Update on Buyer Broker Commission Lawsuits - Ep 202
On this episode of the Real Estate Fight Club, Jennifer, Rachael, and Saul Klein talk about an "Update on Buyer Broker Commission Lawsuits"
Tune in and find out more about what would happen if it wasn't an automatic where you got compensated because one of the MLS rules changed. And the MLS no longer was an offer of compensation.
Episode Highlights:
- What if now, it wasn't an automatic where you got compensated because one of the MLS rules changed? And the MLS no longer was an offer of compensation.
- Civil cases are saying that sellers spend millions of dollars more than they need to because they were forced to offer compensation to buyer's agents and they shouldn't be
- A MLS chose to pay 3 Million to settle a lawsuit about compensation complaints
- The settlement is called injunctive relief. It stops antitrust practices and monetary damages.
- The injunctive relief is number one, eliminating the requirement that a seller must offer compensation to a buyer broker.
- The settlement requires the broker for the seller to provide notice to the seller that the seller is not required to offer compensation to a buyer
- The new model saves sellers and real estate consumers millions of dollars
3 Key Points:
- Civil cases are saying that sellers spend millions of dollars more than they need to because they were forced to offer compensation to buyer's agents and they shouldn't be
- The adjunctive relief is eliminating the requirement that a seller must offer compensation to a buyer broker.
- The settlement requires the broker for the seller to provide notice to the seller that the seller is not required to offer compensation to a buyer
Tweetable Quotes:
- “This matters because most agents aren't buyer's agents. I mean, a lot of people are and that's how they make their money, but they're not getting buyer agreements, even though Rachel and I tell you to all the time” - Jennifer Murtland
- “I would bet that pretty much most people in the industry that take listings don't present this to a seller in a way that they can make an informed choice” - Saul Klein
- “The seller is not going to accept an offer that financially doesn't make sense to them.” - Jennifer Murtland
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