The long-anticipated Sitzer/Burnett class action commission lawsuit verdict is in.
I have gathered 30 pages of information and will spend the next several hours summarizing the information for a newsletter I will send you tomorrow, but I wanted to get this news to you right away, so stay tuned.
Here are the major points:
Missouri jury finds NAR, brokerages guilty of conspiring to inflate commissions.
A Kansas City jury has found the National Association of Realtors, HomeServices of America, and Keller Williams guilty of colluding to inflate or maintain high commission rates through NAR’s Clear Cooperation Rule, in the Sitzer/Burnett buyer broker commission lawsuit.
The defendants have been ordered to pay damages of $1.78 billion.”
The antitrust case brought by a group of Missouri home sellers previously included Anywhere Real Estate and RE/MAX among the defendants, but these brokerage players settled for an estimated $83.5 million and $55 million, respectively, in deals that included updates to business policies and settlement for the Moehrl v. National Association of Realtors case.
It is going to get worse!
Live CE classes are better than Correspondence, particularly for this issue, although we have added discussion and suggested strategies to reduce your risk to our DCE courses. It was exciting to see the networking, partnerships and strategic partnerships, team building recruiting and resource sharing that happened at our last live classes. You can't get those benefits sitting at home taking a correspondence class in isolation, but we will be providing additional information on these issues in all of our relevant courses and Maui.
You should seriously consider signing up for our next live classes, Nov 11-12 or Nov 13-14, where we will give you tools to reduce your risk for the class action lawsuits that are likely heading our way. We will have workshops and role plays to refine your commission discussion to reduce your risk. You can't get that same level of protection and training in a correspondence class. But hurry to register, these classes have limited slots available and will sell out.
Jerry Royse, ITI