Whether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.
Against the backdrop of major new rules for the real estate industry, class notifications have now begun rolling out to consumers who might be impacted by the National Association of Realtors’ landmark antitrust settlement.
The settlement was first announced in March and stems from homeseller lawsuits alleging NAR and major real estate companies conspired in ways that broke the Sherman Antitrust Act. The settlement resulted in a number of new rules governing things such as agent commissions, as well as an agreement by NAR to $418 million. Similar settlements from major franchisors and brokerages have brought the total pot to more than $980 million.
TAKE THE INMAN INTEL INDEX SURVEY FOR AUGUST
The class notifications are meant to inform consumers that they could be eligible to collect some of that money. The first day they could go out was Aug. 17 — the same day that NAR’s new rules went into effect.
A pair of recently filed legal documents sheds light on the process by which notifications will reach consumers. The first document, filed on Aug. 7, outlines a website, www.realestatecommissionlitigation.com, that features information about the settlement — including the amount of money up for grabs and the conditions for being a part of the class.
Class members in general will be people who sold homes via any of scores of multiple listing services in the last several years. The exact dates that qualify vary according to the MLS. The website walks consumers through the process of submitting a claim, and also has information on related settlements from companies including Anywhere, Keller Williams and others.
Claims are due by May 9, 2025.
The Aug. 7 document additionally details email and postcard notices that are also being used to alert consumers of the settlement.
The second court document, filed on Aug. 14, asked the court to let the parties involved in the case withdraw money from the settlement funds to pay for the process of notifying class members.
NAR’s settlement received initial approval in April. A final approval hearing is scheduled for Nov. 26.
In the meantime, agents, brokers, MLSs and other real estate industry members are racing to both adopt and understand the implications of the new rules. However, despite the sweeping scope of those rules, interviews with more than a dozen real estate professionals on Monday suggested that the rollout is so far going relatively smoothly.
