Investors also punished proptech stocks on news of commissions overhaul
Six months after the Sitzer/Burnett verdict sank real estate stocks, a settlement in the case has done it again.
Stocks for Anywhere, Compass, Elliman, Redfin and Zillow plunged Friday when the National Association of Realtors struck a $400 million settlement that resolves four antitrust lawsuits brought forth by home sellers. The settlement, which brings a measure of certainty to NAR and many of its member brokerages but figures to reduce commissions overall, is pending approval from a judge.
Compass stock fell 14 percent, Anywhere’s stock was down nearly 12 percent and Elliman’s had fallen almost 14 percent to a mere $1.70 per share. Redfin stock was down roughly 5 percent and Zillow lost 13.5 percent.
...moreStocks for Anywhere, Compass, Elliman, Redfin and Zillow plunged Friday when the National Association of Realtors struck a $400 million settlement that resolves four antitrust lawsuits brought forth by home sellers. The settlement, which brings a measure of certainty to NAR and many of its member brokerages but figures to reduce commissions overall, is pending approval from a judge.
Compass stock fell 14 percent, Anywhere’s stock was down nearly 12 percent and Elliman’s had fallen almost 14 percent to a mere $1.70 per share. Redfin stock was down roughly 5 percent and Zillow lost 13.5 percent.
RSK: This is something to watch for CRE Brokers. Usually, CRE follows residential. I personally think this is not the right decision. Buyers and tenants have the right to be represented as well, but sellers would be wise to let the listing broker pay some of their commission to the buyer/tenant rep. Could be a game changer.
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- - Volume: 24 - WEEK: 12 Date: 3/19/2024 3:15:53 PM -