DOJ to NAR: “Your days are numbered!”
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- Опубліковано 29 вер 2024
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Ricky Carruth 💎 Real Estate Broker, Coach, Investor, Father & Husband! He travels around the county with his amazing wife & daughter speaking on the biggest stages about real estate & success.
Ricky closed over 1,000 deals as a solo real estate agent in Gulf Shores, AL, fix & flipped over 100 homes & built a $10M real estate portfolio (adding new properties every month).
He has successfully predicted the market every step of the way since early 2020 including the market surge of 2021, the home price bottom of January 2023 & new all-time highs for home prices in July 2023.
Ricky started coaching real estate agents in 2017, and has become one of the biggest names in the industry.
Message him on IG: rickycarruth
Does all of this go away if all brokers leave NAR? Then it's a state level issue with MLS's right? No more Feds? I hate NAR, their attornies are inept, they should have hired major outside litigators. All MLS need to remove the NAR member mandate so we can all escape their ineptitude and run our businesses as we see fit.
We 2 million non-members out number 1.5 million members-welcome aboard NEVER have I needed NAR 35yrs con job & ruse on the public -
The issue with everyone leaving NAR, is that NAR is the largest lobbying group on Capital Hill. They do protect private property rights daily on Capital Hill and in state legislative bodies.
They are the lobby that keeps us from having to pay sales tax on our commissions, and to keep us from becoming W-2 employees which government idiots try to pass.
They protect homeowners’ property rights. We don’t see all behind the scenes because we are working but stupid politicians who never owned a business keep trying to take away our property rights.
@EricSellsMN. Wiser words haven’t heard ever in this NAR sellout …
DOJ just wants to make it as difficult as possible for first time homebuyers. #renternation
DOJ wants to make you showing agent for GlobalistZillow for a flat employee fee-cancel memberships you dont HAVE to be a Board office!
Facts. The only way to “own nothing and be happy” is if you are renting everything
Someone explain to me how commission and how they are promoted or shared falls under Federal Law when each brokerage and MLS is licensed individually state by state? NAR does not set state law regarding commissions and or payouts, each states commerce department does right? The only thing related to Federal Law that my license education taught me or requires me to follow is Federally Protection of Classes.
Federal law also covers lead , steering, discrimination, handicap laws . and many others that fall under civil rights lol Where you get ya license?
Federal law always supersedes state laws-
DOJ end goal wants you showing agent for Zillow be employee pay flat fees - cancel memberships Brokers dont have to be Board offices
People also don't like an agent telling them something that would jeopardize them. They see it as an agent limiting them where we are busting our asses off to make sure they don't get themselves sued ..... Or lose a ton of money
Consumers should be able to allow their real estate consultants any and all means to get their home sold for them. As far as steering, new construction offering incentives to use their preferred lender? Is this not steering consumers to a specific lender to receive an incentive? That sounds like steering! And DOJ does not make the laws congress does.
In WA state, both Lennar and D.R. Horton will only use their forms, title, escrow and they push hard through, you guessed it - compensating buyer with closing costs to get the consumer to use their lender. They also have a caveat that the buyer waives their right in a bankruptcy situation to use the Homestead Act to protect their primary residence from being taken. The DOJ doesn't have a problem with that, it seems.
Agree, something else is going on.
NAR 👎 I don't need another form of governance telling me what's best for my business and forcing me to pay them money. We have enough of that already. #FREEDOM
if the DOJ gave a shit about antitrust, they'd investigating facebook, google, blackrock, vanguard etc....
I’m so happy to hear people speaking up about this. I was feeling like NAR was just a bunch of sheep following blindly. God Bless MLS PIN!! I wish more would join them.
Corruption from Joe's administration? Naw, he is an angel.
Yes, they are!!! Corruption is an understatement. Our government is out of control. Just look around
4:55 and now they want to remove all transparency. It is completely backwards.
Great video fellas. Lines have been crossed. We are being led and ruled by misfits.
If you study communism that's exactly what they want. Ruled by incompetent people and criminals. They're easier for a dictator to control.
I'm concerned about the DOJ. I see a problem with their assertions. We are acting like sellers don't actually own their properties. If we take the agent out, then the government is saying sellers do not have a right to creatively market their properties. They can't offer to help with costs, offer a moving truck, offer to move in early before their loan closes, etc. They are saying sellers have to offer a home for a price and that there is nothing else to negotiate. Sometimes price isn't the most important thing. People may buy a property for other reasons from a seller. Buyers want to know which sellers are willing to accommodate unique situations.
This is a waste of time. Buyers have to look at every property out there and send an offer to everyone just to have sellers reveal that they are willing to help with the concessions they need. Realtors do have the power to influence, but in the end, it isn't their property. Let's stop acting like these terms of the listing are the agents' terms. They are the sellers terms.
Because this government actually doesn’t believe in private property rights so they don’t think sellers can do what they want to in selling their properties.
Most people in government don’t have a clue about how real estate transactions work.
They do the same thing with the internet and apps. They have no experience or knowledge yet make laws regarding these.
MLS PIN needs to rep NAR in court. They’re savages.
If only we had a President in office that has years of experience in Real Estate and makes “mean” tweets 😢
Amen
Huh, you got someone in mind? 😊
TRUMP 2024!!🇺🇸🇺🇸🇺🇸
@@christinaarcher1712 Trump sucks at real estate and running a business. He's broke now and how many times has he declared bankruptcy? Give me a break.
Agree. Truth is nothing can save this country from the lines that have been crossed. Stay tuned.
So how is that the lawyers setting a 33% to 40% fee isn't illegal, wtf?
It is a shame the DOJ chose to allow havoc in the real estate industry, when a realtor provides a service to the public for betterment. Yet, the loop hole digging attorney, paid hundreds in billable hours, decided to dig deep into our industry, and choke hold the realtor paid pennies in comparison. Huuummmm so who is supposed to have our back and protect us when here is the perfect example of what an attorney does for a living?
Agents are entrepreneurs and will find a way to still get paid. Many people want this situation to ruin “evil” realtors. Sorry to tell them it’s just a road bump and we will keep going.
Wow, this video is packed with crucial insights! Excited for the live cold call session next Wednesday! It's going to be great seeing you in action and learning from your techniques. Keep up the great work in keeping us informed and prepared for these industry shifts.
At least in Florida, unless otherwise engaged, agents are considered transaction agents. There are no fiduciary duties unless single agency is entered into.
The DOJ wants everyone renting, they must own all of the toothpick built massive apartment buildings in my area? Disgusting, every time they get their in the hands of "Any" entity it turns to shit
Maybe they want it to become messy so next time they can come up with something bigger! 🤷♀️🤷♀️
Consumer will dictate compensation in the end run. Not a bunch if highly motivated psychopaths. Consumers will rule.
This should have gone to the supreme court.
Thanks for clarifying why bankruptcy isn't an option.. It's a total money grab.
I've built 18 homes and always list with a flat fee company to get on the MLS ($199 fee), every home with the exception of 3 had consumers contact me directly and make an offer (yay! I paid no commission and wrote the contract and dropped off at title company...no brainer). The other 3 I sold to a buyer with an agent...so offered them 2.5% way better than paying an agent 5-6%. People need to smarten up and cut out the middle man.
I think this is the start of dismantling property rights, and Americans' ability to own property at all. The government involvement is not producing clarity. Its not about fairness or transparency. you asked if it is something else- i think this is the underlying concept.
Bro you right on that money grab, you called it a while back- ol' Mikey be CATCHIN' THOSE MARKS!
The mere fact you and other Realtors use the term “concession” demonstrates this is about the money, not the client. So, just so you can get paid, the buyer will no longer get repair, closing cost or other credits. Hmm. Remember, many other countries dont do the Buyers Agent system and that real estate transacts just fine. Bottom line, its gotten very expensive to sell your home as the commission the seller pays, pays for everything that financially benefits in the real estate world. Things include: splits with your brokerage, splits with your team, coaching, leads, systems, marketing, buyers agents and more. Grab your big boy pants and hold on.
This country didn’t have the buyers agent until the 80’s - 90’s but the consumer wanted representation and that’s why we have what we have today.
This is why our judicial system has higher courts. NAR could have taken this all the way to the Supreme Court, but they decided to lay down and settle for a chance in self preservation.
They took the COVID cash fed govt owns them-now they have the Petto flag on their logo-not a dime would I give NAR not a dime!!!
Houses aren't a commodity. Price isn't the only reason someone buys a house. Are we going into a system where we don't market anything in life by anything in price. So my next car then should just say the price, they cant talk about interest rates, trade in bonuses, etc.
Do you think if trump wins he could change the future of these changes ?
If only we had a President in office that has years of experience in Real Estate and makes “mean” tweets 😢
You’re barking up the wrong tree. And most likely confusing people. Pointing fingers the wrong way. This sucks ! With the exceptions of buyers will not be Realtors hopping.
This isn’t a real estate AGENT issue. This the big brokerages. When are they going to address the unfair commission splits, insane amount of fees and expenses that the AGENT is forced to pay, and the unfair independent contractor agreements between the agent and broker. Seriously. I’ve never worked in an industry where my own broker lies about commissions and doesn’t pay agents for taking on their listings or else saying they can have buy side but not list side if there isn’t a buyers agent. I don’t understand why Agents have to pay monthly fees on top of commission splits and ALL of their other expenses. It’s garbage. I can see what’s going on here because if they didn’t settle there would be LOTS of AGENTS demanding change and answers.
Attorneys has so much damaging info from large real estate companies that it was the only smart thing to do...
In 2018, the Justice Department opened an antitrust investigation concerning “potentially anticompetitive practices in the real estate industry” implemented by the National Association of Realtors (NAR).
Shame on the loop hole digging attorney too cowardly (not my choice adjective) to dig up a "loop hole" in his own industry, driven by greed and paid hundreds in billable hours. So why did the DOJ choose to cause havoc on a system that has been working for decades in the real estate industry? Realtors provide a public service for the betterment of society and are paid pennies in comparison to do so. A great example of what attorneys do for a living or not?
6:48 a choice. But they want to take that away. How’s that helping it being a “negotiable” piece? Why can’t a Seller market how they chose? 🤔
How do you negotiate with a buyer you don't have a relationship with at first showing and additionally have no idea how much work or services are required. Are you working for 1 month or 6 months?
It will make agents work harder for less...which is good, so many do nothing and all are over paid with too high of commissions. I was a realtor in NY and FL...easiest money I ever made.
Transparency should not be used against the sellers so the agents ban low balling sellers via MLS. DOJ is right on it for that matter.
Amen. This only hurts the people and the public at large. If they want to help housing they would stop out of control spending, then we could get lower inflation and then lower rates. This would help supply chains and builders confidence which would provide more inventory with lower prices and lower rates. Commissions have nothing to do with helping people. If a buyer is unrepresented they will get hurt.
Can’t wait for the cold calling together!
I wish you hit the highlights in under 15 minutes.
45 minutes is a long video for something like this.
I like the comment about keeping the bottom agents in, they make you look when you go to the same listing appt.
When Biden came into office he said he was going after real estate commissions.
FR FR? Where can that be found? Please share.
They are gunning for your commission.
JB'S words back in March... But here's the deal,
I'm calling on realtors to follow through on lowering their commissions to protect homebuyers.
You can read the transcript on C-SPAN or your NAR March newsletter... you can't make this stuff up... totally insane!
@@GoodDaywithRickyRay It can't be found!! Propaganda!!
If only we had a President in office that has years of experience in Real Estate and makes “mean” tweets 😢
@@GoodDaywithRickyRay this all has to do with BlackRock and the 2030 Agenda. It has to do with the WEF agenda that we will “Own nothing and be happy.” The only way we can own nothing is if we are renting everything. BlackRock has a goal to own 60% of the Single Family Homes in America. Builders are now building homes for rent and not to own. Look into it. Also, Wells Fargo was the number one distributor of Home mortgages and stopped in January 2023. Why would they stop when they are number one? It’s because BlackRock is one of their share holders.. there is a push to ban sellers from paying buyers agent commissions because they want to make it hard for low and middle class income families to be able to afford a home. They want to turn us into a renters nation.
This guy's is thinking on the lines I was seeing this
$1 mandatory clear cooperation rule set this whole thing off. They should’ve always had it at $0. Stating a $1min doesn’t really state “negotiable”. Very idiotic.
This guest speaker's tone is very annoying, and he is whinninng more than he is actually providing information.
Also, what is in that ENDLESS cup of coffee that's got him so hyper?
Ricky the GOAT! 🐐 Fresca on the otherhand....
😂😂
In Washington state, Lennar builders went to 0% buyer compensation back in 2021 in NWMLS
It is totally insane
Love Your Live Call Sessions ! Miss them
Been doing it every Wednesday
Go watch the last two sessions and watch this week live
Can't wait until the maritime law our country practices turns back to Common Law. Bye-bye attorneys!!!
Thanks Ricky!
Lead with curiosity. Simple and brilliant at the same time!
I started drinking Fresca too now ha ha
sponsored by Fresca. 😂
Great convo.
Real estate professionals and/or coaches trying to explain legal principles, civil procedure and/or litigation practices to other real estate professionals is hilariously cringeworthy. It would be like an auto-mechanic watching a video of an accountant coach preaching to other accountants the benefits of Honda’s 2.4L V4 engine vs Toyota’s 2.5L V4 engine with completely inconsistent information and no knowledge base.
almost as bad as a lawyer trying to explain how the real estate industry works. I am sure you would agree
@@RickyCarruth Not really. Real estate professionals are telling lawyers how the real estate industry actually works, and in turn, those lawyers are telling those real estate professionals, associations and MLS affiliates how the real estate industry actually works is in violation of federal law. But thanks for liking my comment Ricky! You will adapt to the new industry practices and be successful no doubt.
@theGHSV they have no idea...just a money grab.
Not an agent, but a house seller. It seems the logical thing to do here is the buyer and seller both pay 2.5%.
man, there are a lot of butt hurt realtors ....
This whole situation is based on a false premise that a real estate transaction is adversarial in nature, when they’re actually cooperative.
I still can’t believe this is happening in America and the DOJ is looking the other way while Wall Street landlords are keeping units empty to create an artificial housing shortage. If they can manipulate the market this much with less than a 10% stake, imagine life in 7 years when they own 40% - which is what they’re on pace to accomplish right now.
I’m not sure you know enough to be interpreting this correctly. Let’s be honest with ourselves. The amount of “training” videos talking about how to answer commission questions etc is what’s gotten the industry in trouble. I seriously doubt that a change in administration is what triggered them into trying to open the case again. Pretty sure the same people who were part of the case and agreed to the deal in 2020, are still the same people in 2021. Do some people get replaced when there is a change in administration, sure, but everyone who works under the department ? Not likely. Agreements fall apart all the time, most of the time it’s because there are stipulations in the agreement that both parties can’t agree with.
Is that a conspiracy? No. Are you trying to insinuate that in your video? Yes. Stick to helping agents navigate this new way of business that we’ll all be facing soon. Especially when you’re not privy to all of the back and forth of this investigation/settlement. 😒
I do have to add, that’s good the MLS’s are pushing back. It was NAR’s ineptitude that has lead us here.
Give it five years and the buyer agent will be no more. Buyers are just going to go directly to the seller with their own offer drafted by an attorney which would cost much, much less than a buyer agent. Services like Showami will become more popular.
Europe and South America does realty this way.
How long will it take for an attorney to put an offer together for you? Likely many days and in many situations that property will be long gone before you even make an offer.
Most real estate agents are crooks. They quote this 6% commission, but when you look at the commission rate with average homeowner equity at 30%, using a 500k sales price, the commission = 6% x 500k=30k and based on homeowners equity at 30% x 500k= 150k. So 30k / 150k= 20% commission!!! This is illegal in almost any industry and it’s literally a wolf of Wall Street style fleecing of customers. The DOJ is going to bring the hammer down on these crooks and real estate agents will be forced to charge fair commissions in the 1-3% range vs 5-6%. And more likely the commission rate will be based on the equity value which is what the homeowner actually owns vs stealing money from the homeowner. It’s about time the chickens came home to roost.