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.
Dave :
Hello investors. My name’s Dave Meyer and welcome to the BiggerPockets Podcast Network. Today we are covering a breaking news story. If you haven’t heard already, there have been a bunch of antitrust lawsuits lobby against one of the biggest trade organizations in the entire country, the National Association of Realtors. And just last week, NAR, the National Association of Realtors has settled these antitrust lawsuits and what was contained in those settlement really is the potential to change the entire real estate investing industry. And I know that might sound a little bit dramatic, but it is really true….