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Real estate stalwart Steve Murray on the current class-action commission lawsuit
Oct 24, 2023
Real estate stalwart Steve Murray shares his analysis of the class-action commission lawsuit. He discusses the dismissal of a price fixing case in Kentucky and criticizes arguments against agent training. The speakers also discuss buyers' resistance to discount agents and the importance of training agents in buyer representation for the current lawsuit.
26:20
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Quick takeaways
- Buyers have been trained not to pay anything at closing, raising questions about the benefit of making buyers pay at closing.
- The current class-action commission lawsuit seems more like a smear campaign against the real estate industry, attempting to tarnish the reputation of professionals and lacking sufficient evidence of price fixing.
Deep dives
Training buyers not to pay at closing
For the past 50 years, buyers have been trained not to pay anything at closing. The podcast questions the benefit of making buyers pay at closing and highlights that the plaintiffs' understanding of the situation appears flawed. They argue that the defendant may have influenced agents to charge specific commission rates, but the podcast suggests that it is a common practice for businesses to train salespeople to secure higher prices. Furthermore, the podcast mentions that the litigation seems more like a smear campaign against the industry, where the plaintiffs attempt to tarnish the reputation of real estate professionals.
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