March 15, 2024

NAR Settles Commission Lawsuit For $418 Million | Knowledge Brokers Podcast 061

47 minutes

Byron Lazine, Tom Toole, and Lisa Chinatti discuss today’s breaking news about the settlement reached by the National Association of Realtors (NAR), the terms of that settlement, and what it means for members and for the real estate industry as a whole.

𝐁𝐞𝐜𝐨𝐦𝐞 𝐚 𝐦𝐞𝐦𝐛𝐞𝐫 𝐨𝐟 𝐁𝐀𝐌𝐱: https://bamx.uscreen.io/pages/subscribe

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Resources:

https://nowbam.com/nar-agrees-to-end-commission-rules-in-418m-settlement/

https://nowbam.com/how-much-is-nar-paying-its-executives-and-independent-contractors-a-breakdown-of-compensation-from-2011-2021/

Timestamps:

00:00–00:35 Intro

00:35 NAR agrees to commission rule changes in $418M settlement

01:21 There’s a lot to unpack here… What’s your take on this?

01:44 Failed leadership at the top

05:07 Where the heck does NAR get this money?

06:03 “I’ll tell you how NAR thinks they’re getting the money…”

07:55 Reviewing the New York Times article

14:22 Terms of the settlement: What NAR has agreed to (rule changes)

21:13 Email from NAR President Kevin Sears (review)

25:44 Prediction: One out of four brokerage managers laid off by 2024

28:55 Trouble ahead for Zillow? (“I might have to end this pod and go sell my stock.”)

32:45 NAR considered Chapter 11 (among other options)

33:56 Unanswered question: NAR didn’t (clearly) address the tie-in association.

35:49 3 big takeaways for knowledge brokers

37:37 Allan Dalton called during the episode

39:13 Vulnerabilities right now & where the power has shifted to

42:05 The number one kpi in your real estate business

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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/

Join the 5AM Call: https://5amcall.com/

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#nationalassociationofrealtors #settlement #sitzerburnett

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