Where Real Estate Gets Its Dirt

South Florida Just Became a Superpower

Dionna Hall

MIAMI REALTORS® and RWorld Announce Merger Creating the World’s Largest Local Realtor Association

“Two of the strongest MLS and Realtor organizations in the U.S. are now one, building on South Florida’s momentum as a global real estate powerhouse and shaping the industry’s next frontier.” — Alfredo Pujol, Chairman of the Board, MIAMI REALTORS®

93,000 members. Read that number again.

MIAMI REALTORS® (56,000 members, the largest local association in the U.S.) and RWorld (37,000, the third largest) are merging into a single organization, Miami and South Florida REALTORS®, effective May 11. MSFR MLS? That’s larger than 47 state associations. More than double the next biggest local association. And when they combine the MLSs, it’ll be the third-largest MLS in the country behind Bright and CRMLS.

This isn’t two small boards merging because they can’t afford their tech stack anymore. This is the #1 and #3 local associations in the country looking at each other across the Broward County line and saying, “This is ridiculous — it’s time.”

Knowing a little bit about the data licensing has worked in the past this is going to be a HUGE win for brokers and agents.

A few things that jumped out:

Teresa King Kinney and Dionna Hall will serve as Co-CEOs, continuing what the press release correctly notes is 60+ years of women’s leadership across both organizations. Kinney retires at the end of 2026 after 33 years running MIAMI, with Hall taking over as sole CEO in 2027. That’s how you do a leadership transition — you don’t just announce it, you build a bridge.

Jonathan Dolphus becomes the first African American Chairman of the Board in the history of either organization. Super cool.

The MLS piece is interesting. Both systems — Flexmls and Matrix — will keep running initially, with a combined MLS coming later (cage match?). Members get access to both platforms. And the combined MLS will have data exchanges with 11 of the largest MLSs in the U.S. and Canada, plus they’re joining the Global Data Exchange. For an association that already has 437 international agreements, South Florida just became even more of a magnet for global real estate.

Division boards for both MIAMI and RWorld will stick around to preserve each organization’s culture. Smart. The mergers that blow up are the ones where one side feels like they got absorbed. This looks more like a marriage than an acquisition.

$69 billion in total real estate volume in 2025. 93,000 members. Miami-Dade, Broward, Palm Beach, St. Lucie, and parts of Martin counties — basically the entire southeast coast of Florida under one roof.

NAR called it the “largest, fastest, and most seamless merger” in its history. We’ll see about the seamless part — that’s always easier to say on day one. But the ambition here is real, and the structure looks like they actually thought it through.

My hat’s off to Pujol, Dolphus, Kinney, and Dionna. This is what it looks like when two organizations merge from a position of strength instead of desperation.

The consolidation continues…

Realtracs Says the Quiet Part Out Loud

Who Owns Listing Data? We Say Brokers Do.

“The uncomfortable reality is that our industry treats listing data as if they have a right to use it however they want. Brokers and agents earn listings and invest in them. The data that follows should not be treated as a commodity. It’s their work product and a business asset.”

Back in February, Realtracs restructured into three entities — a holding company, a product company, and an investment arm — with a new 7-member board stacked with independent directors. Stuart White said the governance model needed to evolve because over 30% of new Realtracs users were coming from outside Middle Tennessee. It was a smart, quiet move that most people outside Nashville probably missed.

Now we know what the restructuring was for.

Realtracs just killed their Participation Agreement — the standard MLS contract that every broker signs — and replaced it with something called a Brokerage Services Agreement. And the difference isn’t cosmetic. The new agreement explicitly states that the listing broker owns their listing content and the data that comes with it. Not the MLS. Not the association. The broker.

That’s a big deal. And here’s why.

For decades, the industry has operated in this hazy middle ground where nobody really defined who owned the data. MLSs collected it, distributed it, licensed it, monetized it — all under the catch-all phrase “for MLS purposes.” Brokers created the listings but had very little say in where the data went or what was done with it once it entered the system.

Realtracs is saying: that’s over. Under the new agreement, listing data can only move in ways that serve the brokerage’s economic interest or operational efficiency. If it doesn’t serve the broker, it doesn’t happen.

Read that again. If it doesn’t serve the broker, it doesn’t happen.

Now — will every MLS follow suit? No. Some MLSs have built entire business models around the idea that listing data is their asset. Data licensing, third-party feeds, analytics products — all of that gets a lot more complicated when the broker has explicit ownership rights and a legal foundation to enforce them.

But someone had to go first. And the fact that it’s Realtracs — an MLS that just restructured specifically to move faster and align more closely with brokers — tells you this isn’t a press release. It’s a strategy.

I just worry about 2nd and 3rd order consequences here. But I’ll wait to comment on those later since I’m told Realtracs will have more news to share soon.

The Southeast Just Got Bigger

Southeast MLS Alliance Expands with Addition of realMLS in Northeast Florida

“The Southeast MLS Alliance was built on the idea that stronger regional connections lead to better outcomes for everyone in the transaction — agents, brokers, and consumers. Adding realMLS and the Northeast Florida market to that network is a natural fit. Each addition to the Alliance expands the value of membership for every MLS and every professional already part of it.” — Joseph Cullom, CEO, CHS Regional MLS

The Southeast MLS Alliance — CHS Regional MLS (Charleston), Realtracs (Nashville), Canopy MLS (Charlotte), and Georgia MLS — just added realMLS out of Jacksonville. That brings the network to 118,000+ subscribers stretched across five major southeastern markets.

Look at the geography for a second. Nashville. Charlotte. Atlanta. Charleston. And now Jacksonville. That’s an arc from Tennessee to the Florida coast with very few gaps in between. If you’re an agent working a relocation referral from Charlotte to Jacksonville, or Charleston to Nashville, you’re now looking at the same data inside your MLS platform. No second login. No calling a friend of a friend.

This is the quiet version of MLS consolidation. Nobody merged. Nobody got acquired. Nobody’s brand disappeared. They just… connected the pipes. Shared active and historical listing data. And every time another MLS joins, the value of being in the network goes up for everybody already there. It’s the network effect working exactly as designed.

Nicole Jensen at realMLS called it “eliminating barriers,” which is a phrase that gets thrown around a lot in press releases. But in this case, it’s actually what’s happening. Agents in Jacksonville can now see listing data across five southeastern markets without leaving their platform.

With the MLS count now below 500 and dropping, alliances like this are one answer to the consolidation question. You don’t have to merge to get the benefits of scale. You just have to be willing to share.

My hat’s off to Cullom and the Alliance for building something that keeps growing, as I’m fond of saying the best marketing is having a good product.

ICE [Sponsor]

The world envies our MLS system — Do we appreciate it enough?

Every portal, every AI tool, every slick PropTech platform? They all run on MLS data. Strip that away and you’ve got a very expensive app that shows nothing. The MLS is the quiet engine room of American real estate — and at a time when the industry is navigating more change than ever, that foundation matters more, not less.

Lucie Fortier makes that case better than most in her latest piece. Worth a read. 

IDX: The Original Sin?

The Industry Relations Podcast is now available on your favorite podcast player!

Overview

Rob and Greg break down NAR’s latest settlement move, Zillow’s shift toward pre-marketing, and what it all means for the industry. The back half turns into a heated debate on new “public marketing” laws, the definition of marketing itself, and whether the MLS is a listing platform or a broker cooperative.

Key Takeaways

  • NAR’s new settlement strategy is more proactive—but may face legal pushback
  • Zillow’s “Preview” signals a major shift toward pre-marketing
  • Portal competition remains intense across Zillow, Homes.com, and others
  • New state laws are vague and raise more questions than answers
  • “What is marketing?” is becoming a core industry debate
  • The MLS identity crisis: platform vs. cooperative
  • Pre-marketing continues to reshape listing strategy
  • Consumer expectations could determine where this all goes

Connect with Rob and Greg

Rob’s Website 

Greg’s Website 

Watch us on YouTube

Our Sponsors:

Cotality 

Notorious VIP

The Giant Steps Job Board 

Production and Editing Services by Sunbound Studios

NAR Closes the Other Loop

National Association of REALTORS® Reaches Agreement to Resolve Nationwide Homebuyer Claims in Tuccori v. At World Properties

“NAR will pay $52.25 million into a settlement fund over a multi-year period… The settlement covers REALTOR® members, state and local REALTOR® associations (including those that do, and do not, operate Multiple Listing Services (MLSs)), REALTOR® MLSs, non-REALTOR® MLSs, and real estate brokerages with a REALTOR® as principal… This extends protection to a broad segment of the industry and represents a more comprehensive release than has been achieved in any previous NAR settlement.”

Remember the $418 million Sitzer-Burnett settlement? That was the seller side.

This is the other side of the trade.

Tuccori is the buy-side class action — homebuyers claiming they were the ones actually paying the buyer-agent commission all along through inflated home prices. And in case you were wondering whatever happened to Batton, the other buyer case that’s been hanging around since 2019 — NAR is paying to make that one go away too. They’ll seek a stay in Batton because, as the release puts it, “NAR’s settlement in Tuccori is intended to release the claims in the Batton case.”

Translation: we’re buying our way out of both. Great strategy but we shall see.

A few things worth noting:

$52.25 million is a lot cheaper than $418 million. Whatever you think about the merits of the buy-side theory, the plaintiffs’ bar clearly thinks it’s a harder case to win than the seller side was. Buyers didn’t sign the listing agreement. Buyers didn’t pay the commission directly. The damages theory is a longer walk.

The release is broader than anything before it. Non-REALTOR MLSs are in. Brokerages with a REALTOR principal are in. State and local associations that don’t operate an MLS are in. If you were worried about being the next named defendant, this probably matters to you more than the dollar figure. Seems like NAR is not forgetting the large brokerages this time around.

It’s opt-in. Meaning the folks who already settled separately — or who’ve been named in their own cases — don’t get to free-ride. You have to raise your hand.

The headline number will get the attention. But the real story here is NAR continuing to clean up the legal landscape one case at a time, buying peace for as much of the industry as they can drag under the tent. After the year they’ve had, writing a $52M check to make the buy-side disappear is probably the best Monday they’ve had in a while.

And on another note, I got wind of this directly from NAR the day before the news came out. As I mentioned in a previous post this is not your old, “shut up the adults are talking” NAR. This story is representative of the post settlement NAR, under Nykia. The Doctor is in.

Brian Tepfer: How PropStream Turns Data Into Deals

The Listing Bits Podcast is now available on your favorite podcast player!

Overview

Greg Robertson interviews Brian Tepfer, CEO of PropStream, about his journey from tech support at Rapatoni to leading a major proptech data platform. The conversation explores how PropStream turns public record data into actionable real estate opportunities, the rise of investor-focused tools outside the MLS, and how shifting market conditions are changing agent behavior. They also discuss industry trends like wholesaling, MLS fragmentation risks, and new go-to-market strategies—including vendor partnerships and alternative revenue models. 

Key Takeaways

  • Brian transitioned from tech roles into leadership by focusing on business + people, not just coding. 
  • PropStream is a nationwide property data platform built primarily on public records, not MLS data. 
  • The platform helps users identify “signals” (distress, equity, liens, etc.) that indicate potential transactions. 
  • A significant portion of users are investors or aspiring real estate entrepreneurs—not traditional agents. 
  • Wholesaling offers a low-barrier entry into real estate compared to licensing. 
  • Market shifts (rates, lower transaction volume) are pushing agents to explore investing and alternative revenue streams. 
  • PropStream is expanding into a full workflow: search → identify → connect (via dialer, outreach tools). 
  • AI features are being introduced to provide actionable insights (e.g., evaluating deal potential). 
  • MLS partnerships are positioned as marketing + non-dues revenue opportunities. 
  • Concerns remain about MLS fragmentation and its impact on data access and market transparency. 
  • New vendor collaboration models may offer faster, more flexible go-to-market strategies. 

Links

Zillow Has Receipts

Zillow economist calls out Redfin for ‘mischaracterizing’ research

Zillow Chief Economist Mischa Fisher wrote that the analysis is modeled around assumptions, not hard data: “The estimate works roughly like this: take a share of sellers assumed to be uncertain about pricing, multiply by an assumed share who would benefit from early feedback, then apply an assumed relationship between listing confidence and eventual inventory. Stack those fractions, add a ‘multiplier’ for sell-then-buy chains, and you get 6-12%.”

So let me get the timeline straight. In February, Compass signs a three-year deal with Redfin to syndicate its Coming Soon and Private Exclusive listings. Two weeks later (two weeks?) Redfin publishes a study claiming pre-marketing could boost inventory by 6-12%. And some of the data Redfin cited to support this claim? Pulled from Zillow’s own surveys… which Zillow says Redfin “mischaracterized.”

I don’t think Fisher is wrong. The methodology is basically: assume a bunch of things, multiply the assumptions together, tack on a 1.6x multiplier for sell-then-buy chains, and Boom! You get a headline that just happens to validate the business deal your parent company signed last month.

Look, I get it. Every company funds research that makes their strategy look smart. That’s not new. But most companies have the good sense not to borrow their competitor’s homework and then get the answers wrong.

Redfin’s response? “We appreciate the engagement with our research and welcome discussion about the model and its parameters.” Which is corporate speak for “we’re not changing anything, but thanks for reading.”

This whole pre-marketing war has been fascinating (and frustrating) to watch. You’ve got Compass trying to build a parallel listing universe, Redfin handing them a storefront, Rocket greasing the mortgage side, and now they’re publishing research to justify the whole thing while Zillow’s economist is out here doing peer review on LinkedIn! Meanwhile the MLSs are watching their relevance get chipped away one “Coming Soon” at a time.

Fisher also pointed out what should be obvious: pre-marketing creates “information asymmetry” — meaning the buyers who aren’t plugged into Compass’s network don’t get to see these listings. That’s not boosting inventory. That’s just moving it behind a velvet rope, but also what I would expect the incumbent to say.

But who can tell?

Cooperation: It’s Hard To Tell the Poison From the Cure

The Industry Relations Podcast is now available on your favorite podcast player!

Overview

Rob and Greg discuss Northwest MLS countersuing Compass and the broader implications for private listings, cooperation, and MLS rules. The conversation centers on whether MLSs should enforce listing transparency, how “coming soon” and private exclusives are being used, and whether current policies are conflating professional cooperation with public marketing. They also explore potential futures for IDX, syndication, and the role of MLSs in regulating broker behavior.

Key Takeaways

  • Lawsuit Focus – Northwest MLS is challenging Compass over private listing practices. 
  • Core Tension – Cooperation (agent access) vs. public marketing are being conflated. 
  • Private Listings – Debate over seller choice vs. market transparency. 
  • MLS Role – Split on whether MLS should enforce behavior or just enable cooperation. 
  • IDX Debate – Idea to remove IDX vs. risk of fragmenting listings. 
  • Fiduciary Risk – Future lawsuits may hinge on agent advice to sellers. 
  • Inconsistent Rules – “Coming soon” policies vary widely across MLSs. 
  • Fairness Concern – Private networks could limit access to listings.

Links

Nick Alfencamp’s Article – The Pre-Market Arms Race
“Only the right ones…” – Compass agent’s Instagram post
NWMLS Isn’t Just Playing Defense Anymore -Vendor Alley Post

Connect with Rob and Greg

Rob’s Website 

Greg’s Website 

Watch us on YouTube

Our Sponsors:

Cotality 

Notorious VIP

The Giant Steps Job Board 

Production and Editing Services by Sunbound Studios

ICE [Sponsor]

ICE Is Bringing Paragon MLSs Together This May — And You’re Invited

If your MLS runs on Paragon, clear your calendar for May 4–5.

ICE is hosting the ICE MLS Customer Conference at the Sawgrass Marriott in Ponte Vedra Beach, FL — an invite-only gathering built exclusively for Paragon MLS professionals. No fluff, no filler. Just two days of real conversations, hands-on training, and the kind of peer networking that actually moves the needle.

The speaker lineup alone is worth the trip:

  • James Dwiggins, CEO of NextHome, sits down with Lucie Fortier for a candid fireside chat
  • Greg Robertson What If We’re Wrong? Five Assumptions that Could Break the MLS
  • Amy Gorce of REDistribute breaks down the complexities of data licensing and distribution

Add in live product demos, evening social events at one of Florida’s most iconic resorts, and a room full of your MLS peers — and this one’s a no-brainer.

This event is exclusive to MLSs on the Paragon platform, so spots are limited to your community.

👉 Register here: https://mortgagetech.ice.com/event/ice-mls-customer-conference#overview

See you in Ponte Vedra Beach. 🌴

My thanks to ICE for sponsoring this month’s Vendor Alley

Sponsored By ICE