190: Keller Williams Settles for $70M in NAR Lawsuit, Banks “Rocked” by RE Losses

On The Market

BiggerPockets

News, Investing, Business, Education

4.8 • 820 Ratings

🗓️ 15 February 2024

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

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Summary

Just when you thought the NAR lawsuit coverage was over, Keller Williams agrees to settle for $70M, bringing a big blow to real estate agent commissions. How will this impact buyers and sellers, and are we entering a new age of home buying where only a fraction of the real estate agents exist? We’re getting into this headline and others affecting the housing market in BIG ways in this episode of On the Market. Some agents will thrive while others barely survive in a post-NAR lawsuit world as real estate agent commissions are threatened once again. But it isn’t only agents getting hit hard this week. Banks have been “rocked” by real estate losses, primarily commercial real estate, as loans come due, but investors aren’t able to pay. One bank saw its share price slide by more than fifty percent this month as earnings reports showed a major loss from lending this quarter. Finally, it wouldn’t be a headlines show if we didn’t touch on the jobs report. This month, we’re getting a mixed bag of good for the economy but bad for rates type of numbers. Jobs are growing, and the economy is still chugging along, but will this push rate cuts back as the Fed fails to find weakness in our economy? We’re giving you our thoughts on this episode! In This Episode We Cover: Keller Williams' settlement of $70M in the NAR agent commission lawsuit and what this means for the future of agent commissions The rise of “niche” brokers and agents and why they may THRIVE in the coming years Our crucial advice for first-time homebuyers that you CANNOT miss Commercial real estate losses and how hard IS it to get an investor loan today? (this will surprise you) New jobs report numbers that took many economists by surprise and what effect it could have on future mortgage rates And So Much More! Links from the Show Find an Agent Find a Lender BiggerPockets Forums BiggerPockets Agent BiggerPockets Bootcamps Join BiggerPockets for FREE On The Market Join the Future of Real Estate Investing with Fundrise Connect with Other Investors in the “On The Market” Forums Subscribe to The “On The Market” YouTube Channel Dave's BiggerPockets Profile Dave's Instagram Henry's BiggerPockets Profile Henry's Instagram James' BiggerPockets Profile James' Instagram Kathy's BiggerPockets Profile Kathy's Instagram BiggerPockets' Instagram NAR Slapped with $1.8B Lawsuit Payout, Ripple Effects Could Be “Enormous” Articles from Today’s Show: Keller Williams Settlement Bank Losses January Jobs Report Click here to listen to the full episode: https://www.biggerpockets.com/blog/on-the-market-190 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey, everyone, welcome to On the Market. I'm your host, Dave Meyer. And today we're going to be
0:12.5	digging into three of the most pressing and important headlines facing the real estate
0:17.2	investing industry. And to do that, I have my friends Kathy Fecky, James Dainard,
0:22.7	and Henry Washington joining us. Kathy, how are you today? Doing great. We survived the atmospheric
0:30.0	river, so all good. What is an atmospheric river? Apparently when the clouds open up and just
0:37.0	dump a lot of water. So rain?
0:39.1	Is that just a fancy term for rain? Yeah. Life-threatening rain in California. Okay. Well, this is maybe why on this
0:46.5	episode we're going to be digging into headlines so that we don't just see things like
0:51.2	atmospheric river and read too much into it when all it is is rain.
0:55.3	We'll be doing the same thing, hopefully, for the real estate market to help you not overreact to any potential headlines that you're seeing.
1:04.0	James, how you been?
1:05.4	I'm good. I took off in the atmospheric river last night.
1:08.8	There's a bumpy right out.
1:09.8	It's almost like it's a normal weather phenomenon.
1:15.0	All right.
1:16.1	Henry, it's good to have you on as well.
1:18.3	Hopefully down in Arkansas, you don't have to make up fancy words for just normal weather.
1:23.4	Yeah, today I am here despite the atmospheric brightness that we are experiencing.
1:32.5	I believe some call it sunshine, but down here in Arkansas, we like to get pretty fancy.
1:38.6	We got a real meteorology team over here. Thank you for joining us.
1:43.6	All right. Well, we do have a great show for you all today.
1:46.1	We're going to be covering, like I said, a couple of major headlines facing real estate industry.
	...

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