Page 12 - Martin Downs Bulletin - July '23

Page 12, Martin Downs

real estate

Treasure Coast Real Estate When I first read about this lawsuit, I figured it would just go open the door. What most buyers don’t realize is that these sites

Report away. It seems too ridiculous to gain traction. I was wrong and charge the Buyer’s agent up to 35 percent of the commission for
the so-called lead. What happens to these sites that buyers like
it is moving forward.
Class Action Lawsuits May Disrupt Real Now before any buyers or sellers start cheering, there are to use if there is little or no income?
some issues if the lawsuit is successful. I’ll skip the big issues,
I don’t know how this will all end, but it has the makings of
Estate Commissions And Tank The Real but I do see a few problems. a real circus. You can read more at:
Estate Market If the buyer’s agent doesn’t get paid by the listing firm, who https://www.cohenmilstein.com/case-study/moehrl-v-national-
pays the buyer’s agent? I guess the buyer would have to. So association-realtors-et-al.
By Jim Weix in addition to a down payment, closing costs, and additional Feel free to call me if you would like to discuss your options.
It has been a longstanding expenses, the buyer will now have to pay their agent’s I can be reached at (772) 341-2941 or jimweix@jimweix.com.
tradition that a Realtor, acting commission. Here I thought that higher mortgage rates were the Jim Weix is a broker associate with The Keyes Company. Jim
as a buyer’s agent, when primary reason real estate sales would tank. has 25 years of experience selling real estate full-time. If you
helping a buyer to purchase The plaintiffs argue that most buyers find their homes on have questions or want the services of an experienced expert,
a home is paid a commission sites like Zillow and Redfin, and just need the buyer’s agent to you can reach Jim at (772) 341-2941 or jimweix@jimweix.com.
by the listing real estate firm.
In other words, the seller pays BusIness spotlIght
the whole commission.
In fact, of fering
compensation to the buyer’s
agent is required if the home Audi Stuart: award, an Elite Magna Society award and multiple J.D. Power
is to be placed into the Multiple Listing Service. Dealer of Excellence awards. And while Audi Stuart’s customer
However, not all sellers were happy with that arrangement Small Business, Big Impact service is commendable, their contribution to the Treasure Coast
and filed a class action lawsuit. The defendants include the community is extremely noteworthy. Audi Stuart is known for
National Association of Realtors (NAR), several large real Located on the west side of U.S. Route 1 near Pomeroy their community involvement, and they proudly sponsor Martin
estate firms, and numerous Multiple Listing Services for Street is one of the Florida Treasure Coast’s biggest secrets, County’s Teacher of the Year Award, Toys for Tots, and Paws
conspiring to require home sellers to pay the broker representing Audi Stuart, an Audi Magna Society award-winning dealership, and Claws, just to name a few of the many charities.
the buyer of their homes, and to pay at an inflated amount, which has served the area for over ten years. Known for their “The Treasure Coast has been so kind to us for over ten
in violation of federal antitrust law. The plaintiffs allege that outstanding customer service, Audi Stuart has earned numerous years, and we hope at some point we can personally thank each
defendants’ conspiracy has centered around NAR’s adoption awards, including the aforementioned Audi Magna Society and every one of you for embracing us,” says Devin Carlson,
and implementation of a mandatory rule that requires all managing partner of Audi Stuart.
brokers to make a blanket, nonnegotiable offer of buyer broker So the next time you take a trip
compensation (the “Buyer Broker Commission Rule”) when up or down U.S. Route 1, make
listing a property on an MLS. sure you stop by and say hi to
According to the plaintiffs, total broker compensation in the the friendly team at Audi Stuart!
United States is typically 5 to 6 percent of the home sales price, Thank them for their community
with approximately half of that amount—and increasingly more involvement and congratulate
than half—paid to the buyer broker. The defendants’ conspiracy them on their commitment
has kept buyer broker commissions in the 2.5 to 3.0 percent to guest satisfaction, which
range for many years despite the diminishing role of buyer is shown in the awards they
brokers due to buyers independently identifying homes through proudly display online and in
online services and retaining buyer brokers only after they have their showroom.
found the home they wish to buy.

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