Then the next lawsuit was announced, on the same day, no less, and targeted some of the usual suspects (ahem, NAR, ahem) as well as a slew of newly named defendants: Compass, eXp World Holdings, Redfin, Weichert Realtors, United Real Estate, Howard Hanna Real Estate, Douglas Elliman, along with the National Association of Realtors.
It’s early days yet and we’re still figuring out what all this is going to look like — for the industry at large and your business in particular. In the meantime, stay with us so you can keep up with all of the latest as it unfolds, along with expert analysis from our staff writers, contributors and featured industry experts.
During a live session Wednesday at virtual Connect, Brad Inman moderated a panel with eXp team leader Kendall Bonner and Collabra Technology CEO Russ Cofano on what lies ahead for agents as the commission model is upended. In the session, Inman put the blame squarely on NAR and the real estate franchise companies.
“They failed,” said Inman of the defendants in the trial. “A jury found them guilty of failing, and now the members are going to pay for these shenanigans. It’s shameful.”
In an interview with author, trainer and longtime Inman contributor Bernice Ross, NextHome CEO James Dwiggins points out that the final chapter of the bombshell commission lawsuits hasn’t been written. Find out what you need to know to plan ahead and look back at Dwiggins’ rather prescient predictions pre-Sitzer in his previous interview with Ross: What’s next if NAR loses those bombshell lawsuits?
Before he moved to the U.S. and before he became CEO of Realtor.com parent Move Inc., Damian Eales lived in Australia — where he repeatedly bought and sold property. In his Inman Connect conversation with Brad Inman, he lauded the American system of having agents representing buyers and sellers, but said that change is likely coming thanks to lawsuits and the DOJ.
There’s already a perfectly simple solution to defining your commission and communicating with buyers about it, writes St. Paul, Minnesota, broker-owner Teresa Boardman. “Buyer representation contracts are nothing new, and they should not be feared.” Boardman writes that she “can not imagine why anyone would want to work with a buyer who isn’t under contract.”