Jared Wilk, President, Greater Boston Association of Realtors

In an interview with Invest:, Jared Wilk, president of the Greater Boston Association of Realtors, emphasized the resilience of Boston’s real estate market despite inventory shortages and higher mortgage rates, which continue to impact the buying landscape. He added that the association has innovated with digital tools for education and safety, notably launching the Agent EDU and Safe Showings app. 

What were the key achievements for the Greater Boston Association of Realtors over the past year?

It’s been a transformative year, particularly in the realm of litigation and proposed settlements related to lawsuits filed against the National Association of Realtors. These lawsuits challenge the long-standing practices of cooperative compensation, which we believe have effectively supported homeownership for decades, especially benefiting minorities, veterans, and lower-income, first-time buyers. The potential changes to these practices are concerning as they might limit access to professional representation for these groups. On the positive side, we’ve been proactive in preparing and educating our members for these changes.

What makes Boston an attractive place to do business? 

Boston is appealing for several reasons. It has many desirable towns and maintains a low unemployment rate. There’s a significant immigrant population, particularly among younger generations who are now entering the homebuying market. Boston is also a hub for education, with numerous hospitals and universities, and hosts a mix of local, national, and international companies. It’s historically been a safer city to invest in, thanks to its robust local economy fueled by jobs, immigration, and educational institutions.

What trends are emerging in the Greater Boston real estate market?

The most significant trend is the lack of inventory, compounded by higher mortgage rates, which makes the market highly competitive and challenging for buyers. This situation impacts not only our members, who are realtors, but also homeowners, buyers, and sellers across the market.

I don’t foresee any housing crash. In my opinion, we’re significantly backed up on inventory, which I wouldn’t call a crisis, but there’s definitely an inventory crunch. Real estate is cyclical, usually every eight to 10 years, and though we’ve seen dips, the median prices have generally been rising year over year. With the increase in mortgage rates, you’d typically expect prices to drop, but that hasn’t happened yet. Many of us are waiting for mortgage rates to decrease, which would make homebuying more affordable. However, while this would lower monthly payments, it might not reduce the overall sales price, still benefiting sellers more than buyers.

How are you guiding your members through regulatory shifts and other challenges?

The main services we provide to our members are education and advocacy. Real estate is a field that seems accessible, and many believe it’s easy to get involved, particularly since getting a license doesn’t take very long. We aim to ensure that professionals in the industry uphold the highest standards, which is where our code of ethics comes into play.

We emphasize education. For example, we offer a course called Building Bridges, Not Barriers, and provide free, accredited buyer-representation courses. These help realtors improve their practice and earn accreditation. Our approach includes consistent communication and outreach. We’re proactive, visiting offices and conducting meetings, whether with 10 members or more, and holding larger in-person and webinar sessions. We also use videos and email blasts to ensure we connect with our members in various ways to continue spreading knowledge.

How are you integrating innovation and technology into the association’s practices?

The landscape of technology has significantly transformed our operations. Previously, most of our educational offerings were in person; however, the onset of COVID-19 necessitated a shift toward digital solutions, such as smartphones and webinars. For instance, we launched a program called Agent EDU this year, which offers 60 to 70 different modules. These modules cater to agents at varying stages of their careers, from newcomers seeking business-building strategies to seasoned realtors looking to enhance their CRM systems. Additionally, we introduced Safe Showings, a mobile app designed to ensure the safety of our members during property showings, addressing concerns about meeting strangers in potentially vacant properties.

How is the Greater Boston Association of Realtors addressing housing affordability in the region?

Housing affordability remains a challenging issue with diverse opinions on how best to address it. Our stance is clear: we support housing for all but oppose new taxes that could exacerbate affordability issues. We’ve successfully opposed rent control and transfer tax proposals legislatively, as these could hinder housing production. Besides, we’re committed to diversity, equity, and inclusion, demonstrated recently by awarding 10 scholarships to people of color for pre-licensing courses in real estate sales.

What advice do you offer to young professionals aspiring to build a career in real estate?

Real estate should be approached as a full-time profession, not just a part-time job. It’s crucial to fully commit and consider it a long-term investment of your time. Starting in a team or under mentorship can provide stability since it’s typically a commission-based field. It’s also essential to immerse yourself in the industry through networking and continuous learning. Participating in various events, from broker open houses to professional gatherings, helps build essential relationships and knowledge.

What are the top priorities for the Greater Boston Association of Realtors over the next two to three years?

Our focus is on continuous education for our members, emphasizing fair housing practices. We’re implementing mandatory fair housing training every three years alongside our ethics training. This is part of a broader initiative to combat discrimination and promote inclusivity within the industry. The Massachusetts Association of Realtors is also considering making this training a required continuing education course for all realtors.