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 01:53 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
    Treehouse co-founders Joe Green and Prophet Walker and with 4421 S. Crenshaw Boulevard (LinkedIn via Walker, Warcus & Millichap, WikiMedia / Tony Maesto)
    Co-living startup Treehouse plans second complex in Los Angeles
    Co-living startup Treehouse plans second complex in Los Angeles
    Fairfield Residential CEO Greg Pinkalla and Madison at Town Center (Fairfield, Marcus and Millichap)
    Apartment giant Fairfield Residential pays $62M for Valencia complex
    Apartment giant Fairfield Residential pays $62M for Valencia complex
    Michael Shvo and 9200 Wilshire renderings (Shvo, Getty)
    Shvo signs Mandarin Oriental to Beverly Hills residential project
    Shvo signs Mandarin Oriental to Beverly Hills residential project
    IBuyers purchased a record number of homes in Southern California this spring
    iBuyers purchased a record number of homes in Southern California this spring
    iBuyers purchased a record number of homes in Southern California this spring
    Brandywine Homes plans 84-unit townhome complex in North Long Beach
    Brandywine Homes plans 84-unit townhome complex in North Long Beach
    Brandywine Homes plans 84-unit townhome complex in North Long Beach
    Western National Group CEO Michael Hayde and ASB Real Estate Investments CEO Robert Bellinger with the apartments (ASB, Western National)
    ASB, Western National buy Inland Empire apartment complex for $227M
    ASB, Western National buy Inland Empire apartment complex for $227M
    Douglas Elliman CEO Scott Durkin and Relevant Co-Founder Grant King and CFO Andrew Shayne with an aerial view of the project (Elliman, Relevant)
    Elliman sues Relevant Group, claiming $75K of allegedly unpaid fees
    Elliman sues Relevant Group, claiming $75K of allegedly unpaid fees
    The dip in new contracts was also connected to a large drop in new listings (Getty)
    LA County listings, signed contracts dip in August
    LA County listings, signed contracts dip in August
    arrow_forward_ios

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

    Loading...