Keller Williams Realty has reached a $70 million settlement in nationwide class-action lawsuits, alleging that the National Association of Realtors’ “participation rule” and “cooperative compensation” practices unfairly raised home sellers’ commissions. The settlement mandates that Keller Williams inform franchisees they are not obligated to offer compensation to buyer brokers, clarify to customers that commissions are negotiable, and ensure agents show properties regardless of offered compensation. Additionally, the settlement prohibits Keller Williams from mandating NAR membership for its 180,000 agents.
*Article courtesy of New York Business Journal
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