no privatization happening with Realtor.ca

“First and foremost, let me be clear: there is no privatization happening with Realtor.ca. Realtor.ca will remain completely owned by CREA, and realtors will continue to own it through their membership in CREA.”

This is something Janice Myers, the new CEO of the Canadian Real Estate Association (CREA), stressed during our recent time together in Ottawa.

Aside from pressing issues — like the “privatization” of Realtor.ca, the Realtor Cooperation Policy and the commission lawsuits — we had the opportunity to discuss her career trajectory, her first 100 days in the role and her vision for the future.

The full video interview is available to watch. For transparency, only minor edits were made to ensure you can see the complete conversation and form your own judgments.

An industry veteran

Myers comes highly qualified for her role. Her background in association management and experience working with a real estate team in Vernon, British Columbia, paved the way for her position at the Okanagan Mainline Real Estate Board in 2001.

In 2014, a new opportunity arose: “My husband and I decided it was time for a change, and literally the next day, I got a call about the CEO position in Ottawa.” So they relocated, and for the next decade, Myers served as the CEO of the Ottawa Real Estate Board.

Prior to this interview, I talked to people who have worked with her in the past to get their perspective on her leadership.

Without exception, every single person had nothing but effusive praise. It’s a feeling of excitement for what she can do in her new role and trust in her ability to do it well.

At a time in our industry where it seems many are divided on leadership at different levels and trust in the organized side of the industry, Myers seems to buck that trend.

The focus as CEO

“My first 100 days have been focused on listening and learning,” she shares. “I’ve embarked on a listening tour, meeting with colleagues across the country, both virtually and in person, to understand their challenges and opportunities.”

While she does come with a wealth of experience, Myers has spent the last 10 years at the local board level. Now, she has to get up to speed on how it changes when it comes to the national level. For the CEO of CREA, there are three critical components of the role.

The first is advocacy.

There was no time to go slowly. Out of the gate, the team at CREA had policy recommendations in the government’s 2024 housing plan. When The Hill Times put out its list of The Top 100 Lobbyists for 2024, Myers made the list. She was very quick to point out that the team at CREA, not her, is the reason for inclusion on the list.

Enhancing and protecting the reputation of realtors is another key focus for Myers. “Reputation is vital in this environment, especially as consumers continue to press for transparency,” she states.

The third pillar of Myers’ focus is realtor and consumer technology, with Realtor.ca being a primary asset.

New structure for Realtor.ca 

“First and foremost, let me be clear: there is no privatization happening with Realtor.ca,” Janice states unequivocally. “Realtor.ca will remain completely owned by CREA, and realtors will continue to own it through their membership in CREA.”

This clarification addresses fears that Realtor.ca might be sold off or opened to outside investors.

Myers assured me that this is not the case. Instead, the focus is on maintaining control while enhancing the platform’s capabilities and ensuring it continues to meet the evolving needs of both consumers and realtors.

She emphasized three main points solidified by a special task force and endorsed at a special general meeting:

1. 1. Ownership. Realtor.ca will remain wholly owned by CREA, ensuring that realtors retain ownership through their membership.

1. 1. Governance. The platform will be managed with an independent board and as a taxable entity, allowing for greater operational flexibility.

1. 1. Revenue reinvestment. Any profit generated will be reinvested back into the platform for the benefit of realtors and consumers alike.

“The idea is to provide Realtor.ca with the operational independence it needs to thrive and compete against heavily financed competitors,” Myers explains. “This structure allows us to diversify revenue streams, reducing our reliance on membership dues and ensuring the platform’s long-term viability.”

One of the main concerns among realtors has been how CREA plans to generate revenue from Realtor.ca without compromising its integrity or the interests of its members. Myers was clear that Realtor.ca would not sell leads to realtors. Instead, the focus is on exploring other revenue opportunities.

“We’ve identified about 30 different revenue opportunities and are narrowing down to five key areas,” she says. “These include leveraging our best-in-class data distribution capabilities, always ensuring that any data shared externally maintains the Realtor.ca brand and benefits our members.”

When pressed on whether allowing the data-distribution feed on third-party websites could lead to those websites selling leads to realtors, she emphasized that they’d make it part of the contracts not to allow that. The data-distribution feeds don’t contain member emails or contact information, and all consumer inquiries flow through Realtor.ca. This is the way it works currently, has always worked and will continue to work.

Myers highlighted the importance of maintaining transparency and cooperation with boards and associations across the country. “We want to ensure that everyone understands where these revenue opportunities are coming from and how they will benefit the entire realtor community,” she says.

While they’re making the case for five specific revenue opportunities, Myers declined to provide them until she’s had the chance to bring them to the boards and associations first.

“We’re listening to our members and ensuring that any steps we take are in their best interest,” she assures.

Our goal is to maintain Realtor.ca as the leading consumer portal in Canada, operated and owned by the industry.

“Realtor.ca is a vital asset for our industry,” Janice concludes. “By allowing it the freedom to innovate and compete, we are ensuring its continued effectiveness in serving the needs of consumers and realtors. This is about creating a sustainable future where our platform can evolve alongside the industry.”

Keeping Realtor.ca within CREA as a non-profit could potentially jeopardize its not-for-profit status. By separating Realtor.ca from the not-for-profit sector of CREA, the association gains more flexibility in revenue generation, which will be reinvested back into the platform, as Myers affirms.

The Realtor Cooperation Policy

Alongside the potential changes to Realtor.ca, the new Realtor Cooperation Policy, which restricts the use of exclusive listings, has sparked significant discussions. Few topics at REM generate as much commentary as this policy.

“The primary motivation behind the new exclusive listing policy is the consumer demand for transparency,” Janice explains. “Buyers and sellers are increasingly calling for more openness in the real estate process, and this policy responds to those demands.”

The new rule mandates that any publicly marketed property must be listed on the MLS system within three days. This move aims to ensure fair access to property information for all consumers, leveling the playing field for buyers and maintaining the integrity of the MLS system.

While the policy has sparked various reactions from the real estate community, Janice emphasizes its benefits despite acknowledging concerns. “The policy strikes a balance between transparency and consumer choice, ensuring that once a property is publicly marketed, it receives the broad exposure that only the MLS can provide.”

For realtors navigating this new policy, Janice advises open communication with clients, emphasizing the importance of honest conversations about their options and the benefits of MLS exposure.

Commissions

In the United States, there are ongoing high-profile class-action lawsuits challenging real estate commission structures and disclosure practices. This has led to significant legal and regulatory challenges that could reshape commission practices in the U.S.

Myers highlights the transparent environment in Canada regarding how buyer agents are compensated, with over 80% of transactions involving written service agreements that clearly outline payment terms.

The robust regulatory framework in Canada, including clear guidelines on commission disclosure and agent roles, helps mitigate concerns that have fueled lawsuits in the U.S.

Going forward

Janice Myers’ first 100 days as CEO of CREA have laid a strong foundation for the future, showcasing her qualifications and understanding of industry challenges.

Leaving the meeting, there is confidence in CREA and the industry under Myers’ leadership, with her openness, transparency, and willingness to engage being reassuring even in areas of disagreement.

Excitement surrounds Myers’ role as CEO of CREA, and her potential accomplishments in the coming months. Her work ahead is challenging, but signs point to success.

What would you hope Janice Myers accomplishes in the next 12 months? Share your thoughts in the comments.

Disclosure: To maintain transparency, CREA is an advertising partner of Real Estate Magazine. This partnership does not influence our editorial content, and CREA has not requested any specific coverage.