Real Estate

Tick, Tick, Boom: The Download On The Bombshell Commission Suit

In these times, double down — on your skills, on your knowledge, on you. Join us Aug. 8-10 at Inman Connect Las Vegas to lean into the shift and learn from the best. Get your ticket now for the best price.

Each week on The Download, Inman’s Christy Murdock takes a deeper look at the top-read stories of the week to give you what you’ll need to meet Monday head-on. This week: We move a step closer to the courtroom as the bombshell lawsuit’s judge sets a window for scheduling the upcoming trial.

Those who were crossing their fingers (and toes) in the hopes that class certification in the bombshell commission lawsuit would be overturned were disappointed last week. In a decision that paves the way for litigation to move forward, a federal appeals court denied a request from NAR, Anywhere, Keller Williams, RE/MAX and HomeServices of America to overturn class certification in the Moehrl lawsuit.

EXTRA: Bombshell commission suit 1 step closer to trial after appeal rejected

The decision comes as a blow to the brokerages and organizations at the defendants’ table while adding uncertainty for everyone in the industry. It was followed with forward movement in the courtroom where the case will eventually be heard, as the presiding judge pulled out her calendar and started getting down to brass tacks.

A courtroom showdown between attorneys representing homesellers nationwide and those representing the National Association of Realtors and major real estate franchisors Anywhere, Keller Williams, RE/MAX and HomeServices of America is likely headed to trial in the first half of next year. Judge Andrea R. Wood of the U.S. district court in Chicago, where NAR is based, said she expects to set a trial date sometime between September and mid-October of this year and the date “would likely be sometime in the end of the first quarter or the second quarter of 2024.”

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There’s no doubt that the commission lawsuit poses an existential threat to some real estate agents. Some will not be able to pivot. Others will not get their mindset right. Still others will struggle to find alternatives to the status quo. The same can be said of the current market downturn and many other challenges that long-time agents and brokers tend to take in their stride.

The beauty of the real estate industry is that there’s always money to be made and there’s always a way to turn a negative into a positive. That will probably mean doing things in a new way, even if there’s a learning curve. It may mean looking for new revenue streams or a new client base.

You know, however, that we’ve always got plenty of ideas to share so that you can stay on top of your market and find new ways to thrive. Here are some stories that feel particularly timely right now.

Find your superpower so you can save your business

You already know that starting a business requires you to do some mental gymnastics. You have to believe you can in the first place, then you have to envision the steps it will take to get there. According to California broker Troy Palmquist, not all heroes wear capes. Human capability and ingenuity can help you accomplish the extraordinary — as long as you get your mind right.

In these times of cynicism and negativity, there’s a reason that superhero movies are more popular than ever. Here’s how to become the hero in your own life and in your business.

The butterfly effect: How small changes can transform a business

If you’re panicking at the idea of a disruption to your income caused by an altered commission structure, you may be thinking that you need to make some huge changes to right the ship. According to certified financial planner Jordan Curnutt, however, small changes can add up over time, both in your investments and in your business’ bottom line.

Put his advice to work to get past that first step and set yourself on a path toward financial success.

‘A listing is an asset’: Here’s how to make the most of your next one

When starting out in real estate, many agents lean in on buyers as a quick and consistent source of business. However, changes to the buyer commission structure may make that a harder way to make a living.

Although buyers provide a payday, listings give you the opportunity to grow your business and raise your profile in the local market, and Jimmy Burgess knows how to generate leads a-plenty on the listing side of things. Check out his conversation with Jimmy Mackin, CEO and co-founder of Curaytor, about the importance of listings, both now and in the future market.

Real estate investing: 3 tips to get started from a seasoned investor

If you’ve been toying with the idea of investing in real estate, it’s time to stop playing and get with the program. After all, investments can make it possible for you to sustain your real estate business in good times and in bad while building equity and generational wealth. What are you waiting for? Take the plunge with expert advice from Michael Zaransky.

12 smartest side hustles for real estate agents right now

Finally, if you need a little extra cash to float your boat, save up for a down payment on an investment property or just tide you over while you’re adjusting your income strategy, a side hustle may be in the cards. The (very) good news? Far from being a distraction, the right side hustle can open up brand-new avenues that help you grow your business and drill down on a lucrative niche.

Christy Murdock is a freelance writer, coach and consultant and the owner of Writing Real Estate. Connect with Writing Real Estate on Instagram and subscribe to the weekly roundup, The Ketchup.

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