Is the consumer getting lost in real estate’s battle for control?

Many real estate downturns are followed by promises of consumer-friendly process reform and increased attention on affordability. As with the subprime mortgage crisis, many believed the ongoing buyer commission lawsuits would totally realign how homes traded and agents are compensated. A truly open-market model. Within a year, commissions ticked up and little changed. It’s now been three years. Despite almost two decades of absorbing direct hits to its fault line, the industry foundation remains seemingly uncompromised. However, is the constant battle for self-preservation undermining real estate’s oft-stated fiduciary promise to do right by consumers? Has there been any meaningful improvements to the transaction process? The subprime mortgage scandal held no one accountable, even though agents were selling homes as quickly as banks would underwrite them. The NAR settlement launched from the premise that buyers were mislead about commission standards. Yet, in many cases, the consumer still pays more than pre-settlement. Priced out, confused and search-weary, are consumers justified in their pursuit of help from outside the legacy brokerage world? Losing in court, winning anyway The...