My take is NAR did an extremely poor job defending the industry. There is IMO a fair bit of cooperation/collusion to keep the commission scales in place because the industry cannot survive without them. Yes the business model is far from perfect. But no sustainable and viable alternative has ever emerged to replace it.
If I had to guess there will be appeals that drag on for longer than Im around. But either way it doesnt impact me much. Ive diversified my income over the last few years. Real estate sales are an insignificant portion of my cash flow today and going forward by design. Im always a year or two ahead of the industry so I saw this and more coming. Ive been preparing for this the last 20 years.
If it does have an impact I suspect it will be felt most acutely by buyers that will have a greatly reduced opportunity for quality representation. Sellers wont save much, prices wont change because of this and buyers will get increasingly screwed over.
Sorry svelte but its not fake news to me. Its merely theatre
Speaking of which its time for a Redfin update. My original post was once again prescient. The stock was in double digits (around $14) when I first posted and has been dropping the 3 months since. It is now under $5. I profited handsomely from this all. Tomorrow is their earnings release and I am expecting a very sad ugly report. They are down over 1500 agents in the last year with lots more cuts coming. Last week they announced the official pilot of Redfin Max which is the swan song for their employed agents. You should reach out to your friend and suggest brushing up that resume
