Redfin’s Glenn Kelman on NAR, commission lawsuits and market share growth
In this open conversation, Kelman also shares his passion for the industry, how Redfin is moving forward, his ups and downs in growing the company and more.
Here is a small preview of today’s interview. The transcript below has been lightly edited for length and clarity:
Tracey Velt: Do you see NAR changing? Especially given the recent decision, even though that will likely be appealed and take a long time before anything actually happens.
Glenn Kelman: Commissions are under pressure, regardless of the lawsuit. Now I’m more likely to hear from our agents that actually we have to compete more aggressively on price, that other brokers are getting more aggressive on price. And then dual agency is the other trend where more and more agents are trying to represent both the buyer and the seller.
There are times when the buyer doesn’t even know what her rights are. But there are other times where a buyer wishes she could deal directly with the listing agent and she isn’t allowed to do so. And even if there weren’t a Sitzer lawsuit or a DOJ issue somewhere out there, it seems like for the first time in a long time, they are big changes afoot that already started happening before some of these lawsuits.
The RealTrending podcast features the brightest minds in real estate. Every week, brokerage leaders, top agents, team leaders, and industry experts share their success secrets, trends, and lessons learned navigating this ever-changing industry. Hosted by Tracey Velt and produced by Elissa Branch.