Episode021: PART 5 - Understanding The Recent Civil Decision In Missouri Against NAR / Guessing And Betting On The Next 25 Years

The Connect Practice Track & Grow Podcast

This is the conclusion of our deep dive into the long-term ramifications of the recent civil court decision in the case of Sitzer Burnett v the National Association of Realtors et al.In part 1, Laci Leblanc and I covered the facts of the case and formulated a basic understanding of the impact this will have on our profession as a whole.In part 2, we examined how the four mega-brokerages, RE/MAX, Anywhere, Keller Williams, and Homes Services of America, responded to the lawsuit and why.In part 3, we talked about how we as broker owners to a large degree brought this on ourselves and what we can do to restore honor to our profession.In Part 4, we covered some of the practical changes we will want to embrace in our practice regardless of how the appeal process plays out in 2024.Jeff Bezos, the founder of Amazon.com, famously said that his focus as CEO was on the things that are NOT going to change in the next 10 years. This is the mindset I have adopted for this podcast as I look ahead to the future of our profession over the next 10 to 25 years, or what I think of as The Age Of The NEW Professional.

SHOW HIGHLIGHTS

Chris reflects on the importance of guessing and betting in entrepreneurship, inspired by Dan Sullivan, and applies Jeff Bezos' philosophy of focusing on unchanging elements over the next 25 years to the real estate industry.

We discuss the power dynamics within the real estate industry, focusing on the control and access to the Multiple Listing Service (MLS) and the potential antitrust implications for the National Association of Realtors (NAR).

Laci and Chris explore the role of NAR, likening it to trade unions, and question the long-term value of the 'Realtor' trademark and NAR's future relevance and power in the industry.

Chris tackles the need for higher standards in real estate licensing and education, advocating for more stringent requirements and state-level reforms.

We address the evolving role of buyer's agents, critiquing the current real estate model and forecasting a shift towards 'real estate consulting' as a more comprehensive role.

Chris introduces the concept of "certified pre-owned homes," emphasizing the benefits of upfront home inspections, professional marketing packages, and AI-assisted appraisals.

We explore the enduring value of real estate listings as the premier lead generator and the importance of the real estate agent's role despite the rise of digital platforms.

Chris predicts a reduction in barriers to entry for new brokerages and online platforms, anticipating an influx of innovative business models that could potentially reduce consumer costs.

We predict enhancements in transparency in commission rates and agent qualifications, the evolution of agent roles towards consultancy, and the importance of niche specialization for market success.

Chris emphasizes the importance of local expertise, relationship-building, and exceptional customer service as key differentiators for real estate professionals of the future.

LINKS

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