In the landmark settlement from Anywhere, the parent company of Sotheby’s International Realty, Coldwell Banker, and Century21 agreed to pay $83.5 million to the plaintiffs of Moehrl v. National Association of Realtors and Sitzer/Burnett v. NAR. As of now, Anywhere and RE/MAX are the only defendants to pay a settlement in the suits.
According to Inman, the remaining defendants are the National Association of Realtors and Keller Williams. The trial is scheduled for Oct. 16 in Kansas City.
“The monetary settlement was the most that could be obtained in light of Anywhere’s available financial resources,” said Moehrl attorney Steve Berman, according to Inman. “Critically, the settlement includes significant changes to Anywhere’s practices relating to the conduct that we have challenged.”
The crux of the suits is the claim that NAR and other national real estate brokerage brands fostered what amounts to a monopoly on real estate sales, making the commission split between listing and buying agents a de facto arrangement. The plaintiffs of the suit say that makes sellers responsible for outsized buyer agent commissions.
After the settlement was announced, Anywhere, formerly known as Realogy, said that will no longer require NAR membership, similar to the move made by Redfin just days ago. The split from requiring NAR membership means that the rules regarding commissions will no longer be mandatory.
