22 Mar 2024
The real estate industry in South Florida has undergone a drastic change due to a lawsuit against the National Association of Realtors, which has reformed commissions and other practices with antitrust allegations. This lawsuit has completely changed the way property deals are conducted in this area, hence altering the narrative significantly.
Nowadays, the traditional 6% commission structure that was once conventional is vanishing away. According to Ben Solomon of Brickell-based attorney’s office: “There was one key model payment agency rule whereby MLS let sellers charge buyers, so most of it could be established on what is different now.” You can do that.”
Negotiable agent commission fees can greatly affect home prices, resulting in significant discounts. Critics of this system argued that subsidies artificially increased home prices and sometimes inflated them by thousands of dollars.
This organization undertook a $418 million renovation project to address these problems. These include banning compensation offers on the Multiple Listing Service (MLS), allowing buyers to negotiate compensation offers outside of the MLS platform. Watch the video to know more