A new lawsuit is taking aim at some big players in the real estate field including the National Association of Realtors (NAR). The class action lawsuit accuses the NAR of inflating commission prices and challenges their practices and compensation policies.
“We think this lawsuit is baseless and it has no merit,” Mantill Williams, vice president of the National Association of Realtors, said FOX Business' “Bulls & Bears” Tuesday. “The state and federal courts have considered challenges to the MLS and they've concluded the Multiple Listing Service actually benefits consumers.”
Another side to the class action lawsuit is to break up the big name organizations, comparing them to a monopoly and to open up the field to others, making it more transparent.
The home buying market has grown as the internet has become a more common part of everyday life with sites like Zillow taking some of the work traditionally left to realtors, but Williams is confident that no matter how popular these sites become, there is an irreplaceable human factor that real estate agents can provide.