 So this just in redfin is cutting ties with NAR the National Association of Realtors. My my voice is a little off I'm in Vegas. I'm about to speak to about a thousand real estate agents here and I went to Michael Jackson last night So my voice is shot. So anyway, I did want to bring you this breaking the news here with redfin And what they're doing here and kind of give you my thoughts on it and get your opinion I would love to hear your opinions in the comments But that when this story broke out and I started to dig into it It just got juicier and juicier and it realized what all was happening behind the scenes here So basically redfin, right, which is this massive brokerage 18, you know hundred plus agents And you know, they they they're a you know, they're basically I guess they're considered a discount broker Don't know if they would hate me to say that but they basically work for a flat fee on the listing side And I'm not a flat fee 1% they do 1% of the listing side and then they offer the buyer agent commission So back in June, they basically said We're not gonna sit on the board that we're sitting on the board of the National Association of Realtors and now later on Now they say that they're going to Discontinue their membership and by the way, they've paid 13 million dollars since 2017 in membership fees to the National Association of Realtors and They say that they're Canceling their membership over this sex misconduct Scandal that was happening with the president of NAR that's still under investigation that president has been removed at this point and everything else But there's also Other things happening behind the scenes and I don't know if you've picked up on this But you know, there's a lot going on with NAR number one this anti-trust lawsuit with the buyer agent commission Which remax and anywhere have offered to settle out for NAR says they're not going to settle out I don't know if that's a big mistake or not You've got some of the best attorneys out there who have sued and been successful against suing some of the biggest companies in the world You know and you're kind of rolling the dice there and if if they lose that case Then that could open up a whole situation where tons of other brokerages now are getting sued Right now just the ones that are mentioned in the current lawsuit So there's a lot of stuff happening man And then when you look at the redfin situation They decided to leave the board in June over the rules of NAR where NAR basically says that you have to put You have to offer buyer compensation in the listing Okay. Well redfin didn't like that. Why because redfin offers or they advertise for sale by owners on Their website and they do that because they want complete Transparency with consumers in the market They want consumers to be able to go to their platform and see everything that's listed by agents and also everything listed by owner They want complete Transparency and they feel like that's what's best for the consumer and NAR doesn't really allow that because they basically say There's this rule that you have to offer a buyer agent commission and not offer sell by owners offer a buyer agent commission So they decided that they were gonna you know be removed from the the board then with the thoughts of actually canceling membership and Now fast forward and what I think is really happening I'd love to hear your thoughts is that they're really distancing their cell from NAR Because of this lawsuit So there's there's a lot of different things happening a lot of reasons and stuff But I think at the end of the day They kind of see that this could turn into something and they don't want to be a part of it They don't want to be a part of it. They see Remax settling out. I mean mind you, you know redfin comes out and says this after Remax offers to settle out for 55 million anywhere offers to settle out for 83 and a half million and And now redfin is you know, not gonna be a member of NAR I think that they're scared of this lawsuit possibly getting aimed at them If in fact NAR loses and NAR is the one saying we've draw we're gonna draw a line in the sand We're gonna take this thing all the way to court So there's a lot a lot of stuff going on and then just the overall vibe in the industry of ages You know a lot of ages comment on my YouTube's and Instagram, you know, like what do we need NAR for? Let's go start our own Association we don't like the way that this is going And look who we got Hello So All I'm saying is is that Redfin canceled their membership they paid NAR 13 million dollars since 2017 so I looked at NAR's National Association Realtor by the way, NAR is National Association Realtors I looked at their revenue yearly revenue Last year it was 207 million Dollars, okay the year before though was 327 million Dollars I had no idea that NAR's revenue was hundreds and hundreds of millions of dollars But it did go down quite a bit from 327 to 207 And I don't know exactly why you know the market did shift And we know agents have left the business but did that many agents leave the business? It kind of makes me wonder what's going on behind the scenes That's caused that hunt more than a hundred thousand more than a 40 drop in yearly revenue And now you've got redfin leaving which there's another big chunk of money that's not going to be coming in anymore So all this it just got juicier and juicier and juicier I'm going to tell you my thoughts and I want you to give me your thoughts, but my thoughts are That we have this incredible infrastructure in place with NAR and by the way redfin can't leave they're they're not they're not making agents in every single market Leave the NAR membership. Why? Because NAR has a setup where you have to be Part of NAR, okay You have to be a member of NAR to to to be affiliated with the state and the local board Which means what having access to MLS? So what I'm saying is there are certain markets that if you're not part of NAR You don't get access to the local MLS, which is That's a little that's a little suspect but So they're not making every single agent actually leave because they're not going to They don't want their agents to be without the tools. They need to go out there succeed and Help their clients buy and sell real estate. You have to be a part of MLS. I mean, that's the most powerful Infrastructure the most powerful system that we have is agents to leverage To get our properties into the market and to search the market and so on and so forth We have to be a part of that for a real estate agent I I don't know how agents who aren't a part of that that are in residential sales Are making it per se, but my thoughts are You know, yeah, it's not perfect Maybe we need an overhaul a restructuring if you will But at the end of the day, I think that we all just need to learn how to get along like we need to to to Form alliances here not starting to distance ourselves And I don't know if ours making the best decisions with not sit not at least talking about settling out For you know, something with this lawsuit or trying to work out some deal Um, I don't know. I'm not a lawyer. You know, I don't know what's going on behind the scenes completely with that situation But But just overall, right? We have MLS You know, I love a lot of things about NAR. Maybe we need a restructuring But I think we should try to bring it all together instead of trying to You know eliminate and disband And dissipate the situation between local board state, you know, national association realtors Brokerages, I think if we could all get on the same page Then it would be glorious because let's face it. The system has You know up to a certain point the system worked great. Can we get back to those days? When things were working really great. So anyway wanted to give you an update give you my thoughts Um at the end of the day, I don't believe that this is Anything to worry about anything. I know there's some agents that are hitting me up saying oh man This is crazy. This is the end of the world typing everybody says everything's the end of the world But um, it's not right continue doing what you're doing helping people buy in so real estate building that database building your business Building your career and let me know what I can do to help. See you in the next video