Byron Lazine, Tom Toole, and Lisa Chinatti discuss todayโs 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.
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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:
00:00โ00:35 Intro
00:35 NAR agrees to commission rule changes in $418M settlement
01:21 Thereโs a lot to unpack hereโฆ Whatโs your take on this?
01:44 Failed leadership at the top
05:07 Where the heck does NAR get this money?
06:03 โIโll tell you how NAR thinks theyโre getting the moneyโฆโ
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? (โI might have to end this pod and go sell my stock.โ)
32:45 NAR considered Chapter 11 (among other options)
33:56 Unanswered question: NAR didnโt (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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