 Let's talk about this NAR lawsuit that's going on that's set to go to trial to start trials in October And I'm cannot even believe that it made it this far. It's anti-trust Sherman inter trust lawsuit Which is about a you know group of homeowners that are doing a clash action lawsuit against some of the biggest brokerages out there Kelly Williams remix name a few and basically they're saying hey you guys OS four billion dollars because you've got the buyer agent Commission being paid by the seller and that's not right You know the the buyer's agent should not be paid by the seller and so they're going out there and saying that That the the buyer agent commission needs to be reimbursed back to the sellers and this is a to me just a off-the-wall argument and I believe it's just a Just something that you know, you got these people that are trying to make a case I don't know. Maybe they legitimately believe that they're owed some Some some compensation here for this. Maybe they honestly legitimately believe that in their mind But there is a chance and I think this is maybe even a greater Possibility that it's just people looking up for somehow to make some money That's what it sounds like to me and how a judge is letting this through blows my mind Because when we go out and we get a listing, you know, let's say we take the listing for six percent We take the listing for six percent, which isn't negotiable by the way the seller can negotiate whatever commission They want and if they want to go, you know get a four percent commission from Redfin or you know one of these You know really low commission brokers just they can do so they can also sell it by owner There's a lot of different options. They can do so many different things when it comes to this commissions are not set In stone they are a hundred percent negotiable and so that that needs to be made really clear Which is really clear I believe but the general public, you know, they're just that they just think real estate agents make All this money for basically doing nothing. That's the general consensus of you know We're like real estate agents are above car salesman in terms of you know people that they feel are you know Snakey, you know snake oil salesman type sells people, you know that industry It's so crazy because it's not it's nowhere near the truth Real estate agents are incredibly hard-working people that are paid what the market, you know says that they're worth This is market value. What we're getting paid is market value If we were worth less then we would get less the market doesn't lie ladies and gentlemen It's like when you put a house for sale if it doesn't sell it's chances are it's overpriced If you get multiple offers in an hour chances are it was underpriced So the market doesn't lie and we need to listen to the market and when the market's telling us is that We're worth six percent, you know, some markets are different some markets, you know We get five most of the time so you know about half and half five or six fifty-fifty Sometimes we go a little below five to make a deal work But that's kind of the standard and people are more than happy to pay that Because they know what we go through and they don't want to have to go through what we go through to get their property sold So they're hiring us just they would a contractor to roof their house or a plumber or even a lawyer to handle a court case You know, whatever it is We are a professional that handles that juggles so much during the transaction to hold everything together For our clients and make sure their best interest is is there and that they get the the smoothest The smoothest perspective of the transaction we kind of handle all the bumpy stuff So nevertheless, let's say you go out there and get a listing for six percent on that listing agreement at least in my area We have on the listing agreement where we mark how much out of that six percent We're gonna pay the buyer's agent if in fact a buyer agent or a buyer comes along that's represented by another Real estate agent we're gonna pay them out of that six percent if we Represent the buyer as well as a transaction broker or however we represent them if we bring the buyer And there's not another agent involved then we're gonna get the full six percent And so you kind of look at this like a almost like a Contract like subcontracting, you know, whereas, you know a guy will go and sell a job to roof a house Right for a certain price and then he will pay a subcontractor to actually go out and do the work For a lower price and he keeps the profit It's really the same thing in essence when you think about it But the difference in this and that is the fact that We're not subcontracting to someone who's doing all the work like the guy does when he sells a roof We're still representing the seller and doing a lot We're doing 50% of the transaction and that's a whole nother conversation when a buyer comes in and we represent both sides Or there's no other agent involved We're doing twice the work now because we're representing the you know representing the seller and we're helping the buyer We're making sure the buyers take taking all the steps that they need to to close the deal as well and helping them through those steps So we're doing twice the work. That's something that isn't really talked about a lot either a seller You know hires us to sell a property like oh, well if you sell it yourself, you know, we're gonna do 3% We're gonna do lower than the 6% You know, and that's fine. I do those deals all the time where I take less if I represent both sides I'm perfectly fine with that but the fact of the matter is you are doing twice the work in those scenarios But you know, let's break all this down number one the commission is completely negotiable You know right off the jump if you want to pay less pay me less Right, if you think you can get it done, you know at this level of service cheaper, you know, go for it be my guest And then on top of that it's it's it's disclosed right there in the listing agreement that I'm gonna pay the buyer agent this much If in fact the buyer has their own agent that's representing them Which by the way is a very good thing to have a buyer's agent representing them on the transaction and So I just think this is kind of crazy for them to come out and and say it like this because the sellers willing to pay X amount To an agent to get their house sold What that agent does with that money if they need to pay out to to to you know, allow the buyer to have their own Representation I mean listen when you really break it all down It's almost like the listing agent is paying the buyer's agent commission not the seller The seller already agreed to list it for 6% you know, they've agreed to pay a commission to the listing agent regardless and By the listing agent going out and paying they're really the ones paying the buyer agent The listing agent makes less money not the seller in that situation seller makes the same amount of money They're paying 6% regardless right the listing agent is actually the one losing because they're giving half the money up to a buyer agent This whole argument is wild but let's let's think about this, you know in other countries like Australia and in Europe There's no buyer agents. They don't have buyer agents and you know, they go out and list properties and the buyers are Unrepresented in most cases. What good is that? What I mean that to me That's not really great for anybody for the buyer Especially but then again for the seller because you have this unrepresented buyer that you know may make some decisions They wouldn't have made if they would have had counsel It's just it doesn't make sense that that's the direction that they're going in again I think this could possibly be just a way for some people to make billions of dollars But if this were to go through which I think chances are probably zilch But I would have thought it would have been zilch to get this far If it does go through and say we do turn into a country where there are no buyers agents I mean, I mean that would flip everything upside down Everything would change commission structures would change but my question would be is if that happened, you know Would we still have buyers agents? And would they just get paid from a different source? Would it still technically be would it technically be someone other than the seller? But actually behind the scenes. It's actually the seller it like in other words, you know, will we have new lending regulations that allows? For the buyer agent commission to be figured into the loan Right. That's something that could happen where you know the buyer agent now gets paid And it looks like it's coming from you know out of the closing calls or something But it's it's really technically probably coming from the seller because you know the buyers paying more listen The whole thing is wild and it's something to watch. I don't think it's anything to worry about I think it's gonna be very interesting, but whatever happens. Let's just say worst-case scenario Remember what I always say worst-case scenario Imagine what that is Imagine yourself crushing it during that worst-case scenario and then if worst-case scenario doesn't happen You're really crushing it. So let's just say worst-case scenario buyer agents go away, right? Buyer agents go away and let's say commission comes down on the listing side, too Because you know for whatever reason let's say it goes down to 3% total on the listing side I mean this is like out there in space, you know, this is alien talk Thinking that that could possibly happen, but let's just say that's very worst-case scenario Okay, let me go out here and be the greatest listing agent ever known to mankind Right, I'm gonna go out here and list properties, which is what I focus on anyway and what everyone should be focused on But I know there's a lot of people who are strictly buyers agents. That's okay, you know Listen in that worst-case scenario. I mean, I believe we live in a world where buyers are still represented Okay, so let me just make that clear, but in the worst case that buyers aren't represented for whatever reason You have to be flexible. You have to be agile you have to be willing to say, okay, that this is what it is now How can I fit into this equation and make the very best out of this situation and go out here and crush it, you know And honestly when you look at this listing agents, I don't see anywhere in the mix where listing agents are going away All right, so listen Why don't you take the time for the next 12 months to become the most Amazing listing agent that you can possibly be develop those skills now and guess what happens Even if first case scenario doesn't happen, right and everything stays the same Now you're still the most amazing listing agent out there. And so that's what I think you guys need to focus on You know, if you're a buyer agent, then I think you should You know Transition into being a listing agent and not just a listing agent real estate agent, you know You help anyone buy and sell real estate if they want to buy great. They want to sell great That's the name of the game for me. I never classified myself as a listing or buyer agent I'm a real estate agent who is here to help anyone buy and sell real estate. So anyway with that I'll let you guys get back to the rest of your day. I enjoyed talking about it. Let me know your thoughts in the comments I'm gonna put a video right here for you to watch and if there's anything else I could do for you Please let me know talk to you guys soon