This is how the Boston condo for sale realtor commission blew up:
On Oct. 31, a Kansas City, Missouri jury rocked the industry when it found the National Association of Realtors and two brokerages liable in the landmark Sitzer/Burnett antitrust lawsuit over broker commissions.
The following month surfaced talking points, stock reactions and talk of industry technicalities that presented more questions than answers.
Real Estate Executives
The jury’s verdict landed in the middle of residential earnings season and NAR’s annual conference, where leadership jumped to steer the narrative and dispel misgivings. The 1.5 million-member trade group doubled down on its policies and vowed to continue fighting the onslaught of litigation.
“Just know that this is one chapter in a longer process,” NAR President Tracy Kasper said at the conference. “This is more about our consumer than it is about us, and we will fight for that.”
In addition to the usual cast of characters, the wave of litigation brought new players, including an antitrust lawyer who emerged as a disruptor for the old guard of residential real estate and fresh faces replacing some executives as shakeups hit the key parties.
As tech giants seized the moment to tout their relevance amid an industry evolution, brokerage executives brushed off concerns about the verdict’s impact on the industry and the potential toll of new lawsuits filed against them.
“We believe these lawsuits lack merit, and we intend to challenge them,” Douglas Elliman Chair Howard Lorber said during the company’s third-quarter earnings call.
As the industry appears to absorb the aftershocks of the verdict, more developments are on the horizon.
“Just know that this is one chapter in a longer process.”
Source: The Real Deal
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Updated: Boston Condos for Sale Blog 2023
Byline – John Ford Boston Beacon Hill Condo Broker 137 Charles St. Boston, MA 02114
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