08/17/2024
Here’s the GOOD NEWS…. Nothing changes when it comes to me representing you. I can and will still help you sell or acquire your current or next home in PARADISE. As always, my objective is to secure you the best possible price with the most favorable terms within your desired timeframe.
When you call on “The Flip Flop Cop,” like Batman answers the light of the Bat-Signal and Superman answers the sonic tone of the Signal-Watch; you can depend on me answering your call for HELP. When you need a REALTOR® - I will be there. I will answer your call for HELP!
As you may or may not know, the National Association of REALTORS® (NAR) was found guilty in a class action federal lawsuit back in October of 2023 (Kansas City, Missouri). The antitrust lawsuit alleged price-fixing and collusion. The Jury found NAR and several brokerages liable. NAR agreed to a post-verdict settlement in March that was preliminarily approved in April of 2024. This agreement provides for policy change and allows NAR to achieve certain goals, while providing a navigable path forward. The settlement is still subject to final court approval in November of 2024. However, the agreement allowed for policy changes to take place today (08/17/2024)! The biggest changes relate to compensation and written buyer agreements. Additionally, one of the other key terms in the settlement allows NAR to continue to deny any wrongdoing.
The cornerstone of the complaint was basically transparency…. Clearly, the case was more complex than just that, but straightforwardness, secrecy, and lack of appropriate policy were constant elements brought to the attention of the Jurors by the Plaintiffs.
Based on my private and professional background; I have a very clear and in-depth understanding of those essential elements! Recognizing the importance of transparency and doing the right is easy for me. My thirty-five plus year in law enforcement and public safety experience has set the tone for both my personal and professional lives. The public, as well as my clients/customers have always received my very best. They always get my legal best, my moral best, and the highest possible set of professional standards. My values and ethics were set in motion many many years ago and those I come in contact with receive the collateral benefits. I have always “served and protected” my client’s best interests and have always put them first! I was a “COP,” so my life has always been secondary to everyone else.
Post verdict; many industry and non-industry watchdogs made negative predictions to include, a large percentage of real estate agents leaving the workforce. I’m certain some of these things will happen, but not all prognostications come to fruition. Additionally, mainstream media has reported that the verdict is the “beginning-of-the-end” for the entire real estate profession. Some articles and reports are predicting real estate agents to be antiquated and will become relics like travel agents and stockbrokers. History always seems to cycle or recycle. Vintage is all the rage…. Travel agents careers are set to grow by 3.5% and stockbroker careers are set to increase by 10%. My wife Ginny and I are also travel consultants. Ginny is AMAZING at what she does and the primary point of contact for our travel business. She has been a major player in the travel industry for over twenty years. Ginny has never been busier! She is not a relic - she is more relevant than ever! And, when it comes to real estate news, the media rarely gets it right - just saying….
As it relates to the changes-in-practice that aline with the proposed NAR Settlement Agreement - this is just another paradigm shift. Change can be a good thing and occurs all the time. Clearly, based on the agreement; there will be certain adjustments in client-based relationship management, sales meetings & training, real estate documents, marketing, association & colleague support, and methods of compensation. Most of these things are basically just adjustments to business operations. The most important thing to know is that you can and should still use a licensed professional when buying and selling real estate. I hope to be that person!
Let’s get back to me and my value to you. When confronted with change or challenge; I always embrace the opportunity! So, like always; I saw what was coming and decided to double-down. Increasing my level of education, which ultimately enhanced my training and experience. I don’t walk-away from a challenge - I run directly towards it! While the media pitches fear - I provide answers. The unknown has always been a form of motivation to me and has never been an obstacle. In order to address the upcoming changes; I started learning everything I could about the lawsuit, the post-verdict settlement, and the remedies that have been agreed upon by the involved parties. Moreover, I enlisted in a State of Florida Real Estate BROKER Pre-License Course and immediately passed the State Exam. Rather than leave the industry in fear of the unknown; I ran directly towards the next new thing in real estate. Instead of being just one of the over 225,000 real estate sales associates in the State of Florida - I became of the only 20,000 real estate brokers.
Knowing how important it is for people to be represented properly by someone that truly cares about service and the general well-being of those that need my help - I made service my life’s mission.
Obviously, the rules in real estate have changed. The thoughts of our clientele may have changed. The technology will have to change. Our marketing will inevitably change. The process has changed today, but what has not changed is the fact that change is always happening! Again, I do NOT fear change!
As a “Professional Guardian” I am ready and willing to help! In very meaningful ways, I will give you clarity, confidence, and much better conversations. My guardianship can lead you to real estate success. We all know, real estate offers many pathways to building wealth - let’s start your journey to PARADISE together!
Call me if you have any questions about the lawsuit, settlement, real estate in Jupiter or The Palm Beaches. I LOVE TO TALK ABOUT “The JUPlife!”
Respectfully Yours from PARADISE,
Arthur “The Flip Flop Cop” Faden, LCAM, ABR, SRS
Florida Real Estate Broker Associate & REALTOR®
Premier Brokers International, Inc
(609) 442-6593
PS: As a matter of full transparency; I am an active member of NAR. This is just one of the networks and associations I belong to as a professional in the real estate industry. And, rest assure I NEVER fixed a price or colluded with anyone.
