Clever Real Estate Unveils Industry Insights Amid Landmark NAR Commission Lawsuit
Over the past year, Clever surveyed agents, buyers, sellers, and the general public to gather perspectives on commission rates and how the latest changes will impact the real estate industry.
ST. LOUIS, Aug. 16, 2024 /PRNewswire/ -- Clever Real Estate, a rapidly growing real estate technology company, has positioned itself as an unrivaled expert on real estate commissions in light of the landmark National Association of Realtors (NAR) lawsuit challenging the practice of sellers paying commissions for both the seller's and buyer's agents.
Every year, Clever helps tens of thousands of customers through one of life's biggest milestones: buying and selling a home. Clever partners with more than 20,000 real estate agents nationwide in an invitation-only network for top pros and negotiates exclusive commission savings for consumers.
Since 2017, Clever has saved customers more than $160 million on realtor fees and is rated the No. 1 real estate company on Trustpilot with an average 5.0-star rating based on 3,000+ verified customer reviews.
With the settlement taking effect on August 17, Clever gathered extensive data on commission rates and trends, providing comprehensive insights for the real estate industry during these pivotal changes.
Clever's recent real estate agent survey revealed that 89% of real estate agents do not believe the NAR lawsuit allegations are valid. While 70% of agents oppose changes to real estate commissions, 67% of the general public support these changes.
"We believe the settlement will ultimately make real estate fees simpler and more transparent, a win for both consumers and top agents," Clever CEO and Co-Founder Luke Babich said. "We expect the biggest change to be increased professionalism in the industry, with capable, experienced agents who can justify their fees gaining more market share."
A study on the average real estate commission rates found that on the median-priced home of $431,000, the average U.S. home seller currently pays real estate commission fees of about $23,662. The national average total commission rate has risen from 5.37% to 5.49% this year.
In addition, a recent Clever survey on the cost of selling a home found that sellers would save about $10,467 on the median-priced home by not paying the buyer's commission.
Unsurprisingly, a survey on the role of the realtor found that 94% of home sellers believe buyers should pay their own agents, and 77% say the commission rate charged by a Realtor will play a role in their hiring decision.
One-third of Americans who plan to buy a home in the next year (33%) say having to pay an agent would decrease their desire to work with one, and 50% would consider forgoing an agent entirely if they were required to pay their own commission.
Regardless of how these changes impact the industry, Clever remains dedicated to providing the latest data, ensuring buyers, sellers, and agents stay informed and empowered throughout their real estate journey.
About Clever Real Estate
Clever Real Estate is a technology company that produces educational real estate content reaching over 10 million readers annually, and its nationwide agent matching service has a 5.0-star Trustpilot rating across 2,300+ customer reviews. Since launching in 2017, Clever has reached $8.5 billion in real estate sold, matched 100,000+ customers with realtors, and saved consumers over $160 million on commission fees. Clever's network spans 19,000 agents across all 50 states.
Please contact Kristen Herhold at [email protected] with any questions or to arrange an interview.
CONTACT:
Kristen Herhold
Clever Real Estate
[email protected]
720-341-9962
SOURCE Clever Real Estate
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