Who pays the buyer agent's commission? Does the seller pay the commission? Does the Listing Agent?
Your REALTOR® is getting sued! Okay, not your REALTOR® personally but there's a class action law suit accusing the National Association of REALTORS® (NAR) and some of the Multiple Listing Service providers to have conspired in violation of anti-trust laws. Filed against the NAR, Realogy, HomeServices of America, RE/MAX and Keller Williams, the suit alleges that the MLS providers conspired with NAR to require sellers to pay buyer’s broker’s fees at inflated rates in violation of anti-trust laws.
LET'S TALK ABOUT IT! What do YOU think?? Will this lawsuit change commissions? Will the Class Action Lawsuit of NAR, Re/Max, Keller Williams Change Real Estate in the US?
#NARLAWSUIT #AntiTrust #LawsuitAgainstNationalAssociationOfRealtors
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A statement from Katie Johnson, NAR General Counsel & Chief Member Experience Officer
“We want you to know that yesterday, a class action lawsuit was filed in the Northern District of Illinois against the National Association of REALTORS® and four large brokerage companies alleging that the defendants conspired to restrain price competition among buyer brokers via promulgation of NAR’s MLS rules. The complaint is baseless and has no merit. We are currently conferring with outside counsel on strategy and we will keep you abreast of developments.”
When asked by the media for a comment, NAR is sharing the following official statement:
"The complaint is baseless and contains an abundance of false claims. The U.S. Courts have routinely found that Multiple Listing Services are pro-competitive and benefit consumers by creating great efficiencies in the home-buying and selling process. NAR looks forward to obtaining a similar precedent regarding this filing." Mantill Williams, VP of Communications, National Association of REALTORS®
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#NARLAWSUIT #AntiTrust #realtor
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