Nothing short of a bomb exploded in the real estate industry with news of NAR’s $418M settlement to end the minefield of Sitzer Burrnet copycat lawsuits. A seismic shift in the way the US real estate industry operates could drastically change how buyers navigate the housing market if the proposed NAR settlement is approved by the Department of Justice. Realtors are currently public enemy number one in the eyes of media and some of the public who think they’re overpaid, worthless paper pushers. On the surface, sellers could potentially stand to save money…but will they really, or will they find their buyer pool dried up? If the groundbreaking settlement is approved Buyers will have to pay their own agent if the seller doesn’t agree to compensation. Does that mean many buyers won’t be able to afford to hire an agent? Will the change in how commissions are paid lead to a reduction of housing prices and fix what many perceive as the US housing crisis? Are real estate agents done and out of work? Do people realize the proposed settlement’s far-reaching implications that could change the landscape of home ownership in the United States?
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00:00 NAR Settlement and Media Misinformation
00:45 Commission Decoupling
01:48 Commission Are Negotiable
02:01 Will Home Prices Fall?
02:39 Offers of Commission Banned from MLS
03:32 The MLS as a Transparent Market Will End
05:26 Why Sellers Should Offer Commission to Buyer Agents
06:43 Challenges to Listing Agents
07:34 What About Unrepresented Buyers?
08:02 Will Agents Work For Free? No.
08:35 A Brief History of How RE Used to Be
09:46 Will Agents Offer Multiple Compensation Methods to Buyers?
10:39 What Happens to Buyers Who Can’t Pay Their Agent?
12:05 Have Agents Mistakenly Lead the Public to Believe it’s Easy?
12:45 Realtors Offer a Service–You Don’t Have to Hire One
13:28 Will the Settlement be the End of Buyer Agents?
13:42 Settlement Throws Buyers Under the Bus
14:16 Is this the End of the American Dream?
16:18 What Do You Think?
