NAR gets hit with another lawsuit
#59
As we approach November 5th, there’s no question the election is on every client, agent, and real estate professional’s mind.
What the next few weeks will hold is front and center in conversations (both heated and constructive) across the country. There’s no doubt, uncertainty like we see just before an election has a notable impact on the way our industry does business, at least for the short term.
In this week’s edition, you’ll find a timely take on how this presidential race is affecting buyers—plus talking points you can use to calm their concerns.
Whatever happens over the coming days, one thing’s certain: We’ll be back here every Friday, giving you the timely tips and takes you need to handle everything this market throws at you.
🔊Today’s Top Podcast Rec:
In this special episode of Rise Above the Ranks, luxury agents James Harris and David Parnes answer a rapid-fire set of hot-seat questions about the market, mortgage rates, door-knocking, must-have tech tools, and more. Catch this fast-paced interview—plus their advice for vetting potential business partners—and get your burning business questions answered.
TRACK THE TRENDS
MARKETS
NAR Heads Back to Court
A new lawsuit filed by Maurice Muhammad, a real estate professional in Pennsylvania, adds insult to injury for the National Association of Realtors (NAR) and its mandatory membership policies. While similar to a recent case unfolding in Michigan, this filing also accuses NAR of discriminatory practices that specifically impact minority real estate professionals. The lawsuit argues that NAR’s mandatory membership requirements for MLS access effectively monopolize the entire industry—limiting (or altogether eliminating) options for agents who don’t join the association.
Key points of the complaint:
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This new lawsuit alleges that NAR’s membership policy unfairly requires agents to join both the national association and state and local chapters to access essential MLS listings.
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It also claims NAR has exercised biased rule enforcement, unequal disciplinary practices, and underrepresentation of minority professionals in leadership roles at NAR and its state and local branches.
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The filing calls for NAR to end mandatory membership, establish fair representation in decision-making, create a neutral dispute resolution system, and pay $5.6M in damages
With several cases challenging NAR’s policies and standing in the industry, real estate professionals are watching closely to see how these suits may reshape membership requirements, MLS systems, and day-to-day business.
DIVE IN
The Friday Five
📖 Finding affordability. The Blueprint tracks the top 10 most buyer-friendly cities right now.
👀 Tough triplex. Hugh Jackman is trying to sell his classy NYC triplex again—this time for $39M.
👀 Basement blowout. Get a sky-high view of Travis Kelce’s latest renovation project.
💡Prioritizing revenue. How to reorder your day-to-day operations to boost revenue and reduce distractions.
💡 ‘Instagram Agents’. Why some agents with a strong social media brand fall into the visibility trap.
WHAT’S NEW FROM ESTATE MEDIA
Why Buyers are Pumping the Breaks
The uncertainty caused by this year’s election has caused some potential buyers to slow down their home search—or stop the process altogether. In fact, in a recent survey by Redfin, 23% of prospective purchasers are holding off on putting in an offer until after the election. Whether they’re hoping the final outcome will push down home prices or interest rates, or they’re unsure how the next president’s policies may impact their income, they’re holding back—even if their local market conditions are favorable.
We can’t predict the outcome of this election or what 2025 will hold. But Jeffrey St. Arromand’s take in this week’s Let’s Get to the Point offers a handful of smart talking points you can use to guide the conversation with hesitant buyers and sellers questioning when to move.
HANGS & HAPPENINGS
NAR NXT | Boston, MA | November 8-10. Join 15,000+ real estate pros at NAR’s premier annual event, featuring top-tier networking opportunities, educational sessions, and hands-on experiences with the latest real estate tech tools.
Inman Connect | NYC | January 22-24, 2025. Grow your network, learn from the best in business, and get inspired through multiple networking opportunities and breakout sessions from industry pros like Rayni Williams, Mauricio Umansky, and Jimmy Burgess.
FEATURED LUXURY LISTING
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TIPS & TAKEAWAYS
Glenndaism of the day:
“With every step, you move closer to your goals—so now is the time to take that first step.” — Glennda Baker
Before we go…
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