Shawn McNeil, Michigan real estate agent, joins The Closing Table podcast with host Kevin C. McIntosh as they speak about the recent class-action lawsuit against the National Association of Realtors (NAR) and its impact on the industry. Shawn explains the two main categories of the lawsuit: sellers paying buyer’s agent commissions and predatory practices leading to inflated commissions. He also discusses the potential financial damages and the ongoing legal battles. Kevin raises questions about NAR’s role and responsibility in these practices, and Shawn shares his perspective as a brokerage owner and active agent. They delve into the benefits and disadvantages of being a member of NAR and the potential implications for the real estate landscape.
00:41 Podcast Start
01:12 What is the Burnett vs. NAR Lawsuit about?
05:15 If all agents who are members of the National Association of Realtors are part of this investigation, how do we know you or your agents aren’t a suspect in these deceptive practices?
07:49 Who holds the most responsibility from this overall practice?
10:54 What are the benefits of joining NAR?
15:10 What the disadvantages of joining NAR?
17:49 How can agents/brokers regain the trust of consumers?
25:42 Why would an agent tell their client that they can negotiate your commission?
28:22 Do you think the ruling amount is fair?
32:48 Do you feel like Realtors are paid enough for the work that they do?
41:24 What should be done to ensure buyers see all homes available within their specific criteria and are being shown selective properties?
48:18 Is this just a marketing ploy?
50:41 What do you think will be the long term effects of this ruling can potentially be
57:47 Is there anything else about the real estate industry that needs to change for the better?
1:01:50 Last Words
1:03:51 Podcast Ends