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Two more brokerage firms who were left out of the settlement agreement brokered by the National Association of Realtors informed a Missouri court this week that they had reached agreements of their own to settle the case.
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The Seattle-based John L. Scott brokerage and Michigan-based Real Estate One filed motions to stay the Gibson case after striking a deal with plaintiffs in the case.
The two firms were among the relative few that transacted over $2 billion in sales volume in 2022 and were therefore not covered by the settlement agreement NAR reached in March.
John L. Scott brokers transacted just over $11 billion in 2022, the year chosen as the baseline for determining which brokerages would be covered by NAR’s settlement agreement. Real Estate One transacted over $6 billion that year.
The two brokerages didn’t specify the amount they would pay or other changes they agreed to make as part of their proposed settlements.
NAR’s settlement agreement specified that the parties in the long list of cases filed by homesellers would use the Real Estate Almanac as the official record for establishing brokerages’ sales volume from 2022.
The NAR settlement agreement is still pending, with a final hearing scheduled for Nov. 26, but sweeping changes to the rules followed by over 1 million real estate professionals have already taken place.
