The company is changing its practices so that clients can more easily understand how brokers and agents are compensated.
The New York-based company also agreed to change its business practices to ensure clients can more easily understand how brokers and agents are compensated for their services, according to the filing with the Securities and Exchange Commission.
The plaintiffs argued that home sellers listing a property for sale on real estate industry databases were required to include a compensation offer for an agent representing a buyer. And that not including such “cooperative compensation” offers might lead a buyer’s agent to steer their client away from any seller’s listing that didn’t include such an offer.
NAR also agreed to several policy changes, including prohibiting brokers who list a home for sale on any of the databases affiliated with the NAR from including offers of compensation for a buyer’s agent. Compass’ $57.5 million settlement is about a tenth of what the brokerage would have paid were it to opt in to the NAR’s settlement, according to data from Ladera Ranch-based consulting firm T3 Sixty.
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