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SPORTS: Local gymnast receives more laurles PAGE 11
After the fire: Realtors’ post-lawsuit takeaway BY ERIK SUCHY STAFF WRITER
Swift changes are coming to the National Association of Realtors (NAR). It comes after years of lawsuits from various homeowners arguing that the company enforces unfair practices. The homeowners said these practices have led to high commission rates between a seller and a buyer’s agent, forcing them to pay unnecessary fees to buy a house. The NAR agreed to pay $418 million to settle the commission lawsuits. Additionally, they abolished their Participation Rule, allowing sell-side agents to offer compensation to buyer brokers. Larry Mahoney, a Realtor with Keller Williams Realty in Vadnais Heights, and Justin Larson, branch manager for Summit Mortgage Corporation in Lino Lakes, both pushed back on what they considered misreporting by the media on realtors’ business dealings. “Realtors will need to step up their game,” said Mahoney. “They need to continue to be professional and clear about the services they provide clients.” He rebuffed media-led accusations that the industry engages in “predatory behavior” regarding client interactions. “This is just not true,” said Mahoney. “While the average Realtor makes a lot per year, it only comes when they make a deal to sell or buy a house. Even then, the Realtor will work long with a client before a deal is finished. This can take several months. Sometimes, the client changes their mind and walks away. But to suggest that commissions are non-negotiable is just not the case.” Mahoney also argued against claims that increased housing prices was due to commission pay. “Home prices are high because of a national housing shortage. It has nothing to do with commission pay. The average compensation for a realtor is $95,000. For comparison, an insurance salesman makes $103,000, and an auto salesman makes $98,000. There’s no evidence of price gouging whatsoever.” Larson remains hopeful about the state of the industry. He shared slight concerns about transparency from realtors. “Local realtors will have to be very clear on their conversations regarding buyer’s rep compensation,” said Larson. “In the future, they’ll have to negotiate that into the purchase contract and figure out who’s doing what.” Like Mahoney, Larson disagreed with the media’s view that unfair commissions were the
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Pre-Derby Party The Chain of Lakes Rotary will host a Pre-Derby party from 6 to 9 p.m. Friday, May 3 at the Peder Pedersen Pavilion at Lions Volunteer Park in Hugo. Attendees should plan to wear their best Derby attire. The event will feature dinner, games and prizes. Proceeds will be given to a clean water initiative called Mukuyuini, as well as the Rotary’s Camp Ryla, Youth Exchange Program and Blue herons on Peltier Island. For more information, visit chainoflakesrotary.com.
Nominations sought for ‘Best of’ contest Readers may nominate in as many or as And so it begins (again) —Press Publicafew categories as they like from May tions readers are being asked to help rec1–19. If readers nominate at least two ognize the best of everything from food candidates in a category, the categoto shopping to best local sports team. 2024 ry will appear on the voting ballot. The online Best of the Press ConIf only one nomination is received, test has started its nomination the category won’t be on the ballot. phase. After the ballot is finalized, Readers are asked to nominate readers will be able to vote online their favorites in several groups: for their favorites once a day from eating and drinking; arts and enterof the Press July 10–Aug. 4. The ballot will be tainment; health and fitness; local; found at presspubs.com/bestof. The services; shopping and sports and contest will be conducted exclusively recreation. online, with no paper ballots. When voting Several categories have been added to closes Aug. 4, the results will be tallied and winthis year’s contest, including solar company, dog ners will be announced the first week of October. trainer, hotel, Airbnb, esthetician, yoga, physical therapist, pet store, thrift store and more.
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