The recent jury verdict, which ruled against the National Association of REALTORS and other brand firms like ReMax, Keller Williams, et al., marks a pivotal moment for brokers’ commissions. It signifies the beginning of the end for these fees, paving the way for a future where seller fees and buyer fees will be eradicated. This transition mirrors the transformative journey undergone by the music industry, where vinyl records, CDs, and tape recordings became obsolete. Just as we take inspiration from history, we can envision a future without these unnecessary fees. It is important to emphasize that in no other monetary transaction does a seller pay someone else to negotiate against their own best interests. Additionally, both the seller agent and the buyer agent strive to secure the highest commission possible.
And those of you that ask what will people do when it comes to buying a home? Who will help/protect them? That is simple, just look to the service providers who have a vested interest in protecting themselves and by virtue the buyer and seller will also be protected. Those are the bank, title companies, home inspectors, closing attorneys and flat fee services. I can tell you from my own experience as a home owner and a broker/agent that the biggest risk for homebuyers and sellers is the greed and collusion nature of REALTORS when both agents are being paid a commission directly related to homes selling price and getting the deal closed at any cost.
The current demise of the National Association of REALTORS is self inflicted. I have been an active, licensed broker in residential real estate for more than two decades and served on several MLS boards. And I can tell you my own firsthand experience that as a former MLS member of the National Association of REALTORS they are only concerned with preserving the supposedly negotiable 6% broker commission. Not once in all the hundreds of events of I attended and in none of the association training I was a part of have they ever been about protecting clients, reducing costs or anything but preserving that 6% commission. Fact.
There are a great number of online groups, threads and forums that serve REALTORS for various discussion. I can tell you that the single most discussed topic since the decison reached against NAR is not how much this is going to help consumer but how much it will cost REALTORS. How dare they!
In all honesty it surprises me that it has taken this long for consumers to realize how much they have been taken advantage of by so called consumer associations such as NAR. My former boss at REX Jack Ryan saw it early on and took decisive, laser focused attention to this cartel like behavior and his company paid the ultimate price by shuttering REX.