Spam prevention
Rainmaker
895,805
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

https://notorious-rob.com/2019/03/gotterdammerung-a-very-serious-legal-threat/

Here It Is via Rob.

Home sellers do not HAVE to pay BA commissions.

Home sellers pay THEIR agent commission.

THEIR agent CHOOSES to cooperate with a buyer's agent.

This dog won't hunt! And stay the F out of our pockets, consumers. It's not your call.

Mar 09, 2019 04:34 AM
Rainmaker
543,479
Greg Large
ERA Real Solutions - Grove City, OH
A Tradition of Trust

I am not a fan of Inman, I did see the blurb on another news venue this week.  If I had a dollar for every time Inman had a clickbait story about the doom and gloom of the industry that was a nothing burger...

Mar 09, 2019 04:46 AM
Rainmaker
991,765
Doug Dawes
KW Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Not this one. Interesting. I don't think it will fly. The seller pays my company and then I decide to pay the buyer agent 

Mar 09, 2019 05:11 AM
Rainmaker
5,571,934
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

when it comes to commissions, someone is always fighting about something....and usually, it's money they haven't even earned... they get a jump start with the battle!

Mar 09, 2019 06:06 AM
Rainmaker
1,640,286
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West - Carlsbad, CA
Presence, Persistence & Perseverance

Thanks for sharing this humorous and information about this frivolous waste of the Court's time

Mar 09, 2019 05:23 AM
Rainmaker
4,215,918
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Find a lawyer. Find a frivolous lawsuit!

Mar 09, 2019 05:13 AM
Rainmaker
4,123,450
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I've read it... I think this could take a very long time to resolve.

Mar 09, 2019 04:30 AM
Rainmaker
5,592,906
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Buzz,

The lawyers are in glee over the hours they will be billing.

Mar 09, 2019 06:19 AM
Ambassador
5,415,573
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Lawyers like to make money too.

Mar 09, 2019 06:13 AM
Rainmaker
1,723,705
Lyn Sims
Schaumburg, IL
Schaumburg Real Estate Agent Retired

I'm not sure it's a bombshell but I understand it's premise. Of course, the author that I read said that it was going to be all doom & gloom. I really don't see us changing our business model but will it be considered 'legal' going forward.

Buyers just don't have the $$ to have another system.

Mar 09, 2019 06:08 AM
Rainmaker
1,707,423
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

All in all it's just another brick in the wall.

Mar 09, 2019 05:53 AM
Rainmaker
523,141
Greg Cremia
Shore Realty of the Outer Banks - Nags Head, NC

I can't believe people pay to read inman. They are one of the largest contributors of link juice to zillow to the point where they have either bribed inman or inman is owned by zillow. I would have the #1website if inman had written as many articles, with links, about my site. Inman is not our friend.

Mar 09, 2019 05:53 AM
Rainmaker
1,926,309
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I have not Buzz, I will go read about it now.  Thank you for bringing attention to this matter. 

Mar 09, 2019 06:39 AM
Rainmaker
710,004
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

Yes.... kinda crazy if you ask me... the plaintiff, in my opinion does not understand how it really works and makes way too many wrong assumptions,, thus reaches wrong conclusions. In the end, the attorneys are taking him for a ride.

Mar 09, 2019 06:30 AM
Rainmaker
2,642,412
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Where the big money, power and opportunity gather so do the predators

Mar 09, 2019 05:49 AM
Rainmaker
4,048,656
Richard Weeks
Dallas, TX
REALTOR®, Broker

Just the blurb from the annoying Inman email I receive.

Mar 09, 2019 04:51 AM
Rainmaker
885,161
Peter Mohylsky. Broker -BRIX REALTY
Miramar Beach, Florida - Santa Rosa Beach, FL
BRIX REALTY -DESTIN

Thanks for sharing, no this is news to me.  Interesting stuff but can’t read the link

Mar 09, 2019 04:25 AM
Rainer
155,541
Ken Jones, Commercial Real Estate
Kenneth J. Jones, Inc. - Toms River, NJ

Buzz Mackintosh Since I don't subscribe to Inman News, I'll just have to wait for this alleged "bombshell" to explode.

However, on its face, it appears that there is significant merit to Plaintiff's allegations.

Mar 09, 2019 04:21 AM
Ambassador
4,583,119
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Lots of money to be made by the attorneys

Mar 09, 2019 09:43 AM
Rainmaker
3,069,984
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Candice A. Donofrio  nailed this one!

It's up to the Seller as to what amount of the total commission they want to offer in the MLS to the Buyer Broker.  Minimum amount? $1!!

Mar 09, 2019 05:53 AM
Rainmaker
385,077
Joseph Domino 480-390-6011
HomeSmart - Scottsdale, AZ
Real Estate Made Easy

I really do not know what long term effect this will have on a rapidly changing industry. But I do know that the only winners will be the lawyers.

Mar 09, 2019 07:31 AM
Rainmaker
911,686
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I read the article yesterday. Interesting, of course. I am surprised that there is no mention of the Buyer Broker model of agent's doing business. I am also surprised that the lawsuit has the support of so many law firms.

Mar 09, 2019 07:17 AM
Rainmaker
535,339
Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

I had not heard this but nothing surprises me.  

Mar 09, 2019 06:20 AM
Ambassador
4,260,078
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

The only people benefiting from this are the attorneys!

Mar 09, 2019 11:07 PM
Rainmaker
1,387,948
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Wait?  California is NOT being sued?  I guess we have too many small MLSs.

 

So, I disagree with Rob on a few things.  I don't see this as being an end to assocations and the MLSs.  The purpose of the MLS is to advertise the homes for sale to other agents.  Whether or not it has a cooperating broker commission field is not going to change that.

 

I do think the plantiff's argument has some merit.  If buyers paid their agents directly and listing brokers were able to charge less because of that, there would be a positive financial benefit to the seller.  On the downside, how many buyers (especially these days) have that extra money to pay their agents?  The ones I'm seeing can hardly afford to buy the homes. 

 

I do think the buyers paying their agent would have two outcomes:

    1) Increased agent loyalty

    2) Increased dual agency as buyers realize they can save that extra fee by working directly with the listing agent.  All possible now courtesy of the portals.

Mar 09, 2019 03:19 PM
Rainmaker
468,799
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

Media = Merchants of Chaos

Not interested in such news. All kinds of crazy lawsuits get filed everyday.

Does such an article have any kind of positive impact on my life, career or that of my clients and peers. No it's goal is to stir the pot.

Mar 09, 2019 02:19 PM
Rainmaker
557,068
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Thanks for sharing this - I hadn't read it on inman yet. Curious to see how it goes.

Mar 09, 2019 12:54 PM
Rainmaker
1,109,845
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

I've been waiting to see this play out ever since 1988 when my introduction to Buyer Agency became a reality. Now that it's here the anticipation and expectations won't be felt for another decade although the threat shall be realized in some negatively tangible and forever form.

Mar 09, 2019 11:06 AM
Rainmaker
4,017,244
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Lets hope this does happen.

 

Mar 09, 2019 10:45 AM
Rainmaker
1,901,498
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

Apparently you can not read the article unless you subscribe which I have no desire to do Buzz Mackintosh . In answer to your question however, no I have not heard about the lawsuit until now.

Mar 09, 2019 09:16 AM
Rainmaker
2,024,200
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Just heard about it - Roll out the RPac $$$

Mar 09, 2019 09:13 AM
Rainmaker
4,799,501
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I have now.

Mar 09, 2019 08:36 AM
Rainmaker
1,154,075
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

The lawyers benefit before clients.

Mar 09, 2019 07:41 AM
Rainmaker
1,217,284
Joyce Marsh
Joyce Marsh Real Estate LLC - Daytona Beach, FL
Joyce Marsh Real Estate LLC - Coast & Luxury

I’ve heard about it but have not had an opportunity to read the entire complaint 

Mar 09, 2019 07:11 AM
Rainmaker
6,614,429
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thanks for the alert.

Mar 09, 2019 06:56 AM
Rainmaker
1,519,811
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

No, I did not hear. But changes are unavoidable in a all aspects of life. 

Mar 09, 2019 06:26 PM
Rainmaker
3,470,342
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Buzz Mackintosh it will take a while for the court to decide on it.

Mar 09, 2019 05:55 PM
Rainmaker
3,985,875
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Yes I have and watching it

Mar 13, 2019 05:28 PM
Rainmaker
887,558
Mel Ahrens, MBA, Kelly Right Real Estate
Kelly Right Real Estate - Hood River, OR
Customized Choices for your Real Estate Needs

I saw the article several times in the last day or so.  Sounds like the lawyers are well known and formidable.  If they are spending their money on a class action lawsuit, they made the business decision based on an expectation they have a good chance to get some money, even if they don't "win".  

I'm getting a kick out of some of the conspiracy theories in the comments. 

Mar 11, 2019 12:07 AM
Ambassador
3,058,507
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

cha-ching

cha-ching

cha-ching

Go the lawyer to the Bank! 

Mar 10, 2019 09:22 AM