Redfin to publish broker commissions on 700K listings

Move follows settlement agreement between DOJ and NAR over “illegal restraints” on competition

National /
Feb.February 08, 2021 04:53 PM
Redfin CEO Glenn Kelman (Photos via Ars Technica, iStock/Photo Illustration by Kevin Rebong for The Real Deal)

Redfin CEO Glenn Kelman (Photos via Ars Technica, iStock/Photo Illustration by Kevin Rebong for The Real Deal)

Redfin has announced it will publish agent commissions on thousands of public listings after the Department of Justice and the National Association of Realtors reached a settlement agreement designed to make agent fees more transparent.

The Seattle-based firm announced Monday that it would publish the information about buyers’ broker commissions on some 700,000 listings where the data is available.

“Homebuyers will finally see how much money their agent stands to earn on any home for sale, letting them evaluate whether they’re getting good value for their money,” Redfin CEO Glenn Kelman said in a statement.

The shift follows a settlement reached last November between NAR and the DOJ, under which the real estate trade organization agreed to alter its policies to increase competition in the market.

The agency had accused NAR of putting “illegal restraints” on the way realtors compete.

The settlement proposed by the DOJ’s Antitrust Division required NAR to change its rules to create more transparency around buyers’ broker fees and “cease misrepresenting that buyer broker services are free,” among other pledges.

Redfin said it currently shows commission information for listings in about 65 MLSs and will “add data in additional areas as it becomes available.”

The brokerage said it had earlier published information about its own agents’ commissions but until the settlement, it was unable to publish the information from other firms.

“People listing their home will find out what other sellers are paying buyers’ agents, without having to take their agents’ word for it,” Kelman said. “This information could usher in a new era of price competition.”





    Related Articles

    arrow_forward_ios
    RE/MAX CEO Adam Contos (Facebook)
    RE/MAX revenue ticks up in Q4 but profit sinks
    RE/MAX revenue ticks up in Q4 but profit sinks
    (iStock/Illustration by Kevin Rebong for The Real Deal)
    State will use undercover testers to combat housing discrimination
    State will use undercover testers to combat housing discrimination
    Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
    EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
    EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
    Zillow COO Jeremy Wacksman (Zillow, iStock)
    Zillow using Zestimate to streamline cash offers for some homes
    Zillow using Zestimate to streamline cash offers for some homes
    Home sales were the busiest January on record, but still the fifth month of decline in a row. (iStock)
    Pending home sales fall for fifth consecutive month
    Pending home sales fall for fifth consecutive month
    Don Lemon and Tim Malone with their apartment at 2280 Frederick Douglass Boulevard
    Making Lemonade: Don Lemon breaks even on Harlem condo sale
    Making Lemonade: Don Lemon breaks even on Harlem condo sale
    (IStock illustration by Kevin Rebong)
    Smaller cities look to cash in on shift to remote work
    Smaller cities look to cash in on shift to remote work
    Douglas Elliman chairman Howard Lorber (Getty)
    Douglas Elliman reports $14M profit, 50% revenue jump in quarter
    Douglas Elliman reports $14M profit, 50% revenue jump in quarter
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...