• The latest antitrust lawsuit to emerge in the “real estate royale” features some big players – NAR, Compass, Redfin, and others, all squaring off on the courtroom pitch. Rave reviews predict a high-stakes drama you might see on a sequel to ‘The Good Fight.’

• The lawsuit has been initiated in the aftermath of the verdict in Sitzer v. Burnett. Who knew that verdict could spawn a whole franchise? It’s got more sequels than Fast and Furious!

• A key argument of the suit is that NAR’s buyer broker compensation rule alienates sellers because it requires the seller to pay the fee of the buyer’s broker. This is like a dinner date where the person being asked out has to pay for the food. Not exactly what we’d call a win-win situation.

• The companies have been accused of inflating prices while disguising it under the guise of offering better services. This is a classic bait-and-switch of offering a golden goose and delivering a garden gnome!

• Compass, the prime accused, reportedly made hefty profits by driving up commission rates and reducing competition. If proven, this would be like winning the real estate version of ‘Who Wants to Be a Millionaire?’ by phoning a friend…who happens to be the host!

• Redfin was specifically called out for its ‘refund’ policy, wherein, while it appears to be giving money back to consumers, it’s involved in a backdoor practice of inflating transaction costs. This reminder of Monopoly but with real money making the game board a lot less playful.

• Realogy, another defendant, fully expects to be vindicated and has vowed to ferociously defend its reputation. Makes you picture an arm wrestling match in the courtroom, doesn’t it?

• Ultimately, the plaintiffs seek to break the chains of NAR’s policies and hope to establish a fairer, more transparent real estate market. Some might say this is a David versus Goliath scenario, only with more paperwork and less slingshots.

Hot Take on the Real Estate Rumble

The Match of the Millennia: NAR vs. Compass, Redfin, and the Rest.

Let the Feisty Legal Joust Begin!

Right, here’s time for my hot take, my two cents, my final verdict, the cherry on top – ladies and gentlemen, grab your popcorn! The biggest names in real estate are putting on a show, and it’s not your usual Goldilocks and the Three Bears. Could this lawsuit be the clash of titans that finally breaks the usual chain of command in the real estate realm? It’s too soon to say, but we can definitely expect quite a rodeo in the courtroom.

Jokes aside, we might well see some significant changes in the industry if the plaintiffs get their way. Between pricey dinners and sneaky refund policies, the defendants are accused of turning the real estate market into their personal playground. What we really need is for the playground to be a place for everyone, not a sandbox exclusive for the big kids. One thing’s for sure, we’re in for one heck of a ride, and I can already smell the popcorn popping. Just remember folks, in this game of real estate thrones, you either win or… well, you know the drill!

Original article: https://www.inman.com/2023/12/29/a-maryland-homeowner-just-filed-yet-another-commission-lawsuit/