Throughout a 12 months of turmoil within the business, Pareja — who simply moved into the CEO function in April — has repeatedly jumped into the fray to sort out points head-on.
Editor’s observe: On this 12 months of evolution — a lot of it mandated by authorized challenges — a handful of individuals and themes have emerged as defining forces. Actual Property Information has chosen the highest newsmakers of 2024, based mostly on their business influence and affect. They’re The Ten.
In 2024, brokerage leaders confronted a dizzying whirlwind of adjustments in actual property practices, whereas additionally being confronted with a sequence of rising threats and business in-fighting over what’s finest for customers.
As these conflicts and occasions arose, one chief — eXp Realty CEO Leo Pareja — was fast to publicly reply, rally his troops, announce a recreation plan after which assault the difficulty head-on.
NAR settlement motion plan
In March, Pareja — who was eXp’s chief technique officer on the time — hosted a stay webstream within the rapid aftermath of the NAR settlement announcement the place almost 50,000 concurrent viewers tuned in. The corporate was one of many first — if not the first — large brokerage to get forward of the information and share their ideas and technique with not solely their very own brokers, however the broader business at giant.
Pareja, together with Holly Mabery, eXp’s SVP of brokerage operations, mentioned that they had labored by the weekend speaking with quite a few brokers and gathering suggestions for his or her Monday morning presentation. The hassle appeared to repay, as Pareja was promoted to CEO just some weeks later. At solely 41 years outdated, Pareja grew to become probably the most highly effective millennial leaders in the true property enterprise.
A mannequin purchaser settlement
eXp and Pareja additionally performed an necessary function on this 12 months’s debate on purchaser company agreements. Whereas some associations and brokerages produced prolonged in-house agreements full of legalese, eXp’s brief and easy purchaser settlement earned the brokerage reward from unbiased shopper watchdog teams and authorized specialists. Going even additional, Pareja and Mabery invited the remainder of the business to make use of eXp’s settlement as-is or as a mannequin for their very own.
In discussing the choice to create a bespoke purchaser settlement, Pareja mentioned the objective was to take away friction from the transaction, one thing he understood properly from his a few years working as an agent. And making it publicly obtainable merely aligned together with his view of the business: “Our place was, look, it is a cooperative business, and I am not speaking about compensation, however simply working with one another,” he advised the hosts of the Actual Property Insiders Unfiltered podcast.
Taking a stand on Clear Cooperation
Towards the tip of the summer season, issues over types and new business practices had been beginning to ease, however one other debate was heating up. Pareja was one of many first outstanding business leaders to leap into the dialogue about NAR’s Clear Cooperation Coverage — a rule that regulates itemizing practices and limits non-public networks.
Whereas leaders of luxury-focused brokerages like Compass and The Company coordinated a full-scale assault on Clear Cooperation, Pareja got here out in assist of protecting the rule in place, arguing that it helped preserve a good and clear market and is finally in the perfect curiosity of customers.
Getting eXp’s home so as
Whereas Pareja has been fast to confront exterior points head-on by 2024, he is needed to juggle plenty of inside points as properly. The corporate has been retooling its income share mannequin and different perks with a view to stem the lack of brokers following 4 consecutive quarters of declines in agent rely. Moreover, a sequence of sexual misconduct instances that mired high firm execs and recruiters continued to simmer within the background for a lot of the 12 months. And eXp additionally noticed a minimum of two key figures — together with former Chief Progress Officer Michael Valdes — transfer to rising competitor LPT Realty.
Although Glenn Sanford would be the visionary and chief who constructed eXp up from a small participant to one of many high international brokerages, Pareja believes he brings a “very recent perspective” to the corporate. Alongside Mabery, Sanford and different eXp leaders, Pareja’s function will likely be to keep up — and develop — the brokerage’s place close to the highest whereas additionally heading off exterior threats.
