Compass Settles Commission Lawsuit For $57.5 Million | Knowledge Brokers Podcast 062

Byron Lazine, Tom Toole, and Lisa Chinatti discuss the reaction to this week’s Knowledge Broker’s panel on the NAR settlement, the opportunities for agents choosing to specialize in buyer representation, Jerome Powell’s comments after the March FOMC meeting, advice for agents moving forward, and today’s breaking news on the Compass settlement. Watch the Knowledge Brokers Panel on the NAR settlement: https://www.youtube.com/watch?v=-Qdxi6JJOuM 𝐁𝐞𝐜𝐨𝐦𝐞 𝐚 𝐦𝐞𝐦𝐛𝐞𝐫 𝐨𝐟 𝐁𝐀𝐌𝐱: https://bamx.uscreen.io/pages/subscribe Use discount code KNOWLEDGEBROKERS for 10% off your annual subscription. BAMfest: A FREE Virtual Festival for real estate agents: https://brokeagentmedia.lpages.co/bamfest/ 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/compass-settles-commission-lawsuits-for-57-5-million-joins-nar-keller-williams-anywhere-and-re-max/ https://www.housingwire.com/articles/compass-settles-commission-lawsuits-for-57-5-million/ https://www.sec.gov/ix?doc=/Archives/edgar/data/0001563190/000156319024000053/comp-20240321.htm https://www.wsj.com/real-estate/real-estate-broker-compass-agrees-to-pay-57-5-million-to-settle-antitrust-claims-be5e1177?mod=hp_lead_pos5 Timestamps: 00:00–00:46 Intro 00:46 Reactions to the Knowledge Brokers Panel on the NAR settlement 01:45 This week, we cracked 200 on the Apple business category for top podcasts 03:54 Comments during the livestream—especially re: buyer agents 04:45 The opportunity for agents choosing to specialize in buyer rep 13:21 “We’ve got to approach the buy side like the sell side.” 14:36 A new process Byron and his team have adopted 20:21 “I think this is going to eliminate those who are window-shopping for fun.” 23:06 Shifting from an agent-centric model to a consumer-centric model 25:07 Non-exclusive rights to represent 27:56 Kevin Sears video (“They were unwilling to even entertain bankruptcy…”) 34:16 Jerome Powell’s statement & responses (Q&A) after the March FOMC meeting 39:57 How to move ahead if you want to stay in the business? 42:07 The three buckets 47:07 Breaking news: Compass settles for $57.5 million ——— 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/ ——— 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