In the 1948 Supreme Court case of Shelley v Kraemer, the Court ruled that state courts could no longer enforce racial covenants in property deeds. Imagine the real estate agent of 1948 going on a listing presentation and having that conversation.
In 1974 the Equal Credit Opportunity Act was passed which, among many things, paved the way for women to take out loans without their husbands’ approval, or (gasp) without a husband at all! Imagine the real estate agent of the mid-1970s having an appointment with a single-woman buyer for the first time in their career.
As recently as the 1990s buyers had to physically go into broker offices to look at the listings book. Imagine how real estate agents felt giving up control of the inventory to (clutch my pearls!) the internet by the early 2000s.
And now, in 2024, thanks to the NAR settlement, buyer-broker compensation statements look to be disappearing from the MLS leaving the industry to once again change.
I’m hardly comparing racial covenants to the NAR settlement, except with this point: Change is constant and we as an industry will set the example of how to effectively manage and thrive in it.
Get on with making 2024 your best year yet, my friends!
