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Changes may soon be on the horizon for real estate commission rates after a Kansas City jury determined – in a $1.8 billion judgement in October – that commissions had been inflated and that ...
The structure has kept average commissions near 5%, even though technology has made the home-buying process more efficient and the number of real estate agents has climbed, making competition more ...
Rhonda Burnett, the lead plaintiff, testified about her experience with a real estate agent from HomeServices of America subsidiary ReeceNichols. According to Burnett, the agent gave her a contract to sign with a commission rate of 6% already filled in, and she was told that the rate was non-negotiable. [12]
On Aug. 17, rules surrounding real estate commissions are set to change thanks to a legal settlement between the National Assn. of Realtors and home sellers. Proponents hope the new rules will ...
It depends on the attorney, the type of case and the fee agreement. In the United States, contingency fees are standard in personal injury cases and are less common in other types of litigation. Most jurisdictions require contingent fees to be "reasonable", resulting in a typical contingent fee of 33-45% of any eventual recovery.
By some estimates, real estate commissions could fall between 25% to 50%, according to a March analysis by TD Cowen Insights. This could pave the way for real estate companies with alternative ...
The lawsuits in Missouri and now in South Carolina are all about real estate broker commissions, which typically total around 5-6% of a property’s selling price in the U.S. and are often split ...
The lawsuit (and two others) could lead to a 30% reduction in the $100 billion that Americans pay each year in real-estate commissions, said Ryan Tomasello, a real-estate industry analyst with ...