In a riveting clash between commission lawsuits and industry practice changes, the stage is set for our ultimate showdown. Readers of Inman, it’s your turn to cast your vote and determine the most pivotal narrative of 2024.
Amidst the dynamic landscape of real estate, where innovation and adaptation are paramount, Inman Connect New York stands as a beacon of enlightenment. Scheduled for Jan. 22-24, 2025, this event will equip you with the knowledge and tools to stride confidently into the future. The Next Chapter beckons. Will you heed the call?
Within a year brimming with substantial developments for the real estate domain, the palpable impact of two tales holds sway: the ground-shifting commission lawsuits settlement and the winds of change ushered in by industry practice modifications.
Will "NAR agrees to sweeping changes in $418M commission settlement" or "Michael Ketchmark: Every move you make, we’ll be watching you" emerge triumphant as the preeminent narrative of 2024? The destiny of the crown lies within your hands. Vote now to shape the course of history.
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Commission lawsuits settlement vs. Practice changes
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"NAR agrees to sweeping changes in $418M commission settlement"
- The reverberations of the National Association of Realtors’ mammoth $418 million settlement of the antitrust commission lawsuits have echoed throughout the industry. Spanning a four-year payout duration, this landmark agreement imposed a gamut of industry-wide practice alterations to be implemented by Aug. 17, 2024.
- NAR pledged to eschew regulations enabling listing agents to dictate buyer brokers’ compensation, introducing a revolutionary rule prohibiting compensation offers from appearing in the MLS. Moreover, buyer brokers within the MLS ambit faced a prerequisite of entering into written representation agreements before embarking on home tours.
- These settlement terms have fundamentally reshaped the perception of real estate professionals regarding their dual roles as salespersons and advisors. Noteworthy early analysis of Inman Intel data indicates a burgeoning shift in consumer sentiments towards the industry’s framework.
- "Michael Ketchmark: Every move you make, we’ll be watching you"
- As the specter of pivotal industry practice transformations loomed on the horizon, real estate practitioners scrambled to align their affairs with the exigencies of the changing landscape. The rollout, retraction, and re-rollout of fresh contracts in select regions spelled uncertainty for agents striving to prepare for the revolutionary mandate.
- Against this backdrop, seller plaintiffs’ attorneys involved in the protracted legal tussle against NAR and industry stakeholders issued a stark warning. Michael Ketchmark, the spearhead counsel in the Sitzer | Burnett case, sounded a clarion call to vigilance, stating unequivocally that any subversion or circumvention attempts of the settlement agreement would be met with swift legal counteraction.
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"NAR agrees to sweeping changes in $418M commission settlement"
The denouement of this saga rests in the balance, poised on the precipice of narrative climax. Your voice matters. Seize this moment and make your voice heard in the annals of real estate history.
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