Some are calling it a seismic settlement that could upend the bedrock of the residential real estate market.
The National Association of Realtors (NAR) has agreed to pay $418 million in damages and eliminate its rules on commissions to settle several antitrust class action lawsuits.
“I think it’s really an exciting development. It will lead to major changes in how real estate brokers are compensated,” said attorney Marisa Katz, who represented a home seller in Minneapolis who was the first to file one of the suits.
Katz says that currently, a seller pays their real estate agent a standard 5% to 6% commission, which the agent then shares with the buyer’s agent.
Critics have said that the policy kept commissions artificially high.
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