With a class-action lawsuit set to begin this month, the National Association of Realtors says it’s now allowing listing brokers to offer buyer brokers nothing in compensation when listing a home on a Realtor-affiliated multiple listing service. The commission rule is, of course, being challenged in court with the trial set to begin on Oct. 16.
The Sitzer/Burnett case names NAR, Keller Williams, Anywhere, RE/MAX, HomeServices, BHH Affiliates and HSF Affiliates as defendants, claiming hundreds of thousands of Missouri homesellers should be reimbursed for more than $1 billion in commissions they paid to buyer agents over eight years. The suits alleges that NAR’s Participation Rule violates the Sherman Antitrust Act by inflating seller costs.
Now, as Inman reported, the Association is offering a new interpretation on the Participation Rule.
“NAR’s MLS policy requires participants to communicate an offer of compensation to other MLS participants and that offer can be any amount, including $0,” NAR spokesperson Mantill Williams told Inman in a statement. “And to be clear, NAR is not requiring nor encouraging MLSs to change their data fields to permit $0. We are simply advising that doing so would continue to comply with NAR’s MLS policy.”
Click here for more of Inman’s continuing coverage of the suit.