On Episode 2 of The Walk Thru, Byron Lazine, Dan Oneil, The Broke Agent and Taya DiCarlo sit down to discuss the class action lawsuit affecting over a billion dollars in commission, Elon Musk buys Twitter, predictions on housing prices from the industry with data from KCM, and the best way to boost engagement on Instagram.
The Class Action Lawsuit we won’t shut up about
One of the biggest pieces of news in Real Estate over the last three years, was a lawsuit initiated in 2019 concerning the MLS in Missouri which is now a class action lawsuit. With over a billion dollars in commissions at stake, this lawsuit would allow sellers the ability to recover the buy side commission on transactions over the past eight years.
As Taya points out, the Buyer Agency was created in the 90s based on a demand by the consumers and not Realtors themselves. The Buyer Agency’s sole purpose was to protect the consumer. She adds that all real estate documentation is extremely black and white. From the real estate contract, the listing agreement, the purchase agreement, the structure of the commission fees is spelled out in clear detail.
“This is extremely problematic, especially given the fact that they’re trying to go back so far in time.”
While Dan was googling class action lawsuits on the side, Byron and Taya shared concerns that this would drastically limit the opportunity for many buyers without a large enough investment set aside to account for the buy side commission. Byron expressed his strong belief that Zillow make a firm push alongside NAR to shut this down as its business model is heavily weighted on buyer leads.
The Broke Agent attempted to tally the score for the strong points made by Byron, Taya and Danny à la Pardon the Interruption, but quickly realized his shortcomings with real time math.
ELON Musk succeeds with his plan to buy twitter
With news of Elon Musk’s purchase of Twitter and his plans to “renovate” (if you will) the platform, it led us to consider how we currently use Twitter in our own businesses.
The Broke Agent showcased Danny Deals’ Twitter feed as an example and was immediately flabbergasted by his engagement.
After his shock and jealousy subsides, The Broke Agent shares his strategy to try out real estate humor on the site as a testing ground to see what one-liners and jokes are worthy of sharing on Instagram or developed into more elaborate skits/Reels. This is also where we are tweeting out our original content, news and links to stories. (Go ahead and give us a follow!)
Taya illuminates a very good point on the matter and uses TikTok as an example. TikTok was discussed at conferences and events like say the Tom Ferry Summit, and it was the new trend that Realtors were supposed to get behind. And if we had all dove in right away like Glennda Baker, we would be seeing the same insane visibility and reach she has. If Twitter is the new shiny penny, real estate agents will find a way to learn the platform and utilize it for their own marketing.
Byron stands firm that Realtors will not be adding Twitter to their strategies, but that it is a very impactful tool for fostering relationships and starting conversations. Tagging the right people, which leads to a retweet, which leads to connections you might have never made. And we all know building a strong and widespread network is everything.
“To me, it’s the most social app there is of all of them.”
BACK TO HOUSING PRICE PREDICTION FLIP/FLOPS
The group covers this BAM exclusive article and shares insight on what these fluctuating predictions really mean.
Taya compares the rising interest rates diminishing buyers purchasing power to driving 100mph on the highway and slowing to a snails pace of 65 when you encounter highway patrol. You are still going 65mph, but it feels so incredibly slow. That is what she predicts will happen to home appreciation, still increasing but the pace will slow down.
Pulling data from a Keeping Current Matters chart, Byron illuminates that year over year, real estate continues to appreciate, regardless of the shifts in interest rates.
“Interest rates are scaring people a little bit. But we’re just seeing less showings maybe less offers, but the value is still there.”
DR. CLICKSTEIN Ranks Instagram Engagement
The Broke Agent, aka Dr. Clickstein, educates us on the most important form of engagement on Instagram: the Share. When producing content, you should always be thinking, how can I get the most amount of shares because that is being projected to other people through their stories and DMs. You can even see how to view who has shared your content, as he demonstrates on his Motorola Krzr.
“If you’re actually sharing something about your market, this could show how people are interacting with your content. So I highly recommend doing this after you post, check how many shares it gets, and then also check the public reshares.”
Watch the full episode, because this one was definitely meaty.
Make sure you never miss an episode of The Walk Thru and our other daily shows.