Lamacchia engaged with President Trump during an informal connection, representing the real estate brokerage industry among various business leaders. He emphasized the negative impact of the reversed DOJ settlement with NAR and described it as judicially sanctioned extortion due to rising commissions. Observations indicated that commissions either remained stable or increased post-settlement, contradicting the expectation of reduced costs for consumers. Agents reported significant increases, with a notable percentage of both buyers and sellers experiencing higher commissions, highlighting a shift towards negotiation-driven transactions.
Lamacchia noted that despite homebuilders and developers being present, he was the only representative for the real estate brokerage industry, which he took seriously when addressing the president.
Trump showed frustration upon learning that the DOJ settlement with NAR was reversed under Biden, emphasizing the importance of communicating this information to him by the next evening.
Lamacchia described the aftermath of the DOJ's reversal, calling it judicially sanctioned extortion and highlighting that commissions are either rising or remaining the same, contrary to the settlement’s intent.
Agents reported that 58.8% indicated buy-side commissions stayed the same, but nearly 12% reported increases, while over 20% of sellers also saw commission increases.
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