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The real estate industry is currently embroiled in what can only be described as a full-blown civil war. Recent developments have shaken the foundations of long-standing institutions, particularly the National Association of Realtors (NAR). This blog post explores the ongoing turmoil and its potential implications for real estate professionals.
In a bold move, PIN MLS has decided to allow real estate agents to include buyer-side commissions in their system, directly challenging NAR’s traditional practices.
NAR is experiencing a significant drop in membership, indicating growing dissatisfaction among real estate professionals.
A recent lawsuit filed in the U.S. District Court for the Eastern District of Michigan by Douglas Hardy, Glenn Champion, and Dylan Tent challenges the requirement for all Realtors and brokers in Michigan to be members of NAR, their state Realtor association, and a local board of Realtors. The plaintiffs argue that this requirement violates antitrust laws.
NAR’s decision to sell Move Inc. (Realtor.com) to News Corp has been criticized for several reasons:
Instead of selling or giving .realtor domains to agents and brokers, NAR chose to lease them, preventing members from building equity in their personal businesses.
NAR allowed Zillow to gain access to listings through all their MLSs, a move that potentially weakened Realtors’ competitive advantage.
NAR’s recent settlement in the buyer-side commission lawsuit has been viewed as capitulation, potentially harming both Realtors and consumers.
The real estate community is responding to these issues in various ways:
The real estate industry is at a crossroads. Agents and brokers are increasingly questioning NAR’s ability to represent their best interests. As more professionals seek alternative representation or choose to operate independently, the landscape of the real estate industry may be poised for significant changes.
The actions taken by groups in Michigan and elsewhere could inspire similar movements across the country, potentially reshaping the future of real estate professional associations and the industry as a whole.