I’ve previously posted about consumer lawsuits across the country challenging various aspects of the Multiple Listing Service under unfair competition and antitrust laws.
Today, the National Association of Realtors announced it had agreed to a global settlement of these cases. In addition to a payment of $418 million in damages, Realtors have agreed to get rid of several existing policies, including:
- The requirement that sellers’ agents make offers of commission to buyers’ agents
- An elimination of a required 5-6% commission rate
- The removal of commission rates in MLS listings (which consumers alleged led to “steering” by buyers’ agents to homes with higher rates)
Early media reports suggest that these changes will upend the real estate industry, driving home prices down, but also potentially pushing agents out of the industry.
The Realtors press release is available here.
