OPERATIONS: ADJUSTING TO CHANGE
Lawsuit Outcome Portends Massive Changes for Realtors
TO PREPARE, CONSIDER OPTIONS LIKE SYNDICATIONS.
NEIL TIMMINS
R ealtors, change is coming for our industry. The jury in the Sitzer/ Burnett versus NAR lawsuit ruled in favor of the home sellers to the tune of $1.8 billion and accused NAR (among others) of inflating commissions, hampering negotiations, steering listings,
and inhibiting competition. The judge has yet to issue his final verdict, which could treble that amount to more than $5 billion. More lawsuits are slated for next year, with new cases sure to follow. The reality is this: Whether or not you agree with the lawsuits, change is inevitable.
Although the repercussions will take years to play out, consumers outside of our industry are on alert. USA Today, The New York Times, the Wall Street Journal, Apple News, and other nationally distributed news outlets have made the general public aware of the lawsuits.
46 | think realty magazine :: january – february 2024
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