Realtors group to pay $418 million to settle litigation over broker commission fees

People walk past the National Association of Realtors building at 430 N. Michigan Ave. in Chicago on Sept. 20, 2023. The Chicago-based National Association of Realtors will pay $418 million as a part of a settlement agreement to resolve litigation against the organization and its members brought on behalf of home sellers related to broker commissions.

“NAR has worked hard for years to resolve this litigation in a manner that benefits our members and American consumers,” said Nykia Wright, interim CEO of NAR, in a Friday news release announcing the settlement. “It has always been our goal to preserve consumer choice and protect our members to the greatest extent possible. This settlement achieves both of those goals.”

Around 50 million people will be eligible to receive money from Friday’s settlement, with some individuals also eligible for money from settlements that have been reached against other defendants in the litigation, Brown said. Additionally, NAR will require MLS participants working with buyers to enter into written agreements with buyers. These agreements dictate how real estate professionals will be paid and are

Real estate firms RE/MAX and Anywhere Real Estate already agreed to settle both the Missouri and Illinois cases. Anywhere agreed to pay $83.5 million, and RE/MAX agreed to pay $55 million.

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