Realtor

Realtors settlement brings confusion, relief to Southern California’s real estate industry – Orange County Register

One thing is known for sure about a proposed settlement of a massive antitrust case against Realtors: the home selling process is about to change, and with it, how buyers and sellers compensate their agents.

Otherwise, say members of Southern California’s real estate industry, it’s too soon to decipher the impact of the $418 million deal unveiled on Friday, March 15.

Also see: Brokerage stocks tumble after Realtors agree to commission-cutting deal

Will buyers now start paying their agents directly?

Will buyers now have to sign a contract before their agent will show them any homes?

Will lenders allow buyers to roll the cost of paying agent commissions into a slightly larger mortgage?

And ultimately, will the settlement lead to smaller commissions and lower home prices?

Also see: Homebuying’s 6% commission is gone after Realtors settle lawsuit

“There’s just a lot of moving pieces that have to be settled,” said Art Carter, chief executive of the Chino Hills-based California Regional Multiple Listing Service, which covers much of Southern California. “And I’m not going to say I have my arms around every one of those moving pieces.”

In a statement announcing the settlement, the National Association of Realtors said it agreed

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Realtor

Realtors grappling with changes to how commissions are paid

The real estate market is headed for a big shakeup because of changes to the way agents are compensated in property transactions.

While many professional services like attorneys or accountants charge by the hour, real estate agents work for a commission as a percentage of the money exchanged in a transaction. Agents only get paid when the deal closes.

In residential home sales, the total commission paid by the seller is typically 6% of the sale price. This amount is split as a “co-op” between the broker representing the seller and the broker representing the buyer and is advertised on the MLS as so. Agents then receive a portion of the commission split among the brokers.

The plaintiffs of the lawsuit successfully argued that they should not be responsible for paying the buyer’s broker’s commission.

As a result of recent antitrust lawsuits, the National Association of Realtors has agreed to settle by paying $418 million in damages and is eliminating its rules on the standard six percent sales commission model, pending court approval.

The lawsuit asserted that it was unfair for MLS to require real estate brokers to advertise payment to the buyer agent’s commission from the sale of their

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Realtor

National Association of Realtors Settlement Will Reverberate Throughout the Real Estate Industry

New rules — and a monster settlement — could start saving homebuyers and sellers thousands of dollars in lower commissions while increasing competition among brokers as soon as this summer.

While the changes work their way across the industry, the National Association of Realtors, the country’s largest trade group, has agreed to a $1.8 billion fine over four years to settle charges that the industry conspired to keep agent commissions among the world’s highest by requiring sellers to pay the selling and purchasing agent commissions, which nationally often was 5 to 6 percent. Some estimates call for an annual consumer savings of $20 billion to $50 billion due to the upcoming changes as the anti-trust case has the potential to change the way homes have been sold for generations. The early forecast is that these adjustments will provide significant changes in how real estate brokers are compensated, especially with lower commissions.

In October, a federal jury ruled that NAR had conspired to artificially inflate commissions. The ruling originated with a 2019 anti-trust suit brought by a group of Missouri homesellers arguing the industrywide practice violated anti-trust laws. As a result, buyer brokers will no longer be able to select the

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Realtor

How major real estate changes could impact homebuyers

For decades, the standard for paying buyer and seller agents in real estate transactions has been between 5-6% of the home’s sale price, split between the two agents. This summer, that structure could change as a result of the National Association of Realtors’ recent settlement, which could see buyers and sellers become more responsible for paying their own agents rather than making the sellers cover both fees.

One real estate professional believes this is good for the marketplace, making it more transparent.

“[The] NAR agreeing to cut our commissions and sellers can’t offer a buyer agent co-broke is not true,” said RJ Long, the managing partner for Coldwell Banker Prime Properties. “[Neither] NAR nor the [multiple listing services] set commissions. Our local boards do not set commissions. Therefore, they don’t have the authority to cut the commissions, the brokers do; we have that right.”

According to Long, there isn’t a fixed percentage.

“We never got to a 6%; it’s one of the biggest misconceptions in the industry right now is that we are so fixed,” he said.

As part of a settlement announced Friday, the NAR agreed to make some policy changes in order to resolve multiple class-action lawsuits brought

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Realtor

How the National Association of Realtors settlements could affect home buyers

Sacramento realtor president reacts to National Association of Realtors settlement

A LANDMARK SETTLEMENT COULD MAKE BUYING THAT FIRST HOME A LITTLE CHEAPER. THE NATIONAL ASSOCIATION OF REALTORS, SETTING A SERIES OF LAWSUITS AIMED AT ELIMINATING ITS RULES ON COMMISSIONS. AND ACCORDING TO THOSE LAWSUIT, HOMEOWNERS HAVE ARGUED THAT RULES SET BY THE ASSOCIATION FORCED THEM TO PAY WHAT THEY CALLED EXCESSIVE FEES FOR HOMES. AND JOINING US THIS MORNING IS SHERRY HOME WITH THE SACRAMENTO ASSOCIATION OF REALTORS TO TALK ABOUT THIS, BECAUSE, AGAIN, THIS IS STILL RELATIVELY FRESH. STILL VERY FLUID. BUT THIS CAN REALLY END UP BEING A JOLT TO THE INDUSTRY. ALL THE WAY ACROSS THE BOARD. OF COURSE, EVERYBODY IS REACTION TO IT IS GOING TO BE A COLLECTIVE GAS. BUT ULTIMATELY, YOU KNOW, THERE’S LET’S LOOK AT THE NUMBER OF REALTORS IN SACRAMENTO. THERE’S 8000 OF THEM. AND WE’RE DOING A VERY GOOD JOB BY AND LARGE, SELLING HOUSES. YEAH. AND THERE’S STILL SOME HOUSES TO SELL. NOT AS MUCH SUPPLY AND DEMAND ISSUES. SURE. NOT. NOT AS FAR AS THE BUSINESS MODEL ITSELF BECAUSE THIS THESE LAWSUITS REALLY STARTED TO GO AFTER, I MEAN, A NUMBER OF

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