Realtor must pay $1.8B for inflating commissions
Realtor must pay $1.8B for inflating commissions
The National Association of Realtors and other industry players conspired to boost the commissions paid to real estate agents, jury rules.
Maybe high realtor commissions will come down now. Would you really care if your U.S. realtor shows up in a Civic instead of a Cadillac?
Realtors getting a percentage commission has always been a scam,
I just sold my house, and paid the realtor $39k for 2 weeks of work (likely only about 12 hrs of actual work). Scam is putting it lightly.
Compared to what? A flat rate?
Yeah, or a scale based on actual effort, not purely his much a home is worth.
A system which aligns incentives would be one where the commission is based on a percentage of anything above a certain sale price. This way, the realtor is incentivized to find a buyer at the very least at that price, and to find the highest possible price to get as much commission as possible.
is it a requirement to have a realtor or is just just a massive convenience factor, if it's a requirement I would be for a restriction to force flat rate but, if it's optional I would say just find one that wasn't commission based
The article is about an org that controls the industry standard house listing service, that will not list your house if you dont agree to the commission structure,whixh excludes the vast majority of buyers.
The jury found that they were applying monopolistic power. Its not literally required, but it's actually required.
It's not required, but it's a bit like a cartel. You can't get listed in the MLS without a realtor. Many buyers agents also avoid any for sale by owner properties.
If you still want help with the home buying process a lawyer can write up a contract for a few hundred dollars. Similarly as a seller you can have a lawyer review offers.
Required in most states afaik
Lol I first read this as "Redditor" instead of "Realtor" and was absolutely horrified by the power of this one individual to cause damage worth billions.