The Seattle-headquartered Redfin (NASDAQ:RDFN) has become the latest brokerage to announce a settlement of lawsuits related to claims of inflated broker commissions – in this case, a $9.25 million agreement.
The company agreed to the settlement on Friday and disclosed it today in a regulatory filing with the U.S. Securities and Exchange Commission. The settlement, which requires court approval, will resolve pending class action lawsuits filed in the U.S. District Court for the Western District of Missouri and will also protect the company from litigation in similar cases in other jurisdictions.
“Resolving this litigation now and removing uncertainty is in the best interest of the company, our employees, and our investors,” the company said in a statement.
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But those fkn lawyers can get 33/% let’s sue them next
Amen
I have a hard time believing that NAR and Redfin caved in. Sorry, I’m one who will go down fighting to the end if I know I’m right. Commissions have always been negotiated with either the seller or the buyer. It is only by circumstance that the figure may have reached a consistent level across the country.
It costs to advertise in periodicals, MLS’s have dues and membership fees, NAR has membership fees. As agents we celebrate a sale with our client/s (buyer and/or seller) and pay for that celebration/gift. It is the cost of business. In addition, every agent has to live by paying their own living expenses.
I’ve never lived outside the US, but in reading I understand it is less expensive to live outside the US. Therefore, if I were an agent out there, I could pay my work and living expenses with less of a commission. What should have been compared was the cost of living in other countries and compared the commission charge with expenses (Cost of Business & Cost of Living). I imagine the net result would not be much different than the net result is here in the US.
Well said Richard. Could not agree more.
READ THIS! PUBLISHED 01/08/2024
Tracy Kasper, the president of the National Association of Realtors, on Monday said she was resigning after a blackmail threat.
Kasper’s predecessor as president, Kenny Parcell, resigned last summer after The New York Times published a story detailing claims he sexually harassed women he worked with.
NAR CEO Bob Goldberg resigned in November after a federal jury found the group and some residential real estate brokers liable for a conspiracy to artificially inflate brokers’ commissions from home sales.
THEN READ THIS: PUBLISHED 11/19/2020
The Department of Justice today filed a civil lawsuit against the National Association of REALTORS® (NAR) alleging that NAR established and enforced illegal restraints on the ways that REALTORS® compete.
The Antitrust Division simultaneously filed a proposed settlement that requires NAR to repeal and modify its rules to provide greater transparency to home buyers about the commissions of brokers representing home buyers (buyer brokers), cease misrepresenting that buyer broker services are free, eliminate rules that prohibit filtering multiple listing services (MLS) listings based on the level of buyer broker commissions, and change its rules and policy which limit access to lockboxes to only NAR-affiliated real estate brokers. If approved, the settlement will enhance competition in the real estate market, resulting in more choice and better service for consumers.
THIS IS WHERE IT ALL STARTED! WILL SOMEONE HELP FIGURE THIS OUT!