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Published Date 3/18/2024

. No doubt about it. The real estate industry just got hit with a massive life change, and along with it, consumers who rely on experts to help them buy and sell their homes. NBC News’ Christine Romans and Rob Wile report on a groundbreaking $418 million settlement by the powerful National Association of Realtors (NAR) set to usher in the most sweeping reforms the American real estate market has seen in a century, the results of which could dramatically drive down homebuyers’ costs — and push some real estate brokers out of business. For decades, the NAR has required home sale listing brokers to provide an offer of compensation to a buyer’s agent upfront. That usually comes out to about 6%, split between a seller’s broker and a buyer’s agent. While agents have always claimed those fees to be negotiable, it has been the standard for decades, sometimes steering buyers’ agents away from showing homes listed for lower compensation commissions. Now it has come under intensifying scrutiny, with critics comparing it to price-fixing, even likening it to a cartel. This comes on the heels of a Kansas City federal court finding the longstanding practice to be a form of collusion that artificially inflated real estate fees, awarding a massive $1.78 billion judgment against NAR. Reach out for more! NBC News, TBWS

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