Industry Relations Archives - Page 10 of 13

Project Ketchup: iBuying Is Just Fine, Zillow Was Not

Resources:

Zillow launches retooled Zestimate that uses AI to analyze photographs and ‘see’ value in homes

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Lexington-Bluegrass Association of REALTORS

Industry Relations Episode 70: The MLS’s Role in Building Tech to Facilitate Cooperation – with Justin Landon & Ryan Castle

February 25th, 2022

On episode 66 of Industry Relations, Rob and Greg discussed the potential repercussions of ending mandatory compensation. And Rob asserted that without cooperation and compensation, the value of the MLS lies solely in its data and technology tools.

How did those comments sit with MLS leaders?

Justin Landon is the CEO of the Lexington-Bluegrass Association of REALTORS, a 4,000-member MLS based in Lexington, Kentucky. Ryan Castle serves as CEO of the Cape Cod & Islands Association of REALTORS, a 3,000-member MLS serving Cape Cod, Martha’s Vineyard, and Nantucket. On this episode of Industry Relations, Justin and Ryan join Rob and Greg to share their argument against the assertion that the value of the MLS is tied solely to buyer’s compensation.

Justin and Ryan describe the work they do to ensure that listing agents follow data compliance guidelines, explaining how the MLS has evolved to become a catalyst for the adoption of technology and a distribution mechanism among agents and consumers. Listen in for insight on why compensation is usually offered even when it’s not required and learn about the MLS’s role in building technology that facilitates cooperation.

What’s Discussed: 

Justin & Ryan’s argument against the assertion that the value of the MLS is tied solely to buyer’s compensation

The work MLSs do to ensure that listing agents follow data compliance guidelines

Why MLS teams need to know the areas they’re serving

How the MLS has evolved to become a distribution mechanism among agents and consumers

Why Rob suggests that MLSs need to invest in developing their own technology if compensation ends

The MLS as a technology provider vs. catalyst for the adoption of technology

Why compensation is usually offered even when it’s not required

The relationship between compensation and the steering problem in real estate

The potential to add reverse auto prospecting and rental data to the MLS

How NAR’s focus on the distribution of data provides an opportunity for MLSs

The MLS’s role in building technology that facilitates cooperation

What we need to do to prevent the government from making the MLS a public utility

Connect with Justin:

Connect with Ryan:

Cape Cod & Islands Association of REALTORS

Connect with Rob and Greg:

What if Mandatory Compensation Goes Away? on Industry Relations EP066

Resources:

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Industry Relations Episode 69: Push Button Real Estate with Brian Boero

February 21st, 2022

Does everything have to be so fast? Shouldn’t some things take time?

Especially if it’s the largest purchase/sale of your life?

On this episode of Industry Relations, Rob and Greg sit down with Brian Boero of 1000watt, to discuss his recent blog post, “Pushing Buttons”. Join this high-level discussion about the future of “push button” real estate.

What‘s Discussed:

The consumer experience with pushing buttons
Redfin’s 400 step process
The genius of Zillow’s “Super App” marketing messaging
Greg talks “Zuber”
Keeping up with the consumer
What does a “better” real estate experience look like?

Connect with Rob & Greg:

Rob’s Website
Greg’s Website

Resources:

Brian’s “Pushing Buttons” blog post
1000watt’s website
Amazon’s Day One Philosophy

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Industry Relations Episode 68: Privacy Concerns Around Real Estate Data

February 10th, 2022

Who owns the data associated with a house?

As it stands right now, the listing broker is in control. But what if a buyer doesn’t want a floor plan or 3-D walkthrough of their new home available online?

There is growing public concern around data privacy in big tech, yet few are talking about how this translates to the real estate industry.

On this episode of Industry Relations, Rob and Greg sit down to discuss the complexities around who owns real estate data, considering whether homeowners should have ownership rights to the data for their property.

They explain the current privacy laws around street photography and explore the expectation of privacy in public records—including MLS databases.

Listen in to understand how privacy policies might impact different players in the real estate space and learn how to think about who should own property data once the SOLD sign goes up.

What‘s Discussed:

The ruling in the VHT v. Zillow case re: copyright in real estate photography

Who currently owns the data about a house and why it’s such a complex issue

Whether homeowners have ownership rights to the data for their property

The safety concerns associated with making property data available online (for buyers and sellers)

The current laws around photography and privacy

The expectation of privacy around public records and Rob’s take on why the MLS is not a private platform

How Apple’s App Tracking Transparency policy impacts real estate vendors

How privacy policies might affect Compass’ business plan

How we rely on open data to value homes

How the privacy issues surrounding big tech might translate to real estate

Connect with Rob & Greg:

Orange County Proptech Mixer

Resources:

Texas REALTORS Winter Meeting

CoreLogic MLS Executive Workshop

NARPM Broker/Owner Conference and Expo

Rob Hahn on The Tom Ferry Podcast Experience EP160

Nick Conteduca on Industry Relations EP067

VHT v. Zillow

Rob’s Piece on Real Estate Photography & Copyright

Apple’s App Tracking Transparency Policy

Fannie Mae’s Uniform Appraisal Dataset

Drone Laws in Nevada

NFT Your Property with Propy

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Industry Relations Episode 65: A Retrospective of the Most Important Events in Real Estate in 2021

January 4th, 2022

What were the most important events in real estate in 2021? And how might those events change the industry moving into 2022?

On this episode of Industry Relations, Rob and Greg sit down to reflect on what they see as the most significant headlines of 2021, discussing the real reason behind Zillow’s abrupt exit from the iBuyer market and what Zillow 3.0 might look like.

Rob and Greg explore the significance of NAR’s apology for its racist past and policy changes around hate speech, describing how the ethics complaint against Pastor Brandon Huber reflects a growing division in the industry.

Listen in for insight on the impact of MLSs becoming technology companies and find out why it’s time for you to start learning about the blockchain and what this trend toward decentralization means for the future of real estate.

What‘s Discussed:

Rob & Greg’s take on the most important events in real estate in 2021

The DOJ’s withdrawal from its settlement with NAR and Biden’s subsequent Executive Order on competition

How Zillow’s acquisition of ShowingTime changed the way vendors, MLSs and associations do business

The real reason behind Zillow’s exit from the iBuyer market and what Zillow 3.0 might look like

Rob’s prediction that Rich Barton will retire again in 2022 and why Greg thinks he’s wrong

The significance of NAR’s policy changes re: the transparency of listing data

Why NAR’s apology for its racist past matters and how it might serve as the first step toward reparations

The ethics complaint against Pastor Brandon Huber and how it reflects the growing division in organized real estate

How Greg thinks about MLSs becoming technology companies and what it means for vendors

Rob’s insight on how blockchain technology might impact real estate

Connect with Rob & Greg:

Biden’s Executive Order on Promoting Competition in the American Economy

Resources:

The DOJ’s Antitrust Case Against NAR

The DOJ’s Withdrawal from Its Settlement with NAR

Business Insider Article on Zillow’s Project Ketchup

Rob’s Post on Zillow’s Project Ketchup

Ben Thompson on Zillow’s Decision to Exit the iBuyer Market

Rich Barton on the Stratechery Podcast

NAR Policy Changes on Transparency of Listing Data

Bloomberg Article on the NAR Formal Apology for Past Racism

Changes to the NAR Speech Code

Pastor Brandon Huber’s Lawsuit Against the Missoula Organization of REALTORS

The Bitcoin Standard: The Decentralized Alternative to Central Banking by Saifedean Ammous

The Bitcoin Standard Podcast

Saifedean Ammous on YouTube

Industry Relations Episode 64: A New Approach to Antitrust Regulations—with Michael Wurzer

August 11th, 2021

The DOJ pulling out of its antitrust settlement with NAR seems like bad news for the industry.

But what if it could be an opportunity?

Michael Wurzer is the CEO of FBS, the leading innovator of MLS technology. Prior to FBS, Michael spent seven years practicing law in California and Minnesota, working in corporate law, litigation, and serving as Assistant General Counsel for Aveda.

On this episode of Industry Relations, Michael shares his unique perspective on the DOJ withdrawal, discussing the Biden administration’s intent to refocus on antitrust principles and the need for smaller, independent businesses to ensure competition in any sector.

Michael explains how organized real estate might engage with regulators, describing how MLSs could serve as labs of experimentation to promote transparency and competition in the industry.

Listen in to understand the challenge of overcoming what Rob calls the regulatory mindset and find out how real estate can take an offensive posture with the FTC, working together to innovate around Brandeis and Patman’s antitrust ideals.

What’s Discussed: 

The intent of the Biden administration to refocus on antitrust principles

Why industries need smaller, independent businesses to ensure competition

How the competitive nature of the MLS benefits NAR in negotiating with the DOJ

Why Michael sees an opportunity for the industry to engage with regulators

How MLSs might serve as labs of experimentation to promote transparency and competition

The concerns around Ben Harris’ advocacy for delinking of commissions

How a willingness to experiment would be a good defense for government intervention

Rob’s concern that the regulatory mindset won’t allow for such a nuanced approach

Why Michael doesn’t see NAR or large MLSs as Goliaths to be broken up

Connect with Michael:

FBS

Michael on Twitter

Connect with Rob and Greg:

Justice Department Withdraws from Settlement with the National Association of Realtors

Resources:

FBS Summit

Goliath: The 100-Year War Between Monopoly Power and Democracy by Matt Stoller

Chicago School of Economics

‘Amazon’s Antitrust Paradox’ by Lina M. Khan

Robinson-Patman Act

Biden’s Executive Order on Promoting Competition in the American Economy

REX on Industry Relations EP055

‘Anticompetition in Buying and Selling Homes’ by Roger P. Alford and Benjamin H. Harris

Rob’s Post on Ben Harris

Michael’s Presentation on the Expanding MLS

British Columbia’s Shadow Flipping Controversy

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Industry Relations Episode 61: Diagnosing Zillow Angst – with Errol Samuelson, Chief Industry Development Officer at Zillow Group

February 25th, 2021

Zillow has been consumer-centric since its inception in 2006. And in the early days, the tech company didn’t pay much attention to agents. Now Zillow realizes that reducing friction for consumers means helping agents respond to online leads and schedule showings, for example. But is it too late to earn the industry’s trust?

Errol Samuelson is the Chief Industry Development Officer at Zillow Group. With 25 years of experience in proptech, he served in leadership roles at Realtor.com, Top Producer Systems, and Move, Inc. before joining Zillow in 2014. On this episode of Industry Relations, Errol sits down with Rob and Greg to explain why Zillow is acquiring ShowingTime and explore what’s behind the industry’s volatile reaction to the announcement.

Errol discusses the real estate industry’s distrust of Zillow, acknowledging the frustration the tech company has caused over the years and assuring us that his team will not misuse ShowingTime data. Listen in to understand how Errol thinks about CoStar as a competitor and learn why he believes an industry without cooperation and compensation is not good for agents, brokers or consumers.

What’s Discussed: 

Why the real estate industry went apeshit over Zillow’s acquisition of ShowingTime

Zillow’s assurance that ShowingTime will remain an open platform with a strict privacy policy

What problem Zillow is trying to solve by acquiring ShowingTime

Errol’s insight on the rumor that Zillow bought ShowingTime to keep it out of CoStar’s hands

How Errol thinks about the fact that people assume Zillow is lying

Errol’s acknowledgement of the frustrations Zillow has caused agents over the years and how the company’s behavior may have amplified the industry’s distrust

The possibility that social class and age are a factor in the industry’s mistrust of Zillow

The focus of Zillow’s Q4 earnings call (Zillow Offers vs. streamlining the consumer experience overall)

Why innovation in the lending space is limited by federal regulations

The unique opportunity Zillow has to innovate around ownership models

Errol’s thoughts on CoStar as a competitor and why CoStar’s success hinges on the government putting an end to cooperation and compensation

Connect with Errol:

Errol at Zillow

Errol on LinkedIn

Errol on Twitter

Connect with Rob and Greg:

Rob’s Post on Zillow, ShowingTime & Paranoid Realtors

Resources:

Zillow’s Press Release on Acquiring ShowingTime

ShowingTime

Steve Murray at REAL Trends

CoStar News

Greg on Twitter

Zillow’s Q4 2020 Earnings Call

Zillow Offers

Nick Bailey at RE/MAX

Gary Keller’s 2021 Family Reunion Vision Speech Recap

Trulia

Dotloop

Jay Thompson on Inman

Susan Daimler at Zillow

Rob’s 2020 List of the Seven Most Interesting People in Real Estate

Zillow Home Loans

Divvy

Federal Regulations on Mortgage Finance

REA Group

Andrew Florance at CoStar

Rob’s CoStar Red Dot Report

CoStar’s Q4 2020 Earnings Call

Rob’s Interview with Joe Rand

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Industry Relations Episode 57: On Divorcing Commissions & Weathering the Tweetstorm

December 17th, 2020

The November 2020 DOJ-NAR settlement requires that buyer’s agent commissions are apparent to consumers. But that transparency is just a first step in a push to divorce real estate commissions entirely. Should the other DOJ lawsuits succeed, home buyers will negotiate buy-side commissions directly with the buyer’s agent. So, what happens if the disruptors calling for these changes (like Jack Ryan) get their way?

On this episode of Industry Relations, Rob and Greg discuss Sam DeBord’s passionate Tweetstorm in response to their recent interview with Jack Ryan of REX, clarifying the arguments made by both Jack and Sam and considering how transparency around buyer’s agent commissions is likely to reduce the population of agent-facilitators and drive market share to the true realtor-counselors in the space.

Rob and Greg describe how a rule ending cooperation and compensation would impact the industry long-term, exploring a possible transition from a buyer’s commission to a flat fee or hourly model. Listen in for insight into the questions industry disruptors raise with regard to the role of the MLS, the brokerage and the agent in the absence of cooperation and compensation.

What’s Discussed: 

Lone Wolf’s acquisition of W+R Studios and how Greg & Dan are sharing $1M of the proceeds with their team

Sam DeBord’s passionate Tweetstorm in response to our interview with Jack Ryan of REX

What makes a real estate agent a facilitator vs. a counselor

How transparency around buyer’s agent commissions could significantly reduce the agent population

How Jack Ryan’s background in politics and high finance informs the way he thinks about making real estate better for consumers

How the end of cooperative compensation is likely to disrupt real estate referral networks

The opportunity for vendors to help buyer’s agents demonstrate their value

Why Rob thinks there could be a transition from buyer’s agent commissions to a flat fee or hourly model

What agents and brokers might do to take advantage of the required disclosure of buyer’s agent commissions

The questions Jack Ryan’s line of attack raises re: the value prop of the MLS or the real estate brokerage in the absence of cooperation and compensation

Connect with Rob and Greg: