At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. Join us.
Each week on The Download, Inman’s Christy Murdock takes a deeper look at the top-read stories of the week to give you what you’ll need to meet Monday head-on. This week: There’s been a heapin’ helpin’ of new developments in the commission lawsuits. Here’s how to pivot and be ready for whatever comes next.
From the beginning of the commission lawsuit saga, staying informed and up-to-date on the latest legal maneuvering, hearing, challenge and decision has required a commitment of time and attention. The challenge was exponentially increased once everyone and their second cousin started flooding the court calendars around the country with copycat lawsuits.
One way that folks on both sides of the courtroom were hoping to get a little clarity and a little relief was through a request to consolidate many of the ongoing commission lawsuits into one Big Daddy of a lawsuit. Last week, judges decided that with so many settlements outstanding, the time is not yet right to simplify our situations.
Judges decline to ‘centralize’ commission lawsuits for now by Taylor Anderson
Last week, a panel of judges denied a request from a group of both plaintiffs and defendants to fold the growing list of lawsuits targeting the real estate industry into one consolidated case, saying in its order that a wave of recent settlements, which have yet to be approved by the courts, made it too early to issue an opinion on the matter.
“The settlement may well resolve at least some claims in this litigation if not many,” the panel wrote. “We cannot speculate on the number of parties and claims that will remain once this and any other settlements are approved.”
EXTRA: Federal courts hand HomeServices a win (and a loss) in Sitzer | Burnett
The motion to consolidate was made in part to make litigating the sprawling list of cases more efficient, as attorneys for dozens of real estate companies defend their clients from accusations that the real estate industry was operating illegally.
OK, so if we’re going to be in a holding pattern on settlement approvals, at least for the foreseeable future, what is a good real estate agent supposed to do? What do real estate agents always do? Get back to work.
Fortunately, we’ve been working overtime with our Inman contributors to make sure you have plenty of boots-on-the-ground, real-world insights into running your business in a post-settlement world. We’ve also got data-driven reporting from the Inman newsroom (Tips? Share them here) so that you’ll be the best-informed agent at this week’s open house or team meeting.
30 listing lead generation ideas for a post-NAR settlement market
If you want to build the listing side of your business in the wake of the NAR settlement, Jimmy Burgess has 30 practical, actionable, doable strategies tailor-made for this moment.
EXTRA: Will lawsuits end 6% commissions? Probably not, 1 law professor says
‘The sky is not falling’: Fighting fear and frustration
Nick Schlekeway looks at the consumer, governmental and industry forces that led to the post-settlement landscape and the opportunities they present for those willing to move forward.
EXTRA: Industry gets some clarity on mortgage commission rules
What agents do post-settlement will define Real Estate
Two major real estate market transformations defined the past 50 years, writes CEO Patrick Kilner. Are we ready for whatever comes next?
EXTRA: Pulte objects to Sitzer | Burnett settlements: What’s in it for
What’s the craziest thing you’ve heard about commissions? Pulse
As commission lawsuits and subsequent settlements have unfolded, they’ve set the stage for misunderstanding, misinformation and many mistakes. What’s the wildest thing you’ve heard?
Christy Murdock is a freelance writer, coach and consultant and the owner of Writing Real Estate. Connect with Writing Real Estate on Instagram and subscribe to the weekly roundup, The Ketchup.
