Key Points of the “Industry Change Through Commission Lawsuits and Federal Pressure” Article
–
James Dwiggins at Inman Connect New York predicts major changes in the real estate industry, thanks to commission lawsuits and federal interventions.
–
The traditional 6% commission rate on houses may be threatened as more individuals and institutions challenge its rationale.
–
The Department of Justice (DoJ) is keeping a close eye on the real estate market, aiming to ensure fair competition and protect consumer rights.
–
There is a growing trend towards transparency in the industry, largely driven by technology and consumer demand.
–
Commission lawsuits are increasing, with most aiming to provide buyers and sellers with the ability to negotiate commission fees.
–
Dwiggins suggests that all these changes will ultimately lead to more consumer-centric models in the industry.
My Hot Take
Hold on to your bricks and mortar, folks, because the real estate industry might be getting a complete makeover! Our fearless predictor, James Dwiggins, is shining the spotlight on the not-so-glossy parts of realty, thanks to commission lawsuits and federal watchdogs giving the industry the stink eye.
The beloved 6% commission—which has been as traditional in real estate as open houses and paperwork pile-ups—appears to be on the shakiest ground since The Three Little Pigs built their houses. Meanwhile, the Department of Justice is swooping in like a superhero, cape and all, trying to save the day for consumers by ensuring competition stays as clean as a newly listed modern minimalist condo.
Get ready to kiss the good ol’ mysterious ways goodbye, because transparency in the market is trending faster than avocados on toast. And if you think commissions are aggravating, expect a surge in their lawsuits. Apparently, buyers and sellers want to haggle over more than just house prices.
Dwiggins foresees a future real estate industry as consumer-centric as a bespoke tailoring service. Industry honchos of yesteryears, buckle up! The winds of change are blowing so strong, they might just reshape the real estate landscape. With a little bit of federal pressure, a dash of lawsuits, and a boatload of consumer demands, it’s not just the properties that are up for remodeling; the entire industry might be too. So, as we hurtle towards this brave new world, pack your humor, don your optimism, and don’t forget to negotiate your commissions!
Original article: https://www.inman.com/2024/01/23/nexthome-ceo-make-buyers-agent-agreements-a-priority/
