This meeting was recorded on Friday, July 28th, 2023 | Buyer’s Agent Commissions in View of The Class-Action Lawsuits | CEO of Benchmark Realty, LLC-Phillip Cantrell-speaks to these suits and how they stand to change the way buyers agents are compensated after they are resolved.
As of this recording, there are three major class-action lawsuits coming into clearer focus in the real estate industry that stand to change the way buyers agents are paid:
• Moehrl - March 2019, certified as a class action April 2023. Trial not set.
• Sitzer/Burnett - May 2019, certified as a class action in 2022. Trial Date setfor October 16, 2023 (backup date in February 2024).
• Nosalek - December 2020
These three make claims under the Sherman Anti-Trust Act and State Anti-Trust Acts. There are many, but the five basic claims are...
• Inflated Compensation - Including Broker & Agent Inflates Home Prices
• Steering to Listings Offering Higher Commissions - of which Clear Cooperation is claimed to be an enabling factor - if everything must be on MLS, then allegedly agents could filter out those with lower compensation, and not show them to the buyer.
• Hampered Buyer Agent Compensation Negotiation - prevents the consumer from negotiating lowest cost for their transaction & allows sub-par agents to remain in business.
• Unilateral Offers of Compensation Inhibit Competition - guaranteed shared compensation policies hampers competition as all agents get paid the same regardless of quality or service level.
• Clear Cooperation forces properties to be part of the MLS, whether they wanted to be or not, thereby guaranteeing shared compensation.
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7 авг 2024
