Axios - The real estate industry may have just turned itself upside down. The National Association of Realtors announced a legal settlement today that would eliminate agents' standard 6% commission. "It will absolutely transform the real estate industry," Max Besbris, an associate professor of sociology at the University of Wisconsin-Madison, told the N.Y. Times. If the settlement wins final approval, real estate agents would be able to compete for business by taking smaller commissions — leaving more money in sellers' pockets and boosting online brokerages in the process. Lower commissions could lead to lower prices — good news for buyers. There may be a catch for buyers on a tight budget. Right now, sellers' agents split their 6% commission with buyers' agents — buyers basically get an agent for free. But as commissions fall, more buyers will have to pay out-of-pocket for someone to help them find a home, Charlotte real estate agent Jeff Clay told Axios' Brianna Crane.
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