Journalist Michele Lerner has crafted an impeccably researched piece for the Wall Street Journal’s Mansion Global publication titled “Real Estate Commission Settlement May Shift Luxury Market Practices.” In this article, Lerner delves into the potential ramifications of the Sitzer/Burnett settlement on luxury property sales. Over the years, negotiations over commissions have been particularly pronounced in luxury and hyper-luxury sales, signifying what the Department of Justice (DOJ) aims to address by joining the court and plaintiffs in challenging the practice of advertising buyer compensation in the MLS.
Drawing upon insights from industry experts such as Brian Boero, co-founder of 1000Watt, Victor Lund from WAV Group, and Samantha DeBianchi LaViola of DeBianchi Real Estate in Ft., Lerner provides a comprehensive background to her analysis.
Luxury properties present unique challenges due to their often-customized nature. These homes frequently feature bespoke elements such as elaborate irrigation systems, numerous outbuildings, multiple wells, fortified sea walls, or extravagant features like front entry doors valued at $250,000. In the realm of hyper-luxury, understanding comparable properties often necessitates extensive national and international research. Furthermore, transactions in this segment typically involve intricate coordination with family offices and complex trusts.
Lerner’s meticulous attention to detail and balanced reporting sets her article apart in an industry often plagued by sensationalism and misrepresentation. As such, it is imperative to acknowledge and support high-quality journalism like hers. Share this insightful piece on your social media platforms to contribute to a more informed discourse within the real estate community.
By the way, Michele Lerner is a freelance journalist and has won the Platinum Award for her writing of the best real estate article of the year. She has been published in The Washington Post, USA Today, and dozens of other leading publications. If you have a story for Michele, be sure to pitch her on Linkedin.
