Real Estate Commission Rates at Risk: Impending Changes After Landmark Lawsuit
TL;DR
The National Association of Realtors (NAR) in the US has been found guilty of conspiring to keep commissions for home sales high, potentially leading to a reduction in realtors' commissions by up to 30%. This could have significant implications for the NAR's 1.6 million members, with estimates suggesting that as many as 80% could lose their jobs. The ruling comes after a jury in Missouri awarded home sellers $1.78 billion in damages, and similar class-action lawsuits are set to be heard in Illinois and South Carolina. The current average commission charged by US agents is between 5 and 6 percent, more than double the average fees charged in the UK. The NAR plans to appeal the verdict.
Topics:businessreal-estate#commission-rates#lawsuit#national-association-of-realtors#real-estate#real-estate-industry#realtors
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