What If Settlement of the Broker Commission Lawsuits And New Rules Were Possible?

Are Settlements and New Practices A Possibility At Some Point?

At the recent Inman Connect in NYC, attorney Ed Zorn presented a session focused on possible alternatives to resolving the ever-expanding buyer broker commission lawsuits. According to Ed:

To clarify, I was asked by Inman to do a presentation specifically focused on how the commission cases could be settled, which necessitates some potential outcomes for rule changes that would be acceptable to the plaintiff’s attorneys, the consumer advocates and DOJ. I was not commenting on any active proceedings, nor was I in any way advocating that the industry make any of these moves at this moment, but expressed my ideas as potential steps that would be necessary to take if — and only if — the real estate industry has an opportunity to settle  all the cases.

Ed’s presentation received a resounding round of applause, according to the article. Nevertheless, there were some online criticism from readers to the effect that he should be more supportive of NAR efforts to win the pending litigation and appeals.

I agree with Ed’s approach that now is the time for serious discussions of the potential steps to consider if a settlement becomes a reasonable possibility. Perhaps it is time for the real estate industry to move forward rather than bury heads in the sand.

There are other alternative approaches to consider. Now is the time for discussion and thought.

I’m sure we can come up with something better than the podcast I heard yesterday between a broker and the Sitzer/Burnett star attorney – it was more of a shouting match than a substantive debate of the issues. It would have been much better with a credible advocate like Ed Zorn.

I became a big fan of Ed last year after watching a number of his interviews on YouTube. Here’s one that’s worth the 33 minutes:

A Discussion on the Burnett v NAR et al. Art Carter and CRMLS Chief Counsel Ed Zorn go into detail on the background of the lawsuit, verdict, potential outcomes, and what agents and brokers may expect in the future.

Related videos:

Ed Zorn Should NAR Settle or Appeal: Post Verdict
Join us on this episode of Real Estate Insiders Unfiltered as we dive into the aftermath of the commission lawsuit case verdict. Ed Zorn returns to shed light on what this means for NAR and the industry. Ed, James, and Keith discuss the implications of the verdict, possible appeals or settlements, the rise of copycat lawsuits, and what rules should go in place now.
https://www.youtube.com/watch?v=2CCIV6xYhTI

RE/MAX & Anywhere Settlement Implications and is Keller Williams Next?
James and Keith sit down with Ed Zorn, Vice President and General Counsel at CRMLS – the largest MLS in the country. Learn what changes are coming from the Anywhere and RE/MAX class action settlements and is Keller Williams next to settle? Hear Ed’s expert opinion on how the Burnett trial will likely go, and the future of NAR, MLSs and REALTORS in general post lawsuits.
https://www.youtube.com/watch?v=4H3v83zRu9g&t=0s

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