In a recent legal verdict, home sellers across the nation have won a substantial $1.8 billion in damages following a jury's determination of conspiracy among certain members of the real estate community. The lawsuit primarily revolved around allegations of excessive fees imposed by real estate agents, and it has far-reaching implications for both sellers and buyers alike.
The focus of the lawsuits is an NAR rule that requires that home sellers offer to pay the commission for the agent representing the homebuyer when they advertise their property on a local Multiple Listings Service, where a majority of U.S. homes are listed for sale. This is in addition to also having to cover the commission for their listing agent or broker.
Plaintiffs also claim that the NAR requirement effectively keeps commissions for a homebuyer’s agent artificially high.
Questions answered in this episode
Do you agree or disagree with the lawsuit and why?
What should we be doing now to prepare for this lawsuit?
Is this just attorneys and sellers seeing an opportunity?
How do you think this will impact the future of real estate agents?
How do you think this will impact the real estate market?
There are also other companies that will be included, or may be included, including compass, Keller Williams, redfin EXP Realty and others. To keep up-to-date on what's happening subscribe to this channel we will continue to provide information when we have it. We will also be providing information from expert real estate agents in experts in the space.
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