This week in BAM brought news of the biggest commission lawsuit yet, a New York Times comment frenzy on the Sitzer/Burnett verdict, NAR HR Chief Donna Gland’s retirement, and the impact of WeWork’s bankruptcy. 

For agent tactics, we bring you Byron Lazine’s 11-point plan for moving forward in the aftermath of the Sitzer/Burnett verdict, Audie Chamberlain’s post on doubling down or getting left behind, and a Tom Toole article on how to talk to consumers about high mortgage rates. 

Agent marketing for the week includes a Krys Benyamein webinar recap, with 19 pieces of content you can create from one listing, along with Gary Vaynerchuk’s take on the best social media channel for real estate agents, and a client review post you’ve got to see. 

Let’s dive in!

News You May Have Missed

On November 2nd, the biggest commissions class action lawsuit to date was filed in Illinois—this time on behalf of home buyers rather than sellers. The plaintiffs are seeking injunctive relief and damages against real estate companies, claiming the latter have caused buyers to take on the cost of inflated agent commissions. 

One of their goals is to eliminate the cooperative compensation rule put in place by the National Association of Realtors (NAR). Also known as the Participation Rule, it requires listing brokers to offer compensation to buyer brokers before submitting a listing to a Realtor-affiliated MLS. 

Meanwhile, Michael Ketchmark, lead counsel for the plaintiffs in the Sitzer/Burnett lawsuit, has already filed another lawsuit—Gibson—naming a handful of new defendants, along with NAR.

Speaking of Sitzer/Burnett, the New York Times October 31 post on the verdict was their most commented-on article of the day. Totally coincidental that it just happened to be Halloween, right? Having read several of the comments, we’ll call it a toss-up. 

And just a week after Bob Goldberg stepped down as CEO of the National Association of Realtors (NAR), Donna Gland, NAR’s HR Chief has announced her plan to retire after 38 years with the organization. 

Finally, BAM covered WeWork’s bankruptcy announcement and its impact on U.S. commercial real estate. 

Agent Tactics

Given this week’s continued focus on class action commission lawsuits—from Sitzer/Burnett to the newest and biggest lawsuit yet—it’s all the more important to read Byron Lazine’s 11-point plan on how to move forward in the aftermath of the Sitzer/Burnett verdict

No, this most definitely is not over (not even close), but you may already feel the impact of these class action lawsuits on the conversations you’re having with clients—both current and potential. So, arm yourself with all the tools you need to not only survive but thrive in the next six months. 

Because, as Tamir Poleg, CEO of Real Brokerage, said at the Real RISE event last month, the final quarter of 2023 and the first quarter of 2024 will be the most difficult six months in any real estate agent’s career. Don’t go into it unprepared. 

As Byron has said more than once, “The best form of optimism is preparation.” 

In his own article this week, Audie Chamberlain urged real estate agents to “double down or get left behind.” This week’s episode of The Walk Thru went over Audie’s post and discussed the importance of knowing your strengths and weaknesses when choosing what to double-down on. 

Finally, Tom Toole shared a conversation he had with Brian Blouch on the four cornerstones of conversations about high mortgage rates

Because, as Phil Jones has said, “the worst time to think about what you’re going to say is the moment you’re saying it.” 

Agent Marketing

This week in agent marketing brings you a recap of the BAMx webinar hosted the previous week by Krys Benyamein

The original plan was to show how to get 10 different pieces of real estate marketing content from one listing. Except he over-delivered and described 19 pieces of content

One of those happens to be the ultimate local spotlight video, which Krys breaks down in a BAM article. 

The replay of both the webinar and the after-party are available on the BAMx platform. Sign up before the cost of membership goes up on December 1st so you can be grandfathered in at the current price. 

Next is Gary Vaynerchuk’s take on the best social media channel for real estate agents. And while the post includes his Instagram Reel, he’s talking about a completely different platform. 

Finally, we’re highlighting an IG post demonstrating a brilliant way to post client reviews. Props to @fredericksellsfrederick for the brief and highly repeatable masterclass. 

Also, if you’re wondering how to get more client reviews—or how to respond to the ones you have—we’ve got you covered. 

Stay tuned for another value-packed week at BAM!