National Association of Realtors approves $418 million settlement
The National Association of Realtors has agreed to a landmark settlement that would eliminate real estate brokers’ long-standing commissions, commonly of up to 6% of the purchase price.
Instead, home buyers and sellers would be able to negotiate fees with their agents upfront. If the $418 million legal agreement is approved by a federal court, consumer advocates predict the ranks of real estate agents will be thin, further driving down commission prices.
“For years, anti-competitive rules in the real estate industry have financially harmed millions,” said Benjamin Brown, managing partner at the Cohen Milstein law firm and one of the