Industry News

Elephant in the room

Real estate commissions under siege

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Editor's note: Inman News Publisher Bradley Inman wrote an interesting blog about the real estate industry's elephant in the room. We'd like to hear your comments on his observations. Please see the comments section of the blog to add your thoughts. Every few years, Realtors and their commission structure come under siege. It is happening right now. Why? 1. Zillow's coming-out party in February prompted the popular press to peel back the onion on the industry with tough questions. Do you need a Realtor? Do you need to pay 6 percent? Zillow launched a free home-valuation service, offering online access to value estimates and data on some 60 million houses in the United States. 2. The Justice Department lawsuit against the National Association of Realtors has brought heat on the industry, turning attention to commissions. The DOJ's Antitrust Division has accused the NAR of being too restrictive about the display of online property listings. 3. Some strange industry events such as real ...