Based on transaction data in T3 Sixty’s Real Estate Almanac, 94 brokerages were left out of the settlement reached by the National Association of Realtors® (NAR)  on Friday, March 15, 2024. 

The court used the Almanac to identify brokerages that did not meet the necessary criteria to be included in the NAR settlement—namely the part that restricted covered entities to those with total transaction volumes of $2 billion or less in 2022. 

That leaves a considerable number of brokerages out in the cold, not to mention the legions of real estate agents affiliated with them. 

Here are the top 20 excluded brokerages, ranked by 2022 transaction volume—not including those covered by settlements through Anywhere, RE/MAX, and Keller Williams:

  1. Compass (with $227.98B in sales volume for 2022)
  2. HomeServices of America ($165.72B)
  3. eXp Realty ($159.14B)
  4. Douglas Elliman ($42.83B)
  5. Redfin ($39.76B)
  6. Howard Hanna Real Estate ($37.66B)
  7. @properties ($24.51B)
  8. HomeSmart ($23.00B)
  9. Weichert Realtors ($22.00B)
  10. United Real Estate ($ 20.89B)
  11. William Raveis ($18.03B) 
  12. Fathom Realty ($16.02B) 
  13. The Real Brokerage ($12.14B) 
  14. John L. Scott Real Estate ($11.09B) 
  15. Brown Harris Stevens ($10.45B) 
  16. Realty One Group ($10.34B)
  17. The Agency ($8.94B)
  18. Samson Properties ($8.68B)
  19. The Keyes Company | Illustrated Properties ($7.55B)
  20. BHHS PenFed Realty ($7.52B)

Options for joining the NAR settlement

Brokerages not included in the settlement—as well MLSs not affiliated with Realtor associations—have two options for joining. 

Option #1: Make a deposit (within 120 days of the federal court’s preliminary approval of the settlement) equal to one of the following into a settlement escrow account opened by the plaintiffs. 

  1. For brokerages: 0.0025 multiplied by the average total transaction volume
  2. For MLSs: 100 multiplied by the total number of subscribers in 2023, based on the subscriber count listed in T3 Sixty’s 2023 Real Estate Almanac

For example, a brokerage that averaged $3 billion in transactions would have to deposit $7.5 million into the settlement escrow account to be included. A company the size of Compass would be looking at a cost of over $500 million. 

Brokerages that can prove they’re unable to afford a deposit according to the settlement terms can try option number two. 

Option #2: Provide evidence of inability to afford the requested deposit and request non-binding mediation within 110 days of the federal court’s preliminary settlement approval. 

We’ll keep you updated as we learn more about how these brokerages respond to the options, and which choose to settle independently.