinary action would be inappropriate.” Its final approval hearing is slated for Nov. 26, 2024. “We

Brokerage 388

Brokerage Sellers Realty Real Estate 388

Housing Wire

OCTOBER 11, 2024

Brokerages are scrambling to adapt to the post-settlement landscape of real estate, and more of them are turning to the same method for growing their headcount — acquiring new teams. The addition of teams is an efficient way for major brokerages to bolster agent counts and boost sales volumes on their income statements.

Real Estate 409

Real Estate Brokerage Legal Agents 409

Housing Wire

DECEMBER 23, 2024

The Jason Mitchell Group and its founder, Jason Mitchell, allegedly participated by referring thousands of clients to Rocket’s companies. At The Jason Mitchell Group, agents were supposedly trained to suggest transactions could fail if clients shopped around for other mortgage options.

Real Estate 407

Real Estate Brokerage Clients Agents 407

Housing Wire

OCTOBER 31, 2024

Much to the relief of some of the nation’s largest brokerage firms, Judge Stephen R. The ruling also comes a year after the Gibson suit was filed by plaintiffs’ attorney Michael Ketchmark on the heels of his clients’ victory in the Sitzer/Burnett suit. million) , The Real Brokerage ($9.25 million ), At World Properties ($6.5

Brokerage 352

Brokerage Real Estate Realtors Realty 352

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 459

Buyers Brokerage Agents Sellers 459

Housing Wire

NOVEMBER 1, 2024

Arguably, one of the most important functions of a real estate agent is to guide and be a subject matter expert to clients through the buying and selling processes. Put simply, a good agent is a sherpa who knows every step of the journey and expertly leads their client up the path. Now, it’s time to join a brokerage.

Real Estate 440

Real Estate Real Estate Agent Agents Brokerage 440

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.” Local associations of NAR in Utah encouraged agents to steer clients away from Homie—one of their own members.”

Realtors 482

Realtors Buyers Brokerage Real Estate 482

Housing Wire

MARCH 18, 2024

Jessica Edgerton , chief legal officer at LeadingRE , was also caught off guard by the timing of everything. “I He didn’t want himself and his agents in a place where the day came, and they didn’t know how to prove their value proposition or negotiate their worth with a client. More off-MLS listings? It is really going to go backwards.

Brokerage 408

Brokerage Real Estate Agents Sellers 408

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.

Legal 452

Legal Realtors Agents Brokerage 452

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 401

Mortgage Loan Officers Brokerage Clients 401

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 396

Real Estate Agent Real Estate Brokerage Law 396

Housing Wire

AUGUST 26, 2024

“Broker margins are already so thin and those agents who aren’t strong and are getting caught up in trying to explain what they do and justifying their costs, will fall behind the agents who show clients their value so the client feels like they are getting the service that they paid for.”

Brokerage 489

Brokerage Agents Real Estate Business 489

Housing Wire

DECEMBER 26, 2024

The legal department at eXp Realty and parent company eXp World Holdings is not getting any rest over the holidays. According to many legal resources, it is common for brokerages to prevent agents from acting as contractors on home sale transactions they are involved in. 4, followed by a detailed affidavit sent on Nov.

Renovations 284

Renovations Legal Realty Advertising 284

Housing Wire

SEPTEMBER 20, 2024

Pareja took over as CEO at eXp in April 2024 and became the first Hispanic CEO of a major real estate brokerage in U.S. eXp purposely designed the document in a way that uses as little legal jargon as possible, so as to not confuse buyers and sellers. As such, forming relationships with prospective clients is the way to go.

Agents 377

Agents Brokerage Real Estate Tenants 377

Housing Wire

AUGUST 9, 2024

As the CEO of a multi-state real estate brokerage , I have witnessed firsthand the importance of this principle. Buyer brokerage agreements: A lesson in value One of the many hurdles agents will face is the buyer brokerage agreement. Legally, we can’t show a house without one.

Real Estate 403

Real Estate Business Brokerage Clients 403

Housing Wire

AUGUST 15, 2024

While it might seem incredibly complicated to guide both owned brokerages and franchisees through the National Association of Realtors’ (NAR) nationwide commission lawsuit settlement agreement , Anywhere Real Estate views having both models under its umbrella as a blessing. The first is simplicity. The other principle is flexibility.

Brokerage 376

Brokerage Agents Legal Buyers 376

Housing Wire

DECEMBER 17, 2024

Side has filed a preliminary injunction against Tal and Oren Alexander and their brokerage, Official Partners , that seeks to prevent them from dissipating, hiding or moving collateral for a loan that Side claims the brothers have defaulted on. They represented ultrawealthy and celebrity clients.

Legal Fees 302

Legal Fees Brokerage Real Estate Legal 302

Housing Wire

DECEMBER 2, 2024

The legal industry understands that they can make a lot of money because of the nature of real estate. Agents are also going to find it more difficult to manage their duties to their clients in terms of gaining commissions. There needs to be strong brokerage entities — that’s the biggest thing I’m concerned about.

Real Estate 234

Real Estate Brokerage Advertising Agents 234

Housing Wire

NOVEMBER 26, 2024

District Court in Kansas City, Missouri, on Tuesday granted final approval to NAR’s commission lawsuit settlement agreement , as well as the settlements reached by HomeServices of America and the numerous MLSs and brokerages that chose to opt into NAR’s settlement. million) , The Real Brokerage ($9.25 million ), Douglas Elliman ($7.75

Brokerage 391

Brokerage Realtors Buyers Real Estate 391

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 396

Agents Legal Realtors Clients 396

Housing Wire

NOVEMBER 20, 2024

White-label brokerage Side is seeking more than $4 million from the Alexander brothers and the brokerage Official Partners. The balance request includes additional damages for legal fees and a jury trial. million promissory note Side extended in April. Side claims the current balance owed is $4.2

Legal Fees 333

Legal Fees Real Estate Agent Brokerage Legal 333

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 474

Buyers Brokerage Agents Realtors 474

Housing Wire

APRIL 29, 2024

Douglas Elliman has joined the growing list of brokerages that have settled the commission lawsuits. The settlement agreement reflects Douglas Elliman’s commitment to mitigating future uncertainties and limiting legal costs, which will benefit our Company, agents and stockholders,” Howard M.

Brokerage 369

Brokerage Agents Legal Real Estate 369

Housing Wire

SEPTEMBER 6, 2024

And 90% of agents at what Stephens refers to as “traditional” brokerages — which includes firms like RE/MAX , Anywhere , Keller Williams , Compass and Douglas Elliman — reported being fully or somewhat prepared. A majority of agents (82%) reported that their brokerages either completely or mostly prepared them for the changes.

Agents 358

Agents Real Estate Agent Brokerage Realty 358

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 477

Open Houses Brokerage Agents Realtors 477

Inman

OCTOBER 2, 2024

The case was one of a handful of legal challenges in multiple states faced by the sale-leaseback platform that was founded in 2016.

Legal 145

Legal Clients Real Estate Brokerage 145

Housing Wire

AUGUST 1, 2024

They also brought in a forms specialist, who really dug into the new forms to really explain them to us, so we know when and how to use each one and so we can explain the contracts to our clients in plain English.” Training on forms has been a central focus of brokerages across the country. And the agents are scared,” Lamacchia said.

Real Estate Agent 389

Real Estate Agent Real Estate Agents Business 389

Appraisal Buzz

SEPTEMBER 23, 2024

Tuesday morning will bring the Legal League Default Servicer Certification: Level I course. More Education on Tap The 2024 Five Star Conference presents an array of additional educational opportunities in the days ahead. Attendees of this session will learn about the full default servicing process, from beginning to end.

Legal 397

Legal Realty Project Management Real Estate 397

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 271

Real Estate Legal Clients Brokerage 271

Housing Wire

JANUARY 10, 2022

The Cleveland-based Erie Title has been serving clients in Ohio since 1998. The new group will be led by current Erie Title president Kevin Blum, who will assume the role of president at the merged company, which will serve clients across the Buckeye state.

Insurance 319

Insurance Brokerage Real Estate Clients 319

Housing Wire

DECEMBER 13, 2024

Given the Department of Justice s ongoing legal battle with the National Association of Realtors (NAR), Sue Yannaccone the president and CEO of Anywhere Brands and Anywhere Advisors knows that the legal landscape for real estate in 2025 will continue to be a challenge. And at Anywhere, Yannaccone said that goal is twofold.

Legal 282

Legal Brokerage Real Estate Agents 282

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 351

Real Estate Brokerage Training Agents 351

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 511

Brokerage Agents Buyers Clients 511