Tampa Bay and US Real Estate armageddon prediction? The U.S. real estate industry could face a major overhaul that could be a disaster for agents, warns Jason Oppenheim, star broker and lead of the agents on Netflix’s “Selling Sunset”. Oppenheim recently spoke to Yahoo Finance about the current state of the U.S. real estate market and warned of the potential for changes to the industry’s commission structure.
A lawsuit has been filed by two home-sellers against the National Association of Realtors (NAR), alleging that several NAR rules violate the Sherman Antitrust Act. The lawsuit claims that the practice of listing brokers offering buyer brokers a commission to list a property inflates sellers’ costs and is anticompetitive. If NAR loses the lawsuit, buyers’ agents could be removed from the equation, leading to a drop in the number of real estate agents in the U.S. and a potential increase in dual agency.
Oppenheim believes that removing the buyer’s agent’s commission could result in a fiduciary duty to one side, the seller. The Tampa Bay and U.S. real estate industry could turn towards a model with lower total commissions, similar to Australia. Oppenheim warns that this major overhaul could occur in 2024, but it’s not talked about much yet. Yahoo