PDX Real Estate EP155: Unpacking Nar Developments—with Rob Levy

A Missouri court recently found NAR, HomeServices of America and
Keller Williams liable for $1.8B in damages for conspiring to
keep commissions artificially high.


 


And there’s a long list of copycat lawsuits advocating a shift in
the way commissions are paid in real estate.


 


So, what might that look like? What does it mean for you and your
business?


 


Rob Levy has been a licensed Portland REALTOR since 1988 and
currently serves as Principal Broker with The Rob Levy Real
Estate Team, a top-producer in the Pacific Northwest.


 


On this episode of The Portland Real Estate Podcast, Rob joins
hosts Joe Fustolo and Steve Nassar to walk us through the
lawsuits against NAR and discuss how buyer’s agents might be paid
in the future.


 


They describe how the decoupling of commissions will impact
first-time homebuyers and why buyer’s agents will have to sell
what we do to consumers moving forward.


 


Listen in as Rob explains how decoupling commissions will
increase the barrier-to-entry in real estate and learn how to
adapt to a change in how BACs are paid and thrive in a
‘specialist’s market.’


 


Key Takeaways


 


What’s behind the $1.8B lawsuit against NAR (and the long list of
copycat lawsuits)


Rob’s insight on how the real estate industry resisted change in
1993 when buyer’s agency came out


Why the listing agent and buyer’s agent are both paid by the
seller right now


How buyer’s agents might be paid by homebuyers or negotiate
commissions when an offer comes in


Why buyer’s agents being paid by buyers is bad for the industry
and first-time homebuyers


Why buyer’s agents will have to sell what they do to consumers
moving forward


How a shift in the way BACs are paid will impact the attrition
rate for REALTORS


How a decoupling of commissions might be a good thing for listing
agents


How the decoupling of commissions will increase the
barrier-to-entry in real estate


Why it’s crucial for real estate agents to anticipate and adapt
to change


The similarities and differences between the current market and
the Great Recession


Opportunities to buy in the current real estate market (and how
first-time homebuyers are priced out)


How the recent dramatic rise in interest rates killed demand in
the real estate market


Life events that drive people to buy and sell homes regardless of
the market


 


Connect with Rob


 


The Rob Levy Real Estate Team


 
Connect with Joe

Soldera Properties


Joe on LinkedIn
Connect with Steve

Steve’s Team at Premiere Property Group


Steve on LinkedIn


 


Resources


 


Sitzer v. NAR


Industry Lawsuit Watch on BAM


RPAC


The Compound Effect by Darren Hardy