Commission litigation and changes in industry practices will face off in the final bracket challenge. Inman readers, vote now and tell us what you think will be the most important story of 2024.
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In a year full of big news for the real estate industry, Inman readers determined which articles and industry topics garnered the most attention. It is a settlement of a Commission lawsuit and a change in industry practices.
That’s right. “NAR Agrees to Sweeping Changes in $418 Million Fee Settlement” and “Michael Ketchmark: Your Every Move, We’re Watching You” are Inman News in 2024 – A knockout will advance to the finals to determine which story will be crowned as this year’s top news.
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The last two articles have undoubtedly changed the way agents and intermediaries do business this year and will no doubt influence National Association of Realtors policy adjustments and actions next year.
But which story will rise to the top of the 2024 lineup? Vote now to decide.
Bracket 1: Commission Litigation Settlements and Practice Changes
“NAR agrees to significant changes to $418 million fee settlement.”
Written by Taylor Anderson
The National Association of Realtors was in the spotlight this year when it announced a $418 million settlement in an Antitrust Commission case that has rocked the industry in recent years. The settlement, to be paid by NAR over the next four years, also provides for a series of industry practice changes that agents, brokers, associations and MLSs must implement by August 17, 2024.
In it, NAR agreed not to create rules that would allow listing agents to set compensation for buyer brokers. The association also enacted new rules prohibiting compensation offers from being made within MLS. Buyer brokers who are MLS participants are also required to enter into a written representation agreement prior to home tours.
The terms of the settlement fundamentally change the way real estate professionals view their roles as salespeople and advisors, and have already begun to impact how consumers view the industry, according to early data from Inman Intel.
“Michael Ketchmark: We’re watching your every move.”
Written by Andrea V. Brambilla
Ahead of a major change in industry practices that goes into effect on August 17, real estate professionals have been scrambling to ensure they have all approved documents and conversations with new clients. With new contracts being rolled out, canceled and re-rolled in some regions, some agents were left wondering if they were really ready for the big day.
In addition, lawyers for the seller-plaintiffs in the legal battle between NAR and industry players have indicated that they intend to continue to apply pressure, and that the industry needs to prepare for it.
Michael Ketchmark, lead attorney for the plaintiffs in the Sitzer case Mr. Inman said of the Barnett case: “If anyone thinks they can avoid this settlement agreement and the law by creating a new form or hiding this collaboration with a new website, they are wrong. If we feel that such behavior is being used as a way to avoid this, we will promptly take legal action.”
Email Lillian Dickerson
