I never envisioned a day when the trend of monopolization across different sectors of economy (at least in the US) would be reversed. But this could be huge, or to quote the article - "The opening of a free market for Realtor compensation could mirror the shake-up that occurred in the travel industry with the emergence of online broker sites such as Expedia and Kayak."
Rooting for more such monopoly busting across different sectors.
Will this result in buyers paying for their own Realtor? I have found the fact that the seller pays the buyers realtor fee crazy. I think a lot buyers would go with out a realtor, if they had to start paying for their own realtor.
Can I now sue my realtor to claw back commission I had to pay on the purchase and sale of a house?
This is long overdue. I've seen no difference in realtor quality or effort from selling a $500k house than a $1M house, yet the commissions were doubled just because they can.
Attn Realtors™: Time to provide added value for money like the rest of us working stiffs!