– Inman is hosting upcoming events in the real estate industry, including Connect Miami, Luxury Connect, and Inman Connect Las Vegas.
– Keller Williams reached a settlement in the Sitzer | Burnett buyer commission lawsuits, protecting their agents and franchisees.
– NAR and HomeServices of America are left to deal with the aftermath of the settlement.
– NAR attempted to clarify its value proposition but had to take down a video due to inaccuracies.
– The focus shifts to working with buyers in the current market conditions.
– Financial distress warning signs in clients, finding serious buyers, and providing high-level service are discussed.
– The importance of working with financial advisers to help clients make informed decisions is highlighted.
Each week on The Download, Inman’s Christy Murdock takes a deeper look at the top-read stories of the week to give you what you’ll need to meet Monday head-on. This week: In the wake of the $70 million settlement by Keller Williams, NAR and HomeServices of America appear to be the ones left holding the bag. What happens next?
The future just got a little more predictable for 180,000 Keller Williams agents on Thursday as the franchisor reached a tentative agreement to settle the Sitzer | Burnett, Moehrl and Umpa buyer commission lawsuits. The deal is also designed to cover the company from other existing and future lawsuits, though it will be up to the court to decide whether to allow it this latitude.
“I’m relieved to share that we have negotiated a nationwide settlement of the Sitzer | Burnett case – on terms that protect our agents, our franchisees, and our industry,” Gary Keller, executive chairman of Keller Williams, said in an email sent to all Keller Williams leaders, agents and associates Thursday morning.
“Crucially, the settlement releases individual agents and franchisees from copycat litigation filed in the wake of Sitzer | Burnett.”
While KW broker-owners and agents rejoice, however, the settlement means that NAR, HomeServices of America and two of its subsidiaries, BHH Affiliates and HSF Affiliates, are left holding the bag.
Plaintiff attorney Michael Ketchmark seemed to acknowledge this reality in his statement:
“We’re calling now upon the National Association of Realtors and HomeServices to join with us in changing this. We want them to sit down at the table with the plaintiffs’ attorneys and the Department of Justice and others to get the National Association of Realtors out of the business of allowing the MLSs to be used to fix commissions.”
Already besieged by a host of challenges, NAR attempted to set the record straight on its value proposition in the first public video address from interim CEO Nykia Wright. However, the message seemed to get lost in the delivery when the video had to be abruptly taken down to avoid inaccuracies in its messaging around commissions.
With buyer commissions at the center of all of this wheeling and dealing, it’s time to look at some of our most recent stories on working with buyers. After all, you’re the ones who are out there answering questions and helping them get geared up for a [fingers-crossed] active spring market.
Over half of Americans admit to browsing Zillow for fun. Luke Babich offers tips on finding serious buyers in the midst of this extra searching.
If you currently have buyers but cannot land an escrow, writes team leader Carl Medford, consider stepping up your game to provide the highest level of service possible.
Real estate pros and financial advisers can help clients make informed decisions, writes Michael Conticelli, whether buying a home or building a real estate portfolio.
Property Chomp's Take:
Are you a real estate enthusiast? If so, mark your calendars for some exciting upcoming events from Inman! Whether you want to dive into the future at Connect Miami, immerse yourself in luxury at Luxury Connect, or converge with industry leaders at Inman Connect Las Vegas, there's something for everyone. These events are the ultimate real estate experiences you don't want to miss.
Connect Miami is a unique event that allows you to explore what's next in the real estate industry. With insightful speakers, interactive panels, and networking opportunities, you'll gain valuable knowledge and make meaningful connections. Immerse yourself in the latest trends and technologies that are shaping the future of real estate.
Luxury Connect is the perfect event for those interested in the luxury real estate market. Rub shoulders with high-end agents, brokers, and industry leaders as you learn about the latest trends and strategies in the luxury market. From exclusive networking events to inspiring keynote speakers, Luxury Connect offers a one-of-a-kind experience.
And finally, Inman Connect Las Vegas brings together the best and brightest in the real estate industry. This event is known for its dynamic speakers, engaging sessions, and unparalleled networking opportunities. Connect with industry leaders, share ideas, and gain insights that will help you take your real estate business to the next level.
In addition to these exciting events, Inman's weekly series, The Download, provides a deeper look at the top-read stories of the week. Hosted by Christy Murdock, The Download gives you the information you need to start your week off right. Stay up to date with the latest news and trends in the real estate industry.
Speaking of news, Keller Williams recently reached a tentative agreement to settle the Sitzer | Burnett, Moehrl, and Umpa buyer commission lawsuits. This settlement brings some relief to Keller Williams agents and franchisees, protecting them from copycat litigation. However, it also means that NAR, HomeServices of America, and its subsidiaries are left to deal with the aftermath.
Plaintiff attorney Michael Ketchmark called upon the National Association of Realtors and HomeServices to join forces and make changes to prevent similar lawsuits in the future. This settlement brings the issue of commissions to the forefront, prompting further discussions about the role of MLSs in fixing commissions.
While NAR attempts to address these challenges, it's important to focus on working with buyers and providing the best service possible. Identifying financial distress warning signs in clients, finding serious buyers in a sea of Zillow browsing, and navigating a tight market are just a few topics covered in recent articles from Inman.
Real estate professionals can also collaborate with financial advisers to help clients make informed decisions. Whether it's buying a home or building a real estate portfolio, the expertise of both real estate pros and financial advisers can be invaluable.
So, mark your calendars for Inman's upcoming events and join the industry's best at inman.com/events. Stay informed, connect with industry leaders, and discover the latest trends and strategies that will take your real estate business to new heights. Don't miss out on these ultimate real estate experiences!