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BREAKING: NAR Verdict Analysis w/ Byron Lazine · Massive Agent Podcast

0:00
SPEAKER_00: Today I'm bringing you an emergency podcast bonus edition because the word the real estate world has just changed dramatically.
0:08
SPEAKER_00: We're going to talk about this uh lawsuit, the class action lawsuit that NAR, Keller Williams, and uh Berkshire Hathaway Home Services just lost.
0:18
SPEAKER_00: They were just decided against.
0:21
SPEAKER_00: And as of as the way it sits right now, which will definitely be appealed, this is this is not the end.
0:27
SPEAKER_00: This is the beginning.
0:28
SPEAKER_00: This is like first inning type stuff.
0:30
SPEAKER_00: But as of now, uh NAR, Keller Williams, and Berkshire Hathaway are on the hook for$1.78 billion in damages.
0:40
SPEAKER_01: The massive aged podcast.
0:43
SPEAKER_01: We need generations of different strategies to give you more leads and sell more balls.
0:48
SPEAKER_02: I love to buy houses.
0:49
SPEAKER_02: I like to sell houses.
0:54
SPEAKER_01: The leads away from your better.
0:59
SPEAKER_01: Oh, I got your attention now.
1:02
SPEAKER_01: Here's your host, Dustin Brown.
1:10
SPEAKER_00: Just yesterday, another class action lawsuit was filed by the same attorneys against Compass, Redfin, EXP, Howard Hanna, Weikert, United Real Estate, and basically everyone.
1:22
SPEAKER_00: Basically, your brokerage.
1:24
SPEAKER_00: So shit is changing dramatically.
1:27
SPEAKER_00: And just this morning, day after Halloween, is when we're recording this, it was announced that Zillow has acquired follow-up boss.
1:36
SPEAKER_00: And we're going to talk about that as well.
1:38
SPEAKER_00: So today, Byron Lezine is joining us, the co-founder of BAM, the team leader and owner of One The One Team, the number one real estate team in the state of Connecticut in the MLS.
1:51
SPEAKER_00: They don't just, it's not just in their bio, like they actually are the number one team by transactions in the state of Connecticut.
1:57
SPEAKER_00: And he has followed the uh the Sitzer Burnett class action lawsuit closer than anyone I know.
2:04
SPEAKER_00: And we're gonna talk about it today.
2:06
SPEAKER_00: We're gonna talk about what the lawsuit was all about, what happened, and what, more importantly, what you as a real estate agent need to know coming out of it?
2:16
SPEAKER_00: What do you need to change, if anything?
2:19
SPEAKER_00: Is anything changing uh with rules and regulations and commission structure?
2:23
SPEAKER_00: Is anything changing yet?
2:25
SPEAKER_00: And if you are a follow-up boss user, should you be concerned about Zillow now owning follow-up boss?
2:32
SPEAKER_00: Do you need to go somewhere else?
2:33
SPEAKER_00: Is your data safe?
2:34
SPEAKER_00: Uh, is is this a good thing for follow-up boss users?
2:38
SPEAKER_00: Um, as you know, someone who has been a big follow-up boss fan, and transparently they've been a financial backer and a sponsor of this podcast for uh for about a year.
2:51
SPEAKER_00: Um, I believe that this is actually this could be a very big value add for follow-up boss users because now they have all of Zillow's resources, Zillow's engineers, Zillow's uh Villa's bank account, um, all backing them to just accelerate the shit out of innovation and features and support and all that stuff.
3:13
SPEAKER_00: So uh, but that's my opinion.
3:15
SPEAKER_00: You may have a differing opinion and want nothing to do with Zillow altogether, but this is what we're gonna talk about.
3:20
SPEAKER_00: And because these two, because of these two big news stories that came out on Halloween and the day after Halloween, this is why we're doing this emergency bonus episode of the Massive Agent Podcast with Byron Lazine.
3:34
SPEAKER_00: Let's talk to Byron right now.
3:36
SPEAKER_00: All right, Byron, I know you are this is like your Super Bowl.
3:40
SPEAKER_00: You know, you nerd out for this shit and it's game time.
3:44
SPEAKER_02: It's like the uh the the dungeon bowl here.
3:46
SPEAKER_02: It's it's a no, I don't want to paint a picture of Doom.
3:50
SPEAKER_02: I think there's incredible opportunity, but it is a big week in news, so big week for BAM, obviously, in that aspect.
3:57
SPEAKER_00: For sure.
3:58
SPEAKER_00: And first off, before we get into the NAR Keller Williams Berkshire lawsuit, losing the lawsuit, and then Zillow buying follow-up boss for half a Billy just early this morning.
4:12
SPEAKER_00: Uh before we do that, Bam it's so you haven't been on my podcast since Bam started.
4:18
SPEAKER_00: I don't think so.
4:19
SPEAKER_02: Yeah, you invited me.
4:20
SPEAKER_02: So you know you reached out now.
4:22
SPEAKER_02: I'm here.
4:22
SPEAKER_00: Yeah.
4:23
SPEAKER_00: This emergency pod.
4:24
SPEAKER_00: And there's no there's no resource that I honestly you're the first person I thought of when I'm like, okay, need to talk about this lawsuit.
4:32
SPEAKER_00: What the hell does it mean?
4:33
SPEAKER_00: Zillow just bought follow-up boss.
4:35
SPEAKER_00: Okay, what does that mean?
4:36
SPEAKER_00: Because you're a you're a Zillow guy, your team Zillow Flex, right?
4:39
SPEAKER_00: And follow-up boss.
4:41
SPEAKER_00: So wanted your opinion.
4:43
SPEAKER_00: And like you follow it closer than anyone I know, and so does BAM.
4:48
SPEAKER_00: And it's badass to see BAM become such a force in real estate media in such a short period of time.
4:54
SPEAKER_00: It's just been what a year and a couple months, right?
4:57
SPEAKER_00: Since BAM officially launched.
4:58
SPEAKER_02: Yeah, uh, April of 22.
5:01
SPEAKER_02: You've been a big part of this.
5:03
SPEAKER_02: You're a big supporter and um and creator with what we're doing, and you're at Bam Camp.
5:07
SPEAKER_02: I mean, you're we love having you a part of this, but yeah, it was it was incredible to see how many people jumped on in real time the reactions that that I did on the live stream right after the verdict, taking calls, getting everybody reaction.
5:23
SPEAKER_02: I'm sure a bunch of um Massive Agent Pod listeners were on that listening.
5:28
SPEAKER_02: There was a whole collection of agents that were pouring out their thoughts, their concerns in the comments, and on those calls.
5:36
SPEAKER_02: And uh yeah, I'm excited to be back on your pod because you know I I feel like I should have invited inviting uh way before this.
5:43
SPEAKER_02: I feel wear my Massive Agent podcast t-shirt all the time to the gym.
5:47
SPEAKER_00: I love it.
5:48
SPEAKER_00: I love it.
5:48
SPEAKER_00: Uh I'm excited to be here.
5:50
SPEAKER_00: I feel like you're right.
5:51
SPEAKER_00: We we need uh we need to make it a more regular thing.
5:53
SPEAKER_00: But I know you're you're the puppet master behind the scenes making bam happen.
5:57
SPEAKER_00: So I don't want to interrupt this uh this industry domination that's happening because it's working well.
6:02
SPEAKER_02: We should make a little meme of Eric being a puppet and I'm just pulling these little strings back there.
6:08
SPEAKER_02: That would be a great meme for me to put on my uh page.
6:11
SPEAKER_00: And no, it would pass all the fact checkers because it it's accurate.
6:15
SPEAKER_02: So, you know it's I I hope the broke agent Eric listens to this pod.
6:20
SPEAKER_00: We know there's zero chance that that'll happen.
6:22
SPEAKER_00: So I don't know.
6:24
SPEAKER_02: He listens to a lot of stuff.
6:25
SPEAKER_00: Uh he does, he does.
6:27
SPEAKER_00: So, Byron, my man, uh just yesterday, Halloween of all days, I know.
6:33
SPEAKER_00: After just two and a half hours or so of deliberation, the jury decided the National Association of Realtors, Keller Williams, and Berkshire Hathaway Home Services are have been colluding to keep commissions high.
6:49
SPEAKER_00: Conspiring.
6:50
SPEAKER_00: Conspiring, yes.
6:52
SPEAKER_00: First off, is that an accurate representation of the case?
6:54
SPEAKER_00: What else do you have to add?
6:56
SPEAKER_00: Tell us what happened.
6:58
SPEAKER_02: Is it an accurate representation?
6:59
SPEAKER_02: It's an accurate representation of the case that was presented by the plaintiffs.
7:03
SPEAKER_02: This is the case that was brought to Missouri.
7:06
SPEAKER_02: This is a statewide case for home sellers in Missouri.
7:10
SPEAKER_02: Uh, the representation that these home sellers believed there was a conspiracy from National Association Realtors and uh four of the major uh real estate brokerage franchisors anywhere settled, REMAX settled, they were out, Keller Williams was left, Berkshire Hathaway was left, and obviously National Association of Realtors.
7:30
SPEAKER_02: Uh these lawsuits were first filed in 2019.
7:33
SPEAKER_02: This one in particular, uh the Sitzer Burnett trial, which encompasses just Missouri, filed 2019, became a class action later.
7:41
SPEAKER_02: Since 2019, we've been told from National Association of Realtors you have nothing to worry about.
7:46
SPEAKER_02: Um, we're gonna fight this till the end and win undeniably.
7:50
SPEAKER_02: Well, we got to the end and they got smoked, they got blown out.
7:53
SPEAKER_02: This was like those old Dallas Cowboys Super Bill uh Super Bowls against the Buffalo Bills when they just beat them into submission.
8:02
SPEAKER_02: Okay, this was not pretty for National Association of Realtors.
8:07
SPEAKER_02: That's going way back to the 90s for those of you that have been following the NFL that long.
8:11
SPEAKER_02: Um it wasn't good.
8:13
SPEAKER_02: So your representation of uh you know conspiracy, yeah.
8:18
SPEAKER_02: Um that that's what they were presenting.
8:21
SPEAKER_02: Now, does that represent what has actually been happening?
8:26
SPEAKER_02: Fuck no.
8:28
SPEAKER_02: That's a whole different discussion.
8:30
SPEAKER_00: Insane.
8:30
SPEAKER_00: Yeah.
8:32
SPEAKER_00: Yeah.
8:33
SPEAKER_00: Uh insane.
8:34
SPEAKER_00: I was following, so I've been asked about this case for a while, and I wanted to reserve judgment until we were near the end, till there was actually something to even talk about, till cases were presented, because it was just a bunch of, you know, blah.
8:48
SPEAKER_00: Right.
8:49
SPEAKER_00: I I I don't like to dive into the details nearly as much.
8:53
SPEAKER_02: Um, it's I was I was on the other end, I was covering it a lot from 2019 till today.
8:58
SPEAKER_02: Exactly.
8:58
SPEAKER_02: I've been talking about this case for a long time, and a lot of people did tell me, by the way, why are you talking about this?
9:06
SPEAKER_02: That nothing's gonna happen, so you're just kind of you're just kind of fear-mongering was you know something I heard at times.
9:14
SPEAKER_02: I did have a lot of people that were interested in it, that were thankful that I was sharing up-to-date information from 2019 until today, uh, as we sit here shortly after Halloween when the verdict came out uh in 2023.
9:31
SPEAKER_02: But um, there was a reason for it.
9:33
SPEAKER_02: It was, to me, when you looked at it, it's like, well, if there's even a 5% chance of this happening, it's worth knowing about.
9:44
SPEAKER_02: It's worth being prepared for.
9:46
SPEAKER_02: I wish NAR, National Association of Realtors, took that same mindset.
9:50
SPEAKER_02: It's one of the reasons I was speaking out about it.
9:52
SPEAKER_02: I wanted to drive attention, put, you know, I wanted to put the proper amount of attention on it in hopes that NAR would do the same.
10:03
SPEAKER_02: But what has that what have they done since 2019?
10:07
SPEAKER_02: Well, they've certainly sexually harassed people.
10:10
SPEAKER_02: We know that to be true now, and there's more to come on that.
10:13
SPEAKER_02: This is this has kind of covered that story a little bit.
10:18
SPEAKER_02: We know that they have had women sign NDAs and they've been really concerned about that.
10:24
SPEAKER_02: That you know, that's something that they've focused on.
10:26
SPEAKER_02: How many NDA?
10:27
SPEAKER_02: We know they've put out commercials.
10:30
SPEAKER_02: We are R.
10:32
SPEAKER_02: Nobody knows what that what does that mean?
10:33
SPEAKER_00: We are$45 million commercials.
10:36
SPEAKER_00: Right?
10:37
SPEAKER_02: Yeah.
10:37
SPEAKER_02: Are you?
10:38
SPEAKER_02: What are you?
10:40
SPEAKER_02: So they've done these things with their time, money, your agent, if you're listening, if you're a member of NAR, um, your resources, that's what they've done in in the since 2019.
10:54
SPEAKER_02: And I thought by even if there's a five price five percent chance putting attention on it, then we could be prepared as an industry, we could be prepared as an association.
11:04
SPEAKER_02: Uh, and that certainly wasn't the case.
11:06
SPEAKER_02: They didn't even have a chance.
11:07
SPEAKER_02: It it they got blown out in this thing.
11:10
SPEAKER_00: They they certainly did.
11:11
SPEAKER_00: I really started to pay so okay, I wasn't paying attention to all the little details.
11:18
SPEAKER_00: I was paying attention to like the 30,000-foot view.
11:21
SPEAKER_00: What could this cause to happen?
11:23
SPEAKER_00: What changes may come as a result, just to start wrapping my head around skating to where the puck's going to be.
11:31
SPEAKER_00: And before the case started, I realized okay, there's going to be changes to commission, how it's paid, who pays it, who's responsible, like all that stuff, right?
11:43
SPEAKER_00: And so I started wrapping my head around that.
11:44
SPEAKER_02: We're in the first inning of that.
11:46
SPEAKER_00: Yes, exactly.
11:48
SPEAKER_00: And obviously, that's still to come.
11:51
SPEAKER_00: I think what a lot of agents right now today are focused on, as we record day after Halloween, day after the verdict, there's this, there's this, okay, uh, we lost a lawsuit, right?
12:03
SPEAKER_00: Keller Williams, Berkshire Hathaway Home Services, and NER lost this lawsuit.
12:07
SPEAKER_00: Damages of$1.78 billion.
12:11
SPEAKER_00: What does this mean to the average agent?
12:13
SPEAKER_00: So, regardless of the merits of the case, which was obviously horrifically defended, in my opinion, just on the little I paid attention to, like the minutes of the trial, thanks to BAM and thanks to Inmin, uh, it seemed like they they were just focused on all the wrong shit.
12:30
SPEAKER_00: Like defending stuff that didn't need to be defended, and like I don't that this is all opinion.
12:36
SPEAKER_00: So agents are wondering, what does it mean?
12:39
SPEAKER_00: I it seems like right now, not much except for we need to start thinking about buyer agency agreements and the way and the commission conversation differently.
12:50
SPEAKER_00: What do you say?
12:51
SPEAKER_02: There's gonna be two um pools of eight.
12:56
SPEAKER_02: Let me back up.
12:56
SPEAKER_02: Number one, there's gonna be less agents.
12:58
SPEAKER_00: Yep.
12:59
SPEAKER_02: Uh there's certainly less members of NAR.
13:02
SPEAKER_02: That's a given.
13:03
SPEAKER_02: In the next 12 to 24 months, you're gonna see that play out.
13:07
SPEAKER_02: You're gonna see a whole bunch of agents drop out because they they are now going to have the choice.
13:11
SPEAKER_02: Remax and anywhere have given them the choice.
13:13
SPEAKER_02: This is gonna happen at scale across the industry.
13:16
SPEAKER_02: You'll see less members of NAR.
13:18
SPEAKER_02: Uh the remaining members are gonna be faced with so so this will be something that happens in the in the near term.
13:26
SPEAKER_02: Once appeal, not the near term, because there's gonna be appeal.
13:29
SPEAKER_02: So how soon does NAR ask its current members?
13:33
SPEAKER_02: Uh there will be an ask for an assessment.
13:36
SPEAKER_02: Okay, they're gonna try to reduce these damages.
13:39
SPEAKER_02: They're gonna appeal and try to extend this out for a long period of time.
13:43
SPEAKER_02: But if in the process NAR continues to lose memberships, do they ask for the assessment earlier?
13:51
SPEAKER_02: Okay, um there will be an assessment ask from NAR.
13:56
SPEAKER_02: And if there's not an assessment ask, it means it's because they're going to file bankruptcy to try to avoid these damages and then maybe restart as something else.
14:08
SPEAKER_02: My thoughts is if or when NAR files bankruptcy, we gotta live golf this whole thing.
14:15
SPEAKER_02: We gotta start something new, uh, something better, much better, obviously.
14:21
SPEAKER_02: Uh, but going back to there's gonna be two pools of agents.
14:25
SPEAKER_02: Um here here's what I mean by this.
14:28
SPEAKER_02: When Ketchmark did his victory lap uh on Halloween after the verdict was announced, one of his quotes was today, we also filed a nationwide lawsuit against the other major corporate real estate companies, which basically involves everybody.
14:46
SPEAKER_02: Even if your brokerage wasn't named on that, they said end others.
14:50
SPEAKER_02: Others means people who use the MLS.
14:52
SPEAKER_02: So basically, if you were an MLS user, they're gonna group you into that, along with NAR across the country.
14:58
SPEAKER_02: Uh Michael Ketchmark, lead attorney for the plaintiffs.
15:01
SPEAKER_02: Our hope and goal is to free up is to free the grip they have on home sellers across the United States.
15:07
SPEAKER_02: It's time that the free market and the internet just just highlight that word, let's go yellow highlighter on internet for a minute, is allowed to do its work and to bring the savings to homeowners so that they're that they're so entitled to when they sell their homes.
15:24
SPEAKER_02: Okay.
15:26
SPEAKER_02: The internet.
15:28
SPEAKER_02: So in the short term, Zillow, homes.com, which is gaining steam, um, realtor.com, which is losing a little bit of steam, unfortunately, for the agent, because they're very nice to the agent.
15:42
SPEAKER_02: Um Redfin, unfortunately, because they have you know real user base, not as big as now Homes.com or Zillow, but they have a huge u user base.
15:54
SPEAKER_02: These companies are in the winner category.
15:58
SPEAKER_02: And so there's gonna be two pool of agents.
15:59
SPEAKER_02: Agents that have to continue to have their commission naturally compressed, not not by negotiations here or not by losing buyer commission, but naturally compressed.
16:13
SPEAKER_02: Zillow may be negotiating agents commissions in the future because they're closest to the customer.
16:21
SPEAKER_02: There's gonna be two camps.
16:23
SPEAKER_02: You're either close to the customer through the internet world, and that's what Michael Ketchmark says that buyers, all buyers should be using the internet.
16:32
SPEAKER_02: He doesn't believe in buyer agents, the the lead attorney here for the plaintiffs who fired this national lawsuit, who's in who's in line to make tens of millions of dollars off this first one.
16:44
SPEAKER_02: He believes the internet should be the buyer agent.
16:48
SPEAKER_02: He's talking about Zillow when he says that.
16:50
SPEAKER_02: And then there's gonna be another camp, another pool of agents.
16:53
SPEAKER_02: And those are the agents that are close to the customer because they've built a significant customer-based client base through their brand, through what they do in the community, through their deep knowledge in the community, through their full-time commitment to the craft.
17:13
SPEAKER_02: You know, if it well, I work a 27-hour job, so I only got 13 hours left for real estate.
17:18
SPEAKER_02: You're out.
17:20
SPEAKER_02: Okay?
17:21
SPEAKER_02: You work a 27-hour job because you got to pay bills, and then you pour 40 hours into real estate, you're in.
17:27
SPEAKER_02: You're a full-time professional.
17:29
SPEAKER_02: Okay, you just decided to go Elon Musk on us, and you're working 70, 80, 90 hours.
17:35
SPEAKER_02: Totally cool, man.
17:36
SPEAKER_02: I love it.
17:37
SPEAKER_02: I actually respect the hell out of it.
17:39
SPEAKER_02: Um, but it's gonna be full-time professionals building a significant brand.
17:43
SPEAKER_02: Now, there's a couple different ways to build a brand, of course, multiple different ways.
17:47
SPEAKER_02: You can do it online, uh, social media and all these different things.
17:52
SPEAKER_02: You can do it by leveraging those online leads, homes.com, Zillow, etc., by building a big enough database, customer base, client for life base that you get that direct access to those referrals before they go there.
18:15
SPEAKER_02: But if somebody doesn't have you, top of mind brand, you know, that brand speaking to them, gotta talk to Dustin right now, because we're thinking about buying or selling, they're naturally gonna go to Zillow.
18:28
SPEAKER_02: And so Zillow wins in this world where it's like fast forward a little bit, if sellers aren't able to, because we don't know the judge hasn't decided, right?
18:40
SPEAKER_02: The judge is gonna make a decision.
18:42
SPEAKER_02: The jury made a decision on damages.
18:44
SPEAKER_02: The judge can come down and say, Listen, no more of the DOJ could do this, but there could be a decision, and this opens the door for DOJ to do this.
18:56
SPEAKER_02: There won't be cooperation between listing broker, buyer broker.
19:02
SPEAKER_02: So if the buyer agents looking for their buyer fee directly from the buyer, or th through some navigation, you know, we have no indication that mortgage companies are gonna be able to finance this some other way, well they're gonna have to really make sure that they're the single agent of choice for sure.
19:26
SPEAKER_02: Their brand's big enough and all of that.
19:28
SPEAKER_02: But they also, in the other pool, um, if you're only reliant on online leads forever and always, Zillow might be dictating those fees up front.
19:39
SPEAKER_02: Zillow might be saying, hey, buyer, use our mortgage, use our agent, they'll treat you like an Uber driver in that scenario.
19:47
SPEAKER_02: I'm not listening I'm a Zillow Flex partner.
19:50
SPEAKER_02: I love the Zillow Flex partnership.
19:52
SPEAKER_02: I'm just saying that if they have to negotiate your fee, are you gonna get more or less?
19:57
SPEAKER_02: If they're doing your work, you're gonna get less.
20:00
SPEAKER_02: You deserve less.
20:01
SPEAKER_02: If Zillow's negotiating your fee and setting your appointment and presenting the property to the buyer, and you're literally just driving over there, that is an Uber driver.
20:14
SPEAKER_02: Okay?
20:15
SPEAKER_02: If if if the paperwork is in their system, super app, okay, I would say that Zillow's right to just throw you a small fee off of they're in their right to do that.
20:29
SPEAKER_02: Um, so which pool do you want to be in?
20:31
SPEAKER_02: Do you want to use this to your advantage right now to build a customer base that knows you um and has to use you because of your offer has to in the sense that like they have FOMO if they don't do it?
20:43
SPEAKER_02: I I need to move forward with Dustin and his offerings because he's such a freaking expert in this space.
20:50
SPEAKER_02: He does so much for the community, he knows everything about everything, and I just can't live on my home journey without what he's offering.
21:00
SPEAKER_00: So, Byron, it sounds would you agree after this verdict came in, after this verdict came in, Zillow's one of the biggest winners, right?
21:12
SPEAKER_02: Zillow's in the winner camp, homes.com, realtor.com, redfin, obviously Michael Ketchmark, the attorney.
21:19
SPEAKER_02: Yeah, plaintiff.
21:20
SPEAKER_02: Obviously.
21:22
SPEAKER_00: And uh it also sounds to me, it and I agree with with the two camps, the the differential differentiation of the two.
21:29
SPEAKER_00: Sounds like the influencer agent is also a winner.
21:33
SPEAKER_00: The agent with visibility, with exposure.
21:36
SPEAKER_02: Well, the influencer agent who's operationalized their business.
21:41
SPEAKER_02: There's a lot of influencer influencer.
21:45
SPEAKER_02: Am I saying that word right?
21:46
SPEAKER_02: Influencer.
21:47
SPEAKER_02: Yeah.
21:47
SPEAKER_02: Influencer.
21:49
SPEAKER_02: Uh agents who haven't operationalized the back end of their business and are more art than operations.
21:58
SPEAKER_02: The business just went to more Operations and less art, your ability to sit in front of somebody and convert or be great on social does take art, charisma, confidence for sure.
22:12
SPEAKER_02: But to do uh a large number of deals at a what is gonna be a compressed fee, which has been happening for decades, the compressed fee.
22:22
SPEAKER_02: Gary Keller talked about this on the stand with Zillow compressing commissions and everything like that, is gonna take operationalizing the business, a true operator.
22:33
SPEAKER_02: And the operators are gonna be awarded here, um, these full-time professionals.
22:40
SPEAKER_02: So I would say, yeah, uh the influence matters, but the business chops really matters.
22:47
SPEAKER_02: And going into the losers camp, um I would put these brokerages and I would I would make sure agents understand the brokerages are gonna need to survive.
23:02
SPEAKER_02: Okay, some this may be it for them, but the ones that move forward, splits are going down, not up.
23:14
SPEAKER_02: This is the first time I've articulated this uh on uh so this will be the first time I actually say this on any piece of content.
23:20
SPEAKER_02: Over the next 10 years, brokerage splits are going down, not up, and that includes all the new models EXP and real brokerage.
23:32
SPEAKER_02: I'm putting them in this grouping.
23:34
SPEAKER_02: You've already heard, I was just at Real Rise.
23:37
SPEAKER_02: It's important for us to be profitable.
23:41
SPEAKER_02: Um, you've already seen EXP over the last couple of years and Real a lot more recently this year change their model as they grow.
23:53
SPEAKER_02: So even the disruptor models, when I say splits, well, no, our splits is gonna go and change.
24:00
SPEAKER_02: Okay, well, then there's gonna be more fees.
24:01
SPEAKER_02: Okay, so we can get into semantics.
24:03
SPEAKER_02: I'm just talking about the money going to the agent over the next 10 years, where the last 10, 20 years, it has swung the other way.
24:11
SPEAKER_02: The agent's gotten more, more, more, more of the brokerage number.
24:16
SPEAKER_02: The next 10 years, the agents, I'm not saying it's gonna drop off a cliff.
24:20
SPEAKER_02: The agent's gonna get less.
24:22
SPEAKER_02: Because these brokerages have to survive, they're gonna take such a significant hit here.
24:28
SPEAKER_02: And legally, other brokerages are gonna have to play ball, like you prepare, and and they've got to stay profitable to be able to provide the resources that they do.
24:38
SPEAKER_02: So when agents are choosing a brokerage, um I think the decision is going to going to have to be a lot more like it always has, but even a lot more less about what's my split and how are they positioning me to be that local leader?
24:57
SPEAKER_02: What's their what's their connection um to elevate me here in this this local marketplace, you know, and and systems and all this stuff on the back end is is going to be just as important as well.
25:12
SPEAKER_02: But splits are going down, not up.
25:14
SPEAKER_02: Because the brokerage has just lost.
25:16
SPEAKER_02: They took a big L.
25:17
SPEAKER_00: Yeah, and this this next class action that followed it up, like I mean, shit's changing for sure.
25:23
SPEAKER_00: Uh, I definitely agree with you there.
25:25
SPEAKER_00: I had to make a I had to make a mental shift about five, uh five and a half, six years ago when I left my first brokerage.
25:35
SPEAKER_00: I was only focusing, as an agent, I was only focusing on the cost of doing a transaction.
25:41
SPEAKER_00: I I didn't understand why anyone anywhere else would have a commission split with their brokerage.
25:47
SPEAKER_00: I didn't get it because I was only paying$500 per transaction.
25:51
SPEAKER_00: But again, I was only my whole world, my whole perspective was the cost of a deal.
25:56
SPEAKER_00: But I had to make the shift over to the value that the brokerage provides, more than just how much it costs to do a transaction there.
26:03
SPEAKER_00: And then I made a a switch to EXP where I'm at now and built the business I have now.
26:08
SPEAKER_00: Uh but that was a paradigm shift.
26:10
SPEAKER_02: You pay more, you pay more per deal at EXP than what you just said, 500 bucks when you, you know.
26:14
SPEAKER_00: It depends on your production, right?
26:15
SPEAKER_00: Because I didn't have a cap at the other place.
26:17
SPEAKER_00: If you're a low producer, you pay less.
26:19
SPEAKER_02: If you're a high producer, you pay the average agent at EXP is paying more than that.
26:23
SPEAKER_00: Uh yes.
26:24
SPEAKER_00: Yes, of course, than my previous brokerage, the then the$500 fee brokerage.
26:29
SPEAKER_02: Oh, yeah.
26:29
SPEAKER_02: Yeah.
26:29
SPEAKER_00: EXP is an 80-20 split until you cap at$16,000.
26:33
SPEAKER_02: That's what I'm saying.
26:34
SPEAKER_00: Yeah.
26:34
SPEAKER_00: Yes.
26:34
SPEAKER_00: Exactly.
26:35
SPEAKER_00: So on paper, like and in reality for most agents, it's a more expensive brokerage.
26:40
SPEAKER_00: However, I saw the value being so much more.
26:42
SPEAKER_00: And I know that there's a lot of agents that are still focused on the cost of a deal.
26:46
SPEAKER_00: And I get it because I was there for the majority of my career, but there's more to it.
26:52
SPEAKER_00: And you know this.
26:53
SPEAKER_00: Uh anyone who's been really successful at building a business understands the value of the big picture, what's provided, who, who's, who do they, who are they connected to, who you are, who are you in proximity to, you know, the lifetime value of the customer.
27:10
SPEAKER_00: Yes.
27:10
SPEAKER_00: And who are you in business?
27:11
SPEAKER_02: The lifetime value of the customer is real, and it's getting a lot more important moving forward here.
27:16
SPEAKER_02: And it's also why, Dustin, uh, you know, I said you these everybody's gonna have to make a personal decision.
27:25
SPEAKER_02: Over November and December, you you may want to step back and have a one-on-one with yourself and ask yourself, am I able to do this thing all in full time, make it my my essence of who I am, a real estate professional in my community and in this world?
27:50
SPEAKER_02: It means when I step outside and I'm going to the store, am I ready to bump into somebody?
27:56
SPEAKER_02: Because every day, every opportunity, every interaction is a job interview, and they're more valuable now than ever.
28:03
SPEAKER_02: And so are you going out with the appearance of I'm on a job interview, or are you going out with the appearance of I hope nobody sees me?
28:12
SPEAKER_02: Are you stepping into somebody's living room, giving them the respect that nothing is about you and everything is about them?
28:22
SPEAKER_02: How do you show up for that?
28:23
SPEAKER_02: How do you meet for that?
28:25
SPEAKER_02: All this stuff is that much more important.
28:29
SPEAKER_02: And these are the decisions that you've got to make.
28:33
SPEAKER_02: And so it's not about the price of a deal, it's about the price of the career.
28:40
SPEAKER_02: And I I I hate it when people are like, well, I'm, you know, man, Byron really I just don't like that message when he starts talking about what it takes to be successful in here.
28:49
SPEAKER_02: Well, this isn't something you try.
28:51
SPEAKER_02: This isn't skydiving, okay?
28:53
SPEAKER_02: This isn't pistachio ice cream.
28:56
SPEAKER_02: This is a career.
28:58
SPEAKER_02: You gotta pour years and hours into it.
29:01
SPEAKER_02: Experience comes from constant experience of doing the thing.
29:08
SPEAKER_02: Gained experience comes from a consistent level of doing it, of being in homes.
29:15
SPEAKER_02: Ben Kinney, at uh when I met him in San Diego recently, the founder of Re of um Place said, Agents, first thirty days, go see a hundred homes.
29:28
SPEAKER_02: Don't talk to me until you do it.
29:30
SPEAKER_02: If you can't do it in thirty days, get out.
29:33
SPEAKER_02: Go see a hundred homes.
29:34
SPEAKER_02: Have something to talk about, have a story to tell.
29:38
SPEAKER_02: Have this overwhelming experience early that you can draw from.
29:45
SPEAKER_02: Experience agents.
29:46
SPEAKER_02: We we all need to do more on whatever that ground level of the of the thing that we're doing is.
29:54
SPEAKER_02: Hands dirtier, um, have more information, fresh information of consumers' feelings closest to the customer wins.
30:05
SPEAKER_00: And where you're going with that is not only providing more value, but making it damn clear to your potential client that you uh the value you're offering, right?
30:17
SPEAKER_00: Uh we just this is fresh on my mind because an hour or so ago wrapped up a training call with my Massive Agent Society group, and we were talking about buyer broker agreements, and you know it blows my mind, Byron, because I'm in Utah.
30:34
SPEAKER_00: I was trained from the get-go.
30:36
SPEAKER_00: Buyer broker agreements are just what's required.
30:39
SPEAKER_00: My brokerage required buyer broker agreements.
30:41
SPEAKER_00: So that's all I've ever done, and I thought everyone did it.
30:44
SPEAKER_00: Apparently that's not the case, but that's how I learned.
30:46
SPEAKER_00: But more than that was this conversation around, hey, buyer, you're ultimately responsible for paying my fee, whether that's 25% or$25, doesn't matter.
30:56
SPEAKER_00: You're ultimately you're ultimately responsible, buyer.
30:59
SPEAKER_00: Now, here's how it works.
31:01
SPEAKER_00: The listing hopefully will offer to cover that.
31:04
SPEAKER_00: If not, you pay the difference.
31:05
SPEAKER_00: That's how I did business.
31:06
SPEAKER_00: That's what I was taught.
31:08
SPEAKER_00: Uh, I believe that's big that's going to become much more commonplace moving forward nationwide.
31:13
SPEAKER_00: Do you agree with that?
31:15
SPEAKER_02: Oh, absolutely.
31:16
SPEAKER_02: And that that's absolutely where it's going.
31:19
SPEAKER_02: And and it takes somebody who um is in the game to be able to articulate their value so a customer feels very comfortable with okay, if I can't get this thing negotiated somehow, um, where the seller's gonna pay for, or I'm gonna find it, or you know, I'm gonna get a seller credit to pay your fee, you know, there's a different bunch of different ways a buyer could pay the buyer fee.
31:48
SPEAKER_02: For a buyer to feel comfortable knowing, well, at the end of the day, this fee falls on me and I'm gonna be paying you X amount of money, you better be able to back it up with X amount of experience.
32:01
SPEAKER_02: Hey, just last week I saw 17 homes with one customer, another 15 with another customer.
32:07
SPEAKER_02: Between that, we did two inspections on the property.
32:10
SPEAKER_02: I scheduled one of my contractors to come over and look at the basement because we had concerns there.
32:17
SPEAKER_02: Then we negotiated over a three-day period these two contracts, and we ended up winning the deal at our price, got it under our terms, and we're gonna be closing in three weeks.
32:29
SPEAKER_02: That was last week.
32:30
SPEAKER_02: The week before that, here's what I did.
32:33
SPEAKER_02: When you can tell the story of what you're doing for others, and you have the social proof and the reviews to back it up and the testimonials to back it up, when that person sits down and sees the plan of what you're gonna do for them as their buyer representative, how you're going to fight for them, how you're going to position them to win, and how it's going to be a beautiful hands-on experience throughout the process, then they can make a decision, yes or no, whether they want to be ultimately responsible to pay your commission.
33:11
SPEAKER_02: Right.
33:12
SPEAKER_02: But these experiences for the customer need to be near perfect, and when you make a mistake, you need to own it immediately, be accountable for it, and fix it immediately.
33:22
SPEAKER_02: If you were getting married, would you want your wedding planner to show up with an appearance that is lacking of professionalism and beauty for your beautiful day?
33:30
SPEAKER_02: Or do you want your wedding planner to be really uh on the money with not only their appearance, but their performance more importantly?
33:40
SPEAKER_02: You want that wedding planner to have a perfect day because you're gonna get one crack at it.
33:46
SPEAKER_02: Maybe you're gonna get married two or three times, but the first going into the first one, you're thinking this is it, baby, and you want that to be a perfect day.
33:54
SPEAKER_02: If you go in for surgery, do you want your doctor to uh be the part-timer or the full timer who's gonna execute on your surgery diligently and make sure that you don't come back with an infection and they got to reopen you?
34:09
SPEAKER_02: You want the doctor that's going to have a near perfect or perfect experience.
34:16
SPEAKER_02: And as a buyer broker, a perfect experience looks like, hey, we're not gonna win every negotiation, but here are the steps I'm going to take to put you in the position to win the home ultimately, even if we have to fight on two or three of these negotiations.
34:33
SPEAKER_02: Here's what I'm going to do to help you get through the inspection period.
34:37
SPEAKER_02: Here's what I'm going to do to help you with the appraisal process.
34:40
SPEAKER_02: Here's what I'm going to do to help you on your big closing day, and when you go to head to move, and when you need that contractor connection.
34:48
SPEAKER_02: A buyer agent does a lot.
34:51
SPEAKER_02: A ton.
34:52
SPEAKER_02: And we take it for granted.
34:54
SPEAKER_02: And when you lay it out and you articulate it, and consultations are on the rise.
35:01
SPEAKER_02: This is why I'm talking about appearance.
35:02
SPEAKER_02: Have a great place to meet.
35:04
SPEAKER_02: Oh, uh, I work in the cloud.
35:06
SPEAKER_02: Okay.
35:07
SPEAKER_02: Well, get somebody to meet you in the cloud.
35:10
SPEAKER_02: Oh, I meet at coffee shops.
35:11
SPEAKER_02: Really?
35:12
SPEAKER_02: You meet at a loud coffee shop where there's a big line and they're the coffee shops, uh, you know, unless you go to one of those nice um hipster coffee shops, they're they're usually very dirty.
35:25
SPEAKER_02: Starbucks, every Starbucks I go into is uh is a uh pig sty.
35:30
SPEAKER_02: You know, they're not very nice anymore.
35:31
SPEAKER_02: So you're gonna meet somebody there, have nice meeting space somewhere that's professional, that's clean, that's quiet, that you can present what you're going to do and allow them to make a decision to move forward or not.
35:45
SPEAKER_02: When you're meeting virtual, because this is a Zoom world, when you're meeting in the cloud because somebody says, hey, well, uh, you know, I'm in New York, uh, I'd rather just meet virtually, then I'll come in and see you over the weekend when I'm in town.
35:58
SPEAKER_02: Have professional space.
36:00
SPEAKER_02: I I see Dustin on Zooms all the time.
36:03
SPEAKER_02: He's always got professional, well-lit space.
36:06
SPEAKER_02: He doesn't look like he's calling, you know, out of a bunker during World War III and it's in a dark environment.
36:13
SPEAKER_02: He looks like he can look into the camera and have a conversation.
36:18
SPEAKER_02: He's ready to screen share.
36:20
SPEAKER_02: Be articulate in Zoom, be all be able to screen share.
36:24
SPEAKER_02: Consultations are going on the rise.
36:26
SPEAKER_02: Um, how you win those is gonna be up to you.
36:32
SPEAKER_00: Every little inch counts.
36:34
SPEAKER_00: It does.
36:34
SPEAKER_00: And none of this is new, right?
36:37
SPEAKER_00: None of what you're talking about is all of a sudden gonna like this, isn't like, hey, we've never done this before, but it's important to do now.
36:44
SPEAKER_00: This has always been important.
36:46
SPEAKER_00: And an agent, especially a buyer's agent in this context, talking about the the lawsuit and and the aftermath, being able to articulate the value you bring as an agent and why they should pay your fee, that's always been important.
37:03
SPEAKER_00: But now it's required.
37:04
SPEAKER_00: It's absolutely required.
37:06
SPEAKER_02: It's always been important.
37:07
SPEAKER_02: The problem is the amount of agents who got into a pandemic rhythm of the way they did business where a lot of this stuff got pushed to the side.
37:23
SPEAKER_02: Um big time uh remax, I believe.
37:26
SPEAKER_02: Yeah, remax agent.
37:27
SPEAKER_02: Yeah, he's their top guy, right?
37:28
SPEAKER_02: In Beverly Hills, he's the number one Remax agent in the world.
37:31
SPEAKER_02: He works with you know, Sylvester Stallone, LeBron James, Anthony Davis, big, big names, big, big luxury properties.
37:39
SPEAKER_02: Okay.
37:40
SPEAKER_02: Um he's got a book, uh, Agent's Edge, I think it's called.
37:45
SPEAKER_02: Jordan says when he goes into somebody's house and they say, Hey, we already want to work with you, man.
37:50
SPEAKER_02: Let's just get right to the paperwork.
37:52
SPEAKER_02: He goes, I'd love to do that, but I can't.
37:56
SPEAKER_02: I gotta present to you as if I don't have the listing already.
38:01
SPEAKER_02: As a professional, I need you to understand what I am going to do for you throughout this process.
38:10
SPEAKER_02: And so, can you bear with me for 30 minutes and allow me to show you every step of the way how we're gonna get you home your home sold?
38:20
SPEAKER_02: I I can move a little bit quicker because I know you're pressed for time.
38:22
SPEAKER_02: We want to get to the contract, but can you allow me the opportunity to present to you as if I was presenting for this listing?
38:28
SPEAKER_02: And he does it every time.
38:30
SPEAKER_00: Brilliant.
38:31
SPEAKER_02: And I was like, dude, that is so smart.
38:35
SPEAKER_02: Because when it's it's like, hey, yeah, I'll just sign with you now.
38:37
SPEAKER_02: It's it's a pandemic world.
38:39
SPEAKER_02: I just want to get moved, you know, and it's easy to get into that.
38:42
SPEAKER_02: It's also makes you soft.
38:46
SPEAKER_00: And you have unprepared clients and uneducated clients, and there's no expectations.
38:51
SPEAKER_00: They don't know what you do, what you don't do, what your responsibilities to them are, what their responsibilities to you are.
38:57
SPEAKER_00: They have no idea.
38:58
SPEAKER_00: And that's the problem.
39:00
SPEAKER_02: They have no idea.
39:01
SPEAKER_02: And then what happens more?
39:03
SPEAKER_02: And Jordan knows this.
39:05
SPEAKER_02: I get more questions if I don't do that throughout the deal because I wasn't able to articulate the value than I'm they start to question the value.
39:14
SPEAKER_02: They don't, they don't think you're doing anything.
39:16
SPEAKER_02: They think you're hanging out on Instagram all day, um, and they don't know what you're doing.
39:21
SPEAKER_00: Exactly.
39:22
SPEAKER_00: Byron, we could talk about this for another hour.
39:24
SPEAKER_00: I know you have a hard stop pulling the strings over there at BAM, doing doing the whole industry domination thing, which is awesome.
39:31
SPEAKER_00: Uh, so and then in in the last five minutes, let's talk about this other bombshell news that came out just this morning.
39:37
SPEAKER_00: It's what Wednesday, November 1st, day after Halloween.
39:41
SPEAKER_00: What a week.
39:42
SPEAKER_00: Zillow has acquired follow-up boss for half a billion dollars.
39:47
SPEAKER_00: And the industry has erupted in this is horrible, this is awesome, this is you know, I'm canceling follow-up boss, whatever.
39:54
SPEAKER_00: You're a Zillow Flex team.
39:56
SPEAKER_00: You run a Zillow Flex team, you are a follow-up boss guy.
40:00
SPEAKER_00: What do you think of this news?
40:02
SPEAKER_00: Is it good, bad, ugly, good for the industry, bad for the agent?
40:06
SPEAKER_00: What are your thoughts?
40:07
SPEAKER_02: So, not only am I a Zillow Flex guy, I am also a follow-up boss user.
40:15
SPEAKER_02: Our team's on Follow Up Boss.
40:17
SPEAKER_02: We have um the entire team account.
40:20
SPEAKER_02: We also have a uh recruiting account through Follow Up Boss to keep it all the same.
40:24
SPEAKER_02: So um I know both worlds very, very well.
40:29
SPEAKER_02: Actually, I think this pod's going up maybe as I'm flying into Austin, Texas here for Zillow Unlock where they're bringing in their flex uh partners.
40:40
SPEAKER_02: And so I know both worlds inside and out.
40:45
SPEAKER_02: I knew about this probably three weeks, two, three weeks ago.
40:49
SPEAKER_02: Um, and I said to Pam team, I said, should we put out like a rumor article?
40:54
SPEAKER_02: I can't, I know this is gonna happen, but it's not like officially announced.
40:58
SPEAKER_02: And then I was like, well, I don't know if everybody at Zillow and and follow-up boss would be that happy with me.
41:04
SPEAKER_02: Everybody would be like, you know, great rumor, but then I would have ended up being right.
41:09
SPEAKER_02: But um I think in the short term, if you're a follow-up boss user, this is great for you.
41:16
SPEAKER_02: In the short term, this is phenomenal.
41:18
SPEAKER_02: More money pouring into the product.
41:20
SPEAKER_02: Uh Zillow's got some of the best engineers or the best engineers in Prop Tech.
41:25
SPEAKER_02: They got access to 300, 400 more engineers overnight.
41:30
SPEAKER_02: Um, you know, if you're looking for AI integrations into Follow Up OS, those are coming very quickly.
41:36
SPEAKER_02: I know they've already sent out information to a lot of their top account users where it's like, hey, you want Fub AI?
41:44
SPEAKER_02: Uh you want to be on the waiting list.
41:45
SPEAKER_02: This is all coming.
41:47
SPEAKER_02: You're gonna have great tools in the short term.
41:51
SPEAKER_02: If you have uh Zillow and Follow Up OS, your integration was already great.
41:56
SPEAKER_02: The integration is going to be perfect, seamless, next level stuff.
42:02
SPEAKER_02: Where I have questions.
42:04
SPEAKER_02: Oh, before I get to my questions, don't worry about your data.
42:09
SPEAKER_02: Oh, I don't want Zillow to have my data.
42:10
SPEAKER_02: They already have your data.
42:12
SPEAKER_02: Okay, everybody, well, I know I got this lead through realtor.com.
42:16
SPEAKER_02: You don't think that lead has ever been on Zillow?
42:19
SPEAKER_02: If they've been on Realtor.com, they got it through my website.
42:23
SPEAKER_02: You think they've never surfed Zillow?
42:27
SPEAKER_02: Zillow has all your data, okay?
42:30
SPEAKER_02: Your data's not special.
42:32
SPEAKER_02: So don't worry about your data.
42:34
SPEAKER_02: By the way, I think your data's protected legally in the past.
42:37
SPEAKER_02: Supposed to be in, you know, you see you see what happens going forward, but if you're that worried, it's protected in the past.
42:44
SPEAKER_02: Okay, now, and I don't think Zillow would do anything to I'll get beat up in the comments for this.
42:49
SPEAKER_02: I don't think Zillow will do anything to uh breach that, but anyways, they have your data no matter what.
42:55
SPEAKER_02: Where do I have questions long term?
42:58
SPEAKER_02: Is Zillow going to allow follow-up boss to is follow up boss ha just got more money than Boomtown because they've been the best innovator across the landscape over the more recent years, talking the last three years.
43:15
SPEAKER_02: They've they've innovated where Boomtown, I think, maybe knew they were that was in the works for a long time and and maybe they stopped innovating because of that.
43:23
SPEAKER_02: While while follow-up boss kept innovating right through, and it's like if we get a high number, we'll sell.
43:29
SPEAKER_02: They had no debt.
43:30
SPEAKER_02: They didn't raise any money.
43:31
SPEAKER_02: Um maybe they had debt, I misspoke, but they didn't raise any money.
43:35
SPEAKER_02: Um, they kept innovating, innovating, innovating.
43:38
SPEAKER_02: So will they continue to be a leader in in innovation?
43:41
SPEAKER_02: They have great integrations with realtor.com.
43:45
SPEAKER_02: When homes.com needs an integration because they're gaining steam, and and Zillow and Holmes.com are gonna be on a head on battle here, okay?
43:55
SPEAKER_02: That is apparent.
43:56
SPEAKER_02: Is Zillow gonna allow homes.com to have an integration?
44:01
SPEAKER_02: You could say, Well, they're in a battle, so of course not, which which hurts the follow-up boss user who also wants to have a relationship with homes.com.
44:09
SPEAKER_02: Or you could answer it the other way, and Zillow's going to say, Well, we already have your data agent.
44:14
SPEAKER_02: We'd like to have some of this homes.com data in this battle that we're having.
44:19
SPEAKER_02: So we will be willing to integrate.
44:21
SPEAKER_02: But then on the flip side, you could have another question: will homes.com be willing to integrate knowing Zillow owns so lots of questions about the innovation on the future, not worried about the data, whether it be in the future or in the past.
44:36
SPEAKER_02: I'm just not worried about it.
44:37
SPEAKER_02: Zillow already has it.
44:38
SPEAKER_02: And in the short term, you're going to get the access to the best freaking tools uh you've ever seen.
44:45
SPEAKER_00: Uh tying these two stories together, you see Zillow as being one of the major winners of this lawsuit.
44:53
SPEAKER_00: And now Zillow has acquired the best CRM business, business building platform for agents.
45:04
SPEAKER_00: What do you see?
45:05
SPEAKER_00: Like give us the 30,000-foot view of both stories together.
45:08
SPEAKER_02: Both stories together are summarized in unfortunately the plaintiff's lead attorney comment where he said, let's let buyer agency go to the internet, and Zillow is sitting there with this big um net called the Zillow Super App.
45:26
SPEAKER_02: I thought when Zillow's stock fell on the news of the lawsuit, it was an opportunity to buy low.
45:34
SPEAKER_02: Um I think people are sleeping on on that opportunity, and how how much how important brand is.
45:44
SPEAKER_02: And you've never seen a homes.com Saturday Night Live Skit.
45:47
SPEAKER_02: You've never seen a Realtor.com Saturday Night Live Skit.
45:51
SPEAKER_02: You've never seen a Redfin Saturday Night Live Skit.
45:54
SPEAKER_02: You've seen a Zillow one.
45:56
SPEAKER_02: Uh because their brand is synonymous with real estate home search.
46:02
SPEAKER_00: Yes.
46:02
SPEAKER_02: It's not an attractive thing say.
46:05
SPEAKER_02: People accuse me of being a Zillow fanboy.
46:07
SPEAKER_02: I'm just always, I want to be on the right side of history more so than anything, especially with BAM.
46:14
SPEAKER_02: So I'm just always just here's what I see.
46:18
SPEAKER_02: Here's where how I see it.
46:20
SPEAKER_02: Here's the truth.
46:21
SPEAKER_02: Um, just do a small survey over November with people that come to your open house.
46:25
SPEAKER_02: Where'd you find the open house?
46:26
SPEAKER_02: Zillow, Zillow, Zillow.
46:28
SPEAKER_02: Um, the data's in.
46:30
SPEAKER_02: The the the cake is baked.
46:32
SPEAKER_02: Zillow has this big brand.
46:35
SPEAKER_02: So tying the two stories together, Zillow got a whole lot stronger, but but they better figure out a way if they don't want to do the agent work and they're just gonna become a mortgage company, they bigger f better figure out a way to do what NAR has shown an inability to do, which is help agents on the buy side, these great agents that are working hard on the buy side, uh be able to keep a buyer agent commission and and figure out who who's gonna be able to pay for that.
47:15
SPEAKER_02: And so um maybe Zillow's mortgage company is gonna decide, hey, we'll finance in it.
47:20
SPEAKER_02: That'd be a way to take off on your mortgage company.
47:23
SPEAKER_02: We'll finance buyer agent commission.
47:25
SPEAKER_02: Um they can solve the problem that NAR can't, off to the races.
47:30
SPEAKER_00: Interesting.
47:31
SPEAKER_00: And we we could definitely put a tinfoil hat on, you know, with Zillow the big winner.
47:35
SPEAKER_00: Zillow makes a big acquisition with follow-up boss.
47:38
SPEAKER_00: What's what's going on?
47:39
SPEAKER_00: Who's financing what, who's pushing what, who's behind what, who's influencing what.
47:42
SPEAKER_00: That's the tinfoil hat uh speaking.
47:45
SPEAKER_00: But all I know is agents disrespect Zillow far too much.
47:50
SPEAKER_00: Accuse me of being a fanboy all you want.
47:52
SPEAKER_00: I just want to be intellectually honest.
47:54
SPEAKER_00: They are great chess players, they are a great business, they see our industry as how it should be done instead of how it's always been done, and they are making big moves.
48:05
SPEAKER_00: So they're not going anywhere.
48:07
SPEAKER_00: Byron, I know you're not going anywhere.
48:09
SPEAKER_00: Bam's not going anywhere, but right now you've got to go somewhere.
48:12
SPEAKER_00: So thanks for being on the show, my friend.
48:14
SPEAKER_02: Absolutely.
48:14
SPEAKER_02: And and just to leave, I don't want to leave out the other big winner.
48:18
SPEAKER_02: You are not going anywhere if you're listening to this and you're fully all in on being a real estate professional.
48:26
SPEAKER_02: If you're half in, half out, you've lost.
48:29
SPEAKER_02: You're on the loser category.
48:30
SPEAKER_02: But if you're fully all in, if you're getting better every single day, if you're building the brand brick by brick, you're in the winner category too, because there's things locally nobody can replace, but you can do them.
48:46
SPEAKER_02: Love it.
48:46
SPEAKER_00: Byron, I could not agree more.
48:48
SPEAKER_00: Thank you so much for sharing your expertise and uh you know all of your all of your obsession with the case and and all of this has really paid off the last couple of days and will continue.
48:58
SPEAKER_00: So stay tuned to the hot sheet on BAM, BAM's YouTube.
49:03
SPEAKER_00: Stay uh stay subscribed and bookmarked to now bam.com, BAM on social media.
49:10
SPEAKER_00: And are you still doing your podcast?
49:12
SPEAKER_00: You're still doing your podcast every once in a while, right?
49:15
SPEAKER_02: Well, I'm doing the real word and that's right.
49:17
SPEAKER_02: Knowledge Brokers Pod.
49:18
SPEAKER_02: And then the hot sheet every day is is really where you can find me and interact with me every single day.
49:23
SPEAKER_02: That and BAM X.
49:24
SPEAKER_02: Uh but the Hot Sheet's going Monday through Friday, 9 30 on the East, 6 30 in the West, at Now Bam on YouTube.
49:32
SPEAKER_02: Uh that's live.
49:33
SPEAKER_02: I mean, just you get direct access through the comments.
49:35
SPEAKER_02: Friday we do the call-ins, and I love doing that.
49:39
SPEAKER_02: We started doing that in January because I have seen the writing on the wall with this stuff coming.
49:46
SPEAKER_02: And I said, you know what?
49:48
SPEAKER_02: There's nobody is doing nobody from a media company is doing this where it's like, here's what you need, how you need it, when you need it, with the freshest, most relevant information to be that knowledgeable agent out there on the street every single day.
50:05
SPEAKER_02: Uh, they're putting up static images and you know, 14 different paywalls to get access.
50:11
SPEAKER_02: We're giving it to you right on YouTube every day with the hot sheet.
50:16
SPEAKER_02: And it's why we started in January because the time is that important.
50:20
SPEAKER_00: Byron, thanks so much.
50:22
SPEAKER_00: Appreciate you being so flexible and willing to jump on this emergency bonus edition of the Massive Agent Podcast.
50:29
SPEAKER_00: Talk to you soon, my friend.
50:30
SPEAKER_02: Hey, I know I keep saying hey, and I'm um I've already blown past my hard stop.
50:34
SPEAKER_00: It's your hard stop, not mine.
50:36
SPEAKER_02: Well, what episode was this?
50:37
SPEAKER_00: Uh, this will be bonus episode.
50:39
SPEAKER_00: I don't even it I can't decide if we'll make it episode 307 or just bonus.
50:43
SPEAKER_02: Well, you already that's right.
50:44
SPEAKER_02: You already went past 300.
50:45
SPEAKER_02: Dude, I I thought you went past 300.
50:47
SPEAKER_02: Congratulations on your 300.
50:49
SPEAKER_00: Thank you.
50:49
SPEAKER_02: Um, you beat Nicole and I to 300 on the real world.
50:52
SPEAKER_02: We're gonna hit it in a couple of weeks.
50:54
SPEAKER_02: Yeah, I think three or four weeks.
50:56
SPEAKER_00: Nice.
50:57
SPEAKER_02: Dude, 300 episodes is sick, man.
50:59
SPEAKER_02: So it's crazy.
51:00
SPEAKER_02: I I appreciate you.
51:01
SPEAKER_02: Appreciate your audience here, Massive Agent Pod.
51:03
SPEAKER_02: Thanks for having me on.
51:04
SPEAKER_02: Have me on more.
51:05
SPEAKER_00: Absolutely.
51:06
SPEAKER_00: And we're about to hit a million downloads in December.
51:08
SPEAKER_00: We're on track for that.
51:09
SPEAKER_00: So that'll be that'll be quite the milestone as well.
51:13
SPEAKER_00: So thank you.
51:13
SPEAKER_00: Absolutely.
51:14
SPEAKER_00: Thank you so much for listening.
51:15
SPEAKER_00: I want to reiterate what Byron said at the end there, and I agree completely.
51:20
SPEAKER_00: This is a chance for you right now as a realtor to make a decision that you're going to go all in and put systems in place, you're going to add some features to what you offer, you're going to improve the confidence you have and the belief you have in your value, in the offering that you bring to buyers and sellers.
51:40
SPEAKER_00: And if you start to, if you make that decision and then move in that direction, and then you partner with people and you're surrounded by others in the industry who are already doing it and are already steps ahead of you who will grab you by the hand and show you what to do and help you through it.
51:55
SPEAKER_00: And, you know, at times when it when it seems when you're the most frustrated, kind of be a shoulder to cry on.
52:02
SPEAKER_00: You need those people.
52:03
SPEAKER_00: If you're willing to put yourself in those positions and make that decision, you could have the best career possible.
52:09
SPEAKER_00: Like you could have you could thrive moving forward more than was ever possible before, because so much of your competition is going to leave real estate.
52:19
SPEAKER_00: It's unfortunate, but the ranks are going to be cut.
52:24
SPEAKER_00: There's a lot of agents that I've heard recently, uh within the last couple days, that they have made the decision to leave real estate.
52:32
SPEAKER_00: They think buyer agents are going away, or that buyer agents are just not going to get paid anymore.
52:37
SPEAKER_00: There's going to be all sorts of weird misinterpretations of what this lawsuit means and the changes happening as a result.
52:44
SPEAKER_00: Just protect what goes into your head.
52:47
SPEAKER_00: Protect uh make sure that you you don't follow or that you don't fall into the doom and gloom, that you don't fall into the negativity and the pessimism.
52:58
SPEAKER_00: Because they're really, Byron is talking about two different camps.
53:01
SPEAKER_00: I believe there's two different camps as well, but I'm gonna state it a little differently.
53:05
SPEAKER_00: There's the agents that decide, you know what, this is an opportunity.
53:08
SPEAKER_00: I'm gonna make a decision now.
53:10
SPEAKER_00: I'm gonna sharpen my skills, I'm gonna, I'm gonna really sharpen my value proposition, I'm gonna put systems in place, I'm gonna get better at presenting the value that I offer.
53:19
SPEAKER_00: I'm gonna build my confidence, I'm gonna do all of this and thrive.
53:24
SPEAKER_00: And then there's the agents that are like, oh shit, it just got harder.
53:27
SPEAKER_00: How am I gonna survive?
53:28
SPEAKER_00: How am I gonna make a living?
53:30
SPEAKER_00: You know, it's just gonna get worse.
53:31
SPEAKER_00: Oh my gosh, you know, maybe I should find another job.
53:34
SPEAKER_00: Hopefully you're in the former.
53:36
SPEAKER_00: But unfortunately, I think there's gonna be far too many.
53:39
SPEAKER_00: And some of you, if we're being honest, some of you will fall into the latter.
53:44
SPEAKER_00: I hope that's not the case for you personally, but if you are listening to this show and you're taking action, you have a much, much stronger chance of being in the former group.
53:56
SPEAKER_00: The agents who thrive and make a huge impact in the community and quite honestly make a shitload of money and build a great business for you and your family.
54:04
SPEAKER_00: All those things are possible all at once.
54:06
SPEAKER_00: You actually can't build a big business, make a shitload of money without making a big positive impact in your community.
54:13
SPEAKER_00: You can't do one without the other.
54:16
SPEAKER_00: How awesome is that?
54:17
SPEAKER_00: That's the profession you chose.
54:19
SPEAKER_00: You chose a profession where by helping people make some of the biggest moves, the biggest decisions in their entire life, you can get paid handsomely.
54:28
SPEAKER_00: You can make a great freaking living and build a giant business by helping people navigate one of the toughest, most impactful, most pivotal times of their life.
54:40
SPEAKER_00: That's pretty cool.
54:42
SPEAKER_00: You're not just somebody who's selling shampoo or selling hot dogs or something.
54:47
SPEAKER_00: Like that doesn't really have an impact on anyone's life the way that we as real estate professionals do.
54:53
SPEAKER_00: So if you listen to this show on a regular basis and you take action, I guarantee you're one of the winners in the industry.
54:58
SPEAKER_00: And you will be moving forward.
55:00
SPEAKER_00: So stay tuned to the show.
55:02
SPEAKER_00: Please share this episode with all the agents you know.
55:06
SPEAKER_00: Share this with fucking everybody because every agent needs to hear this message.
55:10
SPEAKER_00: There's far too many negative headlines, there's far too many negative misinterpretations of what's happening, and I'm sick of it.
55:17
SPEAKER_00: So share this with fricking everybody.
55:20
SPEAKER_00: Everyone in your brokerage, every agent you know, plaster this all over the worldwide frickin' web and help us save the livelihoods of a lot of agents, including yours.
55:32
SPEAKER_00: Thank you so much for listening.
55:33
SPEAKER_00: See you guys next week back on Thursdays with our regularly scheduled pod.
55:38
SPEAKER_00: Hope you enjoyed this emergency bonus episode.
55:40
SPEAKER_00: Take care.