“Is Open Real Estate a national MLS?” That question, proffered by Open Real Estate itself on its website as soon as the initiative was launched, made it clear the founders—namely, AGNT (eXp and NextHome), HomeServices of America, Real REMAX Group and Keller Williams—knew that at least some in the industry would see that project in…
After just under five years of litigation, Zillow announced today that it is paying out over $210 million to shareholders who claimed the company misrepresented the company’s ability to predict and profit from flipping homes at the height of the pandemic boom market, resulting in significant losses for the company. “We are incredibly pleased to…
The newest results from the Federal Reserve Open Market Committee (FOMC), the rate-setting body that meets roughly eight times per year, varied greatly from the previous one in mid-September, which came with a unanimous vote to hike interest rates, after many economists predicted that outcome. This time there was no rate hike. The Fed left…
New York-based OneKey MLS joined California Regional Multiple Listing Service (CRMLS) as a plaintiff in its federal lawsuit against Compass Tuesday, with the MLSs filing an amended complaint in Manhattan federal court asking a federal judge to declare their “clear cooperation” rules lawful. The complaint escalates the MLSs’ legal fight with Compass, the nation’s largest…
With less than two weeks until the midterm elections, the Trump Administration rolled out an executive order (EO) aimed at making some housing costs more affordable. The mortgage industry welcomed some of the proposals, such as mortgage insurance cancellation for homeowners and reducing interest rates on some federally backed loans, but the general feeling is…
Four brokerage giants are launching what they call “shared infrastructure” to keep listings shared broadly, seemingly in direct opposition to Compass and its campaign to undo cooperation-focused rules, in an initiative dubbed “Open Real Estate.” The four companies founding the initiative are Keller Williams, AGNT (parent of eXp and NextHome), HomeServices of America and Real…
Pricing discussions with sellers is both an art and a science. Comparable listings data have always played a key role in determining asking price, as do algorithmic tools like automated valuation models (AVMs), but real estate agents say those values are a useful starting point—not a final valuation. That’s where their local knowledge about a…
Above: Alex Vidal. Photo by AJ Canaria. Shortly after REMAX President Alex Vidal joined the brokerage after three years at ERA Real Estate, Compass—which now owns ERA—filed a lawsuit against Vidal for allegedly violating a non-compete agreement. Filed in Texas on Sept. 19, the case was recently moved to the Delaware Court of Chancery. The…
Outspoken independent broker Anthony Lamacchia, who has never hesitated to share opinions and engage on hot industry topics, has been relatively quiet (at least by his standards) on the current industrywide debate over listing policies. Until now. In a 13-minute video posted to his coaching YouTube channel on Oct. 19, Lamacchia excoriated Compass’s focus on…
A third MLS today publicly rejected threats from Compass over listing rules, as New York-based OneKey MLS joined CRMLS in California and Unlock MLS in Texas in refusing to change policies despite significant back-channel pressure and legal threats from the mega-brokerage. In a release early this morning, OneKey CEO Richard Haggerty said the MLS would…
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