Dec 18, 2023
Real Estate in the News
Today we put on our news anchor hats, shuffled our papers on the desk, and dove into what's actually happening in the real estate industry — and what the public is hearing about it.
Fair warning: this episode airing on December 18 also doubles as a gentle reminder to turn off the news for the holidays.
Here's what we cover in this episode:
- The greatest hits of real estate doom and gloom headlines —
from the 1880s, 1929, the 1940s, 1970s, and 1980 — because mortgage
rates "hitting record highs" and "prices beginning to collapse" is
not a new headline
- The headline from November 8, 2023 that said "mortgage rates
plunge" — and what actually happened
- Why consumers read the headlines but don't click the article —
and how that affects what they think is happening
- How to answer the "how's the market?" question from relatives at
Thanksgiving like a professional instead of a worry-wart
- Why being connected to your lender is the best way to stay
current on financial news
- The importance of knowing your local market stats vs. national
headlines
- Google Trends for real estate in November 2023: "what does
contingent mean in real estate" was up 120%, and "real estate agent
commission" and "real estate commission lawsuit" were breakout
searches
- A Sitzer Burnett verdict update: NAR and the defendants lost, the
award was $1.8 billion (to be trebled to $5.4 billion), spread
across 500,000 homeowners — about $7,500 per person
- What came after the verdict: copycat lawsuits, the NAR CEO going
into early retirement, a new interim CEO from the Chicago
Sun-Times, and Tracy Casper as NAR president
- The Batton II lawsuit — what it is, which 35 states it covers
(Louisiana is notably not one of them), why it matters, and why the
scope is exponentially larger than Sitzer Burnett
- What "indirect purchaser states" means and why some states aren't
included
- More lawsuits filed the day the verdict came down — against the
big brokerages not included in the first case
- Why we are not a news outlet and won't be doing minute-by-minute
updates — but why you need to know enough to speak confidently with
clients
- Why the most important thing you can do is continue to show your
value and operate professionally
- The human brain's capacity to carry all the world's news at once
— and why sometimes you just have to zoom out
- The actor strike analogy: Realtors know what's happening in their
industry; most people outside of it don't, and that's okay
- Why Katy turned off the news in 2020 and let Jay be her
filter
- With an election year coming — this is a great time to protect
your peace
- The buyer brokerage agreement cover letter:
hustlehumblypodcast.com/bba
Free resource: Buyer Brokerage Agreement Cover Letter — hustlehumblypodcast.com/bba
Toast of the week goes to Stevie Earls in Hoover, Alabama, toasted by mentor Layton Horlock. Stevie has become such a great agent in her first year that she's even taught Layton things and made her a better agent and person. Cheers to Stevie!
Want to toast someone on the show? Email team@hustlehumblypodcast.com.
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Music:
Straight A's by Connor Price → https://connorprice.shop/
The Good Life by Summer Kennedy →
https://soundcloud.com/summerkennedy/the-good-life
Be The One by Matrika → https://uppbeat.io/t/matrika/be-the-one