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For the first time in over a decade, the National Association of Realtors saw a drop in membership. Last month, nearly 6,000 agents parted ways with NAR, and both Redfin and Coldwell Banker dropped their NAR membership requirements. 

Whether agents are looking to distance themselves from this year’s NAR drama, or the $6 bump in annual member dues is just one price hike too many, one thing is clear: The NAR is facing an uphill climb to remain relevant, dominant, and profitable in this evolving industry.

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More lawsuits looming

Last week, the Bay Area became the eighth major battleground in the series of antitrust lawsuits sweeping the industry, less than two months after the Sitzer/Burnett verdict opened the door to copycat cases. 

The latest class-action commissions complaint puts the spotlight again on the NAR, along with big players like RE/MAX, Anywhere Real Estate, Compass, eXP, Keller Williams, and the BAREIS, the primary local MLS platform. And like the Sitzer/Burnett case, this complaint hinges on the Clear Cooperation Policy—a policy which the class representative claims required her to unfairly pay over $50,000 in commissions when she sold her Marin County home in 2020.

While the court documents stopped short of specifying exact damages, the complaint seeks class action status for anyone who paid a buyer-broker commission for any property listed on the BAREIS in the past four years, and could translate to tens of billions of dollars in payouts.

REC ROUNDUP

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💡Baby Boomer boom. When they start buying on January 1st, here’s how to be ready.

💡Tracy talks $$$. A masterclass in proving the value of your listing.

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