Carpe Diem: Register for #ChatGPT for Law MeetUp to explore what role #LegalHackers and fellow real estate consumer advocates can play to use #AI for a long-overdue #REReckoning. 6pm, Today 2/10/23 on Zoom https://lnkd.in/dhRukxtB Time to start suggesting questions & developing “legal prompts?" Extended that question / invitation to #NAREE (National Association of Real Estate Editors). Maybe we can get some investigative reporters involved, too. Also spoke with a #GenerationPricedOut library science student this morning who get's it. In her words and others on the internet: "Housing shapes everything" https://lnkd.in/dYRZB2dS The world needs a consumer housing movement now more than ever & #RECALL (an "adhocracy" of peers called Real Estate Consumer Alliance) has a 30+ year history of anti-competitive practices that have cost consumers $500B in excess brokerage fees in the US alone: https://lnkd.in/deU_dQkF As Saul Klein said this week, #GenerativeAI - whether Microsoft #ChatGPT, Google's #Bard or whatever - is going to take us back to early predictions about how the internet would impact the real estate ecosystem. Are we at the beginning of the end of the #RECartel? https://lnkd.in/d5jPj-49 How can we build a coalition & get grants to fund our goals, starting with aggregating our #REarchives & creating an #AgencyLaw library for AI apps? + + + #72B_RipOFF #AntiTrustRE #ConsumerProtection #MassREBoard #MassAGO #CFPB #NCLC #ConsumerFed #ClassActRE #RETech #RegTech #LegalTech #ComputationalLaw #DOJvsNAR
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#DOJvsNAR: Thanks for rising to the occasion but this goes beyond #DualAgency. And while Compass may be the poster child of using hidden inventory as a competitive advantage, they are NOT alone. That's why DOJ's next target must be #InventoryGate. + + + The day after a jury in Missouri awarded a $5.35 BILLION verdict lawsuit in the first #ClassActRE lawsuit, James Dwiggins warned the next "big hot button = #DualAgency: https://lnkd.in/eXzMpWkX Will 2024 bring a long overdue class action lawsuit against dual agency's evil twin -- #DesignatedAgency? Could EXCLUSIVE buyer agents, those of who's seen their businesses strangled by #AgencyFraud, begin building a case with the help of #LegalHackers and AI-driven #LegalTech? See partial response from Ask.ai when one retired buyer agent submitted this prompt: WHY HAS EXCLUSIVE BUYER AGENCY BEEN A FAILURE FOR CONSUMERS? Second, the legalization of dual agency through “Designated Agency” legislation has allowed brokerages to represent both buyers and sellers in the same transaction, keeping the entire commission for themselves. Designated Agency is essentially undisclosed dual agency and *** can harm EBAs who provide true buyer representation. ***
Every single thing about this is morally wrong. This is the kind of shit that makes our industry look bad. This is all about Greed - nothing more. This does nothing to benefit home sellers and is exactly why I believe the DOJ will target dual agency next. Candidly, if companies like Compass continue to do this, we deserve to be investigated / regulated.
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#Hack4REGood: Pam Boiros, thank you for sharing your real-time coverage of #mitforge2024. Such a gift to witness this firehose of creative genius. Truly #ImaginationInAction! Eager to collaborate with innovators who want to use AI to deliver BILLIONS annually in consumer savings. See President Biden's goal: #Save_10K https://lnkd.in/eYs-pFQp
CMO | AI-enabled marketing | Focused on B2B SaaS & HR Tech: Talent, L&D, Upskilling, Well-being, Employee Experience. Fractional, advisory, and consulting
There is an epic AI event at MIT tomorrow, "Forging The Future of Business with AI" hosted by Imagination in Action and John Werner. I'm thrilled that I'll be there! https://lnkd.in/emYbU2aR The event is completely sold out, but you can follow along on social with the hashtag #mitforge2024. I'll be live tweeting (X-ing?) from the event. Follow the hashtag or follow me: https://lnkd.in/esHvyeKj cc: Paul Baier Rana el Kaliouby, Ph.D. KEVIN MULCAHY AI Blueprint for MA
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#REReckoning: Wonder if @ConsumerFed will issue a statement celebrating the next round of #DOJvsNAR as they did nearly three years ago (see screenshot in first comment)? https://lnkd.in/eEbZuRQW Dropping these rocks in the water if anyone wants to see Breaking News, comment on Twitter threads: Reply to Inman coverage https://lnkd.in/e68W9Az5 Reply to RealEstateNews coverage https://lnkd.in/eBNpc_K7
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#HomeEquityANGELS: This is HUGE - the beginning of the end of special interest politics (aka the #RECartel) that Business Insider called a $72 billion consumer rip-off. Over next 5 years this could empower 25M+ consumers -- homebuyers and sellers - to save an estimated $100 BILLION. President Biden's goal is to deliver $10K in savings on the average sale (see, share hashtag #Save_10K on Twitter). If these reforms put money in your pocket, will you share $1K with a cause, social good or person of their choice? Think Pay-It-Forward meets real estate: https://lnkd.in/eqDqDduJ
Attorney at Miller Law PLLC and Executive Director at Consumer Advocates in American Real Estate
I'll be on NPR's "On Point" on Thursday morning's broadcast. https://lnkd.in/gGRR2mmb
This attorney's ideas could change how you buy and sell your home
wbur.org
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CROWDSOURCING: After an initial rush of headlines, news organizations are turning the mic to the public, asking: How does the National Association of Realtors settlement affect you? https://lnkd.in/eMzC5c9S Nearly 20 years ago, a CNNMoney poll found 84% of consumers felt brokers were OVERPAID. That was before 20+ class action lawsuits caused NAR to agree to uncouple real estate commissions on the Ides of March. Some, including the Richmond Fed, say that could result in consumer savings of $30 BILLION annually. Larry Summers, President Emeritus at Harvard, former Secretary of the Treasury for President Clinton, echoed that telling Bloomberg Television: "This is a HUGE win! The process of buying & selling houses in the US is probably as egregious an example of special interest politics putting huge burdens on consumers as anything we have Breaking the Realtor cartel could have $100B in benefits over time" WATCH: https://lnkd.in/eNiMzByY
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#DOJvsNAR: Will #NARSettlement turn into “Concession Circus” or empower DIY homebuyers & put savings back into #BuyerAgency? 1. Stop “Concession Circus” before it starts 2. Unlock money-saving potential of the internet 3. Put savings back into buyer agency https://lnkd.in/e-5-s4tP
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#Back2REFuture: Scroll through headlines breaking today and join real estate innovators who are celebrating below. But bring a critical eye, not to their money-saving business models, but to assertions made by experts and industry spokespersons. First, the suggestion in the NYTimes article that this change will spark a recovery in the housing market is self-serving NON-SENSE. Use this Tweet for SCREENSHOTS showing 4 bullet points below: https://lnkd.in/dHSjH4Mx Will the settlement be a boost to money-saving business models? Emphatically yes but are they "New pricing models?" 1. #NAR former chief economist first made this prediction in 1997: "The next major revolution in real estate will be fee-based services replacing the blanket commission pricing that has dominated the industry for so long." 2. Arthur D. Little, acting as a consultant to the Realtors Strategic Planning Committee echoed that in 1999 3. McKinsey & Co. first rocked the #RECartel with a study that some translated into $30 BILLION annually in #ConsumerSavings in 1997 4. And over the past 20 weeks, separate releases of an Economic Brief published by the @RichmondFed have generated headlines promising: 4.1 A money-saving alternative to #BackwardsIncentives in real estate 4.2 Their own prediction that fee-for-service or real estate "a la carte" could generate $30 BILLION in consumer savings annually. We've used the hashtag #Save_30B for sometime, see tweets: https://lnkd.in/duaSgAvG
My mission at Scout is to honor God and love people by making homeownership faster, easier, and more affordable. In Jan 2020 I made the hard decision to move from a traditional brokerage model to offering clients a choice between fee for service options. I made this decision after listening to customer feedback and understanding their perspective about our industry. Over the last 4 years I’ve had many agents take issue with Scout as we stood against the monopolistic practices of the real estate industry. I’m happy to see consumers have finally been heard and have forced change in the real estate industry. I’m excited about the future and believe the best is yet to come. #scout #scoutrealty #scoutrealestate #homeowner #realestate #realestatemarket #realtor #realestateagent #realtors #sold #listings #home #nashvillerealestate #nashvillehomes #nashvillerealtor #housingmarket #housing #homeownership #homebuyers #nashvilleagent #mortgage #business #lending #nar #broker #brokerage #agent #agentlife #clientsfirst #customersfirst #consumerprotection
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#Back2REFuture: In 1996, Bill Gates published The Road Ahead & predicted the internet would “eliminate the role of the real estate agent as we know it”. Instead of dis-intermediating the middleman, the internet has become the greatest tool ever for in-house sales; and conflicts of interest have been normalized. “What would the real estate ecosystem look like if the MLS did not exist? https://lnkd.in/ent7Q59P
#Back2REFuture: Move past gated listing silos to money-saving, AI-enabled real estate ecosystem
https://realestatecafe.com
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#PayItForward meets #ClassActSAVINGS: In DOJ's request for an additional two months to review the proposed #MLSpinSettlement, their stated goal was "to help return BILLIONS of dollars to the America people." (See screenshot in 1st comment below) In the #DOJStatementOfInterest, they expanded that arguing that anti-competitive practices had denied consumers the money-saving potential of the internet. Not any longer... Steve Brobeck of the Consumer Federation of America estimates that #UncoupleREFees will ultimately deliver annual savings of $20-30 BILLION, hence our goal of mobilizing $100B in consumer savings over next 5 years. See Tweet below Wanna help develop #HomeEquityANGELS? DM https://lnkd.in/eknGdCwy
Nosalek v MLS PIN - is the settlement in jeopardy? The courts (Justice Patti Saris) are on record as loving the settlement proposal between Nosalek and MLS PIN. The Department of Justice thinks the proposal stinks. Industry critics are celebrating the DOJ's position as if it's a forgone conclusion that the proposal (and all other similar settlements) will have to be amended. Maybe not. Doesn't the principle of separation of powers in the United States Constitution ensure that each branch of government operates independently and checks the powers of the others. In cases where there is a dispute between the DOJ and the courts, isn't it ultimately up to the judiciary to make a final decision based on its interpretation of the law? Final approval is scheduled a couple months from now. The future of the real estate brokerage industry hangs in the balance. Robert Hahn, Douglas R. Miller
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#Chapter93A: Brad Inman, thanks for sounding this ALARM! It's essential to use National Consumer Protection Week / #NCPW (3/3-9/24) to warn the public that the "consequences of this move are severe" and consumer harm is real. As Inman News has documented, #PocketListings are NOT a new problem. What's new is they're being used as a competitive advantage to maximize #DoubleDipping. How does #InventoryGate harm buyers? 1. Hiding listings exacerbates already low inventory, creating a "scalping effect" that causes homebuyers to overpay for properties. 2. Further, by definition, #ExclusiveListings EXCLUDE - a fair housing violation. 3. Both of my daughters bought homes #OffMarket properties that were brought to their attention #preMLS. Had they worked with me as their buyer agent, inside information would have been denied without terminating their agency relationship with me (or any fiduciary) hence the harm - #AgencyStripping. + + + FLASHBACK: (Excerpt from #RealEstateCafe blog, 10 yrs ago 3/18/14) Megatrend #1. The MLS is playing a less important role in the housing market .... (as Inman News reported) the MLS played little or no role in nearly half of 2013 home sales in four counties analyzed by CoreLogic: http://bit.ly/MLSnoMas
Dirty little secret Brokers are pulling out of IDX feeds in the wake of litigation, the NAR debacle, and a tough housing market. Forming “private listing networks” (PLNs), brokers are working their listings internally for as long as a month before putting them on the MLS, if at all. Compass and eXp were the first big companies to do a version of this, but they are not withholding their listings from the MLS altogether. Now, firms with large local market share, are experimenting with the PLN strategy. If it catches on, the consequences are profound: erosion of broker cooperation, firms may stay out of range of regulators and litigators, and it shakes the foundation of the local MLS. What the industry called cooperation and what regulators dubbed collusion my be coming to an end. * article edited
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Founder, The Real Estate Cafe and Real Estate Consultant
1yBreaking news: A Judge Just Used #ChatGPT to Make a Court Decision https://bit.ly/ChatGPT_1stCourtDecision If you're a #LegalTech innovator licensed to practice law in Massachusetts, please DM re opportunity to explore real estate use cases in the Commonwealth that may set precedents for other states.