2072: Devastating NAR Real Estate Class Action Lawsuit- Is this the END

Jason discusses a significant legal case that could reshape the real estate industry. The case involves allegations of price-fixing and antitrust violations by major players in the industry, including the National Association of Realtors. A Missouri jury found NAR and several big brokerages guilty of conspiring to inflate commissions, potentially resulting in a massive financial impact. Hartman provides insights into the real estate industry, the role of commissions, and the potential implications of the case. He believes the commissions are too high due to the industry's oversaturation, leading agents to spend a significant amount on marketing to secure transactions. He also suggests that technology platforms like Zillow could benefit from the case, as it may lead to a more direct relationship between buyers and agents.

 

#RealEstate #AntitrustLaws #PriceFixing #NationalAssociationOfRealtors #RealEstateCommissions #LegalCase #MarketDisruption #RealEstateIndustry #BuyersAgent #Cooperation #Commissions #Competition

Key Takeaways:

1:28 An earthquake just hit the real estate industry

3:05 IS the NAR a cartel

4:00 Conspiring to inflate commissions

4:58 A 5 billion lawsuit and Jason's civil RICO case

8:15 Jason's commentary on a CNBC Video: Real Estate Commissions Under Fire

12:56 Buyer's agent adds great value to the transaction

18:50 NAR as a cartel

25:18 Higher Commission costs in the US

27:46 REMAX stocks versus the rest

29:37 American Bar Association & New York Bar Association 'Contingency Fees'

32:35 Anti-Trust Laws, the definition and pros and cons of a cartel

36:15 Real Estate: A Dysfunctional Industry

37:51 What's next and Jason's BIG Disruptor

 

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