Right. Good morning. Welcome to another motivational Monday. Wanna do a quick sound check real quick. Just to make sure that you guys can hear me okay. As guys know I tend to be the black widow to audio. Sounds very low. You guys have got the mat curse going on this morning. Very low sounds good. Okay. Lot of very lows in there. We'll give you just a second for them to figure out what's happening. Okay. Getting better. Okay. Perfect. Sounds good now. Alright. Fantastic. Okay, guys. My name is Matthew Hodge. I'm the Executive Vice President here at LPT Realty. I'm joined today, with the by Lewis Furman. Senior VP of growth and, real estate attorney. And, we are gonna zoom in here in second down to, South Florida and to Stewart. Where Robert will be joining us founder and CEO of LPT Realty. We're gonna be discussing today the NARS settlement. I know there's a lot of people who have got questions around that, a lot of concerns, fears, as there's some pretty seismic things that are changing inside of the industry. So we're gonna break that down. Well, first, we're gonna go through some housekeeping stuff let me go ahead and bring in Robert who is joining us from Stewart. Sailfish Point, which is the southernmost point of hutches and tip, right? That's Yeah. What it is. Yeah. It's the Yeah. Fantastic. Alright. So if we wanna just spotlight. Robert will bring him here in a second. At the spotlight. Yep. Perfect. Okay. There you are. Hey, brother. Good morning. Hey. Good morning. What's up, guys? Good morning. Good morning. Cool, man. How are you? I'm good, man. And I'm excited, you know, excited to share some information today and talk about what I view as the path forward. And, it's good. Down here in the satellite studio feeling good. Yeah, man. Awesome. Awesome. So I know you're down there for spring break with your family. So appreciate you taking the time to to come in and kinda talk on this topic. So we'll probably be about forty five minutes to an hour today just so that you guys know, generally motivational Monday is thirty minutes. And if you're just joining for the very first time. Each week, Robert and I, are talking to you about kind of what's happening in the industry, what's happening with interest rates and macro economics broker jump dates, of course, and just helping you set your your week up right, and helping you navigate your business. Usually, within about thirty is gonna be a little bit longer because we do have some pretty extensive information to go over through this narrow settlement, and we know there's a lot of questions around it, a lot of lot fear. We wanna dispel some of that stuff and really let you know what's happening. I know we all did some light reading over the weekend. I know both Lewis and I and you read the entire one hundred and eight page settlement. So if you want, we can kick off with some brokerage updates and then, and then we can jump right into it. Yeah. So we we obviously had a motivation Monday planned today before NARS. It was on Friday. So we got a couple of brokerage things. We gotta take care of there. And then we'll, we'll jump over to the NAR stuff. We got about two thousand people it looks like on the Zoom, and then I think we've got, like, another, maybe, four or five hundred on the the live stream. So this is a a pretty good audience for us. If we can go ahead and get those slides rolling up, we'll get some brokerage, big brokerage announcements. This is exciting stuff in itself. Through that, and then we'll jump into NAR. You know, we are obviously growing very fast here at LPT Realty. You know, we announced, just short of ten thousand agents at our which was fantastic. We continue to grow every day. And as a part of that, we have to react and continue to to put more leadership in place and and adapt to the community as our agents. And so big big announcement today I'm excited, is Natalie Cox is being promoted, to our vice president of agent community. This is a new role created by connect two point o coming. And while connect two point o and the technical side of that is, you know, myself and the dev team, we need a human there, you know, to make sure that agents are getting the training they need, that agents are getting the, you know, the way to interact with the system is agents wanna help you know, create more content and things for connect. And so, Natalie, in this new role as vice president of agent community is gonna be, helping push connect forward from an agent engagement standpoint, she'll also become the primary point of interface for our AACs, our agent advisory council, We kinda had other people juggling that through the the executive committee who had a lot of other stuff on their plate. And so, you know, Natalie now will be able focus really purely on this agent community concept, making sure that as we roll out, connect, that the experience is great for everyone, I almost think of her too as, like, a chief customer officer for agents. So if you're having issues, if you're having problems, you know, you know that you'll be able to go to Natalie and get the help you need is kind of that that final stop to make sure that we are meeting, you know, meeting the needs of our agents on a regular So, big congrats Natalie. Natalie's been with me for a long time, you know, started with me as an agent back in the day and then worked your way up to become a state broker with us here. And then, obviously, a regional director for region one. And now I'm really excited to put her in this role of vice president of agent community. So big round of applause I know she's gonna bring a lot of talent to the executive team, you know, working closely with myself and the other executives to make sure that we continue to meet our mission to make sure this community we are building among our agents is absolutely second to none. The technology side at Connect two point o is a big part of that, but having the right leader at the helm for that agent community from the corporate staff side is is obviously critical. So, obviously, Natalie moving into that role is going to leave a vacancy in region one leadership, which we're gonna get into next. We can go ahead and roll to the next slide. As a part of region one, we are officially opening Georgia this week. We're actually starting to onboard agents today. I know we had a few soft onboardings last week as we were getting going. And so Georgia is officially open this week. We've got agents who are on the waiting list, onboarding, we've got new agents coming online, really excited about getting Georgia going. And if we go to the next slide, Sarah Freud, who, we originally hired in to be our Georgia state broker, and to run that region is actually going to be, our region one interim director. So if we can get that next slide up, guys, There we go. So Sarah Freud is gonna be the region one interim director. During that time, Georgia and Tennessee will kinda be pulled back into region one. We may leave it this way for a while. Obviously, we've got a lot of growth opportunity in Georgia as we feel like that region maybe starts to get too large. Obviously, we'll we'll make additional arrangements, but, Sarah came to us from Compass, really amazing resume. She's already brought a lot to the table. I'm excited to have her with us at LPT. And I know she is up for the challenge of filling Natalie's shoes on an interim basis over region one. So, again, welcome, welcome, and congrats to Sarah. Been here a couple of weeks and already already getting a bigger region under your belt with region one. Our next slide, we know that Sarah is gonna need some help. So we're adding an additional state broker in the state of Florida, Kara Summerville, who had her own brokerage for a very long time, super talented individual was actually a an original listing power remember back in the day. I've known her for a long time. Kara is going to be now an additional Florida state broker. So, again, we're getting the additional resources we need in our quick growing states. We are still looking for, another. We're gonna add even one more state broker for the state of Florida. And so if you have recommendations, remember those folks cannot be producing. They don't get to have a down line and sponsor other agents. You know, folks like, like Matt and Natalie actually had to give up their down lines in order to move into their corporate roles. So we're really taking that seriously. So if you do have someone that's interested, just keep in mind that LPT, those state broker roles are full time corporate state broker positions, and that they have to stay focused on. So when when we asked for recommendations in the past, we got a lot of folks who ran a team or still wanted to produce that unfortunately doesn't work in our model. We want our state brokers, fully committed to serving you as our agents. Our other fast growing state Texas. If we go to the next slide, we're adding another state broker there as well. Welcome, Lacey Pipes. She's been here with us for a few weeks now getting situated. As an additional state broker, for Texas to back up Christina and the amazing broker jobs and team over there. You know, we continue to add, more staff across the company. We continue to add more compliance teams. And now with these leadership changes, I just know that we continue to put LPT in the best position to win with our agents. As we continue to grow at at a media work rate. So, really excited about these moves, excited about, all these folks. We've we've really been able to attract amazing talent here. You know, and then it says a lot to think about the culture and the type of agents we've been able to attract, and and our our commitment to real estate first, it all works out really well. And so big round of applause, really proud of all those folks. And, I think that concludes our, our brokerage updates, the normal kind of motivation Monday. And now, we can jump over into the topic that everybody wants us to talk about. Uh-huh. Do you and Lewis wanna kinda set this up and then we'll jump into to my, my analysis of the the hundred and eight page settlement? Yeah. Absolutely. So, you know, one thing that I one, when this news broke on Friday, we were on real estate first Friday. Yeah. That was actually pretty funny. We were sitting there in phones are blowing up as fireworks are happening in in the midst of real estate first Friday. Yeah. Yeah. So, so we actually took a quick break from from real estate first Friday just to address and say, hey, guys, we will be addressing this on, motivational Monday with you guys. But, you know, one thing I think to kind of get everyone in the the right frame of mind to think about to to absorb this information is that things are always changing. We knew when we launched this company, that we were at the point where the industry was kind of kind of broken, not just necessarily one piece of it, but like the the agent interaction with the brokerage was kind of broken that was prevented. And so we knew that there was gonna be some type of change coming, and and that was some timing of the strategic launch of LPT Realty. But as we think about this, change is scary. Right? Like, it it scary. Anytime that you have to do a new process or adopt a new thing or, you know, there's the it's it's uncomfortable. And we all know that. But through that uncomfortableness, you have the opportunity to grow you have the opportunity to adapt. And so while it is somewhat of an obstacle for some, there will be people who innovate and get right past it, and they will take their unfair share advantage of of the marketplace. And so we're gonna walk you through today kind of what is actually in the settlement. There's a lot of headlines out there if you guys have seen on CNN where it's like the realtor commission is dying. You know, all these inflammatory headlines that are really trying to, you know, they're clickbait ish, right? That and but that's what the consumer is gonna be seeing. And so us with inside of the industry have to be experts on what is happening so that we can educate the people that we serve on what's actually changing, and that you guys can navigate your business more efficiently. So, like we said, we walked through the entire one hundred and eight Page proposed settlement. We've got Lewis here who is a real estate attorney who will give us his his take on and kinda walk us through where we are in the process of what's gonna happen. And then we've got Robert who's gonna give us the details in terms of when he's gone through this in the past. When this change in previous industries, how he navigated and thrived based on those changes and embracing those changes. So, with no ado, with further no further no ado, Robert, I'll turn it over to you to to walk us through kind of what's happening with Summit and what the details really are that are changing. Cool. I I I've prepared another slide deck since this is a, a complicated topic. So if we can get those slides back up on y'all's slide at the studio, we can go on to the next slide, and and we'll kinda break down I would say the the truth of what's going on here. And, you know, obviously, we've seen, seen the big headlines come out, you know, national association realtors reaches the agreement to resolve the claims. I will say overall having the claims resolved is positive. You know, seeing all these different lawsuits pop up around the country, Yeah. This is something that was really causing uncertainty in our industry. And, obviously, it's it's important that we know where we're going. Alright? And so we can go on to the next slide. It just kinda, you know, this next slide just shows some of the headlines that I'm sure you've all seen. These are the things that we now have to be prepared to deal with. Because, again, the the media is taking this and spinning it in a way, that isn't necessarily representative of of what's happening and what's in the actual settlement document. And so, again, today, we're breaking down. We're gonna show you language from the actual proposed settlement and and talk about how I do think there's some changes. Like, it's it's not going to be business as usual. I don't see this as being catastrophic. I don't see this as dropping commissions by forty, fifty percent as some of the headlines are saying. But there are going to be changes that we have to adapt to, and and I see opportunities for agents who are willing to adapt and embrace and and really take advantage of the new ways this creates for you to serve your clients because that does exist. So let's let's go on to the next slide. So the the key terms of the settlement, one in our announced agreement that would end litigation of claims brought on behalf of home sellers related to broker commissions, the settlement is still subject to court approval. Although at this point, the parties have agreed, and it seems like most of the points in here would lead to a court approval. If you look at the the Department of Justice objections to the MLS pin settlement, which held that settlement up in one of the other cases, most of those points were all covered here. So it seems like NAR worked with the Department of Justice to make sure they were okay with this before making their big announcements. NAR continues to deny any wrongdoing course, and then NAR is going to pay four hundred and eighteen million dollars over approximately four years. If you think about the number of NAR members there are, and the amount of reserves and cash that NAR currently has this may may result in a small increase in dues, but it it doesn't have to be anything overly dramatic in order for NAR to hit that number, next slide. Two critical achievements. This is from Nara's press release, the release of most Nara members in many stakeholders from the liability, and the cooperative compensation remains a choice for consumers when buying or selling a home. And that was important for Nara again. Well, I think a lot of the system changes make cooperative compensation less attractive, and we're gonna talk about why that is. It is still a choice for consumers and for agents. And so, really, it's going to give us, I think, again, more ways to serve our clients more ways to negotiate our own commissions on both side of the transaction. So we can go on to the next slide. So the release of liability, this is an interesting one. So who was actually included in this settlement if it's approved? NAR was included over one million NAR members and most brokerages, not all brokerages, all state territory and local realtor associations, and all relations owned by MLSs. So the exception is, brokerages whose residential transaction volume in twenty twenty two was above two billion dollars must make an additional payment of point zero zero two five times the average annual volume over the last four years. Or they have to enter into what's referred to as hardship negotiations via mediation. To give you some perspective, if take compasses for your volume times the point zero zero two five, that number is around half a billion dollars. If you take EX p's volume times the point zero zero two five, that number is, like, just a little under four hundred million, like, three hundred and sixty, three hundred and seventy million dollars. So the the largest brokerages still have, still have to deal with this. They still have to decide, are they going to opt in to the settlement and pay the point zero zero two five? Are they going to go to this mediation and say, hey, we don't have that much money, you know, Compass can say, we don't have half a billion dollars to pay you, look our financials. This is what we do have. My gut says that that the plaintiff's counsel is gonna say, hey, you're a publicly traded company. Issue more stock, go raise some debt, figure out how to pay us, but we really don't know what that looks like. According to Nara's press release, they fought hard trying to get all brokerages included. But in the end, the plaintiff's counsel was unwilling to release basically, what ended up being the top one hundred brokerages in the country. And if you do the math on that point zero zero two five. If a company's average volume was around the two billion mark, which was the threshold, you're looking at five million dollars for them to add into the settlement, again, up to as much as five hundred million dollars. So there's still a lot of money in question here beyond the four hundred million that NAR is paying. And then two, there I think there's gonna be some ripples inside of the industry in our because the these brokerages were basically not included in the global settlement. And so, again, we're we're gonna be watching that closely. You know, roughly a third of the money goes to the attorneys, and then the rest is spread between all of the consumers who opt in to the class action settlement. So, you know, you've probably gotten a class action notification in the past. You'll get a little postcard in the mail that says, hey, you know, you're a part of this settlement because you sold a home during the last four years. Here's your check for fifty dollars, forty dollars, whatever that number ends up being, depending on how many brokerages actually settle in the end. Going on to the next slide, So when I really read through everything, there are effectively three really big changes that that we need to consider as a brokerage and we all need to consider as agents. Number one, being that cooperative commission is no longer required. It remains optional. It can no longer be advertised in any MLS fields or any third party system using MLS data. I'm actually gonna show you the actual language from the settlement. This is my interpretation on this slide. We'll get into the actual language behind it. And so this is big. You know, the fact that remains optional is important. The fact that it's no longer required is interesting. It's going to change the way we do business or allow us if we choose to, for agents to change the way they do business. The fact that it can no longer be advertised in any MLS fields, I know on social media this weekend, people are saying, oh, we'll we'll add it to this field or that field. I believe, based on a clear interpretation or a kind of a strict interpretation, even uploading a document, which is still considered a field of the MLS, maybe a violation. And then two, there was a lot of talk of, like, well, some other system will become the system of record for this. There's actually a clause that says if MLS finds out that any system using MLS data, like, showing time is trying to become the new place for buyers commission to be advertised, they have to cut them off. So we'll we'll go into that a little bit deeper. Number two, all realtors and MLS participants must have a buyer broker agreement executed prior to any touring. Alright? So before the first tour, you have to have a buyer broker agreement signed. This is massive. This is probably one of the most impactful changes, and I think this is actually gonna be good for buyers agents in the end because everyone has to do it, including the listing agent, we'll talk about what that looks like. So everyone now has a level playing field to get that buyer broker agreement signed up front. And here's the important one, the final compensation cannot exceed what is agreed to in the buyer broker agreement. So if your buyer broker agreement is signed at two percent, and then you sell a house where the listing agent is still offering cooperative compensation at, say, three percent, you do not get the extra point. That extra one percent has to be repaid back to the consumer because you cannot make more than what was in your your agreed to buyer broker agreement. You cannot go up if the seller is willing to pay you more. So that's an interesting kind of twist. And then three, since all commission amounts are now negotiated with each party prior to the offer. So think about that. I've used this word of decoupling commissions, I had some people challenge me on that and say they don't see this as decoupling commissions. Whatever commission you negotiate with your buyer as a buyer's agent is the commission you will receive. So again, if you negotiate a two percent commission with your buyer's agent and then you sell a house that's offering three percent cooperative commission, you still only get two. So the commissions have absolutely been decoupled. You have to negotiate your buyer commission with the buyer's, agent with the buyer, and then the listing agent is going to negotiate the listing commission with the seller. And then, yes, the seller can absolutely agree to help pay the buyer's agents' commission but they can't pay more than what was agreed to in the buyer broker agreement. And that that's critical. That's important to understand. So, again, since all commission amounts are now negotiated already with each party, The good thing here is the amount of seller contribution to buyer commission can now be negotiated in the actual purchase contract. And again, this is a big shift from where we sit today. If you represent a buyer and you don't have a buyer broker agreement, and that buyer falls in love with a house that's only offering, say, a one percent buyer's agent commission, then that's what you're going to make. Under this new set of rules, you're going to have already entered into a buyer broker agreement with your buyer before the first tour outlining your compensation, and now you need to negotiate. Is the seller going to pay that is the buyer gonna pay that, and that can be negotiated at the time of the actual contract. Alright. Let's go on to the next slide. I think probably put maybe spotlight the slides, Davey, so we can focus on those. We're gonna go into the the backup the detail behind. Can you spot, like, if yeah. There we go. We'll get them back to full screen for you guys. Alright. So this is actual language from the settlement. So again, I just gave you my summary. We're gonna go back to my summary, but first, I wanna take you through the actual, settlement language, and then we'll get back into how I think this looks for business going forward. These are the things that that are required to be changed as, as practices as if the settlement is approved by the court. Eliminate any requirement by the MLS that listing brokers or sellers must make offers of cooperating compensation to brokers or other by representatives. So mandatory compensation is gone. Still optional. Eliminate and prohibit any requirements, conditioning MLS, participation, or membership in offering or accepting compensation. So this is the first thing. The settlement is saying no more mandatory offers of compensation and bullet I and IV from the settlement cover those. Next slide. Prohibit participants, subscribers, rather real estate brokers, other real estate agents or sellers from making offers of compensation on the MLS. To cooperating brokers or other by representatives. Alright. So this is what's saying you cannot list the buyer agent compensation or the total amount of compensation in the MLS anymore. Alright? And it says now the second bullet down there eliminate all broker compensation fields on the MLS. And prohibit the sharing of offers to buyer brokers or other buyer representatives, in any field of the MLS. So this is what's gonna prohibit people from using private remarks, public remarks, no matter what the field is called The chat, David. No matter what the field is called, it can no longer have any offers of compensation or talk about compensation. So these two bullets are what actually puts that into practice. Next slide is one more. The next slide is where they're actually going to prohibit third party companies. So the MLSs have to agree that they will not create facilitator support any other mechanism from becoming the place where in net aggregators showing time or anyone like that, uses MLS data and then adds in the, cooperative broker compensation they really tried to go through, and make sure there were no loopholes here from the standpoint of getting compensation offers into the MLS or into any third party services, like showing time. This would, in my it would prevent Zillow from being able to show compensation on listings. I know there was a lot of information going around about that. On the internet, this v here, item five, from the change in behavior from the settlement is going to prevent that from happening. The MLS have to make sure that no one is using their data to create an alternative way to offer compensation. Next slide. This is the big one. Require that all MLS been working with a buyer into into a written agreement before the buyer tours any home. Alright? So now think about this. Even if you're the listing agent, you cannot tour the buyer on that home if you're ever going to make compensation from them without getting a buyer broker agreement signed up front. Everyone has to deal with this now. So if you think about it in today's world, if you ask for a buyer broker agreement, maybe the buyer just calls around until they find an agent, who is willing to show them a house without a buyer broker agreement. Now every single agent before touring, before the first tour of any home, They have to have a buyer broker agreement signed. So, again, this levels the playing field. Now the the consumer can call a million agents, they're gonna have to commit to someone before they can tour a house. So I see this as an actual win for buyer's agents. So, if you're gonna receive compensation from any source, the agreement must specify and conspicuously disclose the amount or rate of compensation it will receive and how the amount will be determined. B, the amount of compensation reflected, must be objectively ascertainable and may not be open ended. You can't write, buyer broker compensation shall be whatever amount the seller is offering to the buyer. You have to have an actual percentage, or it could be a percentage, plus a flat fee. So you could say two percent plus five hundred dollars, four percent, plus a thousand dollar but you can't say whatever they're willing to pay me on the sell on the sell side. So, again, they really wrote this trying to close the loopholes to provide a new way for this to happen. And then see most participants may not receive compensation for brokerage services from any source that exceeds the amount or rate agreed to in the agreement with the buyer. So whatever that number you agree to with the buyer, if you find a listing that's offering a ten percent commission, you can't make that ten percent because of what you agreed to with your buyer. The other interesting thing here, and we're gonna see how the final rules are written, it says from any source So our other sources, like, maybe maybe you you recommend a home warranty company and make some money there. Maybe you recommend an alarm system company and make some money there. We don't know until the final rules are written if if those types of compensation will be limited as well to the maximum amount that was set in that buyer broker agreement. So, again, this is the actual language from the settlement talking about the buyer broker agreement, and how that's going to play out. Now in the future, there is still obviously, some things to be determined in the rulemaking by NAR, but this is what the settlement actually says when it comes to buyer broker agreement. And the big things here are before the first tour, that's massive, not just before closing, not just before writing an offer, before touring, if you're ever gonna make compensation from them. Right? And then from there, we go into it has to be objectively ascertainable. You can't write whatever they offer me on the sell side is what I'm going to take. And then you can't make more than whatever was agreed to in that original buyer broker agreements. Those are three big shifts. Even for states that have mandatory buyer broker agreements today, This is a change. This is a shift for most states. They don't have this stringent of a buyer broker framework. So moving on to the the next slide. And, maybe go back up full screen. And then, this is this one's not super long, but NAR has to rescind or modify any existing rules that are inconsistent with the practice changes reflected in paragraph six day of the settlement. So policies like Article sixteen, sixteen, but we need to be rescinded or modified since commissions have already been negotiated, and there is no longer a mandatory cooperative compensation. For those of you that don't know, the reason you cannot, negotiate commission in a contract today is because of this, standard of practice sixteen sixteen. This is a clear example of one that will have to be modified or rescinded under the new framework because there is no longer mandatory buyer agent compensation. Which is, again, going to create a situation where agents negotiate a commission with the listing agent, a commission with the buyer's agent, and then the final negotiation is will the seller be helping pay any of the buyer's agents' commissions? So it really is three negotiations. Right? Listing agent negotiates the listing, commission. The listing agreed agent can choose to pre negotiate a contribution to the buyer's agent. We're gonna talk about that here in just a minute, and then the buyer's agent negotiating the commission with their there at the time of the buyer broker agreement. Right? And I have not seen any language. It says you can't reduce your commission, only that you can't increase it. If your initial buyer broker agreement is signed at four percent, and you end up only getting two because the buyer's short class of funds, whatever, that's okay. On the flip side, again, from what we see today, On the flip side, if your buyer broke agreement assigned it to, and then someone's offering four or five, the extra, is not going to be able to go to you under the rules and the way they're written Right? Next slide. Oh, next one. There we go. So, again, the three big changes. And again, I'm gonna keep going back to this slide as we go through the presentation. So Again, I showed you the actual backup, the actual language from the settlement. These are my three bullets of how those changes all come together. Cooperative commissions, no longer required, remain optional, can no longer be advertised in any MLS field or third party system. All realtors and MLS participants must have that buyer broker agreement, subject to very strict rules executed prior to touring, and the final compensation cannot exceed what's in the BBA, and now that commissions are already set, the amount of seller contribution to buyer commission will be negotiated separately at the time of the purchase contract or potentially pre negotiated by the listing agent, but I actually think that can cause some problems that we're gonna talk about why. So on the next slide, I want you to ask, I want you to ask yourself this question. So with all of these changes, the big question is, while it's still an option, should you pre negotiate a cooperative commission with your seller if you're a listing agent under the new rules. Right? In today's world, you absolutely have to negotiate both your commission, and the Cooperative Agent Commission at the initial listing appointment. That is how it works today. Is that the best method moving forward? It is still an option. And again, as entrepreneurs here at LPT, this is your choice to make, but I'm gonna tell you my views on it. And and so what you need to think about is does it make sense to pre negotiate that commission when one, you can no longer effectively advertise in the MLS so other agents aren't going to know what it is to motivate them or not motivate them. The amount listed in the buyer broker agreement will limit what you can make regardless of what is offered. So regardless of what you as the listing agent offer, Whatever's in that buyer broker agreement is going to be the max that the buyer's agent can make. So you may have ten different offers come in with ten different potential commission rates if the buyers have negotiated different amounts, but if you've prenegotiated a commission, does that still make sense? And then now that your seller actually has the power to decide any seller contribution to buyer's agent commission on a case by case basis for each contract. I want you to think about how powerful this is. This actually gives, in my opinion, agents more more flexibility in how deals are put together. Instead of pre negotiating a commission, the seller would now have the choice to look at the commission in each different offer and decide which offer is best, which offer is highest and best, and that's not always going to hinge on the commission rate. Next slide. So the seller experience, I kinda just alluded to this. There's basically two ways as agents, you can think about this. The listing agent can pre negotiate a total commission. You can go on that listing appointment and say, you know what, mister seller, six percent commission, three for me, three for them, eight percent commission, four for me, four for them, whatever it is, very similar to today's situation, or the listing agent can make a choice to negotiate only the listing side of the commission at the listing appointment, but then prepare the seller that there will be requests to contribute to buyer's agent commission of the future. I want you to think about how that negotiation goes. Hey, mister seller, All I'm gonna do today is have you agree to pay me as your listing agent, two, two and a half, three, four, five, seven, whatever that percentage is. But I do want you to be prepared that when the offers start to come in, some of those offers are going to ask for us to contribute to the buyer's agents' commission. And together, you and I are going to look at each one of those offers, and we're gonna make a decision for the one that is best for you. Which one sounds like a more powerful position to come from? If agent a goes in saying, hey, give me six percent, and whatever an agent b goes in and says, hey, commit to three today. And then we're gonna see what the other side asked for. As the offers come in, I think there's an opportunity here for agents who choose to embrace the new framework to have a competitive advantage over other agents. Now again, We're not saying don't pay buyer's agents, right? A buyer agent agreement may come in asking for ten percent commission. We don't know what it is. But the key is you're going to make that choice with your seller as the offers actually come in instead of pre negotiating the commission the way we do today. Now guess what else that does? When the seller says, hey, Robert, I just saw a CNN headline that said real estate commissions are no longer six percent say, yeah, you're absolutely right. I'm only asking you to sign for three percent today. Now we don't know how much we're gonna have to pay the other side. We'll find out as the offers come in, Maybe it's still six percent. Maybe it's five percent. Maybe it's seven percent. I don't know. But, yes, at at today's signing with me, before the change, I would have asked you to sign a commission agreement for six percent. Today, I'm only asking you to sign a commission agreement for three percent. And then we're going to determine the other side's commission as the actual offers come in. To me, that is a much more powerful position to put yourself and your client in as a real estate agent. Next slide. Alright. So let let's look at two examples of this. So you list a home with a four hundred and fifty thousand dollar asking price, and you do not pre negotiate the buyer's agent commission. This is option two. Two offers come in. The first offer is four hundred and fifty thousand, and that buyer signed an agreement for four percent commissioned with their agent, and the agent is now asking your seller to pay the entire four percent. Your seller would net four hundred and thirty two thousand dollars. A second offer comes in at four hundred and thirty thousand. Ask in that buyer sign a buyer agreement only two percent. And again, they're asking your seller to pay the commission. Offer one, that's your seller more money. Had you breach tried to sell your seller on the commission, you probably wouldn't have landed at four percent. You probably wouldn't have landed where you are. But now you can look at each offer individually and determine what's best for the seller. Let's look at on the next slide that same scenario with a pre negotiated commission. So now you have a pre negotiated commission. You said, you know what, mister seller? I'm gonna do it the old school way. You're gonna go ahead and sign today with me for six percent, three percent to me. Three percent in cooperative commission. We can't advertise that. We can't tell people about it, but when offers come in, just be prepared for that. And now our same two offers come in. So now on offer one, you have to have which is actually the better offer, you have to have a tough conversation with your seller and say, well, I know I told you I it was gonna be six percent, three percent for me, three percent for the the other agent, but this agent's asking for four percent. So we're gonna have to do an excess credit to pay the difference in buyer's agent commission, but you're still gonna net four hundred and thirty two thousand. On the other offer that comes in that's only asking for two percent, because you pre negotiated three percent to that agent, and that agent can't keep the difference because their buyer broker agreement is only for two percent, the buyer is actually going to get the forty three hundred dollars back at some type of rebate, which is then potentially going to cause problems with their lender because that may be an excess concession. So, again, there's a lot of things to think about here where while the old way is still an option. Alright? And again, I'm not telling you how to run your business at LPT, we will support you no matter with which method you choose, as long as they're state compliant and legal, I just see where the old way is going to cause some problems. Because now that buyers are negotiating the commission at the time of the buyers, broker agreement, if that is lower than what you pre negotiate actually are hurting your seller. And if it's higher than what you pre negotiated, now you've got an awkward conversation with your seller. So again, I think over time, we're going to see less and less agents pre negotiating that commission. Now you absolutely need to prepare your seller for it. You need to tell your seller, hey, this three percent you're paying me, that's not the end of the day. There is going to be most likely some other commission you're going to participate in, but the idea of pre negotiating that and trying to do a co op commission and then trying to find a way to communicate that out or worse taking a thousand phone calls from buyer's agents saying, how much is the pre negotiated commission? How much is the pre negotiated commission? Since you can't advertise it in MLS, I think over time, the old way is going to get less and less popular, and you're going to see more agents embracing the framework of kinda how this was built and what this now opens up. Next slide. So impacts of the settlement. This is important. Fizzbos and Builders, and I I've seen a lot of questions about this in the chat, and I wanted to wait till we got here to talk about it. So Fibos and Builders, one, they've already shown us how markets will behave because Fibos and Builders never had mandatory cooperative commission. They they never had all the things that are now being eliminated, and you always had to negotiate any commission contribution from the Fizzbo at the time of offer. And then builders, we're gonna put out their numbers. And maybe some builders pay higher. Some builders pay lower depending on market conditions. I want you to think about a world where all buyers are under a buyer broker agreement. That should say buyer broker agreement, not BAC. Sorry. Wrong or wrong acting. I'm there. Every buyer is under a buyer broker agreement. And so if all these these buyers are already under a buyer broker agreement because they've already started touring houses, To me, that's going to take away some of the builder's power to suddenly slash commissions in a hot market. Because if all If all of the consumers are already under a buyer broker agreement at a certain percentage, the builder's going to have to either turn those people away tell them to come out of their own pocket, or they're going to have to continue to pay what is in line or contribute what is in line to help those buyers pay the commission. So I think that the buyer broker agreement existence is actually going to help agents when it comes to working with builders and obviously with Fizzbos because you're going to see more of those, prolifer rate around the industry. The other interesting thing now is agents have this new power to negotiate the seller contribution to buyer agent commissions at the time of offer. That's probably one of the most powerful things that's coming from all this. Because you already negotiated the commission with your buyer, now you are free as a part of the contract, negotiate how much the seller is going to contribute to help pay for that because you're not negotiating the commission. The commission's already been negotiated with your buyer. And even if the listing agent prenegotiated a commission for you, that's irrelevant because you negotiated the commission with your buyer at the time of the buyer broker agreement. So again, these dynamics are changing. As much as people wanna say, nothing's changing. These are changes. Now you can do business the old way. I don't see this. I'm not a sky is falling guy. I see opportunity here, and I really wanna encourage Ari just to take a hard look at. Do you wanna embrace this, or do you wanna keep doing it the old way? Again, LPT is gonna support you either way, but I wanted to share our perspective. So next slide. Alright. So when someone does call you and say, hey, how much is the co op commission? Because this is gonna happen. Right? It's no longer in the MLS. You're gonna have buyer's agents calling listing agents saying, how much is the co op commission? How much is the co op commission? If you prenegotiated a co op commission, you're gonna say, oh, it's two percent, oh, it's three percent, maybe you scare some offers off. Right? You say, oh, it's two percent. And that guy says, well, my buyer broke remus for three. You know, maybe that's not gonna work for my buyer. My recommended response to you is My seller is willing to entertain all requests for contribution to buyer's agent commission, please submit with your offer. You're not turning anyway, not not turning anyone away. You're not pre setting any type of commission levels. You're not discouraging agents who maybe do have a higher buyer broker agreement. You're literally telling them, hey, submit your offer. Tell me how much you want. I'll present it to my seller. And again, make sure your seller is willing to entertain all requests. Maybe some won't be. My gut says most will because they want the highest and best offer they can get. But this is how I would explain it. My seller is willing to entertain all requests for contribution to buyer's agent commission, please submit with your offer. And my hope is that we can actually put that language in the MLS. We're not sure yet the way the rules are written, it's ambiguous, my hope will be that we can put this in the MLS because this is not an offer of compensation. This is a willingness to accept requests for compensation. So again, my hope is they let us put this in the MLS, but if they don't let us put it in the MLS, when you answer your phone and someone says, how much is the cooperative commission on this house You say, basically, whatever you need it to be. My seller is willing to entertain all requests for contribution to buyer's agent commission. Please submit with your offer. This will get the most offers in the door. This will give you the best opportunity to work with those sellers. And again, this is some of what I view as power of this new decoupled system. Next slide. And we we will share this deck with everyone. We'll put it into connect. Alright. So the power of the new buyer broker agreement, to see a house, you will have to sign a buyer agreement with someone, right, any realtor, any nonetheless participant, before they can start touring homes from you, if they ever hope to make a penny off of you before the first home tour has to have you sign buyer broker agreement, even the listing agent, because they are most likely an MLS participant or realtor, you may see some, like, open doors or people who purposely leave in our membership because they don't need the MLS, and maybe they don't wanna have to comply with this, but most people are going to comply with this, and most people are going to have to get that I say most, I'm saying ninety eight percent of all business is now going to be done with the buyer broker agreement. To me, this gives the buyer's agents more control over negotiating comp pensation than today's system. Again, today, if you don't have a buyer broker agreement and you go to a house that is paying a low commission or no commission, you're kinda stuck. In the new world, because you can negotiate your commission rate up front with your buyers, you're gonna have more power. The other thing is it's gonna kick out a lot of the lookie loose. If someone is just trying to use you to show them a house because they plan on writing to offer with their brother-in-law or their friend or whatever, they gotta sign a buyer broker agreement with you now before they can get in the house. You're going to know that consumers are actually committed to you. You may set a threshold and you say, you know what? For my business, I I don't have time to work with any buyer who won't pay me a four percent buyer agent commission. And you get to make that choice upfront and put it into your buyer's agent agreement. And maybe there's some a maybe there's some consumers who say, hey, I'm gonna go for the best deal. Great. Find that out upfront before you waste your time, putting them in in your car and driving them all over the place, This is going to give you more control of running a stable business as a buyer's agent. Alright. Next slide. So now when it does come time for this contribution to buyer's agent commission, right? So you have a buyer broker agreement, let's say it's hypothetically signed, three percent. Oh, need to go back a slide. We skipped one there. You have a buyer broker agreement signed at three percent, and now it's time to ask the seller to pay that commission for you so that your first time home buyer or your buyer doesn't have to. The way I think about it, there's basically two methods to do this. One, I and these are both terms I made up. One is what I'm calling the direct commission payment method, and this is where I would say I would think you would attach your buyer broker agreement to the offer and say, dear, mister seller, as you can see, the consumer has has agreed to pay me a four percent commission. They would like you to pay that on their behalf. Are you willing to do this? And, again, the seller's going to either accept or reject that offer. When you use this, what I'm calling the direct commission payment method, this doesn't count against financing concession and this is completely allowable on VA loans. Alright? This is exactly how Fizzbos work today. When you go to a Fizzabo, when the Fizzabo agrees to pay you a commission, V eight does not count that in the max four percent concession. VA allows the seller to pay a commission to whoever they want. So this doesn't hurt your financing anyway, but con of this is it does expose the commission amount to the seller. Maybe you see, maybe you talk to a listing agent and they say, my seller is not paying a dime of buyer's agent commission, so don't even ask me for it. Well, guess what? Option one is now off the table unless that person wants to reconsider. The second way is to ask for an overall buyer cost concession and then use part of that to pay your commission. So again, let's say you're doing an FHA deal where the max concession is six percent, you have assigned buyer broker agreement at three percent. The seller told you they're not paying any commission, you can still go in and say, hey. I'd like you to pay six percent toward my buyer's closing costs, and then your buyer can use three of six to pay your buyer broker agreement and the other three to pay some of their closing costs. They may have to negotiate with the lender a little bit on junk fees or whatever, But this, again, gives you as a buyer's agent more flexibility in how you negotiate your compensation and then how you ultimately get the seller to pay that compensation. So the pro here is it doesn't expose the commission amount at the offer. So if the seller for whatever reason just does not wanna pay buyer's agent commission, fine, make a seller concession instead, but you, as the buyer's agent, can still get paid. The con here is in this method, it would count against the financing of seller concession. So you have choice. So now when you're going to make those offers, you can look at both sides of the coin and determine what's going to be best for you getting your buyers offer accepted and earning the compensation that you are renegotiated under your buyer broker agreement. Next slide. So when you're ready to submit an offer, personally, I wouldn't even call the listing agent to ask if the seller wants to pay any commission or if there's a pre negotiated commission, I would just submit my offer, include my buyer broker agreement, and say, Hey, my buyer needs you to pay this amount. They don't have the funds. That's a part of our offer. You can't do this today because our rule our rule sixteen, sixteen, because the commissions aren't already negotiated, and now you can only make what's in your buyer broker agreement. So to me, the the offer of cooperative commission at this point is irrelevant. You've already agreed to a commission with your buyer. You have the right to ask the seller to pay that full amount, Why do you even care what the buyer broker, you know, co op commission is? I wouldn't even ask. I would just submit my offer and and make it part of the negotiations. Next slide. So the big question remains. We've seen this slide a couple of times. While an option should you pre negotiate a cooperative commission with your seller, The more we talk about this, the more we show you again, my goal here is to just expand your mind, expand your way of thinking. LPT is not here to tell you how to do this. How to run your business. We're here to support you with education. We're here to support you with recommendations. We're here to help you think bigger and think differently, but ultimately it is your choice as an entrepreneur. Next click It's ultimately your choice as an entrepreneur, as to how you want to approach this. Next slide. There we go. LPT, agent choice. You are gonna get to decide which of all these different methods you wanna use. Are you going to pre negotiate commission? Are you going to submit, under a, a request for a direct commission payment, are you gonna submit under a closing cost concession? You, as agents, have all of these choices into how you're going to do business, and LPT is here to support you. Next slide. And I'm gonna try to push this along because we're we're running a little slow we're running a little behind on time. Hope you guys can stick with us. We're gonna keep going. Next slide. Real quick, I just wanna point out, like, I've been down this road before. Back in two thousand and thirteen, I was in the mortgage business when Trid was first announced. Trid took effect in two thousand fifteen. At the time, I saw a lot of mortgage companies fighting trade, looking for loopholes, trying to do it the old way. Myself and some other mortgage companies made a decision to embrace trade to try to find the ways to help our clients and our company win under the new framework, and it was a massive win for me. It's a big part of how I created the company I created created the wealth I had And so I see an opportunity for us to do that together now here. Next slide, we actually when we embrace trade at the time, the industry was saying, oh, it's gonna take sixty days same type of nonsense media headlines. It's gonna take sixty days to close a loan now. No one will ever get loans closed. Homes aren't gonna happen. I closed the first trade loan in ten days. It was such a big accomplishment. We hopped on a private jet, flew down to the closing. I attended the closing in person. My point here to you is embracing change for me was a massive part of my success, and that's why I'm talking to you today about how I envision your ability to embrace this change and create wins for yourself. Next slide, you'll notice four of the faces in this picture on the next slide. Steve Dickman, Lewis, and Matt Hodge were all on that jet with me ten years ago when we flew down to celebrate that first trade closing. Again, the leadership team here at LPT has been together for a long time. We've been through this together before. We've been through this in other industries, and we are here to help guide you through it. And to help challenge you to think bigger and think of creative ways to create those wins. Next slide. At the time, forms were another big part of this. So when when this all changed, the good faith estimate went away with Trid, the the the industry made up this new quote sheet, which is here's an example of one. It was a super ugly document. I made a decision to go a different direction. I'm a marketer, I decided to make good looking documents. Next slide. And this is something we're gonna do for you here at LPT. We're now gonna get into the tools that LPT is gonna create for you. Again, following the roadmap I used for trade a decade ago. So while the rest of the industry was using the documents on the left, my company was using the documents on the right. My picture, great graphics, still met all the regulatory requirements for for disclosing information to the consumer, but it made us look good. It made people feel better about accepting the new information. And so we're gonna take this again. This is stuff I did a decade ago to prepare RP funding for Trid. I'm now gonna show you the previews of some tools that we've been working on to do this exact same thing for LPT agents So you can stand out when it comes to getting that buyer broker agreement signed, and you can stand out when it comes to getting that customer relationship up front so that they can do business with you next slide. One last okay. I I got a little ahead myself. Trad forced my customer relationship to start with disclosure. Before that, we didn't have to get documents in people's hands at the very beginning. Mandatory broker agreements is doing the same thing. Our job at LPT is to make this as simple and effective as possible for both you and your consumer. And that's a responsibility we're gonna take seriously as your broker. Make this as simple and effective and attractive as possible for you and your consumer to get through that new upfront buyer broker agreement and get committed to each other and do business. Next slide. Alright. So the new LPT buyer broker agreement system is going to be customizable, easy and convenient, mobile friendly, you'll be able to deliver through email SMS or print. You know, we love print. You can initiate from mobile and execute on mobile, and you as the agent will decide what level of information to include in that sales process, in that sales presentation to get your buyer broker agreement signed. Next slide. Now you know this stuff's gonna look good because you know everything at LPT is gonna look good. A new home buyer packet. This is the new printed bound magazine. The buyer broker agreement will actually live in the back of this and be perforated. So you can give them the magazine, walk them through your value proposition, get that buyer broker agreement signed in person, and then tear the perforation out of the back, take a picture of it, upload its LPT connect, and you are ready to go. While everyone else is handing out ugly black and white forms, you are going to make a marketing presentation as a part of getting your buyer broker agreement signed so that your customer can understand your value understand the benefit of working with you as an LPT agent at what is a difficult time getting a document signed up front. And we will customize the documents to be stay compliant that are in the back of this magazine that can be torn out. Another way that LPT agents will have an unfair advantage and show up differently. Next slide. Alright. As much as we love our print, we want to have an amazing online experience too. This online experience can be launched from inside of l CT connect, it will be desktop or mobile friendly, and you as the agent will customize what that journey looks like to getting the consumer to sign the buyer broker agreement and reviewing your packet on a device. Next slide. So you'll see here on the left, there's a couple of different options. You decide which of those tabs are present. We've put some examples here. Why work with an LPT realty agent? My pledge to you, best practices for house hunting, resources available to you. Buyer broker agreement. Privacy policy and broker disclosure, signature. It's an easy to use wizard modeled after a TurboTax style integration that allows the consumer to go through this process in an understandable way that helps position you, create, and show your value and give them access to easily sign the documents they need to be signed. Next slide. The cool thing here is you decide which of those tabs on the left actually show up. You may say, Hey, you know what? I just wanna send the buyer broker agreement. I don't wanna do all the other stuff. No problem. You'll be able to set that setting inside a connect. And when the link goes out to your buyer, and the link can go out via text message, email, you decide how to deliver it, it's instant. And for some consumers, you may have them look at all of these resources, Other consumers, you may just put the buyer broker agreement in there and be done, but they can e sign it online inside of our system instantly. You guys can be doing this on a hood of a car, You can be doing it while you're driving to that first appointment. We are giving you the tools to put the buyer broker agreement and all other relevant information to build that initial relationship in the consumer's hands as absolutely easily as possible with a click of a few buttons inside of LPT connect. This was originally supposed to be part of LPT connect three point o. Alright? We we just announced LPT connect two point o at our conference. Which is all about connecting you to each other. We are actually already working on and planning three point o and four point o for release in the future. This buyer broker agreement system one of the things that we were building in the Connect three point o that we are bringing back now to launch as soon as possible to have it in your hands before the deadline of when these changes take effect. Really exciting system. We are not going to replace dot loop. We're still gonna use dot loop for contracts, state specific documents, We are purely building this system for the initial point of contact, the initial sale, the initial disclosure, the initial buyer broker agreement. Alright? So really exciting stuff coming out here. Next slide. So recap of that LPT connect buyer broker agreement system, agent can easily launch a sales presentation with an included buyer broker agreement. You could update negotiable items in real time for the client, So if you send that that, that out at four percent, and the clients on the phone unit says, Hey, I don't think four is fair. I think it should be three. You update three and connect. You press put. The client refreshes and boom, it's updated in real time. We are building a real time collaboration system for you to get your clients through this BB this buyer broker agreement process. Instant delivery via SMS, email, or you can hand it to them in print. Agent decides which screens are included in the flow, and the software will allow the least friction possible for getting a buyer broker agreement signed. This is gonna be a huge advantage for LBT agents as these new changes come into play. Next slide. We're also launching buyer power tools. Alright? We've had listing power tools for a long time. Listing power tools was all about positioning you on the listing side, which again is now more important than ever, because agent consumers are more likely to try to negotiate more of the commission. Commission negotiation is now a hot topic So having listing power tools is more important than ever, but we're also not bringing buyer power tools to the table, which will be more magazines, more collateral information, that integrated buyer broker agreement system and print, everything you need to show up like a rock star and win in the new world order. Next Next slide. Here's some other great views of that. Again, you guys know what our magazines look like. You know how impactful their printed collateral is. We are going to take that to the next level on the buy side because it is now more important than ever that you show maximum value to the buyer at that all important time when you are asking them to commit to you through a buyer broker agreement. Next slide. There's gonna be a new buyer box in developments. I'm not gonna talk too much about this today. It's probably gonna have a tape measure with an LPT logo on it, and it and some other cool stuff. But, again, we're looking at ways to give you that shock and awe box, that package that you can hand to, a potential buyer as you are meeting with them before that first tour and getting that buyer broke agreement signed. We wanna make sure that you have the absolute best tools to show up like no one else and win a market that is shifting and changing. Next slide. So LPT Realty, your brokerage for life, we take less commission, which in the event that commissions do compress is gonna be more important than ever. We are actually nimble and actually be able to bring information like this to you in seventy two hours and already have amazing tools in the works that we can pull up a whole year in development path and get in your hands in time for this deadline. And my commitment to you is that LPT Realty will pioneer tools to help agents protect fair commission rates on listing and buying transactions and help you show up like no one else and when in absolutely any markets. That's the end of my presentation. So last thing, again, how will you decide to proceed? A hundred percent up to you as an agent? Now we're gonna throw it back for a little discussion with my two friends in the studio. Although, we are way over time here. If you guys can stick around, we'll stick around for a few more minutes. But Lewis hides, let me get some reactions from you guys. Yeah. Absolutely, man. So one, you know, if you guys thought that we were just be like, Hey, here's the changes. If we're gonna explain, you already know that we're working on our end to do our part. And we talk about all the time is that the brokerage will always do our part enhance our agents' experience to make sure that you guys continue to go faster. And so again, you know, we were thinking about these things over the weekend. We knew this was coming. I don't think we thought it was gonna kinda happen so early, but we did. But, Louis, I wanna kinda get your thoughts. We talked about this on real estate first Friday actually just last week. We were saying, hey, A big part of the, you know, people neglect is we go to the listening presentation and we show up. But on the buying side transaction, you know, we'll show up and flip flops. We're like, Hey, here's the house open the door. You know, there's not a lot of preparation there. And it's a massive opportunity that's missed. And while I know we went through a lot of information here, there's a lot of additional questions And just so you know, we will download the chat. We will, pull out all the questions, and then we'll make those available for you inside of Connect. So if you didn't get your question, answered, know that that's coming. But we talked about this specific thing about adding value at the time of your first interaction with the buyer's So as you're kinda seeing this information, where where does your mind take you when when you're when you're looking at it? Yeah. Absolutely. So first, guys, again, we cannot reiterate enough that there is a lot of information in today's motivational there there is a lot of topics. We are just seventy two hours into seeing the settlement, seeing the language that was proposed in the settlement. Keep in mind, as mentioned, the court still has to approve the settlement. If there are any type of material modifications or denials of the settlement, There is a rescission period that takes place with the party. So I believe that, you know, the settlement agreement will be a approved by the court. More often than not agreements of this nature do get approved. The anticipated inaction date is around July of this year. So that's when we see it happen. But yeah, you know, change change is scary. You know, as as mentioned, you know, change can be a very scary thing. But one thing here at LPT real Realty is that we are resilient. And when change happens, we are ready to embrace that change and to and come out the other end winning. You know, change creates opportunities. And one of the biggest opportunities that exists with this change that took place is on the buyer side of the equation. We have always been very prepared in Hadhart Tools Sharpen on the seller's side. Yep. You know, how do we go? How do we show up to a listing presentation How do we make ourselves unique when we are in front of that seller? This change has now unlocked that opportunity on the buyer side of equation as well. And we know that here at LPT Realty, we are gonna show up differently. And we are going to show up unique and extract and ex exploit that opportunity that has been created through these changes. Love it, man. I love it. So you kind of said some things just to to make sure that we're all on the same page. So when you're saying it's a proposed settlement, so while we believe that both parties have somewhat agreed to it, it's hasn't been FI being a fully approved by by the courts. And so when that happens, you're saying the effective date should everything go through would be around July. Yeah. That's that's correct. There's still hearings that need to be that have to take place to enact the settlement agreement. Party have to opt in to the settlement agreement But if everything moves its course accordingly, I do believe around the July time frame is when when the changes will take into effect. Okay. Also, one of the things I wanna throw back to, if you guys saw that photo, that that photo was so funny. I remember when we flew down there for that first trade closing and all of the fear that surrounding the industry at that time. It was gonna be sixty days, ninety days. People were gonna go bankrupt, and, Robert got it done. Like, it was, what, ten days was the first with first closing. And so I think the the flight down to to the closing probably cost more than than what she made on it. But I think it was A hundred percent. No. No question. We were celebrating a milestone. We were proving a point that the industry was screaming the sky is falling, and and we turned it into an absolute win. And, you know, again, there's always opportunity to win and and get here to LPT. We're focused on making sure we we find those opportunities. We summarize those opportunities for our agents. That that's that's the role a brokerage should play. You know, we're we're not we are not here to find you customers. We are not here to do a lot of things that you as an entrepreneur have to do, but these are the types of places where brokerage in my mind has a responsibility to help its agents by empowering your real estate business at a higher level. And we do that with marketing. We will do that with guidance. We will do that with training. We're gonna do that with connect two point o. We will continue to rise to the occasion. That's just it's who LPT is, man. It's it's why we're here. It's why we're different. It's why we've grown faster than anyone in history ever has before. And why we'll continue to win and change this industry because we will we will always cast off the old ways and and look for ways to help our agents win. That's right, ma'am. I love it. I love it. Well, we are probably just a little bit over time, but, again, guys, wanna just make sure that you guys know We will download the chat and all the questions. We will make that available on a frequently asked questions, inside of Connect for you and within the next I'm sorry, inside of our knowledge within the next couple of days. So if you didn't get your question answered, and we know there's still a lot of questions. We gave you a lot of information today just so that you've got the the talk track as because we know that your consumers and the people who you're serving. I mean, how many text messages have we all received? The people being like, Hey, are you guys gonna be okay? What's gonna be happening? You know, people are concerned for you or they're concerned about themselves And so the conversations are gonna be flowing out there. So we wanna give you some early information to help you be armed in those conversations. But as we get close, to that that, deadline or that change point, we will make sure that we have all these tools in place. We'll have ample training be talking about these things on real estate first Fridays and strategies on how to engage when those first kind of initial conversations as you're explaining it. It's gonna be new. Right? So the first couple of times you explain it, you're gonna stumble over your words. My recommendation is that you talk about it with each other. You know, practice with each other about it's gonna work, talk about strategies. We are faster and we win when we go together. And so that would be my recommendation, but know we're kind of at time. So, Lewis wanna turn it over to you. Any final words for you before we turn it to to Robert? Yeah. So as these changes are coming into ruition. You know, one of the biggest things that we can work on is this whole notion of a buyer audition. This is a new element in our business that will be existing, and we will be carving our time on real estate first Friday to go through different strategies and tactics on how to most effectively position yourself during those buyer of conditions that will be happening here in the future. That's right, man. Awesome. We're looking forward to, what that brings over the next couple months and and growing with our agents. So Robert, you went through a lot of information today. I know you crunched. Some of this was somewhat prepared because you knew it was coming. And, you know, I think Matt Levy, our chief strategy officer always kinda says this phrase like Robert has this weird ability to look around corners and kinda see what's happening. And I remember when we first launched listing power tools and and LPT realty, it was into a time where no one could really see why it was happening. I mean, we trusted that you were you had something, but you're like, hey, man, I think that the market was right and you were looking for specific things. And so for people who have been on the journey with us now, they get to see further and further of why you did it at that time, what was coming I think it builds a lot more credibility into your ability to navigate these waters and help our agents navigate these waters. But what are your kind of final thoughts and what should we be thinking about as we're going into this Yeah. Look, I I think this could have been a a real problem for our industry. If you look at the lawsuit, you know, again, the lawsuit was filed before we start OPZ Realty. We knew this was on the horizon. We'd we'd been thinking about what a new world would look like. You know, we've read the DOJ stuff. We've read all the briefings. Like, I read everything I can get my hands on. I think that that helps shape some of that ability to kinda, like, see around corners as Levy calls it. But, you know, this really was a good outcome for us as an industry. I think I think some things were right in here. Again, we we can all, you know, we can wish that it wasn't gonna happen. We can wish that things were back the old way. That was not gonna happen. The writing was on the wall that changes were going to come to our industry. And if there had to be changes, I I think these these are changes we can live with. These are changes that I think we can survive within as an industry I'm proud to lead ten thousand amazing entrepreneurs through this journey, and be able to draw from my past experiences and draw from our amazing technology and the great team we've built here to put you all in a position to win because that, again, that's what it's all about. That's our job as your brokerage is to help put you in a position to win as an entrepreneur. And we take that seriously. So again, really, really great to join everyone here today, share this information. We'll get everything posted online. We'll read through the chat and bring more knowledge next Monday. One more. Congratulations to Natalie Cox and our other new state brokers, brokerage for life. You know, we're we're here to win at every term. We're here to give LPT agents that unfair advantage give you amazing marketing tools, give you agent choice, give you an online connected community. Like, we will just keep bringing we're gonna keep bringing the fire at every chance. Every time there is there is something to overcome. You know, we we joke a lot about this ability to turn lemons and eliminate hodge, and know, the when the industry handed me Lemmons in two thousand seven when I lost my job and I launched RFP Funding, and then with trade in two thousand fifteen. And now with this settlement, Like, you you give me lemons, and all I see is a lemonade recipe, and I'm excited to make lemonade with the amazing ten thousand, entrepreneurs here at LPG Realty. So go out there. Have a great week. Ignore the noise, you know, don't bear your head in the sand, recognize that change is coming, and we have to be prepared for change, but the sky is not falling. Ignore the noise. Focus on your business. Know that we have your back, and we will be bringing more training, more tools, and more benefits for LPT agents to win in this new market. So have a great week, Awesome.