Why the landmark settlement that changed how Realtors get paid may not be fully settled
CNN
The US Department of Justice threw even more doubt into a new way of paying for real estate brokers this week, raising concerns about a recent wide-ranging legal settlement.
The US Department of Justice threw even more doubt into a new way of paying for real estate brokers this week, raising concerns about a recent wide-ranging legal settlement. The DOJ’s objections have left many Realtors—already uncertain about the future of their industry—scratching their heads over how to negotiate pay without breaking the law. The new rules included in the settlement represented the biggest upheaval to the US real estate market in a century, sowing worry among real estate professionals. Now, the looming threat of an even longer legal slog has compounded that confusion. “I think there’s been a high level of frustration through the whole process, especially for agents who feel like they haven’t broken a single rule,” said Leo Pareja, the CEO of eXp Realty, one of the largest residential real estate brokerages in the US. The $418 million settlement binds the more than 1.4 million members of the National Association of Realtors to a new set of rules, after critics said previous practices illegally pushed home sellers to shell out 5% to 6% commissions split between the buyers’ and sellers’ agents. The NAR settlement was originally announced in March, and the new rules took effect in mid-August. But just two days before a judge was set to approve the settlement terms, the Justice Department said in a filing that a new requirement that potential homebuyers and their brokers enter into a written agreement before touring homes together raises antitrust concerns.
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