In the biggest of three pending lawsuits, plaintiffs contend that the real estate industry is violating federal antitrust laws by compelling home sellers to pay inflated commissions to brokers representing buyers. A number of tech-based real estate companies are also challenging the traditional 6% model.
Jack Ryan, founder and CEO of REX, a real estate startup said, “Why is it that residential real estate broker fees are about three times higher in the U.S. than any other developing country in the world”?