By Budge Huskey
Chief Executive Officer of Premier Sotheby’s International Realty
Buying or selling a home has always been among life’s most meaningful milestones. Yet with such an emotional decision happening only every 8-10 years on average, the focus is understandably on the real estate professional and not on the underlying framework of the brokerage industry itself. Most consumers need never consider that foundation. Today, however, organized real estate, the very system supporting nearly all resale transactions in the country, is navigating a period of enormous change and challenge.
In more than four decades in this business, I’ve never witnessed such conflict and litigation among major industry players, trade associations, data aggregators and vendors, all vying for relevance and survival amid intense consolidation and economic restructuring. In just the past year, the list of plaintiffs and defendants has included the National Association of Realtors (NAR), numerous multiple listing services, Zillow, Redfin, major franchises and brokerages, and even the U.S. Department of Justice, among others.
Who Really Benefits from the Turmoil?
As a longtime student of the business, I’ll offer an observation: many of these actions are cloaked in the language of consumer protection, yet too often they’re ultimately self-serving. In the case of recent class-action lawsuits, the winners have been the attorneys who routinely capture the lion’s share of settlement funds. Opportunism is nothing new, but we should at least acknowledge who benefits and who does not in this high-stakes game.
Perhaps no organization has faced more scrutiny of late than the NAR, the nation’s largest trade association, long recognized for its political influence and reach. Following its high-profile settlement earlier this year, NAR finds itself at the center of a broad evolution in buyer representation and commission practices.
As a Realtor, a title reserved exclusively for members of the association, I’ve witnessed remarkable accomplishments and regrettable missteps. NAR has advanced homeownership and professional standards for generations, yet recent controversies have tarnished its reputation and emboldened critics. Some now advocate forming alternative associations or urge brokerage firms to simply withdraw from the roughly 1.5-million-member organization. I believe both would be mistakes in a time when reliable guidance and advocacy are at a premium.
Policy, Protection and Representation
The preamble to the NAR’s Code of Ethics begins with the words, “Under all is the land.” It continues: “Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of our civilization.” That declaration is profoundly American, a reminder that property rights and responsible stewardship of land underpin our freedom, economy and community well-being.
Behind every real estate transaction stands a framework of policy, protection and representation that allows Realtors and consumers to function with confidence. That’s where NAR plays its critical role. Built on a strict code of ethics, it has safeguarded the interests of buyers, sellers and property owners for more than a century. Since 1913, it has required Realtors to place customers’ interests above their own and to treat all parties honestly and fairly.
Protecting Property Rights
NAR also champions property rights. In 2023, it supported a landmark Supreme Court decision preventing states from keeping surplus equity after foreclosure, a victory for fairness and for every American who values the sanctity of ownership. The association defends policies that help families build and preserve wealth, including the mortgage interest and property tax deductions, and initiatives that sustain local reinvestment and strengthen communities.
It continues to advocate for issues that directly affect homeowners. NAR has called for modernizing the capital gains exclusion on primary residences, unchanged for decades, to reflect inflationary tax burdens on longtime owners. Of particular importance to Floridians, it is leading efforts to reauthorize the National Flood Insurance Program, ensuring stability, updated mapping and continued insurability for coastal homes. NAR has also supported reforms to the VA Home Loan Program, restoring flexibility to veterans.
Addressing the nation’s housing shortage is another cornerstone of its mission. The association supports expanding housing supply through adaptive reuse of commercial buildings, zoning reform and legislation to increase inventory. Together, these initiatives broaden access to homeownership, which is the foundation of personal and national prosperity.
Ethical & Professional Standards
Beyond advocacy, NAR plays an equally vital role in maintaining ethical and professional standards. Every local association operates a professional standards process, enabling Realtors to hold one another accountable for conduct and customer care. This ensures that those who fail to prioritize the customer are identified and addressed. Without such oversight, our profession would risk descending into a wild west of inconsistent practices and limited accountability, an increasing risk in an industry with low barriers to entry and insufficient oversight and training.
Having spent a lifetime in real estate, I’ve witnessed the transformative power of homeownership and the indispensable role the NAR has played in shaping the most efficient marketplace for buying and selling property in the world. I will always advocate for improvement and evolution, but count me among those who believe in the enduring value of this institution and its mission to uphold the American dream for future generations.
