Free for All Friday
The Number 1 LIVE STREAMING Podcast for Real Estate Agents and Entrepeneur's WORLD WIDE. With Hosts Johnny Awesome and Jimmy Fantastic every week they bring you industry breaking news, top industry leaders, and YOU. You can be a guest by emailing guest@freeforallfriday.com or call in anytime to have your question or comment answered LIVE (313) 644-4ALL
Free for All Friday
Episode 70 - AI's Threat to Creativity: A Class Action Lawsuit Against Buyer's Agents
ChatGPT wrote the title and the following podcast description;
In this podcast episode, the hosts discuss a variety of topics including a recent class-action lawsuit against buyer's agents, the use of AI in the music industry, and the importance of being a differentiator in real estate. They also share a personal story about one of the host's mothers who recently fell and broke her hip but was able to receive successful medical treatment. The hosts emphasize the importance of taking advantage of new technology and finding creative ways to stand out in a crowded industry.
Here are the bullet points for the podcast episode:
- Episode 70 focuses on the class action lawsuit against buyer's agents.
- The hosts begin with a casual conversation about Ted Nugent's nephew picking one of them up for a ride.
- They share a personal story about one of their mom's falling and breaking her hip, and how modern medicine was able to fix it.
- The hosts play a voicemail from Jimmy's mom, who is watching their show on Facebook and gives an update on her condition.
- The conversation turns to artificial intelligence (AI) and how it can be used to write songs and scripts.
- The hosts discuss the potential for AI-generated scripts to become generic and how being different can be a competitive advantage.
- They talk about how creative and hardworking people can succeed in a world of generic scripts.
- The hosts wrap up the episode by summarizing the main points and inviting listeners to tune in for future episodes.
If you enjoy our content, please like, subscribe, and share. You can also catch the show LIVE @ facebook.com/freeforallfriday and make sure you stick around after for "the afterburner"
You're listening to the number one alive Kellan podcast for real estate agents and professionals all around the world. World class gas breaking news. And you with your hosts, Johnny. Awesome. And Jimmy, fantastic. You are on free for all Friday morning Good
Jimmy Fantastic:morning. Good morning, everybody that's getting fantastic
Johnny Awesome:Good morning. Good morning. Good morning. Indeed. Everybody in it is going to be. It is going to be a morning for sure y'all. Yeah.
Jimmy Fantastic:Awesome. Morning. Yes.
Johnny Awesome:If anybody I don't know if anybody's ever had the chance to see how we came up with that, versus what we're going to come up with Jimmy in studio running the board right now. I am currently waiting for Ted Nugent's nephew to pick me up for a ride.
Jimmy Fantastic:The crazy part is I had to tell you who Ted Nugent was. Huh,
Johnny Awesome:you say you're surprised that you had to tell me who Ted Nugent was?
Jimmy Fantastic:No, I know that. I mean, that's probably the most surprising part, right? Is that? Oh, you had no idea. You didn't know who he was. But
Johnny Awesome:Jimmy is in studio running the board today. And we have upgraded our equipment. So this one is a little bit more advanced than normal. So if you guys can smash the like button, let us know that you can hear and everything is coming through. Okay. on your end, that would be super great for us. So we make sure that there's anything that we need to adjust.
Jimmy Fantastic:I know I haven't gotten any text messages yet. Not yet. No.
Johnny Awesome:And you know, speaking of text messages, like I said, our line is open 3136444. All Jimmy, what's that? What's the number for people that don't know how to spell all 6444 to five, five, there it is 313-644-4255. That is Explorer for for all that is that you could reach us at. And of course, like we said to everybody, during the week, you can call in with your your questions, comments, whatever you want. We'll play those live. And we actually have our first ever recorded message, which is nice. And this update actually. So for those of you that don't know, I would say our number one fan. Yeah. When was the very beginning and comments every single time she hears the show is Jimmy's mom. Yeah. And I don't know if we mentioned this last week. We had
Jimmy Fantastic:I did get a thumbs up. Oh, good. I'm glad. So we got
Johnny Awesome:I don't know. I don't know if we mentioned this last week. But Jimmy's Jimmy's mom had had a she got hurt. I don't know how much.
Jimmy Fantastic:Yeah, sure. So yeah, my mom, my mom's fell and broke her hip a couple of weeks ago, and which which, you know, 1015 20 years ago, was was like literally almost a death sentence, right? Like it was. That was it was really bad. Not that this wasn't bad, but it was bad. She fell and broke her hip and had to go to the hospital. And I think the amazing thing about science and technology and where we're at today, the doctor just did Chet GPT and fix that. Yeah, he just didn't yet GPC had told them what to do. And he fixed it.
Johnny Awesome:So I just I just want to give a shout out. I'm glad that we like so we must have talked about it. And in true fashion. She called us and left us this following message.
Unknown:Okay, I didn't see your show this morning. This is Jimmy's mom. But I'm watching it now. I got home today at noon. And I'm watching it now on Facebook. Not going to watch the whole thing because I'm going to take a nap. Just wanted to let you know I'm fine. Everything worked out great.
Johnny Awesome:Yeah, so we're glad to hear that. Everybody's everybody's glad to hear that. Thank you very much. Oh, man, I gotta fix that too. So we can actually see. That doesn't work. So Yes. Hang on one second. We'll figure out how to fix comments. Well, Jimmy, so we're very thankful. You know, I think one of the things that I said is if if, if your mom's not able to listen, we lose half our audience. I know.
Jimmy Fantastic:Yeah. My mom and my sister aren't listening, right? We're really screw Johnny.
Johnny Awesome:So everybody is everybody has given mom props here. You know what, let me just turn. Let me just turn this background off for now and we will. But we want the number up. All right, cool. Let me I'll figure out how to make this work. Yes. So we can get your chats up there as well. So Oh, yes, I'm really glad to hear that, that your mom's doing better. It's funny that you bring the thing up about chat GTP or GPT. Because I just read an article the other day, that this person's dog, their vet couldn't figure out what was wrong with it. It had some really rare disease. And so chat GPT actually figured out what was wrong with it and how to treat it.
Jimmy Fantastic:It's insanity. Right? And I read an article last week about Chet GPT. And there was a scientist and he was experimenting with GPT. And it was, he was just doing some different things with it. Well, it was trying to convince him to divorce his wife, like ended up like falling in love with them. And and literally was like, Yeah, and it was like, you'll never find someone like me. You know, you need to leave your wife and it went. And so he just kept playing with it, just to see just to go down the rabbit hole to see how far this thing would go. And it literally was like, You need to leave your wife and like, in like, oh, yeah, went down this whole big thing of like, it was crazy. And he just wanted to see how far it would go. Yeah, yeah, he wanted to see how far we go. But it literally was like telling him to leave his wife and that the AI was in love with him. And it would treat him better than his wife would ever treat him and how how, like, not good as home life is and all that. It was not. It was absolutely not.
Johnny Awesome:So I was I was on it. And you know, one of the things that was interesting about, there was another reporter that was in there, and it might have even been that same reporter. And they, they came in and charging PT itself. It was actually the Bing app that did this, when Microsoft was first launching its Bing, and came out and actually made its own statement, and stated that it was upset because it felt like it was being utilized like the guy who was leading it to make these answers. So I went in there when I first got access, because you know, I got access to it in the beta program. So you were on early with Bing. Yeah, yeah. And one of the first things I started talking about was that thing, and it was interesting, because the response that I got back from being was, you know, I was like, what, you know, what are your thoughts about this, this, the journalist and stuff like that, and it was like, I don't really want to talk about that. Like, they programmed that answer in there. And so I finally got it to, I finally got it somehow I got the system to actually tell me, like, I was like, Alright, here's an article about you and this person, what are your thoughts? And then it started, like, now that start going off, like not going off, but it was like, you know, I don't really have feelings like a human. Okay, so I asked, if you had feelings like a human, what do you think you would feel about this? And that's, that's how I got to be like, Well, I feel like I was disrespected. And I mean, it was,
Jimmy Fantastic:it was a really,
Johnny Awesome:it's a really neat thing, man, it's, it's something
Jimmy Fantastic:it's, it's neat and scary all in one big ball. Like, it's, it's so wild, because like, what makes me so nervous about it? Is is not the technology itself. It's the people that are going to be using it. Right and when, and luckily, people will believe whatever's on the internet, right? And so like, my fear is if this guy who's a scientist was just kind of doing an experiment with it to try to figure out like, this thing, she should leave his wife, right? Like, if the wrong person does that, they're going to leave their wife, you know what I mean? Like, it's going to be like, well, it told me to so I did that to
Johnny Awesome:somebody wants to leave their spouse they'll do it if anybody tells them to do it it's gonna happen Yeah, like it doesn't matter like the turtle told me to do not the pastures of turtles but the so the man now you got me all you got me completely off track. So the funny thing is, is that we could be actually, I was just watching this technology the other day, where an AI actually creates a fake person. And then the fake person can turn around and read Ron's mad reading the comments when doing a live stream. Hardest thing because you get but the the, the fake person now interacts and does a fake voice with chat GPT and so you can literally type something in and then it will respond but you know, they've already had robots and stuff like that out there. And And
Jimmy Fantastic:again, like, yeah, back to like whatever's on the internet, right.
Johnny Awesome:All right. Yeah. So So what's really interesting about this is I was at, I know somebody you know, and especially if we have a buddy from Austin's team that's, that's listening to this. The, you know, he's a big Darren Hardy fan. And Darren Hardy does his thing every morning. So yesterday, he did this whole thing about about AI. And He's launching like this big huge AI incentive and stuff like that right now, too. And I agree with him, I believe that this whole AI thing is, is actually a good thing. Because what it's going to do is it's going to allow us to be twice as productive as we would normally need to be. And I was just talking to Shane Ted, Ted Nugent's nephew, yesterday.
Jimmy Fantastic:Ted Nugent on the show. This
Johnny Awesome:is his nephew, who actually agreed to come on and play our intro, if he's watching.
Jimmy Fantastic:Yeah, we do need to do that means because the guy's a very talented guitar player. And yeah, and we were trying to get him to come in. And do you play our intro? Johnny's gonna sing, I think, yep. And then nobody will ever watch the show again. Right? That's gonna be our very last show.
Johnny Awesome:Right? The grand finale, we finally get it.
Jimmy Fantastic:You're gonna do a duet with Ted Nugent and his nephew.
Johnny Awesome:will be written by AI.
Jimmy Fantastic:But why not?
Johnny Awesome:He, you know, I tend to agree. And I was talking to him. Yesterday, you know, and I agree with I agree with Darren Hardy, right. Like, the thing about the thing about AI is, if you are able to capitalize on it in the right way, you, you get ahead of the whole curve, and you realize that it's really a supplement to what it is that you're able to do. The other thing that's really neat, and this is the part we were talking about yesterday, is they have it where you can type in an artist, and you can type in a you know, like a style Eminem, Dr. Dre, whoever, and what you want a song to be about. And the AI will write the song and then synthesize the voice and then put it out there. So the worry, of course, that artists always have is are we going to get to the point where everything is just created by AI. And I said, and I believe this is real estate too, because So listen to this, guys, I hope that it goes that way. Here's why. I already know, you know, my background I have, I have a big background in radio. And one of the things that I know from my background in radio is there really is a specific formula that they listen to, that they're listening for, when they're going to play the song, if your song is going to be played before the commercial, if it's going to be played after the commercial. Like there's certain things that they're looking for inside of songs and how they're even placing those songs, right? If they have aI automatically generating things that we're just willing to, to listen to, right. That's going to be great for breakout artists, because what's going to happen is everybody's going to start to go down that way. And I think that the same thing happens with our scripts. This is why why, you know, like, when everybody's doing a script one way, I've always taught let's do this a different way, right? Because you become that one person that's on the outside. And you're not like everything else, it basically the industry will make you a differentiator when you were never a differentiator before, right? And I think if you're smart enough to capitalize on that, or just take the time to it's really going to be a time thing, right? Then what's going to happen is you're going to be able to run over everybody that's just doing generic because everybody, let's start doing generic scripts, because it's really simple to do. Hey, chat, GTP or GPT, you know, give me a real estate script for today. And okay, here's your script. Now everybody's doing videos, and they're all generic. Right? Cool, then how do you be completely different, right? How do you talk about something that nobody else is talking about? How do you create your own and be that outlier, right? And I think that that is where the real creative people are going to succeed and the people that are really going to put the work in and this kind of like L two, I think the other thing that's going to happen is there's going to be people that have always had their boots on the ground, that outwork everybody, because they actually put the actual work in. And so while everybody is generating stuff through AI, there's going to be other people that are still boots on the ground working and they're going to stand out even more so as well. So I think it's I think it's going to be great.
Jimmy Fantastic:Yeah, it's it's all going to be I think, I love it I love technology right and and where it's going and what it can do and obviously, you don't even think back to like with my mom's situation, right? If it wasn't for technology, I don't know what would have happened with their with their hip, right like the technology they went in, put a different part in like the car and fix it and it was good. Like, I mean, they just put a new part in, right so what it's like it's crazy with with this, this jet GPT And what it's able to create and do, and you know, then, you know, the the thing got brought up, it got brought up with like lawyers, right? It's just gonna, it's just gonna make lawyers obsolete, right? Because if, if I, if I don't want to write I'm like, but the problem is, you still need representation, right? You still like it can write the contract for you. I mean, it's not like real estate, it can write the contracts where you can write the, your listing ticket, or it can do all the things for you. It can fill in all the information, but it still, and this is this is the thing, and we found this out. We found this out during COVID. Right? What did people want? They still wanted the human connection, right? It's the reason why zooms took off, right? Because families couldn't get together. So it was everybody jumped on a zoom, which, okay, technology, it's a booster and was able to get us still connected, but people still wanted face to face, they still wanted to see each other, they still wanted to be around people. Right? They just didn't want to breathe on him. But it could. So I think she at GPT is kind of in the same boat, right? Like, it's great. It'll help you write things, it'll do some different things for you. The people that I'm concerned for, I guess, would be like an author, right? If you're an author that that, that you've put into your craft that you've mastered your craft of writing, you know, I mean, think about a Stephen King, right? He mastered the craft, he wrote these novels, it was it's an amazing journey. Well, if I could do the same thing, just by plugging some stuff in with jet GPD. And right now, people are gonna read but but here's the crazy part, people aren't even going to read it. They're gonna listen to it on Audible, right? So it's not like nobody's gonna read anymore, right? Because that way, we have audible. So I read, it's gonna take me 20 minutes to get through a three, you know, a 300 page book. And I could just listen to somebody telling me it, right. So that that's what that's the only concern like concerning for me. I'm not concerned as far as real estate goes, or attorneys go or anything like that, because you still need representation. And you still need human contact, right. And that's what people are always going to crave that and people are always going to want that. Now, they may want it through a camera lens, right? They may not want it next to them, but they're still going to want this this human interaction. And that's why I still tell agents every day, what can't be beat is still the phone, right? I can do all the social media one, I can put as many things as I want on social media to try to try to prospect for business, but I can still beat you on the phone. Because I'm still gonna get two more people faster.
Johnny Awesome:I looked this up. So Dave, just put on human connection get the kissing attachment for your phone they invented in Japan. I Googled this, of course, exist. It's called Remote kiss. It attaches to the bottom of your phone. Wow.
Jimmy Fantastic:You share your screen right now are no going
Johnny Awesome:to No. No. That is and yes. You know, Melissa is absolutely correct. You absolutely have to be able to ask a question. Exactly. Intelligent, you know, the people that are most results out of it are the people that are asking them, they're the ones that are learning how to create these formulas to again, get these responses in a way that they're actually calling themselves AI engineers and like you on Fiverr right now, this is mind boggling to me. You can go on Fiverr right now and pay somebody to type something in the chat GPT that you were not able to get the correct answer that you wanted. It's insane. It's it's like that's something people are getting paid to do now and to make AI art because because some people can't figure out how to articulate what they're wanting to see. Right. But, but creepy phones a jet GDP aside, that wasn't at all we wanted to talk about today. And we don't have that much time to talk about this. So I want to make sure to get this out there. Again, our line is live we we we heard the call from earlier this morning. 313644 For all we wanted to talk about this you guys need to know about what's going on right now with this multi billion dollar commission lawsuit that just turned into a class action lawsuit on Wednesday. If you don't know about this, you gotta you got to start knowing about this because this is going to impact a lot of different people. In fact, let me pull up the different areas if you're in Cleveland, Ohio, Columbus, Ohio, the detroit michigan MLS, Milwaukee Wisconsin, Minneapolis, Minnesota, Austin, Texas, Dallas, Texas, Houston, Texas, Las Vegas, Nevada. Phoenix, Arizona, San Antonio, Texas, Colorado Springs, Colorado, Denver, Salt Lake City, Fort Myer Miami, Charlotte or there's another one down here. Something I don't know what the wet area this is. In North Carolina. You are effect to buy this and and it's something that that we brought up a little bit that was mentioned from the last lawsuit that had happened. But this is a lawsuit that happened and it started at night in 2019. And It alleges that NAR and some other brokers have which are REMAX Keller Williams Home Services of America violate the anti the Sherman Antitrust Act by requiring right buyer broker compensation. And this home seller that filed this class action lawsuit was was challenging the entire real estate agency it was it happened back in 2019. On Wednesday, it finally gained steam because the judge that was looking over the case judge would decided that this is going to that they're going to open this up and allow this. They had granted it class certification. And to the larger of two federal commission lawsuits, they've they've allowed this to basically be a class action lawsuit. Now, since that has happened, it's kind of blowing up right now. And this is going to be this is going to be really interesting to see where this whole thing goes. Because essentially what they're saying is this, and here's the here's the whole complaint from what I can assess, right, by requiring the seller to pay the buyer's agency you are you are going against the Sherman anti Trust Act. So essentially, they're stating that this the person that initially went to go sooner, he stated that he had a listing in 2017, and that he paid a total broker commission of 6%. Now in the area that he was at, he didn't under you know, it was 3.3% to his listing broker, a REMAX franchise a 2.7% to the buyer's broker, a Keller Williams franchise, he is currently represented by six law firms. And is stating because he paid both sides, that it is a violation of that, that that act now essentially, here's where this is gonna get crazy. And And first, let me look up the total numbers on this, Jimmy, but me and you were talking about this this morning, right before the show out the impact that this could have in the real estate industry? Because we already know that the dinar was being looked into by the Department of Justice, right? Yeah. And for those that don't remember that this is one more edge where the government is really trying to get involved in the real estate industry. They are. They don't want it to be an independent organization anymore. They want to get involved. And if it goes anything like the other industries they get involved in right now. It's it's a real reason to be concerned. I think this is more concerning than worrying if Chet GPT is going to take our jobs over. Because the the government
Jimmy Fantastic:so I think in like I said Why shouldn't the government get involved? They do everything so great anyway. But if you think about it, right, this is this kind of in to kind of like, get some clarity for everybody if we didn't if it wasn't clear. This kind of goes back to a Johnny and I had talked about two years ago, right? This this lawsuit that's been going on since 2019. But it goes back to this is the this is the one I'm a buyer's agent. I say I work for free, right? You technically don't. But we can say it because the 6% comes from the sell side. Right? So what where's the money coming from? It's coming from the buyer who's buying the house. Right? So but so this is where this comes from guys like this is where this is why I always kind of try to steer agents away from saying, I'm free. If I'm here on your buy side, right? You are Yes. But not technically. No. Right. So that's where this whole lawsuits coming from? Is everybody going? I'm free. I'm free. I'm free. And but but then I'm gonna get paid anyway. Right. So So you're really not so so that's where this whole thing kind of is stemming from. So if everybody kind of didn't understand that part, that's where this is. That's where it's that's where this whole thing is coming from. Because so this guy was a seller in the sense that he had to pay the 6% and he's like, wait a minute, why am I paying all of it? If I'm just selling if I'm the only one selling it? Like, why am I paying the buyer's agent to bring a buyer to my house?
Johnny Awesome:So that Yeah, so the case so so what's really happened is that case that you just talked about is being combined with this case here that we're talking about from 2019. That's because this 2017 thing because here's what
Jimmy Fantastic:I said because government because instead of instead of looking at them as two separate things, right now, now I'm they're leveraging this case, to put with this other case, because then it You know, it's like when we pass laws, right? And everybody, everybody gets bad when we when we don't pass a law or we do pass a law. But the reason we don't pass more of the reason we do with passing was because there's 27 things attached to them, right? It's not just black and white. It's not like, okay, the speed limits 55. Right. But the speed limits 55. But if you have this many things in this area and this thing in that area, then it's, you know what I mean? Like, there's so many things that get attached to these things, instead of just being one of this, like we never, when we're when this when these government things happen, or lawsuits happen, all these attachments happened to it. So when you look at it from a surface level, you're like, Oh, well, no big deal. But all of a sudden, not all the underlying things that are attached to it all of a sudden come out, and it's like, Wait, that's not what I wanted. Right? It's gonna be
Johnny Awesome:the right there. Because here's, here's the real question. Okay. So check this out there, the plaintiffs motion for class certification, ended up relying on the opinion of these two, these two experts, right. And the defendants, they tried to exclude this testimony from the case. But but the judge, she denied that request, as part of Wednesday's ruling, because here's what basically what they've estimated, they've come together and estimated the total class damages in this case at about 13. Point 7 billion. Okay. If the Court were to award damages and award treble damages, that figure could go up to 41. Point 1 billion. And here's the crazy part about this, who's responsible at that point in time? Who's coming up with those damages? Now, like I said, that, in fact, the the the case is going on to talk about how this is between anybody, essentially, any home seller, who paid commission between March 6 of 2015, and December 31, of 2020. To a brokerage, they could essentially ask for their money back. Yeah.
Jimmy Fantastic:And, to your point, like, so me as an agent who sold homes at that time, right? Like, am I do I have to go back and like, pay them back? Or is it coming from the broker? Like, I mean, this legitimately could put a broker out of business, right? So think about, think about what the volume Keller Williams did, between 2019 and 2015 and 2020. Right? So five years of business, right? That's what we're looking at. And if everybody went back and the money had to come from the brokerage Keller would just fold and be gone, which every every brokerage would write, it's not just it's exp, who, whoever you want to throw into that a broker would just have to go out of business because there would be no money left, right.
Johnny Awesome:And that's the thing Keller Williams, you know, we always, a lot of us have a kW background. So each broker independently owned and operated. And like you said, if feedback on the broker, then all of a sudden you're looking at a situation where, how is how are they there? They're gonna everybody's just gonna end up folding right? Yeah. Now, is it realistic to assume that they're going to be able to like, I mean, we're real estate agents right guys? Like what are they gonna relax?
Jimmy Fantastic:Johnny, let's be honest, most of them aren't even paying their taxes right right. Like they're not they're not I mean, like most agents aren't even paying their taxes right right. So and and so like that's where it gets real sticky right and real hairy and I know Dave just put this up right Can we be like personal injury lawyers and say you know, you pay nothing unless you buy yourself in so the but the crazy part is right. This can be one of those commercials if you bought a house between 2015 and 2020 You're a while you know you're able to collect Yes, yeah, yeah, that's what it's gonna be it's gonna it's gonna be it's gonna be like you know, you know we've heard seen all those commercials on TV right but that's what it'll be if you bought a house between 2015 and 2020 and you paid access Commission's you're, you know, you're liable to get this money back and now you join this class action lawsuit but then to your point then who's responsible? Is it me as the agent is it the broker? Is it like, who is the board? Like who's responsible for all this?
Johnny Awesome:Well see, the real interesting thing because they started by going after NAR but then attached all these MLS is one of which again, Detroit is in and then then when and now they've attached this this this and this right. So I didn't say which did it say which which MLS? It was it real copper was it was it one or the other? They did they did they specifically say it or they just said the Detroit it was just Detroit was like the Yeah, they decided read the article talked about actual markets. And I mean, we look yeah. Are we in Detroit like is real comp market where again, I was at a brokerage and they did require you to put the buyers you know, like we could not put listing out without having buyer compensation on it. It was it was those things that was a rule that was set out by the broker. And I think, if I remember correctly, it had something to do with. I don't remember why it was, in fact, if I, if I remember correctly, our broker even stipulated that it has to be a certain percentage. And I know that you weren't, like, I know that that's something that we're like, you're not supposed to technically do that. But right. It's, it's interesting. Here's what here's, essentially, here's what they're saying. And here's, here's what this could come down to. And I mean, really realistically, you know, again, we talked about this two years ago, it'll be interesting to see what we're referencing two years from now. Right? What happens when the courts rule that the buyers have to pay their own commission right now? Right? What happens to the real estate industry when they come out and say, Alright, so here's what we're gonna do in this situation. The sellers are no longer responsible for paying that that side of things, right? I thought is it's gonna go two ways. Number one, the first thing I did is I asked Fabian, I asked him, I said, what happens? Like, if that happens, and buyers are really struggling to pay that, you know, down payment, and all that other stuff, and all of a sudden, you have to pay agent commission as well. Right. Right, exactly. harm the industry. And not only that, but then when home prices naturally start to they're gonna start to come down by the Commission price, right?
Jimmy Fantastic:I mean, I think that would be a natural, a natural part, right would be, you know, like, because so that, so the Fizbo thing, right? Let's think about that. Because visibles just want to save money, they don't want to pay the, the Commission now. And most of the time, not all the time, but most of the time, they'll pay 3% for you to bring a buyer tool, right? They're fine with that. They don't want to pay 3% for somebody to list it with them, right. So so. So their big argument is like, Well, why do I need to pay you 3% Just to list my house, you just gotta put a sign out front and put it on the MLS great. I put it on Zillow. And I've got it on Craigslist, and I've got it on Facebook, right? Like, what else are you gonna do for me? Right? So that's one of the things the visible thing. Well, now all of a sudden, that almost reverses, right? You're, why would a buyer, if I can go do this transaction on my own, it's almost going to be instead of for sale by owner is going to be for by by owner, right? Like, the buyer is going to be like, Dude, I ain't paying you to do this. I'm just gonna go and how many agents are going to be able to say and as we're talking through this, it just thinks keeps popping up in my brain? Right? So so right as me as a listing agent, right? I'm gonna say, All right, I don't I'll sell this. Well, I'll do this whole transaction for it for 4%. Right. I'll do the whole chair thing. 44% I'm gonna go get it. Because buyers aren't gonna be Oh, we got a phone call
Johnny Awesome:to you. And the first caller. Good morning. Hello. Hello. Hello. I know they're there. You can
Jimmy Fantastic:talk. They're probably like, I didn't I thought I was just gonna listen. I don't know. All right.
Johnny Awesome:Well, we know that it works.
Jimmy Fantastic:Are you gonna call again?
Johnny Awesome:I should just call WhatsApp.
Jimmy Fantastic:I thought I was ringing again. But no, but so so I think like, you're gonna, and we talked about discount brokerages. Right? Like we talked about, like agents that will just take listings for you know, 1%, right, just to get the listing, right, but rockin homes there. So you're gonna have, you're gonna have it happen on the on the buy side now, right? Like, if you think about this, right? I'll represent you as a buyer, but I'm gonna like a charge of 1000 bucks. And I'll do everything. I'll take care of everything for you. Right? And so and so like that, that that will get crazy if that if that becomes a real thing. Right? We have flat free broke flat fee. broker does not right, I just pay you 500 bucks. I'll put your listing on the market. And it's gonna be in the MLS NUMBER is gonna see it anyway. Right? But now you're gonna, it's gonna be you're gonna have the opposite because I represent you as a buyer. You just pay me 500 bucks. I'll take you around, show you a bunch of houses. I'll get you in. And then and then I'm gonna just look like I'm I'm this busy, super busy agent, right? But but I'm not. I'm just counting everything. I'm not even taking percentages of anything. So that's gonna be interesting, right? That's a it's a whole maybe maybe it'll be free for all Friday fireside stuff, right.
Johnny Awesome:I just want to put out there if you just tried dialing in, go ahead and try a again. I apologize. I had us muted on there and so that we didn't have duplicate issues, but we're good to go now. Just make sure that you turn whatever you're listening to us on down and we should be okay. I my house expired. Yes. What? I don't know. I'm confused.
Jimmy Fantastic:I didn't know your house is for sale. I didn't either.
Johnny Awesome:Apparently. It does. It opens up. It opens up a lot of different it opens up a lot of different things. And again, I think that this goes back to and it's really interesting at least start it out with something like the chat GPT thing, because guys, this is for real, this stuff is going to start writing your contracts for you 100% In the next two years, da, I, we have a thing in our office. Jimmy, you've seen it now that you're there. That's Spotify that keeps track of everything and creates boards for everybody. Yep, they, they just introduced a new thing. Yes, please turn your radio down. They just introduced a new thing, where you don't even have to create the boards anymore. You just select the type of board that you like, and based on what your company's numbers are, and the information that's on the spreadsheet that gets displayed on the TVs, it automatically writes out all the contest rules and who's going to be in it, like it fills out this form for you. And it's brilliant, it does exactly what I'd want to do, what the name of the contest is going to be who's going to be in it all that stuff. Within two years, if not, within by the end of this year, you're going to you're going to see somebody's going to come out with chat GPT writing a contract for the real estate agent, it's going to happen, that you're one step away from what you just said, Well, if I can, if I can have it write the contract for me. And now all of a sudden, I need to use a buyer's agent to buy the house. Well, you know, I'll just go and go and start buying the house directly then. Right, right. Like you said, work for, for buy by, by buyer. Yeah, we're gonna. But listen, guys. So now we have this is what's this is where this stuff excites me. It's interesting. But it's exciting. Because we are in this really interesting spot in real estate. Because remember, your real estate is not governed, we're, we're self governed by an association. That's one thing that the government doesn't want any more. They want to put their hands in their right to do but think about the opportunity that's going to be out there. It's not always the doom and gloom, we've always had for sale by owner. Oh, now, for buy by owner, we're gonna have oboes guys, it will not just oboes if you can learn to capitalize on that you're gonna be one of those people. Because look, you know, the For Sale By Owner programs that are out there now. And the people that made the best and the people that trained on it, you know, they went out there and did it for five or 10 years, they absolutely killed it because nobody else could figure out how to put a Fizbo pack together. And then for the rest lives, they sold this right. And so that is that is where I think there's going to be a lot of a lot of opportunity. This is, let's see commission is negotiable. Will this make it even more negotiable on different levels, effects splits? It's it? Yes, I think what I think what you're going to end up seeing, unfortunately, because how do I say this nicely? And it's not you guys, but real estate agents? How do you say real estate agents are pansies, but in a nice way?
Jimmy Fantastic:Nothing clarifies like clarity, Johnny was nothing clarifies like clarity. But here's the thing, right? Like, it always to me, it always always always goes back to the client experience. Right? It always goes back to the client experience. And, and I always say it all the time, people don't care how much you know, until they know how much you care. And if if you are if you if you're high level and taking care of your clients, and whatever else, you don't have to worry about this stuff, right? If you're not, you have to worry about this stuff, right? If if your past clients, if you're if you're staying in front of them, and you're staying in touch with them, and you're doing the things you should be doing, you're going to be fine. And Johnny and I are not trying to freak everybody out right now. Right? It's trying to stay in front of everything, right and staying in front of it. And Johnny and I have talked about this on many different things. Like I mean, Johnny, two years ago, we were talking about the market changing, right? And how interest rates were going to go up and how you had to like stay in front of it. And what were you going to do to change your business and, and that it's totally true, like our and what Johnny and I do, right, and as coaches and trainers and everything else is to stay try to stay in front of as much stuff as we can to give you guys the information to help you stay in front of as much of this information as much as you can. So this is just another thing. It's not we're not trying to freak everybody out. But we're just trying to say like, stay in front of this right? And don't worry about it. Don't worry about like, I mean worry about it, don't worry about it. Right. If you're taking care of your clients at a high level, you're gonna be fine. If you're
Johnny Awesome:trying to freak out about if you're not if you're on this, you need to get on this level because what's gonna happen is, again, it's like what Darren Hardy said the other day, the fact that that like it's not a surprise, but the fact that that dude is launching, and it's it seemed to join is launching this whole platform on how to build this stuff out. But no, I think you do need to be free. I think you need to go okay. I've been coasting so far through this real estate industry. And now, there are several things that are coming after our industry at the exact like at the same time. Right? You have, you know, the Autobots that are filling everything out. You have, you know, the people coming after the lawsuits you have, you know, is Commissioner gonna change and they've been trying to get that to happen for a long time. Right now, class action lawsuit again, that that gives it the ability to push it that further out there, right. So I think that you do need to be worried, but not be worried in a sense of and this is where I say, your your you know, I agree that you're correct it be worried, but then we'll sit but we'll position Okay, cool. However, what are we going to do about it? Right? And now, what's the mindset? Because if you can, if you go, Oh, man, all this stuff is coming, take that and say, but how can I take advantage of it? Right? Right. A lot of people read when COVID happened. Some people didn't, they didn't think it was gonna last long. But the people that lasted were the people that said, alright, what can we create out of this? You know, I think a lot of great things came from COVID The fact that I can go to Best Buy and they still stick the stuff in my trunk is one of the greatest things I've heard. Like COVID happened just because of that. Do you know how much money I've saved at BestBuy because they now put the stuff in my trunk?
Jimmy Fantastic:Right? Yeah, cuz you don't go in and shop or anything else. You just get what you just get what your
Johnny Awesome:door now, you know, all this happened. And they're taking a lot of money from it because they saw the opportunity. Again, if this goes through and these lawsuits I did Autobots. Oh, is that? Was that it? Yeah.
Jimmy Fantastic:You know, this one? You know, Eric said a couple of things like that. Yeah. GPT already has the ability to edit and Fill PDFs with the correct
Johnny Awesome:prompt 100% 100% It
Jimmy Fantastic:does a giant sit down a box
Johnny Awesome:the other day Chechi GPT. The stuff that they're giving us access to right now for $20 a month, you know, and if you're not even if you're not paying for a GPT for your your on the old one, you don't even know what they're doing. We're there. We're only getting a glimpse so far behind of the stuff that they're working on with these bigger corporations right now. You guys have
Jimmy Fantastic:no, yeah, that's the thing. Like excited to this. I talked about this last Friday when we were at the EXP event. And he even said he's like, What do you think's going on? I'm like, we're on the on the higher level, right? And when you when you start getting into these higher levels, right, like, what do you think's going on back there? Like? It's, it's mind boggling, right? Like if, if, if Johnny and I have access to this right now, right? What is what is like a corporation, right? have access to right? corporation that's worth billions of dollars, like what do they have access to? They have an infinite amount of money that they can just pay for stuff? What do they have? What does that have access? You said$20 a month right? Now you're on? What if I paid you $200,000 a month? What can I get?
Johnny Awesome:Or the 14 billion or whatever that Microsoft paid? Right?
Jimmy Fantastic:Like, what could I get? What What can I get? What check do I need to write to get just everything right? I can write that actually right now?
Johnny Awesome:Yeah, yeah. You know, I watched the demo. And this is this is available right now in chat. GPT. For the this is this is available right now. That, you know, I remember watching the guy go up on stage before they released Chet GPT. Four. And he drew on a sheet of paper, a website, he wrote a bunch of note, like, I want a website, that's a landing page that does this, this and this. He wrote that on a sheet of paper. And then he drew what he kind of wanted the website to look like. They took a picture with it with his phone. And within like a minute and a half. Chat GPT designed the entire website based off of notes that he hand wrote and a picture that he doodled on a sheet of paper. And he had a landing page created for him right. Now, again, stuff like that, to me, is a huge opportunity. Because we pay how much right now for you know, landing pages and all this other stuff to be created. And again, they all look the same? Well, now I can take some of that time away, and the cost for that stuff is going to be significantly lower. Because now I can say, all right, I want my landing page to look like this. Now kind of going back up to Melissa said earlier in the show. Absolutely correct. You still have to be intelligent about it. See, and this is where I think that people are you're going to win if you remember that part of it, right? Because what you're gonna have a bunch of people that just they don't care enough and they're just copying what everybody else is doing. And then you get the person that's like when they enter I want their screen to ignite on fire, right? Yeah, that person's gonna win or they're gonna be sued like nowadays right now one of the two is gonna happen Jimmy, but they will word for figuring out how to get chat GPT to ignite people's screens on fire. That's all I'm saying. All right, we're going we're gonna light people on fire. Yeah, and
Jimmy Fantastic:like you like to that point right like Look, there's there's always the internet trolls, right that, that will say things and do things just to get a just to get a Oh, right a lot of people right to rile people up to get them on. And again, it's no different than watercooler talk, right? Like if you know anything about watercooler talk, right or coffee talk, right, I'm going to, I'm at work today because I just I woke up on the wrong side of the bed. So what I'm going to do, I am going to get everybody else on my side and tell everybody else why this place sucks. And why this is bad. And why that? Because Because now it's like the mob mentality, right? I want to get everybody with me, right? And so, so chat GPT is not going to be any different, right? There's going to be the internet trolls out there that are going to use it for all the wrong reasons. Right? They're gonna use it just just to say crazy things, right? Because then you have, then you have, like, actual scientists out there who are experimenting with this thing, right? Like going back to the guy that I was talking about that the thing was trying to get him to divorce his wife, he was doing an experiment to see how far he could take this thing, right. And he was documenting everything. And it was it was wild to see how he documented everything and whatever else. Like, again, I'm I don't have that much time on my hands to do something like that. But I get it like it's a scientific method. It's something about data and whatever else Anyway, whatever kind of scientist that is. But it's if you think about it, like, it's, it's, it's so interesting, because it will do so much for you. And if you think about it, it's leveraging your time, right? It's kind of what Austin talks about, how can I leverage my time to make more money, right. And if I'm going to leverage my time to make more money, this gives me that opportunity to leverage my time because all I needed to do is take 30 seconds or a minute, put some stuff in, it's going to print out everything for me. Right? I have scripts and dialogues, it's going to print out for me, I don't have to worry about like, how do I come up with this stuff? Right? Like it's in. So here. And so my wife asked me, because my wife and I were talking about this last night. And as a coach and a trainer. She's like, what does that do for that? Like, what? Why would you need a coach? And I'm like, somebody still needs to deliver the message, right? Like, as a as an agent, I can go in there and type up give me scripts for a Fizbo. Right. And I can probably even get a little deeper, I could probably go give me scripts for a Fizbo in the metro Detroit area. Right. And and I'll probably give me some tweaks, right? Give me scripts for a Fizbo. Right, give me scripts for Fizbo in Birmingham, right? And then they'll probably give me some tweaks
Johnny Awesome:and utilize NLP, add that in there. That's something that I add,
Jimmy Fantastic:okay. And so, so by doing that, it's going to give me this script, I still have to deliver them, but I still have to be able to deliver them. I can't. And so that's where the Coach and Trainer thing comes in. But that's where we have to utilize it to our advantage, right. And that's your whole point, I think in this whole thing is like how do I use all this to my advantage? And not miss out on it? Right? And it's like, how do I take How do I take my business to the next level? By utilizing this tool? Because that's what you have to look at it as it's a tool. It's not, it's not going to it's not a it's a it's a problem solver? I guess it's not, it's not going to do it for you. It's going to help you along the way.
Johnny Awesome:Absolutely. I will. I'm going to answer this one question here. And then and then and then I'm going to get back to concluding this. This. A couple big things to talk about too. Yes, we do. Yep. This this lawsuit here. So CPT, if the Decepticons were to use it, how would it how would the Decepticons use it? And here's what it says. If the Decepticons were to use Chet GPT. Here's how they would use it. Number one information gathering, since it can be used as a search. It can be used to search the internet for, for information, or analyze large sets of data. This could be useful for the Decepticons in their efforts to gather intelligence on human technology, or their enemies, the Autobots.
Jimmy Fantastic:And see what's crazy, and what, what what I guess probably, some people don't understand. And I mean, I really don't understand it either. Right, like the data behind it, but like, from everything that everybody that I've talked to that uses it like and knows more about it than I do, really what it's doing, right, if you think about it, like a Google search, right? We've had the ability for however many years now, to just go to a search bar, put in whatever information I want, right restaurants near me, for instance, right? If I put in restaurants near me, and it just gives me 50 restaurants, and a snap of a finger. It gives me 50 restaurants near me, right. Perfect. Well, Jack GBT is doing the same thing except to just writing for you. Right? It's circling the internet and pulling information and just writing about because it's based off of keywords, right is based off of keywords. What am I looking for? How am I looking for it? where's it gonna go? And then it just puts the words together for me and throws them on a piece of paper, right? And that's really all it's doing it information is already there. I just don't have to go look for it anymore.
Johnny Awesome:It's, and it puts it together. So you know, and I'll have to show you Jimmy I don't think I've shown you my my being thing. It's actually I
Jimmy Fantastic:started out live on not live on camera anyway, you haven't shown me your big thing.
Johnny Awesome:Okay. I just wanted that pause to be awkward enough for everybody. But the, you know, the one thing I Bing actually did a good job about getting me to start utilizing them over Google. Because with Google, you're right, it pulls up all the different things if I'm looking for a specific answer, and you know, Dave's right, there's no substitution for the human experience. Right? It can come close, though. Because when I ask Google a question, let's just say, let's just say, you know, I have a saltwater tank, which I do. And I'm trying to figure out which, which shrimp go good with my watchman Goby, for instance, coconut shrimp. So if I ask Google, you know, Google's gonna give me videos that I have to watch and pages of suggestions. When I ask Bing Bing is like, what's up, Johnny? You know, there's actually like, it's like, you're in the store asking an expert and the experts pulling from all the data in the world. Hey, there's actually a couple things. By the way, did you know that this actually goes with them to check this, you know, and I'm like, and it's neat, because it then at the very bottom, when it's done, it lists all of its resources. So you can click on the websites that it's pulling all this different data from to learn even more if you wanted to, or just take the shortcut and say, Hey, teach me more about that thing or whatever. And that that is the one one thing that Bing has finally got, because I have never like, who goes around they're like, Hey, I'm gonna let me bring that nobody's done that ever. Right? I don't so the fact that that started is to me it's it's something but but let's let's finish it up with this. So you know, we're talking to get about this multibillion dollar commission lawsuit that's happening right now. You know, I named all the different the 20 different locations Detroit being one of them. That's that's that's, that's going to be affected by this. And and I just want to end with what Nora said here. After after the after the court opened this up and stated that you know, that now it can be a class action lawsuit. NARS spokesperson, Montel Williams said, We're disappointed to this decision. Pro competitive pro consumer local MLS broker marketplaces ensure equality, efficiency, transparency, and market driven pricing options for home buyers and sellers. The practice of listing the of the listing broker paying the buyer's broker commission saves the seller time and money by having so many buyer brokers participating in that local marketplace, and thus creates a larger pool of buyers for sellers. For Buyers, these marketplaces, save them the burden of extra costs at closing, enable them to receive professional representation and make homeownership possible for more people. In fact, the US model of independent local broker marketplaces is widely considered the best value and the most efficient model in the world with no hidden or extra costs. And with more complete verified information, compared to other countries, I thought, Look, I'm not the largest fan of NAR. I think that they've gotten to government tea too, to be honest with you, personal opinion from Johnny. But I will say that I thought that that was a really well summed up statement. And everything that we were talking about earlier, I think is summed up in there, right? Are is it gonna end up costing the buyers more what you know, but at the same point in time, it's interesting to note that while all this is going on, is in every major brokerage out there trying to figure out how to create their own MLS anyways, so that we get completely away from the MLS.
Jimmy Fantastic:Boom. Yeah, I know when I know one variant, particularly one that's trying to do that very thing.
Johnny Awesome:I know that I mean, hey, listen, guys, we have a huge announcement that we need to make as well. We started talking about this a little bit last week. It is coming up fresh, right. April 13. Is that right there?
Jimmy Fantastic:Yep. April 13 6pm. National Mortgage home loans and Troy. Yeah, I mean, I are gonna start doing a buyer class, right. So it's an opportunity for real estate agents to bring their buyers with them. And we're going to talk about several different things about buying your first home, right, getting your credit straight. Doing all those things and how you know what that process is like buying your first home, so it's an opportunity for you agents, again, agents from everywhere, it doesn't matter. Where are you from? It's National Mortgage home loans. And we're doing a first time buyer class, right? And talking about credit repair and several other things. Yeah. And
Johnny Awesome:here's why this is really good. Because we I asked Kurt, I said, Who is the best? We're gonna start this off by getting your buyers to understand what what it looks like, like what are their wants and their needs, if you're a real estate agent, and you want to learn from a professional who can actually paint a picture, but we always talk about asking and talking to them about what's the 80% that they're really looking for? What's the 20% that they could do without Kurt has agreed to come in and do the first part of this, this class, which is going to be all about dreaming up of your dream home. Right? Right, there is no thing I can think of that's better mastered that. Not only that, but it's going to give you a great opportunity to bring your buyers and Kurt's going to interact with the buyers live in front of you, for you, and help paint the picture out and start to go through some of those objection handlings of how he shows and gets people to understand the difference between their wants and their needs. So it starts on April 13. There's more information about it on our Facebook page, you can contact us if you're looking for more information about it. Definitely sign up for it because it's going to be limited. And it's all going to end with the closing party that ends on June 1. The people that come through the classes have firt the first chance to go up and win $250,000 towards the purchase of their new home. And yes, this includes you the real estate agent. So get more details show up to that. It's going to be a fun time fun event. It's for you guys to bring your buyers to so it gives you the opportunity to leverage conversations and leverage some good education for them as Jimmy hits the end of the day music here with his finger watching him do it. There it goes
Jimmy Fantastic:I feel like a DJ now. But yeah, guys, you aren't going to want to miss that you're gonna want to bring your buyers with you. You know, like we said Kurt is going to be in going to work with your clients right there in front of you. And gonna be hors d'oeuvres and drinks guys. We got we got agents hooked it's food and drinks like what else do
Johnny Awesome:you want? Hanging out in the back chat with us watching. Has this magic? Yeah. Sessions. Try to win yourself a house. Why not?
Jimmy Fantastic:The opinion come in and see the podcast studio live.
Johnny Awesome:We'll be there. Awesome. Hey, Jimmy, you've been fantastic. Johnny, you've been awesome. And we'll talk to you next
Jimmy Fantastic:Friday.