This is the only way I know how to turn real estate compliance into an arc this year. Tis the season for reflection, after all, and it comes in like a compliance letter to the real estate industry written in the wee hours of the night.
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Dear real estate sector,
I know it’s late, but I just had the strangest dream. To be honest, I’m not entirely sure if I was asleep or half awake.
It was a reenactment of A Christmas carol by Charles Dickens. You know the story. It is a kind of reckoning, in which a stubborn man is forced to face the consequences of what he has not wanted to see for a long time.
But in my dream the main character, Mr. Ebenezer Scrooge, was Real Estate.
Real Estate is confident it has done enough, pointing to lawsuits across the country and newly implemented practice changes as evidence. All the while, transparency is touted as a badge of honor, neatly incorporated into mission statements and strategic plans.
And then, on Christmas Eve, Real Estate is awakened by a visitor: the Ghost of Non-Compliance. Her mission is to convey a somber message about change, its consequences, and what happens when warning signs are ignored.
As in Dickens’ novel, The Ghost of Non-Compliance explains that three ghosts will follow: one each from the past, present and future of Real Estate.
What follows is A compliance Carol – a story for those who will listen while the house is still silent and the path forward remains something to be chosen, not something imposed.
The spirit of the real estate past
The first ghost arrives quietly and offers no indictment, only reflection. It shows Real Estate what it has already experienced: Sitzer | Burnett and the lawsuits that followed, along with the headlines and unrest that rippled through the profession.
It was a time when compensation between buyers and agents took a back seat, consumer understanding was often taken for granted, and transparency was prioritized only by some practitioners.
The Ghost of Real Estate Past does not accuse Real Estate of bad intentions. Instead, it shows how comfort can dull judgment – and how meaningful, genuine change becomes critical when old practices no longer serve the industry as it is today.
With that, the mind fades, giving Real Estate the uncomfortable recognition that this chapter is not ancient history, but a not-so-distant memory.
The spirit of today’s real estate
The second ghost appears quickly, but lingers longer. The goal is to stop the industry halfway and demand an honest assessment of the current moment.
On the one hand, there are more rules and a lot of guidance. Agreements are now required between buyers and agents: written confirmations of representation, compensation and liability disclosure. Notably, many real estate agents are working hard to enforce this new standard and the consumer-focused philosophy resulting from the National Association of Realtors settlement.
On the other hand, the mind notes that these agreements are sometimes treated as a formality. Some are hastily secured; explained briefly and sometimes inaccurately; and adjusted when convenient, sometimes against legal advice.
A disturbing one report A Consumer Policy Center publication shows that some agents are clinging to old talk about “free” services or guarantees that sellers will pay their compensation.
Before Real Estate can process these claims, the mind turns to private listings.
Publicly framed as a seller’s choice or broker innovation, the practice takes on a different face upon closer examination. Limiting listing visibility may benefit some sellers based on specific needs, but it also changes access for buyers and quietly tests the fiduciary duty entrusted to licensees.
More problematic are the unsolicited private listing pitches welcomed by some companies and their agents, coupled with a lack of informed consent. This strategy will likely lead to public harm in the form of consumer complaints, regulatory investigations and legal challenges.
The spirit then turns its attention to NAR, recognizing that he is no longer the unique authority he once was. Its mission and guidance, historically supported by its members, are now the subject of growing debate and criticism.
Recent decisions raise a more difficult question for Real Estate to confront: whether the standards being championed are really in line with the promised transparency.
With that, the mind suddenly asks, in a noticeably sharper tone: Did the NAR delegation really vote against changing the Code of Ethics to require disclosure of referral fees to clients?
Before Real Estate can formulate an answer, the mind races. Referral fees – an enduring feature of the industry – are compensation associated with licensed activities. For years they have been inconsistently disclosed, justified by the familiar refrain of “how business is done.”
Here the mind pauses for a minute and then warns: “What once flew under the radar is now under full scrutiny. Hiding referral fees, like hiding listings, is selective transparency, and selective transparency is no transparency at all.”
And just like that, the Ghost of Real Estate Present disappears.
The spirit of real estate yet to come
The third spirit arrives like a judge pronouncing a verdict in a room full of stakeholders.
It reveals a future where lawsuits don’t go away; it multiplies. Consumers are becoming better informed, while the number of breaches of obligations is increasing. Meanwhile, journalists and consumer advocates are stepping up their attention, and regulators are looking more closely at licensees’ behavior.
In this FThe fate of Real Estate is foreshadowed A predictable outcome of non-compliance: more lawsuits, erosion of public trust, and increased government enforcement.
And then, just before the weight of it all fully settles, the vision shifts.
The spirit makes it clear that this future is not fixed and that there is still time to turn it around. This remains possible because many within the industry are, at its core, determined to do what is right for consumers – just as they always have.
Real estate must prioritize compliance as part of its long-term success and reexamine daily practices with honesty and faithful devotion to duty.
The ghost offers a final note: “The distance between what is put into practice and what is required – legally and ethically – is clearly visible, but still possible to bridge.”
So listen to the lessons of the past, fix the blind spots of the present and choose a different path forward. Transparency is not just a badge to be worn, but something that is deeply embedded in policies, contracts and behavior.
With those last words the ghost disappears and Real Estate wakes up.
Setting the bar high, all year round
Reciting this dream has made me sleepy. Before I go to bed, I’ll leave you with a line from Dickens’ classic holiday story. After his nocturnal visitors, Ebenezer Scrooge declares:
“I will honor Christmas in my heart and try to celebrate it all year round.”
So, dear real estate agent, please wake up. 2026 is just around the corner. Serve your customers and protect their interests all year round.
Apply transparency and compliance not seasonally, but consistently.
Yours sincerely,
Compliance
PS When we speak again, please remind me that I have something troubling to tell you article I recently read about artificial intelligence.
Author’s note: The opinions and recommendations in this article are based on Summer Goralik’s experience as a real estate compliance consultant and former investigator for the California Department of Real Estate. They are provided for information purposes only and should not be construed as legal advice. Readers should consult their brokerage firm and/or qualified legal counsel in their jurisdiction for advice on specific situations.
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