Realtors Are About to Lose Billions! Bye Bye 6% Commissions | Flipping Mastery Breakout
Wholesale Hotline | Brent Daniels
Wholesale Hotline
4.9 • 586 Ratings
🗓️ 19 November 2023
⏱️ 10 minutes
🧾️ Download transcript
Summary
Today on the Wholesale Hotline Podcast (Flipping Mastery Edition) Jerry breaks down the recent news on an ongoing lawsuit against The National Association of Realtors (NAR).
Show notes -- in this episode we'll cover:
- NAR just lost a massive lawsuit, owing billions in damages and setting the stage for massive real estate commission reform.
- Jerry breaks down what it means for agents and investors.
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Jerry Norton went from digging holes for minimum wage in his mid 20's to becoming a millionaire by the age of 30. Today he's the nation's leading expert on flipping houses and has taught thousands of people how to live their dream lifestyle through real estate.
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | Hey, it's Jerry Norton. Welcome to the Wholesale Hotline podcast and the Flipping Mastery Breakout. |
| 0:08.0 | We want to know how we're doing, so please leave a comment and give us a rating. |
| 0:16.0 | Now, I'm not going to say I told you so, but I told you so. |
| 0:21.6 | Years ago I predicted that the real estate commission structure in America would radically |
| 0:25.6 | change and that 6% commissions would go away and now it's finally happening. |
| 0:31.6 | This is part four in a series I've covered here on my YouTube channel about the National Association of Realtors, or NAR for short, and the ongoing |
| 0:39.2 | legal battles over price fixing and violating antitrust laws. |
| 0:44.4 | And as I'm sure you've heard, NAR just lost a massive lawsuit owing billions and damages |
| 0:50.6 | and setting the stage for massive reform and how real estate agents get compensated. |
| 0:55.0 | In case you're unclear, let me break down what's happened and what it means for real estate agents, |
| 1:00.0 | as well as how will impact investors. |
| 1:03.0 | What happened is a group of buyers in Missouri filed a class action lawsuit against NAR, |
| 1:09.0 | as well as several large brokerages, for colluding to price-fix real estate commissions, |
| 1:14.6 | causing buyers to overpay when purchasing their homes. |
| 1:17.6 | Now, you have to understand why this is such a big deal. |
| 1:21.6 | When competitors in an industry collude, prices are inflated and the customer is cheated. |
| 1:28.5 | In America where free trade is the foundation of our economy, price fixing is illegal |
| 1:33.9 | and subject to criminal prosecution by the antitrust division of the United States Department |
| 1:38.4 | of Justice or DOJ. |
| 1:40.7 | The plaintiff's argument was that the current commission structure in America, set and maintained by NAR, |
| 1:46.0 | violates antitrust laws in two primary ways. |
| 1:50.0 | The first is with NAR's cooperative compensation rule, also known as the buyer broker commission rule. |
... |
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