Missouri home sellers challenged a Realtor rule requiring seller agents to provide a blanket offer of compensation to a buyer’s broker to list a home on the association’s affiliated MLS. These databases of homes for sale are similar to stock exchanges in that they match brokers and sellers. They are also de facto monopolies.
The plaintiffs provided compelling evidence that overall commissions have stayed at roughly 5% or 6% for decades, split evenly between the buyer and seller brokers.
HT: Michael H.