The David Greene Show The NAR fallout What Happened & Why | Episode 33
Jan 21, 2025
In this engaging discussion, Christian Basilder, a seasoned loan officer and broker, joins David Greene to unravel the fallout from the Sitzer Burnett case against the National Association of Realtors. They share insights on the $418 million settlement affecting real estate commissions and its implications for both agents and buyers. The duo explores new business models that prioritize transparency, as well as strategies for navigating today's market shifts, including the role of seller credits and effective negotiation tactics.
AI Snips
Chapters
Transcript
Episode notes
Sitzer Burnett Case Summary
- The Sitzer Burnett case stemmed from lawyers arguing that home sellers were unfairly forced to pay buyer agent commissions.
- In reality, sellers weren't forced, but paid to list on the MLS, the best platform for selling homes.
Agent Frustration
- David Greene shares a frustrating experience with his real estate agent's lack of communication and proactive representation during a home sale.
- This highlights the common frustration with real estate agents, setting the stage for discussing the NAR lawsuit.
Sitzer Burnett Outcome
- The Sitzer Burnett case resulted in minimal payouts to the plaintiffs ($11 each), while lawyers profited significantly.
- Ironically, one plaintiff started a flat-fee real estate company, now charging per service, similar to traditional agents.