Have you, as a consumer, heard about this "commission lawsuit" going on with the National Association of Realtors and all the major real estate brands, including Century 21, Kenner Williams and RE/MAX? Well, all of the major brands involved in this lawsuit have now settled.
But what is this lawsuit all about?
Well, basically what it says is that, for years real estate agents as a whole have been forcing sellers to pay a buyer's agent's commission, in fact forcing customers to pay somebody else to negotiate against them. And that's the basis of the lawsuit, and they have a darn good case, just so we're clear.
That's why two of the major companies that have involved in this lawsuit have already settled.
RE/MAX just settled for $55,000,000. That's a lot of money. Well, probably not in a class action lawsuit of this size, but we'll see how that goes. They might just be going after bigger fish.
So what does that mean for you as a consumer?
It means the real estate is changing as a whole and you, as a consumer, have an opportunity to take advantage of this. Get informed, know how it impacts you as a buyer or as a seller. I'm going to keep you posted on how this affects you so keep reading this blog, and for more information, please call or text me at (714) 844-5696.