“We want to do things the right way, even if we’re not making as much money,” Beth Friedman said Wednesday at Inman Connect New York.
Brown Harris Stevens CEO Beth Friedman is not a fan of private listing networks, arguing Wednesday that they are creating problems for real estate professionals.
“If you work for a seller and want to get the highest price, [for their listing]we want to expose that to the entire market,” Friedman said.
The comments came while Friedman was on stage at Inman Connect New York, an event that has been dominated by discussions about privately traded public networks for the past two days. Such networks have proliferated in recent years, sparking heated debates about data, privacy, consumer choice, and real estate rules.
During the Connect session, Friedman specifically argued that private listing networks work against transparency and, as a result, are “damaging” people’s perceptions of the real estate profession.
“I think we have to be people who share information honestly, or we’re going to lose this battle,” Friedman said, grouping private listings with reality TV and big lawsuits as undermining trust.
Friedman went on to acknowledge that proponents of private listing networks are telling sellers “if you’re not part of this network, you’re missing out.” But she pushed back, focusing on buyers and housing regulations.
“But what about buyer choice?” Friedman said. “Don’t buyers need to see what’s available on the market? And I think if you keep people out of the market, you’re going to have problems with fair housing. So I would be very careful.”
Hosts Clelia Warburg Peters (left) and Beth Friedman at Inman Connect New York on Wednesday. Credit: AJ Canaria Creative Services
He also said Brown Harris Stevens could benefit from building its own private network because it owns a large number of luxury properties. But Friedman suggested the company would not do that and expressed regret that other companies had jumped on the private listing bandwagon.
“We want to keep doing things the right way, even if we’re not making as much money,” she continued, adding a moment later, “The truth is, you’re doing the right thing. And when you do the right thing, the right thing happens.”
Later in the session, Friedman said he was “shocked” by the Anywhere-Compass merger. Still, she argued that despite massive consolidation in the industry, this is “a great time to be an independent company and be able to make decisions based on what agencies need.”
“For example, when you go to the Four Seasons, you expect certain things because you know what they offer,” she said. “That’s why we keep coming back. It’s the same with Brown Harris Stevens. We’re known for luxury, but it’s not about price. It’s about service. Whether it’s a studio or a rental or a $30 million apartment or townhouse, we have to provide the same service to everyone.”
Session moderator Clelia Warburg Peters also asked Friedman to define a “good agent.” Friedman responded that a good agent is one who “puts the client’s needs first.”
“They’re ready, they’re market savvy, they know what they’re showing,” Friedman said. “They get along with people. They return calls. They’re punctual. It’s basic courtesy and courtesy towards each other, because we need to have standards.”
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