The time clock is ticking as the Sitzer/Burnett trial is set to begin Oct. 16th. Although a court date has not been set for the Moehrl trial, Multi-Million Dollar Settlements Emerged as Real Estate Brokerages Reach Agreements on Commissions Lawsuits. While it may be years before the dust has settled, the lawsuits have already proven a game changer for the real estate industry with massive overhauls regarding real estate brokerage commissions.
ReMax just settled with both Moehrl and Sitzer/Burnett on September 18th for 55 million dollars, a figure deemed appropriate based upon their ability to pay, with the agreement to facilitate policy changes regarding commissions. The specific details regarding policy changes were not incorporated into the SEC filing.
The settlement with Anywhere Real Estate, formerly known as Realogy Holdings Corp., is the parent company for Better Homes and Gardens, Century 21, Coldwell Banker, Corcoran, ERA Real Estate, Sotheby’s. While it is believed they settled the Moehrl lawsuit for approximately 83.5 million dollars, The exact settlement terms will be confidential until plaintiffs file a motion for the approval of the settlement. Anywhere Real Estate has not yet settled with Sitzer/Burnett, however they have requested leave from the pretrial conference on September 8th which leads me to believe they may agree to a settlement prior to October 16th’s trial date.
The 2 multi-million dollar settlements that have emerged leaves the National Association of Realtors (NAR), HomeServices of America, a Berkshire Hathaway Affiliate, and Keller Williams as the remaining defendants.
As of the time of this blog, the NAR has NOT WAIVERED from its plans to fight the lawsuit until the end was is delineated in their Realtor Magazine on September 6th.
When the time comes to sell your home, it may be prudent to consider utilizing an Ohio Broker Direct Flat Fee MLS Listing rather than going the traditional route.
Selling real estate on your own without the assistance of a traditional service Real Estate Brokerage will require both commitment and due diligence for which you may be rewarded by saving thousands of dollars in commissions. Maximizing marketing exposure is key. We have SOLD well over a BILLION DOLLARS in Real Estate & Saved Sellers Millions of Dollars in Real Estate commissions. Please contact our team to learn how the For Sale By Owner Flat Fee MLS Listing Options at Ohio Broker Direct will enhance your marketing exposure to ensure a more expeditious sale, yielding a higher price with better terms that suit your specific needs. Reach out to us directly, visit our blog page or sign up for our newsletter to receive the latest information to ensure you have the knowledge to maximize your profit.
Joan Elflein, Broker / Ohio Broker Direct Ohio Broker Direct & its Brokers or Associates assumes no responsibility or liability for any errors or omissions in this blog, we advise all participants engaged in the buying or selling of Real Estate to enlist the services of a Real Estate Attorney.