Adversity in Real Estate Market Leads to Growth Opportunities | 33sec snip from BiggerPockets Real Estate Podcast

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920: Breaking: NAR Settles for $418M, Buying and Selling Homes Could Change Forever w/The New York Times’ Debra Kamin

BiggerPockets Real Estate Podcast

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Adversity in Real Estate Market Leads to Growth Opportunities

The prevailing belief among real estate agents is that there will be short-term pain in the industry, potentially affecting part-time agents. However, many successful agents see this as an opportunity to eliminate competition and pave the way for growth in the industry.

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A bombshell NAR settlement could bring wide-sweeping changes to the housing market. After a snowball of NAR lawsuits, the realtor association agreed to settle for a whopping $418 million and make critical changes to how real estate agent commissions are paid and how competition can be upheld. This significantly impacts anyone buying or selling a home and has life-changing effects for every real estate agent and realtor in the country. The New York Times’ Debra Kamin joins us to break the story.

Debra breaks down the enormous legal loss that NAR (National Association of Realtors) suffered last week and the impacts it will have on the housing market. First, we discuss the new agent commission rules, which may break the standard six percent fee that realtors are used to taking. These commissions are real estate agents’ livelihoods, and a new model that supports lower commissions could force many agents to leave the industry entirely.

We’ll also touch on the turbulent times NAR has faced recently, from sexual harassment scandals to changing leadership and, now, a massive settlement that could lose them more than half of their members. Will a new type of real estate agent form from the ashes of this century-old model? Or, could a brand-new way of buying and selling homes transform the housing market? Stay with us; we’ll give you the entire scoop.

In This Episode We Cover:

NAR’s massive settlement creating ripple effects across the real estate market

The new real estate agent commission rules that could shock an entire industry

Changes to the multiple listing service (MLS) that may open the market up to new competition

The future of buyer’s agents and whether or not they’ll remain a critical component to buying a home

Sexual harassment scandals, turbulent leadership, and recent NAR struggles

What the future of using a real estate agent could look like

And So Much More!

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