Another brokerage has decided to settle the commission lawsuits. Chicago-based At World Properties, which own @properties and Christie’s International Real Estate, has agreed to settle the nationwide class-action antitrust claims brought by home sellers.
According to the firm, the settlement agreement covers all company-owned brokerages including all those under the @properties, Christie’s International Real Estate, Ansley Real Estate and Sereno brands, as well as independently owned brokerages that are part of the @properties and Christie’s International Real Estate affiliate networks in the U.S.
Additionally, all agents licensed under these firms are also covered by the proposed settlement.
“Settling these claims today allows us to move beyond a very costly litigation process and focus our full time, energy and resources on what matters most: our agents, affiliate brokerages, staff and clients,” Mike Golden, the co-CEO of @properties and Christie’s International Real Estate, said in a statement.
The firm is not disclosing the dollar amount it is paying as part of the settlement agreement, but it noted that the terms are similar to those previously negotiated by Anywhere, RE/MAX, Keller Williams, Compass and The Real Brokerage.
Settlement provisions include no longer requiring agents to be members of the National Association of Realtors, nor must they follow NAR’s Code of Ethics or the MLS Handbook.
The settlement agreement also contains changes to business practices, including that the firm will require or encourage agents to make it clear to clients that commissions are negotiable; that agents will have the freedom to set or negotiate commissions as they see fit; and that agents will not be required to make offers of compensation or accept offers of compensation from cooperating brokers.
The brokerage also said it will not provide agents with any software that filters or restricts MLS listings based on the level of compensation being offered.
The firm noted that the settlement does not in any way indicated that the firms have ever participated in the business practices alleged by the plaintiffs.
“In front of us, we have yet another opportunity to demonstrate the value that highly professional real estate advisors backed by the industry’s best brokerage firms provide to home buyers and sellers, and we are ready for that moment,” Thad Wong, the firm’s co-CEO, said in a statement.
