Introduction

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

Use discount code KNOWLEDGEBROKERS for 10% off your annual subscription.

𝐌𝐨𝐬𝐚𝐢𝐤 is everything you need once a lead becomes a client: Collaborative Search. Listing Management. Transaction Management. Forms. Client Retention. Advanced Analytics. Unlock your digital sidekick today. Use code “bam200” for $200 off the one-time implementation fee → https://www.mosaik.io/

Subscribe to Knowledge Brokers Podcast today: https://www.youtube.com/@knowledgebrokerspodcast?sub_confirmation=1

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

———

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/

———

BAM delivers real estate news, education, and entertainment with nonstop original content from an unmatchable line-up of industry personalities and top producers.

Subscribe to BAM YouTube: https://tinyurl.com/aatxhaka.

Subscribe to BAM Newsletter:

https://mailchi.mp/nowbam/the-best-newsletter-in-real-estate

Check out BAM: https://nowbam.com/

———

BAM PARTNERS

𝐑𝐞𝐦𝐢𝐧𝐝𝐞𝐫𝐌𝐞𝐝𝐢𝐚: Tired of spending your hard earned money on marketing you know never makes it past the trash can or spam filter? Imagine getting texts and calls thanking you for your marketing. That’s what we do for you → https://remindermedia.com/bamsample/

𝐕𝐮𝐥𝐜𝐚𝐧𝟕: The most accurate, powerful, and effective real estate seller lead generation resource to build your business. GET STARTED TODAY → https://www.vulcan7.com/bam/

𝐕𝐢𝐫𝐭𝐮𝐝𝐞𝐬𝐤: Hire a Virtual Assistant Today! Use code BAM200 for $250 OFF the signup fee → https://myvirtudesk.com/contact?promocode=BAM200

𝐏𝐫𝐨𝐩𝐒𝐭𝐫𝐞𝐚𝐦: The most trusted provider of comprehensive real estate data nationwide. Try it FREE → https://signup.propstream.com/name

𝐒𝐢𝐬𝐮: Increases real estate team & brokerage annual volume by 107% and agent annual volume by 28% → https://sisu.grsm.io/bam-pod-partners

———

#nationalassociationofrealtors #settlement #sitzerburnett