The outcome of the trial will likely have far-reaching implications, not only for how real estate agents get paid by clients, but also in political terms: Realtors are some of the most politically active donors in Florida.
A federal jury in Kansas City on Tuesday found the National Association of Realtors (NAR) and some of the largest real estate brokers in the country guilty of colluding to inflate real estate commissions.
Why it matters: The verdict is a major shake up to the U.S. real estate market and could change how Americans purchase homes, or specifically, how they pay for broker fees.
When I was in the business, the fee was 6% for the sale and it was split between the listing agent and the selling agent. Rentals were at 10% and split the same way. Being out of the business for several decades now, I have been informed that the fees are basically the same.
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2 comments:
Most realtors are very greedy and corrupt! Glad they got them this time, have never come across one decent realtor in all my life.
@8:25...that's too bad as they operate under a Code of Ethics. I was in the business for 25 years and never ran into a scrupulous or unethical real estate salesman...NEVER.
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