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Each year, Training magazine requires all Training Hall of Famers to submit an Outstanding Training Initiative that we share with our readers. Here are the details of Sonic Automotive's Service Operations Academy and how Leading Real Estate Companies of the World prepared real estate agents and leadership for major commission rule changes after the National Association of Realtors (NAR) settlement.
LEADING REAL ESTATE COMPANIES OF THE WORLD: PREPARING REAL ESTATE AGENTS AND LEADERS FOR COMMISSION RULE CHANGES
Last year, the Department of Justice reopened investigations into the National Association of Realtors (NAR), the largest trade association in the United States for real estate professionals. The group faced several lawsuits accusing it of antitrust behavior violating the Sherman Act. In March 2024, NAR agreed to settle and pay $418 milion while implementing key changes to the way agent commissions are paid. This was a seismic shift in the industry, affecting all real estate agents, and on a tight timeline: All changes were required to be implemented by August 17.
A by-invitation-only network, Leading Real Estate Companies of the World (LeadingRE) is home to 400-plus U.S -based independent residential brokerages. Its agents needed current, accurate, and trustworthy training to understand these changes, be equipped to explain them to their clients (buyers and sellers) and create a plan for success in the new landscape That meant LeadingRE needed to "fly the plane while building it" ie., develop, create, and deploy...