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Update on NAR Antitrust Class Action Lawsuit
**This is an update on the class action lawsuit filed against NAR and a number of brokerages in March 6 that alleges anti-trust violations. NAR will provide regular updates from Katie Johnson, General Counsel for NAR. If you have specific questions about the lawsuit, please email Kim McClellan, FAAR Public Policy Director. ***
There has been considerable media interest in the litigation filed on March 6 challenging the MLS system and the way that broker commissions are paid. The primary allegation is that home sellers are unfairly being required to pay the commissions of buyers’ brokers. The legion of class action law firms that represent the plaintiff claim that these commissions are not subject to negotiations and they question the value that buyer brokers deliver in the home buying and selling process.
NAR believes that the lawsuit is a misguided effort to undermine the MLS system which has long-served both home sellers and home buyers very well. In short, the MLS system is designed first and foremost with the buyer and seller in mind. In the best interests of consumers, we will aggressively and persuasively point out the merits of the overall system.
We plan to file a motion to dismiss the case. In that motion, we will point out that the commission offered to the buyer’s broker is determined by the seller – not by NAR or the MLS. It can be a percentage of the purchase price or a fixed amount, as little as one dollar. And, contrary to what the class action law firms allege, the commission is subject to negotiation. We will also point out that courts have repeatedly held that the MLS system increases the efficiency of the market and thus serves the best interests of sellers and buyers alike.
Please note that courts are often reluctant to grant motions to dismiss. If our motion to dismiss is denied, the litigation will then be a long and expensive process. However, we will continue to aggressively defend ourselves, along with the right of the American home buyer to continue to have access to a highly efficient home buying market.
Meanwhile, following are points we’ve been sharing with media and other external parties, and we welcome you to adopt this as your own:
- The MLS system works in the best interests of both buyers and sellers, and the way commissions are paid plays a key role in maximizing this benefit. The MLS system is pro-competitive and pro-consumer. It works in the best interests of buyers and sellers alike, as it results in a highly efficient residential real estate market. The system yields the maximum number of qualified buyers who may be interested in the sellers’ property.
- Brokers play a crucial role in helping buyers and sellers achieve their goals. As more information has become available through MLS and interactive real estate websites, it is more crucial than ever before to have trained, local brokers available to help consumers sort through it all to arrive at the best possible decisions. In fact, 78 percent of homebuyers agree that their broker was an important source of information for buying a new home.
- Home buyers are very satisfied with their home buying experience and home buyers are brokers’ best referral source. According to our most recent Homebuying Survey, 62 percent of home buyers were very positive about the home buying process, and almost 90 percent would recommend their broker to a family member or friend.
- The allegations by the plaintiffs are false. The allegations by the plaintiffs are simply false. The fact is, when sellers have asked brokers to negotiate, brokers have reduced their fees more than 20 percent of the time.
- Years of judicial precedents have upheld the benefits of the MLS system. Legal precedents have upheld the central tenets of the MLS system, and we’re confident that the courts will once again affirm the pro-consumer, pro-competitive aspects of this system.
NAR has prepared a set of Frequently Asked Questions about the lawsuit. Feel free to use this resource with fellow agents, clients, and customers. NAR will continue to provide updates as this lawsuit progresses.
Commitment to Excellence: Testing Your Knowledge
by Pat Breme, RCE, CIPS
CEO
The National Association of REALTORS® (NAR) created a program, the Commitment to Excellence, to raise the bar of professionalism in order for REALTORS® to serve clients better.
The end game is equipping members with tools to enrich their knowledge base, therefore holding themselves to a higher degree of accountability.
The initial activity is a series of quizzes to assess your knowledge on 10 topics. I decided to take the assessment and thought it would be fairly easy since I have spent over 25 years in the REALTOR® association world. Yes, I have working knowledge of the Code. Yes, I contribute to RPAC and understand what it does. Yes, I am not a licensee but I have working knowledge of the business of real estate. How did I do?
I finished Learning Topics, Code of Ethics, and Advocacy and fared pretty well. I am just getting into Areas of Practice which will be harder for me.
C2EX tests knowledge in 10 Areas
- Advocacy
- Areas of Practice
- Client Service
- Professional Reputation
- Real Estate Law
- Code of Ethic.
- Article 10
- Trust & Integrity
- Technology
- Safeguard Privacy
Miss a question, no problem
If you miss a question there is a follow-up Learning Plan that provides the correct information so the process is customized to your needs. The questions are not difficult but because they are multiple choice, there is always the possibility (fear) of a trick answer. You can stop and come back and the program tells you where you left off.
The process is not drudgery!
It is fun and the information is presented in a concise way. Completing all the Learning Topics and the Tasks will take some time but it is so well organized, stopping and resuming is not difficult. It is user friendly, the attitude is supportive. It is not a drudgery! It is a challenge but I found that I was motivated to see how much I knew.
NAR has been working on the Commitment to Excellence program since 2014 and I can see why. The integration is quite impressive! Companion to the Learning Topics are the Tasks which is a long list of activities that put knowledge into actions. Some of the Tasks are required to gain the endorsement, for example, responding to a call to action is required. Attending a fair housing conference is recommended but not required. The other major category is Surveys. To determine performance levels, you can provide client names, email addresses and send a selected a survey type, for example, a post-open house or post-closing survey. Under Engagements there are other activities and resources.
Attain the bragging rights, get the badge!
AT LEAST, take the assessment in each Learning Topic. You will be surprised at how much you know and at the same time, surprised at the items you misunderstand! FAAR plans to peak interest by periodically posting various questions/answers in social media posts and in weekly Updates.
You could win…
Commit to checking out the process. Go to c2ex.realtor. FAAR will do a drawing for a prize of those who achieved the badge in 2019. Brokers, issue a challenge to your agents! The effort is fun and it is an outstanding way to brush up on your knowledge whether you have been in the business one year or 20 years.
Bright MLS April YouTube Training Schedule
Did you know? We have training classes on Bright’s YouTube channel every week. Learn how to perform basic tasks, gain useful tips, and ask questions to a member from our Bright training team. In April, Bright Training Classes will move to Tuesdays and Thursdays. Join us anywhere you have Internet.
Join us for Tech Tip Tuesdays! Every Tuesday in April from 10:00 a.m. to 10:30 a.m.
During this half hour session, we’ll cover the latest system enhancements and top technology tips for Bright subscribers. This session is geared toward agents and can be shared during office meetings.
Thursday Hour-Long Clinics! Every Thursday from 12:30 to 1:30 p.m.
Thursday, April 4th: New Agent? (Part 2)
Now that your account is set up, join us as we teach you more about Searching (Map & Results), Auto Email, Contacts, Printing, Public Records and more. If your account is not yet set up, see our first class here: “New Agent? Start Here!”
Thursday, April 11th: Working with Buyers
Build a lifelong relationship when you use these tips and tricks for working with buyers. After this class you’ll have the tools for setting up contacts, auto email, estimated buyers closing costs, and collaborating through the portal.
Thursday, April 18th: Managing Your Listings (Part 2)
You’ve entered your first listing, now what? Join us as we explore hit counters, reverse prospecting, adjusting a price, changing a status, understanding DOM, and so much more. Need to add a listing? Head to our first listing class: Adding a Listing with Maximum Exposure.
Thursday, April 25th: Product Spotlight: Showingtime (Part 2)
This session we will show you how to customize feedback, pull reports, and manually enter listing appointments in Bright using ShowingTime. New to ShowingTime? Check out our first look here: ShowingTime Product Spotlight.
How do I join a YouTube training?
Registration is not required. To participate, visit Bright’s YouTube Channel here. If you want to ask the trainer questions during a clinic, you will need to create your own YouTube Channel. Click here to create your own channel.
Please share your feedback on our YouTube training
FAAR Officially Welcomes Orange County
FAAR officially welcomed Orange County into the FAAR service territory with a welcome lunch and road show class attended by over 40 people, including two Orange County elected officials. Supervisors Lee Frame and Jim Crozier attended the lunch and tackled such issues as the Germanna Wilderness Plan and broadband. FAAR looks forward to coming back out to Orange County for future events and engaging on a deeper level with elected officials and agents.
February Picks Up the Pace in Local Real Estate Market
While February statistics tracked fairly closely to 2018 numbers, pending sales indicate a warming in the local real estate market. Total sold dollar volume increased 2.4% in February, coming in at $106.4 million compared to nearly $103.9 million in February of 2018. The number of units sold increased year-over-year almost 2.6%, going from 348 last year to 357 this February. Median sales price fell by close to 5%, declining from $287,750 in February of 2018 to $274,000 in February of 2019.
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract and is removed from active status on the multiple listing service, fell 8.5% with houses averaging 86 days on the market in February of 2019 compared to 94 days in February of 2018.
Inventory posted the biggest story in the February real estate numbers. Active listings were up nearly 19%, going from approximately 1,100 available properties in February of 2018 to nearly 1,400 for this year. Overall, inventory gains have been so small that most buyers in the market wouldn’t notice, but having 200 more homes to choose from this February compared to last can make a difference. In addition, February pending home sales portend a solid March with an over 47% year-over-year increase compared to last year. In February of 2018, the market ended the month with 230 homes under contract compared to the 339 that are currently under contract.
The commercial real estate market is also an integral part of our local economy. “The commercial market is moving along nicely,” according to commercial Realtor® and FAAR Board Member Ben Keddie. Most major commercial statistics show that the region is performing well and has been for a number of years. Keddie continues, “What we are expecting in 2019 includes some of the marquee projects that have been in discussion for a few years finally making great progress including Liberty Place, the new baseball stadium, and hopefully a local Veterans Administration clinic.”
Productivity Ideas for REALTORS®
- Create a Mission/Vision Statement
- WRITE out a Business Plan – This is a great one (https://www.nar.realtor/writing-a-business-plan)
- Create a Marketing Plan & Budget (for your business and your listings)
- Create a Social Media Plan
- Write (or update) your Bio
- Take classes offered at your company & FAAR
- Read The Millionaire Real Estate Agent, Fanatical Prospecting, and The Miracle Morning For Real Estate Agents
- Create a FSBO prospecting plan (https://www.nar.realtor/working-with-fsbos)
- Research expired prospecting techniques
- Create/Update your SOI Database
- Research and select a CRM (Referral Maker, Lion Desk, Top Producer)
- Use MLS to research and select a Farm Area
- Preview at least 3 houses each day to know the current local inventory
- Offer to hold open houses for other agent’s listings (create a FB event, promote the open house, door know neighbors/send post cards)
- Create (or update) your Listing Presentation
- Create (or update) your Buyers and Sellers Packages
- Learn how to use NAR Realtor Property Resource (AMAZING tool FREE with your NAR membership at narrpr.com)
- Set up a YouTube channel and create content rich real estate videos
FAAR Hosts Economic Summit with FABA
FAAR hosted a great event in conjunction with FABA featuring economist, Dr. Elliot Eisenberg. This event was part of FAAR’s March is for Members series and was FREE for FAAR members. Dr. Eisenberg shared information on the national economy, local economy, and housing market. Missed this event? Look for a future article in the Free Lance Star detailing the discussion!
#MemberMonday Meet Michael Gillies
The Fredericksburg Area Association of REALTORS® Member Spotlight feature allows members of the community to get to know each other before working with each other in a transaction. Each member answers a series of questions to reveal more about themselves as people. It is FAAR’s hope that learning about an individual may spark connections that blossom via email, phone conversations or in-person meetings at events and classes.
Name
Michael Gillies
Hometown
Stafford, VA. I moved from Miami, FL when I was in middle school and was part of the 1st graduating class from Colonial Forge High.
Current Location
I attended UVA and lived for a brief time in Arlington & NW Washington DC but settled quickly in Stafford.
Title
Team Leader with the Gillies Team at RE/MAX Real Estate Connections
Number of Years in the Industry
14 years. I have been licensed as an agent for 11 years. After graduating from UVA and before getting my real estate license I worked for a wholesale mortgage bank for 3 years.
Why do you love working in real estate?
Our Industry is all about growth and opportunity – not just for those of us fortunate enough to call real estate a career, but for the clients we serve and vendors that support our transactions. When a client buys or sells a home it’s often prompted by a new job, growing family, retirement, or simply doing life in a new location. We have the ability to take part in these pivotal moments and walk through them for a time with our clients as they seize their next opportunity. As agents we play a role in helping clients create personal wealth and make purposeful life decisions relating to their family’s future.
Favorite Work Story
From happy tears at closing to making decade-long friends from a chance phone call on a listing there are hundreds of stories to tell. It’s no surprise that the ones that stick with you are because of the people. I went on a listing appointment at a beautiful home a little while back – one of those homes where not a thing was out of place and you could tell the owners were very proud of what they had done with the house. I told them a little bit about our team and presented our listing services as I typically do. With that done we had an in-depth conversation about their plans, goals and current position. After about 45 minutes of diving into their situation and needs I advised that listing their home probably wasn’t the best decision for them and we came up with a game plan that would help them achieve their goals. I felt great about the appointment and planned to follow up down the road. The next afternoon this amazing couple came into my office with about 12 dozen of the most amazing homemade cookies. They told me that going into our meeting they were headed toward a decision that scared them and that they ultimately would have regretted. He said that in my presentation he noticed that the word integrity wasn’t written anywhere. I told him I intentionally left it out – it’s a word that has become cliché and doesn’t carry a lot of water if you have to tell someone you have it. He grinned at me and said “Michael, I’m old school and believe that trust is something you earn, not something you can expect because you ask for it.” There may be a right time for them to sell – in the meantime he gave me a referral before he left my office. 🙂
What are you most proud of in your career?
I’m very excited about our growth. Not just the growth itself, but the intentional manner in which we’re growing that focuses on serving our clients by supporting our agents and team members. As agents we’re forced to wear a great many hats. Marketer, processor…stager, scheduler…negotiator, pricing analyst…counselor, friend. All are entirely necessary but can pull us in a thousand different directions and ultimately may affect our ability to provide the core service our clients need and expect from us. Our philosophy is to create specialties within our organization that allow people to focus not only on what they are good at, but on what they love to do. If each critical part of the client experience is given intense focus by someone that is an expert and loves to do that work, we can provide a very high level of knowledge, service and support. Real estate done differently for the benefit of the client. A byproduct of this structure that I’m increasing proud of is the opportunity our team is able to shift from lead agent to team agents. Seeing incredibly talented agents grab hold of the opportunity for leads, staff support for listing, marketing and contract to close coordination, technology tools, training and collaboration (without the financial risk that comes with doing all of this on your own) is something I’m very proud of. Growing this opportunity will be my greatest focus going forward.
Do you have a special cause or volunteer your time?
I have the great privilege of serving as the Secretary of the Board of Directors for Big Brothers Big Sisters of Greater Fredericksburg. This amazing non-profit organization and its professional staff understand that there is incredible potential in every child, regardless of circumstance. Volunteer mentors, with the support of match advocates and support staff, defend that potential and empower children in our community. Our signature fundraiser, Bowl for Kids’ Sake, is right around the corner and fundraising efforts are in full swing. The event is held on the weekend of March 2nd and 3rd this year. It’s a great team-building event and the impact on the organization and our ability to serve children in our community is massive. Also, I chair the Big Brothers Big Sisters Golf Tournament at Fawn Lake Country Club. This year the event will be held on May 30th. We are actively seeking sponsors and teams – it’s a wonderful opportunity to play one of the finest private courses in our area. I also enjoy teaching elementary-age Sunday school at Mount Ararat Baptist Church with my wife, Kristel. Kristel taught elementary students for over 10 years in Stafford county so she does the heavy lifting but I’m an enthusiastic helper.
Fun Fact
I’m happier on the water than I am anywhere else in the world. I grew up fishing with my family in Miami, FL and in the Northern Florida Keys. The draw to the water has stayed with me and I don’t think it’s something I’ll ever shake. Around here I’m able to get my fix on the Potomac River. My wife, Kristel, and our kids Britton and Clara get out as much as we can (considering sports, dance classes and the scheduling fun that comes along with real estate). Now and then we make it back to The Keys for a family reunion/fishing trip. That’s when I’m in my ultimate happy place. So if you call me on a weekend and hear kids squealing and water splashing in the background, just know that I’m trying to treat that bug that bit me as a kid in South Florida. It’s not the ocean, but it’s a boat on the water and that’s a happy place too.
Strategically FAAR
Membership, Education, Advocacy
FAAR’s 2018-2020 Strategic Plan consists of these 3 major focus areas all aimed at providing members with resources to deliver professional and ethical service while advocating for issues impacting real estate. Take a look at the infographic to see how your association is working for you.
FAAR Partners with Local Housing Non-Profits to Expand Affordable Housing Opportunities
On any given day, 200 adults and children are homeless in our community. Homelessness is often a root cause of many other issues such as poor health, trouble in school, and lack of employment. No one can feel stable without a place to call home.
The Fredericksburg Area Association of Realtors® (FAAR) has partnered with local housing non-profits to help expand affordable housing opportunities through the launch of the Stable Homes Partnership. FAAR began working last year with housing non-profits through the Continuum of Care (CoC), a federally-mandated local planning body that coordinates housing and services for homeless families and individuals.
Under the CoC umbrella, FAAR partnered with Micah Ecumenical Ministries, Loisann’s Hope House, Empowerhouse, and the Thurman Brisben Center to create a marketing and recruitment plan to expand the pool of property owners’ in the region willing to rent to families and individuals facing housing challenges. The partner organizations assist tenants with rent and security deposits, while also providing case management and regular property inspections to smooth the path for long-term stability and success. Property owners engaged in the program have access to a ready pool of quality tenants paying fair market rent, reducing costly downtime advertising and showing their properties.
FAAR and the CoC agencies are hosting an informational session about the Stable Homes Partnership on Tuesday, March 19, 2019 with identical sessions at 9:00am and 7:00pm. This informational meeting features an overview of the program and panel discussions with both property owners and case managers involved in the program. The events will take place at the Fredericksburg Area Association of Realtors® headquarters located at 2050 Gordon W. Shelton Blvd, Fredericksburg, VA, 22401. For more information or to RSVP for one of these events, please email kmccllelan@faarmembers.com.
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