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☆ Real estate stocks plunge as NAR agrees to landmark settlement that rewrites rules on commissions
▼ + stars: | 2024-03-15 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The National Association of Realtors announced a $418 million settlement to end antitrust lawsuits. Real estate stocks including Zillow and Redfin fell Friday after the announcement. AdvertisementShares of real estate companies plunged on Friday following an announcement from the National Association of Realtors that resolves a lawsuit with home-selling groups and effectively nixes the standard 6% commission for home purchases. As part of the settlement, the NAR has agreed to prevent sellers' brokers from determining the compensation for buyers' agents. AdvertisementTaken together the changes will rewrite the longstanding real estate business model which had sellers pay their broker and the buyer's broker.

Persons: Redfin, —, Nykia Wright, Kevin Sears Organizations: National Association of Realtors, Service, NAR

☆ Home buyers and sellers to be spared automatic broker commissions under $418 million settlement
▼ + stars: | 2024-03-15 | by ( Rob Wile | ) www.cnbc.com time to read: +3 min

The National Association of Realtors has agreed to a landmark settlement that would eliminate real estate brokers' long-standing automatic commissions, commonly of up to 6% of the purchase price. Instead, home buyers and sellers would be able to negotiate fees with their agents upfront. If the $418 million legal agreement is approved by a federal court, consumer advocates predict the ranks of real estate agents will thin, further driving down commission prices. "For years, anti-competitive rules in the real estate industry have financially harmed millions," said Benjamin Brown, managing partner at the Cohen Milstein law firm and one of the settlement's negotiators. "It's a bribe," Doug Miller, an attorney and longtime consumer advocate in the real estate industry, said of the commission-splitting arrangements.

Persons: Benjamin Brown, Cohen Milstein, Nykia Wright, Wright, —, Doug Miller Organizations: National Association of Realtors, NAR, MLS

☆ The 6% commission on buying or selling a home is gone after Realtors association agrees to seismic settlement
▼ + stars: | 2024-03-15 | by ( David Goldman | ) edition.cnn.com time to read: +4 min

The NAR, which represents more than 1 million Realtors, also agreed to put in place a set of new rules. One prevents sellers’ brokers from setting buyers’ agents’ compensation, which critics say led brokers to push more expensive properties on customers. Another new rule will require buyers’ brokers to enter into written agreements with their buyers. Realtors could now compete on commissions, allowing for prospective buyers to shop around on rates before they commit to buying a home. The association also faces scrutiny from the US Department of Justice, and it’s unclear whether this settlement with sellers will impact the government’s scrutiny of the brokerage industry.

Persons: ”, Kevin Sears, Nykia Wright, Homesellers, HomeServices, Wright Organizations: CNN, National Association of Realtors, NAR, Realtors, realtors, US Department of Justice Locations: Missouri, America, litigate

☆ The head of the National Association of Realtors abruptly resigned. She says she faced a blackmail threat.
▼ + stars: | 2024-01-08 | by ( Associated Press | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe National Association of Realtors is grappling with more turmoil in its top leadership ranks just over two months after the trade group's CEO stepped down well before his planned retirement. The Chicago-based organization said Monday that NAR president Tracy Kasper has resigned, effective immediately, and is being succeeded by the trade group's president-elect, Kevin Sears. In a statement, the NAR said Kasper recently received a "threat to disclose a past personal, non-financial matter unless she compromised her position at NAR." In early November, former NAR CEO Bob Goldberg announced he would be stepping down nearly two months before his planned retirement.

Persons: —, Tracy Kasper, Kevin Sears, Kasper, Bob Goldberg, Nykia Wright, Kenny Parcell Organizations: Service, Association of Realtors, Business, NAR, Chicago Sun, Times, The New York Times Locations: Chicago, Kansas City , Missouri, The, Utah

☆ National Association of Realtors CEO steps down, days after real estate group found liable for conspiring to inflate rates
▼ + stars: | 2023-11-02 | by ( David Goldman | Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —Bob Goldberg, chief executive officer of the National Association of Realtors, the nation’s largest trade association, is stepping down, the organization announced Thursday. Earlier this week, a federal jury in Missouri found NAR and two brokerages conspired to keep real estate agent commissions artificially high and determined they were liable for $1.8 billion in damages. Nykia Wright, previously CEO of the Chicago Sun-Times, has been appointed NAR interim Chief Executive Officer, starting November 20th. “We are delighted to welcome Nykia as interim CEO,” said NAR President Tracy Kasper, a real estate agent from Nampa, Idaho, and broker-owner of Berkshire Hathaway HomeServices Silverhawk Realty. He added: “Nykia’s strategic expertise and forward-looking perspective are exactly what NAR needs to continue advancing its mission in an ever-changing world.”

Persons: Bob Goldberg, Kenny Parcell, Redfin, Nykia Wright, Nykia, ”, Tracy Kasper, Berkshire Hathaway, Silverhawk, Kasper, “, ” Goldberg Organizations: DC CNN, National Association of Realtors, NAR, Chicago Sun, Times, Sun - Locations: Washington, Missouri, Nampa , Idaho, Berkshire

☆ National Association of Realtors CEO quits earlier than expected after federal lawsuit loss
▼ + stars: | 2023-11-02 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +1 min

The National Association of Realtors announced Thursday that CEO Bob Goldberg will resign earlier than expected, as the group contends with the fallout from a federal lawsuit and a harassment scandal. The leadership transition comes days after a federal jury found the association — and some residential brokerages, including units of Warren Buffett's Berkshire Hathaway — liable for conspiring to artificially inflate commissions from home sales. The association did not mention the lawsuit in Goldberg's decision to step down. Starting Nov. 30, Goldberg will be replaced by Nykia Wright, who's serving as interim CEO while the association searches for a permanent replacement. Goldberg will continue to serve as an executive consultant through the transition, the association added.

Persons: Bob Goldberg, Warren Buffett's Berkshire Hathaway —, Kenny Parcell, Goldberg, Nykia Wright, who's Organizations: National Association of Realtors, NAR, New York Times, CNBC PRO Locations: Edmonton , Alberta, Canada, Warren

The Chicago-based NAR said Thursday that Bob Goldberg would be stepping down after a 30-year career at the trade association. Nykia Wright, former CEO of the Chicago Sun-Times, was tapped to take over on an interim basis, beginning Nov. 20. Real estate agents must be dues-paying members of the NAR in order to advertise themselves as Realtors. Its size and influence in the U.S. real estate industry has not only made the trade association a target in litigation, but also brought it under the scrutiny of the Justice Department. The department filed a complaint in 2020 against the NAR, alleging it established and enforced rules and policies that illegally restrained competition in residential real estate services.

Persons: Bob Goldberg, Nykia Wright, Goldberg, “, Wright, Kenny Parcell, Tracy Kasper Organizations: ANGELES, National Association of Realtors, Chicago Sun, NAR, The New York Times, Realtors, Justice Department, of, U.S ., Times Locations: Chicago, Kansas City , Missouri, Missouri, The, Utah, U.S, Western, of Missouri

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