2024 will go down in history books as one of the most momentous years in the residential real estate market—with attention-grabbing headlines competing for air time day in and day out as all eyes were on the National Association of REALTORS® (NAR) and the flood of commission lawsuits (and copycat cases) that have roiled the industry over the past five years.
While the compensation conversation took center stage this past year, our loyal readers were with us every step of the way—from NAR choosing, in March, to end its legal fight, paying $418 million in damages and agreeing to change policies around commissions—to the settlement being finalized on November 26.
Keeping our pulse on the market 24/7, we covered all this and more to ensure that you—our readers—were equipped for success.
Broken down by month, here are the top headlines that you were interested in this past year:
January
Amid a period of historic turmoil for NAR, then-President Tracy Kasper—who was seeking to right the ship—resigned her position after she “received a threat to disclose a past personal non-financial matter,” while three of the largest MLSs in the country agreed to a settlement in the PLS.com v National Association of REALTORS® et al case—one of the most expansive and highest-stakes lawsuits that specifically targeted MLS rules and practices.
NAR President Tracy Kasper Resigns After Apparent Blackmail Attempt
MLS Giants Reach Settlement in Pocket Listing Lawsuit
February
Homes.com made history on Super Bowl Sunday, launching “the biggest marketing campaign in the history of real estate,” while RISMedia debuted its second annual Agent & Broker Marketing Study—providing substantive, actionable insights to construct a thriving and successful business that will rise above the competition.
Andy Florance on Restoring Transparency and Putting Agents ‘Back in Front of America’
Selling Social: RISMedia’s 2024 Agent & Broker Marketing Study
March
In what will go down as one of the most important moments and choices in the history of organized real estate, NAR chose to end its legal fight against a flood of commission lawsuits. Days later, Compass agreed to pay $57.5 million and change practices in exchange for immunity from seller claims.
NAR Agrees to Major Rule Changes Beginning in July, Pays $418M to Settle Commission Suits
Compass Settles, Becoming First ‘Copycat’ Defendant to Tap Out
April
Commissions were a hot topic as we kicked off the second quarter of the year. From HomeServices of America becoming the last of the original four brokerages targeted by class-action, commission-focused lawsuits to settle claims with plaintiffs to the launch of our Buyer-Agent Playbook centered on buyer agency and how agents are navigating a post-NAR-settlement environment, we discussed moving forward in the new normal from every angle.
BREAKING: HomeServices of America Pays $250 Million to Settle Commission Lawsuits
The Buyer-Agent Playbook: How Agents Are Navigating the Commission Discourse With Clients
Myths and Facts on Buyer-Agent Commissions and the MLS
May
While antitrust lawyers at the Department of Justice appeared unsatisfied with the agreement struck between NAR and the plaintiffs in commission lawsuit class-actions, the Top Agent Network (TAN)—a pocket listing startup suing NAR—sought to push forward with its claims that the Clear Cooperation policy violates antitrust laws. In other company news, a panel taking place during NAR’s midyear legislative meetings in Washington, D.C., provided an overview of “practical and policy solutions in a post-settlement environment,” exploring urgent questions around long-term adaptations for settlement changes.
DOJ Lawyer: No Offers of Compensation ‘Anywhere’
Pocket Listing Lawsuit Renews Attack on ‘Clear Cooperation,’ Ineffective Agents
NAR Panel: Financing Buyer Commission Could Be Expensive and Dangerous
June
The compensation conversation continued in the aftermath of NAR’s settlement agreement as we took a deep dive into how to communicate with clients on both sides of the transaction. We also took a closer look at the mortgage industry, at a time when loan officers and other mortgage professionals are exiting by the tens of thousands, while RISMedia’s latest Broker Confidence Index showed that 84% of brokers say states need to implement stricter requirements and higher standards for people wanting to practice real estate.
The Compensation Conversation: How to Avoid ‘Steering’ in a Post-Settlement World
Mortgage Industry Exodus: ‘Nearly Half’ of Producing Loan Officers Have Left the Business
Brokers Strongly Favor Raising Standards for Real Estate Licenses
July
Confirming the previously undisclosed identity of the alleged buyer of the 16th-largest MLS nationwide with 25,000 members, the sale of REcolorado became mired in controversy. In other industry moves, eXp’s Michael Valdes is announced as CEO of the newly formed LPT International Realty division.
REcolorado Buyer Unmasked, Exposing Potential Conflicts
Ex-eXp Exec Michael Valdes Named CEO of LPT’s International Division
August
With practice changes required under the NAR Settlement Agreement in the seller commission cases set to go into effect on the 17th of the month, eXp sought to position itself as a safe haven for agents worried about navigating the upcoming changes. With the future of real estate still unwritten, Nykia Wright—then-interim CEO of NAR—is featured on James Dwiggins’ Real Estate Insiders Unfiltered podcast—where she discussed her leadership approach and vision for the association.
eXp Claims Harsh MLS Penalties, ‘Headaches’ From Settlement Will Drive Consolidation
Nykia Wright Talks Industry Challenges and Potential Path Forward Post Settlement Changes
September
Compass CEO Robert Reffkin joined RISMedia Founder and CEO John Featherston on stage at the company’s CEO & Leadership Exchange with a call to NAR to repeal the Clear Cooperation policy—a nationwide rule that has been the subject of multiple lawsuits and legislation. We also covered news related to lawyers formally requesting one-third of the hundreds of millions paid by NAR and HomeServices in commission cases, while Bright MLS Chief Economist Dr. Lisa Sturtevant shared her thoughts on the 2024 election—and its potential impact on the industry.
Reffkin Calls for Decision as MLS Industry Absorbs Changes
Burnett Attorneys Request $226M From Settlements
Do Presidential Elections Impact the Housing Market?
October
While many aspects of the business were in flux as we ushered in the fourth quarter, real estate professionals agreed that open houses were still valuable and worth their time. We rounded out the month with our landmark 2024 Contract & Commission Study—an exclusive report offering the first bird’s-eye view of a new era for real estate.
Open Houses: More Paperwork and Effort, but Still Worth it
RISMedia’s 2024 Contract & Commission Study: The Initial Impact of the NAR Settlement
November
The Department of Justice raised concerns over the buyer-broker agreements stipulated in the proposed NAR settlement just hours before the long-awaited settlement approval hearing, while eXp CEO Leo Pareja voiced his opinion on the next major legal battleground in real estate. We also took a closer look at some of the unique issues sellers are likely to come across as they navigate the real estate process.
The DOJ Takes Issue With Buyer-Broker Agreements
Op-Ed: The Next Wave of Lawsuits Will Be About Steering—Mark My Words
Seller Red Flags: Potential Problems of Which Owners Must Be Aware
December
The legal saga between the Department of Justice and NAR continued, as the Antitrust Division appeared committed to pushing forward with a long-running investigation into NAR’s policies despite the looming transition to a new presidential administration. As the year wound down, an unexpected residential real estate company consolidation was announced (with Compass acquiring @properties Christie’s International Real Estate), and RISMedia’s latest Broker Confidence Index survey showed a decrease in the number of agents who are actually present and practicing in their markets.
DOJ Defends Investigation to Supreme Court, Says NAR Petition Lacks Merit
In Stunner, Compass Acquiring @properties Christie’s International Real Estate
Brokers Looking Past NAR Settlement as Agents Decrease
