Where Real Estate Gets Its Dirt

REACH Australia adds nine new companies.

REACH Australia and New Zealand Unveils 2024 Scale-up Program with 9 Dynamic Companies

“We are honored to have the opportunity to work with more exciting property technology startups,” said Peter Schravemade, managing partner, REACH Australia and New Zealand. “These nine companies represent the largest number of companies taken on in a calendar year for the REACH Australia and New Zealand program. Regardless of your area of specialization, there is significant value within this group.”

NAR, National Association of REALTORS

Interesting mix of companies. If website design and illustrations were any indicator of company success then Milk Chocolate would get my vote.

KW settles for $70M

Keller Williams settles Sitzer, Moehrl commission suits for $70M

“If approved by the court, the settlement means Keller Williams will pay substantially less than it could have to resolve Sitzer | Burnett. On Oct. 31, in a historic verdict, a jury found that Keller Williams, RE/MAX, Anywhere, the National Association of Realtors, HomeServices of America and two of its subsidiaries, BHH Affiliates and HSF Affiliates, conspired to inflate broker commission rates paid by homesellers. The jury awarded $1.78 billion in damages to a class of approximately 500,000 Missouri homeowners. If that award stands, it would be trebled by law to more than $5.3 billion.

The deals leave NAR, HomeServices of America and two of its subsidiaries, BHH Affiliates and HSF Affiliates, as the remaining defendants in the case.”

ANDREA V. BRAMBILA, INMAN NEWS

I’ve been thinking about this for the last week and a couple things stand out. I guess you could say it was shrewd of KW to see if the case was won before settling (interesting to think of NAR and BHH/HSF through that lens). Hard to say if the settlement would have been lower if they had settled earlier. But $70M feels about right. BHH/HSF are probably talking longer due to their corporate structure.

That would leave NAR standing alone. People who would know tell me that their case for appeal is pretty strong based on upon the documents being filed by NAR. That may be true, but the genie is out of the bottle. More and more of people I meet and hear I’m “in real estate” ask me about being “over-charged” for commissions. I still think settling (and sooner than later) is the right move.

Industry Relations Podcast: NAR Conference Recap and Zombies

Join Rob and Greg on this episode of Industry Relations, as they recap the NAR NXT annual conference and explore some critical issues. Greg shares what NAR NXT’s atmosphere was like, and find out why Rob is worried about independent press commenting on NAR. 

Also, discover the reasoning behind Rob and Greg’s beliefs that the real estate industry is way past prepping and the zombies are breaching the wall!

Watch us on YouTube!

Connect with Rob and Greg: 

Rob’s Website

Greg’s Website

Our Sponsors: 

Notorious VIP

This podcast is produced by Two Brothers Creative 2023.

See you tonight!

Looking forward to seeing many of you for our NAR NXT Pre-Party/GEM Soiree tonight.

The fun begins at 5PM!

711 W. 17th St.
Unit J6
Costa Mesa, CA 92646

Hit me up on my phone if you have any questions: 714-240-3895

Batton down the hatches

Mother of all commission suits filed in Illinois, this time by homebuyers

“The scope of Batton 2 is exponentially larger than Gibson, Sitzer | Burnett, or another, similar case, Moehrl. Both Batton 1 (formerly, Leeder) and Batton 2 seek class certification on behalf of two proposed classes:

  • a “Nationwide Class” made up of “All persons who, since December 1, 1996 through the present, purchased in the United States residential real estate that was listed on an NAR MLS.” For this class, the plaintiffs are asking for injunctive relief, meaning either a court-ordered prohibition or a requirement on the defendants’ behavior.
  • a “Damages Class” made up of “All persons who, since December 1, 1996 through the present, purchased in the Indirect Purchaser States residential real estate that was listed on an NAR MLS.” For this class, the plaintiffs are asking for damages under “antitrust, unfair competition, consumer protection, and unjust enrichment laws.”
Andrea Brambila via Inman News

This is why I drink.

Rob Hahn ties up a few loose ends of the #SitzerBurnett appeals process

Musings on the Appeals Bond Hearing

“Let’s say NAR has $500 million, BHHS has $100 million and KW has $50 million that can go towards collateral for a supersedeas bond. That’s $650 million, and that’s assuming all three organizations completely empty the bank account, liquidate everything that can be liquidated, and not even have operating funds. 

That is completely unrealistic. For one thing, they have to pay lawyers for the appeal. And pay staff and such in order to be a going concern.”

Rob Hahn, NOTORIOUS ROB

Must read.

Bob Goldberg out at NAR

Bob Goldberg out as NAR CEO

“The National Association of Realtors’ longtime CEO Bob Goldberg is leaving the trade association, multiple sources with knowledge of the situation have confirmed to HousingWire Thursday morning.

“We are immensely grateful for Bob’s leadership and decades-long service to NAR,” Tracy Kasper, current NAR president, said in a statement. “It has been a privilege to work with him in expanding and strengthening our organization, and we congratulate him on his well-deserved retirement. His contributions to our association and our industry have been tremendous.”

Goldberg’s departure comes just two days after a federal jury in Kansas City, Missouri, ruled that NAR, HomeServices of America and Keller Williams had colluded to artificially inflate real estate agent commission rates.“

Brooklee Han at HousingWire

Damn.

NAR NXT Pre-Party!

In collaboration with Drew Meyers of Geek Estate (GEM), I will be hosting in the work/car studio I share with Dan Woolley ( and my two vintage VWs) a NAR NXT Pre-Party. We’ll set up tables, have local brews and a few handles, snacks, cool music, a bubble top hockey table and a few surprises. Register here.

Very close to John Wayne Airport (SNA) airport if you are flying in Monday. Or maybe a kicking off point for some of Orange County’s finest restaurants. I’ve included a map below to give you some idea of the location in respect to The Anaheim Hilton and JWA.

Open to GEM members and you pioneers of proptech and organized real estate insiders.

Drew set up an Eventbrite page please click here to register = > GEM Soiree/NAR NXT Pre-Party

Inman News’ Andrea Brambila is “live on the scene” for the Sitzer | Burnett case

I don’t think they allow phones or recording devices in the courtroom for the Sitzer | Burnett lawsuit but Inman News has sent Andrea to cover the courtroom case and they have posted a website, for “live updates”. I don’t think anyone has as much understanding of the issues more than Andrea so I’m glad they sent her!

You can check the Live Updates site here.

Redfin say it’s “leaving NAR”

Redfin is Leaving NAR

“Redfin is moving to end our support of the National Association of Realtors for two reasons:

  • NAR policies requiring a fee for the buyer’s agent on every listing
  • a pattern of alleged sexual harassment. “
Glenn Kelman, CEO of Redfin

Whoa! The post from GFK also adds this nugget.

“We Want NAR to Decouple MLS Access from NAR Support

We’re asking NAR to decouple local access to these tools, including the listing databases known as Multiple Listing Services, from support for the national lobbying organization. Agents shouldn’t have to underwrite policies and legal efforts that hurt consumers when most of us got into real estate to help consumers. Redfin’s mission after all is to redefine real estate in consumers’ favor. “

Glenn Kelman, CEO of Redfin

There is also story in the New York Times regarding this decision, for those with access check it out too.

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