Home Insider REjournals WTTW/PBS Chicago Chicago magazine Block Club Chicago Curbed Chicago James R. Thompson Center Historical Society Corporate content Radio and Television appearances RealEstateNews.com Streetsblog Chicago

At RealEstateNews.com, I covered daily news in the real estate brokerage world as well as ongoing enterprise reporting and interviews with industry leaders.

RealEstateNews.com •

Anywhere CEO: ‘Our industry needs more leadership’

Ryan Schneider tells Real Estate News that being the “first mover and the fastest learner” helped the brokerage prepare its agents for the changes ahead.Anywhere Real Estate CEO Ryan Schneider has remained bullish on his company's ability to navigate the tricky housing market — particularly via its luxury-focused brands — and he believes Anywhere's leadership and agents are prepared for the industry practice changes set to go into effect this weekend.
RealEstateNews.com •

Don’t offer buy-side compensation upfront, consumer group says

A real estate watchdog supplemented recent recommendations from the Consumer Federation of America with additional do’s and don’ts for buyers and sellers.Another consumer group has chimed in on the conversation about agent compensation and negotiation. As a supplement to the guidance released by the Consumer Federation of America in recent weeks, Consumer Advocates in American Real Estate (CAARE) offered additional recommendations for buyers and sellers ahead of the industry practice changes.
RealEstateNews.com •

NAR: 'The free market' will determine commissions

NAR reps discussed upcoming rule changes and reiterated that it does not promote or set compensation: “NAR is agnostic as to where the commission levels are.”With the August 17 deadline for industry practice changes just ten days away, NAR held a media call with reporters on Wednesday to underscore — and further clarify — some of the bigger themes of the settlement agreement, as well as tackle other issues that agents and consumers have been seeing in recent weeks.
RealEstateNews.com •

Broker sees uncertain future for MLSs and associations

There’s “going to be a point at which it doesn't make sense to belong” to small, local MLSs, one broker-owner — and member of 7 MLSs — told Real Estate News. Preparing for industry rule changes won't end when the NAR deadline hits on August 17. Brokerage owners and team leads also will have to navigate the increasingly complex MLS system, as well as regional and national association memberships, as the industry resets its approach to cooperative compensation.
RealEstateNews.com •

President floats 5% rent cap on ‘corporate apartments and homes’

Biden calls out corporate profits in pitch for targeted rent limits, while the FHFA unveiled new tenant protections on Fannie- and Freddie-financed housing. Housing affordability has become a major issue at the national level — and one that is top of mind for many voters. Last summer, the Biden administration announced the so-called "Blueprint for a Renters Bill of Rights," a policy initiative that would introduce new rules to protect renters during the screening, leasing and eviction processes.
RealEstateNews.com •

Commission-sharing sites are cropping up — will they last?

MLSs will no longer display offers of compensation, but some online startups say they have workarounds that comply with new rules. The DOJ may disagree. As MLSs work to scrub compensation fields from their platforms, some entrepreneurs are seeking to fill that gap. Two recently launched sites, ListingSplit and Nesthook, accomplish similar goals through different methods, but one thing they both do is provide a way to publish offers of buyer agent compensation online.
RealEstateNews.com •

Portals ‘should not work against outcomes’ the government seeks

In his first year as the leader of one of the nation's top home search sites, Realtor.com CEO Damian Eales has had his hands full. He has been tasked with navigating industry changes while working to ensure that consumers are being well served. And he believes that portals can play an important role in helping drive the desired outcomes of the commissions litigation and DOJ actions: greater transparency and professionalism.
RealEstateNews.com •

CoStar, Realtor.com CEOs on traffic, ads and fierce competition

Long before legal battles dominated the real estate landscape, the leading home search portals had been engaged in their own industry-shaping fight for consumer attention and agent loyalty. The competition — and rhetoric — heated up over the last year after CoStar jumped into the contest with Homes.com. CoStar execs have been clear from the start that they believe their business model is better for consumers and agents.
RealEstateNews.com •

Industry seeking clarity — and change — in FHA and VA lending

NAR this week sent letters asking government lending agencies to allow buyers to finance agent compensation. Thursday, it started getting answers. As the industry prepares for major rule changes in the wake of NAR's commissions settlement, there remains some uncertainty as to how exactly buyers will pay their agents if compensation is not offered by the seller — especially if the mortgage is being financed through FHA and VA programs.
RealEstateNews.com •

NAR reaches $418 million deal to settle commissions lawsuits

The settlement, which still requires court approval, adds a new rule prohibiting offers of broker compensation on the MLS.The National Association of Realtors announced this morning that it has reached an agreement to end its lengthy and costly fight with home sellers who have claimed the organization is at the center of a conspiracy to inflate commissions and unfairly force sellers to compensate buyers agents.
RealEstateNews.com •

Most agents barely making it in this ‘part-time industry’

In its latest report, the CFA continues to cast a critical lens on what it sees as a bloated industry where too few agents can succeed.

Real estate sales has a relatively low barrier of entry — nearly anyone can become a licensed agent with as few as 40 hours of education and a small financial investment. But that doesn't mean success comes easy.

In a challenging market, and at a time when the industry may be forced to change, it has only gotten tougher for the massive number of agents.
RealEstateNews.com •

What happens with mortgages if there’s a recession?

Even if the hoped-for economic “soft landing” isn’t so soft, don’t expect to see a wave of short sales and foreclosures next year.

Though mortgage rate relief appears to be on the horizon, it's still anyone's guess which direction the housing market will go in 2024.

The threat of a recession still looms in the background — as it has for at least the last year — which could hinder hopes for an economic "soft landing" and a revival for the real estate market.
RealEstateNews.com •

Homes.com fires back over traffic claims, buyer agency and trust

Homes.com made a splash at this year's NAR NXT conference in Anaheim. The CoStar-owned search portal sponsored shuttle buses, plastered ads and banners throughout the convention center, and held the largest space within the exhibition hall.

Dave Mele, president of Homes.com, said the company didn't "have anything to sell yet" to agents at the expo, but plans to roll out a new membership program at the end of Q1.
RealEstateNews.com •

Ex-Zillow CEO: NAR lawsuits ‘a seismic event’ for agents, portals

Spencer Rascoff said home search portals may need to pivot in a world where buyers agents are no longer paid via the listing agent’s commission.

As class action lawsuits threaten to upend agent compensation practices, the industry may need to prepare for a future where agents will have to discuss exclusivity and compensation upfront with clients.

But how would the major home search portals fare in a world where buyer agent compensation is decoupled from the listing agent's commission?
RealEstateNews.com •

RE/MAX CEO: Don't expect to 'get rich off somebody else's back'

At a conference this week, Nick Bailey said the company’s value lies in its strong brand identity and agent experience — not downlines or profit sharing.

At RE/MAX's Broker Owner Conference this week in Chicago, company leaders reaffirmed the brokerage's commitment to its agents but also took aim at competitors.

A blog post about the event published by RE/MAX on Monday appears to target firms that utilize revenue-sharing models, such as eXp and Real.
RealEstateNews.com •

HELOCs now a riskier proposition for investors

The near-record level of equity U.S. homeowners currently have in their properties — roughly $28.7 trillion, according to the Fed — may be a tempting source of funds for consumers who are feeling squeezed by the ever-increasing cost of goods and rising credit card debt.

But home equity lines of credit are a much riskier proposition today than they were just a year or two ago, thanks in large part to the steep increase in borrowing costs.
RealEstateNews.com •

Former Keller Williams CEO returns in consulting capacity

Mark Willis, who previously served as both president and CEO at KW, is rejoining the company to assist with its market center growth.

Former Keller Williams CEO Mark Willis has returned to KW leadership, turning the page on a contentious chapter in his relationship with the company.

Keller Williams announced today that Willis is taking on a "strategic consulting" role, assisting with market center growth and expansion and stepping away from a potential role with eXp Realty.
RealEstateNews.com •

Steve Baird: Brokerage owners ‘need to focus on what we can control’

Baird & Warner is one of the most prominent names in real estate in the Chicagoland area. And it's a family name that goes far back — far enough back that the business pre-dates the American Civil War.

Steve Baird, owner and CEO of the storied brokerage, took over the family business three decades ago and has seen multiple booms and busts. He views success through a broader lens than sales volume, though Baird & Warner currently ranks 36th in the nation among brokerages by sales volume.
Load More