Ep 31 | BIG NEWS | Zillow Acquires Follow-Up Boss Artwork

Reside Platform Podcast

Welcome to Reside Platform Podcast! Join us as we discuss all things real estate and business related. As four entrepreneurs who own real estate companies in tech, investors, real estate, and management, and eight-figure coaching companies, we offer unique insights and expertise on the latest trends and news in the industry. From marketing strategies to client acquisition, we share our experiences and tips on how to succeed in the competitive world of real estate. We also explore current events and trends that impact us all, providing valuable insights and actionable advice for listeners. Join us for engaging conversations and practical advice on how to thrive in the fast-paced world of real estate and business.

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Reside Platform Podcast

Ep 31 | BIG NEWS | Zillow Acquires Follow-Up Boss

November 01, 2023 • Nick McLean

Learn more about how Reside can get you to #1 in your marketplace: https://residediscover.com/

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In this episode, co-founders of Reside Platform, Nick McLean, Suneet Agarwal, And Preston Guyton, sit down to discuss the NAR Lawsuit.

On Tuesday October 31, 2023 A federal jury ruled that the National Association of Realtors and several large brokerages had conspired to artificially inflate the commissions paid to real estate agents. The damages of this lawsuit work out to over 7 billion dollars, $1.78B in damages and a possible $5.38B in treble damages to come.

Preston, Suneet, and Nick talks through the Lawsuit and and implication that it will have on the Real Estate Industry moving forward. Although this suit seems like a win, the plaintiffs are only walking away with $2,000 and the real winners are the attorneys. The guys also discuss the Department of Justice and their thoughts on the lawsuit, as they want to do away with buyer commissions.

Suneet, Nick, and Preston also talk about what affect this will have in the political landscape since NAR is the #1 lobbier in 2022 (having spent $84 million). Finally, they talk through their thoughts and advice for both team leaders and agents to ensure they are doing their due diligence and avoid any legal repercussions moving forward.

Make sure to watch this episode and share with others in the Real Estate space!

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Don't forget to subscribe! - - - @resideplatform

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VIDEO CONTENTS:

00:00 Introduction

01:09 Breaking Down the Lawsuit & Implications Moving Forward

06:00 The D.O.J. and the N.A.R. Lawsuit

09:10 Changes in the Real Estate and Mortgage Industries

10:53 What Does a Team Leader Do Now?

15:30 Advice for Agents

19:50 The Collusion Aspect