Buyers’ Brokers Will Have to Work Harder After $418 Million Settlement, Realtor Says

The $418 million judgment and turn away from the multiple listing service and automatic commissions will help the industry evolve, a professional argues.

A 'For Sale' sign is posted on the lawn in front of a home in Miami on March 15, 2024. Joe Raedle/Getty Images

While the $418 million settlement in the long-running lawsuit against the National Association of Realtors (NAR) has come in for heavy criticism from many real estate players, who fear the market will devolve into chaos if it abandons the multiple listing service (MLS) and the 6 percent commissions that have long been standard, it will ultimately promote transparency and weed out brokers who do not offer value to customers.

That’s the view of Michael Downer, a broker at Coldwell Banker Realty in Naples, Florida.