Do yourself a favor an watch this presentation given at the ALL-IN Summit by noted Venture Capitalist Bill Gurley. It only about 35 mins and worth the watch.
What lesson can we learn in our industry from the phrase, “regulation is the friend of the incumbent”?
RE/MAX settles buyer broker commission lawsuits for $55 million
“The Settlement resolves all claims in the Lawsuits and similar claims on a nationwide basis against RE/MAX … and releases RE/MAX and the Company, their subsidiaries and affiliates, and RE/MAX sub-franchisors, franchisees and their sales associates in the United States from the Claims,” the SEC filing reads.
“By the terms of the Settlement, RE/MAX agreed to pay a total settlement amount of $55.0 million … into a qualified settlement fund. In addition, RE/MAX agreed to make certain changes to its business practices.”
Brooklee Han for Housing Wire
Once again, if I’m proven right about the lawsuits being settled, I’m going to be unbearable. 😈
NAR throws support behind Bob Goldberg in face of growing unrest
“The consensus among the Executive Committee is we need to rebuild trust with staff and members with meaningful change,” she added. “We are bringing in third party experts to carefully and comprehensively look at what we’re doing now for what works, what needs to be changed and what is missing. We also will support and empower staff in their similar efforts. The Executive Committee agreed we have a shared purpose and are united in support of our staff and that includes Bob.”
Marian McPherson for Inman News
Everybody just breathe.
Lots of chatter out there on the after math of the New York Times expose on Kenny Parcell’s alleged sexual harassment. Brad Inman is reporting that there’s a big meeting being held of NAR’s executive leadership today regarding next steps. The knives are out. Some knives are from members, some from past leadership/staff who are looking for revenge. Some are even speculating that Bob Goldberg and Katie Johnson may be asked to resign.
I’m not sure I agree with those looking for more blood. Things are more complicated than they may appear.
Case in point, is there a policy that states NAR leadership can’t have relationships with staffers? Apparently there is a policy that NAR staffers cannot. In this scenario if Kenny cheated on his wife with a NAR staffer, he may have not violated a NAR policy. Now you would think that someone in that position would resign. Optics, code of ethics, be beyond reproach, and such, whether it’s violating a direct policy or not. I think most people hold our leaders to higher standard. We’d rather not have them cheat on their wives, pay off porn stars, or have their children profit from their position. But I digress.
But, what is the staff’s role in this, if the leader doesn’t resign? They can’t fire them. My understanding is the president is the leader of the organization and is the over the staff in regard to chain of command. In fact I’m sure the president can direct the staff to hire attorneys to help defend themselves to keep their position.
The staff is caught in a classic pickle.
Obviously many of us (including me), don’t know what we don’t know. And I may be wrong in my assumptions. But, in my opinion it would be a shame to see the careers of two dedicated leaders cut short due to the stress behind one man’s belt buckle. Which is another pickle altogether.
How it started…
President of Powerful Realtors Group Is Accused of Sexual Harassment
“Ms. Brevard, 51, was fired in September 2022 for failing to disclose her relationship with Mr. Parcell, according to the lawsuit she filed in federal court in Washington, D.C., in June.
She had worked at N.A.R. as what was called its “chief storyteller” and handled the group’s podcasts, videos and much of its marketing materials from 2019 to 2022. According to her complaint, she had a monthslong sexual relationship with Mr. Parcell. After she ended it, Mr. Parcell continued to press her with unwanted advances, saw to it that she was excluded from meetings and business trips and told her that he would have her fired, the lawsuit claimed”
Debra Kamin reporting for the New York Times
How’s it going…
NAR President Kenny Parcell resigns after NYT exposé
“The calls for Parcell’s resignation intensified over the weekend, as a growing number of industry leaders called on NAR to hold Parcell accountable for his actions. Anywhere Brands President and CEO Sue Yannaccone was one of the first high-ranking brokerage leaders to make a statement, with her Monday LinkedIn post garnering increasing attention throughout Monday afternoon.
“I was very disturbed to read The New York Times report on the brazen attitudes and alleged behaviors of leaders at the National Association of Realtors,” Yannaccone said. “Given our predominantly female industry, I am incredibly disappointed by the reporter’s allegations as NAR is supposed to be a guidepost for our industry.”
Marian McPherson reporting for Inman News
The Times article was a bit of a head scratcher for me. In my opinion, after thinking about it for the last couple days, and talking to people it’s amazing to me this clown didn’t resign when he was first caught in a sexual relationship with a staffer. This guys outsized ego just sullied a lot of people’s good reputation and future prospects.
NAR membership up even as transactions decline
“It’s been nearly a year since rising mortgage rates put the brakes on an overheated real estate market. But so far, that hasn’t led to a big drop in the number of real estate agents.
The National Association of Realtors reported that it had 1,566,354 members at the end of July, up by 6,547 from June and down just 1% (14,617) from a year ago.
Dave Gallagher, Real Estate News
This market astounds me. Membership down only 1% YOY? Crazy.
“Uncover the latest innovations by embracing change and hearing from experts on economic shifts, artificial intelligence, mergers and acquisitions, regulatory uncertainty, and more. All of this is only at NAR’s annual iOi Summit, the PropTech event of 2023”
Miami! Damn, I wish I could be there. I remember doing a “pitch battle” at iOi when we launched iBuyer Connect for Cloud CMA.
NAR CEO Bob Goldberg to Retire at the End of 2024
“Bob’s selfless commitment to our association has been inspiring to me and to everyone who’s served on NAR’s leadership team these past six years,” said 2023 NAR President Kenny Parcell. “He’s done so much in a relatively short time that will help Realtors® and consumers thrive both today and decades into the future. I’m incredibly thankful for that, and I know each of our members has Bob to thank for the innovations and advancements he’s championed in real estate markets across the world.”
Soon after becoming CEO, Bob spearheaded creation of the association’s Strategic Business, Innovation, and Technology team. Today, more than 220 global firms have been scaled through NAR’s growth accelerator, REACH, and its investment arm, Second Century Ventures.
Just one domestic REACH program was operating in the U.S. when Goldberg’s tenure began in 2017. Seven global entities now serve consumers, real estate agents and technology innovators, with REACH programs active in Canada, the United Kingdom and Latin America, among others. REACH participation has grown from 40 global enterprises to 211 in that time—a 400% expansion in less than six years—while SCV has simultaneously increased its investments from 12 to 73.”
I think it’s pretty well known that I’m a huge fan of Bob. His contributions have had an enormous impact on organized real estate. His journey over the past 4 decades is remarkable. From his days at PRC, the internet, portal wars, SCV, the GFC, Proptech, COVID, sub 3% interest rates, and the inventory crisis. May you live in interesting times indeed.
As of today, NAR membership is at its highest level ever, and more consumers used a REALTOR last year than any other year before.
For all of those going to NAR Midyear meetings (I still can’t get myself to say RLM) this message is for you.
I don’t care where NAR decides to hold the conference, Tradition is tradition, so I’m inviting everyone to meet up at the Omni Hotel’s Marquee Lounge Monday night (5/8/23). Anywhere from 9 PM on, just get there before last call (Midnight), and let’s all raise a glass together in a place we have enjoyed each other’s company for so long!
Spread the word!!!
