SAYING GOODBYE TO 6%

The settlement shaking up real estate

March 22, 2024

#27

WELCOME

Last weekend’s SXSW experience was truly one for the books.

Every year, SXSW brings together the best ideas, up-and-coming talent, and tech innovators—and our experience meeting some of the brightest minds in the industry has us more energized than ever to keep delivering an unmatched real estate edu-tainment experience. 

The reality is real estate technology will change. Trends will come and go. Established practices will shift in ways no one could expect (like the latest commissions ruling, more on that below!). But communities like this one—where experts support newcomers and every professional puts in the effort to push forward—keep us hopeful. 

No matter what the market hits you with, Estate Media is here to equip, encourage, and energize you to do great things. So keep up the good work, and check out what we’ve got for you today👇.

SHARPEN YOUR SKILLS

🔊 Today’s Top Watch:

In the latest episode of Let’s Get to the Point, host Jeffrey shares the surprising way some brokers are selling high-end homes at market-matched prices in just one week—plus four can’t miss stories impacting your job today.

MARKETS

The market gets a once-in-a-century jolt

In a dramatic conclusion to the months-long commission collusion lawsuits keeping the NAR’s legal team busy, it looks like the 6% commission fee will soon be real estate history. If approved by the court, the NAR’s proposal to settle several antitrust lawsuits to the tune of $418M will both end ‌federal litigation efforts against the organization and eliminate its commission rules. These changes are expected to go into effect in July.

This massive shift, which The New York Times says could lead to “one of the most significant jolts in the U.S. housing market in 100 years,” is predicted to:

  • Push agent commissions down 25% to 50%.

  • Trigger alternative payment models, like flat-fee representation and discount brokerages.

Put the responsibility on the buyer to cover all agent fees—unless the seller is willing to offer the buyer’s agent a payment through a concession.

REC ROUNDUP

The Friday Five

📖 Ruling recap. Check out The Blueprint’s deep-dive into how the NAR’s settlement impacts you.

👀 For the sports fans. From the Heis-Man Cave to the indoor rock gym, tour our favorite sporty Unhinged Listings.

👀 Washed away. How long until this mansion joins the Lost City of Atlantis?

💡 Fun facts. 5 Fast real estate facts about the biggest cities in the country.

💡 3 keys to success. Jade Mills’ advice for building a career you’re proud of.

WHAT’S NEW FROM ESTATE MEDIA

Creating transformational content

One of the highlights of our SXSW experience was a mastermind panel featuring Glennda Baker, Zillow Gone Wild’s Samir Mezrahi, and Estate Media co-founder and CEO, Griffin O’Brien. Combined, these talented creators reach well over a million followers across YouTube and social media, and are reshaping the way folks interact with real estate entertainment and education.

In this Q&A-style panel, Griffin interviews Glennda and Samir on topics like creating save-worthy content, strengthening audience connections, developing your social style, building conversations in the comments, and more. Watch now to learn from the social media masters transforming their corner of the internet.

Judy Garland's Bel Air Sanctuary

Today’s featured property, listed by our own Josh Flagg, showcases the best of historic Bel Air—and was once graced by the ruby-slippered Judy Garland. This timeless estate, set on 2.7 acres of lush grounds, combines architectural elegance with classic Hollywood history, and includes a secluded writer’s cottage, a chef’s dream kitchen, and a garden with over 25 carefully curated rare and heritage rose varieties.

estate-elegance.beehiiv.com/p/judy-garlands-bel-air-sanctuary

ESTATE MEDIA NEWSLETTERS

Our full lineup of real estate reads:

Estate Elegance. Your daily dive into luxury real estate. Everyday.

Homes.tastrophes. Unique, weird, and wild real estate. Every Monday

The Glennda Gazette. Real estate, real life, in real time. Every Wednesday.

WAS the Newsletter. Explore interior design advice and inspiration. Every Friday.

The Blueprint. Stay up-to-date on the world of residential real estate. Powered by James Harris & David Parnes. Every Tuesday and Friday.

Before we go…

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