Laura Kusisto
speaker
689 appearances
14 recordings
1 series
first heard Jul 2017
last heard Nov 2023
Laura Kusisto’s voice in public audio — every appearance, attributed to the second.
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There's likely to be some kind of what we call decoupling of the seller's and the buyer's agent's commission.
So that in some way, the seller is no longer going to, as a matter of course, offer to pay the buyer's agent's commission up front.
It's been building for a number of years, and this was a case brought by home sellers in a few Midwestern states against the National Association of Realtors and some national brokerages.
And the essence of this case is that the current system for commissions, one in which the seller's agent pays the buyer's agent's commission, is an antitrust violation.
It amounts to a collusion, a conspiracy between real estate agents around the country to keep fees high and to hurt consumers.
So the essence of the way that the system works is if I'm listing my home on a multiple listing service, which is the way the vast majority of people advertise their homes, market their homes, if I'm listing my home on most of these listing services, then I have to advertise up front.
This is the commission that I sort of as the seller am going to, in effect, pay to the buyer's agent.
Essentially, the money flows from the seller to the buyer's agent, and the buyer never actually has to write a check to their own agent.
That is, of course, well, the $1.8 billion question, as they say, right?
This is the big question.
How is this going to change?
And we don't really know yet.
We're waiting to see what a judge might order.
So the jury really just found that NAR had violated antitrust law.
They kind of determined the size of what the damages that they think are owed, but they didn't get into the sort of nitty-gritty of how could these rules actually change.
And so we're waiting to see how a judge might approach that.
But the essence of what we're imagining will happen is that there's likely to be some kind of what we call decoupling of the seller's and the buyer's agent's commission.
So that in some way, the seller is no longer going to, as a matter of course, offer to pay the buyer's agent's commission up front.
And we could see that play in a number of different ways, but that's the essence of what we imagine.
This has been really at the crux of NAR's defense, certainly from a policy standpoint.
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