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New rules resulting from the settlement of the National Association of Realtors’ lawsuit went into effect Saturday after years of litigation, potentially upending the industry, including how agents get paid.
Inman has covered this topic extensively and last week published a summary of the rules that now govern members of the National Association of Realtors and their affiliated multiplex services. This week, we’re reaching out to agents, brokers, MLS and portal executives, and other insiders as the rules roll out. Stay tuned as we update this story in real time.
Monday, August 19
2:20 PM ET: From fear and hatred to smooth sailing, Pulse poll last week A set of responses revealed The deadline is August 17th. There is one trend? Customers get frustrated with other customers.
Of those who believe that the industry is Overstaffed For those who are frustrated with their colleagues NegativeAgents surveyed were looking beyond buyers and sellers to the industry itself. “We need to get a million agents off our listings,” said one, while another said, “My colleagues need to be brave, Go ahead “And we are the professionals we know we are!” Read the story. —Christy Murdock
12:45 PM ET: Open house, open question: Among the real estate professionals watching how the settlement changes unfolded this week was Colabra. Chief Technology Officer Ross Cofano, Inman said his colleagues on the ground moved their activities to home shows and open houses on Saturday.
Buyers are wary of signing short-term agreements and may prefer open houses over individual tours until they become comfortable with the rules, he said.
“It will be very interesting to see if open house traffic increases, which I expect will happen once buyers understand that they don’t have the same friction with agreements by going directly to open houses,” he told Inman by phone on Monday.
“One statistic we will look at is the number of open houses compared to active listings. This will allow us to see if buyers are really using it as a less disruptive way to access a property than touring with a buyer’s agent.” –Marianne McPherson
11:28 AM ET: What do you see? As lunch approaches, Inman wants to know what frictions, distractions, slowdowns, or complications you encountered today. Let us know what you think and we’ll get back to you later today.
10:33 AM ET: It is no longer temporary.: Nyakea WrightNational Association of Realtors President Kevin Sears confirmed Monday that David Bezos, who has served as interim CEO of the National Association of Realtors since November, will remain as the organization’s full-time president.
Wright joined the 1.5 million-member organization after leading Chicago Sun Times During the turmoil that has followed its transformation into a nonprofit newsroom, Wright was asked last week if she would remain as CEO but declined.
“I thrive where I am planted,” she said, “and let the universe take care of the rest.”Taylor Anderson
10:05 AM ET: I filed a lawsuit against NAR, and it was dropped.: A South Carolina real estate brokerage has filed a class action lawsuit against National Association of Realtors Seven state real estate organizations sued on Friday, alleging the group violated federal antitrust laws by forcing membership in order to effectively operate the business. It withdrew its lawsuit the same day.
In her complaint, Cassina Group The NAR’s lawsuit initially targeted “mandatory tripartite membership” in local, state and national real estate broker associations, which the association says is required for real estate professionals to access safe deposit boxes and transact real estate. The second lawsuit, which targets the NAR, was aimed at fees and other rules that force members to pay fees to conduct business.
The lawsuit was filed on Aug. 16, one day before the National Association of Realtors settlement deadline, in U.S. District Court in Northern Illinois, before being withdrawn. Taylor Anderson
6:30 AM. Arabic: Ready, go, go: With all the buzz about this week’s changes, Inman wants to know how you’re coping. Our reporters are on the phone this morning, but give us your first impressions of the week below, and we’ll update the blog with your responses this afternoon.Gotham Cedarstrom
5:45 AM ET: Watch the investigators: Whatever you do, and whatever you think you can do under the new rules, plaintiffs’ attorneys will be watching you.
This is according to Michael Ketchmark to Ketchmark and McCreightlead plaintiffs’ counsel for Setzer | Burnettthe only one of about two dozen lawsuits filed nationwide that went to trial. The lawsuit resulted in a massive jury verdict in favor of the plaintiffs and against fire And privileged owners Keller Williams, Anywhere, RE/MAX and Home Services for America.
Inman, Deputy Editor Andrea Brambilla The New York Times spoke to Ketchmark ahead of the Aug. 17 deadline and his message was clear: Lawyers will be monitoring the actions of agents, brokers and MLS this week and have a variety of levers they can use if they see anyone violating the rules. Read the interview.
5 AM ET: After months of anticipation, Monday has finally arrived, and we are finally living in our “new normal,” where buyer agent compensation is no longer offered across real estate agents’ multiple listing services, and all buyers need to sign some sort of agreement before a buyer agent can take them on a tour of a property.
We’ve known for some time that the proposed rule changes National Association of RealtorsThe new law is set to come into effect on August 17, but with all the questions, concerns and confusion surrounding the implementation of the new rules, agents and brokers are still searching for clarity.
Inman Editor Christy Murdock We’ve compiled many of the questions you may have, as well as others we’ve encountered across the country. Our goal is to create a comprehensive resource to help our readers feel more confident and secure as they navigate major changes. Stay tuned as we fill the resource with more unanswered questions. Read the story
Saturday, August 17
7:30 AM ET: Dawn of a new day: Starting today – Saturday, August 17 – the real estate industry is gearing up for an exciting new chapter as the Commission’s lawsuit settlement officially goes into effect. On this historic day, refrigerator Inman He offers his thoughts on how the industry can exceed its own expectations in the face of change.
The best agents will thrive, the profession will rise, the mold will be removed, and brands built on trust and integrity will rise to the top, Inman writes.
“Shortcomings will be reduced, the industry’s tarnished reputation will be repaired, and substance will trump appearance,” Inman adds. Read the story
6:02 AM ET: After five months of National Association of Realtors A historic antitrust settlement has been reached, and the resulting rules go into effect today.
The rules will govern how agents get paid and how consumers search for homes. In the former, home sellers and their brokers will not be able to offer commissions to buyers’ brokers through the NAR’s multiple listing services.
In the latter case, buyers will need to enter into an agreement with their broker before visiting the home. Other rules require brokers to disclose that commissions are negotiable and prohibit the MLS from assisting sellers’ agents in making compensation offers through non-MLS mechanisms. Read the story.
Friday, August 16
4:07 PM ET: Brave New World: The weekend represents the deadline when fire The new commission settlement rules have gone into effect. The deadline has prompted a race to the finish line as multiple listing services update forms and issue stern warnings, while the National Association of Realtors scrambles to educate the public. Meanwhile, industry leaders are spending a great deal of energy calming concerns while agents discuss the implications in online forums.
To understand what’s happening, Inman reached out to major players and agents across the United States. Two takeaways emerged from these conversations: First, multiple listing services—which are tasked with implementing the new rules—are already rolling out the changes. The end of the world hasn’t arrived yet.
But second, some in the trenches say the confusion is still there. As a result, real estate professionals need to be careful. Read the story. —Andrea V. Brambilla, Taylor Anderson, Lillian Dickerson and Jim Dalrymple II
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