Ep. 107 - Will Real Estate Commissions Change After This Class Action Lawsuit?

In this episode, Quinton provides an in-depth explanation of the recent class action lawsuits against major real estate brokerages over alleged inflated commissions, which could bring seismic changes to how real estate is bought and sold. He outlines the background, claims being made, settlements reached, potential outcomes, and what it all means for the future real estate landscape. Though uncertain times lie ahead, Quinton argues that buyers still need representation and that while costs may get cut in the short term, in the long run the consumer often loses when that happens.

[00:00 - 11:14] - Background on the class action lawsuits

[11:15 - 16:29] - Settlements already reached by Realogy and RE/MAX

[16:30 - 18:34] - $1.8 billion verdict against NAR and other defendants

[18:35 - 20:22] - Potential modifications coming to real estate contracts

[20:23 - 25:58] - Unintended consequences especially for certain loan types like VA and FHA

[25:59 - 31:57] - Conclusion - Appeals are likely but change is coming

Key Quotes:

"The stage is set to change the way real estate is bought and sold moving forward." - Quinton Harris _______________________

Search for “What’s Your 1 More” on YouTube to enjoy highlights and full video episodes. Watch the podcast on Spotify for full video episodes, Q&As, and community polls!

Do you want to master your finances and financial leadership? Connect with us on Facebook, Twitter, and Instagram.

Bank of England is a nationwide lender that takes the time to understand your needs and structure the right mortgage for you and your family. Find your local branch at https://www.boemortgage.com/.

Please subscribe, share, and leave a review to let us know you want to keep the content coming!