NAR Settles for $418 Million

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Anthony Lamacchia is the Founder and CEO of Lamacchia Realty, a multi-state real estate company.

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Read the Full Transcript For 'NAR Settles Commission Lawsuit Case for $418 Million​'​

Anthony Lamacchia: The National Association of Realtors settled for $418 million in the ridiculous class action lawsuits. They also agreed as part of the settlement that there will no longer be any mention of compensation in the MLSs by July of 2024. In addition, they also agreed that buyer agency agreements, buyer contracts will be mandatory for MLS participants.

Anthony Lamacchia here with Crush It in Real Estate and Lamacchia Realty. I just landed in Florida. This news broke as I was on the plane of all the times for it to happen. What does this mean for our business? Next week, I’ll be putting out another video breaking down everything. We’re poring over the details right now. I just got off the phone with my in-house counsel, my senior advisor. They’re poring over everything and everything hasn’t been loaded up into the court system just yet, but we’ll be reviewing it and I’ll be putting more videos out.

In the meantime, the videos that I’ve already put out are on recases.com. I had recently put out videos. I predicted this was going to happen in some capacity with respect to the MLSs. If you are not training on how to obtain commission and negotiate it into your transactions, you had better start immediately because the whole game is changing and the truth is the only thing that’s going to happen here is the lawyers are getting rich, the consumers are no safer, and this settlement, in my opinion, makes things less transparent and puts people on a less equal playing field.

But obviously NAR did what they thought was best, they thought was best for the industry, they thought was best for realtors, for buyers, for sellers, et cetera. I’ll break down more of that next week, but that’s a quick update for you all. Stay tuned into recases.com and to my Instagram handle for many updates along the way. I might be out with another one this weekend. Thanks everybody. We will deal with this. Realtors will prevail and we will do what we do best and continue to serve buyers and sellers.