08/15/2024
Broker(s) vs. NAR: Three real estate professionals in Michigan have filed a new antitrust lawsuit against the National Association of REALTORS® (NAR) and other real estate organizations. Here are the key details:
1. The plaintiffs are Douglas Hardy, Glenn Champion, and Dylan Tent, all affiliated with Signature Sotheby's International Realty in Southeastern Michigan.
2. The lawsuit challenges the mandatory membership rule requiring brokers to join NAR, the state association (Michigan Realtors), and a local association to access the Multiple Listing Service (MLS).
3. The plaintiffs claim this requirement violates antitrust laws, constitutes economic coercion, and unfairly restrains trade.
4. The timing of the lawsuit is connected to NAR's recent $418 million settlement in the nationwide commissions case. The plaintiffs argue that the settlement's changes, particularly the removal of guaranteed broker commissions, have diminished the value of association membership.
5. The lawsuit seeks class action status for all Michigan real estate agents and brokers subject to these membership requirements.
6. In addition to NAR, the defendants include the Michigan Association of Realtors, local Realtor boards, and RealComp II, which manages the MLS software.
This case represents a significant challenge to NAR's membership structure from within the industry itself, potentially impacting how real estate professionals access essential tools like the MLS. What are your thoughts on this issue? Follow me for more realestate news.
Sources
1. Michigan agents sue NAR over mandatory membership rule https://lnkd.in/emmHhymB
2. Michigan Agents And Brokers Sue NAR Due To Antitrust Settlement https://lnkd.in/eYPCayJY
3. Brokers Sue NAR, Local Associations Over MLS Membership ... https://lnkd.in/eagyRA5c
