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Ep 30 | EMERGENCY PODCAST | National Association of Realtors Lawsuit: Buyer Agent Commission Trial
Manage episode 381760922 series 3456569
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In this episode, co-founders of Reside Platform, Nick McLean, Suneet Agarwal, And Preston Guyton, sit down to discuss the NAR Lawsuit.
On Tuesday October 31, 2023 A federal jury ruled that the National Association of Realtors and several large brokerages had conspired to artificially inflate the commissions paid to real estate agents. The damages of this lawsuit work out to over 7 billion dollars, $1.78B in damages and a possible $5.38B in treble damages to come.
Preston, Suneet, and Nick talks through the Lawsuit and and implication that it will have on the Real Estate Industry moving forward. Although this suit seems like a win, the plaintiffs are only walking away with $2,000 and the real winners are the attorneys. The guys also discuss the Department of Justice and their thoughts on the lawsuit, as they want to do away with buyer commissions.
Suneet, Nick, and Preston also talk about what affect this will have in the political landscape since NAR is the #1 lobbier in 2022 (having spent $84 million). Finally, they talk through their thoughts and advice for both team leaders and agents to ensure they are doing their due diligence and avoid any legal repercussions moving forward.
Make sure to watch this episode and share with others in the Real Estate space!
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Don't forget to subscribe! - - - @resideplatform
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VIDEO CONTENTS:
00:00 Introduction
01:09 Breaking Down the Lawsuit & Implications Moving Forward
06:00 The D.O.J. and the N.A.R. Lawsuit
09:10 Changes in the Real Estate and Mortgage Industries
10:53 What Does a Team Leader Do Now?
15:30 Advice for Agents
19:50 The Collusion Aspect
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Show Notes:
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