The National Association of Realtors (NAR) settlement is likely good news for consumers, says new research from The University of Texas McCombs School of Business.

The settlement would prevent including information about commissions on multiple-listing services (MLSs), a move that serves the consumer in several ways, the research shows:

Reduces Collusion Among Agents: The research finds that when one broker tries to lower commission rates, other brokers often refuse to do business with them. This widespread practice hurts both buyers and sellers.

Opens Negotiation for Buyers: Now buyers can — and should — get involved in negotiating their agents’ commissions, to “give them a better deal and also eliminate steering by their buyer agent,” says coauthor John Hatfield, professor of finance.

Lowers Overall Costs: Sellers’ agents can still communicate about commission rates and split them with buyers’ agents, outside of the MLS. “Our analysis suggests that having buyers and their agents negotiate fees directly, instead of having the fees paid to the buyer agent by the seller, can indeed lower overall costs for real estate transactions,” says coauthor Richard Lowery, associate professor of finance.

But both coauthors say the details of implementation are key here.

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