This 12 months has had its ups and downs, together with the NAR settlement, DOJ scrutiny and copycat fits. Listed below are eXp CEO Leo Pareja’s prime takeaways from 2024.
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As 2024 started, few of us in actual property may have imagined the surprises the 12 months had in retailer. This uncommon 12 months has examined our resilience, adaptability and management at each flip.
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From the pivotal second on March 15 when the Nationwide Affiliation of Realtors reached its historic settlement with plaintiff attorneys to ongoing scrutiny and Civil Investigative Calls for (CIDs) from the Division of Justice — the 12 months has been a whirlwind of challenges and alter.
6 takeaways from 2024
Reflecting on this extraordinary 12 months, I’ve gathered some key takeaways that I imagine can information us as we put together for 2025.
1. The pace of the chief determines the pace of the pack
In occasions of uncertainty, management issues greater than ever. Staying decisive, proactive and targeted on options units the tone for groups, organizations and even total industries. These moments demand clear imaginative and prescient and decisive motion.
2. Letting go of how we ‘used to do things’ is difficult however obligatory
This 12 months has compelled us to confront the fact that change is inevitable. Whether or not it’s new guidelines of engagement, shifts in shopper expectations or regulatory reforms, clinging to the previous can maintain us again. Embracing change — even when it’s uncomfortable — is the one strategy to transfer ahead.
3. Standing up for what’s proper issues, even in the event you’re the one one doing it
Advocacy is just not at all times straightforward, particularly when the trail is unclear or the assist is unsure. However talking up for equity, transparency and moral practices is non-negotiable. Management requires the braveness to be vocal, even when it feels lonely.
4. Grace and empathy throughout complicated occasions are superpowers
This 12 months jogged my memory of the challenges of 2008-2009. The market turbulence and uncertainty of 2024 have been harking back to these occasions, coupled with the low transaction depend, however what has stood out is the extraordinary approach brokers have come collectively.
Regardless of the noise, they’ve labored tirelessly to assist consumers and sellers navigate the complexities of discovering their approach dwelling. Compassion is a strong device in moments of chaos.
5. We should preserve the buyer on the middle of the whole lot
In an trade full of jargon and “inside baseball,” it’s straightforward to lose sight of what issues most: the folks we serve. Consumers and sellers don’t care about our inner complexities — they care about discovering a house the place they’ll construct their lives and reminiscences. Retaining their wants entrance and middle should stay our tenet.
6. Brokers aren’t going anyplace
There was a lot hypothesis in regards to the future position of brokers in a tech-driven world. Let me be clear: Actual property professionals play an important position in one of the emotional, rare and financially important transactions of individuals’s lives. Guiding households by way of this course of isn’t just a job — it’s a calling, and it’s not going away.
As we shut out this unpredictable 12 months, I’m struck by the resilience of our trade and the folks inside it. The challenges of 2024 have solely bolstered my perception that actual property professionals are among the many most adaptable, pushed and dedicated people in any discipline.
Waiting for 2025
If 2024 has taught us something, it’s that change is the one fixed. As we step into 2025, I encourage all of us to embrace this actuality with open minds and daring visions. Let’s proceed to innovate, collaborate and advocate for the way forward for our trade and the folks we serve.
As a result of it doesn’t matter what surprises lie forward, one factor is definite: Actual property is about greater than transactions — it’s about guiding folks dwelling.
Leo Pareja is the CEO of eXp Realty. Join with him on LinkedIn or Instagram.
