The ruling is a financial win for consumers. Being both a licensed real estate broker and a professional engineer, supporting negotiable real estate commissions will allow consumers to keep more of their home's value. It is early in the disruptive cycle to forecast the impacts that this will have on the AEC industry.
Original Message:
Sent: 11-13-2023 08:52 PM
From: R Scott Stanfield
Subject: Jury Decision on Realtors - What does this mean for AEC industry?
I have always wondered the same. As an owner of a civil and surveying firm, our risk was high and liability essentially forever. The land owner, developer, contractor, local approving agencies, realtors don't have that liability, and yet a realtor can make a lot of $ on one sale, not to mention resales like you said. π‘
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R Scott Stanfield M.ASCE
RETIRED
Original Message:
Sent: 11-06-2023 09:26 AM
From: Abieyuwa (Abi) Aghayere
Subject: Jury Decision on Realtors - What does this mean for AEC industry?
I've always wondered how and why real estate agents can get 5-6% of the sale price of a home every time the building is sold while carrying little to no liability, while the engineers who designed the property get only a fraction of that amount for their fees and yet they are liable for the performance of that building for the longest time! I believe structural engineers are responsible for the safety of more lives at any one time than physicians, so why can't structural engineers (and other engineers) adopt a subscription payment system on the buildings/structures they design if they are going to continue carrying the liability on those buildings?
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Abieyuwa (Abi) Aghayere Ph.D., M.ASCE
Avondale PA
Original Message:
Sent: 11-02-2023 02:51 PM
From: Chad Morrison
Subject: Jury Decision on Realtors - What does this mean for AEC industry?
This week, a Federal jury found the National Association of Realtors responsible for controlling commission rates.
Regardless of market conditions and more buyers without brokers, rates have stayed at 5%-6%.
US jury finds realtors liable for inflating commissions, awards $1.78 bln damages | Reuters
Will this decision have an impact on rate structures in the AEC industry?
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Chad Morrison P.E., F.ASCE
Professional Engineer
Greenville RI
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