ASSOCHAM organised Interactive Session and B2B Meetings with SOHAR Port and Freezone of Oman to Expand Global Business Opportunities – India Education | Latest Education News | Global Educational News | Recent Educational News Home National News ASSOCHAM organised Interactive Session and B2B Meetings with SOHAR Port and Freezone of Oman to Expand Global Business…
After previously taking issue with some of the forms generated as a result of the terms of the National Association of Realtors’ (NAR) nationwide commission lawsuit settlement agreement, University of Buffalo law professor Tanya Monestier is now objecting to NAR’s settlement.
In a document filed on Monday in U.S. District Court in Kansas City — less than a month before the NAR settlement is slated for its final approval hearing — Monestier took issue with the business practice changes, saying they don’t do enough to protect consumers. She also objected to the fees that are expected to be paid out to the plaintiffs’ attorneys.
The objection is 132 pages in length. Monestier claims she filed an objection this long because she believes no one else will.
“This settlement is sorely lacking outside, neutral analysis. I wish there were more voices closely scrutinizing whether this settlement provides the value it claims to aggrieved class members and whether the attorneys have provided a third of a billion dollars in value to the class,” she wrote. “As far as I know, those voices are nowhere to be heard.”
In her objection, Monestier claims that the settlement “is the worst of all possible worlds,” and that the implementation of the settlement has been a “disaster.”
“The goal of the settlement was laudable,” Monestier writes. “It was based on the premise that buyer brokers were using commission rates posted on the [multiple listing service] to steer buyers to properties that provided higher levels of compensation. … The settlement makes sense — but only on paper. It is an example of something concocted by lawyers without a full appreciation of how this would play out in the real world.”
While Monestier, who reportedly sold her Rhode Island home in 2022 and is part of the affected class, believes sellers were paying “inflated commissions,” she feels that prior to the settlement changes going into effect, the rules governing the industry were “clear and confusion did not reign supreme.”
Following the Aug. 17 implementation date, Monestier now believes the industry has the “pre-NAR settlement system in place with a whole lot more paperwork, headaches, lies, chaos, and frustration. The settlement, as applied in the real world, is an abject failure.”
In her objection, Monestier claims there is “ample evidence” of agents asking buyers to sign modified buyer representation agreements, which allow the buyer’s broker to increase their agreed-upon compensation to whatever the seller is offering.
“In my view, modifying a representation agreement to increase the level of compensation for a buyer broker violates the NAR settlement agreement. In this respect, I don’t think this is a ‘workaround’ so much as a flat-out breach of the agreement,” Monestier wrote. “Practices like this where realtors scoop up ‘excess’ funds result in the maintenance of the commission structure that the NAR settlement was intended to dismantle.”
Monestier claims that the ambiguity around this practice in NAR communications, and the settlement itself, have allowed for this practice to occur. Additionally, Monestier claims that some buyers are being asked to sign documents that allow for “seller paid bonuses,” if the seller is offering more compensation than the buyer and their broker agreed to. In other cases, some buyers and their agents are signing agreements for certain properties that tailor the buyer broker compensation to whatever the seller is offering.
The filing also takes aim at the touring and showing agreements some brokers and agents are initially using with buyers before they enter into a more formal contract.
“The written agreement that governs their relationship for that toured property is the one they executed prior to the tour, even if the scope of services was limited,“ Monestier wrote. “The realtor will not be able to collect any fees in excess of what was agreed to in that initial agreement. In other words, a realtor is limited to the amount set out in the agreement that was signed prior to the showing — not an amount reflected in a new buyer representation agreement entered at the time the buyer decides to submit an offer.”
Additionally, Monestier’s objection also claims that agents are still engaging in steering. She wrote in her filing that she believes “many listing agents are telling their sellers that if they don’t offer compensation in advance, then they will not get offers. This, in turn, scares sellers into offering buy-side compensation.”
Monestier also claims that buyers are being told they should skip seeing houses if the seller is not offering buyer broker compensation. According to Monestier, this practice would “blackball” sellers who don’t offer compensation, which she said would lead the industry “back to square one.”
Monestier’s objection also looks at the required buyer representation agreements. She claims that some agents, especially on the listing side, are refusing to show an unrepresented buyer one of their listings or allow them into their open house without first signing an agreement with that agent.
This is not the first time Monestier has voiced concerns about buyer representation agreements. In a report published in August, Monestier examined the agreements promulgated by 19 state and local Realtor associations, concluding that “by and large, they are all very complicated and will not be understood by the average buyer and seller.”
She expanded on this in her legal objection. “If there is anything that anyone agrees upon, it is that this settlement has caused mass confusion for both buyers and sellers,” she wrote.
“Plaintiffs and Defendants may believe that this confusion will be worked out in time, that these are just ‘growing pains.’ I disagree. I think if this settlement is given final approval, home selling and buying will be forever changed — for the worse,” she wrote.
“I have spent about six months trying to understand the settlement, the industry, real estate practices, forms, etc. And I am confused. What hope is there for the average everyday consumer? Adding to the confusion is the fact that a large number of realtors do not themselves fully understand the settlement. How can they then be entrusted to put it into practice?”
Other issues Monestier has with the settlement are that cooperative compensation remains permissible, and that there remains a lack of enforcement mechanisms to ensure agents and brokers are following the rules.
In addition to examining the business practice changes, Monestier also looked at the fees that plaintiffs’ attorneys are asking for as part of the settlement.
In total, the settlement amount for NAR and the settling brokerage firms in the Sitzer/Burnett suit comes in at nearly $1 billion. Of that amount, more than $300 million is expected to be paid out to the plaintiffs’ attorneys, leaving less than $600 million, after fees and expenses, for the plaintiffs.
According to Monestier, this would be a “negligible recovery” for individual class members, of which there are estimated to be tens of millions.
“It’s simple math. The larger the denominator, the less valuable the recovery is. Not one expert or economist in this litigation has estimated what the actual monetary value of this settlement is for an individual class member,” she wrote. “This is because Plaintiffs want to obfuscate the fact that the monetary recovery is next-to-nothing for an individual home seller in Kansas City, Missouri. Meanwhile, attorneys will pocket a third of a billion dollars.”
Judge Stephen R. Bough is scheduled to hold the final approval hearing for the settlements reached by NAR and HomeServices of America on Nov. 26, 2024.
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• Dan Flanscha has announced the release of more episodes of his podcast, these ones focused on Caveats of Medicare Planning and Notes from Colorado Financial Planning Association continuing education. Listen on Spotify. longspeakfinancial.com
• Human Bean Northern Colorado raised nearly $2,000 for the Terry Farrell Firefighters Fund on Sept. 29, National Coffee Day. A check for $1,829.40 was presented to the Terry Farrell Firefighters Fund on Oct. 23.
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Calendar
• Berthoud Downtown Development Authority Information Session: 5:30-7 p.m. Monday, Oct. 28, Berthoud Recreation Center, 1000 Berthoud Parkway, Berthoud. The DDA Working Group will give an update on the progress made to date, discuss the next steps in the process of possibly creating a DDA and answer questions. Register at berthoud.org/dda.
• Sustain-O-Ween: Brewing A Successful Green Business: 5-7 p.m. Tuesday, Oct. 29, Odell Brewing, 800 E. Lincoln Ave., Fort Collins. Join NOCOBiz Connect to learn how to brew up a successful green business. Take a behind-the-scenes tour of the brewery and discover Odell’s innovative CO2 recapture system, where the company captures and reuses CO2 to make operations more sustainable and eco-friendly. Come dressed in your best and most creative “green” costume for a chance to win a prize. Register at eventbrite.com.
• Northern Water’s Fall Water Symposium: 9 a.m.-3 p.m. on Wednesday, Oct. 30, Embassy Suites, 4705 Clydesdale Parkway, Loveland. Northeastern Colorado water users will hear from multiple speakers regarding regional water topics, including a forum discussing the ongoing challenges of growth. Additional presentations will include regional fire impacts to nearby water supplies, the management of aquatic weeds, an update on Colorado River happenings and the recently completed Colorado River Connectivity Channel project. Registration is now open to the public, and people are asked to register no later than Oct. 16 at bit.ly/4h3jAqH. The event includes lunch. Anyone unable to register online, can call 970-622-2234.
• Etsy for Artists and Small Business/Entrepreneurs: 1-3 p.m. Saturday, Nov. 2, Loveland Public Library, 300 N. Adams Ave., Loveland. Would you like to sell your own arts and crafts? Then consider opening an Etsy store! You can start selling your own handmade creations or vintage finds to a marketplace of more than 24 million buyers – and have a lot of fun doing it. 970-962-2599, https://www.lovelandpubliclibrary.org/events.
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The Reporter-Herald strives to include newsworthy business briefs for its readers each Sunday. The focus of business briefs is on Northern Colorado businesses, not business promotions.
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• Awards or other recognition.
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Press releases are welcome. The Reporter-Herald reserves the right to edit information submitted for publication. Pictures of individuals involved in the event are welcome, but publication is not guaranteed.
Information is due by noon Wednesday for publication in the following Sunday’s business section. Information can be emailed to [email protected]. For more information, contact the Reporter-Herald newsroom, 970-635-3636, [email protected].
The Downtown Business Improvement District in Novato is facing a budget deficit in 2025 and some questions from the City Council.At its meeting on Oct. 22, the council reviewed the district’s projected 2025 budget as part of its annual district fee assessment. Council members expressed concerns about operating costs exceeding revenue and using reserves to balance the budget, and the turnover rate of advisory board members.The district’s leader said the spending was because of unexpected circumstances.“There’s been challenges,” said Stephanie Koehler, executive director of the Downtown Novato Business Association. “We’ve, I think, done some creative thinking and we’re definitely looking forward to some good times ahead.”The district was created in 1999 to attract more people to the central commercial area. It includes 450 businesses that support efforts to promote the area.The business association, a nonprofit group, serves as the district’s advisory board. Koehler said the district expects to wrap up this year with income of $280,443. Expenses are projected to total $301,175.Koehler said the past year has been challenging in general for small businesses. Additionally, festival attendance is lower and there were some unexpected expenses related to lights.The white lights on Grant Avenue’s trees needed replacement. Koehler said one big issue was theft because people were cutting the lights and taking the transformer box for the copper. The new lights — at a cost of about $80,000 — came with theft-deterring electrical boxes for all 125 trees.“Taking that on in our budget this year was not an anticipated expense,” Koehler said.A fundraiser for community members to sponsor a tree has raised about half of the replacement cost so far, according to a district report. Maintenance of the new lights was added to the 2025 budget, Koehler said.In 2025, she expects income to decrease slightly to $261,215 and expenses to be $285,820. However, some leftover funds — around $55,000 — from the previous years have kept the budget balanced.“I’ve shifted some things around to make sure that we still have a balanced budget,” Koehler said. “It’s tighter, but it’s definitely balanced.”Novato Councilmember Susan Wernick said she was concerned about the budgeting model. She asked if there was a strategy to replenish those funds.“Your expenses have exceeded your revenue and you’ve dipped into cash reserves,” Wernick said. “At some point you’re going to get into a pickle because you’re not going to have any cash reserves to dip into.”Koehler said the board has discussed ways to increase the reserves, but the district is not meant to raise funds and should be spending money on items that improve the area.“One of the things that the board feels strongly about is that we manage cash reserves so that we’re not in a crisis, but our job is also to spend money that we are given,” Koehler said. “This year was a unique issue because of the lights.”The city matches the generated revenue dollar-for-dollar, and next year the match will the amount to $75,000, according to the staff report. The fees range between $100 and $550 based on the type of business and zone. The annual fee can also depend on how many employees a business has.Mayor Mark Milberg asked why two board members have resigned this year, and if there is a leadership issue on the board.Koehler said there have been differing opinions on how the district should be moving forward, and whether it should be taking more or less direction from the City Council. She said middle ground has been hard to find, and people have stepped away.“I think overall, all the projects and all the excitement that we bring to Novato, in my humble opinion, really adds a lot to the community and the sense of wholeness in this the community and I think there’s more creative ways that we can partner together and have even better events,” Milberg said.A public hearing on the annual assessment is set for Nov. 19.
Who won the 2024 Business Excellence Awards? – StrathmoreNow.com – Local news, Weather, Sports, Free Classifieds, and Job Listings for Strathmore and southern Alberta.
Skin expert, esthetician, and business owner Ruslana Medyanikova is celebrating a significant milestone this year: five years of business in Coronado.Medyanikova owns Lana SkinFit Method, a business offering a variety of skincare services to the Coronado community. “Lana SkinFit Method opened in Coronado with a vision to create a beautiful space that was dedicated to skin health and clean beauty combined with clinical treatments,” she told me. “Every facial treatment is the realization of this vision intermixing the very best results that clinical treatments have to offer combined with the healing touch and time-honored traditional skin care. My focus is the complete experience. To unite the old school wisdom with the latest clinical know-how and results.”Medyanikova’s interest in skincare began at a very young age. Growing up in Ukraine, she has fond memories of her mom making homemade facemasks from ingredients they could find in their garden, such as strawberries or honey.“Having those moments with my mom and seeing our skin glow made me fascinated with skincare at a young age, which then led me to pursue a degree in chemistry.”
Before opening Lana SkinFit Method in Coronado, Medyanikova received her Master’s degree in chemistry and studied skin care/esthetics. She also studied with various professionals in the industry, such as Nichola Joss in London and Joelle Ciocco in Paris. Her interests took her across the globe to study and learn from the best, from Ukraine to New York, Germany, and more. “I owned a spa in Ukraine, then in Michigan for ten years when we first moved to the United States, and now in Coronado since 2019,” Medyanikova explained. After receiving a comprehensive education and gaining years of practical experience, Medyanikova has tailored her services to match her own abilities and the needs of the community. “Every aspect of my practice is tailored to the unique needs of my guests, as I truly believe that beauty does begin with healthy skin… I listen to my clients and personalize every facial to their unique needs and give them the best suggestions for their home regimen,” she began. “My specialty is my sculpting facial massage and Buccal intraoral massage facial, which focuses on facial lymph drainage, improving facial muscles, releasing jaw tension, and sculpting the cheeks and jawline… My facials are not regular facials; they are a full experience.” At Lana SkinFit Method, she also offers state-of-the-art skincare practices such as a V Carbon Peel, a PG Age Peel, Hydrodermabrasion and Oxygen Infusion facials, LED Light Therapy, and so much more. “During my facials, I love to include Microcurrent, Oxygen, Gua Sha, LED treatments, and more,” she noted. “My advice is not to add too many chemical products on the face as the real luxury skincare is ‘LESS IS MORE’…My philosophy.”
Medyanikova also offers back treatments, eye lifting treatments, collagen infusion, hair removal services, and many unique facials catered to each client’s desired results. This year, Medyanikova is celebrating five years of business in Coronado, a milestone for which she is eternally grateful. “It is an incredible feeling to see your small business flourish because of the love you put into your work every day,” she began, adding that in the future, she would like to “continue servicing all my clients that are passionate about skincare and wellness just as much as I am and constantly bringing them the best of what this industry has to offer.”Medyanikova’s experience and results speak for themselves. She is constantly looking toward the future, ensuring she is up to date with treatment offerings and able to provide for the community she calls home. “Health and wellness is a huge part of our community. I am very blessed to work with amazing people and be a part of their lives where we achieve their desired results.” For more information, please visit the Lana SkinFit Method website at lanaskinfitmethod.com.VOL. 114, NO. 43 – Oct. 23, 2024
FTC Takes Action to Stop Online Business Opportunity Scam That Has Cost Consumers Millions – Business News Today – EIN Presswire
The 32nd edition of the Cranbrook Chamber of Commerce’s Business Excellence awards, celebrating the notable achievements of the Cranbrook business community, was presented at a gala Key City Theatre evening Friday, Oct. 24.
Loree Duczek and Jason Wheeldon served as Masters of Ceremonies.
Fifteen awards were handed out in a variety of categories:
• Retailer Excellence (Hush Home Furnishings)
(Winner) The Choice
Joanna Jakobsen presenting, Mike Peabody accepting
• Tourism Excellence (sponsored by Cranbrook Tourism)
The Baker Hotel
Kristy Jahn-Smith presenting, Jim Goodlake accepting
• Non-Profit Organization of the Year (Columbia Basin Trust)
East Kootenay Foundation for Health
Stacey Brensrud presenting, Erin Pighin accepting
• Customer Service Excellence (Fortis BC)
Cranbrook Co-Op Gas Bar
Blair Weston presenting.
• Professional Services Excellence (McWhirter Office Solutions)
Morgan Turner Photography
Abby McWhirter presenting, Stacey Brensrud accepting on behalf of Morgan Turner Photography)
• Age-Friendly Business of the Year (Golden Life)
The Hearing Loss Clinic
Celeste Mullin presenting, Becky Kamps and Hearing Loss Clinic staff accepting
• Inclusive Employer of the Year (KES, REALM and NEXUS)
Westland Insurance
Anita Kollar and Bryce Johnson presenting, Sabrina Mugisa and Lindsey-Marie Kavanagh accepting
• Excellence in Arts (Key City Theatre)
Kya Dubois
Stacey Brensrud presenting, Kya Dubois accepting
• Business to Business Excellence (IG Wealth Management)
Tarralin D. Hanson, Notary Public
Mike Paugh presenting, Tarralin Hanson and staff accepting
• Culinary Excellence (Ella’s)
Fire Hall Kitchen and Tap
Stacey Brensrud presenting, Fred Williams accepting
• New Business of the Year (Pattison Media Ltd)
Delightfull
Nadine Walker Perry presenting, Linda Cho accepting
• Business of the Year – 1-15 employees (Genex Marketing)
Sidekick Stickers
Jason de Rijk accepting
• Business of the Year – 16+ employees (St. Eugene Golf Resort and Casino)
Steeples Veterinary Clinic
Michael Sprake presenting, Steeples staff accepting
• Young Entrepreneur of the Year (College of the Rockies)
Chance Litke, Guidance Planning Strategies
Stephanie Wells presenting, Chance Litke accepting
• Business Person of the Year (107.5 2Day FM)
Louis Nelson, Dominos Pizza Cranbrook
Jason Caven presenting, Louis Nelson accepting
The Ponoka and District Chamber of Commerce held its annual awards gala on Oct. 25 at the Stagecoach Saloon on the Ponoka Stampede Grounds.
The awards, voted on by chamber members, celebrate the exceptional local businesses, their staff and local service groups for their dedication and hard work for their customers and serving the community.
This year the awards were “off to the races” with a Kentucky Derby themed-gala.
The winners were:
Business Person of the Year
Jane Wierzba – ReMax Real Estate Central Alberta.
Medium Business of the Year (5-10 employees)
Tantec Electronics Ltd.
Startup Business of the Year
Quality Glass Alberta.
Customer Service Person of the Year
Marijke Kager – Busted Ladies Lingerie.
Service/Community Group of the Year
Ponoka and Area Minor Football.
Young Business Leader of the Year
Tanner McLaren – Pick 6 PDR & Detail Ltd.
Large Business of the Year (11+ employees)
eighteen91 Ltd.
Small Business of the Year (1-4 employees)
Under Pressure Line Jetting Inc.
Legacy Business of the Year
Flowers For You.
Tourism/Hospitality Business of the Year
Ponoka Stampede Association.
(Award photos are of the winners and the sponsors of the award or a representative from the chamber board.)
“With an estimated value of $403 million annually for the tourism sector, business events play an important role in growing off-peak visitation to the region.”Dault said Taupō was aiming to increase its share of the business events market from 3.3% to 5% by 2026, and strengthening partnerships was key.DGLT figures show Taupō hosts 13,200 multi-day delegates, staying on average 2.2 nights in the region.AdvertisementAdvertise with NZME.The average national spend for business event attendees was $423 a day.Industry expert and consultant Anna Hayward addressed attendees, and the workshop also featured insights from Lisa Hopkins, Business Events Industry Aotearoa chief executive, on recent trends, the business events ecosystem, and case studies that demonstrated how to improve a region’s collective proposition.“This process begins with discovery and it’s inspiring to see so many of the region’s service and product suppliers coming together to understand the role they will play in this strategy. They are setting themselves up for future success,” Hopkins said.“Taupō has significant potential for growth in this sector and we are excited about the opportunities that lie ahead.”DGLT business events executive Louise Toulmin said location was a big driver for conference organisers and the Taupō region delivered well on this.“The accessibility from venues to activities is within arm’s reach. One moment attendees can be conferencing and within 10 minutes they can be experiencing one of our many activities.”Regional collaboration and leveraging DGLT’s programme of work to yield more operator conversion was also a focus at the conference, Toulmin said.