Antonio Pequeño IV is a breaking news reporter based in Los Angeles. Prior to joining Forbes, Antonio was a reporter with the San Fernando Valley Business Journal and Los Angeles Business Journal covering the local finance and biotech sectors. He is a graduate of CSU San Marcos and the University of Southern California. Tips: apequeno@forbes.
The National Association of Realtors and top residential brokerages were ordered to pay $1.
Home sellers specifically accused brokerages including Keller Williams Realty and HomeServices of America of collaborating with the association to keep commission rates high.that requires sellers to make a nonnegotiable commission offer to buyers’ agents before listing a home online—a commission around 5% to 6% and a rule that plaintiffs alleged stifled competition and resulted in higher home prices.
Sellers would no longer be forced to pay buyers’ agents while the agents could set their own commission rates under the verdict.The verdict opens up the possibility for similar lawsuits in other states.
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