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Nykia Wright, interim CEO of the National Association of Realtors, may not have direct experience in real estate. Throughout her career, however, she has been focused on constant disruption.
She said in a recent podcast interview that this makes her the best person right now to lead NAR staff through the most tumultuous period in the industry’s modern history.
Wright recently sat down with a friendly group of interviewers from the Real Estate Insiders Unfiltered podcast, including NextHome CEO James Dwiggins and NextHome CSO Keith Robinson. Over the past year, Dwiggins has been an outspoken ally of the NAR, criticizing while also calling for the organization’s support.
Wright, who served as the organization’s CEO for about eight months, declined to be interviewed through NAR.o At a critical time for NAR and the industry, the podcast provides a rare glimpse into the leaders of the organization.
NAR President Kevin Sears has given numerous interviews and appeared in front of large crowds during his time as head of leadership, including on stage at Inman Connect in Las Vegas last month, and Lai Te is dedicated to leading staff behind the scenes.
Dwiggins asked Wright whether the settlement brokered by NAR, which includes $418 million in payments over the next several years and sweeping business practice changes that took effect Saturday, was the right decision.
“Absolutely, unequivocally,” Wright said. “We have to understand what we’re facing. We don’t have a complete set of options. Of the choices we’re given, this is the path that makes the most sense for us. Still, right now we’re not satisfied with the status quo.
She acknowledged that members are uneasy about the changes sweeping the organization and the real estate industry.
“Some people are going to take a while, and some people may never come back,” Wright said, “but we’re not going to count before the night and assume that’s true.”
She repeatedly urged NAR members to “get active” and participate in the organization.
Wright did not name any of NAR’s critics, including American Real Estate Associationis a new real estate organization formed by Compass agent Jason Haber and The Agency CEO Mauricio Umansky.
However, she said NAR is actively working to do its best Win back disgruntled members.
“There’s a saying, ‘Listen to the whispers so you don’t have to hear the screams,'” Wright said. “So when people want to leave, we start thinking about how to bring those people back.”
“I’m a little concerned when people tend to back out now because their voices are not part of the solution going forward,” Wright said. “In business for yourself, but not in business for yourself, when you leave the association, I think [leaning out] Enter the “own” type box. I think we are really stronger together and we just have to keep proving that.
Wright also didn’t mention the new class-action lawsuit filed earlier this week by Michigan attorneys and brokers against NAR, but she did appear to address critics more broadly.
“I understand people are frustrated about things, but bringing that frustration inward so we can be the best organization we can be,” Wright said. “Because we confuse consumers, we confuse plaintiffs’ attorneys, we confuse the Department of Justice, we confuse all these people because of how many followers we have and how many users we have.”
The interview also gave the public and NAR’s 1.5 million members the most comprehensive understanding of Wright’s background and allowed them to hear from her why this is what the organization needs at this moment.
“I may not be born for yesterday, but who knows I am born for the future,” Wright said. “But now, given my background, it makes sense.”
Wright’s background
Originally from Atlanta, Wright studied finance at Carnegie Mellon University before moving to Europe to study international business at Cambridge University. She returned home and eventually earned an MBA from Dartmouth.
She calls herself a “business doctor” and serves as a consultant to private and public companies, including an unnamed real estate company. That consulting job and later as CEO of the company chicago sun timesWright said this gave her experience in an industry that is constantly being disrupted.
“The last consulting firm I joined, they had a sign on the front door; it was six feet tall and about three feet wide,” Wright said. “The tagline says, ‘As you read this, your business model is being disrupted.’ That helps us understand and develop the discipline to help our customers.
Wright also said that when she joined NAR as interim CEO, an immediate focus was on the organization’s communications strategy, saying real estate was facing a “Y2K moment.”
“Making sure we can speak to all of these audiences and companies at the same time is a very, very difficult task,” Wright said. “That’s not an excuse. But it’s one of the main challenges we have to face.
Wright noted that while she has no direct real estate experience, her skills and business background complement those of longtime agent Kevin Sears, who hails from Massachusetts.
“Having one more person with a real estate background is not going to make any difference,” Wright said. “But if you have someone with decades of experience in real estate and someone with decades of experience … outside of the real estate industry but with similar experience, that’s a very, very powerful thing.”
When asked if he hoped to stay until the end of the year, Wright seemed a bit silent.
“I would say I wouldn’t change anything as it relates to how my life is designed,” Wright said. “I bloom where I am planted, and I let the universe take care of the rest of the details.”
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