| Assessing advance commission payouts and Move, MSN renew content agreement |
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Recent attempts by Extell Development to recover commissions it paid to brokers after condos at the Lucida on the Upper East Side failed to close are having a ripple effect in the industry.Indeed, it's not just the brokers in Extell's crosshairs who are worried that the advance commissions they received years ago (and in many cases spent) are now in jeopardy. During the real estate boom, when it was the norm for developers to presell units before construction was finished, it often took up to two years from contract signing to closing. As a result, many developers offered a percentage of the sales commission to agents before closing as an incentive to bring clients to their developments. [Read the full article] Chicago-area multiple listing service Midwest Real Estate Data LLC (MRED) has signed a licensing agreement with client management and direct marketing service Listingbook, MRED announced this week.MRED has more than 40,000 members in Northern Illinois, Southern Wisconsin and Northwest Indiana. Members will gain access to Listingbook services starting in 2011."(Listingbook) will allow MRED brokers and agents to register their buyers and sellers and give them access to a ... collaborative and personalized Web-based application that searches listings, provides (comparative market analyses), manages open houses, organizes tasks, and provides daily communications and informational updates between the agent and their clients," the announcement said.All rights reserved. [Read the full article] 
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