September 08, 2023

How Commission Lawsuits Are Impacting Home Sellers | Knowledge Brokers Podcast 036

41 minutes

Byron Lazine, Lisa Chinatti, and Tom Toole discuss Anywhere’s decision to settle the class action lawsuits on buyer agent compensation, the impact of the settlement, the rise in inventory, and the decline in mortgage demand to its lowest level since 1996.

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Timestamps:

00:00–00:37 Intro

00:37 Anywhere settled both buyer commission lawsuits

03:16 “I believe they were all prepared to settle.”

05:27 The impact of the settlement on agent training

08:18 What scripts should knowledge brokers be using when talking to sellers?

14:40 “I would have loved to have seen NAR being a leader…”

16:12 “The vast majority of RE agents, I don’t think they believe in NAR anymore.”

22:14 The focus for [NAR leadership] right now is keeping their jobs.

26:00 What are some of the pivots knowledge brokers should be ready to make?

28:58 This is an opportunity for agents who prioritize relationships & showing their value

34:28 Objections are a gift

35:30 Mortgage demand fell to the lowest level since 1996 & new listings have increased

37:31 “I suspect we’re going to see some really big changes take shape in the next 18-24 mos.”

38:30 “I think we’re going to see a shift in how long consumers own their homes…”

Show Resources:

https://www.housingwire.com/articles/anywhere-real-estate-settles-buyer-broker-commission-lawsuits/

https://www.housingwire.com/articles/how-the-buyer-commission-lawsuits-could-upend-the-relationship-between-agents-and-los/?cx_testId=3&cx_testVariant=cx_1&cx_artPos=1&cx_experienceId=EXZNOASUT0V6#cxrecs_s

https://www.housingwire.com/articles/affordability-slows-home-sales-hints-at-future-home-price-declines/?cx_testId=3&cx_testVariant=cx_1&cx_artPos=0&cx_experienceId=EXZNOASUT0V6#cxrecs_s

https://x.com/steveharney/status/1698813829327593599?s=46&t=DaXgAjZsy3APMGIs412cjA

https://www.housingwire.com/articles/mortgage-demand-falls-to-lowest-level-since-1996/?cx_testId=24&cx_testVariant=cx_1&cx_artPos=1&cx_experienceId=EXQEK4SQSVBN#cxrecs_s

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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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#buyerscommission #homesellers #realestateagents

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