204: Agents React to NAR Lawsuit Commission Change

On The Market

BiggerPockets

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4.8 • 820 Ratings

🗓️ 1 April 2024

⏱️ 38 minutes

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Summary

The NAR lawsuit changed the real estate industry overnight. Just like that, buyer’s agents were no longer getting their standard three percent commission, and many investors began imagining what buying and selling homes would be like without realtors. But is this massive NAR settlement as dramatic as the headlines are making it out to be? Is there really an agent exodus on the horizon, or is this just a way for the bad agents to exit the industry quickly? We brought on a panel of top investor-friendly agents to find out. Joining us are four agents from across the nation: Avery Carl, Craig Curelop, Juliet Lalouel, and Mike Savegnago. All of these agents are affected by the recent NAR lawsuit settlement, but they don’t seem so shaken up. For many of these agents, this lawsuit simply thinned the competition, putting the expert agents back on top while showing the less-than agents the door. Plus, after the recent deals they’ve done, they’re not too concerned about a lack of buyer’s agent fees. Today, we’re asking each of them their thoughts on the changes to the NAR’s rules, how this will affect buying and selling homes, what this means for real estate agent commissions, and what agents should do NOW to get ahead of the game. Plus, since our agent panel is all investors as well, they give some crucial advice on finding an agent in your area that will help you build your real estate portfolio even bigger. In This Episode We Cover: The NAR lawsuit explained and what it means for real estate agent commissions A “huge exit of agents” and how this could change the real estate industry forever What to do when a seller offers you or your buyer’s agent a zero-percent commission What real estate agents need to start doing NOW to ensure they still get paid The key signs of an investor-friendly agent that any landlord should be looking for Massive downsides of buying or selling without an agent (it will cost you…) 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 Avery's BiggerPockets Profile Avery's Facebook Avery's Instagram Avery's LinkedIn Avery's Website Craig's BiggerPockets Profile Craig's Facebook Craig's Instagram Craig's Website Juliet's BiggerPockets Profile Juliet's Instagram Juliet's Brokerage Instagram Juliet's YouTube Juliet's Website Mike's BiggerPockets Profile Mike's Facebook Mike's LinkedIn BiggerPockets' Instagram Breaking: NAR Settles for $418M, Buying and Selling Homes Could Change Forever Check out more resources from this show on BiggerPockets.com: https://www.biggerpockets.com/blog/on-the-market-204 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	Hi, everyone, and welcome to the Bigger Pockets Podcast Network. I'm your host today, Dave
0:12.1	Meyer. If you've been following along the last couple of weeks, both on the Bigger Pockets
0:16.3	podcast and our sister podcast, the On the Market podcast, we've been covering in-depth the NAR, National
0:23.4	Association of Realtors' Antitrust Lawsuit Developments. For those of you who haven't been
0:29.0	following, first and foremost, you can go listen to the episodes we released last week,
0:33.1	which was sort of a factual accounting of the lawsuits, what the jury decided, what is in the actual
0:40.9	settlement that NAR agreed to last week. Today, we're going to be going into what happens from
0:48.2	here. And while last week we talked to a reporter, this week we are actually going to bring in
0:53.9	four experienced investor-friendly
0:56.4	agents to hear first and foremost their reaction to this news about the NAR settlement,
1:02.3	what they're doing today to modify their business, what they think might happen in the future,
1:07.4	and how investors should be changing their approach to working with real
1:12.1	estate agents. We have a great lineup of guests today. First and foremost is Avery Carl. You
1:17.7	might have heard her on the Bigger Pockets or on the Market podcast before. She's a massive agent
1:23.2	owns a big brokerage in Florida called The Short-Term Shop. She also wrote a book on short-term rentals for bigger pockets.
1:30.0	We have Craig Kuralop, who's an agent out of Denver and the founder of the Phi team.
1:34.7	Next, we have Juliet Lalau, who is an agent working in both Hawaii and Denver.
1:39.0	That sounds awesome.
1:40.1	And she is the founder of Heavy Realty.
1:42.5	And last but not least, we have Mike Savagnago, who is an agent out of Chicago with United Real Estate.
1:48.7	And again, all these are agents who work with investors, have a lot of experience in this industry,
1:53.8	and are going to share their thoughts and insights about the changes in the agent industry with us.
	...

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