Unintended Consequences: How the NAR Ruling Will Change Cooperative Compensation Practices
1美元.去年10月，全美房地产经纪人协会(National Association of REALTORS®)被判780亿美元罚款，这一判决给整个住宅房地产行业带来了冲击波. The ruling in the case of Sitzer/Burnett v. The National Association of Realtors et al, including Compass Inc., EXP World Holdings Inc.Redfin Corp ..Weichert Realtors、United Real Estate、Howard Hanna Real Estate Services和Douglas Elliman Inc .., 声称nar的“参与规则”和“合作补偿”做法迫使卖房者向买方代理支付过高的佣金. Within hours of the verdict, 该案件的原告律师以同样的指控对另一批公司提起了单独的集体诉讼.
Anywhere Real Estate Inc., the parent company of Coldwell Banker, also agreed in early October to pay $83.500万美元用于解决两起集体诉讼，并彻底改革其佣金政策. RE/MAX Holdings Inc. has separately agreed to pay $55 million. 从那时起, 随着经纪公司努力应对上诉程序和改革现有佣金做法，住宅房地产市场一直处于动荡之中.
许多人问我们，这些裁决是否以及如何影响商业赔偿惯例，以及这些裁决将产生何种总体影响. To answer this question, 我们认为，了解住宅和商业业界的不同观点和做法是很重要的, 在某种程度上, influenced this decision and its outcomes.
Multiple Listing Services
Multiple Listing Services or “MLS”, were created as a way to share information about listings for residential 房地产. They serve as a single source of listing information for a market, and that information is easily accessible to the consumer.
The creation of MLS’ leveled the playing field by providing equal exposure to all properties. 经纪人邀请其他经纪人合作销售，以换取保证的赔偿权利. 这对卖家有利，因为他们增加了对房产的曝光率，对买家有利，因为他们可以平等地接触到所有的房源, thus minimizing the risk of exclusive practices, intentional or unintentional.
市场的影响
在任何给定时间, external influences can impact the demand for, and subsequently the value of, 房地产. The current market has been impacted by the pandemic and rising interest rates. In residential 房地产, additional factors such as rising home prices and limited inventory have also had an impact. And with demand outweighing supply and fewer homeowners listing, the market has become a seller’s market.
During the Great Recession of 2008, property values fell significantly, and supply outpaced demand, which resulted in a buyer’s market.
As the economy stalled, commercial 房地产 values were also affected, 商业地产业主变得非常积极地向买家和租户代表经纪人提供更高的佣金，以获得更多的物业曝光率.
直到今天, 这种做法在商业房东的情况下继续，以增加曝光率，减少在市场上的时间.
The advantage in the market shifts periodically, giving either the buyer or seller a perceived advantage depending on the circumstances.
Perception of Value
When considering the practice of cooperative compensation and its legality, it is important to understand how these market influences may impact the perception of value.
When demand exceeds supply, 为卖家介绍一个合格的买家提供佣金似乎没什么价值, and vice versa in a market that might be saturated by sellers.
住宅房地产代表和商业房地产代表的感知价值的差异也源于这样一个事实，即消费者往往把重点放在购买价格上，而可能不会考虑交易的复杂性或细微差别.
In commercial 房地产, clients are typically businesses or investors. Just as a business would pay for legal or accounting services, 它还将经纪人的建议视为一种专业服务，他们从中发现了价值，并愿意为此付费.
Commercial Compensation Practice
Because there is no centralized listing service in commercial 房地产, the consumer is more reliant on utilizing the services of a buyer broker.
Since there is no guaranteed right to compensation, 费用由经纪人协商，或在逐笔交易的基础上与报价一起提交，卖方或业主不能保证他们会向买方经纪人支付费用.
Instead, the listing agent may offer to share a portion of their fee with the buyer broker. If there is no cooperating broker, the listing agent would keep the full fee and serve as a dual agent.
双重代理
The creation of the MLS, in addition to increasing visibility, also reduced the frequency of dual agency. Though agents are permitted to act as dual agents, the dynamic of the negotiation changes if acting in such a capacity. 不仅是没有代表的买家通常会要求官方直营bbin代理来引导他们完成整个过程, 但代理商也必须在促进报价和不提供市场建议之间保持良好的平衡. In these situations, it often takes longer to build the buyer’s trust, delays the time to make an offer, and could broaden the gap between the buyer’s and seller’s expectations.
有两个经纪人参与交易可以增加买家的信心，减少他们的决策时间. 有一个合作的经纪人可以创造一个更公平的情况，因为两个经纪人都可以保持他们对客户的信托责任, receive independent and object market opinion, and both parties can rest assured they are getting fair representation.
Unintended Consequences
由于商业地产没有集中官方直营bbin服务，也没有补偿权保障, and commercial property owners find value in incentivizing cooperating brokers, 我们预计对商业地产补偿做法的影响将基本保持不变. 也就是说, 在某些情况下，如果房东或卖家没有付款，租客和买家可能不得不赔偿他们的代表.
另外, 一旦尘埃落定，全国房地产经纪人协会®和住宅经纪公司对MLS和各自的补偿做法做出改变, residential consumers likely will be faced with unintended consequences.
第一个, 官方直营bbin渠道可能会受到影响，因为券商与市场分享官方直营bbin信息的方式可能受到限制. This could result in more in-house 交易, more time on the market, or possibly depressed offers for the seller as a result of less competition from buyers. 它还可能导致双重机构的增加，从而稀释每一方的代表性. The risk of exclusive practice could also increase.
Some sellers will find value in compensating the buyer broker and some will get by without. 购房者可能会被要求与买方代理签订合同，以获得他们的服务，并支付费用或承担没有代表的购买风险.
Outcomes will vary on a case-by-case basis. Lenders may agree to absorb the buyer broker fee into the financed amount, 然而, if that does not occur, 我们可能会看到房价下跌，因为买家可能负担不起首付和买家中介费.
最后, and perhaps the most detrimental of all scenarios, is that for many the dream of home ownership could become less attainable. 买家可能需要准备好支付更多的预付款来补偿买家经纪人的服务，或者将这笔费用纳入他们的融资中，最终降低他们的购买力.
