Everyone from Michael Ketchmark to the consumer advocates behind Moehrl are letting agents know they are under scrutiny as they implement new rules for buyer agreements and (instead of) commission sharing.
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Each week on Download, Inman’s Christy Murdock goes deeper into the week’s hottest stories to give you the information you need to face Monday. This week: Everyone from Michael Ketchmark to the consumer advocate behind Moehrl is letting agents know they’re under scrutiny as they implement new rules for buyer agreements and (rather than) commission sharing.
One of the biggest frustrations for agents and brokers in the recent commission-related litigation in the industry and their subsequent settlements has been the jury’s confirmation of assertions of a vast real estate conspiracy regarding commissions. So imagine how industry regulators view conversations and plans that seem to indicate some real estate agents are still planning to find ways to share commission-related information.
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We already know the president of the National Association of Realtors Kevin Sears Read about the Department of Justice’s review of this issue. This week, we heard even more news, including comments about Doug Miller and Wendy Gilge The American Real Estate Consumer Advocates in American Real Estate, the regulator that filed the first so-called “bombshell” antitrust lawsuit against Gibson, also issued a warning, chief lawyer Caesar-Burnett.
In a phone interview, lead Sitzer | Burnett plaintiffs’ attorney Michael Kagemak Weighs the consequences of violating the NAR settlement, Zillow’s business model, and the “monster case” that remains.
Lawyers for home seller plaintiffs in multiple antitrust cases will be closely watching how the real estate industry implements business practice changes to comply with settlements proposed by the National Association of Realtors, and they hope to name brokers and MLSs who violated the deal, according to Ketchmark.
“If anyone thinks they can avoid this settlement and the application of the law by creating some new form or hiding this collaboration on a new website, they are wrong,” Ketchmark said. “If we sense someone or a company is doing this as a way to resolve this issue, we plan to take legal action quickly.”
Extra: Invisible commission offers in red on lawns and keychains
With football season quickly approaching, it’s time to start using football-related metaphors, so here they go: The best defense is a good offense.
In this case, that means it’s much better to know the rules and keep learning them than to try to justify your mistakes and workarounds after the fact. That’s why we’re here to provide tons of advice, answers, and analysis so you can stay on the right side of everyone who’s looking at you.
What You Need to Start Historic Commission Changes Large FAQ
Now that the “new normal” has officially begun, it’s time to answer frequently asked questions from agents and brokers about the newly implemented changes to commission settlement rules.
Extra: NAR Settlement Rules: Live updates as real estate changes roll out
Beware of These 3 Traps to Avoid Expensive Prices fine in your
Hefty fines can add up and get you into trouble quickly. What’s worse is when your competitors betray you. Rachel Hayter Tell you how to follow the rules.
Extra: Law firm seeks $36.8 million from $110 million settlement pool
Have a commission question? This compliance expert has
Compliance Expert summer goralik There are answers to the following questions Amir’s way “13 Questions Agents Should Also Ask About Commission Settlement” as we enter the post-settlement transition phase.
