RICHMOND, Va. -- The apparent resolution of a yearslong legal battle that’s rocked the U.S. residential real estate industry is expected to have impacts on agents in metro Richmond, though to what extent remains to be seen, local observers say.
The National Association of Realtors announced Friday it had reached a $418 million settlement of claims brought by a group of home sellers in Missouri who argued that commissions for member agents had been artificially inflated.
The settlement, which is subject to court approval, includes an agreement by NAR to change its rules on how brokers are compensated. The change is expected to affect the traditional 6 percent commission that is typically paid by the home seller and shared between the seller’s agent and the buyer’s agent.
