March 22, 2024

Compass Settles Commission Lawsuit For $57.5 Million | Knowledge Brokers Podcast 062

54 minutes

Byron Lazine, Tom Toole, and Lisa Chinatti discuss the reaction to this week’s Knowledge Broker’s panel on the NAR settlement, the opportunities for agents choosing to specialize in buyer representation, Jerome Powell’s comments after the March FOMC meeting, advice for agents moving forward, and today’s breaking news on the Compass settlement.

Watch the Knowledge Brokers Panel on the NAR settlement: https://www.youtube.com/watch?v=-Qdxi6JJOuM

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Resources:

https://nowbam.com/compass-settles-commission-lawsuits-for-57-5-million-joins-nar-keller-williams-anywhere-and-re-max/

https://www.housingwire.com/articles/compass-settles-commission-lawsuits-for-57-5-million/

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001563190/000156319024000053/comp-20240321.htm

https://www.wsj.com/real-estate/real-estate-broker-compass-agrees-to-pay-57-5-million-to-settle-antitrust-claims-be5e1177?mod=hp_lead_pos5

Timestamps:

00:00–00:46 Intro

00:46 Reactions to the Knowledge Brokers Panel on the NAR settlement

01:45 This week, we cracked 200 on the Apple business category for top podcasts

03:54 Comments during the livestream—especially re: buyer agents

04:45 The opportunity for agents choosing to specialize in buyer rep

13:21 “We’ve got to approach the buy side like the sell side.”

14:36 A new process Byron and his team have adopted

20:21 “I think this is going to eliminate those who are window-shopping for fun.”

23:06 Shifting from an agent-centric model to a consumer-centric model

25:07 Non-exclusive rights to represent

27:56 Kevin Sears video (“They were unwilling to even entertain bankruptcy…”)

34:16 Jerome Powell’s statement & responses (Q&A) after the March FOMC meeting

39:57 How to move ahead if you want to stay in the business?

42:07 The three buckets

47:07 Breaking news: Compass settles for $57.5 million

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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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