Debra Kamin

There's data that says that people who use real estate agents tend to get a higher price. There it is. There could be confounding variables to that data. Those people could have more money, could have higher priced homes. There's all sorts of things. But yes, there is a lot of data to back it up.

There's data that says that people who use real estate agents tend to get a higher price. There it is. There could be confounding variables to that data. Those people could have more money, could have higher priced homes. There's all sorts of things. But yes, there is a lot of data to back it up.

Yes, and it's important to understand this is not happening organically. In many, many ways, real estate agents are just doing what they've been told by the National Association of Realtors to survive in an industry that is cutthroat. Again, we're talking more agents than listings. There are not enough houses to go around. And agents do not work for companies. They're independent contractors.

Yes, and it's important to understand this is not happening organically. In many, many ways, real estate agents are just doing what they've been told by the National Association of Realtors to survive in an industry that is cutthroat. Again, we're talking more agents than listings. There are not enough houses to go around. And agents do not work for companies. They're independent contractors.

They pay their own taxes. They split their commissions with their brokerages. For the people on the ground, this really is... a life or death moment for their career. So they feel we're being told we should have the conversations elsewhere.

They pay their own taxes. They split their commissions with their brokerages. For the people on the ground, this really is... a life or death moment for their career. So they feel we're being told we should have the conversations elsewhere.

Why would they not, right? It's their job. But if you talk to the legal team that argued the settlement, they would say sharing is caring unless we're talking about real estate commissions and then sharing is collusion. And the real losers are home sellers because the settlement was supposed to drive down prices.

Why would they not, right? It's their job. But if you talk to the legal team that argued the settlement, they would say sharing is caring unless we're talking about real estate commissions and then sharing is collusion. And the real losers are home sellers because the settlement was supposed to drive down prices.

Initial data shows that these workarounds have been very effective at preventing the reforms. There have been a handful of studies in the real estate industry looking at how commissions may or may not have moved. The data is problematic because most of them are being carried out by people in the real estate industry, so they have a vested interest in the data.

Initial data shows that these workarounds have been very effective at preventing the reforms. There have been a handful of studies in the real estate industry looking at how commissions may or may not have moved. The data is problematic because most of them are being carried out by people in the real estate industry, so they have a vested interest in the data.

That makes the data less than reliable for reporting processes. But one study by one real estate media company showed that in the months after the settlement, commissions dropped about half a percentage point across the board, which is a lot of money. It's not this watershed that we thought was going to happen, but it's something.

That makes the data less than reliable for reporting processes. But one study by one real estate media company showed that in the months after the settlement, commissions dropped about half a percentage point across the board, which is a lot of money. It's not this watershed that we thought was going to happen, but it's something.

Two other studies, one was carried out by Redfin, which is also a brokerage, and one was carried out by a real estate accounting technology company, so they have a vested interest in this data, say commissions haven't moved at all. So the American home seller is not getting any relief at a time when they desperately need it.

Two other studies, one was carried out by Redfin, which is also a brokerage, and one was carried out by a real estate accounting technology company, so they have a vested interest in this data, say commissions haven't moved at all. So the American home seller is not getting any relief at a time when they desperately need it.

So we can use that data, but we don't want to rely on it because of the conflict of interest. What is more telling are the conversations I've had reporting on this for the past year. I've talked to dozens and dozens of home sellers and buyers.

So we can use that data, but we don't want to rely on it because of the conflict of interest. What is more telling are the conversations I've had reporting on this for the past year. I've talked to dozens and dozens of home sellers and buyers.

Yeah. So this is anecdotal data, but there's a lot of it. And they are all telling me that not only are there workarounds, they're more aggressive than ever and they're more frustrating than ever. Some sellers are so frustrated that they're saying, I'm just going to go it alone. I'm going to sell my house on my own and cut realtors totally out of the equation.

Yeah. So this is anecdotal data, but there's a lot of it. And they are all telling me that not only are there workarounds, they're more aggressive than ever and they're more frustrating than ever. Some sellers are so frustrated that they're saying, I'm just going to go it alone. I'm going to sell my house on my own and cut realtors totally out of the equation.

Find a workaround around the workaround. A workaround around the workaround around the workaround. But, you know, Michael, you used a biblical reference earlier about Mount Sinai. I'm going to use another one.

Find a workaround around the workaround. A workaround around the workaround around the workaround. But, you know, Michael, you used a biblical reference earlier about Mount Sinai. I'm going to use another one.