One year after a significant settlement aimed at reforming real estate commission structures, frustrated sellers like Mike Chambers still face high fees when working with agents. Chambers, who opted to sell his house independently, encountered strong resistance from local Realtors, which he documented on social media. Despite predictions that the new rule would lower commission rates, the industry has largely maintained the status quo through pressure tactics. Critics argue that agent behavior reflects an attempt to undermine the intent of the legal changes, leading to persistent commission rates of 5-6%.
"The industry understood the threat to 5 or 6% rates right away, so looked for opportunities to discourage negotiation," said Stephen Brobeck, a senior fellow at the Washington, D.C.-based Consumer Policy Center.
Frustrated that not a single agent was willing to budge on the rate, Chambers decided to sell his house on his own, and he took to social media...
What was hailed as a watershed has so far produced a mere drizzle - little has changed since the settlement regarding real estate commissions.
Though average commissions appear to be slipping, industry watchdogs say that Realtors and their brokerages have used workarounds and pressure to subvert the settlement.
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