All Forum Posts by: Mark Rogers

The outcome might not be quite so easy to predict. A home seller might be able to make a case that it is anti-competitive behavior for a group of licensed sales agents who control an overwhelming majority of the market to come together and agree that they are going to force a seller to agree to pay a commission not only to the agent representing the seller but also to the agent representing the buyer in order for the seller to be able to list his or her house on the MLS system that the agents control, which is also the system that sells the overwhelming majority of houses in the area. With the stakes involved, the NAR, MLS systems, and national brokerages will likely throw almost unlimited resources at defending the suit, so it's difficult to predict against them. The stakes involved are also high enough that it would not be surprising to see the real estate lobby pursuing federal legislation to protect the system that they have created.

It's far too soon to say whether this will go anywhere, but this is absolutely a lawsuit to watch. A few high profile class action law firms are going after the National Association of Realtors, many of the largest MLS systems in the country, and others alleging that the current system in which MLS systems require sellers to pay commissions to buyer's agents violates antitrust laws. Copy of Class Action Complaint

@Beau Fugitt, Good timing on your search. The bill is pending to allow the formation of series LLC's in Arkansas. HB1611. So far, so good. Here is a link to the bill: HB1611

@Lynnete E.  I think you are right.  I've seen similar things for auction properties in Central Arkansas.  

 @Michael Plaks.   Yes, of course.  Thanks

A seller in Illinios listed his home for $1.5 million and thought that the Zestimate of $1.3 million for his house was too low and scared away potential buyers. He asked Zillow to increase its Zestimate or remove it from Zillow’s database. Zillow refused, so the seller filed a class action lawsuit alleging that Zillow was, among other things, violating the state’s Deceptive Trade Practices Act and Consumer Fraud statute. The lower court dismissed the suit and the Seventh Circuit Court of Appeals affirmed on grounds that those statues deal with false or misleading statements of fact, “while Zestimates are opinions, which canonically are not actionable.” Patel v. Zillow, Inc., No. 18-2130, 2019 WL 491797 (7th Cir. Feb. 8, 2019).

I heard from a Representative this morning indicating that a less restrictive version may be considered soon.

I won't get into the weeds of the bill here, but the Arkansas Legislature is considering a renter's rights bill (HB1410).  The Landlord Association of Arkansas opposes the bill in its present form.  You can find the bill here: HB1410 and can find information on the objections of the Landlord Association of Arkansas here: Landlord Association

The layer upon layer of costs, like the annual license fee, the annual local, state, and national fees to gain access to the mls, the costs and time of another set of continuing education rules, and the restrictions on your flexibility when it comes to marketing and structuring deals.   I am also not a fan of AREC's new push on advertising regulations and am racing to get my broker's license to alleviate some of those negatives.   The new restrictions may work fine for traditional marketing by licensed agents seeking to represent other buyers or sellers, but they are not a good fit for a situation in which a licensed agent wants to set up and brand a company to buy and sell its own houses.

Thanks @Andrew Yu  There are pros and cons, but I'm glad that I got my license and have not run across any local investors who regret getting theirs.