Agent Commissions Getting Cut by 30%?
Two class action lawsuits filed against the National Association of Realtors (NAR) and four major real estate brokerages allege that commission-sharing practices require sellers to pay commissions for both the buying and selling agents.
The research estimates that a competitive market for commission rates could have saved sellers an estimated $72 billion in 2022, which, in turn, could have been reflected in lower home prices.
According to the Dallas business journal, "Keefe Bruyette & Woods estimates a broad "unbundling" of commissions could trigger a 30% drop in annual commissions for real estate agents, as well as a significant decline in the number of real estate agents doing business."
As an agent, how should you be reacting to this? What should you change about your daily habits with this information? We tackle that on today's episode!
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