Ep. 109 – The Sky is Falling! NAR Settlement Eliminates Real Estate Commissions

Matthew Maschler:
Welcome to the Real Estate Finder podcast. I’m Matthew Mashler, real estate broker with the signature real estate companies here in the great state of Florida, and with me today, the very special co-host to today only of the Real Estate Finder podcast, Preston Smith. Hey Preston, how are you? I’m wonderful. How about you Matt? I’m doing good. Doing good. I didn’t hear what you said. You’re a wible. I said I’m wonder. Wonderful. Yes, I’m very wonderful. Wonderful. Always doing good. You sound wonderful. And I don’t know if that’s the case for most real estate agents in the country. Yeah. I think a lot of ’em are a little nervous or scared and a lot of real estate agents are nervous and scared. How come you’re not nervous and scared? How come you’re feeling wonderful? I, I’m not afraid of change or I’m not afraid of tough situations.
Maybe you have a good broker that you know will get you through this. Well, that’s huge. I have you and Ben and it’s like I know working with, especially being under you, I’m not afraid of what situations I end up in. I can’t imagine being in, I’m not worried about anything whatsoever except if we get to it. I didn’t put it on my agenda, the one thing at the end. So if you mind me, we’ll talk about the one thing at the one thing at the end. Gotcha. Alright. Okay. Okay, cool. So yeah, so we are going to talk today about the, I’m sure you heard in the headlines the settlement of the major billion dollar class action against real estate brokers in the United States of America. This was a case that was brought in Missouri of all places and against some of the major brokerage firms and the National Association of Realtors.
And one of the things that was constantly alleged in the complaint, in every time anybody in the media talks about it, they say the National Association of Realtors sets a standard commission of 6%. And that has never been true. There’s lots of fake news, if you want to call it fake news going on around about the commissions. But the thing that’s correct about the case, the only thing that’s true in the case is a great number of people do not understand how the commission structure in real estate works and who pays it and how much is made. But to be very clear, the National Association of Realtors does not set real estate commissions, never has. The Florida Association of Realtors does not set commissions. None of the local associations, the multiple listing service does not set commissions. Brokers among themselves do not set commissions in Florida and in most of the country, commissions are negotiable.
So when someone wants to sell a house, they meet with a real estate agent or a real estate broker and they negotiate what the commission will be commissions are and always have been negotiable. The president the other day, and I try not to get political on this show, but the president the other day said, for the first time in America, home sellers and home buyers will be able to negotiate their commissions and everybody clapped. And that could not be further from the truth. Sellers have always been able to negotiate their commissions. However, if he would’ve said that for the first time in America buyers can negotiate their commissions, then that would’ve been very, very true because that is that the crux of the settlement that buyers will be able to negotiate their commissions. President, you’re looking at me like you have a question. I do. I’m just wondering why did NA settle this case? Did they sell us out?
Oh, we were not nowhere near that. Near that. That is the question. You know what happens when we’re on coaching and people everybody’s fed up with, why are we joining NAR and why do we pay our dues and yeah, no, we will get to that. Okay, I’ll cool down. My bad. I have 15 pages of notes I gave from one line. I didn’t practice another. Alright, so I want to talk first about how commissions are currently the listing. The person who wants to sell their house calls a real estate agent, they negotiate a commission. When I go on that commission appointment, I very carefully say that there are two parties that we’re going to pay you. They’re going to what I’m going to charge you to list and sell your house and what we’re going to offer a buyer’s agent who brings the buyer. And the more money we offer, maybe the more we encourage the buyer.
So in the hot market after Covid in 20 21, 22, when houses were selling very quickly, that was actually the first time I lowered what I usually offer a buyer because I didn’t want so many bids and offers right away how to slow it down somehow in my market and bo it where the big houses are, I started seeing some of the major players charging instead of 3%, two and a half and 2% because on a 10 million or 12 million house, that’s a lot of money to save and it’s also still plenty of money to compensate an agent. So no harm, no foul, but I never personally offered less than 3% cooperating fee to the buyer until Covid and we needed to straighten it down. So sometimes the seller and the listing agent will negotiate the total commission, the total commission paid to me to the listing agent, and then it’s on the listing agent to decide how much of that commission they’re going to offer a cooperating agent.
And sometimes you spell it out, okay, I’m going to charge you 2.5% or 3% or 1%. I’ve done campaigns in certain neighborhoods, Hey, over $1 million, I’ll charge you 1%. I’ve done that in some of the country clubs and whatnot. But we’re still going to offer a buyer’s agent the 3% or two and a half percent or three and a half percent sometimes. Sometimes before covid. In Boca West and Century Village, when apartments were $35,000, you couldn’t offer 3%. It’s 900 bucks, right? So maybe you offer a $2,500 minimum commission to incentivize a buyer’s agent to come out and show. And market’s all about marketing. It’s all about getting your listing shown and getting agents to incentivize agents to come and see the property. Now, part of the allegations of the lawsuit was that the sellers are paying the buyer’s agents and the buyer’s agents are working against them, right?
I’m paying them, but they’re negotiating me down. They’re getting me in inspections. They’re not on my side. Why should I be paying them? Well, Mr. Seller, you are not paying them. I’m paying them. I’m paying that out of my share. If I would’ve gotten the buyer, I’d get the total commission. But from a marketing point of view, I don’t want to be a selfish, I don’t want to be a pig and I’m going to share my commission with other agents out there that are working with buyers and that is perfectly legal, perfectly natural, and literally the crux of the lawsuit. So the lawsuit was very dodgy and made no sense. So that’s the way it currently is. Listing the seller enters a listing agreement with a listing agent. The listing agent offers some of that commission to the buyer’s agent. It’s not the seller to the buyer, it’s not the seller to the buyer’s agent.
I got a phone call the other day from an attorney and he said, I have some clients they want to buy a house and would your seller credit these buyers, some of that commission? And I said, no, it’s not up to the sellers. That is my commission. You want to ask me if I would give the buyers some of my commission? Not. You’re not asking the seller you’re asking me. And my answer, quite frankly was, I will not share my commission with you, Mr. Attorney. You’re not a licensed real estate agent. And he goes, well, I’m an attorney. I go, yes, I will. Not. I say illegal, I cannot share my commission. I cannot pay a commission to someone who does not have a Florida real Estate or even an out-of-State real estate license. You could pay a referral fee to someone out of state.
I said to the guy, but a lawyer or plumber or baker, I cannot, does not have any special treatment under the law. However, I can use my commission from a marketing point of view and give a credit to your friends, your friends, clients, customers. I don’t care what your relationship is to your customers. If they want to see my house in that situation, I would be willing to do that because I was trying to do the best job for my seller and I didn’t want to force this guy to go out and hire a real estate agent that I’d have to pay. That made no sense. I’d rather put it in my seller’s pocket or the buyer’s pocket than a stranger’s pocket, and I didn’t want him to not see the property. Meanwhile, after that, he ended up not seeing the property anyway. It was too expensive.
And these buyers were not getting good advice or representation from him because what you’re supposed to do, if there’s a house you like that’s too expensive is come see it and make an offer. And that’s the problem with the settlement is going to be, it’s been a problem for a while with overpriced listings that people just don’t want. They see ’em online and they’re waiting for the price adjustment. Well, you could wait for the price adjustment, but that’s only going to happen if nobody else gets in and buys the house first. If the property is worth seven 50 and it’s listed for eight, right? Come in and offer 7 25, let’s negotiate. But if you’re waiting for us to drop the price at seven 50, it’s quite possible that someone else will buy it before you get to it. So this lawyer was doing a terrible job advising their customers, and I think that’s the trend.
I was literally three days earlier saying that this is what’s happening, that buyers are not seeing overpriced listings. They don’t want to come in and make offers, which is why it’s so important to have a buyer’s agent, and we’ll talk about that with this settlement. So there’s always been a conversation of who is paying that commission? Does the buyer or seller pay that commission? The listing agent signed the listing agreement, but the buyer’s the one that’s bringing the money. So is it the listing agent or the buyer? And a lot of buyer’s agents will say, I’m free. There’s no cost to you to use a buyer’s agent. So that’s part of the settlement is that buyer’s agents will not be allowed to say that anymore. Not allowed to say no cost to you unless you’re really not going to charge ’em because that was the settlement.
The settlement. So the crux of the case was that the sellers didn’t know how the buyers were being paid. The buyers didn’t know what they were paying, and there was so much confusion in the market. So as part of the settlement, the National Association of Realtors agreed to change the rules to no longer have the commission that’s being offered to the buyer’s agent to be displayed in the multiple listing service. So now the multiple listing service is a private database, and that’s what’s kept realtors in business. When the internet was invented and everyone else went out of business, travel agents went out of business, and all these other fields and specialties went out of business. What kept the realtors alive was that that multiple listing service was locked up with a password. You couldn’t get to it. Now, publishing that information to realtor.com and Zillow and Trulia and syndicating that out kind of made it more difficult.
It’s kind of what’s killing the industry. But as long as you kept all that information under locking key, people still had to use listing agents. And it’s important to use the multiple listing service because it’s the best way to get the comps and the information that you need. What’s going on in a particular neighborhood, the history without the Buyer’s Commission being displayed in the MLS, I think a lot of people are going to not use the MLS. You can use the websites and the online directories much more efficiently. It doesn’t prohibit the seller from paying the buyer’s commission. It doesn’t prohibit the listing agent from offering the buyer some commission. So when I go in that listing appointment and I say, well, how much do you want to pay me? And how much do you want to pay the buyer’s agent? That doesn’t change. I’ll get the seller to agree to pay me 2% or 3% or 4%.
Well, how much do I have to pay a buyer’s agent? Well, as you know, people won’t work for free. And historically we’ve offered two or two and a half or three or three and a half percent to a buyer’s agent. It’s up to you how much you’d like to offer buyer’s agent. And right now what I’ll say is, and it’s always been like that, but right now what I’ll say is I’m not going to put in $1 for the buyer’s agent because nobody’s going to work for a dollar and you’re not going to sell your house. I’d be doing you a disservice. So you have to put in an attractive number. So now when I talked to the seller and the seller says, well, I read all the headlines and it says I don’t have to pay. No, you don’t. But someone does. And if you’re not offering anything, when the buyer makes their offer, they’re going to put in you and I can agree on a number now that you’re going to pay that way.
When somebody calls me, they say, what is a seller offering? And I’ll tell them, and then when they make their offer, they’ll write that in. We could discuss that now, but if you don’t want to, that’s fine. Just know when you get offers. The offer will the buyer’s agent, one of the rules in the settlement is that the buyer, that a buyer and an agent have to enter into a contract. Right now at Signature for five years, we’ve been promoting and using the buyer broker agreements. So just like when you hire a doctor or a lawyer or a mechanic, you have to sign a form or dentist. You have to sign a form. Right Now at signature, when you hire a signature agent, for the last five years, we’ve had contracts called buyer broker agreements. So now those are required, not right now, but once these new rules go into effect, probably July, we’ll probably be postponed, but those buyer broker agreements will be required and pause there for a second.
What’ll happen is the buyer will make the offer, $800,000 seller will credit a seller’s a buyer incentive to the buyer’s agent of 3% or $24,000, and then that’ll be in the contract and the listing agent gets paid from at the closing from the listing. The buyer’s agent similarly, will get paid at the closing from the seller as well. Part of me wondered if this is going to mess with mortgage concessions, but right now if I charged 7%, three and a half, three and a half, and it’s credited to the seller’s agent and the buyer’s agent, that’s not going to mess with a mortgage. So again, the problem is now it’s in the contract, right? Yeah. So it’s a little bit more seller will pay buyer’s agent 3%. It’ll be in the contract. So you can negotiate when you take the listing or you can kick the can down the road.
But all the headlines that say that commissions are going down are wrong. When the president says commissions are going down, he’s wrong. They might go down, who knows? They might go up and it might go down because it’s a negotiation. This arguably gives more power to the buyer’s agent to negotiate, right? Someone comes to me and says, Matt, I want to see this house and how much would you charge me? And I say, I’m going to charge you 7%. And they’re like, oh, no, I’m going to use my brother’s college roommate. And he said, he’d only charge me 1%. I’m like, great. Go try to save $8,000 and overpay for the house by $50,000. See what I care. So there’s no logical reason, no logical reason at all whatsoever to think that prices will go down or that commissions will go down. It’s just that the listing agreement will go down, but the buyer’s agents will still get paid.
When you say listing agreement will go down, can you specify a little bit more? Well, instead of the listing agreement paying me instead me as the listing agent, signing a listing agreement with the seller for my commission and the buyer’s commission, correct? If it’s only my commission, and then when the buyer makes the offer, they include their commission in the contract, then the listing agreement, the percentage that the seller signed with me goes down. But the money that they paid to realtors really stayed the same. In fact, it could go up, right? Yeah, no, it could. There’s going to be less buyer agents. A lot of people get their license just so that way they can, oh, represent myself and I’ll get to keep the commission. Now, you don’t know how to don’t know to, by the way, if you don’t know how, you’re not comfortable using a buyer broker agreement at any time during this podcast or any of my podcasts, come join us at the signature Real Estate Finders team.
We’re always hiring new agents, and we will get you through this. That’s wonderful as you are. So yeah, so the new rules buyer broker agreements will be required. No commission can be displayed on the MLS. Those are the two biggest rules. Now, in that buyer broker agreement, you actually have to put in the number. How much are you charging the buyer percentage or dollars? It has to be an ascertainable number. It can’t be whatever’s on the MLS, whatever the seller’s willing to offer 2% plus any bonuses. So that won’t be allowed. It has to be an ascertain number. I’m not sure what’s going to happen with bonuses.
So bonuses could turn into more buyer credits, and I’ve always done things with buy a house and get a free vacation or free cruise or free, what was it? The bike? The Peloton. Oh, Peloton. Yeah. So instead of offering a bonus to the realtors, maybe I’m going to offer more bonuses to buyers. I think listing agents are going to have to spend more money marketing their properties. My friends at Big Style staging was asking me, what does this mean for her? I go, well, more online sales. If there’s less buyers agents, more money’s being spent on marketing, I think it’ll be good for stagers. So those are the rules, but the crux of it, everybody’s going crazy on what are the new rules? Buyer agreements going to be required. The negotiation between the buyer and the buyer’s agent has to happen, and it’s capped and no commission displayed on the MLS, and that means no commission displayed.
It means you can’t put it in the broker remarks. You can’t put it in the addendum, you can’t put it in the document field. You can’t get around these rules. Everybody. All I hear is people trying to get around these rules, right? Oh, the commission has to be predetermined. Alright, well, I’ll just write in the whatever seller’s offering or end bonus. No, because read the rule, the realtor may not, or participant may not receive compensation for brokerage services from any source that exceeds the amount or rate agreed to in the agreement. Oh, so I’ll just do 2% plus any bonuses? No. Another rule. The amount of compensation must be objectively ascertainable and not be open-ended. The buyer broker compensation shall be whatever the amount the seller is offering. No, that’s not allowed.
Could you make an addendum to a buyer broker agreement, I guess, or is that going to complicate it? What’s interesting is if you make the addendum just because, oh, I agreed to three and they’re offering three and a half, let me make an addendum. It doesn’t pass a smell test. But if your buyer is now changing the parameters of their search, changing their geographic area, maybe you have to. So that’s a good what if and we will get there. Okay? Because a lot of this stuff is unknown. Yeah, yeah. It’s so new. This is just headlines. This is going back to the moon, maybe going to Mars for the first time at least. And that’s why we’re talking about headlines like I’m talking about these myths, right? The settlement forces brokers to reduce their compensation, false settlement in no ways because it doesn’t establish a standard amount that can be charged.
Those fees have always been negotiable, and there’s never been any collective bargaining. So when I say negotiable between the agent or the broker, the only time that fees can be set is if the broker sets it. So I’m the broker of Signature Real Estate Finder, and I have 20 agents. I could tell my agents, you must charge X. You cannot charge lower than YI, as the broker can make that rule at my company and enforce it with my sales force, you and Travis and Michelle and Stacy, and everybody that’s been on the show. As the broker, I can make that Rule Two brokers me, it’s signature, and someone else at Keller Williams. We can’t get together to make that rule. That’s antitrust. As the broker, I can make that rule, or I could give my agents discretion to negotiate whichever they like. At Signature, we had a lot of standard commissions at Signature.
We’ve recently given our agents more of a leeway to negotiate, but that’s allowed to set the price that Exxon charges for gas. And the different Exxon locations have to abide by that, but they can’t set the price for Sitco and the oil, and OPEC doesn’t control the price at the pump. The NAR doesn’t control the price of the pump. Okay? So again, the myth, the settlement will for the first time allow sellers to no longer pay compensation for an agent bringing their buyer false. There’s never been an obligation. The settlement prohibits sellers from paying a commission to a buyer’s agent. No, that’s false. It doesn’t relieve the seller of any financial burden. The settlement will serve to meaningfully lower prices and make home ownership affordable again, no, there’s no reason to think prices will go down. The sellers are still paying the listing agents and the sellers are still going to pay. The buyer’s agents could go up, could go down. Another myth. The settlement is a win for buyers will be able to negotiate the fee. Well, right, that it’s questionable because again, yeah, it was set. The buyer had to accept whatever was being offered, except if you had a buyer broker that changed it. And here’s another myth, right, that the sellers that were hurt are going to get money back. No, the only money that anybody’s getting back, the only money anybody’s making on this is the lawyers.
So why didn’t R settle this case? Did they sell us out? So many people are like, well, NR, they screwed us. They sold us out. Why have I been paying my dues so long? And I hear it in the Facebook groups heard on coaching last week. So look, there was a settlement, right? And the NAR settled this for $418 million. That’s a lot of money. That’s a lot of money. Lot of money NAR paid, but it covered a million of their members, me and you. We are released Now, the concern was with these other settlements is that once the first lawsuit was won, the concern was that these lawyers come to Florida and start suing us. So NAR settled, they didn’t cave. I mean, they couldn’t keep this fight going, but they didn’t just give up and give up nothing. They settled so that you and I wouldn’t get sued by these class actions lawyers, so any real estate brokerage firm.
So in the calendar year 2022, if their total volume for sales was 2 billion or less, they were released under the settlement. So signature was released. Kaiser, there was about nine of the major, major giant brokerage firms that are still in the lawsuit. So I have a list of who is, oh, and if you represented both parties, double-sided it, that counted twice for the total of transaction volume. Who’s released the National Association of Realtors? Any realtor members of NAR, associate members, board members, MLSs, that are members of NAR are all released, right? So the MLSs have to sign, pay a little bit and sign an addendum. Again, any real estate brokerage with volume of 2 billion or less than 2002 was released and over a million realtors were released. MLSs Associations, members of the board were all released. So that’s what we got out of this. What we got is relief from these future lawsuits.
The difficulty is going to be the MLS is a big database of information, right? There’s a tremendous amount. We were looking today at a particular neighborhood, and the MLS gives me the history of the neighborhood and all the different houses and what they sold for. You can get some of it from property records, you can get some of it from the online portals, but a lot of that information, and to make comps and sales, you can only get from the MLS. The problem is, without the offer of compensation and also without the enforcement, if there’s a commission dispute, the board enforces that. That goes away. That’ll disincentivize people from having to join a board and be a member of the mls. So we’re going to find less than a hundred percent or 99% of the sales are in the mls, and it’s going to really negatively affect the information and the database.
That’s a problem. I don’t know if they’ve wrinkled out. Do you remember I told you at the beginning of this, the one reason I am worried? Oh yeah, I think so. Yeah. I’ll tell you the one reason I’m worried. Back in 2021, I bought a house at bank auction. So it was listed in the MLS as an auction, but if I wanted to buy the house, I didn’t do what you normally do and write an offer because I won the auction. I was a contract, was immediately created from the auction website that I had to sign, and the entire process was automated, start to finish contract to close automated automatic software, some customer service people overseas, and I had the contract, I had the inspection period. If I needed anything signed for my bank for anyone, they were great. It was amazing that this whole structure worked.
They dealt with a title company. It was in Tampa. So any bank owned property that was using this auction system, auction that creates a contract, creates everything, closing package, everything worked perfectly. I thought it was going to be a disaster. Everything worked perfectly and we got to closing. And then I closed the deposits. I uploaded a check with a CH. It worked fine. And I really, that whole time, I really thought whether it was Zillow, Trulia, realtor.com, homes.com, any of those databases or any other sellers, Amazon or eBay, if they bought this software, if they figured out this process, there was some software and some live you needed the title company, probably one in each state. But if they bought this software and bought this process, people could list their homes on Amazon or eBay or on any of these real estate websites. A buyer can click buy it now or can click Submit offer.
True. And if it’s on Amazon or eBay or Zillow, and you could do it auction style, right? And at the end of the three week auction period, or you can submit buy it now or make offer, and it would get a dropdown menu. And you could put in all the terms you put in, closing date deposit, all the different terms that you put in the offer. It’ll create an electronic offer, send it to you for signature, forwards it to the seller, not a listing agent, forwards it to the seller. Here’s your offer. The seller can look at it, and then you can automate, the seller can respond. Basically that online portal being the listing agent and then also the buyer’s agent and make that commission. And then once you’re under contract, you go through the inspections. But the problem, there’s a human toll, right? It means the seller has to open the house and make everything accessible for the inspections. It means the buyer. Does the buyer know what to do? The buyer’s got to call the inspector. How does he, I have all these vendors, and I know these timelines and keeping these timelines straight, straight, it’s hard. It is. But the automations can probably work. And then these websites can recommend inspectors or whatnot and take your contract to close. So that’s a concern. That’s a concern. But other than that, it’s business as usual.
Have you had this conversation with a lot of people just discussing this? I imagine some of it, some of it people that aren’t in real estate? No, you can’t with people who aren’t in real estate. It’s too many words. That’s what this is. That’s what I, right now for the podcast, if you’re not in real estate, I think I ate it all up and digested it pretty good here. I didn’t want to bore anyone with the facts of the original lawsuit. I’m going to go on record on something that I created because read a lot, and I’ve thought about this a lot, but there’s something I realized on the bright side.
I said the not so bright side, but this is interesting, and I was going to keep this from me, right? My own secret weapon. But I’ll take it out there and reward people who listen all the way. Let’s say I have a listing, and if an agent comes in, an agent asks me what the commission is, whether it’s zero 3%, I answer them. But things are, as we just discussed for an hour or half hour, however long we’ve been here. But let’s say the buyer calls me directly. Hi, I see that you’re the listing agent on 1 2 3 Skyline. I’d like to see it. Well, now I’m required to sign a buyer broker agreement. Yeah, right? Correct. Okay, I’d love to show it to you. I charge 7.5%. What? Seven half percent. I just read it. Heard all the headlines. You’re not allowed to charge anymore. No, no, no. In those headlines, it says that we have to enter this agreement. I’m required to sign a buyer broker agreement with you. But I heard it was zero. No, it’s not zero, but it’s negotiable. Well, why are you charging 7.5%? Isn’t it usually 3%? Ah, 3%, yes. Actually, my buyers, I charge them 3%. If you’d like to, we could talk about if you’d like to hire me to be your real estate agent, oh, I’m flattered.
We can certainly sign an agreement where you agree to work exclusively with me for any house in Palm Beach or Broward County only charge you 3% or two and a half or three and a half, whatever it is. But you’ll be working with me. If there’s anything you want to see, you let me know. I’ll make your appointments and we’ll find you a house that you love. But what if I just want to see this house? Oh, if you just want to see this house, either get yourself a real estate agent or I charge 7%. But if I sign that six month agreement with you, what happens at the next house if they want to charge me 7%? No, that wouldn’t happen because you’d have a real estate agent, right? Remember I said, do you have a real estate agent? I said, no. I’ll call up that next house.
If you don’t like this house, I’ll call up that next house and I’ll say, hi, I’d like to make an appointment to show it to my lovely customers. And then we would make an offer and we would ask the seller to pay the 3%. We would ask the seller to pay that 3%. But if you don’t want to hire me, then I charge 7%. And obviously when we make that offer, we’ll ask the seller to pay my 7%. And if they don’t want to, then you would just pay it. So my choices are 7% or 3%, right? 7%. If you don’t want to hire me to be your realtor, just for this one transaction, 3%. If you want to hire me for six months, I’ll be your realtor. Or just I can give you a couple of names of some other realtors that I know.
You can call them up and negotiate with them and see what they would charge you. Yeah, that’s a good, I love that. So to me, that’s the answer to all the chicken. Little sky is falling, but what will happen is most sellers, listing agents won’t be strong enough and they’ll sign that buyer broker agreement for 1% or 500 bucks or 750 bucks. Yeah, unfortunately, unless you’re at signature and you learn how to be strong and how to use buyer broker agreements and how to negotiate. I’ll say something this week on coaching. It really, this is not necessarily about nar, this is just about working at Signature in general. And I was just hearing you and Ben and Eliana speak. I dunno, I just kind pointed out some things that I have to work on, but it’s like this is just really strong players in the company and they’re saying stuff and it’s like they know what they’re talking about.
And I am fairly confident about what I’m talking about. But can I say it the way that you or Ben earlier? Honestly, it not so much. You need more practice. I need more practice. Lemme break it down for you, Preston. All the stuff that I talk about, Ben talks about, Eliana talks about all this theory, all this, everything. You have it all. You don’t have the first thing, which is the number one job of a real estate agent. You need to find someone who wants to buy or sell real estate. True. If you don’t have anyone who wants to buy or sell real estate, then it’s all for Naugh. And so that’s what Eliana has, and that’s what I have. And that’s what other people have. You have people who want to buy or sell real estate. And when I have people who buy or sell real estate, you service that very well. You’re very good. Thank you. You’re very good at showing houses. You’re very good at explaining things to people. You’re great. I love having you on the team. But for you on your own and for your own business, you just have to focus that nothing else matters. That your job, 99% of what you should be doing is finding someone who wants to buy or sell real estate. That is the job of the real estate agents.
Does that make sense? No, it makes perfect sense. That’s why I got in the business. I like building relationships. So if you find someone who wants to buy or sell real estate, me and Ben and Eliana and coaching can help you with everything else you need. But that’s what you have to think of as your job. That’s you, right In your mind when you wake up. That’s what you have to think of. A real estate agent needs to think of is their job is to find someone who wants to buy it or sell real estate. And then everything else I could teach. So agents out there, if you don’t know what you’re doing, if you’re unsure, if you don’t know how to use a buyer broker agreement, if you need the mastermind, the training, the coaching that Preston has, please call us at the signature real estate companies.
I do have a question though. Are rentals a part of the lawsuit as well? No. No. Rentals aren’t affected. This was a lawsuit on behalf of sellers. The sellers felt that they overpaid for their commissions. So nothing changes with rentals. I guess if the MLS field about commissions are deleted, then we’ll have to use, and essentially our buyer broker agreement is also for our tenants. So I guess tenants won’t have to sign engagement letters with real estate agents. They probably should. And because it’s going to be the system, they probably will. That’s actually pretty good right now. One of the reasons tenants can’t find a rental, there’s not enough money in it, right? Yeah. But if someone’s looking for a rental for $2,000 a month and they sign a tenant engagement letter with me for $5,000, then I’m incentivized to find them a rental. Yeah, of course.
But no. So yeah, so as a listing agent of a rental unit, I’m not going to be able to put the commission in the MLS, but other than that, everything else is the same. Yeah, well, they should be fun. Alright, so yeah, my phone’s been blowing up all week. Matt, what do you think of the NAR settlement? And I’ve been meaning to get into the studio and answer that question and take all the information out of my head. I think I covered all of my points. So thank you for joining me on the Real Estate Finder podcast. Check us out@realestatefinder.com. Checks out on social media. We’ve been blowing up our Instagram. I wanted to show you guys this new property that we just have now under contract in the most craziest, it’s a cool property, craziest property you’ve ever seen. Maybe we’ll talk about that next week. Yeah, definitely. Oh, my mom’s in the studio. Say Hi, mom.

Hi everybody.

Matthew Maschler:
This one, I didn’t show it to you. This one, it’s on two and a half acres. There’s 36 homes. I said I was going to have talk. Go about it. Next week. It’s 36 homes and there’s a one mile long grass field that people use to take airplanes up and down. Little ones not jets. And so instead of, or in addition to your garage, a lot of these houses have hangers. And you pull your airplane out of the hanger and you drive it around the backyard and you drive it to the grass field and you take off airplanes, helicopters. They allow horses in this community to get, have horses and helicopters. Asbury, no. Yeah. And there’s actually lights on the ground, so not a lot of lights, but it’s an illuminated landing pad. So you could land at night, take your helicopter right out of your garage. So many questions. So many questions. So that’s the stuff we find on the Real Estate Finder podcast. Thank you for joining us. You have to

Hire a person who knows how to fly plane.

Matthew Maschler:
These are people flying their own planes. For instance, in your garage, you have a Camaro. Do you have to hire someone who knows how to drive the Camaro?

Not now,

Matthew Maschler:
No. You just go in your garage and you pull your Camaro out, you back it out of the garage, you get onto the street, you put it in drive, and you drive off. Correct. That’s what they do with these planes. They back their planes out of the garage. They pull ’em into the street and they take off. I’ll show you a video when we,

A plane is different than a car.

Matthew Maschler:
No, not in this community. The mines just driving home. All right, well, we’ll talk more about this one. Hopeful. Hopefully next week maybe we’ll get a pilot out here. All right. So thank you for joining us on the Real Estate Finder podcast. I’m Matthew Ashler. I’m President Smith and Preston. If someone wants to buy or sell real estate, how do they get ahold of you? They can call me at four three five three two nineteen forty one. Buy, sell, rent real estate. Any one of those I can help.

Speaker 3:
The future looks bright and the storms pass by the sky’s dark blue. When it’s almost that time, light shows, cameras flash When I pass living in the moment, forget about the pass. They save the best for last. Matthew Mania. We about to make a splash. Life is a marathon full of sharp turns. Got to keep pace. On the five I run a show. You tell the electricity energy, if I’m dreams, come living my life. Real give.

Speaker 4:
It’s it’s time. What time? It’s what it

Speaker 3:
Time. You know what time what? Whose time? It’s, you know what time it’s, yeah. Got him shook, scared. Can’t look. We’re not afraid of the big bad wolf. First comes to.