Edition #9
WELCOME
This week, multiple real estate industry experts, agents, and number-crunchers have delivered the best housing market news of the year: Mortgage rates just might be entering their pullback era. But while buyers may be tempted to wait for the return of six-point-something season, what they don’t buy could cost them. Sub-7% rates are expected to fuel another round of home price hikes—and the next great buying frenzy.
Keep reading for:
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The latest lawsuit. From Missouri to Manhattan, copycat cases are coming for commissions.
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Architectural art. Today’s luxury listing is subtle sophistication, with a view.
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Malibu mansion. See inside Beyoncé and Jay-Z’s new property.
SHARPEN YOUR SKILLS
🔊Today’s Top Podcast Rec:
If you’re an agent or broker, the latest commissions lawsuits may have you worried about your career. But top Gulf Coast agent Ricky Carruth sees this unusual market as a rare opportunity to not just grow your business, but stack your listings. Listen now to learn why prices are softening at a record-breaking rate and sellers are becoming more motivated by the month.
TRACK THE TRENDS
MARKETS
It’s deja vu, all over again
In another blow to the traditional commission model, earlier this week, the Real Estate Board of New York (REBNY), Corcoran Group, Douglas Elliman, and over two dozen other brokerages were hit with a hefty class-action complaint. But unlike the Missouri lawsuit, this one’s seeking damages for every Manhattan seller who had to pay buyers brokers’ commissions over the last four years, under REBNY’s Universal Co-Brokerages Agreement.
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REBNY’s policy requires all sellers listing on its platform to offer their buyer’s broker a commission of 2.5% to 3%.
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With the average apartment price in Manhattan passing $2,000,000 in early 2022, the plaintiff, Manhattan homeowner Monty March, says the requirement unfairly burdens sellers—and is evidence of commission inflation.
REBNY is currently reviewing the complaint, but remains confident its “practices and procedures abide by all relevant laws.”
FEATURED LUXURY LISTING
WHAT’S NEW FROM ESTATE MEDIA
Advice from across the pond
Real estate advisor, Corban Group founder, and dynamic content creator Toby Corban transitioned out of his 9-to-5 job in 2019. Today, his immersive home tours reach nearly half a million followers around the world.
In the latest episode of The Standouts, host Aaron Grushow chats with the UK’s most-followed, most-watched real estate agent about creating platform-focused content, diversifying your audience, expanding internationally, and why real estate looks different in the UK.
MORE FROM ESTATE MEDIA
Our full lineup of real estate reads:
WAS the Newsletter is out today! Explore design advice and inspiration with interior designer Paige Wassel. Subscribe for your weekly dose by clicking the link now!
The Glennda Gazette. Real estate, real life, in real time.
Zillowtastrophes. Unique, weird, and wild real estate.
Estate Elegance. Your daily dive into luxury real estate.
REC ROUNDUP
The Friday Five
📖 $100K Club. NAR breaks down the average buyer and seller’s income, age, location, and more.
📖 Real talk. What’s going on with interest rates, put simply.
👀 Cash is Queen (B). See inside Beyoncé and Jay-Z’s 40,000 square-foot minimalist Malibu mansion.
💡Quick kickstart. Josh Flagg’s go-to advice for starting your real estate career off right.
💡Bad behavior. Watch out for these agents—and don’t be one yourself.
Before we go…
ESTATE RECOMMENDED RESOURCES
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