Real estate attorney talks settlement that eliminates the 6% commission for realtors

Real estate attorney Doug Miller talks with FOX 9's Leah Beno about the settlement that eliminated the 6% commission for realtors. Through the settlement the National Association of Realtors (NAR) agreed to pay $418 million in damages.

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[richarda.d.]

Please, this has nothing to do with making things right for the industry. The only motive here is for attorneys to claim a small fortune where opportunity presented itself.

[reneecox]

It's Realtor® Real-tor NOT realitor! This man is NOT fully informed! As an attorney, he should know that the Seller cannot give a buyer cash to buy their home! This is an inducement and prohibited! This judgment will create more dual agency transactions, which is not in the best interest of either party to the transaction. Commissions have always been negotiable! There is no standard percentage. This will create hardships for first-time buyers, for those with no or little money down, and, sadly, the VA buyer who cannot pay commissions as terms of the VA loan. Disgraceful that this uniformed attorney is sharing incorrect information!

[tedjones]

The settlement does not cut commissions in any way. Commissions have always been negotiable. It just means that listing agents can’t communicate the commission split on the mls. Nothing to stop them from picking up the phone and asking about the split. This will not bring down housing costs. It will increase the likelihood of buyers having to come out of pocket for buyers agent compensation. Basically makes it harder for low income and first time buyers. This was really a win for the lawyers.

[beavaldez]

Attorneys charge, most of them, at least 35% of law suits some 25%. Why don't they start charging 1, 2 or 3% themselves???? How would they like it?

[spencercoleman]

Took away dual agency to create more dual agency. He did it for the money not the morality. Just another class action cash grabby attorney.

[timcomstock]

Glad you got your big pay buddy!! All realtors are not crooks I think we need to sue you Doug

[shadesofbitchy]

This fool just screwed the buyers he claims to be fighting for. 👏👏👏

[stevefingerman]

It’s actually embarrassing that NAR lost to this guy. He has no clue what he’s talking about or what he just did. Congrats on making it exponentially more difficult for low to moderate income families to purchase a home. Key take away from listening to him “an attorney can help negotiate” Not all states are attorney states for real estate transactions and in my experience the ones that are make the process a disaster and longer and more painfully drawn out. This guy has his own agenda and with it just screwed tens of thousands of potential home buyers in the process. This settlement will bring lots of unintended consequences. NAR has been a major letdown.

[CKNize]

Right, let’s take money out of the Realtors pockets and put it into the attorney pockets.

[cremephoto]

Here’s the wave of misrepresented buyers for the next 3 years.

[GETREALestate]

You studied this? Commissions have always been negotiable. There is no back room conspiracy amongst real estate companies. I’ve been in the biz since 1985 in the corporate end as well as an agent and an educator. If the consumer wasn’t willing to pay fees whether it be the service industry or any product, the law of economics would prevail as always. I am curious as to the real reason this came up as you realize that attys never negotiate their fees, is this a group of attys that colluded together to take the business away from real estate agents to get a piece of the action. I think so.

How can our vets now buy with a VA loan? With VA mortgage allow the buyer to pay for representation? I sure hope this doesn’t hurt them

[evanmcinturf]

There are ways to legally terminate a contract😂 Surprised the lawyer doesn't know that lol

[zlotnikrealestateteam]

If I am a seller who wants maximum exposure of my property and attract as many buyers as possible with their agents and I don't want strangers at my house with fake pre-approval letters, why am I prohibited to advertise buyer's agents compensation, it's my property after all? Who is the winner of this lawsuit? For sure not the first time buyers, who barely have enough money for down-payment and are now left without representation and I am not sure the sellers are going to win from it, considering the demand might drop with rising cost for buyers to buy. Dual agency is another Huge minus of this outcome, that will attract new law suits quite soon...

[Qharisma]

This man single handedly made real estate more expensive and more unattainable for buyers especially 1st time buyers

[wrightsellsrealty]

Hidden fees?? Can't cancel the agreement?? What is he talking about??

[anthonypace]

it seems a lot of attorneys resent realtors for the income they make. when was the last time an attorney waived all or part of their commission when a buyer came up short for settlement or paid to do repairs or even hire a mover to help a family out. How many times a seller was frazzled trying to move and we went to help them pack or clean out the house. the only people to benefit here ar3 the attorneys. NAR left us out to dry . We find out after we paid or dues for 2024.

[yukonsaras]

Time to stop the price fixing from lawyers...

[housesbyhouser]

lol @ a lawyer charging a commission of 10%-20% to combat 5%-6% commissions.

[CameronFussner]

People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Sure I'm not alone in my chain of thoughts.