Breaking news on some significant class action lawsuits against the real estate industry commission structure have moved forward with some partial settlement agreements that are bound to affect you.
RE/MAX makes $55 million deal to settle commission lawsuits, and they are not the only defendants that have been named in the lawsuit.
Key points:
- RE/MAX’s settlement agreement covers both the Sitzer/Burnett and Moehrl cases.
- Along with paying $55 million, RE/MAX will also make “massive changes” to its practices around buyer agent commissions.
- NAR said on Monday that it is standing by its plans to fight the lawsuit to the end.
It is going to get worse!
Anywhere, formally known as Realogy, which saw significantly higher revenue than RE/MAX last quarter, agreed to pay $83.5 million to settle the Moehrl case alone.
Steps must be taken now to reduce risks for Alaskan Real Estate Licensees. Stay tuned for more information starting next week to educate yourself on how to reduce risks related to these class action lawsuits and the predicted copy cat lawsuits we are likely to see in Alaska.
Live CE classes are better than Correspondence. It was exciting to see the networking, partnerships and strategic partnerships, team building and recruiting and resource sharing that happened in our live classes over the last 4 days, You can't get those benefits sitting at home taking a correspondence class in isolation.
You should seriously consider signing up for our next live classes, Nov 11-12, 2023 or Nov 13-14, 2023 where we will give you tools to reduce your risk for the class action lawsuits that are likely heading our way. But hurry to register, these classes have limited slots available and will sell out.
The lawsuits and steps we need to take is a significant challenge to the industry and more info will follow starting next week.
Best regards,
Jerry
