BrokerageIndustry News

Spat over commissions as KW enters Des Moines market

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By LISA WAHLGRENA HomeServices of America Inc. brokerage in Iowa is refusing to split commissions with buyer's agents at a competing brokerage, and is paying reduced commissions to agents at another. The move by Des Moines-based Iowa Realty has raised eyebrows, but does not violate local Realtor association or multiple listing service (MLS) rules, those involved say. Iowa Realty, which is owned by Berkshire Hathaway affiliate HomeServices of America, has notified Keller Williams Greater Des Moines that it won't split commissions with Keller Williams agents representing buyers of resale properties listed by Iowa Realty. Iowa Realty -- the largest brokerage in the state, with more than 65 offices and 1,000 agents -- has also informed Exit Realty North Star that it will pay its agents only 80 percent of the commission it pays to agents with other brokerages.Both brokerages singled out by Iowa Realty had long operated in the Des Moines market as independents, before ...