In a recent telephone interview with an Inman News reporter, Michael Ketchmark, lead plaintiffs’ counsel in the groundbreaking Sitzer | Burnett case, emphasized the importance of strict compliance with the National Association of Realtors’ (NAR) proposed settlement. Ketchmark and his team are keeping a close eye on how the real estate industry rolls out these changes, warning that any attempts to evade the new rules will be met with swift legal action. “If anyone thinks they’re going to be able to avoid the application of this settlement agreement and the law by creating some new forms or hiding this cooperation on new websites, they’re wrong,” Ketchmark stated. He also underscored the long-term impact of the settlement, anticipating that while it may take time, the free market will eventually adjust to lower commissions.
Ketchmark expressed concerns about Zillow’s business model, which he believes was built on practices now being challenged by the settlement. “We just cut the legs out from under that,” he said, referring to Zillow’s referral-based system. Looking to the future, Ketchmark highlighted the upcoming litigation against Berkshire Hathaway Energy, which could result in hundreds of billions of dollars in damages.
As these significant shifts in the industry unfold, it’s crucial for homebuyers and sellers to have knowledgeable and ethical representation. That’s where the agents at MORE, REALTORS® come in—dedicated professionals who are committed to navigating this evolving landscape while keeping your best interests at heart.
