Steven Brackett and his 36-agent team have moved to the virtual brokerage. Brackett cited tools and training, as well as the commission lawsuits, as reasons that convinced him to make the move.
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Virtual brokerage eXp Realty announced Tuesday that it has recruited a team of agents in Maine, with leader Steven Brackett pointing specifically to antitrust litigation over agent commissions as a factor that drove him to the brokerage.
Brackett leads a 36-agent team that was previously at Realty ONE Group -- Compass of Maine. In a statement, eXp described Brackett as a "powerhouse" and a "well-respected leader in Maine's real estate community." Collectively, the team has done $128 million in sales volume this year via 338 deals, the statement adds.
The statement points to several factors such as tools and training, as well as the potential for growth, that drove Brackett to eXp. However, Brackett himself explicitly referenced recent litigation involving the National Association of Realtors.
"In light of the evolving real estate landscape, especially following the NAR lawsuit, I recognized it was time for a change that would better equip me to support, educate, and empower my team," Brackett said. "EXp provided the tools, services, education, and opportunities that aligned perfectly with that vision."
The litigation Brackett referenced has been ongoing for years, but exploded in 2023 thanks to a jury verdict that found NAR and major franchisors conspired to inflate costs. Industry figures have denied that claim, but nonetheless opted for settlements in a growing number of consumer-led cases.
The National Association of Realtors settled with homesellers in March. For its part, eXp just settled earlier this month. The company's settlement includes an agreement to pay $34 million.
Amid the antitrust litigation, some have speculated that companies' settlements, as well as their size and general ability to deal with lawsuits, could become a factor in recruiting. While it remains to be seen if such a scenario plays out on any larger scale, Brackett's comments suggest that at least anecdotally commission litigation is driving agents to new brokerages.
In any case, eXp CEO Leo Pareja praised Brackett and his move to the company in the statement.
"We are thrilled to welcome Steven Brackett and his accomplished team to eXp Realty," Pareja said. "Steven's dedication to fostering talent and driving innovation aligns perfectly with our mission. His team's exceptional track record speaks volumes, and we look forward to supporting their continued success."