Commission cases and industry adaptation changes will address our final bracket challenge. Inman readers, vote now and let us know what you think is the most important story of 2024.
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In a year full of big news for the real estate industry, Inman students found out which industry news and topics move the needle the most: commission hearings and industry regulatory changes.
That’s right — “NAR agrees to big changes in $418M commission payout” and “Michael Ketchmark: Every move you make, we’ll be watching” will advance to the 2024 Inman’s News Knockout finals to decide which story will be picked up. as the top story of the year.
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The last two stories have irrefutably changed the way agents and brokers do business this year, and will undoubtedly influence the policy and actions of the National Association of Realtors next year.
But which story will rise to the top of the list in 2024? Cast your vote now to decide.
Bracket 1: Correction of commission cases vs. Practice changes
“NAR agrees to major changes in $418M commission payout”
Written by Taylor Anderson
All eyes were on the National Association of Realtors this year as the organization announced its proposed $418 million settlement in antitrust commission lawsuits that have rocked the industry for the past few years. The settlement, which NAR will pay over the next four years, also set out a series of industry practice changes that agents, brokers, associations and MLSs must take effect on Aug. 17, 2024.
Among them, NAR agreed not to create rules that allow listing agents to set compensation for potential buyers. The organization also created a new rule that prevents compensation offers from appearing on the MLS. Buyers who are MLS participants will be required to enter into a written representation agreement before visiting homes.
Payment terms have fundamentally changed the way real estate professionals view their roles as salespeople and advisors, and have already begun to influence the way buyers view the industry, Inman Intel’s original data shows.
“Michael Ketchmark: Everything you do, we’ll be watching”
Written by Andrea V. Brambila
Before the major industry practice changes that went into effect on Aug. 17, real estate professionals are scrambling to make sure they have paperwork approved and new client interviews all lined up. As new contracts elsewhere were started, canceled, and released again, there were some agents on edge, wondering if they were really ready for the big day.
Above all, the attorneys for the merchant plaintiffs in the legal battle against the NAR and the industry players suggest that they will continue to maintain the pressure and that the industry should be ready for it.
Michael Ketchmark, lead counsel for the plaintiffs in Sitzer | Burnett’s case told Inman, “If anyone thinks they will be able to avoid the application of this settlement agreement and the law by creating new forms or hiding this cooperation on new websites, they are wrong. If we get an idea that people or organizations are doing that as a way to deal with this, we plan to take legal action immediately. “
Email Lillian Dickerson
