2024: The Year of Transformation in Real Estate

The year 2024 will undoubtedly go down in history as a defining moment for the real estate industry. From a staggering $418 million lawsuit settlement that sent shockwaves through boardrooms, to impassioned debates over the Clear Cooperation Policy (CPP)—is it a consumer boon or just another industry headache?—this year has been nothing short of transformational. And I say that with 20 years of scars and wisdom gained in this industry. From brokerages to MLS operations to consulting for associations, I've had a front-row seat to watch the evolution of real estate—and let me tell you, this year's performance was a spectacle.

The Lawsuit That Made Headlines—and Waves

The $418 million settlement was more than just a headline; it was a wake-up call. It forced everyone—from brokers to MLS executives—to re-examine how we do business. For some, it felt like watching a slow-motion train wreck; for others, it was an opportunity to innovate and pivot. But the silver lining is this: the case put the consumer—the buyer and seller—at the center of the conversation. And isn’t that the point of all this?

Of course, let's not kid ourselves—this industry is no stranger to friction. Brokers versus MLS, big tech versus traditional agents, and, my personal favorite, the eternal debate: "Is Zillow friend or foe?" Yet, despite the tensions, 2024 showed us that collaboration is not just a buzzword; it’s a necessity.

The Clear Cooperation Policy: Friend or Foe?

Speaking of friction, CPP continues to stir up passionate debates. Depending on who you ask, it’s either the best thing to happen to consumers since online listings or a bureaucratic nightmare strangling innovation. Both views have merit. The CPP undeniably forces transparency and levels the playing field for smaller brokerages. But it also challenges the spirit of competition that many believe is vital to innovation in this industry.

As someone who has consulted with MLSs and boards, I can say this with confidence: policy debates like CPP are crucial. They force us to ask uncomfortable questions about who we’re serving and why. But let’s not overthink it—at the end of the day, whether you call it a policy, a rule, or an annoyance, the consumer remains the focal point.

Collaboration: The New Competitive Edge

One of the most heartening developments this year has been the intensification of collaboration across the industry. And no, that’s not sarcasm—though it feels ironic to say, given that we’re all technically competing with one another. For years, I’ve attended RESO, CMLS, and NAR conferences, as well as countless MLS software user group meetings. What always stood out to me was the willingness of industry leaders to share insights, swap war stories, and genuinely help one another.

This year, however, that spirit of collaboration reached new heights. Perhaps it was the lawsuits. Perhaps it was the market uncertainties. Whatever the catalyst, we’ve seen PropTech startups, large MLS software companies, franchises, and boutique brokerages all leaning into one another. Why? Because we all have the same ultimate goal: serving the consumer.

The Consumer: Our Common Ground

Here’s a not-so-subtle reminder for anyone in real estate: we exist for the consumer. Buyers and sellers are the lifeblood of this industry. And if there’s one thing 2024 has made crystal clear, it’s that every decision—whether it’s a new tech rollout, a policy debate, or a brokerage strategy—needs to start and end with the consumer in mind.

That’s the beauty of this profession. Despite the noise, the competition, and the occasional lawsuits, we all share a common purpose. Whether you’re a PropTech founder trying to disrupt the market, an MLS executive refining data standards, or a broker working late to close deals, your success hinges on the consumer experience.

Looking Ahead: A Collaborative Future

As we head into 2025, my hope is that the collaborative momentum of this year continues. Imagine what we could achieve if the energy spent on lawsuits and infighting were redirected toward innovation and consumer value. This year proved that even in the face of challenges, we are better when we work together. The real estate industry is nothing if not resilient, and 2024 reminded us that we thrive when we put the consumer first.

Here’s to a future where we can keep the collaboration without needing a crisis to spark it—and maybe, just maybe, fewer lawsuits. But hey, this is real estate—let’s not get too optimistic.