This article discusses the approaching trial of the class-action commission lawsuit against the MLS industry. The lawsuit, which is now nearing the final stages of decision-making by the court, aims to challenge MLSs’ commission-based business model. However, MLSs remain strongly committed to their current practices, emphasizing their value to agents, brokers, and sellers.
The lawsuit began in 2018, when the National Association of Realtors (NAR) was sued by Keller Williams Realty International, HomeServices of America and Realogy for alleged anti-competitive practices. The plaintiffs argued that the NAR’s existing policies allowed MLSs to retain a significant portion of the commission fees, at the expense of the commission that would normally go to brokers and agents.
To make their case, MLSs have outlined the numerous benefits that they provide to industry participants. These include providing market transparency, increasing competition among agents, and providing a platform to list properties. MLSs have also highlighted their commitment to data accuracy and security, as well as their global terms and conditions for business members, which offer protections such as the right to appeal a decision.
Most importantly, MLSs are highlighting their value to the real estate industry by fostering cooperation among agents, buyers, sellers, and brokers, and facilitating smooth and successful transactions.
• Lawsuit: National Association of Realtors (NAR) is facing a class-action commission lawsuit challenging its commission-based business model.
• Benefits: MLSs have outlined the numerous benefits they provide to industry participants, including providing market transparency, increasing competition among agents, and providing a platform to list properties.
• Commitment: MLSs have highlighted their commitment to data accuracy and security, as well as their global terms and conditions for business members, which offer protections such as the right to appeal a decision.
• Value: MLSs are emphasizing their value to the real estate industry by fostering cooperation among agents, buyers, sellers, and brokers, and facilitating smooth and successful transactions.
You can read this full article at: https://www.housingwire.com/articles/mls-executives-imagine-a-world-with-no-mls/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.
