TD Cowen housing policy analyst analyst Jaret Seiberg weighed in after the National Association of Realtors settled an antitrust challenge to how commissions are set. It should lead to commissions falling 25% to 50%, which will benefit online real estate brokers, the analyst tells investors in a research note. The firm’s concern remains how first-time buyers navigate the home buying process as they may be unable to pay for an agent. Discount real estate brokerages should now be able to access the Multiple Listing Service without having to meet the commission requirements that previously were in place, adds TD. Companies in the home realtor space include Redfin (RDFN), Zillow (Z, ZG), Opendoor Technologies (OPEN), Re/Max Holdings (RMAX) and Compass (COMP).
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