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REX Corrects Record on National Association of Realtors Continued Anticompetitive Antics and Attempt to Evade DOJ Investigation
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DOJ Quietly Resumed NAR Probe Days After Settlement Withdrawal
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Real estate commissions are inflated by as much as $50 billion per year due to the lack of price competition created by having listing brokers set co-op fees for buyer brokers, according to the report in the Berkeley Business Law Journal.
Inman Connect
Real estate commissions are inflated by as much as $50 billion per year due to the lack of price competition created by having listing brokers set co-op fees for buyer brokers, according to an article in the Berkeley Business Law Journal published this month.
The article, called “Obstacles to Price Competition in the Residential Real Estate Brokerage Market,” is authored by Mark Nadel, an attorney and policy advisor for the Federal Communications Commission (FCC) since 1990. In a footnote, Nadel stresses that the article represents solely his personal views, however. Nadel wrote a similar paper back in 2006 in which he criticized the real estate industry’s commission structure and said commissions were inflated by $30 billion.
Homesellers have filed another lawsuit against real estate brokerage giants Realogy, RE/MAX, Keller Williams and HomeServices of America challenging the industry practice of having sellers pay buyer brokers. But this suit also adds a new defendant: multiple listing service MLS Property Information Network.
While two suits filed last year known as Moehrl and Sitzer after two lead plaintiffs sued the above-named brokerage companies, they also sued the National Association of Realtors. The latest suit, filed on Dec. 17 by homesellers Gary Bauman, Mary Jane Bauman and Jennifer Nosalek in a federal court in Massachusetts, does not name NAR as a defendant and instead has named Shrewsbury, Massachusetts-based MLS PIN.