NAR Lawsuit Update 2023: Key Testimonies and Implications for the Real Estate Industry
The National Association of Realtors (NAR) is currently embroiled in a series of lawsuits that have the potential to reshape the real estate industry. One of the most notable cases is the Sitzer/Burnett buyer-broker commissions trial. This article aims to provide an in-depth update on the NAR lawsuit as of 2023, focusing on key aspects like commission structures, class-action status, antitrust allegations, and recent testimonies from industry leaders.
Key Lawsuits and Their Status
Burnett v. National Association of REALTORS et al.
- Case No: 4:19-cv-00332-SRB (W.D. Mo. 2019)
- Filed: April 20, 2019
- Allegation: Home sellers unfairly pay the commissions of buyers' brokers.
- Status: Trial to begin on October 16, 2023.
Sitzer/Burnett Buyer-Broker Commissions Trial
- Key Testimonies: Gary Keller and Marc King
- Allegation: Conspiracy regarding commission rates.
- Status: The defense recently concluded much of its case; jury deliberations could commence as early as Monday afternoon.
Recent Testimonies and Their Implications
Gary Keller: Debunking the Myth of Standard Commissions
Gary Keller, Co-founder of Keller Williams, took the stand to challenge the widely held belief in a standard 6% commission rate in real estate transactions. He emphasized that Keller Williams does not impose any commission rates on its agents, thereby debunking the plaintiffs’ claims of a conspiracy to maintain such rates.
Marc King: No Company Mandate on Commissions
Marc King, President of Keller Williams, also testified, reinforcing Gary Keller's statements. He stated unequivocally that there is no company mandate dictating commission rates, further weakening the plaintiffs’ case.
Upcoming Jury Deliberations
The trial is nearing its conclusion, with both the plaintiffs and the defense expected to present their closing arguments soon. Depending on the duration of these arguments, jury deliberations could commence as early as Monday afternoon.
The ongoing NAR lawsuits and the recent testimonies from Gary Keller and Marc King have shed light on the complexities surrounding commission rates in the real estate industry. By challenging the notion of a standard 6% commission, they have opened up a broader discussion that could have far-reaching implications. As the trial moves into its final stages, all eyes will be on the jury’s deliberations, which could set a precedent for future cases involving commission rates.
NAR lawsuit 2023, NAR commission lawsuit, NAR class action lawsuit, NAR lawsuit update 2023, NAR antitrust lawsuit, NAR lawsuit commissions, Gary Keller, Marc King, Sitzer/Burnett trial, Keller Williams, Commission rates, Buyer-broker commissions, Real estate industry, Conspiracy, Standard 6% commission, Jury deliberations
For more information on real estate in specific areas, you can visit Orson Hill Realty for Evergreen, Colorado and Platinum Real Estate for Marco Island, Florida.
https://agentsgather.com/nar-lawsuit-update-2023/
The National Association of Realtors (NAR) is currently embroiled in a series of lawsuits that have the potential to reshape the real estate industry. One of the most notable cases is the Sitzer/Burnett buyer-broker commissions trial. This article aims to provide an in-depth update on the NAR lawsuit as of 2023, focusing on key aspects like commission structures, class-action status, antitrust allegations, and recent testimonies from industry leaders.
Key Lawsuits and Their Status
Burnett v. National Association of REALTORS et al.
- Case No: 4:19-cv-00332-SRB (W.D. Mo. 2019)
- Filed: April 20, 2019
- Allegation: Home sellers unfairly pay the commissions of buyers' brokers.
- Status: Trial to begin on October 16, 2023.
Sitzer/Burnett Buyer-Broker Commissions Trial
- Key Testimonies: Gary Keller and Marc King
- Allegation: Conspiracy regarding commission rates.
- Status: The defense recently concluded much of its case; jury deliberations could commence as early as Monday afternoon.
Recent Testimonies and Their Implications
Gary Keller: Debunking the Myth of Standard Commissions
Gary Keller, Co-founder of Keller Williams, took the stand to challenge the widely held belief in a standard 6% commission rate in real estate transactions. He emphasized that Keller Williams does not impose any commission rates on its agents, thereby debunking the plaintiffs’ claims of a conspiracy to maintain such rates.
Marc King: No Company Mandate on Commissions
Marc King, President of Keller Williams, also testified, reinforcing Gary Keller's statements. He stated unequivocally that there is no company mandate dictating commission rates, further weakening the plaintiffs’ case.
Upcoming Jury Deliberations
The trial is nearing its conclusion, with both the plaintiffs and the defense expected to present their closing arguments soon. Depending on the duration of these arguments, jury deliberations could commence as early as Monday afternoon.
The ongoing NAR lawsuits and the recent testimonies from Gary Keller and Marc King have shed light on the complexities surrounding commission rates in the real estate industry. By challenging the notion of a standard 6% commission, they have opened up a broader discussion that could have far-reaching implications. As the trial moves into its final stages, all eyes will be on the jury’s deliberations, which could set a precedent for future cases involving commission rates.
NAR lawsuit 2023, NAR commission lawsuit, NAR class action lawsuit, NAR lawsuit update 2023, NAR antitrust lawsuit, NAR lawsuit commissions, Gary Keller, Marc King, Sitzer/Burnett trial, Keller Williams, Commission rates, Buyer-broker commissions, Real estate industry, Conspiracy, Standard 6% commission, Jury deliberations
For more information on real estate in specific areas, you can visit Orson Hill Realty for Evergreen, Colorado and Platinum Real Estate for Marco Island, Florida.
https://agentsgather.com/nar-lawsuit-update-2023/
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