The Portland Real Estate Podcast Steve Nassar and Joe Fustolo

One of our favorite guests, Kurt von Wasmuth, President and CEO of RMLS, is here to talk about the latest industry upheavals.
Kurt, a frequent guest and one of our biggest advocates, will help clear up some of the confusion and questions about this process.
For years, MLS systems have provided data about properties for sale along with the compensation structure from listing brokers to buyer brokers.
In 2019, the DOJ filed a civil antitrust lawsuit against NAR, alleging that certain rules and policies of NAR were anticompetitive and hindered fair competition in the real estate market.
There was a settlement agreement in 2020 to help promote more competitive practices in the real estate industry. Key components include, disclosure of commission rates, prohibition of misleading practices, and increased transparency.
The compliance deadline is just around the corner on August 17th, 2024. Guess who gets tasked with helping enforce compliance? The MLS systems. 
Fresh from his Washington DC trip, Kurt is here to share how RMLS, MLS Aligned, and the other big MLS systems are trying to make compliance as smooth as possible. 
He knows there will be unforeseen challenges and obstacles, but they are doing their best to get systems in place to update the database and make the commission check box system standard. 
If you want a first hand walk through of the imminent changes, this show is for you. Kurt is always a wealth of knowledge and this conversation is no exception. 
We talk about possible issues with enforcement and how it all may play out. How will such a huge upheaval in the industry affect us? How smooth will the transition go? What future obstacles are yet to be seen?
Will these changes lead to more transparency and competitive pricing? Ultimately will any of this benefit consumers? How can those in the industry benefit from these changes? 
Join us as we unpack these critical questions and more as we discuss possible implications with Kurt von Wasmuth. This is an episode you won't want to miss!
 
Key Takeaways
The real estate world is changing overnight with this settlement
Compensation is no longer guaranteed; subscribers must now negotiate directly with buyers
MLSs are now responsible for ensuring written buyer broker agreements
Policing the new rules may lead to creative and uncertain strategies
Key logistical factors include clean data handoffs and removing compensation fields
Implementation of the new checkbox system is discussed
Websites sharing compensation knowledge cannot have MLS information
Listing percentages can be used on personal website data feeds
Sellers decide what to do with the buyer's agent's commission
The changes are expected to be better for consumers
Clarification on when buyer agreements are necessary during showings
Open house agents work for the seller; entering homes requires buyer broker agreements
NAR won't mandate agreement details
A buyer agreement is needed if you expect to get paid
RMLS will ensure written buyer agreements when required
RMLS won't act as legal experts on agreements
Agreements can be renegotiated
RMLS requires agreements but has no jurisdiction over disputes
All incentives are separate from the commission
Compliance is critical; potential for lawsuits is high
RMLS is working on the settlement and related tasks
Improvements to Aligned Showings and RMLSweb are ongoing
Advantages of a central MLS are discussed
We discuss the length of remarks in MLS
Reflection on whether past actions could have prevented current changes
More people will be leaving the industry over the next few years
The future is rosy and we have a lot to look forward to
 
Connect with Joe
Soldera Properties
Joe on LinkedIn
 
Connect with Steve
Steve’s Team at Premiere Property Group
Steve on LinkedIn
 
Connect with Kurt
RMLS
Kurt von Wasmuth LinkedIn
 
Resources
MLS Aligned
 

Almost everything from our last Best of Masters was about the NAR lawsuit and settlement. In fact, this was our largest audience ever. Everyone is interested in knowing how this is going to play out. 
In this episode, Steve and Joe share what this means to them and what it could look like going forward. They also share insightful comments and questions from listeners.  
In 2021, there were 100 billion dollars in commissions in the US. Is this pie going to shrink after the NAR lawsuit and settlement? Find out what we think!
The NAR lawsuit and settlement is huge. There are massive changes happening in our industry. These changes are equivalent to what Dodd-Frank did to the mortgage industry in 2010.
We break down how commissions used to work with buyer’s agents being sub agents of the seller. We talk about changes made in fiduciary responsibility and rules for transparency. 
The lawsuit found that NAR may need to pay 5.4 billion dollars. After this, negotiations started. It was just announced that they settled for $418 million.
Now buyer's agent commission doesn't need to be posted, and buyers representation agreements will be required in all 50 states. Starting in July with court approval.
No one really knows how this is going to play out, but we do know the changes are here. Instead of fighting it, let's get through it together.
Join us as we navigate the possibilities. It’s not time to panic. It’s time to up our buyer representation game, improve our value, and master our craft!
 
Key Takeaways
The evolution of commission structures before and after the recent mandates
Why listing agents might see their share of commissions increase despite overall reductions
The anticipated increase in effort required to secure buyers under the new commission norms
Predictions for a rise in direct transactions between sellers and buyers
How the mandate for buyer's agents to demonstrate value could enhance industry professionalism
Potential changes in how seller-paid commissions are disclosed
The necessity of representation agreements for both buyers and sellers in the new landscape
Tips for negotiating commissions with a signed buyer's representation in hand
The emergence of service menus offered to buyers by various entities
Speculation on the impact of these changes on major real estate platforms like Zillow
The likelihood of more competitive pricing structures, including flat fees
The possibility for sellers to adjust commission offers dynamically
The critical role of securing signed buyer's representation agreements
Questions around the future of pre-agreed broker commission rates in listing contracts
The need for extensive education among buyers, sellers, and brokers regarding these changes
The implications of eliminating the NAR's MLS membership requirement
 
Connect with Joe
Soldera Properties
Joe on LinkedIn
 
Connect with Steve
Steve’s Team at Premiere Property Group
Steve on LinkedIn
 
Resources
The Truth About the NAR Settlement Agreement
Rick Gray Real Estate Coach
 

Have you been wondering how to stay on top of all the industry, market, and technology changes in today's real estate world?
Understanding market trends, compliance, and leveraging technology has never been more critical. It's not just about navigating the legalities; it's about thriving in a market that demands adaptability, foresight, and integrity.
What are the emerging market trends and technological advances that can benefit today’s real estate professionals? 
Ken Perry, a former lender turned trainer, speaker, outstanding podcast guest and host, and compliance expert, stays on the cutting edge of the industry.
His company, Knowledge Coop, specializes in keeping lenders at the top of their game with compliance, continuing education, technology, market trends, and lessons in leadership and life.
In this episode of The Portland Real Estate Podcast, Ken joins hosts Joe Fustolo and Steve Nassar for a masterclass on the fast-moving real estate industry. He shares insights into navigating the complexities of today's market with confidence and integrity.
We also discuss the NAR lawsuit, how to use technology ethically, and the benefits and dangers of the AI world. We touch on election-year interest rates and have a little fun with some of the Best of Masters topics.
Tune in for a conversation that's bound to inspire and equip you for the road ahead in real estate.
Key Takeaways
Compliance is just a portion of what Knowledge Coop does. It's more about helping the real estate industry 
What realtors aren't doing right include not properly understanding or following RESPA (Real Estate Settlement Procedures Act)  
Realtors shouldn't quote interest rates without disclosures or technology that posts real interest rates
Ken's podcast, Lessons From Last Time, provides listeners with strategies for resilience
How this downturn is worse than 2008 with the lowest amount of units sold since 1995
How the real estate and mortgage industry need to take some responsibility for the low numbers and reach out to help potential buyers
How buyer behavior is influenced by FOMO (Fear Of Missing Out) and FOBO (Fear Of Better Options) 
Activity increases when rates go down, but rates like in 2021 probably aren't in the future
During election years rates are usually artificially lowered or not spiked
Ken shares his theory from Best of Masters about the NAR lawsuit and how it's framed as consumers being harmed
A buyer's agent needs to be able to explain their worth to the client, some are going to the lender’s side
Knowledge Coop and Zillow now have AI products
With the emergence of deep fakes and AI, we need to be skeptical of everything
Connect with Ken
Knowledge Coop
Lessons From Last Time
Ken on LinkedIn
Ken on Facebook
Email info@knowledgecoop.com
Connect with Joe
Soldera Properties
Joe on LinkedIn
Connect with Steve
Steve’s Team at Premiere Property Group
Steve on LinkedIn
Resources
Estie Briggs on Work-Life Balance
Zillow's New AI-Powered Natural-Language Search Is A First In Real Estate
Cooper AI Assistant
The Joe Rogan AI Experience
Aligned Showings
 

In 2015, Tucker Merrihew got the idea for The Portland Real Estate Podcast. And he cohosted the show for seven years.
But in 2022, Tucker left the Pacific Northwest for the sun and sand of southwest Florida.
What has he been up to since then? How does Naples, Florida, differ from Tucker’s old stomping grounds in Lake Oswego? What does it look like to rebuild a real estate business in a new market?
On this episode of The Portland Real Estate Podcast, your hosts Joe Fustolo and Steve Nassar catch up with Tucker, discussing how he rebuilt TTM Development Company after the move and what it’s like to operate a home building company and hospitality business in the State of Florida.
Tucker, Steve and Joe consider what the Fed announcement around rate cuts in 2024 means for the market and predict how the NAR lawsuit might (or might not) change the landscape of real estate.
Listen in for insight into the recent transition of ownership in Steve’s company and enjoy a highlight reel of the high-value guests who appeared on the podcast in 2023!
Key Takeaways How The Portland Real Estate Podcast has evolved since Tucker came up with the idea in 2015
The synergy between the podcast and Joe’s Masters in Real Estate Facebook Group
What inspired Tucker’s move from Oregon to Florida and how Naples differs from Lake Oswego
The success of Tucker’s hospitality business (and why it’s easier to operate STRs in Florida)
How Tucker rebuilt his home building business in Florida and documented the process
How codes requirements and insurance differ in Florida to accommodate potential hurricanes
Tucker’s experience living through Hurricane Ian and how long it takes to rebuild afterward
The recent Fed announcement re: rate cuts in 2024 and what that means for the real estate market
The psychological impact of rising interest rates on the real estate market
How the transition of ownership in Steve’s company followed its operating agreement
How the NAR lawsuit is likely to change the landscape of buyer’s agent compensation in real estate
An overview of the high-value guests we’ve interviewed on the podcast in 2023
The purpose we serve in uniting the real estate industry through the podcast and Facebook group
Connect with Tucker TTM Development Company
The Journey Podcast
Tucker on LinkedIn
Connect with Joe Soldera Properties
Joe on LinkedIn
Connect with Steve Steve’s Team at Premiere Property Group
Steve on LinkedIn
Resources Masters in Real Estate Facebook Group
Sitzer v. NAR
2023 Episodes of the Portland Real Estate Podcast

A Missouri court recently found NAR, HomeServices of America and Keller Williams liable for $1.8B in damages for conspiring to keep commissions artificially high.
 
And there’s a long list of copycat lawsuits advocating a shift in the way commissions are paid in real estate.
 
So, what might that look like? What does it mean for you and your business?
 
Rob Levy has been a licensed Portland REALTOR since 1988 and currently serves as Principal Broker with The Rob Levy Real Estate Team, a top-producer in the Pacific Northwest.
 
On this episode of The Portland Real Estate Podcast, Rob joins hosts Joe Fustolo and Steve Nassar to walk us through the lawsuits against NAR and discuss how buyer’s agents might be paid in the future.
 
They describe how the decoupling of commissions will impact first-time homebuyers and why buyer’s agents will have to sell what we do to consumers moving forward.
 
Listen in as Rob explains how decoupling commissions will increase the barrier-to-entry in real estate and learn how to adapt to a change in how BACs are paid and thrive in a ‘specialist’s market.’
 
Key Takeaways
 
What’s behind the $1.8B lawsuit against NAR (and the long list of copycat lawsuits)
Rob’s insight on how the real estate industry resisted change in 1993 when buyer’s agency came out
Why the listing agent and buyer’s agent are both paid by the seller right now
How buyer’s agents might be paid by homebuyers or negotiate commissions when an offer comes in
Why buyer’s agents being paid by buyers is bad for the industry and first-time homebuyers
Why buyer’s agents will have to sell what they do to consumers moving forward
How a shift in the way BACs are paid will impact the attrition rate for REALTORS
How a decoupling of commissions might be a good thing for listing agents
How the decoupling of commissions will increase the barrier-to-entry in real estate
Why it’s crucial for real estate agents to anticipate and adapt to change
The similarities and differences between the current market and the Great Recession
Opportunities to buy in the current real estate market (and how first-time homebuyers are priced out)
How the recent dramatic rise in interest rates killed demand in the real estate market
Life events that drive people to buy and sell homes regardless of the market
 
Connect with Rob
 
The Rob Levy Real Estate Team
 
Connect with Joe Soldera Properties
Joe on LinkedIn
Connect with Steve Steve’s Team at Premiere Property Group
Steve on LinkedIn
 
Resources
 
Sitzer v. NAR
Industry Lawsuit Watch on BAM
RPAC
The Compound Effect by Darren Hardy

Do you have clients who need more space but can’t move in the current market?
With rates reaching 8% for the first time in 20 years, plenty of people are stuck in the home they’ve got.
What if you could offer a solution that would give them the space they need and add value to their current home without spending hundreds of thousands of dollars on an addition or ADU?
Anthony Taylor-Weber is Founder and CEO of Outdoor Office, a business that designs and builds custom, fully finished backyard studio spaces for home businesses, work-from-home employees and creatives.
On this episode of The Portland Real Estate Podcast, Anthony joins hosts Joe Fustolo and Steve Nassar to explain how he was his own first customer and why you might consider building an outdoor office.
Anthony discusses the distinctions among additions or remodels, ADUs, tiny homes and sheds, describing why his outdoor offices fall into the regulatory category of sheds—and how that’s beneficial.
Listen in to understand the potential return on investment for building an outdoor studio and learn how to make potential clients lifelong fans by recommending Outdoor Office.
Key Takeaways Anthony’s background working in the Department of Defense and as a home inspector
How building an outdoor office for himself led Anthony to found Outdoor Office, Inc.
The distinctions among additions/remodels, ADUs, tiny homes and sheds
Why Anthony’s outdoor offices or studios fall into the regulatory category of sheds (and why that’s beneficial to his customers)
How to install a toilet or sink in your outdoor office without changing its regulatory status
Uses for an outdoor office beyond a traditional workspace, e.g.: yoga studio, home gym, bar, etc.
Why Anthony’s business grows during dips in the housing market
Strategies for financing an outdoor office and why Anthony is building an in-house option
How Anthony navigates HOAs that are hesitant to approve an outdoor office
Why you might consider building an outdoor office or recommend it to your clients
How building an outdoor office adds significant value to your home
How Joe and Steve advise their clients around pricing in the current real estate market
Why Joe and Steve predict an exodus from the business in the next 6 to 12 months
Connect with Anthony Outdoor Office
Outdoor Office Podcast
Connect with Joe Soldera Properties
Joe on LinkedIn
Connect with Steve Steve’s Team at Premiere Property Group
Steve on LinkedIn
Resources  CNBC Story on Mortgage Rates & Home Affordability
PDX Panel of Powerful Women EP147