Housing Wire

AUGUST 25, 2024

With technology changing faster than new agents answer phone calls, choosing the right real estate brokerage software can sometimes feel like a full-time job. Here’s why: Good software might help your brokerage stay afloat in a post-lawsuit market. The looming chaos from the commission lawsuits sure isn’t helping.

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Housing Wire

OCTOBER 2, 2023

Real estate giant Zillow came out victorious in its years-long legal battle with discount brokerage REX Real Estate. In mid-May 2022, REX ceased its brokerage operations. In a verdict announced late Friday afternoon, a jury in a U.S.

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Housing Wire

OCTOBER 27, 2023

In reality, consumers are better off and business competition thrives very much because of NAR’s rules and how well local Multiple Listing Service (MLS) broker marketplaces function. These local MLS broker marketplaces work in favor of consumers every day. Tracy Kasper is President of the National Association of Realtors.

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Housing Wire

JULY 30, 2024

Perchwell , a New York City -based real estate data firm that works with MLSs , brokers and agents, announced Tuesday that it has raised $25 million in a Series B financing round. The financing round was led by Lux Capital , which also participated in the company’s Series A round.

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Housing Wire

MARCH 27, 2024

Brokerages took notice, resulting in a surge in companies and office locations competing for their share of listings, according to CoreLogic multiple-listing service data shared exclusively with HousingWire. In this environment of high rates and tight inventory, brokerages have had to become sharp elbowed.

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Housing Wire

JANUARY 16, 2024

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. In addition, BAREIS MLS has its own rule similar to NAR’s Participation Rule. 8, 2019, and the present.

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Housing Wire

SEPTEMBER 12, 2023

District Court judge Patti Saris granted preliminary approval of MLS Property Information Network’s (MLS PIN) settlement agreement in the class action buyer-broker commission antitrust lawsuit. MLS PIN, which is New England’s largest multiple listing service (MLS), filed the settlement agreement in late June.

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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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Housing Wire

AUGUST 23, 2023

The MLS of the San Francisco Association of Realtors has been up and running since 9 a.m. During the outage, agents, MLSs and brokerages came up with solutions to weather the storm. The MLS of the San Francisco Association of Realtors started working with Zenlist , which is helping them put together a mobile app.

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Housing Wire

OCTOBER 21, 2024

As part of NAR’s mandatory MLS policies, Clear Cooperation requires brokers to list properties on an MLS within one day of publicly marketing the listing. Saul Klein , the CEO of San Diego MLS , began his career in the real estate industry in the 1970s. “I more than their off-MLS counterparts.

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Housing Wire

SEPTEMBER 13, 2024

Ryan Serhant and his brokerage SERHANT. HousingWire real estate reporter Jeff Andrews sat down with Serhant to talk about the show, how it changed his life and the brokerage, and what he sees coming in the industry following the commision settlement by the National Association of Realtors (NAR). At this point, we’ve gained, I think, 1.3

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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. As part of their settlement agreements, Anywhere, RE/MAX and Keller Williams have agreed to pay $83.5 26, 2024.

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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). With NAR’s latest announcement other MLS’ may choose to follow suit.

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Housing Wire

AUGUST 22, 2024

Utah-based Wasatch Front Regional MLS , which does business as UtahRealEstate.com , is also named as a defendant in the suit. As a self-described “technology driven industry disrupter,” Homie’s business model involves charging home sellers a flat fee to list their property on the MLS. “As

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Housing Wire

JANUARY 18, 2024

The complaint names 35 entities as defendants, including the National Association of Realtors , local and national brokerages, MLSs and local Realtor associations. The two MLSs named in the suit California Regional MLS and Combined L.A./Westside Westside MLS. 17, 2020, and the present.

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Housing Wire

JUNE 3, 2024

This is designed to keep user engaged on brokerage sites, foster trust and enhance their overall experience. The core skills of Roof AI revolve around functions such as searching for properties, finding an agent and starting the mortgage financing process. “We We chose Roof AI for its seamless integration with the MLS.

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Housing Wire

JANUARY 26, 2024

It devolved into a battle about historic facts, old-school MLS listing books, pronunciation corrections and even references to the kid-friendly restaurant chain Chuck E. Our current mortgage finance system does not allow commissions to be plopped on top,” Lamacchia said. If it’s not collusion, then what is it?”

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Housing Wire

NOVEMBER 4, 2024

31, 2023, and has since reshaped the business practices for real estate brokerages and agents across the country. But the New Hampshire Association of Realtors and Prime MLS had already introduced the changes, including mandatory buyer representation agreements and no offers of cooperative compensation on the MLS, about three weeks prior.

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Housing Wire

APRIL 17, 2024

Moreover, the AMI reveals an upward trend in agents switching between brokerages, though the expected peak for March fell short of previous highs, the overall trend continues generally upward. The AMI, a robust measure of agent movement dynamics, is calculated from extensive national data drawn from major MLS systems and is released monthly.

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Housing Wire

OCTOBER 11, 2023

These lawsuits threaten to radically reshape the residential brokerage landscape, and could be the catalyst for a fat decline in the annual commission pool as well as the industry shedding as many as 80% of agents, according to a team of analysts at Keefe Bruyette Woods. Who’s most exposed? But that statement comes with a big asterisk.

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Housing Wire

FEBRUARY 16, 2024

Like the other commission lawsuits, the Boykin suit is seeking class action status for anyone who listed a property on a MLS in Nevada using a listing agent affiliated with one of the brokerage defendants named in the suit and paid a buyer broker commission between Feb. 16, 2020, and the present. 16, 2020, and the present.

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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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BAM Media

OCTOBER 22, 2024

Real RISE 2024 kicks off today, October 22nd, with some exciting new developments in AI and fintech for real estate agents who’ve joined (or will join) the brokerage. It also integrates with the Real Design Center , using MLS data to generate branded content (including “Just Sold” posts and listing announcements) delivered at the right time.

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Housing Wire

MARCH 15, 2024

Getting referrals and cozying up to the sell side Mike Kortas, CEO at NEXA Mortgage , sent a clear message to the over 2,300 mortgage LOs at his mortgage brokerage: “Keep your eyes open, keep your ears open, listen for opportunities that are going to present themselves, and be ready to assist more buyers.

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Housing Wire

SEPTEMBER 29, 2023

Initially filed in April 2019, the lawsuit takes aim at NAR’s Participation Rule , which requires listing agents to make a blanket offer of compensation to buyers’ agents in order to list the property on a Realtor-affiliated multiple listing service (MLS).

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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.

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Housing Wire

FEBRUARY 12, 2024

Like the other commission lawsuits, the Jensen suit is seeking class action status for anyone who sold a property listed on Wasatch Front MLS , Washington County MLS , Iron County MLS or Summit County MLS between Feb. 9, 2020, and the present, and paid a buyer broker commission.

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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 Minnesota-headquartered firm had $133.8

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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 It also agreed to prohibit broker compensation appearing in the MLS fields.

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Housing Wire

SEPTEMBER 9, 2024

Instead of negotiating on the MLS , agents are engaging through phone calls and text messages. But different brokerages are experiencing different things. Redfin previously reported that buyer agent commission rates have started to fall. But the new average figure of 2.55%, just before the new rules took effect Aug.

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Housing Wire

OCTOBER 31, 2023

Although the verdict has yet to be announced, Stella said he has been seeing changes to how MLS and agents operate over the past few years. Like Stella, Moffett also believes changes to MLS access may arise as a result of the lawsuit and the provisions outlined in the two settlement agreements. “A That is what they forget.

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Housing Wire

NOVEMBER 1, 2023

With nearly double the number of corporate defendants as both the Moehrl and Sitzer/Burnett cases, and the fact that the proposed class includes anyone who listed a property for sale on an MLS in the U.S. using a listing agent or broker affiliated with one of the seven brokerage defendants and paid a buyer broker commission from Oct.

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Housing Wire

AUGUST 26, 2024

Ryan Tomasello, an analyst at Keefe, Bruyette & Woods , attributes the downward pressure on buyer agent commission to the various changes mandated by the settlement agreement, including mandatory buyer representation agreements and the removal of offers of cooperative compensation from the MLS. “We’ve

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Housing Wire

MAY 21, 2024

VA policy states that while a veteran is allowed to use a buyer broker to purchase a home using their VA loan benefit, they “may not under any circumstances, be charged a brokerage fee or commission in connection with the services of such individuals.”

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Housing Wire

DECEMBER 12, 2023

The lawsuit was filed by Christina Grace, who sold a house listed on Bay Area Real Estate Information Services MLS (BAREIS MLS) in April 2020 and paid a commission to the buyer’s agent. Grace is seeking class action status for the suit, with the proposed class being any homeowner who listed and sold a home on BAREIS MLS between Dec.

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Housing Wire

OCTOBER 6, 2023

RE/MAX brokerages and affiliates from any claims related to these lawsuits. It Like Anywhere, RE/MAX will no longer require agents to be “members of the National Association of Realtors or follow NAR’s Code of Ethics or the MLS Handbook.” independent regions, and U.S.

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Housing Wire

JULY 30, 2024

Since the settlement agreement bans offers of compensation from the MLS, but allows for them be shared in other places, many have felt this could be the ideal solution and, understandably, several sites specifically designed to share compensation and concession information have popped up. And that’s the rub.

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