Realtor Roulette: How to Spin the New Commission Rules in Your Favor

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 4 September 2024

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

Learn about new real estate commission rules and how they impact home buyers, sellers, and the future of agent fees. How will real estate commissions work following the National Association of Realtors settlement? What do post-NAR rules mean for home buyers and sellers? Hosts Sean Pyles and Anna Helhoski break down the new real estate commission rules that recently came into effect following a landmark lawsuit against the National Association of Realtors. Holden Lewis, NerdWallet’s home and mortgage expert, joins the discussion to explain the recent changes, what they mean for the industry, and how they could affect your next real estate transaction. In their conversation, the Nerds discuss: real estate commissions, real estate commission rules, real estate agent fees, real estate commission changes, buyer's agent commission, seller's agent commission, real estate lawsuits, real estate settlement, real estate market changes, commission negotiations, buying a house, selling a house, real estate commission lawsuit, MLS rules, real estate industry news, real estate trends, real estate legal changes, commission rules, real estate commissions explained, real estate agent compensation, new real estate laws, and real estate regulations. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to Nerd Wallets Smart Money Podcast. I'm Sean Piles. And I'm On the Hill Hasky.
0:11.2	And this is our weekly Money News Roundup, where we break down the latest in the world of finance to help you be smarter with your money.
0:17.7	Today we're talking about new real estate commissions rules that went into effect
0:21.5	last month. That's right. Last October, a federal jury found the National Association of Realtors
0:27.2	guilty of conspiring to inflate commissions. It resulted in a $418 million settlement and some new
0:34.5	rules for sales commissions, including an end to the way commissions
0:38.0	have been paid for decades. In a moment, we'll be joined by Nerd Wallets, home and mortgages
0:43.1	expert Holden Lewis, who will walk us through the new rules and explain what they mean for
0:47.6	home buyers and sellers right now. Stay with us.
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1:30.0	Holden Lewis, welcome back to Smart Money.
1:32.4	It is my pleasure.
1:34.2	So can you explain how the lawsuit against the National Association of Realtors or NAR unfolded?
1:40.8	Some people who had sold houses in Missouri filed a federal antitrust lawsuit a few years ago.
1:46.0	They said that the National Association of Realtors and big brokerages had conspired to inflate real estate commissions.
1:53.0	They targeted what's known as the cooperating compensation rule.
	...

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