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NAR Found Guilty guilty of conspiring to inflate commissions
Posted on 10/31/23 at 12:29 pm
Posted on 10/31/23 at 12:29 pm
quote:
Missouri jury finds NAR, brokerages guilty of conspiring to inflate commissions
A Kansas City jury has found the National Association of Realtors, HomeServices of America and Keller Williams guilty of colluding to inflate or maintain high commission rates through NAR’s Clear Cooperation Rule, in the Sitzer/Burnett buyer broker commission lawsuit.
The defendants have been ordered to pay damages of $1.78 billion.
This will be interesting to see how this plays out after this verdict
1
Posted on 10/31/23 at 12:53 pm to SDVTiger
Brokers are probably one of the biggest joke professions I have to deal with.
Like talk about overpaying for a “service” lmao. They can add some value but ime they aren’t even with 0.5% much less 3%
A few years back a client of mine was looking to buy a decent sized multi family complex. The asking price was outrageous and there were multiple serious casualty issues with the property.
My client really wanted the property, but smartly realized that the property was just way too overpriced for the issues it had. I could feel the palpable hate from the broker on the other end of the phone when our mutual client made up their mind to pass on the property.
Of course we all knew this going in, but it was amusing to see it actually play out where the broker unintentionally made it crystal clear that he didn’t give a single frick about our mutual client and started lashing out when he realized the commission check for this deal wasn’t going to happen.
Like talk about overpaying for a “service” lmao. They can add some value but ime they aren’t even with 0.5% much less 3%
A few years back a client of mine was looking to buy a decent sized multi family complex. The asking price was outrageous and there were multiple serious casualty issues with the property.
My client really wanted the property, but smartly realized that the property was just way too overpriced for the issues it had. I could feel the palpable hate from the broker on the other end of the phone when our mutual client made up their mind to pass on the property.
Of course we all knew this going in, but it was amusing to see it actually play out where the broker unintentionally made it crystal clear that he didn’t give a single frick about our mutual client and started lashing out when he realized the commission check for this deal wasn’t going to happen.
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