1 rich Libsyn https://www.libsyn.com 90 600 If you want the scoop on the Department of Justice lawsuit and settlement with the National Association of REALTORS®—and how it affects YOU—let me fill you in. The DOJ’s concern is that consumers are unclear about commission structures and how agents get paid, so it’s about to become publicly available information. Professional REALTORS® are already transparent about these things, so we’re happy to provide consumers more options and better transparency. Listen in as I share a big change in the settlement that will require a new critical step in your process when it comes to lockboxes and seller safety —and hear what you can do as a REALTOR® to share your value, spread the word, and support your clients.&amp;nbsp;&amp;nbsp; Please subscribe to “Real Estate from the Rooftops” in Apple Podcast, or your favorite Podcast App, and on Youtube and Rumble—and never miss a beat from Leigh by following her on Instagram @LeighThomasBrown. As always, if you need a rockstar REALTOR® who is involved in political advocacy, homeownership rights, and is always in the know, call on this girl at leigh@leighbrown.com.&amp;nbsp; 00:25 - Leigh is the Vice President of Advocacy for the Association and is connected to Katies Johnson, the Chief Counsel of the NAR 00:50 - The DOJ (Department of Justice) &amp;amp; NAR Lawsuit and Settlement 01:45 - The DOJ said that people don’t know what’s going on in terms of commissions and buyers don’t know how agents are paid 02:05 - Your state may have different agency rules for buyer and sellers agents, some states even have transaction agents 03:00 - The settlement says that commission payments need to be evident; NAR doesn’t acknowledge wrongdoing but agreed to publish compensation 03:35 - If you are a REALTOR® and you have compensated another agent in the MLS, it’s going to publish all over the place on websites 03:50 - The MLS is an agreement to data and listing share amongst professional colleagues 04:20 - If one REALTOR® works with a seller, they can publish the listing into the MLS for buyers agents with information on how they’d be paid, too 04:30 - That amount was determined between the seller’s agent and the seller prior to publishing on the MLS; this is so agents can work together 05:00 - This compensation number used to be published publicly, then it wasn’t, and now it will be again; it’s no big secret&amp;nbsp; 05:30 - Part of the conversation 05:35 - That it will cause negotiations of commission rates - this has always happened 05:50 - Agents won’t be able to choose houses based on commission dollars - we’re in a low-inventory market so you shouldn’t be doing this anyway 06:20 - The consumer will be able to see the full breadth of what’s available within their budget - that’s how it should be 06:30 - The giant change in the settlement 06:30 - You’ll have to have a conversation with your seller clients 06:35 - In the MLS, when you agree to work together, you work through showing instructions and services for convenience and safety 06:55 - The DOJ settlement says that any real estate licensee can access a lockbox, REALTOR®, member of the association, or MLS with seller permission 07:15 - Have a conversation with sellers about how it works; find out if they’re comfortable having licensees in their house and be sure to check licenses 07:45 - This may just mean that you have to make an extra phone call; the priority is seller safety so make sure their license is valid 08:25 - We need to have better conversations with the public about what we do as REALTORS® 08:35 - REALTORS® tend to keep all the work they do behind-the-scenes, so the public doesn’t know all they do and all the hours it takes 09:00 - Let people know how hard you work; look at your advertising and let consumer sellers know what a professional REALTOR® means to them 10:20 - The best REALTORS® do things that websites and AI and AR just can’t do; they troubleshoot, find solutions, and make the transaction smooth 10:53 - If you have opinions, concerns or questions as a REALTOR® member, contact the members of the NAR Board of Directors in your state/region 11:11 - The NAR Board of Directors (your voice in the room) will need to have a meeting to discuss how they’re going to approach and vote on this 12:00 - While we work through the process 12:10 - Do what you were doing; make sure every consumer is educated, they know what you do, and know the journey from consumer to client 12:40 - Spread the word; fill other agents in on the conversation and encourage them to engage Real Estate from the Rooftops http://leighbrownrooftops.libsyn.com/website <iframe title="Libsyn Player" style="border: none" src="//html5-player.libsyn.com/embed/episode/id/16950779/height/90/theme/custom/thumbnail/yes/direction/forward/render-playlist/no/custom-color/88AA3C/" height="90" width="600" scrolling="no" allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen></iframe> https://assets.libsyn.com/secure/item/16950779