Maryland REALTORS® Online

Value Forward: Cheryl Abrams Davis, our next Association President, is Focused on Member Value

Every President who has served Maryland REALTORS^® comes to the role with initiatives they’d like to move forward. And, just like every President, the realities of the industry often dictate much of their path. This doesn’t faze our next President, Cheryl Abrams Davis, who will lead this association beginning October 1, 2024. Coming to real estate after a solid business career, Cheryl’s skills as a leader—visioning, planning, leading—came to the surface while working in corporate America. These same skills have shaped her ascendency as she rose from committee member, to leadership, and now, President. How will she use these skills to add value to brokers and agents? Maryland REALTORS^® CEO Chuck Kasky sat down with Cheryl Abrams to learn more about what’s in store in her term.

Chuck Kasky: You had a solid work history prior to your real estate career. Tell us about your trajectory—your arc, if you will—how it led to a career in real estate?

Chery Abrams Davis: I’ve always had a passion for real property and architecture since I was a child. I grew up in Washington, DC, and I remember being fascinated with the architectural details of homes I visited with my parents. One house was in upper Northwest DC, and it was a very ornate row house with a front and rear stairwell, and I remember being fascinated because we lived in an 800 square-foot row house in DC.

The second house was in Hillcrest, Washington, DC. This house had so many steps to get to the front door. As a child I remember counting 20, 30 steps just to get to the front door. It was the first house in our area that had an overlook where you could see from the living room to the upstairs with a balcony. This house exists to this day. It’s these moments that led me to where I am now. I am always fascinated by architecture when I travel the world.

Chuck: How did your professional life lead you toward real estate?

Cheryl: In my 20s, I was working in the private sector. My first real job was with the Georgetown University Law Center, working in the alumni development and public relations office. This is where I learned a little bit about real estate because we had accepted alumni donations to help build what is now the Gewirz Building. Shortly after this stint, I completed my degree in business from Trinity University in 1993 while working at an international law firm in Washington DC.

It was in 2002, working in the private sector, that I remember getting a raise of 2%, which, I was told, was the standard increase for every employee and manager across the board because the employer was uncertain how the events of 2001 would affect business. I thought how insane it was for the employer to think their employees and managers were only worth a 2% increase. So, I picked up the phone and registered for real estate school. They had one seat available, and I knew that this last seat was mine because I understood my value more than ever, and I knew that if I wanted more for myself, I had to make it happen.

Chuck: What about the move from having a steady paycheck to being self-employed. Was that scary?

Cheryl: Absolutely. But one thing about me, coming from my business background, is that I make calculated moves. I didn’t just leave my profession to go directly into real estate. I started out as a dual career agent for four years and my real estate income surpassed my corporate income. I saved up one year’s worth of salary before I left the corporate world. So, I had a nice cushion before I left. Still, my family thought that I had lost my mind. Why would I leave a six-figure job with benefits and a 401(k)?

Yet these reactions made me feel like I was on the right track because I believe a lot of people who are successful today took chances on themselves that other people couldn’t understand. That’s why it’s called a “dream” because it’s something that you see while everybody else may not. I knew that failing in real estate was not an option for me, and that I was going to do what I needed to do to be successful in this space.

Chuck: Those are all good points: know your worth but also have a little bit to get started. It does take an investment to start any business, right?

Cheryl: Absolutely. I believe that if you don’t invest up front, you don’t have as much of a buy-in.

Chuck: Looking back on your diverse work back-ground, what helped you when you made the leap to real estate?

Cheryl: Having worked in an environment where I had to understand people, how they process information, and how to be a good leader has benefited my work in real estate significantly. Planning is crucial in whatever work environment you operate; you can’t just jump into a space without a plan and roadmap to get to the other end. Much of what I learned in my previous work applies to real estate. The real estate business, like other professional endeavors, requires sound planning, constant professional training, and leadership.

Chuck: Many of our presidents have been agents, some have been team leaders. You’re an Associate Broker, partner-owner. How does that set you apart?

Cheryl: As a partner at RE/MAX United, I do occupy a unique position. I’m also the office manager for our brokerage where we have 62 agents, most of them seasoned, long-term agents. I also list and sell real estate, and I play a major role in transaction forms compliance at our office. As I step into the role of President, my experiences at my brokerage have certainly shaped my sense of vision, organization, and scheduling. While managing an office with 62 agents may not be the easiest of tasks, we are aligned to provide an outstanding experience for our agents and clients. We have an awesome and dedicated support staff. Likewise, as the state association, we want to provide an exceptional experience for our members, even in these current challenging times. We do that by moving forward together. It’s what we do at the brokerage, and it’s what we will continue to do here at Maryland REALTORS^®.

Chuck: What do you think you’ll be spending your most time on during your term?

Cheryl: There’s what we want to do, and then there is what is thrust upon us. We must manage both! The focus at this time is:

• REALTOR^® Tools. We need to ensure our members are equipped with the proper tools to navigate the new business practices. To be forward-thinking and anticipate all outcomes ahead of time and be prepared to pivot, if necessary.
• REALTOR^® Value. We must ensure that buyers and sellers understand the value we bring to every real estate transaction.
• Consumer Confidence. Closely related to REALTOR^® value, we need to continue and build upon our outreach to consumers, so that they have confidence in keeping the real estate professional at the center of the real estate transaction.
• Advocacy. We must continue the fight for protecting private property rights.

Chuck: Good points. I know you want to accomplish things, but as we’ve seen, major issues—the NAR settlement and the COVID outbreak in 2020—can often dictate the agenda.

Cheryl: Since I have been a part of the leadership team, my vision of what I’d like us to accomplish has probably changed no less than seven times. However, the four points I just mentioned will be the immediate focus. Also, we will be monitoring the market. It has been a very challenging year: high interest rates, a lack of middle housing, an ongoing housing crisis, and all the legal issues facing the industry and our members. This is also the second year in a row that transactions have been down. For every transaction that we lose, that’s two less paychecks that would have supported our members.

It’s important to make sure our members understand the “business of the business” and are prepared to pivot from where they are to a different mindset. So, right now the focus is on us, our brokers and our managers, to make sure that they have the tools and guidance necessary.

Also, advocacy will always be the key. We had an amazing year in advocacy in 2024, and we still need to speak out on issues important to Marylanders, our communities, and this industry. What can we do to help make middle housing commonplace in Maryland? How are we addressing the homeowners’ tax credit? This hasn’t changed in years, restricting this benefit to Marylanders making $60,000 or less, not adjusting to changes in the consumer price index. This is a huge initiative that I want to take on so that our seniors and anyone meeting new thresholds will have options with housing affordability.

Chuck: What are your plans for helping brokers adapt to today’s realities? When you take office on October 1st, we’ll have about six weeks of experience with the practice changes required by the settlement. What do you hope to accomplish with broker resources, helping them adapt to what will just be the beginning of the new reality we find ourselves in?

Cheryl: Well, I do want to say that our Maryland REALTORS® staff is fantastic. Our Strategic Communications team and the Communications & Public Relations committee is awesome. I’m excited for the Broker Portal we’re rolling out, which will provide the brokers in our state with the tools they will need to get through this current business climate and beyond. We want to ensure we provide resources to all brokers with this tool, whether they are small, medium, or large firms. As this association’s incoming President, it’s exciting to see the broker portal take shape. Providing consistent support to our broker community is something I wanted to focus on, and it’s gratifying to see it happening already.

Chuck: How important is it that we help brokers understand the importance of transparent communication with their clients? For example: talking compensation with a buyer. How would you like to see us approach that conversation? Let’s be honest. We don’t know what the end game is or where we will end up, but we do know that the Department of Justice and even some consumer organizations want buyers to pay their brokers, full stop. They want to eliminate sellers compensating buyers and brokers. They are being relentless. What do you think about how we approach this as a state association? Our members are looking to us in an uncertain time.

Cheryl: We should commend the Maryland REALTORS® legal team and Statewide Forms Committee for being on top of this process. Let’s also recognize that Maryland is one of the few states that has had a buyer-broker agreement in place since 2016. We’re not starting at square one.

From the start, information about what a buyer should pay their broker has always been there, period. The difference now is explaining this information in more detail to a potential buyer and the options open to them if the seller is not offering compensation. As long as we have the forms available, along with the guidance and videos to assist our members on best practices in sharing this information to their clients, coupling that with sound broker training and supervision, I believe that that’s what’s going to get us through this time.

Chuck: Buyers have been conditioned to believe that they do not need to come out-of-pocket to pay their brokers, traditionally.

Cheryl: I have a concern that there will be some communities and some people who will be left out of obtaining the house that they really want, if they have to compete against other people who can afford to pay their broker, versus those who are relying on seller compensation to make the transaction happen.

Chuck: To me, if I’m saving up for a house, I know what I need for a down payment with closing costs, and knowing that the average age of a first-time buyer has increased substantially over the last decade or so—is it really a matter of being priced out, or is it a matter of needing more time to save up the extra money? Does the conversation change from being priced out of the market to delaying entering the market, to saving more money to cover these costs?

Cheryl: There will be some people who will be able to pivot. We also need to look for opportunities for people who might not be able to move as quickly. The world of real estate has been changing since I started in the business in 2002. It has been changing as far back as I can remember. What I’ve witnessed is that when things change, some things may go away as other things come into existence to bridge the gap. There may be ways in which this gap could be bridged that we’re just not aware of yet because the dust hasn’t settled. We will closely monitor the effects of the changes on our industry and remain open to developing ways to overcome stopgaps.

Chuck: What else do you have in mind that you would like to see Maryland REALTORS^® accomplish in 2025?

Cheryl: We need to continue to do our forward thinking with respect to the broker portal, with respect to enhancing the consumer experience on MarylandHomeownership.com, making sure that our members have the tools they need to succeed. We want to hear from all our members about how it’s going—what’s working, what’s not working, and what do we need to do to fill any gaps. To get through this successfully takes active listening, which as President, I am looking forward to.

Chuck: On a lighter note, you have decided to hold your installation at the same time as “Back to the Beach,” our annual conference, which is making its return to the Ocean City Convention Center. As our members know, this was our norm, which we got away from. What were your thoughts about bringing the installation back as part of the annual conference? What’s your vision for the event?

Cheryl: So, I’ve been a participant in the Maryland REALTORS® conference for years. In 2023, I chaired the Conference and Events Program Advisory committee. This event has always been a significant part of my professional development. I do remember when the installation was a part of the conference—there was a different kind of energy in the air. Yet I totally understand why everything got disjointed following COVID. It gave some of our more recent Presidents an opportunity to make the installation their own. For me, especially after having served on this committee, it seemed the best space for people to come, get reenergized, get their CE, reconnect with a lot of the REALTORS^® from around the state, network, and yes, celebrate.

For my installation, I want to connect to that energy, for everyone to be reinvigorated, reconnected, and just really have an enjoyable time. We’ve been through a lot in these past 12 to 15 months, and I want everybody to have a reset and start off on the right foot and celebrate our industry award winners and our new leadership.

Chuck: Any final thoughts?

Cheryl: Maryland REALTORS^® will not put out information unless and until we know it’s complete and accurate. When we speak, we’re going to make sure that the information our members receive is correct and actionable. For our members, I ask you to please have patience. Things are changing at lightning speed; things may be one way this week, and then next week we’ll get information that changes the changes we’ve implemented—and we must be ready when the information changes again. Members should understand that we will make sure that they have the right information as quickly as possible, and that it’s correct and reliable.

Be adaptable and, most of all, please, explain your value to sellers, buyers, landlords, and tenants. It’s important and critical to communicate what REALTORS® do and the value we bring to every transaction.