Where Real Estate Gets Its Dirt

Omni Bar Kickoff Party – Sunday, June 14

NAR Midyear (RLM?) is starting a little late this year but tradition is tradition! I can’t believe we are at year four of doing this quasi-event that seems to get bigger every year we do it.

I’m inviting everyone to meet up at the Omni Hotel’s Marquee Lounge, Sunday night (6/14/26). Anywhere from 9 PM on, just get there before last call (midnight), and let’s all raise a glass together in a place we have enjoyed each other’s company for so long!

This year Zillow has stepped up and will pick up a few rounds of drinks, so get there early.

NAR Closes the Other Loop

National Association of REALTORS® Reaches Agreement to Resolve Nationwide Homebuyer Claims in Tuccori v. At World Properties

“NAR will pay $52.25 million into a settlement fund over a multi-year period… The settlement covers REALTOR® members, state and local REALTOR® associations (including those that do, and do not, operate Multiple Listing Services (MLSs)), REALTOR® MLSs, non-REALTOR® MLSs, and real estate brokerages with a REALTOR® as principal… This extends protection to a broad segment of the industry and represents a more comprehensive release than has been achieved in any previous NAR settlement.”

Remember the $418 million Sitzer-Burnett settlement? That was the seller side.

This is the other side of the trade.

Tuccori is the buy-side class action — homebuyers claiming they were the ones actually paying the buyer-agent commission all along through inflated home prices. And in case you were wondering whatever happened to Batton, the other buyer case that’s been hanging around since 2019 — NAR is paying to make that one go away too. They’ll seek a stay in Batton because, as the release puts it, “NAR’s settlement in Tuccori is intended to release the claims in the Batton case.”

Translation: we’re buying our way out of both. Great strategy but we shall see.

A few things worth noting:

$52.25 million is a lot cheaper than $418 million. Whatever you think about the merits of the buy-side theory, the plaintiffs’ bar clearly thinks it’s a harder case to win than the seller side was. Buyers didn’t sign the listing agreement. Buyers didn’t pay the commission directly. The damages theory is a longer walk.

The release is broader than anything before it. Non-REALTOR MLSs are in. Brokerages with a REALTOR principal are in. State and local associations that don’t operate an MLS are in. If you were worried about being the next named defendant, this probably matters to you more than the dollar figure. Seems like NAR is not forgetting the large brokerages this time around.

It’s opt-in. Meaning the folks who already settled separately — or who’ve been named in their own cases — don’t get to free-ride. You have to raise your hand.

The headline number will get the attention. But the real story here is NAR continuing to clean up the legal landscape one case at a time, buying peace for as much of the industry as they can drag under the tent. After the year they’ve had, writing a $52M check to make the buy-side disappear is probably the best Monday they’ve had in a while.

And on another note, I got wind of this directly from NAR the day before the news came out. As I mentioned in a previous post this is not your old, “shut up the adults are talking” NAR. This story is representative of the post settlement NAR, under Nykia. The Doctor is in.

35 is the new 40

First-time homebuyers, rejoice!

“There’s just one problem: The death of the thirtysomething homebuyer may have been greatly exaggerated. A new analysis from Redfin, shared exclusively with Business Insider, found that the median age of the first-time buyer last year was 35 — a slight decrease from the year prior. It adds to the growing pile of evidence that the new median of 40 was a mirage. While millennials, now 29 to 45, generally lag behind boomers on the homeownership front, the purchasing milestone hasn’t shifted nearly as much as the NAR report suggests.”

Fascinating reporting by James Rodriguez of Business Insider based on new data from Redfin and other sources. James, to me, is one of the rare writers outside the ORE bubble who seems to really get our business.

There is a bit of quibbling between NAR and other organizations that conduct surveys. But it seems the narrative might need adjusting.

“Because no data source is perfect, what you really want to do is say, What is the bulk of the evidence showing me?” Zhao tells me. “When we compare our results to analyses that other people have done looking at credit bureau data or mortgage data, it seems to support the idea that the age of the first-time buyer has not increased all that much.”

This is important because national policy is being shaped by these narratives getting out. Worth the read.

Inside the NAR Influencer Summit

The Industry Relations Podcast is now available on your favorite podcast player!

Overview

Rob Hahn and Greg Robertson discuss their experience attending the NAR Influencer Summit in Chicago, where they met with NAR leadership and staff to hear about the organization’s strategic direction and turnaround plan. The conversation covers leadership changes, cost-cutting efforts, and the broader challenges facing the National Association of Realtors. Rob argues that the organization faces deeper structural problems—particularly around its value proposition and governance—while Greg is cautiously optimistic that new leadership could help move the industry forward. The episode also explores NAR’s relationship with MLS organizations, the difficulty associations face in “de-risking” from MLS dependence, and the need to identify services members are actually willing to pay for. 

Key Takeaways

  • Rob and Greg attended the NAR Influencer Summit in Chicago, where leadership presented their strategic plan and invited questions from attendees. 
  • NAR leadership highlighted cost-cutting measures, including staff reductions of roughly 14–20%, as part of broader turnaround efforts. 
  • Rob says meeting CEO Nykia Wright in person changed his impression, noting her stronger presence and leadership than he expected. 
  • The hosts debate whether NAR’s challenges are incremental problems or a deeper structural crisis tied to governance and leadership dynamics. 
  • A central issue discussed is NAR’s value proposition—particularly whether agents would voluntarily pay to join if MLS access and other structural ties changed. 
  • Lobbying remains one of the strongest arguments for NAR’s value, though Rob argues it suffers from a “free rider” problem where non-members benefit as well. 
  • Greg raises concerns about how local associations can reduce reliance on MLS revenue without clear alternative funding models. 
  • Both hosts discuss the role of volunteer leadership in shaping strategy and whether structural reforms may be needed to move the organization forward. 
  • The episode ends with a debate about NAR’s stated goal of advancing Americans’ ability to own real estate and what policy implications that might carry. 

Connect with Rob and Greg

Rob’s Website 

Greg’s Website 

Watch us on YouTube

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The Doctor Is In

I was in Chicago last week at NAR Headquarters for the NAR Influencer Summit. My kids got a kick out of me being an “influencer.” I feel so Gen Z! Rob Hahn was there, as was Keith Robinson from NextHome/Real Estate Insider’s Podcast, Katie Lance, and a few other podcasters/bloggers/etc. I heard there were more invited but couldn’t make it due to scheduling.

The meeting was held at the top of the NAR building on Michigan Ave. Very cool. I hadn’t been inside the building since pre-pandemic, and never to the top, so that was kind of a treat.

What struck me initially was who from NAR was present: basically Nykia Wright, CEO of NAR, and her entire executive team. Some of them, based in Washington DC, had flown in to attend the event. And they were there for the entire meeting, which lasted from 12 PM to about 6 PM. We were told nothing was off limits, but to be respectful. A lot of the executive team gave brief presentations and then we could ask questions.

Nykia was the first to present. She basically went over NAR’s new strategic plan. I had already read it, so a lot of it was repetitive. Some of the team were brand new to NAR; others had already been there a while, like Lawrence Yun, Shannon McGahn, Mark Birschbach, and Jonathan Waclawski.

Nykia spoke about roughly a 20% reduction in NAR staff, which was higher than the 14% number I had read previously. Based on the tenor of the conversations, budget pressures were clearly a big driver across many departments.

This ain’t your old NAR.

I asked a lot of questions. When I thought I was getting corporate gobbledygook, I pushed back and asked for clarification—which, most of the time, I got. There were some myths I had about NAR that were busted. Some answers I thought were incomplete. But overall I have to say I was impressed with the effort and thought that Nykia and her executive team put into it. Honestly, really impressed.

At one point Nykia described herself as a “business doctor.” I thought that was apt. She described her patient, NAR. By NAR she meant the entire ecosystem: staff, leadership, brokers, and agents. She laid out what the patient needed to do to survive. As a pragmatic doctor, there was no need to dwell on the past. The past was done. Her focus is making sure the patient survives going forward. Her beside manner? All business.

The prescription was pretty clear.

The patient needs to get sober.

Change its diet. Lose some weight.

Eat healthier foods. More greens. Fewer carbs.

And one by one, members of her executive team came up and explained how the patient would start exercising again—new routines, new disciplines, new habits meant to produce a healthier organization.
Maybe even stop hanging around with a few bad influences.

Everyone in the room seemed to agree with the diagnosis.

But agreeing with the doctor and following the doctor’s orders are two very different things.

So the real question isn’t whether NAR has a plan.

The question is whether the patient will actually follow it.

We’ll see.

But at least the doctor has arrived.

My thanks to Bennett Richardson for the invite and Nykia for her hospitality.

“2030 NAR membership at 2 million”?

Friday Flash: The coming Realtor boom

“Things I’ve heard a lot, then and now:

1999: “Technology won’t replace Realtors; Realtors using technology will replace Realtors.”

2025: “AI won’t replace Realtors; Realtors using AI will replace Realtors.”

The NAR had 761,000 members in 1999. Today that number is just under double that.

I still know agents who have AOL addresses and make their assistants print out disclosure packets.

Nothing replaced anybody.

The 2025 version of this take will be just as wrong. I think AI is going to create more real estate agents, not fewer, both directly and indirectly.”

I love, love, love this take. Great read.

Omni Lobby Bar After Party – UPDATE

I have 2 vendors that have graciously offered to pick up the first round at our meet up this Sunday Night (9PM – Last Call) at the Omni Shoreham in DC.

So get there early before their tab runs out! And don’t forget to thank Katie Smithson from REcore and Justin Lundy from Lundy!

Here are the details in case you missed my first post.

“I’m inviting everyone to meet up at the Omni Hotel’s Marquee Lounge, Sunday night (6/1/25). Anywhere from 9 PM on, just get there before last call (Midnight), and let’s all raise a glass together in a place we have enjoyed each other’s company for so long!”

Turn out was great last year. See you there!

Omni Lobby Bar – After Party – THREE-PEAT!

Tradition is tradition. The last couple years were a huge success so I’ve been asked to do it again.

I’m inviting everyone to meet up at the Omni Hotel’s Marquee Lounge, Sunday night (6/1/25). Anywhere from 9 PM on, just get there before last call (Midnight), and let’s all raise a glass together in a place we have enjoyed each other’s company for so long!

UPDATE: Last year was kind of crazy so I’ve spoken to the Omni Shoreham hotel staff and they promise that additional staff will be on hand!

Spread the word!! LFG!!

RUMOR ALERT: Over 60 NAR staff members have been laid off

Can anyone confirm?

REX gets vexed by Ninth Circuit Court

From Inman News: REX loses appeal in long-running lawsuit against NAR, Zillow

“A three-judge panel on the Ninth Circuit Court of Appeals has ruled against REX Real Estate, affirming lower court rulings that threw out its antitrust claims against the National Association of Realtors and Zillow and denied the now-defunct real estate brokerage a new trial against Zillow.”

Even the DOJ couldn’t help…

“On Feb. 13, the Ninth Circuit held oral arguments in the case, with each side and the U.S. Department of Justice getting a chance to speak. Alice A. Wang, counsel to the assistant attorney general at the DOJ’’s Antitrust Division, asked that the case be sent back to the district court, arguing that “an optional rule could be mandatory in practice,” “the adoption of an optional rule can itself be concerted action,” and “an optional rule can serve as an invitation for others to join in a common plan.”

But the three-judge panel disagreed.”

I’ve never fully understood REX. Always seemed like they had ulterior motives. 🤷‍♂️

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