Sources
Loading...
Additional media
Loading...
DeepNewz, mobile.
People-sourced. AI-powered. Unbiased News.
The Consumer Federation of America (CFA) has issued new guidelines urging real estate agents to move away from basing their commissions on a percentage of the home price and to negotiate dollar-amount commissions instead. This move comes amidst lawsuits from the U.S. Department of Justice and private citizens, which allege that realtors have historically colluded to set commission rates, typically around five to six percent. The CFA also advises consumers not to pay agents just to view a home, suggesting instead that they sign a touring agreement with no financial obligation.
The Consumer Federation of America also tells consumers not to agree to pay an agent just to see a home, but to sign a touring agreement with no financial obligation instead. https://t.co/U75XKKEb0c
Consumer advocacy group tells Real Estate Agents to stop basing commissions on % of home price. https://t.co/6r5NZY4YE7 https://t.co/vS1Xp0Itjz
"The basic reason that the industry has been sued by the U.S. Department of Justice and by private citizens is because for a century, Realtors have colluded to set rates which now typically are five or six percent," @ConsumerFed said about new guidelines. https://t.co/Ef9zWlRQYg
