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Unprotected at the margins of the rental market

<ul class="summary-list"><li>The National Association of Realtors agreed to reduce commissions as part of a $418 million settlement.</li><li>Buyers' agents will no longer charge 6% commission fees for helping buyers purchase a house.</li></ul>When the National Association of Realtors this week agreed to a <a target="_blank" href="https://www.businessinsider.com/national-association-realtors-lawsuit-settlement-housing-market-homebuying-agents-commissions-2024-3#:~:text=Well%2C%20the%20experiment%20officially%20got,action%20lawsuits%20over%20agent%20commissions.">landmark $418 million settlement</a> to dismiss a wave of class-action lawsuits, the 6% commission — an industry-standard fee among NAR agents to help buy or sell a house — went with them.And while the new rules around <a target="_blank" href="https://www.businessinsider.com/nar-settlement-antitrust-lawsuits-agent-commissions-affect-home-prices-2024-3">Realtors' commission fees</a> mean buyers may save thousands of dollars on their homes, they may also end up doing more work themselves to find and purchase new houses.Robby Braun, partner at Cohen Milstein Sellers &amp; Toll, told Business Insider that, as the sweeping changes in the market go into effect over the next 4-6 months, buyers "will have transparency into, and be able to negotiate, what their own brokers are paid."But that negotiation is just one of several new ways buyers may have to involve themselves in the <a target="_blank" href="https://www.businessinsider.com/real-estate-agent-commissions-steering-hiding-homes-housing-market-lawsuits-2024-3">purchase process</a> in the new world of home sales.<a target="_blank" href="https://www.wsj.com/real-estate/a-look-into-the-future-of-home-buyers-agent-commissions-8377552b?mod=hp_lead_pos2">The Wall Street Journal</a> reported some buyers will now negotiate and pay their agents a flat fee or hourly rate rather than rely on the property seller to set the rate as has been typical in the industry for years, while some sellers are poised to offer lower commissions built into the sale price of a property.Other sellers, the outlet reported, won't offer any commission to pay a <a target="_blank" href="https://www.businessinsider.com/personal-finance/how-to-find-real-estate-agent">buyer's agent</a> at all in a process called decoupling. If the seller doesn't shell out for the buyers' agent fees, as real estate transactions have typically been structured, this will leave the buyer's agent commission negotiations — and potentially the out-of-pocket payment for their fees — up the the buyer.With some Realtors now set to compete with their commission rate, buyers can be choosier about the agents they work with and the services they're hired for, per <a target="_blank" href="https://www.washingtonpost.com/business/2024/03/15/national-association-realtors-housing-prices/">The Washington Post</a> — and the changes in the market mean some buyers will decide to avoid using an agent altogether, opting instead to do all the work themselves.While the changes could save homebuyers upwards of $30 billion a year in comparison to the current system, The Journal reported, it remains unclear exactly what the process for buying a new home will look like in the coming years as new procedures are implemented."This is by far the biggest change to hit the <a target="_blank" href="https://www.businessinsider.com/real-estate-housing-market-home-prices-mortgage-rates-affordability-report-2024-2">real estate industry</a> in more than 30 years," Toby Schifsky, vice president of real estate education company Kaplan, previously told BI's Grace Eliza Goodwin about the NAR settlement.

Realtor's settlement means buyers might save money on their new homes, but they'll be doing more work themselves

<ul class="summary-list"><li>Mukul Lalchandani, a real estate agent, discusses the impact of new commission rules.</li><li>The new rules mean that sellers no longer have to pay the buyer's agent commission.</li></ul>This as-told-to essay is based on a conversation with Mukul Lalchandani, a 44-year-old real-estate agent from New York. It's been edited for length and clarity.My parents wanted to buy a house in the US before immigrating here from Hong Kong, but they didn't know <a target="_blank" href="https://www.businessinsider.com/personal-finance/how-to-find-real-estate-agent">how real estate worked</a> in this country.They were working with the seller's broker and didn't realize they could work with a buyer's broker who would help them find the best deal. The seller's broker deceived them. They ended up spending a lot of money and had no house to move into when they arrived in the US. I decided to become a real-estate agent so I could prevent other immigrant families from going through the same situation.I've lived in New York for 23 years and have been a real-estate agent for over 15 years. I established my own agency, <a target="_blank" href="https://www.undividedre.com/">Undivided</a>, in 2023.Most realtors in NY are not under the <a target="_blank" href="https://www.nytimes.com/2024/03/21/realestate/nar-rebny-new-york-buying-selling.html#:~:text=But%20in%20New%20York%20City,to%20the%20group's%20amended%20rules.">National Association of Realtors</a> like the rest of the country. We have our own association called <a target="_blank" href="https://www.rebny.com/">REBNY</a>. The NAR and real-estate agents all around the country are preparing for new rules to pass.One of the rules is that the seller no longer has to pay a commission to the buyer's agent. REBNY already implemented <a target="_blank" href="https://www.rebny.com/articles/decoupling-commissions-faq/">these rules starting January 1</a>; the new rules were a shock for all of us. While the rest of the country is preparing for the rule changes, we're already seeing the results.My agency has had to implement new policies to address the changes brought on by these rules.<h2>Here's what the new commission rules mean</h2>There is a lot of confusion around the commission rule and what it means, especially for buyers. The rules were made as part of a settlement for <a target="_blank" href="https://www.businessinsider.com/real-estate-antitrust-lawsuits-verdict-agent-commissions-nar-future-homebuying-2023-12">a nationwide lawsuit</a>. When someone sells a property, they must pay their broker and the buyer's broker a commission. It's not fair to the seller.The new rules will mean that the buyer will have to either pay for their own broker or not use a broker at all.<h2>I've implemented two major policies in my agency to help with the confusion</h2>First, I make sure to sit down with each buyer and explain to them <a target="_blank" href="https://www.businessinsider.com/national-association-realtors-lawsuit-settlement-housing-market-homebuying-agents-commissions-2024-3">how the new rules affect them</a>. At first, my clients are confused. Then, when it clicks, they're shocked. They realize they have to pay for the broker themselves. They have an extra cost for buying the property which they didn't consider before.My agency has also begun requiring all new buyers to sign an "exclusive buyers agreement." In this agreement, we outline everything we will do to help the buyer through the buying process in their best interest. It also states how much they'll pay us for our services. This contract helps clarify the terms and payment and prevents any confusion related to the new rules.We have to implement this contract and charge our clients a fee because we no longer get <a target="_blank" href="https://www.businessinsider.com/realtors-real-estate-agent-commission-home-housing-sales-ripoff-cost-2022-9">a commission from the seller</a>.<h2>All buyers are shocked, but this will affect low-income buyers the most</h2>My agency is a boutique agency in NY, and my clients tend to be high-networth individuals. The buyers who come to me are shocked when they learn about the new fees but can afford them.Real-estate investors want a broker to find the best property for them, so they'll also be willing to pay the commission fees. <a target="_blank" href="https://www.nbcnewyork.com/news/local/over-a-third-of-nyc-homes-for-sale-get-taken-off-market-without-finding-a-buyer-survey/4813867/#:~:text=NYC%20real%20estate%20has%20never,average%20of%20just%2015%20days.">Buying in NY is especially complicated</a>, so buyers really need a broker. The new commission rule will not hurt people looking to buy expensive homes or investment properties. It will hurt the <a target="_blank" href="https://www.businessinsider.com/zandi-moodys-house-prices-mortgage-interest-rates-affordability-crisis-market-2024-1">lower-income buyers</a> the most.Buying a property without a broker is possible, but the buyer is taking a risk. Higher-income buyers such as foreigners and out-of-towners who buy real estate in NY will avoid the risk and pay the broker fees to make sure they get a good deal. However, lower-income buyers around the country may <a target="_blank" href="https://www.businessinsider.com/housing-market-affordability-homebuyer-earnings-income-price-trends-covid-comparison-2024-2">not be able to afford a broker</a> anymore. That means they'll be more vulnerable to getting into a bad real-estate deal.For example, if someone is buying a million-dollar home, they would need about $15,000 to pay the broker now. That can't come out of pocket for most buyers.<h2>Many brokers will leave the industry, and some jobs will disappear</h2>This also means that many brokers who sell only a couple of properties a year <a target="_blank" href="https://www.businessinsider.com/bad-real-estate-agents-realtors-homebuyers-sellers-housing-market-2023-7">will leave the industry</a>. Only brokers who work in real estate as their main source of income will be able to survive the new rules. Buyers will only pay for the brokers who have the most experience and get the best deals. In the future, we could also see bonuses for the buyer's brokers in a slow market that may not be offered in a hot market.We might even see the <a target="_blank" href="https://www.businessinsider.com/new-rule-of-home-buying-fire-your-real-estate-agent-2024-4">job of a buyer's broker disappear</a> in a few years. There used to be tenant agents who helped people find places to rent. That job disappeared when people looking to rent began talking directly with companies that own the properties. This could happen to the buyer's agent too.If you're confused about the new rules, it's because they're confusing. Sellers were not happy with the previous rules where they had to represent the buyer's best interest by paying a commission to the buyer's broker. They'll no longer have to do that.The new rules will have big ramifications as buyers start experiencing the changing real estate market.

An agent explains the new fees homebuyers would pay after the real estate settlement &mdash; and why he's not worried about losing his guaranteed commission

<ul class="summary-list"><li>Google is paying $700 million as part of its settlement deal with states over its app store practices.</li><li>The company said it would allow developers to charge users directly, without going through Google.</li></ul>A week after Google's <a target="_blank" href="https://www.businessinsider.com/google-loses-app-store-antitrust-suit-against-fortnite-creators-2023-12">loss to Epic Games</a> in a landmark antitrust trial, Google has announced the terms of its settlement of the 2021 lawsuit brought against it by state attorneys general over its app store practices.The <a target="_blank" href="https://www.businessinsider.com/google-faces-nationwide-antitrust-lawsuit-over-android-app-store-2021-7">antitrust suit</a> alleged that Google had unlawfully dominated the Android mobile applications market and overcharged consumers.The company said on Monday that it would <a target="_blank" href="https://blog.google/outreach-initiatives/public-policy/reaffirming-choice-and-openness-on-android-and-google-play/">pay $700 million</a>, and change its Google Play app store policies to allow developers to circumvent Google — which took a <a target="_blank" href="https://www.businessinsider.com/epic-games-ceo-tim-sweeney-fortnite-google-antitrust-monopoly-2023-12">15 to 30% commission</a> — and charge consumers directly.Of the $700 million settlement fund, $630 million will be distributed to consumers according to a court-approved plan, while the remaining $70 million will be paid out to the states.Additionally, Google said it would allow users to download apps from developers without going through the Google Play Store. The company added that it would also allow developers to show different pricing options to consumers.This settlement was first announced in <a target="_blank" href="https://www.reuters.com/world/us/google-reaches-tentative-settlement-us-play-store-lawsuit-2023-09-06/">September</a>, but its details were not revealed until Monday.Google is aiming to use this settlement as a template for resolving its issues with other critics of its app store policies, including Fortnite creator Epic Games, <a target="_blank" href="https://www.nytimes.com/2023/12/18/technology/google-app-payment-antitrust-settlement.html">The New York Times</a> reported, citing a person familiar with the matter.A jury ruled in favor of Epic Games in its landmark case against Google last week, and found that Google had violated antitrust law by <a target="_blank" href="https://www.businessinsider.com/epic-games-google-fortnite-ruling-play-store-apple-lawsuit-trial-2023-12">holding an illegal monopoly</a> in its Google Play store."While we are challenging that verdict and our case with Epic is far from over, we remain committed to continually improving Android and Google Play," Google said in its Monday announcement.However, Google's antitrust woes extend beyond its app store. The company is still facing a suit from the Department of Justice accusing it of <a target="_blank" href="https://www.businessinsider.com/google-lawsuit-antitrust-case-doj-search-agreements-apple-2023-9">anticompetitive practices</a> with its search engine business.The unintentional disclosure that Google paid Apple 36% of its Safari search revenue — to maintain its status as the default search engine on Safari — led Google's lawyer to <a target="_blank" href="https://www.businessinsider.com/google-apple-search-revenue-payments-alphabet-antitrust-suit-11-2023">"visibly cringe."</a>

Google suffers another antitrust blow, paying $700 million in a settlement over its app store practices

New Delhi, <keyword id="19927244" type="General" weightage="20" keywordseo="fair" source="keywords">Fair</keyword> trade regulator <keyword id="19906939" type="General" weightage="20" keywordseo="cci" source="keywords">CCI</keyword> will shortly initiate a market study on Artificial Intelligence (AI) to gain a thorough understanding of antitrust concerns, the regulator's chief Ravneet <keyword id="19928789" type="General" weightage="20" keywordseo="kaur" source="keywords">Kaur</keyword> said on Tuesday. AI applications are becoming more common across various sectors lately. "We will shortly commence a market study on artificial intelligence to develop a comprehensive understanding of the evolving landscape of AI and AI use cases in markets in India, which could inform the strategies of the commission aimed at fostering innovation and fair competition," Kaur said at the 9th conference on Economics of Competition law here. In January, she announced that the Competition Commission Of India (CCI) would soon float a tender for conducting a study on artificial intelligence on businesses and services. The chairperson further said that regulations on Settlement &amp; Commitment will soon be issued. "Very soon, you will see the other regulations on settlement commitment frameworks on determination of turnover and income and the guidelines for monetary penalty being rolled out," she said. CCI, in August 2023, issued the draft regulations for commitment and settlement provisions under the competition law. The provisions are aimed at ensuring quicker market correction. The Commission has the mandate to curb unfair business practices in the marketplace across sectors and also promote fair competition. The chairperson said that the developments in <keyword id="19899402" type="General" weightage="20" keywordseo="digital" source="keywords">digital</keyword> markets also pointed to the need for strengthening the CCI's institutional capacity. The digital markets and data unit has been set up by the Commission for working as a specialised inter-disciplinary centre of expertise for digital markets within the commission. According to her, the role of economic analysis and evidence and competition law enforcement across jurisdictions has seen steady growth over the years. "Antitrust and other decisions are now based on economic principles that are empirically tested. These help identify theories of harm, address such harms effectively, while allowing pro competitive practices and innovation to flourish. It is only when competition opportunities are preserved and anti-competitive impediments are removed that markets can deliver efficient outcomes to benefit the economy and the consumers," Kaur said. Meanwhile, NITI Aayog member <keyword id="20833977" type="General" weightage="20" keywordseo="arvind-virmani" source="keywords">Arvind Virmani</keyword> said that the digital economy could be a key driver for India's growth. Digital economy can offer high-quality social services as well as upgrade human resources. "AI expert system, digital is something which can transform India. AI allows you to scale up and get the best thing to everybody," he said.

Fair trade regulator CCI to shortly commence market study on AI

<ul class="summary-list"><li>DeFi poses risks to global financial stability and 'systemic regulation' is needed, the Bank for International Settlements said Monday. </li><li>Decentralized finance "appears to be operating largely within its own ecosystem," the institution said in a quarterly report. </li></ul>The Bank for International Settlements said Monday global "systemic regulation" is needed to oversee banking activity taking place outside of traditional financial institutions as DeFi, or decentralized finance, poses stability risks. <a href="https://www.businessinsider.com/what-is-defi">The DeFi market</a> for peer-to-peer blockchain-based financial transactions surged beyond $100 billion in valuation this year. It most recently carried a $143 billion market capitalization in the wider $2.4 trillion cryptocurrency market. Stablecoins are a popular vehicle in facilitating DeFi projects such as crypto lending and borrowing platforms."DeFi supporters stress its potential efficiency gains," such as reducing high costs and slow speeds within traditional finance systems, <a href="https://www.bis.org/publ/qtrpdf/r_qt2112.pdf">said the central bank forum in a quarterly review published Monday</a> about developments in banking and financial <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>. "For now, these gains are difficult to detect: DeFi appears to be operating largely within its own ecosystem, with little in the way of financial intermediation services being provided to the real economy," wrote the institution known as the central bank of central banks. "At the same time, besides giving rise to first-order money laundering and investor protection concerns, DeFi displays substantial financial vulnerabilities," that exceed more traditional forms of finance, it said. Stablecoins – "the grease between DeFi wheels" – are subject to classic runs and the backing of liquid claims with less liquid reserve assets can spark downward price spirals akin to those stemming from redemptions in the investment fund industry, said BIS. The institution said there's the "illusion" that DeFi is decentralized. But DeFi needs centralized governance to take strategic and operational decisions, it said. "In addition, some features in DeFi, notably the consensus mechanism, favour a concentration of power." DeFi carries the potential to complement traditional financial activities. But for now, BIS argued it "has few real-economy uses and, for the most part, supports speculation and arbitrage across multiple cryptoassets." Risks in the crypto ecosystem have so far been in the form of frequent and sizeable price crashes. "Whether such fragilities are limited to this ecosystem or can spill over to the traditional one is still unclear. But the potential for spillovers should not be underestimated, especially since the stablecoin arrangements themselves can create important links," said BIS.

The decentralization promised by DeFi is an 'illusion' and a threat to global financial stability, BIS warns

<ul class="summary-list"><li><keyword id="11900744" type="UNKNOWN" weightage="60" keywordseo="tesla" source="Orion">Tesla</keyword> CEO Elon Musk went after the <keyword id="11898795" type="UNKNOWN" weightage="60" keywordseo="sec" source="Orion">SEC</keyword> in a letter filed in federal court on Thursday.</li><li>Musk accused the regulator of withholding a $40 million <keyword id="12054277" type="UNKNOWN" weightage="60" keywordseo="settlement" source="Orion">settlement</keyword> from Tesla investors for years.</li></ul>Tesla CEO Elon Musk took aim directly at the <keyword id="11898794" type="UNKNOWN" weightage="60" keywordseo="securities-and-exchange-commission" source="Orion">Securities and Exchange Commission</keyword> in a letter filed in federal court on Thursday. Musk's lawyer accused the stock regulator of "endless, unfounded investigations" into the electric car company and its CEO. Those "endless" investigations, the letter said, are intended to muzzle the verbose billionaire. "The SEC seems to be targeting Mr. Musk and Tesla for unrelenting investigation largely because Mr. Musk remains an outspoken critic of the government," it said. "The SEC's outsized efforts seem calculated to chill his exercise of First Amendment rights rather than to enforce generally applicable laws in evenhanded fashion."Tesla also accused the SEC of withholding $40 million in funds from a <a href="https://www.sec.gov/news/press-release/2018-226">2018 settlement</a> with Tesla and Musk regarding <a href="https://www.businessinsider.com/teslas-elon-musk-settles-with-sec-must-step-down-as-chairman-2018-9">his tweets and failed attempt to take the company private. </a>"Simply stated, the SEC has failed to comply with its promise to pay Tesla's shareholders the $40 million it collected as part of the settlement in these cases and that it purports to be holding for them," it said.As such, Musk's lawyer requests a conference with the SEC — facilitated by the US District Court — to "address why the SEC has failed to distribute these funds to shareholders." In addition to the $40 million, Tesla agreed in the settlement to "oversee Musk's communications with investors" — essentially a court order for Tesla to oversee Musk's tweets.Despite that agreement, Musk's Twitter account does not appear to operate any differently from prior to the 2018 settlement. Throughout the ongoing COVID-19 pandemic, he has repeatedly used his account <a href="https://www.businessinsider.com/elon-musk-protests-us-coronavirus-lockdowns-on-twitter-2020-4">to argue against lockdowns</a>, <a href="https://www.businessinsider.com/elon-musk-casts-doubt-on-safety-of-second-covid-19-jab-in-tweet-2021-3">to question vaccinations</a>, and <a href="https://www.businessinsider.com/elon-musk-misinformation-about-coronavirus-cases-2020-7">to cast doubt on scientists</a>.The SEC <a href="https://www.businessinsider.com/tesla-elon-musk-tweets-sec-says-violated-court-order-markets-2021-6">cited Musk for violating this term of the 2018 settelement</a> as recently as last year.Representatives for the SEC did not respond immediately to a request for comment.Got a tip? Contact Insider senior correspondent Ben Gilbert via email (<a href="mailto:bgilbert@insider.com">bgilbert@insider.com</a>), or Twitter DM (<a href="https://twitter.com/RealBenGilbert">@realbengilbert</a>). We can keep sources anonymous. Use a non-work device to reach out. PR pitches by email only, please.

You Searched For "market settlement" and got 7 results

Unprotected at the margins of the rental market

Cecilia Reyes

Realtor's settlement means buyers might save money on their new homes, but they'll be doing more work themselves

Katherine Tangalakis-Lippert

An agent explains the new fees homebuyers would pay after the real estate settlement and why he's not worried about losing his guaranteed commission

Ananya Vahal

Google suffers another antitrust blow, paying $700 million in a settlement over its app store practices

Kai Xiang Teo

Fair trade regulator CCI to shortly commence market study on AI

PTI

The decentralization promised by DeFi is an 'illusion' and a threat to global financial stability, BIS warns

Carla Mozée

Elon Musk accuses the SEC of 'endless, unfounded' investigations into him and Tesla while withholding settlement money from investors

Ben Gilbert

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