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In Defense of Gary Keller and the Real Estate Industry
Gary Keller, founder and CEO of Keller Williams Realty, is being unfairly targeted in an antitrust lawsuit alleging he colluded to keep real estate commissions artificially high. The allegations distort the reality of the fiercely competitive real estate market.
The plaintiffs claim that requiring listing agents to offer buyer’s agents a commission share maintains high commissions industry-wide. But the commission percentages fluctuate and have declined over time, especially during recessions. This competitive dynamic disproves the claim of industry-wide price fixing.
Keller rightly warned the industry of “parasitic” tech companies trying to disrupt real estate and capture profits. We’ve already seen companies like Zillow employ misleading tactics and then abandon clients when convenient. Keller has an obligation to protect his agents’ data and profits from tech disruptions seeking to undermine the traditional agent-client relationship.
The plaintiffs use Keller’s own words against him, but his statements only prove he wants to defend agents from tech companies intent on controlling data, commissions, and consumer choices. The tech alternatives often cost consumers more money for inferior service. Keller aims to protect industry professionals, not stifle competition.
Rather than collusion, the market exhibits healthy competition between traditional and emerging business models. Keller speaks sensibly of the existential battle underway. The lawsuit rests on a false premise of excessive industry-wide commissions. Dismissing the case would protect the competitive real estate market and the interests of agents and consumers alike.
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