Since the hearing on Nov. 26 for the final approval of the NAR commission is approaching, voices from all sides are questioning its wisdom.
Whether it’s adjusting your business model, mastering new technologies, or finding strategies to gain the next market advantage, Inman Connect New York will prepare you to take the next step. The Next Chapter is about to begin. Be a part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.
Each week on The Download, Inman’s Christy Murdock takes a closer look at the week’s top stories to give you what you need to meet Monday head on. This week: Since the hearing on Nov. 26 of the National Association of Realtors commission’s final approval approaches, voices from all quarters question its wisdom.
It was just over a year ago on Halloween that the Sitzer | Burnett’s decision was handed down, starting a year of drama, questions and concerns that rocked the real estate industry. On March 15, NAR reached its agreement as the implementation to be implemented before Aug. 17. In the minds of many, that implementation was the last word in all this unpopularity, although the final approval was not true. will be offered until Nov. 26.
MORE: Judge gives final approval to settlement of 9 commission cases
However, now, one of the members of the settlement division – who is also a law professor with many views on the post-settlement situation – is questioning whether the settlement itself is valid and is fighting its finalization.
A contract law professor at the University of Buffalo who has repeatedly criticized new transaction forms since the NAR settlement was implemented is now taking his battle to a judge.
Tanya Monestier, who sold a home in Rhode Island in 2022 and is, therefore, a member of the class of home sellers covered by this property, filed an objection in the US District Court for the Western District of Missouri.
In the filing, Monestier asked the court not to grant permission to keep NAR’s settlement on Nov. 26 and reject a request by plaintiffs’ attorneys for $333 million of the combined $1 billion already reached with NAR and other defendants in the retailer. -led the cases of the commission.
Now, what looked like legality is becoming increasingly uncertain as questions are raised about the expected attorney fees and the small amount of the award the realtors are expected to receive.
MORE: Opposition flies against NAR and HomeServices antitrust settlement deals
In the meantime, agents continue to adjust to the new standard and measure the impact of settlement provisions — and this year’s slow market — on their commissions.
A year after the Sitzer decision, here are my top 5 takeaways
7 new rules of the road for real estate transactions
In the post-Sitzer-Burnett era, Dear Ameer he writes, we must be better informed, better prepared and have full consultation with the buyers and sellers we deal with, in order to provide them with the best service and advice.
MORE: ‘Danger Report’ series reveals 20 real estate ‘opportunities’
What would you like to see NAR focus on next? The Pulse
Whether you’re planning on attending this year’s NAR NXT or simply following Inman’s coverage of the event, we want to know what you’d like to see the trade group focus on next?
MORE: Maine team jumps at eXp Realty, citing commission suits as reason
