We know that NAR lost the lawsuit, totaling $5 billion. It's actually $1.8 billion, but it was tripled during the court process. Additionally, some major franchises in America are also involved in this lawsuit.
You might think that it doesn't affect us because it will get appealed, but that's wrong. The major news outlets have been covering this story since the trial, and now, after the verdict, they're going to continue. Your clients, both buyers and sellers, will be talking about it.
A situation might arise when you or another agent in your market is taking a listing, and the seller asks, "I read in the newspaper that I don't have to pay a buyer agent commission. Is that true?"
How do you respond to that?
Well, here's how your conversation should go:
“You have the option not to offer a buyer agent commission. It's entirely optional. But let me frame this for you as it's a competitive and...