Podcast Archives - Page 18 of 24

Industry Relations 39: Does MLS Policy Statement 8.0 Do Enough to End Exclusive Listings?

October 9th, 2019

It’s our CMLS Conference Pre-Show Podcast! In an effort to curb the rampant growth of Coming Soon listings, NAR’s Multiple Listing Issues and Policies Committee has issued a proposal to clarify the Clear Cooperation Policy. But will the guidelines actually put an end to pocket listings? Are the rules a good compromise? Or should the MLS die on the hill of all-or-nothing, requiring members to list there first?

On this episode of Industry Relations, Rob and Greg discuss NAR’s draft MLS Policy Statement 8.0, exploring whether the guidelines go far enough in preventing exclusive listings. Rob explains why the 24-hour submission window and the concession around office exclusives are a problem, arguing that the MLS must take a stand NOW to establish itself as the primary marketplace for property listings.

Greg challenges Rob’s view that the MLS is not already the primary marketplace, applauding the 24-hour window as a reasonable and clever compromise and arguing that pocket listings are a breach of fiduciary duty. Listen in to understand Rob’s proposal to extend the all-in IDX rules to MLS membership as a whole and consider how Policy Statement 8.0 will (or will not) impact the pocket listing strategies employed by large national brokerages.

What’s Discussed:

Rob’s take that NAR MLS Policy 8.0 doesn’t go far enough

– 24-hour submission window
– Office exclusives not prohibited

Whether the MLS is the marketplace or a data repository

The potential confusion around one-to-one communication

What does and does not qualify as marketing under 8.0

Greg’s view of the 24-hour window as a clever compromise

How Rob defines a primary marketplace as first-in-time

Greg’s challenge that 70% of deals qualifies as ‘primary’

Why Greg sees pocket listings as a code of ethics issue

Extending IDX all-in rules to MLS membership as a whole

How exclusive listings benefit large national brokerages

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

Resources:

CMLS Annual Conference

NAR MLS Policy 8.0

MLS Technology and Emerging Issues Advisory Board

Rob’s Post on MLS Policy Statement 8.0

Sam Debord’s Response to Rob’s Post

Rob’s Follow Up Post on MLS Policy Statement 8.0

NAR 2019 Home Buyers and Sellers Generational Trends Report

2019 Zillow Group Consumer Housing Trends Report

Our Sponsors:

Cloud MLX

The Red Dot

MLS Policy 8.0

October 7th, 2019

Advisory Board Proposes MLS Policy to Fuel Broker Cooperation

“The National Association of REALTORS® is considering a change in the association’s MLS policy aimed at creating greater cooperation between brokerages within MLSs. The “Clear Cooperation Policy“ proposal is straightforward: Brokers who are MLS participants must share listings with other brokers in the MLS if those listings are being publicly marketed. NAR is seeking member feedback on the policy before the association’s Multiple Listing Issues and Policies Committee addresses it at the REALTORS® Conference & Expo in San Francisco this November “

I’ve been asked about my thoughts on this draft. What I can say is that I think this draft policy is a great first step. While nothing is perfect we need to start somewhere and the way 8.0 is drafted I think is smart and thoughtful.

I’ve been pretty steady on my opinions about pocket listings and how they can hurt the industry. In my opinion, except in rare circumstances, the practice needs to stop.

I had a great conversation with Michael Wurzer on Listing Bits about this issue that if you haven’t listened to it yet you should. Michael is a bit more sanguine about the issue, but thoughtful as ever.

I about to start recording a Industry Relations podcast (which I hope to have ready before CMLS) with Rob Hahn this morning where we will duke it out over whether MLS Policy 8.0 goes far enough. Wish me luck!

Listing Bits Episode 50: The Pioneers of MLS Consolidation – with Brian Donnellan of Bright MLS

August 12th, 2019

“These combinations are fragile. You’re pulling 43 associations together. You’re pulling all these different boards together. You’re pulling all these different things together … so, I suppose you could look at blowing it up and go, ‘Why the hell did you do that?’ [The consolidation of MLSs] was a big deal and was very, very expensive. It really was, both in time and energy and everything involved. But you could also look at it this way: It’s something that had to be done. It really, really did. So, you can take your pain now or later.”

Brian Donnellan is the interim CEO of Bright MLS, a consolidation of nine forward-thinking MLSs in the Mid-Atlantic region that serves 85K real estate professionals and facilitates approximately 250K annual transactions valued at more than $70B. Brian has 13 years of industry experience, serving as CFO and COO of MRIS prior to the merger. On this episode of Listing Bits, Brian shares the challenges of merging different personalities and cultures and explains how the Bright consolidation gave others the courage to follow suit.

Brian also offers insight around the power of relationships in the real estate industry, the factors that influence growing agent attrition, and the value of building a product that helps brokers and agents make better decisions. Listen in to understand why Bright MLS is bringing on new staff from outside the industry and learn how the team’s commitment allowed them to endure criticism during the consolidation and get to a place they can be proud of!

**A quick note, due to a microphone issue the sound quality of this episode isn’t that great.**

What’s Discussed:

Brian’s background in information systems and public policy

How we underestimate the relationship aspect of real estate

Brian’s insight on the factors that influence agent attrition

How building a better product supports agent production

The challenge of merging the cultures of MRIS + TREND MLS

The distinction among members, customers and subscribers

The rocky start to the process of consolidating Bright MLS

How the Bright team endured the criticism on social media

The value of bringing in new staff from outside the industry

Brian’s pride in Bright’s progress and vision of the future

Resources:

Connect with Brian:

Bright MLS

Brian on LinkedIn

Industry Relations Episode 37: Inman Connect Las Vegas Pre-Show – RealScout, Opendoor, Redfin and Coming Soon Listings

July 15th, 2019

Fight! Fight! Fight!

We’ve always been told that people love it when Rob and Greg argue. If that true, then we have one of the best Industry Relations Show ever!

With Inman Connect Las Vegas on the horizon, Rob and Greg are facing off over the trend toward exclusive listings and the new Redfin-Opendoor partnership. What does the development of in-house listing programs mean for the industry? And how will the joint venture with Opendoor impact RedfinNow? Our intrepid hosts have very different answers to these questions.

On this episode of Industry Relations, Rob and Greg are discussing the impact of systematic coming soon listings. Rob makes the argument that widespread adoption will take down the MLS, moving residential real estate to the commercial model. Greg makes the case that pocket listings are nothing new and challenges the idea that the MLS will become a ‘dumping ground’ for properties that haven’t sold privately.

Rob and Greg also weigh in on the new partnership between Redfin and Opendoor. Listen in for Greg’s insight around why the collaboration is a genius move that benefits both parties and learn why Rob sees it as a huge concession on Redfin’s part—a concession that will eliminate their own iBuyer operations in each and every Opendoor market.

What’s Discussed:

What Rob & Greg are looking forward to most at Inman Connect

Greg’s criticism of Rob’s recent posts on RealScout’s Buyer Graph

Rob’s argument that coming soon programs will take down the MLS

Greg’s counter that exclusive listings are not a new phenomenon

How residential real estate may be moving to a commercial model

Greg’s take on the brilliance of the Redfin & Opendoor partnership

How the new partnership with Opendoor will impact RedfinNow

Rob’s view of the partnership as a concession on the part of Redfin

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

Resources:

Inman Connect

Notorious R.O.B. Blog

RealScout Buyer Graph

HAR YPN

Howard Hanna Find It First

Top Agent Network

Redfin & Opendoor Partnership

Our Sponsors:

Listing Bits Episode 43- Competing Against iBuyers & National Brands with Eric Stegemann of TRIBUS

May 9th, 2019

RECORDED LIVE AT RESO SPRING MEETINGS

In a world where national brands like Zillow and Realtor.com dominate search results, how can individual brokerage websites compete? And how do real estate brokerages stay relevant as the iBuyer market continues to grow? Eric Stegemann believes the firms that adapt and take on alternative options for transacting will be well-placed for the future—and adopting the right real estate tech is a big part of that solution.

Eric is the founder and CEO of TRIBUS, a custom brokerage platform vendor tasked with providing medium and large real estate firms with made-to-order websites, intranet, email marketing, transaction management and CRM systems. Eric became a licensed agent at the age of 18 and started his own tech-oriented brokerage, River City Real Estate, at 21. In short order, River City became the largest independent brokerage in St. Louis due in large part to its real estate tech innovations, which became the framework for TRIBUS. Eric is often called upon to speak at industry events, including Inman Connect and the NAR Annual Conference.

Today, Eric explains why brokerage websites still matter in the age of Zillow and Trulia, discussing what differentiates a TRIBUS site from the national brands. He shares his conservative approach to growth for TRIBUS and offers advice for aspiring vendors in terms of building trust and fixing your mistakes. Listen in for Eric’s insight around the challenges facing brokerages today and get his industry predictions on MLS consolidation, the changing role of the agent, and potential winners in the iBuyer market.

What’s Discussed:

How Eric started selling real estate to pay for college

What inspired Eric’s shift from broker to software vendor

The meaning behind the company name, TRIBUS

TRIBUS’ aspiration to be a zebra rather than a unicorn

Eric’s take on the challenges facing brokerages today

Eric’s insight on why brokerage websites still matter

How TRIBUS customer sites rank in Google search results

How local content differentiates a TRIBUS site from Zillow

TRIBUS’ pioneering collaborative search mechanism

How brokers can build their own iBuyer programs

Eric’s top advice for vendors on persistence and presence

Eric’s predictions on MLS consolidation + iBuyer success

Resources:

RESO Conference

Doyle Real Estate Team

LeadingRE

Blackstone

Connect with Eric:

Listing Bits Episode 39: Facilitating the Shift to RESO Web API with Rebecca Jensen of the MLS Grid

December 4th, 2018

We’ve all heard the rallying cry to drop RETS and move over to the RESO Web API. What’s been less clear is exactly how to go about making that transition. So, what’s step one? How exactly might vendors help make this shift happen?

Rebecca Jensen is the President and CEO at Midwest Real Estate Data, the real estate data aggregator that provides the Chicagoland multiple listing service to more than 45K subscribers. Under Rebecca’s leadership, MRED was named Most Innovative MLS by Inman News. Rebecca also serves as the Board Chair for MLS Grid, a technology company created by MLSs across the country to deliver on the RESO Standards and provide vendors with a single access point for the data of participating MLSs in addition to a unified licensing agreement, standardized business rules and policing processes.

Today, Rebecca explains how the MLS Grid provides both a unified data feed and compliance process. She shares the tech company’s progress in getting the IDX feed and licensing agreements up and running as well as her long-term vision to have all software connect through the platform. Rebecca discusses the cost to vendors to access MLS data through the Grid and walks us through her efforts to facilitate a graceful transition from RETS to Web API. Listen in to understand the opportunity for vendors to test their apps against new systems like MLS Grid and get access to MRED’s step-by-step guide for RESO Web API adoption.

What’s Discussed:

How the MLS Grid serves as a unified platform to deliver RESO standards

How the Grid provides a unified data feed and licensing agreement

MRED’s step-by-step guide for vendors regarding Web API adoption

MLS Grid’s work to finalize VOW and back office licensing agreements

How MLSs set prices for vendors to access their data through MLS Grid

Rebecca’s long-term vision to have all software connect through the Grid

The benefits of the unified compliance process provided by MLS Grid

Rebecca’s insight on the different ways to approach consolidation

Rebecca’s efforts to transition from RETS to Web API gracefully

How long it may take to convert a RETS infrastructure to Web API

The difference between an API and the data dictionary itself

The need for vendors to test their apps against new systems like MLS Grid

Rebecca’s call for vendors and MLSs to plan for Web API adoption

Resources:

REALTORS Conference & Expo

RESO Conference

Mike Wurzer & Andy Woolley on Listing Bits EP035

Crossing the Chasm: Marketing and Selling Disruptive Products to Mainstream Customersby Geoffrey A. Moore

Connect with Rebecca Jensen:

MLS Grid

MRED LLC

Rebecca on LinkedIn

Industry Relations Episode 28: Predicting the Winners in Real Estate by Way of Research—with Brad Safalow

November 30th, 2018

We can all agree that the real estate industry is evolving quickly. Is there any way to predict who the winners in the space will be over the next few years? Brad Safalow has done nine years of research surveying hundreds of real estate agents on the housing market in general, online lead generation, marketing and technology. Curious what all that data might tell us about the future of industry players like Zillow, Redfin and Realogy? What about the potential market share of the growing iBuyer model? Or how independent brokerages might respond to the competition?

Brad is the founder of Please Act Accordingly Research, an independent research firm providing investment ideas to professional money managers and high-net-worth individuals. He began his career in the leveraged finance group at JPMorgan before joining RiverEdge Capital, a global equity hedge fund, where he specialized in small/mid cap stocks and short idea generation. Brad has been serving clients through PAA since 2009, generating 6+ action-oriented investment ideas annually, with high absolute return potential.

Today, Brad joins Rob and Greg to share a high-level overview of his report on the real estate industry. Brad shares his take on the challenges Zillow is facing with the backlash against Premier Agent 4 and its foray into the iBuyer market. Rob highlights the concentration of power in real estate and its influence on Zillow’s continued success, and Greg asks about the pros and cons of the iBuyer model and its potential share of the marketplace moving forward. Brad also shares his experience working with Redfin versus a traditional brokerage, and they offer insight around how Redfin’s national ad campaign might prove to be a seminal moment in the industry. Listen in to understand how independent brokerages like Keller Williams and Realogy are responding to the iBuyer threat and a potential shift in commission structure—and get Brad, Rob and Greg’s predictions around the winners and losers in the space over the next three years.

What’s Discussed:

The PAA annual survey of real estate agents

A high-level overview of Brad’s report

The reasons why Zillow’s stock is taking a hit

How Zillow’s growth depends on agent teams

Why Zillow launched Premier Agent 4

How Zillow responded to backlash against PA4

The concentration of power in the industry

Why Zillow is pursuing the iBuyer model

The iBuyer’s potential share of the market

How Zillow may profit as a mortgage business

Efforts to improve the consumer experience

Redfin vs. the traditional brokerage experience

The impact of Redfin’s national ad campaign

The effects a shift in commission structure

The fear/panic among independent brokerages

Gary Keller’s understanding of the iBuyer threat

Realogy’s doubling down on traditional strategy

Resources:

The Red Dot Report

Cloud Agent Suite

W+R Studios

Connect with Brad:

PAA Research

PAA on Twitter

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

Listing Bits Episode 38: Showing Management & Real Estate Market Stats with Mike Lane of ShowingTime

November 7th, 2018

ShowingTime was built to help people buy homes more efficiently by making the process of scheduling a showing much easier. Since it was founded 18 years ago, the company has grown to include a family of technology products that serve MLSs, brokers and agents in the areas of showing management and market statistics.

Mike Lane is the Co-Founder and President of ShowingTime, the most widely used showing management service provider in the market. ShowingTime serves 1M agents and 200 MLSs, scheduling up to 5M showings per month. Mike has been with the company since its inception in 2000, and he continues to head its sales and marketing divisions and serve as the primary contact for MLS clients and large brokers. A former Naval Officer and seasoned athlete, Mike has competed in a number of triathlons, including three IRONMAN races, and he holds an MBA and Master’s in Engineering Management from Northwestern.

Today, Mike explains how ShowingTime facilitates the scheduling of showings by way of its online calendar and call center. He describes the company’s evolution, discussing how they got into market stats as a complement to their core business. Mike covers the ShowingTime Index, explaining how agents might leverage the information and what showing activity reveals about market demand. Listen in for insight on ShowingTime’s business model and learn what the company is doing to reach brokers and agents, remove the hurdles to ordering online, and navigate the complexities of bundling—and unbundling—its products and services.

What’s Discussed:

How ShowingTime facilitates online scheduling of showings

How the ShowingTime call center unburdens brokers/agents

How Mike got into the real estate software business

ShowingTime’s acquisition of 10K Research and RBI MRIS

How agents might leverage the ShowingTime Index

How showing activity reveals demand in the market

Mike’s insight on the predicted turn in the market

ShowingTime’s focus on supporting mobile adoption

ShowingTime’s ability to facilitate reverse prospecting

How ShowingTime serves MLSs, brokers and agents

How to reach brokers and agents via online marketing

Vendor efforts to remove the hurdles to ordering online

The complexities of bundling products/services for REALTORS

Resources:

RESO Conference

Cloud Agent Suite

10K Research

RealEstate Business Intelligence

Greg’s Blog on MarketView

ShowingTime’s Showing Index

Zillow Research

Connect with Mike Lane:

ShowingTime

Mike on LinkedIn

Listing Bits Episode 37: Commit to Service & Innovate by Asking WHY with Tim Dain of MARIS MLS

November 6th, 2018

Tim Dain has a reputation for being the ‘mad scientist’ of the MLS world. He is not afraid to challenge established systems and ask WHY things are done a certain way. Tim facilitates innovation by assigning a creative writing piece, commissioning a study or building a spreadsheet—and then implementing the best ideas with a commitment to being of service.

Tim is the President and CEO of MARIS MLS, a multiple listing service out of St. Louis that serves 13 REALTOR associations, 58 counties and more than 13K members. A seasoned MLS executive with a unique resume, Tim spent two years running the Austin Board of REALTORS and four years as Executive Director of SIR/MLS prior to joining MARIS. Tim has a background in information technology, and he has served the real estate industry in multiple roles since 2006.

Today, Tim explains why he is not afraid to disrupt established systems and shares the improvise-adapt-overcome leadership mantra he learned in the Marines. He offers insight around the redesign of the MARIS MLS website in collaboration with 1000watt, describing the skills development video library featured on the site. Tim addresses his work to rebuild the infrastructure at MARIS, offering insight on his essentialist approach to technology tools and his commitment to service over shiny objects. Listen in for Tim’s take on the current plight of the broker and learn about his dedication to facilitating an honest dialogue around industry challenges—and publishing the unscripted answers.

What’s Discussed:

Tim’s reputation as the mad scientist of the MLS world

MARIS’s marketplace approach to the board structure

Why Tim is not afraid to disrupt established systems

Tim’s improvise-adapt-overcome leadership mantra

The redesign of MARIS’s web presence with 1000watt

-Related content to continue learning process

-Video library tied to skills development

Tim’s work to rebuild the infrastructure at MARIS MLS

Negotiating price vs. subsidizing tech for small brokerages

The essentialist approach to MLS technology tools

Tim’s commitment to make basics available at a low cost

Why service should be the Holy Grail of the MLS

AMP’s origins in a thought exercise re: small MLSs

Tim’s view of the consumer as the ‘lion over the hill’

How the MARIS Asks series facilitates an honest dialogue

Resources:

Tim’s Infrastructure Spreadsheet

The Buckminster Fuller Institute

Bill Chee’s ‘Lions Over the Hill’

MARIS Asks

Connect with Tim Dain:

MARIS MLS

Tim on LinkedIn

Listing Bits Episode 36: AI Image Recognition for Real Estate with Dominik Pogorzelski of Restb.ai

November 1st, 2018

Let’s say you have your heart set on a kitchen with hardwood flooring, natural light and an island. Imagine having the ability to search images on the MLS for those specific features. With advancements in artificial intelligence, it is possible to have software read the images, identify the room type and even recognize the objects in it! There are an infinite number of use cases for the real estate industry and Restb.ai is quickly becoming a leader in the space.

Dominik Pogorzelski is the Vice President of Product and Operations for Restb.ai, a machine learning computer vision company specializing in visual recognition for real estate. The company’s plug-and-play solutions employ AI to automatically tag and classify property photos with industry-specific information. Dominik earned his MBA from IESE Business School in Barcelona.

Today, Dominik discusses the societal shift to consume information in a digital way, explaining Restb.ai’s ability to filter images by room, features and amenities. He offers insight around the potential use cases for AI in real estate and the technology’s ability to unlock the data available in images and create value in a number of ways. Dominik describes how the pain points in the online ecosystem differ between Europe and the US, and he addresses the decision to apply Restb.ai’s technology to historical data or active listings. Listen in for insight on how an MLS might establish a partnership with Restb.ai and learn why AI is the next big thing in real estate technology.

What’s Discussed:

Restb.ai’s niche as an AI company playing in the real estate space

Dominik’s path to Barcelona and his role as VP at Restb.ai

Restb.ai’s client base in Europe, Canada and the United States

How Restb.ai’s AI filters images by room, features and amenities

The societal shift to consume digital information in a visual way

The potential applications of AI tech for real estate professionals

AI’s ability to unlock the data available in images and create value

How Restb.ai could automate the compliance review process

The moral obligation AI companies have to the industries they serve

The horizontal players in the space vs. the specialists like Restb.ai

How the online ecosystem in Europe differs from that of the US