A recent lawsuit in Georgia has targeted the National Association of Realtors (NAR), along with prominent corporate brokerages, and local real estate firms, accusing them of participating in anti-competitive practices. The lawsuit claims that these entities have engaged in antitrust activities by conspiring to fix commission rates and eliminating competition in the real estate market. The defendants allegedly enforced a rule that mandates sellers pay a 6% commission, with half going to the listing agent and half to the buyer’s agent, restricting any flexibility for negotiation.
Key points:
– Lawsuit filed in Georgia accuses NAR, corporate brokerages, and local real estate firms of colluding to fix commission rates and hinder competition.
– Lawsuit alleges that a 6% commission rate with an even split between listing and buyer’s agents is enforced, limiting room for negotiation.
– Defendants are accused of conspiring to stifle alternative business models and maintain their dominance in the real estate market.
The outcome of this lawsuit could have significant implications for the real estate industry, potentially challenging the dominance of traditional brokerages and opening the doors for more flexible commission structures. As more attention is drawn to the issue of commission rates and competition, it remains to be seen how this legal battle will unfold and whether it will lead to industry-wide changes.
You can read this full article at: https://www.housingwire.com/articles/new-georgia-copycat-commission-lawsuit-names-atlanta-area-firms/(subscription required)
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