March 22, 2024 • 19 mins
Could a landmark legal settlement be the tide that reshapes the coastline of Florida’s real estate market? I'm your host, Attorney Matthew Goodwin, and alongside Charlie McDonough, we bring you razor-sharp analysis of the March 15th agreement that's set to revolutionize the structure of real estate commissions. Our latest episode is a must-listen for anyone with skin in the property game, offering a deep dive into the NAR settlement's potential ripple effects on buyers, sellers, and agents alike.
In a candid conversation, we shatter the complexities surrounding the changes to the MLS listings and broker commissions. Prepare to gain critical insight as we unravel the elimination of compulsory compensation offers to buyer brokers, and what it means for the industry. We also highlight the importance of brokerage service transparency and discuss the future of commission negotiability. With my expertise and Charlie's perspective, this episode is your compass through the changing landscape of Florida real estate.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
Welcome to Goodwin Law Unplugged Florida Real
Estate and More.
This podcast features candidinsight from real estate
industry professionals from allsectors.
Your host Attorney MatthewGoodwin, a native Floridian and
experienced real estate attorney, will provide his personal
insight on legal matters andfeature other professionals
(00:21):
offering their candid advice.
Whether you're a first-timehome buyer, seasoned investor or
experienced real estate agent,there is something for everyone.
Thanks for joining us onGoodwin Law Unplugged.
Speaker 2 (00:35):
Well, welcome back listeners.
Viewer is Charlie McDonough,producer, co-host of the show
here with Matt U Goodwin.
Matt, how are you doing?
Speaker 3 (00:42):
Good Charlie, how are you doing?
Speaker 2 (00:44):
this morning Doing terrific man.
I love the corner office.
I love the look there.
Speaker 3 (00:51):
Busy day in Naples, Florida.
Speaker 2 (00:53):
It is.
We're still in season, we'regetting back to what us
year-round residents love, andthat's just some calmness, not a
whole lot of calm, that's right.
Speaker 3 (01:08):
We're not in the clear yet.
It's becoming more common wherethe season doesn't have a hard
stop like it did a few years ago.
Speaker 2 (01:17):
I've been seeing a lot of news reports about how
the game is going to change forreal estate agents out there.
Being that that's one of yourspecialties, what can you tell
us, Phil?
Send us on what's going on orwhat's coming down the road here
?
Speaker 3 (01:36):
There was a settlement entered on March 15th
.
I'll just preface by sayingthat it has to still be approved
by the court, but we'reexpecting it to be approved.
The experts are expecting it tobe approved in its current form
.
The whole report is over 100pages and I'm going to give you
the key point.
March 15th, nar, nationalAssociation of Realtors, and the
(02:00):
plaintiffs representing a classof home sellers and several
related lawsuits.
They entered into thissettlement agreement, which
addresses allegations againstNAR related to practices that
were claimed to illegallyinflate real estate commissions.
Now today we'll talk brieflyabout the key points of the
(02:21):
settlement agreement and itsimpact on Florida real estate
brokers and agents.
Just a little background of theallegations the plaintiffs
accused NAR of conspiring to setreal estate commissions
artificially high the rates,that is, which would be in
violation of federal antitrustlaws.
The settlement follows a juryverdict in favor of the
(02:47):
plaintiffs in one of these cases, indicating the seriousness of
the allegations.
The settlement was for $418million and it was intended to,
other than pad the lawyer'spockets who brought the suit,
not to trade effective home,affected home sellers and, of
(03:11):
course, attorneys fees, otherassociated costs.
But this is a pretty big numberand it highlights the
significant impact of NAR'salleged practices on the real
estate market.
So no commission of guiltsettlement agreement here's the
terms it has an effect on.
(03:32):
It'll change the practices ofreal estate professionals.
As part of the settlement, theNAR agreed to implement several
practice changes, most notablythe following Eliminating
requirements that listingbrokers must offer compensation
to buyer brokers.
That means that listing brokersno longer have to offer a split
(03:57):
of what the seller has agreedto pay them To the buyer's
broker who brings a ready,willing and able buyer to that
property.
Number two, it prohibits thedisplay of broker compensation
on MLS listings.
This is a big deal Because youknow an agent looking on the MLS
(04:26):
once this is all updated afterthe settlement, of course will
no longer know what they'rewilling to make if their buyer
has an offer accepted on aproperty that they're wanting to
show them.
The third thing that it doesthat NAR agreed to in this
agreement is discouraging therepresentation that brokerage
(04:50):
services are free.
Now that just has to do withcertain disclosures they're
agreeing to provide, because Idon't know of any buddy out
there that represents theirbrokerage services is free.
But however, I think this ismore in tune to the buyers
representing agents and I thinkyou're gonna see more.
(05:12):
I know you're going to see morebuyer broker agreements than
ever before In Florida.
You don't see it too often, alot too often, as it is.
The fourth thing it does isrequires disclosures that Broker
commissions are negotiable andnot set by law.
(05:32):
Now it's not gonna be a bigdisclosure, but I'm gonna see,
just like with homeownersassociations and if the
properties a condominium, you'regonna have this new disclosure
that brokerage commissions arenegotiable and not set by law,
and that's just sort of statingwhat was already in existence,
(05:52):
but now it's required to bedisclosed in writing.
So the agreement provides thesechanges, or Provides that these
changes.
They aim to foster a morecompetitive and transparent real
estate brokerage market,potentially lowering the cost of
selling the home potentially so.
Speaker 2 (06:14):
It's a big winner, big loser, or you think it just
all kind of.
Speaker 3 (06:19):
Well, let's talk about that, because I think
there's a combination of winnersand not so winners.
I don't like to use the wordlosers, but I guess there's a
winner and a loser, everythingdepending on how you look at
things.
I think there's a win even inthe loss.
So what I'm gonna talk about ishow it impacts the floor to
real estate brokers and agents.
(06:40):
So one is transparency andcompetition.
So the previously the thecommon practices around
commission structures andDisclosures they're they're
modified, so this settlement maylead to increased transparency
in the real estate process andFoster greater competition among
(07:02):
brokers and agents, as if theyneeded it right.
So I'm sure you got a lot.
You got a lot of people outthere thinking gosh, it's
already competitive enough, nowI need to worry about one more
law to comply with.
However, I Think this preventpresents opportunities, which
I'll touch on a little bit.
(07:23):
The other impact it has is itforces adaptation to new
practices for real estateprofessionals must adapt their
business practices to complywith these new requirements,
particularly Regarding howcommissions are discussed,
advertised and negotiated withbuyers and sellers.
I'll say that again, they haveto adapt their practices.
(07:45):
Brokers and agents,particularly regarding how
commissions are discussed,advertised and negotiated with
buyers and sellers.
This is where you're gonna seeyour buyer brokers come,
agreements come into play.
This is where you'll see alisting agreement where the
seller agrees to pay a certainpercentage to their listing
(08:07):
agent and then buyer comes alongand they can negotiate how much
they're willing to pay them.
Well, a form of this practicealready takes place.
You're seeing the averagepercentage come down in certain
markets based on the value ofthe homes in those markets,
(08:28):
naples being one of them, butother high value areas like Palm
Beach and New York City.
But you, it's, it'stransparency that they're they
want to accentuate here andthere is a potential financial
(08:48):
impact because the eliminationof mandatory compensation offers
meaning they must put on theMLS what they're going to be
paying and the emphasis thismeaning they eliminated that
mandate and the emphasis onnegotiable commissions, meaning
(09:12):
now the buyers, brokers knowthis laws and existence and the
buyers themselves know it is,and, of course, the sellers do
that.
I.
It could lead to a morevariable income landscape for
brokers and agents, possiblyaffecting their earning
potential, but I believe thispresents opportunities for top
agents and it allows them todifferentiate and elevate their
(09:35):
services in ways that they mightnot otherwise have been able to
before.
So agents who communicate wellhave a strong value proposition.
They're likely to thrive Well.
Part-time agents may strugglewith the new dynamics.
Now, this is not discriminatingagainst part-time agents, nor
(09:57):
do I have anything bad to sayabout part-time agents, but
there are many part-time agentsthat they don't rise to the same
level of professionalism as thefull-time agents whose
livelihood depends on selling ahouse.
We're helping their client buyone, and that's where I think
(10:19):
you're gonna see a shake up it,and it's gonna raise the barrier
to entry, which is something Ithink we need, just like they
raise the barrier to entry tobecome a lawyer.
You know it's hard to become alawyer, it's hard to become a
certified public accountant andand it's hard to become any
other number of professionals.
(10:40):
It's Only serious.
Contenders are gonna be theones who continue with it.
Small brokerages are gonna be,in my opinion, more likely to be
hurt by this because they don'thave the Financial backing.
(11:02):
Let's say that a publiclytraded company might have, with
resources and business practicesalready in place to adapt to
things like this.
But If you're a top agent andyou already have worked long and
hard to hone your craft,communicate well and Improve
(11:27):
your value propositions.
You're gonna likely to thrivein this market, but there's a
pill battle in the public's eyeand there's a lot of reports out
there some of them false thatyou're gonna require
conversations to be had withbuyers and sellers who are
(11:48):
operating post Settlementagreement, so it's gonna be
tough for some people.
Hmm, hmm, does that make sense?
Speaker 2 (12:00):
Yeah, yeah, I mean there's a lot of dynamics there
and and to your point, I meanit's the Probably most
industries.
You know that the ones whoprovide the best service are the
ones who are going to Besuccessful, regardless of the
conditions or whatever new rulescome out.
Does it for the Someone lookingat buying or selling right now?
(12:25):
We're under agreement.
I mean, is there anything thatthey should or shouldn't do?
Should they wait until thisSettlement comes through or
you're already locked in?
Speaker 3 (12:37):
no, I think you everyone continues Business as
usual because the stateassociation of realtors in our
case far Florida associationrealtors there they're gonna
make sure everybody complies.
There's already a series offorms that have been developed
proactively and disclosures tocomply with this.
(12:58):
So I don't know who's leadingthe pack in this, but Florida is
not gonna mess around.
They already have officialopinions out and they're working
behind the scenes tirelessly tofigure out how they're gonna
comply and help the Floridabroker just comply with this.
But so there's gonna require alot of educational efforts, and
this is where I think it wouldhurt smaller brokers who don't
(13:22):
have necessarily the sameresources that they're selling
homes right.
They don't have a full-timeoffice person that can put all
this stuff together for them.
So the settlement mandates thedevelopment of educational
materials to reflect these newpractices.
So I think you're gonna seecompanies that will make money
on this.
So, giving an example with thetitle industry ALTA American
(13:50):
Land Title Association is anorganization that's self-funded
to regulate and advocate fortitle insurance companies and
title insurance agents likeourselves through the law firm
across the country, and theyadapted several best practices
to comply with the CFPB consumerfinancial protection bureau
(14:13):
laws years ago.
And ALTA and other companieshave started.
I don't think ALTA makes moneyoff this, but it's definitely
one of their selling pointswhere they've come up with these
templates to just simply changeput your name in right and
there's companies that willaudit you to make sure your best
practice comply.
So I think there's a businessopportunity for people or for
(14:37):
out there for companies to puttogether these educational
materials for smaller brokeragesfor a fee.
Right Brokers and agents aregonna need to familiarize
themselves with these materialsto ensure compliance and then
adjust their business practicesand strategies accordingly, just
like we as law firms and titlecompanies have to adapt to
(15:00):
changing regulations and makesure that we and our staffs are
educated.
Speaker 2 (15:07):
Good point, wow, wow.
Anything else In considerations, anything else that you left
out, that we should?
Speaker 3 (15:18):
Well, just a final point.
I mean this comes down toadaptation and survival.
Right, real estate agents havethe ones that have been in the
game for more than five,especially 10 years, 15, that
have seen downturns and such.
I mean they're gonna survive.
They have a resilience Despitethe uncertainty and the
(15:38):
potential chaos.
Most experts believe that thereal estate industry will adapt
and find new ways to conductbusiness under the settlements
terms.
It's just that we don't knowwhat.
We don't know yet as a whole,because it's like what should we
do and who should we listen to?
Listen to your stateassociation, listen to your
(15:58):
local association, listen toyour brokerage if they are
publicly traded company or ifthey're not, assuming that if
they're not, they also listen tothose same agencies, because
the brokers are the ones thatare ultimately responsible.
The real estate industry,historically, has adapted to
these kinds of changes and thissituation will likely be no
(16:19):
different.
So, in summary, the settlementrepresents really a pivotal
moment in the US real estatemarket, with significant
implications for real estateprofessionals in Florida and
beyond, and brokers and agentswill need to thoughtfully
navigate these changes to alignwith the new legal and market
(16:41):
realities, potentiallybenefiting both the industry and
consumers by promoting morefairness and transparency in
real estate transactions.
Good, If you'd like to, for somenighttime reading or morning
reading.
You want to read the fullsettlement?
(17:02):
You know you can, course, reachout to us, it's not too hard to
find.
Just Google NAR settlement andWe'll put it in our show notes
of this episode to a link to it,but the it's 108 pages and
double Spaced, so it there'senough reports out there to Kind
(17:28):
of distill the main points, butI think I touched on them all.
But this is gonna be an evolvingConversation and that's really
all I can say about it right now, until the court approves it
and we start to see tractionfrom the local and state boards
terrific.
Speaker 2 (17:43):
Well, thanks for clearing up my questions and
Sharing your insight on this.
And that went.
When is that scheduled again,the settlement?
Well, I Don't.
Speaker 3 (17:56):
I don't know when the court is expected to rule on it
.
It's going to be in a veryshort period of time.
Today is the 22nd and thissettlement agreement was just
reached on the 15th, so we'reonly seven days out from when
(18:17):
the agreement itself was madepublic.
I mean, this thing has gotpressed all over the country, so
there's gonna be a lot ofpressure to have these policies
set in motion.
But the way they're saying it's, it's.
They're treating it as if it'salready a new law.
So just, if you're an agent,ask your broker what you should
(18:38):
do.
If you're a broker, ask yourlocal and state board of
realtors what you should do tocomply, and If you're
representative of a state board,ask NAR how you need to comply.
Speaker 2 (18:54):
Super, super.
All right, matt.
Well, thanks.
It sounds like we need to getyou back to practicing law there
and.
We'll catch up in the nextepisode.
Speaker 3 (19:05):
Thanks, Charlie, have a great rest of your day.
Speaker 1 (19:09):
Thanks for listening to Goodwin law unplug.
To learn more about Goodwin lawand to utilize our services,
visit Goodwin, a state law calm,or call 239 207 3403, oblamos
Espanol to submit questions orbe a guest on a future episode.
Message us on our website or onsocial media by searching for
(19:31):
Goodwin law PA in Naples,florida.
This has been Goodwin lawunplugged.
Thanks again for joining us you.
Welcome to Goodwin Law Unplugged Florida Real
Estate and More.
This podcast features candidinsight from real estate
industry professionals from allsectors.
Your host Attorney MatthewGoodwin, a native Floridian and
experienced real estate attorney, will provide his personal
insight on legal matters andfeature other professionals
(00:21):
offering their candid advice.
Whether you're a first-timehome buyer, seasoned investor or
experienced real estate agent,there is something for everyone.
Thanks for joining us onGoodwin Law Unplugged.
Speaker 2 (00:35):
Well, welcome back listeners.
Viewer is Charlie McDonough,producer, co-host of the show
here with Matt U Goodwin.
Matt, how are you doing?
Speaker 3 (00:42):
Good Charlie, how are you doing?
Speaker 2 (00:44):
this morning Doing terrific man.
I love the corner office.
I love the look there.
Speaker 3 (00:51):
Busy day in Naples, Florida.
Speaker 2 (00:53):
It is.
We're still in season, we'regetting back to what us
year-round residents love, andthat's just some calmness, not a
whole lot of calm, that's right.
Speaker 3 (01:08):
We're not in the clear yet.
It's becoming more common wherethe season doesn't have a hard
stop like it did a few years ago.
Speaker 2 (01:17):
I've been seeing a lot of news reports about how
the game is going to change forreal estate agents out there.
Being that that's one of yourspecialties, what can you tell
us, Phil?
Send us on what's going on orwhat's coming down the road here
?
Speaker 3 (01:36):
There was a settlement entered on March 15th
.
I'll just preface by sayingthat it has to still be approved
by the court, but we'reexpecting it to be approved.
The experts are expecting it tobe approved in its current form
.
The whole report is over 100pages and I'm going to give you
the key point.
March 15th, nar, nationalAssociation of Realtors, and the
(02:00):
plaintiffs representing a classof home sellers and several
related lawsuits.
They entered into thissettlement agreement, which
addresses allegations againstNAR related to practices that
were claimed to illegallyinflate real estate commissions.
Now today we'll talk brieflyabout the key points of the
(02:21):
settlement agreement and itsimpact on Florida real estate
brokers and agents.
Just a little background of theallegations the plaintiffs
accused NAR of conspiring to setreal estate commissions
artificially high the rates,that is, which would be in
violation of federal antitrustlaws.
The settlement follows a juryverdict in favor of the
(02:47):
plaintiffs in one of these cases, indicating the seriousness of
the allegations.
The settlement was for $418million and it was intended to,
other than pad the lawyer'spockets who brought the suit,
not to trade effective home,affected home sellers and, of
(03:11):
course, attorneys fees, otherassociated costs.
But this is a pretty big numberand it highlights the
significant impact of NAR'salleged practices on the real
estate market.
So no commission of guiltsettlement agreement here's the
terms it has an effect on.
(03:32):
It'll change the practices ofreal estate professionals.
As part of the settlement, theNAR agreed to implement several
practice changes, most notablythe following Eliminating
requirements that listingbrokers must offer compensation
to buyer brokers.
That means that listing brokersno longer have to offer a split
(03:57):
of what the seller has agreedto pay them To the buyer's
broker who brings a ready,willing and able buyer to that
property.
Number two, it prohibits thedisplay of broker compensation
on MLS listings.
This is a big deal Because youknow an agent looking on the MLS
(04:26):
once this is all updated afterthe settlement, of course will
no longer know what they'rewilling to make if their buyer
has an offer accepted on aproperty that they're wanting to
show them.
The third thing that it doesthat NAR agreed to in this
agreement is discouraging therepresentation that brokerage
(04:50):
services are free.
Now that just has to do withcertain disclosures they're
agreeing to provide, because Idon't know of any buddy out
there that represents theirbrokerage services is free.
But however, I think this ismore in tune to the buyers
representing agents and I thinkyou're gonna see more.
(05:12):
I know you're going to see morebuyer broker agreements than
ever before In Florida.
You don't see it too often, alot too often, as it is.
The fourth thing it does isrequires disclosures that Broker
commissions are negotiable andnot set by law.
(05:32):
Now it's not gonna be a bigdisclosure, but I'm gonna see,
just like with homeownersassociations and if the
properties a condominium, you'regonna have this new disclosure
that brokerage commissions arenegotiable and not set by law,
and that's just sort of statingwhat was already in existence,
(05:52):
but now it's required to bedisclosed in writing.
So the agreement provides thesechanges, or Provides that these
changes.
They aim to foster a morecompetitive and transparent real
estate brokerage market,potentially lowering the cost of
selling the home potentially so.
Speaker 2 (06:14):
It's a big winner, big loser, or you think it just
all kind of.
Speaker 3 (06:19):
Well, let's talk about that, because I think
there's a combination of winnersand not so winners.
I don't like to use the wordlosers, but I guess there's a
winner and a loser, everythingdepending on how you look at
things.
I think there's a win even inthe loss.
So what I'm gonna talk about ishow it impacts the floor to
real estate brokers and agents.
(06:40):
So one is transparency andcompetition.
So the previously the thecommon practices around
commission structures andDisclosures they're they're
modified, so this settlement maylead to increased transparency
in the real estate process andFoster greater competition among
(07:02):
brokers and agents, as if theyneeded it right.
So I'm sure you got a lot.
You got a lot of people outthere thinking gosh, it's
already competitive enough, nowI need to worry about one more
law to comply with.
However, I Think this preventpresents opportunities, which
I'll touch on a little bit.
(07:23):
The other impact it has is itforces adaptation to new
practices for real estateprofessionals must adapt their
business practices to complywith these new requirements,
particularly Regarding howcommissions are discussed,
advertised and negotiated withbuyers and sellers.
I'll say that again, they haveto adapt their practices.
(07:45):
Brokers and agents,particularly regarding how
commissions are discussed,advertised and negotiated with
buyers and sellers.
This is where you're gonna seeyour buyer brokers come,
agreements come into play.
This is where you'll see alisting agreement where the
seller agrees to pay a certainpercentage to their listing
(08:07):
agent and then buyer comes alongand they can negotiate how much
they're willing to pay them.
Well, a form of this practicealready takes place.
You're seeing the averagepercentage come down in certain
markets based on the value ofthe homes in those markets,
(08:28):
naples being one of them, butother high value areas like Palm
Beach and New York City.
But you, it's, it'stransparency that they're they
want to accentuate here andthere is a potential financial
(08:48):
impact because the eliminationof mandatory compensation offers
meaning they must put on theMLS what they're going to be
paying and the emphasis thismeaning they eliminated that
mandate and the emphasis onnegotiable commissions, meaning
(09:12):
now the buyers, brokers knowthis laws and existence and the
buyers themselves know it is,and, of course, the sellers do
that.
I.
It could lead to a morevariable income landscape for
brokers and agents, possiblyaffecting their earning
potential, but I believe thispresents opportunities for top
agents and it allows them todifferentiate and elevate their
(09:35):
services in ways that they mightnot otherwise have been able to
before.
So agents who communicate wellhave a strong value proposition.
They're likely to thrive Well.
Part-time agents may strugglewith the new dynamics.
Now, this is not discriminatingagainst part-time agents, nor
(09:57):
do I have anything bad to sayabout part-time agents, but
there are many part-time agentsthat they don't rise to the same
level of professionalism as thefull-time agents whose
livelihood depends on selling ahouse.
We're helping their client buyone, and that's where I think
(10:19):
you're gonna see a shake up it,and it's gonna raise the barrier
to entry, which is something Ithink we need, just like they
raise the barrier to entry tobecome a lawyer.
You know it's hard to become alawyer, it's hard to become a
certified public accountant andand it's hard to become any
other number of professionals.
(10:40):
It's Only serious.
Contenders are gonna be theones who continue with it.
Small brokerages are gonna be,in my opinion, more likely to be
hurt by this because they don'thave the Financial backing.
(11:02):
Let's say that a publiclytraded company might have, with
resources and business practicesalready in place to adapt to
things like this.
But If you're a top agent andyou already have worked long and
hard to hone your craft,communicate well and Improve
(11:27):
your value propositions.
You're gonna likely to thrivein this market, but there's a
pill battle in the public's eyeand there's a lot of reports out
there some of them false thatyou're gonna require
conversations to be had withbuyers and sellers who are
(11:48):
operating post Settlementagreement, so it's gonna be
tough for some people.
Hmm, hmm, does that make sense?
Speaker 2 (12:00):
Yeah, yeah, I mean there's a lot of dynamics there
and and to your point, I meanit's the Probably most
industries.
You know that the ones whoprovide the best service are the
ones who are going to Besuccessful, regardless of the
conditions or whatever new rulescome out.
Does it for the Someone lookingat buying or selling right now?
(12:25):
We're under agreement.
I mean, is there anything thatthey should or shouldn't do?
Should they wait until thisSettlement comes through or
you're already locked in?
Speaker 3 (12:37):
no, I think you everyone continues Business as
usual because the stateassociation of realtors in our
case far Florida associationrealtors there they're gonna
make sure everybody complies.
There's already a series offorms that have been developed
proactively and disclosures tocomply with this.
(12:58):
So I don't know who's leadingthe pack in this, but Florida is
not gonna mess around.
They already have officialopinions out and they're working
behind the scenes tirelessly tofigure out how they're gonna
comply and help the Floridabroker just comply with this.
But so there's gonna require alot of educational efforts, and
this is where I think it wouldhurt smaller brokers who don't
(13:22):
have necessarily the sameresources that they're selling
homes right.
They don't have a full-timeoffice person that can put all
this stuff together for them.
So the settlement mandates thedevelopment of educational
materials to reflect these newpractices.
So I think you're gonna seecompanies that will make money
on this.
So, giving an example with thetitle industry ALTA American
(13:50):
Land Title Association is anorganization that's self-funded
to regulate and advocate fortitle insurance companies and
title insurance agents likeourselves through the law firm
across the country, and theyadapted several best practices
to comply with the CFPB consumerfinancial protection bureau
(14:13):
laws years ago.
And ALTA and other companieshave started.
I don't think ALTA makes moneyoff this, but it's definitely
one of their selling pointswhere they've come up with these
templates to just simply changeput your name in right and
there's companies that willaudit you to make sure your best
practice comply.
So I think there's a businessopportunity for people or for
(14:37):
out there for companies to puttogether these educational
materials for smaller brokeragesfor a fee.
Right Brokers and agents aregonna need to familiarize
themselves with these materialsto ensure compliance and then
adjust their business practicesand strategies accordingly, just
like we as law firms and titlecompanies have to adapt to
(15:00):
changing regulations and makesure that we and our staffs are
educated.
Speaker 2 (15:07):
Good point, wow, wow.
Anything else In considerations, anything else that you left
out, that we should?
Speaker 3 (15:18):
Well, just a final point.
I mean this comes down toadaptation and survival.
Right, real estate agents havethe ones that have been in the
game for more than five,especially 10 years, 15, that
have seen downturns and such.
I mean they're gonna survive.
They have a resilience Despitethe uncertainty and the
(15:38):
potential chaos.
Most experts believe that thereal estate industry will adapt
and find new ways to conductbusiness under the settlements
terms.
It's just that we don't knowwhat.
We don't know yet as a whole,because it's like what should we
do and who should we listen to?
Listen to your stateassociation, listen to your
(15:58):
local association, listen toyour brokerage if they are
publicly traded company or ifthey're not, assuming that if
they're not, they also listen tothose same agencies, because
the brokers are the ones thatare ultimately responsible.
The real estate industry,historically, has adapted to
these kinds of changes and thissituation will likely be no
(16:19):
different.
So, in summary, the settlementrepresents really a pivotal
moment in the US real estatemarket, with significant
implications for real estateprofessionals in Florida and
beyond, and brokers and agentswill need to thoughtfully
navigate these changes to alignwith the new legal and market
(16:41):
realities, potentiallybenefiting both the industry and
consumers by promoting morefairness and transparency in
real estate transactions.
Good, If you'd like to, for somenighttime reading or morning
reading.
You want to read the fullsettlement?
(17:02):
You know you can, course, reachout to us, it's not too hard to
find.
Just Google NAR settlement andWe'll put it in our show notes
of this episode to a link to it,but the it's 108 pages and
double Spaced, so it there'senough reports out there to Kind
(17:28):
of distill the main points, butI think I touched on them all.
But this is gonna be an evolvingConversation and that's really
all I can say about it right now, until the court approves it
and we start to see tractionfrom the local and state boards
terrific.
Speaker 2 (17:43):
Well, thanks for clearing up my questions and
Sharing your insight on this.
And that went.
When is that scheduled again,the settlement?
Well, I Don't.
Speaker 3 (17:56):
I don't know when the court is expected to rule on it
.
It's going to be in a veryshort period of time.
Today is the 22nd and thissettlement agreement was just
reached on the 15th, so we'reonly seven days out from when
(18:17):
the agreement itself was madepublic.
I mean, this thing has gotpressed all over the country, so
there's gonna be a lot ofpressure to have these policies
set in motion.
But the way they're saying it's, it's.
They're treating it as if it'salready a new law.
So just, if you're an agent,ask your broker what you should
(18:38):
do.
If you're a broker, ask yourlocal and state board of
realtors what you should do tocomply, and If you're
representative of a state board,ask NAR how you need to comply.
Speaker 2 (18:54):
Super, super.
All right, matt.
Well, thanks.
It sounds like we need to getyou back to practicing law there
and.
We'll catch up in the nextepisode.
Speaker 3 (19:05):
Thanks, Charlie, have a great rest of your day.
Speaker 1 (19:09):
Thanks for listening to Goodwin law unplug.
To learn more about Goodwin lawand to utilize our services,
visit Goodwin, a state law calm,or call 239 207 3403, oblamos
Espanol to submit questions orbe a guest on a future episode.
Message us on our website or onsocial media by searching for
(19:31):
Goodwin law PA in Naples,florida.
This has been Goodwin lawunplugged.
Thanks again for joining us you.
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