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

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

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

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

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

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

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

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

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

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

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

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 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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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 6, 2024

On Monday, the now defunct discount brokerage filed an appeal with the U.S. In mid-May 2022, REX ceased its brokerage operations. REX Real Estate is back again trying to get a new trial in its false advertising lawsuit against Zillow.

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Housing Wire

OCTOBER 20, 2023

Consumers have had lots of choices in brokerage services, including those with lower costs, but they have chosen not to use them in any meaningful way. Some say the MLS enables U.S. Those who point to this conclusion fail to mention the role the MLS plays in the U.S. ZipRealty closed nearly 30,000 transactions at its peak.

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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

JANUARY 9, 2024

Like the other copycat commission lawsuits, the plaintiff James Tuccori, an Illinois resident who purchased a home listed on the local MLS in 2018 with the help of an @properties agent, is accusing real estate industry players of colluding to artificially inflate real estate agent commissions.

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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

FEBRUARY 28, 2024

At the center of the lawsuit is 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 association affiliated MLS. She was also represented by a Redfin agent in the transactions. 2, 2019, and Oct. 2, 2023.

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Housing Wire

NOVEMBER 10, 2023

Compared to other lawsuits filed in recent weeks and the Moehrl , Nosalek and Sitzer/Burnett suits, the Burton lawsuit is relatively small, as Keller Williams is the only corporate brokerage named in the suit and Burton is the only plaintiff. According to the complaint, Burton paid the buyer’s broker a 2.5% commission.

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Housing Wire

OCTOBER 3, 2023

We started this process back in June when I resigned our NAR board seat, which are appointed to the top 50 brokerages in the country,” Rath told HousingWire in an interview Tuesday. model of local MLS broker marketplaces has long been — and still is — considered the best value in the world. There is a lot of unwinding to do there.”

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Housing Wire

FEBRUARY 21, 2024

The residential brokerage was dismissed this week from one of the early real estate commission lawsuits , known as “Batton 1” after its lead plaintiff, a homebuyer named Mya Batton. HomeServices of America can preserve some of its legal war chest — for now, at least. Judge Andrea Wood of the U.S.

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Housing Wire

OCTOBER 19, 2023

The third day of the highly consequential Sitzer/Burnett class action buyer broker commission lawsuit included a deep dive into the training materials used by various brokerages and the testimony of three of the named plaintiffs. I do believe that the MLS is derived from the concept of cooperation and compensation,” Bailey said.

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Housing Wire

JANUARY 19, 2024

Brokerages RE/MAX , Anywhere , Keller Williams , eXp World Holdings , NorCal Gold , Williams L. Despite not being affiliated with NAR, MetroList adopted a rule similar to NAR’s Participation Rule, requiring listing agents to make a blanket offer of compensation to buyers’ brokers in order to list a property on the MLS. “By

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Housing Wire

FEBRUARY 6, 2024

Like the other commission lawsuits , the Masiello suit takes aim at the National Association of Realtors’ Participation Rule, which requires listing brokers to make a blanket offer of compensation to the buyer’s broker in order to list a property on a Realtor-affiliated MLS.

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Housing Wire

FEBRUARY 1, 2024

On Thursday, the Gary Keller-helmed brokerage notified the federal court in Missouri that it had entered into a settlement agreement with the plaintiffs in the Sitzer/Burnett suit. Keller Williams has decided to bow out of the Sitzer/Burnett commission lawsuit. The settlement settles all home seller lawsuits nationwide.

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Housing Wire

OCTOBER 23, 2023

In the motion, HomeServices claimed that no evidence has been presented to show they conspired with the National Association of Realtors (NAR) and other brokerages on rules for commissions. The day started with video depositions of four real estate brokerage executives.

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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

NOVEMBER 14, 2023

While the lawsuit does name large corporate brokerage firms as defendants, including Keller Williams , Side , HomeServices of America , and Fathom Realty , the robust defendant list also includes real estate teams, such as The Loken Group and Hexagon Group , as well as an individual broker, Mark Anthony Dimas. 13, 2019, to the present.

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Housing Wire

MARCH 25, 2024

There is simply a new NAR rule that applies to all NAR member and NAR MLSs that does not allow cooperative compensation to be offered on the MLS.” Department of Veterans Affairs (VA) financing. “A “Cooperative compensation is still legal,” Papasan stressed.

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Housing Wire

OCTOBER 25, 2023

In response, Blefari said that HomeServices does not require agents to become NAR members nor participate in the MLS. “Maybe the local company or the MLS does, but we don’t,” Blefari testified. He refused to provide evidence about the purpose of the rule, but he admitted the rule was a core component of the MLS.

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Housing Wire

OCTOBER 24, 2023

In his testimony, Gansho stated that NAR does not conspire with brokerages on commissions, and he echoed Goldberg’s sentiment that brokerages do not follow and enforce the rule. ” However, if an MLS didn’t want to adopt a mandatory NAR rule, the MLS would lose its NAR-provided errors and omissions insurance, Gansho said.

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Housing Wire

NOVEMBER 7, 2023

million after the brokerage paid its commissions and related expenses. The primary MLS in the area, non-Realtor owned Northwest MLS , in 2019 eliminated a requirement that listing brokers offer buyer brokers a commission to submit a listing to the MLS. “At Revenue decreased by 10% year over year to $1.34

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Housing Wire

MARCH 20, 2024

Trading volumes in eight residential brokerage or listings companies rocketed up 319% to almost 80 million shares on Friday. NAR’s proposed settlement – which still needs court approval – includes several rule changes, including a new requirement that buyer agents to enter into a written buyer broker agreement with clients.

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Housing Wire

OCTOBER 4, 2023

In a statement of interest filed last Thursday, the DOJ noted that it had “significant concerns” about the proposed antitrust settlement agreement between home sellers and MLS Property Information Network (MLS PIN). MLS PIN, which is New England’s largest Multiple Listing Service (MLS), filed the settlement agreement in late June.

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