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In Landmark decision, Jury Finds Realtors Conspired to inflate Commissions|$1.8 B verdict
Posted on 10/31/23 at 1:56 pm
Posted on 10/31/23 at 1:56 pm
Per WSJ:
LINK
Per Yahoo finance:
LINK
quote:
The verdict, which hands loss to brokerages and industry trade association, could upend the home-sale industry
LINK
Per Yahoo finance:
quote:
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. Treble damages could result in the NAR and brokerages paying more than twice that amount. It also opens the door to additional potential class-action lawsuits being filed in other states.
LINK
This post was edited on 10/31/23 at 2:05 pm
17
Posted on 10/31/23 at 1:57 pm to jbraua
Couldn't have happened to a better group of people
Posted on 10/31/23 at 1:58 pm to jbraua
Posted on 10/31/23 at 1:58 pm to jbraua
How do I get my chunk of this?
Posted on 10/31/23 at 2:00 pm to OysterPoBoy
for real.....my real estate guy was awesome, but the listing agent was arse. we got taken advantage of and didn't realize until too late.
Posted on 10/31/23 at 2:00 pm to jbraua
Good. Them & attorneys are the biggest grifters
Posted on 10/31/23 at 2:05 pm to PrecedentedTimes
quote:
Them & attorneys are the biggest grifters
Title attorney's are the worst of all.
me: i can has house?
Title attorney: that'll be $2000 for me to google the address and another $500 for the insurance policy in case i frick up.
Posted on 10/31/23 at 2:06 pm to jbraua
Only several decades too late.
I have remained stunned at how sticky the ridiculous 3% and 3% pricing has stayed in force in the internet age.
The several times I've had to list in the past 10 years or so, I would always find a listing agent that would take 1% (1.5% max) and when I would direct the listing agent to write the listing such that the selling agent was only paid 1-2% instead of 3%. They would just tell you straight up: the selling agents will boycott such listings.
frick all of these motherfrickers.
I have remained stunned at how sticky the ridiculous 3% and 3% pricing has stayed in force in the internet age.
The several times I've had to list in the past 10 years or so, I would always find a listing agent that would take 1% (1.5% max) and when I would direct the listing agent to write the listing such that the selling agent was only paid 1-2% instead of 3%. They would just tell you straight up: the selling agents will boycott such listings.
frick all of these motherfrickers.
Posted on 10/31/23 at 2:07 pm to Thracken13
quote:
for real.....my real estate guy was awesome, but the listing agent was arse. we got taken advantage of and didn't realize until too late.
This. Our agent was great but the listing agent lived in the home and didn't disclose it.
Posted on 10/31/23 at 2:10 pm to jbraua
The realtors I know are mostly good people. I feel like I only get half truths from them though.
They worked harder for us for the $600,000 primary residence than they are for the $200,000 investment properties we are looking at for obvious reasons.
Some realtors don’t give a shite about the smaller sales.
They worked harder for us for the $600,000 primary residence than they are for the $200,000 investment properties we are looking at for obvious reasons.
Some realtors don’t give a shite about the smaller sales.
Posted on 10/31/23 at 2:11 pm to Thracken13
quote:
my real estate guy was awesome
quote:
we got taken advantage of and didn't realize until too late.
Then it sounds like your agent wasn't as awesome as you thought he was
Posted on 10/31/23 at 2:12 pm to sidewalkside
So what was the conspiracy exactly? How do you inflate something that is negotiable?
Posted on 10/31/23 at 2:15 pm to J_Hingle
I haven’t read the case but I’m assuming it was collusion to not show prospective buyers properties that weren’t going to pay them 3% commission.
Posted on 10/31/23 at 2:16 pm to jbraua
quote:
also opens the door to additional potential class-action lawsuits being filed in other states.
So plantiffs get $1.49. Attorneys get boats, but as long as the defendants pay.... That's justice!
Posted on 10/31/23 at 2:17 pm to J_Hingle
quote:
So what was the conspiracy exactly? How do you inflate something that is negotiable?
It's right there in the story that was pasted:
quote:
A Kansas City jury has found the National Association of Realtors, HomeServices of America and Keller Williams guilty of colluding
Posted on 10/31/23 at 2:21 pm to JohnnyKilroy
quote:Correct. They can rot in the 9th circle for this shite.
collusion to not show prospective buyers properties that weren’t going to pay them 3% commission.
Posted on 10/31/23 at 2:22 pm to jbraua
How much of what we are seeing with increased prices across the board inflation versus corporate greed?
Posted on 10/31/23 at 2:22 pm to Big Scrub TX
Hmm interesting, I wonder how they proved it.
Posted on 10/31/23 at 2:23 pm to JohnnyKilroy
I've had agents flat out tell me they won't show properties with <3% commission rate. frick em. I will always sell by owner and always try to buy by owner
Posted on 10/31/23 at 2:24 pm to TheOcean
Well that’s hilarious, they’re missing out on a ton of business
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