Real Brokerage agrees to pay $9.25M to settle commission suits – Inman
Tamir Poleg, Brad Inman; AJ Canaria Creative Services
Join the movement at Inman Connect Las Vegas, July 30 – Aug. 1! Seize the moment to take charge of the next era in real estate. Through immersive experiences, innovative formats and an unparalleled lineup of speakers, this gathering becomes more than a conference — it becomes a collaborative force shaping the future of our industry. Secure your tickets now!
The Real Brokerage has announced that it has agreed to pay $9.25 million as part of a proposed settlement of the class action lawsuits challenging the real estate industry on Monday.
The company also agreed to make changes to its operations, including adding clarity around clients’ ability to negotiate commissions.
The company was among the relative handful of real estate firms not covered by the National Association of Realtors settlement agreement that had not yet reached its own settlement terms with the plaintiffs and their attorneys.
The settlement, reached in the pending class action lawsuit known as Umpa, would release Real, its subsidiaries and its 16,000 agents from the suit’s claims.
The proposed settlement would need to be approved in court.
Among other changes outlined in the proposed settlement, Real said it wouldn’t suggest to clients that buyer agent services are free.
This story will be updated…
