💣 The bombshell lawsuit against the National Association of Realtors® is ROCKING the real estate industry! The jury sided with the plaintiffs on the Sitzer/Burnett vs NAR class action lawsuit. What does it mean for buyers and sellers of real estate in the United States and for the future of the MLS? The future of real estate fees and commissions is up in the air, and the way in which real estate agents do business is in question. No knows how it is going to shake out at this point, but as a Realtor® who represents both buyers and sellers, I have major concerns about far reaching and (possibly) unintended consequences! Will a significant number of buyers be pushed out of the market? What demographics of buyers will find the system rigged against them? Will sellers be negatively impacted? Is the media coverage of the real estate commission fair and accurate? Are other platforms positioning themselves to become the “new MLS,” and what that would mean for consumers?
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0:00 Real Estate Industry Lawsuit Bombshell
0:25 Sitzer/Burnett v NAR Lawsuit Overview
2:51 Why Sellers Might Think Buyer Agent Commission in Bogus
3:01 Why the Shared Commission System Works for Both Buyers and Sellers
4:50 MLS=Airline Analogy
5:24 National Association of Realtors® is Failing in Messaging
6:07 Will a Commission Change Reduce Home Prices?
7:00 Are Half of Agents Going to Leave Industry?!
8:08 Possible Scenarios For Moving Forward–How Agents Could Get Paid (or not)
10:40 Brokerage Listing Commissions and Other Options
11:09 My Thoughts on It All
13:39 Which Buyers Get Hurt The Most?
15:03 Why Should Sellers Be Concerned?
15:18 Pushing the US Towards a Nation of Renters?
15:38 Will Zillow Be The New De Facto MLS?
16:48 Realtors’® Unique Value Proposition
