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Since early January, real estate brokers have had a familiar ally at the National Association of REALTORS®. Sherry Chris, the longtime Anywhere Real Estate executive, has been moving full steam in a new advisory role. She’s working hand-in-hand with CEO Nykia Wright and Senior Vice President of Industry Relations Jarrod Grasso to restore and strengthen the association’s ties with brokerages nationwide.
Chris started her real estate career in her native Canada before taking on a series of executive roles for some of real estate’s most well-known brands. At Anywhere, she was CEO for Better Homes and Gardens Real Estate, launching the brand’s franchise network, before going on to a larger role, overseeing expansion brands. She has also served in a number of advisory roles for NAR, including as a liaison to 2015 President Chris Polychron.
Since Chris signed on as special advisor to the CEO, she and Wright have teamed up to engage brokerages of all sizes in one-on-one conversations and connect at industry events on a range of topics from the landmark practice changes and the new Multiple Listing Options for Sellers policy to the future of brokerages. Their message to the nation’s brokers: “We’re listening.” Not only that, she says, but they’re also laser-focused on using the feedback they gather to better support the needs of the nation’s brokerages.
Chris spoke with REALTOR® Magazine about those efforts to date.
Why did you decide to take on this new role?
Chris: I retired in May of 2023 after almost 19 years with Anywhere, but being in the industry for so long, I’ve kept very close tabs on everything that has been going on. I received a call from NAR, and after meeting with Nykia, I became excited by the opportunity. Being an independent consultant allows me to go back and forth between the broker-owners, the heads of the large companies and the leadership of NAR. This is a great opportunity for me to take everything that I’ve learned through the years, all the people that I know, and help NAR and the real estate community.
Can you talk more about how you’ve approached your dialogue with brokers?
Chris: I started to reach out individually to the large broker-owners, having conversations with them and listening to what they like, what they don’t like and what they’d like to experience in the future. I’ve also reached out to several groups, like The Realty Alliance, an advocacy group for large brokers; the Leading Real Estate Companies of the World; the Asian Real Estate Association of America; the National Association of Hispanic Real Estate Professionals; the LGBTQ+ Real Estate Alliance and many more. I also want to hear what their members’ needs are and how we can do things better.
Now, I’m roughly 100 days in, and I’ve begun a strategy around collecting data on brokers in small- to medium-size companies, looking at how we can improve our programs for them as well. This may include ways to help them manage their businesses more efficiently, retain their agents and make their agents more productive.
I’ve also worked on getting Nykia out in front of as many members as possible and speaking at major conferences this year. She recently said to a group of state and local association executives that it’s critical for the leadership of NAR to be present “in real life.” I couldn’t agree more. It’s important for members to hear from the CEO and hear her vision and understand her priorities on behalf of them. So, it’s a very busy travel year for both of us, but we want to make sure we reach as many members as we can.
What feedback are you hearing from members so far? What do they want from their national or local associations?
Chris: There’s no shortage of things to talk about, and I’m sure there will be even more on the table as time goes on. For some, it’s been about top-of-mind issues, like with larger broker-owners, their involvement in the settlement. For many—not all—that has moved into the past, though it’s important to continue to talk that through and address any questions like, “Why did this happen and how?” Another topic has been NAR’s Clear Cooperation Policy and the Multiple Listing Options for Sellers policy, and I expect this will continue to be a hot topic.
Also, there’s the three-way agreement [a structure that defines the relationship among NAR, state associations and local associations] and how it relates to the integrity of MLS data, ethics and professionalism. Those three different components are very important. Jarrod Grasso joined the NAR team in March to serve as liaison to all the state and local associations. He’s focusing on how the local, state and national associations can all better support one another, and I’m focusing on how [the three levels of the organization] ultimately relate to and benefit broker-owners. The state associations often have broker retreats and broker summits. We’ll both be involved in a number of those this year. And we’re hearing from other state and local associations that want to host a broker summit. That’s a terrific step toward better serving the broker community.
Another topic that’s often raised is the future of the industry: Is there room for small companies? There are lots of mergers and acquisitions happening right now. What will the future brokerage look like?
How do you respond to those questions? In your view, will the mega brokerages just keep getting larger? Will independent companies continue to have a place in this industry?
Chris: So, I’ve been in the industry for almost 40 years. When I started, there was a small brokerage on every corner. That was the makeup of the industry. Then, larger franchises started, and that became an important piece of the industry. Next, early alternative business models started, and that became an important piece of the industry. Today, we have a combination of very large companies—some of them public companies; we have large regional independent broker-owners that in some cases have been in the business for over 100 years. We have boutiques and large teams that belong to different companies. We’re greatly varied.
And I believe there’s room for everyone in this industry, as long as they provide the consumer with exceptional customer service. What I like to talk about with small and medium brokers is, “How do you enhance your value proposition, as in recruiting more agents and in turn capturing the interest of the buying and selling public?”
How a company sets itself apart, such as by using AI and other technology tools, will remain very important. The agents who are utilizing technology effectively, and the brokers who understand that, will thrive in the future.
How has your perception of NAR changed since taking on this position?
Chris: I’ve been very close to NAR for most of my career, so I came into this position with a deep knowledge and understanding of how it works and what the benefits are for members. Based on the fact that it’s the largest trade organization in the U.S., I knew jumping in that there’d be a lot of moving pieces.
But what I did learn very early on is that the value proposition that NAR offers its members, agents and broker-owners is somewhat hidden.
For example, the work Shannon McGahn and her team do to advocate for the real estate industry may not always be visible to us, but it’s mind-boggling. As brokers, we depend on a legislative and regulatory environment in which we can continue to operate our businesses profitably. Our advocates at NAR work on our behalf 365 days a year.
Lawrence Yun and the research team do an amazing job of research and data collection—and then sharing data with us.
In technology, NAR’s Second Century Ventures is identifying early-stage companies and working with them to develop products that enhance rather than disrupt our businesses. There’s REALTORS Property Resource®, which is an incredible data source for both residential and commercial practitioners, and it’s available to members at no additional cost.
Finally, there’s education. There are so many different events, conferences and online educational programs that the association offers already. I’m excited about what’s to come with the recent announcement that NAR has brought in new talent, Elizabeth Ranno, to oversee this effort [as senior vice president of education and events].
I know there are members out there who are saying: ‘I don’t see the value.’ But there’s tremendous value. We need to do a better job of showing it to you.
Do you think the real estate industry is in a better position than it was, say, two years ago, to respond to the challenges that it faces?
Chris: Challenges will continue to come from all fronts, and some we can’t control. For example, we can’t control economic conditions. However the economy is performing, we have to be able to rise to that occasion.
What we can control is our professionalism within the industry—how we market a consumer’s listing, and how we provide that exceptional customer service to the consumer. We can also control how we talk to consumers about our profession and the importance of homeownership and realizing the dream of homeownership.
The success of your company or your individual real estate practice is really up to you. It’s not up to others. I would urge any broker to become more involved and understand what the association is doing for you and how it can help you. Volunteer for a committee or for local or state board directorship. Attend broker events and suggest new events that could take place.
When it comes to the future, none of us can sit back and wait for something to happen or hope something will happen, because hope isn’t really a strategy. So, I look forward to continuing a dialogue with brokers, and I encourage brokers to be proactive about reaching out: Talk to your local, state and national association about what your needs are and how we can help. That is how we can find success on all fronts.
