The National Association of Realtors has reached a settlement of claims that the industry conspired to keep agent commissions high in a deal that will change how Americans buy homes.
The National Association of Realtors has reached a nationwide settlement of claims that the industry conspired to keep agent commissions high, it said Friday, a deal set to usher in the biggest changes to how Americans buy and sell homes in decades.
If the settlement is approved by a federal court, listings of homes for sale in most parts of the country would no longer include upfront offers to buyers’ agents starting in mid-July, and buyers would be able to negotiate compensation upfront with their agents. The settlement money will be distributed to recent home sellers nationwide.
Buyers were cut out pretty much entirely from negotiating commissions and I think this will invite them under that tent," said Benjamin Brown, co-chair of the antitrust practice at Cohen Milstein, one of the firms representing plaintiffs in the Chicago case. NAR interim CEO Nykia Wright said the association "has worked hard for years to resolve this litigation in a manner that benefits our members and American consumers.
If fewer buyers use their own agents, that could push some agents out of the industry and lead to a decline in NAR’s membership. NAR has 1.5 million members, known as Realtors. Ryan Tomasello, a real-estate industry analyst with Keefe, Bruyette & Woods, has predicted that the lawsuits could eventually lead to a 30% reduction in the $100 billion that Americans pay annually in real-estate commissions and reduce Realtor head count by more than half.
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