Keller Williams Realty agreed to pay $20 million to settle the Batton home-buyer commission lawsuit, which alleges Keller Williams, RE/MAX, Anywhere Real Estate and the National Association of REALTORS® conspired to fix agent commissions and inflate home prices.
Keller Williams is the first defendant in the class-action lawsuit to settle. The preliminary, “ice-breaker” settlement, disclosed in federal court in Chicago on Monday, must be approved by a judge.
Keller Williams spokesperson Darryl Frost said, “Keller Williams is pleased to reach a nationwide settlement releasing the company — and all of our franchisees and affiliated agents and teams — from antitrust litigation brought by home buyers who purchased residential real estate that was listed on a MLS during the relevant time period.”
The plaintiffs argue that buyer agent commissions were inflated by a rule requiring the home seller to pay the buyer-broker commission in a transaction. That rule was dropped as part of the Sitzer Burnett class-action lawsuit settlement in 2024. In that suit, NAR agreed to pay $418 million over four years and amend its rules. The most salient part of that settlement was the removal of commission promises from MLS listings and requiring buyers to sign broker agreements with their agents before any home showings.
In response to the Keller William settlement, NAR said it would continue to pursue all legal options in pursuit of an “outcome that best serves members, the industry and consumers.”
“We respect Keller Williams’ right to settle these claims and anticipated the possibility they would do so,” NAR said. “NAR remains actively engaged in the Batton joint defense group, and we continue to defend our rules where questioned. Given recent history and the dynamics of this case, NAR continues to pursue all potential resolutions, both non-litigation and litigation, to reach a result that is in the best interest of our members, the industry and consumers.”
In an email sent to Keller Williams market leaders, President and CEO Chris Czarnecki said the brokerage decided to settle the lawsuit to eliminate uncertainty for its agents.
“We came to the decision to settle with careful consideration for the immediate and long-term well-being of our franchisees and agents and the business model they depend on,” Czarnecki said. “It was a decision to bring certainty and allow everyone at KW to focus on our mission without distractions. It allows us all to turn our attention back to what we do best: delivering unparalleled value in an ever-evolving real estate market.”
The road to becoming a successful restaurateur can be a daunting one, but among the first steps is finding the right location.
Over the past few years, diverse culinary options have grown in Fall River with new eateries popping up along the waterfront and across the city.
And there is still plenty of opportunity to step in and reinvigorate the local food scene, with some well-established — and iconic — food spots up for grabs.
The Greater Fall River real estate market currently has a number of familiar properties on the menu that are ripe for a fresh start with a new owner and new vision.
Ready to get cooking on that restaurant venture? Here’s a look at some eateries listed for sale in the Fall River area.
NY Fresh Bagel & Bakery, located at 248 Jefferson St. in Fall River, is seen here Monday, July 8, 2024.
City restaurateur Md Shahidul Islam decided to put his bakery and deli on the market this summer after a 15-month run at 248 Jefferson St. in order to shift attention to his Indian restaurant, Monalessa’s Kitchen, which opened across the street at 756 Brayton Ave. this past March.
According to Islam, it will remain business as usual at the bagel shop until it is sold.
NY Fresh Bagel and Bakery has been listed by Keller Williams, South Watuppa for $59,900.
The real estate listing promotes the business as a “turnkey operation” that includes “everything you need to hit the ground running: Fully equipped kitchen with all major appliances and fixtures. Established systems and workflows. Experienced staff willing to stay on and support a smooth transition, including training for the new owner.”
“Whether you’re a seasoned restaurateur or a first-time business owner, this is a rare opportunity to acquire a well-established bakery with strong community presence and loyal customer base,” the real estate listing reads.
South Main Street needs some new blood to help pump life into this once-bustling area of the city.
Eateries along this stretch have struggled in recent years to keep their doors open, leaving some vacancies in prime downtown spots.
That includes 151 S. Main St., Fall River, which welcomed a Latin American restaurant into its long-vacant space for roughly a year — Origen Bar & Grill, which opened in April 2023 — before activity there ceased in mid-2024. Prior to that the space was home to SADO Asian Fusion and the former Tap House Grill.
Located next door to the Brewhouse District and Cherry and Webb building, 151 South Main can be yours for $799,000. The sale includes the first-floor restaurant space as well as office space on the upper floors.
“The possibilities and potential are only as vast as your imagination,” reads its real estate listing by Keller Williams Realty.
The listing boasts the turnkey restaurant/bar’s “desirable busy downtown location close to many businesses and the district court house,” offices on the second and third floors (up to 10) that can be leased out for almost any kind of businesses, “generating additional rental income,” as well as its proximity to “many local amenities … minutes from several highways, as well as the commuter rail.”
The Abbey Grill on Rock Street received $120,000 of Community Preservation Act funds for roof repairs in fiscal 2016.
The most unique and historic Fall River restaurant space on the market — and a recognizable part of the city’s landscape — is the Historic Abbey.
It was formerly Central Congregational Church, where Fall River’s most infamous resident Lizzie Borden attended services and taught Sunday school. In 1997, it became the home of the International Institute of Culinary Arts, a cooking school, and the Abbey Grill restaurant, which operated until its abrupt closure in 2009.
The 100 Rock St. building remained vacant for years until acquired in the mid-2010s by Andrew Lombardi. By then, the building had fallen into disrepair and had to undergo emergency repairs for much of the latter half of the 2010s. Its steeple was frequently shrouded to protect pedestrians from falling bricks, which required a road detour on Rock Street.
“The Historic Abbey eagerly awaits an ambitious visionary to write the next chapter of its story,” its listing reads.
In a July 2024 Facebook reel which offers a video tour of the Historic Abbey, listing agent James Luth also noted the property’s potential for residential development – pointing to the approval of 46 market-rate apartments at the former Sacred Heart Church on Linden Street in Fall River.
In addition to its ties to notable Fall River figures, the distinct Rock Street structure — constructed in 1875 of brick and Scotch granite — has also popped up in modern pop culture.
In the early 1990s, it was the setting for Aerosmith’s music video “Cryin’.”
The building that houses Nonno’s Ice Cream Shoppe, 270 Seabury St., Fall River, was put up for sale this week.
Situated just across the street from Ruggles Street, you can scoop up this former ice cream shop space for $200,000.
The long-vacant building once housed a convenience store, and underwent a floor-to-ceiling interior renovation before its May 2022 debut.
It has sat empty since being listed for sale in spring of last year for $275,000. That price has dropped.
The listing by Coastal Realty for the newly renovated and move-in ready commercial building boasts the “unbeatable curb appeal and limitless potential” of the versatile space just a stone’s throw from a neighborhood park.
“Whether launching a hot new business or expanding a thriving one, the options are endless: laundromat, convenience store, bakery, take-out spot, retail showroom, professional office, wellness or massage studio, and more!”
The Westport summer staple reopened for its 35th season this April, dishing out over 24 unique and tasty flavors of soft serve, hard ice cream, and their top-selling Coney Island hot dogs.
But the 719 State Road building — which was listed in November 2024 by Century 21 Signature Properties at an asking price of $475,000 — remains for sale.
The real estate listing describes the property as a commercial gem in “a high-traffic location with endless money-making possibilities” that’s been “family-owned for over 60 years.”
According to the listing, the State Road property and restaurant equipment is being sold in “as-in” condition.
Digital Producer Dan Medeiros contributed to this story.
When you buy or sell a home, your real estate agent’s commissions can trim thousands of dollars off the sale price — but many consumers don’t realize you can negotiate those terms.
Nearly a third, 31%, of homebuyers and sellers negotiated commissions with their agents, according to a new report by LendingTree. A majority of those, 64%, successfully reduced the fees. LendingTree polled 2,034 U.S. adults in mid-January.
About 36% of homebuyers and sellers say they didn’t know they could negotiate a real estate agent’s commission.
That’s understandable: When buyers are budgeting costs for a new property, they often focus on the bigger things, like the down payment and the mortgage, said Jacob Channel, a senior economist at LendingTree.
“Real estate commission fees are one of the sort of less glamorous or less talked out parts of the homebuying process,” said Channel.
“Thoughts like how much a real estate agent’s going to get paid or who pays the real estate agent probably aren’t at the forefront of your mind,” he said.
In 2023, the average commission was 5.37%, LendingTree found. Rates typically range from 5% to 6%, translating to thousands of dollars and the earnings are usually split evenly between the buyer and seller agents involved with the transaction. The seller typically pays those commissions at closing.
The median home sale price by the end of 2023 was $417,700, according to the Federal Reserve. That would mean commissions at a 5.37% rate amount to $22,430.49.
Yet 48% of homebuyers and sellers didn’t know how much their agent received in commission for their latest home transaction, according to LendingTree.
“The homebuying and selling experience can be so overwhelming,” said Channel. “Unless you’re paying close attention, it’s kind of hard to come up with an itemized list of what exactly you spent and where exactly you spent it.”
Some home sellers avoid these fees entirely by selling the home on their own. So-called for sale by owner homes represented 10% of home sales in 2021, according to the National Association of Realtors.
Technology has made it easier for Americans to buy and sell properties on their own through online marketplaces. But they may end up putting in more time and energy than they initially anticipate or make the process even more complicated, Channel said.
“[Real estate agents] are doing a lot of work behind the scenes that isn’t necessarily [or] immediately apparent to sellers and buyers,” he said.
Agents are often familiar with local housing market trends, know how to sell a property for a higher price and are familiar with the necessary paperwork involved in the transaction, said Channel.
“All housing markets have their own individual quirks,” he said. “If you’re a seller and you try to do it on your own, you might miss something or … not position yourself in a particularly strong way to get a good deal to sell your house for as much as you could.”
While real estate agents must be upfront with their fees, buyers and sellers should make sure to ask questions about what they are charging and why. An agent’s rate often depends on factors like the property type and how easily they think it will sell.
Keep in mind that agents’ “livelihoods depend on the commission fees that they make,” said Channel.
If you find an agent you like but worry about the cost, see if you can come to an agreement or reach a discount. You may have more leverage to negotiate if your home is desirable, has a high value or if your local market is hot.
Look into different agents in your area and compare their fees. So-called low-commission agents may offer fewer services, but charge commissions as low as 1% to 1.5%. Others work on a flat-fee basis.
If you’re working with a dual agent, or a real estate agent who’s representing both the buyer and seller, you might point out to them that they don’t have to split the commission with anyone. Even with a slightly lower rate, they’re more likely to take home more money if they had split 5% with a second agent, said Channel.
As of now, the home seller is responsible for paying both their agent and the buyer’s. But that could change if a lawsuit stands.
In an antitrust lawsuit last fall, a federal jury found the NAR and several large real estate brokerages had conspired to artificially inflate agent commissions. As a result, the NAR, Keller Williams and HomeServices of America are liable for nearly $1.8 billion in damages. Re/Max and Anywhere Real Estate settled before the trial, each paying damages.
“Last month, NAR filed motions asking the Court to set aside the trial verdict and enter judgment as a matter of law in favor of NAR or, at the very least, order a new trial. These motions are part of the post-trial process, and we expect rulings on them in due course,” a spokesperson from NAR told CNBC in a statement.
A spokesperson on behalf of HomeServices of America declined to comment.
Keller Williams settled for $70 million in early February.
If the verdict stands, it could mean that a home seller won’t be required to pay the buyer’s agent, experts say. More buyers may bypass agents, or try to negotiate fees.
“Hopefully, this will give us even more transparency,” said Channel. “This goes to show … why it’s so important to pay attention to all the costs when you go to buy or sell a home.”
Keller Williams is offering the opportunity for all college athletes to earn their real estate … [+] license.
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Although much of the news surrounding name, image and likeness focuses on one-off deals with national brands and lots of zeroes, the lasting impact of NIL will be how it changes a student athlete’s career beyond sport. After successfully running a program with BYU student athletes last year, Keller Williams is now expanding its unique NIL program to all student athletes through the Opendorse platform.
Keller Williams, Opendorse and NIL Real Estate are partnering to offer athletes on-demand access to video lessons and articles to help student athletes buy a home, invest in real estate or pursue a career in real estate.
“This partnership is a great example of how impactful NIL can be for college athletes,” said Opendorse CEO Blake. “Real estate careers and investment have been a popular path for athletes for years. Now, with help from Keller Williams and NIL Real Estate, athletes can get a jump on their future with support from the pros.”
BYU quietly offered a similar program to their student athletes last year, with more than 120 athletes signing up for the opportunity. The athletes had access to the 120 hours of on-demand video education required to earn a real estate license in Utah. Thereafter, they were prepared to take both the state and national exams required to obtain their license.
Without access to this program, Gary Veron, associate athletic director for student-athlete experience/NIL at BYU, said it would have cost his student athletes $650-1,000 to take a typical real estate education course, plus an additional $250-500 for a test prep service. After passing the exam, agents pay a monthly fee to Keller Williams. However, for the BYU student athletes in the program, the educational programming is free as part of the NIL deal and monthly agent fees are absorbed by NIL Real Estate.
The program was designed to help athletes earn their real estate license to serve as a referral agent, an agent who is not working full-time in real estate but can refer potential buyers or sellers to their real estate team and make a commission in return.
The standard commission for a referral agent is typically 25% of the commission for the party they are representing. For example, on a $500,000 home, the average commission will be $15,000 (3%) for both the buyer and seller agent. The referral agent, if they refers either the buyer or seller, would make $3,750 (25% of the commission). The transactional pieces are completely taken care of by the real estate team and not the referral agent.
“As strong advocates of NIL, we here at Brigham Young University were excited when Keller Williams approached us during the summer of 2022 with an NIL opportunity allowing student-athletes to earn a real estate license at no cost,” said Veron. “We did our due diligence and concluded that this opportunity was a perfect fit for our Built4Life program, which facilitates learning and development opportunities to support student-athletes in maximizing their potential in the immediate and long-term future.”
“With the cost of Utah real estate, even a referral commission is a significant amount of money. Thanks to Keller Williams and NIL Real Estate, BYU student-athletes are getting a world-class education in real estate, learning about investing wisely, and are able to make several thousand dollars for doing what they already do so well—use their name, image, and likeness.”
Of the 120 student athletes who have signed up for the program, Veron says 36 have completed their courses so far, with 10 having already taken and passed their exams. Five student athletes have referred buyers or sellers to Keller Williams and earned referral commission.
One men’s tennis athlete earned his license and then bought a starter home for him and his wife. Veron says the Keller Williams team loved the story so much that he was awarded 65% of the commission rather than the customary 35%, which resulted in him pocketing $6,300 in commission on the purchase of his home.
Now, athletes across the country will be able to access the program with Keller Williams and NIL Real Estate through Opendorse.
“We are beyond grateful for Opendorse and, with our team at Keller Williams, for this opportunity to support college athletes with life development beyond sports,” said Carl Spencer, Co-Founder and CEO of NIL Real Estate. “It’s so rewarding for us to provide athletes across the nation with access to real estate education and the opportunity to earn their license. There’s real joy in seeing the impact on the lives of the athletes and their families who are learning more about one of this nation’s greatest economic drivers, real estate.”
The Opendorse platform is open to all collegiate student athletes, regardless of division or school, meaning every student athlete in the country can access this opportunity.
