The Lead: Bess Freedman and Leo Pareja Break Down Private Listings, Market Cycles, and What’s Next

In a candid conversation on the latest episode of The Lead, Brown Harris Stevens CEO Bess Freedman and Leo Pareja, CEO of eXp Realty, sat down to talk about one of the industry’s most controversial topics: private listings. The discussion quickly expanded into a broader reflection on the housing market, technology’s evolving role in real estate, and what agents can expect in the years ahead.

Private Listings Undermine Transparency

Pareja, who began selling homes in college and rose to become one of the top agents and tech entrepreneurs in the business, didn’t mince words about private listing networks.

“I’ve seen how inefficient real estate is in other countries,” he said, drawing on eXp’s operations in more than 27 markets worldwide. “Outside the U.S. and Canada, it’s a mess. There’s no centralized MLS, and finding a home can mean searching eight different websites and calling countless agents.”

His point was simple: without a shared, transparent system, buyers and sellers lose. “If we keep going down this road, it could all break and fracture,” he warned. “And the biggest losers would be consumers.”

Freedman, who has long championed fairness and openness in real estate, agreed noting that the argument for “seller’s choice” is misconstrued and overblown. Pareja supported that view with data: out of 350,000 transactions closed by eXp in 2024, fewer than 1,000 were off the MLS. “Whether it’s jewelry, tech, or real estate—you don’t get top dollar at a garage sale,” he said.

Where the Market Is Headed

Turning to the broader market outlook, Pareja admitted that even seasoned CEOs get it wrong. “I predicted a 10% increase in sales for 2024,” he laughed. “It was 2%.”

Both he and Freedman agreed that transaction volume remains historically low and will likely stay that way into 2026. “We’re still facing the ‘lock-in effect,’” Pareja explained, referring to homeowners who refuse to give up sub-5% mortgage rates. “For the market to truly open up, we’d need rates near that level again—and I don’t see it happening soon.”

Still, both leaders pointed out that opportunity always exists. “Agents can succeed in any market,” Freedman said. Pareja agreed: “Most deals come from human condition—life changes, financial shifts, distress. Those never stop.”

Homeownership and Wealth: The Long View

The conversation also touched on a larger truth: owning a home is still one of the strongest paths to building wealth. Pareja noted the staggering gap between homeowners and renters—$410,000 vs. $4,700 in average net worth.

“Homeownership stores human beings,” Freedman added. “It’s not just an investment—it’s stability, safety, and dignity.”

In the end, for both leaders, the message was clear: transparency, collaboration, and adaptability, not exclusivity, will define the next chapter of real estate.

To hear the full conversation, check out The Lead on Spotify, Apple, and Youtube and check out The MORE Network on the Brown Harris Stevens website.