Draft:JohnHart Real Estate
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JohnHart Real Estate is a real estate brokerage founded in 2013 by CEO Harout Keuroghlian.[1] Real estate publication Inman nominated Keuroghlian for 2018's Inman Innovator award for the firm's innovative business model in 2018.[2] In 2019, tech-real estate company Zillow partnered with JohnHartReal Estate when it brought on JohnHart Real Estate Vice President John Maseredjian as one of its broker partners for its Zillow Offers initiative.[3]
Business Model
[edit]The JohnHart Real Estate brokerage is noted for using a business model in which real estate agents are assisted by an in-house support team of marketers, attorneys, software developers, and agent assistants, allowing them more time to prospect for business and mentor junior agents. Support staff also includes agent liaisons; licensed staff members who have worked on a minimum of 500 transactions and who direct transactions for JohnHart Real Estate's agents while serving as middlemen between agents and support staff. In 2018, agents at JohnHart Real Estate were averaging eight listings per year using this business model. To compensate the support staff, JohnHart Real Estate utilizes an untraditional 80/20 commission split with no cap.[2]
Maseredjian highlighted the company's adoption of teleconferencing software to circumvent hardships posed by the global COVID-19 pandemic, citing video calls as a means of remotely showing properties to potential homebuyers and Zoom Video Communications to chat face-to-face with clients without compromising shelter-at-home guidelines. He credited virtual walkthroughs with lending efficiency to the process of searching for a home but also emphasized the importance of the "tactile experience" of touring a home in person.[4]
Philanthropy
[edit]In March 2020, as California businesses began temporary closures in response to the global COVID-19 pandemic, JohnHart Real Estate instituted a contest for children to design a tote bag, offering a distraction to stresses associated with the coronavirus.[1]
Legal Disputes
[edit]Following an October 31, 2023 ruling in which a civil jury determined that The National Association of Realtors (NAR) had conspired to inflate commissions paid to homebuyers' real estate agents, NAR and its codefendants were ordered to pay damages nearing $1.8 billion.[5] In 2024, JohnHart Real Estate entered into a dispute over its inclusion in T3 Sixty's 2023 Real Estate Almanac, an annual report that tracks real estate metrics. The Almanac showed that JohnHart Real Estate transacted $2.68 billion in 2022, effectively putting them over the $2 billion threshold for representation in NAR's commission settlement agreement. NAR stipulated that brokerages that exceeded the $2 billion threshold in 2022 would not be covered by their settlement and would thus need to mediate on their own. After a ruling declaring that the sales figures published by the Almanac would be considered "irrebuttable presumption", JohnHart Real Estate's Legal Counsel, Brittany Porter, disputed the Almanac's figures and claimed that T3 Sixty had told her they would be issuing a correction.[6]
References
[edit]- ^ a b Herrera, Jose (March 26, 2020). "Realtor organizes dream house tote bag contest for kids". Beverly Press. Retrieved August 16, 2024.
- ^ a b Taufen, Amber (July 13, 2018). "Meet the Inman Innovator finalists: Most Innovative Broker-Owner". Inman. Retrieved August 16, 2024.
- ^ Maio, Pat (December 9, 2019). "Zillow launches its high-stakes home-flipping business in LA". The Real Deal. Retrieved August 16, 2024.
- ^ Juang, Mike (July 11, 2020). "Home buying and selling went virtual during the pandemic. Can it stay that way?". CNBC. Retrieved August 16, 2024.
- ^ Kamin, Debra (October 31, 2023). "Home Sellers Win $1.8 Billion After Jury Finds Conspiracy Among Realtors". The New York Times. Retrieved August 16, 2024.
- ^ Anderson, Taylor (July 19, 2024). "'Irrebuttable' sales claims trap brokerages in settlement limbo". Inman. Retrieved August 16, 2024.