If you’ve ever sold a home, you’re probably familiar with the standard 6 percent sales commission that goes to the agents. But are you really required to pay 6 percent?
Not according to the National Association of Realtors, the powerful trade group. It says its commissions have always been negotiable. But that wasn’t clear to a group of Kansas City homeowners who sued N.A.R. in 2019, saying they were forced to pay inflated fees.
The antitrust lawsuit, along with a handful of others against N.A.R, was settled in March when the group agreed to pay $418 million in damages and amend its commission rules, which some experts say could transform the housing market.
“We were just looking out for our best interests, but we were up against this huge conglomerate,” lead plaintiff Rhonda Burnett told KCUR’s Up To Date. “I think that what we did is dramatic, but I do think that the effects are going to be years down the road.”
- Kipp Cooper, CEO of the Kansas City Regional Association of REALTORS
- Rhonda Burnett, lead plaintiff in Kansas City antitrust lawsuit against the National Association of Realtors
- Michael Ketchmark, lead attorney on lawsuit and personal injury lawyer at Ketchmark and McCreight
