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60 days after NAR Settlement: Commission rates mostly holding steady

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BOSTON, Nov. 12, 2024 /PRNewswire/ — AccountTECH is pleased to announce significant new findings regarding the effects of the NAR Settlement, finalized in August 2024, on commission rates that real estate agents charge to buyers and sellers. The recently concluded study, led by the data analysis team at AccountTECH, explored whether the anticipated declines in commission rates have materialized. Many professionals in the industry as well as attorneys involved in the lawsuit believed that the settlement of the lawsuit would drive down commission rates to home buyers and sellers.

The research analyzed commission trends before and after the settlement to determine if the changes have led to a significant impact on the rates charged by real estate agents to both buyers and sellers. The study discovered that for the first 60 days since the settlement went into effect, there has been only minor impact – with no far-reaching implications for real estate professionals, buyers, and sellers alike. In the short term, the findings deliver some relief to Real Estate brokerages and agents – who have both had a lot of concern that shrinking commission rates would decreasing revenue and profitability.

The commission rates charged to sellers were analyzed at 30 and 60 days following the settlement and compared to those same dates in 2023.

At 30 days post-settlement, the average commission rate in 2024 was 2.77%, compared to 2.75% in 2023. This represents an increase of 0.02 percentage points.

At 60 days, the average commission rate in 2024 was 2.738%, compared to 2.724% in 2023. This represents an increase of 0.014 percentage points. These minor changes suggest that, so far, the settlement has not led to any meaningful change in commission rates for sellers.

The commission rates charged to buyers were also analyzed at 30 and 60 days following the settlement and compared to those same dates in 2023.

At 30 days post-settlement, the average commission rate in 2024 was 2.545%, compared to 2.595% in 2023. This represents a decrease of 0.05 percentage points.

At 60 days, the average commission rate in 2024 was 2.486%, compared to 2.541% in 2023. This represents a decrease of 0.055 percentage points. These slight decreases indicate that the settlement, so far, has had only a modest impact on reducing commission rates for buyers.

The scope of the study included a year-over-year comparison analyzing data from 625 real estate offices. Only transactions where the date the transaction went under agreement was within 60 days of the NAR Settlement were included. The study focused solely on sales transactions, excluding rental commissions or any other type of commission income. Outliers, defined as cases where the commission charged was over 5% or below 0.5%, were also excluded. For the 625 real estate offices in the study, the buyer side pending transactions in the first 60 days after the settlement amounted to 17,358 transactions.

Potential Warning signs in Market activity?

Additionally, the study found that the number of new buyer side transactions decreased in the first 60 days after the NAR settlement when compared to 2023. In 2023 during the same period, the number of new buyer side transactions was 19,274. This represents a decrease of 1,916 transactions, a decrease of about 10% year over year. This may be a point of concern as it suggests a potential reduction in buyer side market activity following the settlement. We should continue to monitor year-over-year buyer side transaction counts but be careful not to assume every change in market activity is the result of the NAR settlement.  Interest rates, inventory or general economic conditions are just as likely to be a reason for the decline.

Distribution

During the research, the AccountTECH data team also created a distribution analysis for the first 60 days post NAR Settlement time frame. See the numbers in the table below:

Commission rate charged to Sellers on new transactions started in the first 60 days after the NAR Settlement went into effect:

Commission rate %

Seller side transaction count

4.75

18

4.5

88

4.25

41

4

1132

3.75

119

3.5

990

3.25

167

3

6114

2.75

386

2.5

4264

2.25

411

2

2193

1.75

147

1.5

462

1.25

76

1

274

0.75

41

0.5

128

Grand Total

17051

Commission rate charged to Buyers on new transactions started in the first 60 days after the NAR Settlement went into effect:

Commission rate %

Buyer side transaction count

4.75

13

4.5

20

4.25

24

4

135

3.75

18

3.5

153

3.25

40

3

5251

2.75

372

2.5

5090

2.25

850

2

4026

1.75

479

1.5

343

1.25

110

1

284

0.75

65

0.5

85

Grand Total

17358

Summary

For the 1st 60 days following the NAR settlement, it does not appear that there are any major variances in the commission rates charged to sellers and buyers. 

There was a meaningful decrease in the number of buyer side transactions in the year-over-year numbers, but this may be due to market conditions and not necessarily a reaction to the NAR settlement.  This indicator deserves continued attention.

The small rate of decline in buyer side commissions is likely within the range of normal market variation.  Industry watchers should keep tracking this number closely since a continuation of this 2-month trend of 0.05% decrease per month would bring commission rates on the Buyer side to 2% by June 2025.

Also to watch, the year-over-year count on Buyer side transactions.

About AccountTECH

For over 25 years, AccountTECH’s team of real estate accountants and software engineers have been building tools that increase the efficiency of brokerages. Their latest flagship product is darwin.Cloud – a 4th generation evolution of their popular back-office accounting software. The team is constantly adding automation and integrations towards the goal of single-point-of-entry. Their motto is: data entry can happen anywhere, but everything winds up in darwin. In their work with clients, partners and each other, they bring integrity to every interaction and every line of code.

AccountTECH   www.accounttech.com   (978) 947-3600
For sales inquiries, please contact: 
Theresa Hurt   theresa@accounttech.com  
(978) 710-0071

Media contact:
Rizza Batol
rizza@accounttech.com
978.710.0071

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Orion Innovation Names Brian Bronson Chief Executive Officer

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Technology Industry Executive and Leader to Drive Next Phase of Company Growth

EDISON, N.J., Nov. 15, 2024 /PRNewswire/ — Orion Innovation (“Orion”), a leading digital transformation and product development services firm, today announced the appointment of Brian Bronson as Chief Executive Officer, effective immediately. With over 25 years of leadership experience across global technology sectors, Bronson will lead Orion’s next phase of growth and transformation, focusing on expanding the company’s digital capabilities and market presence. Brian succeeds Raj Patil, who will transition to an advisory role with the company and One Equity Partners.

“Brian’s impressive track record of driving profitable growth and leading large-scale organizational transformation makes him the ideal leader for Orion’s next chapter,” said Carlo Padovano, Partner at One Equity Partners and Lead Director of Orion Innovation. “His deep expertise in product engineering, GenAI adoption, and digital transformation perfectly aligns with our vision for Orion’s future.

On behalf of the Orion Board, I’d like to thank Raj for his leadership and dedication in helping develop Orion into a market leader. Raj will transition to an advisory role with the company and One Equity Partners.”

“I’m honored to take on this role and excited about the tremendous opportunities ahead for Orion,” said Bronson. “The company has built an impressive foundation with a blue-chip roster of clients, a global delivery platform, and a talented team with deep domain and engineering expertise. I look forward to working closely with our employees, clients, and partners as we deliver transformative solutions to our clients, drive innovation, and scale our capabilities.”

Before joining Orion, Brian served as EVP of US Telecom, Media, and Entertainment at Capgemini. Additionally, he led the integration and execution of Capgemini’s global engineering services business across the Americas and Asia. This included driving growth in many industries leveraging innovative capabilities tied to 5G, connectivity, and software product engineering. Previously, as President & CEO of Radisys, a leading provider of open telecom solutions, he led the company’s strategic transformation from a hardware company to a provider of cutting-edge software and enabling technologies for the telecom, technology, and medical industries. This transformation culminated in the sale of Radisys to Reliance Industries in 2018, marking a successful exit for the company.

About Orion Innovation

Orion Innovation (“Orion”) is a leading digital transformation and product development services firm. Rooted in engineering and design thinking, along with a unique combination of agility, scale, and maturity, its team of approximately 6,400 associates helps Fortune 1000 companies improve efficiencies, enhance customer experiences, and develop new digital offerings. Through its delivery centers in North America, EMEA, India and Latin America, Orion serves clients across Telecom, Media & Technology, Sports & Entertainment, Professional Services, Financial Services, and Healthcare industries. For more information, visit www.orioninc.com

About One Equity Partners

One Equity Partners (“OEP”) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm seeks to build market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 400 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit www.oneequity.com.

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Morrison Securities launches one of Australia’s first plug-and-play global trading to 15 countries with ViewTrade

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SYDNEY, Nov. 15, 2024 /PRNewswire/ — Equities clearing business Morrison Securities (“Morrison”) is launching one of Australia’s first plug-and-play global trading to 15 countries with trading technology provider ViewTrade.

This will mean Morrison’s 38,000+ active clients trading $30 billion annually will only need to go through KYC once and then will be provided unprecedented rapid global trading access.

Morrison will now also offer enhanced global equity and options trading, fixed income, ETFs, seamlessly integrate domestic and global trading, and choice between fully disclosed or omnibus operating models.

ViewTrade has calculated that implementation of solutions like this across all of Australia’s global trading could generate efficiencies of nearly $240 million annually.

A business the size of Morisson launching this solution is a watershed moment for enhancing global opportunities for Australia’s wealth management sector, according to ViewTrade.

Nigel Singh, CEO of ViewTrade International Australia, said: “We are excited to work with Morrison Securities. Together, we are unlocking a world of investment opportunities for Australians. By accessing global markets, firms can offer their clients more diversified portfolios, reducing risk and protecting wealth. This benefits both domestic and international clients. We invite other firms to join us in this partnership and unlock the potential of global market access.”

William Slack, CEO of Morrison Securities, said: “We’ve designed a solution that integrates global market access into our domestic offering for a superior customer experience. With our combined expertise, we’re confident in delivering an efficient, scalable solution tailored to the specific needs of our clients.”

Laksh Gangwani, Chief Revenue Officer – APAC and Middle East at ViewTrade, added: “We are thrilled about the partnership with Morrison Securities as they launch one of Australia’s first plug-and-play global trading solutions to 15 countries. Morrison’s integrated approach to technology, compliance, and operations is enabling investors to complete KYC once, while accessing multiple markets and asset classes with ease. This will ensure Australian investors can build diversified international portfolios with ease.”

ViewTrade (www.viewtrade.com) is a global leader in investment and trading infrastructure solutions that power cross-border investing for financial services firms throughout the world. ViewTrade provides the technology, support, and brokerage services that business innovators need to launch or enhance retail investing experiences. For more than 20 years, ViewTrade has partnered with over 300 clients – from technology startups to large banks, brokers and advisors – to deliver innovative investment solutions and exceptional customer service.

Morrison Securities (https://www.morrisonsecurities.com/) Established in 1985, Morrison Securities is an Australian Broking firm specialising in trading, execution, and clearing services tailored to advisory firms and wholesale clients. They partner with firms to navigate operational challenges and help them realise their full potential. Their comprehensive suite of solutions covers seamless international market access, advanced equities and options trading, capital raising and DVP settlement services, integrated APIs, and stock lending. With a platform-agnostic approach and enterprise-level client service, they prioritise operational excellence and long-term partnerships.

 

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SOURCE ViewTrade

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Australia’s least-favourite chores just got easier with Roborock’s Black Friday & Cyber Monday deals

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SYDNEY, Nov. 15, 2024 /PRNewswire/ — Roborock, the global best-selling robot vacuum brand[i], is thrilled to announce its exclusive deals for Black Friday and Cyber Monday 2024.

Starting from 21 November to 4 December 2024, Roborock is offering significant discounts on a wide range of popular models, with savings of up to $700 – including popular models such as the S8 MaxV Ultra, Qrevo MaxV, Q8 Max+, Qrevo Master, Qrevo S, and Flexi Pro.

In a recent survey conducted across Australia, Roborock found that 27% of Australians would happily skip cleaning their floors forever, with many Aussies also admitting to neglecting high-maintenance tasks such as vacuuming, mopping, and appliance cleaning. With these cleaning challenges in mind, Roborock is offering unbeatable savings on popular models across Black Friday and Cyber Monday, with savings of up to $700.

The deals are available at Robrock Australia’s Official Online Store, Roborock’s Amazon storefront and all authorised retailers.

 Black Friday & Cyber Monday Deals

S8 MaxV Ultra – (SAVE $700) – MSRP $2,999 / Promo: $2,299The S8 MaxV Ultra is the company’s most powerful one-stop cleaning solution, combining the company’s most sophisticated deep cleaning technology with user-friendly features. The model introduces a unique robotic arm and an extra mop that efficiently cleans challenging areas with complete corner cleaning capabilities. Newly launched.Qrevo Master – (SAVE $700) – MSRP $2,699 / Promo: $1,999Newly launched and the most advanced model in the mid-range Qrevo series, the Qrevo Master is built for those who seek top-of-the-line cleaning technology at a mid-range price point. With high-powered suction, deep corner cleaning capabilities, and complete self-maintenance features, it’s designed to tackle the toughest cleaning challenges effortlessly.

Qrevo MaxV – (SAVE $700) – MSRP $2,199 / Promo: $1,499Offers users a complete hands-free floor cleaning experience at the mid-range price point, taking both vacuuming and mopping off your plate while combining powerful cleaning functions, self-maintenance capabilities, and intelligent features such – as pet recognition from flagship models – into one convenient cleaning package.

Qrevo S – (SAVE $400) – MSRP $1,499 / Promo: $1,099Newly launched, the Qrevo S is ideal for those looking for their first robot vacuum that excels at both vacuuming and mopping with self-maintenance features. It blends cleaning performance with a streamlined design for everyday cleaning.

Q8 Max+ – (SAVE $500) – MSRP $1,299 / Promo: $799The Q8 Max+ delivers high-performance cleaning with enhanced navigation and automatic dirt disposal. It’s equipped with powerful suction and a flagship roller brush system making it perfect for homes with mainly hard floors, ensuring a deep and thorough clean.

Flexi Pro – (SAVE $300) – MSRP $999 / Promo: $699 (Available starting 14th November)The Flexi Pro is a versatile handheld vacuum option designed for deep floor cleaning and tight spaces. Capable of handling both wet and dry messes, and the ability to clean itself after every clean-up, the Flexi Pro tackles all types of messes with ease.

According to Roborock’s recent survey, garages are the dirtiest spaces in Australian homes, with 46% of respondents admitting they need more attention. Other problem areas include bathrooms (41%), kitchens (38%), and even kids’ playrooms (32%). Given the demands of busy lives, it’s easy to see why some chores fall through the cracks.

With these exclusive Black Friday and Cyber Monday offers, Roborock makes it easier than ever for Aussies to maintain a clean and comfortable home – without the hassle. Whether it’s tackling neglected garages, high-traffic kitchens, or hard-to-reach corners in the bathroom, Roborock’s innovative products are ready to take on the task.

For more information on Roborock products, please visit https://au.roborock.com  

-ENDS-

Notes to Editors: 

The Roborock survey was conducted by TGM Research and involved 1,028 nationally representative respondents across Australia. The survey aimed to understand the cleaning habits, preferences, and challenges faced by Australians ahead of the launch of Roborock’s Qrevo Master, Qrevo S and H5. 

About Roborock     

Roborock is a leading smart cleaning brand renowned for its intelligent cleaning solutions. With a steadfast dedication to becoming a global leading smart appliance player, Roborock enriches liveswith its innovative line of robotic, cordless, wet/dry vacuum cleaners, and washer-dryers. Rooted in a user-centric approach, our R&D-driven solutions cater to diverse cleaning needs in over 15 million homes across 170+ countries.  Headquartered in Beijing and with strategic subsidiaries in key markets, including the United States, Japan, the Netherlands, Poland, Germany, and South Korea, Roborock is dedicated to elevating its market presence worldwide. For more information, visit https://au.roborock.com/.    

[i] [1] The data comes from Euromonitor International (Shanghai) Co., Ltd. The sales figures of robotic vacuum cleaners worldwide in the first three quarters of 2023 (in RMB hundred million) were used for calculation. Roborock ranks first in the industry. Robotic vacuum cleaner refers to vacuum cleaners that automatically move around rooms using sensors to clean floors. The research was completed in February 2024.

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SOURCE Roborock

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