Commissions have remained around 5% – 6% of the sale price even as home values have skyrocketed. According to the Wall Street Journal many buyers do more of the work finding a home themselves online. The lawsuit claims there was collusion to keep commissions high. The litigation that could end up changing how millions of Americans buy and sell homes was hiding in plain sight for three decades.
“The current set of rules governing how agents are paid, which effectively mean sellers are the ones who set compensation for buyer agents, date to the 1990s. Those rules have come under significant scrutiny, particularly as commissions have remained around 5% to 6% of the sale price even as home values have skyrocketed and many buyers do more of the work finding a home themselves online.
A Kansas City jury last month delivered a $1.8 billion verdict to home sellers in Missouri against the National Association of Realtors and major brokerages, finding they had conspired to keep commission rates high.” -Wall Street Journal
How the $1.8 Billion Real-Estate Commissions Lawsuit Came to Be
The Casey Samson Team has charged 4.5% for full service state-of-the-art listings since 2007.
- Charge 4.5% for full service listings while using state-of-the-art pricing and marketing tools using Top Producing agents.
- Give buyer rebates because online search engines that allow buyers unprecedented access to inventory.
Our tools allow us, and our sellers, to have a 97% success rate on selling our listings, while the rest of the market has 55% success rate.
Our lower listing commissions, state of the art tools and professional top producers have allowed us to achieve the #1 Medium Team (10 agents or under) in Virginia.
For more on the lawsuit, watch Coffee with Casey below…