Discover the truth about Realtors in Portland, OR and nationwide facing allegations of overcharging clients. Contrary to widespread speculation, no individual Realtors have been held liable or faced lawsuits related to this matter. Instead, a Missouri jury found two companies and the National Association of Realtors (NAR) culpable for engaging in a conspiracy to maintain commission rates at a specific level, resembling a form of price fixing.
Key points to consider:
Individual Realtors Cleared: To date, no Realtors have been found liable or even subject to legal action in connection with alleged overcharging. Legal proceedings focused on a select number of companies and NAR. Some companies opted for out-of-court settlements, while others, alongside NAR, pursued litigation and were unsuccessful. The case is currently under appeal.
Distinct Issue of Commission Rates: The core contention did not revolve around individual Realtors overcharging clients. Rather, the legal scrutiny centered on companies and NAR allegedly conspiring to set commission rates at a predetermined level. While this may seem synonymous with overcharging, it is technically a distinct matter.
Furthermore, it is crucial to note that the plaintiffs expressed satisfaction with their Realtors and the services provided. None of them alleged that their agents had overcharged them. The focal point of their complaints lies in the claim that agents utilize a portion of the commission to incentivize "buyer" agents, fostering a competitive market for potential buyers. Plaintiffs argued that if the seller's agent allocates part of their commission for this purpose, they end up effectively paying the buyer's agent, a practice they contested.
Stay informed about the ongoing appeal and updates related to this case.
