 Okay, so you guys have been reaching out to me left and right about this lawsuit remax settling out for 55 million They actually haven't settled out. They offered to settle out It still hasn't been approved by the courts and this comes after anywhere actually did the same thing They offered to settle out for 83 and a half million on the same suit So this is what we're gonna talk about today what my opinions are here and I want to give you three things on this I want to tell you what I believe is the best case scenario with this entire situation Also, I want to give you what I feel like could be the worst case Scenario and also how you can take advantage as a real estate agent either way it goes All right, so let's dive in here. If you are not familiar I'll do the you know really quick overview of the situation This is the article right here showing that remax is offered to settle out for 55 million for this It's the broker commission lawsuit. Okay, and within this Settlement they're saying that they're gonna change their business practices We have no idea what these changes to their business practices are gonna be So that'll be something that kind of comes out later if this is approved and they start abiding by whatever it is Okay, but basically in a nutshell there are property owners out there. Okay, so get this their property owners out there Who signed a listing agreement saying mr. Agent? I'm gonna hire you for x percent five percent six percent Whatever it was I'm gonna hire you for this amount of money to go sell my house And what does the agent do they went out there and they got the property sold the the homeowner basically says This is what I'm gonna pay you do anything you want with that to get my property sold pay for advertising You know run ads, you know buy signage do open houses Whatever you got to do with the money do it right including Paying for a buyer agent now that this is the listing agent Actually in essence, this is the listing agent paying for the buyer agent commission not the seller The seller already agreed to pay the four five or six percent The listing agent at that point is taking money out of that percentage the seller agreed to pay them and paying the buyer agent It's not like this seller is paying this on top of what they agreed to pay the listing agent and if the listing agent goes out there and Sells it and represents the buyer finds the buyer Theirself guess what they get the four five or six percent that the seller agreed to so You know that the owner agreed to paying this commission, right? Then they got the offer they see right there It's all clear clear is day. I mean on the listing agreement It says we're gonna do this for say five percent and two and a half is gonna go to the buyer agent If a buyer agent is involved says it right there on the listing agreement that they signed Then they get an offer showing up another agent is representing the buyer Then they go to closing and they actually sign off on a HUD statement saying that This amount of commission is going to this brokerage this amount of commission is going to that brokerage But it's all out of the four five or six percent that you agreed to Mr. Seller and now years later Years later these group of owners want to get together and go with some lawyers and say hey We feel like we're forced to pay that It's neat. It's it's to me It's it's kind of out there and I originally said hey, there's no way this is gonna make it to court Well, guess what it is it is going to court and now we've got these big companies Offering to settle out remax actually came out. Let me get back to the article here They basically came out and said that the reason that they did this was to You know get out of the uncertainty of you know, what a lawsuit could do to their company, you know keeping my lawsuit is Actually for Billions of dollars like a total of like 45 billion which by the way is more than all of these companies that are in the lawsuit combined It's it's the lawsuit is actually for more money than the companies that are getting sued are worth combined That's what's crazy about this Let's see Where is it here so They agree to make certain changes to the business practices, okay This this settlement paves away for a clear path forward for the remax brand and its franchisees and its agents removing the Uncertainty of ongoing litigation related to these cases. So that's that's the reason here is they don't believe that they're doing anything wrong but for the sake of the uncertainty of this billions worth of lawsuit They just want to get out of it. Okay, the other brokerage is named are Kella Williams anywhere home services of America along with the National Association of Realtors, which the National Association of Realtors Have come out instead that they are not going to settle out. They're gonna take this all the way to court They believe that keeping the competitive pro competitiveness for You know agents consumers, you know gives The spires and sellers an advantage and honestly it does right honestly, it does give them advantage Here's the advantage when the seller agrees to pay X amount and the listing agent is able to Advertise that to the world and allow any buyer who may or may not be able to afford their own buyer commission the luxury of having Representation okay of having representation now when you take the buyer agent commission out of that equation then we're sitting here with only the buyers who can afford their own representation or Buyers who go directly to the listing agents with no representation Which is just not a good thing It's just it's just not a good thing to not have your own representation So it says here, you know anywhere, which is the parent company of Cochran, Caldwell Banker, Century 21, Sotheby's agree to pay 83.5 million All right, 83.5 million. So let's talk about the best-case scenario Let's talk about the best-case scenario and then I'll get into the worst-case scenario Which I think you really need to understand what the worst-case scenario is here And then we're gonna talk about how to take advantage of this situation So first off this goes right in line with my training session this Friday It's gonna be from 4 to 6 p.m Eastern and I'm going to challenge you to go out and get 30 more listings for the rest of the year So there's three more months left in the year. So that's 10 listings per month So this Friday 4 to 6 Eastern I want to lay out a plan for you to go out and execute over the next 90 days to go get 30 More listings so there'll be a link in the description for that if you want to Participate so this Friday looking forward to seeing you there Also, if you haven't subscribed to the channel already now would be a fantastic time The best-case scenario here is that nothing changes and I think this is the most likely Scenario in my opinion. I was wrong about this getting this far in the legal system So I could also be wrong about this But this is what I think at this point is the most likely scenario. We've already seen MLS is bright MLS. I believe there's a there's a couple there's several MLSes around the country That went from offering $1 to where they made it mandatory actually They had to at least offer $1 or more for the buyer agent commission They changed that from $1 to $0 and what did that do in the bright MLS to the area And these other areas and MLS is that did that? What did that do? Well, it didn't do anything I talked to agents in these other areas and they say nothing has changed at all They're still getting there five or six percent. They're still, you know Advertising the same way offering a buyer agent commission and they're still doing business the same way that they are I think that this is the most likely scenario. Why because we're accustomed to doing business like this And this is again, what I'm referring to is the best case scenario is That everything just continues like it is and you know, it's always been negotiable anyway It's not like it wasn't negotiable at all. I negotiate on every Every single deal whether it's up front whether it's in the middle of the deal or the day of closing a lot of times I'll have to do something something's going on. I'll have to throw in here throw in there get the buyer to Something's happening on every single deal. So it's all negotiable. Anyway, always has been always will be But the best case scenario is is that nothing changes? We continue to operate as normal, which I believe that's gonna be the case Okay, the worst case scenario the worst case scenario is in fact that there are laws and different policy changes that we have to abide by which in fact makes it mandatory that we disclose things in a certain way to the seller when we When we list their property that basically brings It's a light here and really shines a really bright light on the fact that hey, you don't have to pay a buyer agent commission You know, you don't you don't have to pay that that doesn't have to come out of my money that I'm negotiating with you You know, which I just feel like that that's silly to say hey the money you're giving me, you know You you can you can decide what what I do with the money that you're giving me just don't make any sense It's also gonna like I say cut down on the representation for the buyers, which they need That's what it's gonna do if the worst case does happen now So if we have to disclose this to sellers in a certain way, you're gonna have some sellers who say you know what? I understand if I don't offer buyer agent commission. I'm basically cutting the the number of buyers down way down Who want that representation who are going to go after listings who are offering? buyer agent commission because they can't afford They can't afford to pay their agent a and b want representation They're not gonna go through the listing agent and be Unrepresented so that's gonna cut cut in on The the buyer pool and some sellers may say you know what? I want every opportunity We'll just add some to the price or whatever the case might be to to compensate here to make sure that we are Exposed to every single possible buyer because you know, I want to sell this house. Why am I doing this? But there are gonna be sellers who say if I don't got to I ain't going to you know, let's try it and In that case again worst case scenario, we're gonna be I believe sitting in some situations where Listing agent is getting 3% something like that and There's no buyer agent offered no buyer agent commission offered and then what's gonna happen there? Well, you're gonna have some buyers come to you that aren't represented That you're going to have to basically represent both sides for 3% in those scenarios You're gonna have some buyers come through in those scenarios who are represented and paying their own Agent I also believe that if this goes through Then I but I believe that we'll see some Mortgage products come out that actually will figure in the buyer agent commission into the loan I believe that that's a strong possibility. You know, we see 40 year mortgages. We've seen You know rate buy downs We've seen, you know, some of these companies offer 1% down You know loan products, you know, you can you can create another loan products And I think we may be in a situation where we see some loan products that say hey We'll figure the buyer agent commission into the loan, but then guess what now the property has to appraise For what that, you know that that amount is with that what that ending purchase price is with the buyer agent Commission figured in You know that that's gonna have to appraise for that Maybe maybe they come up with a product where it's more of closing costs is figured in or something. I don't know If these these you know these mortgage people they can come up with a lot of different things But in my opinion if that were to happen It would have to appraise for you know The purchase price and the the buyer agent commission that's figured in and now we're right back to selling it for appraise value Okay, we're right back to selling it for appraise value. So You know and then we'll get into these situations Okay, where oh didn't appraise and then the seller saying well it appraises minus your buyer commission So, you know, you need to pay your own buyer commission the buyers like well I don't have the money so I can't do the deal and now the seller saying well Well now I got to go out and find somebody that's that that's either can pay their own commission or not Represented like it's just gonna open up an entirely new world if this were to go down like this. So anyway It's interesting to think about nothing to worry about okay, so let's get into how to take advantage Okay, so best-case scenario nothing happens worst-case scenario Everything gets flipped upside down of how we have to disclose to sellers and then you have kind of this mixed market Where we still have people that are offering buyer commission and some not it's gonna be wild a buyer agent Are actually gonna turn into more lawyer type Situations where they take a retainer up front to go out and show property You know and retainer and then get the rest at closing and that's how they operate in Australia I interviewed Lee down there and He's actually the number one exp International agent in the world, but that's how they operate in Australia They they operate exactly like this listening aging is 3% and normally works with the buyers on their deals They do work with the buyer agent on some that get paid by their own Client by the buyer and then there are some deals. He said where he gives them some of the 3% So this is what we could run into now if this change were to happen It's gonna take a long long time in my opinion, right? It could take, you know, several years for the dust to settle from something like this and to become the new norm If you will so it's gonna be interesting to see this is gonna be very interesting to see but again nothing to worry about So where's the opportunity the opportunity is this Number one if something gets flipped I mean, I'm having agents reach out to me about you know Obviously your buyer agents and they're asking me hey if this were to go down I'm like, don't worry about it like keep trucking keep doing what you do if something happens We work we work around it and keep going and they said well, do you think that it's gonna We're gonna lose buyers who can't afford to pay commission or whatever and I'm thinking I hope so I Hope that I hope you lose some buyers and you start working with some sellers I hope that you realize that working with sellers is more efficient anyway, and It's like work with the not just seller but property owner to buy and sell So the opportunity is gonna be here if this were to happen My in my opinion, it's gonna scare a lot of agents out of the business. It's gonna it's gonna turn things around in a way Especially a lot of these teams that have a lot of buyer agents It's just gonna change a lot of things and I think we're gonna see a lot of agents leave the business over this honestly I think it's gonna weed out a lot of agents So I think you're gonna have a lot of agents leave the business That's gonna be open up a lot more opportunity for the agents who stay in the business But also if you are if you are property owner heavy if your business is more property owner heavy and What you do is you go out there and you create relationship property owners to help them buy and sell real estate for the rest of their Life you're gonna be just fine because you're mostly a listing agent You know 80% plus of your deals are listings which regardless of how this goes will continue to be king moving forward So you're gonna be just fine if that's the case So that's where the opportunity is is to not leave the business if you're a buyer agent switch to more Listing heavy property owner heavy start doing lead generation Activities that involve going after property owners and building those relationships and if you're already If you're already running that type of business go even harder Go even harder in on that so a Couple of things really quickly as far as being a property owner heavy Business using social media to get listings so on and so forth So I'll put some training sessions in the in the in the description of course again I'm doing my training session live this Friday 4 p.m. Eastern I want you guys to go get 30 more listings for the rest of the year and I want to lay out a plan for you to do So but I'll put another one in the in the description Expires man two to 18 month old expireds are so good These guys and girls that you were trying to sell a property at one point It's like I see you were trying to sell this one point whatever happened with that and they just tell you this amazing story Of what happened? They still live there. They moved they sold it. They rented it. Whatever they did Right and then how they're doing now what they're doing. What's their next move? What are they gonna move next that they like rental properties? Do they have an agent they're gonna work with and if you can work with them You would love the opportunity. Is it okay if I stay in touch and just build those relationships? It's not crazy with social media a lot of you are using social media to go after buyers You're just running a lot of videos and stuff to try to attract buyers, which is fine But it's not efficient in my opinion if you're utilizing social media to leverage getting more listings I feel like that that is the best play for real estate agents online now How do you do that? Well number one you advertise your listings on your platforms make incredible videos about your listings the drones and the Different videos of the nice music. Maybe you talking about your your listing whatever the case may be But also creating just really engaging content on your page as well Just to boost the impressions that your profile gets per month the views the the likes the comments everything else that comes along with Engagement you want to create that kind of content as well Then what do you do yet when you're at a listing appointment? You say hey? I'm getting a hundred thousand impressions on my profile per month And I'm gonna be pushing your property on my platform Okay, any agent can put your property on MLS right every agent can but there's very few agents That are getting a hundred thousand impressions per month that are gonna be pushing your property out on their platforms on top of All the other platforms every other agent is pushing your property on I have my unique Personal platform that gets 50,000 10,000 a hundred thousand Impressions per month and I've sold X amount of properties, right? I'm also gonna do a video for your listing on and on and on and on This is how you use social media to go out and get more Listings all right. So anyway, I hope you got a lot out of this. I hope you understand what my position is I'm excited either way because I'm always up for the challenge if nothing changes It's like game on if things do change It's like okay Send me a list of the new rules so I can get to work because that's what exactly what I'm gonna do I'm gonna get out here, and I'm gonna crush every Single agent I say that a good way because I love you guys But I'm competitive and I'm gonna go out here, and I'm gonna crush Everybody and that's exactly the way you need to be thinking because business is unlimited forever You can never do all the deals so go out there and put as forth as much effort as you can to take advantage Of as much as you can because there will come a time ladies and gentlemen When you don't feel like doing this anymore it would be a real estate agent is a rat race You're only good as your last deal. You're gonna want to invest in a passive income. Okay. I'm closing on four properties this week I've got two new constructions an existing home. We remodeled and a commercial building. I also have three acres under contract I'm having my second city meeting with to build 48 units an apartment complex two miles from my house The actually all these properties are about two and a two mile radius of my house So they're also building a new school. That's gonna be nice super nice a high school elementary a new Park and workout facility and everything Minutes away from the beach So I said all that to say this you're gonna come to a point where you don't want to sell anymore Squeeze this market and this moment for every last drop you can't All right, I love you so much go out there and crush it and I'll see you on the next video. Let's go