Hagens Berman seeking plaintiffs for Compass MRED class action
The firm cites claims of 98% market share and points to Compass research showing 4.6% higher sale prices after pre MLS marketing
Hagens Berman is seeking plaintiffs for a potential class-action lawsuit against Compass and MRED, a multiple listing service in the Chicago area. The lawsuit centers around allegations that Compass, a real estate brokerage, has obtained an unfair advantage in the market by controlling a large share of listings and using that control to inflate home prices. According to Hagens Berman, Compass has a staggering 98% market share in some areas, giving it significant influence over the local real estate market.
This lawsuit has implications for the broader real estate industry, particularly in regards to antitrust laws and fair market practices. If successful, the lawsuit could lead to changes in how real estate brokerages operate and interact with multiple listing services. For lease-focused readers, it's worth noting that this lawsuit may not have a direct impact on the rental market, but it could have indirect effects on the overall real estate market and potentially influence how landlords and property managers operate.
As this lawsuit develops, it's worth watching to see how Compass and MRED respond to the allegations and whether other plaintiffs come forward to join the case. Additionally, industry professionals should keep an eye on any potential changes to real estate regulations or laws that may arise from this lawsuit. The research cited by Hagens Berman, which shows that homes sold through Compass's pre-MLS marketing process sell for 4.6% higher prices, will likely be a key point of contention in the case.
Originally reported by housingwire.com. LeaseNews adds analysis for real estate & property readers.