By Gretchen Pearson, Broker-Owner, BHHS Drysdale Properties
The real estate industry is facing one of its most significant transformations in decades with the recent settlement by the National Association of Realtors (NAR). This settlement, which mandates changes in how buyer broker compensation is handled, is a pivotal moment that will reshape the way we conduct business. While these changes are intended to promote fairness and transparency, I believe there is a potential risk that could undermine these very principles if we aren’t careful.
One of the most concerning aspects of this new landscape is the shift towards privately sharing compensation offers. When agents call to inquire about what the seller is offering it creates an environment of secrecy. This, in my view, is more detrimental than previous practices, as it fosters a “secret society” of sorts—an approach that contradicts the spirit of the NAR settlement, which aims to make real estate transactions more transparent and equitable.
Transparency has always been a cornerstone of trust in real estate. Buyers and sellers rely on clear, honest communication to make informed decisions. When compensation offers are shared privately, it not only reduces transparency but also places buyers and their agents in a precarious position. It opens the door to potential misunderstandings, miscommunications, and even mistrust, all of which can erode the confidence that clients place in us as real estate professionals.
At BHHS Drysdale Properties, we have chosen to maintain our commitment to transparency and fairness by continuing to encourage agents to submit offers, regardless of knowledge of the commission or concessions. Our approach is simple: let the seller decide. For example, when an agent contacts us with a buyer who is slightly below the listing price, we encourage them to submit the offer. This ensures that all options are presented to the seller, allowing them to make the best decision based on their unique situation.
We never dismiss an offer outright or suggest that an agent is ‘wasting our time’. Instead, we believe in maintaining an open dialogue, where the seller is fully informed and can weigh all options. This practice not only upholds the principles of transparency but also reinforces the trust that is essential in real estate transactions.
As we adapt to these industry changes, it’s more important than ever to remember why transparency matters. It’s not just about following the letter of the law—it’s about doing what’s right for our clients and our industry. The decisions we make today will shape the future of real estate, and it’s our responsibility to ensure that this future is built on a foundation of trust and openness.
The NAR settlement may have changed the rules of the game, but it hasn’t changed our commitment to the values that define us as professionals. We will continue to prioritize transparency, fairness, and integrity in everything we do. I urge my fellow real estate professionals to do the same, so that together, we can build a stronger, more trustworthy industry for all.
ABOUT BERKSHIRE HATHAWAY HOMESERVICES DRYSDALE PROPERTIES
Berkshire Hathaway HomeServices Drysdale Properties provides the highest level of quality real estate services throughout Northern California and Nevada. These services include residential real estate sales of existing homes, new construction, and condos. We have specialists available for transferring buyers, corporate relocation, third party relocation, acreage, commercial real estate, and other niche markets. Founded in 2005, the company is one of the largest woman-owned real estate brokerages in the United States and have grown to be among the Top 19 most successful Berkshire Hathaway HomeServices brokerages in the nation. With more than 1,200 licensed agents, serving 40+ counties in 40+ offices throughout California and Nevada, we have an agent to meet your needs regardless of the style, price, or age of the property you are looking for.
June 11, 2024
Berkshire Hathaway HomeServices (BHHS) Drysdale Properties, a leading real estate brokerage ranked in the top 20 of BHHS franchises nationwide, announces the appointment of Bob Cross as a business development leader at its office at 5340 Kietzke Lane, Suite 103 in Reno.
June 1, 2024
Berkshire Hathaway HomeServices (BHHS) Drysdale Properties, a leading real estate brokerage ranked in the top 20 of BHHS franchises nationwide, proudly announces the appointment of Michael Clark as a branch manager at its office at 1620 U.S. Hwy 395 N Unit A in Minden.
May 23, 2024
Berkshire Hathaway HomeServices Drysdale Properties is pleased to announce the appointment of Stacie Davis as the Branch Manager for the Sacramento office located at 5717 Sunrise Boulevard, Citrus Heights, CA 95610. She will be overseeing an office of over 40 agents and multiple support staff.
May 21, 2024
Berkshire Hathaway HomeServices (BHHS) Drysdale Properties was recently honored with the 2023 Sirva Silver Service Award for Outstanding Performance in North America, by Sirva Worldwide, Inc., a leading global moving and relocation services provider. Award recipients were chosen based on a variety of criteria, including focus on quality, innovation, and customer service.
May 14, 2024
Berkshire Hathaway HomeServices Drysdale Properties announces its acknowledgment as one of the Top 20 Offices in gross commission income (GCI) and residential units by Berkshire Hathaway HomeServices during the annual Sales Convention held recently in New Orleans, LA.
May 1, 2024
We are pleased to announce the appointment of Jennifer Rea as the Agent Concierge and Transaction Coordinator for the Healdsburg and Santa Rosa offices. Jennifer Rea brings over 20 years of experience in the real estate industry, specializing in transaction coordination. Her extensive background includes lending, drafting real estate documents, and funding loans.
January 12, 2024
Congratulations to our President and CEO, Gretchen Pearson, for being named among the 2024 T360 Swanepoel Power 200, which ranks the most powerful leaders in the residential real estate brokerage industry.
May 11, 2023
One of the Bay Area’s top ranked commercial real estate
professionals is bringing his expertise to Berkshire Hathaway
HomeServices Drysdale Properties (BHHS/DP). Stephen Pugh was formerly
the president of Compass California’s commercial division and has
represented the sale of more than $2.1 billion in multi-family and
other commercial properties in San Francisco and the Bay Area for the
past 33 years.
