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Join Chris McAllister as he brings us up to date on the recent NAR lawsuit settlement including: • The Fallout • What We Know For Sure • Listings Matter Now More Than Ever • The Case For Buyer Agents • The ‘List Side’ Is Ripe For Disruption • Market Making Is The New Value-Add • Real Estate Consulting Will Be The Norm • New ROOST Marketing Initiatives • Connect Practice Track & Grow Is STILL The Way This episode is not about looking back. It’s about looking forward and being open to the opportunities uniquely available to The NEW Real Estate Professional. SHOW HIGHLIGHTS Chris McAllister discusses the impact of the National Association of Realtors settlement on real estate industry, highlighting the decoupling of agent fees.We examine the emotional responses among realtors to the changes and emphasize the importance of adapting to the new real estate landscape.I explain the predicted decrease in NAR membership and the commission pool, while suggesting that top performers may see increased earnings.Strategies of major franchises to maintain headcount in the face of industry changes are touched upon by Chris.Policy updates effective from July are explored, including seller concessions through the MLS and mandatory exclusive buyer agency agreements.We delve into the implications for different loan types and the necessity of detailed contract negotiations in light of the new policies.The conversation covers the vital role of buyer's agents and the emerging opportunities for innovation on the listing side of real estate.Chris describes the shift towards real estate professionals acting as consultants and the growing need to build a database of potential buyers.We discuss the evolving roles of real estate professionals and reaffirm the value of professional representation in a changing market.The episode wraps up with an affirmation of our commitment to adapt and thrive in the new real estate era through connection, practice, tracking, and growth. LINKS Join me on the Connect Practice Track and Grow Podcast Download your FREE copy of Eight Success Mindsets Of The NEW Real Estate Professional and learn how to craft a career worth pursuing and a life worth living. Visit Career With ROOST and find out of ROOST Real Estate Co. is the new way forward you’ve been looking for. NAR SETTLEMENT FACTSHEET (https://cdn.nar.realtor/sites/default/files/documents/nar-settlement-factsheet-2024-03-22.pdf) Listing Agent Lifestyle (https://listingagentlifestyle.com/) Listing Agent Scorecard (https://listingagentscore.com/) GoGoAgent.com (http://www.gogoagent.com/) TRANSCRIPT (AI transcript provided as supporting material and may contain errors) Chris: Hi all, Chris McAllister here with the Connect Practice Track Grow podcast, where it's my job to make your business better and your life easier. I'm here today to bring us all up to date on the National Association of Realtors settlement that was announced on March 15th and, I have to be honest, I'm as shocked as you are, and we did five podcast episodes relating to the lawsuit that NAR actually lost last year. So I didn't think it would come to this, but it did. So here we are, so I feel like that I kind of raced through the five stages of grief these last few days, but I am thankful that I feel like I did to some degree get ahead of this. But definitely anger, denial, bargaining, depression, and I don't even know if I'm all the way at acceptance yet. But we've got to move forward and honestly, based on what I'm seeing on the internet and social media, many of our fellow realtors are still in the early stages of the grief process. There's a tremendous amount of anger and fear out there and that's understandable, but my hope today is not to dwell on what happened and not to rant and rave too much, although I'm sure there will be some passion come through. But I want to take the temperature down a bit and focus on what we do know. So the ultimate reason for the lawsuit was there was a consensus among the plaintiffs that the commission they agreed to pay their agents brokerages to sell their homes was too high. And the essence of the result of this the fallout from losing that lawsuit is decoupling. And decoupling means that, going forward, buyers will be responsible for paying their own agents if they choose to hire one and sellers will be responsible for paying their own agents should they choose to hire one. So that's the essence of decoupling. Instead of having buyer agent fees and seller agent fees all wrapped up into one neat little bundle, they've been separated, and the term that I guess the lawyers use in this, or the business people use in this, is decoupling. So here's what I want to talk about today. I want to just have a quick discussion of the fallout. I want to talk about what we know, or at least think we know for sure, because it's changing every single day. I want to touch on the fact that listings matter now more than ever. I ...