Andrea Brambila for Inman News: Bombshell multibillion-dollar commission suit now a class action
“In a serious blow to the National Association of Realtors and major real estate franchisors, potentially millions of homesellers can ask to be reimbursed for billions in commissions they paid to buyer agents between 2015 and 2020 as a result of a federal court ruling on Wednesday.”
Welp, here we go. I’ve been holding off writing about this in the hopes I come up with some sort of positive spin. But I don’t have one. After reading the judge’s memo, it seems she has her mind made up. And I’m afraid all the nuances of our business are going to be lost to someone who wants to take the advice of someone who says…
“…in more competitive markets, the increasing use of the internet has reduced consumer costs, highlighting how increases in the number of consumers using the internet to book air travel and to trade stocks has been accompanied by corresponding decreases in commissions for travel agents and stockbrokers.”
Buying a house ≠ Buying a plane ticket
Buying a house ≠ Buying a stock
And Zillow can’t smell the cat.