Redfin to Settle Commission Lawsuits, Paying $9.25 Million
According to new legal filings in the U.S. Securities and Exchange Commission (SEC), Redfin will pay $9.25 million as part of a settlement agreement reached with homeseller plaintiffs in the class-action lawsuit known as Gibson. This amount comes as plaintiffs argue that Redfin—as well as other brokerages such as The Real Brokerage, Realty One Group,…
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PropStream Announces New AI Features
PropStream’s President Brian Tepfer has announced the company has upgraded its data sets, utilizing the power of Predictive Real Estate Data to pave the way for new features and proprietary AI predictive analytics. Listed new features include: Enhanced valuation modeling Localized demographic data New lead lists Photo AI insights AI predictive property scores “Coverage, speed,…
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COURT REPORT: Post-NAR Settlement Practice Changes Shifts Date
Editor’s note: The COURT REPORT is RISMedia’s weekly look at current and upcoming lawsuits, investigations and other legal developments around real estate. While NAR and other settlements pend both preliminary and final approval, the flow never stops in the court systems throughout the U.S. as updates continue to develop in the many commission lawsuits currently…
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Rocket Mortgage Impresses With $1.2 Billion Earned in Q1 2024
As the economy waivers recently—with mortgage rates back up above 7%, the most recent PCE report demonstrating a rise in inflation and no respite in the interest rates from the Fed yet—there’s been a lot of uncertainty surrounding the mortgage market. This uncertainty, however, does not seem to have affected Rocket Mortgage, as its Q1…
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NAR Lobbyists Keep Long-Term Focus in Shadow of Settlement
Attendees walk past the REALTOR® logo Sunday at the Walter E. Washington Convention Center in Washington D.C. Three months ago, NextHome CEO James Dwiggins, speaking on an RISMedia webinar, took a forceful—and somewhat unexpected position—on controversies and questions currently dogging the National Association of REALTORS® (NAR). A vocal critic of the organization, Dwiggins took a…
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PropStream-Sponsored Robotics Team Places in Competition
Lead generation platform PropStream offered partial sponsorship to Code Orange Team #3476, a pre-college robotic team which competed and placed 25th (out of 75th) in the First® Robotics Competition (FRC) from April 17-20, 2024 in Houston, Texas. The event, and Code Orange Team 3476 itself, aim to promote interest and knowledge in science, technology, engineering,…
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Revolutionizing the Industry with AI Solutions
Despite all the many accomplishments Reliance has achieved over its first 20-plus years, there is one person in particular who remains fairly indifferent. That would be CEO Sean McRae. It’s not that he isn’t proud of what he’s helped build, because he is. It’s more that he prefers to focus purely on looking forward, not…
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Home Sale Profits Decline as Home Prices Fall
Home selling profits continued to decline due to a decrease in the median nationwide home price, according to the latest data from ATTOM. ATTOM’s Home Sales Report for Q1 2024 saw profit margins on median-priced single-family home and condo sales decrease to 55.3%—the smallest level in more than two years. This reading was down from…
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RE/MAX Posts Declines in Q1: Down YoY in Revenue, Agent Count
RE/MAX, a global power brokerage that has been voted to have the U.S. and Canada’s most trusted agents, posted another quarter of decline in revenue and agent count. This comes after four consecutive quarters of decline in 2023, and a commission settlement of $55 million in the third quarter of 2023, aimed to resolve sweeping…
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BREAKING: NAR Settlement-Required Practice Changes Pushed to August 17
In a letter to members, National Association of REALTORS® (NAR) Chief Legal Officer Katie Johnson announced practice changes required under the NAR Settlement Agreement in the seller commission cases will take effect in August not July as originally stated, giving all parties involved a three-month window to adapt. She also outlined how the practice changes…
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