Industry Relations

Verdict’s In Plaintiffs Win

Nov 1, 2023

Mike Simonsen, an industry expert provides insights on the future of the industry. The podcast discusses the recent verdict in a lawsuit, potential insolvency of entities involved, lack of mainstream press coverage, and the financial implications of a settlement. Other topics include issues in the real estate market, settlement decisions, implications of an injunction, impact of recent news on Zillow, and preparing for copycat losses.

01:25:58

Creator website

Episode guests

Mike Simonsen

AI Summary

AI Chapters

Episode notes

Podcast summary created with Snipd AI

Quick takeaways

The verdict will likely lead to a shift in buyer agent compensation from a percentage-based model to an hourly or flat rate structure, offering more options and potentially greater value for buyers.

Buyers may face additional costs and financial burdens as they would now have to directly pay the buyer agent's commission, prompting the need for alternatives like real estate attorneys or lower hourly rate buyer agents.

The disruption caused by the verdict could reshape the technology landscape in real estate, favoring companies less reliant on buyer leads and potentially leading to the emergence of new players in the market.

Deep dives

Unintended Consequences for Consumers

The verdict and subsequent changes in the industry may have unintended consequences for consumers. While the potential savings on buyer commissions may seem appealing, it could also result in challenges in finding qualified buyer's agents. Without a designated buyer's agent, consumers may struggle to navigate the vast number of listings and information available, causing frustration and confusion in the home buying process. Additionally, if the technology infrastructure splinters and there are multiple sources for listings, it could further complicate the search and lead to a fragmented experience for consumers.

Introduction

2min

Legal Repercussions and Potential Insolvency

16min

Limited National Publicity for News Impacting Real Estate Industry

10min

Possible Outcomes and Financial Implications of Settlement in a Lawsuit

12min

Issues in the Real Estate Market

14min

Settlement Decisions and Dual Agency

14min

Implications of an Injunction on the Real Estate Industry

11min

Discussion on the Impact of Recent News on Zillow and Speculations on the Outcome

1min

Anticipating the Far-Reaching Effects of a Recent Verdict

2min

10.

Verdict's Impact and Preparing for Copycat Losses

3min

Lots to unpack in this very special episode of Industry Relations. The Burnett/Sitzer commission lawsuit verdict is in! Rob and Greg share their initial reactions on the $1.785B in damages, what this means for the industry, copycat lawsuits and more in this recorded livestream. They answer viewers' questions and are joined by Mike Simonsen from Altos Research to provide some of his insights on what will likely happen next for the industry.

Listen to the Industry Relations Podcast, available on all podcast platforms!

Follow this link to subscribe to Industry Relations YouTube page

Listen to the podcast on Apple

Listen to the podcast on Spotify

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

Our Sponsors:

Notorious VIP

This podcast is produced by Two Brothers Creative 2023.