February 23, 2024

Are Buyer Agents Doomed By DOJ's Commission Plan? | Knowledge Brokers Podcast 058

37 minutes

Byron Lazine, Tom Toole, and Lisa Chinatti discuss the DOJ's motion to end cooperative compensation in Massachusetts, Nick Bailey leaving RE/MAX, the challenges facing big brands, the two strongest focal points, where the listing funnel starts, advice for agents in a hard/easy market, and why NOT to sign any long-term non-competes (with short-term benefits).

Watch the Knowledge Brokers Podcast episode (#57) with HousingWire Lead Analyst Logan Mohtashami:

https://www.youtube.com/watch?v=86AQUF-zL6g

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Resources:

https://nowbam.com/doj-proposes-an-end-to-seller-paid-commissions-for-buyer-agents/#

https://nowbam.com/nick-bailey-departs-re-max-amy-lessinger-promoted-to-president/

Timestamps:

00:00-00:45 Intro

00:45 Topic: DOJ proposing end to seller commission in Massachusetts

05:30 “Buyer agents need to start thinking about…"

09:26 Conversations between seller & agent

10:17 “Say this gets decoupled…”

12:04 “Shouldn’t the seller be able to sign a waiver…?”

14:52 “Sources are telling me BHHS are going to settle…”

16:35 “Michael Ketchmark said we got as much as we could from them…”

17:54 “If you have 50,000 agents to level up…”

18:49 Topic: Nick Bailey leaving RE/MAX

21:59 Dave Liniger (See NowBAM article for his quote)

23:12 “Do you see one of these big names falling as we move forward?” (& Lisa’s answer)

25:30 “Somebody is not going to make it...”

26:48 Consumers choose agents—not brands.

27:15 How do you attract more leaders to these companies?

30:04 Listing lead generation and/or luxury price points

31:07 The listing funnel starts…

33:00 There’s such a lack of control with buyers right now….

33:22 If you’re in a hard/easy market…

34:19 “My advice here… I wouldn’t be signing any long-term non-competes….”

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Connect with Byron Lazine:

https://www.instagram.com/byronlazine

Connect with Tom Toole:

https://www.instagram.com/tomtoole3rd/

Connect with Lisa Chinatti:

https://www.instagram.com/lisachinatti/

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#remax #buyeragent #DOJ

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