Real Estate Commission Settlement Will Change How Americans Buy and Sell Homes
Posted by Cary W Porter on
If commissions are decoupled, researchers believe the competition will drive real estate commissions down.
A groundbreaking $418 million legal agreement could drive down commission rates and shrink the number of real-estate agents.
As an example, the DOJ cites Northwest MLS (NWMLS), which no longer requires listing agents to make offers of buyer broker compensation in order to list a property. Despite this being allowed, the practice of cooperative compensation continues, and agent commissions have not changed.
“As long as sellers can make buyer-broker commission offers, they will continue to offer ‘customary’ commissions out of fear that buyer brokers will direct buyers away from listings with lower commissions — a well-documented phenomenon…
242 Views, 0 Comments