Has buying your home turned into a NIGHTMARE? National Association of Realtors must pay $1.8 billion in damages for conspiring “to artificially inflate brokerage commissions,” according to CBS News. The other real estate companies named in the NAR (National Association of Realtors) lawsuit are:
1. Keller Williams Realty
2. RE/MAX Holdings
3. HomeServices of America (a subsidiary of Berkshire Hathaway)
4. Realogy Holdings Corp. (now known as Anywhere Real Estate)
These companies were implicated alongside the NAR in the lawsuit challenging the traditional commission structures in the real estate industry. Buyer’s Choice
The future of the real estate industry will likely focus on providing more choices to buyers, emphasizing adaptability and new business practices. Buyer agents could become licensed mortgage loan originators, working closely with loan officers to handle applications, collect documentation, and pre-qualify buyers. Any new practices, like dual representation or commission restructuring, will need to comply with the Real Estate Settlement Procedures Act. (RESPA) “provides consumers with improved disclosures of settlement costs and to reduce the costs of closing by the elimination of referral fees and kickbacks. ” Ensuring that new practices adhere to regulations like the Real Estate Settlement Procedures Act (RESPA) will be critical. Compliance with legal standards will help maintain trust and integrity in the industry. https://www.nar.realtor/real-estate-settlement-procedures-act-respa#:~:text=The%20Real%20Estate%20Settlement%20Procedures%20Act%20(RESPA)%20provides%20consumers%20with,effective%20on%20June%2020%2C%201975. The real estate industry is undergoing significant changes. Those who are proactive, resilient, and adaptable to new technologies and practices will likely thrive in the coming years.Were you affected by this? Like, comment, share, & subscribe!