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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Check out the entire episode on the "On the Market" YouTube Channel
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The NAR Will Eliminate 6% Commission Standards and Pay $418 Million in Damages After Settling Lawsuit
Is It the End of the Realtor? Inside the NAR Crisis
New Agent Lawsuits Could Have Profound Effects for Buying and Selling Homes
Connect with Debra:
NYT
Debra's Website
Debra's Twitter
Check out more resources from this show on https://www.biggerpockets.com/blog/real-estate-920
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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 - Listen or read transcript on Metacast
