On Tuesday afternoon at a courthouse in Kansas City, Missouri, the collective nightmare of the real-estate industry became reality.
For decades, the basic structure of how real-estate agents get paid when they help someone buy or sell their home has remained roughly the same.
Here's how it works: When you list your home for sale on an MLS, you're required to offer a commission to the buyer's agent.
The good buyer's agents who can prove their value will be fine, Brobeck predicted.
Buyers might also start making offers on the condition that the seller agrees to pay both agents' commissions — otherwise, no deal.
Persons:
Burnett, —, Stephen Brobeck, Brobeck, Mike Rosenthal, Rosenthal, Sellers, Saul Klein, you've, Klein, Keller Williams, Bob Goldberg, Inman, Opendoor, James Rodriguez
Organizations:
National Association of Realtors, NAR, MLS, Consumer Federation of America, Consumer, nab, New York Times, Justice Department
Locations:
Kansas City , Missouri, Missouri , Illinois, Kansas, California